Monthly Archives: August 2022

Litecoin's LTC/USD price has decreased 3.05% over the past 24 hours to $57.38. This is contrary to the coins performance over the past week where it has experienced an up-trend of 9.0%, moving from $52.7 to its current price.

The chart below compares the price movement and volatility for Litecoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 19.0% over the past week while the overall circulating supply of the coin has increased 0.2% to over 70.85 million which makes up an estimated 84.35% of its max supply, which is 84.00 million. The current market cap ranking for LTC is #22 at $4.09 billion.

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Cryptocurrency Litecoin Decreases More Than 3% Within 24 hours - Benzinga

U.S. crypto firm Nomad has been hit by a $190 million theft, blockchain researchers said on Tuesday, the latest such heist to hit the digital asset sector this year. Nomad said in a tweet that it was aware of the incident and was currently investigating, without giving further details or the value of the theft.

Crypto analytics firm PeckShield told Reuters $190 million worth of users cryptocurrencies were stolen, including ether and the stablecoin USDC. Other blockchain researchers put the figure at over $150 million. San Francisco-based Nomad did not immediately respond to a request for comment.

The company, which last week raised $22 million from investors including major U.S. exchange Coinbase Global, makes software that connects different blockchains the digital ledgers that underpin most cryptocurrencies.

The heist targeted Nomads bridge a tool which allows users to transfer tokens between blockchains.

Blockchain bridges have increasingly become the target of thefts, which have long plagued the crypto sector. Over $1 billion has been stolen from bridges so far in 2022, according to London-based blockchain analytics firm Elliptic.

In June, U.S. crypto firm Harmony said that thieves stole around $100 million worth of tokens from its Horizon bridge product.

In March, hackers stole around $615 million worth of cryptocurrency from Ronin Bridge, used to transfer crypto in and out of the game Axie Infinity. The United States linked North Korean hackers to the theft.

Nomad described itself as security-first business which would keep users funds safe.

PeckShield said that a small proportion of the coins were moved to a so-called mixer, which masks the trail of crypto transactions, while around $95 million was held in three other wallets.

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US cryptocurrency firm Nomad hit by $190 million theft - The Financial Express

Chainlink's LINK/USD price has decreased 5.55% over the past 24 hours to $7.16. This is contrary to the coins performance over the past week where it has experienced an up-trend of 14.0%, moving from $6.24 to its current price.

The chart below compares the price movement and volatility for Chainlink over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 28.0% over the past week while the overall circulating supply of the coin has increased 0.24% to over 467.10 million which makes up an estimated 46.71% of its max supply, which is 1.00 billion. The current market cap ranking for LINK is #26 at $3.35 billion.

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Cryptocurrency Chainlink Down More Than 5% Within 24 hours - Benzinga

Two years ago, cryptocurrency was all the rage, as companies quickly jumped into digital currency, and celebrities from rapper Jim Jones to actress Reese Witherspoon touted the financial technology and their currencies.

Since then, things have changed. From May until now, more than $700 billion has been lost as the value of cryptocurrency has fallen. Making matters worse those losses have been disproportionately felt by Black investors.

Black Americans embraced cryptocurrency as a way to work around the U.S. banking system and its regulations, which have discriminated against and marginalized them for generations. However, a lack of oversight has allowed many users to be taken advantage of.

But as MSNBC reports, things didnt have to be this way. Since cryptocurrency became mainstream, there have been opportunities to have meaningful conversations about the future of digital currencies. However, celebrities and those in the entertainment industry quieted those voices to push their products.

Now that cryptocurrency has fallen to the bottom, this is the time for those meaningful conversations. Digital currency is not going away and the technology used to keep track of transactions, known as blockchain, is designed to work best in the Metaverse, which is still largely in development.

True financial literacy and learning the ins and outs of cryptocurrency as both creators and consumers are paramount to avoiding another billion-dollar loss. Teaching those interested in financial technology will not only protect users, but it can create opportunities for experts to make money from sharing financial technology and how to avoid becoming victims of another crash.

Digital currencies, like cryptocurrency and NFTs, are the foundation of the economy of the future, but if we dont learn the basics and how to use them effectively, it will have the same effect as payday loans and other credit rip-offs taking advantage of those in the most need.

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Celebrities and Banking Industry Pushed Cryptocurrency Market To Its Collapse, Now is the Time to Truly Learn - Black Enterprise

Most of the coins faced a correction period on the last day of the week.

Despite the slight decline, the rate of Bitcoin (BTC) has risen by 5.19% over the last 7 days.

BTC/USD chart by TradingView

On the weekly chart, Bitcoin (BTC) looks bullish as the rate stays above the $23,000 mark. If bulls can hold the initiative, one can expect a continued rise to the $25,000 zone on the first days of the upcoming month.

Such a scenario is relevant until mid-August. Bitcoin is trading at $23,710 at press time.

Ethereum (ETH) has gained even more than Bitcoin (BTC) as the rate has grown by almost 8%.

ETH/USD chart by TradingView

Ethereum (ETH) has continued the rise after the false breakout of the mirror level at $1,476. In this case, the more likely scenario is a test of the $1,900-$2,000 area within the next days. Ethereum is trading at $1,711 at press time.

XRP is showing the same growth as Ethereum (ETH), rising by 8%.

XRP/USD chart by TradingView

XRP is trading near its resistance level at $0.3893 on the weekly chart. If the candle closes above this mark, there is a high possibility to see a sharp upward move to the $0.40 zone soon.

XRP is trading at $0.3895 at press time.

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Can the cryptocurrency market remain bullish on the first days of August? - FXStreet

Over the past 24 hours, Flow's FLOW/USD price has fallen 3.95% to $1.9. This is opposite to its positive trend over the past week where it has experienced a 23.0% gain, moving from $1.57 to its current price.

The chart below compares the price movement and volatility for Flow over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Flow's trading volume has climbed 194.0% over the past week along with the circulating supply of the coin, which has increased 0.23%. This brings the circulating supply to 1.04 billion. According to our data, the current market cap ranking for FLOW is #37 at $1.97 billion.

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Cryptocurrency Flow Decreases More Than 3% Within 24 hours - Benzinga

The Central Bank of Uruguay has issued a summons to Binance, one of the biggest exchanges in the world, due to the series of crypto-based savings products they are offering in the country. These savings products, according to the bank, can only be made through verified banking institutions or by companies that issue equity in the national stock market. Uruguay still has no cryptocurrency-specific regulation.

Cryptocurrency savings products are in the spotlight of several regulators of countries all over the world. The Central Bank of Uruguay has these in its sights, and it has recently issued a summons to Binance due to its product portfolio in the country. According to the institution, Binance is offering these as savings-focused alternatives, without any kind of registration or authorization from regulators.

The institution clarified that:

The call to the general public for the application of their savings can only be done through financial intermediation institutions authorized to collect deposits in the market or as an issuer registered in the stock market registry.

Furthermore, the Central Bank of Uruguay called Binance to stop advertising these investment products as a savings-focused activity.

The cryptocurrency exchange took no time in answering this communication, and according to Bloomberg Linea, is already having conversations about the issue with the Central Bank of Uruguay. The company has the possibility of issuing a defense and explaining its point of view regarding the investment products.

Binance Uruguay stated that they are focused on compliance issues, appreciating regulation as the only way in which this industry can expand and reach a mainstream audience. Binance also declared:

Binance reinforces that it is leading the way globally in the development of the crypto and blockchain ecosystem, working collaboratively with regulators, legislators, governments, and law enforcement authorities to ensure the most secure environment.

This incident might start a debate about cryptocurrency assets, that has been separated from the issue due to the relative lack of popularity of crypto in the country when compared to others in Latam, like Venezuela, Argentina, and Colombia. In fact, there is still no cryptocurrency-specific law in Uruguay. Last year, the Central Bank of Uruguay issued a roadmap announcing crypto-related activities with the objective of getting a cryptocurrency bill passed in the future.

What do you think about Binance and its savings-focused product portfolio in Uruguay? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Central Bank of Uruguay Issues Summons to Binance Due to Its Savings Focused Cryptocurrency Products Regulation Bitcoin News - Bitcoin News

Cronos's CRO/USD price has increased 7.28% over the past 24 hours to $0.15. Over the past week, CRO has experienced an uptick of over 29.0%, moving from $0.12 to its current price. As it stands right now, the coin's all-time high is $0.97.

The chart below compares the price movement and volatility for Cronos over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 845.0% over the past week while the overall circulating supply of the coin has increased 0.38% to over 25.26 billion. The current market cap ranking for CRO is #24 at $3.76 billion.

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Cryptocurrency Cronos Up More Than 7% In 24 hours - Benzinga

Cardano's ADA/USD price has decreased 3.61% over the past 24 hours to $0.51. This is contrary to the coins performance over the past week where it has experienced an up-trend of 4.0%, moving from $0.49 to its current price.

The chart below compares the price movement and volatility for Cardano over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 3.0% over the past week while the overall circulating supply of the coin has increased 0.21% to over 33.82 billion which makes up an estimated 75.16% of its max supply, which is 45.00 billion. The current market cap ranking for ADA is #8 at $17.20 billion.

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Cryptocurrency Cardano Down More Than 3% Within 24 hours - Benzinga