Author: Max Bauer
Solana-based NFT project DeGods has announced the launch of its new DEGOD token, sending prices of related NFTs skyrocketing. The token, which can be converted from DeGods, y00ts (Fuzzy DeGods), or DUST tokens, is part of a broader effort to integrate the entire DeGods ecosystem into a single asset. According to the project’s token economics, each DeGods NFT can be exchanged for 550,000 DEGOD tokens, while y00ts NFTs can be burned to obtain 120,000 tokens. DUST tokens, on the other hand, can be burned to acquire 36 DEGOD tokens. The majority of the DEGOD tokens will be distributed to existing…
Cryptocurrency influencer Justin Sun has launched a scathing attack on Coinbase’s wrapped Bitcoin (cbBTC) token, labeling it as a “central bank Bitcoin” and raising concerns about its security and decentralization. In a statement, Sun criticized cbBTC for lacking proof of reserve, audits, and the potential for freezing user balances at any time. He argued that this centralized control undermines the core principles of Bitcoin, which was designed to be decentralized and free from government interference. “cbBTC is essentially ‘trust me,'” Sun stated. “Any U.S. government subpoena could seize all your BTC. There’s no better representation of central bank Bitcoin than…
Binance, one of the world’s largest cryptocurrency exchanges, has issued a warning about a widespread malware attack that is compromising user funds. The malicious software is designed to alter the destination address of cryptocurrency withdrawals, leading to significant financial losses for unsuspecting victims. The malware, often referred to as “Clipper malware,” intercepts data stored in the clipboard, specifically targeting cryptocurrency wallet addresses. When users copy and paste a wallet address to transfer funds, the malware replaces the original address with one under the control of the attackers. This deceptive tactic results in the cryptocurrency being sent to the wrong recipient,…
US-based spot bitcoin exchange-traded funds (ETFs) experienced a significant surge in inflows on Friday, marking their best day for inflows in nearly two months. This positive trend comes as investors anticipate a potential interest rate cut by the Federal Reserve next week. According to data, US-based spot bitcoin ETFs logged a total net inflow of $263.1 million on Friday, surpassing the previous high of $485.9 million recorded on July 22. The overall inflow for the past week reached $403.8 million, rebounding from two consecutive weeks of net negative inflows. One of the standout performers was Bitwise’s BITB, which recorded the…
Economists are urging China to implement a massive “shock and awe” stimulus package worth $1.4 trillion, aimed at revitalizing the economy and potentially sparking a significant surge in Bitcoin and cryptocurrency prices. This call for stimulus comes amidst concerns about China’s economic health, with recent data indicating stagnant consumer inflation and subdued GDP growth. Experts believe that a substantial stimulus injection is necessary to combat deflationary pressures and restore confidence in the economy. Fred Neumann, chief Asia economist at HSBC, highlighted the prevailing lack of confidence and high household savings rate in China, suggesting that a near $1 trillion stimulus…
The cryptocurrency market experienced a significant rally on Friday, with Bitcoin (BTC) approaching the pivotal $60,000 mark, fueled by robust gains across traditional markets. Despite a brief dip to $57,600 earlier in the day following MicroStrategy’s announcement of a $1.1 billion Bitcoin purchase, the leading cryptocurrency rebounded strongly, posting a 3.4% gain over the past 24 hours to reach $60,034. Ethereum’s Ether (ETH) also saw a notable increase, reclaiming the $2,400 level with a 2.7% rise. This surge in activity was reflected in Ethereum’s fee revenues, which jumped nearly 60% in the past week according to crypto analytics firm IntoTheBlock.…
Steno Research highlights that Bitcoin has limited experience with rate-cutting cycles, having truly only navigated one that started in 2019. During that cycle, Bitcoin’s price declined by about 15% between the Fed’s initial rate cut in August and the end of November, despite the Fed trimming rates by 75 basis points. It wasn’t until the massive Covid-era monetary stimulus in March 2020 that Bitcoin finally bottomed out and embarked on its meteoric rise. The anticipation is building as Steno Research states, “It is becoming increasingly clear that the first U.S. interest rate cut is just around the corner.” The Federal…
Sam Bankman-Fried, the disgraced founder of the failed cryptocurrency exchange FTX, has filed an appeal seeking to overturn his conviction on fraud charges. In a scathing 102-page document, Bankman-Fried’s legal team attacked the judge who oversaw the trial, claiming he was biased and prevented a fair defense. Bankman-Fried’s lawyer, Alexandra A.E. Shapiro, argued that Judge Kaplan’s rulings unfairly limited the evidence they could present, undermining their case. “Sam Bankman-Fried was never presumed innocent,” Shapiro wrote. “He was presumed guilty by the judge who presided over his trial.” The appeal seeks a new trial for Bankman-Fried, who was convicted of orchestrating…
According to a Binance report, the market for tokenized real-world assets (RWAs) has experienced remarkable growth, doubling in value over the past year to reach an impressive $12 billion. Key categories driving this growth include tokenized US Treasuries, private credit, commodities, stocks, real estate, and other non-US bonds. Furthermore, emerging categories like air rights, carbon credits, and fine art are adding to the diversity of the RWA landscape. Institutional and TradFi players are significantly contributing to the RWA boom. BlackRock’s BUIDL tokenized Treasury product has emerged as a market leader, with a market cap exceeding US$500 million. Their US spot…
Polygon’s POL token experienced a significant surge of over 15% on Friday morning, following its listing on Binance, the world’s leading cryptocurrency exchange. This price jump marks the unofficial conclusion of the MATIC token’s migration to POL, a process that began after a year of community discussions and was officially announced in July. With this transition, POL becomes the new ticker symbol for the native gas and staking token on the Polygon PoS chain, an Ethereum-compatible, proof-of-stake sidechain. The Block’s Vishal Chawla noted that the shift to POL is a vital part of Polygon’s evolution into a ZK chain and…