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Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Christine Lagarde, president of the European Central Bank, has warned that cryptocurrencies are worthless and should be regulated. The ECB boss believes that regulating the sector will prevent people from gambling their life savings on cryptocurrencies. “My extremely modest opinion is that cryptocurrency is worthless. It is founded on nothing, and there are no underlying […]

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Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

The recent crypto market crisis has not only hurt investors, but also notable entrepreneurs, erasing billions of dollars from their fortunes. Vitalik Buterin, co-founder of Ethereum, is one example. In 2014, the 28-year-old founded Ethereum, a leading cryptocurrency by market capitalization. Buterin revealed on social media on Friday that he is no longer a billionaire. […]

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Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

The crypto market is showing signs of recovery, and it seems Cosmos has also been pulled in the same direction with an increase of 12% in the last 24 hours. Cosmos (ATOM), the 27th biggest cryptocurrency, has a total market cap of $3.2 billion. ATOM, the token that fuels the Cosmos blockchain network, has been gaining a lot of traction with an increase of over 12.7% overnight. Currently, ATOM is trading at the price point of $11.45. Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues ATOM Remains In Bear Territory  Even though the charts have been looking bullish, ATOM is still at a bearish stance with trades that plummeted by 74% compared to its all-time high record of $44.70 in September 2021. There has been a noticeable spike in ATOM’s trading volume that is evident in multiple exchanges. The total trading volume is at roughly $327 million in the past 24 hours, which is up by 11% in comparison to the previous day. What Is Cosmos? Cosmos refers to a decentralized network of blockchains that runs using the power of Byzantine Fault Tolerance (BFT) algorithms. More so, Cosmos also enables developers to create and innovate their own blockchains plus allows Blockchains that run on Cosmos to freely interact or engage with one another. Some of the major blockchains that run in the Cosmos are the Terra, Kadena, and Thorchain. Developer Incentives Following Terra’s Demise Injective, a decentralized blockchain that is focused on the development of decentralized Finance (DeFi) applications, has designed a proposal to create incentives for developers who were negatively impacted by the downfall of Terra. Injective is also responsible for the adaptation of the Ethereum compatibility and bringing it to the Cosmos IBC ecosystem which has immensely helped Terra developers to build applications fast with the aid of familiar tools. ATOM total market cap at $3.16 billion on the weekend chart | Source: TradingView.com The Injective proposal was created on May 12 following the downfall of Terra at which developers started to look for opportunities to build projects elsewhere. The proposal was passed with a convincing 99% agreement with the initiative in a matter of four days. The entire injective community was in unison when they decided to redirect the incentives just to make sure that Terra dApps will have enough resources to facilitate a smooth transition into joining Injective. Further, CosmWasm, Injective’s up-and-coming smart contract layer is seen to power up Terra projects to enable speedy onboarding without the need to rewrite codes which could happen if they decided to transfer to other blockchains. Suggested Reading | Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days Cosmos Network Performing Well There are nearly 50 tokens and 28 InterBlockchain Communication (IBC)-enabled blockchains that are running in the Cosmos. More so, there are also around 265 services and apps that power up the Cosmos ecosystem comprising wallets, blockchains, and explorers. Kadena TVL was up by 18% or $7.2 million in just 24 hours. TVL of Cronos soared by 2.16% or $2.32 billion in the past 24 hours. Tokens in the cosmos plus DeFi activities have been performing extremely well. Meanwhile, the king of crypto have improved in-market performance. Bitcoin is up by 4% in a matter of 24 hours and is now trading at $30,187. Ethereum has also increased by 4.4% overnight with a current TVL of $2,026. Featured image from Zipmex, chart from TradingView.com

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Tiger Global, Sequoia Capital India, and Alameda Ventures lead a $15 million Series A round for Coinshift

Tiger Global, Sequoia Capital India, and Alameda Ventures lead a $15 million Series A round for Coinshift

Coinshift, leading treasury management, and infrastructure platform is pleased to announce its successful series A funding round and its roadmap for building a novel full-service treasury management solution in the industry. As per the announcement, Coinshift raised $15 million in the Series A funding round led by Tiger Global. Others who participated in the funding […]

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Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

Ripple (XRP) rallied to $0.439217 Friday from $0.377384 on Thursday in the face of an ongoing Securities and Exchange Commission lawsuit following the comments of William Hinman, former SEC Corporate Finance director. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? Ether are not securities, Hinman said. (Bitrates.com) William Hinman: Ether Not a Security A judge has granted the request of SEC to file a reply concerning the case against Ripple Lab. The case was ignited by the speech of Hinman, stating that Ethereum is not a security. Emails recovered as evidence strengthened claims that Hinman had some conflict of interest connected to those comments. In 2018, Hinman’s speech included this statement: “Based on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.” Hinman’s speech stated that Ethereum is not a security which insofar is tagged as an opinion based on his own understanding of Ether and the Ethereum Network. More so, the decentralized nature, and Ether transactions and sales are not secure, according to his personal knowledge and understanding. On the other hand, Hinman attested that there are four criteria barring the rationale rendered by SEC, stating that said communications made in 2018 won’t fall under the attorney-client privilege. XRP total market cap at $20.60 billion on the weekend chart | Source: TradingView.com In addition, communications made by Hinman isn’t confidential information. Further, if in case SEC discovers any other information that can be protected, the only person who can claim that is Hinman. Ripple Violated Securities Act of 1933? Ripple’s defense on this case is that XRP’s purpose can’t classify the coin as a security. SEC has no power or authority over Ripple considering that XRP’s function is as a medium of exchange. Further, Ripple states that the currency is utilized as an intermediary intended for remittance and not a security.  Suggested Reading | NFT Prices Take A Beating After Crypto Market Chaos Ripple also defended that SEC did not clarify the classification of digital assets which failed to provide Ripple Labs timely guidance or warning as to how the current laws apply to XRP. However, SEC contested that Ripple has in fact obtained advice from them in 2012 identifying its product as an investment which requires SEC regulation. Hinman’s speech, however, further strengthens Ripple’s defense as it implied that if Ether or XRP was bought to participate in a decentralized platform and not for earning from trading activity, then it’s definitely not a security. Featured image from CryptoGlobe, chart from TradingView.com