|All Time High:|
|Market Cap: |
|The price of #CUT today is $0.00817 USD.|
The lowest CUT price for this period was $0, the highest was $0.00817, and the exact current price of one CUT crypto coin is $0.00817042.
The all-time high CUT coin price was $0.42.
Use our custom price calculator to see the hypothetical price of CUT with market cap of BTC or other crypto coins.
|The code for CUTcoin crypto currency is #CUT. |
CUTcoin is 3.9 years old.
|The current market capitalization for CUTcoin is $1,492,726.|
CUTcoin is ranking upwards to #1167, by market cap (and other factors).
|The trading volume is unknown today for #CUT.|
|The circulating supply of CUT is 182,698,816 coins, which is 100% of the total coin supply.|
|CUT has limited pairings with other cryptocurrencies, but has at least 2 pairings and is listed on at least 1 crypto exchange.|
View #CUT trading pairs and crypto exchanges that currently support #CUT purchase.
|Note that there are multiple coins that share the code #CUT, and you can view them on our CUT disambiguation page.|
More CUTcoin (#CUT) News
|Financial Giant ING Expects Fed to Cut Rates From Second Quarter Onwards
Financial giant ING has predicted that the Federal Reserve will start cutting interest rates in the second quarter of next year. “We are currently forecasting 150bp of rate cuts in 2024 with a further 100bp in early 2025,” ING’s chief international economist detailed, noting that U.S. economic data confirmed that there's “no need for any further Fed policy tightening.”ING’s Fed Rate Cut Prediction
Global financial services firm ING's chief international economist, James Knightley, published an article last week outlining why he expects the Federal Reserve to start cutting interest rates next year.
Citing U.S. data showing modest growth, cooling inflation, and a cooling labor market, the economist emphasized that it’s “exactly what the Fed wants to see.” He described:
This should confirm no need for any further Fed policy tightening … We expect rate cuts from the Fed from the second quarter onwards.
“We are currently forecasting 150bp of rate cuts in 2024 with a further 100bp in early 2025,” he noted.
The ING economist highlighted that initial jobless claims rose to 218k last week, emphasizing that 'the trend is certainly towards higher continuing claims while initial claims remain low.' He added: 'Essentially, the message is that firms are reluctant to fire workers, but they are less inclined to hire new workers. i.e. more evidence of a cooling, but not collapsing, labor market.'
Knightley then explaine...
|Barefoot Mining CEO Projects a 52.5% Cut in Bitcoin Rewards Post-Halving
This weekend's figures indicate that bitcoin miners are nearing a critical threshold, with fewer than 25,000 blocks remaining before the anticipated halving event. Once this milestone is reached, bitcoin miners' rewards for each block, excluding transaction fees, will decrease to 3.125 coins post-halving, a sharp drop from the current rate of 6.25 BTC per block. The bitcoin community is keenly observing these developments, yet miners bear the brunt, facing a significant cut in their income.Bitcoin Halving to Slash Miner Rewards by 52.5%: A Critical Countdown Underway
Presently, the blockchain stands at block height 815,315, with roughly 24,685 blocks to go until the fourth subsidy epoch or reward halving. Projections vary on when exactly the halving will happen, with some pointing to April 20, 2024, and others to a slightly later date of April 24, 2024. Still, there are predictions setting the event even earlier, on March 23, 2024, as block intervals have been a great deal faster in recent times. For instance, current data shows the latest block interval was eight minutes and 8.4 seconds.
On November 3, Bob Burnett, the chairman and CEO of Barefoot Mining, clarified a common misconception about Bitcoin's production rates. In a post on the social media platform X, Burnett wrote that the actual mean block time is shorter than the widely assumed ten minutes, resulting in more blocks per day than expected (146.7 instead of 144). Consequently, daily Bitcoin production is currently...
|Chinese State-Owned Banks Cut Dollar Deposit Rates — Dismiss Gover...
Major Chinese state-owned banks have lowered interest rates on U.S. dollar deposits. However, they reportedly dismissed claims that the moves were influenced by the Chinese government, stating that the rate cuts were market-driven.Chinese Banks Reduce Dollar Deposit Rates
Major Chinese state-owned banks reportedly cut the maximum interest rates they offer on U.S. dollar deposits this week.
They explained that the moves were market-driven, dismissing recent reports by some news outlets that their decisions were influenced by the Chinese government. Reuters, for example, reported Tuesday that 'In a rare attempt to bolster China's yuan, a self-regulatory body overseen by the country's central bank has told major state-owned banks to lower dollar deposit interest rates.' The publication cited four people with direct knowledge of the matter.
According to a Wednesday report by the Global Times, 'some bank insiders' described the reductions in dollar deposit rates as a self-regulatory measure aimed at preserving stability in the dollar-yuan exchange rate. The yuan has weakened more than 6% against the USD since January.
A manager at a Bank of China branch in Shanghai detailed that the bank's one-year dollar deposit rate has been reduced from 5% to 4.3% for deposits exceeding $50,000 starting from Monday, and 2.8% for deposits below $50,000. She anticipated that the deposit rate would remain unchanged for the foreseeable future but gradually decline over the long term. Citing several...
|Binance Halts Deposits and Possibly Withdrawals for Aussie Users After B...
Binance Australia said on May 18 that it is 'unable to facilitate PayID AUD deposits for Binance users' due to a third-party payment service provider's decision to discontinue support for the crypto exchange. Binance Australia said while it works to find an alternative, users can still 'buy and sell crypto using credit or debit cards.' Scott Collary, an executive at the service provider, claimed that 'scammers are increasingly using overseas exchanges.'Binance Australia Seeks an Alternative Third-Party Payment Service Provider
Crypto exchange Binance Australia announced on May 18 that it had 'temporarily' suspended Australian dollar services after its payment service provider Westpac abruptly discontinued support for the platform. As a consequence, the crypto exchange said it is now 'unable to facilitate PayID AUD deposits for Binance users.' The exchange warned users that the action taken by the third-party payment service will also likely impact bank transfer withdrawals.
We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…
— Binance Australia (@Binance_AUS) May 18, 2023
However, in its May 18 tweet, Binance Australia did not explain why it has been banned or offer a hint of when the temporary suspension of the service is likely to be lifted....
|Yellen Says US 'Not Willing to Allow Contagious Bank Runs,' Calls OPEC O...
Roughly 26 days ago and in the following days, the U.S. witnessed two significant bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an event on Monday at Yale University, Janet Yellen, the current U.S. Treasury secretary, told reporters that she was closely monitoring the banking industry. Yellen insisted that 'matters are stabilizing' and the Treasury was 'not willing to allow contagious [bank] runs to develop' in the United States.Treasury Secretary Yellen Addresses Recent Bank Failures and Emphasizes Stability in the U.S. Banking System
U.S. Treasury secretary Janet Yellen recently spoke at Yale University, and following the event, she made statements to reporters. Yellen discussed the recent issues within the U.S. banking industry and touched on the decision made over the weekend by Saudi Arabia and OPEC to cut oil production.
Reporters asked Yellen about the impact the decision might have on oil prices. 'I think it's regrettable that OPEC decided to take this action,' Yellen said. 'I'm not sure yet what the price impact will be. I think we need to wait a little longer to assess that.'
Yellen also spoke about the stress on the U.S. banking system in recent times following the collapse of a few major banks after the first week of March. Yellen emphasized to reporters that the Treasury was closely monitoring the situation and that the U.S. government was 'not willing to allow contagious [bank] runs to develop' in the country.
|China Ready to Talk Asian Monetary Fund to Cut Dollar Dependence, Malays...
An idea to establish an Asian Monetary Fund has caught the attention of the Chinese leadership, the head of the Malaysian government revealed. The prime minister believes there is no reason for his country, which is hurting from a strong U.S. dollar, to remain dependent on the greenback. Malaysia Prepares to Trade With China in National Currencies, Limit Reliance on Dollar
China is open to talks with Malaysia on a decades old proposal to set up an Asian Monetary Fund that can reduce reliance on the U.S. currency, Malaysian Prime Minister Anwar Ibrahim announced, quoted by Bloomberg.
Anwar, who also serves as Malaysia’s minister of finance, pitched the idea at the Boao Forum last week when he emphasized on the need to cut dependence on the International Monetary Fund (IMF) as well. On Tuesday, he told Malaysian lawmakers:
When I had a meeting with President Xi Jinping, he immediately said, ‘I refer to Anwar’s proposal on the Asian Monetary Fund,’ and he welcomed discussions.
The head of the Malaysian government was reporting on the results of his recent state visit to the People’s Republic. He also said that Malaysia’s central bank is already working on enabling the two nations to start trading in their respective national fiats, ringgit and renminbi.
An expensive U.S. dollar has been weakening currencies in the region and creating headaches for nations like Malaysia, which is a net importer of food items, the report remarks. Last fall, the...
|Bitcoin Halving Approaches: Less Than 400 Days Until Block Reward Subsid...
According to current statistics, the Bitcoin network is fewer than 56,000 blocks away and less than 400 days away from the next reward halving. After the next halving, the block reward will be reduced by 50%, and the current block subsidy of 6.25 bitcoins will drop to 3.125 bitcoins per block post-halving. In addition to the Bitcoin halving getting closer, the Litecoin network is expected to see a block reward halving this year on or around August 3rd.Bitcoin Reward Halving Inches Closer; Litecoin Expected to Slash Its Block Reward in August
As of March 29, 2023, there are 395 days left until the next Bitcoin halving, which is scheduled to occur anywhere between April 21-28, 2024, at a block interval speed of ten minutes per block. At present, there are fewer than 56,000 blocks left to mine until the block reward subsidy is cut in half. Depending on block time speeds, the estimated date for April could change.
The Bitcoin network halves its block reward every 210,000 blocks mined, and if blocks are mined at an average rate of around ten minutes, every halving takes place roughly every four years. The first halving took place on Nov. 28, 2012, at block height 210,000. The next reward halving occurred on July 9, 2016, and another took place on May 11, 2020. After the April 2024 halving, the fifth halving is expected to occur in 2028.
Using today's BTC exchange rates, the current reward of 6.25 BTC, not counting network fees, is just over $177,000 per block. If the price of BTC...
|Billionaire 'Bond King' Jeffrey Gundlach Predicts the Fed Will Cut Rates...
Billionaire Jeffrey Gundlach, aka the 'Bond King,' has predicted that the Federal Reserve will be cutting interest rates substantially soon. 'Red alert recession signals,' he added, noting that all U.S. Treasury yields two years and out are 'well below the fed funds rate.'Doubleline CEO on Fed Rate Cuts and Recession
Jeffrey Gundlach, chief executive and chief investment officer of investment management firm Doubleline, expects to Federal Reserve to cut interest rates substantially soon. Gundlach is nicknamed 'the Bond King' after he appeared on the cover of Barron’s as 'The New Bond King' in 2011. According to Forbes, his net worth is currently $2.2 billion.
The billionaire tweeted Friday:
I predict the Federal Reserve will be cutting rates substantially soon.
However, he cautioned: 'I am wrong about 30% of the time so factor that into any decision making.'
The Federal Reserve raised interest rates by 25 basis points (bps) this week despite the banking crisis. Fed Chairman Jerome Powell said he does not expect the Fed to cut interest rates this year.
'UST [U.S. Treasury] 2 year versus 10 year is now inverted 40 basis points. Was 107 basis points just a few weeks ago. All UST yields two years and out are well below the fed funds rate,' Gundlach explained in a follow-up tweet. A yield curve inversion occurs when yields on shorter-dated Treasuries rise above those for longer-term ones. The Doubleline executive stressed:
Red alert recession signals.
|Mike Novogratz Warns of Credit Crunch in US and Globally — Expects...
Galaxy Digital CEO Mike Novogratz has warned of a credit crunch in the U.S. and globally. Emphasizing that 'we are heading into a recession,' he expects the Federal Reserve to cut interest rates 'sooner than we think.'Novogratz on Global Credit Crunch and Recession
Galaxy Digital CEO Mike Novogratz shared his outlook for the U.S. economy in an interview with CNBC Wednesday. Comparing the current market condition to one in December 2018, he said: 'This reminds me a lot of 2018, December, when the Fed had this idea of one last [interest rate] hike and, of course, it sent the market into a tailspin, and they had to reverse it soon after.'
Noting that 'information has changed dramatically' in a short period of time, he explained:
The commodity market is telling you, the oil market is telling you that we are heading into a recession. We are going to have a credit crunch in the U.S. and globally.
Novogratz stressed that Federal Reserve Chairman Jerome Powell 'should pause and will be cutting rates sooner than we think.' He added: 'That's a huge shift in psychology. It's got bitcoin (BTC) and ethereum (ETH) on the move.'
The executive continued: 'If there was ever a time to be in bitcoin and crypto - this is why it was created, in that governments print too much money whenever the pain gets too great, and we are seeing that.'
Responding to a question about whether he sees 'the possibility of a contagion' in the U.S. banking system and globally, Novogratz affirmed: 'There is contagio...
|Cardano Founder Charles Hoskinson Says Crypto Should Cut Ties With Banks
Cardano's Founder - Charles Hoskinskon - believes the cryptocurrency industry should differentiate itself from the 'unstable and volatile' banking sector.
Three of America's leading financial institutions - Silvergate Capital, Silicon Valley Bank, and Signature Bank - were shut down by regulators earlier this month, propelling severe losses for numerous crypto-focused firms.
In a recent tweet, Hoskinson opined that crypto should stay away from traditional banking since the sector is full of 'unstable and volatile' institutions.
Crypto needs to de-risk itself from those unstable and volatile banks
— Charles Hoskinson (@IOHK_Charles) March 15, 2023
He also predicted a 'game over' scenario for banks once 'we can digitize treasuries.'
The collapse of Silvergate, SVB, and the crypto-friendly Signature Bank recently shook America's financial system.
Multiple cryptocurrency firms revealed significant exposure to the failed giants, with Circle being among them.
The company behind the second-largest stablecoin, USDC, had $3.3 billion stuck in Silicon Valley Bank. The asset plunged to as low as $0.87 (CoinGecko data) shortly after that but restored its $1 value in the following days.
The crypto exchange Coinbase said it held $240 million in corporate cash at Signature Bank, while Paxos had $250 million exposure.
The President of the United States - Joe Biden - said earlier this week that Americans should have confidence in the domestic banking network, describing it...
|Houbi Cut Ties With Signature Bank and Silvergate Before Their Collapse ...
Huobi had reportedly withdrawn all its assets from Signature and Silvergate Bank prior to their demise.
However, numerous other platforms and crypto-related firms got burned from their existing exposure to the aforementioned banks, including Coinbase and Paxos.
Huobi disclosed to Reuters that its customers' funds remain unaffected by the recent banking crisis in the USA since it has previously transferred all its assets from Silvergate and Signature Bank to other monetary institutions:
'Huobi previously had a bank account with Silvergate, but all assets were transferred out some time ago, and there is no financial partnership currently.'
Justin Sun - a member of Huobi's Global Advisory Board and also Co-Founder of the blockchain platform Tron - confirmed the news, adding that the ongoing turbulence did not harm the company's operations.
Recall that Silvergate Capital revealed operational issues at the beginning of March and announced a liquidation plan a few days later. It acted as one of the main banks for the crypto sector, lending funds to multiple entities.
With its failure, numerous industry players shifted towards Signature Bank. Nonetheless, it suffered a similar fate and was closed down by regulators earlier this week.
The US-based cryptocurrency exchange - Coinbase - revealed it held $240 million in corporate cash at Signature, Paxos had a $250 million exposure, while Celsius Network did not specify how much was stuck there.
The post Houbi Cut Tie...
|Huobi Korea Plans to Cut Ties With Parent Company, Strengthen Domestic P...
According to a report from South Korea, the Korean subsidiary of Huobi Global is planning to cut ties with the parent company. The management of the trading platform stated that they plan to 'strengthen its position' as a domestic cryptocurrency exchange and change its name.Huobi Experiences Significant Withdrawals as Subsidiary Huobi Korea Looks to Go Independent
There has been much speculation and many rumors surrounding the cryptocurrency exchange Huobi Global, which rebranded to simply 'Huobi' at the end of November 2022. Reports indicated that Huobi laid off 20% of its staff and plans to maintain 'a very lean team' going forward.
Additionally, Huobi has experienced a significant amount of withdrawals recently. Cryptoquant statistics show that on November 2, 2022, Huobi held more than 20,000 BTC. As of today, the cryptocurrency exchange's BTC reserves are approximately 16,709 BTC. Similarly, Huobi had 22 million ETH in reserves on November 2, 2022, but according to cryptoquant.com statistics, the current stash is down to 18.19 million.
Amid the speculation, South Korean news outlet News1 has reported that Huobi Korea wants to break away from the parent company Huobi. News1 reports that Huobi Korea plans to purchase shares from the parent company and change its name. The 'equity relationship with Huobi Global will also be sorted out,' according to the report, and the teams plan to hold a meeting between employees and top executives.
News1 reported that the name change and...
|League of Legends' Developer Wants to Cut All Ties With FTX (Report)
Riot Games - an American company famous for developing the video game League of Legends - reportedly filed a motion to end its collaboration with FTX.
The collapsed crypto platform has caused 'reputational' damage to the gaming firm and owes it over $6 million.
'FTX Cannot Turn Back the Clock'
As reported by GamesIndustry, Riot Games is willing to terminate its multi-million agreement with the bankrupt crypto exchange FTX. The gaming giant said the failure of its partner and the arrest of Sam Bankman-Fried (SBF) are the main reasons for annulling the collaboration:
'There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX's bankruptcy filing. FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse.'
Riot Games teamed up with FTX last summer, vowing to place the platform's logo on its marketing materials. For its part, the exchange had to pay the gaming company $12.5 million in 2022, but it has distributed only half of the amount so far.
Riot Games is most popular for developing League of Legends, commonly referred to as LoL. The video game has nearly 150 million active players, as SBF has also been part of its ecosystem.
The 30-year-old American faced backlash from the crypto community for reportedly playing the game at the same time when his exchange crashed and subsequently filed for bankruptcy.&n...
|Elon Musk Warns of Severe Recession — Urges the Fed to Cut Interes...
Tesla CEO and Twitter boss Elon Musk has warned of a severe recession in the U.S. The billionaire stressed that the Federal Reserve needs to cut interest rates 'immediately,' emphasizing that the Fed is 'massively amplifying the probability of a severe recession.'Elon Musk Warns About Severe Recession
Tesla CEO and Twitter chief Elon Musk warned about a severe recession in the U.S. on Wednesday.
Replying to Vincent Yu who tweeted that he is 'expecting a real economic recession in 2023,' Musk said the trend is concerning, emphasizing that the Federal Reserve 'needs to cut interest rates immediately.' The billionaire stressed that the Fed is 'massively amplifying the probability of a severe recession.'
Sven Henrich, founder and the lead market strategist for Northmantrader, joined the discussion. He replied to Musk and Yu: 'Ironically the Fed continues to project positive GDP growth for next year despite all the obvious signs. But they did the same thing in 2008. As always they will panic cut rates once the recession impact is here & then blame unforeseen factors.' In another tweet, Henrich described:
The Fed stayed too easy for too long totally misreading inflation and now they've tightened aggressively into the highest debt construct ever without accounting for the lag effects of these rate hikes risking they'll be again late to realize the damage done.
Musk concurred, tweeting: 'Exactly.'
Many people agreed with Musk. One tweeted: 'Musk is actually right about this. Inflat...
|Norway Prepares to Reverse Electricity Tax Cut for Cryptocurrency Miners
The Norwegian government is reviewing a proposal to abolish the policy of preferential tax treatment for data centers mining cryptocurrency with cheaper electricity. The executive power in Oslo says conditions have changed and the country needs the energy currently used by miners.Mining Firms Likely to Lose Tax Incentive as Norway Seeks to Save Power, Collect More Tax
Norwegian authorities are on their way to scrap a tax cut that has been benefitting crypto mining businesses for years. They are proposing to get rid of the reduced electricity tax rate for data centers in the Nordic country, many of which are minting digital currencies.
Power for data centers will thus be subject to the general electricity tax rate, the same that applies for other service industries, the government said in an announcement published this week. Finance Minister Trygve Slagsvold Vedum explained the reasoning behind the move:
We are in a completely different situation in the power market now compared to when the reduced rate for data centers was introduced in 2016.
In many areas power supply is now under pressure, which causes prices to rise, Vedum elaborated. At the same time, the crypto extraction sector has expanded in Norway. 'We need this power for the community. The government will therefore discontinue the scheme,' the member of the cabinet in Oslo was quoted as stating.
Investigations have shown that it is practically impossible to distinguish between electrical energy used for the minting...
|Polygon (MATIC) Held By A String, Will Bears Cut The Rope?
MATIC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength.
MATIC rally caught short as BTC price continued to range. The price of MATIC must hold $0.72 support or face a drop-down to a weekly low.
Polygon (MATIC) price showed some bullish strength recently, but the price has struggled to break above key daily resistance against tether (USDT). The price of Polygon (MATIC) has continued to range as bulls sweat over a potential break of the key support zone holding the price of MATIC from having a spiral down to a weekly low. (Data from Binance)
Polygon (MATIC) Price Analysis On The Weekly Chart
The price of MATIC showed incredible strength rallying from a weekly low of $0.3 to a high of $1, with many investors and traders left astonished as to this movement in a bear market that has brought nothing but a tough moment for most crypto projects.
MATIC's price has recently declined after bouncing from its weekly low of $0.3 as a price rally to a high of $1 before facing a stip rejection, and the price has struggled to re-establish its bullish trend.
MATIC's price remains just a hair above a key support area above $0.72; this area of support is acting as a good demand zone for buy orders. For MATIC to have a chance to trend higher, the price must break through its weekly resistance of $1.
For the price of MATIC to restore its rally, the price needs to break and hold above the $1 resistance with good volume. If the price o...
|Norwegian BTC Miner Moves Beyond the Arctic Circle to Cut Energy Costs (...
The Norwegian bitcoin mining company - Kryptovault AS - reportedly plans to move its operations north of the Arctic Circle. The relocation is prompted by the rising electricity costs in the country, while the northern regions are still relatively unaffected by the crisis.
Over the past few years, Norway has turned into a cryptocurrency mining center for the European region due to its green policies. According to estimations, 98% of the energy production in the nation comes from renewable sources.
Looking for a Cheaper Area
As reported by Bloomberg, Kryptovault AS intends to migrate most of its crypto miners to the coldest part of Norway. The company's Chief Executive Officer - Kjetil Hove Pettersen - said electricity prices there are 160 times cheaper than in the south.
It is worth noting that Kryptovault AS produces bitcoin almost entirely with renewable energy, as 98% comes from hydropower. This could be considered another reason why the firm decided to move north since there are plenty of water sources in the region close to the Arctic Circle.
Despite these advantages, the transition has its minuses, too. Pettersen explained that initially, the entity will have to pay some significant expenses, including the transportation of the machinery:
'The relocation project will, of course, add other expenses and complications, however, with the current conditions, it is an existential requirement to do this.'
Currently, Kryptovault AS operates data centers at two locations in south...
|Iran Will Reportedly Cut Off Electricity to All Legal Crypto Miners
The Middle Eastern nation has gone against licensed crypto miners and will shut down all 118 legal ones in two days, according to a recent report. The country's authorities have already done something similar in the past, citing the growing electricity demand during the summer.
In an interview with a state-owned TV, reported by Bloomberg, Mostafa Rajabi Mashhadi, a spokesman for Iran's power industry, said the nation will stop providing electricity to all 118 licensed mining operators starting from June 22.
As it happened last year, the authorities justified their decision with the growing demand for electricity as summer comes. Mashhadi highlighted a large number of power shortages in the past few weeks as the demand had surpassed 60,000 megawatts.
Iran's temporary ban last year was lifted at the end of September, but there's no information about the country's plans for 2022.
Unlike previous years, though, Iran's share in terms of BTC mining has been declining, so shutting down all licensed operations in the nation will not have much of an impact on the hash rate.
Cambridge's Bitcoin Mining Map shows that Iran has fallen behind other nations. For example, it accounted for 6.9% of the total hash rate in June last year, while the percentage has dropped significantly to 0.2% as of January 2022.
Iran allowed certain crypto miners to operate legally in 2020 and has since seized countless rigs that lacked the necessary government-issued licenses.
|NFT Marketplace Opensea Migrates to Seaport Protocol, Transition to Cut ...
On Tuesday, the leading non-fungible token (NFT) marketplace in terms of all-time sales, Opensea, announced it is migrating to Seaport, an open source Web3 marketplace protocol. Opensea says the Seaport protocol migration from the Wyvern protocol will cut network fees by 35%, and users will no longer have to pay an account initialization fee.Opensea Migrates From Wyvern to Seaport: 'A Foundation to Empower the Developer Community'
Opensea is moving to the Seaport protocol in order to enhance the NFT marketplace experience for users. The Opensea development team details that the migration will cut gas costs significantly. Moving to Seaport will reduce fees by 35% and add a number of other features like zero account initialization fees. Signing features to confirm specific actions have also been improved, Opensea explained in a summary sent to Bitcoin.com News.
In a blog post describing Seaport, Opensea says that while the NFT marketplace is the first to leverage Seaport, the company is inviting the developer community to utilize it as well. 'What we've really built is a foundation to empower the developer community to work together on this primitive. Opensea does not control or operate the Seaport protocol - we will be just one, among many, building on top of this shared protocol,' the company's blog post notes.
Opensea's Seaport summary adds:
The Seaport contracts emphasize efficiency and contain a significant amount of low-level assembly code. We've included a reference impl...
|Ethereum Market Cap Cut By Over $100 Billion Last Month
The worsening condition of the crypto market has seeped through Ethereum. The market cap of Ethereum was purged by more than $100 billion last month.
Ethereum was trading at $1,809.49, down -6.9% Wednesday, chart by Coingecko shows.
The bearish market stance is getting more consistent as Ethereum appears to settle at its comfort zone and trade below $4,000 this year.
Being second in line to the top crypto Bitcoin, Ethereum remains unassailable, with it maintaining its ranking as the second-biggest cryptocurrency in terms of market cap. ETH closed May with a market cap of more than $235 billion.
The price action revealed a staggering 31% plunge compared to its market value on an opening day. May 1 gave ETH that hint of hope when its trading volume hovered over $15.33 billion with a whopping market cap of $341.05 billion.
Suggested Reading | Axie Infinity Revenue Continues To Collapse – Here’s Why
ETH Price On A Downward Trend
Investor confidence waned in 2022, which propelled a massive sell-off of crypto assets. The panic worsened from May 9 to 13 because of Ethereum’s market cap drop.
The negative market sentiment was brought about by the dwindling economic situation, inflation, Russia’s invasion of Ukraine, and increase in interest rates.
ETH transactions in May reached over 16,950 at $1,947. This was followed by a humongous transaction amounting to 12.25 million ETH or equivalent to roughly $23.86 billion.
ETH opened at a price action of $2,072 and h...
|CRO Coin Falls 19% After Crypto.com Announces Rewards Cut Down To Cardho...
On Monday, Crypto.com's Cronos (CRO) slide followed suit with a sharp drop after the crypto exchange said it was reducing some staking and rewards tied to its popular pre-paid Visa cards.
According to Tradingview.com, the coin dropped by 19% to $.265. In addition, the Icy White / Frosted Rose Gold tier reward will be pulled down from 3% to 1%.
The top tier of the company’s card program, Obsidian carries a $400,000 staking requirement and offers up to 8% cashback at retailers.
CRO price trading at $0.27 after company announcement of rewards cut down | Source: CRO/USD price chart from Tradingview.com
According to company policy, there will be a limit on how much a person can earn CRO card rewards for two tiers. For example, the Ruby Steel Card earns are limited to $25 or equivalent in other fiat currencies like Dollars and Euros. While for the Royal Indigo/Jade Green tier, the cap is set at $50.
In Addition, Crypto.com is phasing out CRO staking rewards for cardholders. Cards include Jade Green, Royal Indigo, Frosted Rose Gold, Icy White, and Obsidian. Staking rewards involves coin owners 'locking up' or delegating a portion of their crypto holdings to earn more interest on deposits.
While explaining staking rewards, the exchange said;
Cardholders with an active 6-month stake and who staked before 1 May 2022 13:00 UTC will continue to earn CRO Card rewards on spending at the current rate until their 180-day stake expires. Thereafter, the revised rates will apply. C...
|Ukraine Targets Russian Politicians' Crypto Wallets as Russian Ban...
Ukraine is now trying to expose cryptocurrency wallets used by politicians in Moscow amid warnings that Russia may employ digital coins to circumvent sanctions. The initiative comes as western allies agree to expel some Russian banks from SWIFT, the global interbank payments system.Government of Ukraine Seeks Info on Crypto Assets of Russian and Belarusian Officials
Authorities in Kyiv have issued a call on social media for information about crypto wallets controlled by politicians in Russia and Belarus. On Saturday, Ukraine's Deputy Prime Minister Mykhailo Fedorov announced on Twitter that the country's crypto community will reward those who provide details leading to their identification.
Ukrainian crypto community is ready to provide a generous reward for any information about crypto-wallets of Russian and Belarusian politicians and their surroundings. War crimes must be pursued and punished! To share info please contact in Telegram: https://t.co/XHidwUQ8bE.
- Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022
The rewards will be funded by private donations, according to Artem Afian, a lawyer managing the effort. Quoted by Bloomberg, he said the campaign has already received tips matching political figures with crypto addresses. The plan is to share them with major exchanges and the blockchain forensics firm Chainalysis which has been monitoring Russian transactions. Afian stated:
We want them to understand that they are not welcome in Ukraine or in crypto.
|World's Largest Cut Diamond Bought for $4.3 Million in Cryptocurre...
“The Enigma” – a billion-year-old black diamond considered to be the largest cut in the world – was sold for a whopping $4.3 million worth of digital assets. The owner of the jewelry is now the American entrepreneur Richard Heart who renamed it the “HEX.com diamond” after his blockchain organization.
Sotheby’s Diamond Bought for Millions in Crypto
Earlier this year, the leading marketplace for art and luxury – Sotheby’s – announced it will host an auction for a rare 555.55-carat diamond that can be sold for cryptocurrencies. The jewelry was displayed in London between February 2 and February 9, where Richard Heart – a social entrepreneur, author, and philanthropist – purchased it for $4.3 million worth of digital assets.
The American is a cryptocurrency veteran as he is the creator of the blockchain company HEX. In a recent tweet, the 42-year-old informed that the jewelry will bear the name of his entity – “HEX.com diamond.” However, he did not reveal the type of cryptocurrencies he used.
I won the world's largest cut diamond for our #HEXican cultural heritage! It'll be called the https://t.co/mLZsmWqXG0 diamond, it weighs 555.55 carats and has 55 facets. Congratulations to all you #HEXicans with #5555 club https://t.co/mLZsmWqXG0 tattoos. Let's all win together! pic.twitter.com/37mfTGbzMe
— Richard Heart ETH FORK PulseChain.com,PulseX.com!? (@RichardHeartWin) February 9, 2022