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David Gerard, the author of Attack of the 50 Foot Blockchain, believes the crypto market will continue crashing. In an interview with 60 Minutes, Gerard said the crypto market crypto was not a surprise. He asserted that people cannot get rich for free. Perplexed, Gerard said he thought people would have understood this notion by now. However, he said people always keep hopes of getting an easy way out and end up getting hurt. Gerard, a renowned crypto critic, acknowledged…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,226 trillion. Bitcoin trades at around $30,000 and may end the week in the green. Ethereum lost almost 2% of its value over the past seven days. XRP increased by nearly 1% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector sees only a tiny…

Ethereum co-founder Vitalik Buterin has opposed the idea of governments banning Proof-of-Work (PoW) mining. He said this while responding to aspiring US Senator Bruce Fenton. Instead of enforcing an outright ban on the PoW crypto mining, Buterins suggested carbon pricing. In a June 4 tweet, Fenton said no government has the right to dictate the software a person or an entity should run. According to him, code is speech. In response, Buterin said: Ultimately, I agree with this (that is,…

Yuga Labs has authenticated the tweet that announced a phishing attack on its Discord server early Saturday. The scam cost users NFTs valued at 200 ETH, an amount valued at 360,000 dollars. The team acknowledged the breach almost 12 hours after it initially aired on Twitter. Early Saturday, a Twitter user with the handle NFTherder sounded an alarm on social media. He claimed that sister metaverse projects, BAYC, and OtherSide metaverse Discords, had fallen victim to hackers, yet again. According…

New York Senators have passed a bill that prohibits the use of carbon power sources to mine cryptocurrencies. CNBC reported this development, noting that the Senators voted in Albany earlier today. The bill passed after some undecided Senators voted in its favor. The bill passed the state assembly in April. Its next stop is Governor Kathy Hochul's desk. Hochul can either pass the bill into law or veto it. Should Hochul sign the bill, New York will become the first…

President Biden and his administration are working on policy solutions for minimizing the environmental effects of Bitcoin mining. As more hash power migrates to the U.S, critics have begun claiming that it could threaten US climate goals. The Proof-of-Stake Question As reported by BloombergTax on Thursday, the new report is expected in August and will push federal agencies towards ensuring more “responsible” mining. However, it's unclear if those recommendations will lead to effective policy action. Costa Samaras, principal assistant director…

The newly-founded “global community of technologists” has sent a letter to US Congress advocating skepticism of the crypto industry. The group – featuring 26 computer scientists and academics – combats the positive spin put forth by cryptocurrency lobbyists thus far. No Real Benefits Thursday’s letter – directed toward House and Senate Leaders alike – argues that crypto assets are not “unreservedly good”. It calls for the creation of a regulatory “safe haven” from so-called “risky, flawed, and unproven digital financial…

The exchange will lay off approximately 10% of its staff.   Gemini has announced that it will discharge about 10% of its staff as it prepares for the approaching crypto stasis. Winter is Here, Say the Winklevoss Bros. In a blog post, on the second of June, the crypto exchange and custodian announced the news of the impending downsize to its employees. The company's CEO and President both reiterated that they consider people to be their most valuable asset. While…

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Gemini Trust Company LLC. The regulator alleges that the New York-based crypto exchange was deceptive in responding to questions regarding a BTC-backed futures contract.  At present, the CFTC is asking for monetary penalties against the exchange, and other punitive measures, which include stopping Gemini from trading commodities. The CFTC's Complaints The crypto trading firm and its staff, headed by billionaire twins Cameron and Tyler Winklevoss, are currently under fire.…