HIVE HIVE Digital Technologies Ltd

Bitcoin price rises after CPI data

Bitcoin (COIN:BTCUSD) price rose to $31,000 after the release of US inflation data for June, which came in below expectations. The leading cryptocurrency has seen an increase of almost 18% over the last month. While slowing inflation may not stop the Federal Reserve from raising interest rates this month, some analysts believe that rate cuts are already being priced in for early 2024. Regulatory uncertainty is seen as a major factor driving price of Bitcoin at the moment. However, at the time of writing, Bitcoin is trading at $30,450, down -0.55% over the last 24 hours.

Aptos token price drops slightly after unlocking

Despite a large token unlock, the price of the native Aptos token (COIN:APTUSD) dropped slightly (-1.42%) around $6.94. Around 4.54 million tokens were unlocked, worth nearly $32 million, with some being distributed to the Aptos community and foundations. While this unlock represented a small percentage of the total supply, the dollar value was significant. However, the quasi-stability of APT can be attributed to Aptos’ proposed plan to improve its blockchain.

ARK Invest sells part of its shares on Coinbase

ARK Invest (AMEX:ARKK), led by Cathie Wood, has sold some of its shares in Coinbase (NASDAQ:COIN). The sale was for 135,152 COIN, worth $12 million. While Coinbase share prices are rising, ARK Invest has decided to liquidate part of its stake. Coinbase shares dropped over 80% in 2022, but have recently recovered.

Coinbase Wallet launches messaging feature with Ethereum identities

Coinbase Wallet has launched a new feature that allows users to send instant messages using their Ethereum identities. Using the Extensible Message Transport Protocol (XMTP), messages are end-to-end encrypted to ensure privacy. Users can block unwanted addresses and the functionality is gradually being rolled out. Coinbase Wallet aims to reduce fraud in the crypto community and provide seamless communication between users, eliminating dependence on separate platforms. Furthermore, the company points out that the use of XMTP promotes decentralization and provides the ability to access message histories even if the company ceases to exist.

Gate.io creates two platforms for launching tokens and airdrops

Gate.io, a cryptocurrency service provider, has launched two new platforms in the Gate Web3 ecosystem. The first is Gate Web3 Startup, a token launchpad that helps innovative projects reach early adopters through free airdrops. The second is Airdrop Blitz, a platform that provides information about airdrop projects in an organized way. These platforms aim to provide opportunities for projects to connect with a wider audience and provide users with a secure way to explore legitimate token launches and airdrops. These initiatives are part of the Gate Web3 ecosystem, which encompasses a range of applications and tools for participating in the world of Web3 and decentralized finance.

Starknet implements Quantum Leap update to increase throughput

The Starknet team implemented the Quantum Leap – Starknet V12.0 update on the Ethereum mainnet, resulting in an increase in throughput. During testing, the update averaged 37 transactions per second (TPS), with peaks of up to 90 TPS. In addition to the increase in speed, the update also improved latency, reducing the time to enter transactions to less than 10 seconds. StarkWare plans to release versions 13.0 and 14.0 in the future to reduce transaction costs and allow developers to prioritize transactions with additional payment.

HIVE Blockchain is rebranded and focuses on revenue opportunities

HIVE Digital Technologies Ltd., formerly known as HIVE Blockchain (NASDAQ:HIVE), communicated along with its rebranding that it is focusing on revenue opportunities with its Nvidia (NASDAQ:NVDA) graphics processing unit (GPU) cards for cloud computing technology. The company plans to utilize 38,000 GPUs for computational tasks, enter the GPU server cluster rental market and launch its new service, HIVE Cloud. The company remains committed to innovation and ethics, while its bitcoin mining operations remain ongoing.

EBA advises stablecoin issuers to prepare for future regulations

The European Banking Authority (EBA) has advised stablecoin issuers to prepare for upcoming Markets in Crypto-Assets (MiCA) regulations, which will take effect next year. The financial regulator has urged issuers to voluntarily adhere to consumer protection and risk management principles before mandatory rules are implemented. The EBA highlighted the importance of disclosure to buyers, sound governance, proportionate risk management, reserve and redemption arrangements, as well as constant communication with authorities. In addition, the EBA plans to issue draft rules on stress redemptions and capital requirements. The MiCA regulation aims to license stablecoin issuers to ensure financial stability and consumer protection.

BIS report highlights structural flaws of cryptocurrencies as money

A recent Bank for International Settlements (BIS) report pointed to inherent structural flaws in cryptocurrency as the reason it will never become money. The report highlighted stability, efficiency, accountability and integrity issues in cryptography. While acknowledging the rise of cryptocurrencies and some elements of genuine innovation, the report stated that cryptocurrency has failed to harness innovation for the benefit of society and is inadequate to play a meaningful role as money.

Chinese tourists buy cryptocurrencies in Hong Kong

According to a report by the Financial Times, more Chinese tourists are buying cryptocurrencies during their visits to Hong Kong, due to strict cryptocurrency regulations in mainland China. Hong Kong has become a draw for Chinese tourists due to its crypto stores and more relaxed regulations. The city is looking to establish itself as a hub for virtual assets, and the number of Chinese visitors interested in cryptocurrencies has been on the rise. Hong Kong recently adopted a new regulatory regime for cryptocurrencies, highlighting its progressive approach towards cryptocurrencies in contrast to China’s stance.

Bank of China tests offline payment system for digital yuan

The Bank of China is testing a new offline payment system using SIM cards, specifically designed for the digital yuan, the Chinese central bank’s digital currency. In partnership with operators China Telecom and China Unicom, the bank plans to allow payments by phone using special SIM cards. This integration will allow transactions even when the phone is turned off. Trials are only available on specific Android phones in some regions of China.

South Korean companies will be required to report cryptocurrency transactions

Starting next year, South Korean companies involved in cryptocurrencies will be required to disclose information about their transactions to the country’s financial regulator. The Financial Services Commission (FSC) announced new accounting rules that will take effect in January 2024, requiring full disclosure of data such as the number and characteristics of cryptographic tokens, business models and accounting policies related to the sale of cryptocurrencies. Authorities aim to increase accounting transparency in digital asset transactions and protect investors. These measures are in line with new legislation recently passed to oversee cryptocurrency companies and impose penalties for breaking the law.

Central Bank of Russia proposal for digital ruble advances in parliament

As interest around the “digital ruble” grows, the Central Bank of Russia’s proposal for a Central Bank Digital Currency (CBDC) is making headway in the Russian parliament. On July 11, the State Duma passed the bill on its third reading, sending it to the upper houses. If passed, the legislation will move on to presidential approval. The bill establishes that the Bank of Russia will be responsible for the issuance and security of the CBDC infrastructure. In addition, it defines key concepts and seeks to regulate the sector. Russia also plans to start a digital ruble pilot in August, for its implementation.

Cryptocurrency scams slow, but ransomware attacks are on the rise

According to a recent report by blockchain intelligence firm Chainalysis, cryptocurrency scams decreased by 77%, from $3.3 billion to $1.1 billion in the first six months of 2023. However, ransom attacks are on the rise, with perpetrators earning 62.4% more revenue compared to the same period in 2022. The decrease in scams can be attributed to increased victim caution and risk awareness campaigns. On the other hand, ransom attacks are targeting bigger and wealthier organizations looking to get as much money as possible. Ransomware revenue increased to $449.1 million in the first six months of 2023. It is important to note that these figures are only minimum estimates and do not include crimes involving the use of cryptocurrencies as a form of payment.

Former engineer arrested for cryptocurrency theft on decentralized exchange

A former security engineer for an international tech company has been arrested and accused of stealing around $9 million worth of cryptocurrency from a Solana-based decentralized exchange (COIN:SOLUSD). The attack involved exploiting a bug in the exchange’s smart contracts to generate inflated fees. The accused, Shakeeb Ahmed, was arrested and charged with wire fraud and money laundering. He returned most of the stolen funds, except for $1.5 million. The case is believed to be the first involving an attack on a smart contract operated by a DEX.

Investigation into possible campaign finance act violation by former FTX executive and congressional candidate

Ryan Salame, a former FTX executive, and his girlfriend Michelle Bond, a former congressional candidate, are being investigated for possible violations of the campaign finance law. Federal prosecutors in Manhattan are looking into whether the couple illegally exceeded federal contribution limits during Bond’s 2022 campaign for the Republican primary in New York’s 1st congressional district. The investigation focuses on Salami’s donations to Bond and the loans she took out for her campaign. It is separate from the ongoing case against FTX founder Sam Bankman-Fried, who has been accused of embezzlement.

Celsius sues Stakehound for failing to return assets after bankruptcy

Bankrupt cryptocurrency lender Celsius has taken legal action against Stakehound for failing to return $150 million in digital assets entrusted to the staking platform in 2021. Celsius alleges that Stakehound refused to return the funds after its bankruptcy and filed with an arbitration agreement against it. Celsius argues that the arbitration violates the US Bankruptcy Code and seeks to compel Stakehound to return funds and pay damages for breach of contract. Stakehound has not yet filed a defense against the allegations.

Spielworks teams up with Mycelium Network for NFT refunds

Spielworks has partnered with the Mycelium Network to launch a program that allows for full refunds on NFT purchases called “Reverties”. Users who purchase these NFTs will be eligible to receive a full refund in USDC (COIN:USDCUSD). Additionally, NFTs will come in handy in the Dungeon Worlds game, providing mining power and material delivery. The USDC coinage transaction will be transferred to a DeFi pool on the Aave protocol, and the interest earned will be used to buy back Spielworks tokens and support the community.

OnChain Studios integrates chatbot for children’s NFTs

OnChain Studios, the company behind Cryptoys non-fungible tokens (NFTs), plans to integrate an artificial intelligence (AI) chatbot into its character-based digital collectibles. The AI ​​software, called ChatGuardian, will allow parents to customize a chat filter to ensure safe and child-appropriate conversations with NFT characters. Cryptoys hopes this integration will make children’s experiences more engaging and fun by allowing them to talk to their favorite digital toys. The company is committed to providing a safe platform and reassuring parents about using AI.

7-Eleven launches NFTs in partnership with Polygon

7-Eleven entered the world of non-fungible tokens (NFTs) in partnership with the Polygon network (COIN:MATICUSD). Through “Find Your Slurpee Vibe” NFTs, 7-Eleven combines the Slurpee experience with blockchain technology. Using Polygon’s scalability and low transaction costs, the company will distribute these digital collectibles to its customers. However, 7-Eleven’s NFTs take a unique approach to ownership, being exclusively licensed to the buyer.

Jackson Pollock Studio launches collection of NFTs in collaboration with Iconic Moments

The Jackson Pollock Studio, museum of the 20th century painter, is releasing a collection of non-fungible tokens (NFTs) in collaboration with art collective Web3 Iconic Moments. Called “Beyond the Edge,” the collection digitizes and revitalizes Pollock’s artwork, featuring four perspectives of the studio where he created his iconic paintings. The collection includes 100 NFTs accompanied by a corresponding physical print, plus a series of Bitcoin-based Ordinals and a gamified experience. The initiative seeks to bring new life to Pollock’s work and bring buyers closer to the artist’s artistic process.

Sound raises $20 million to support sustainable artist income

Web3 music platform Sound has raised $20 million in funding with the aim of helping artists earn a sustainable income throughout their careers. The Series A funding round was led by Andreessen Horowitz (a16z) and featured the likes of Snoop Dogg and Ryan Tedder. Sound aims to disrupt the traditional revenue models of web2 streaming services like Spotify and Apple Music by allowing artists to create their music as non-fungible tokens (NFTs) and sell them directly to fans. The platform has already generated $5.5 million in music sales since its beta launch in 2022 and is now open to the public to help more artists earn sustainable income from their work. Sound will use the funding to expand its teams and open its platform to the general public.

LunarCrush raises $5 million in a Series A funding round

LunarCrush, a platform that leverages social media trends to aid cryptocurrency investors, has raised $5 million in a Series A funding round co-led by Draper Round Table and INCE Capital. Other investors included Draper Associates, WWVentures, TRGC, Bitcoin Frontier Fund, among others. The company plans to launch a beta version of the Social Search tool soon, which will allow users to search for any topic on social media for relevant content. The aim is to provide users with the ability to create their own algorithms and extract important information.