On June 13, an unidentified hacker minted one billion HLG tokens by exploiting vulnerabilities in the Holograph operator smart contract. The Holograph team has patched the initial exploit and is collaborating with exchange partners to freeze the affected accounts. A decentralized finance researcher suspects a rogue developer orchestrated the attack. Holograph Contemplates Engaging Law Enforcement […]
Bitcoin News
Playdapp Breach: Hacker Mints Tokens Worth $31 Million, Gaming Platform Offers Reward for Silence
Playdapp, a Web3 gaming platform, recently confirmed that it was a victim of a hacking incident which saw criminals mint tokens worth approximately million. Playdapp said it has offered to reward the hackers if they agree to return the stolen assets and contracts. Crypto Exchanges Urged to Block Compromised PLA Tokens Playdapp, a Web3 […]
Bitcoin News
Stacks (STX) Reclaims $1 As First DeGods Ordinal NFT Mints For 3.2 BTC
Stacks (STX) has resumed its rally once more as Bitcoin Ordinals make their way to the mainstream. This time around, it is as a result of DeGods, the largest NFT collection on the Solana blockchain (which subsequently moved to Polygon), announcing its very own Bitcoin Ordinals NFT collection.
DeGods NFT Auctions For 3.2 BTC
The DeGods team seems to have gone in the same direction as the Yuga Labs Bitcoin Ordinals NFT collection, opting to use the auction method that Yuga employed. However, unlike Yuga, the DeGods Ordinals collection is made up of 535 never released and very rare NFTs from its OG collection which are being inscribed on the Bitcoin block 776408.
The first auction was ‘The Original Frank’ NFT which was used by Frank, one of DeGods’ founders. The NFT sold for a total of 44,256 $DUST, which translates to 3.2 BTC with the inscription number #77238. This is over 700% higher than the original price of 0.44 BTC that was previously set for the collections, but the auction system allows NFTs to sell for even higher than the price set for them.
The first BTC DeGod auction has just ended.
Final Price: 44,256 $DUST. pic.twitter.com/6St403Vsve
— DeGods III (@DeGodsNFT) March 17, 2023
To put this in perspective, the 3.2 BTC price tag on the NFT translated to around ,000 at the time of the purchase. It is equal to approximately 48 ETH or 4,000 SOL at current prices. With the DeGods collection sitting at a 560 SOL floor at the time of this writing, the first DeGods Ordinals NFT sold for over 600% higher than the current floor price.
Currently, there is no NFT marketplace in which these Ordinals NFTs are available to trade, but the DeGods team is maintaining an OTC spreadsheet, which is the way these NFTs have been trading since they became popular.
Stacks (STX) Tops List Of Crypto Gainers
Going off the success of the DeGods Bitcoin Ordinals NFT mint, the price of Stacks (STX) has done incredibly well. In the last 24 hours, the coin has emerged as the best performer, rising over 16% in the space of one day to reclaim the level.
Interestingly, the STX trading volume is down 34% over the last day but this has not stopped the big buys from coming in. Mounting buy pressure has pushed the digital asset close to breaking its March 15 peak of .09.
Related Reading: Cardano Vs Solana: Which Is The Better Investment For The Next Bull Market?
The price surge of STX does not seem to be done though and one thing that could push it further is when there is an official platform to trade Bitcoin Ordinals NFT. Solana NFT marketplace, Magic Eden, is reportedly developing a platform to trade BTC NFTs but there is no official release date yet.
Tether Treasury Mints $300 Million of Stablecoin: What Could It Mean for Bitcoin Price?
Yesterday, the Tether treasury, responsible for managing the supply of the stablecoin, has minted an additional 0 million USD worth of the fiat-backed stablecoin, following the recent bullish Bitcoin price action.
Prior to the powerful break through seemingly unbreakable support at ,000 in November, Tether had removed the same amount from the market, suggesting that the reduction in Tether may have been correlated to the bearish movement. If this is true, could the addition of 0 million in Tether back into the crypto market be a sign of more bullish movement ahead?
Tether Treasury Creates Another 0 Million Out Of Thin Air
Tether, the company behind the controversial stablecoin cryptocurrency that investors and traders use as a safe haven during price declines in the crypto market, has printed another 0 million of the fiat-backed stablecoin. The minting of new coins was first spotted by the WhaleAlerts Twitter account, that tips off crypto market participants of any large value crypto movements.
300,000,000 USDT minted at Tether Treasury
— Whale Alert (@whale_alert) April 24, 2019
The crypto community accuses Tether of not having sufficient fiat reserves to back all of the Tether coins that are currently in circulation, posing a threat to the overall market integrity. Fears of Tether being insolvent came to a head in advance of the November 2018 drop to deeper lows.
Related Reading | Visualized: Bitcoin, Ethereum, Ripple, and the Rest of Crypto Battle for the Top Ten
It was around that time when Tether pulled 0 million of the stablecoin from the market. In the days following that, Bitcoin finally broke through support at ,000 and fell another 50%.
Does Bitcoin Moon Following Addition of 0M of the Stablecoin?
Since the timing of the removal of Tether from the market appears to be correlated with a massive drop in Bitcoin when it made its final test and break of support at ,000, the fact that the firm has now added that 0 million back into the crypto market has crypto analysts speculating on what it may mean for Bitcoin and the rest of the altcoin space.
0m new USDT minted.. Probably nothing right?? $btc
pic.twitter.com/XwA9kb5ReN
— fil₿fil₿ (@filbfilb) April 24, 2019
In a chart shared by crypto analyst FilbFilb, magnets are used to demonstrate the effect printing and removing Tether from the market appears to have on Bitcoin price. As can be clearly seen, Tether removed 0 million in the days before Bitcoin’s massive drop to the ,000 range. Now, Tether has added 0 million to the crypto market, and an inverse movement is expected.
Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May
What’s also interesting to note is that the 0 million value was removed at Bitcoin approached ,000, and has now been added back into the market as Bitcoin approaches ,000 yet again – this time acting as strong resistance.
Should Tether indeed cause an inverse effect from the November drop, resistance at ,000 could be broken and a new bull market could resume.
Featured image from Shutterstock
The post Tether Treasury Mints 0 Million of Stablecoin: What Could It Mean for Bitcoin Price? appeared first on NewsBTC.
UK Government Vetoes Royal Mints Launch of Digital Gold After CME Exit
n The British government has vetoed the launch of a gold-backed cryptocurrency by the U.K.s Royal Mint after stalwart U.S. exchange CME left the projectn
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BitGo to Use Civic ID Service for Royal Mint’s Digital Gold Trial
Blockchain startup Civic is to provide identity verifying services for wallets used to store the U.K. Royal Mint’s gold-backed cryptocurrency.
CoinDesk
BitGo to Use Civic ID Service for Royal Mint’s Digital Gold Trial
Blockchain startup Civic is to provide identity verifying services for wallets used to store the U.K. Royal Mint’s gold-backed cryptocurrency.
BitNewz.net