type here...
Home Blog Page 28

Cardano and Polkadot Struggle, But Rollblock May Be the New Crypto Titan

Hana Rios
-
0
Cardano and Polkadot Struggle, But Rollblock May Be the New Crypto Titan

Polkadot (DOT) and Cardano (ADA), once hailed as crypto giants, are now seeing a significant downturn in performance while Rollblock shows exciting promises. While these blockchain ecosystems were expected to lead the decentralized app market, the past year has not been kind to them. With Cardano dropping 15% in just a week and Polkadot struggling to meet its promises, many holders are now seeking alternatives.

Cardano’s Price Decline: Network Upgrades Yet to Reflect on Price

Cardano has been known for its continuous network upgrades aimed at improving its decentralized app ecosystem. However, despite the Chang upgrade turning ADA into a governance token, the goodwill hasn’t translated into positive price movement. ADA has dropped 15% in the past seven days, settling at $0.33. Furthermore, the total value locked (TVL) on Cardano has been steadily decreasing, prompting investors to shift focus to more promising crypto projects.

Polkadot’s Struggles to Fulfill Its Cross-Chain Vision

Polkadot’s primary goal is to create a cross-chain ecosystem using its innovative parachain technology, but the project has been slow to deliver on its promises. Even after multiple upgrades, Polkadot hasn’t been able to recapture the highs it once saw. In the past week, DOT also shed 15% of its value, hitting a yearly low of $4. Despite being a top 20 coin by market cap, its continuous decline could push it further down the rankings.

Rollblock Emerges as a New Contender in the GambleFi Space

With Cardano and Polkadot losing their shine, a new contender, Rollblock (RBLK), is making waves. Positioned in the GambleFi space, Rollblock offers a blockchain-based solution for the online gambling industry, addressing issues like transparency and trust. Every transaction and betting activity on its platform is recorded on the blockchain, ensuring fairness and reliability.

Rollblock’s no-KYC policy also appeals to users who value privacy, while its deflationary RBLK token includes regular burn events to maintain its value. With the GambleFi market worth over half a trillion dollars, Rollblock has the potential to capture a significant share, leading to a possible 880% price increase before the presale ends. At its current price of $0.03, the project is garnering interest from veteran crypto enthusiasts.

Will Rollblock Overtake Cardano and Polkadot?

Both Cardano and Polkadot are still considered strong players in the blockchain space, but the emergence of innovative projects like Rollblock shows that the crypto market is constantly evolving. With its focus on revolutionizing the online gambling sector, Rollblock could become a top contender, especially if it continues to deliver on its promises.

For now, investors and crypto enthusiasts will be watching closely to see if Rollblock can indeed knock these crypto titans off their perch.

Can Worldcoin (WLD) Reach $2 After a 10% Jump?

Hana Rios
-
0
Can Worldcoin (WLD) Reach $2 After a 10% Jump?

Worldcoin (WLD) has experienced a strong 10% surge in the past 24 hours, catching the attention of market participants. Despite this bullish performance, on-chain metrics suggest that only 11% of WLD holders are currently in profit, signaling potential market challenges.

Rising Market Activity for Worldcoin

Data from CoinMarketCap shows a sharp increase in Worldcoin’s trading activity, with a notable 8% rise in active addresses. This suggests growing interest in cryptocurrency, as more market participants engage in buying and selling activities, driving liquidity and price movement.

The rise in active addresses is often a positive indicator, reflecting increased trading interest. However, it contrasts with the profitability of WLD holders, leaving questions about the sustainability of the current rally.

Profitability Concerns Amid the Rally

While the price of WLD has jumped, only 11% of holders have managed to turn a profit, according to IntoTheBlock. This low profitability rate indicates that a majority of investors are still at a loss compared to their initial investments. The bearish sentiment surrounding profitability suggests that the current rally might face limitations unless broader market sentiment shifts.

Can Worldcoin Hit the $2 Mark?

The key question now is whether WLD can maintain its momentum and breach the $2 threshold. Although the rise in active addresses is promising, the low profitability levels indicate caution. The overall sentiment appears to be slightly bearish, which could limit the upside potential for Worldcoin in the near term.

For WLD to hit the $2 mark, it will likely need sustained market participation, stronger investor confidence, and a reversal of the current profitability metrics.

Bybit Expands MT5 Platform to Include Indices Trading for Crypto Users

Hana Rios
-
0
Bybit Expands MT5 Platform to Include Indices Trading for Crypto Users

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has made a significant advancement by expanding its MetaTrader 5 (MT5) platform to include indices trading. With this latest feature, Bybit users can now trade major global benchmarks such as China A50, Hang Seng, Dow Jones, and others, using USDT for transactions.

A Game-Changing Feature for Bybit Traders

Joan Han, Sales & Marketing Director at Bybit, expressed enthusiasm about the new feature, emphasizing the platform’s commitment to offering diverse investment options for its users:

“Bybit MT5 offers a top-tier trading platform integrating crypto with traditional assets. The latest addition empowers our users with unprecedented access to cross-asset trading via over a dozen indices, and shows our commitment to continued innovation to support our traders’ evolving needs.”

This new feature allows Bybit MT5 users to trade Contracts for Difference (CFDs) in traditional asset classes, such as commodities, forex, and major indices. The platform is designed for crypto-native traders who want to diversify their portfolios while leveraging sophisticated cross-asset trading strategies, all in a crypto-centric environment.

Indices Now Available on Bybit MT5

The expanded MT5 platform offers access to some of the world’s most significant indices:

  • China A50 Index Cash CFD (USD)
  • Hang Seng Index Cash CFD (HKD)
  • Dow Jones Index Cash CFD (USD)
  • NAS100 Cash
  • Nikkei Index Cash CFD (JPY)

Cutting-Edge Features on Bybit MT5

MT5 is known for its advanced analytics tools, technical solutions, and highly customizable features. These include automated trading algorithms and real-time market data. Bybit’s integration of traditional assets with its crypto-native trading platform provides users access to 17 global indices, over 100 trading pairs, low trading fees, and powerful leverage options.

Bybit’s continued innovations ensure traders worldwide have a comprehensive solution to meet their evolving trading needs. With the integration of indices trading, the platform bridges the gap between cryptocurrency and traditional asset classes, allowing users to execute complex strategies with ease.

MicroStrategy Seeks Bitcoin Advocate to Champion Corporate Crypto Adoption

Hana Rios
-
0
MicroStrategy Seeks Bitcoin Advocate to Champion Corporate Crypto Adoption

MicroStrategy, renowned as the largest corporate holder of Bitcoin, is making headlines again—this time with a call for a Manager of Bitcoin Advocacy. This exciting role goes beyond traditional corporate duties, as the chosen candidate will spearhead efforts to expand Bitcoin adoption on a global scale. From hosting annual Bitcoin conferences to leading educational campaigns, this position is key to reinforcing MicroStrategy’s status as a Bitcoin thought leader. With 37 applicants already vying for the role, it’s clear that the crypto community is buzzing about this opportunity.

Expanding Bitcoin Adoption Beyond Holding

MicroStrategy’s commitment to Bitcoin isn’t just about being the biggest corporate holder of the asset. The company is pushing boundaries by actively engaging with the crypto community and driving initiatives to deepen Bitcoin’s corporate integration. The Manager of Bitcoin Advocacy will collaborate with various departments, fostering partnerships, contributing to marketing campaigns, and even establishing a Bitcoin hub in Washington, D.C., to strengthen interactions with the broader crypto community.

Despite its deep-rooted commitment, MicroStrategy faces ongoing challenges in the evolving crypto landscape. The company needs a leader who can navigate regulatory changes and technological shifts while promoting corporate adoption of Bitcoin.

Broader Crypto Developments

Meanwhile, the crypto world is witnessing a range of developments. The International Monetary Fund (IMF) is urging El Salvador to enhance its Bitcoin regulations as it continues to navigate the adoption of Bitcoin as legal tender. Despite concerns about adoption rates, President Bukele remains steadfast in his defense of the country’s Bitcoin strategy.

In the payments space, Visa is preparing to launch its Visa Tokenized Asset Platform (VTAP), designed to manage fiat-backed tokens such as stablecoins and Central Bank Digital Currencies (CBDCs). A pilot test on Ethereum is expected in 2025, targeting institutional investors and central banks, marking Visa’s further expansion into the crypto ecosystem.

Bitcoin ETFs and Legal Advances

In the investment sector, Bitcoin ETFs from BlackRock and Fidelity are rapidly gaining traction, with BlackRock’s IBIT even surpassing Grayscale’s GBTC, underscoring the growing mainstream acceptance of Bitcoin as a legitimate asset class.

Additionally, the fight against crypto-related crime is intensifying. The Australian Federal Police recently seized $6.4 million in cryptocurrency linked to a global crime syndicate. This effort reflects the ongoing battle against cybercrime within the crypto industry.

Innovations and Global Expansion

In other developments, Ripple has secured approval from the Dubai Financial Services Authority (DFSA) to extend its services in the United Arab Emirates (UAE). This approval aligns with the UAE’s ambition to become a global hub for crypto and fintech innovation.

On a different front, SoftBank is planning a massive $500 million investment in OpenAI, which could raise the company’s valuation to $150 billion. This high-profile investment underscores the increasing convergence of AI and crypto sectors.

Even the former US President Donald Trump is getting involved in crypto, launching World Liberty Financial (WLFI), a DeFi project. While skepticism surrounds the initiative, many see it as a potential milestone for legitimizing DeFi.

Binance, Bithumb, and PayPal Make Crypto Moves

Leading exchange Bithumb is considering a Nasdaq listing, signaling its desire to expand its public offering beyond South Korea. Similarly, Binance has launched a Telegram-based mini-game called Moonbix, where users can earn rewards, part of the platform’s efforts to drive engagement in innovative ways.

PayPal has also enhanced its crypto services by allowing US merchants to buy, sell, and hold crypto directly from their business accounts, increasing the accessibility of digital assets for businesses.

Elon Musk’s “Dark MAGA” Stance Boosts Trump’s Odds and MAGA Crypto Surge

Hana Rios
-
0
Elon Musk’s “Dark MAGA” Stance Boosts Trump’s Odds and MAGA Crypto Surge

In a bold move, Elon Musk, CEO of Tesla and SpaceX, recently made waves at a Donald Trump rally in Butler, Pennsylvania, where he declared his support for Trump under the banner of “Dark MAGA.” This declaration not only electrified the rally crowd but also sent ripples through the cryptocurrency market, leading to a surge in Trump-themed digital tokens.

Musk’s endorsement, delivered while donning a red ‘Make America Great Again’ cap, coincided with a remarkable 20% increase in the price of the MAGA token, a cryptocurrency closely tied to Trump’s political brand. Trading volume for the token soared by 130% following Musk’s rally appearance, reflecting a sharp rise in market activity.

Musk Embraces “Dark MAGA” at Trump Rally

Taking the stage at the rally, Musk grabbed the spotlight with a quip that combined humor with his political allegiance:

As you can see, I’m not just MAGA, I’m dark MAGA.

This statement quickly became a talking point and had immediate financial implications. The MAGA token’s price surged to $3.62, a 20% jump, while trading activity saw a dramatic spike. Other Trump-related cryptocurrencies weren’t far behind. BABYTRUMP, a humorous meme coin, increased by over 9% in just 24 hours, while TrumpCoin (DJT), another Trump-themed token, skyrocketed by over 50% and experienced a 600% surge in trading volume. The increased market enthusiasm highlights how Musk’s political statements often translate into financial market movements, particularly in the volatile world of cryptocurrencies.

Musk’s Influence Boosts Trump’s Winning Odds

Beyond the cryptocurrency market, Musk’s vocal support for Trump has also impacted political betting odds. Data from polymarket shows Trump gaining a lead over Vice President Kamala Harris, with odds standing at 50.6% for Trump compared to Harris’s 48.7%. Musk has frequently underscored his belief in Trump’s re-election bid, emphasizing the need to “preserve democracy in America” and urging voters to register for what he calls a “must-win situation.”

Musk’s influence has long been a market-moving force. In his speech, he doubled down on the importance of Trump’s victory, framing it as crucial for the survival of the Constitution. His vocal support has not only shifted political momentum but also rallied segments of the cryptocurrency market aligned with Trump’s political agenda.

Crypto Market Reacts to Musk’s Rally Appearance

The intersection of Musk’s political declarations and his outsized influence on financial markets is not new. A recent CoinGape report noted that influential figures like Musk, often seen as “prophets,” have the power to shape market trends through their vast online followings. Musk’s social media presence and public endorsements can have far-reaching effects, particularly in the crypto world.

The timing of Musk’s rally appearance is especially significant as October, often referred to as “Uptober” in the crypto community, has historically been a bullish period for digital assets. The excitement surrounding his appearance at the rally could further fuel this bullish sentiment, potentially triggering a broader rally in Trump-related cryptocurrencies and the crypto market at large.

Lego’s Website Hacked to Promote Fake Cryptocurrency Scam

Hana Rios
-
0
Lego’s Website Hacked to Promote Fake Cryptocurrency Scam

Lego’s Website Hacked to Promote ‘Lego Coin’ Cryptocurrency Scam

In a stunning cyberattack, Lego’s official website was infiltrated by hackers to promote a fraudulent cryptocurrency scheme involving a fake “Lego Coin.” Visitors to the site on October 4, 2024, were met with a deceptive banner urging them to buy these bogus tokens, lured by promises of “secret rewards.”

The banner, which displayed golden coins featuring the iconic Lego logo, falsely announced the launch of “Lego Coin,” an alleged new digital currency from the company. The message read:

“Our new Lego coin is officially out! Buy the new Lego coin today and unlock secret rewards!”

Users who clicked on the banner were redirected to an external site that purportedly sold “Lego tokens.” This unauthorized site was designed to trick visitors into purchasing a non-existent cryptocurrency under the guise of an official Lego promotion.

How the Hack Unfolded

The breach took place overnight at Lego’s headquarters in Denmark. It was quickly flagged by fans on the popular Lego subreddit, with many users warning others about the suspicious activity. The malicious banner remained live for a short period before Lego’s cybersecurity team intervened.

Swift Response by Lego

Lego acted promptly to remove the fraudulent advertisement and restore its website. By October 5, 2024, the company issued an official statement confirming that no user accounts had been compromised during the incident. In a comment to Engadget, Lego reassured customers that the breach had been contained:

“An unauthorized banner briefly appeared on Lego.com on the evening of October 4, 2024. It was swiftly removed, and the issue has been fully resolved. No user accounts have been affected, and customers can continue shopping as usual.”

The company further stated that it had identified the cause of the breach and was working on additional security measures to prevent future incidents.

The Rise of Crypto Scams Targeting Brands

This breach highlights the growing threat of cryptocurrency scams that leverage well-known brand names to target unsuspecting users. By exploiting trusted websites, hackers can create the illusion of legitimacy, making their schemes more convincing. The “Lego Coin” incident is a reminder for users to stay vigilant when navigating websites, especially when encountering unusual or unsolicited promotions.

While Lego has successfully mitigated the damage from this attack, the event serves as a wake-up call for businesses to enhance their cybersecurity protocols to protect their digital platforms from increasingly sophisticated threats. This event stresses the need for ongoing vigilance in the face of evolving cyber threats. As brands continue to expand their digital presence, hackers will inevitably seek to exploit every opportunity.

Lego’s team is now focused on tightening security to ensure that such attacks don’t jeopardize the trust it has built with its global customer base.

Indiana Man Pleads Guilty to $37M Cryptocurrency Theft from 571 Victims in 2022 Cyberattack

Hana Rios
-
0
Indiana Man Pleads Guilty to $37M Cryptocurrency Theft from 571 Victims in 2022 Cyberattack

Evan Frederick Light, a 21-year-old from Indiana, has pleaded guilty to orchestrating the theft of $37,704,560 worth of cryptocurrency from 571 victims in a 2022 cyberattack. According to the U.S. Department of Justice, the attack targeted an unnamed investment holdings company based in Sioux Falls, South Dakota.

The Cyberattack

Light admitted that he and his unknown co-conspirators stole the identity of a legitimate client of the company, allowing them to gain access to the firm’s servers. They exploited vulnerabilities to spread further into the network, eventually stealing the personal information of the company’s clients. Using this data, they accessed and stole cryptocurrency from 571 victims, totaling over $37 million.

Once in control of the stolen cryptocurrency, Light and his accomplices used coin-mixing services and gambling websites to obscure the assets and conceal their identities. This laundering process helped them attempt to hide the stolen funds across various locations globally.

Investigation and Arrest

Despite efforts to cover their tracks, the FBI was able to trace the stolen cryptocurrency back to Light, leading to his arrest and indictment in May 2023. Initially, he did not plead guilty, but he has now admitted his involvement in the cyberattack.

Light faces up to 20 years in prison for each count, three years of supervised release, and the potential for restitution. Whether victims will recover their stolen funds is still unclear, as authorities have not yet announced the seizure of any assets linked to Light.

Growing Cryptocurrency Theft

This case is part of a rising trend in cryptocurrency-related crimes. The FBI recently reported that crypto losses reached a record $5.6 billion in 2023, with annual losses increasing each year since 2019. Experts advise using cold wallets to store cryptocurrency offline, enabling multi-factor authentication, and limiting the exposure of sensitive information to better safeguard digital assets from hackers.

Binance Rejects 86% of Israeli Military Wallet Freeze Requests Amid Lack of Evidence

Hana Rios
-
0
Binance Rejects 86% of Israeli Military Wallet Freeze Requests Amid Lack of Evidence

Binance Pushes Back on Israeli Military Requests to Freeze Crypto Wallets

Binance, the world’s leading cryptocurrency exchange, has pushed back against recent requests from the Israeli military to freeze crypto wallets linked to Palestinians and other individuals in the region. The platform rejected 86% of these requests due to insufficient evidence, according to Nils Anderson Röed, Binance’s global head of financial crime investigations.

Binance’s Approach to Compliance

Röed emphasized that Binance conducts its own independent investigations to verify claims and ensure compliance with international law. Of the 1,500 wallet freeze requests received from the Israeli Defense Forces (IDF), Binance only froze 220 wallets (14%) that were verifiably tied to illicit activities. This decision-making process highlights Binance’s commitment to protecting user rights while adhering to legal standards.

Balancing Compliance with User Protection

Contrary to claims that Binance blindly follows governmental directives, the exchange takes a measured approach by consulting legal experts and using open-source intelligence research. For example, while the IDF may flag a wallet as linked to terrorism financing, Binance’s analysis could reveal legitimate charitable connections. Such cases are resolved through careful cross-checking before any action is taken.

Upholding Transparency and Fairness

In August, Binance CEO Richard Teng clarified that the company only freezes wallets with clear links to illegal activities, reinforcing its dedication to transparency and responsible practices. Röed, a cybersecurity veteran, noted that Binance allocates significant resources to ensure thorough investigations, particularly in politically volatile regions like the Middle East.

76% of Binance Traders Go Long on XRP: Is a Bullish Breakout Ahead?

Hana Rios
-
0
76% of Binance Traders Go Long on XRP: Is a Bullish Breakout Ahead?

76% of Binance Traders Go Long on XRP: Is It Good News for the Altcoin?

In a sideways cryptocurrency market, XRP traders on Binance have expressed strong bullish sentiment, with 76.54% opting to go long on the XRP/USDT pair, according to Coinglass data. Meanwhile, 23.46% of traders have placed short positions, indicating a prevailing optimism about the altcoin’s price potential.

Despite XRP facing resistance near the $0.52 support level, this surge in long positions suggests that many traders believe the altcoin will soon break through and rise in value. Currently trading at $0.529, XRP has experienced a minor decline of 0.65% in the last 24 hours, yet traders are holding onto the hope of a bullish rally.

Futures Open Interest and Liquidation Levels

Positive signs also emerge from XRP’s Futures Open Interest (OI), which has grown by 2.3% in just four hours, signaling that traders are increasing their bets on XRP’s future price action. The OI-Weighted Funding Rate also supports the bullish outlook, sitting at +0.0097%, meaning long positions are paying short positions.

At present, key liquidation levels for XRP are $0.519 on the lower side and $0.541 on the upper side. If the price drops below $0.519, long positions worth $10.21 million may be liquidated. Conversely, a price surge to $0.541 could trigger the liquidation of $8 million in short positions.

Technical Analysis and Future Outlook

According to technical analysis, XRP has been consolidating within a tight range of $0.518 to $0.545 for the last three days. A breakout from this range will determine the altcoin’s next significant move.

Should XRP breach and close above the $0.545 mark, there is a strong possibility of a 17% price surge, bringing XRP to $0.65. On the other hand, a close below $0.515 could result in a 12% decline, pushing the price down to $0.455.

As traders monitor these key levels and liquidation points, the next few days will be crucial in determining whether XRP bulls can maintain control and push the price upward.

UAE Exempts Cryptocurrency Transfers and Conversions from VAT in Major Regulatory Update

Hana Rios
-
0
UAE Exempts Cryptocurrency Transfers and Conversions from VAT in Major Regulatory Update

UAE Exempts Crypto Transfers and Conversions from VAT, Boosting Its Crypto-Friendly Stance

In a landmark move, the United Arab Emirates (UAE) has exempted cryptocurrency transfers and conversions from value-added tax (VAT). This regulatory shift further solidifies the UAE’s position as a leading hub for digital asset transactions, making the region more attractive to cryptocurrency businesses and investors alike.

On October 2, 2024, the UAE’s Federal Tax Authority (FTA) announced amendments to the country’s VAT regulations. Among the key updates is the VAT exemption for digital asset transactions, including both transfers and conversions of cryptocurrencies. Business consultancy firm PwC clarified that this exemption will apply retrospectively from January 1, 2018, allowing businesses to reassess their prior VAT positions and potentially recover taxes paid on previous virtual asset transactions.

Key VAT Exemptions and Their Impact

In addition to exempting crypto transactions, the updated VAT regulations include provisions for managing investment funds and other related services. PwC emphasized that businesses in the virtual asset sector should carefully analyze these exemptions and consider making voluntary disclosures to correct historic returns.

The definition of virtual assets in the UAE includes any digital representation of value that can be traded or converted digitally for investment purposes. However, this does not extend to fiat currencies or traditional financial securities.

Input Tax Recovery for Virtual Asset Firms

The new rules also affect input VAT recovery, an important aspect for companies dealing in virtual assets. UAE-based accounting firm Finanshels noted that businesses registered under the UAE’s VAT system can now claim back VAT on eligible business purchases. This means virtual asset companies in the UAE may be able to recover some of the taxes they previously paid, boosting their financial positions.

Strengthening the UAE’s Position as a Crypto-Friendly Hub

The VAT exemption aligns with the UAE’s broader efforts to enhance its regulatory framework for digital assets. The country has been at the forefront of creating a crypto-friendly environment, drawing businesses and investors from around the globe.

For instance, on September 9, 2024, Dubai’s Virtual Asset Regulatory Authority (VARA) and the Securities and Commodities Authority (SCA) reached an agreement to mutually supervise virtual asset service providers (VASPs). This partnership enables VASPs operating in Dubai to extend their services across the UAE by obtaining a license from VARA and registering with the SCA by default.

Moreover, VARA has taken further steps to protect investors. In late September, the regulator introduced new rules for promoting virtual assets, requiring firms to include disclaimers that highlight the volatility and risk associated with cryptocurrency investments.

1...272829...36Page 28 of 36

© Degen.io All rights reserved.

Trending

Categories

Editor Picks