Category: Cryptocurrency

Cryptocurrency is digital money that works online. It lets people send and receive payments directly without banks. It runs on secure networks called blockchains, making it fast and global.

JPMorgan to Launch Dollar-Euro FX Settlements on Kinexys Blockchain

An overview

Using its digital token JPM Coin, JPMorgan Chase will soon launch quick dollar-euro foreign exchange settlements on its Kinexys blockchain. The bank wants to advance blockchain-based financial products and access FX revenue.

Instant Dollar-Euro FX Settlements

JPMorgan Chase & Co. is set to roll out blockchain-based foreign exchange settlements for dollar-euro transactions via its Kinexys platform. According to a Nov. 6 Bloomberg report, Kinexys—formerly known as Onyx—will use JPM Coin, JPMorgan’s dollar-pegged digital token, to process FX transactions instantly. After regulatory approval, the bank intends to launch sterling settlements.

YOU MIGHT ALSO LIKE THIS: AI Tokens Surge as Nvidia Overtakes Apple in Market Valuation

Generating Revenue through FX Spreads

Naveen Mallela, JPMorgan’s global co-head of Kinexys, shared the bank’s goal to open new revenue streams through FX spreads on its blockchain platform. Launched in 2020, Kinexys was designed to facilitate digital payments and streamline currency exchanges with JPM Coin, adding efficiency and speed to traditional banking services.

The Cautionary Approach of Institutional Traders

Institutional traders are still wary of blockchain’s potential despite JPMorgan’s blockchain projects. According to a recent JPMorgan study of more than 4,000 institutional traders, only 7% believe blockchain will be a valuable asset in the next three years. This outcome demonstrates the general reluctance of the industry.

JPM Coin’s Growing Achievement

In mid-October 2023, JPMorgan released a report highlighting JPM Coin’s increasing use in digital settlements and the potential of blockchain technology to transform financial infrastructure. The report indicated that JPM Coin handles more than $1 billion in transactions every day.

YOU MIGHT ALSO LIKE: Wiz Khalifa’s Socials Hacked in New Scam Promoting Phony WIZ Meme Coin

AI Tokens Surge as Nvidia Overtakes Apple in Market Valuation

Summary

AI tokens are absolutely popping off right now and a lot of the hype can be credited to Nvidia, which has once again passed Apple on market cap. This is the second time Nvidia has pushed further than Apple and now the AI crowd is stoked. This really sets a strong base for the future of Nvidia where it rules over AI and GPU game.

Reports on Tuesday say market cap of Nvidia reached $3.43 trillion which is a nick above Apple’s $3.4 trillion market cap. Nvidia has done it two times now and the whole AI segment is thrilled about it.

AI tokens Surge

NEAR’s up 13.7% in the last 24 hours. As of November 6 2024, whole AI token market’s worth around $33.92 billion, with NEAR holding a $5.12 billion stake. One major reason behind this positive pumps in AI tokens is US election projections. Trump, who has always talked positively about advancing crypto further, has sat on his throne in the White House. It will surely bring crypto-friendly vibes all around the globe in the future.

Additionally FET (Artificial SuperIntelligence Alliance) is up by 22.64%, Injective (INJ) has also jumped by 22.43% are two of the most gains made by AI tokens. FET’s at $1.40 and aims to touch $2 mark by the end of December and INJ’s trading at $20.54 which could potentially hit $22.63 which is a leap by 28.56%.

Some other AI tokens like Internet Computer’s $ICP, TAO and Render have also experienced major boosts. AI tokens fueled by Nvidia see this common trend of surging which is most probably because of its fast-evolving tech. Meanwhile Apple is focusing on its Apple Intelligence suite to stay in the game.

The AI token space is also looking to change fast with its new integrations and debates on data privacy and computational power. Plus Trump’s pro-crypto stance could bring even better regulations in the future.

Read how Wiz Khalifa’s Socials Hacked in New Scam Promoting Phony WIZ Meme Coin

Wiz Khalifa’s Socials Hacked in New Scam Promoting Phony WIZ Meme Coin

Summary

Famous rapper Wiz Khalifa’s socials got jacked by scammers and hyped up some crazy meme coin called WIZ on pump.fun. Crypto sleuth ZachXBT suspects this hacker might be same hacker that snatched Truth Terminal founder’s account too.

On November 4, blockchain detective ZachXBT dropped a screenshot in his Telegram channel, showing a deleted sketchy post from Wiz Khalifa’s X account which was hacked during that time. Wiz Khalifa has about 35.7 million followers, so that scam post got massive reach in a very short time resulting in some people losing money to it. ZachXBT warned followers to not blindly follow such posts quickly as there is high chance of big profiles getting hacked.

The hacker on a now deleted X post, promoted a token called $WIZ which was a pump.fun meme coin and assured users it was safe to buy by saying it was based on Solana. ZachXBT told in his group members to not buy Wiz Khalifa token on pump fun and further claimed this might be the same hacker that hacked Andy Ayrey the other day.

As reported by DEX Screener, the WIZ meme coin boomed by almost 2000%. This led it to hit over $2.5 million in market cap within just 15 minutes after launch. But things didn’t remain this bright for long as early holders quickly dumped loads of the token and the market cap crashed below $28,000 within an hour. This is always what usually happens in such sketchy tokens. As the time of writing, WIZ went down by 90% in the last 24 hour and its market cap is sitting at a tiny $7,900.

Since the meme coin posts got wiped away, Wiz’s account has gone silent. There are no updates on whether his account even got recovered or not. While the hacker’s ID is still missing ZachXBT seems very convinced that its same person that hacked Truth Terminal developer Andy Ayrey’s account recently.

Read more about truth terminal : Top AI Bot Truth Terminal Struggles to Go Live with Its Own Website

Standard Chartered and Ant International Settle SGD Transaction on Blockchain

Summary

Standard Chartered and Ant International successfully completed SGD liquidity transfers via Ant’s Whale platform, enhancing cross-border transaction efficiency and transparency. The companies aim to expand their blockchain partnership in Singapore.

Blockchain-Based SGD Settlement Completed

British banking giant Standard Chartered and Ant International, a division of Ant Group, have completed an SGD-denominated liquidity transfer using Ant’s blockchain-powered Whale platform. The transaction aims to improve the transparency and efficiency of fund transfers between bank accounts, according to a Nov. 5 report by The Asian Banker.

YOU MIGHT ALSO LIKE THIS: Internet Computer Reports 1,230% Surge in Cross-Chain Activity with Chain Fusion Protocol

Enhanced Liquidity Management

The integration of Standard Chartered with Ant’s Whale platform optimizes intra-group liquidity management for cross-border transactions. Mahesh Kini, global head of cash management at Standard Chartered, highlighted blockchain’s transformative impact, stating, “The technology is revolutionizing treasury management, and we are pleased to be early adopters of its use cases to enable our clients to take advantage of its extensive benefits.” Kini emphasized the goal of providing real-time, transparent liquidity flows.

Expanding Collaboration to Singapore

Following successful tests in Hong Kong, Kelvin Li, head of platform tech at Ant International, revealed plans to extend blockchain-based settlements to Singapore. “We hope to build on the momentum of our previous collaboration and continue developing new solutions to make global liquidity management even more seamless and secure,” said Li.

Participation in Ensemble Sandbox Project

Both Standard Chartered and Ant International are active in the Hong Kong Monetary Authority’s Ensemble Sandbox, where they explore various tokenization use cases. Standard Chartered’s Hong Kong branch has been involved in Project Ensemble since May, working to establish industry standards for tokenized transactions with Ant International’s Whale platform supporting two use cases.

YOU MIGHT ALSO LIKE: Bittensor’s TAO Soars with Major Gains and Trading Volume Spike: What’s Next?

Hamster Kombat Faces Major Decline, Users Drop 86% Amid Controversy and Criticism

Summary

Hamster Kombat, once, one of the most popular Telegram tap to earn game, just took a massive hit. According to recent reports, number of active users dropped like crazy, from 300 million to just mere 41million. Yep, that’s 86% plunge in just few months.

A report made by Protos highlighted on how Hamster Kombat’s user count has fallen down significantly over the recent months. Hamster Kombat is basically a tap to earn platform available on Telegram. Players control a virtual hamster and battle against another player controlling their virtual hamster, its kinda like a Pokemon game but here players can earn actual money. Its basic play style goes, “you tap, level up and collect rewards”. This easy setup made it quickly appealed by lots of users and its player count was super high at one point but as of recent it is seeing major decline in active players. Its active player count once hit an all time high of 300 million, but now its just 41 million which indicates a major decline. In August, active players totaled 87 million, briefly rising to 94 million in September before falling to 55 million in October, with finally it declined to 41 million by November.

Russian expert Viktor Pershikov earlier warned about players about the games sustainability and noted that many users had unrealistic expectations of rewards. This might be one of the main reasons why its slacking off. Further fueling negative sentiment, Russian official Anatoly Aksakov criticized Hamster Kombat, labeling it “manipulative” and potentially misleading to players.

This had everyone freaked out, which led to Hamster Kombat responding with a disclaimer making it clear they’re not vibing with Gotbit, a firm the SEC called out for sketchy market manipulation moves. Despite this it looks like nothing can save the downfall of Hamster Kombat.

Read similar article: TON Blockchain Sees Sharp Drop in Daily Active Users

Internet Computer Reports 1,230% Surge in Cross-Chain Activity with Chain Fusion Protocol

To put it briefly

The DFINITY Foundation’s 2024 Ecosystem Report highlights the growing importance of blockchain in interoperability, citing a 1,230% increase in cross-chain activity on the Internet Computer’s Chain Fusion protocol. Despite difficulties in the Web3 labor market, the study also reveals a rise in developer excitement.

Major Growth in Cross-Chain Interoperability

The Swiss-based DFINITY Foundation has reported significant growth in cross-chain activity on its Internet Computer (ICP) blockchain platform. ICP’s Chain Fusion protocol, which allows smart contracts to directly connect with other blockchain networks like Bitcoin and Ethereum, saw a 1,230% increase in activity over the past year, according to a press release. The report also shows an increase in developer excitement despite challenges in the Web3 labor market.

YOU MIGHT ALSO LIKE THIS: exSat Network Launches Bitcoin Staking Services for BTC Holders

The Chain Fusion Protocol’s Impact on Developer Activity

ICP’s Chain Fusion handled 2,040% more messages in the past year, in addition to the 1,230% increase in activity, suggesting a spike in developer interest and adoption. As seen by the report’s 150% rise in overall network activity and 30% growth in full-time developers on the platform, ICP is positioned as a strong development environment during a slowdown in employment in the Web3 industry.

Direct Bitcoin Integration Increases the Allure of ICP

One of ICP’s most notable characteristics is its direct interaction with Bitcoin, which enables developers to incorporate the security of Bitcoin into decentralized applications without the need for risky “bridges.” Projects like Rainbow Protocol and Tap Protocol have been able to leverage ICP’s smart contract functionality to safely and effectively expand the use cases of Bitcoin by bringing sophisticated financial applications to the network.

YOU MIGHT ALSO LIKE: Bitcoin Surges as Election Day Voting Boosts Market Hype

Bitcoin Surges as Election Day Voting Boosts Market Hype

Summary

Crypto prices absolutely spiked Tuesday night, with Bitcoin smashing a new all time high. It managed to get as close as staggering $75K as U.S. election votes rolled in. Analysts believe no matter who sits on the White House, BTC is not backing down. Even so, we might see some short term bumps along the way.

Cryptocurrency prices looking good right now as its market cap spiked this late Tuesday, coincidently U.S. president elections also started the very same day. The top crypto platform Bitcoin even managed to hit its all time high of nearly $75,000 and analysts are strongly claiming bitcoin will continue to surge no matter who wins the sits on the White House but we might expect some minor bumps here and there.

There has always been a lot of uncertainty in the global markets during US election and its no different this time. People have started to become concerned about whether these volatility are short term or not. A renowned financial firm, Bernstein predicts Bitcoin could hit $200,000 in 2025 and that too regardless of the outcome of Tuesday’s election.

Justin Kruger and LMAX expect a stellar performance from Bitcoin during Q4, setting the stage for a record high by reaching as high as $100K by late December. This will result in a solid start of next year for this top crypto token.

There is history of Bitcoin popping up during the time of election. At 2012, Bitcoin’s price skyrocketed about 12000% between Nov. 5, 2012 and November 2013. Following next election in 2016, it got about 3,600% surge by December 2017. At 2020, even midst of covid, Bitcoin railed 478% in 12 months following the election. Considering these trends experts predict this time it could reach almost $103K by the end of Q4.

Read more about Bitcoin: exSat Network Launches Bitcoin Staking Services for BTC Holders

exSat Network Launches Bitcoin Staking Services for BTC Holders

In brief

With the debut of staking services, Singapore-based exSat Network enables Bitcoin holders to generate yield using the native XSAT currency of the network. The service intends to improve Bitcoin’s popularity and scalability after exSat launches its mainnet.

exSat Network Launches Staking for Bitcoin Holders

Bitcoin scaling solution exSat Network, based in Singapore, introduced its staking services on Nov. 5, shortly after launching its mainnet. The new service, accessible through the exSat bridge, offers Bitcoin holders the chance to stake BTC in exchange for XSAT tokens, exSat’s native cryptocurrency.

Staking Potential and XSAT Tokens

XSAT tokens are awarded to users who stake Bitcoin via the exSat bridge; exchange listings are possible. XSAT seeks to offer yield and liquidity to its holders, creating new financial opportunities inside the exSat ecosystem, even if there is no established schedule for market listings.

YOU MIGHT ALSO LIKE: AI-Powered Phishing Scams Take Aim at Crypto Users

Safe Cooperation and Audits

The exSat bridge was created in collaboration with industry partners Ceffu, ChainUp, Cobo, and Cactus. To guarantee platform dependability, Blocksec conducted security checks on the bridge. ExSat is backed by 41 validators and has secured more over $488 million in total value locked (TVL) to far.

Looking for Solutions to Bitcoin’s Scalability Issues

Introduced in late October, exSat is a hybrid consensus mechanism that uses a combination of proof-of-work and proof-of-stake algorithms to address the scalability issue with Bitcoin. This architecture enhances security and promotes broader adoption by overcoming Bitcoin’s historical limitations on scalability and usefulness.

OKX exchange joined the exSat Network in September as a validator, demonstrating institutional support for exSat’s scalability objectives. Validators are required to stake at least 100 BTC and hold XSAT tokens to gain revenue rights, underscoring the network’s commitment to a secure and sustainable ecosystem.

AI-Powered Phishing Scams Take Aim at Crypto Users

Summary

Kaspersky’s AI Research Center says that cybercriminals are using Large Language Models (LLMs) to pump out tons of phishing and scam content. Their goal is simply to produce fake websites, especially to steal from crypto investors and wallet users. But there’s a trick that helps us differ these sites from actual legit ones.

Experts from Kaspersky’s AI Research Center claims to have discovered an increase in the use of Large Language Models used by cybercriminals, in order to scam people using large-scale scam and phishing attacks. They say these websites are created in bulks and every single one of them is specifically designed to lure the investors into their scam. But there’s a kick: every such website contains a distinguishable artifacts such as AI-specific phrases which makes them a bit easier to avoid. Reportedly, most of these phishing websites target users of cryptocurrency exchanges and wallets.

A big giveaway of such AI created sites is using phrases such as “As an AI language model…” and refusal to do certain tasks like, acting like a search engine or logging into sites, which are showing up on fake crypto sites targeting KuCoin, Gemini, and Exodus users. Another major giveaway is using phrases like “While I can’t do exactly what you want, I can try something similar,” this feels really obvious machine-made style of talk. According to Vladislav Tushkanov, threat actors can now pump out lots of these scam pages quickly with AI, filling entire sites, text, and even hidden tags with these tells.

But lately, cybercriminals have started to throw in non-standard symbols to dodge detection. Tushkanov further said that these AI powered scams are evolving rapidly, there are even records of AI writing malware scripts on their own, one way to defend is to catch AI made mistakes but even so, advanced security tools are must use. To stay safe, always double check links, type site addresses manually and only use modern security software.

Semler Scientific Eyes Further Bitcoin Purchases after Q3 Acquisition of 47 BTC

Summary

Medical device maker Semler Scientific plans to increase its Bitcoin holdings, with crypto reserves now exceeding 1,050 BTC. The company remains focused on further acquisitions despite a dip in quarterly revenue.

X post regarding Semlar’s Bitcoin addition

Semler Boosts Bitcoin Reserves, Eyes Further Purchases

Healthcare manufacturer Semler Scientific now holds over 1,050 BTC, valued at $71 million, after acquiring 47 BTC in Q3. CEO Doug Murphy-Chutorian emphasized the company’s dedication to growing its Bitcoin reserves, stating that Semler remains “laser focused on acquiring and holding Bitcoin” to support both innovation and growth in its healthcare sector.

YOU MIGHT ALSO LIKE: Trump’s Lead Over Harris Narrows on Polymarket as Bitcoin Dips to $68,000

Plans for Further Acquisition

The dedication to Bitcoin was reiterated by Eric Semler, chairman of Semler Scientific, who clarified that future acquisitions will be financed by operating cash and earnings from their ATM program. He continued, indicating the company’s intention to fortify its position in the cryptocurrency market by saying, “We are looking into other financing options that will allow us to purchase even more Bitcoin.”

Financial Setback and Market Performance

Despite Semler’s obvious crypto-focused strategy, the company faced financial difficulties in Q3, as operating income fell by 20% and revenue fell 17% year over year to $13.5 million. Nasdaq shares fell 2.3% after the report, but they were still up 18% over the previous month.

Bitcoin as a “Store of Value”

Semler entered the Bitcoin market in May with a 581 BTC purchase, viewing Bitcoin as a “reliable store of value” and a preferable alternative to gold due to its digital resilience and scarcity amid global uncertainty.

YOU MIGHT ALSO LIKE: Pakistan Offers Legislation to Acknowledge Digital Currency

Exit mobile version