Author: Max Bauer
The cryptocurrency market has experienced significant turbulence in the last 24 hours, leading to large-scale liquidations of both long and short positions. As traders faced sudden price swings, liquidations across exchanges soared, with a total of $126.88 million liquidated. The majority of this figure—$101.36 million—came from long positions, while short positions accounted for $25.52 million. Breakdown of Liquidations The majority of liquidations occurred on Binance, OKX, and Bybit: Top Cryptocurrencies Affected The latest wave of volatility has primarily impacted traders holding long positions, with over 90% of liquidations in the last 24 hours affecting long traders across major exchanges. Bitcoin…
San Francisco Fed President Mary Daly has joined the chorus of Federal Reserve officials advocating for a reduction in interest rates. In an interview on Monday, Daly stated, “The labor market has achieved full balance. The time has come to adjust policy.” This aligns with remarks made by Fed Chairman Jerome Powell at the Jackson Hole Symposium last week, where he expressed confidence in inflation returning to the 2% target and affirmed that “the time has come to adjust policy.” While Daly said the Fed’s commitment to curbing inflation, she also stressed the importance of preventing restrictive policies from negatively…
Russia is gearing up to commence trials of cryptocurrency exchanges and cross-border payments using digital tokens starting September 1st. This move aims to alleviate payment challenges faced by Russian companies due to international sanctions. The trials will utilize the National Payment Card System for facilitating the exchange between rubles and cryptocurrencies. This initiative follows recent legislation passed in July, legalizing crypto mining and establishing a framework for testing digital tokens in cross-border settlements under the central bank’s supervision. These trials come at a time when Russian businesses are grappling with increasing difficulties in conducting international transactions. The challenges stem from…
The UK’s aspiration to become a global hub for cryptoassets has hit a major roadblock, with the Financial Conduct Authority (FCA) not granting any new crypto business registrations in the last six months. This stark contrast with the promises made in 2022 by then-Chancellor Rishi Sunak to establish the UK as a “global cryptoasset technology hub” has left many in the industry questioning the future of crypto in the country. Data from the FCA registry, updated on August 1st, reveals that only four out of 34 applications received in the past year were approved, with the last successful registration being…
French President Emmanuel Macron has addressed the public following the arrest of Telegram founder Pavel Durov, which took place over the weekend at Bourget Airport near Paris. Macron said that the arrest was part of an ongoing judicial investigation and not a politically motivated decision. In a statement, Macron responded to what he described as “false information” circulating regarding France’s stance on freedom of expression and innovation following Durov’s arrest. “France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so,” Macron stated. He claimed that in a state…
Aave and Lens Protocol founder Stani Kulechov has called for a shift in focus from “decentralization” to “resilience” in the development of social networks, following the recent arrest of Telegram CEO Pavel Durov. Kulechov argues that the term “decentralization” is misleading and lacks a clear definition. Instead, he advocates for a focus on building social networks that are resilient to disruptions and attacks, ensuring that users’ rights and freedoms are protected. He points to the success of DeFi projects like Aave, which prioritize resilience over decentralization. These projects aim to minimize single points of failure that could compromise the network’s…
A recent analysis of Bitcoin mining activity reveals that two industry giants, Foundry USA and Antpool, have taken a firm grip on the network’s hashrate, together commanding a staggering 56.7% of the total computing power. This dominance has been particularly evident in the past 72 hours, during which the two pools seized over half of all newly mined blocks. This control was further amplified by a recent fee spike, which filled blocks with unusually high transaction fees, leading to increased profitability for these major players. Foundry has displayed a remarkable surge in hashrate since the beginning of 2024, increasing its…
In the wake of Telegram founder Pavel Durov’s recent arrest in France, the TON community has released a statement reaffirming their commitment to their mission and values. “Following the recent news related to the Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational,” the statement reads. The community also urged everyone to remain calm, united, and to continue building as they navigate this challenging situation together. They ended the statement on a note of optimism, stating, “Today more than ever, we see the need for freedom of speech and decentralization -…
Pavel Durov, the founder and CEO of the encrypted messaging service Telegram, was arrested this evening at Le Bourget airport in Paris. French authorities are also conducting searches at Durov’s properties, according to sources. The 39-year-old Franco-Russian was taken into custody by Air Transport Gendarmerie officers around 8pm as he disembarked his private jet. He was accompanied by his bodyguard and a woman. Durov had arrived from Azerbaijan and was subject to a French search warrant issued by the national directorate of the French judicial police. He is reportedly listed in the wanted persons file (FPR). The reason for Durov’s…
The Ethereum Foundation recently transferred 35,000 ETH, equivalent to $94 million, to Kraken, a cryptocurrency exchange. This move has ignited speculation about the Foundation’s intentions and whether it signals a large-scale sale of Ether. Aya Miyaguchi, from the Ethereum Foundation, clarified the situation stating that the transfer is part of their treasury management activities. The Foundation has an annual budget of approximately $100 million, primarily allocated to grants and salaries. Some recipients can only accept fiat currency, necessitating the conversion of Ether. Miyaguchi emphasized that the transfer is not equivalent to a sale and that any future sales will be…