News

Celsius Network has filed for Chapter 11 bankruptcy in New York. The embattled crypto lender announced this news on July 13, noting that it voluntarily initiated the bankruptcy process. In doing so, Celsius hopes to stabilize its business and start a restructuring procedure that maximizes value for all stakeholders. Per the announcement, Celsius and some of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code. The entities filed the petitions in the US Bankruptcy…

As fiscal policies in China continue to impede crypto growth, Chinese tech conglomerate Tencent has closed down one of its two marketplaces for digital collectibles.  Monetary Laws Hinder Sales China’s long-running battle with digital currencies is common knowledge. Throughout last year the nation’s government progressively imposed measures that culminated in a blanket ban on cryptocurrencies in September. While NFTs aren’t prohibited in the same way, the regulators have made it clear that they have their reservations about them.  In the…

The Dubai Virtual Assets Regulators Authority (VARA) has granted crypto exchange OKX, formerly OKEx, a provisional virtual assets license. OKX announced this bullish news through a press release on July 14. The license would allow the Seychelles-based exchange to offer select services to qualified investors in the United Arab Emirates (UAE). According to the press release, the license will also allow OKX to build a regional hub at the Dubai World Trade Center. This hub would go a long way…

Crypto lender Voyager Digital’s native token, VGX embarked on a remarkable rebound after the 3AC court verdict. While this might be an odd coincidence, this makes for a surprising turn of events, given both platforms’ shared troubles over the past few weeks.  The Voyager-3AC History Like several DeFi platforms in recent times, Voyager has encountered its share of financial challenges amidst the failing market. Just last week, the platform filed for Chapter 11 bankruptcy at a court in New York.…

Binance – the world’s largest cryptocurrency exchange – recently announced the removal of almost 2 million BNB from circulation. That’s over $470 million worth of tokens that will never return to the market. As explained on Wednesday, exactly 1,959,595.29 BNB were removed in the 20th quarterly BNB token burn. At a current price of $224 each, that’s $478,141,250 in BNB that were burned. Of those tokens, 4,181.77 were burned as part of the Pioneer Burn program. The program decreases the…

It is unlikely that a crackdown on fossil fuel cars will exclude Bitcoin mining, says ECB Research.    The European Central Bank recently released a new research paper suggesting that Bitcoin could be restricted along with fossil fuel vehicles. The article, posted on Tuesday, refers back to reports that emphasize the high rate of energy consumption in the crypto industry. These reports, as often repeated, indicate that PoW mechanisms like Bitcoin consume enough electricity to conveniently power mid-sized countries like…

During a virtual seminar earlier this week, deputy governor Kuben Naidoo revealed the South African Reserve Bank’s plans to proceed with crypto regulation. Naidoo says the bank rather sees cryptocurrencies as "assets" rather than as conventional currencies. The institution will roll out somewhat crypto-friendly laws within the next 12-18 months. Crypto Adoption in South Africa South Africa’s crypto community is thriving significantly. According to research from exchange Luno, roughly 13% of the nation’s residents hold digital assets of some kind.…

The US Consumer Price Index (CPI) increased by 1.3% in June, ramping up speed from May’s 1.0% increase. This brings annual CPI up from 8.6% to 9.1%, breaking yet another 40-year high. As the Bureau of Labor Statistics reported on Wednesday, June experienced a “broad-based” price increase across gasoline, shelter, and food alike. Specifically, the energy index rose by 7.5% – up from 3.9% in May. This alone accounted for half of the all items index increase. Meanwhile, the food…

Peter Wall – CEO of the publicly traded miner Argo Blockchain – recently broke down how Bitcoin mining is supporting the Texas power grid. He argued that miners are a form of “flexible load” that can give their power back to the grid when it’s put under stress. In an interview with Yahoo Finance, the CEO explained why Argo suspended its operation in Texas on Monday. The firm was responding to a call from the Electric Reliability Council of Texas…