Cryptocurrency News Today TheBitTimes.com

Polygon Labs has reportedly been paying a publicly-traded sports betting firm millions in crypto to run one of its now-defunct network validators. This is despite convincing the rest of the community that the company was just another validator. As reported by CoinDesk, DraftKings was announced as a Polygon validator in early 2022 in what the crypto company called “an important milestone.” However, Polygon failed to make public the special arrangement that would see it pay DraftKings millions of MATIC tokens over the next 20 months. According to CoinDesk’s extensive research, the sports betting firm received a lump sum of millions of MATIC tokens at the very beginning of the partnership in late 2021 followed by millions more through a special staking relationship . Though it’s not uncommon for high-profile firms to be paid by blockchain companies to work with them, this particular offer wasn’t offered to the vast majority of Polygon’s validators. In other words, DraftKings was

Cryptocurrency exchange Binance has sharply increased its investment in lobbying over the past two years. Binance and Binance.US spent more than $1 million lobbying politicians in 2023-2023, according to new data provided by OpenSecrets, a US non-profit that tracks political campaign donations. In total, Binance Holdings invested $850,000 in 2023, and Binance.US spent $340,000, both up significantly from the previous year. Binance.US led the way in spending last year by investing more than $1 million lobbying for Binance.US and just $50,000 for Binance worldwide, the report found. Source: OpenSecrets These lobbying efforts in 2022 focused on two specific bills: the Digital Consumer Protection Act and the Lummis-Gillibrand Responsible Financial Innovation Act, the report says. However, Binance is not the only crypto company investing in fresh lobbying efforts: Coinbase has spent roughly twice as much as Binance, with more than $2.1 million spent in 2023, while Kraken spent

Markets are swinging higher driven by fundamental factors. Recent rallies, especially in Solana (SOL), have triggered a re surge nce in layer-1 networks. Legacy blockchains like NEO’s GAS surge d by 182% last month. Can GAS outperform new projects like Galaxy Fox (GFOX)? NEO’s GAS surges 182% Neo is a blockchain network launched in 2016 as a scalability-focused alternative to Ethereum, sometimes called the “Chinese Ethereum.” GAS fuels transactions on Neo blockchain and also provides governance rewards for participants. Despite skepticism towards Neo rivaling struggling predecessor EOS, GAS has recently seen a notable price surge . This comes as Neo prepares to launch an Ethereum Virtual Machine (EVM)-compatible sidechain to improve interoperability. You might also like: Kraken is investigating erroneous transactions  Because all activity on this new sidechain requires GAS to pay fees, investors anticipate substantially increased GAS utility and adoption. Heavy accumulati

The Bitcoin futures annualized premium jumped to 34% on Nov. 28, leading analysts to speculate about an imminent spot BTC ETF approval. The demand for institutional investors for Bitcoin (BTC) became evident on Nov. 10 as the Chicago Mercantile Exchange (CME) Bitcoin futures flipped Binance's BTC futures markets in terms of size. According to BTC derivatives metrics, those investors are showing strong confidence in Bitcoin's potential to break above the $40,000 mark in the short term. CME Bitcoin futures open interest, USD. Source: Coinglass CME's current Bitcoin futures open interest stands at $4.35 billion, the highest since November 2021 when Bitcoin hit its all-time high of $69,000–a clear indication of heightened interest, but is it enough to justify further price gains? CME's remarkable growth and the spot Bitcoin ETF speculation The impressive 125% surge in CME's BTC futures open interest from $1.93 billion in mid-October is undoubtedly tied to the anticipat

Binance’s new CEO, Richard Teng, emphasizes the leadership team’s continuity following the DOJ settlement, ensuring operational stability amid legal challenges. Despite the earlier resignation of Changpeng Zhao as chair of Binance.US, the newly appointed Binance CEO, Richard Teng, is reluctant to change the ex change ’s executive leadership team. This statement comes amid Bloomberg’s inquiries about the role of Yi He, a senior executive and partner at Binance. Yi He previously had a relationship with Zhao and also has two children with the former CEO.  Teng’s appointment and the settlement are part of the fallout from the U.S. Department of Justice (DOJ) agreement, which stipulates Zhao’s formal disengagement from Binance’s operations for three years. Zhao is also facing a potential prison term of up to 18 months. You might also like: Cristiano Ronaldo faces lawsuit over Binance promotion and unregistered securities Zhao, while stepping down from an active role, conti

An unconfirmed report suggests Taurus will provide crypto custodial services to Spanish fin-serv giant Banco Santander. Spanish fin-serv giant Banco Santander has reportedly selected digital asset management firm Taurus to safeguard its Swiss clients’ Bitcoin (BTC) and Ether (ETH). On Nov. 20, Santander Private Banking International’s Swiss private banking unit rolled out a new Bitcoin and Ether trading service for clients with Swiss accounts. A Santander spokesperson told Cointelegraph that clients will get access to crypto investment services only after requesting it through relationship managers. A CoinDesk report citing ‘a person familiar with the arrangement’ stated that the bank has appointed crypto custody firm Taurus for the safekeeping of the crypto assets. Cointelegraph reached out for confirmation from Santander, which declined to comment, saying: “Unfortunately, it’s a no comment. We don’t comment on providers or possible providers.” On Sept 14, Taurus partnered with Ge

As the majority of assets in the cryptocurrency market are trading in the green on most charts, blockchain and cryptocurrency businesses continue to invest significant efforts in terms of developing their ecosystems, with development activities of some of them being more intense than others. Specifically, the Polkadot (DOT) protocol and its public pre-production environment, Kusama (KSM), share the top position in terms of notable GitHub commits across the previous 30 days, according to the data by the on-chain and social metrics platform Santiment in an X post published on November 28. Top 10 cryptos by GitHub activity in last 30 days. Source: Santiment Specifically, GitHub commits refer to the records of changes to one or more files in a development team’s projects, as the development platform assigns each commit a unique ID called a SHA or hash that identifies these specific changes, when they occurred, and who created them – much like saving an edited file. Crypto development

Ethereum’s supply turns deflationary amid a decrease in validator participation and declining NFT and defi transactions . The recent dynamics of Ethereum’s blockchain network signal a significant shift towards deflation, according to data from Glassnode. This is driven by a combination of reduced validator participation and increased network activity. A notable increase in validators exiting the Ethereum staking pool since October has contributed to a slowdown in the growth rate of ETH issuance. This trend correlates with the broader bullish sentiment across digital asset markets.  The growth rate of the #Ethereum validator set has slowed in recent weeks as an increasing number of validators voluntarily exit, slowing the rate of ETH issuance. Alongside increasing ETH burnt via EIP1559 due to growing network activity, the ETH supply has turned… pic.twitter.com/xMrQRe7opO — glassnode (@glassnode) November 28, 2023 You might also like: Spain enforces new crypto tax law for

Despite a downturn in its bottom line, the company has secured a deal with an institutional investor to potentially raise $125 million in capital. Bitcoin miner Canaan is seeking new capital amid a slump in its revenue and bottom line. According to its Q3 2023 earnings report released on Nov. 28, the company seeks to sell $148 million in equity through an at-the-market offering. The day before, Canaan announced that it had reached an agreement with an undisclosed institutional investor to issue up to 125,000 preferred stock at $1,000 apiece for total proceeds of $125 million. Compared to the third quarter of 2022, the company's revenue fell 55% to $33.3 million due to a decrease in the number of Bitcoin (BTC) mined and a fall in the number of ASIC mining rigs sold. The firm also swung to a net loss of $110.7 million compared to a net income of $6.3 million in the same period a year ago.  "Overall, we faced increased pricing competition and a noticeable softening in purchas

X, formerly known as Twitter and under the ownership of Elon Musk , has achieved a significant milestone in its pursuit of becoming the ultimate “everything app.” The company recently obtained a money transmitter license from regulators in South Dakota on Nov. 27, marking a substantial leap forward in its ambition to dominate the financial services sector. The Money Transmitter License and X’s Increasing Influence The sought-after money transmitter license officially designates X as a Money Service Business (MSB) in South Dakota. It provides the company with the authorization to facilitate seamless cross-border money transfers. This regulatory approval solidifies X’s position as a key player in the financial landscape. It further puts it in the league of established entities such as PayPal and Stripe. As intermediaries, MSBs play a pivotal role in connecting individuals and businesses engaged in financial transactions. Elon Musk ’s vision for X as the “everything app” aligns seam

The top 7 biggest token unlock events for the next seven days would involve DYDX, IMX, OP, SUI, 1INCH, AXL, and HBAR. Crypto traders can make more cautious and better trading decisions by monitoring vested tokens and future unlock events. AXL lost 11% of its value after its token unlock event on November 27, 2023. According to Top 7 ICO, a crypto analytics platform, some of the biggest crypto tokens unlock events expected to happen in the next seven days involve DYDX, IMX, OP, SUI, 1INCH, AXL, and HBAR. The analytics platform noted that cryptocurrency traders can “make more cautious and, in the end, better trading decisions” by monitoring vested tokens and future unlock events. Top 7 Biggest Token Unlocks in the Next 7 Days Monitoring of vested tokens and future unlock events is an important step to make more cautious and, in the end, better trading decisions. Let’s take a look at this and some other biggest unlocks coming in the next 7 days, including… pic.

Magic Eden has announced the launch of a multi-chain compatible crypto wallet browser extension, aiming to simplify user interaction across different blockchains. Magic Eden, a leading player in the NFT marketplace, is taking a significant step towards a more integrated and user-friendly crypto experience with its upcoming crypto wallet browser extension. This development, as announced by CEO and co-founder Jack Lu, is designed to support a multi-chain world for NFTs, addressing the current fragmentation and complexity in managing digital assets across different blockchains. Introducing Magic Eden Wallet, a wallet made for Magic Eden users and cross-chain collectors. Beta version is now live and only available to a small group of early testers! Want to give it a try? You can get on the waiting list by downloading the extension and entering your… pic.twitter.com/5DsS5qhdlQ — Magic Eden 🪄 (@MagicEden) November 27, 2023 Currently, users engaging with multiple blockchains face the

Nov 27, 2023 at 12:11 // Price Author Coin Idol The price of Ethereum (ETH) falls back and remains above the $2,000 support level. Cryptocurrency price Analysis by Coinidol.com. Long-term analysis of the Ethereum price: bullish The price movement is just above the psychological price threshold of $2,000. Buyers are defending the current support level in anticipation of a positive move. The largest altcoin is trading in a limited range between $2,000 and $2,130. The $2,131 mark has halted the uptrend since November 9. Ether retraced after retesting it on Nove

An attacker pretended to be a Forbes journalist during an interview and tried to steal non-fungible tokens (NFTs) from Bored Ape Yacht Club (BAYC) collectors. The attacker, posing as a Forbes journalist , approached the holder with a request to share his experience with the popular NFT collection BAYC. One of the collectors using the X handle @crumz10 said that he miraculously escaped the scam. SCAM ALERT!! I just spent the last 2hours on Zoom with '@Forbes' it was pretty sophisticated and well thought out because I'm usually on high alert but luckily I wasn't caught. Here's what they did. 1/8 — Crumz (@crumz10) November 26, 2023 The user immediately noticed several red flags: the scammer did not have a premium subscription to Zoom and wanted to record the screen holder using a strange bot. The interview lasted two hours. At the end, the “journalist” suggested that the victim take a banana to take a photograph for the article. However, @crumz10 realized t

Ethereum (ETH) remains resilient, trending above $2,000 amid the overall market downturn. Shiba Inu (SHIB) has made significant strides, notably with the launch of the Shibarium layer-2 network. Meme Moguls (MGLS) is firm as it approaches the conclusion of the Beta presale stage, drawing considerable investor interest. Ethereum accumulating Ethereum is in a stage of accumulation following news of BlackRock filing for a spot Ethereum ETF.  The layer-2 network, Blast, has bridged over $230 million worth of ETH crypto and stablecoins. Blast has reached $230 Million in TVL within 48 hours. 37,131 community members are now earning yield (~4% for ETH and 5% for stables) + Blast Points. We can't wait to share more about what we're building for the Blast Community in future updates! pic.twitter.com/DiW2GT7cUe — Blast (@Blast_L2) November 22, 2023 Over the past week, ETH rose from $1,918.55 to $2,108.59. Its market capitalization currently stands at over $253 billion, with an av

The proposal secured a narrow passage, garnering 41.1% approval votes compared to 38.5% disapproval, marking the highest turnout vote in the Cosmos ecosystem. The governing body of Cosmos Hub has endorsed a proposal to decrease the maximum inflation rate of its native token, ATOM (ATOM), from approximately 14% to 10%. As per the proposal, the authorized modification would reduce Atom’s annualized staking yield from around 19% to approximately 13.4%. The Cosmos Hub is the primary blockchain within the Cosmos network, a system of interlinked blockchains. The native token of the Hub is Atom, employed for staking, governance, and transaction fees. The proposal secured a narrow passage, garnering 41.1% approval votes compared to 38.5% disapproval, marking the highest turnout vote in the Cosmos ecosystem. Initially expected to fail shortly before the deadline, a last-minute influx of votes and some reversals from validators narrowly tilted the outcome in favor. Screenshot of the proposal 

The crypto currency market is a realm teeming with opportunities. Although the limelight frequently falls on prominent crypto currencies such as Bitcoin (BTC) and Ethereum (ETH), there are a bunch of hidden gems trading below the $5 mark. These lesser-known altcoins harbor considerable growth potential. However, it’s imperative to recognize that an elevated level of risk accompanies them.  For investors who possess a higher risk tolerance, allocating a portion of their investment capital, ranging from 10% to 20%, into these altcoins can provide a tantalizing chance to diversify their portfolio and position themselves for substantial gains in the forthcoming bull market. Near Protocol (NEAR) NEAR is a public Proof-of-Stake (PoS) blockchain that aims to bring DeFi to the masses with low transfer fees and fast transactions. It competes with Solana (SOL), Cardano (ADA), the new version of Ethereum, and other PoS networks. Stocks Is Tesla stock a buy days before the Cyb

Paradigm-backed network Blast addressed skepticism surrounding its blockchain model following a swift rise to over $300 million in market cap and promises of a token airdrop. Blast Bridge, an L2 network on Ethereum, pushed back on security concerns espoused by some in the crypto community due to the protocol’s smart contract architecture which safeguards assets using a multi-sig nature build. There are often misunderstandings when it comes to security. Security exists on a spectrum (nothing is 100% secure ) and it's nuanced with many dimensions. There's smart contract security, browser security, physical security. Each dimension has separate attack vectors. — Blast (@Blast_L2) November 24, 2023 On Nov. 24 via an X thread, the project said no contract code security is completely airtight and that each smart contract design has its associated vulnerability. Blast pointed to other layer-2 blockchains like Arbitrum and Polygon that use multi-sig wallets to hold funds, addi

ATOM’s resilience at $9.01 suggests a potential reversal, with rising trading volume signaling renewed interest. Stochastic RSI nearing oversold territory hints at a buying opportunity for traders eyeing a rapid recovery. MFI ratings above 50 underscore ongoing purchasing pressure, bolstering optimism for ATOM’s prospects. Cosmos (ATOM) has been losing ground in the previous 24 hours, with bears able to drag the price down to an intraday low of $8.68. The buyers, however, swiftly reclaimed control and drove the price back up to $9.01, displaying resilience in the face of selling pressure. This rebound implies substantial support for Cosmos at current levels, foreshadowing a possible reversal soon. ATOM was trading at $8.96 as of press time, displaying weakening selling pressure and a likely deterioration in market sentiment. According to CoinStats, ATOM’s market capitalization fell by 0.12% to $3,364,855,448 during the bear rally, while its 24-hour tradin