Loading
Welcome at World Crypto Global. This portal is packed with useful content and resources to built out your own crypto skills. WorldCrypto is a site member of Gabriel Vega Network.
Here's what happened during the BitPinas Davao Crypto Community meetup last July 25th, 2024!
A recent study revealed that China leads the world in AI usage and investment, while the U.S. remains the leader in fully implementing the technology.
The Trump-inspired tokens surged around 40% following Donald Trumps assassination attempt. As a result, PolitiFi tokens closed the week, outperforming most categories in the industry. The remarkable performance earned some crypto whales millions in profits from the MAGA (TRUMP) memecoin. Related Reading: 1,000 Bitcoin On The Move: Satoshi-Era Whale Stirs The Crypto Waters Crypto Whale Profits From TRUMP Memecoin On Sunday, on-chain tracking platform Lookonchain reported that a crypto whale had made millions from a Trump-inspired memecoin. An address deposited all their TRUMP holdings to the crypto exchange BTSE. Per the report, the whale bought 1.08 million TRUMP between November 22 and December 4, 2023. The address acquired the tokens at an average price of $0.5, spending $540,000 for the memecoin. Seemingly, the whale made $8.85 million from the tokens, $8.3 million of which were profits. Per Lookonchain, the wallet was suspected to be owned by renowned crypto trader GCR. However, it was later confirmed the address in question wasnt related to the crypto trader. Lookonchain also reported another address holding a significant amount of the Trump-inspired memecoin. The second address, also suspected to be linked to the crypto trader, has $6.5 million in unrealized profits from TRUMP. The whale wallet tagged “GCR: Address 1” spent over $700,000 to buy 936,279 TRUMP. The address bought the tokens at an average of $0.75 between December 8, 2023, and January 18, 2024. At the time of the report, the whales holdings were worth around $7.23 million. Nonetheless, it hasnt been confirmed if this address is linked to the renowned crypto trader. PolitiFi And Trump-Inspired Tokens Soar Over the weekend, former US President Donald Trump survived an assassination attempt. The Republican Presidential Candidate got shot in the ear during a campaign rally in Butner, Pennsylvania. Following the news, PolitiFi tokens soared over 30%. DeFi creator and analyst Jake Pahor shared that the PolitiFi sector outperformed most categories over the weekend. Pahor cited DeFiLlama data, revealing that PolitiFi tokens rose 36.7% last week. The DeFi analyst also noted that all categories outperformed Bitcoin over the past 7 days, possibly indicating a shift towards a risk-on environment. Before the failed Trump assassination attempt, Trump-inspired memecoins saw a pump. The tokens surged after the former US President was announced as a keynote speaker at the Bitcoin 2024 Conference on July 27. TRUMPs price went from $5.74 to $6.54 after the news. This performance represented a 15% and 39.5% surge in the daily and weekly timeframes. Since then, the biggest Trump-themed memecoin has seen a 35% rise, fueled by the most recent incident. Following the assassination attempt, the token went from the $6.3 price range to the $9.51 mark, increasing by over 50% in twelve hours. On Sunday, the memecoin hovered between the $7.3-$7.9 price range, starting the week trading at $7.47. Related Reading: Notcoin (NOT) Ignites Crypto Market, Analyst Predicts 25% Rally As of this writing, TRUMP exchanges hands at $8.15, a 3.8% increase in the last day. This performance also represents a 35.3% and 22.2% rise in the one-week and two-week timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Trumps election odds on prediction markets and several other Trump-themed memecoins soared following an assassination attempt on the former president while he was speaking on stage at a rally in Butler, Pennsylvania.
Following its delisting from Binance, WAVES, a multi-purpose blockchain platform is gaining interest among traders. However, the sentiment is leaning towards mostly bearish, per market analysts. While Binance did not offer any explanations for removing the token, there have been accusations of fraud against its Ukrainian founder Alexander Ivanov [also known as Sasha Ivanov] since 2023. Onchain […]
StarkWares fund seeks to promote research into OP_CAT and demonstrate its potential to unlock and benefit Bitcoin and the blockchain community in general.
StarkWares ZKThreads introduces a new scaling framework to prevent fund lockups and improve DApp scalability, potentially averting scenarios like the FTX disaster.
The Arkansas Senate has greenlit a resolution introducing legislation to impose fees on crypto miners for excessive energy consumption, Arkansas Times reported on April 15. The proposed legislation introduces a tiered fee structure to the emerging industry. Miners consuming 1 MW to 2.49 MW of energy would face a fee of $25,000. For energy usage […]
The post New legislation in Arkansas singles out Bitcoin miners introducing targeted state fee appeared first on CryptoSlate.
On July 28, 2023, the Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank of Elkhart, Kansas, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver. (Read More)
Changpeng Zhao (CZ), the CEO of Binance, has announced that he will be donating Binance Coin (BNB) to aid in relief efforts for Thailand and Myanmar. This generous donation comes as a response to the ongoing humanitarian crisis in both countries. CZ has a history of using his platform to help those in need, and [...]
The post Zhao Commits BNB for Thailand and Myanmar Disaster Relief: A Generous Pledge appeared first on Crypto Breaking News.
Vyacheslav Volodin, chairman of the Russian State Duma, the lower house of the Russian Federal Assembly, has stated that U.S. debt has become a “global financial pyramid” whose objective is to “deceive other nations and people.” Volodin also explained that the ability of the U.S. government to service its debt was weakening, making the U.S.
The post Russian State Duma Chairman: ‘US National Debt Is a Global Financial Pyramid’ appeared first on BTC Ethereum Crypto Currency Blog.
Several counties in the state of Arkansas, USA, are swiftly taking action to implement new regulations ahead of an impending change in the status of crypto mining facilities. Local reports indicate that these counties are urgently passing emergency legislation to gain control over various aspects of crypto mining, particularly noise-related concerns, before a state law […]
A bill signed into law on April 11 has made gold and silver legal tender in the U.S. state of Arkansas, allowing citizens to use gold and silver coins to pay debts. The bill also clarifies that gold and silver “specie” (coins) will not be considered property for tax purposes, and transactions made with these
The post Arkansas Makes Gold, Silver Legal Tender; 23 States Involved in Similar Legislation to Establish US Dollar Alternatives appeared first on BTC Ethereum Crypto Currency Blog.
Ethereum co-founder Vitalik Buterin has made a significant contribution to aid those affected by the recent earthquake in Turkey and Syria. The 99 ETH donation, worth approximately $150,000, will go towards supporting Ahbap earthquake support efforts in providing much-needed relief to those impacted by the disaster.
<p>The post Ethereum Co-Founder Vitalik Buterin Makes $150,000 Donation to Aid Earthquake Victims in Turkey and Syria first appeared on CCNC.</p>
The community has been divided as to whether the nonfungible token-like “digital artifacts” are the right fit for the Bitcoin space.
StarkNet has prioritized scalability over composability and transparency. But it’s now working on making its tech open source.
The global financial crisis in the past year or so has resulted in a spike in crypto adoption around the world. Cryptocurrencies have shown great potential of being an effective solution for inflation despite the effects of the current macro environment.
More and more people ranging from financial novices to professionals and institutions have jumped onto the crypto bandwagon over the past few years.
Crypto in most facets of everyday lifeA few years ago, it would be laughable to imagine a world where different cryptocurrency platforms would become household names. But all that has changed and crypto platforms especially crypto exchanges are increasingly partnering with popular brands around the world. An example is Crypto.com which had the famous home of the Los Angeles Lakers renamed to “Crypto.com Arena” before later being named the Official Sponsor of FIFA World Cup Qatar 2022.
Cryptocurrencies are also increasingly becoming a valid medium of paying for goods and services. Crypto service providers have started offering debit/credit cards in partnership with Visa and MasterCard thus allowing users to use their cryptocurrency holdings in paying for everyday items.
Retail shops and service providers are also started accepting cryptocurrency payments solidifying cryptocurrencies as a valid form of currency.
Crypto in the food and beverage industryFor example, in the UAE, food and beverage giant 7 Management has made it possible for customers to pay with crypto at all of their locations throughout the country. It currently accepts payment with major cryptocurrencies like Bitcoin, Litecoin, BitcoinCash and Ethereum, although it will most likely expand the list in future.
Countries like Australia and the USA have also seen coffee shops and cafés accept cryptocurrency as payment besides accepting mainstream payment methods, such as cash, debit cards, and credit cards like Visa or Mastercard. Some even employ the concept of cryptocurrency as inspiration for their Menu.
Crypto Coffee, a local café in Brisbane, Australia, for example, derives the names of their menu items from different crypto coins. Its menu features items like the BTC Chipotle Chicken Toastie and Doge BLT.
Crypto in the travel industryThe travel industry is one of the industries that has benefitted most from crypto payments with many travel companies and agencies now accepting the use of cryptocurrencies as a method of payment while travelling in certain countries.
Earlier this year, 1inch Network announced a partnership with the famous Binance-backed online travel agency Travala.com. Travala has been at the forefront of accepting crypto payments with the latest being the acceptance of Shiba Inu (SHIB). The collaboration is a huge step towards boosting crypto use in the travel industry since travellers can now book with different types of cryptocurrencies. Travala.com joined Destinia, which is another widely known booking service that has been accepting BTC payments since 2014.
With the growth of digital nomads and the reopening of borders now that the brunt of the pandemic has passed, there have been a lot more open discussions about the future of travel in general. However, the economic meltdown that has majorly affected the tourism and travel industry has most countries looking for new and innovative ways of inspiring tourism and spending.
Crypto in travel documentation and visasWhile using cryptocurrencies when travelling has become more mainstream in the past few years, travel documentation still has a long way to go in fully adopting the use of cryptocurrencies as proof of income.
Currently, the UK government states clearly that Bitcoin is not an accepted form of currency when it comes to proof of income. In the US, although some financial sectors are slowly beginning to allow virtual currency as proof of income, crypto acceptance in applying for visas or ESTAs is a bit slow. In Schengen countries, the general consensus is that currently, only fiat bank statements are reliable proof of income.
A representative of the European Commission, Laura Bernard, confirmed that traditional bank statements were still necessary, but added that since visas are processed on a case-by-case basis, that there truly wasn’t a rule that fits every single person’s situation. This implies that virtual assets might be useful in grasping the full picture.
Marc Piercey, one of the heads of the New Zealand Immigration Department, recently mentioned that there is technically no actual ban on using cryptocurrency as fiducial proof, but did indeed say that ultimately it is easier for visa applications to use fiat-oriented methods of proof.
In general travel documentation and visas still have a long way to go when it comes to the acceptance of cryptocurrencies.
The post Crypto in everyday life including travel documentation and visas appeared first on Invezz.
The Celsiusopoly board game is priced at $99, with the U.S.-based e-commerce company offering free shipping to U.S. residents.
The Bellatrix upgrade was the last major upgrade before the Ethereum Merge, which will transition the network’s consensus mechanism to proof-of-stake.
This year has been a tough one in crypto.
Perhaps no coin signifies that more than Waves. Its lending protocol Vires.Finance was one of the many firms to get caught up in the contagion crisis that swept the industry over the last few months. However, unlike other parties such as Celsius and Voyager Digital, it has put in place a plan to stabilise the project, rather than raising the white flag (or submitting to a complicated and drawn-out bankruptcy process).
Vires’ liquidity crisis was sparked when the Waves-based stablecoin, USDN, de-pegged from its $1 mark, with a bank run testing the ecosystem to the max soon thereafter. The prevalence of whale borrowers was particularly intriguing here, with many in the community curious as to how these wallets were able to borrow such a large quantity of stablecoins in the first place.
As part of the revival plan, Wave founder Sasha Invanov stepped in to subsume roughly half a billion of bad debt. Following a vote by the community, the plan is for Vires accounts with over $250,000 in value (across both USDT and USDC stables) to have a choice between two options.
The first is to exchange their positions for USDN with a 365-day vesting period, as well as an additional 5% liquidity bonus. The second option is to remain on the platform, although stomach a 0% APY on all funds above $250,000 in USDT or USDC, wherein Ivanov will continue liquidating USDN and repaying those debts “depending on market conditions”.
There’s a lot to unpack here, and the story has generated quite a bit of noise in the crypto space. So, who better to interview than the man himself, Sasha Ivanov?
Invezz (IZ): Given a liquidity crisis has happened before, do you think that even if this revival plan works, something of the same nature could happen again in future?
Sasha Ivanov (SI): Along with our general revival plan, we have also implemented a new system that dynamically reacts to limit withdrawals and borrows in the event of platform overutilization, as happened before.
Namely, while more than 95% of funds are utilized, withdrawals will be limited to $1,000 a day per account. This limit will be lowered as fund utilization decreases. When fund utilization drops below 80%, all withdrawal limits will be lifted until those thresholds are reached again.
This means that even in extreme conditions, the market can continue to operate without incident.
IZ: How damaging was the UST collapse to USDN, given people are a lot warier of algorithmic stablecoins now?
SI: USDN initial depeg was actually 3 weeks before UST’s collapse. By the time UST began to unravel, we had already restored the peg. However, UST’s collapse did create a second depeg event as the inherent dangers of algorithmic stablecoins became clear.
That being said, our system was built differently and was up to the challenge; there are some further changes we are making, and the knock-on effects were damaging, but we needed to push the space to come up with creative ways to mitigate these risks.
We are working right now to ensure that what happened cannot happen again with USDN.
IZ: Why do you think USDN can avoid the same fate as UST? Is the fact faith was broken in UST not ominous for USDN going forward?
SI: Firstly, USDN is built entirely differently than UST was. We would have suffered the same fate already if it wasn’t for the way the system is built specifically to stop any type of “death spiral” with USDN and Waves.
Rebuilding faith is a significant part of this, but taking the proper steps to rectify the situation is crucial right now. Beyond our decision to take on the bad debt and prevent another depeg, we’ve also introduced incentives to support USDN and increase demand for it through the Smart Utility Recapitalization Feature, or SURF, token.
SURF is designed to act as a backup for collateralizing USDN in times of emergency. If the backing ratio of USDN goes below 100%, SURF becomes available to purchase. The value will be set to whatever the ratio of USDN is at the time, so if it’s 50%, 1 SURF will be equal to $0.50.
Once the ratio reaches 115%, all surf is liquidated into USDN. This creates an incentive to collateralize the stablecoin, which will help keep the peg stabilized.
IZ: A lot has been made of the whale wallets borrowing enormous amounts of stablecoins on the Vires protocol through March and April. Was there concern this would lead to a situation such as we have today, and if so, is there a reason nothing was done?
SI: This is true. There were, in fact, six whale accounts that borrowed the majority of the liquidity on Vires Finance. These accounts performed a process known as “Looping.” This involves depositing collateral, borrowing tokens against the collateral, sending the loaned tokens to a central exchange, buying more tokens with it, then bringing it back to Vires to deposit as collateral and take out more loans.
To be clear, this strategy is extremely common everywhere; it happens openly and frequently on Ethereum. This process was even found to be a contributing factor to what brought down crypto fund 3AC capital and is effectively the same as “leveraging” in any market, traditional or DeFi.
The reason this became problematic was due to the speed at which the Waves price fell. These over-leveraged borrowers couldn’t repay their loans, and the amount of interest on them was increasing, leading to critically bad account health. This is what led me to take on the debt of these 6 borrowers myself.
The liquidation of those accounts — as the platform is designed to do — with such large amounts of collateral would have been dangerous to the system and likely caused another shock to the community.
The reason nothing was done building up to this moment is that we are a decentralized platform with decentralized governance. We will never unilaterally force policies that limit free markets on the users.
DeFi is about self-sovereignty, and unfortunately, in this case, a few users have made bad decisions with leverage and created a huge problem for our community. It is a sign of the times really — bad actors overleveraging and causing massive problems to the majority.
We’ve introduced two things that will limit this type of behavior in the future: Non-borrowable collateral and adaptive withdrawal/borrow limits. Non-borrowable collateral means you can choose to keep your deposit separate from the pool that gets lent out, and the adaptive limits on a platform level make it difficult to ever get to the same dangerous level of utilization.
IZ: There has been a lot of talk about the Waves token and market manipulation. This was thrown to prominence when you accused Alameda of manipulating the token in April. Do you stand by this three months later, and do you believe other manipulation is occurring?
SI: Unfortunately, market manipulation is a sign of the times; there are bad actors in the space that overleverage, have large balances to throw around, and have intelligent resources to model out scenarios to predict if they can profit off of retail traders.
As much as the space hates the idea of it, we need regulation to protect the people using it. We’re totally in favor of intelligently talking with regulators to come to real solutions for this that respect the values of the space.
We’re also working on our own initiatives, like our upcoming PowerDAO, that will help to set a charter to police and regulate our own ecosystem. The goal of which is to keep our users safe. How we do that we’re still working through, but we’re very excited about this step towards building a more independent battle-tested blockchain ecosystem that is known for the protections it provides its users.
IZ: Looking back, would you do anything different to avoid the situation of a liquidity crisis and suspended withdrawals? Do you think imprudent risk management was practiced?
SI: That’s the benefit of hindsight! There are many things we could have done. However, we’re proud to have gotten through what we have. We had a severe shock to the system — an unprecedented shock — that not only affected us but took down hedge funds, a top ten project, and numerous centralized crypto banks. Yet, here we are still standing and stronger than ever, actually, after turning a community that wanted our blood around to vote on our plan at a rate of 3 to 1.
We’ve tweaked the protocols, and we’ve done it all through decentralized governance, never once influencing a vote. We’ve created new solutions like SURF. Most importantly, unlike centralized institutions that have gone through the same thing, we’ve worked out a way to repay all our users and are heading very clearly back towards a full functioning ecosystem.
This is an unprecedented achievement and really speaks to the skills of the team, the intelligence of the community to see the long-term perspective, and also the unstoppable benefits of a decentralized system vs. a centralized system. Centralized systems have buried their users in years of lawsuits. Our platform will repay everyone within a year with a 5% bonus. Which would you choose?
The post “Community wanted our blood” – Interview with Sasha Ivanov, Waves founder, on revival plan appeared first on Invezz.
World Crypto Global opens the door to digital freedom for everyone.
Manage your free WCG Coins securely—where simplicity meets global accessibility.
FREE CRYPTO COINS
AVAILABLE FOR RESERVATION
ALREADY ALLOCATED
No fees. No catch. Your crypto journey starts here.
World Crypto Global
