Central Banks Show ‘a Lot More Pessimism’ About US Dollar, Survey Shows

The latest gold reserves survey by the World Gold Council shows that central banks are less optimistic about the future role of the U.S. dollar while their confidence in gold has risen. “There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold,” said the council’s director of Central Banks and Public Policy.

Central Banks’ Confidence in US Dollar Drops

The World Gold Council (WGC) published the results of its 2023 Central Bank Gold Reserves Survey Tuesday.

“Following a historical high level of central bank gold buying, gold continues to be viewed favorably by central banks,” the gold industry body described, adding that 24% of central banks surveyed intend to increase their gold reserves holdings in the next 12 months. Last year, central banks bought a record 1,136 tons of gold. In contrast, the council noted:

Central banks’ views towards the future role of the U.S. dollar were more pessimistic than in previous surveys.

According to the survey findings, “46% of advanced economy respondents believe the U.S. dollar’s share of global reserves will fall” while 58% of respondents from emerging markets and developing economies (EMDE) expect it to do so, the council detailed.

Emerging-market central banks attributed their views to “shifts in global economic power” and gold being seen as a means of geopolitical diversification. On the other hand, developed economies cited environmental, social, and governance factors as the rationale behind their perspectives.

Central Banks’ Optimism in Gold Rises

The World Gold Council described that central banks’ “views towards gold’s future role grew more optimistic, with 62% saying that gold will have a greater share of total reserves compared to 46% last year.”

The WGC noted: “A majority of central banks expect a slight increase in the proportion of total reserves being denominated in gold over the next five years, with developing economies primarily driving this view.” The industry body added: “7 in 10 central banks surveyed believe that gold reserves will increase in the next 12 months. This is a 10-point increase from last year.”

Shaokai Fan, director for Central Banks and Public Policy at the World Gold Council, explained: “There’s been a major shift in how central banks perceive the dollar and the role of gold … Central banks move at a slow pace and last year’s events were a shock to everybody.” Noting that the optimism was not towards the Chinese yuan or the euro but toward gold, he stressed:

There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold.

Central banks cited concerns over rising interest rates from key central banks like the Federal Reserve, geopolitical tensions from the Russia-Ukrainian war, and elevated inflation rates as the key drivers for their gold purchases last year. While the primary motivation for holding gold remained interest rate concerns this year, central banks are also worried about the stability of the U.S. banking sector, inflation, and possible future pandemics.

What do you think about central banks showing less confidence in the U.S. dollar? Let us know in the comments section below.

via Kevin Helms

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Bitcoin Mining Difficulty Surpasses 50 Trillion for the First Time, Reaching a Record 51.23 Trillion

On Wednesday, Bitcoin reached a new milestone as its mining difficulty increased by 3.4% at block height 792,288, setting a fresh record. The difficulty level surpassed the 50 trillion mark for the first time in Bitcoin’s history, hitting an unparalleled 51.23 trillion.

Bitcoin Mining Difficulty Jumps 3.4% Higher

Data reveals that around 373 exahash per second (EH/s) of hashrate is committed to the Bitcoin blockchain, and the network’s hashpower has been consistently growing. For instance, on May 2, 2023, at block 787,895, the network’s hashrate reached an all-time high of 491.15 EH/s. Due to this escalated hashrate and quicker block intervals, the difficulty rose by 3.22% on May 18 at block height 790,272.

The most recent difficulty adjustment transpired at block height 792,288 with a 3.4% increase. The difficulty climbed from 49.55 trillion to the present 51.23 trillion after Wednesday’s surge. This is the first time Bitcoin has registered a difficulty above the 50 trillion mark; the figure of 51.23 trillion represents the lowest value a computed hash must be below for a miner to successfully mine a new block.

This change signifies that discovering a BTC block has never been more challenging; due to increased difficulties in mining, it now necessitates heightened computational power and resources to find a valid hash and secure mining rewards. Currently, Foundry USA is the leading mining pool contributing the most hashrate to the network with 114.75 EH/s and commanding 30.26% of the total hashrate on May 31.

Following Foundry’s lead include the mining pools Antpool (79.75 EH/s), F2pool (55.34 EH/s), Binance Pool (34.99 EH/s), and Viabtc (29.30 EH/s). The network recorded an average hashrate of roughly 366 EH/s throughout the last 2,016 blocks. The next difficulty adjustment on the Bitcoin network is slated to take place around June 14, 2023. Despite the rising mining difficulty, bitcoin miners carry on undeterred, and the overall network hashrate continues to remain constant, indicating an unwavering trend of activity.

What are your thoughts about the difficulty hitting an all-time high of 51.23 trillion on Wednesday? Share your views and opinions on this topic in the comments section below.

via Jamie Redman

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Bybit Follows Binance’s Footsteps, Exits Canadian Market Amid Regulatory Concerns

In the wake of Binance’s departure from Canada, cryptocurrency exchange Bybit has announced its exit from the nation as well, citing “recent regulatory development” as the reason. Effective May 31, Bybit stated that it would cease accepting applications from Canadian residents.

Bybit to Pause Operations in Canada

According to a Tuesday announcement, Bybit is withdrawing from Canada and has suspended new registrations from Canadian residents as of Wednesday. Starting July 31, Canadians will be unable to deposit funds; however, they can still withdraw and reduce their trading positions for the time being.

“Canadian Customers who are implicated by these measures should take steps by September 30, 2023, 8AM UTC to wind down and manage their positions,” Bybit said. “Failing which, open positions in any margin products and derivative contracts—will be liquidated and the liquidated funds will be available for withdrawal.”

While Bybit explained it has always prioritized compliance, it acknowledged that current regulations in Canada have created challenges. “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services,” the exchange explained, without specifying which particular regulations led to this decision.

Following Binance’s exit from Canada due to similar concerns, Bybit has chosen not to mention the possibility of returning to the Canadian market if regulations change. Although a “pause” suggests the possibility. Meanwhile, the exchange is expanding its reach by recently receiving in-principle approval to operate in Kazakhstan.

Are stricter regulations driving cryptocurrency exchanges away from Canada? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Crypto Exchange Binance to Remove Privacy Coins From 4 European Markets

Multiple reports have revealed that Binance, the crypto exchange with the highest trade volume, has announced the removal of 12 privacy-focused cryptocurrencies from its markets in Spain, France, Poland, and Italy. Commencing on June 26, 2023, users residing in these four countries will no longer have the option to purchase or trade these privacy coins on Binance’s trading platform.

Binance to Delist 12 Privacy Coins in Spain, France, Poland and Italy

Binance has recently informed its customers in France, Spain, Italy, and Poland via email that it intends to remove 12 distinct privacy coins from these markets. Among the privacy coins set to be delisted are dash (DASH), verge (XVG), beam (BEAM), monero (XMR), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB).

“Due to local regulatory requirements, Binance is no longer able to offer privacy-enhanced cryptocurrencies in France,” an email to French customers details. “Starting from June 26, 2023, users residing in France will no longer be able to buy or sell the [specific] privacy coins on our platform,” the notice adds.

On Wednesday, the leading privacy coins experienced a 3.2% decline in value against the U.S. dollar. The combined market capitalization of all existing privacy coins currently sits at approximately $5.73 billion, with monero (XMR) taking the lead. XMR has experienced a 2.4% loss today, while the second-largest privacy coin by market capitalization, DASH, has seen a drop of 3.5%. However, despite these losses, the top five privacy coins, based on market capitalization, are displaying positive performance according to seven-day statistics.

Privacy coins have encountered delistings due to regulatory concerns on multiple occasions in the past. In 2021, prominent cryptocurrency exchanges in South Korea made the decision to remove several of the top privacy coins from their platforms. This trend was also witnessed in Japan back in 2018, and it gradually spread across various Asian countries in 2019. The recent news of Binance’s delisting of privacy tokens comes in the wake of its withdrawal from the Canadian market and its challenges with a domestic payment provider in Australian markets.

What are your thoughts on Binance’s decision to delist privacy coins in Spain, France, Poland, and Italy? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: SHIB Nears 6-Month Low, Whilst LTC Drops by 4% on Wednesday

Shiba inu moved closer to a six-month low on Wednesday, as sentiment in cryptocurrency markets shifted bearish. Litecoin was another notable token to fall, slipping by over 4% today. The global market cap is currently down by over 2% at the time of writing.

Shiba Inu (SHIB)

Shiba inu (SHIB) fell below a key support point earlier in today’s session, moving closer to a six-month low as a result.

Following a high of $0.000008784 on Tuesday, SHIB/USD dropped to a intraday low of $0.000008398 earlier in the day.

This drop resulted in the meme coin falling below a key support point of $0.000008500, approaching its lowest point since January 8.

From the chart, it appears that the latest decline comes as the 14-day relative strength index (RSI) moved towards a floor at 32.00.

At the time of writing, the index is tracking at 33.76, following a failed breakout of a ceiling at 44.00.

Should price strength fall to the aforementioned support point, there is a good chance SHIB will hit a new six-month low.

Litecoin (LTC)

Litecoin (LTC) was another notable mover on Wednesday, as prices plunged by as much as 4%.

LTC/USD dropped to a low of $88.35 earlier in the day, which comes less than 24 hours after hitting a high at $92.59.

It appears that this latest decline comes following a failed breakout attempt of a ceiling at the $93.50 mark in recent days.

In addition to this point of resistance, the RSI ran into a hurdle of its own at the 57.00 mark.

As of writing, the index is tracking at 50.35, which is marginally above a recent support at the 50.00 level.

LTC has somewhat rebounded from earlier lows and at the time of writing, is trading at $89.08.

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Will litecoin move back above $90.00 this week? Let us know your thoughts in the comments.

via Eliman Dambell

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Junkineering Launches a Closed Demo in Q3 2023: New Approach Vision for the Web3 Gaming Industry

What is wrong with the current P2E market

Since most P2E projects do not create long-playing products, the Free-to-Play model of the past decade is breaking down, threatening to disrupt a $100B+ industry. The main lessons learned before 2023 are:

• NFTs were misused for trading and farming, not for gaming,
• Pay-to-play model anyway to engage in a full-featured game,
• Low quality graphics and lack of unique generated content,
• Farming and breeding decrease economy in a long run,
• Complex onboarding of Web2 gamers.

Here’s where Junkineering comes into play, with the goal to improve the model, align incentives between developers and players in a virtuous cycle, as well as deliver a quality product, engaging and Fun-to-Play. The approach they offer is as follows:

• Game design based on the NFT Utility,
• Fair free-to-play and Digital Ownership,
• User Generated Content,
• No breeding, no farming mechanics,
• Familiar experience for Web2 audience.

What is Junkineering

Junkineering is a Free-to-Play MMO RPG game with an NFT-oriented economy and a squad strategic gameplay. The game is being developed by Coleplay Studio, whose main focus is to deliver a high-quality gaming experience by uniting strong aspects of Web2 and Web3 worlds.

Concept and Mission

The Junkineering team decided on using MMO RPG and PermaDeath Mechanics for 5 primary reasons:

1. They want to target the biggest audience segment in both mobile and web games.
2. F2P and clear steps allow for simple user onboarding across all platforms.
3. User retention in this game genre is higher than in other genres.
4. Possibility to implement NFT in-game assets to extend gamers’ experience.
5. Players can generate the content playground themselves.

By creating Junkineering, the team of top-notch experts in gaming technologies set out to take a totally different approach to the in-game economy. Instead of implementing infamous farming mechanics and token-based economy models that inevitably ruin demand along with the coin price, they offer revenue from in-game purchases mixed with the NFT-economy, awarding players in stable coins and NFTs.

This approach keeps players engaged and attracts both Web2 and Web3 audiences, as well as contributes to maintenance of the well-balanced in-game economy.

Junkineering World

Along with lands opening for gamers chapter by chapter and allowing players to take part in battles, Junkineering offers several specific areas. Each area serves its own purpose. Here’s a brief overview of the Junkineering world:

Workshop Hub. In Junkineering all roads lead to the HUB. This is the base used for repairing, crafting, upgrading and minting the army of robots with their equipment.

Bot Construction. Bot Construction platform allows players to view and manage all constructed robots, selecting the best team. Here players can access their collection of robots, decide what kind of robot they need for the team and build it accordingly, as well as receive daily assets or buy them on the marketplace.

Global Map. In a 100+ hours PVE campaign you can progress, travelling between lands and winning story battles against NPCs. Junkineering offers the following lands: Scamy Yard, Startupers Hood, Dexwallet Street, Acics and Gund Base, Miningtlantida, Launchpad “To the moon”, each with its own mission, story and bosses.

What makes Junkineering stand out from the crowd

The game is created in a way to show players quality in each and every aspect. AAA-quality graphics along with a powerful combination of Web2 and Web3 provide users a completely new gaming experience. Here are some key features the team implemented:

• Free-to-Play and Captivating: Junkineering does not require any investments from its users. Instead, gamers daily get a free and random Box with gaming assets and immediately start their journey in the crypto apocalyptic reality. The spirit of crypto risks is imbued with captivating narratives, and fascinating game mechanics.
• PermaDeath Mechanic: The game design is tailored to increase player’s excitement and NFT value. One of such mechanics is PermaDeath, where losing a fight means losing non-NTF equipment forever.
• Bridging Web2 + Web3: The game unites the two worlds and thus delivers more opportunities for players from both Web2 and Web3 worlds.
• Top-notch Team: Every team member possesses extensive knowledge about gaming and Web3 technologies and has an experience of working in Tier-1 companies, such as Plarium, Playrix, GSC Game World, and Supermassive.
• Compelling Marketing: Junkineering marketing team has already proved to have a long-standing success both in crypto and gaming spaces delivering marketing for AAA-games.
• Stable NFT-oriented Economy: Well-balanced and sustainable in-game economy allows for combating inflation and instability of the NFT market.
• NFTs Perks: First, Junkineering gives users full access to all MVP game mechanics without the obligation to have NFTs purchased and stored. However, those who have NFTs can be part of the Play-and-Earn ecosystem and preserve their items even after losing a battle.

Second, the NFT assets have strong utility within the game ecosystem due to the complex way they are acquired. Apart from getting access to NFT leagues, battles and awards, players can trade each and every NFT item on the in-game NFT marketplace.

Third, Junkineering limited the amount of NFTs to be minted in each collection. Thus, they create a demand for new collections and control the number of the existing ones.

• Immersive Storytelling: The Junkineering team has developed an intriguing storyline, so that gamers can engage in a riveting PvE plot-based campaign.

• AAA-quality Bold Visuals: Each detail of the in-game assets, characters, weapons, etc. is carefully thought through and drawn by hand.
• User-generated Content: The community will be able to create their own NFT collections and equipment. Gamers can create robots from any part they can find on Earth, in space, in the ocean or their mind.
• Impeccable Web-site and Unmatched Trailer: It’s strongly recommended to not miss the bright and HQ official Junkineering trailer, and the subscribe button on junkineering.com
• Fun2Play: Junkineering is ACTUALLY fun to play. “We deliver fun gaming first!” states the team. They challenge the existing market of P2E games by developing an engaging and captivating storyline and game design.

When gamers can go wild playing Junkineering

While some essential achievements, like Game and Art Concepts, In-game Economy, Whitepaper and World Narrative, have been designed and implemented in Q1 2023, the biggest one is yet to come. Q3 will present the Junkineering community with a Demo version of the Free-to-Play MMO RPG game.

The Junkineering Demo version will be deployed in the form of an MVP with basic mechanics. The product will allow players to explore the following functions:

• fighting NPCs and bosses on the first PVE arena with a carefully planned strategy to utilise the best combination of the chosen robot’s stats and status,
• going through the first battle arenas, while exercising the power of well-designed robots,
• construct robots and their equipment for successes in the battlefields,
• and so much more.

To become an early tester and be the first to try the Junkineering Closed Demo, submit the form: https://forms.gle/ZAMnH2bFjgF49UcSA.

The project is now at the stage of fundraising and looking for inventors who will share their approach in creating a Web3 Gaming Product. With Coleplay Studio planning to launch a Private Pre-Seed Round in early Q3.

Everyone is welcome to have a deeper look into an alternative gaming reality and contribute to the Web3 enhancement.

Check out Junkineering platforms to stay tuned:

Website — junkineering.io

GitBook — docs.junkineering.io

YouTube — youtube.com/@junkineering_io

Instagram — instagram.com/junkineering.nft

Twitter — twitter.com/JunkineeringNFT

 

 

 

 

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US Government Presses for Independent Examiner in FTX Bankruptcy Case

Following the U.S. bankruptcy court judge’s rejection of the U.S. Trustee’s plea to designate an impartial investigator for the FTX bankruptcy case, the government is now appealing this verdict. In essence, the U.S. Trustee’s appeal has been forwarded to the U.S. Third Circuit Court of Appeals, and chief judge Colm F. Connolly acknowledged that he is compelled to comply with the Trustee’s request.

U.S. Trustee Drives for Independent Examiner in FTX Bankruptcy Proceedings With Third Circuit Appeals Motion

The U.S. government, particularly the Department of Justice-appointed U.S. Trustee designated to the FTX bankruptcy case wants an independent examiner assigned to the proceedings. Last December, an attorney for the U.S. Trustee submitted a written letter to the court insisting that an impartial examiner is needed. Additionally, a small group of bipartisan U.S. senators have also stressed that an independent investigator should be assigned to the FTX case.

The U.S. senators who wrote the letter asking for an inquiry included Cynthia Lummis (R-WY), Thom Tillis (R-NC), Elizabeth Warren (D-MA), and John Hickenlooper (D-CO). However, the team managing FTX has estimated a separate examiner could cost the estate roughly $100 million in expenses. Then during the first week of February 2023, judge John Dorsey delayed his decision to appoint an examiner, and a week later he denied the U.S. Trustee’s request.

In the court filing registered on May 30, chief judge Connolly said “I have no choice but to grant the Trustee’s motion” after appellant Andrew Vara filed the motion. “No one contests that the Trustee requested an examiner here or that the debtor’s fixed, liquidated, unsecured debts, other than debts for goods, services, or taxes, or owing to an insider, exceed $5 million,” the judge stated.

Judge Connolly added:

The only issue is whether, given those facts, the bankruptcy court could lawfully reject the Trustee’s request for the appointment of an examiner.

Judge Connolly further decided that the court will issue an order in accordance with this memorandum opinion. He also stated that the evaluation of the appeal’s merits will be suspended until the Third Circuit delivers a ruling. It’s been approximately 200 days since Sam Bankman-Fried’s FTX filed for Chapter 11 bankruptcy protection in November 2022.

What are your thoughts on the U.S. government’s relentless pursuit of an independent examiner in the FTX Bankruptcy Case? Share your opinions and insights in the comments section below.

via Jamie Redman

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Critical Vulnerability in Tron’s Multisig Mechanism Exposed $500M in Digital Assets: Report

According to a report published by the cybersecurity research team known as 0d, a division of Dwallet Labs, researchers discovered a critical vulnerability in the Tron network’s native multi-sig mechanism. The cybersecurity experts explained that the vulnerability could have impacted more than $500 million worth of digital assets held in Tron multi-sig accounts. 0d specified that Tron’s development team addressed the problem by creating a patch for the bug.

Cybersecurity Researchers Summarize Bug Found Tied to Tron’s Multisig Mechanism, Tron Devs Patch the Vulnerability

On May 30, 2023, the research team 0d from Dwallet Labs published a report that uncovers a vulnerability in Tron’s native multisig scheme. The vulnerability enables any signer of a multi-sig account to bypass the network’s security measures, irrespective of the designated threshold and number of signers. “This vulnerability impacts over $500M in digital assets that are held in Tron multi-sig accounts,” 0d reported on Tuesday.

The researchers further stated that Tron’s developers were notified about the bug on February 19, 2023, and the programmers created a patch to address the problem. 0d said that the majority of Tron’s validators have already implemented the patch to prevent any potential exploitation of the vulnerability. “We have received a bounty reward for a high severity vulnerability via the Tron bounty program,” the cybersecurity research team disclosed.

0d explained that the vulnerability originated from the verification process of multisig transactions within the Tron network. The network depends on the uniqueness of signatures for identical messages from an individual. However, because of the deterministic nature of the signature generation process outlined in RFC 6979, an untrustworthy signer can utilize various nonces (random numbers) to generate multiple valid signatures for the same message while employing the same private key.

The revelation of the Tron multi-sig mechanism bug coincides with the discovery of a privacy vulnerability in the Monero blockchain. The bug is said to have existed on the Monero network for three years and has since been addressed. While discussing the Tron multi-sig problem, 0d researcher Omer Sadika explained that with the deployment of the fix, $500 million is now “secured.”

What are your thoughts on the recent vulnerability discovered in Tron’s multi-sig mechanism? Share your insights and opinions in the comments section below.

via Jamie Redman

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Tether Expands: Stablecoin Issuer Announces Sustainable Bitcoin Mining Project in Uruguay

After announcing its plan to invest 15% of profits into bitcoin, the company Tether Limited has taken another step toward its crypto goals. Tether, the stablecoin issuer, has revealed its latest venture: “sustainable bitcoin mining operations in Uruguay.” Tether has partnered with a licensed local company to make this happen, as it believes Uruguay is the ideal location for bitcoin mining production.

Tether’s Bitcoin Mining Operations Take Root in Uruguay

Tether, the issuer of the largest stablecoin in terms of market capitalization, said it is gearing up to invest in energy production resources and establish sustainable bitcoin (BTC) mining operations in Uruguay. Paolo Ardoino, the CTO of Tether, elaborated on their vision, expressing that the team behind energy production and bitcoin mining is actively seeking talented individuals to join their venture. In a recent blog post, Tether revealed that it has partnered with a local company in Uruguay to kickstart these operations.

“As part of this new venture, Tether is investing in renewable energy sources to support and promote sustainable bitcoin mining—an essential component in upholding the world’s most robust and secure monetary network,” Tether stated on Tuesday. “To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector.”

Tether’s decision to embark on bitcoin mining operations in Uruguay comes on the heels of its recent declaration to allocate 15% of its profits to bitcoin (BTC). Tether’s stablecoin, tether (USDT), is also inching closer to surpassing its previous all-time high in market valuation as the asset is just a few hundred million away from this milestone, currently. Regarding its new undertaking, Tether emphasizes that the majority, or 94%, of Uruguay’s energy production, is derived from renewable sources.

“By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible bitcoin mining,” Ardoino said in a statement during the announcement. “Our unwavering commitment to renewable energy ensures that every bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network.”

What are your thoughts on Tether’s approach to combining renewable energy and bitcoin mining in Uruguay? Share your insights and opinions in the comments section below.

via Jamie Redman

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Binance Australia Users Selling Bitcoin at Discount Ahead of AUD Withdrawals Halt

Customers of Binance Australia were trading bitcoin and other cryptocurrencies at lower prices than those on other platforms on Tuesday. The discount is apparently due to a popular Australian payment service preparing to cut off the crypto exchange from withdrawals in local currency.

Bitcoin Trading at Lower Rates on Binance Australia

Australians traded bitcoin (BTC) and other cryptocurrencies at discount on Binance Australia compared to other exchanges operating in the country on Tuesday. The price difference has been attributed to a popular domestic payment provider’s decision to quit processing withdrawals in Australian dollars (AUD) for its users.

Starting from June 1, customers of Binance’s Australian platform will not be able to withdraw amounts in the national fiat to their bank accounts through the Payid service. The exchange’s announcement came after earlier this month it informed traders that they will not be able to deposit or withdraw AUD through another Australian payment gateway, Cuscal.

As a result, BTC was selling below 35,000 AUD (less than $23,000) after noon, Singapore time, on May 30, Bloomberg reported, citing data from Cryptocompare. That’s approximately 7,500 AUD lower than the average registered on other exchanges such as Independent Reserve and Coinjar.

The price of bitcoin, the crypto with the largest market cap, was at around 34,000 Australian dollars on Binance Australia compared with 43,000 AUD on the Australia-based cryptocurrency exchange BTC Markets, Reuters also noted.

Binance Suggests Stablecoin Option to Aussie Traders

On Tuesday, a spokesperson for Binance Australia said that AUD balances could be converted into tether (USDT), the U.S. dollar-pegged stablecoin, in order to “facilitate withdrawals and trading activities” after June 1. The representative also emphasized:

We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.

The latest negative development for Binance’s Australian arm comes amid increased regulatory scrutiny on the activities of the world’s largest digital asset exchange by daily trading volume, including probes in the U.S. into its compliance with anti-money laundering rules and alleged Russia sanctions violations.

In April, the Australian Securities and Investments Commission (ASIC) canceled the license issued to Binance for its derivatives business in the country. The regulator has been reviewing the crypto company’s operations in Australia.

Do you think Binance Australia will find other payment service providers to process AUD deposits and withdrawals? Tell us in the comments section below.

via Lubomir Tassev

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Biggest Movers: XRP Hits 6-Week High, SOL Collides With Key Resistance Level

XRP rallied to a six-week high in today’s session, as the token extended a recent bull run to a sixth day. Prices have risen by as much as 10% in that period, with the latest surge sending the cryptocurrency above $0.50. Solana was also higher, hitting a multi-week high of its own.

XRP

XRP, formerly known as ripple, was one of the biggest movers in cryptocurrency markets on Tuesday, as it rose above $0.50.

XRP/USD raced to a peak of $0.5049 earlier in today’s session, after starting the week trading at a low of $0.4779.

As a result of this surge, the token moved to its strongest point since April 19, when it hit a high of $0.5390.

Today’s rally has also led to the 14-day relative strength index (RSI) hitting its highest reading since March 31.

At the time of writing, the index is tracking at 67.55, which is marginally below a ceiling of 68.00.

In the event this upcoming ceiling is broken, there is a reasonable chance that XRP moves closer to March’s high.

Solana (SOL)

Solana (SOL) was also in the green, as it moved close to a key resistance level of $21.50.

After trading at a low of $20.30 during Monday’s session, SOL/USD bulls took the token to a high of $21.37 today.

This surge saw SOL hit its highest level since May 8, when the token was trading above $21.80.

Following recent gains, solana is now trading 7% higher than at the same point last week, with today’s rally sending the RSI to a ceiling at 55.00.

As of writing, the index is hovering marginally below this point, which has resulted in a drop from today’s peak.

Bulls will firstly need to overcome the ceiling at 55.00, and should they achieve this, SOL will likely move above $22.00.

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Do you expect a breakout in the coming days? Let us know your thoughts in the comments.

via Eliman Dambell

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South Africa’s Perceived Pro-Russia Stance May Result in Secondary Sanctions Which Threaten Financial Stability — Central Bank

The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses “a future threat to the participation of South African financial institutions in the global financial system.”

Central Bank Tasked With ‘Protecting and Enhancing Financial Stability’

The South African Reserve Bank (SARB) has said the country’s “non-aligned stance” on the war between Ukraine and Russia could “pose a future threat to the participation of South African financial institutions in the global financial system.” According to the central bank, the possibility of secondary sanctions being imposed on South Africa over its alleged pro-Russia stance further threatens financial stability.

In its recently released Financial Stability Review (FSR) report, the SARB noted that U.S. Ambassador Reuben Brigety’s weapons to Russia claims had contributed to the South African rand’s rapid decline on May 12. As reported by Bitcoin.com News, the rand’s exchange rate versus the greenback fell to a new low of 19.51 rands per dollar. The decline has continued and this culminated in the rand setting a new all-time low of 19.76 per dollar on May 25.

While several South African politicians and government officials have blasted Brigety and accused the United States of bullying, the SARB appeared to strike a more conciliatory tone in the first edition of this year’s FSR report. Explaining the central bank’s mandate, the report noted that while the central bank is tasked with “protecting and enhancing financial stability,” it should nonetheless “refrain from taking actions that would harm financial stability.”

Although the report does not directly identify support for Russia in its ongoing war with Ukraine as a step that threatens financial stability, it does however point to the warning issued to South Africa by U.S. Treasury Secretary Janet Yellen when she visited the country in Jan. 2023. According to the FSR report, Yellen not only implored the South African government and local businesses to comply with its Russia sanctions policy but threatened penalties against violators of this policy.

FATF Grey-Listing

Meanwhile, the SARB added that the recent grey-listing of South Africa by the Financial Action Taskforce only makes the threat to financial stability even greater.

“The events reported in the media and recent remarks by the U.S. Ambassador to South Africa could change perceptions about South Africa’s neutrality, which could build up to a point where it triggers secondary sanctions being imposed on South Africa. Considered along with the recent Financial Action Task Force (FATF) greylisting, the potential implications for the South African economy are severe, and the considerations from a financial stability perspective pertinent,” the SARB warned.

In the event that no secondary sanctions are imposed, South African financial institutions’ foreign counterparts may still react to the recent events by intensifying the scrutiny of local banks, the report warned. They may also respond by reducing “their exposure to South Africa as part of their own risk management processes.”

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What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Huobi HK Offers Spot Trading and Custodial Solutions in Hong Kong Following Licensing Regime Implementation

On May 29, Huobi HK announced its expansion of services after Hong Kong implemented its new crypto exchange license system. The platform now provides spot and custodial services to both retail and institutional customers in Hong Kong. Huobi’s update comes shortly after Huobi Global faced regulatory hurdles in Malaysia, where authorities prohibited the operation of its crypto trading platform without a proper permit.

Huobi HK Launches Spot Trading and Managed Services in Hong Kong

Huobi Global’s Hong Kong trading arm Huobi HK has announced it is offering spot trading services and custodial solutions to retail and professional traders. Hong Kong’s new licensing regime was launched in May with help from Hong Kong’s Securities and Futures Commission (SFC) CEO Julia Leung.

Leung said at the end of April that the effort could make Hong Kong “more attractive [and] more competitive” for “international and Mainland capital.” Crypto trading platforms will be regulated by the regulator’s Fintech Task Force. The SFC is working with international regulators from other regions to “set baseline standards to regulate centralised virtual asset exchanges for adoption in major markets.”

Following the codification of the new licensing regime, Huobi HK announced it would be offering services to retail and institutional traders. “Huobi HK is now offering spot and managed services to professional and retail customers,” the firm tweeted on Monday. “As a pioneer of a virtual asset trading platform in Hong Kong, Huobi HK has officially submitted an application notice to the Hong Kong Securities Regulatory Commission on May 29, and we look forward to obtaining a virtual asset exchange license.”

The company added that Huobi HK will collaborate with independent auditors over the next six months to focus on the platform’s security, anti-money laundering, and compliance operations in order to meet the SFC’s and licensing regime’s requirements. Huobi HK’s entry into Hong Kong follows Huobi Global (the subsidiary’s parent company) getting reprimanded by the Malaysian securities regulator. Malaysia’s authorities have told the exchange to stop soliciting Malaysian residents and to halt operations in the Southeast Asian country.

What are your thoughts on Huobi HK’s expansion into Hong Kong’s crypto market amidst the implementation of the new licensing regime? Share your opinions and insights in the comments section below.

via Jamie Redman

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US Bitcoin Corp to Operate Restructured Mining Division of Celsius, Boosting Hashrate by 12.2 EH/s

Bitcoin mining company U.S. Bitcoin Corp (USBTC) has announced its intention to employ the mining assets of Celsius, the defunct crypto lender. The development follows the acquisition of application-specific integrated circuit (ASIC) machines from the bankrupt company by the Fahrenheit coalition, of which USBTC is a member. USBTC said it aims to revive the fleet of 121,800 Celsius machines and foresees a 12.2 exahash per second (EH/s) boost to its mining operations.

US Bitcoin Corp Assumes Control of Restructured Celsius Mining Unit

According to an announcement on May 25, 2023, U.S. Bitcoin Corp (USBTC) has plans to utilize the mining assets of the now-bankrupt crypto lender, Celsius. After multiple rounds of bidding for the restructured mining division of Celsius, USBTC submitted a winning bid for the Fahrenheit coalition. The Fahrenheit coalition is a group that consists of Ravi Kaza, Steven Kokinos, Proof Group Capital Management, Arrington Capital, and USBTC. Following the restructuring, Fahrenheit is set to assume the role of the management company for Celsius.

Fahrenheit is slated to receive an annual management fee of $20 million for its services under a five-year agreement. As part of the proposed restructuring, USBTC will enter into operating and services agreements with the restructured company, gaining exclusive control over all bitcoin mining rigs previously held by Celsius. USBTC will also receive an annual fee of $15 million, net of operating expenses, from Fahrenheit to supervise the mining division of the revamped entity.

“Our specialized expertise and track record of execution ultimately secured Fahrenheit’s successful bid to restructure Celsius,” Michael Ho, CEO of USBTC said in a statement. “Each member of the coalition brings extensive experience operating, optimizing, and scaling high-potential assets across Web3 markets.”

USBTC’s acquisition of the mining assets owned by Celsius follows the firm securing hosting agreements with five different companies for 150,000 bitcoin miners. Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group are collaborating with USBTC to deploy the machines. The latest acquisition of Celsius’s 121,800 ASIC mining rigs will contribute 12,200 petahash per second (PH/s) — which is equivalent to 12.2 exahash per second (EH/s) — to USBTC’s mining capabilities.

What do you think about USBTC’s plans to take over and operate Celsius’s mining operations? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Gemini and Genesis Fight Back Against SEC Lawsuit, Seek Dismissal of Allegations

Gemini Trust Company and Genesis Global Capital filed a court document on May 26, 2023, seeking the dismissal of a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). The regulatory body had accused the two crypto firms of offering unregistered securities.

Gemini and Genesis Refute SEC’s Claims of Unregistered Securities, File Motion to Dismiss

In January 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Gemini and Genesis for allegedly offering unregistered securities to American customers. The SEC complaint alleges that “through this unregistered offering, Genesis and Gemini raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors.”

In a court document filed on May 26, 2023, lawyers representing Gemini and Genesis insisted that the SEC’s “complaint must be dismissed” because the “Master Digital Asset Loan Agreement (MDALA)” linked to Gemini’s Earn program is “not a security.” The lawyers argue that the SEC is attempting to transform the Earn program into something it was never intended to be. The Gemini and Genesis dismissal motion states:

While the SEC suggests that application of the federal securities laws is obvious here, the complaint is a novel attempt to expand their scope beyond any reasonable reading of the relevant statutory language.

The SEC’s lawsuit against Gemini and Genesis is not the first time that securities regulators have taken action against interest-bearing crypto platforms. Prior to the bankruptcy filings of Celsius and Blockfi, securities officials from several states had filed complaints and cease-and-desist orders against them. Despite the SEC’s complaints against interest-bearing accounts, Gemini and Genesis maintain that the MDALA does not meet the definitions of a security.

“The reality is that the MDALA was never sold or offered for sale, could not be traded on any secondary market, did not involve the transfer of title to any asset, and did not require any lending or borrowing by anyone,” the dismissal motion adds. The two crypto companies claim that even if the SEC adequately alleged that the MDALA is a security, the regulator “failed to make non-conclusory allegations that the MDALA was sold to anyone, or that any party offered to sell it.”

What are your thoughts on the ongoing legal battle between Gemini, Genesis, and the SEC over alleged unregistered securities? Share your opinions in the comments section below.

via Jamie Redman

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Undeads Metaverse Starts Building The New Endless Runner Mini-Game

PRESS RELEASE. Hot on the heels of generating $1M in sales in sold-out first mint event, Undeads Metaverse is excited to announce the development of another zombie-filled game that will allow NFT holders to earn rewards on their Undead NFTs sooner than anticipated. The new game, “Undeads Runner,” was inspired by Yuga Labs’ Dookey Dash and is focused on continuing to build a strong, long-term and thriving Undead Metaverse community.

The “Undeads Runner” game has gone into production and is being built in-house. The Undeads team has expanded to include a new production team dedicated to the game’s creation and will not affect the production of the current Undeads Metaverse game.

Undeads Metaverse team wanted to create this runner game to drive community engagement and provide fun and entertainment while the main AAA game is under production. The production time for the Undeads Metaverse game is approximately 16-18 months, and the team wanted to provide NFT holders with an opportunity to use their NFTs as a pass to play the game and earn rewards. The player score and achievements will translate into rewards, and there will be a score leaderboard hosted on the Undeads website.

The “Undeads Runner” game is browser-based, enabling wide-spread accessibility on all types of devices, including PC, Mac, and mobile.

“We are thrilled to announce the development of the ‘Undeads Runner’ game and provide NFT holders with an opportunity to use their NFTs and earn rewards,” said Leo Kahn, CEO and visionary behind the Undeads Metaverse. “This game will bring more engagement and excitement to our community while we continue to work on delivering Undeads Metaverse”

The production of ‘Undeads Runner” is underway, and the first glimpse of the game is expected to be ready for “Undeads Ambassadors” by early September. The game will be fully released thereafter all NFT holders to enjoy

About Undeads Metaverse

Undeads is a next-generation survival MMORPG with a large selection of play-to-earn mechanics and over 10 types of playable NFT assets. Undeads is built to enable players to earn cryptocurrency while playing the game and interacting with others. Ultimately, Undeads aims to build a Web3 gamers community and player-driven economy full of engaging activities designed to create an ecosystem of engaged players and deliver the ultimate gaming experience that will exceed community expectations.

Undeads Web3 game has an isometric model with action-combat that takes place in a post-apocalyptic metaverse. The conflict focuses on a struggle for resources between two opposing factions: humans and zombies. Players are tasked with venturing into uncharted regions, establishing and guarding their own settlements, grinding for resources, constructing and enhancing their own gear, engaging in commerce, becoming skilled in trading, and developing their NFT characters. Undeads is also loaded with built-in entertaining VR games for true metaverse and virtual reality fans.

About Undead FZE LLC

Undeads was founded by Undeads FZE LLC, in February 2022. With over 70 industry veterans from the United States, Canada, Australia, Europe & Asia and a wide network of world-class partners.

Latest VR Trailer: https://youtu.be/TXpZf_tAKoU

Watch the trailer on YouTube now: https://youtu.be/LzAjMJ10qJ0
Website https://undeads.com/

—

Contact details: Ash Hodgetts
Email: press@undeads.com
Location: Dubai, United Arab Emirates

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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Biggest Movers: BNB Hits 20-Day High, as LTC Extends Recent Gains

Litecoin rose for a sixth consecutive session to start the week, as bullish sentiment returned to cryptocurrency markets. As of writing, the global market cap is up by as much as 2.50%. BNB was also in the green, hitting a 20-day high on Monday.

Litecoin (LTC)

Litecoin (LTC) was a notable mover on Monday, as the token climbed for a sixth consecutive session.

LTC/USD raced to a peak of $92.16 earlier in the day, which comes less than 24 hours after trading at a low of $89.10.

This move has led to litecoin climbing to a key resistance level of $93.00, which was last hit on May 23.

From the chart, the recent rise seems to be a result of the relative strength index (RSI) breaking out of a ceiling at 51.00.

The index has since rallied further, hitting a resistance point at 57.00, which has resulted in earlier gains fading.

At the time of writing, LTC is trading at $91.38, with price strength at a reading of 56.05.

BNB

BNB, or binance coin, was also in the green to start the week, with prices moving to a multi-week high in the process.

Following a bottom at $307.53 on Sunday, BNB/USD rose to an intraday peak of $316.83 earlier today.

This surge saw BNB hit its highest level since May 9, when the token was trading above $320.00.

Overall, BNB is now trading 2% higher than at the same point last week, with today’s rally sending the RSI to its strongest reading since May 1.

In addition to this, the 10-day (red) moving average (MA) is also moving towards an upwards crossover with the 25-day (blue) MA.

Should this cross take place, there is a good chance that BNB will move towards a long-term ceiling at the $340.00 mark.

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What is the highest point BNB will hit before the month ends? Let us know your thoughts in the comments.

via Eliman Dambell

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Venezuelan Petro Blockchain Faces Operational Difficulties, Hundreds of Wallets Allegedly Blocked

The blockchain of the petro, the Venezuelan official cryptocurrency asset, has been facing difficulties, halting on May 24, with block production restarting on May 27 only to stop again on May 28. Asonacrip, a local cryptocurrency association, also reported that hundreds of petro wallets were eliminated or blocked.

Venezuelan Petro Blockchain Halted

The blockchain of the petro, the official Venezuelan cryptocurrency, has allegedly been facing operational problems since last week. Asonacrip, a private association of crypto enthusiasts, issued a statement warning about the issue, stating that the Petro chain had stopped its block generation on May 24, affecting the functionality of the cryptocurrency asset.

In a joint statement with Cryptoland.vzla, a crypto education-focused group, Asonacrip stated:

Last Wednesday (May 24) at 07:00 in the morning, suddenly and without warning, the Petro Blockchain was paralyzed, making transactions between different wallets impossible.

However, the Petro blockchain started to produce blocks again on May 27, when it issued just four blocks before halting again on May 28.

Hundreds of Wallets Blocked

The joint statement also alerted about a massive block and elimination of petro wallets, which occurred when the chain was first halted. On this, the joint statement explains:

A few hours later, also without warning, accounts of already hundreds of users of the PATRIA platform were blocked and deleted, most of them belonging to active members of this community.

Mario Silva, a Venezuelan journalist and deputy of the Venezuelan Legislative Assembly, also alerted about the issue via social networks about a possible exploit, stating that many users had their wallets blocked with no explanation.

Other reports stated that withdrawals in fiat currency were also blocked since the intervention of Sunacrip, more than two months ago. At the time of writing, neither Sunacrip nor the petro official support account has given updates on the problems reported.

Sunacrip, the Venezuelan cryptocurrency watchdog, is under the temporary management of an intervention board after its head, Joselit Ramirez, was arrested for alleged participation in a multi-billion dollar crypto corruption scheme.

Also, as a result of this ongoing investigation, Bitcoin miners that had legally registered their companies with the institution have been required to halt operations until further notice since March 24. This has caused hundreds of thousands of dollars in losses for the sector.

What do you think about the operational problems of the Petro blockchain and the alleged massive block of petro wallets? Tell us in the comment section below.

via Sergio Goschenko

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Belarus Seeks to Deepen Ties With BRICS, SCO, ASEAN — Pushes for Economic Union With Zero Restrictions

Belarus President Alexander Lukashenko says his country’s response to sanctions is to deepen relations with the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). “The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.”

Belarus Prioritizes Building Economic Union With ‘No Barriers and No Restrictions at All’

Belarusian President Alexander Lukashenko outlined his country’s priorities and response to sanctions during the Supreme Eurasian Economic Council meeting in Moscow on Thursday. The meeting was chaired by Russian President Vladimir Putin.

Lukashenko explained that Belarus’ response to sanctions is to strengthen cooperation within major multinational organizations, such as the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). The BRICS economic bloc comprises Brazil, China, India, Russia, and South Africa. The Belarus leader said (translated by Google):

Our response to the sanctions pressure is to intensify cooperation within the SCO, BRICS, and ASEAN, to close new trade agreements, and [engage in] constructive and mutually beneficial cooperation with everybody who is interested in being our friends and partners.

“Having said that, I want to note that as a result, we must ensure the balance of interests between all the parties involved. It is not an easy task but I am confident that the commission has the skills and competence required,” he added.

Lukashenko continued: “The modern world is undergoing global changes and entering an era of major transition and strategic development. There is increasing awareness of the need to replace the unipolar system of management with new decision-making centers that ensure the consideration of interests of all participants in international relations.” He stressed:

The creation of a comprehensive economic union remains our priority … There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.

“Colleagues, I believe that, by taking joint efforts, we can fully realize the potential of this union internally and externally, thus creating one of the full-weight responsible centers of the new multipolar world,” the Belarus leader concluded.

The Belarusian leader also spoke at the Eurasian Economic Forum in Moscow Wednesday. “Financial, pandemic, [and] geopolitical crises are replacing each other so quickly that people simply do not have time to take a breath and lose confidence in the future,” Lukashenko opined, elaborating:

The world has been recently living in a constant state of tension and uncertainty. This is also natural in the transition period from the old era to the new one, to which we aspire and whose name is multipolarity.

While noting that in extraordinary circumstances, a stable economy serves as a strong foundation, he emphasized that in today’s interconnected world with transparent economic borders and intertwined trade relations, it becomes nearly impossible for any nation to achieve economic stability on its own. He added that consequently, countries are increasingly motivated to seek membership in influential regional and international organizations, such as the Eurasian Economic Union (EAEU), SCO, BRICS, and ASEAN.

What do you think about the statements by Belarusian President Aleksandr Lukashenko? Let us know in the comments section below.

via Kevin Helms

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