Crypto Flipsider News – Ethereum Rallies; FTX will not buy Huobi; Iran endorses crypto; FBI DeFi Warning; Meta NFT support by DailyCoin
Crypto Flipsider News – Ethereum Rallies; FTX will not buy Huobi; Iran endorses crypto; FBI DeFi Warning; NFT meta support
To read in the Digest:
- holds above critical $20,000 level, back up to $1,600
- FTX’s Sam Bankman-Fried Debunks Huobi Global Acquisition Claims
- Iran Approves Crypto for Imports, Central African Republic Rejects Crypto Use
- FBI issues warning on increasing cyberattacks on DeFi platforms
- New Meta Update Allows Users to Post NFTs to Instagram and Facebook (NASDAQ:)
Bitcoin Holds Above Critical $20,000 Level, Ethereum Recovers to $1,600
Cryptocurrencies, led by Bitcoin, are starting to recover from the sharp downtrend that followed hawkish comments from Federal Reserve Chairman Jerome Powell. Bitcoin has now recovered from its recent one-month low of $19,600.
In the past 24 hours, Bitcoin (BTC) has gained 3%, pushing its price up to $20,542. Bitcoin is now trading at $20,400, holding above the psychologically important $20,000 level.
The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap
While Bitcoin’s gains are marginal, Ethereum is experiencing a strong bullish rally, gaining 10.5% in the past 24 hours. The spike helped ETH price briefly touch $1,600, before pulling back to $1,590.
The 24-hour price chart for Ethereum (ETH). Source: CoinMarketCap
Although Ethereum’s 24-hour gains are impressive, they are still below the biggest gainers. Flow (FLOW) and Lido DAO (LIDO) are the biggest gainers for today, with gains of 19.8% and 18.3%, respectively.
- Reacting to the Fed’s aggressive stance on fighting inflation, JPMorgan’s (NYSE:) Chief Global Strategist, David Kelly warned investors to sell their crypto and avoid large-cap tech stocks.
FTX’s Sam Bankman-Fried Debunks Huobi Global Acquisition Claims
FTX Founder and CEO Sam Bankman-Fried took to Twitter (NYSE:) on Monday to dispel rumors that his crypto exchange FTX has acquired Seychelles-based rival Huobi Global, contrary to previous reports.
Sam Bankman-Fried has been dubbed “the next Warren Buffett” for his M&A deals amid the ongoing crypto winter, writing on Twitter “No, we don’t plan to acquire Huobi.”
Bankman-Fried, whose companies gave $750 million to crypto lenders BlockFi and Voyager and other insolvent exchanges, has been linked to Huobi after Huobi founder Leon Li announced he would sell its 60% stake in the company.
The deal comes amid a tough time for Huobi Global. In addition to suffering the stock market crash, the Thai SEC confiscated Huobi’s license and the exchange is in talks with Malaysian regulators over the possibility of being placed on an investor warning list.
- TRON’s Justin Sun also denied being in talks to buy Huobi, and within hours of Bank-Fried’s tweet, Huobi’s native HT token fell around 6%.
Why You Should Care
Although none of SBF’s acquisition plans materialized, with FTX’s revenue skyrocketing, there is a strong chance of a bigger deal in the future.
Iran Approves Crypto for Imports, Central African Republic Rejects Crypto Use
Three weeks after Iran’s Trade Development Organization completed its first official import order, buying cars worth $10 million using crypto, the country has now allowed companies to use crypto for imports.
Iran’s Deputy Minister of Industry, Mines and Trade Alireza Peyman-Pak hopes that “by the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries”.
With the approval in place, businesses can now use crypto to import items into Iran. The approval will allow Iran to circumvent US sanctions imposed on its financial and banking sector.
- The High Court of the Central African Republic (CAR) has ruled that the government’s use-supported crypto (Sango) to buy ‘e-residence’ and land is against the country’s constitution.
- The Sango coin that was launched on July 25, promised to allow foreign investors to buy citizenship for $60,000 Sango. However, the court ruled that it was unconstitutional.
Why You Should Care
Iran’s move to bolster its commerce in the country with crypto highlights the growing global adoption of the asset class.
FBI issues warning on increasing cyberattacks on DeFi platforms
The United States Federal Bureau of Investigation (FBI) has issued a warning about the increase in cyberattacks on decentralized finance (DeFi) platforms. The FBI also urged DeFi protocols to strengthen security measures.
The law enforcement agency also advised the public to thoroughly research a DeFi project before investing in it. This is due to the growing risk of losing money associated with the DeFi sector.
The office also said DeFi platforms should implement real-time analysis, monitoring and testing systems to minimize the impact of attacks. He adds that DeFi platforms should have a plan to combat exploits.
The FBI warning follows massive attacks on DeFi platforms that resulted in over $1.6 billion being stolen in 2022. The most notable attack is the $650 million Ronin Bridge exploit dollars, which has been linked to North Korean hackers.
- Despite the vulnerabilities, venture capitalists have continued to invest in DeFi platforms, pushing back the market capitalization of the sector above $47.8 billion.
Why You Should Care
The FBI warning comes on the heels of rising attacks on DeFi platforms and seeks to protect investors from losing their money.
New Meta Update Allows Users to Post NFTs to Instagram and Facebook
Facebook parent company Meta has announced that users can now post their minted NFTs on the Ethereum, Polygon, and Flow blockchains to Instagram and Facebook.
According to the blog post, users will need to connect Rainbow, MetaMask, Trust Wallet, Coinbase (NASDAQ:) Wallet or Dapper Wallet. Users who wish to post NFTs to Instagram will need to connect their digital wallets to their Instagram accounts.
A badge will mark a post as a digital collectible. NFT messages will also feature a glitter effect and may display public information about the NFT. There are no fees associated with posting or sharing a digital collectible on Instagram.
The tech giant first announced the launch of NFTs on Instagram and Facebook on May 10. Monday’s update follows Meta’s August 4 expansion feature that allows Instagram users from 100 countries to connect their digital collectibles to Instagram.
- Facebook co-founder Mark Zuckerberg has been accused of being “grossly underqualified” and not competent enough to lead the development of the metaverse.
Why You Should Care
With over 3 billion users, this is the largest integration of non-fungible tokens and could mark the start of widespread adoption of digital art.
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