Wednesday 28 September 2022
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The dark side of the metaverse and how to fight it | Cointelegraph interview

Metaverse and Web3 have become catch-all terms that describe some aspects of the future internet. Beyond the hype, however, these technologies are building immersive worlds that intersect digital and real life. As more people migrate to the metaverse to work, play and “live,” so to speak, real-world complications are bound to arise. Have you ever thought about how crime will be policed in the metaverse? How will we stop bad actors from ruining the next great leap in human ingenuity? Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr pondered these questions and more in an exclusive interview with Next Earth’s David Taylor and ActiveFence’s Tomer Poran. The 20-minute talk took place in the oldest bar in Dublin, Ireland. When asked about how we should tackle the problem of bad actors within the context of the metaverse, Poran opined: “Don't try to fix fraudsters or Nazis or terrorists. They will remain. They existed before the internet and they'll exist after.” However..

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‘The market is acting this way because there is no regulation’ says Skale Labs’ co-founder

The recent cryptocurrency bear market has uprooted decentralized finance (DeFi) and centralized finance (CeFi) projects in the crypto space. But past performance is not always indicative of future results. For starters, Ethereum's price has already recovered 48% in the past few days ahead of the looming Merge upgrade. At the annual Ethereum Community Conference in Paris, Cointelegraph spoke to Skale Labs' co-founder Konstantin Kladko regarding the market crisis. Sklae Labs is a decentralized network of blockchains built on Ethereum. Currently, it's comprised of 28 blockchains where one can send tokens seamlessly from one chain to another. Here's what Klado has to say about the recent contagion: "The market is acting this way because there is no regulation. So pretty much everything bad that happened on Wall Street like 100 years ago [during the 1929 Wall Street Crash] is happening on blockchain now. And unfortunately, while big players have the opportunity to leave..

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Ether price stalls at $1,630 after gaining 50% in under a week

Price action across the cryptocurrency market was largely subdued on July 21, as traders took a day to digest gains over the past week and book profits following the biggest relief rally since early June. Amid speculation about what drove the recent rally, the Ethereum Merge has consistently ranked at the top of the list. The market rally shifted into high gear after a tentative date of Sept. 19 was set for the mainnet Merge. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a high of $1,620 on July 20, Ether's (ETH) price retraced to a low of $1,463 in the early trading hours on July 21 and has since climbed back above support at $1,500. ETH/USDT 1-day chart. Source: TradingViewNow that the initial price surge brought on by the Merge announcement has subsided, here’s what several analysts are expecting to unfold as Ether's mainnet transition to proof-of-stake approaches. A healthy pullbackEther's pullback on July 21 is a positive development..

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Bulls or bears? Both have a fair chance in Friday’s Bitcoin options expiry

Bitcoin (BTC) briefly broke above $24,000 on July 20, but the excitement lasted less than two hours after the resistance level proved more challenging than expected. A positive is that the $24,280 high represents a 28.5% increase from the July 13 swing low at $18,900. According to Yahoo Finance, on July 19, the Bank of America published its latest fund managers survey, and the headline was "I'm so bearish, I'm bullish." The report cited investors' pessimism, expectations of weak corporate earnings and equity allocations being at the lowest level since September 2008. The 4.6% advance on the tech-heavy Nasdaq Composite Index between July 18 and 20 also provided the necessary hope for bulls to profit from the upcoming July 22 weekly options expiry. Global macroeconomic tensions eased on July 20 after Russian President Vladimir Putin confirmed plans to reestablish the Nord Stream gas pipeline flow after the current maintenance period. However, in the course of the last few..

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Hardware wallet industry to outstrip crypto exchanges: Report

The crypto hardware wallet industry could be growing at a faster pace than cryptocurrency exchanges, data from several studies suggest. The current bear market has accelerated the development of the cold wallet industry, while many centralized crypto exchanges were scrambling to maintain operations. According to a report by business intelligence firm Vantage Market Research, the revenue of global crypto trading platforms amounted to $330 million in 2021. Released on July 21, the report suggests that the global crypto exchange market revenue would reach a value of $675 million by 2028 with a compound annual growth rate (CAGR) of 12.7%. That’s at least half the CAGR related to the growth of the hardware wallet industry, other reports suggest. The global hardware wallet market reportedly reached a value of $252 million in 2021 and is expected to reach a value of $1.1 billion by 2027, or exhibit a CAGR of 27.2%. The concept of hardware or cold wallets has been growing increasingly popular ..

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Korean crypto startup Uprise to compensate investors after disastrous LUNC short trade

South Korean crypto investment company Uprise plans to compensate investors for damages incurred during its futures bet on Luna Classic (LUNC) — a token that was built on the ruins of the failed Terra ecosystem. Uprise is making arrangements to compensate 40% of the loss incurred by customers tied to its disastrous short bet on the token, according to the Korean newspaper Soul Economic Daily. The short position was placed in May using client funds that were deposited in a $20.3 million (26.7 billion won) discretionary investment vehicle. As reported by Cointelegraph, Uprise lost 99% of its assets on the trade when it got liquidated. “After obtaining the consent of the existing shareholders, the compensation process will be implemented,” reads a translated version of the Soul Economic Daily report. Most of Uprise’s clients are high-net-worth individuals and corporations. The compensation plan involves issuing Uprise stock to investors based on the company’s valuation following its S..

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Sell the news? Cardano price risks 20% drop despite Vasil hard fork euphoria

Cardano (ADA) has dipped this July 21 as the market favors mounting selling pressure around its most reliable resistance levels in 2022 over a major upcoming hard fork. ADA price could plunge 20% by early AugustADA's price fell 5% intraday to $0.476. The downside move came as a part of a broader retreat that started a day after it briefly climbed above its 50-day exponential moving average (50-day EMA; the red wave in the chart below) near $0.50. The 50-day EMA has been serving as ADA's curvy resistance level since October 2021. ADA/USD daily price chart. Source: TradingViewAdditionally, the upper trendline resistance of a broader descending channel pattern strengthened the selling sentiment around the ADA's 50-day EMA wave. Earlier in June, the same resistance confluence had triggered a 35% price drop toward the channel's lower trendline. Therefore, ADA's renewed correction move risks leading the price toward $0.384 by July or early August, down about 20% fro..

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US authorities arrest former Coinbase manager, alleging insider crypto trading

United States authorities have brought charges against three people for wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading using crypto, one of whom was a former product manager at Coinbase Global. In a Thursday announcement, the U.S. Attorney’s Office for the Southern District of New York, in conjunction with the New York Field Office of the Federal Bureau of Investigation, said it had filed an indictment against former Coinbase Global product manager Ishan Wahi as well as his brother Nikhil Wahi and associate Sameer Ramani. The trio allegedly used confidential information Ishan obtained from Coinbase in regard to which tokens would be listed on the exchange to make roughly $1.5 million in gains from trading 25 different cryptocurrencies. According to the authorities, Ishan was privy to certain information on listing cryptocurrencies on exchanges controlled by Coinbase in his position as a product manager from August 2021 to May 2022, a period ..

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Bitcoin bulls miss key resistance flip as BTC price sheds 8%

Bitcoin (BTC) extended losses on the July 21 Wall Street open after a key resistance level failed to hold as new support. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDollar rises to squeeze risk assetsData from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to $22,340 on Bitstamp after the opening bell, down 8% from its local top. The pair's progress had seen a challenge from Tesla, which revealed that it had sold 75% of its BTC position at a loss. Macro events then added to Bitcoin's woes in the form of fresh U.S. dollar strength and a surprise rate hike from the European Central Bank (ECB) to combat inflation. U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewAt the time of writing, the U.S. dollar index (DXY) had regained 107, up 0.6% in an hour as U.S. equities conversely saw modest losses. In Europe, meanwhile, the ECB decision failed to improve the fortunes of the euro, which gave back early gains as the Eurozone battled..

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What are the long-terms goals for the Ethereum blockchain? Vitalik Buterin explains live at EthCC

On Thursday, Vitalik Buterin, co-founder of Ethereum, shared his long-term vision for the namesake blockchain live at the annual Ethereum Community Conference, or EthCC, in Paris. As told by Buterin, Ethereum is currently at an inflection point, or period of rapid change, before the ecosystem's capability will eventually settle down. Currently, the foremost priority for Ethereum is building an easy-to-use light client for the consensus layer, execution layer, and layer-2 solutions by default. Next is better support for home stakers or those looking to validate network transactions when Ethereum transitions to a proof-of-stake blockchain but possess less than the required 32 Ether (ETH). Finally, Buterin believes it's critical that Ethereum can eventually be run on a full node with lighter hardware. As for the long-horizon roadmap, Buterin plans to upgrade Ethereum with better cryptographic technologies, potentially for quantum resistance, if they come out and additionally fu..

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