Crypto Pirates

As blockchains advance beyond simply being a means of trade, smart contract capabilities are leaving old-school megalithic crypto projects obsolete...

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The crypto-ready index was calculated using Google searches, Bitcoin ATM installations, and the number of crypto-related bills...

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GameFi, Crypto gaming, or “play-to-earn” games have emerged as a rapidly expanding trend in the cryptocurrency market. GameFi is a term that refers to blockchain games that allow players to earn cryptocurrency by playing them...

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The Universidad de Chile fan token, abbreviated as UCH, is the club's official supporter token. In 1920, the professional club was founded. It has since grown to be one of Chile's most popular and successful professional soccer clubs. Recently, it was noted that the tokens' price surged to a new all-time high of $154 on Friday. With such tremendous performance, UCH also caught the attention of cryptocurrency investors. We noticed that the coin was listed on crypto.com, which is one of the primary reasons for the price increase...

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Online information flows have a significant impact on the pricing of crypto assets. Just last week, investors saw how bogus news may cause a token's market value to skyrocket, even if only for an hour. Fortunately, the effects of real news tend to linger longer; nonetheless, the challenge for investors is determining which stories to consider when making trading decisions...

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As blockchains advance beyond being only a means of trade, smart contract capabilities are leaving old-school megalithic crypto projects obsolete...

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The memecoin skyrocketed in value following Coinbase's announcement of a near-historic listing of SHIB on its exchange...

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Since the cryptocurrency space's inception, several items and services have entered the market, and it appears as though this new company has already saturated the market...

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Despite being an optional alternative for people, El Salvador's state-owned native Chivo Wallet app has garnered over 500,000 registrations in just one week.

This was mentioned in a Tuesday report by President Nayib Bukele on the status of the Bitcoin law and efforts to facilitate crypto usage in the country.

Apart from the Chivo wallet, here are other updates on El Salvador's Bitcoin law.

President Bukele said that the country now has 200 Chivo bitcoin ATMs and 50 in the United States, which enable users to fill up their app balance with no commission/ fees.

Additionally, the president stated in the tweet that users can now fund their wallets without paying commission/ fees using any credit, debit, or gift card from anywhere in the world. Salvadorians can now transfer as low as $0.01 in Bitcoin, instead of the previous $5 minimum.

However, new customers are presently unable to register for the state-owned Bitcoin and dollar accounts due to technical difficulties, Bukele explained.

He did, however, declare that 95% of Chivo Wallet's technical issues have been resolved.

El Salvador's cryptocurrency use continues to grow in the aftermath of the country's Bitcoin law.

Only one week after El Salvador's Bitcoin law took effect, adoption numbers indicate strong demand from retailers and citizens to use the new means of exchange.

The rise in demand is also evidenced by the large number of people who have enrolled for the Chivo Wallet app (over 500,000). Additionally, chain stores and other mainstream businesses have begun accepting Bitcoin payments. McDonald's, Starbucks, Wendy's, Dollar City, China Wok, and Pizza Hut are just a few of them.

Banco Cuscatalan, the country's largest bank, has also integrated Bitcoin into its services.

Satoshi Nakamoto's idea of creating a truly peer-to-peer digital form of money has begun to materialise with the acceptance of Bitcoin in El Salvador.

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Tether, the stablecoin, recently said that it does not possess any Evergrande commercial paper. Evergrande, China's second-largest property developer by sales, recently warned that it faced severe debt default. Evergrande is attempting to reduce costs and liquidate some of its assets in order to dig itself out.

The beleaguered real estate behemoth has disclosed total liabilities of $300 billion and says it needs to raise capital urgently. There is also the potential of a government bailout. At the end of 2021, Evergrande's commercial paper report revealed that its main unit had $32 billion in liabilities, or roughly 10% of its overall liabilities.

Evergrande has been forced to halt trading in its onshore corporate bonds as a result of a downgrading, another red sign indicating an approaching default. China Chengxin International communicated the downgrade to Evergrande on September 15. Both the bonds and the issuer's rating are downgraded from A to AA. Evergrande was also placed on a watch list for future downgrades, according to a stock exchange filing.

Evergrande raised almost $8 billion by August, according to a Bloomberg story, but this is a pittance in comparison to the amount it still owes.

Tether's position is indicated.

According to a Tether spokeswoman, "Tether does not currently possess any commercial paper, other debt, or securities issued by Evergrande, and never has." As previously stated in our published statements and in our most recent assurance attestation with a reporting date of June 30, 2021, the vast majority of Tether's commercial paper is in the hands of A-2 and higher rated issuers.”

According to Reuters, over 50% of Tether's $62.8 billion in retained assets at the start of July 2021 were secured by commercial paper and certificates of deposit.

In a series of tweets about the Evergrande news, Cinnemhian Ventures partner Adam Cochran stated that "IF either Tether or USDC did meltdown in a global collapse, it would actually be bullish for crypto, as if you couldn't cash out, people would simply start bulk converting them to BTC/ETH regardless of price."

Cochran said that despite its relative obscurity in the West, Evergrande's failure might have far-reaching consequences. “There is a possibility that we are now on the verge of another financial meltdown.”

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