Wednesday 28 September 2022
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US lawmaker calls for Apple and Google to provide info on fake crypto apps

Senator Sherrod Brown, chair of the Senate Banking Committee, has penned letters to the CEOs of Google’s parent company Alphabet and Apple calling for the tech firms to provide information on the ways they prevent certain apps from promoting crypto scams. According to the letters published on Thursday, Brown asked Apple CEO Tim Cook and Alphabet CEO Sundar Pichai for the steps the tech giants were taking in the approval of crypto apps on Apple and Android devices. The senator requested information related to how the companies assessed if apps were “trusted and secure,” prevented possible phishing apps through fraudulent apps and reported such apps to users. “Cyber criminals have stolen company logos, names, and other identifying information of crypto firms and then created fake mobile apps to trick unsuspecting investors into believing they are conducting business with a legitimate crypto firm,” said Brown. “While firms that offer crypto investment and other related services should tak..

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Crypto use in emerging markets driven by necessity: KuCoin Labs head

The proliferation of cryptocurrencies around the world has been driven by different use-cases, with key differences becoming apparent between developed and emerging market environments. Lou Yu, who heads up KuCoin Labs, tackled the subject after a keynote address during the second day of Blockchain Economy Istanbul in Turkey. In an exclusive interview with Cointelegraph, Yu unpacked her experience working with a variety of projects and companies around the world and the key differences between primary and secondary markets. Cointelegraph editor Erhan Karahman interviews KuCoin Labs head Lou Yu at Blockchain Economy Istanbul. Kucoin operates in over 200 countries globally and is well placed to provide insights into the trading habits and trends as well as the innovations in the space, given that it lists, invests and supports various cryptocurrency and blockchain-focused projects. Yu noted that trading communities are particularly active in emerging markets, more so than their developed..

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Bitcoin rallies after Fed interest rate hike, but bears can still win Friday’s $1.76B options expiry

Bitcoin's (BTC) price has been stuck in a descending channel since July 20 and it is currently heading toward the $20,000 support by the end of July. Adding to this bearish price action, BTC is down 50% year-to-date, while U.S. listed tech stocks, as measured by the Nasdaq-100 index, accumulated a 24% loss. Bitcoin USD price index, 4-hour. Source: TradingViewAs the U.S. Federal Reserve tightens its economic policies by raising interest rates and scaling back debt asset purchases, risk assets have reacted negatively. Fed chair Jerome Powell is set to wrap up a two-day meeting on July 27 and market analysts expect a nominal 0.75% interest rate hike. Tensions in Europe escalate as the Russian state-controlled gas company Gazprom is slated to cut supplies to the Nord Stream 1 pipeline starting on July 27. According to CNBC, the company blames a turbine maintenance issue, but European officials think otherwise. Aiding tech stocks' performance on July 27 was the U.S. Senate approva..

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Is the end of this crypto winter in sight? | Find out now on Market Talks with Ted Warren and Mark Yusko

In this week's episode of Market Talks, we welcome the founder, chief investment officer and managing director of Morgan Creek Capital Management, Mark Yusko. Mark W. Yusko is an investor and hedge fund manager. He is the founder, chief investment officer and managing director of Morgan Creek Capital Management and also the Co-Founder & Partner of Morgan Creek Digital. The main topic for discussion with Mark is if we are finally at the end of this crypto winter and what that could mean for the future of the crypto market. Are we going to continue to move upwards in price or is there another fall below $17K not far off? With everyone's eyes on the latest FOMC meeting, we ask Mark about his thoughts on the importance of the FOMC meeting and what the hike in interest rates means for you as an individual and the markets as a whole. Even though some people might not want to admit it, it seems the US economy is in a recession, we ask Mark what his thoughts on the matter are and a..

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CME crypto futures see record activity during bear market

Bitcoin (BTC) and Ether (ETH) derivatives contracts offered by CME Group saw record activity in the second quarter, offering tangible evidence that professional traders were still accessing digital assets during the bear market. The average daily open interest (OI) across CME’s crypto futures products reached 106,200 contracts in the second quarter, the highest on record, the company disclosed Thursday. In futures markets, OI reflects the total number of derivatives contracts that have not been settled. In terms of average daily volume, Bitcoin futures saw 10,700 contracts traded in the second quarter; Ether’s daily volume was 6,100 contracts. During the week of June 21, large open interest holders (LOIH) accessing CME Group’s crypto products reached a high of 404, signaling “growing interest from institutional and large sophisticated investors,” the company said. Despite extreme market volatility for Bitcoin and Ether, CME Group’s crypto futures products have been “a haven of consi..

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Bitcoin price battles $23K as data says US in ‘technical recession’

Bitcoin (BTC) regained more lost ground on the July 28 Wall Street open amid confusion over whether the United States had entered a new recession. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalysts call recession for United States on GDP printData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it tested $23,000 for support after a leg up on the previous day's Federal Reserve rate hike. Momentum benefited from U.S. GDP data, which fell for a second quarter in a row, thus meeting the requirements for a recession in the economy. The situation remained unclear, however, thanks to comments from both Fed chair Jerome Powell and the White House, both of whom insisted that no recession had arrived or was even forecast. "While Powell stated that the U.S. is not in a recession, numbers from GDP gave two consecutive quarters of negative growth, meaning that the United States is in a recession!" Cointelegraph contributor Michaël van de Poppe summarized the..

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Tokenomics not Ponzi-nomics: Influencing behavior, making money

Economics is the study of human behavior involving scarce resources — and the effects those behaviors have on those resources, explains Roderick McKinley. Tokenomics in crypto is a related but different field. Tokens are a way for projects to raise funds and build communities, and designing the way they work can be much more complex than traditional equity raises — and potentially much more problematic. “In tokenomics, the token or digital asset is the scarce resource. But we can now design features for these programmable digital assets, influencing how people behave and interact with each other, often creating new possibilities for exchange altogether,” McKinley says. He explains the distribution of tokens and the outcomes of that distribution are key matters for investors and for how the business ends up operating. Roderick McKinleyMcKinley has worked on a range of different projects, including ParallelChain, GBC AI, Avarta, Fluid, ShopX, Terona and Kasta. But what is it that a toke..

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Condense to live stream IRL events into the metaverse

The Metaverse infrastructure company closed a seed funding round to continue the development of 3D live streaming technology. Condense raised $4.5 million in a round led by LocalGlobe, 7percent Ventures and Deeptech Labs. The technology employed by Condense live streams 3D videos into the Metaverse via games and existing platforms. The firm states that such technology has the potential to create an entirely new world of content creation and entertainment engagement with real-time connections. Additionally, Condense had participation from angel investors and music industry insiders such as English footballer and platinum-selling artist Tom Blomfield (Mozo) and music manager Grace Ladoja. Funding from this round will go toward relationship building with content creators, artists, labels and existing Metaverse platforms. The underlying technology of Condense utilizes, “cutting-edge computer vision, machine learning and proprietary streaming infrastructure to capture and embed live 3D v..

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Decentralized storage providers power the Web3 economy, but adoption still underway

The promise of owning and managing one’s own data is revolutionary, creating increasing interest in Web3 platforms and applications. For instance, recent findings show that the Web3 market was estimated to be worth around $2.9 billion last year, yet this number is expected to reach $23.3 billion by 2028. Web3 is also capturing the interest of venture capitalists, as Cointelegraph Research found this sector to be the most sought-after investment deal in 2022. The rise of Web3 has also resulted in the need for decentralized storage solutions, which will ultimately allow users to archive, retrieve and maintain their own data. Findings from Huobi Research Institute further show that increasing global storage data volume will elevate the cost of security and high power consumption, which will fuel the trend toward decentralized storage. The report states, “World storage system demand has progressed from remote storage to instant cloud storage, and now blockchain decentralized storage which..

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