Matic’s Price Crumbles 20% Amid Mainnet Launch

Despite beginning its mainnet rollout today, the price of Matic has fallen 20% in 48 hours — shedding nearly all gains made during the week leading into the launch. Decentralized application (DApp) platform Matic Network (MATIC) has successfully launched its mainnet following two and a half years of development. A June 1 blog post published by Matic notes that mainnet will be deployed over a series of phases to “ensure that the mainnet deployment and validator onboarding is achieved as smoothly as possible.” “More impantly, it ensures that right from…

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Crypto Travel Booking Site Travala Sees 46% Monthly Increase in Bookings Despite Pandemic

Cryptocurrency travel website Travala.com saw a 45.8% increase in the total number of room nights booked in May compared to April. According to a June 1 announcement, Travala.com also saw its monthly revenue increase by 205% in May compared to April. Still, while the platform is seeing more traction compared to April, May also saw a 60% decrease in room nights booked compared to March. Travala.com sees bookings surge as travel restrictions are lifted Juan Otero, Travala.com’s CEO,  told Cointelegraph that the platform is seeing more use as the rest…

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XRP Price Must Shake 30-Month Lows Vs. Bitcoin to Start Rally

It’s high time for XRP and XLM to catch up to not only Bitcoin but also some notable altcoin counterparts such as Ethereum and Cardano. As Bitcoin (BTC) has been consolidating recently, many majors have been showing strength with double-digit movements. For instance, Ethereum’s Ether (ETH) rallied from $195 to $245, while Cardano (ADA) rallied with 65% in the recent week. However, some relatively large altcoins are lagging heavily, and two of them are XRP and Stellar Lumens (XLM), the third and 13th cryptocurrencies by market capitalization, respectively. So what’s…

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Top Analysts Lay Out Compelling Case for $12K Bitcoin Within a Month

The price of Bitcoin may hit $12,000 within the next month if it sees a breakout above $10,000, traders say. The price of Bitcoin (BTC) could rise to as high as $12,000 within the next month, some traders say. Predictions for an extended uptrend emerged as the dominant cryptocurrency steadied amid declining volatility for about five days. Historically, Bitcoin tends to see large price movements following a long period of stability. For over 100 hours, the price of Bitcoin remained in a 2% range, which is an abnormally low level…

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Blockchain and Smart Contracts Have a ‘Dark Side’, Says Researcher

The immutability of blockchain ledgers and smart contracts have a “dark side,” argues UPenn professor Kevin Warbach. Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance.  So goes the argument in a new post for the Oxford University Faculty of Law blog on June 1 by Kevin Warbach, a professor of legal studies and business ethics at the Wharton School, University of Pennsylvania. Professor Warbach’s forthcoming book, “After the Digital Tornado: Networks, Algorithms, Humanity,” will…

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Failing Monetary Policy Boosts BreadWallet’s Popularity in Venezuela, Says CEO

The co-founder of pioneering crypto wallet BRD attributes his company’s Venezuelan success to local demand for crypto driven by failing monetary policy. Despite once ranking as the fourth-most popular app in Venezuela, pioneering crypto wallet provider BreadWallet, or BRD, attributes its success in the country to local demand for crypto assets. Speaking with Cointelegraph on the topic of BreadWallet’s success in Venezuela, CEO Adam Traidman stated that local demand for crypto assets has been the principal driver of the app’s popularity in the country. “In all honesty, I would love…

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Operator of Alleged Crypto Scam Flees South Africa for Mozambique

The operator of an alleged seven-figure crypto scam appears to have fled the country of South Africa for Mozambique. Willie Breedt, a South African accused of stealing seven-figures from local investors through his VaultAge Solutions scheme, is believed to have fled the country for Mozambique. The story was reported by News24 on May 29, citing a representative of the South African Department of Home Affairs who indicated that he has not returned to the country since leaving for Mozambique on December 21. Despite allegedly attracting over 2,000 investors, VaultAge Solutions…

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Report: Bankruptcy Law Can Be Unclear When Crypto Custodians Go Belly Up

The past few years have seen a glut of cryptocurrency exchanges becoming insolvent. But what legal rights do their customers have with regards to the return of their held assets? A paper recently published by the Law Faculty of the University of Oxford examines the legal risks of depositing cryptocurrency with custodians in the event of insolvency. The paper, featured in a June 1 blog-post by the faculty, also suggests ways that regulation and practice can help to mitigate this risk. Disintermediation failed Cryptocurrencies were initially created as a way…

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Tether Integrates With Plasma Sidechain to Reduce Load on Ethereum

Tether has integrated the just-launched OMG Network Plasma sidechain, formerly known as OmiseGo, promising cheaper transactions as Ethereum’s fees skyrocket. Bitfinex’s Tether (USDT) stablecoin is now available on the OMG Network, a plasma-based Ethereum sidechain launched on June 1 by the project formerly known as OmiseGo. The integration, also announced on June 1, marks the first time that Tether integrated an Ethereum sidechain to boost its performance. Tether is by far the largest “gas guzzler” on the Ethereum network at 8,900 ETH (about $1.84 million) in fees spent last month,…

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Bitmain Debuts New T19 Bitcoin Miner After S17’s Troubled Launch

World-leading mining hardware producer Bitmain launched its new Antminer T19 Bitcoin Mining ASIC. World-leading mining hardware producer Bitmain launched its new Antminer T19 Bitcoin Mining application-specific integrated circuit (ASIC). According to a June 1 announcement, Bitmain’s new Antminer T19 features a SHA256 hash rate of 84 terahash/second with a 3% error margin and a power efficiency of 37.5 joules/terahash with a 5% error margin.  The new ASIC model will be sold on the producer’s official website starting today and shipments will start between June 21 and 30. The chips used…

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