The latest bear market should send a clear signal to projects: It’s all about finding a problem that needs to be solved, and actually using your product to solve it.
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What does a bear-market ‘cleanse’ actually mean?
The latest bear market should send a clear signal to projects: It’s all about finding a problem that needs to be solved, and actually using your product to solve it.
Bitcoin mining stocks rebound sharply despite a 70% drop in BTC miners' revenue
The rally across top Bitcoin mining stocks could trap bulls as BTC price sentiment remains gloomy.
Bitcoin mining stocks rebound sharply despite a 70% drop in BTC miners' revenue
Bitcoin (BTC) mining companies have suffered in 2022 due to the crypto bear market. Nonetheless, their stocks collectively saw a sharp rebound on July 6, raising hopes that investors have started to buy the dips.
One of the intraday winners was Bitfarms (TSE: BITF), which surged by over 24% to close at $1.29.
Similarly, Marathon Digital Asset Holdings (NASDAQ: MARA), Core Scientific (NASDAQ: CORZ), and Cathedra Bitcoin (CVE: CBIT) rose by over/around 12.5%, 16.22%, and 15%, respectively.
MARA, CORZ, BITF, and CBIT daily price chart. Source: TradingViewBitcoin miners' revenue down 70% from peak
The rallies come as a breather in what has been a bad year for mining stocks. A nearly 60% year-to-date plunge in the BTC price and a rise in "mining difficulty" have pushed the miners' daily revenues lower by over 70% from their November 2021 peak of $62 million.
Bitcoin daily miner revenue versus difficulty. Source: CoinMetrics/Arcane ResearchThe outcome is bad for all the mining stocks, including the ones mentioned above. For instance, BITF is still down 86% from its peak in pre-market trading on July 6 despite a 24% rebound in the previous session.
Hardware crypto wallet sales increase as centralized exchanges scramble
Hardware wallet providers are seeing increases in revenue in this bear market as crypto investors withdraw assets off centralized exchanges.
NFT platform wars could be ahead, says new DappRadar report
OpenSea, UniSwap, MagicEden, eBay, and others are acquiring NFT aggregation tools and taking a stand to gain market share of the evolving NFT ecosystem.
NFT platform wars could be ahead, says new DappRadar report
OpenSea, UniSwap, MagicEden, eBay, and others are acquiring NFT aggregation tools and taking a stand to gain market share of the evolving NFT ecosystem.
Australia’s world-leading crypto laws are at the crossroads: The inside story
As crypto winter sets in once more, industry players in Australia, one of the world’s most crypto-friendly nations, watch closely for a shift in the regulatory climate.
Anthony Albanese, the new Australian Labor Party prime minister, has made regulating crypto a top priority. However, neither he nor his cabinet has given a clear indication of how it may approach the unregulated space.
No word yet on whether Australia’s innovative crypto legislation will go through.
Australia’s world-leading crypto laws are at the crossroads: The inside story
As crypto winter sets in once more, industry players in Australia, one of the world’s most crypto-friendly nations, watch closely for a shift in the regulatory climate.
Anthony Albanese, the new Australian Labor Party prime minister, has made regulating crypto a top priority. However, neither he nor his cabinet has given a clear indication of how it may approach the unregulated space.
No word yet on whether Australia’s innovative crypto legislation will go through.
Australia’s world-leading crypto laws are at the crossroads: The inside story
As crypto winter sets in once more, industry players in Australia, one of the world’s most crypto-friendly nations, watch closely for a shift in the regulatory climate.
Anthony Albanese, the new Australian Labor Party prime minister, has made regulating crypto a top priority. However, neither he nor his cabinet has given a clear indication of how it may approach the unregulated space.
No word yet on whether Australia’s innovative crypto legislation will go through.
Ethereum Name Service registrations surge by 200% amid lower gas fees
ENS domain registrations went from 11,042 to 29,727, as the domain “000.eth” was bought for 300 ETH.
Bear market delivery! Ohio guy rejoins DoorDash to buy more Bitcoin
A software developer from Ohio is taking on extra work at Door Dash to grow his stack of Bitcoin.
El Salvador's Bitcoin wallet Chivo scores $52M in remittances in 2022
El Salvador payment app Chivo processed $52 million in remittances over the past 6 months, as expatriates make use of commission-free BTC transfers.
Salary payments in USDT stablecoin ruled as illegal in the Chinese court
Tether USDT stablecoin cannot be used for salary payments, a Chinese court ruled, citing the country’s blanket ban on all types of crypto transactions.
Salary payments in USDT stablecoin ruled as illegal in the Chinese court
Despite the Chinese government banning all kinds of cryptocurrency transactions last year, some firms apparently still use stablecoins like Tether (USDT) to pay their employees.
Beijing’s Chaoyang District People’s Court has ruled that stablecoins like USDT cannot be used for salary payments, the local news agency Beijing Daily reported on July 6.
The Chinese court stated that virtual currencies like USDT cannot circulate in the market as a currency, which requires all employers to only pay their workers using the official currency, renminbi (RMB).
The ruling came as part of a court case involving a staff member at a local blockchain firm suing his employer for not agreeing to pay his wages in RMB. The plaintiff argued that instead of paying him in RMB, the firm had paid his salary and bonuses in the USDT stablecoin.
Citing China’s blanket ban on crypto enforced in September 2021, the court pointed out that digital currencies like USDT do not have the same legal status as legal tender. The court noted that the plaintiff's request to pay wages and bonuses in the form of RMB fully complies with local laws and the court supports it.
Web3 will unite users from social media platforms, says Aave exec
At this year’s NFT.NYC conference, Aave executive Christina Beltramini shared detailed insights into the platform’s recent launch and future vision.