Crypto News

Subsidiary Of Block Inc. Collaborates With Circle To Promote Global USDC Adoption

One of the expectations of the crypto community is adoption, a journey on which USDC has embarked. The more countries adopt crypto and its products, the better the industry thrives in value and utility. That’s why the reports of adoptions always evoke a sense of satisfaction in enthusiasts. Following cryptocurrency adoption reports from different countries year after year, 2020 and 2021 recorded the most global adoption based on transaction volumes. However, from quarter three of 2021 to 2022, the crypto adoption slightly leveled off the challenging market conditions. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes However, despite the decline, the market has remained resilient, and long-term crypto investors continue to hold on, hoping for better outcomes. The Crypto industry Stakeholders try to explore endless options to enable the mainstream adoption of cryptocurrencies globally. A recent report revealed that TBD, a subsidiary of Block Inc., has formed a collaboration with Circle to work on open-source and open-standard technologies. In addition, the partnership aims to promote the adoption of digital currencies for global transactions and financial applications. Details Of The TBD-Circle Collaboration TBD is an open-source platform that allows developers to create products and services on decentralized technologies. TBD plans to connect traditional payments and decentralized financial systems to promote digital currency through its products. Block Inc. is a multinational tech firm founded by Jack Dorsey and co-founder Jim McKelvey. Block has many subsidiaries, such as Square, Cash App, Afterpay, and lots more. The company’s subsidiaries are majorly payments Platforms. It also owns a digital music streaming company known as Tidal. Block invested 1% of its total asset into Bitcoin in 2020. On September 29, TBD posted a tweet announcing its partnership with Circle to support cross-border remittance and self-custody of USDC stablecoin. The circle is a global financial tech company that helps businesses and developers explore the power of digital currencies for payment and internet commerce worldwide. The collaboration between TBD and Circle would undoubtedly yield benefits for the crypto industry. The Chief operating officer of TBD, Emily Chiu, thinks BTC is a potential reserve currency and might challenge the USD in the future. Chiu also feels the stablecoins would become the bridge between USD and BTC future. TBD to Support USDC Use Cases For Cross-border Remittance In the collaboration, TBD plans to support USDC in use cases. These use cases would enable developers to build on Block’s tbDEX protocol and Web5 decentralized identity platform. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? The use cases include global real-time and low-cost remittance and self-custody USD-backed stablecoin wallets. The use cases would also enable businesses and consumers to make traditional payments using digital assets. In the current US Feds’ monetary tightening policy and inflation, currencies of many countries have devaluated. As a result, the stablecoins are now remittance and savings alternatives. TBD intends to support remittance in the United States and Mexico, targeting India, and the Philippines, the world’s largest remittance recipients. Mexico receives 95% of the remittances that come from the United States. Featured Image Pixabay, Charts From Tradingview.com

Bitcoin Crypto News

MEV Crypto Bot Gains $1M But Loses Same To Hack Same Day

Hacks and exploits are increasingly taking more root in the crypto space. With the acceptance of digital assets globally, crimes also grow. The criminals use more technological approaches to aid their exploitation and hacks on protocols and platforms. A slight and negligible loophole is enough to result in these exploits. MEV bot, an Ethereum arbitrage trading bot, amassed a whopping $1 million as a jackpot prize. However, the joy of its gains was short-lived as events turned out negatively for it some hours later. Before adequately reflecting on the tremendous value, a hack wiped the gains. Related Reading: QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally MEV Bot’s Crypto Gains Came Through Arbitrage Trading Opportunity Robert Miller, an employee of Flashbots, a research firm, took to Twitter to report the attack. He noted that the Maximal Extractable Value (MEV) bot with the prefix 0xbadc0de earned Ether through arbitrage trades. He said the bot gained up to 800 ETH worth about 1 million in the works. The bot leveraged a considerable arbitrage opportunity from trader sales from Miller’s explanation. The transaction involved about $1.8 million in cUSDC via Uniswap v2, a decentralized exchange (DEX). The trading yielded just $500 assets in return. Upon detecting the advantage, the bot immediately utilized its availability to obtain a huge earning. But the bot’s gain could not stay much longer when a hacker discovered a vulnerability in its lousy code. The bad actor used the lapse to trick it into authorizing a transaction. The hacker wiped the bot’s balance, about 1,101 ETH. PeckShield, a blockchain security company, revealed that the bug is traceable to the bot’s callback routine. This served as the loophole for the exploit through which the hacker approved an arbitrary address for spending. Similar Vulnerability Attack Vulnerability attacks on the crypto space are skyrocketing. For example, an Ethereum vanity address generator, Profanity, recorded a vulnerability exploit on September 18. The attack ended with a loss of $3.3 million worth of funds from different wallets. 1Inch Network, a DEX aggregator, investigated the exploit. The DEX discovered some ambiguity in the creation of the compromised wallets. It warned the wallet users to move their funds due to the risk associated with their use. Related Reading: Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows There was another exploit on a vanity wallet address just a week after that of Profanity. The attack resulted in the loss of some Ether valued at approximately $1 million. The hackers moved their proceeds to Tornado cash, the crypto mixer which was recently sanctioned. Featured image from Pixabay, Chart: TradingView.com

Bitcoin Crypto News

Bitcoin Price Rejected $20,000, Have The Bulls Lost Steam Again?

The Bitcoin price surged over the last 24 hours. However, the bulls have lost steam on the chart. The coin gained nearly 4% in the last 24 hours, but most gains were reversed at press time. In the last week, BTC made no progress in terms of price movement. Technical indicators were yet to reflect the minor bullish spell as the indicators remained bearish at the time of writing. On one hand, sellers continue to dominate the market and, on the other hand, the bulls continue to defend the two crucial support levels of the coin. The current support zone lies between $19,000 and $18,600. If the bulls make a comeback, then the coin can again touch the $20,000 mark. A move above the $20,000 mark will help Bitcoin price propel above the $25,000 mark. The global cryptocurrency market cap today is $980 billion, with a 1.0% positive change in the last 24 hours. Bitcoin Price Analysis: One Day Chart BTC was trading at $19,044 at the time of writing. The bulls tried hard to take the Bitcoin price above the $20,000 mark, but they failed to. This also signified increased demand at the lower level for the coin. The overhead resistance for the coin stood at $19,600. If the coin manages to move above the $19,600 mark, it could move to trade at $20,000 again. For that to happen, the buyers need to assert dominance on the chart. The support level for the coin rested at $19,000. Falling through would bring BTC to $18,600. The bulls will then have to defend the coin at $17,600 in order for the coin to keep recovering. The amount of Bitcoin traded in the last session decreased, pointing toward a fall in buying strength. Technical Analysis BTC’s movement showed that the coin was being dominated by the sellers at press time. The $19,000 price zone remains a high-demand zone. This could make it harder for the bulls to climb back to the $20,000 price mark. The Relative Strength Index was below the half-line and that points towards a fall in buying strength and increased bearishness. The Bitcoin price was below the 20-SMA line, and that meant sellers were driving the price momentum in the market. Increased buying strength could help Bitcoin rise above the 20-SMA line, helping the bulls to take over. Related Reading: Investors Cash Out $5M From 7-Week Bull Run On Short Bitcoin BTC’s technical indicators depicted mixed signals on the one-day chart. The Moving Average Convergence Divergence indicated the price momentum and overall price action of the coin. MACD continued to flash bearish signals with red signal bars, which were sell signal for the coin. On the contrary, the Chaikin Money Flow measures capital inflows and outflows were positive. CMF continued to remain positive as capital inflows were higher as seen on the indicator. There was a drop in the CMF indicator, which indicates that bears are closing in on Bitcoin. Related Reading: Stellar Price Moves To A Lower Level, Can The Bulls Defeat This Resistance Mark? Featured image from Pexels , Chart: TradingView.com

Crypto News Ethereum

Tax on income you never earned? It’s possible after Ethereum’s Merge

tax-on-income-you-never-earned?-it’s-possible-after-ethereum’s-merge

IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides. After much buildup and preparation, the Ethereum Merge went smoothly this month. The next test will come during tax More

The post Tax on income you never earned? It’s possible after Ethereum’s Merge appeared first on BTC Ethereum Crypto Currency Blog.