Cryptocurrency

Why Cardano Founder, Charles Hoskinson Wants Crypto to Cut Ties With Bank

Published

2 years ago

March 17, 2023

Amid the collapse of three banks in just two weeks, Cardano’s founder, Charles Hoskinson has stated that the crypto industry needs to sever relationships with traditional banks.

He started this in a series of tweets puts out on Thursday.

Hoskinson’s opinion comes as a result of the ongoing crisis and the collapse of about three reputable financial institutions, of which the most recent is the collapse of the New York-based Signature Bank.

The Cardano Chief added that crypt banks should be digitized, stating that once that happens, it would mean the end for the traditional banking sector. Hoskinson worries that crypto-focused firms are too dependent on traditional banks.

Investors King earlier reported that crypto firms are beginning to have difficulty finding partnering banks for their services after three of America’s leading financial institutions, Silvergate Capital, Silicon Valley Bank, and Signature Bank were shut down by regulators earlier this month, propelling severe losses for numerous crypto-focused firms.

Most prominent among the affected crypto-focused firm is Circle, the producer of USD stablecoin which had $3.3 billion stuck in Silicon Valley Bank. This caused USDC to plunge to as low as $0.87 before rebounding to its true value of $1 value.

Similarly, crypto exchange Coinbase said it held $240 million in corporate cash at Signature Bank, while Paxos had $250 million exposure to the same bank.

Meanwhile, a number of crypto experts and enthusiasts have extolled the crypto market and the industry in general for its resilience in the past weeks amid a series of negative events involving the collapse of three giant banks.

The flagship cryptocurrency had exploded above $26,000 on Monday after US President, Joe Biden assured that the banking system is “safe”.

“Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you we will not stop at this; we’ll do whatever is needed. Your deposits will be there when you need them”. Joe Biden said in a brief televised statement from the White House.

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Bitcoin

Bitcoin Fails to Hold $63,000 Amid Weak Risk Appetite, Growing Selling Pressure

Published

1 week ago

October 8, 2024

Samed Olukoya

bitcoin to Nigerian Naira - Investors King

Bitcoin remains below $63,000 after failing to hold above it over the past two days while Ethereum is also struggling to reclaim $2,440.

The crypto market has been trading sideways since the beginning of this week.

The cautious moves in the crypto market come amid uncertainty over a range of economic and political factors in the US and geopolitics in the Middle East.

Add to that the potential selling pressure that the US government may exert with its permission to sell around 70,000 Bitcoin.

The Supreme Court has allowed the US Marshals Service to proceed with the sale of 69,370 Bitcoins seized from the Silk Road online store, which would be the largest sale of its kind in history. While the nature and pace of this selling is not yet known, it will not necessarily put downward pressure on prices if it is done in over-the-counter (OTC)
transactions, according to Beincrypto.

As for the economic side, in light of the surprise labor market numbers that were much better than expected and Jerome Powell’s hawkish speech, hopes for a rapid continuation of interest rate cuts this year have diminished. While the relatively high rates remain for a longer period and the continued rise in Treasury bond yields will weaken appetite for risky assets in general, including cryptocurrencies.

Whereas, after the hypothesis of a half-percentage point cut at the next November meeting was the most likely, it has now become excluded in the Fed Fund futures market, and the probability of a quarter-percentage point cut has become 87%, according to the CME FedWatch Tool. The remaining 13% is for the possibility of keeping current rates unchanged.

The state of caution may also prevail in the markets in the coming weeks, as we anticipate the presidential elections in the United States, which will begin next month. While the outcome of these elections could cause a structural shift in the crypto industry.

Far away, in the Middle East, markets are still anticipating the nature of the expected escalation in the region, especially regarding the nature of the Israeli response to the unprecedented attack from Iran and the nature of the counter-response. While one of the most prominent scenarios is targeting energy facilities, which would bring inflation back to the forefront, which in turn may require central banks to keep interest rates high.

Cryptocurrency

Will Pump-and-Dump Fun Kill the Meme Coin Frenzy in 2024?

Published

1 month ago

September 15, 2024

Temitayo Olukoya

The meme coin market, once dominated by viral hits like Dogecoin and Shiba Inu, is facing a new challenge in 2024: the rise of pump-and-dump schemes masquerading as community-driven fun.

These events, organized on social media platforms, encourage participants to collectively buy a meme coin, inflating its price before early investors quickly sell, leaving many with heavy losses.

While pump-and-dump schemes are not new to crypto, 2024 has seen them take on a new form in the meme coin space, branded as “fun events” or “pump parties.” Communities treat these schemes as a kind of joke, with memes about losing money or rockets crashing back to Earth, softening the blow of financial risk. However, this emerging trend has begun to erode trust in meme coins.

Meme coins, by nature, thrive on internet culture, hype, and community sentiment. Their value is rarely tied to any real utility, making them particularly susceptible to manipulation. As more pump-and-dump schemes surface, many fear that investors, especially newcomers, may begin to associate all meme coins with high risk and fleeting value.

This shift could mark the beginning of the end for the meme coin craze. Established tokens like Dogecoin may survive thanks to their strong communities, but lesser-known meme coins may struggle to gain traction as pump-and-dump events increase skepticism.

The future of meme coins depends on whether the community can move past these schemes and find more sustainable ways to build value—or risk being seen as nothing more than a fleeting, high-stakes game.

Cryptocurrency

Telegram Mini Apps Ushers in a New Era For Airdrop Hunters

Published

1 month ago

September 15, 2024

Temitayo Olukoya

Telegram, a social media platform has taken center stage with the rise of a new wave of mini-apps designed specifically to streamline the airdrop process, thereby gaining an increase in momentum within the crypto communities.

The crypto industry had always been about innovation, but airdrops—free token giveaways by blockchain projects—had long been plagued by inefficiencies. Manual distribution was slow and error-prone, scammers frequently exploited the process, and users often struggled to keep track of the numerous airdrops they were eligible for.

However, Telegrams’ simple user interface allowed projects to upload their token pools and define criteria for participants, such as holding specific tokens or completing tasks like following social media accounts, playing games, linking crypto wallets and others for airdrop eligibility.

List of Airdrops for Telegram Users

Fintopia
Blum
X Empire
PocketFi
Hamster Kombat
Hot
Tomarket
OGC
Sidekickfan
Major
TonxDao
Notgram
Memefi
Agent 301
Zesh
Acki Nacki
Vertus
Tapswap
Catizen
Cats
TonStation

Catizen Airdrop
Catizen is set to airdrop its tokens on September 20, 2024. The game focuses on AI-powered cat characters, offering users a play-to-earn experience with dynamic AI interaction. This anticipated airdrop event is expected to increase the game’s player base significantly.

Hamster Kombat Airdrop
Hamster Kombat will have its airdrop on September 26, 2024. As one of the most popular Telegram-based battle games, players engage in competitive combat using unique hamster characters. Don’t miss out on this exciting airdrop before the official listing.

Cats Telegram Airdrop
The Cats Telegram project has announced its airdrop event for the end of September 2024. The game features feline characters, and players can earn tokens through engaging challenges and missions. With an enthusiastic community, the airdrop is expected to boost user engagement.

Major Airdrop
Major, a rising star in the play-to-earn arena, will conduct its airdrop on October 1, 2024. Players can expect immersive gameplay with various missions and rewards. This airdrop will precede its highly anticipated listing, so be sure to participate.

TonStation Airdrop
TonStation, known for integrating the TON blockchain into play-to-earn mechanics, will hold its airdrop on October 6, 2024. The game offers players a chance to earn tokens through interactive station-building tasks. Secure your tokens during this airdrop event!

MemeFi Airdrop
MemeFi’s airdrop will take place on October 9, 2024, offering users a chance to earn valuable tokens. This Telegram-based game merges memes with financial strategies, creating a fun yet profitable play-to-earn experience. Don’t miss this unique opportunity!

X Empire Airdrop
X Empire, known for its competitive empire-building gameplay, will airdrop tokens on October 15, 2024. Players can expect an engaging experience with strategic challenges. This airdrop precedes its listing, offering players an early chance to grab in-game assets.

TapSwap Airdrop
TapSwap is set to host its airdrop in mid-October 2024. This game allows players to earn tokens through quick, tap-based challenges. With its rising popularity, the airdrop is expected to attract a large number of participants. Stay tuned for the exact date!

PocketFi Airdrop
PocketFi’s airdrop is scheduled for Q4 2024. This play-to-earn game combines DeFi features with fun, interactive missions. Players can earn tokens through various in-game activities. The exact airdrop date will be announced soon, so keep an eye out for updates.

Blum Crypto Airdrop
Blum Crypto is set to conduct its airdrop in Q4 2024. This game blends blockchain technology with immersive gameplay, offering players the chance to earn tokens. The airdrop is anticipated to draw significant interest from the Telegram gaming community.