Breaking đš: Beware! Imminent Bitcoin (BTC) Correction Is Coming
According to Inmortal a renowned crypto analyst, he thinks that an incoming Bitcoin (BTC) correction will blind people from the bigger picture and cause them to overreact as Bitcoin will most likely dip to the $26,000 level near the end of this month.
Inmortal says that the correction will likely be triggered by the announcement of delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). According to the crypto strategist, the postponements would shake traders out of their positions before regulators green-light a Bitcoin ETF.
At time of writing, $Bitcoin is worth $29,454.
The analyst also says that the choppy market condition is a precursor to next yearâs bullish price action. According to Inmortal, altcoins will likely witness a strong uptrend in 2024 and 2025.
âNow that the price is going in slow motion, donât worry about it, go enjoy the summer. And get ready because in 2024-2025 we will be up all night trading sh**coins.âÂ
For now, Inmortal says heâs accumulating Solana (SOL) and Chainlink (LINK).
âI accidentally bought an indecent amount of LINK and SOL.âÂ
Breaking đš: FTX law firm hit with class action over FRAUD
A new class action lawsuit makes severe allegations that high-profile Silicon Valley law firm Fenwick & West actively helped conceal and enable fraud by the collapsed cryptocurrency exchange FTX and its founder Sam Bankman-Fried.
A suit filed yesterday Aug. 7, claimed Fenwick had an âexceedingly closeâ relationship as legal counsel to FTX and provided services that allowed FTX to grow exponentially while aware of improper activities.
According to the suit, Fenwick helped establish shell companies that were allegedly used to divert billions in customer funds to Alameda Research, Bankman-Friedâs trading firm, the sweeping 70-page class action complaint accuses Fenwick of actively aiding fraud and misusing up to $10 billion in customer funds.
Breaking đš: Watch out for Cryptocurrency Scams involving ATM
Recently the US police department was made aware of a situation where it appeared someone was scammed out of a large sum of money.
The victim told detectives they received an email from PayPal indicating they had fraudulent activity on their account. And was instructed to request reimbursement. However, the victim was made to believe they had requested too much money and now they needed to pay it back.
That transaction was unsuccessful, then the victim was then instructed to ship the money to PayPal. The victim tried to send $16,000 in cash via UPS. An employee at UPS told the victim they were being scammed and called the police.
Unfortunately, the victim lost all the sum after the scammer instructed the victim to send the money through a Bitcoin ATM.
Breaking đš: $120 Million cryptocurrency fraud BUSTED!
Odisha police of India busted a big multimedia, Ponzi scam related to cryptocurrency worth $120 million (âč1,000 crore) and arrested the prime accused in the case. The police arrested the head of STA Crypto Token, namely Gurtej Sigh Sidu, from Sri Ganganagar, Rajasthan, and its Odisha unit Nirod Das, Inspector-General of Police told ANI.
In the scam, victims from different states including Delhi, Jharkhand, Rajasthan, etc were told to invest in STA #Crypto Token. From Odisha, more than 10,000 people lost their #money in the scam.
Fraudsters are used to encourage more and more people to invest in crypto #coins and gather the currency in large numbers. Moreover, victims were also encouraged to include more people in the group, said JN Pankaj, IG EOW.
Breaking đš: Revolut Ceases Cryptocurrency Services in the United States
Effective October 3, Revolut, a leading fintech firm headquartered in the UK, will cease all cryptocurrency-related services for its clientele in the United States.Â
The decision comes in response to the escalating intricacy and unclear nature of the US regulatory landscape concerning cryptocurrencies. The companyâs decision shocked the banking world, as many saw Revolutâs services as a pioneering push into cryptocurrencies for the general market.
According to the announcement, the suspension of purchasing cryptocurrencies will begin on September 2, followed by a cessation of selling and holding digital assets from October 3.
Breaking đš: IRS Releases Guidance on Cryptocurrency âStakingâ Rewards
Many cryptocurrencies operate on blockchain technology, with specific consensus mechanisms in place to validate and add new transactions to the ledger. One such consensus mechanism is proof-of-stake, used by the likes of #Cardano (ADA), and #BNB Chain (BNB).
According to the report, the IRS determines the fair market value by âthe date and time the taxpayer gains dominion and control over the validation rewards.â In other words, your tax payable should reflect the market value of the assets when they hit your wallet.
So for US taxpayers, keep an eye on when and how you receive your staking rewards. Otherwise, you may receive a nasty visit from the tax man.
Worldâs Largest Web3 Event TOKEN2049 Singapore Hits 300 Sponsor Milestone
TOKEN2049, Asiaâs premier Web3 and crypto conference, announced a slate of prolific title sponsors and headline speakers for its upcoming Singapore edition. With just 50 days to go in the countdown, TOKEN2049 will take place from 13-14 September 2023 at Marina Bay Sands, ahead of the Formula 1 Singapore Grand Prix 2023 race weekend.
Heralding a record-breaking repertoire of over 300 exhibitors, TOKEN2049 is set to welcome over 10,000 attendees with over 80 percent coming from overseas, making it the industryâs largest international gathering of the year. Congregating key business leaders from traditional finance and big tech to crypto-native entrepreneurs and builders as well as policy-makers, TOKEN2049 continues to cement its world-class status as the global premier Web3 event.
Panels, keynotes, and fireside chats at this yearâs TOKEN2049 will address a myriad of topics including the changing global regulatory landscape, the convergence of crypto and AI, blockchain scaling, the intersection of Web3 gaming and the metaverse, the institutionalisation of digital assets, Web3 infrastructure, multi-chain network and protocol interoperability amongst many more critical themes.
Additional speakers at this yearâs conference include amongst others Cameron and Tyler Winklevoss, Co-Founders of Gemini; Jeremy Allaire, Co-Founder and CEO of Circle; Jenny Johnson, CEO of Franklin Templeton; Daniel Alegre, CEO of Yuga Labs; Richard Teng, Head of Regional Markets at Binance; Daniel Ricciardo and Pierre Gasly, Formula One Drivers and Web3 enthusiasts from Scuderia AlphaTauri and BWT Alpine Formula One respectively.
âThe East/West Crypto Flippening is upon us and we are excited to be a part of TOKEN2049 as the conference brings together builders, leaders, and thinkers from across the crypto industry,â said Cameron Winklevoss, Co-Founder of Gemini.
Commemorating the latest milestone, Alex Fiskum, Co-Founder of TOKEN2049 said: âWeâre proud to present an ever-growing sensational speaker and sponsor line-up for this yearâs edition of TOKEN2049, with broad international media coverage. The feedback has been unanimous â Asia is a driving force of innovation in crypto and Web3, and TOKEN2049 is the prime showcase where the global ecosystem will converge. Overall event traction has been tremendous with hundreds of side events expected throughout TOKEN2049 Week. We are also seeing that hotels across the city are already selling out as the anticipation for TOKEN2049 grows. Weâre incredibly excited.â
TOKEN2049âs top-flight roster of title sponsors includes leading crypto exchange and Web3 technology company OKX; the gateway to ethics-first Shariah-compliant finance in the digital age, Islamic Coin; TRON DAO, empowering decentralized commerce and community for every human on the planet; Polkadot, the blockspace ecosystem for boundless innovation; DAO-led web3 ecosystem Mantle; worldâs largest crypto copy trading platform Bitget; structured liquid staking and asset tracking protocol Tranchess; Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain; global financial technology firm Circle Internet Financial (Circle); top cryptocurrency exchange platform KuCoin; global digital asset market maker and multi-stage Web3 investment firm DWF Labs; and high-performance public blockchain Klaytn.
What kind of disruptions are NFTS causing in Web3?
What kind of disruptions are NFTS causing in Web3?
Since the introduction of Non-Fungible Tokens (NFTs), significant disruption has been created within the web3 industry. Blockchain based distributed ledger technologies, such as Bitcoin, Hedera, Ethereum and Solana are changing how we think about ownership, value, and innovation as a result of NFTs. Focusing on real-life events and use cases, In this blog article, we will examine the types of use cases that are going to be disrupted by the technology of NFTs. Â
NFTs are Changing the Art World
The art world is one of the areas where NFTs have already created an impact. Unique digital artworks may now be produced by artists and sold in the form of NFTs with the capability of being purchased, sold, and possessed as physical art. The value of an NFT is determined by its uniqueness and scarcity.
One of the most iconic personalities in the NFT space is a digital artist named Beeple who sold an NFT artwork for a record-breaking $69 million USD. The artwork was titled "Everydays: The First 5000 Days" and was sold at an auction hosted by Christie's, a famous auction house. This sale has sparked a lot of interest from outside the web3 ecosystem, attracting new collectors, as well as creators, to take the NFT ecosystem as an attractive as well as lucrative addition to the existing art industry..
The Music Industry and NFTs
NFTs are also making remarkable buzz in the music industry. Musicians can now sell their music by making use of the technology of NFTs, as a way to monetize and earn improved royalties for their work. NFTs that are currently adopted in the music industry, add different value to music fans, empowering unique experiences such as backstage passes, meet and greets, and even ownership of songs. This creates a new revenue stream for musicians and allows them to interact with their fans in new ways.
The musician Grimes, sold an NFT of her digital art collection for $6 million USD. The collection included 10 pieces of digital art as well as a unique music video. The sale showed that NFTs can be used to monetize not only music but also other creative work.
The Gaming Industry found a New Friend in NFTs
The gaming industry is making use of NFTs at an already more advanced level of development. Players can now own unique in-game items, which can be sold or traded with other players. This creates a completely new economy and interaction within games in which players can earn real money by trading their NFTs on marketplaces such as HashGuild.
Using Axie Infinity as a reference, the game created an NFT-based ecosystem where players can earn cryptocurrency by playing the game and selling their NFTs. This has led to a new wave of interest in the game, with players earning thousands of dollars per month from playing.
Real Estate Industry and the Wonders of NFTs
Real estate properties are in the process of being tokenized and sold as NFTs, allowing for fractional ownership of properties. This creates a new way for people to invest in real estate, as they can now own a fraction of a property instead of buying the entire property.
There is an instance that a luxury apartment in Miami was recently sold as an NFT for $22.5 million. The NFT represented a 10% ownership of the property, and the new owner has the right to sell their share of the property at any time.
Conclusion
NFTs are causing significant disruptions in the web3 space, and the above real-life scenarios are just a few of the many ways they are charting and dynamically altering the way we think about ownership, value, and creativity. With the increasing adoption of NFTs, we can expect to see even more innovations in various industries. As the NFT market continues to grow, we may see new use cases by further driving the initiative to a whole new level of importance and credibility.
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Article by Taiwo Adekola âMarketing and Communicationsâ
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