🦎🚀 Choppy markets takes its toll 🌊

Wednesday, May 31, 2023

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Stay safe out there, Geckos

Nansen has reduced its workforce by 30% due to an aggressive hiring phase during the bull market and the prolonged crypto bear market.

The CEO of the blockchain analytics platform, Alex Svanevik stated that the company took on areas outside its core strategy during rapid scaling, and despite diversifying revenue streams, the cost base remained high. Severance packages will be provided to the laid-off employees.

In today's news, Tether to invest in Bitcoin mining, SBF could get some charges dropped, and BTC trades at a discount on Binance Australia.

Read on!

Move to Earn Daily Earnings: Then vs Now

Move to Earn games have come a long way from their peak in 2022. Is it still possible to earn money from them in 2023 or have earnings run downhill?

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ERC-20, ERC-721…wait, what do they even mean??:thinking_face: Let's find out what ERC tokens are, what they are used for, and why they matter in crypto!

Let's find out here!

Stablecoin issuer to Bitcoin miner?

Tether, plans to invest in sustainable Bitcoin mining operations in Uruguay, leveraging the country's renewable energy sources.

Despite Uruguay's small share of the network hashrate, the stablecoin issuer sees an opportunity for greener mining as Bitcoin becomes scarcer. The company aims to minimize the ecological footprint of its mining activities while maintaining the security and integrity of the Bitcoin network.

Decrypt

Leniency please

Prosecutors in Sam Bankman-Fried's (SBF) criminal trial have rejected his attempt to dismiss charges but acknowledged that some charges could be dropped if the Bahamas objects.

The FTX founder was charged with multiple counts, including wire fraud and money laundering. Additional charges were brought against him for alleged illicit campaign donations and bribing Chinese officials. Prosecutors stated that charges brought after the initial indictment would be dropped if the Bahamas disapproves. Bankman-Fried's trial is scheduled to begin in October.

Decrypt

Always love a good discount

Bitcoin traded at a 20% discount on Binance Australia compared to other exchanges, following the halt of Australian dollar bank transfers.

Binance Australia cited its third-party payment service provider as the issue and is seeking an alternative. The discount prompted traders to sell their BTC/AUD pairs, resulting in historically high price disparities. Binance Australia's efforts to address the issue have not been successful, as reflected in low trading volumes. However, arbitrageurs are taking advantage of the lower prices, indicating that the problem may be resolved once funds are transferred to USDT.

CoinDesk

A few words about WhiteBIT

WhiteBIT is one of the largest European centralized crypto exchanges with 350+ trading pairs and 270+ digital assets, including its native token WBT, 10+ national currencies, spot, margin, and futures trading with up to 20x leverage and 24/7 support. The platform is also one of the 3 safest crypto exchanges with the highest AAA rating according to the audits of Hacken.io and the CER.live certification platform.