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Binance warns of crypto market risks from overvaluation, centralization
A Binance report flags the dangers of inflated valuations and centralization of token ownership, warning of potential destabilization if unchecked.
The cryptocurrency market faces significant risks due to overvaluation and the centralization of token ownership, according to a recent report from Binance.
The report warns that if these challenges are not addressed, these risks could undermine the long-term stability and integrity of the crypto industry.
Speaking with Cointelegraph, a Binance spokesperson explained that as more participants enter the market, there is a “greater emphasis on valuation and responsible financial management.”
“Our report underscores the critical role of decentralized control and transparency in fund usage to foster long-term trust. Projects that adopt these principles are better positioned to gain market confidence and achieve sustainable growth." Read More
Inflation, Dollar Shortage Fuel Stablecoin Use in Sub-Saharan Africa
Stablecoins have become a crucial component of the Sub-Saharan African crypto economy, accounting for 43% of the region’s transaction volume. In contrast, bitcoin (BTC), the top cryptocurrency, held an 18.1% share of Sub-Saharan African transaction volumes between July 2023 and June 2024.
According to the latest Chainalysis report, stablecoins are especially popular in Sub-Saharan African countries with highly volatile local currencies and limited access to U.S. dollars. To businesses and individuals, stablecoins are seen as a reliable way to store value and facilitate international payments.
Commenting on the growing prominence of stablecoins, Chris Maurice, CEO of Yellow Card, said:
“About 70% of African countries are facing an FX shortage, and businesses are struggling to get access to the dollars they need to operate. Stablecoins provide an opportunity for these businesses to continue to operate, grow, and strengthen the local economy.” Read More
Crypto-friendly gaming giant Tencent considering Ubisoft buyout: Report
The Guillemot family and Tencent would likely take the company private if the deal happens.
Chinese technology and gaming giant Tencent and the Guillemot family are reportedly in talks to purchase French games publisher and developer Ubisoft in a deal that would take the company private.
The report comes via Bloomberg citing “people familiar with the matter,” but follows months of speculation over Ubisoft’s future after the company was forced to lower its revenue expectations for its upcoming flagship gaming title, “Assassin’s Creed: Shadows.”
Ubisoft is a publicly traded company whose primary shareholders are its founders, members of the Guillemot family, and Tencent.
While details are scarce, Bloomberg reports that the talks involve taking the company private. Presumably, this would work in much the same way as Elon Musk’s Twitter buyout, which took the then-public social media private as it rebranded to X social media.
As a private company, Ubisoft would no longer be beholden to shareholders nor required to disclose its earnings publicly. However, it’s unclear exactly what position Tencent or the Guillemot family would hold.
It’s possible that Yves Guillemot, the company’s current CEO and one of its co-founders, would seek a deal that retains his family’s interest as the primary controlling owner. This would allow Ubisoft to continue operating with the financial backing of Tencent, China’s most valuable company, while remaining under its current management. Read More
BRICS Unified Exchange to Leverage Blockchain and Virtual Currency for Settlements
BRICS, the international organization, is eyeing digital solutions to reduce its dependence on third-party payment systems. Deputy Chairman of the State Duma Alexander Babakov proposed creating a single BRICS exchange, where countries of the block would conduct trade and settlements of their products, including raw materials and goods.
Babakov told Ria Novosti that such an organization would bring benefits to the member states, allowing them to stop relying on currencies of adversary countries like the U.S. dollar. Babakov stated that the exchange might allow member states to make payments in national currencies and “even develop their own settlement mechanism based on blockchain and a single virtual currency” and “strengthen the financial sovereignty of our countries.”
Talks of a single, BRICS-wide currency spurred last year. However, the organization pivoted to increase the use of national currencies instead. The move has already reported positive results, with national currency settlements exceeding U.S. dollar payments.
The BRICS bloc, integrated by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), accounts for a fourth of all the trade conducted, and more than one-third of the world’s gross domestic product (GDP). This means the hypothetical exchange would move a relevant part of the world’s trade, disrupting the use of the U.S. dollar. Read More
The New Mini Blog Newsfeed Is Here At Markethive! A significant achievement unlocked, with many more to come
The Markethive Social Market Broadcasting Network is rapidly gaining prominence as a blockchain-based ecosystem that empowers entrepreneurs with a unique blend of uncensored expression and impartial dialogue, fostering a spirit of collaboration. This sets it apart from the often divisive and restrictive social media landscape.
At Markethive, your experience is our top priority. That's why we're recognized for our evolutionary and innovative ethos. We consistently broaden our decentralized, all-encompassing platform, creating a distinctive news feed interface that fully captures the user's experience.
We operate as an Inbound Marketing platform similar to Marketo and Paragon. The platform is comparable to popular platforms such as YouTube, Instagram, LinkedIn, and Twitter. However, we aim to surpass these traditional Web 2.0 media platforms with the upcoming release of Markethive 2.0, which includes various new features and an improved layout.
In contrast to traditional social media platforms, which rely on a single, primary news feed algorithmically set by the central authorities, Markethive's innovative approach will incorporate four distinct news feeds tailored to support the diverse range of features and functions within the Markethive ecosystem.
Markethive's feeds, including the Conglomerate or general newsfeed, video content, blogging, and curated content, are all about putting you in control. With advanced algorithms, you can tailor these feeds to your preferences, giving you the power to shape your Markethive experience. Markethive's reach is vast, as it consolidates the various features of other platforms into a single, unified system. Read More
Bitcoin decentralization is a matter of national security — Auradine CEO
According to CryptoQuant, the current Bitcoin network difficulty is 88.4 trillion — down from the 92 trillion recorded on Sept. 20, 2024.
Maximizing Bitcoin decentralization throughout the entirety of the stack is a matter of national security, Rajiv Khemani, co-founder and CEO of mining chip manufacturer Auradine, told Cointelegraph.
The CEO explained that third-party firmware — which updates and changes over time — could theoretically be used to compromise the energy grid or launch a 51% attack on the Bitcoin network.
Auradine’s CEO outlined a potential situation where malicious code embedded within this firmware could shut down mining operations within a certain geography. This could cause a drop in hashrate and network difficulty, making a 51% attack easier to execute.
Khemani stressed the need for caution when evaluating hardware and software from foreign entities:
"Anytime you have hardware, software, and firmware from a foreign entity connected to your energy infrastructure — which is what Bitcoin has essentially become — you have to make sure that you are doing the proper due diligence and risk mitigation." Read More
Why Bitwise Is Combining Bitcoin and Ethereum ETFs Into a ‘Momentum’ Fund
Asset manager Bitwise will combine three Bitcoin and Ethereum futures ETFs into a single offering with a momentum-based strategy.
Asset manager Bitwise is streamlining three of its futures-based crypto ETFs, set to fold the products into a single offering in December, according to documents filed Friday with the U.S. Securities and Exchange Commission (SEC).
Dubbed the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF, the fund’s strategy entails periodically shifting exposure between Bitcoin and Ethereum futures contracts and assets like U.S. Treasuries. Those changes are motivated by “a proprietary signal,” the firm said, which looks at several moving averages for cryptocurrency prices.
The new fund will combine the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC), the Bitwise Ethereum Strategy ETF (AETH), and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP). Read More
DarkIRC Anonymous Chat Aims to Counter ‘Brutal Censorship of Crypto Devs’
The new anonymous messaging platform from DarkFi bills itself as a highly secure channel for private communication.
A new messaging service billed as “the world's strongest anonymous chat” has launched in pre-alpha.
DarkIRC was created in response to “the brutal censorship of crypto devs by authoritarian regimes,” developer Amir Taaki said in a tweet.
The chat service is designed to allow users to communicate without identity tracking. Unlike traditional messaging platforms that require user registration or generate persistent identifiers, DarkIRC enables users to change their nicknames at any time.
“Free society means free speech,” Taaki went on. “That means all speech. Without limits." Read More
Crypto Biz: Axelar’s new interoperability stack goes live
With dozens of layer-1 blockchains on the market, communication between networks has become a significant pain point for the broader adoption of Web3-based applications.
Protocols are continuing to race for interoperability solutions. With dozens of layer-1 blockchains on the market, communication between networks has become a significant pain point for the broader adoption of Web3-based applications.
One of the players in this game is Axelar protocol. The company announced on Oct. 2 its Mobius Development Stack (MDS), offering a new platform for self-service integration with both onchain and offchain systems, allowing decentralized applications to connect across various blockchain networks.
The platform debuted supporting Solana, Stellar, Sui and XRP Ledger, with additional security features from Babylon and EigenLayer. The stack also offers the Interchain Token Service (ITS), allowing developers to tokenize assets like real estate and intellectual property on any blockchain.
“Interoperability stacks have traditionally been in catch-up mode with the rapid growth in the number of blockchains,” Sergey Gorbunov, CEO of Interop Labs and co-founder of Axelar, said in a statement. The new stack “allows developers to easily plug in their blockchain to the ‘internet’ of blockchains and build DApps that span all chains simultaneously.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
