Wednesday 28 September 2022
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Gemini cuts more staff as many crypto prices increase: Report

Cameron and Tyler Winklevoss’ Gemini has reportedly laid off additional staff more than a month after reports suggested the cryptocurrency exchange cut 10% of its employees. In a Monday report from TechCrunch, the news outlet said that a source close to Gemini reported 68 fewer employees on the company’s Slack channel, suggesting the crypto exchange had cut roughly 7% of its more than 1,000 staff. The unnamed source claimed that Gemini continued laying off employees as part of “extreme cost-cutting.” The Winklevoss brothers’ Gemini Trust reportedly cut 10% of its employees amid the bear market in June as the price of many major cryptocurrencies fell by double-digit percentages. However, at the time of publication, Bitcoin (BTC) and Ether (ETH) prices have risen by more than 4% and 10% in the last 24 hours, respectively. Amid the crypto market volatility and other major exchanges including Coinbase and Crypto.com announcing similar staff cuts in June, the Winklevoss brothers were repo..

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Price analysis 7/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) rose above $22,000 and Ether (ETH) traded above $1,500 on July 18, indicating that bulls are gradually returning to the cryptocurrency markets. This pushed the total crypto market capitalization above $1 trillion for the first time since June 13, raising hopes that the worst of the bear market may be behind us. In another positive sign, more than 80% of the total Bitcoin supply denominated in the United States dollar has been dormant for at least three months, according to crypto intelligence firm Glassnode. During previous bear markets, such an occurrence preceded the end of the bear phase. Daily cryptocurrency market performance. Source: Coin360However, a report by Grayscale Investments voices a different opinion. It suggests that the current bear market in Bitcoin started in June 2022 and if history repeats itself, the bear phase could continue for 250 more days. Can buyers maintain their momentum at higher levels or will bears continue to sell on rallies? Let’s study ..

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Web3 dominates venture capital interest in blockchain industry in Q2 2022

Cointelegraph Research brings an analysis of all the deals and trends from venture capital (VC) in the blockchain industry during the second quarter of 2022. When looking at the aggregate total amount invested into the crypto industry in the second quarter, it will tell one story. However, a deeper dive into the data tells another tale. From a high level, the $14.67 billion invested in Q2 is about flat with the $14.66 invested in Q1. But, the largest chunk of that investment was in April, before the last two months of a large slump in global markets, which made even the most bullish crypto investor admit the bear market has arrived. The good news is that even though this did happen, funds like Andreessen Horowitz (a16z) closed a $4.5 billion crypto fund, and investment continued to flow into different sectors of the crypto industry. Download the full report here, complete with charts and infographics. The Cointelegraph Research Terminal has a VC database that contains comprehensive de..

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Christie’s launches venture fund aimed at Web3 and blockchain investments

Christie's, the auction house known for its sales of art and luxury items, has launched an investment fund to support emerging companies with technology enabling “seamless consumption of art.” In a Monday announcement, the auction company said the fund, Christie’s Ventures, will financially support firms in Web3, “art-related financial products and solutions,” and technology related to art and luxury goods. According to Christie’s, its first investment will be in LayerZero Labs, a company developing solutions for enabling omnichain decentralized applications, allowing a more seamless transfer of assets between blockchains. “We will focus on products and services, which can solve real business challenges, improve client experiences and expand growth opportunities, both across the art market directly and for interactions with it,” said Christie’s Ventures global head Devang Thakkar. Related: Christie’s NFT expert to lead CryptoPunks, fake heiress launches NFT collection The move i..

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‘Token will defeat cryptocurrency’: Russia debuts palladium-backed stablecoin

The Russian government-backed tokenization platform Atomyze has issued its first digital asset backed by palladium in collaboration with the local bank Rosbank. Rosbank officially announced on Monday that it became the first partner of the Russian blockchain firm Atomyze, acting as an investor in Russia’s first digital asset deal with palladium. According to the announcement, the newly issued digital asset is the first digital financial asset (DFA) issued through Atomyze. The platform obtained registration from the Bank of Russia in February 2022, becoming the country’s first legal digital asset manager. Both Atomyze and Rosbank are backed by Interros, a Russian conglomerate and investment firm co-founded by sanctioned oligarch Vladimir Potanin. The CEO of the Russian nickel and palladium mining and smelting company Nornickel originally announced plans to tokenize palladium back in 2019 through a Switzerland-based palladium fund. According to an announcement by Interros, Atomyze will s..

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Bitcoin price nears critical 200-week moving average as Ethereum touches $1.5K

Bitcoin (BTC) hovered at $22,000 at the July 18 Wall Street open as analysts warned that bulls would not break resistance in one go. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCan Bitcoin win back bear market support?Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp. That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area that commentators argued would be hard to crack. "Not expecting continuation on Bitcoin, at this point, as we're facing 200-Week MA and range resistance," Cointelegraph contributor Michaël van de Poppe told Twitter followers in his latest update. Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately. Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He..

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Will intellectual property issues sidetrack NFT adoption?

The rapidly growing but loosely regulated nonfungible token (NFT) industry already touches many areas of human endeavor “from academia to entertainment to medicine, art, and beyond,” wrote recently two United States senators in a letter to the U.S. Patent and Trademark Office (USPTO) and the U.S. Copyright Office. The legislators were requesting a study to explain how this emerging technology fits into the world of intellectual property (IP) rights, including copyrights, trademarks and patents. It is an area that some say is marked by ambiguity and inconsistent application of the law, and sometimes indifference from the courts. “Many feel it is time for Congress to step in and provide the predictability needed for innovation to flourish,” Michael Young, partner at Finnegan, Henderson, Farabow, Garrett & Dunner, LLP, told Cointelegraph. The joint study that senators Patrick Leahy and Thom Tillis requested from the agencies, due June 2023, has as background a recent slew of high-profile..

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Africa can create an inclusive society with blockchain, says LBank CEO

As one of the most populated continents, Africa continues to be an important target for blockchain proponents, as adoption in the region could significantly impact the broader crypto economy. In an interview with Cointelegraph, Allen Wei, CEO of crypto exchange LBank, explained that blockchain could significantly impact Africa. Moreover, Wei highlighted that adoption within the region could have an effect on crypto and underscored the importance of supporting projects throughout the continent. Blockchain presents an opportunity to solve Africa’s economic problems. The executive emphasized that the technology could create an inclusive society on the continent, explaining: “With the help of blockchain, Africa can create an inclusive society with a robust economy and the highest standards of living. A larger economic system might be built where more people will be employed and have access to greater wealth than ever before.”The LBank CEO also highlighted that the region could also have..

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Coinbase secures crypto asset service provider approval in Italy

The United States-based cryptocurrency exchange Coinbase continues aggressive European expansion by securing approval to offer crypto services in Italy. Coinbase announced on July 18 that it has obtained the Crypto Asset Service Provider approval from the Italian Anti Money Laundering regulator, Organismo Agenti e Mediatori (OAM). According to a post by Nana Murugesan, Coinbase’s vice president of international and business development, the approval will allow Coinbase to continue to offer crypto services and launch new products in Italy. Coinbase started providing its cryptocurrency services in Italy quite a while ago. As previously reported, the exchange was offering Coinbase card services in Italy alongside countries like Spain and Germany as of June 2019. Murugesan pointed out that Coinbase operates in nearly 40 European countries through dedicated hubs in the United Kingdom, Germany and Ireland. “We are in the process of strengthening our presence across Europe and have registrati..

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Crypto recaptures $1 trillion market cap: BTC hits $22K, ETH ‘Giga mooning’

Bye-bye, Monday blues, hello bullish news — the total crypto market capitalization has retaken the $1 trillion level. The crypto market cap is now almost as valuable as all the silver on the planet. A price pump for Bitcoin (BTC) brought the world’s most decentralized cryptocurrency into the $22,500 range, while Ethereum (ETH) enjoyed a double-digit “Giga pump” to kiss the $1,500 mark. Their combined efforts have culminated in a 4.8% pump to the entire crypto market, lifting it to a recent high of $1.02 trillion. Bitcoin reclaimed the meme-worthy target of $420 billion in market cap, while Ethereum is sitting pretty at a total market cap of $180 billion, having added more than $20 billion in the past 24 hours. As per the below graph, the last time that the crypto market crossed the $1 trillion level was on June 13. Total crypto market cap for the past 3 months according to coinmarketcap.com/chartsA reminder on market capitalizations: In the case of Bitcoin and most mined cryptocurrenc..

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