Crypto
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Metacade Raised $1.6M in Their First 6 Weeks – Is It One of the Best Metaverse Projects of 2023?
Metaverse projects that attract a lot of attention in their presale phase can quickly become hot topics for crypto fans. This early attention often indicates that the project will be a sound, longer-term investment. Metacade is one of the new metaverse projects attracting admiring glances after selling out its beta phase in just over three weeks. Metacade has raised more than $1 million already, and early investors seeking quick profits are flocking to the exciting new metaverse project. Metacade is bucking the bearish crypto market trend The year 2022 has undeniably been a tough year across crypto markets. Many well-established coins sank dramatically in value and, in many cases, hit all-time lows. With the collapse of the world’s second-largest crypto exchange, FTX, still fresh in i...
Nigerian innovator launches first active Bitcoin Lightning node in the country
The Lightning Network has struck the earth in one of the most challenging operating environments. Lagos, the capital of Nigeria — Africa’s most populous country — welcomed a new Bitcoin Lightning Network (LN) node this week, a vital step to better connect the continent to the layer-2 payments network that sits atop Bitcoin. The node runs on an old laptop powered by a diesel generator, as Lagos regularly experiences energy and electricity blackouts. Megasley’s diesel generator and laptop running the node. Source: Megasley In a discussion with Cointelegraph, Megasley, who operates the first Nigerian Lightning node of 2023 and the first active Lightning node in the country (other nodes are dormant), shared his vision for bringing instant, low-cost payments to Africa thanks to the LN. ”L...
Bitcoin gained 300% in year before last halving — Is 2023 different?
Bitcoin (BTC) is facing a “bottoming candle” in 2023, but BTC price action is still more than able to surprise the market. In a tweet on Jan. 11, popular trader and analyst Rekt Capital predicted that BTC/USD could see “decent upside” this year. Chart teases serious Bitcoin upside potential Analyzing Bitcoin’s four-year market cycles around block subsidy halving events, Rekt Capital drew attention to 2023 being the deadline for its next “bottoming candle.” With the next halving due in 2024, the coming 12 months should see a price floor, followed by a rally as the event draws nearer. 2024 thus forms the fourth candle in Bitcoin’s current cycle, and 2023 the third. “Candle 3 is a Bottoming Candle in the BTC Four Year Cycle. But it can still generate decent upside,” Rekt Capital commented. Th...
Three Arrows Capital creditors express frustration with bankruptcy process during call
Kyle Davies, the co-founder of bankrupt hedge fund Three Arrows Capital (3AC), disclosed via a Twitter thread on Jan. 11 the creation of a 3AC creditors group amid complaints from creditors over bankruptcy costs. According to Davies, creditors continue to express frustration with the ongoing costs and handling of assets during the bankruptcy process, suggesting that “intercreditor disputes are delaying the process, and the estate value is not being maximized.” Today we held an ad hoc 3AC creditor meeting. All creditors are open to join and this will be a regular meeting. Here is an overview of the points discussed: 0/n — Kyle Davies (@KyleLDavies) January 11, 2023 The group’s first meeting discussed several topics, including ways to reduce “ongoing legal costs, pursue claims on a contingen...
Binance approved to offer crypto services to Swedish customers
The Swedish Financial Supervisory Authority, one of the country’s financial regulatory agencies, has granted the local arm of crypto exchange Binance approval to manage and trade digital currencies. According to a Jan. 11 announcement, Binance said following “months of constructive engagement” with the financial regulator, the Swedish FSA granted Binance Nordics AB registration status on Jan. 10. This decision effectively allows Swedish residents to access Binance’s crypto services. “Sweden fully adopts EU laws and has further local requirements, so we have been careful to ensure that Binance Nordics AB has adopted risk and AML policies to match this exacting standard,” said Roy van Krimpen, Binance’s lead in the region. ”Our next big task will be the successful migration and launch ...
Optimism and Arbitrum flip Ethereum in combined transaction volume
Ethereum layer-2 on-chain activity has been increasing to the extent that the leading two networks now process more transaction volume than mainnet Ethereum. Layer-2 networks Arbitrum and Optimism have seen an increase in transactions over the past three months. Comparatively, aside from a few spikes, transactions on the Ethereum network have declined by around 33% since late October, according to Etherscan. This has enabled the two L2s combined to flip Ethereum for this metric, according to Dune Analytics data. The chart shows Ethereum processed over 1.06 million transactions on Jan. 10, whereas Arbitrum and Optimism combined processed over 1.12 million transactions. Additionally, Optimism has now surpassed Arbitrum in terms of daily transactions following a steady uptrend in activity sin...
USDC transfer volume hit 5X USDT’s in fallout from FTX collapse
Stablecoin USD Coin (USDC) has grown in popularity since the collapse of FTX. It now frequently reaches daily transfer volumes four to five times that recorded by major competitor Tether (USDT) according to data from blockchain analytics firm Glassnode. That’s despite the market cap of USDT being $23 billion greater than USDC. As of Jan. 10, the difference was in USDC’s favor by a margin of four and a half times. Both stablecoins recorded surges in transfer volumes following an infamous tweet from Binance CEO Changpeng Zhao on Nov. 6 announcing Binance would liquidate its entire FTX Token (FTT) holdings. FTX went into bankruptcy soon after. Since then, USDC has been the preferred choice for crypto users, averaging over $12.5 billion more in transfer volume per day than USDT, according to G...
Bitcoin nodes data: Frankfurt houses the largest city-wide network
While the United States holds the biggest share of Bitcoin (BTC) hash rate contribution and ATM network, the city hosting the most reachable Bitcoin nodes — a crucial pillar of the Bitcoin network — is Frankfurt, Germany. Cast your vote now! Bitcoin nodes are a distributed network of computers that run the Bitcoin software and accept a set of proof-of-work (PoW) consensus rules to validate and broadcast transactions on the blockchain. Of the 43,706 nodes hosted across 134 countries, the U.S. hosts 9,999 (30.53%), while Germany ranks second with 4,529 (13.83%) nodes, according to data from Bitnodes. List of top 10 countries with most number of Bitcoin nodes. Source: Bitnodes However, when it comes to the contribution of individual cities, Frankfurt was found to host the largest nu...
Crypto exchange Zipmex probed by Thai SEC amid buyout
The cryptocurrency exchange Zipmex is the focus of a new probe by the Securities and Exchange Commission (SEC) of Thailand for a breach of local rules. A Bloomberg report revealed that local authorities are looking into activities that they believe may violate business rules for digital asset service providers. This includes its offerings of certain digital asset products. According to the Thai SEC, Zipmex has until Jan. 12 to clarify whether it has been functioning as a “digital asset fund manager without permission” in Thailand. If true, the firm would have needed to obtain a permit before conducting business in the country. Cast your vote now! Zipmex is currently in the process of being acquired by V Ventures, a subsidiary of Thoresen Thai Agencies PCL, for around $100 million.&nb...
Albright Capital drops lawsuit against Terraform Labs and Do Kwon
Albright Capital has dropped its lawsuit against Terraform Labs and its founder Do Kwon, according to a Notice of Voluntary Dismissal filed in U.S. District Court on January 9. Before its dismissal, the lawsuit had alleged that the company had violated the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by operating the stablecoin, UST, as a “Ponzi scheme.” Three Arrows Capital (3AC) co-founder Su Zhu posted the dismissal to Twitter, saying: Curious how long it will take cryptonative media to report on this sudden voluntary dismissal of class action against Luna foundation and Luna investors pic.twitter.com/8SyMhB4u4g — Zhu Su (@zhusu) January 10, 2023 Zhu had previously claimed that the bankruptcy of 3AC was partially caused by UST’s collapse. The lawsuit was dismissed “w...
Blockchain privacy groups urge new US Congress to protect privacy rights
Digital rights advocacy group Fight for the Future has posted an open letter on its website encouraging the new members of the U.S. Congress to protect privacy. The letter has attracted dozens of companies and organizations as cosigners. “Increasingly, the incredible creative power of U.S. software developers is being chilled by clumsy, misguided legislative and regulatory actions,” the authors of the letter wrote. This is in spite of the fact that the First Amendment to the U.S. Constitution protects code as speech, the letter added, and that was why many technologies to protect privacy were created in the United States. As “an illustration of the robust digital future you [new legislators] should foster,” the letter mentioned Filecoin, ZCash, MobileCoin and several communications pr...
Death and self-custody: How to pass on your crypto when you die
The average crypto investor probably isn’t planning on dying of old age anytime soon, but that doesn’t mean they shouldn’t have a plan in place to pass on their crypto in the event they meet an unlikely demise, lawyers warn. Speaking to Cointelegraph, Dubai-based crypto lawyer Irina Heaver believes that “billions” worth of Bitcoin (BTC) has been lost due to a lack of proper death-related planning by hodlers. She noted that many families have been unable to access their loved one’s crypto assets due to private keys being taken to the grave, and emphasized the importance of discussing crypto assets with family and including them in their will. Heaver said that the typical crypto investor is a “male millennial” between the ages of 27 to 42, which is the age range where arranging one’s financi...
