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Coinbase Unveils Vital Announcements On ZK & WELL, What’s Next For Price?

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Crypto exchange behemoth Coinbase on Wednesday issued vital announcements on ZKsync (ZK) and Moonwell (WELL) tokens. The CEX streamlined enhanced trading support for the mentioned coins, sparking an optimistic buzz among market watchers globally. Traders appear to have reacted positively to the CEX’s announcements as the coins’ trading volumes surged 5%-81% today.

Coinbase Enhances Trading Support For ZK & WELL

In a series of official X posts dated September 25, Coinbase revealed that it is enhancing trading support for ZKsync and Moonwell. According to the CEX’s posts, it today commenced auction mode for the WELL-USD trading pair, followed by limit-only mode, and finally, the token was in full trading mode as of press time.

Simultaneously, the top crypto exchange also revealed that it added the ZK-USD trading pair into auction mode, followed by limit-only mode today. Crypto market enthusiasts anticipate that even ZKsync could go live in full-trading mode shortly ahead.

Overall, the CEX’s expansion of support for the tokens has ignited considerable investor enthusiasm surrounding the abovementioned digital assets. Similar past chronicles align with the optimistic buzz as the CEX’s expansion of support has offered bolstered price movements.

How Are The Coins Performing?

Notably, ZK price today rocketed over 10% at press time and is sitting at $0.1352. Its intraday low and peak were recorded as $0.1235 and $0.1369, respectively. Intriguingly, ZKsync’s price extended weekly gains to 25% today. This rising action, in light of the CEX’s recent extension of support, has sparked market optimism globally. CoinGape Media previously reported the coin to have shot up remarkably as Coinbase announced trading support for ZKsync.

On the other hand, WELL price conversely fell 3% today to reach $0.02965. The coin’s 24-hour low and high were $0.0286 and $0.03067, respectively. However, the token’s 24-hour trading volume noted a 6% jump today, sparking uncertain investor speculations. Crypto market watchers speculate whether the CEX’s expansion of support to Moonwell could trigger gains in the coin’s price ahead.

Besides, it’s also worth mentioning that apart from ZKsync, even Zetachain (ZETA) price soared remarkably as Coinbase expanded support for the project recently. These chronicles collectively hint that price gains for the abovementioned tokens may lie ahead.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elon Musk’s X Seeks Second Chance In Brazil, Will Supreme Court Agree?

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Elon Musk’s X is reportedly seeking a second chance to resume its services in Brazil, sparking discussions in the broader tech sector. According to sources with knowledge of the matter, the social media platform has requested the Supreme Court of Brazil to allow resume its services in the region. Notably, Elon Musk has recently been involved in a tussle with the country’s authority for putting a ban on its social media platform.

Meanwhile, it has also sparked discussions about whether the platform would be given a second chance to thrive in one of its largest markets.

Elon Musk’s X Seeks Brazil Entry Again

According to a recent Reuters report, Elon Musk’s X has asked the Brazil Supreme Court to grant him access to the region. The report, citing people with direct knowledge of the matter, has sparked discussions in the broader market about whether Brazil’s top court would give approval to the platform.

Meanwhile, X’s troubles in Brazil began in August when the platform failed to comply with court orders addressing hate speech moderation and the appointment of a local legal representative. This led to a complete shutdown of X’s services in the country.

However, Musk has openly criticized these court demands, labeling them as censorship. Despite that, the recent development indicates a surprising turn for X, shifting its stance. In other words, it signals that the platform is willing to comply with the court’s requirements now.

Meanwhile, X appointed Brazilian lawyer Rachel de Oliveira Conceição as its legal representative recently, signaling a step toward compliance. In addition, the platform has blocked nine accounts under investigation for hate speech and misinformation, addressing one of the major concerns raised by Brazilian authorities.

According to previous reports, X has also paid a fine of $3.31 million, which was previously imposed as part of the sanctions. This financial settlement has further fueled speculation about whether the Supreme Court will now grant Musk’s company a second chance.

Will Brazil Supreme Court Grant Approval?

The legal battle between Elon Musk’s X and Brazil’s authority has intensified over the recent months. Notably, the tensions peaked in August, when X withdrew from the country in response to what Musk deemed as “uncontrollable censorship” orders. This move has led to the freezing of X accounts, making headlines in the broader technology sector.

Brazilian Supreme Court Justice Alexandre de Moraes has gained notable traction amid the ongoing battle. Musk’s opposition to de Moraes’ orders gained public attention, as the tech mogul accused the judge of violating free speech rights.

In addition, Musk even launched an account on his platform, “The Alexander Files,” to highlight what he saw as abuses of power by the judge. Many now believe the recent payment of fines and blocking of accounts is an attempt to broker peace and restore X’s operations in the region.

While the Supreme Court has lifted some sanctions, it remains unclear whether this legal back-and-forth will fully resolve. If granted permission to resume services, X might have to navigate through Brazil’s stringent laws on misinformation and hate speech.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Onyx Faces Security Breach With Hackers Draining $3M, Here’s All

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Decentralized protocol, Onyx is facing a major breach as bad actors drained $3.2 million sparking user fears. This adds to the recent cases of hacking activities in the crypto market as global authorities ramp up scrutiny. Some commentators say the infamous trend will dampen sentiment amid rising institutional investment.

Onyx Hack Losses Hit $3M 

OnyxDAO is reportedly facing a security breach that has led to losses hitting $3.2 million. Blockchain security and data firm PeckShield flagged the recent activity around the company. On-chain data shows the malicious wallet holds large amounts of VUSD with funds being moved across platforms. The attacker currently holds about 521 ETH worth approximately $1.36M.

The Onyx incident has been attributed to a precision issue involving the CompoundV2 code base with the bug exploited to manipulate exchange rates leading to loss of funds. Assets drained include VUSD, DAI, XCN, USDT, and WBTC. This event has sparked debates on the security of decentralized protocols and assets within the ecosystem. Previously, crypto users have faced huge losses due to the activities of hackers. 

While phishing attacks and bridge hacks are popular targets, other platforms also face security incidents to varying degrees. Recently, Ethena Labs suspended its website activities after it faced a security breach on its domain registrar. The platform also urged users not to interact with sites purporting to be Ethena to avoid losses. 

Regulators Ramp Up Efforts 

Hacks similar to the Onyx incident have drawn the attention of regulators to the crypto market. While these attempts are to protect user funds from bad actors, regulatory methods can stifle innovation in the sector. This is seen in the United States regulatory sphere with the Securities and Exchange Commission (SEC) filing several lawsuits against crypto exchanges and firms. 

US Congressman Ritchie Torres accused the SEC of misusing its SAB 121 regulation to target crypto firms. However, the community lauds recent efforts made in the US ecosystem as the election approaches.

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Mark Cuban Unseat SEC Chair Gary Gensler in Kamala Harris Government?

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In his recent interview with Fox News, billionaire Mark Cuban stated that he would like to be the head of the SEC replacing Gary Gensler, if Kamala Harris wins the US Presidential Elections. Cuban has been an active participant in crypto for years and has called out against the high-handed approach of the SEC against the crypto industry.

Mark Cuban Gets Industry Support As SEC Chair

During his interview on Wednesday, the Fox News journalist asked Cuban whether he would want to be a Treasury Secretary or Commerce Secretary, in the Harris administration. Responding promptly to this, Cuban said he would like to be the “Head of the SEC. That’s the job I would take,” he said.

In his proposal, Mark Cuban received support from crypto industry proponents. XRP lawyer John Deaton, also the Republican Nominee from Massachusetts, stated that despite his disagreements with Mark Cuban on other issues he would support the tech billionaire in replacing the lawlessness of Gary Gensler.

During the SEC Chair hearing on Tuesday, lawmakers asked Gensler tough questions about his approach toward the crypto industry. US Representative Tom Emmer also called him the most “destructive” and “lawless” chair in the 90-year history of the agency. It seems that the crypto industry is fed up with Gensler’s leadership as the SEC Chair.

Speaking on the development, Deaton said that Cuban would bring a much-needed change to the leadership of the US SEC. Deaton highlighted Cuban’s previous experience with the SEC, noting that Cuban had successfully fought back against what he called “gross overreach” by the agency.

Why Cuban Could Be A Good SEC Chief?

Despite the crackdown by the Biden administration, Mark Cuban supports Kamala Harris stating that she’s more “pro-business” in comparison to Trump. Besides, Cuban has also been assisting the Kamala Harris team in framing crypto policies and the industry approach they should be taking moving forward. “Supporting crypto isn’t about making the rich even richer. It’s about egalitarianism,” Cuban said during a recent Crypto4Harris event.

However, the tech billionaire has been vocal against SEC chief Gensler pointing out his inefficiencies while dealing with crypto, Calling out Gensler’s bluff, he also said that Kamala Harris doesn’t support the regulation-by-enforcement approach of the SEC chair. Being a participant in the crypto industry himself, Cuban has a greater understanding of how the industry is pivoting.

Commenting on crypto regulation, Cuban said that excessive regulation is not good for any industry. “We can regulate it without turning it into a tool for the few,” he added. The billionaire has also seen the other side of the industry and has faced a personal loss of $870,000 in a crypto scam.

On the other hand, the US Vice President has been pushing ahead with new promises for crypto and the blockchain industry. She also pledged for US dominance in blockchain and AI technology.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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