After terminating mining operations in Russia's mining-rich region of Siberia in February, SBI still continues running some mining activity in the country.
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SBI lost 40% of hash rate after stopping mining in Russia: Data
After terminating mining operations in Russia's mining-rich region of Siberia in February, SBI still continues running some mining activity in the country.
Nearly $55M worth of Bored Ape, CryptoPunks NFTs risk liquidation amid debt crisis
Many owners of precious Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, who used them as collateral to take out loans in Ether (ETH), have failed to repay their debts. The situation could lead up to the NFT sector's first massive liquidation event.
BAYC "death spiral" incoming?
DoubleQ, the founder of web3 launchpad Double Studio, says lending service BendDAO could liquidate up to $55 million worth of NFTs to recover its loans, fearing the so-called "health factor" of these debts could fall below 1.
Notably, an NFT collection's floor price is important in determining the health factor. BendDAO offers 30%-40% of the NFT's floor price as loans. But the protocol sells the NFT if its floor price falls too close to the amount borrowed—a liquidation threshold, as explained below.
BendDAO's NFT liquidation protocol. Source: Official WebsiteMeanwhile, the floor price of BAYC has fallen from 153.7 ETH in May to 69.69 ETH in August—a nearly 55% plunge in three months. Simultaneously, the health factor of at least 20 loans with BAYC as collateral has fallen to 1.1 as of Aug. 19, data on BendDAO shows.
Borrowers have 48 hours to repay the loan or their NFT collateral will be liquidated. According to doubleQ, these liquidations could lead to "a death spiral for the BAYC ecosystem and NFT market as a whole," given BendDAO's exposure to other NFT projects, including CryptoPunks and Doodles.
The Philippines pushes back against foreign exchanges, continuing a protectionist streak
The Central Bank of the Philippines warns the public against using non-local crypto trading platforms.
Can exchanges create imaginary Bitcoin to dump price? Crypto platform exec answers
Serhii Zhdanov called for broader regulation in offshore crypto exchanges that do not go through financial audits.
Crypto market bloodbath leads to over $500M in liquidations in 24 hours
Data from crypto analytic firm Glassnode shows future long liquidation of BTC touched a new 8-month high as BTC price crashed below $22,000 on Friday.
Weak address growth points to Bitcoin price failing to sustain $25K
Active addresses did not mimic previous successful price breakout this month, one analyst says, while seemingly realized price returns as resistance.
Weak address growth points to Bitcoin price failing to sustain $25K
Bitcoin (BTC) is staging a repeat of price action from May with its latest drop, the latest data shows.
As the dust settles on a 6% comedown for BTC/USD, analysis argues that its trip to $25,000 was never meant to last.
Realized price comes back to haunt the BTC chart
After taking some by surprise with its magnitude, the latest snap losses for BTC price action are still playing out.
After falling from $23,800 to as low as $21,400 in a single hour, the largest cryptocurrency is now attempting to establish support near its realized price.
At just below $22,000, realized price refers to the sum total at which the entire BTC supply last moved.
Hodlnaut cuts 80% of staff, applies for Singapore judicial management
Embattled cryptocurrency lending platform Hodlnaut cuts staff ahead of application for judicial management.
Hodlnaut cuts 80% of staff, applies for Singapore judicial management
Embattled cryptocurrency lending platform Hodlnaut cuts staff ahead of application for judicial management.
Hodlnaut cuts 80% of staff, applies for Singapore judicial management
Embattled cryptocurrency lending platform Hodlnaut cuts staff ahead of application for judicial management.
Bitcoin 'very bearish' below $22.5K says trader as BTC price dives 6%
Sudden bearish sentiment takes hold as BTC price action returns to an area not seen since late July.
Bitcoin 'very bearish' below $22.5K says trader as BTC price dives 6%
Bitcoin (BTC) fell rapidly on Aug. 19 as the culmination of a week’s sideways action ended in disappointment for bulls.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewNew lows "just a matter of time
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it dropped 6.2% in a single hourly candle.
Reacting, traders hoped that a rebound could allow for consolidation higher than current spot price levels, which were under $22,000 at the time of writing.
“Well, hopefully that was liquidity seeking, otherwise it's over,” a gloomy Crypto Chase told Twitter followers.
Fellow account Il Capo of Crypto, who had long forecast a return to lower levels, was resigned to new lows being “just a matter of time.”
Bitcoin 'very bearish' below $22.5K says trader as BTC price dives 6%
Sudden bearish sentiment takes hold as BTC price action returns to an area not seen since late July.
Bitcoin 'very bearish' below $22.5K says trader as BTC price dives 6%
Bitcoin (BTC) fell rapidly on Aug. 19 as the culmination of a week’s sideways action ended in disappointment for bulls.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewNew lows "just a matter of time
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it dropped 6.2% in a single hourly candle.
Reacting, traders hoped that a rebound could allow for consolidation higher than current spot price levels, which were under $22,000 at the time of writing.
“Well, hopefully that was liquidity seeking, otherwise it's over,” a gloomy Crypto Chase told Twitter followers.
Fellow account Il Capo of Crypto, who had long forecast a return to lower levels, was resigned to new lows being “just a matter of time.”
MMORPG went into ‘hiatus’ after crypto investors bailed, denies it misused funds
Phat Loop Studios, the company behind the "Pokemon-like" game Untamed Isles has blamed the crypto market crash as a reason its investors bailed.
US Trustee motions for examiner to probe Celsius’ ‘significant transparency issues’
The Trustee overseeing Celsius’ bankruptcy case has requested an examiner to help shed the light on a number of complex issues.
Ripple partners with Travelex to launch enterprise crypto payment service in Brazil
The rollout of Ripple’s fast and cheap On-Demand Liquidity payment service means that enterprises will no longer have to wait three to five days to settle costly cross-border transactions.
'Programmable money should terrify you' — Layah Heilpern
The comments come as Layah Heilpern believes CBDCs will give rise to government enforced censorship which will prevent residents from transacting how they wish.
Fortnite developer supports Animoca subsidiary's blockchain racing game
The indie games subsidiary has just received support from Epic Games for its upcoming blockchain-powered P2E racing game Torque Drift 2.