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Total crypto market-cap hits $850M as Bitcoin and altcoins recover from FTX’s collapse

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The total crypto market recovers some lost ground as the contagion risks associated with FTX’s collapse begin to look resolvable. The total cryptocurrency market capitalization gained 2% in the past seven days, reaching $850 billion. Even with the positive movement and the ascending channel that was initiated on Nov. 20, the overall sentiment remains bearish and year-to-date losses amount to 63.5%. Total crypto market cap in USD, 4-hour. Source: TradingView Bitcoin (BTC) price also gained a mere 2% on the week, but investors have little to celebrate as the current $16,800 level represents a 64% drop year-to-date. Bankrupt exchange FTX remained at the centerpiece of the newsflow after the exchange hacker continued to move portions of the stolen $477 million in stolen assets as an attempt to launder the money. On Nov. 29, analysts alleged that a portion of the stolen funds were transferred to OKX. The FTX saga has made politicians shout louder in their calls for regulation. On Nov. 28,

Data Shows There’s No Profits Left for Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs

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During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value and in turn, this has put massive pressure on bitcoin miners. On Nov. 30, 2022, statistics show if miners paying for electricity pay roughly $0.12 per kilowatt hour (kWh), only three application-specific integrated circuit (ASIC) mining rigs are profitable. At a rate of $0.07 per kWh, profits begin to increase and data shows 16 different ASIC bitcoin mining devices are profitable with electrical costs at that rate. At $0.12 per Kilowatt Hour, Only 3 ASIC Miners Gather Profit Using Today’s Bitcoin Exchange Rate Bitcoin miners are feeling the pain of an extremely high difficulty rating and much lower bitcoin prices than a year ago today. Data from macromicro.me indicates that the cost of bitcoin production ($19,356 per unit) is a lot higher than the spot market value ($16,877 per unit). This means bitcoin miners need to obtain the cheapest electricity they can find o

LayerZero Integrates Chainlink Oracles

Chainlink has been integrated into permissionless network of Oracles and Relayers which secure cross-chain messaging across LayerZero. Before LayerZero, the Web3 industry was fragmented across a vast set of disparate blockchains. Applications were launched as single-chain and developers were forced to choose a popular, existing blockchain. Or take a gamble on the future success of an up-and-coming blockchain. With the advent of LayerZero, applications can finally be built everywhere. Utilizing each chain’s best Features , and ushering in a new era of applications: Omnichain dApps. LayerZero Integrates Chainlink Oracles LayerZero achieves best-in-class messaging security with its non-upgradeable, permissionless smart contracts that perform on-chain validation of all messages. The protocol achieves this by utilizing an on-chain Ultra Light Node. An oracle entity is responsible for delivering a block header. And an independent relayer entity is accountable for submitting a transaction pro

Shiba Inu: 1.8 Trillion SHIB Moved by Whale, Here Are the Details

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Without a doubt, one of the most popular cryptocurrency projects is Shiba Inu (SHIB). This is the case, despite the fact that there have been ups and downs with the project. The SHIB team is also working on a few launches that may lead to favorable price movements. The collapse of the FTX empire unquestionably hurt the cryptocurrency market. Almost all cryptocurrencies lost value on the market. Popular cryptocurrencies like BTC and ETH saw a decline in value in the midst of the chaos. Whales have always shown a keen interest in SHIB. As per the details from Etherscan, a whale has moved 1.8 trillion SHIB to Binance. Whales move trillions worth of SHIB The anonymous whale moved over $16.5 million worth of SHIB in a single transaction. Transaction history from Etherscan reveals that the $1.8 trillion Shiba Inu has been moved from Crypto.com in two transactions to the anonymous whale . The whale then moved the SHIB to Binance. The largest cryptocurrency exchange in t

Coinbase Wallet Delists XRP and 3 Others, Cites Low Usage

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According to an update on the crypto platform’s help page, Coinbase wallet will no longer support payment network Ripple’s XRP token. The digital asset is not the only cryptocurrency Coinbase has delisted as Bitcoin Cash, Ethereum Classic, and Stellar will also be unavailable. Coinbase Halts Wallet Support for XRP, BCH, ETC, and XLM The delisting will take effect from January next year and Coinbase’s wallet application will drop support for the aforementioned tokens. Coinbase Wallet like MetaMask and similar providers is a self-custody mobile-based wallet service. The app supports a broader range of cryptocurrencies than its peers. However, following the company’s latest move, clients will no longer be able to store their XRP, BCH, ETC, and XLM. Coinbase Wallet can only store supported cryptocurrencies and access dapps on supported networks.” No Unsupported Transactions Via Wallet App Additionally, from January next year, Coinbase will not allow users on the wallet app to pu

Instagram Scammer Jay Mazini Pleads Guilty to $2.5 Million Bitcoin Theft

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Instagram Influencer Jay Mazini has pled guilty to stealing $2.5 million in Bitcoin from his victims in one of multiple giveaway scams. The influencer – whose official name is Jebara Igbara – faces up to 20 years in prison for his crimes. As the Department of Justice (DOJ) announced on Wednesday, Mazini has specifically pled guilty to wire fraud, wire fraud conspiracy and money laundering. Mazini was known for social media stunts like giving away large amounts of cash to strangers as gifts in various locations. One of his popular stunts involved handing out $30,000 at a Burger King in New York, alongside famous rapper 50-cent.  “In reality, Igbara was perpetrating overlapping fraud schemes, scamming investors out of at least $8 million,” said the DOJ. Mazini’s Bitcoin scheme involved promising to buy Bitcoin from his Instagram followers at above-market rates. After his followers would send him Bitcoin, the influencer sent them doctored images of wire transfer confirmation

Cardano Founder Hoskinson Calls Ethereum Classic “A Dead Project”

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Long-running tension between the Ethereum Classic Community and Cardano founder Charles Hoskinson appears to have gathered steam once more. Hoskinson slammed the platform in a tweet as he responded to allegations from a vocal Ethereum Classic advocate with the username “SETHMCCORMACK9.” Hoskinson Fires Back at Accusations of Plans to “Milk ETC” The accusatory post claimed Hoskinson was looking to take advantage of ETC by imposing a 20% miner tax.  No drama, just saying that SHA-3 and also a treasury was rejected. Charles Hoskinson wanted to implement a 20% miner tax to milk ETC,” read the tweet.  Hoskinson was swift to fire back a response in a tweet of his own. The Cardano creator first clarified that the alleged miner tax was in fact a sustainable development fund. The IOG founder also brought up what he described as ETC’s failure to reach its full potential.  Indeed, Hoskinso tagged the platform as a dead project with no real goals to back its existence.  KYC &