Bitcoin and Nasdaq Composite index drop in prices

The price of bitcoin again correlates with what happens to the Nasdaq Composite Index.

In the second half of September 13, the price of bitcoin fell below the $21,000 level, and Ethereum went below the value of $1,600 – this was in reaction to the report on changes in consumer prices in the United States. The broad inflation index was at its lowest in four months, but the key price indicator showed an acceleration in food inflation. As a result, while the former index rose 0.1% from July, the latter jumped 0.6% over the same period.

Next week the US Federal Reserve governors will meet (September 20-21) and are scheduled to announce a change in the benchmark interest rate.

After data on inflation was released, the market is beginning to expect more and more of a 1% interest rate hike. With such a report, a reduction in the share of risky financial assets in institutional investors’ portfolios was observed, which led to the negative dynamics of bitcoin and Ethereum prices.

Traditionally, the cryptocurrency market followed Wall Street in its dynamics, with greater amplitude of decline. The Nasdaq Composite was down 4.75% as of 22:25 Nigerian time on September 13. At the same time, bitcoin was falling almost twice as fast, by 9.5% to $20,27. Ethereum was losing 7.7%, going as low as $1,59,000. The entire cryptocurrency market was down 7.58%, to $988.97 billion.

It should be noted that in correlation with Nasdaq Composite there were also shares of public mining companies in the USA: on average, they fell by 8%. At the same time, a day earlier, they mainly showed strong growth: Digihost (+12.21%), Cipher Mining (+8.38%), and Mawson Infrastructure Group (+7.31%).

https://altcoin.ng/bitcoin-and-nasdaq-composite-index-drop-in-prices/

Bitcoin price collapsed after US inflation report

During trading on Tuesday, September 13, the price of bitcoin fell below the mark of $21k per coin. This is evidenced by data from coinmarketcap.

Overall, since the beginning of August, when bitcoin was trading at $24,000, the cryptocurrency has fallen 16 percent. By 7pm nigerian time, it was worth $20,76 thousand, having lost 5.8 percent in a day. Prices of other cryptocurrencies also went down after bitcoin: the price of Ethereum fell by 7.7 percent in 24 hours, to $1.59 thousand, Binance Coin dropped in price by 4.1 percent, to $283, and the cost of Cardano fell by 7.8 percent, to $0.46.

The rally in the crypto market was triggered by new data on inflation in the United States. Analysts expected that inflation in the United States would slow down by 0.1 percent in August, but prices, on the contrary, rose by 0.1 percent. On an annualized basis, inflation was 8.3 percent, well above the forecast.

https://altcoin.ng/bitcoin-price-collapsed-after-us-inflation-report/

Why Bitcoin rose in price as Ethereum fell

Bitcoin price on Monday continued to develop a six-day rising trend, consolidating above $22,000. At the same time, the overall value of crypto declined slightly due to Ethereum’s decline, which caused some of the largest Proof of Stake altcoins to sell off.

Judging by the growth of BTC’s share of total market capitalization by almost 1% in the last week, investors are confident that bitcoin will retain its dominance, despite Ethereum’s prospect of solving blockchain scaling problems.

The move to PoS will make ethereum centralized. The ETH2 validator deposit contract, launched almost two years ago, has collected 11% of the ETH issue in staking, 65% of which is distributed among five companies.

Lido Finance controls 31% of the staking, with the remaining 30% in the hands of three exchanges: Coinbase, Binance, and Kraken, with the rest almost 4% of the stakes held by startup Staked. If you add to this statistic the fact that 65 percent of Ethereum nodes are located in three cloud services, you can get enough “points of failure” of the network, under unexpected pressure from regulators.

Bitcoin does not have the above problems, but bitcoin has “fallen behind” the growing dynamics of the ETH rebound, which began in mid-June. This opens an opportunity for arbitrage with selling altcoin and buying BTC.

Bitcoin’s near-term growth forecast is linked to a favorable fundamental backdrop. Demand for risky assets is triggered by expectations of positive statistics on U.S. inflation. The data which is the key news of the week will be published this evening. The decline in inflation in the United states gives investors hope that the Federal Reserve’s policy of rate hikes will be phased out next year.

Falling inflation will have no effect on the coming session. More than 90% of speculators are predicting a 0.75% Fed rate hike on September 21.

https://altcoin.ng/why-bitcoin-rose-in-price-as-ethereum-fell/

A 30-year-old man in South Korea was sentenced to four years in prison for sexually molesting minors in a metaverse, local media reported. The convicted man pretended to be a schoolboy, using a child avatar and talking to other children, giving them gifts and encouraging them to take nude pictures and videos of themselves and send those images to him.

The man did this from December 2021 through March 2022 on a local virtual platform. In addition to jail time, the offender was ordered to undergo an 80-hour treatment program and banned from working for any organization related to children and people with disabilities for seven years, according to the article.

Children-oriented metaverse continues to develop at a rapid pace. Roblox-based platforms have already been created, and LEGO and Epic Games are developing a “digital service” suitable for children of all ages. Also, toy industry giant Mattel has signed a multi-year contract with NFT-marketplace Cryptoys, where toys Hot Wheels and Barbie will be sold as NFT and can be played with in the Cryptoys metaverse.

https://altcoin.ng/man-got-4-years-in-prison-for-harassment-in-the-metaverse/

On September 12, the Shibburn Twitter account reported that a huge number of Shiba Inu tokens (SHIB) have been burned in the last 24 hours. 60,848,8Z9 SHIBs were destroyed in 12 transactions in just one day.

Recall that users can burn their SHIBs using the Shiba Inu Burning portal. SHIBs sent to a particular wallet cannot be withdrawn back, so these tokens are permanently removed from circulation.

The Shiba Inu Burning portal was created to solve the problem of declining demand for the coin. Its idea is to burn as many coins as possible and reduce the supply, which, in turn, will increase the price if demand is maintained.

According to the Shibburn website, the total number of SHIBs destroyed is currently 410,380,2Z2,371,857, accordingly, the current number of tokens in circulation is 559,508 536,264,002.

According to CoinGecko, a cryptocurrency data aggregator website, SHIB is currently the 12th largest cryptocurrency with a market capitalization of $7.6 billion. At the moment of writing this article the meme coin was trading at $0.00001305 with daily growth of 1.2%. Approximately that much is the weekly growth.

https://altcoin.ng/60-million-shiba-inu-burned-in-12-transactions/

The meme cryptocurrency issued in honor of Britain’s deceased Queen Elizabeth II rose more than 1,009 times from 0.00000218 to 0.00021228. The price of Queen Elizabeth Inu (QUEEN) tokens, created on the Binance Smart Chain blockchain on September 8, soared almost 10,000% in nearly eight hours. However, the coins then plummeted in price by almost 93%.

Nevertheless, as a result of the correction, the price of the asset has consolidated above the mark, which is 180% higher than the bottom. As of the time of writing, the token is trading at $0.00002891.

A similar fate befell Elizabeth tokens (ELIZABETH). At first, the value of the virtual currency based on the meme increased sharply by almost eight times, but after that it flew down and the coins lost 86% in value. The NFT QueenE DAO collection, which consists of portraits of the deceased queen, also interested members of the cryptocommunity. Since the tokens were released on September 8, OpenSea users have bought 75 coins and spent 9.2 ETH ($16,127) on them. Now the minimum value of NFT is $ 701, the maximum – $ 56,096.

https://altcoin.ng/queen-elizabeth-inu-went-up-in-price-by-100/

Interest in ATOM, as well as the overall altcoin season, played in the increase in price for Luna.

The previously heavily depreciated native asset of the Terra ecosystem, Luna, experienced a strong influx of investor funds by the end of September 9. Luna’s price nearly tripled from its September 8 low on September 9, reaching $5.96 by early September 10. Luna’s capitalization momentarily jumped to nearly one billion dollars ($995 million), correcting to $778 million by early September 10.

Luna’s price received support from increased investor interest in the Cosmos ecosystem’s native asset, ATOM. Given that the Terra (Luna) ecosystem is built on top of Cosmos, investors also showed interest in Luna. The uptick in ATOM was not as impressive (+14%, to $16.06) as it was in Luna, given that ATOM started rising from a higher price base.

It’s also worth noting that the cryptocurrency market as a whole was also on the rise following bitcoin, which rose to $21,500 by early September 10 (+4.3% overnight) – this led a number of investors to decide to expand the lineup of digital assets in which they invest to include Luna. Recall that bitcoin’s level of dominance has recently been at its lowest value in four years, signaling the arrival of altcoin season.

Whether Luna’s growth will be sustainable depends on the future of the Terra ecosystem. Recall that Luna collapsed in value in May from $65 to less than one dollar, which ultimately affected the sustainability of the TerraUSD (UST) dollar-stable. Meanwhile, Terra founder Do Kwon expressed confidence in June in an interview with The Wall Street Journal that investor confidence in the Luna ecosystem has been restored.

https://altcoin.ng/why-is-luna-price-increasing-by-300-daily/

MicroStrategy to sell $500 million stock to buy bitcoins

U.S. company MicroStrategy has asked the U.S. Securities and Exchange Commission (SEC) to approve the sale of $500 million worth of shares to boost bitcoin stocks.

The document reports that MicroStrategy has already entered into preliminary agreements with agents Cowen and Company and BTIG to sell the specified number of shares.

“We plan to use the proceeds from the stock sale for general corporate purposes, including bitcoin purchases. We do not specify the amount of funds to be used for each purpose. We also do not set a specific goal for the number of bitcoins to be stored and will continue to monitor market conditions for possible purchases of the cryptocurrency,” the company said in a statement.

MicroStrategy currently has 129,700 BTC stored in its wallets, with bitcoins purchased at an average price of $30,660. After the market crash, the company posted an unrecorded loss of more than $900 million, which may well have been the reason why CEO Michael Saylor stepped down. His place was taken by Phong Le, who announced his intention to hold the first cryptocurrency long-term.

https://altcoin.ng/microstrategy-to-sell-500-million-stock-to-buy-bitcoins/

One of the developers of Dogecoin, Jackson Palmer, has once again spoken out harshly about the crypto industry, community, and influencers. This time his outrage came down on Mark Cuban.

Mark Cuban, and he’s certainly a famous man, is not paid to promote this stuff. He’s actually been indoctrinated to believe that this stuff is the future,” Palmer said.

Palmer is one of two developers of the Dogecoin meme coin, one of the top 15 cryptocurrencies by market capitalization and consistently backed by Elon Musk. He and his co-creator Billy Marcus designed the coin as a mockery of the speculative component of cryptocurrencies. And while Marcus maintains an ironic attitude toward the crypto industry, Palmer has shown outright hatred for years.

In 2013, or when cryptocurrency appeared in 2008, part of it was a response to Wall Street and the overarching capitalist system,” Palmer noted. – Since then, I quickly realized that the most prominent people in the crypto sector just wanted to create a new exploitative system by putting themselves on top.

In addition to Cuban, Palmer includes Mark Andreessen and Chris Dixon in this group. The billionaire and investor are general partners of Andreesen Horowitz, one of the most active venture capital firms in the crypto industry. Curiously, Jack Dorsey also considered Mark Andreessen to be associated with fraud.

Interestingly, Mark Cuban saw nothing new in Palmer’s words: “The same thing was said about every new technology in which I was involved.

https://altcoin.ng/dogecoin-creator-jackson-palmer-calls-mark-cuban-a-crypto-scammer/

Dozens of meme-tokens and hundreds of NFTs dedicated to Queen Elizabeth 2 have appeared on the crypto market within 24 hours after the death of Queen Elizabeth II of Great Britain.

In the last 24 hours, pairs of coins like Queen Elizabeth Inu, Save the Queen, Queen, QueenDoge, London Bridge is Down, and Rip Queen Elizabeth was registered on decentralized exchanges like BNB Chain and Ethereum.

According to Dex Screener, Queen Elizabeth Inu traded at $235,000 on Uniswap for a market capitalization of $8900. The token gained 441% in 24 hours but trades at close to zero.

The price of Rip Queen Elizabeth on PancakeSwap fell 87%. The daily trading volume of the token barely reached $1300.

Save the Queen indicators look more impressive. The asset rose in price by 715%, while the turnover on Uniswap amounted to $933,000.

OpenSea, the largest NFT marketplace, has a collection of RIP Queen Elizabeth tokens. Each of the 520 tokens represents an ambiguous image of the late queen.

https://altcoin.ng/meme-tokens-of-queen-elizabeth-has-flooded-the-crypto-market/

Amb1045:
Our beloveth sister see cuteness. Nwa bu soso nma

but she is eating westernised food

Bitcoin demonstrates resistance to monetary policy tightening

The ECB raised interest rate for the first time by 0.75% – bitcoin reacted with growth.

In the second half of September 8, the global financial market reacted to the European Central Bank’s decision to raise the benchmark deposit rate by 75 bps to 0.75% for the first time. Bitcoin responded to the decision with growth: at the end of September 8, Bitcoin rose nearly 1%, to $19.26k. Ethereum added 3.7%, to $1.63k.

Bitcoin, and the cryptocurrency market in general, is becoming more resilient to interest rate hikes by the ECB as well as the U.S. Federal Reserve. The analyst, known as Rekt Capital, believes that the “bearish” period for bitcoin prices is coming to an end and that it no longer matters whether the “bottom” is reached in November or December of this year. According to his estimates, bitcoin is capable of losing another 5-10% on the short-term horizon, but for the foreseeable future, he sees bitcoin price increasing by 200% from its current level.

Bloomberg analyst Mike McGlone believes that while Wall Street’s stock market depends on U.S. Federal Reserve policy, bitcoin is not as clearly affected by the U.S. central bank’s decisions.

Long-term interest in bitcoin is what characterizes institutional investors’ bitcoin investment strategy, and there is new evidence of that. Thus, a study by London-based HANetf, which specializes in Niche exchange-traded funds (ETFs) working with alternative financial instruments, showed that 75% of asset managers in the UK, Germany, Italy, and Switzerland plan to increase the share of cryptocurrencies in their investment portfolios in the next 12 months.

https://altcoin.ng/bitcoin-demonstrates-resistance-to-monetary-policy-tightening/

U.S. stock indexes saved crypto market from falling

The total value of digital assets increased by 3.5 percent in trading on September 7. U.S. stock indices and buyer activity helped keep the value of Bitcoin from falling to $18,000. If the price of bitcoin had fallen lower, it could well have triggered a panic in the crypto market. Bitcoin’s fall could then have accelerated even further.

The situation in the U.S. stock market showed once again that cryptocurrencies are increasingly dependent on what happens in the U.S. economy. Whether that’s good or bad doesn’t matter now. The state of affairs can no longer be changed. The cryptocurrency market has become part of global finance, and it is affected by everything that happens to the global financial system.

How U.S. stock indexes kept the cryptocurrency market from falling further

The growth of Bitcoin began yesterday afternoon, when the news from the U.S. began to come in. U.S. stock indices surged by 2% in trading. The U.S. trade balance was below forecasts, which shows the weakness of the economy. But traders think that this is a positive news. The reason is that the economic weakness may force the Fed to lower the pace of rate hikes next week. If monetary policy tightening continues, then the cryptocurrency market will not be able to hold at this level and will go down.

As Michael Hsu, acting head of the U.S. Comptroller of the Currency, points out, the crypto winter has caused regulators to lose interest in virtual assets.

Now, the government’s executive and legislative branches are trying to solve more important social problems, such as high inflation, rising energy costs, and falling incomes. In fact, they are not interested in cryptocurrencies at the moment.

We can even say that a “red line” has been set for the cryptocurrency market in the form of $1 trillion capitalization. Regulatory measures are strengthened when it is crossed, until that level, regulators try not to pay attention to trade transactions with digital currencies.

What could happen over the next few weeks

So far, there are no fundamental signs that the cryptocurrency market will start to get better. The bearish trend is still the most important one, and it is likely to get stronger by the end of September. So, it’s likely that the price of Bitcoin won’t be able to go above $25,000 and will stay within the limits that are already in place.

https://altcoin.ng/u-s-stock-indexes-saved-crypto-market-from-falling/

In the coming days, crypto-space will see a long-awaited Ethereum update to The Merge – the migration of the entire Ethereum network from the energy-consuming PoW consensus mechanism to PoS, which is considered more environmentally friendly. The migration of the entire Ethereum network to the Proof-of-Stake (PoS) algorithm will tentatively take place on September 13.

In anticipation of this long-awaited event, the crypto community is showing explosive interest in the Ethereum Name Service (ENS) blockchain domain name aggregator.

This service for naming addresses, wallets, and other identifiers on the Ethereum blockchain was created to make it easier for ordinary users to make cryptocurrency transactions. It converts complex and long strings of machine data consisting of numbers into more familiar and easy-to-read names of addresses, wallets, and other identifiers.

The system is similar to the traditional Domain Name System (DNS) used by Web2 but is powered by the Ethereum blockchain and used for Web3. Each domain name has .eth at the end and can be attached to cryptocurrency wallet addresses, decentralized websites, or hashes. Domain names can also be traded on secondary marketplaces such as OpenSea.

ENS domain name sales show explosive growth

According to DappRadar, ENS trading volume was $2.44 million in the last 24 hours, making the aggregator number one among NFT’s top collections.

In addition, in the last 24 hours, the number of traders increased by 45%, and the number of sales increased by 67%. Thanks to these indicators, ENS was able to surpass even such a heavyweight as Bored Ape Yacht Club (BAYC).

ENS was also able to break into the top of the ranking among NFT collections at the largest NFT-market OpenSea. Here it ranked first in terms of 7-day trading volumes, also bypassing BAYC.

NFT statistics also show an increase in sales over the last week. They peaked yesterday at $1,896 million. Ethereum’s upcoming update had a particularly tangible effect on secondary sales. They soared 137%.

Recall that this May was a month of record-breaking achievements for ENS in almost every metric monitored, including new registrations, user retention, revenue and income (in ETH & USD). In addition, ENS surpassed the entire bitcoin network in terms of weekly commissions in July.

Buterin’s tweets.

Apparently, the surge in secondary sales indicates that sellers are looking to cash in on the current haip around Ethereum, and buyers are hoping they can resell their purchases more expensively in the post-network upgrade price rally.

Ethereum co-founder Vitalik Buterin even asked his Twitter followers what they considered a fair price for a .eth domain name.

As the results of the survey show, almost half of those who voted believe a price of less than $100 is most fair.

https://altcoin.ng/interest-in-ethereum-name-service-breaks-records/

The market for non-fungible tokens (NFTs) is going through bad times. According to NFTGo, a platform that tracks activity around tokens, the market has suffered precipitous losses since April 2022.

For example, the Blue Chip Index, which tracks the performance of top NFT collections, has been in a downtrend since late April.

The fall is more evident in terms of money. Thus, in mid-March 2022, the total capitalization of the leading NFT collections was $36.6 billion, but on August 17 the figure dropped to $22.5 billion.

Even more indicative is the volume of trading. They plummeted from $2 billion to $267.6 million, which could signal a drop in interest from retail investors in NFT.

The decline was also seen in the volume of trading on NFT marketplaces. While nearly $5 billion was traded on OpenSea in January, the figure collapsed to $501 million in August. In addition, transaction volume has also declined. In December 2021, just over 5 million transactions were recorded on the NFT marketplace, but in August 2022 the figure barely exceeded 1 million.

New marketplaces are also seeing a decline in user activity. Recall that video game distributor GameStop launched its NFT-marketplace in the summer of 2022. While daily revenue was $44,000 at launch, it had already collapsed to $4,000 a day in August.

In July, minimum quotations for NFT tokens from Yuga Labs’ Bored Ape Yacht Club collection and Otherside NFT collapsed 30%. The conference at NFT.NYC and Bored Apes ApeFest 2022 in New York also fell short. The purchase of the NFT marketplace KnownOrigin by the ebay marketplace also failed to generate interest.

According to Aaron Brown, a columnist at Bloomberg, the NFT market has entered a phase of consolidation. The expert notes that the industry will survive and become more mature, leaving behind the speculative frenzy of 2021.

https://altcoin.ng/users-have-lost-interest-in-nft/

On his Twitter account, FatManTerra told his followers that he “got access to a high-yield BTC farm” from an unnamed fund. Those who want to participate can email him.

Despite the fact that he got a large number of negative comments claiming it was a scam, FatManTerra was still able to raise $100,000 within two hours of the initial post on Twitter and on Discord.

This scheme was created to draw attention to the problem of the crypto industry, where people blindly follow investment advice from Influencers. FatManTerra returned all funds to “defrauded” depositors.

https://altcoin.ng/popular-crypto-influencer-fatmanterra-scam-his-followers-for-100000/

Let’s look at some simple things you can do to become a good NFT domain trader. These domains are more valuable than traditional NFT art, and the main reason is that they can be used in a real way on a decentralized network. They can be used as wallet names, or you can make a Web 3.0 website and put it on the IPFS network. This is why it’s so important to pick the right domain name because its success when it’s sold again depends on it. So, here are some recent statistics about which NFT domains are the best and which ones you should avoid.

The popularity of NFT domains according to the number of characters

First, you should look at how many NFT domains sell based on how many characters they have. This is important because it will help you decide how long the domain name should be in a smart way.

continue reading here :https://altcoin.ng/how-to-choose-the-best-nft-domains-to-make-a-profit/

One of the most popular things on the crypto market right now is the flipping of domain names (domains NFT) for profit.

What are NFT domains?

NFT domains are types of domain names that are hosted in a decentralized way and exist as a smart contract on a public blockchain. They include extensions like.nft,.crypto,.eth, and others that mostly work on Ethereum and Polygon blockchain networks.

When someone buys an NFT domain, they get a lot of benefits. For example, they can own it for life without having to pay any monthly or yearly fees. This lets them keep full control of the domain, and in Web 3.0, no one else can take it over. Another great benefit is that the person who owns such a domain name can use it however he wants, without any outside pressure from the big tech companies.

The main way these domains are kept up is by being stored on a cryptocurrency wallet that only the owner has access to. Once the owner gets a domain like this, he has full control over it and can sell it, make an NFT domain website in IFPS, and change it in any way he wants, unlike with traditional domains.

Having an NFT domain also has the following benefits:

This domain cannot be re-registered or taken away from its owner;
The domain can be used to make Web 3.0 sites that don’t have a central server;
Anyone can ship, sell, or take over the domain;
The domain’s owner has full control over it;
The owner can turn their cryptocurrency wallet address into their NFT domain name, like “yourwallet.wallet,” instead of a long string of letters and numbers.

Continue reading here : https://altcoin.ng/how-to-make-money-flipping-nft-domains/

Crypto Market Capitalization fell by 6 %

According to CoinGecko, the cryptocurrency market capitalization has declined by another 6 percent to $940.248 billion in the past 24 hours.

Bitcoin (BTC) and ether (ETH) fell 5% to $18,795 and $1,517, respectively. Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) pulled back 8% to $0.464, $31.06 and $0.059.

Bitcoin tested lows around $18,674 in the current cycle but then was able to rebound.

IDEG Asset Management Ltd. analyst Kevin Loo said on Bloomberg TV that a deeper dive is likely inevitable in the coming days. There are hopes for a September update on ethereum.

If the ETH altcoin resumes pumping in the run-up to that event, bitcoin could get a small share of the capital coming into the crypto sphere as well. However, the leading digital currency is unlikely to break above $20,000 this week, the expert predicts.

The MVIS CryptoCompare Digital Assets Index, which reflects the performance of 100 major cryptocurrencies, is down about 60% in 2022.

BTC has been one of the hardest hit digital assets as a result of the negative trend that has dominated the global stock market since April

https://altcoin.ng/crypto-market-capitalization-fell-by-6/

Famous crypto influencer Mark Hopkins, known under the alias Dr. Bitcoin, will spend from 6 to 15 months in federal prison in the U.S. state of Texas.

In 2019, law enforcement revealed that Hopkins converted between $0.5 million and $1.5 million in bitcoins belonging to Nigerian scammers.

Law enforcement searched Mark’s home and, in his words, forced him to confess to everything in exchange for dropping charges against family members.

In court, Dr. Bitcoin did not admit to running an illegal business of exchanging fiat currency for digital assets. However, he has no doubt that he will be convicted and expects to be sentenced to 6 to 15 months imprisonment.

Given the outcome of his criminal case, Hopkins concluded that it is a federal offense punishable by up to five years in prison to make peer-to-peer cryptocurrency transfers as part of a financial exchange transaction.

Under the U.S. Code, only a registered money transmitter is allowed to execute wire transfers. U.S. Financial Crimes Enforcement Network officials believe this provision of the law applies to virtual currencies. Accordingly, over-the-counter trading in digital assets between individuals is an effectively illegal activity.

https://altcoin.ng/dr-bitcoin-in-jail-for-transacting-bitcoin-with-nigerian-scammers/

Most of the developers of the Ethereum network are making the latest edits to the network update known as The Merge. However, a small group of programmers are working on a very different task. Their goal is to maintain their source of revenue after the merge update on Ethereum.

Who is working on the ETH fork?

A small group of developers led by Chinese miner Chandler Guo wants to create a fork of the existing Ethereum network that will not move to the proof of stake consensus algorithm but will remain on proof of work. The fork is called Ethereum POW

How to get the airdrop

Guo said the new blockchain will give away new tokens to ETH holders via airdrop. Bobby Ong, the co-founder of Coingecko, gave some tips on how to get new ETH tokens. The wallet or exchange where ETH is stored must support the new fork.

Those who hold ETH in tier 2 applications such as Arbitrum or Optimism will need to withdraw them to the mainnet in order to receive ETH PoW tokens. All wrapped ETH in the main network will need to be “deployed” and all ETH will need to be withdrawn from the liquidity pools. It may also make sense to borrow tokens from protocols such as Compound or AAVE, as Ethereum holders will receive ETH POW at the time of the network snapshot.

Tron’s notorious blockchain founder Justin Sun said that his cryptocurrency exchange Poloniex will support all Ethereum proof-of-work tokens.

Some analysts advise caution, as forks often die without support from users or developers.

https://altcoin.ng/how-to-get-the-airdrop-of-ethereums-new-fork/

Binance says it will exclude USDC from the listing in favor of its own stablecoin BUSD. Users will still be able to withdraw funds in USDC, USDP, and TUSD at a 1-to-1 ratio.

Binance is getting rid of USDC Stablecoin

The world’s largest cryptocurrency exchange announced Monday that as of Sept. 29, it will drop USD Coin, the U.S. dollar-linked stablecoin, from its listing in favor of the native Binance USD BUSD/USD stablecoin.

The company said in a statement that it is introducing automatic conversion of Binance USD for existing user balances and new deposits of the following stablecoins at a ratio of 1 to 1:

USD Coin USDC/USD

Pax Dollar USDP/USD

TrueUSD TUSD/USD

Beginning September 29, users will trade with Binance’s consolidated U.S. dollar balance on the platform, which reflects their balances for each of the stablecoins.

Trading platform users will still be able to withdraw funds in USDC, USDP, and TUSD at a ratio of 1 to 1 to their BUSD-denominated account balance.

Binance advises traders and investors using margin or trading futures not to add or close positions before the 24-hour conversion period expires, as the company will automatically calculate by closing and canceling all pending orders using the aforementioned pairs.

The company said it is deciding to exclude Stablecoins from the listing in order to increase liquidity and capital efficiency for users.

Cryptocurrencies to be terminated and liquidated as of September 23; USDC savings accounts; DeFi Rates and the USDC/USDT liquidity pool are among the affected Binance USDC products.

https://altcoin.ng/binance-to-delist-usdc-stablecoin-on-23-september/

Satoshistreetbets calls out Squid grow for being a scam

Squid game was a crypto project which rode on the popular squid game tv series to scam thousands of investors of their money.

According to the technology website Gizmodo. Squid game developers rug pulled the project and made off with an estimated $3.38m (£2.48m).

Now, another project inspired by Squid game is now in the news, it is called Squid grow. The developer of Squid grow claims he is a Shiba Inu billionaire, the famous Shiba Inu whale, who was worth billions after investing 8 thousand dollars.

In a series of tweets, the founder of the famous Reddit crypto group Satoshistreetbets, called out the developer of squid grow for faking his status as a Shiba Inu billionaire and manipulating the transaction volume of Squid grow to deceive investors.

At the height of the false publicity by squid grow developer, squid grow was trading at its highest price of $0.00000004922, after he was called out by Satoshistreetbets, the price of the project fell to $0.000000008052 as shown on CMC.

https://altcoin.ng/satoshistreetbets-calls-out-squid-grow-for-being-a-scam/

Investigators at Rug Pull Finder (RPF) reported an exploit in their own smart contract that allowed two attackers to create 450 NFT projects in their wallet for free instead of one.

According to the team, hackers created an extra chain in the Bad Guys free minting tool. RPF used it to select users for a presale of a planned fall collection of 10,000 NFTs. Ownership of Bad Guys tokens also granted access to other upcoming projects.

A total of 1,221 tokens – one for each wallet – were allowed by the smart contract. However, the vulnerability allowed attackers to increase the allowed number of NFTs.

After the incident was discovered, RPF negotiated with one of the hackers to pay a reward of 2.5 ETH (about $3950 at the time of writing) to recover 330 NFTs.

The watchdog team acknowledged that an unknown source alerted them to the vulnerability 30 minutes before Bad Guys launched, but they ignored it.

“After checking with three different development teams, we did not believe the information sent to us was accurate. We were clearly mistaken, and we are very sorry,” RPF stated.

Doxxed Media, a blockchain agency, developed the smart contract. RPF admitted that neither it nor any independent third party audited the code.

After consulting with the community, the team decided to distribute the recovered NFTs. Some of them will go back to the Bad Guys repository, while others will be raffled off on Twitter and among the project’s friends.

Recall that in August, analysts at Elliptic reported that since 2017, attackers have laundered more than $8 million through NFT-marketplaces, which is 0.02% of the total trade turnover.

They reported over $100 million in stolen tokens between July 2021 and July 2022.

The Tornado Cash cryptocurrency mixer was the most popular tool for laundering funds from NFT fraud.

https://altcoin.ng/nft-scam-detector-rug-pull-finder-got-hacked/

Factors that will affect the price of Bitcoin in the short term

On September 5, bitcoin is trading at $19.7 thousand, for the last week the price of bitcoin has hardly changed – it has grown by 0.6%.

Bitcoin searching for levels before the US Fed meeting

The week from August 29 to September 4 was relatively quiet. Throughout the week, the price was trading in the thousand-dollar range between $19,500 and $20,500. Bitcoin price was declining to the lower boundary of the $19,500 channel amid falling stock indices and a stronger dollar. The price recovered to the upper border of the channel on the background of rising indices and a decline in the dollar index.

At the beginning of the week, risky assets were under pressure amid expectations for new signals on the Fed’s monetary policy and Friday’s report on the US labor market for August. Chinese authorities added more oil to the fire with the news of a lockdown in Chengdu due to the COVID-19 outbreak.

Crypto analysts are sure that after a week-long consolidation, bitcoin price will move out of the $19.5-20.5K range after the August U.S. jobs report is released on Friday. The report is interesting to the Fed, so indices and cryptocurrency could show strong swings before the September meeting.

the volatility increased in all markets (debt, currency, stock, cryptocurrency), but the pair BTC/USDt remained trading in a range.

Why is Bitcoin trading around $20k?

The report for August was better than forecasted. Nonfarm payrolls in the US increased by 315,000 jobs in August against expectations of 300,000. The July reading was revised lower to 526,000. The biggest growth was in professional and business services, healthcare, and retail trade.

The unemployment rate rose to 3.7% from 3.5%. Average hourly earnings were up 5.2% from a year ago, slightly below estimates. The increase in wages came amid soaring inflation and concerns about a slowing economy.

The U.S. dollar fell in price after the data release. Stock indices rose and cryptocurrencies rose in value. The report indicates a 50 basis points rate hike at the September FOMC meeting but does not resolve the issue by itself. CME FedWatch Tool data also confirms this. There is a 43% chance of a 50bp rate hike and a 75bp. – 57%. At the beginning of the week, the probability of a rate hike was 39% and 61%, respectively.

All seemed well and all of a sudden the indices were turning down and the dollar index was up. Market participants started to exit risky assets on the news that Gazprom has suspended natural gas deliveries through the pipeline to Europe for an indefinite period.

The negative news for the euro flew in, and everything flew down. The S&P500 index shed 1.04% and the Nasdaq index shed 1.31%.

For the week of September 5 to 11, the situation for the cryptocurrency market remains uncertain. The SP500 index is near the trend line and could fall even lower as the energy crisis in Europe intensifies. Gazprom wrote in its Telegram channel:

“Siemens takes part in the repair work in accordance with the current contract, finds faults, signs the act of detecting oil leaks, and is ready to fix them. Only there is no place to repair them.”

The euro is trading below parity with the dollar, even as expectations grow that the European Central Bank will raise rates by 75 basis points on Thursday (Sept. . We need to keep an eye on the news backdrop from China and Nord Stream 1.

Cryptocurrency, of course, is independent of the global gas market, but since it has embedded itself into the global financial system, any significant market events are now taken into account by investors. Again. If the zone of $18-19 thousand will not hold, there will be a new wave of cryptocurrency sales in search of levels, where to take a waiting position before the meeting of the U.S. Federal Reserve.

There are two scenarios

Now bitcoin for some days already trades in a narrow range between $19.5 thousand and $20.5 thousand. Usually, such consolidation is followed by either attack of bulls or an attack of bears – that is, either sharp growth or sharp fall.

There are two scenarios: if bitcoin manages to break out of the range stated above and stay above $20,500 for a couple of days, then, most likely, it may grow up to $23-24 thousand for a short period (just a day or two). Likewise, if bitcoin does not stay in the $19.5-20.5K range and breaks through the lower bar, you should expect the price to fall to $17K and in 7-10 days after that to $15K because a collapse will provoke a panic sell-off.

It is hard to say which way the crypto market will turn this week because the main factors are still data on the state of the American economy: inflation, key rate, and others. These indicators are unlikely to change this week: the data on consumer prices in August will be released on September 13, while the next meeting of the US Federal Reserve is scheduled for September 20-21.

“Merger” in the Ethereum network, which is also likely to have an impact on the entire crypto market, will not take place until next week. That is, most likely, significant rate changes are not expected this week – bitcoin will continue to trade at around $20K.

However, some changes may take place if the market will be stirred up by some significant news – for example, a new investigation concerning Tether or FUD around Binance.

https://altcoin.ng/factors-will-affect-the-price-of-bitcoin-in-the-short-term/

“Learn & Earn is a program on Binance, launched in 2022, through which users can earn free cryptocurrency for reading and watching information about blockchain projects and technologies. Only users with KYC can receive rewards.

What is the essence of the Binance Learn & Earn program

People are becoming more and more interested in cryptocurrencies and the blockchain. There are a lot of new people coming into the field, which is good, but they often make mistakes. These mistakes cost money or cause a business to lose money. Also, it’s very important to know how cryptocurrency, wallets, exchanges, and other services work.

Binance started this bonus program to help spread the word about blockchain and solutions that could be useful for it. Users also benefit from this in two ways: they learn important information and earn cryptocurrency.

Continue reading here: https://altcoin.ng/how-to-learn-and-earn-money-on-binance/

We reported that Hollywood actor Bill Murray did an NFT charity auction. Now hackers have stolen all the funds gotten from the auction.

An unknown person stole 119.2 Ethereum (about $185,000) from famous Hollywood actor Bill Murray. Shortly before that, the “Ghostbusters” star had held an NFT auction, raising money for charity. The cybercriminal began transferring cryptocurrency from Murray’s wallet just hours after the auction closed.

The intruder has not yet been found. Murray’s team said they filed a police report and are working with cryptanalytics firm Chainalysis.

The hacker also tried to steal 800 NFTs from Murray’s collection, which was in his wallet. But experts at Project Venkman said they were able to foil that attempt by moving the tokens to a secure location.

The NFT was part of the actor’s “Bill Murray 1000” collection created by The Shack along with Coinbase token marketplace. Only 82 of the 1,000 tokens in this collection have now been released (only 1/1 comes with the beer utility). Meanwhile, the cheapest edition for purchase on the Coinbase (COIN) marketplace sells for 11 ETH – about $17,000.

https://altcoin.ng/hackers-robs-hollywood-actor-after-a-charity-auction/

What is a virtual free zone?

A virtual free zone is a non-physical zone for trading. It can be a hub or platform for the transfer of goods and services within a certain market area (market area). it can also be an environment for the exchange of goods or services that uses computer technology to conduct all transactions.

A virtual free zone can attract 0% tax rates, preferential customs duty rates, and 100% import and export tax exemption.

Why is the government partnering with Binance and Talent city?

The Nigeria Export Processing Zones Authority (NEPZA) wants to create a virtual replication of a free trade zone to attract business locally and internationally, so it is in the best interest of the government to partner with the best platforms that can provide these services which are Binance and Talent City.

Binance, as we all know, is the number 1 crypto exchange in the world, while Talent City is an innovative community designed and built for the future of work, where remote work-friendly policies, co-living, speedy internet, and reliable infrastructure seamlessly integrate. Talent city’s focus is on creating technology-enabled jobs managed within the free trade zone with its own productivity-focused, entrepreneurial-centered regulations, and bylaws.

What is NEPZA saying?

According to NEPZA’s head of corporate communications, Martins Odey, NEPZA has made the partnership deal after holding meetings with officials of Binance and talent city in Dubai, United Arab Emirates.

At the meeting, NEPZA’s managing director, Adesoji Adesugba, said that the partnership was needed to grow the economy of the country.

He said that once the partnership is set in stone, it will create a virtual free zone like the one in Dubai.

Adesugba added that the vision of his management is centered on expanding the frontiers of innovations in the operations and management of free zones in Nigeria and Africa as a whole.

“We want to break new ground to give our citizens more economic opportunities in line with the authority’s mission, the minister’s directive, and President Muhammadu Buhari’s economic development plan,”

“Our goal is to create a thriving virtual free zone so we can take advantage of blockchains and the digital economy, which have a virtual economy worth close to a trillion dollars.” he said.

The meeting had in attendance Nadeem Ladki, Binance executive director, regional strategic partnerships; Sameera Kimatrai, Binance senior legal counsel; Luqman Edu, chief executive, Talent City; and Sikiru Lawal, NEPZA’s director of projects and procurement.

https://altcoin.ng/binance-and-talent-city-to-partner-with-nigeria-on-virtual-trade-zones/

Coinbase loses $140 million to traders because of a bug

Coinbase users used an erroneous exchange rate of Georgian lari on the platform to exchange some cryptocurrencies at a rate 100 times higher than the market rate (290 lari instead of 2.90 lari). The omission of the decimal separator was caused by a “third-party technical problem”

The erroneous data was posted to the platform within seven hours. This allowed about 900 traders from Georgia to sell various cryptocurrencies for GEL at an inflated rate, after which they withdrew these funds to bank accounts.

The Georgian trading community estimated that Coinbase could have lost between $14 million and $140 million, but Coinbase denied the claim.

Shortly after the withdrawals from Coinbase, the traders’ bank accounts and associated Visa debit cards were frozen. One bank said in a statement that the reason for the blocking was because the transactions were flagged as suspicious. Also, the bank reported that Coinbase could request a refund.

https://altcoin.ng/coinbase-loses-140-million-to-traders-because-of-a-bug/

The International Football Federation (FIFA) announced that it will launch the NFT FIFA+ Collect platform on the Algorand blockchain in late September, ahead of November’s World Cup.

Soccer fans will be able to purchase unique digital collectibles at an affordable price. For example, NFTs of iconic FIFA World Cup and FIFA Women’s moments will be offered to the fan community, as well as artwork inspired by championship events.

“Fandom is changing. With FIFA+ and Algorand, soccer fans can participate in world events in a new way. FIFA+ collectibles will become available to any soccer fan, democratizing the ability to own a piece of the FIFA World Cup,” said FIFA Commercial Director Romy Gai.

Once launched, the site will be available on all mobile devices. FIFA+ is inspired by the success of its sister site, NBA Top Shot, which focuses on basketball fans.

https://altcoin.ng/fifa-to-launch-nft-platform-for-fans-before-world-cup/