Tron network founder Justin Sun has introduced a stUSDT liquidity pool on Curve Finance to save the DeFi protocol from impending financial doom.
Curve Finance has been losing the value of its tokens due to a Sunday exploit that puts the founder’s $168M loan on the verge of liquidation which has created a bearish sentiment over CRV tokens.
Justin Sun has introduced a stUSDT liquidity pool on Curve Finance to help prop back the DeFi protocol’s balances to normal after a Sunday exploit pushed the prices of CRV tokens down.
Justin Sun starts a liquidity pool to save Curve Finance
A Tuesday tweet from Justin Sun indicates that the Tron blockchain network founder was in to help Curve Finance to sail back to normalcy. Curve suffered a major hack on Sunday that could doom the DeFi sector if Curve collapses.
Blockchain data confirms that Sun bought about 5 million CRV tokens from a “Curve.fi Founder” wallet at an average of $0.4 in an OTC transaction. The whole amounts to about $2.3 million. This development comes as he tries to lend his hand to save Egarov Curve.Finance founder from an almost imminent liquidation of a massive $168M loan that could be gone at a $0.37 price level.
At the time of writing, the price of CRV tokens was $0.58, which is still far from the liquidation price but unsafe. Following Justin Sun’s OTC purchase, other DeFi players stepped in to pick up the discounted CRV tokens. Machi Big Brother bought 3.57 million tokens DeFi protocol, and DWF Labs bought 2.5M Curve tokens each.
Egorov managed to sell $15.8 million worth of CRV tokens via OTC. The tweet from Justin Sun read:
“Excited to assist Curve!,” “As steadfast partners, we remain committed to providing support whenever needed. Our joint efforts will introduce an stusdt pool on Curve, amplifying user benefits. Together, we aim to empower the community and forge decentralized finance.”
Keep watching Fintech Express for more updates on this and other fintech-related developments.
Mark Zuckerberg’s Meta is preparing to have an edge against its competitors by launching AI chatbots with personalities.
The move is to ensure that the company ‘retains users’ as more competitors grow in the budding industry.
Meta, a social media incorporation company, plans to launch AI chatbots with personalities to retain their user base as competition grows in the budding industry.
Meta takes a step further by developing AI chatbots with personalities
Artificial Intelligence has grown to a whole new level and keeps getting wild developments. As such, AI investors want to introduce new products to edge each other. Mark Zuckerberg’s Meta is rumored to launch AI chatbots with personalities that make them more human-like to retain users.
An August 1st report by Financial Times indicates that people close to the matter have revealed that prototypes of such chatbots are already underway, with final products being able to carry out the discussion at almost a human level.
These chatbots are reportedly scheduled for initial public releases or tests as early as next month and will come with different human-like personalities. The sources disclosed that the chatbots have been dubbed “personas” and will be different characters. A given source even stated that one of the chatbots has voice capabilities and takes after the famous US President Abraham Lincoln. At the same time, another speaks like a surfer and will be giving travel advice.
Some of the bots’ abilities will be offering recommendations and bearing search functionality along with being a “fun product to play with.” These reports come when tech industry stakeholders are moved by the risks associated with Artificial Intelligence. An open forum is already being signed to try and slow down the development of such technologies till fitting regulatory insight and frameworks are in place.
In the EU, the first comprehensive regulatory framework for AI products is already in place, with the US needing to catch up as talks are in place to develop a fitting regulatory framework for the industry. Whether Meta’s “Personas” will follow the few set regulations in the world and be accepted by governments and regulators is time to be seen. Keep watching Fintech Express for more updates on AI and other Tech stories and developments.
Oil major BP has reported a drop of nearly 70% YoY in the second quarter of 2023
At the same time, the British energy major posted a second-quarter underlying replacement cost profit of $2.6 billion
On Tuesday, Oil major BP announced that it was expecting a nearly 70 % drop in its Q2 profits year on year due to the weakening of fossil fuel prices, a trend observed across the industry.
Oil major BP announces 70% drop in profits in Q2 2023 YoY
Analysts now expect Oil major BP to report a second-quarter profit of around $3.5 billion per a report by Refinitiv. At the same time, the British energy major posted a Q2 underlying replacement cost profit (used as a proxy for net profit) of $2.6 billion.
The company’s report comes short of the Q2 profits of 2023, which had been recorded to be $4.96 billion, and the $8.5 billion in profits for the same company from Q2 2022. The company explained that the orbits were impacted by significantly lower realized refining margins, a higher level of turnaround and maintenance activities, and lower oil prices in the markets.
Nonetheless, the company has boosted its dividend by 10% to 7.27 cents per ordinary share for Q2 and said it would repurchase $1.5 billion of its shares spread over Q3 2023. This report is not a unicorn; other companies have struggled to match the bumper profits recorded in the same period in 2022.
Shell and Totalenergies reported a steep drop in Q2 2023 YoY profits last Thursday. In the US, Exxon Mobil also had a slump of 56% YoY in Q2 2023 profits. Keep watching Fintech Express for more updates on oil markets and other fintech-related developments.
US SEC reportedly asked Coinbase to delist all cryptocurrencies it trades, alleging all cryptos apart from BTC are securities.
The regulator took the incentive shortly before filing a lawsuit against the exchange, alleging it was acting as an unregulated securities broker.
The US SEC now believes that over 70 cryptos are securities.
The US SEC now believes that all cryptos apart from BTC are securities, which led it to ask Coinbase to delist them before filing a lawsuit against the exchange in June 2023, per a statement by CEO Brian Armstrong.
US SEC believes all cryptos apart from BTC are securities- Coinbase CEO
The US SEC has already classified over 70 crypto assets as securities but has yet to prove its claims. However, it doesn’t go without mentioning that it has, on several occasions, had its officials say that almost all cryptos apart from Bitcoin are securities.
According to a report first featured by Financial Times, the regulator had asked Coinbase to halt trading all crypto assets apart from Bitcoin, claiming they were securities. The report claims that the exchange’s chief executive officer Brian Armstrong said the SEC had made the recommendations before filing the lawsuit last month.
According to Armstrong, delisting all cryptos was not a move they could have afforded, and they had to accept to head to the courts and see the ruling. He explained that bending to the will of the US SEC would have “meant the end of the crypto industry in the US,” making it “an easy choice” for them to head to the court.
The US SEC has been going after the crypto space more vehemently in recent years, scoring over $100B in settlements and court fine wins. It recently asked the US government for an even bigger budget as it plans on weeding out ‘bad actors’ from the industry.
However, the move has yet to be widely received as many think the regulation could have its side issues with the crypto industry. Lawmakers House Majority Whip Tom Emmer and Rep. Warren Davidson have filed a motion to restructure the SEC. At the same time, the US Chamber of Commerce has called out the regulator on the grounds of smothering the crypto industry in the Coinbase case.
While these steps have been taken against a hawkish and readily recharged SEC, no major court battles have been decided on the legislative abilities of the SEC over the crypto industry apart from a partial loss to Ripple that the regulator is now planning on appealing.
Keep watching Fintech Express for more updates on this and other fintech-related developments.
As the popularity of cryptocurrencies continues to grow, so does the risk of cyberattacks targeting software wallets. Software wallets, though convenient, are susceptible to various online threats, such as hacking, phishing, and malware attacks. Protecting your software wallets is paramount to ensure the safety of your digital assets.
Practical Steps and Best Practices for Safeguarding Your Software Wallets From Cyberattacks
Choose Reputable Wallets
The first step in protecting your software wallet is selecting a reputable and well-established wallet provider. Opt for wallets that have undergone thorough security audits and have a history of successful operation. Popular software wallets like Exodus, Electrum, and Trust Wallet are examples of trustworthy options with robust security features.
Enable Two-Factor Authentication (2FA)
Two-factor authentication adds an extra layer of security to your software wallet. By enabling 2FA, you will need to provide a second form of verification, such as a one-time code sent to your mobile device, along with your password when logging in or conducting sensitive transactions. This significantly reduces the risk of unauthorized access.
Keep Software Up-to-Date
Regularly update your software wallet to ensure that you are benefiting from the latest security patches and enhancements. Developers often release updates to address known vulnerabilities, so staying up-to-date is crucial to protect against emerging threats.
Implement Strong Passwords
Choose strong and unique passwords for your software wallet accounts. Avoid using easily guessable information, such as birth dates or common words. A strong password should include a mix of uppercase and lowercase letters, numbers, and special characters. Consider using a password manager to securely store and generate complex passwords for all your accounts.
Backup Your Wallet Securely
Regularly back up your software wallet’s private keys and recovery phrases. Store these backups securely in offline storage, such as a hardware wallet or a safe, away from the internet and potential hackers. This precaution ensures that you can regain access to your funds in case your device is lost, stolen, or damaged.
Beware of Phishing Attempts
Be vigilant about phishing attempts, which often come in the form of fake websites or emails imitating legitimate wallet providers. Always double-check URLs and email addresses before entering any sensitive information. Legitimate wallet providers will never ask for your private keys or recovery phrases via email or other communication channels.
Use Hardware Security Features
Some software wallets offer integration with hardware security features, such as Universal Second Factor (U2F) devices or hardware wallets. Utilizing these additional layers of security can help protect your software wallet from cyber threats.
Secure Your Device
Keep your computer or smartphone secure by using strong antivirus and antimalware software. Regularly scan for potential threats and avoid downloading files or applications from untrusted sources.
Limit Public Wi-Fi Usage
Avoid accessing your software wallet or conducting cryptocurrency transactions on public Wi-Fi networks. Public networks may lack encryption and can be susceptible to man-in-the-middle attacks.
Conclusion
Safeguarding your software wallets from cyberattacks is essential to safeguard your valuable digital assets. By following these best practices, you can significantly reduce the risk of falling victim to hacking, phishing, and malware attempts. Remember to stay informed about the latest cybersecurity trends and continuously update your security measures to stay one step ahead of potential threats. By taking a proactive approach to security, you can enjoy the benefits of software wallets while ensuring the safety of your cryptocurrency holdings.
In the world of finance and investment, the term “market correction” often sparks a mix of emotions among investors. While it can be a source of anxiety and uncertainty, understanding what a market correction is and its significance is essential for making informed decisions and managing investment portfolios effectively. In this article, we will delve into the concept of market correction, its causes, implications, and strategies for navigating through these challenging periods.
What is a Market Correction?
A market correction refers to a temporary, but significant, reverse movement in the price of an asset or a financial market. It is a normal part of market cycles and serves as a mechanism to bring asset prices back to a more sustainable and realistic level after a period of excessive growth or exuberance. In the context of the stock market or cryptocurrency markets, a correction is often defined as a decline of 10% or more from recent price highs.
Causes of Market Correction
Market corrections can be triggered by a variety of factors, including:
Overvaluation: Prices of assets, such as stocks or cryptocurrencies, can become detached from their underlying fundamentals, leading to a bubble-like situation. When investors realize that the asset is overvalued, they begin selling, causing a correction.
Economic Indicators: Weak economic data, such as lower-than-expected GDP growth, rising unemployment, or declining consumer confidence, can create uncertainty and prompt investors to sell their holdings, contributing to a market correction.
Geopolitical Events: Political instability, trade tensions, or geopolitical conflicts can negatively impact investor sentiment and trigger market corrections.
Interest Rates: Central banks’ decisions to raise interest rates can lead to reduced borrowing and spending, which can dampen economic growth and lead to market corrections.
Profit-taking: After an extended period of market gains, some investors decide to cash in their profits, resulting in selling pressure and price declines.
Implications of Market Correction
Wealth Erosion: Market corrections can erode the value of investment portfolios, leading to paper losses for investors. However, it’s essential to remember that a correction is a temporary phenomenon, and markets tend to recover over time.
Buying Opportunities: For long-term investors, market corrections can present attractive buying opportunities. High-quality assets may be available at discounted prices, allowing investors to enter or add to positions at more favorable valuations.
Volatility and Uncertainty: Market corrections often introduce increased volatility and uncertainty into financial markets. Investors should be prepared for fluctuating prices and potential short-term losses.
Navigating Through Market Corrections
Stay Calm and Rational: Emotions can drive impulsive decisions during market corrections. It’s crucial to stay calm and avoid making hasty investment choices based on fear or panic.
Review Your Portfolio: Use the correction as an opportunity to assess your investment portfolio. Ensure that it aligns with your financial goals, risk tolerance, and investment time horizon.
Diversification:Diversifying your portfolio across different asset classes and industries can help mitigate the impact of market corrections on your overall holdings.
Focus on Fundamentals: Focus on the underlying fundamentals of the assets you own. Solid companies or projects with strong growth prospects are more likely to weather market corrections successfully.
Long-Term Perspective: Remember that market corrections are part of the natural cycle of financial markets. Maintaining a long-term perspective can help you ride out short-term fluctuations.
Conclusion
Market corrections are an inherent part of financial markets and should be viewed as a normal occurrence rather than a cause for alarm. Understanding what a market correction is, its causes, implications, and strategies for navigating through these periods is crucial for investors to make informed decisions and remain focused on their long-term financial goals. By staying rational, diversifying portfolios, and focusing on underlying fundamentals, investors can navigate through market corrections with confidence and resilience.
(Note: This article is for informational purposes only and should not be considered as financial advice. Before making any investment decisions, it is advisable to consult with a qualified financial advisor.)
While soaring prices and immense profits can be enticing, investors should also be cautious of potential market crashes. Identifying signs of an impending crypto market crash is crucial for protecting investments and making informed decisions. In this article, we will explore key indicators that may signal an approaching market downturn.
Overextended Bull Run
One of the primary signs that the crypto market may be heading for a crash is an overextended bull run. A bull market is characterized by sustained upward price movements, often driven by investor optimism and FOMO (Fear of Missing Out). If the market experiences an extended period of significant gains without healthy corrections, it may be an indication that a crash could be on the horizon. Historically, prolonged bullish trends have been followed by sharp corrections or bear markets.
Excessive Speculation
Speculative behavior can drive prices to unsustainable levels, leading to a potential bubble. When investors buy assets solely based on the expectation of rapid price increases, without considering the underlying value or utility of the cryptocurrencies, it can create a speculative frenzy. This behavior often precedes a market correction when reality sets in, and investors start to sell off their positions.
Unsustainable Price Growth
Rapid and unsustainable price growth is another red flag. If a particular cryptocurrency’s value increases disproportionately over a short period, it may indicate a speculative bubble rather than organic growth based on fundamentals. Such price surges are often followed by sharp declines when the market corrects itself.
Increased Volatility
Cryptocurrencies are inherently volatile, but excessive and sudden spikes in volatility can be a warning sign. Dramatic price fluctuations with no clear catalyst can be an indication of market uncertainty and potential panic among investors. High volatility can lead to massive sell-offs and trigger a cascading effect, exacerbating a market crash.
Regulatory Concerns
Regulatory developments and government interventions can significantly impact the cryptocurrency market. If there are rumors or confirmed reports of stricter regulations, bans, or crackdowns on crypto-related activities in major markets, it can lead to fear and uncertainty among investors, prompting them to sell their holdings in anticipation of adverse consequences.
Lack of Fundamental Support
A robust cryptocurrency project should have solid fundamentals, including technological innovation, a strong development team, real-world use cases, and community support. If a particular cryptocurrency lacks these essential elements and its value is solely driven by hype or market speculation, it may not sustain its growth, and a market crash could be imminent.
Media Hype and Market Sentiment
Media hype and investor sentiment play a significant role in the crypto market’s behavior. Positive news and optimistic sentiment can drive prices up, while negative news or fear-driven sentiment can lead to sharp declines. Monitoring media coverage and investor sentiment can provide insights into the market’s overall mood and potential directions.
Massive Increase in Trading Volume
A sudden and massive surge in trading volume, especially in lesser-known cryptocurrencies, can be a sign of a pump-and-dump scheme. These schemes involve artificially inflating the price of a cryptocurrency through coordinated buying before quickly selling off at a profit, leaving unsuspecting investors with substantial losses.
Conclusion
While the cryptocurrency market presents exciting opportunities for investors, it also carries significant risks, including the potential for crashes. Identifying signs of an imminent market downturn is crucial for protecting investments and making informed decisions. By keeping a close eye on factors like extended bull runs, excessive speculation, unsustainable price growth, increased volatility, regulatory concerns, lack of fundamental support, media hype, sentiment, and trading volume, investors can take proactive measures to safeguard their portfolios. Practicing risk management, diversification, and staying informed can help investors navigate the crypto market’s unpredictable terrain and minimize the impact of potential crashes.
Software wallets, also known as digital wallets or hot wallets, are applications or programs that enable users to store, send, and receive cryptocurrencies on their computers, smartphones, or other electronic devices. Unlike hardware wallets, software wallets are connected to the internet, which makes them more convenient for daily transactions and easy access to funds. However, this also means they are more susceptible to online threats, such as hacking and malware, compared to hardware wallets.
There are several types of software wallets, catering to different needs and preferences:
Desktop Wallets: These wallets are installed and run on desktop computers or laptops. They provide a higher level of security compared to mobile wallets due to reduced exposure to potential malware or viruses. Examples of desktop wallets include Exodus, Electrum, and Atomic Wallet.
Mobile Wallets: Mobile wallets are applications designed to be used on smartphones and tablets. They offer a convenient way to manage cryptocurrencies on the go, making them suitable for everyday use. Some popular mobile wallets are Trust Wallet, Mycelium, and Jaxx Liberty.
Online Wallets: Online wallets are web-based wallets that you can access through a web browser. They are convenient but come with an inherent security risk since the private keys are stored online, making them potentially vulnerable to hacking. Online wallets are best used for small amounts of cryptocurrency and frequent transactions. Examples of online wallets include Coinbase, MyEtherWallet (MEW), and MetaMask.
Browser Extension Wallets: These wallets are browser add-ons or extensions that allow users to interact with decentralized applications (DApps) and manage their cryptocurrencies directly from the browser. Examples include MetaMask and Scatter.
Multi-platform Wallets: Some wallets are available across multiple platforms, such as desktop, mobile, and web versions, offering users flexibility and ease of access.
It’s important to note that regardless of the type of software wallet used, users should follow essential security practices, such as enabling two-factor authentication (2FA), using strong and unique passwords, and keeping software and operating systems up to date to minimize potential security risks. For larger amounts of cryptocurrency or long-term storage, hardware wallets are generally considered a safer option due to their offline nature and robust security features.
Hardware wallets are a type of cryptocurrency wallet that provides an extra layer of security for storing and managing digital assets, such as Bitcoin and other cryptocurrencies. Unlike software wallets that are stored on a computer or mobile device and are susceptible to online threats, hardware wallets are physical devices specifically designed to securely store private keys, which are essential for accessing and managing your cryptocurrencies.
The main principle behind hardware wallets is to keep the private keys offline, disconnected from the internet and potentially vulnerable online threats like hacking and malware. Here’s how they generally work:
Offline Storage: Hardware wallets generate and store private keys offline, within the device itself. The private keys never leave the device, reducing the risk of them being exposed to potential online attacks.
Secure Element: Many hardware wallets use a specialized chip known as a “secure element” to store the private keys. This chip is designed to resist tampering and is often used in banking cards and other security-critical applications.
Transaction Signing: When you want to make a cryptocurrency transaction, the hardware wallet signs the transaction using the private key stored on the device. The signed transaction can then be broadcasted to the network to complete the transaction.
User Authentication: To access the funds and manage the wallet, hardware wallets usually require a PIN or password. This adds an additional layer of security, ensuring that even if someone physically gains access to the device, they cannot access the funds without the correct authentication.
Backup and Recovery: Hardware wallets usually come with a recovery seed or mnemonic phrase, which is a sequence of words used to restore access to the wallet if the device is lost, damaged, or stolen. It’s essential to keep this seed phrase secure and never share it with anyone.
Examples of popular hardware wallet brands include Ledger, Trezor, and KeepKey. Each brand may offer different features and support for various cryptocurrencies.
Overall, hardware wallets are considered one of the safest ways to store cryptocurrencies long-term, especially for users concerned about the security of their digital assets. However, it’s essential to purchase hardware wallets directly from the manufacturer or authorized resellers to avoid the risk of tampered devices.
On July 27, Optimism logged 944,000 daily transactions surpassing its competitor, Arbitrum, which registered 660,000 transactions.
Cooperation with Worldcoin and the recent Bedrock update is credited for the rise in daily transaction volume.
Optimism surpassed Arbitrum in daily transactions on July 27 for the first time since mid-January as Worldcoin got released and Bedrock update effects started being felt.
Worldcoin and Bedrock Update pushing Optimism to greater heights
Worldcoin, a new crypto asset by OpenAI’s CEO Sam Altman that is meant to be the next step in pushing proof of personhood forward as AI continues to grow, was released on July 26.
In May, Worldcoin expressed that it had committed to supporting Optimism to bring the SUperchain to life. It said it worked with Optimism to build a scalable blockchain ecosystem on OP Stack. According to that announcement, Worldcoin expressed that “As a first step, World ID, a decentralized, privacy-first identity protocol, will be available on OP Mainnet.”
Additionally, it expressed that TFH’s World App, the first wallet that allows transactions with Worldcoin and other digital assets and stablecoins, would be migrated to OP Mainnet.
In June, Optimism also received the “Bedrock” upgrade that, theoretically, cut the deposit confirmation times by 90% and lowered the involved gas fees pushing the network’s dream of being a ‘superchain’ forward. The process supposedly cut the gas fees by 40%, which aimed at attracting more users.
On July 27, Optimism logged 944,000 daily transactions surpassing its competitor, Arbitrum, which registered 660,000 transactions. This is the first instance since January 2023 where Optimism has taken the lead in daily transaction volume metrics.
Since the report that Worldcoin was working with the OP team, the daily transactions volume rose by 240% since June 1 from 277K to 944K transactions, while Arbitrum suffered a marginal dip at the same time, declining from 745K to around 660 K.
Keep watching Fintech Express for more updates on markets and other fintech-related developments.
