Vijay Chetty, the newly appointed CEO of Eclipse Labs, has announced his commitment to leading the company’s mission of bridging the gap between Ethereum and Solana with a high-performance and trust-minimized blockchain. Formerly the Chief Growth Officer, Chetty brings firsthand experience of Eclipse’s potential and has expressed his excitement about the project. He acknowledges the […]
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Panic At Binance Following CZ’s Departure? Analyzing 24-Hour Inflow and Outflow Trends
A new era for the crypto industry approaches as the world’s largest exchange, Binance, changes leadership. Yesterday, the company’s founder and CEO, Changpeng “CZ” Zhao, stepped down as part of an agreement with the US government.
The deal might have sparked a new era of adoption and legitimacy for the nascent industry at the cost of CZ’s position and a billion fine. Fresh data looked into Binance’s transactions to check if users believe in the company’s future following the historic decision.
Binance Safe From FTX Like Bank Run?
According to crypto analysis firm Nansen data, Binance recorded almost billion in negative netflow following yesterday’s news. The data indicates that the platform’s USDT value decreased by 6 million, followed by Bitcoin’s value, which declined by million.
Users who feel uncertain about the platform’s future withdraw their money, potentially triggering a bank run. However, Nansen’s data shows that this scenario is far from materializing in this trading venue.
While the negative netflows stand at 5 million, there is no “mass exodus” or panic from users trading on Binance. Nansen claims the platform’s holding value increased from .6 billion to .2 billion.
The analytics firm previously stated that Binance handled bigger net flows. First, when the US Securities and Exchange Commission (SEC) filed a lawsuit against the company, and later, when FTX went bankrupt following a massive bank run.
As mentioned, Binance seems unlikely to follow a similar fate. Nansen stated:
In the past, Binance has processed higher volumes of outflow and negative netflow: Jun 2023 after the SEC sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX. We will provide another update 24 hours after the news originally broke.
CZ’s Departure Forecast Good Times For Crypto
Across the crypto community, the debate around CZ’s departure has been fierce. However, the consensus is optimistic.
A report from The Block cites major banking institution JPMorgan claiming that the Binance deal removes a “systemic risk” for the industry. In 2022, when FTX collapsed, the price of Bitcoin crashed to a low of ,000 and took months to recover.
With 150 million users on its platform and millions of capital injected into multiple ecosystems. Binance’s collapse would have been equally, if not more, catastrophic than FTX for the nascent industry.
JPMorgan analyst Nikolaos Panigirtziglou told The Block:
We see the prospect of settlement as positive as uncertainty around Binance itself would subside and its trading and Smart Chain business would benefit. For crypto investors the prospect of settlement would see the elimination of a potential systemic risk emanating from a hypothetical Binance collapse.
Cover image from Unsplash, chart from Tradingview
Cardano CEO Shares “Too Big Too Fast” Insight on EOS CTO Departure
Dan Larimer has left his position as CTO of Block.one, the software company responsible for developing EOS.
Larimer made the announcement on Hive yesterday, saying he doesn’t know what he wants to do next. However, he did say that he remains committed to his mission of creating free-market solutions.
“I am leaning toward building more censorship resistant technologies. I have come to believe that you cannot provide “liberty as a service” and therefore I will focus my attention on creating tools that people can use to secure their own freedom.”
EOS hit the headlines in 2018 after its year-long ICO had raised a staggering billion, making it the biggest ICO in the history of cryptocurrency. A record it still holds some three years later.
Block.one billed EOS as an “Ethereum killer” that also offered dApps, smart contracts, and an entire ecosystem for developers to build on. But it differed from Ethereum in that it ran Delegated Proof of Stake (dPoS), a protocol Larimer had developed.
Over time, for one reason or another, the project struggled to gain any significant traction. The EOS all-time high was achieved in April 2018, when it hit . But since then, the price has been caught in descending channel, with little sign of recapturing former glories.
Currently, EOS is down 30% on the day, to .71. Out of the top 100, only Bitcoin SV, at -32%, has posted a greater loss today.
Source: EOSUSD on TradingView.com
IOHK CEO Shares Thoughts on EOS Situation
Larimer’s statement did not go into detail regarding his reasons for leaving. However, in his latest AMA, IOHK CEO Charles Hoskinson spoke candidly about his perspective on the matter.
Hoskinson broached the topic by saying while there’s an element of rivalry in the cryptocurrency space, everyone still unites under the banner of “belief in the power of cryptocurrencies.”
Cutting to the chase, Hoskinson said the problem with EOS is that the big money ICO had created a situation in which they got too big too fast.
“EOS, I think Dan was around for four [years]. he certainly put a lot of work into it. It’s a big community, big ecosystem. The problem is they raised too much money, and that’s what ended up defining the project.
Diving deeper, Hoskison spoke about the expectations that come with having raised such a staggering sum of money. What’s more, when tied to sky-high ambitions that don’t pan out, Hoskinson believes interest in the project dwindled.
“Had they just upgraded Bitshares, or if they did a much smaller offering, I think there would be a small, but incredibly evangalistic group of people that were really excited about they did.
Analysis of dApps on EOS versus Ethereum shows a gulf in the stats. For example, Ethereum features a total of 3,035 dApps with a volume of 0.8 million in the last 24-hours. Contrast this with EOS, at 333 dApps and a volume of .3 million, and it’s clear that EOS is failing to attract developers.
Block.one issued a response thanking Larimer for his contributions, wishing him well for the future.
Overstock Still Focusing on Crypto Despite Embattled CEO’s Departure
Overstock was one of the first major companies that expressed extreme interest in utilizing and adopting crypto – an interest that stemmed primarily from its previous CEO’s openness to the technology.
Now that the company’s previous CEO – Patrick Byrne – has resigned due to controversy surrounding comments he made about his involvement in a multitude of FBI investigations, it is clear that Overstock’s interest in blockchain and crypto is purely due to the benefits it has offered the e-commerce giant, and is not simply due to Byrne’s interest in the nascent tech.
Overstock Still Pursuing Crypto Despite CEO’s Resignation
Jonathan Johnson, the interim CEO at Overstock, recently told Yahoo Finance that the company is going to continue building out its blockchain and crypto-related initiative – which is called Medici Ventures – as the different companies that fall underneath the Medici initiative’s umbrella are doing quite well.
“The fledgling blockchain business is doing well… Our team at Medici Ventures, which is the blockchain-focused business, is still working hard, and those different companies in the Medici family are growing at a nice rate,” he explained.
Overstock has long been ahead of the curve when it comes to embracing crypto and blockchain technology, as the company first began accepting Bitcoin as a form of payment in 2014, which was closely followed by the launch of Medici Ventures.
Byrne was likely the impetus behind the company’s decision to begin moving into the crypto industry, as he himself began getting involved in multiple blockchain and crypto projects around the time of Medici Venture’s launch.
Cryptocurrency and Retail Businesses of Equal Importance, Claims Interim CEO
Although Overstock’s blockchain and crypto initiatives have become a major part of the company, they are still highly focused on building and expanding their massive retail operations.
Johnson explained that the two branches of the company are of equal importance.
“One side of the house isn’t going to get any more love than the other… I love both the retail business and the blockchain business,” he noted.
Overstock’s ties to the crypto markets grew abundantly clear late-2017 and early-2018 when its stock price closely mirrored Bitcoin’s price action – surging parabolically before facing a steep pullback from which it has still not recovered from.
Because of the critical importance of Medici Ventures for Overstock’s current business model, it is highly probable that the overall state of the crypto markets will continue to provide significant guidance to Overstock’s price action.
Featured image from Shutterstock.
The post Overstock Still Focusing on Crypto Despite Embattled CEO’s Departure appeared first on NewsBTC.
What Does Facebook Exec’s Departure From Coinbase Board Mean For Crypto?
“Facebase” might’ve been a fictional company name that you heard after David Marcus of Facebook joined Coinbase’s board, as speculation was rampant regarding the potential for collaboration between the two firms. But for now, it seems that any chance of collaboration between the two companies may be ending, as the executive of the social media firm has just resigned from his spot on the Coinbase board.
Is It Time To Say Goodbye To Facebase and Coinbook?
As per a Business Insider report, David Marcus, a former vice president of Facebook Messenger, has announced that his 8-month tenure on Coinbase’s board is sadly coming to an end. However, this move didn’t come without reason, with a Coinbase representative stating that this move “was made to avoid the appearance of a conflict of interest.”
“What conflict of interest?” you may ask.
As NewsBTC reported in May, Facebook launched its first-ever blockchain initiative, removing Marcus from his role at Messenger to become the go-to guy for this new division. Following this announcement, Facebook went quiet, with this unexpected foray into blockchain moving to the back of everyone’s mind. But with this move, it has become apparent that there may be something exciting in the works, and that it may be time for the Facebook and Coinbase overlap to end.
Speaking with Business Insider via a Facebook representative, Marcus alluded to the “conflict of interest,” stating:
“Because of the new group I’m setting up at Facebook around blockchain, I’ve decided it was appropriate for me to resign from the Coinbase board… I’ve been thoroughly impressed by the talent and execution the (Coinbase) team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.”
Speculation raged on what could have caused this “conflict of interest,” with some postulating that Facebook was going to create a platform that rivaled what Coinbase has built up.
But in a separate statement to CNBC, a Facebook spokesperson noted that Marcus’s decision to leave Coinbase was “to avoid the appearance of conflict, rather than because of an actual conflict.” So for now, it may be the right time to say goodbye to Facebase, Coinbook, or any Facebook-backed cryptocurrency platform that would potentially compete with Coinbase.
Nonetheless, it has become clear that Facebook may be finally welcoming cryptocurrencies and blockchain into its exclusive circle.
Facebook May Be Warming Up To Cryptocurrencies And Blockchain
Surprisingly enough, Marcus’ step away from Coinbase comes only hours after it was revealed that Facebook held a meeting with Stellar, the firm behind the fittingly named Stellar Network. While Facebook has stayed quiet about this occurrence, many believe that this shows that the 0 billion company may create its own blockchain network, that will be focused on bringing decentralized solutions to its multi-billion person customer base.
Insider sources say that Facebook and Stellar have discussed the formulation of a partnership to fork the Stellar Network, where the social media giant would get its own chain to build whatever it may please. As it stands, however, a representative from the Menlo Park-based firm has denied the claim that it would build on Stellar-based technology. Although it remains to be seen what plans Facebook truly holds for its blockchain branch, any step in the right direction is welcome.
In related news, this resignation only comes a few weeks after Facebook reinstated cryptocurrency-related ads, approving Coinbase as an approved advertiser. This move, coupled with the others aforementioned, go to show that Facebook is likely preparing for the incoming incursion of blockchain technologies into legacy systems.
Featured Image From Shutterstock
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Blockchain Fintech Company MicroMoney Enters CryptoWorld. Point of Departure: KICKICO Platform
This week the leading fundraising platform KICKICO has already announced about its 3 huge upcoming ICO campaigns. The next CryptoSpace passenger is MicroMoney. From 2015, a successfully established fintech blockchain company and a lending services provider, MicroMoney operates in this business sector for over two years in 5 countries currently – Myanmar, Thailand, Sri-Lanka, Indonesia, … Continue reading Blockchain Fintech Company MicroMoney Enters CryptoWorld. Point of Departure: KICKICO Platform
The post Blockchain Fintech Company MicroMoney Enters CryptoWorld. Point of Departure: KICKICO Platform appeared first on NEWSBTC.
Blockchain Fintech Company MicroMoney Enters CryptoWorld. Point of Departure: KICKICO Platform
This week the leading fundraising platform KICKICO has already announced about its 3 huge upcoming ICO campaigns. The next CryptoSpace passenger is MicroMoney. From 2015, a successfully established fintech blockchain company and a lending services provider, MicroMoney operates in this business sector for over two years in 5 countries currently – Myanmar, Thailand, Sri-Lanka, Indonesia, … Continue reading Blockchain Fintech Company MicroMoney Enters CryptoWorld. Point of Departure: KICKICO Platform
The post Blockchain Fintech Company MicroMoney Enters CryptoWorld. Point of Departure: KICKICO Platform appeared first on NEWSBTC.