Category: Top Crypto News

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Celsius Freezes All Withdrawals, Transfers – Top Crypto Updates

Celsius crashes 70% in 1 hour after firm halts withdrawals

Controversial crypto lender Celsius announced it was pausing all customer withdrawals, swaps, and transfers on Sunday night. “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said in a statement.

The company’s CEL token crashed 70% in one hour after the announcement.

Crypto prices today: Bitcoin falls 7.7%, ETH down 8.5%

Bitcoin is currently trading at $25,324.91, a decline of 7.72% over the previous day. Ethereum fell 8.57% over the last 24 hours to $1,330.21. Solana crashed 11.78% to $28.3, while Cardano is trading lower by 8,73% at $0.464. Avalanche (AVAX) plumetted 12.1% to $16.18. The global crypto market cap stands at $1.02 trillion, a 6.93% decline over the previous day.

Crypto investors have resorted to a massive sell-off amid fears of high inflation.

Helium to launch new tokens to scale 5G in multi-network expansion

The Helium Network has announced a model expansion to address the demand for unlimited wireless protocols. It will launch new MOBILE and IOT tokens as it expands its crypto-powered wireless network. The token-incentivized network may also expand to include additional decentralized protocols.

Helium rewards crypto to users for deploying hotspots and providing network coverage. It has launched over 848,000 hotspots in 176 countries. 

Accepting crypto payments a priority for majority of US retailers: Deloitte

A survey by Deloitte found over 85% of U.S. merchants prioritize enabling crypto payments, while ~83% do the same for stablecoins. Around 87% of merchants believe accepting crypto payments can provide a competitive edge in the market. Most retailers expect a significant increase in interest in using digital currencies for payments. Nearly 75% of them aim to enable crypto and stablecoin payments over the next two years.

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SEC Investigating Terra’s UST Stablecoin Collapse – Top Crypto Updates

SEC investigating Terra’s UST stablecoin collapse: Report

As per a Bloomberg report, the U.S. Securities & Exchange Commission (SEC) has been looking into Terraform Labs and its stablecoin (TerraUSD) to find out if they violated federal investor protection rules. TerraUSD and LUNA functionally lost all their value last month. The SEC was already investigating Terraform founder Do Kwon in connection with his role in building the Mirror Protocol. The protocol allows users to trade tokens representing synthetic stocks.

Crypto prices today: Bitcoin falls 0.85%, ETH down 0.66%

Bitcoin is currently trading at $30,096.31, a decline of 0.85% over the previous day. Ethereum fell 0.66% over the last 24 hours to $1,788.99. Solana rose 3.55% to $40.4, while Cardano is trading lower by 4.14% at $0.623. Avalanche (AVAX) rose 0.23% to $24.43. The global crypto market cap stands at $1.24 trillion, a 0.39% decline over the previous day.

NYC gallery lets NFT owners remotely display their art

Web3 NYC Gallery is a new non-fungible token (NFT) gallery opening in Manhattan on June 15. The gallery’s Genesis NFTs let holders control a display in the space, so they can show and even sell their NFTs remotely. Within the gallery, visitors can scan a QR code on the frame and purchase any NFTs that are listed for sale. 

Edge to launch confidential no-KYC crypto Mastercard

San Diego-based startup Edge has released the first “Confidential” crypto Mastercard. It does not require know-your-customer (KYC) data for collecting information related to the identity of the user. The new card is not limited to Bitcoin. Users can sell Bitcoin Cash, Dogecoin, Litecoin, and Dash to fund their Edge Mastercard, which can then be used at eligible merchants.

Jay-Z, Jack Dorsey launch a Bitcoin academy in New York

Twitter co-founder and Block CEO Jack Dorsey is teaming up with artist Jay-Z to launch the Bitcoin Academy at Marcy Houses, the public housing complex in Brooklyn, New York, where Jay-Z grew up. The initiative aims to provide financial education with an emphasis on Bitcoin as a path to financial freedom.

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Salesforce Launches NFT Platform for Brands – Top Crypto Updates

Salesforce launches NFT platform for brands

Salesforce has launched NFT Cloud, an NFT minting and sales platform for brands and businesses. The platform lets brands tap Salesforce’s cloud-based tools to create and sell NFTs, engage online communities, and pull data from their offerings. Salesforce NFT Cloud is currently a pilot program available to limited customers. It is expected to open to all businesses in October 2022.

Crypto prices today: Bitcoin down 0.17%, ETH up 0.14%

Bitcoin is currently trading at $30,347.92, a decline of 0.17% over the previous day. Ethereum rose 0.14% over the last 24 hours to $1,799.6. Solana rose 0.56% to $39.18, while Cardano is trading higher by 2.7% at $0.650. Avalanche (AVAX) fell 0.03% to $24.32. The global crypto market cap stands at $1.25 trillion, a 0.17% increase over the previous day.

Crypto exchanges delist Litecoin over privacy feature concerns

South Korean crypto exchanges Bithumb and Upbit will delist Litecoin over certain modifications that enable greater privacy while conducting transactions. The two exchanges stated they were shutting down market support for the crypto as its newly activated Mimblewimble Extension Blocks (MWEB) network upgrade conflicts with South Korean anti-money laundering regulation.

NFTICALLY launches world’s first metaverse for e-commerce

NFT marketplace creator NFTICALLY has announced the launch of the world’s first e-commerce metaverse ecosystem – Comearth. It can work without crypto. Businesses and individuals can use this platform to open their stores in the metaverse. Users can open their stores through a do-it-yourself (DIY) interface and sell products or generate leads by providing customers with an immersive 3D experience.

India crypto tax cut to 0.1% was a ‘typo’: IT Dept

A typo error on the Income Tax Department’s website mistakenly altered a 1% tax-deducted-at-source (TDS) figure to 0.1%. The department clarified that the error has been rectified. A 1% TDS on crypto transactions above Rs 10,000 (~$129) is set to be levied from July 1. This is on top of the 30% flat tax on all crypto income, which kicked in on April 1.

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EPL Files Crypto, NFT Trademarks – Top Crypto Updates

English Premier League files crypto, NFT trademarks

The English Premier League (EPL) has filed two cryptocurrency and NFT trademarks in the U.S. EPL is the top level of professional English football, comprising 20 teams. The two filings pertain to the U.S. use of trademarks associated with the league, one centered on the league’s name and logo. The trademark filings cover the creation and sale of digital assets, virtual clothing, cryptos, and media files verified by NFTs.

Crypto prices today: Bitcoin down 5.8%, ETH falls 7%

Bitcoin is currently trading at $29,504.87, a decline of 5.8% over the previous day. Ethereum fell 7.14% over the last 24 hours to $1,754.51. Solana fell 6.7% to $38.98, while Cardano is trading lower by 6.31% at $0.584. Avalanche (AVAX) crashed 11.7% to $23.69. The global crypto market cap stands at $1.21 trillion, a 5.12% decline over the previous day.

SEC targets Binance’s BNB ICO for potential violations: Report

As per a Bloomberg report, the Securities and Exchange Commission (SEC) is revisiting the origins of Binance’s Coin (BNB) for potential violations of securities regulations. The probe comes just as Reuters released the results of an unrelated investigation in which it claims that at least $2.35 billion in illicit funds have been laundered through Binance between 2017 and 2021.

IRA Financial Trust sues Gemini over $36M theft of Bitcoin, ETH

IRA Financial Trust has announced a lawsuit against crypto exchange Gemini. The company manages individual retirement accounts in non-traditional assets such as Bitcoin. IRA Financial Trust lost $36 million in a crypto hack in February. It used New York-based Gemini to hold its digital assets. IRA alleges that Gemini “did not have proper safeguards in place to protect customer crypto assets.”

Indonesian exchange Pintu raises $113M to meet country’s crypto boom

Indonesian crypto exchange Pintu has raised $113 million in a Series B funding round with investments from venture capital firms. Pintu plans to use the capital to build out new features, including additional supported tokens and blockchains and products. It plans to continue with its aggressive hiring plans to help address the booming crypto market in Indonesia.

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Japan Passes Landmark Stablecoin Bill – Top Crypto Updates

Japan passes landmark Stablecoin Bill for investor protection

Japan’s Parliament has passed a legal framework around stablecoins. It aims to provide a safety net for investors in the wake of last month’s TerraUSD collapse that resulted in multi-billion losses. Stablecoins will be considered as digital money and must be linked to the yen or another legal tender, guaranteeing holders the right to redeem them at face value.

Crypto prices today: Bitcoin up 1.5%, ETH down 0.4%

Bitcoin is currently trading at $30,362.81, an increase of 1.5% over the previous day. Ethereum fell 0.4% over the last 24 hours to $1,813.5. Solana rose 2.7% to $40.55, while Cardano rose 2.4% at $0.584. Avalanche (AVAX) rose 2.5% to $24.05. The global crypto market cap stands at $1.25 trillion, a 1.46% increase over the previous day.

New York Senate passes Bitcoin mining moratorium

The New York State Senate passed a bill targeting proof-of-work (PoW) mining early to address some of the environmental concerns surrounding cryptos. The bill will impose a two-year moratorium on any new PoW mining projects powered by carbon-based fuel in the Empire State. Existing mining firms or ones currently undergoing the permit renewal process will be allowed to continue operations. 

Binance, The Weeknd launch ‘crypto-powered’ world tour

Crypto exchange Binance will sponsor musician The Weeknd’s upcoming world tour. The partnership will feature multiple non-fungible token (NFT) initiatives and a $2M donation to the artist’s XO Humanitarian Fund. Binance claims it will be the first global concert tour to tap Web3 tech for fan experiences.

Bitstamp launches Earn product for ETH, Algorand in US

Crypto exchange Bitstamp has launched the Bitstamp Earn product to American investors. The product is meant to be a turn-key Ethereum (ETH) and Algogand (ALGO) staking solution. Investors fund their Bistamp accounts and then collect staking rewards. Bitstamp takes a fee on the yield customers earn.

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Binance Labs Launches $500 Million Web3 Fund – Top Crypto Updates

Binance Labs announces $500 million Web3 fund

Binance Labs announced a new $500 million fund for Web3 projects. The fund is backed by internet investment capital firm DST Global and global venture capital firm Bayer Capital. The money will be pumped into projects that can extend the use cases of cryptos and drive the adoption of Web3 and blockchain technologies. Binance Labs is the investment arm of Binance, the world’s largest crypto exchange.

Crypto prices today: Bitcoin falls 5.5%, ETH down 6.3%

Bitcoin is currently trading at $29,913.17, a decline of 5.54% over the previous day. Ethereum fell 6.31% over the last 24 hours to $1,818.59. Solana crashed 12% to $39.72, while Cardano fell 6.5% at $0.576. Avalanche (AVAX) fell 9.6% to $23.43. The global crypto market cap stands at $1.24 trillion, a 5.25% decline over the previous day.

Solana Blockchain down for four hours due to bug

Solana was down for about four hours today after a bug blocked consensus. Network validators disabled the feature to restart the network. According to Solana co-founder Anatoly Yakovenko and other developers, the issue was due to a bug with the durable nonce feature of the blockchain.

[Durable transaction nonces are a mechanism for getting around the typical short lifetime of a transaction’s recent block hash (reference number for a block in the blockchain)].

CoinSwitch launches India’s first rupee-based crypto index CRE8

CoinSwitch launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the rupee-based crypto market. CRE8 tracks the performance of eight crypto assets that represent over 85% of the total market capitalisation of cryptos traded in Indian rupee.

Former OpenSea employee charged in insider trading scheme

The US Justice Department has charged a former employee of OpenSea (an NFT marketplace) with fraud and money laundering. The federal government called it the “first-ever digital asset insider trading scheme.” Nathanial Chastian allegedly profited from his role in selecting which non-fungible tokens (NFTs) would be promoted on OpenSea’s homepage.

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Polygon Increases KYC Scrutiny of Potential Investments in India – Top Crypto Updates

Polygon increases KYC scrutiny of potential investments in India

Polygon is requiring extensive Know Your Customer (KYC) details to provide funding, investments, grants, or financial support to potential partners in India. The move is not a complete pause on funding to Indian projects but is related to increased government scrutiny. Developers in India have recently been talking about the difficulty of acquiring funding or investment from Polygon.

Crypto prices today: Bitcoin up 0.05%, ETH down 1.8%

Bitcoin is currently trading at $31,535.9, an increase of 0.05% over the previous day. Ethereum fell 1.87% over the last 24 hours to $1,933.02. Solana fell 2.8% to $44.88, while Cardano slumped 7.84% at $0.605. Avalanche (AVAX) fell 3.3% to $25.75. The global crypto market cap stands at $1.30 trillion, a 0.36% decline over the previous day.

Zcash’s NU5 upgrade goes live, boosting privacy and removing ‘trusted setups’

Zcash’s NU5 upgrade with the Halo Arc product suite was activated on the mainnet (a live version of the network) on Tuesday. The upgrade not only improves the platform’s future scalability but also the foundational way that it protects users’ privacy. The crypto token is shifting to the Halo proving system, facilitating trustless digital cash payments on mobile phones.

Zcash is a cryptocurrency that uses cryptography to provide enhanced privacy for its users compared to other cryptos like Bitcoin. 

UK Govt seeks to regulate stablecoins

Following the collapse of Terra (LUNA), the UK government has released a consultation paper on stablecoins. They aim to mitigate financial stability issues that may occur when a firm has reached systemic scale failure. In January 2021, the UK Treasury called for evidence inviting views from stakeholders on the UK regulatory approach to crypto-assets and stablecoins.

Twitter saw 1,374% increase in crypto-spam volume over 2 years: LunarCrash

According to crypto intel provider LunarCrash, there has been an estimated 1,374% increase in Twitter spam volume over the past two years. Crypto scammers often find creative ways to gain access to crypto-wallets and steal digital assets. These cybercriminals tag users in replies across hundreds of tweets. Hackers hijack verified and unverified accounts on Twitter to impersonate popular NFT projects.

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LUNA 2.0 Crashes 70% Within Hours of Launch – Top Crypto News

LUNA 2.0 crashes ~70% within hours of launch

The recovery plan after the collapse of Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) started on a rocky path. The LUNA 2.0 crypto token suffered a huge price correction hours after its launch. According to CoinMarketCap, the token plunged nearly 70% to $5.45 from its launch price of $17.8.

The crash comes after Terra Labs distributed the LUNA 2.0 tokens to investors who held LUNA Classic (LUNC) and TerraUSD (UST). The token was airdropped on May 28, with a maximum circulating supply capped at 1 billion. 

Crypto prices today: Bitcoin rises 5.6%, ETH up 6.7%

Bitcoin is currently trading at $30,613.67, a 5.6% increase over the previous day. Ethereum rose 6.87% over the last 24 hours to $1,902.3. Solana jumped 9.75% to $46.63, while Cardano is trading higher by 12% at $0.52. Avalanche (AVAX) jumped 12% to $27.6. The global crypto market cap stands at $1.27 trillion, a 5.86% increase over the previous day.

Nike’s RTFKT buys ‘DotSwoosh’ Ethereum domain name for $35K

Nike’s Web3 arm, RTFKT, has acquired Ethereum Name Service (ENS) domains following the purchase of dotswoosh.eth for 19.72 ETH (~$35,000). As per reports, Nike may have plans to use the domain for issuing ENS subdomains in the future. The company could allow holders of specific NFTs or other assets the ability to register an ENS subdomain under dotswoosh.eth.

SpaceX will join Tesla in accepting dogecoin ‘soon,’: Elon Musk

Popular crypto meme token Dogecoin will soon be accepted by SpaceX, announced Elon Musk via a Tweet. Products on the SpaceX website, including “Occupy Mars” t-shirts and spacesuit onesies, were still listed in dollars as of Saturday. SpaceX is a spacecraft engineering company based in California.

Crypto asset management platform Kassio launches operations in India

Global crypto asset management platform Kassio launched its operations in India on Monday. The platform offers proprietary crypto architecture powered by best-in-class wallet security, anti-money laundering mechanisms, and exchange partners. It provides a unified solution wherein users can earn, borrow, shop, or trade crypto.

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Tether Launches Peso-Backed Stablecoin – Top Crypto News

Tether launches Mexican Peso-backed stablecoin

Tether has announced the launch of MXNT, a new type of stablecoin backed by the Mexico Peso (national currency). Initially, MXNT will be available on the Ethereum, Polygon, and Tron blockchains. The launch of MXNT will provide a testing ground for onboarding new users in the Latin American market. It will also pave the way for launching fiat-pegged currencies in the region in the future.

Crypto prices today: Bitcoin falls 2.5%, ETH down 9%

Bitcoin is currently trading at $28,872.9, a 2.5% decline over the previous day. Ethereum plummeted 8.5% over the last 24 hours to $1,757.46. Solana crashed 11.11% to $41.21, while Cardano is trading lower by 8.4% at $0.461. Avalanche (AVAX) fell sharply by 12.3% to $22.76. The global crypto market cap stands at $1.19 trillion, a 5.16% decline over the previous day.

MetaMask partners with Asset Reality for recovery of stolen digital assets

Non-custodial crypto wallet MetaMask has partnered with Asset Reality to create a solution for recovering, managing, and accessing seized crypto and complex assets. The two entities will help victims of scams across the globe recover their digital assets. With the exponential growth of Web 3.0 in the last few years, the number of online scams has increased along with new financial services and innovative applications.

Huobi acquires Latin American crypto exchange Bitex

Chinese crypto exchange Huobi has acquired Latin American crypto exchange Bitex to expand its presence in the region. Huobi plans to integrate Bitex’s exchange platform with its global platform. With over 200,000 open accounts, Bitex serves individuals, high-net-worth clients, and corporate customers. It operates in Argentina, Chile, Paraguay, and Uruguay.

Crypto tax firm CoinTracker forays into Indian market

US-based CoinTracker announced its foray into the Indian market with an official product launch. The crypto tax compliance and portfolio tracking products offered by CoinTracker are now available for crypto users in India. The company aims to collaborate with partners and the community to boost crypto adoption and usage in the country.

CoinTracker’s entry comes at a time when the crypto industry is grappling with a 30% tax on virtual assets and will additionally start paying 1% TDS starting July 1. \

Crypto scammers pose as journalists, NFTs on Twitter

As per a Bloomberg report, internet scammers are using hijacked accounts on Twitter to promote shady crypto platforms that enable them to compromise victims’ sensitive data. Since March 2022, fraudsters have impersonated journalists, crypto apps, and a variety of nonfungible token (NFT) projects on Twitter to steal users’ virtual currency, usernames, and password credentials.

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Portugal’s Parliament Rejects Crypto Tax Proposals – Top Crypto News

Portugal’s Parliament rejects crypto tax proposals

The Portuguese Parliament voted against two separate proposals from minority political parties to tax crypto assets. The proposal had asked the government to consider taxing crypto profits over €5,000 ($5,340.45).

Earlier this month, the country’s Minister of Finance declared his commitment to start taxing crypto. He said the government would work on the regulatory framework, but declined to commit to any time frame.

Crypto prices today: Bitcoin down 0.25%, ETH falls 2.7%

Bitcoin is currently trading at $29,616.4, a 0.25% decline over the previous day. Ethereum falls 2.7% over the last 24 hours to $1,922.42. Solana fell 5.2% to $46.27, while Cardano is trading lower by 3.1% at $0.501. Avalanche (AVAX) fell sharply by 8.6% to $25.9. The global crypto market cap stands at $1.25 trillion, a 1.6% decline over the previous day.

Ethereum Beacon Chain suffers longest blockchain ‘reorg’ in years

Ethereum Beacon Chain experienced a potentially high-level security risk known as a blockchain “reorganization” today. A reorganization (or reorg) can happen either through a network failure such as a bug or a malicious attack, temporarily resulting in a duplicate version of a blockchain.

CoinDCX launches ‘Earn’ feature that pays interest on crypto

CoinDCX launched its crypto yield program ‘Earn’ where customers can earn interest on their crypto assets. The platform will deploy assets across multiple yield generating opportunities such as margin trading, lending, and staking to generate returns. The feature offers users full flexibility and control over their crypto with no lock-in periods and withdrawals at any time.

Andreessen Horowitz announces $4.5 billion Web3 fund

US-based venture capital firm Andreessen Horowitz formed a new $4.5 billion fund that will invest in crypto and Web3 companies. It will be the firm’s fourth fund to target digital assets, with over $7.6 billion being raised in total.

We found an interesting article on how crypto is taxed around the world. Read it here!

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Crypto Crash Devalues Ukraine Govt’s Crypto Fundraise – Top Crypto News

Crypto crash devalues Ukraine govt’s crypto fundraise

Ukraine plans to continue to tap crypto investors to help raise funds after a crash in token prices wiped out its fundraising efforts in May. On March 19, the Ukrainian government said it had raised more than $60 million worth of crypto. But two months later, the total amount raised was only worth $51.5 million.

All the funds raised in the “Aid for Ukraine” fund were stored in crypto. The government was able to spend $45 million on equipment for Ukraine’s army before the crash.

Crypto prices today: Bitcoin up 1.6%, ETH up 0.21%

Bitcoin is currently trading at $29,785.75, a 1.6% increase over the previous day. Ethereum rose 0.21% over the last 24 hours to $1,983.62. Solana fell 1.17% to $49.08, while Cardano is trading higher by 0.4% at $0.520. Avalanche (AVAX) fell 2.2% to $26.62. The global crypto market cap stands at $1.27 trillion, a 0.99% increase over the previous day.

Brave adds Solana support and Ramp Wallet functionality in latest update

Privacy web browser Brave’s latest desktop release now includes support for the Solana blockchain and its SOL and SPL tokens. Brave Wallet can be used to buy, sell, and hold SOL and SPL tokens through the non-custodial payment platform Ramp. Ramp allows users to buy crypto directly from their Brave Wallet instead of having to purchase crypto on an exchange and then transfer it to a wallet.  

Coinbase becomes first Bitcoin company among Fortune 500

Coinbase has become the first crypto-focused company to be included in the Fortune 500. The US-based crypto exchange recorded $7.8 billion in revenue for the 2021 financial year, ranking 437th on the list. The company derives a bulk of its revenue from trading fees.

Crypto risks could spill over into wider economy: ECB

A European Central Bank (ECB) report stated that financial institutions using crypto/digital assets as a form of payment could increase “spillover to the wider economy”. Regulators have been looking into the devastating collapse of the Terra blockchain coins. It has raised questions on the stability of algorithmic stablecoins like UST, which are not backed by a fiat currency.

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GameStop Launches Digital Wallet for Crypto, NFTs – Top Crypto News

GameStop launches digital wallet for crypto, NFTs

GameStop announced a digital wallet that allows gamers to send, receive, store and use virtual currencies and NFTs across decentralized apps. The wallet will also allow users to buy and sell NFTs on GameStop’s upcoming NFT marketplace, which is expected to launch by the end of July.

Crypto prices today: Bitcoin, ETH falls 3.5%

Bitcoin is currently trading at $29,363.5, a 3.5% decline over the previous day. Ethereum fell 3.4% over the last 24 hours to $1,982.4. Solana fell 6.6% to $49.7, while Cardano is trading lower by 4.8% at $0.519. Avalanche (AVAX) crashed 8.8% to $29.33. The global crypto market cap stands at $1.26 trillion, a 3.4% decline over the previous day.

FTX held acquisition talks with Webull, Apex, Public.com: Report

FTX has reportedly kicked off acquisition talks with at least three brokerage startups— Webull, Apex Clearing, and Public.com. The move could mean that FTX is making another serious push into stock trading. All three companies are registered brokerages with the Financial Industry Regulatory Authority (FINRA). This means that they can buy and sell securities on their own or on clients’ behalf.

Magic Johnson launches NFT collection on NBA Top Shot

Basketball legend Earvin “Magic” Johnson is the latest athlete to jump into the digital art market. He has launched “The Anthology: Magic Johnson” NFT collection on NBA Top Shot. The collection will drop on June 7. It will comprise 1,600 NFT packs that include moments from his career, with a price tag of $399 per pack. 

‘India needs regulation before investments scales up’: Binance APAC Head

“Blockchain startups are what garnered the attention of Binance and many global tech experts and investors in India,” said Leon Foong, Head of APAC at Binance. He believes the Indian market has some fundamental competitive advantages— a very sizeable market and a large number of well-trained engineers. He further said a clear, progressive, and pro-innovation regulatory framework is necessary to boost investments in the crypto space.