Fairelepas

Formfunction Shuts Down: NFT Trading Volume & Prices Slump

Formfunction to Shut Down

• Formfunction, the one-on-one NFT marketplace based on the Solana blockchain, announced its plans to shut down the platform amid NFT’s trading volume and prices slump.
• The price of SOL token has also decreased significantly, currently hovering around $20 compared to January 2022 price of $100.
• Daily unique buyers for Solana NFTs have also reduced by 50%, currently standing at 5400.

What is Formfunction?

Formfunction is a one-on-one NFT marketplace based on the Solana Blockchain. It was launched in February 2022 and enabled creators to list or display their artwork on other NFT marketplaces. Unfortunately, due to low trading volume and declines in floor prices, Formfunction has decided to shut down its services from March 29th 2021 onwards.

Decline in SOL Token Price

The price of SOL token has decreased widely since January 2022, currently hovering around $20 compared to its original price of $100 which represents a fall of around 80% in SOL’s value. This could be attributed to low trading volumes and declining floor prices for NFTs which have forced Formfunction into shutting down its services.

Decline in Unique Buyers For Solana NFTs

Daily unique buyers for Solana NFTs have also been affected with CryptoSlam reporting that the figure has dropped by nearly half since early 2022 with it now standing at 5400 compared to the average of 10800 recorded at start of year. This shows that despite increased interest in digital assets like cryptocurrencies and non-fungible tokens (NFT), investors are still cautious when investing as they are not sure if these assets would retain their value over time or not.

Conclusion

As part of its disclosure, Formfunction is introducing a new tool for transferring NFTs from their platform so that creators can list their artwork on other markets before the closure date arrives. Despite this setback, Formfunction remains proud of what they achieved during their 13 months long tenure and would like to thank all those who supported them throughout this journey.

Rehabilitation Trustee Extends Mt. Gox Claim Deadline to April 6

• The Rehabilitation Trustee has extended the registration deadline for claims against Mt. Gox from March 10 to April 6, 2023.
• Mt. Gox suffered a massive hack in 2014 which resulted in the loss of 850,000 BTC and declared bankruptcy shortly after.
• Creditors have difficulty registering their claims due to complex and extensive documentation process, however a court-approved rehabilitation plan allows them to receive remaining bitcoin and an extension of the deadline provides an additional month for creditors to submit their claims with distribution date now scheduled for October 31, 2023 instead of September 30.

Background Information on Mt.Gox

Mt. Gox was once the largest Bitcoin exchange in the world, but in 2014 it suffered a massive hack that resulted in the loss of 850,000 BTC and declared bankruptcy shortly after. This incident devastated the cryptocurrency community and started a long legal process to determine how remaining assets should be distributed among creditors.

Rehabilitation Plan Approved

On March 30, 2020, a Japanese court approved extending a rehabilitation plan allowing creditors to receive their remaining bitcoin from Mt Gox. However many creditors have had difficulty registering their claims as it requires extensive documentation as part of the process.

Registration Deadline Extended

In response to this occurrence, the court has extended the deadline by another month providing additional time for creditors to submit their claims by April 6th 2023 instead of March 10th. The delay in the claims process had frustrated many creditors who have waited years for compensation but this extension allows them to file claims and receive compensation for lost funds accordingly.

Distribution Date Rescheduled

The extension also affects when assets will be distributed among creditors with its new date set on October 31st 2023 instead of September 30th as previously planned according to reports on Twitter related to this case..

Conclusion

The Mt Gox case remains one of the most high-profile cases in cryptocurrency industry which many will closely watch as they await its outcome through rehabilitation processes involved thus far.

SEC Action on BUSD Causes Setbacks as Binance Faces Regulatory Issues

• SEC Enforcement Action on Paxos causes setbacks for BUSD Stablecoin
• BUSD’s Market Capitalization Plummets from $23.49 Billion to Below $10 Billion
• Binance Facing Regulatory Issues and Potential Lawsuits from US Regulators

Recent SEC Action Causes Setbacks for BUSD Stablecoin

The US Securities and Exchange Commission (SEC) recently took enforcement action against the issuer of the BUSD stablecoin, Paxos, causing a plunge in trading volume and market capitalization. According to data, its market capitalization dropped from its all-time high of $23.49 billion on November 15th 2022 to below $10 billion by March 3rd 2023. Despite this, BUSD still remains as the third largest stablecoin by market cap.

Binance Struggles with Regulatory Investigations

The market cap started declining after Paxos announced that they would stop issuing the coin on February 13th 2023. This comes after Binance was under investigation by US regulators for potential regulatory non-compliance, violation of investor protection law, and anti-money laundering rules violation. In an interview, Binance’s chief strategy officer Patrick Hillmann said that they were working with regulatory authorities to resolve these issues but noted that it could result in hefty fines for the crypto exchange.

Paxos Receives Notice from NYDFS

Following these issues, Paxos received a notice of an impending lawsuit from the SEC regarding their Binance USD stablecoins as well as an order from New York Department of Financial Services (NYDFS) asking them to stop minting and issuing new coins in February. In response to this situation, Paxos released a statement regarding their decision to halt minting while investors rushed to withdraw their holdings out of fear of losing their money due to potential legal proceedings against Binance associated with this issue.

Impacts on Other Stablecoins

Due to this news surrounding BUSD’s fate, other major stablecoins such as USDT and USDC have also seen declines in value as part of a larger shift in the landscape of cryptomarket capitalization caused by regulatory actions taken against various exchanges and platforms.

Conclusion

As the SEC continues its enforcement actions against exchanges like Binance and issuers like Paxos, investors should be aware of how regulatory changes can potentially affect their investments in cryptocurrencies or related products such as stablecoins like BUSD.

Bitcoin Active Addresses: Slower Rise than Previous Cycles

• This article looks at the Bitcoin active addresses metric, which measures daily transaction activity on the chain.
• Recent data suggests that demand for Bitcoin has been returning, but the rise has been slower than what previous cycles saw at a similar stage.
• The metric hasn’t moved much in recent weeks, though there was an increase with the latest rally in the price of Bitcoin.

What is Bitcoin Active Addresses?

On-chain data shows demand for Bitcoin has been returning recently, but the rise has been slower than what previous cycles saw at a similar stage. As pointed out by an analyst in a CryptoQuant post, the market activity rapidly changed after the bottom formed during the previous cycles. The relevant indicator here is the „active addresses,“ which measures the daily total amount of Bitcoin addresses that are participating in some transaction activity on the chain.

What Does It Measure?

The metric only measures unique addresses, meaning that if an address takes part in multiple transfers in a single day, it’s still counted only once. The indicator also accounts for both senders and receivers in this measurement. When the value of this metric is high, it means a large number of addresses are making transactions on the network right now. Such a trend suggests that cryptocurrency is actively attracting users to trade on its chain currently. On the other hand, low values imply not many users are making transfers on blockchain at moment. This kind of trend can suggest that demand for asset is low currently.

Recent Data

Here is a chart that shows trend in Bitcoin active addresses over last few years: Looks like value of metric hasn’t moved much in recent weeks | Source: CryptoQuant As shown above graph, Bitcoin active addresses had come down to relatively low value during bear market, but recently some improvement has been registered in indicator. Furthermore when price began to move sideways again following crash active adresses also once again sunk down and have seen increase with latest rally price of bitcoin however rise still not too significant yet compared to other times when market was coming out bearish period before bull run started properly taking off again as investors rush back into BTC markets looking to take advantage profits from volatility or accumulation itself depending personal preference strategies each individual bring table with them when trading start up again properly after long periods consolidation occur where volume drops off significantly so does number unique adresses participating transactions blockchain as well often lead lower prices due lack buyers willing hold support level causing dump sell pressure overwhelm order books causing pullback retrace until more buyers enter market cause rebound recover new higher prices being reached soon afterwards skyrocketing prices even higher levels then before due FOMO effect fear missing out kick investors seeking jump bandwagon chase returns frequently gained these situations where everyone wants piece action leading increased competition bidding wars pushing bids up ever higher as people race buy coins while they still cheap enough jump profiting big time result when market eventually turn bullish mode having good understanding technical analysis fundamental knowledge key success here regardless strategy employed hoping make money crypto space so important remember do own research before investing anything signifcant size risk losing funds process if done correctly should always end profit end user most times unless bad luck strikes unexpected surprise happens along way preventing expected outcome originally planned reaching desired goals which set begin within first place hope break through any barriers hindrances come way while climbing ladder success path chosen chosen carefully best judgement possible time ready willing put work effort required get ahead game become successful trader long term basis since without dedication determination nothing achieved life regardless field career chosen pursue follow dreams passions strive reach highest levels achievements

Binance to End US Business Partnerships Amid SEC Regulations

• Binance, the largest crypto exchange, is reportedly considering ending relationships with U.S.-based business partners due to tightening regulations by the Securities Exchange Commission (SEC).
• SEC alleged that BUSD, a stablecoin pegged to the US dollar, is a security and sued crypto firm Paxos.
• Binance CEO Changpeng Zao denied allegations of moving $400 million from a „secret“ account paired with Binance.US to his own trading firm Merit Peak.

Tightening Regulatory Policies

According to a Bloomberg report, crypto exchange Binance is considering ending relationships with U.S. business partners due to tightening regulatory policies by the Securities Exchange Commission (SEC). The SEC has recently alleged that BUSD, a stablecoin pegged to the US dollar, is a security and sued crypto firm Paxos. This has caused concern and uncertainty among exchanges operating in the U.S..

Binance’s Response

Binance CEO Changpeng Zao (CZ) denied the allegations in a Twitter post saying they are false. In addition, he said that Binance was reassessing investments in the United States as it does not have licenses to operate in the jurisdiction but has been conducting business through its subsidiary Binance.US.

Allegations Against CZ

Binance’s CEO has been embroiled in controversy lately after Reuters reported that $400million had been moved from a „secret“ account paired with its subsidiary Binance.US to his own trading firm Merit Peak based in British Virgin Islands which invested over $1million into Binance’s US subsidiary at the time of transfer . A spokesperson for Biance told Reuters that Merit Peak was neither trading nor providing services on their platform and only employees of their US subsiduary had access to it .

Crypto Market Volatility

The intense scrutiny from regulators combined with this volatile market climate has created many questions and uncertainties among crypto investors as we enter Q1 2021 despite seeing signs of Crypto Bull Run beginning to take shape .

Conclusion

Given these events surrounding cryptocurrency exchanges and their relationship with U.S regulatory bodies , investors should be aware of potential risks before investing into cryptocurrency assets under current market conditions .

China Boosts Blockchain Research: Get Ready for Digital Revolution!

• China is set to launch a research center for blockchain innovation.
• The focus of the research will be on basic blockchain theory, key technologies, and their software and hardware.
• The Chinese government has already launched e-yuan (e-CNY) across the country to promote the CBDC project.

China Establishes National Blockchain Innovation Center

China has decided to move deeper into blockchain technology after its ban on cryptocurrency transactions in 2021. A recent report from China Daily noted that the country is about to launch a research center for blockchain innovation in Beijing – the National Blockchain Innovation Center.

Research Focus

The research center will work with local universities, blockchain experts, and firms to explore core blockchain technologies. This includes basic blockchain theories, key technologies‘ software and hardware, basic platforms and verification networks. The Beijing Academy of Blockchain and Edge Computing (BABEC) will take charge of the new research institution. BABEC is famous for its ChainMaker blockchain which currently executes 240 million transactions per second (TPS).

CBDC Adoption

Despite China’s hawkish stance against cryptocurrency trading, the country has been active in blockchain innovation. In September 2022, the Chinese government claimed that it accounted for 84% of all filed blockchain applications worldwide; however only 19% had received approval so far. To promote adoption of its Central Bank Digital Currency (CBDC), or e-yuan (e-CNY), worth millions of dollars have been rolled out across China by its central bank already.

China’s Commitment To Blockchain Technology

China prides itself as a nation dedicated to developing blockchain technology further; hence why it has placed BABEC in charge of this new research institution – an organization renowned for leading development when it comes to this field of digital infrastructure building blocks.

Conclusion

In conclusion, although China banned cryptocurrency trading back in 2021 it is clear that its commitment towards furthering digital infrastructure development through increased investment in Research & Development within the field of blockchain technology remains strong and unwavering given recent announcements regarding innovative projects like the National Blockchain Innovation Center being established in Beijing this year.

Earn 150% Welcome Bonus plus 100 Free Spins with Crypto Deal!

• Shiba Inu has been in the headlines lately due to its upcoming Shibarium upgrade.
• Recently, Whale Alerts noted several multi-billion SHIB transactions by Binance to an unknown wallet.
• Despite these transfers, SHIB’s price has not been affected and is currently surrounded by hype around its Shibarium L2 scaling solution and FCF’s added support of SHIB this week.

Shiba Inu Makes Headlines with Its Upcoming Shibarium Upgrade

Shiba Inu has recently been making headlines as the release of the Shibarium upgrade was teased by Shytoshi Kusama three days ago. This recent news has spurred excitement amongst investors as it could potentially bring great advantages to the ecosystem.

Binance Transfers Billions of SHIB Tokens to Unknown Wallet

Whale Alerts recently noted several multi-billion SHIB transactions by Binance to an unknown wallet. These recent transactions came after the Voyager altcoin transfers which included over 270 billion Shiba Inu coins worth over $3 million. Despite these transfers, SHIB’s price has not been affected yet and will likely remain steady in the coming weeks if no further suspicious activity is detected.

What Are Binance’s Recent Transactions For?

According to Whale Alerts‘ recent tweets, 6.4 trillion SHIB were transferred in 14 separate transfers with six 499 billion SHIB transfers, two 450 million SHIB transfer and a single 370 million SHIB transfer. However, since these are only transfers, the price of SHIB has not been affected yet.

Voyager Transfers 270 Billion Shiba Coins Worth $3 Million

Voyager recently transferred 270 billion Shiba Inu coins worth over $3 million which could put downward pressure on the token’s price if sold in open markets. But so far, this doesn’t seem to be affecting investors confidence as they remain optimistic about the long term prospects for this meme coin.

External and Internal Developments Empower Bulls

As it currently stands, there is a lot of hype surrounding both external developments such as FCF’s added support for this token and internal developments such as its Shibarium L2 scaling solution which have all contributed positively towards increasing investor confidence towards this token resulting in a 17% uptick in its prices within just one week .

Binance Launches Prepaid Card in Brazil: Shop, Pay Bills & Earn Rewards!

• Binance is launching a prepaid card in Brazil, in collaboration with Mastercard, which allows users to shop, pay for bills and services, and spend in the million merchants associated with the Mastercard network.
• The product requires users to complete a Know Your Customer (KYC) process and present a valid national Identification Document (ID).
• Users can earn additional rewards and access cashback when using the card.

Binance, the world’s largest cryptocurrency exchange, is expanding its reach into the dynamic Latin American market of Brazil with the launch of its prepaid card. The card, developed in collaboration with payment giant Mastercard, will enable users to shop, pay for bills and services and spend in the million merchants associated with the Mastercard network.

The prepaid card, still in its beta testing stage, will be available to users in the next few weeks. The product seeks to bridge the gap between traditional finance and the new payment rails enabled by blockchain technology. The card functions by automatically converting any crypto held by the user into fiat currency at the time of checkout, allowing users to make purchases with crypto but pay in their local currency.

In order to access the product, users must first complete a Know Your Customer (KYC) process, which involves providing a valid national Identification Document (ID). This is necessary in order to meet the requirements of the local regulators. Additionally, users will be able to earn rewards and access cashback when using the card.

This is not the first foray into the Latin American market for Binance, as the exchange had previously rolled out its prepaid card in Argentina. The company is hoping to capitalize on the growing crypto market in the South American region, and is actively working to make crypto more accessible to the general public.

The launch of the prepaid card in Brazil could be a major step forward in the adoption of crypto in the country, and could be instrumental in helping the asset class become more widely accepted in the region. With the expansion of its services, Binance is hoping to further solidify its position as the leading cryptocurrency exchange in the world.

Elon Musk’s Influence Could Push Dogecoin to New Highs

• Elon Musk’s influence on Dogecoin continues to be very prominent.
• If Elon Musk resumed his public support for Dogecoin, the price of the meme coin could quickly reach a new all-time high.
• If Musk threw his full weight behind the cryptocurrency, it could easily put the altcoin ahead of the rest of the market.

The influence of billionaire Elon Musk on the Dogecoin community and the price of the meme coin by extension is still deeply felt. Early 2021 saw the price of DOGE rally over 70,000%, from $0.0011 to $0.78, due to Musk’s shilling. Recently, the price of DOGE has been trending low, but there is always the possibility of Musk resuming his very public support for Dogecoin.

If Musk were to resume his public support for the cryptocurrency, the price of Dogecoin could quickly reach a new all-time high. This is due to the fact that Musk’s influence had taken the altcoin from $0.0011 to $0.78 within a matter of days. Going from the current price trend, a similar pattern could see the price of DOGE quickly surpass $5 and perhaps even reach as high as $60.

While a price of $60 may be unlikely at this point, another consistent push from Musk could easily put Dogecoin ahead of the rest of the market. Even if the price of the meme coin does not reach these expectations, it can still be expected to reach a new all-time high with the help of Musk.

The impact of Elon Musk’s influence on Dogecoin has been immense and it will be interesting to see if he will resume his public support for Dogecoin. If so, the price of the meme coin could reach unprecedented heights and put the altcoin ahead of the rest of the market.