Ethereum Liquidity Provider XCarnival Recovers 50% Of Stolen ETH Through Negotiations

Ethereum ecosystem liquidity provider XCarnical has recovered 1,467 Ether (ETH) just a day after suffering an attack that cost them 3,087 ETH, worth about $3.8 million on their platform. The hack was first noticed by Peckshield, a blockchain investigator, as it came across a stream of transactions that eventually led to 3,087 ETH being stolen from the protocol. The blockchain investigative firm stated, “The hack is made possible by allowing a withdrawn pledged NFT to be still used as the collateral, which the hacker then exploits to drain assets…

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China’s Blockchain Service Network (BNS) Chair Tags Bitcoin A Ponzi and Stablecoins Fine If Regulated

As the Chinese government continues to celebrate the decline of the cryptocurrency market, a top Chinese blockchain expert has called crypto a Ponzi scheme. The CEO of Red Date Technology, one of the leading tech firms in developing China’s major blockchain project, Yifan He, recently wrote an article where he explained the Ponzi-like nature of various kinds of cryptocurrencies. The local newspaper, The People’s Daily, published the article on Sunday. In the piece, Yifan tagged private cryptocurrencies as the “biggest Ponzi scheme in human history.” Yifan also mentioned the collapse…

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Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

Bitcoin price action on monthly timeframes has made a historic move to the touch the lower Bollinger Band – a popular technical indicator and volatility measuring tool. Although he warns there isn’t yet a sign that a bottom is in, the tool’s creator says where price action tapped is a “logical” level for such a bottom to occur. Unprecedented Bitcoin Price Action Taps Monthly Bollinger Band For First Time In History Expectations for Bitcoin price in 2022 were closer to $100,000 per coin and above. Yet the top cryptocurrency today…

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Central African Republic president launches crypto initiative following Bitcoin adoption

Faustin-Archange Touadéra, president of the Central African Republic, has announced the government will be backing an initiative centered around developing the country’s blockchain infrastructure. In a Monday announcement on Twitter, Touadéra said the CAR government would be launching Sango, a crypto initiative proposed following the country’s adoption of Bitcoin (BTC) as legal tender in April. According to Sango’s website, the government intends to launch the program during a July 3 event in which the president, members of his cabinet and industry experts will discuss the physical and digital infrastructure needed…

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‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

For Maurice Mureau, CEO of crypto investment fund operator Hodl, there’s “not a lot left” to invest in anymore. With soaring inflation, bonds are no go, real estate is getting more difficult but there is one asset class that’s (unsurprisingly) catching the fund manager’s attention — cryptocurrencies. During the European Blockchain Convention in Barcelona this week, Cointelegraph editor Aaron Wood sat down with Mureau, who gave his insight on the outlook of the digital assets investment landscape. “It’s just like the end of the 90s with the internet bubble, so…

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Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Bear markets have historically been challenging to navigate for traders and the conventional set of “reliable” indicators that determine good entry points are unable to predict how long a crypto winter might last. Bitcoin’s (BTC) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change. Evidence pointing to the need for caution was provided in a…

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Crypto exchange FTX is looking into acquiring Robinhood: Report

Cryptocurrency derivatives exchange FTX is reportedly eyeing a takeover of Robinhood Markets, the popular trading app that introduced millions of traders to Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). Citing people familiar with the matter, Bloomberg reported Monday that FTX is holding internal deliberations about whether to acquire Robinhood. Although no decision has been made to pursue a takeover, FTX is said to be taking the matter seriously. Bloomberg’s contact clarified that FTX has yet to approach Robinhood with a buyout proposal and that it could still decide against pursuing…

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Bitcoin’s short-term price prospects slightly improved, but most traders are far from optimistic

A mild sense of hope emerged among Bitcoin (BTC) investors after the June 18 drop to $17,600 becomes more distant and an early ascending pattern points toward $21,000 in the short-term. Bitcoin 12-hour USD price at FTX. Source: TradingView Recent negative remarks from lawmakers continued to curb investor optimism. In an interview with Cointelegraph, Swiss National Bank (SNB) deputy head Thomas Muser said that the decentralized finance (DeFi) ecosystem would cease to exist if current financial regulations are implemented in the crypto industry. An article published in The People’s Daily…

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Grayscale reports 99% of SEC comment letters support spot Bitcoin ETF

Digital asset manager Grayscale reported overwhelming support in public comments for its application to launch a spot Bitcoin exchange-traded fund. In a Monday letter to investors, Grayscale said that of the more than 11,400 letters the United States Securities and Exchange Commission, or SEC, had received in regards to its proposed Bitcoin (BTC) investment vehicle, “99.96 percent of those comment letters were supportive of Grayscale’s case” as of June 9. According to Grayscale, roughly 33% of the letters questioned the lack of a spot BTC ETF in the U.S., given…

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Banxa, an Australian crypto exchange, eliminates 70 jobs.

In preparation for a sharp market decline, cryptocurrency exchange Banxa (BNXA) has slashed over 70 workers, according to a Monday article in the Australian Financial Review. According to AFR, the change represents 30% of the workers of the Melbourne-based business. When the cryptocurrency market reached all-time highs last year, the company’s personnel count soared to over 230. According to AFR, the CEO of BANXA, Holger Arians, said in a letter to employees, “Banxa must take decisive actions to reduce costs now, or else our company won’t be able to…

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