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The Central Bank of Nigeria expressed that the local CBDC, the eNaira, is not a threat to the nation’s financial stability. On October 9, the Central Bank of Nigeria (CBN) issued a statement explaining that the eNaira does not threaten the nation’s financial stability. The statement came in response to local media indicating that the CBDC could threaten the nation’s financial stability. In September, the central bank published a  300-page book, “Economics of Digital Currencies: A Book of Readings, ” explaining the financial implications of adopting a CBDC. The paper included topics such as the potential effect of a CBDC on deposit liabilities, regulatory concerns, social welfare, and public sentiment. You might also like: Bahamas, Jamaica, and Nigeria pioneer CBDC adoption The bank explained that the CBDC and the cryptocurrencies are different things; hence, the speculation of the cryptocurrency market behind the fake news doesn’t ...

The digital world has witnessed a revolutionary trend in recent years – the rise of non-fungible tokens ( NFTs ). These unique digital assets have gained immense popularity, attracting artists, collectors, and investors alike. One fascinating development in the NFT space is the emergence of Coachella NFTs . WHAT ARE NFTS? Before we dive into Coachella NFTs, let’s quickly understand what NFTs are. NFTs are one-of-a-kind digital assets that are authenticated using blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a like-for-like basis, NFTs are unique and cannot be replicated. THE COACHELLA EXPERIENCE GOES DIGITAL Coachella, one of the most iconic music festivals in the world, has embraced the NFT revolution. By creating digital collectibles associated with the festival, Coachella has expanded its reach beyond the physical realm. These NFTs allow fans to own a piece of the Coachella experience, even if they are unab...

The Ethereum Foundation — the non-profit organization dedicated to supporting Ethereum Ethereum (ETH) and related technologies — announced it had sold 1,700 ETH for USD Coin (USDC). According to an Oct. 9 tweet by blockchain data service Scopescan, the Ethereum Foundation just sold 1,700 ETH for about $2.76 million of the USDC stablecoin. Further data from Arkham Intelligence shows that the exchange was an Uniswap transaction. As of press time, CoinMarketCap data shows that Ethereum’s price fell by 0.56% over the last hour, 3.8% over the last 24 hours and 6.66% over the last seven days. While a clear causal link cannot be established the transaction was followed by a continuation of the recent fall of Ethereum’s price. You might also like: Grayscale files to convert $5b Ethereum fund into spot Ether ETF The transaction was met with alarm by some Twitter commentators and has been described as a bearish sign. On inspection, it is hard to think of a non-bearish rea...

President Joe Biden announced that over $127 billion in student debts have been canceled for 3.7 million Americans. Bitcoin enthusiast, Mike Alfred said Bitcoin could benefit from the student debts wiped in the United States. Bitcoin peaked at its all-time high in 2021 following the COVID-19 stimulus package by the U.S. government. Crypto trader and Bitcoin enthusiast Mike Alfred has hinted that the recent moves by the U.S. government may help boost the value of Bitcoin. His statement comes in reaction to a post on X (formerly Twitter) from President Joe Biden on the student loan wipe-out in the United States. In particular, Biden announced that his administration has canceled $127 billion in student debts for over 3.7 million Americans. This move comes on the heels of increased agitation for the government to take the student loan burden off the citizens. While the move has garnered varied responses, Alfred pointed out that it is “a big deal,” as Biden m...

Prominent attorney Jeremy Hogan laid out possible scenarios after the judge denied the SEC an early appeal in its case against Ripple . In a Twitter thread, Hogan explained that the SEC now has limited options, none particularly advantageous, as the denied appeal cements the current ruling that XRP is not a sec urity. Also read: HTX Recovers $8M in Stolen Funds, Offers 250 ETH Bounty The SEC can proceed to trial in April 2023 against Ripple executives, but it faces tough odds and a potential loss. Appeals can only happen after a final judgment, likely pushing resolution to 2026 or beyond. Alternatively, the SEC could settle with the executives, then appeal the case against Ripple itself. This path would still extend the timeline into late 2026 at best. I'm seeing some confusion as to what could happen next in the Ripple v. SEC case now that the Judge denied an interlocutory appeal. Sooo, I have outlined every possibility and provided the exact chance of each possibil...

SocialFi is becoming a fast-growing industry in the crypto sector. Stars Arena announced a major hack in its ecosystem. Meminator has raised over $643k in the past few days. Stars Arena, the fast-growing social app, announced a major attack on Saturday, a day after the developers stopped another one. In a tweet (or X), the developers said that the attack had stolen over $3 million, leaving it with just $1.  Stars Arena is a new platform that was inspired by Friend.Tech, the social app that has attracted over 100k users in the past few months. While Friend.Tech is built in Base Blockchain, Stars Arena is based in Avalanche. According to DappRadar, Stars Arena has attracted over 20k users in the past few days. Stars Arena’s performance has helped boost the performance of AVAX. AVAX price surged to a high of $11.88 on Saturday and then retreated to a low of $10.40 after the hack. In a separate tweet, the developers said they had secured the res...

Matt Huang claimed that he had been under the impression that Alameda Research was not receiving any special treatment from FTX. According to Matthew Huang, the co-founder and managing partner of the crypto investment firm Paradigm, Sam “SBF” Bankman-Fried was strongly opposed to the idea of allowing investors to join the board of directors at FTX. This stance has raised eyebrows, especially among Paradigm and various venture capital firms like Sequoia, Temasek, and BlackRock, who all suffered losses due to their investments in the now-bankrupt crypto exchange. In response, they have faced scrutiny and subsequently issued statements regarding their involvement with FTX. During his testimony in a New York Federal Court on the third day of Bankman-Fried’s trial, Huang asserted that Bankman-Fried believed that having investors on FTX’s board of directors would not bring significant benefits. FTX’s board reportedly consisted of only three individuals: Bankman-Fried himself, an...

Cointelegraph Accelerator, Animoca Brands, BGA, Metaera, Cipholio and Sandbox the second Gaming Demo Day to showcase seven new projects from the Web3 gaming space. Web3 gaming has become one of the hottest trends in the tech world, and not without a good reason. Using blockchain technology to give more control to gamers turned out to be a fascinating idea and catapulted Web3 gaming to the main stage of Web3 space. Web3 gaming applies key principles of blockchain technology - including decentralization, true ownership and community - to video games. Blockchain has enabled the creation of concepts such as play-to-earn (P2E), nonfungible tokens (NFTs) and more to cater to the needs of true players who don’t want to escape exploitation by the Web2 monopoly. The fast growth of Web3 gaming, however, makes it hard to track the most promising projects and chart the map of the blockchain-based gaming ecosystem. To provide a reliable perspective on Web3 gaming, Cointelegraph Accelerator has ...

T Protocol introduces USTP! Meet USTP – The Platform That Unleashes the Power of Stable DeFi Investments. Revolutionizing DeFi with USTP: The Stablecoin of the Future In a rapidly changing DeFi landscape, stability is a highly sought-after commodity, but not often found. That is, until now. T Protocol is excited to announce its newest upgrade – the introduction of USTP – a groundbreaking stablecoin that is backed by the US Treasury yield. With unparalleled stability, USTP is opening up new and exciting possibilities in the on-chain world. USTP: A Dependable and Secure Investment Option USTP is a specially designed investment avenue that offers reliability and security to its investors. By utilizing the backing of US Treasury yield, USTP reduces volatility and provides users with a stable foundation for their investments, ensuring peace of mind. Rebasing USTP ( rUSTP) : The Perfect Choice for Investors Seeking a Stablecoin Yield rUSTP, formerly known as TBT, is a stablecoin that is...

A survey from crypto exchange Bitget featured more than 1,500 respondents across 20 countries. Approximately 50% of crypto users are investing in digital assets to improve their everyday living standards. According to a new survey by crypto exchange Bitget published on October 5, 46%, 44%, and 41% of respondents in South Korea, Canada, and Turkey said improving their living standards is their greatest financial goal when invest ing in digital assets. Meanwhile, around 36% of respondents in Malaysia and Taiwan said enhancing their family's quality of life was more important than other aspirations.  Around 27% of female crypto invest ors in the U.S. and Turkey said they invest ed in digital assets to fund their children's education, compared to just 5% in South Korea and Japan. In terms of the amount invest ed, users from China showed the highest level of engagement, with 18% allocating sums between $50,000 and $100,000, and an additional 19% invest ing between $100,000 an...

Despite going through an extended crypto bear market, the most recent approvals and launches of multiple Ether Futures ETFs have boosted institutional investors’ interest in the second-largest cryptocurrency by market cap: Ethereum (ETH). On October 2, six Ether Futures financial products started to be officially traded. They are, as follows, with their respective net expense ratios, according to CNBC : BitWise Ethereum Strategy ETF (AETH), 0.85% Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP), 0.85% ProShares Ether Strategy ETF (EETH), 0.95% ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE), 0.95% Bitcoin & Ether Market Cap Weight Strategy ETF (BETH), 0.95% VanEck Ethereum Strategy ETF (EFUT), 0.66% In this context, James Butterfill — Head of Research at CoinShares Co. — reported an institutional inflow of $13 million in Ethereum products by October 4, being the first net-positive week in a seven-week run. Notably, Butterfill said that thi...

Crypto influencer sheds light on Judge Torres’ perspective regarding the SEC’s argument in the XRP case. The SEC’s attempt to compare the XRP case to Terraform and LBRY faced scrutiny from the court. The court rejected the SEC’s motion for an interlocutory appeal in its case against Ripple. Crypto influencer Ashley Prosper highlighted Judge Torres’ opinion of the U.S. Securities and Exchange Commission’s (SEC) argument, which was that there is substantial ground for a difference of opinion. The SEC compared the XRP case to Terraform and LBRY, but the court proved otherwise. #XRP #XRPCommunity Judge Torres shreds the SEC argument that there is substantial ground for a difference of opinion. No, it's not like the Terraform case, and No it's not like the LBRY case. The Ripple case and XRP are legally unique. pic.twitter.com/ferT5G8IDJ — Ashley PROSPER (@AshleyPROSPER1) October 3, 2023 The SEC filed charges against...

A crypto analyst thinks indications of a bearish signal are being displayed by one Ethereum (ETH)-based altcoin. Ali Martinez tells his 30,800 followers on the social media platform X that the native asset of the decentralized oracle network Chainlink (LINK) could be primed for a brief correction. Citing data from crypto analytics firm Santiment, Martinez points out that the last two times LINK’s 30-day market value to realized value (MVRV) passed 19%, the asset endured steep corrections. LINK’s MVRV recently hit 20%. MVRV is the ratio of an asset’s current market cap divided by its realized capitalization – i.e. the value of all measured LINK at the price they were bought. MVRV 30-Day is a timebound metric that only analyzes that ratio among tokens that have moved at least once in the past 30 days. Traders use the metric to detect overbought or oversold conditions. Source: ali_charts/X Martinez, however, believes that LINK will still hit higher high...

Bitcoin is witnessing a 16-year high in 30-year U.S. government bond yields, and money printing is all but guaranteed, says the ex-BitMEX CEO. Bitcoin (BTC) flipping full bull could come courtesy of the United States government, a new prediction says. In an X thread on Oct. 4, Arthur Hayes, former CEO of crypto exchange BitMEX, eyed ballooning yields as precursor to a new Bitcoin and crypto bull market . Hayes: Bitcoin bulls should eye U.S. "no way out" moment U.S. treasury yields are “screaming higher,” and with that, Hayes believes that a macroeconomic flashpoint is only a matter of time. The reason comes in the form of a so-called “bear steep ener” — a phenomenon that describes long-term interest rates rising more quickly than short-term ones. “Why do I love these markets right now when yields are screaming higher? Bank models have no concept of a bear steepener occurring,” he argued. Given the current steep rise in the 2s30s curve — the difference between the 30-year an...

During the last week of April, the number of awaiting transactions on the Bitcoin (BTC) network started to surge, reaching a peak in May, followed by very expensive transaction fees being charged from Bitcoin holders moving their coins. Since then, the Bitcoin mempool remained congested with hundreds of thousands of stuck transaction s waiting in line to be added to a block and confirmed by the network , in order for the sent BTC to be received at the destination. However, things started to change six months later, in the last week of September. At the time of publication, data retrieved by Finbold from Johoe’s Bitcoin node , on October 3, shows 6-month lows for the number of awaiting transactions in the network — with only 31,000 transactions waiting in line. Notably, the numbers were over 20 times higher than at its worst moments this year. On May 8 it reached a new high of 472,000 awaiting transactions, followed by a new high of 490,000 on August 11, and the all-time high numbe...

Traditional finance firms are looking into the tokenization of assets such as money market funds and green bonds. The firms are drawn by the transparency of tokenized assets and their quick settlement time. London Stock Exchange Group and Mirae Securities are some of the firms to have invested in tokenization. The prolonged bear market might have kept trading volumes down, but it hasn’t discouraged large traditional finance firms from looking into blockchain, a Reuters report details. Traditional finance companies are mostly interested in asset tokenization and the fast transactions that blockchain offers. According to the report, over the last few years, a growing number of financial firms have invested in token trading and investment platforms. Companies that have not yet developed these platforms are reportedly planning to do so. The report listed the London Stock Exchange Group, WisdomTree, and Mirae Asset Securities as some of the firms to have inves...

The Chainalysis workforce will be reduced by around 150 as the bear market bites deeper. Blockchain analytics firm Chainalysis has reduced its headcount by another 15% this week, citing the need to reduce expenses due to continued bear market blues. On Oct. 3, Chainalysis confirmed to Cointelegraph that it had made the difficult decision to part ways with 15% of its employees, amounting to approximately 135 staff .  "While Chainalysis continues to be well positioned for long-term success as a consistently top-performing software company, we are very focused on growing efficiently and, due to market conditions , believe it necessary to reduce our expenses at this time,” said Chainalysis Vice President of Communications, Madeleine Kennedy. We remain committed to our mission to build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses,” she added. A spokesperson for Chainalysis confirmed the firm had around 900 employees before the...

Bitcoin preserves its snap October gains, but BTC price analysis reveals reasons for staying level-headed on the future. Bitcoin (BTC) aimed for $28,500 at the Oct. 2 Wall Street open as a bullish start to the month continued. BTC/USD 1-day chart. Source: TradingView Analyst wary of Bitcoin "upside wick" fakeout Data from Cointelegraph Markets Pro and TradingView showed BTC price action staying strong into October’s first United States trading session. The largest cryptocurrency made swift gains into the weekly close, this following a contrastingly cool monthly candle completion which saw BTC/USD finish on $26,970. For popular trader and analyst Rekt Capital, this monthly close — despite now being more than 5% below spot price — called for caution. “Bitcoin performed a September Monthly Candle Close below ~$27,100 (black),” he wrote in part of the day’s X Analysis alongside an explanatory chart. “Technically, black was solidified as resistance for September.” Rekt Capital ...

Bubblemaps, CoinScan, Hinkal Protocol, and Mythic Protocol are among the latest crypto and blockchain funding deals. Crypto startups keep raising capital despite tight liquidity and adverse macroeconomic conditions. September saw major developments in the space, such as Farmville co-creator Amitt Mahajan raising $33 million to create Web3 games, and Animoca Brands disclosing $20 million capital gathered to push forward the development of its Mocaverse platform. In another related development, Block chain Capital closed two new funds in September, with $580 million to be deployed in crypto gaming and decentralized finance projects in the coming months. Cointelegraph’s VC roundup showcases the latest projects raising capital despite the market’s long downward trend. Bubblemaps secures $3.2M for data visualization Data visualization startup Bubblemaps secured 3 million euros ($3.2 million) in a seed funding round spearheaded by INCE Capital. According to the startup, the funding will...