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TOP cryptocurrency news of the last week

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Babel Finance lost more than $280 million in trading customer funds. The number of cases of hidden mining rose to a record level. The head of Binance sued Hong Kong partner Bloomberg and other latest cryptocurrency news. 

Cryptocurrency news aggregator: Monday

TeddyDoge cryptocurrency’s Pump&Dump led to 99.4% collapse in token price

Important cryptocurrency news today – the project team withdrew about $4.5 million in liquidity.

Tesla suffered a $170 million loss from the fall in cryptocurrency value

Many cryptocurrency news and articles have been written about the consequences of this event. The amount of digital assets remaining on the company’s balance sheet is $222 million as of June 30.

Cryptocurrency lender Voyager rejected FTX’s offer to buy back its assets

Lawyers for the bankrupt company called the bid from a major exchange and its investment arm Alameda, unprofitable for its clients.

Cryptocurrency news: Tuesday

Finding a $181 million Bitcoin hard drive in a landfill valued at $11 million

James Howells, who accidentally discarded a hard drive containing cryptocurrency, unveiled a trash sorting project. He hopes to find the lost device using artificial intelligence.

Titanium Blockchain CEO pleads guilty to $21 million fraud

The CEO of the crypto platform spent investor funds from the BAR token ICO to pay for loans and rent a condominium in Hawaii.

Binance CEO sues Hong Kong partner Bloomberg

Binance CEO Changpeng Zhao accuses journalists of defamation. This was Binance’s most important cryptocurrency news this week. 

Latest cryptocurrency news: Wednesday

Central African Republic will issue citizenship and land plots secured by Sango token

The Central African Republic sold more than 5% of the first issue of the new cryptocurrency in two days.

Harmony offered to issue billions of ONE tokens to cover losses

Blockchain developers have submitted a plan for the community to refund users of funds stolen in the Horizon blockchain bridge hack.

The number of hidden mining incidents has risen to record levels

Cybercriminals are switching to cryptojacking instead of using ransomware viruses.

Thursday

Nirvana stackcoin and ANA token plummeted 90% after hacking report

An attack on Nirvana Finance’s DeFi platform resulted in $3.5 million in cryptocurrency being withdrawn by hackers.

Damien Hirst will burn thousands of originals of his work for NFT project

The collection created by the artist in 2016 consists of 10 thousand paintings. Almost half of them will be burned and remain only in digital form.

Development of virtual universes brought Meta a loss of $5.7 billion

The holding company’s Reality Labs division continues to record losses quarter after quarter.

Cryptocurrency news now: Friday

Babel Finance lost more than $280 million while trading customer funds

The cryptocurrency platform plans to convert millions in debt into bonds and raise additional loan funds to rebuild its business.

Binance to start selling NFT tickets for Lazio Football Club matches

In addition to access to sporting events, the tokens will be available for discounts.

Nirvana Finance offered a hacker $300k for the vulnerability he discovered

The team of the crypto-platform is ready to completely stop the investigation if the hacker returns the stolen funds.



Cryptocurrency

Is dogecoin a good investment? Elon Musk: Dogecoin is much faster than the Bitcoin network

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is dogecoin a good investment

Is dogecoin a good investment? The CEO of Tesla again spoke out in support of Dogecoin. He stressed that the “meme cryptocurrency” network can process significantly more transactions than the Bitcoin network.

During a conversation with a podcast host, the head of Tesla and SpaceX said that the popularization of DOGE is paying off. The coin is increasingly being used as a full-fledged means of payment. As you know, coins can be used to buy goods and pay for various services of several large companies. The most important advantage is the high speed of transactions. Usually it takes no more than a minute to process a transaction online.

“To be honest, I mostly support DOGE because this cryptocurrency has memes, dogs, the developers have a sense of humor, they don’t take the project too seriously. And with all that being said, it’s strange that though DOGE was invented just as a joke, the actual throughput of the Dogecoin network is much higher than Bitcoin blockchain,” said Tesla’s CEO.

Ilon Musk also reminded that Dogecoin’s inflation model allows it to issue 5 billion coins annually, while Bitcoin’s number is limited to 21 million. And this makes DOGE much more suitable for use as a payment currency.

Recall that Tesla sold most of its bitcoin holdings amid falling cryptocurrency markets.



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Voyager Digital is restructuring and preparing for sale

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voyager crypto

Cryptocurrency broker Voyager Digital said it is preparing a plan to restructure and resume cash withdrawals from the platform

According to Voyager Digital, the company has developed a plan that includes its potential sale. Unnamed sources at Voyager say the company has received several buyout offers that were “higher and better” than the earlier FTX offer.

Judicial authorities have agreed to a submitted restructuring plan, and approved bidding procedures, should a sale of Voyager crypto assets be considered appropriate. In doing so, the court set an Oct. 3 date as the deadline for filing claims against Voyager. The company’s next hearing date is set for Sept. 8.

Additionally, Voyager said it plans to “restore access” to deposits and cash withdrawals, which would be another step for the company to restructure and regain customer confidence:

“Yesterday, the court approved our proposal and restored access to cash held in accounts at Metropolitan Commercial Bank. We realize how important it is to have access to our funds. Access to the Voyager app to withdraw cash in U.S. dollars is expected to resume on Aug. 11. The daily limit per user will be $100,000.”

Recall that cryptocurrency broker Voyager Digital received approval from the New York District Court to pay customers some of the funds from the $350 million blocked earlier in the bankruptcy case.



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Cryptocurrency

Mike McGlone: Ethereum and Bitcoin oversold

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Bitcoin oversold

A senior commodities strategist at Bloomberg Intelligence believes that according to technical analysis of the market, leading cryptocurrencies are selling below their real value.

Mike McGlone drew on a lot of observations, but focused on a specific indicator that showed Bitcoin oversold and Ethereum oversold. 

“The benchmark cryptocurrency hit its lowest level since the 100-week moving average in July. This situation represents an extreme discount on a sustained bullish trend in the market.”

The analyst stressed the importance of stocks, which have repeatedly shown a marked correlation with bitcoins. The Bloomberg expert notes that the role of the Federal Reserve (Fed) should not be underestimated.

“Not trying to go against the Fed. That’s my firm belief, especially when it comes to high-risk assets,” McGlone said.

Bitcoin and cryptocurrencies were a key part of the 2021 rush, and bitcoin and ether will still come out ahead in 2022, he said:

“Bitcoin is on its way to becoming a global digital security, and Ethereum has become a major driver of the digital revolution, as evidenced by the ability to use the most widely traded cryptocurrencies, dollar tokens.”

Anthony Scaramucci, founder of the crypto fund SkyBridge Capital, based on his experience investing in cryptocurrencies, believes that BTC and ETH are fundamentally undervalued and technically oversold.



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