Aurelia Butler

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    in Cryptocurrency

    Creditcoin Mainnet Launches with EVM Compatibility and New CreditWallet App

    Creditcoin, the foundational L1 blockchain, announced the launch of its EVM-compatible mainnet, marking an improvement to enhance global financial inclusion through blockchain technology. This launch advances Creditcoin’s core mission and introduces CreditWallet, a new mobile wallet app designed to optimize user engagement with the Creditcoin ecosystem.The EVM compatibility upgrade marks a notable development, allowing developers to easily migrate their existing dApps and smart contracts to the Creditcoin network. This integration facilitates seamless multi-chain interactions and reduces the complexities and costs traditionally associated with cross-chain operations. The introduction of the Universal Smart Contract (USC) layer will further streamline these processes by enabling direct, secure interactions across various blockchains without the need for bridging.Central to the update is CreditWallet, a new mobile app transforming how users manage their digital assets. CreditWallet simplifies cross-network transfers between Creditcoin’s EVM and Substrate chains, making it easier for users to move assets and interact with dApps across different ecosystems. The app’s user-friendly interface, non-custodial ownership, and enhanced security features help to ensure a seamless and secure experience for users, both new and old.Existing Creditcoin Classic users will see their token balances transferred based on a snapshot taken on August 21, 2024. They will need to reconfigure their roles as nominators and validators on the new mainnet, while also exploring new staking opportunities through the updated dashboard. For technical integration, users are encouraged to review Creditcoin’s resources, including RPC (NYSE:RES) information and guidance on adding Creditcoin EVM to MetaMask.About CreditcoinCreditcoin is a foundational L1 blockchain designed to match and record credit transactions, creating a public ledger of credit history and loan performance and paving the way for a new generation of interoperable cross-chain credit markets. By working with technology partners, fintech lenders such as Aella, and other financial institutions across global emerging markets, Creditcoin is securing capital financing, building credit history and facilitating trust for millions of underserved financial customers and businesses based on the principles of RWA.ContactDirector of MarketingAlan [email protected] article was originally published on Chainwire More

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    in Cryptocurrency

    262,000 BTC Snapped up by Major Bitcoin Holders in Accumulation Drive

    According to CryptoQuant, long-term Bitcoin holders have increased their supply by a staggering 262,000 BTC over the past 30 days. This surge in accumulation has brought their total holdings to an impressive 14.82 million Bitcoin, which represents 75% of the total Bitcoin supply.Long-term holders (LTHs) refers to the category of Bitcoin holders who have held their Bitcoin for extended periods without selling during market shifts. Their accumulation of 262,000 BTC in just a month highlights long-term confidence amidst short-term market fluctuations.This recent accumulation by long-term holders represents a positive backdrop against the present profit-taking on the crypto markets.Bitcoin had its steepest dip since the sell-off that rocked global markets in early August as part of a broader decline in the crypto market. The decline in Bitcoin comes despite a string of inflows into U.S. exchange-traded funds supporting the original cryptocurrency. Concerns that the U.S. government may be selling seized tokens are among the market’s challenges.Bitcoin has declined nearly 10.8% in the last two days, from highs of $65,062 to lows of $58,025, as Short-Term Holders established a resistance level at their breakeven price.Earlier last month, the Bitcoin price fell sharply. According to CryptoQuant, this resulted in a 17% loss for short-term holders as the price returned to the average cost base, letting them sell at breakeven, resulting in resistance.The recent drop occurred as traders speculated on rising prices, resulting in a fragile environment. Open Interest has increased by 31%, from $13.5 billion to $17.9 billion, since Aug. 5, while funding rates remained positive, indicating a premium for perpetual contracts.This article was originally published on U.Today More

  • 125 Shares189 Views

    in Economy

    BYD’s earnings growth slows sharply as China price war bites

    $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

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    in Cryptocurrency

    Crypto stocks broadly lower with Bitcoin at 1-week lows

    Marathon Digital (NASDAQ:MARA), the largest Bitcoin miner, fell 1.5% following the opening bell. At the same time, CleanSpark (NASDAQ:CLSK) slipped 2%, Riot Platforms (NASDAQ:RIOT) lost 0.6% and Coinbase Global (NASDAQ:COIN) dropped over 1%.Moreover, shares in Michael Saylor’s MicroStrategy (MSTR) fell around 3%, while Hut 8 Corp (NASDAQ:HUT) tumbled more than 5%. The losses come as Bitcoin fell on Wednesday, deepening losses from the previous session after a large transfer of tokens to a major exchange sparked fears of a potential sell-off. The cryptocurrency, which had recently climbed above $60,000, sharply reversed course on Tuesday, falling back below this key threshold. The drop followed reports from Whale Alert, a service that tracks significant crypto transactions, which noted that about 30,000 Bitcoin—valued at $1.88 billion—was moved from a cold wallet to Binance. Although it was later clarified that the transfer was an internal Binance transaction, the movement still unsettled traders, as large transfers to exchanges often signal a potential sale. This development added to the selling pressure on Bitcoin, which had already been pulling back after a brief weekend rally.Altcoins also mirrored Bitcoin’s pullback, with the world’s second-largest cryptocurrency Ethereum falling more than 4% in the past 24 hours.Solana and XRP dropped 5.7% and 3.6%, respectively, while Dogecoin lost 3.7%. Bitcoin and broader crypto prices stayed within a narrow trading range since reaching a record high in March, with trading volumes gradually decreasing as retail interest wanes. More

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    in Cryptocurrency

    Fordefi Unveils First Institutional-Grade MPC Wallet for DeFi on Sui

    Fordefi brings institutional-grade security to the Sui NetworkSui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced that it has joined forces with Fordefi, a company that employs multiparty computation (MPC) technology to deliver a secure institutional wallet platform for DeFi. Fordefi’s comprehensive platform and Web3 gateway provide an enterprise grade solution enabling builders, traders, and operators to self-custody their private keys, seamlessly connect to thousands of decentralized applications (dApps) across any blockchain, and manage digital asset operations with granular policies and a unified interface.Fordefi’s integration with Sui enables institutional users to securely self-custody their private keys and connect to thousands of dApps across various blockchains, ensuring complete control over their digital assets, enhancing operational efficiency, and dramatically simplifying digital asset management. The platform also offers customizable policies to protect workflows and consolidates all digital asset operations into a unified interface, providing a comprehensive and user-friendly asset management solution. This article was originally published on Chainwire More

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    in Economy

    Swiss court convicts executives over $1.8 billion 1MDB scandal

    BELLINZONA, Switzerland (Reuters) – The Swiss Federal Criminal Court on Wednesday convicted two executives at an oil exploration company accused of embezzling over $1.8 billion from Malaysia’s state investment fund 1MDB.The verdict was the latest episode in the 1MDB scandal, a complex tale of international corruption that has buffeted a slew of financial institutions and individuals across the globe since allegations of wrongdoing first surfaced in 2015.Prosecutors alleged that Swiss-British national Patrick Mahony and Swiss-Saudi Tarek Obaid, helped to set up a joint venture with 1MDB by creating the impression that their company, PetroSaudi, was backed by the Saudi government.This was not, in fact, the case, but the accused managed to persuade 1MDB’s board into signing up to the scheme in 2009 before going on to defraud the fund, prosecutors said.According to the indictment, the two executives defrauded the wealth fund of $1.8 billion to enrich themselves, with Obaid getting at least $805 million and Mahony at least $37 million. Obaid was sentenced to seven years in prison by the court, while Mahony received a sentence of six years.Prosecutors said the two men created the fraudulent scheme with fugitive Malaysian financier Jho Low, an advisor to former Malaysian Prime Minister Najib Razak, who is already in prison over his role in the multi-billion dollar scandal.Initially extracting $1 billion from 1MDB so it could buy a stake in their venture, the accused took a further $830 million from the fund between 2010 and 2011 as part of an Islamic loan that followed on from their tie-up, prosecutors said.Malaysian and U.S. investigators estimate a total of $4.5 billion was siphoned away from 1MDB following its inception in 2009, implicating figures ranging from Razak, Goldman Sachs staff and high-level officials elsewhere. More

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    in Economy

    Brazil’s central bank chief says disinflation has slowed

    BRASILIA (Reuters) – Brazil’s central bank chief Roberto Campos Neto said on Wednesday that the country’s disinflation process has slowed while inflation expectations have further deviated from the official 3% target recently. His remarks were part of a presentation at a Santander (BME:SAN) event, where he also emphasized that “services inflation, which has greater inertia, plays a predominant role in the current stage of the disinflationary process” in the country. More

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    in Economy

    Bank of Canada expected to cut rates amid economic slowdown: BofA

    This anticipated move aligns with the pattern of softening economic indicators, with expectations of the rate reaching 3.75% by the end of the year and 3.0% by the end of 2025.The Canadian economy has shown signs of frailty, as evidenced by the modest month-over-month GDP growth of 0.2% in May and a preliminary estimate of 0.1% in June. Retail sales in June declined by 0.3%, although core retail sales increased by 0.4%. However, a preliminary figure suggests a rebound in July with a 0.6% rise. BofA Global Research anticipates a second-quarter GDP growth of 2.0% on a seasonally adjusted annual rate, which is close to the trend but still indicative of an overall sluggish economy.The labor market has not fared much better, with employment numbers falling for the second consecutive month in July and wage growth decelerating. The unemployment rate remained elevated at 6.4%. While full-time employment saw an increase in July, this was offset by a decrease in part-time jobs, signaling a potential shift in employment trends but still underpinning the case for a rate cut in September.Inflation has continued its decline, with July’s headline inflation dropping to 2.5% year-over-year from 2.7%, and core inflation, which includes median and trimmed measures, decreasing to 2.6% from 2.8%. Services inflation, particularly impacted by shelter costs, also showed a significant decrease. These trends in inflation support the BoC’s stance, as Governor Tiff Macklem has previously indicated that easing inflation would likely lead to further rate cuts.The BofA Global Research commentary suggests that while the decline in expectations for the BoC’s terminal rate has contributed to the year-to-date outperformance of Canadian rates, the pace of this outperformance may slow if economic data in the U.S. continues to normalize. In the foreign exchange market, the Canadian dollar is no longer seen as undervalued against the U.S. dollar, and the upcoming BoC decision is not expected to significantly impact the currency pair.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More