Coinbase CEO Buys Crypto

Coinbase CEO Unveils $500 Billion Ethereum, Bitcoin Crypto Surprise as Market Surpasses the $2 Trillion Mark

Coinbase, which is the biggest bitcoin and crypto exchange platform in the U.S., has unveiled its intentions to incorporate crypto estimated at $500 million, to its balance sheet.

Both bitcoin and ethereum prices have spiked significantly this year. Combined, the two contribute to over half of the $2 trillion that the crypto industry is worth.

When making the announcement via twitter, Brian Armstrong, the CEO of Coinbase, said that they’d just recently gotten a nod to buy more than $500 million of crypto and then incorporate it to their current holdings.

He also mentioned that moving forward, they’d be investing 10% of all the profits gained from crypto.

In a different blog post, the firm stated that it intends to become the very first publicly-traded company that owns proof of stake assets, ethereum, DeFi tokens among other crypto assets. Coinbase market cap is estimated to be about $52 billion.

Armstrong revealed that the company’s long-term goal is to convert most of its operating capital and assets to cryptocurrencies, primarily bitcoin and ethereum.

At the beginning of this month, Coinbase revealed that its second quarter revenue summed up to over $2.2 billion. This is a sharp increment from last year’s second quarterly earnings of $186 million.

Just yesterday, it was announced that Coinbase had amassed about $4 billion in cash, in readiness for a probable regulatory crackdown. It’s also suspected that there could be a market downswing, referred to as a “crypto winter” since the April listing of shares.

Alesia Haas, Coinbase chief financial officer, revealed that the firm wants to ensure it has adequate cash reserves. This way, it will be able to continue investing and expanding its products and services in case a crypto winter occurs.

Hacker Returns $600 Million Stolen ETH

Crypto Hacker Returns Most of $600 Million Stolen in Ethereum and Other Tokens

In a weird turn of events, a hacker who had stolen about $600 million in tokens from different cryptocurrencies including Ethereum, has returned the biggest portion of the funds.

A number of crypto experts and businesses have vowed to keep tabs on the suspect’s crypto activity. Still, the hacker’s identity and method he or she used to steal, are still shrouded in mystery.

Based on transactions available to the public, an address linked to Poly’s hacker began returning the funds early Wednesday.

As we speak, Poly has been able to retrieve about $267 million worth of ether, and $252 million of binance coins. Another $55 million in tokens attached to the U.S. dollar has also been returned.

The hack, which occurred on Tuesday, is certainly one of the biggest heists that’s ever happened in the cryptocurrency world.

It actually surpassed the $460 million hack that happened on Mt.Gox crypto exchange, which led to the firm going bankrupt.

This hack, which happened nearly seven years ago, is the reason why regulations were increased in the nascent space.

Poly requested crypto miners to keep an eye out for tokens being sent through the hacker’s addresses, and many complied with the request.

Slow-Mist, a blockchain security firm situated in China, stated that it’s managed to identify the hacker’s IP address, email, and device fingerprints.

However, it’s still tracking the hacker’s activity to try and gather more information. SlowMist revealed that the attacker exploited a loophole in Poly’s smart contracts, which allowed him or her to get the funds.

But some crypto experts beg to differ. BlockSec, a security auditor, suspects that the attacker somehow got a hold of Poly’s private key, which he then used to carry out the transactions.

XRP Climbs 20% As Investor Confidence Grows

By 12:03 (16:03 GMT) on Saturday, XRP’s price was about $1.21485, a 20.03% jump on that day. This is the highest the cryptocurrency has gained since May 24.

The shift upwards drove XRP’s market cap to $56.24880B, which accounts for about 2.83% of the total crypto market cap. The highest market cap it’s reached before is $83.44071B.

XRP had been trading in the range of $1.07095 to $1.22518 in the past one day. Over the last one week, XRP has registered an increment in its value by 50.45%.

The total amount of XRP that’s been traded in the last 24 hours to the time of press writing is $9.78179. This is equivalent to 8.57% of the total volume of all the digital currencies. In the last one week, XRP’s price has been trading between $0.7606 and $1.2252.

At its present price, XRP has still decreased by 63,07% from the record-breaking high of $3.29, which was registered on January 4, 2018.

In other news, Bitcoin is trading at $45,921.02, a slight decrease of 1.06% from the past 24 hours.

Ethereum, on the other hand, is trading at $3,164.92, which is a 1.65% increase within the last 24 hours.

Bitcoin’s market cap had last reached $882.15259B, which translates to 44.35% of the whole crypto market cap. Ethereum’s market cap total was $383.13882B, which equates to 19.26% of the value of the whole digital currency market.

PayPal assembling crypto team in Ireland as Bitcoin adoption grows

Global payments provider PayPal is in the process of recruiting for several cryptocurrency-related positions at its Ireland offices, further highlighting the company’s ambitions in the rapidly growing digital asset market.

The Dublin-based Irish Independent, one of the country’s most popular news outlets, reported Sunday that PayPal is looking to fill various crypto-focused roles in compliance, anti-money laundering and business development for its Dublin and Dundalk offices.

PayPal set to launch crypto trading in the UK and may embrace DeFiPayPal launched a dedicated crypto and blockchain business unit earlier this year to support its foray into cryptocurrencies, which initially began in October 2020 by allowing customers in the United States to buy Bitcoin ( BTC ), Ether ( ETH ), Bitcoin Cash ( BCH ) and Litecoin ( LTC ).

In March of this year, the company expanded its offering by allowing U. S. customers to pay for goods and services using their digital asset holdings. Two months later, PayPal said it would allow customers to withdraw their cryptocurrencies to third-party wallets .

Dan Schulman, PayPal’s CEO, said in April that his company’s crypto business exceeded all expectations in its first six months of operations.

The rapid uptake of digital assets such as Bitcoin and Ether coincided with a massive price surge that pushed the overall cryptocurrency market to a nearly $2.6 trillion valuation. Although prices corrected sharply between May and July, crypto markets appear to have found a bottom and are now trekking upward again .

During PayPal’s quarterly earnings call last week, Schulman indicated that the company’s crypto trading service would be coming to the United Kingdom in the very near future. Upgrades that would allow for faster payments processing are also in development, he indicated. Related: PayPal users will be able to withdraw crypto to external wallets All data is taken from the source: https://cointelegraph.com/

Bitcoin Soars to $44K, Hits Highest Level Since May Crash

On August 7, bitcoin reached as high as $44,600, which is the highest price it’s hit since the well-known May 19 crash.

In the meantime, there are rumors that BTC could encounter a fairly similar upward boom as the one that started in October of last year.

There are more than two indicators anticipating that Bitcoin will follow a remarkable upward trend. Glassnode’s Entry-Adjusted Net Unrealized Profit/Loss (NUPL), which aids investors in figuring out the profit or loss status of the Bitcoin network, is one of these indicators.

Usually, when you have a NUPL chart, any readings above the zero mark show that the network is currently gaining profits. As the NUPL deviates from zero, the easier investors are able to determine the market tops and bottoms.

Back in October 2020, the Bitcoin NUPL shifted upwards of zero as its heat map switched colors from yellow to green.

Afterwards, the prices experienced a sharp increase from $10,000 to $65,000.

Bitcoin later fell to the range of below $30,000, a stage that saw its NUPL mood transform from covetousness to denial and afterwards to worry.

Thankfully, a solid buying sentiment enabled Bitcoin to hover around the $30,000 threshold, counteracting the worry with optimism.

Will Clemente, a market analyst, revealed another indicator that points to October 2020’s upside swing. This was the spirited dynamics between short and long-term Bitcoin holders.

Clemente pointed out Bitcoin short-term holders sold their holdings to long-term holders in such considerable proportions that the former amassed as much as the network’s supply in August 2021.

Bitcoin accomplished a record-breaking intraday level of $44,600 on Saturday prior to correcting, as a result of the profit-making sentiments.

Chainlink: Crypto ‘Keepers’ | Anti-Fraud Blockchain Bridges

Chainlink Sheds Light on Crypto ‘Keepers’ Alongside Anti-Fraud Blockchain Bridges

Chainlink plans to broaden its operations to incorporate off-chain computation. Typically, this task is carried out by a network of node operators referred to as “Chainlink Keepers”.

 

The platform has come a long way since it was first established back in 2014. In fact, it’s become the market leader when it comes to provision of data feeds to smart contracts that are based on blockchain.

Chainlink Labs, on its part, is planning to set up cross-blockchain bridges, which include an element that monitors anti-fraud risk.

During SmartCon, the event that Chainlink holds every year, Keepers was described as a sort of service layer, which notifies smart contracts just how and when to conduct themselves.

The system is already live on Ethereum and other networks intend to adopt it as well, such as Barnbridge, Synthetic, Aave, PoolTogether, Alchemix and Bancor.

The advancement of decentralized finance (DeFi) represents a cross-breed of on-chain logic, which occurs in the form of smart contracts and actual data that resides outside the blockchain.

Chainlink provides an avenue through which inputs are piped into blockchains through disseminated oracle networks. They are then managed by a committee of Chainlink nodes.

Going by what is highlighted in the Chainlink 2.0 white paper, the next phase involves the computation and data inputs using the same disseminated network.

Furthermore, Chainlink Keepers will be chosen from the network’s current assortment of reliable node operators. The profit gained will then be used to offer computing services at any cost scenario.

Moving forward, the network will include a number of enterprise-grade keepers, such as  Deutsche Telekom’s T-Systems.

Meanwhile, the Chainlink team has been working on a different project in the past two years or so. The system is called Cross-Chain Interoperability Protocol (CCIP).

Now, the network intends to add a Programmable Token Bridge in addition to the CCIP.

The bridge will come in handy when you’re sending tokens and computing commands to any blockchain network. This essentially paves way for more sophisticated cross-chain programs.

GamyFi Introduces Chainlink VRF to NFT Battle Royale

Chainlink VRF Enters NFT Battle Royale

GamyFi, the platform that deals in blockchain-based games as well as fantasy sports, has taken in the Chainlink Verifiable Random Function (VRF). VRF feature has been added to the Binance Smart Chain mainnet.

One of the factors working in favor of this deal is the fact that Chainlink is the pioneer VRF in the blockchain space.

Also taking into account that it has a non-centralized oracle network, we can conclude that the resulting algorithm that determines the NFT Battle Royale video games will be totally secure and shielded from unnecessary breaches and tampering.

GamyFi promises that the new platform will be more exciting, innovative and not vulnerable to incidences of cheating.

Overall, it will provide a fair game; hence players can rest easy knowing that no third parties were engaged in determining the winner.

NFT Battle Royale is an example of a non-fungible token game where players get to use their non-fungible token cards. Here, players also have an opportunity to walk away with GamyFi prizes, and promote their NFT cards to a higher level.

The platform runs operations based on a number generator, which is referred to as RNG. RNG is what guarantees fairness in the game by giving each player a fair chance to win, and ultimately picking the winner by random.

With the new feature, players will have the freedom to keep tabs on the whole process of picking a winner independently.

Nonetheless, it’s crucial that such RNG remedies utilized by smart contracts be secured using several layers of safety protocols. This minimizes the risk of having the algorithm manipulated; hence, helping to preserve the system’s integrity.

After examining a number of RNG solutions, the GamyFi team settled on Chainlink VRF for a couple of reasons.

For starters, Chainlink is supported by very solid academic research. There’s also the fact that its oracle infrastructure has been in existence for a long time; thus, proving to be reliable.

BitPay Adds Litecoin to its Payment Options

Litecoin Joins BitPay Payment Options

Crypto payment platform and the globally-recognized provider of bitcoin (BTC), BitPay,  just revealed that it will start accepting Litecoin (LTC). This then means that firms utilizing BitPay will be able to accept the cryptocurrency as a form of payment.

The latest reports show that Newegg.com, which is an online-based retailer, will be the first merchant across the globe to accept LTC through BitPay.

This marks the first of such transactions that Litecoin Foundation believes there’ll be tons more in the future.

LTC’s founder Charlie Lee cited the crypto’s ultra-fast transaction times and incredibly low charges as some of the reasons why e-commerce giants like Newegg are embracing it.

Interestingly, Newegg was also among the first enterprises to approve Bitcoin payments about seven years ago. It is at that time that the e-commerce retailer created a collaboration with BitPay.

Initially, the Bitcoin payment was only accessible by customers living in the US and Canada. But with things having turned out so well, the company extended this option to its customers in 73 more countries in 2019.

Newegg’s Senior Brand Manager, Andrew Choi, remarked that the firm is thrilled to endorse early-adopter customers throughout the world.

This is primarily because Newegg is focused on introducing innovative technologies that improve customers’ online shopping experiences.

Besides, the firm also recently embraced the meme-inspired digital currency, Dogecoin (DOGE) in April this year. It’s around this time that Dogecoin was at its peak growth.

In total, there are 12 cryptocurrency payment options available on BitPay, and this is inclusive of BTC, LTC and DOGE.

Other market leaders supported by the platform are Ripple (XRP), Ether (ETH) and Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC).

In addition, BitPay endorses stablecoins like Gemini Dollar (GUSD),  U.S. Dollar Coin (USDC) and Paxos Standard (PAX).

Based on the latest discoveries, payments in Litecoin will be available starting from the summer of this year.

 

Bitcoin Breaks Above $42,000 for the First Time in Two Months

The Bitcoin Grand Comeback

Bitcoin has made a grand comeback, enabling it to achieve a record-breaking value within the past two months. It registered a price of slightly more than $42,000.

With the exception of Chainlink, the majority of alternative coins have been left behind allowing BTC to continue reigning supreme. Its market dominance has risen to more than 48%.

In the past 24 hours alone, the digital currency has jumped 4.8% to trade at $41,700. Examining the past couple of days, it’s evident that bears attempted to hold the coin’s value in the range of $38,000 to $40,000.

But it wasn’t long before the bulls intervened and the trade volumes registered a sporadic increase of more than 32%, back-pedaling the trend from the previous day.

The most remarkable change was that BTC was able to surpass the resistance level of $41,000.

Ethereum was also on the right track as it continued with its upward trend, advancing past the major resistance of $2,410. At press writing, the coin is trading at $2,455.08, having gained a decent 1.5%.

ETH’s support levels are currently ranging from $2,280 to $2,350. In the past two weeks alone, ETH has recorded an impressive increment of 35%.

This comes just days away from the eagerly anticipated London Hard Fork occasion, which is scheduled to take place live on August 4.

Among the cryptocurrencies that are ranked in the top 10, Uniswap (UNI), Polkadot (DOT), and Litecoin have climbed by 5%.

Chainlink was the biggest gainer, registering an increase of 10% whereas Cardano (ADA), Ripple (XRP) and Polygon (MATIC) plummeted marginally.

BTC also exceeded the 100-day moving average yesterday, signaling that the market is in favor of the bulls as it plans to test the forthcoming resistance levels set at $44,700 and $47,000.

Vitalik Buterin, Ethereum’s cofounder Donates Approx $1BN to Covid Relief

Ethereum Cofounder Made $1 Billion Donation to India’s Covid-19 Relief Fund, But Only 2% Has Been Utilized

Vitalik Buterin, Ethereum’s cofounder, gave approximately $1 billion to a covid-19 relief fund in May of this year.

The money was donated through a Shiba Inu-themed digital currency. Based on the latest reports, the relief fund has only received about 2% of that initial donation.

Proponents of the cryptocurrency industry often revere it for its reliability, efficiency and speed. But the rate at which Buterin’s donations are being dispersed sheds light on the fact that it’s not exactly a bed of roses.

As Bloomberg reports it, Buterin’s 50 trillion Shiba Inu coins donation has been riddled with challenges.

The first issue is that the donations accounted for 5% of all the digital currency that’s in circulation. Due to this, the event instantly led to a 50% price cash, reducing almost half of its value.

By the time the donations are being cashed out, there’s a good chance that the donation will be valued at $400 million.

Sandeep Nailwal, the business representative behind the Covid Crypto Relief Fund, explained that the process is a little complicated.

Specifically, the Shiba Inu coins have to be exchanged into U.S. dollars currency and then again to Indian rupees. This is the only way to ensure that the transaction doesn’t violate India’s Foreign Contribution Regulation Act.

Nailwal reported that only about 20% of the process is yet to be completed. He said that he’s also been very meticulous to ensure that the donations reach organizations that will truly effect change and help people in need.

Another challenge the fund has encountered is the fact that the Indian government has not been very receptive to the crypto world.

In fact, word on the street is that the government was thinking of effecting a legislation that outlaws the trade. If the bill were to be enacted, mining, trading and even holding cryptocurrencies, such as bitcoin, would all be illegal.

Even though the legislation was brought forward, it didn’t get that far. By June 2021, the government was still looking for a way to regulate the industry.