Author: Andrei Ionescu
OKX has announced the delisting of six spot trading pairs as part of its ongoing efforts to maintain a healthy trading environment. The exchange cited its regular review of market performance and user feedback in line with the OKX Token Delisting and Hiding Guidelines. The affected trading pairs include: The delisting is scheduled to take place between 8:00 am and 8:30 am UTC on September 13, 2024. OKX advises users to cancel any open orders related to these pairs before the delisting time, as any remaining orders will be automatically canceled by the system within 1-3 business days. Additionally, deposits…
Blockchain analytics firm Chainalysis has revealed that Russia is developing a cryptocurrency-based financial infrastructure to bypass Western sanctions. According to Chainalysis’ latest policy and regulation report, the Central Bank of Russia (CBR) is leading efforts to facilitate international trade using cryptocurrencies. These initiatives follow the Russian parliament’s passage of laws legalizing crypto mining and allowing crypto for cross-border payments, signed by President Vladimir Putin on August 8. Chainalysis noted that these measures are part of Russia’s broader strategy to create alternative payment systems that reduce reliance on the U.S. dollar, especially as geopolitical tensions with the West escalate. Trial cross-border…
U.S. spot bitcoin exchange-traded funds (ETFs) recorded $211.15 million in net outflows on Thursday, marking the seventh straight day of negative flows, according to data from SoSoValue. Fidelity’s FBTC led the pack with $149.49 million in outflows, while Bitwise’s BITB followed with $30 million. Grayscale’s GBTC and its mini trust also saw significant withdrawals, with $23.22 million and $8.45 million in net outflows, respectively. No bitcoin ETF reported net inflows, with the remaining eight funds, including BlackRock’s IBIT, logging zero flows. Total trading volume across the 12 spot bitcoin ETFs decreased to $1.35 billion, down from $1.41 billion the previous…
JOJO Exchange, a decentralized exchange (DEX) specializing in perpetual futures, has integrated Chainlink Data Streams as its oracle solution on the Base mainnet. The move, announced in a press release Thursday, aims to enhance the platform’s data accuracy and transaction speed. JOJO Exchange selected Chainlink for its sub-second price latency, high data accuracy, and liquidity-weighted bid-ask spreads, which align with the exchange’s commitment to transparency and decentralization. “Chainlink Data Streams delivers ultra low-latency bid and ask data to power the JOJO protocol, allowing us to provide an advanced user experience while ensuring a robust risk framework that ultimately helps safeguard…
Decentralized finance (DeFi) protocol Synthetix is set to introduce its own blockchain, SNAXchain, on Optimism’s Superchain infrastructure. The move is designed to enhance governance and decision-making as Synthetix expands to more blockchain networks and Layer 2 solutions. SNAXchain will function as a neutral hub for governance, allowing the protocol to maintain streamlined operations across its expanding ecosystem. The project is being developed in partnership with Conduit for chain infrastructure and Wormhole for cross-chain messaging, the team announced. Optimism’s Superchain infrastructure is expected to boost interoperability for SNAXchain users and facilitate user growth, according to the Synthetix team. Optimism utilizes optimistic…
Robinhood’s cryptocurrency division has agreed to pay a $3.9 million penalty to settle an investigation by the California Department of Justice (DOJ) regarding restrictions on customer cryptocurrency withdrawals between 2018 and 2022. California Attorney General Rob Bonta announced the settlement on Wednesday, stating that the investigation found Robinhood Crypto prevented customers from withdrawing their cryptocurrency, forcing them to sell assets back to Robinhood to exit the platform. The company was also found to have misled customers by claiming it would connect to multiple trading venues to offer competitive pricing, which was not consistently the case. “Robinhood misled customers and failed…
Sberbank, Russia’s largest financial institution, is set to participate in an upcoming cryptocurrency settlement pilot program launching this fall, marking a major milestone in the bank’s digital transformation efforts. The bank also plans to offer digital ruble services to clients by 2025. Deputy Chairman Anatoly Popov revealed these developments in an exclusive interview with Reuters during the Eastern Economic Forum. He emphasized Sberbank’s commitment to aligning with Russia’s evolving regulatory framework for cryptocurrencies and the importance of legitimizing digital currencies for international payments and mining operations. “There is a steady demand for payments using cryptocurrencies in the global economy,” Popov…
India has emerged as the largest source of content creators for The Sandbox, a leading metaverse platform, according to co-founder Sebastien Borget. The number of Indian creators on the platform has doubled to 66,000, surpassing the United States, which has 59,989 creators, and Brazil with 25,335. The significant growth follows The Sandbox’s strategic focus on India, announced in December. The platform now aims to reach one million users in the country within the next two years. “India became the No. 1 overall across all countries … thanks to all the different boot camps and education programs that we’ve run on…
Web3 accelerator Outlier Ventures has declared that the widely believed four-year cycle in Bitcoin’s price action is dead, following what it describes as the cryptocurrency’s worst performance after a halving event to date. “Four months after the latest Bitcoin halving, we’re witnessing the worst price performance following any halving to date,” said Jasper De Maere, Head of Research at Outlier Ventures, in a report released Tuesday. Bitcoin halving events, which occur roughly every four years and cut miners’ block rewards by 50%, have traditionally been seen as catalysts for significant price increases. However, this year’s halving, which took place on…
Bitcoin (BTC) mining profitability has plummeted to unprecedented lows, according to a research report by JPMorgan released on Tuesday. The report, authored by analysts Reginald Smith and Charles Pearce, reveals that Bitcoin miners earned an average of $43,600 per exahash per second (EH/s) in daily block rewards throughout August the lowest rate ever recorded. This figure marks a stark contrast to the peak profitability in November 2021, when miners earned $342,000 per EH/s, with Bitcoin trading at around $60,000 and the network hashrate at 161 EH/s. The dramatic decline in profitability is attributed to a combination of falling Bitcoin prices…