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OKX Wallet Embraces TON: A Win for Telegram's Crypto Ambitions?
Jul 17, 2024
OKX Wallet has added support for the Toncoin (TON) network. This marks its 100th protocol. The move aligns with OKX's "on-chain, any chain" philosophy. TON is linked to the Telegram messaging app. OKX Wallet operates separately from the centralized exchange. It integrates into OKX's decentralized exchange. OKX aims to provide access to various tokens and protocols. However, not every token makes the cut. Chief Marketing Officer Haider Rafique shared some insights. "We look for terminal velocity before listing," Rafique said. "Timing is key. We want a built-up community and significant demand." TON has been a hit on OKX. It's the sixth most-traded coin on the centralized exchange. It trails just behind BTC-USDT and SOL-USDT pairs. TON trading spikes with new gamification features. These drive user interest, according to Rafique. "People are excited about network incentives and programs," he noted. "This gamification is the most popular, based on our signals." Rafique added that some users are in it for speculation. They hope the token will appreciate due to Telegram's backing. The growing TON-based economy uses Telegram as a hub. This has driven the token's recent market outperformance. It's been doing better than the broader crypto market. Before TON, OKX Wallet added support for NEAR, Blast, and zkLink Nova chains. It also integrated Uniswap Labs' trading APIs and launched a platform for Web3 game developers. OKX's strategy seems to be paying off. But it's still early days for TON. Will it live up to the hype? Only time will tell.
XRP Abruptly Surges 35%, Sparking Bullish Sentiment
Jul 17, 2024
XRP has jumped 35% this week. Traders are buzzing about a potential breakout. They're eyeing a long-term trend on the price chart. The crypto world is abuzz over XRP. It's seen a massive 35% price gain in a week. Many are wondering if it's due for a breakout. XRP is now trading at $0.60. That's up from $0.43 on July 10. This comes amid a broader crypto market rally, according to CoinMarketCap data. Crypto analysis firm Santiment noted the excitement. "With XRP making an emergence this week, bullish narratives have erupted," they wrote on X. Some traders are making bold predictions. Crypto Michael, a pseudonymous trader, wrote on X: "We might be about to witness one of the most significant breakouts in crypto history." He's talking about a bullish pennant pattern on XRP's chart. It's been forming for seven years. That's a long time, even for crypto. "In all my years of trading crypto I have NEVER seen a 7 year long bull pennant," he added. XRP's been on a rollercoaster this year. Since January 1, it's traded between $0.71 and $0.41. That's a 75% range. Some traders are going all in on XRP. Crypto commentator Amonyx boldly stated: "XRP is going to new ATH this cycle, and there's nothing you can do about it." For context, XRP's all-time high is $3.40. That was back in January 2018, according to CoinGecko data. Another commentator, Dark Defender, is watching a specific price point. "It's crucial not to underestimate the master fundamental level for XRP, which is $0.6649," he wrote. That's only 10% away from current levels. Dark Defender's prediction is pretty out there. He says once XRP hits that level, we'll see "multiple God Candles." These are massive price spikes on trading charts. He even called it "Heaven's Stairway." Talk about hyperbole. The price jump has attracted more traders. Open Interest for Bitcoin has shot up 58% to $727.88 million in five days. That's the highest in three months, according to CoinGlass data. So, is XRP really headed for the moon? Or is this just another crypto pipe dream? Only time will tell. But one thing's for sure – the crypto market never fails to keep us on our toes.
Bitcoin's Third Time Lucky? Analyst Bets on 2017-Style Rally
Jul 17, 2024
Bitcoin might be gearing up for its third parabolic run this cycle. That's the word on the street from crypto strategist Kevin Svenson. Svenson, with his 78,700 YouTube followers, reckons BTC is mimicking its 2017 moves. Back then, Bitcoin saw three parabolic phases before the bull market fizzled out. "In 2017, there were multiple phases of the parabolic trend," Svenson explains. "You had a shorter-term parabolic trend that would break down into a larger one, and then it would do it again." He adds, "Right now in 2024, we're sitting in the same position. There's no reason why this couldn't happen." What's needed? Svenson says it's simple: renewed optimism and regained momentum. Technical indicators are hinting at a shift towards the bulls. The relative strength index (RSI) is looking perky. Svenson points out, "If you look at the beginning of 2023, we found support right around the 45 level on the weekly RSI, and we just bounced off that level again." He reckons this could be a zone of trend expansion. Fancy that. The moving average convergence divergence (MACD) is another tool in Svenson's kit. It's suggesting the bulls are taking back control. "The weekly MACD right now is starting to show that bearish momentum is decreasing, that bullish momentum is starting to pick up," Svenson notes. He adds, "When we have these weekly MACD histogram turnarounds, that's normally where the price is getting tremendous speed." As of writing, Bitcoin's trading at $65,469. It's up about 15% in the last week. Not too shabby. Will Svenson's prediction come true? Only time will tell. But one thing's for sure – the crypto world's never dull.
Binance Jumps on the Layer-2 Bandwagon with OpBNB
Jul 17, 2024
BNB Chain, the blockchain network founded by Binance, has unveiled a new layer-2 solution. It's called opBNB. The testnet launched on June 19. OpBNB is based on the Optimism OP Stack. Binance claims it will boost security and scalability. The new chain is compatible with Ethereum Virtual Machine (EVM). BNB Chain currently processes about 2,000 transactions per second. Transaction costs hover around $0.10. OpBNB promises to up the ante. According to Binance, opBNB can handle over 4,000 transfer transactions per second. The average cost? Less than half a cent. That's pretty sweet, if true. The new layer-2 solution also tweaks a few other things. It optimizes data accessibility and the caching layer. It also adjusts the submission process algorithm. These changes allow for a higher gas limit. OpBNB can handle 100 million per block, compared to Optimism's 30 million. Binance is pulling out all the stops here. Binance is touting opBNB as their answer to blockchain's scalability problem. They reckon it's been holding back mass adoption. No kidding, Sherlock. OpBNB uses Optimistic Rollups to scale transactions. It processes data off the root chain, assuming it's valid until proven otherwise. Sounds risky, but that's the game. The new solution also simplifies integration with a user-friendly RPC service layer. Developers can focus on building apps without sweating the technical stuff. Not everyone's buying the hype, though. Adam Cochran of Cinneamhain Ventures threw shade at the move. He reckons BNB Chain's scaling issues stem from unsafe centralization. Cochran suggested alternative solutions. Joining Optimism as a "superchain" or becoming an Ethereum layer-2 were among his ideas. But Binance seems set on doing its own thing. Despite the skepticism, BNB Chain remains a big player. It's the third-largest blockchain in DeFi total value locked, behind Ethereum and Tron. It boasts $3.38 billion in TVL and about a million daily active users. Will opBNB be the game-changer Binance hopes for? Or is it just another layer in an increasingly complex crypto cake? Only time will tell. For now, the crypto world watches and waits.
Kraken Nets Tottenham Hotspur In Groundbreaking Deal
Jul 16, 2024
Kraken has landed a major partnership with Tottenham Hotspur. The crypto exchange will become the club's first official cryptocurrency and Web3 partner. This deal marks a significant step in bringing crypto to mainstream sports. The partnership kicks off before the 2024/25 season. Kraken's logo will grace the sleeves of both men's and women's team jerseys. It's a big win for the crypto firm. Tottenham isn't new to the crypto game. They launched their own fan token last year. The SPURS token, created on Socios.com, joined a growing trend in sports. Ryan Norys, Tottenham's Chief Revenue Officer, is pumped about the deal. "We're stoked to partner with a forward-thinking brand like Kraken," he said. The club plans to offer fans exciting events and experiences. Kraken isn't just slapping its logo on shirts. They're going all in on fan engagement. Exclusive content, pop-ups, and behind-the-scenes access are all on the cards. It's about getting fans jazzed about crypto. Mayur Gupta, Kraken's CMO, sees a natural fit. "Crypto, like football, should be for everyone," he stated. The goal? Make finance more accessible to the average fan. But wait, there's more. Kraken's also teaming up with F1 Drive London at Tottenham's stadium. They're mixing crypto, football, and fast cars. Talk about a hat-trick. Kraken's no newbie in the UK. They've got a solid presence with 350 local team members. Globally, they serve over 13 million clients. That's no small potatoes. This deal isn't happening in a vacuum. Crypto's been making waves in sports. Just look at Cristiano Ronaldo's recent NFT collection with Binance. It's a whole new ballgame. Meanwhile, Kraken's got its eye on the bigger picture. They're planning a $100 million funding round before a potential 2025 IPO. It's crunch time for the crypto exchange.
LiFi Protocol Hacked, Over $10 Million Drained
Jul 16, 2024
The crypto world's got a fresh headache. LiFi protocol, a nifty tool for swapping and bridging cryptocurrencies, just got walloped. Hackers made off with over $10 million in digital assets. Ouch. Here's the deal. The bad guys found a loophole in LiFi's contract approvals. They used it to drain both the contracts and users' wallets. Talk about a double whammy. Cyvers Alerts, a crypto watchdog, sounded the alarm. They spotted some fishy transactions targeting LiFi. The culprit? A specific contract address. LiFi's team jumped into action. They warned users to steer clear of LiFi-powered apps for now. "If you didn't set infinite approval, you're not at risk," they tweeted. Small comfort for those who did, eh? Meir Dolev, Cyvers' tech guru, didn't mince words. "Hackers can exploit these approvals to drain assets," he said. No kidding, Sherlock. LiFi's not alone in this mess. The DeFi space has been taking hits left and right. Pike Finance lost $1.6 million to a smart contract bug. Dough Finance got burned for $1.8 million in a flash loan attack. It's been a rough year for crypto security. Over $1 billion in digital assets vanished in the first half of 2024. Phishing attacks, key compromises – you name it, they've seen it. But it's not all doom and gloom. The crypto market's showing some grit. They managed to recover 77% of stolen funds in Q2. Not too shabby. Still, scams are alive and kicking. X (that's Twitter for you oldies) is losing nearly $50 million a month to account impersonation. It's a jungle out there. So, what's the takeaway? Be careful with those approvals, folks. And maybe keep an eye on those Twitter accounts. You never know who's really sliding into your DMs.
Crypto Tax: South Korea Mulls Third Delay Amid Market Jitters
Jul 16, 2024
South Korea's crypto taxation saga continues. The government is eyeing a third postponement of its cryptocurrency gains tax. This move comes as investors voice concerns over system readiness and market uncertainty. A six-year setback looms. The ruling party's new bill could push the tax implementation to 2028. That's a far cry from the original January 2022 start date. Why the holdup? It's a mix of investor anxiety and political calculation. The daily trading volume has taken a nosedive since Q1 2024. In March, it hit 20 trillion won ($14.5 billion). Now it's down to a measly 2 trillion won. Industry bigwigs are spooked. They reckon the tax could send investors packing. "Most will bail, and trading will tank even more," one insider muttered. Politicians are playing it safe. With 6.5 million crypto investors in South Korea, they're treading carefully. Half of these punters are in their 30s and 40s – a demographic that packs a punch at the ballot box. But not everyone's buying it. Critics slam the government for being too easily swayed. "They're dancing to the taxpayers' tune," one naysayer grumbled. Some officials are calling BS on the "lack of system" excuse. They point out that the government's had three years to get its act together. "They're just not pulling their weight," one critic fumed. There's a worry that this delay could make the tax law toothless. The same old excuses could crop up again come 2028. The Finance Ministry's staying mum for now. They'll spill the beans by month's end. In the meantime, crypto traders are holding their breath. Will they dodge the tax bullet once more? Only time will tell.

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