Tag: crypto news

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PayPal Lets Users Transfer BTC, ETH to External Wallets – Top Crypto Updates

PayPal allows users transfer BTC, ETH to external wallets

Crypto users can now move funds off PayPal’s platform to external wallets. The ability to conduct external transfers on PayPal’s crypto platform will be available to everyone in the U.S. in the next week or two. PayPal first launched its crypto offering in late 2020. It allows users to buy, sell, and hold four cryptos—Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Crypto prices today: Bitcoin up 2.8%, ETH rises 2.2%

Bitcoin is currently trading at $30,402.86, an increase of 2.8% over the previous day. Ethereum rose 2.18% over the last 24 hours to $1,796.76. Solana fell 0.75% to $38.93, while Cardano is trading higher by 8.44% at $0.634. Avalanche (AVAX) rose 1.62% to $24.25. The global crypto market cap stands at $1.24 trillion, a 2.16% increase over the previous day.

Binance US launches high-yield crypto staking for Solana, Avalanche

Binance US is now offering cryptocurrency staking services to its clients. Staking services are now available to Binance US customers holding any of seven select proof-of-stake cryptos: Binance Coin, Solana, Avalanche, Cosmos, The Graph, etc.

Proof of stake is a consensus mechanism used by blockchain networks that require users to lock up their coins for permission to validate the next block. When validating, these users typically earn a reward that is tied to the transaction fees collected from that block.

DOJ calls for global cooperation in chasing down crypto criminals

The U.S. federal government’s chief lawyer, Merrick Garland, is asking for more international cooperation to help protect investors, consumers, and businesses that use digital assets. A Department of Justice report has called for sharing more information with foreign law enforcement agencies. Better collaboration will help “avoid duplicative efforts that waste investigative resources.”

Crypto exchanges getting ready to implement 1% TDS 

Crypto exchanges are preparing their systems to levy a 1% tax deducted at source (TDS), which will kick in from next month. Exchanges are awaiting more clarity from the government on the mechanism for collecting the tax and various aspects of the TDS. Investor sentiment is likely to hit further once the tax comes into play on July 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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Coinbase Confirms ‘Crypto Winter’ – Top Crypto Updates

Coinbase confirms ‘Crypto Winter’

Crypto exchange Coinbase has announced new cost-saving measures. These include an indefinite suspension of hiring. The firm will also rescind certain job offers made to candidates. Looking at the recent decisions announced by big firms in the crypto space, a “crypto winter” will continue for several more weeks.

The last episode of “crypto winter” lasted from 2018 to late 2020 before prices rebounded and soared to record highs in 2021.

Crypto prices today: Bitcoin, ETH up 5%

Bitcoin is currently trading at $31,298.65, an increase of 5.05% over the previous day. Ethereum rose 5.23% over the last 24 hours to $1,889.13. Solana jumped 10.4% to $43.29, while Cardano is trading higher by 12.65% at $0.635. Avalanche (AVAX) surged 9.7% to $27.36. The global crypto market cap stands at $1.28 trillion, a 4.68% increase over the previous day.

Bored Apes co-founder criticizes Discord after NFTs worth 200 ETH snatched in exploit

Gordon Goner, co-founder of Bored Ape Yacht Club (BAYC) NFT collection, criticized Discord after its server was exploited and NFTs worth 200 Ethereum ($358,962) were stolen from users. He said the chat app is not working for Web3 communities. BAYC acknowledged the exploit on Twitter, adding, “The team caught and addressed it quickly.”

Terra’s Luna 2.0 sees dull start after failed crypto relaunch

The relaunch of Terra’s new LUNA 2.0 token has witnessed a dull start and failed to impress investors. The original Terra Chain has been rebranded as Terra Classic. Moreover, Terra was relaunched as Terra 2.0 as developers behind failed stablecoin TerraUSD voted to abandon the token in favor of creating a new blockchain and digital asset.

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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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India Finalizing a Crypto Consultation Paper – Top Crypto News

India is finalizing a crypto consultation paper: Govt. official

Economic Affairs Secretary Ajay Seth said a consultation paper on crypto is “fairly ready”. He was speaking at an event organized by the Finance Ministry. Seth has called for a global consensus on crypto regulation. The paper is a result of consultation from various domestic and international players, including the World Bank and the International Monetary Fund. 

The crypto industry in India has been struggling to cope with unclear rules and market volatility. Even payment processors are cutting off exchanges.

Crypto prices today: Bitcoin rises 3%, ETH up 3.5%

Bitcoin is currently trading at $31,537.8, a 3% increase over the previous day. Ethereum rose 3.6% over the last 24 hours to $1,970.87. Solana fell 1% to $46.21, while Cardano jumped 26.9% at $0.659. Avalanche (AVAX) fell 3.6% to $26.6. The global crypto market cap stands at $1.31 trillion, a 2.7% increase over the previous day.

South Korean authorities launch probe into Terra crash: Report

As per a report by JTBC (local TV network), South Korean prosecutors are looking into the recent Terra crash to see if there were signs of intentional price manipulation and other issues. The Seoul Southern District Prosecutors’ Office’s joint financial and securities crime investigation team has summoned former employees of Terraform Labs who were involved in the initial development of the Terra ecosystem in 2019.

Prada to launch 100 Ethereum NFTs

Luxury brand Prada will be launching 100 Ethereum NFTs on June 2nd as part of its latest Timecapsule apparel release. Buyers will receive a free airdropped NFT to go along with their physical merch purchase from Prada’s latest collaboration with artist Cassius Hirst.

Russia to consider using crypto for international payments

As per a report from Interfax, Russia is considering allowing crypto to be used for international payments. The move could allow the country to counter the sanctions implemented by western countries as a consequence of its invasion of Ukraine. However, Russia’s Central Bank and Finance Ministry are yet to reach a consensus on crypto regulation.

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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.