Author: Andrei Ionescu

The Ronin blockchain network, associated with the popular play-to-earn game Axie Infinity, has suspended its bridge following a suspicious $9.8 million outflow to a miner extractable value (MEV) bot. The transfer, which occurred at approximately 9:37 a.m. UTC on Tuesday, involved the movement of over 3,996 ETH. This transaction is being investigated, with speculation suggesting it may be related to white hat activity. The bridge was paused shortly after the transaction at 10:15 a.m. UTC. Aleksander Larsen, co-founder of Axie Infinity and the Ronin Network, known as “Psycheout,” announced the suspension on X (formerly Twitter), stating, “The Ronin_Network bridge has…

The decentralized prediction platform Polymarket is witnessing significant activity as users place a $1.44 million bet on the Federal Reserve cutting interest rates by September 2024. This wager reflects broader market speculation and uncertainty surrounding the Fed’s future actions amid a recent market downturn. The $1.44 million bet on Polymarket is split between predictions that the Fed will cut rates by over 50 basis points (bps) and by 25 bps. Specifically, users have placed $687,343 on the likelihood of a 50 bps cut and $313,224 on a 25 bps cut. Current Polymarket data suggests a 58% chance of a rate…

The market capitalization of memecoins based on the Solana blockchain has suffered a substantial decline, dropping by over 16% in the past 24 hours. This decrease comes in the wake of broader market turmoil and a sell-off in major cryptocurrencies. Solana-based memecoins, which have been pivotal in driving trading activity on the blockchain, have experienced some of the most volatile price movements this year. As global macroeconomic conditions produced volatility not seen since the initial COVID-19 market panic, the Solana memecoin sector faced intensified fluctuations. Data from Coingecko shows that the total market cap for Solana memecoins has fallen to…

The cryptocurrency market is bracing for more volatility as the Chicago Board Options Exchange’s (CBOE) Volatility Index (VIX) reaches its highest level since the initial COVID-19 market panic. Analysts warn that this surge in volatility is a result of broader macroeconomic instability that has swept through global markets. Bohan Jiang, Abra’s Head of OTC Options Trading, predicts that elevated implied volatility will persist in the cryptocurrency markets until macroeconomic conditions stabilize. Jiang noted that many options market participants were unprepared for the recent downturn, which has been exacerbated by global market turmoil. “In recent weeks, there was little demand for…

As global financial markets experience a significant downturn, attention is increasingly focused on the U.S. Federal Reserve. The Fed, which recently maintained interest rates at 5.25% to 5.5%, is now facing calls for an emergency rate cut following a worse-than-expected U.S. jobs report and various macroeconomic pressures. U.S. indices fell approximately 2.4% at the latest update, with bitcoin, the largest cryptocurrency by market cap, experiencing a dramatic drop of over 8%. This decline in the cryptocurrency market represents the largest single-day downturn since January 2022. Jeremy Siegel, professor emeritus of finance at the Wharton School of Business and chief economist…

Yassamin Ansari, a Phoenix City Council member with strong ties to the cryptocurrency industry, is narrowly leading in the Arizona congressional primary despite facing significant opposition from Sen. Elizabeth Warren (D-Mass.). With approximately 67 votes separating her from her rival, Raquel Terán, Ansari’s lead is shrinking as additional votes are tallied. The race in Arizona’s 3rd Congressional District has become a closely watched contest due to the substantial financial support Ansari received from crypto-related political action committees (PACs). Ansari’s campaign benefited from around $1.4 million in crypto PAC spending, which either supported her candidacy or targeted Terán. Despite this, the…

In a bid to enhance the growth of the USDC ecosystem and cater to its users’ diverse trading needs, OKX has announced the introduction of several new USDC trading pairs. Starting from 6:00 am to 8:30 am UTC on August 8, 2024, OKX will launch spot trading for the following USDC pairs: BAT/USDCBAL/USDCMOVR/USDCPERP/USDCALPHA/USDCWBTC/USDCFORTH/USDCACA/USDCKP3R/USDCGHST/USDCOXT/USDCBNT/USDCCELR/USDCALCX/USDC This expansion reflects OKX’s commitment to providing its users with a broader range of trading opportunities and supporting the evolving needs of the cryptocurrency market. OKX is the world’s third-largest cryptocurrency exchange by daily trading volume. Its millions of users from over 100 countries can buy, sell,…

Cryptocurrency-related stocks experienced a sharp decline on Monday as escalating geopolitical tensions and concerns over the global economy triggered a significant drop in Bitcoin (BTC) and ether (ETH) prices. Coinbase (COIN), a major cryptocurrency exchange, saw its stock plunge by more than 9% in pre-market trading in the U.S. Software company MicroStrategy, known for its substantial bitcoin holdings, experienced a 13% drop. CoinShares, a crypto asset manager based in Sweden, fell by 7.5%. The downturn in cryptocurrency prices followed disappointing U.S. economic data. The Labor Department reported job figures that fell short of expectations and a higher-than-anticipated unemployment rate. Additionally,…

As generative artificial intelligence (AI) projects proliferate, the race for computational power, particularly GPUs, has intensified. The scarcity of these resources is increasingly leading to resource exclusivity, potentially concentrating AI development in the hands of a few major tech corporations. This centralization poses significant ethical and practical challenges for the broader AI ecosystem, particularly for non-MAANG companies (Microsoft, Apple, Amazon, Netflix, and Google), which may struggle to access the necessary computational resources. Mark Rydon, Co-Founder and Head of Strategy at Aethir, a decentralized cloud computing network, warns that the future of AI could be dominated by a small number of…

Bitcoin (BTC) extended its decline during Asian trading hours on Monday, plummeting below $50,000 before partially rebounding to nearly $53,000. Despite the recovery, the cryptocurrency remains at its lowest level since mid-February. Bitcoin’s price dipped as low as $49,112, according to data from TradingView. Ethereum (ETH), the native token of the Ethereum blockchain, also faced significant losses, falling to $2,060 its lowest point since January 3. The CoinDesk 20 index, which tracks some of the most liquid non-stablecoin tokens, experienced a sharp decline of nearly 20%. Ether’s nearly 25% drop marks the worst single-day decline for the token since May…