Cryptocurrency

Horizen Labs, a blockchain firm, will guide on token development and provide consulting services.This deal aims to roll out the first-ever metaverse token designed on the Bitcoin(BTC) network.Both firms are respected entities in the web3 and gaming arenas, and their alliance aims to challenge Ethereum’s(ETH) dominance in the space.“The potential for Bitcoin to become more than just a store of value is immense. To achieve that potential, we need to roll up our sleeves and build,” stated Benjamin Charbit, CEO of Darewise Entertainment.His words show the ambitious nature of the project, given Bitcoin’s original design as a peer-to-peer transaction platform, not necessarily optimized for complex smart contracts and token transactions.The proposed token will serve as the primary currency for Life Beyond, Darewise’s flagship game. It will facilitate transactions involving in-game assets, virtual lands, and more.Yat Siu, the co-founder and executive chairman of Animoca Brands, called this a “pivotal moment” for Bitcoin, saying, “high-quality gaming is one of the keys to mass adoption.”However, some industry experts may question the ability of Bitcoin’s existing infrastructure to accommodate such multifaceted transactions.Horizen Labs, specializing in zero-knowledge cryptography, will provide technical and consultation services. “We are beyond thrilled to be working with Darewise and Animoca Brands. Our long history with Bitcoin makes this an inspiring project for us,” noted Robert Viglione, CEO of Horizen Labs.Despite their ambitions,there are hurdles to overcome. For instance, they must demonstrate that a Bitcoin gaming ecosystem can work well and grow.“We’re essentially testing Bitcoin’s potential in a fast-changing digital world,” said Vincent Marty, chief product officer at Darewise Entertainment. “In the coming months, we’ll reveal tech advancements that will impact not just Life Beyond but also metaverses and games globally.”This article was originally published on Crypto.news More

Cointelegraph editor Zhiyuan Sun spoke with Olszewski about the threat of climate change, the benefit of using blockchain-based systems for carbon offsets, and various ways that projects can offset their carbon footprint.Continue Reading on Coin Telegraph More

The Ethereum (ETH) network registered a spark of activity on Sept. 13, as the number of unique active wallets (UAW) connected to the network hit 1,089,893.In an X post, Blockchain analysts at Santiment said this was the second-highest amount of UAW in Ethereum’s 8+ year history, suggesting that such spikes “could be the capitulation signal needed for prices to rebound.”Daily active addresses interacting with ETH (orange) vs Ethereum price (green) | Source: XThe last time the Ethereum network witnessed a spike in on-chain activity was on Dec. 9, 2022, when the amount of UAW set an all-time high at 1.42 million, with ETH trading at around $1,265, according to data from Santiment.Daily active addresses interacting with ETH (black) vs. Ethereum price (green) | Source: SantimentAlthough the real reason behind the activity remains unclear, the spark came when U.S. Bankruptcy Judge John Dorsey approved FTX’s request to sell up to $100 million weekly to return funds to its creditors.As crypto.news reported, the ceiling can be increased to $200 million. However, any adjustments will be evaluated on an individual token basis. Before selling high-profile digital currencies such as Bitcoin (BTC) and Ethereum (ETH), the estate must provide a 10-day advance notice to the US Trustee’s office. FTX is set to sell $3.4 billion worth of crypto in total.Nonetheless, the crypto market seems to rise despite the US Consumer Price Index (CPI) coming higher than expected and FTX’s liquidation approval. According to data provided by CoinGecko, the global crypto market capitalization rose from $1.031 trillion to $1.086 trillion at the time of writing. This indicates a $55 billion hike despite the two bearish events on Sept. 13.This article was originally published on Crypto.news More

In a post on Sept. 13, the London-based firm revealed it had invested $1.4 billion into AI technologies for its new EY.ai platform, which aims to help organizations adopt AI. The platform is based on EY’s own large language model (LLM), EY AI EYQ.Continue Reading on Coin Telegraph More

The transaction, which took place on Sunday, saw Paxos move just 0.074 BTC (approximately $1,911) to Binance. The fee paid for this transaction was a staggering 19.82 BTC (around $511,512), according to data from IntoTheBlock and Whale Alert. This is significantly higher than Bitcoin’s average transaction fee at that time, which was approximately $2.The payment was initially thought to have been made by a seasoned Bitcoin user due to the history of over 120,000 transactions associated with the sender’s account. However, an unidentified user under the alias ‘mononaut’ suggested on Monday that PayPal was responsible for the excessive fee. This claim was later refuted by a PayPal spokesperson who explained that Paxos, their infrastructure partner, was responsible for the error.In a statement given to crypto news outlet The Block on Thursday, a Paxos spokesperson confirmed the overpayment: “This was due to a bug on a single transfer and it has been fixed. Paxos is in contact with the miner to recoup the funds.”Chun Wang, co-founder of F2Pool, the mining pool that mined the block containing the transaction, expressed regret over agreeing to refund the excessive fee. Despite initially promising to hold the fee for three days in case anyone claimed it, Wang expressed annoyance and regret on Wednesday. According to him, there was a disagreement with Paxos over the timezone used when counting these days.As of Thursday, the situation remains unresolved with no new updates from Wang about the massive transaction fee. This incident is a record for the Bitcoin ecosystem, but not the first of its kind. A similar incident occurred in September 2021 when an Ethereum-based exchange, DeversiFi, paid a massive 7,676 ETH (worth $12.3 million at the time) in fees to move $100,000. The erroneous fee was later refunded.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The DeFi infrastructure provider Orderly Network has teamed up with Google Cloud to develop off-chain components of DeFi infrastructure focused on tackling self-custody and transparency challenges. Orderly will be a DeFi infrastructure provider, available on Google Cloud Marketplace. Continue Reading on Coin Telegraph More

On Tuesday, September 13, Magistrate Judge Zia M. Faruqui issued a minute order in the U.S. SEC v. Binance lawsuit, scheduling the next hearing for Monday, September 18. The hearing will address two pivotal motions filed by BAM Management and BAM Trading Services (affiliates of Binance US), concerning confidential details in the litigation and opposition to the U.S. SEC regarding a motion to compel and for other relief.In addition to this development, Binance.US has seen significant changes in its leadership structure. Brian Shroder, CEO of Binance’s U.S. affiliate Binance.US, left his position as the exchange made another round of job cuts, eliminating a third of its workforce. Despite speculation about the company’s stability following these moves, CEO CZ has denied any issues, stating that the exchange periodically reviews its team.John Reed Stark, former Chief of the SEC Office of Internet Enforcement, commented on the case recently, highlighting significant timing in the CEO’s resignation and potential whistleblowers’ emergence. He also noted Binance’s protective order against the SEC, arguing that the commission’s discovery requests were overly broad and unduly burdensome.Stark also shed light on BAM Trading’s unusual request to limit the SEC’s depositions to only four BAM employees and exclude six key witnesses, including BAM’s CEO Brian Shroder and CFO Jasmine Lee. He expressed skepticism about such a request, given his extensive experience in the SEC Enforcement Division.Adding to the drama, Binance US’s chief legal officer, Norman Reed, has reportedly taken over following Shroder’s departure. Amidst these changes, Binance US also announced significant layoffs, cutting over 100 positions, amounting to one-third of its staff. CEO Changpeng Zhao attributed these layoffs to the SEC’s actions, stating that the commission’s attempts to “cripple our industry” have had tangible consequences on American jobs and innovation.Stark speculates that the SEC and the U.S. Department of Justice (DOJ) might find opportunities to secure cooperation from Mr. Shroder, especially if he fears criminal prosecution. The recent layoffs at Binance could also provide the SEC with potential whistleblowers, who might be incentivized by the possibility of significant financial rewards.The upcoming hearing on September 18 promises to be a pivotal moment in this case, as the court will address key motions that could shape the trajectory of the legal battle between Binance and the SEC.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

However, a shadow has been cast over the future of these digital currencies with the formation of a ‘death cross’, a technical indicator that often signals an impending downtrend in prices or a shift in sentiment towards bearishness. The death cross is formed when the 50-day moving average for prices drops below the 200-day moving average. This event occurred for the first time since January 2022 and is considered an ominous sign from a technical perspective. At the start of 2022, Bitcoin was valued above $47,000 but then suffered a more than 65% fall to reach its low point in November.The impact of this technical indicator on Bitcoin’s future performance is yet to be determined. Since 2011, there have been nine instances of Bitcoin’s death crosses. The outcomes following these events have been almost evenly split between price decreases and increases over three, six or twelve month periods following the indicator’s appearance.Other cryptocurrencies also saw changes on Thursday. Ether—the second-largest cryptocurrency—rose 1.5% to $1,620. Smaller cryptocurrencies such as Cardano and Polygon remained relatively flat while so-called memecoins had mixed results: Dogecoin saw less than a 1% increase while Shiba Inu dropped by less than 1%.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More