NewsBriefs - Magic Eden's ME token struggles at launch amid user complaints

Dec 11, 1:48 AM Cointelegraph

Magic Eden's ME token struggles at launch amid user complaints

Magic Eden's newly introduced ME token experienced a significant price dip following its launch due to complaints from users about a complex claiming process and issues with the platform's mobile app. Initially priced at $6.70, the token surged to $13.10 before plummeting about 67% to $4.30, though it later recovered to around $8.60. The rollout was marred by technical issues and user frustration over the ability to claim the token using different devices.

Latest

• Dec 11, 6:30 AM Business Wire

  Circle and Binance partner to expand global reach of USDC

  Circle and Binance have formed a strategic partnership to enhance the utility of USD Coin (USDC) and expand its availability on Binance's exchange. This collaboration, announced during Abu Dhabi Finance Week, aims to integrate USDC into Binance's corporate treasury and increase its use across various financial services. Additionally, Circle will assist Binance in developing global finance and commerce relationships, furthering the adoption of stablecoins in the digital asset ecosystem.

  Expand Hide

  

• Dec 11, 1:48 AM Cointelegraph

  Magic Eden's ME token struggles at launch amid user complaints

  Magic Eden's newly introduced ME token experienced a significant price dip following its launch due to complaints from users about a complex claiming process and issues with the platform's mobile app. Initially priced at $6.70, the token surged to $13.10 before plummeting about 67% to $4.30, though it later recovered to around $8.60. The rollout was marred by technical issues and user frustration over the ability to claim the token using different devices.

  Expand Hide

  

• Dec 10, 9:22 PM CoinDesk

  El Salvador and Argentina sign crypto regulation agreement to boost industry development in Latin America

  El Salvador and Argentina have signed an agreement to collaborate on crypto regulation, aiming to share knowledge and promote regional development of the digital asset industry. Juan Carlos Reyes of El Salvador's CNAD and Roberto Silva of Argentina's CNV are leading this initiative. This partnership is intended to enhance the innovation and adoption of crypto technologies in Latin America, reflecting the significant role of international collaborations in fostering a well-regulated crypto ecosystem.

  Expand Hide

  

• Dec 10, 5:37 PM The Block

  Trump aims for Bitcoin to reach $150,000 during his presidency, Axios reports

  Following his election victory, President Donald Trump expressed a desire for Bitcoin to surpass $150,000, reflecting his focus on the token's price as a measure of economic success. Bitcoin's price has notably increased since Trump's election, reaching new highs. Additionally, Trump plans to implement crypto-friendly regulations and has nominated Paul Atkins for SEC chair, indicating a proactive stance on crypto during his presidency.

  Expand Hide

  

• Dec 10, 1:00 PM Tether

  Tether's USDT gains acceptance as a virtual asset in Abu Dhabi Global Market

  The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has officially recognized Tether's USD₮ as an Accepted Virtual Asset (AVA), enabling authorized personnel to offer services associated with USD₮ in ADGM. This development aligns with the United Arab Emirates' strategy to integrate digital and traditional finance, reinforcing Abu Dhabi and Dubai's positions as global leaders in crypto innovation. The recognition marks a significant advancement in Tether's effort to support financial inclusion and bridge the gap between conventional and digital economies.

  Expand Hide

  

• Dec 10, 12:51 PM The Block

  Bernstein predicts quantum threat to Bitcoin is decades away

  Bernstein analysts have determined that Google's new Willow quantum chip does not pose an immediate risk to Bitcoin's security, stating the threat from quantum computing seems decades away despite recent advancements. Currently, Bitcoin uses cryptographic algorithms like ECDSA and SHA-256, which remain secure against quantum attacks with the current level of quantum technology. Discussions continue within the crypto community about moving to quantum-resistant encryption to preempt future threats.

  Expand Hide

  

• Dec 10, 12:36 PM Cointelegraph

  Eric Trump forecasts Bitcoin reaching $1 million

  Eric Trump, at the Bitcoin MENA event in Abu Dhabi, predicted Bitcoin will eventually hit $1 million, citing its scarcity and transformative potential. Trump portrayed Bitcoin as more than an investment, emphasizing its role as a global asset, store of value, and hedge against various instabilities. He also noted increasing government adoption and the decentralized, middleman-free nature of Bitcoin as significant to its ascent.

  Expand Hide

  

• Dec 10, 12:00 PM Crypto.com

  Crypto.com secures corporate banking services from Deutsche Bank in Singapore, Australia, and Hong Kong

  Crypto.com has partnered with Deutsche Bank to receive corporate banking services in Singapore, Australia, and Hong Kong. This partnership aims to enhance Crypto.com's corporate banking capabilities, increase operational efficiency, and strengthen its banking foundation in these regions. Deutsche Bank's support is part of a broader relationship that might expand to more countries, emphasizing Crypto.com's commitment to security and compliance, and supporting its global growth ambitions.

  Expand Hide

  

• Dec 9, 9:15 PM CoinDesk

  Crypto market experiences broad selloff with significant declines in altcoins

  A significant downturn hit the crypto market, with Bitcoin and other major tokens witnessing sharp declines. Bitcoin dropped to just above $95,000, a 5% decrease, while Ether fell by 10%. The broader CoinDesk 20 Index reported an over 8% decline, notably impacted by approximately 20% drops in Cardano, Avalanche, and XRP. The market's tumult resulted in over $750 million in leveraged derivatives positions being liquidated, indicating a high volume of bullish bets were wiped out. This market behavior signals a potentially brief consolidation phase before a possible rebound, necessitating strategic trading adjustments.

  Expand Hide

  

• Dec 9, 4:33 PM Cointelegraph

  Ripple CEO criticizes 60 Minutes for omitting key XRP ruling

  Brad Garlinghouse, CEO of Ripple Labs, criticized 60 Minutes for excluding critical details about a federal judge's decision that XRP is not a security, in their segment on Ripple's involvement in the 2024 US elections. The segment, which aired on December 8, focused on Ripple's funding of Fairshake, a political action committee supporting pro-crypto candidates, and the ongoing SEC lawsuit regarding XRP as an unregistered security. Garlinghouse highlighted the omission as misleading because it ignored the judge's favorable July ruling for Ripple.

  Expand Hide

  

• Dec 9, 3:34 PM The Block

  CoinShares reports record $3.85 billion inflow into crypto investment products

  Crypto investment products experienced a record-breaking week with inflows of over $3.85 billion, mainly led by the US, as reported by CoinShares. The funds currently boast a total of $41 billion in net inflows year-to-date, with assets under management reaching a new high of over $165 billion. Bitcoin commanded the largest share of these inflows, contributing $2.5 billion, while Ethereum also saw record inflows of $1.2 billion. Notably, Solana experienced its second week of outflows.

  Expand Hide

  

• Dec 9, 12:14 PM The Block

  Total stablecoin market cap exceeds $200 billion as DeFi lending yields surge

  The total market capitalization of stablecoins has surpassed $200 billion, indicating a 13% increase in the past month, driven by investors seeking high yields on decentralized finance (DeFi) platforms. This surge is attributed to elevated lending rates offered by DeFi protocols such as Aave and Compound, with stablecoin borrowing and lending rates reaching 10-20% annualized. Additionally, the total value locked in lending protocols has peaked at $54 billion, highlighting the growing investor interest in accessing higher yields through onchain activities.

  Expand Hide

• Dec 9, 2:26 AM Cointelegraph

  Radiant Capital confirms North Korea orchestrated $50M DeFi platform hack

  Radiant Capital's DeFi platform was hacked in October, leading to a $50 million loss through malware delivered via a Telegram message from a North Korea-aligned hacker impersonating an ex-contractor. Cybersecurity firm Mandiant attributes the attack to a DPRK-nexus threat actor. The malware, concealed within a ZIP file purportedly from a trusted source, compromised multiple developer devices and manipulated transactions undetected.

  Expand Hide

  

• Dec 6, 4:38 PM The Block

  UK top financial regulator warns against unauthorized Solana-based memecoin launchpad Pump.fun

  The UK Financial Conduct Authority (FCA) has issued a warning about Solana-based memecoin launchpad Pump.fun, stating that it is not authorized to operate in the UK and may be targeting local consumers. The FCA advised the public to avoid dealing with Pump.fun, highlighting potential risks and scams. This situation could affect UK customers as they may lack certain financial protections and might not recover funds if issues occur.

  Expand Hide

  

• Dec 6, 12:10 PM The Block

  Altcoins show resilience and potential decoupling from Bitcoin amid market volatility

  Major altcoins like Ethereum and Solana have demonstrated stability and minor retracements despite Bitcoin's significant volatility, which included a drop from over $103,000 to below $92,000. According to Bitwise's André Dragosch, there is evidence of a growing decoupling between Bitcoin and altcoins, marked by reduced performance correlations and a variety of investment narratives, particularly since the US election. Additionally, record inflows into crypto exchange-traded products underscore increasing investor interest in altcoins.

  Expand Hide