Category: Crypto

Bitcoin’s price troubles seem to have no ending as the asset kept plunging on Monday morning and fell to its lowest price position since late February of $53,000. This means that BTC has lost about $17,000 since last Monday, making it one of the worst weekly performances in its 15-year history. CryptoPotato has repeatedly reported since Friday BTC’s price drops that started with a nosedive from $66,000 to $62,200 as the US economy’s issues worsened following a weak jobs report for July. However, that was just the beginning, and the…

Solana, Cardano and other crypto assets have a slim chance of being approved as spot exchange-traded funds (ETFs) in the United States and could have an even more difficult time attracting investors. Speaking to Cointelegraph, Katalin Tischhauser, head of investment research at Sygnum Bank, joined a recent string of commentators who expressed skepticism that other altcoins can follow Ether (ETH) and Bitcoin (BTC) as spot crypto ETFs in the United States.  Tischhauser said the main obstacle to approving other crypto ETFs in the US is the lack of trading venues…

The weekend crash continues with full force as bitcoin dumped to just over $57,000 minutes ago, while the altcoins bleed out even worse. Naturally, the liquidated positions and traders have skyrocketed to $350 million and 112,000, respectively. After the positive start of the previous business week, when BTC shot up to $70,000, the landscape quickly took a turn for the worse in the following days. The biggest pain levels, though, were left for Friday, Saturday, and now Sunday. It all started on Friday after the weak US jobs report, which…

A Galaxy Research report has suggested that most Bitcoin layer-2 scaling networks, particularly “rollups,” may not be sustainable in the long term despite their popularity as a promising method to keep Bitcoin payments cheap, fast, and decentralized.  In the report published Friday, Galaxy analyst Gabe Parker highlighted the cost of posting data as a fundamental challenge Bitcoin rollups face that post data to the base layer. Challenges facing Bitcoin rollups Parker explained that for Bitcoin rollups to thrive, they must generate substantial revenue from transaction fees on their own networks.…

The cryptocurrency space, alongside most risk-on assets like stocks, plummeted hard on Friday amid reports about the dire conditions of the US economy. However, BTC and the altcoins were harmed even during the weekend due to their ability to be traded 24/7. BTC slipped below $60,000 for the first time in weeks, which prompted questions about how low it could actually go. Bitcoin’s Nosedive: When Will It End? It was less than a week ago, on Monday when the primary cryptocurrency skyrocketed to $70,000 for the first time since early…

Ether is holding tight to a critical support level and is at a tipping point that could lead to a decline below $2,800 if it fails to hold, according to crypto traders. “Ethereum is holding onto the crucial area of support,” MN Trading founder Michael van de Poppe wrote in an Aug. 3 X post. Van de Poppe further explained that if it fails to maintain the level, it may impact Ether (ETH) around a further 4%, and push Bitcoin (BTC) — which is trading at $60,717 — further down…

California’s Department of Motor Vehicles (DMV) has digitized 42 million car titles using the Avalanche (AVAX) network. This initiative is part of a modernization effort to streamline the state’s title transfer process in collaboration with software development firm Oxhead Alpha. California DMV to Digitize Car Titles According to an Avalanche blog post, users will soon be able to claim their digital titles through the DMV’s new application. This application allows for easy tracking and management without the need for in-person office visits. With over 39 million residents in California, the…

In the aftermath of the recent WazirX hack, which resulted in a $230 million exploit, the cryptocurrency exchange’s proposed solution to address the losses has met significant resistance from its user base.  The crypto community heavily criticized the firm’s plan, known as the “socialized losses” or 55/45 approach, particularly after a user poll reportedly showed overwhelming disapproval of the measure. Outrage among users The proposed 55/45 approach suggested that users could trade only 55% of their assets on the Indian exchange while the remaining 45% would be converted into USDT…

The economic uncertainty in the US pushed bitcoin’s price south hard in the past day or so, and the asset plunged to $60,500 for the first time in almost three weeks. The altcoins are in an even worse state, with SOL, TON, and UNI plummeting by over 5% in the past day. ETH has slipped below $3,000. BTC Sees 3-Week Low The start of the business week couldn’t have foreseen what transpired just several days later. The asset soared to $70,000 on Monday after Donald Trump’s triumphant attendance at the…

Technology commentator Edward Zitron claims that ChatGPT maker OpenAI’s current business model is unsustainable because of its lack of clear path to profitability and its excessively spending. However, several industry executives disagree. “I ultimately believe that OpenAI in its current form is untenable,” Zitron declared in his most recent “Where’s Your Ed At?” newsletter. It follows recent reports that OpenAI could lose as much as $5 billion in 2024, putting the company at risk of running out of cash within 12 months. Zitron asserted that for OpenAI to “survive” beyond…