Federal Reserve Chairman Jerome Powell gave the strongest signal yet that a rate cut is imminent in his speech at the annual Jackson Hole Symposium. The news sent the Bitcoin (BTC) price above $63,000, with analysts expecting further gains if the Fed starts cutting rates.Lina Eldip, researcher at exchange-traded product issuer 21Shares, explained that previous rate cuts have helped boost the price of digital assets, as investors with cheaper access to credit have seized the opportunity to invest in riskier asset classes. In a statement to Cointelegraph, the analyst gave specific examples of previous rate cuts that occurred at the…
Author: Crypto Flexs
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Rebecca Moen 24 Aug 2024 03:26 Sui enhances the security and efficiency of DeFi applications by introducing a shared storage model to the object-centric data framework. Sui, a blockchain known for its object-centric data model, has unveiled a new shared storage model to improve security and efficiency. Decentralized Finance According to The Sui Blog, there are (DeFi) applications. Introduction to joint custody Many applications in decentralized finance require multiple parties to share access to the on-chain state. For example, lending protocols require timely access to liquidate positions, while dollar-cost averaging (DCA) strategies require frequent,…
Polygon (MATIC) recently dropped out of CoinMarketCap’s top 20 cryptocurrencies rankings. But the asset has bounced back amid the recent rally. The recent rally comes as Polygon’s Ethereum scaling mission gains traction. MATIC, the native token of the Polygon PoS blockchain, experienced a boom in Q1 2024 before entering a downtrend and eventually falling out of favor. CoinMarketCapThe top 20 cryptocurrencies by market cap for the week beginning July 28 have been on this list almost every time since the 2021 crash. But in the recent parabolic uptrend, MATIC has once again found itself in the top 20. Can MATIC…
Tokens related to staking services, artificial intelligence (AI), and data services have outperformed Bitcoin (BTC) and Ethereum (ETH) during the cryptocurrency market recovery over the past seven days. Artemis data Over the past week, BTC and ETH have shown gains of 4.9% and 3.4% respectively. Meanwhile, staking service tokens such as LDO and RPL rose by 18.8% and 34.4% respectively, recording a weighted average of 25.7% over the same period. This is almost double the average performance of 13.9% recorded by the entire cryptocurrency industry last week. AI-related tokens also supported solid development, reaching a weighted average of 23.8%.Data service…
Jack Anderson 24 Aug 2024 04:50 Singapore-based BitFuFu is pushing ahead with Bitcoin (BTC) mining despite rising operational costs, reflecting a bullish industry outlook. Some of the world’s largest Bitcoin mining operations are expanding their efforts despite the steepest increase in mining costs ever seen, a clear sign of anticipation for the future of the world’s first and largest cryptocurrency. After Singapore-based cloud mining company BitFuFu recently released its second-quarter financial report, analysts are observing some interesting patterns that suggest the presence of large-scale BTC mining operations could bode well for the future of…
Peter Zhang 24 Aug 2024 05:28 Tether helps the U.S. Department of Justice seize $5 million worth of USDT in a fraudulent scheme, strengthening its commitment to combating illicit activity. Tether, the largest company in the digital asset industry, has taken a significant step in its ongoing efforts to combat illicit activity. According to Tether, the company helped the U.S. Department of Justice (DOJ) seize approximately $5 million worth of USDT stolen through a sophisticated fraud scheme. Pig slaughter scam The scam, dubbed “Pig Slaughter,” targeted victims through fake online relationships, ultimately tricking them…
Cryptocurrency giant Grayscale has launched a new trust for layer 1 Ethereum (ETH) competitor Avalanche (AVAX). Rayhaneh Sharif-Askary, Grayscale’s head of product and research, says Avalanche has played a “pivotal role” in advancing the adoption of real-world asset (RWA) tokenization. AVAX’s price surged by 5.65% on Thursday, outpacing the overall cryptocurrency market, which fell by 1.3% over the same period. The new Grayscale Avalanche Trust functions like any other single-asset investment trust from an asset manager and is invested solely in AVAX tokens. Grayscale’s new product isn’t the only recent development that could impact AVAX’s pricing. Layer 1 projects also…
Louisa Crawford 24 Aug 2024 04:07 OFAC has imposed sanctions on Russian drone developer KB Vostok for its involvement in the invasion of Ukraine, disrupting Russia’s military supply chain. According to Chainalysis, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced additional sanctions on August 23, 2024, targeting approximately 400 entities in an effort to disrupt Russia’s military supply chain and procurement network. Among the entities designated is KB Vostok OOO, a Russian drone (UAV) developer implicated in the invasion of Ukraine. Who is KB Bostock? The company, also known as KB…
The third week of August 2024 surprised the cryptocurrency market, with some of the biggest altcoin gainers being those that had previously suffered significant losses. In particular, many of the top 100 altcoins by market cap are ending the week in the green. Let’s take a look at the top three outperformers, what drove their gains, and what’s next for them. Polygon (MATIC) Last Friday, the price of Polygon (MATIC) was $0.40. So far, the token has surged 32.50% over the past 7 days, reaching $0.53, making it one of the best performing altcoins. The impressive recovery of MATIC is…
Chirag Jetani, Diamante Founder and COO, will deliver a keynote address showcasing the power and potential of Diamante Net, the L1 blockchain technology. Diamante will be presenting Diamante Net, the world’s first layer 1 hybrid blockchain protocol, at the WebX 2024 conference in Tokyo, where the company will be participating as an official partner. The pioneering blockchain and AI company is one of the Platinum Sponsors of the WebX 2024 conference. This move reflects Diamante’s commitment to leading the future of Web3, which will be a key focus at the conference. Diamante expands to new areas As a key highlight…