Category Archives: Cryptocurrency

Shiba Inu (SHIB) Overtakes Litecoin (LTC) and Dai (DAI) in Global Crypto Rankings with a 13% Surge in the Past Week.

Shiba Inu has secured the 16th spot in the global cryptocurrency rankings by market capitalization, outperforming Litecoin and Dai. The development comes as Shiba Inu token posted a remarkable performance in the past week, surging nearly 13%. This surge has led SHIB to reclaim the market capitalization of 5,501,192,612 (5.50 billion).

Litecoin, previously holding the 16th spot, has now been bumped down to the 17th position, with a market cap of $5,415,946,928 ($5.41 billion). Meanwhile, Dai finds itself in the 18th position, boasting a market cap of $5,346,273,959 ($5.34 billion).

The shake-up in rankings follows major announcements from the Shiba Inu development team, revealing significant upgrades to the Shiba Inu ecosystem. One key upgrade involves the migration of the Shibarium testnet, dubbed Puppynet, from the current Goerli network to the more functional Sepolia network on December 15.

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In another game-changing upgrade, the Shiba Inu team revealed that the Shibariums manual burn mechanism will transform into an automated system in January. This update follows the inaugural burn on Shibarium, where a whopping 8,241,856,589 (8.24 billion) SHIB tokens, valued at $75,412, were sent to the dead wallet in a single transaction.

Meanwhile, Shibarium has reached a new milestone with over 40 million transactions processed. The platform saw a massive surge in activity in the past week. The latest data from Shibariumscan.io reveals that the network has processed around 29 million transactions since November 30, bringing the total transaction count to 40,256,716 (40.25 million).

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Shiba Inu Flips LTC and DAI to Become 16th Biggest Cryptocurrency By Market Cap - The Crypto Basic

Amid the ongoing Russian invasion of Ukraine, the U.S. and its private sector partners want to lend a hand to Ukrainian authorities looking to hinder Russian actors using cryptocurrencies to skirt sanctionssomething European authorities have already tried to address.

Today the Internal Revenue Services Criminal Investigations (IRS-CI) unit and blockchain analytics firm Chainalysis kicked off an advanced, in-person blockchain analysis training in Frankfurt, Germany for Ukrainian law enforcement agencies.

IRS-CI Chief Jim Lee told Decrypt and other media outlets on a call Thursday morning that he wants to highlight the importance of partnerships (whether private-public or public-public) and how they are critical to doing business, adding that they are key to unraveling complex financial transactions.

Twenty Ukranian investigators from three different law enforcement agenciesthe National Police, Economic Security Bureau, and the Department of Cyber and Information Security of the Security Serviceare participating in the training to learn how to analyze blockchain data, trace cryptocurrency transactions, and develop operational leads.

This is a step forward in building trust among different agencies and private sector companies. The more successful everyone will be if the public sector allocates the necessary resources said Michael Gronager, co-founder and CEO of blockchain analytics company Chainalysis, the lead private sector partner.

The IRS-CI donated 15 Chainalysis Reactor licenses to Ukrainian authorities for the training.

It is important for us to identify all Russian assets on the territory of Ukraine. We resist the aggressor state not only on the battlefield, but also on the economic front, said Eduard Fedorov, acting director of the Economic Security Bureau of Ukraine in a press release.

According to governmental and private entities, cryptocurrencies are playing both good and bad roles in the conflict.

On one hand, pro-Russian groups are soliciting donations in crypto, with over 100 different groups receiving $5 million over the past year, although this number has been dropping in recent months.

Meanwhile, crypto assets have also been used for good, whether that is direct aid in the war effort or for humanitarian needs. Organizations and individuals in Ukraine have received more than $50 million dollars worth.

Authorities noted on the call that the majority of the transactionsboth good and badare mostly done in Bitcoin and stablecoins, with the latter seeing a significant uptick over the recent months.

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IRS Trains Ukraine Law Enforcement to Track and Trace Russia's Cryptocurrency Moves - Decrypt

The way we do business is changing as technology develops. The realm of finance is one such sector where technology is having a huge impact. The rise of cryptocurrencies has put the conventional banking system under pressure and is presenting an alternate method of conducting financial transactions. In this article, we will examine the distinctions between regular banking and cryptocurrencies and emphasize the advantages of each.

The rise of cryptocurrency

In order to safeguard transactions and regulate the generation of new units, cryptocurrency employs encryption methods. With the development of Bitcoin, the first and most well-known cryptocurrency, it was presented to the public in 2009. Other digital currencies have since emerged, including Litecoin, Ethereum, and Ripple. Cryptocurrencies are not centralized, unlike traditional money, and are not managed by a bank or government. Transparency, security, and near-impossibility of manipulation are all a result of transactions being recorded on a blockchain, a public ledger.

The traditional banking structure

On the other hand, the conventional banking system has existed for many years and has served as the main method of managing financial transactions. In this centralized system, banks serve as a middleman between the parties to a transaction. You are effectively lending the bank your money when you deposit money in a bank, and in exchange, the bank pays you interest. Banks lend money to people and companies, charging interest in exchange, using the funds they receive from deposits.

Cryptocurrency and traditional banking: Differences

The key distinctions between cryptocurrencies and conventional banking come from the way they are built.

Centralization vs. Decentralization- Cryptocurrencies and

conventional banking vary most noticeably in their decentralized vs. centralized organizational structures. Decentralized means there is no single entity in charge of cryptocurrency. Traditional banking, in contrast, is centralized, with banks serving as go-betweens for the parties to a transaction.Transparency- Transparency is another significant distinction. Transactions involving cryptocurrencies are transparent and nearly difficult to tamper with since they are kept on a public database known as a blockchain. While banks are not required to make their transactions publically available, traditional banking transactions are opaque.

Security- Another significant distinction is security. Cryptocurrencies are protected by encryption methods, making hacking them nearly hard. Contrarily, traditional banking institutions are open to fraud and online threats.

Advantages of cryptocurrencies

Lets examine the advantages of each now that we have examined the distinctions between cryptocurrencies and conventional banking.

Transparency- Transparency is among the most important advantages of cryptocurrencies. Transparency and security are provided via the recording of transactions on a blockchain, a type of open ledger. This openness lowers the possibility of fraud and guarantees that business dealings are handled fairly.

Decentralization- Due to the decentralized nature of cryptocurrencies, users can verify and record transactions, providing greater transparency, increased security, and lower transaction costs. You have complete control over your assets when you buy bitcoin or other cryptocurrencies since there is no need for a centralized organization or middleman.Security- Additionally, cryptocurrency is incredibly secure. Transactions are protected using encryption methods, rendering them essentially unhackable. As a result, consumers may transact with assurance knowing that their valuables are secure.

Advantages of conventional banking

Several advantages are also provided by conventional banking systems.

Regulation- Regulation is a key advantage of conventional banking. Banks are subject to a lot of regulation and have to follow tight guidelines. This guarantees that business dealings are performed honestly and that client assets are safeguarded.

Familiarity- Additionally, most people are more accustomed to traditional banking systems. Banks have been processing financial transactions for many years and are a reliable option.

Customer service- Last but not least, conventional banking systems provide customer service. If you require assistance or have a problem with your account, you may contact customer support, who can assist you in resolving the situation.

Which is better, traditional banking or cryptocurrency

This questions answer will depend on your unique needs and preferences. Both cryptocurrencies and conventional banking systems have advantages and disadvantages, so the choice ultimately depends on which is more appropriate for your requirements. Cryptocurrency could be a better option for you if you value transparency, security, and decentralization. However, traditional banking may be a better choice if you value regulation and customer service and prefer the familiarity of those systems.

It is also important to remember that while cryptocurrencies provide a number of advantages, there are also hazards involved. Because they are so volatile, cryptocurrencies values can change drastically very quickly. Additionally, there is a chance of fraud and computer attacks, and because cryptocurrencies are unregulated, investors have no protection. Traditional banking systems, on the other hand, provide consistency, security, and regulation. Your valuables are safeguarded, and if you want assistance, you may contact customer service. Traditional banking systems can be sluggish and expensive to use, and they can also be vulnerable to fraud and cyberattacks.

Final reflections

With an alternate method of handling financial transactions, cryptocurrencies have challenged the conventional banking system. Traditional banking institutions are controlled, regulated, and provide customer service; cryptocurrency is decentralized, transparent, and secure. A persons preference ultimately determines whether to utilize cryptocurrencies or conventional banking systems. When choosing between the two systems, its crucial to take your needs and preferences into account even though each has advantages and disadvantages of its own. Understanding the dangers and advantages of the system you select as well as taking action to safeguard your assets are crucial.

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Cryptocurrency vs. Traditional Banking: Understanding the ... - Global Trade Magazine

Like a pair of polka-dot socks, the cryptocurrency Polkadot (CRYPTO: DOT) offers a combo of functionality and pizzazz that may not be as flashy as Bitcoin (CRYPTO: BTC) or Ethereum (CRYPTO: ETH), but is still more than stylish enough to turn heads. Oh, and Polkadot helps Ethereum and Bitcoin work with each other and together with other crypto networks. That's a pretty cool place to be in the expanding crypto universe.

Thanks to its recent market performance, relentlessly expanding ecosystem, and crucial role in the promising Web3 project, Polkadot could be a crypto that not only keeps your feet warm, but puts a spring in your step.

So if you're looking for a solid addition to your cryptocurrency portfolio, Polkadot looks like this month's best idea.

As a versatile blockchain protocol, Polkadot is aligned with the zeitgeist in the crypto world. The platform's ultra-flexible ecosystem is growing rapidly, and now includes more than 750 full-time developers and 2,000 total developers working on projects.

These developers are expanding their adoption and use cases of Polkadot's Cross-Consensus Message Format (XCM), with the number of XCM channels increasing by 60% in the first quarter. This crucial data format helps Polkadot connect to other blockchains, allowing various digital coins and tokens to play a part in the apps and services being built.

Polkadot has also undergone 19 successful upgrades since 2022, showing its adaptability and resilience amid the cacophony of crypto competition. Moreover, this long list of upgrades was executed without forking the Polkadot network's code base.

The total number of Polkadot parachains -- individual blockchains connected to the main Polkadot network -- increased by 17% in the first quarter. A whopping 133 million DOT (currently worth $720 million) has been committed to the parachain auction system since November 2021. In short, Polkadot's developer community is thriving.

A key differentiator for Polkadot is its place in the ambitious Web3 project, which aims to create a decentralized, user-controlled internet. Polkadot's interoperability-focused design allows for seamless communication between different blockchains, bridging the gap between various decentralized networks. When every system can work together, everybody wins.

This unique quality positions Polkadot as a critical player in the evolving Web3 landscape. Decentralized applications and services are set to redefine how we interact with the digital world. And Polkadot provides the digital glue that keeps this vision together.

Though as of Monday, its price had fallen by 16% in 30 days, Polkadot was up by 22% year to date. The platform has numerous promising projects on the front burner. For example, the KILT Protocol parachain just announced a partnership with Deloitte Consulting -- part of the world's largest management consultancy. This collaboration will create reusable digital credentials for know-your-customer (KYC) and know-your-business (KYB) processes, opening up new markets and use cases for Polkadot's technology.

Polkadot's financial platform is robust, too. Its circulating market cap stands at $6.4 billion, making it the 11th-largest cryptocurrency.

Investing in cryptocurrencies is not just about chasing the hottest trend. Smart investors understand the importance of diversifying their portfolios and selecting assets based on merit, potential, and long-term viability. With its solid ecosystem, innovative projects, and vital role in the Web3 initiative, Polkadot seems to have what it takes to be a valuable addition to your investment portfolio.

In fact, I would argue that Polkadot itself is a diversified asset, sort of like an index fund that tracks its market. This sophisticated network serves as the connective tissue between many blockchain systems. Polkadot is the Web3 Foundation's official blockchain protocol, and it should gain value as the public internet evolves on a global scale.

It's impossible to predict the future with certainty, but Polkadot looks like a strong contender in the cryptocurrency space.

So as you ponder your investment choices this May, don't forget to do your due diligence and consider the plethora of factors that could influence your decision. And while you're at it, take a moment to appreciate the colorful pattern of possibilities that Polkadot brings to the table -- it just might be the key to a brighter financial future.

Anders Bylund has positions in Bitcoin, Ethereum, and Polkadot. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

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Here's My Top Cryptocurrency to Buy in May - The Motley Fool

AI is achieved by simulating cognitive functions like perception, reasoning, and learning in machines that require complex mathematical models. In cryptocurrency trading applications, AI can be trained on historical price movements and market trends data to predict future values accurately.

The beauty of AI lies in its ability to adapt quickly to changing market conditions while making fast real-time decisions based on large datasets with minimal human intervention. This makes it a powerful tool for traders looking for an edge over their competition.

However, despite its many benefits in crypto-trading environments, there are concerns over the ethical implications of using AI-driven systems without proper regulation or oversight. As such, industry stakeholders must work together towards establishing responsible frameworks for integrating this technology into financial markets worldwide.

How AI is Used in Cryptocurrency Trading

Artificial Intelligence (AI) has revolutionized cryptocurrency trading by providing traders with tools to analyze a vast amount of data and make better investment decisions. AI algorithms use machine learning techniques like neural networks, deep learning, and reinforcement learning to study market trends, analyze historical data and identify patterns.

One way that AI is used in cryptocurrency trading is through algorithmic trading bots. These bots can execute trades automatically based on preset rules or indicators. They can also respond to real-time market changes, which allows them to buy or sell assets quickly.

Another way that AI is transforming the crypto-trading landscape is through sentiment analysis. This technology uses natural language processing (NLP) algorithms to scan social media posts, news articles, forum discussions and other online sources for information relevant to specific cryptocurrencies or markets. The insights gathered from this analysis are then used by traders and investors alike as part of their decision-making process when buying or selling digital assets.

Moreover, predictive analytics helps traders anticipate future market trends by analyzing past performance data using complex mathematical models such as regression analysis and time series forecasting. These models allow traders to generate accurate predictions about future price movements in various markets which they could use for making profitable investments.

The integration of Artificial Intelligence into cryptocurrency trading has had a significant impact on how it operates today compared to just a few years ago; it provides new opportunities for investors while reducing risks associated with traditional methods of investing in digital assets.

The Benefits of AI in Cryptocurrency Trading

The benefits of using AI in cryptocurrency trading cannot be overstated. One major advantage is the speed at which trades can be executed. With AI, trades can be made in real-time based on market trends and data analysis.

Another benefit is the accuracy of predictions that come from utilizing AI algorithms. These predictions are not just based on historical data but also take into account current market conditions, making them more reliable.

Moreover, AI can help traders make informed decisions by analyzing vast amounts of information within seconds. This means that they can quickly identify patterns or anomalies that may affect their investments.

AI-powered trading systems also reduce human error as they operate with pre-defined rules and algorithms, eliminating emotional biases and irrational decisions often associated with human traders.

Furthermore, by automating repetitive tasks such as monitoring numerous markets simultaneously or tracking multiple cryptocurrencies' prices at once, traders have more time to focus on other essential aspects of their investment strategy.

The benefits of incorporating AI into cryptocurrency trading are clear: faster transactions, greater accuracy in decision-making processes and reduced errors all contribute to a better return on investment for traders.

The Risks of AI in Cryptocurrency Trading

While AI has brought about numerous benefits to cryptocurrency trading, it's important to acknowledge the potential risks involved. One significant risk is the possibility of relying too heavily on AI algorithms without proper human oversight and intervention.

AI systems are only as good as their programming and may not always account for unexpected events or market fluctuations. This could lead to automated trades based on faulty data analysis resulting in significant financial losses.

Another risk is the potential for cyber attacks targeting AI systems used in cryptocurrency trading. Hackers can exploit vulnerabilities in these systems and manipulate them for their own gain, potentially causing chaos within the market.

Additionally, there is a risk of unethical use of AI by traders who might use it to engage in insider trading, money laundering or other illegal activities undetected by regulators.

Reliance on AI technology may also lead to an overreliance on correlation-based models that do not necessarily capture nuances unique to individual markets leading ultimately into catastrophic consequences.

While there are undeniable benefits of incorporating AI into cryptocurrency trading strategies one should be mindful of its limitations and associated risks.

The Future of AI in Cryptocurrency Trading

The future of AI in cryptocurrency trading is promising as technology continues to advance. One of the potential applications for AI in crypto trading is portfolio optimization, where it can analyze market trends and make decisions based on data-driven insights.

Another aspect that could be revolutionized by AI is risk management. With machine learning algorithms, traders can predict possible risks and take preventive measures before they occur. Additionally, AI-powered chatbots may also become more prevalent in the industry to provide 24/7 customer support.

As blockchain technology becomes more integrated into various industries, there will likely be an increased demand for professionals with expertise in both cryptocurrency and artificial intelligence. This means that educational programs focused on these topics will also continue to emerge.

However, there are still some challenges that need to be addressed before widespread adoption of AI in crypto trading occurs. One concern is the possibility of bias within algorithms leading to inaccurate predictions or unfair practices.

The integration of AI into cryptocurrency trading has already shown significant benefits and holds great potential for further innovations in the future.

The integration of AI in cryptocurrency trading has been a game changer for investors and traders alike. With the ability to analyze data faster and more accurately than humans can ever do, AI has become an essential tool for making informed investment decisions.

The benefits of using AI in cryptocurrency trading are numerous, including increased efficiency, reduced risk, greater profitability, and improved decision-making. However, it is important to remember that there are also risks associated with using this technology.

As we move towards a future where AI becomes even more advanced and integrated into our daily lives, we can expect to see even more exciting developments in the world of cryptocurrency trading. For now though, investors should continue to educate themselves on how they can leverage this powerful technology to their advantage while minimizing their exposure to potential risks.

The use of AI in cryptocurrency trading represents a major step forward for both individual investors as well as financial institutions looking to stay ahead of market trends. Whether you're a seasoned trader or just starting out with your investments - there's no doubt that immediate connect with cutting-edge technologies like AI will help you unlock new possibilities and achieve success like never before!

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How AI Is revolutionizing Cryptocurrency trading - Business Insider Africa

State election officials are fining the Democratic Party of Oregon a $15,000 late filing fee after the party changed the donor of a hefty campaign check.

The state also plans to monitor the Democratic Party of Oregons financial disclosures to ensure campaign finance laws are being followed in the future. The secretary of states office initially proposed fining the party $35,000 after a three-month investigation but lowered the amount.

While the financial penalties are significant, the most important part of the settlement are the numerous oversight requirements the DPO has agreed to, including spot checks by Elections Division investigators, to ensure compliance with all state campaign finance laws, Cheryl Myers, acting secretary of state said in a statement. In too many cases, people who violate campaign finance laws pay a fine and move on.

But if for some reason the DPO doesnt comply with the oversight requirements reached in the settlement, they could be on the hook to pay a larger fine up to $50,000.

The state was prompted to take a closer look at $500,000 contribution in question after The Oregonian/OregonLive reported the contribution was not actually from Prime Trust, which is how Democratic Party officials reported it on their campaign finance filings. Instead, Prime Trust was merely a pass-through and the donation really came from Nishad Singh, a former executive at the disgraced cryptocurrency exchange FTX.

The fine concludes the investigation into the state Democratic party, but officials are still looking into whether Singhs actions were a violation of the law.

We have closed the investigation into whether DPO reported a contribution under a false name, and we are focusing that investigation on Nishad Singh. This settlement allows the possibility of reopening an investigation into the DPO if new information comes to light, Myers said.

DPO Executive Director Brad Martin said in an email that the party chose to move forward with the settlement in order to eliminate distractions from its primary goal: electing Democrats.

The DPO accepts this settlement and welcomes todays closure of a case that boiled down to an individual lying about a donation and the DPO making the correct information available as soon as it learned about the donors lie, the statement read.

FTX, the exchange Singh worked for, has come under intense scrutiny amid charges its founder, Sam Bankman-Fried, defrauded investors.

Bankman-Fried and his associates are also face accusations they violated campaign finance laws by routing money through straw donors people who made contributions at FTX officials behest in order to avoid federal giving limits.

Its a felony to make a campaign contribution under a false name. Oregon has no campaign finance limits for state political races and causes, and Singh could have given the $500,000 to the state party in his own name.

State election officials are still conducting a preliminary investigation into whether the contribution was made using a false name.

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State election officials fine Democratic Party of Oregon for cryptocurrency donation flap - Oregon Public Broadcasting