Funding Rate and Basis Point to a Price Surge Crypto analyst Will Clemente observes that Bitcoin’s funding rate and 3-month annualized basis are cooling off after recent negative readings. This suggests a dominance of long-position trades, indicating growing investor confidence in Bitcoin’s future price action. Positive Funding Rate and Price Increase The funding rate has…
Evolution of Account Abstraction on Ethereum Ethereum accounts come in two types: externally owned accounts (EOAs) and contract accounts. EOAs are limited in functionality and security, making them unsuitable for complex transactions. Previous Proposals EIP-4337: Allowed smart contracts to act as accounts, improving user experience. EIP-3074: Enabled EOAs to delegate transaction authority to smart contracts…
Naira Under Attack? Nigeria’s government is concerned that cryptocurrencies are being used to manipulate the value of the Naira. The Securities and Exchange Commission (SEC) is proposing a ban on Peer-to-Peer (P2P) platforms that allow Nigerians to buy and sell crypto with local currency. P2P Battleground P2P platforms offer a convenient and often cheaper way…
Full Reimbursement for Customers FTX, the bankrupt crypto exchange, has announced a plan to repay 98% of its customers at least 118% of their claims in cash. This includes selling assets and properties worth $14.5 billion to $16.3 billion. Repayment Strategy Non-governmental creditors will receive full payment based on the value of their claims. Governmental…
A crypto analyst believes that Solana (SOL) has seen its last major dip for the current market cycle. Solana’s Bullish Momentum Analyst Inmortal predicts that SOL bulls have successfully defended support at $120. He suggests that the altcoin is poised to rally to a new 2024 high of $320. Memecoins to Join the Rally Inmortal…
Ethereum co-founder Joseph Lubin has raised concerns about the U.S. Securities and Exchange Commission’s (SEC) stance on cryptocurrencies, particularly Ethereum (ETH). SEC’s Potential Classification of ETH as a Security Lubin believes that if the SEC declares ETH a security, it could have a devastating impact on the crypto industry in the United States. American citizens…
Ethena Labs has announced that USDe, its Ethereum-based stablecoin, will be integrated into Bybit, the third largest crypto exchange by trading volume. New Integrations USDe will be used on Bybit as: Collateral for perpetual futures Spot trading pair for Bitcoin (BTC) and Ethereum (ETH) Part of Bybit’s Earn program Ethena’s Vision Ethena Labs describes USDe…
Collaboration for Open-Source Innovation Spectral Labs has joined Hugging Face’s Expert Support Program (ESP) to collaborate with deep learning experts and drive advancements in open-source AI for the on-chain economy. Hugging Face’s Role Hugging Face provides expert guidance to Spectral in developing new use cases, optimizing datasets, and devising training strategies. Their support has significantly…
Funds on the Move Six months after the Poloniex crypto exchange hack, the stolen funds are starting to move. One of the hacker’s accounts transferred $3.5 million to a crypto mixer called Tornado Cash. Hacker Launders Funds The hacker sent 100 ETH ($308,000) to Tornado Cash from one account and later sent 1,100 ETH ($3.5…
Concerns Raised by SEC Chair Gensler In a recent interview, SEC Chair Gary Gensler expressed his worries about the crypto industry, citing its alleged role in scams, fraud, and non-compliance with securities laws. Non-Compliance with Securities Laws Gensler emphasized that many cryptocurrencies are considered securities under the law, and companies offering these assets must comply…
