Autor Cointelegraph By Arijit Sarkar

Ukraine sells CryptoPunks NFT donation for 90 ETH, worth over $100K

Ukraine sells CryptoPunks NFT donation for 90 ETH, worth over $100K

Uverejnil používateľ | jún 21, 2022 |

It took cross-border sanctions and an escalating war for the Ukrainian government to realize the importance of cryptocurrencies as it witnessed uninterrupted monetary aid in the form of crypto and nonfungible tokens (NFT).In a continued effort to aid the needs of its citizens and the nation, the Deputy Minister of Digital Transformation of Ukraine, Alex Bornyakov, announced the sale of a CryptoPunks NFT for 90 Ether (ETH) that was received as a donation on April 20, 2022.Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It’s over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine.— Alex Bornyakov (@abornyakov) June 20, 2022The CryptoPunk 5364 NFT was donated to the Aid For Ukraine campaign by user 0x165cd3 who procured the artwork on March 1, 2022, for 16.19 ETH, which was worth $31,722 at the time. Soon after the NFT was donated to Ukraine, it got a buy offer for 100 ETH worth $288,414 on April 27 — the highest bid it ever received. Fast forward to June 19, Ukraine sold CryptoPunk 5364 for 90 ETH worth $102,640. However, the buyer, 0xc08f6d, spent $103,523 to compensate for the Ethereum gas fees.Bid/sell history of CryptoPunk 5364 NFT. Source: cryptopunks.appThe NFT belongs to a collection of 6039 Male punks, a pixelated variation of male characters.Related: Third non-EU country, Ukraine, joins the European Blockchain PartnershipUkraine became the third country that isn’t a member of the European Union —after Norway and Liechtenstein — to join the European Blockchain Partnership (EBP) as an observer. Following this move, the country plans to expand its interstate blockchain network partnership with other countries.Konstantin Yarmolenko, founder and CEO of Virtual Assets of Ukraine told Cointelegraph about Ukraine’s interest in running test-node of the EBSI and pilot use cases of the cross-border public services based on the blockchain technology. He further highlighted that the crypto donations during the Russia-Ukraine war “proved as important support,” stating:“Next step is full blockchain integration of Ukraine and EU based on EBP/EBSI initiatives.”

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Synthetix racks up over $1M in daily fees as SNX token value surges 100%

Synthetix racks up over $1M in daily fees as SNX token value surges 100%

Uverejnil používateľ | jún 20, 2022 |

Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC, & sUSD/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH). Given the investors’ willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees — overshadowing Bitcoin’s (BTC) daily performance by five times.Synthetix, Ethereum-based decentralized finance (DeFi) protocol, created a buzz across the crypto ecosystem after witnessing a sudden increase in trading activities and an unprecedented comeback of its in-house token, SNX, during an unforgiving bear market.Crypto fees of popular projects. Source: cryptofees.infoAs a direct result of the massive trading volumes, the SNX token, too, witnessed a momentary surge of 105%, bringing up its value to over $3 based on data from CoinMarketCap.Synthetix (SNX) price index. Source: CoinMarketCapSharing his thoughts on the development, Synthetix founder Kain Warwick a.k.a kain.eth released a blog post that highlighted the difficulty of DeFi protocols to absorb Bitcoin’s volatility if the price drops even further:“This is critical to understand, Synthetix is an over-collateralised crypto-backed suite of stablecoins, it CAN implode.”However, he attributed Synthetix’s recent success to the responsiveness of the community to difficult circumstances and a willingness to experiment with novel mechanisms to provide stability. On May 31, the entrepreneur revealed that SNX tokens contribute to 99% of his overall liquid portfolio.As of this morning my liquid crypto portfolio is 99% SNX.— kain.eth (✨_✨) (@kaiynne) May 31, 2022On the flipside, on-chain metrics revealed the intentions of shorting the SNX token across numerous exchanges. @napgener from Crypto Twitter disclosed that 15 million SNX tokens maintain a short position on popular exchanges including Binance, FTX, ByBit and OKX. While only 20 million SNX tokens exist on exchanges, the revelation points to an oncoming price hike, which might see SNX breach a value of $10.15m $snx is short now. only 20m exist on exchangesthis thing could powder keg to $10+$sirin / $unfi style pic.twitter.com/b0LM8zs5x5— napgener 0xDONE (@napgener) June 20, 2022

The Twitter user also alleged that the Celsius network is offering a 300% Annual Percentage Rate (APR) to users for shorting their SNX holdings. Related: El Salvador president addresses bear market concerns with Bitcoin hopiumWith Bitcoin prices falling below $20,000 over the weekend, El Salvador President Nayib Bukele shared a piece of optimistic advice on Twitter.I see that some people are worried or anxious about the #Bitcoin market price.My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.Patience is the key.— Nayib Bukele (@nayibbukele) June 19, 2022

In his tweet, Bukele advised fellow investors to “stop looking at the graph and enjoy life.” He reassured investors about Bitcoin’s inevitable comeback, stating that:“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”

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El Salvador president addresses bear market concerns with Bitcoin hopium

El Salvador president addresses bear market concerns with Bitcoin hopium

Uverejnil používateľ | jún 19, 2022 |

El Salvador introduced BTC as legal tender on September 7, 2021, when its market price was around $50,000. Ever since, Bukele’s government made significant returns on their initial BTC investments as Bitcoin rallied to its all-time high of $69,000, which was redirected to the country’s various infrastructure development initiatives. However, as tensions rise amid falling BTC prices, Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the prolonged bear market. Nayib Bukele, the president who helped Bitcoin (BTC) gain legal tender status in El Salvador, addressed the rising concerns of investors as BTC began trading for under $20,000 for the first time in 18 months.I see that some people are worried or anxious about the #Bitcoin market price.My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.Patience is the key.— Nayib Bukele (@nayibbukele) June 19, 2022In his tweet, Bukele advised fellow investors to “stop looking at the graph and enjoy life.” He reassured investors about an inevitable comeback, stating that:“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”The advice received mixed reactions from the community as many pointed out the fact that El Salvador procured most of its BTC at a much higher price than the current market value. While critics expect BTC and other cryptocurrencies to continue on the downward trend, on-chain analytics signal the oncoming of Bitcoin’s reversal back to its former glory. Some of the popular suggestions to Bukele from the crypto community amid the bear market include launching the Bitcoin Bonds.If I might make a humble suggestion. Great time to launch your #Bitcoin bonds— Alistair Milne (@alistairmilne) June 19, 2022

Related: El Salvador ‘has not had any losses’ due to Bitcoin price dive, Finance Minister saysAs the world keeps track of El Salvador’s Bitcoin economy, Alejandro Zelaya, the Minister of finance of El Salvador, dismissed allegations about the country losing over $40 million, stating:“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”In response to a journalist’s question about El Salvador’s reaction to Bitcoin’s sharp dip, Zelaya responded by saying that “There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy.”

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Elon Musk's support for Dogecoin grows stronger following $258B lawsuit

Elon Musk's support for Dogecoin grows stronger following $258B lawsuit

Uverejnil používateľ | jún 19, 2022 |

Not even a $258 billion class-action lawsuit alleging a crypto pyramid scheme could stop Elon Musk from publicly displaying his continued support for Dogecoin (DOGE).On June 16, a New York district court received a class action complaint against the world’s richest man Elon Musk and his companies, SpaceX and Tesla, for an alleged Ponzi scheme using DOGE tokens. The lawsuit demanded $258 billion in total monetary damages from Musk while requesting the court to rule DOGE trading as gambling in the United States.I will keep supporting Dogecoin— Elon Musk (@elonmusk) June 19, 2022The lawsuit, however, did not resonate with the crypto community as entrepreneurs began to ridicule the move. Musk, too, was seemingly unshaken about the allegation as he doubled down on his love for the Dogecoin ecosystem with the above tweet.On June 18, Dogecoin creator Billy Markus, who is no longer a part of the project, shared his vision for Dogecoin that goes beyond the hype — recommending the developers focus more on its utility and security. Musk agreed with a “More currency-like” reply to Markus’ suggestion. The world’s richest man further reassured Markus by sharing his openness to use Dogecoin as payment for other services in addition to Tesla and SpaceX merch. Related: ‘Yikes!’ Elon Musk warns users against latest deepfake crypto scamBad actors trying to cash in on Musk’s success have been found to be releasing deepfake videos promoting cryptocurrency scams.Yikes. Def not me.— Elon Musk (@elonmusk) May 25, 2022

Musk came across a fabricated video doing rounds on the internet, wherein a deepfake was used to mimic the entrepreneur on a TED Talk. In the video, the deepfake version of Musk was found promoting a cryptocurrency platform boasting 30% returns on crypto deposits.

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BIS to launch market intelligence platform amid stablecoin, DeFi collapse

BIS to launch market intelligence platform amid stablecoin, DeFi collapse

Uverejnil používateľ | jún 19, 2022 |

The Bank for International Settlements (BIS) Innovation Hub announced the launch of a new set of projects targeting various aspects of traditional and crypto payments — including a cryptocurrency market intelligence platform and security for retail central bank digital currency (CBDC).BIS’s cryptocurrency market intelligence platform will be launched under the Eurosystem Centre initiative, which aims to provide vetted data about crypto projects. One of the key drivers for the project’s commencement is the collapse of numerous stablecoins projects and decentralized finance (DeFi) lending platforms such as Terra (LUNA) and Decentralized USD (USDD). As explained in the official announcement:“The project’s goal is to create an open-source market intelligence platform to shed light on market capitalisations, economic activity, and risks to financial stability.”The move goes against the norm of relying on self-reported information by unregulated firms when it comes to data on asset backing, trading volumes and market capitalization. The BIS also highlighted the ease with which quantum computers can break the cryptography used by traditional financial institutions to secure and settle payments. As a result, a Eurosystem Centre project will be dedicated to testing several cryptographic solutions and examining the overall performance of the traditional system.Moreover, BIS’s Sela initiative will explore technological solutions for allowing CBDC issuance via intermediaries while ensuring greater security and lower costs. The BIS Innovation Hub’s Hong Kong Centre will also collaborate with the United Nations Framework Convention on Climate Change (UNFCCC) to develop the prototype for the second phase of its green finance project, Genesis:“In this new phase, blockchain, smart contracts and other related technologies will be used for the tracking, delivery and transfer of so-called digitised Mitigation Outcome Interests – de facto carbon credits recognised under national verification mechanisms compliant with the Paris Agreement – attached to a bond.”Cointelegraph recently attended the UNFCCC’s DigitalArt4Climate press conference to understand the various blockchain initiatives that actively fight climate change.Related: Third non-EU country, Ukraine, joins the European Blockchain PartnershipUkraine joined Norway and Liechtenstein to become the third non-EU country to join the European Blockchain Partnership (EBP), an initiative derived by 27 member states to deliver cross-border public services.Speaking to Cointelegraph, Konstantin Yarmolenko, the founder and CEO of Virtual Assets of Ukraine said:“Next step is full blockchain integration of Ukraine and EU based on EBP/EBSI initiatives.”

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