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Phemex Crypto Exchange Relists XRP

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Ripple has scored yet another win amid its legal battle with the Securities and Exchange Commission over XRP.

In December 2020, when the SEC moved to sue the fintech firm over XRP for what it deems to be an unregulated security, many exchanges backed away from Ripple, delisting or removing XRP from its trading platform. The lawsuit has also caused Ripple to lose some important partnerships, such as MoneyGram, although the latter specified that it would be open to revisiting a partnership in the future.  

Now, Phemex crypto exchange has announced that it will XRP on its trading platform, as the cryptocurrency is in “great demand.” Additionally, the exchange has also introduced 8 new coins for spot and contract trading. The new cryptocurrencies available for trade on Phemex are Basic Attention Token (BAT), Chiliz (CHZ), Decentralized country (MANA), Enjin Coin (ENJ), Sushiswap (SUSHI), Synthetix (SNX), Graph (GRT), and Maker (MKR).

Phemex is not the only one that has relisted XRP. Last week, Japanese crypto exchange Decurret announced that XRP has been restored to the platform and is available for trade. This is seen as a major win for XRP holders, who took to Twitter to campaign for the relisting of XRP after a decisive discovery hearing in which an SEC lawyer implied that cryptocurrency exchanges were not in violation of securities laws for listing XRP.

XRP price analysis

Following the lawsuit against Ripple, XRP plunged to lows of $0.20 on the market, with many exchanges delisting the cryptocurrency from its platform. However, as the lawsuit continues to unfold, it appears that Ripple has managed to secure several wins in court, notably access to the SEC’s internal cryptocurrency discussions and the court denying the SEC access to Ripple executives’ personal financial records. This has served to reinstall hope and faith in Ripple, and the altcoin has also regained strength, clearing the $1 threshold.

Currently, XRP  is exchanging hands at $1.39 on CoinMaketCap, up 7% in the last 24 hours. The altcoin is facing resistance at $1.46. If XRP manages to surge above $1.46, then a bullish momentum will be triggered and XRP will likely rally to $1.55.

Conversely, if XRP plunges below its 20-day Exponential Moving Average of $1.24, this will indicate that the cryptocurrency is being sold on bullish rallies. 

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/phemex-crypto-exchange-relists-xrp

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Musk’s Latest Dogecoin Tweet Sparks Fierce CEO Responses

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Elon Musk is not staying quiet about Dogecoin (DOGE), as his latest social media activity prompts a number of barbed responses from his fellow CEOs.

A new tweet, shared on May 16, extolled the supposed superior speed and environmental friendliness of DOGE over Bitcoin (BTC). This was in response to another DOGE fan, @itsALLrisky, who asserted that the Tesla CEO supports the meme-inspired altcoin because it is better than Bitcoin “in many fundamental ways.” Musk responded by tweeting:

“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

It’s a statement that has been noticed by a few high profile figures in the crypto space. MicroStrategy founder Michael J. Saylor replied:

“The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.”

Meanwhile Changpeng Zhao, the Binance founder, remained less vocal, simply tweeting:

“If the same improvements happened on bitcoin or eth, then…”

BlockTower Capital founder Ari Paul, and Justin Sun, founder of crypto platform TRON, also sent responses to Musk’s tweet. Paul specifically supported BTC, stating it “isn’t slow and expensive because of an engineering limitation. It’s slow and expensive because it prioritizes decentralization and security.”

Elon Musk’s other controversies

The Tesla and SpaceX CEO has already been the subject of some criticism this week. This particularly followed his announcement that he was suspending BTC as an option for Tesla vehicle purchases.

A decision made based on the detriment that bitcoin mining causes the environment. BTC’s subsequent decline in price was attributed to Musk’s withdrawal. 

In light of Musk’s decision, people like global investor Tim Draper have since come out in support of BTC. Draper stated in an interview that he believed BTC was “the apex predator” of digital currencies. Furthermore, he alluded to the environmental impact of the current banking system, but suggested Musk should stop accepting fiat currencies at Tesla.

Elon Musk achieved considerable notoriety in recent weeks for driving up the price of DOGE, which has risen nearly 20,000% since January. The altcoin, which was created as a joke in 2013, rose in value every time Musk advocated it on Twitter.

Resulting in a series of all-time highs, the latest of which was achieved shortly before the CEO appeared as host of Saturday Night Live on May 8. 

While DOGE’s performance and status as a valid store of value remains a topic of debate, it currently ranks as the sixth most valuable cryptocurrency by market cap. But regardless of what his social media activities have done for DOGE,

Elon Musk is no favorite of the altcoin’s co-creator Jackson Palmer. According to reports, Palmer issued a tweet on May 13, referring to the Tesla founder as “a self-absorbed grifter.” 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK.

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Source: https://beincrypto.com/musks-latest-dogecoin-tweet-sparks-fierce-ceo-responses/

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Iran to Issue Fines for Crypto Miners Using Household Electricity

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The Iranian government is hardening its stance on cryptocurrency mining as it announces anyone caught using household electricity to do it will face heavy fines.

According to reports, the fine is not the only penalty any household miners will face, either. They will also be required to pay compensatory fees for damage caused to the electricity network.

More specifically, unauthorized crypto mining causes electrical supply issues, on account of the damage it causes to the local power grid and transformers.

Reports indicate that if mining continues at the current rate, the consequent damage could lead to blackouts and other outages.

The government in Iran first approved cryptocurrency mining as an industrial activity back in 2019. A surge in the number of crypto miners in the country followed, taking advantage of Iran’s low-cost electricity. Also following the government’s decision, power plants in the country spied an opportunity for increased income.

With this in mind, plus concerns about the detriment crypto mining causes the electricity industry that came soon after, some power plants offered their excess electrical energy to crypto miners specifically.

The government gave permission to power plants to mine for cryptocurrencies in their own right in July 2020. 

Energy efficient mining methods

Iran’s announcement comes as the toll crypto mining takes on the environment is also addressed in other countries. While some, such as regions in China, a center for cryptocurrency mining, have turned to hydroelectricity, others, like the United States, have had other ideas. Namely, flared natural gas, according to one report.

EZ Blockchain reportedly has shipping containers across the United States, in which hundreds of computers mine cryptocurrency. All of them powered by flared natural gas. However, the report is quick to reveal that using natural gas does not completely eliminate the damaging carbon emissions.

Cryptocurrency mining has a large annual carbon footprint of approximately 37 million tons of carbon emissions, according to data. 

As such, companies have been trying to turn to renewable energy sources to keep their mining operations environmentally friendly. Two major joint ventures have already been announced this year. The first between Argo Blockchain PLC and DMG Blockchain Solutions, who revealed their collaboration on Terra Pool back in March.

They declared that this would be the first Bitcoin (BTC) mining pool to run on clean energy if successful.

The second announcement came a month later. In the form of a partnership between Neptune Digital Assets Corp. and Link Global Technologies. Together, they declared plans for a renewable energy-run mining facility, situated in Alberta, Canada.

Specifically, a company statement indicated that the site will use solar and wind power, as well as small amounts of natural gas.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK.

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Source: https://beincrypto.com/iran-to-issue-fines-for-crypto-miners-using-household-electricity/

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Mark Cuban Roots for Cardano, Engages with Hoskinson on Twitter

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Billionaire and entrepreneur Mark Cuban has voiced interest in Cardano (ADA) in a busy spell on social media.

The Shark Tank personality engaged in a Twitter conversation with ADA’s CEO Charles Hoskinson on May 15. A conversation that began with Cuban questioning what ADA can actually be used for.

It’s a question that Cuban says he asks of all cryptocurrencies, as he clarified. Hoskinson responded and a back-and-forth ensued, with the ADA CEO giving a brief but detailed pitch in one tweet

When Hoskinson revealed that they had rebuilt their entire smart contract model, among other things, Cuban announced in reply to Hoskinson that he was “rooting for you.”

“The more valid options the better for all of us! But as I’ve been tweeting, for the foreseeable future, it all comes down to utility and marketing. When you have some apps you think I could benefit from, I’m happy to try them out.”

Hoskinson followed this declaration up with a 12-minute video, which he directly addressed to Mark Cuban. In this video, he dished further detail about ADA, as well as exposing some of the failings of Ethereum.

The ADA creator was one of the eight original founders of Ethereum. However, he parted ways with the blockchain company in 2014 after a dispute with co-founder Vitalik Buterin.

Around the same time, Mark Cuban responded to a follower who suggested ADA could be used for merchandise purchases at the businessman’s NBA team, the Dallas Mavericks.

Alongside Dogecoin (DOGE), which the Mavericks accept for purchases. In his response, Cuban stated he would be “happy to sell for ADA”, providing the payment processor BitPay will accept it.

Current climate for Cardano

Mark Cuban’s interest comes at a positive time for ADA. May 2021 has been a largely successful month so far for the fourth largest cryptocurrency by market cap. Not least in light of a stream of all-time highs in the past two weeks alone. The latest of which occurred on May 16, when ADA surged to a price of $2.47. 

Amid this high point in ADA’s performance, a poll showed that crypto enthusiasts believe Cardano will become the third coin to surpass a $200 billion market capitalization. It beat both Binance (BNB) and DOGE in this poll, with almost 10,000 votes in its favor.

DOGE as “a valid payment mechanism”

Prior to his ADA conversation with Charles Hoskinson, Mark Cuban had been busy tweeting about DOGE. When asked what the point was behind the meme-inspired altcoin when it was inflationary, Cuban explained:

“Doge has “deterministic inflation” meaning the amount of inflation is defined. There is no uncertainty as to the amount of created and it’s inflation percentage. Which could allow it to grow as a valid payment mechanism. The unknown is whether enough people will use it this way.”

He went on to say that supply and demand may lead DOGE to not survive in the long term. Furthermore, he clarified that the only DOGE he owns personally is the quantity he bought with his son, plus that used in merchandise purchases from the Mavericks. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK.

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Source: https://beincrypto.com/mark-cuban-roots-for-cardano-engages-with-hoskinson-on-twitter/

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xToken Proposes Compensation After $25M DeFi Hack

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The latest decentralized finance platform to suffer at the hands of hackers has proposed a compensation plan for the victims.

On April 12, staking and passive investing platform xToken was exploited with the use of flash loans. Over $24 million was taken from the yield-bearing liquidity pools for Synthetix (SNX) and Bancor (BNT).

The team had proposed 1% of the XTK token supply to be vested over a year to compensate the victims of the hack. However, the latest proposal seeks fairer restitution for those that lost funds.

20 million token recompense

The proposal reflects a consensus view from victims in that fair restitution would be 2% of the XTK supply, vested over one year. It continued to state that the pre-hack market valuation for XTK was around $500 million in fully diluted value (FDV).

“This valuation could be restored if trust, capital, and community were bolstered and interests aligned around ensuring a successful future for the xToken project.”

It added that the $25 million lost is around 5% of this prior FDV and 2% is a fair compromise between the fault of the project resulting in the loss of funds, and the inherent risk participants should have expected.

There is a total supply of one billion XTK tokens therefore 20 million will be allocated for compensation. At the time of writing, these would be valued at a total of $3.84 million, which is just 15% or so of the amount lost. XTK prices have dumped 50% since the exploit last week.

DeFi hack postmortem

The Rekt Blog has carried out its usual post mortem of the attack, revealing that the hacker took out a flash loan on the dYdX exchange totaling 61,833 ETH or around $267 million.

The attacker used Flashbots miner extractable value (MEV), a measure devised to study consensus security by modeling the profit of a miner or validator. Several transactions were carried out to deposit, borrow, swap, sell, and repay loans before the loot was made off with.

xToken is one of a number of DeFi protocols that have decided to compensate their users following a major security breach or system exploit. Others include Rari Capital which was hacked on May 8 again using flash loans from dYdX.

Protocol founder, Jai Bhavnani, stated that there was a plan to use some of the developer funds in order to recompense the victims. Around two million Rari Governance Tokens (RGT) that were previously allocated to protocol contributors and ecosystem expansion have been used for compensation.

At the time of writing XTK was trading down 4.7% on the day at $0.192 according to CoinGecko.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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Source: https://beincrypto.com/xtoken-proposes-compensation-after-25m-defi-hack/

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