Cryptocurrency roundup for January 24: Cardano hit by a glitch, Central African Republic looks to... - Moneycontrol

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Last Updated : January 24, 2023 / 03:13 PM IST
Cryptocurrency roundup for January 24: Cardano hit by a glitch, Central African Republic looks to blockchain tech for help, and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Murtuza Merchant

Big Story
Central African Republic Makes Move to Modernize Economy with Establishment of Crypto-Currency Committee
The Central African Republic government has established a Committee to draft a bill on the use of cryptocurrencies and tokenization in the country.
> The Committee, which is composed of 15 experts from various government departments, including the Ministry of Mines and Geology, the Ministry of Waters, Forests, Hunting and Fishing, the Ministry of Agriculture and Rural Development, and the Ministry of Town Planning, Land Reform, Town, and Housing.
> The decision to establish the Committee was made by the government in an effort to create a friendly business environment for crypto-currencies and tokenization in the country.
> The move by the Central African Republic to draft a bill on crypto-currencies and tokenization is a significant step towards modernizing its economy and increasing its competitiveness on the global stage.
Cardano
Cardano Blockchain Network Experiences Brief Shutdown As Half Of Nodes Go Offline
The Cardano blockchain network experienced an unexpected anomaly over the weekend, causing around half of the network’s nodes to briefly go offline.
> According to a statement by Input Output Global, the engineering and research fintech company behind the Cardano blockchain, the anomaly caused a disconnection and restart of the nodes.
> Tom Stokes, the co-founder of Node Shark and a Cardano SPO, shared that more than half of the listed nodes were affected.
> He also shared a chart showing the network sync falling from 100% to slightly above 40% for over 300 reporting nodes.
Uniswap Community
Uniswap Community Overwhelmingly Votes In Favor Of Potential Move To Binance’s BNB Chain
A recent survey, dubbed as a “temperature check,” was conducted to gauge the support for a potential move of Uniswap’s V3 protocol to Binance’s BNB Chain.
> The results showed that a significant majority of UNI token holders, approximately 80%, voted in favor of the move.
> Plasma Labs, the company that proposed the move, stated that 20 million tokens were cast in favor of the proposal and that this was the largest number of voters in Uniswap’s governance history.
> Uniswap, like other decentralized exchanges, utilizes smart contracts to match trades and provide liquidity between traders.
Cryptocurrency exchange
Gemini in Turmoil: Another Round of Layoffs as Company Struggles with Bankruptcy and Fraud
Cryptocurrency exchange Gemini is reportedly laying off 10% of its staff, marking the company’s third round of layoffs since June, according to an internal message viewed by The Information.
> The layoffs come as a result of the bankruptcy of crypto lender Genesis Global Capital and Gemini’s inability to pay out funds to its Earn account holders.
> In the internal message, Cameron Winklevoss, the President and Co-Founder of Gemini, stated: “It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount.”
Bitcoin Miner
Bitcoin Miner Argo Blockchain’s Shares Surge 14% on Nasdaq Listing Compliance and Bitcoin Price Rise
The shares of Bitcoin miner Argo Blockchain saw an increase of 14% on Monday after the company successfully met the listing compliance requirements of the Nasdaq exchange.
> This was the result of a deal the company made in late December with Galaxy Digital to avoid bankruptcy and the recent rise in the price of bitcoin.
> Argo, whose shares are also listed on the London Stock Exchange, met the Nasdaq listing requirements on January 13, as its shares remained above $1 for 10 consecutive days, as per a company statement.
> In December, Nasdaq notified Argo that its shares were not in compliance with the rules to be listed on the exchange, as the closing bid prices for its stock were below $1 for 30 consecutive days.
> The miner was given until June 12th of this year to regain its listing privileges with Nasdaq before potentially being delisted from the exchange.
Bitcoin
Bitcoin’s ability to break through $25,000 will determine the strength of its rally, B2C2 Says
The key resistance level for Bitcoin is $25,000 and breaking through this level would generate more interest and participation from outsiders, according to a report by B2C2’s Adam Farthing.
> “BTC resistance at $25k is probably key: it would be a tough nut to crack, but prices above there would likely create a lot more interest from outsiders to get involved once again,” Farthing notes.
> The crypto market is currently experiencing a split between those who believe the current price rally is a bear market driven by short covering, and those who think the prices are normalizing after the volatility of late 2022.
> The bulls are wondering if this momentum could lead to a new market cycle.
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