If you thought you had seen it all from cryptocurrency traders, think again. Last month, one experienced trader in the Nifty News community demonstrated an unexpected technique that paid off in a big way: baiting a bot to purchase up to 800 ETH. Not only is this news a testament to the hustle required to stay one step ahead of the competition, there’s other good news from the cryptocurrency space; losses as a result of NFT thefts have decreased significantly, and more.
1. 800 ETH Profit for Savvy Crypto Trader
An anonymous trader in the cryptocurrency markets has earned a substantial windfall of 1,800 ETH, valuing at over one million dollars at the time of the trade. The savvy investor achieved the impressive profit by taking advantage of two crypto-assets on the same day.
Following a sharp dip in the value of ETH against USDT on the leading crypto exchanges, the trader moved some of their ETH holdings on to the decentralized finance (DeFi) platform Synthetix for a short-term stake. The stake was opened shortly before ETH bounced off its low, netting the investor an 8-percent growth in 48 hours.
In response to the opportunity, the trader quickly sold their stake in Synthetix to reinvest the corresponding increase in ETH back to the exchanges. The gambit resulted in a successful doubling down on the rebound in the price of ETH, and yielded them a total profit of 1,800 ETH.
2. Rise of NFT Art Thefts Slowing
Since the surge of Non-Fungible Token (NFT) art theft has been noticable in the early 2021, it seemed as if thefts of this kind of digital artwork would be continuing to climb. However, recent studies suggest the opposite.
According to data collected by the Knight Foundation, the total cost of NFT art theft has more than halved between February and April. This could be due to the increased efforts by leading NFT art marketplaces such as Rarible and SuperRare to reduce their vulnerability to thefts, in addition to the developers from the various NFT platforms taking steps to reducing fraud.
These steps from the NFT industry include:
- Ensuring implementation of two-factor authentication whenever an artwork is transferred to a different owner
- Conducting an extensive security analysis of platforms for any design flaws
- Offering insurance for larger value transactions
It is hoped that with the continuing efforts of the NFT art industry, thefts of this kind will be further reduced and investors can have greater confidence in the security of their digital investments.
3. New Utility Tokens Help Ease Transaction Congestion
One of the major issues faced in the blockchain space is transaction congestion. However, new utility tokens are being developed to tackle this problem.
Such tokens are built on top of existing blockchains and offer specific features to increase the throughput of transactions. Popular examples of these are EOS, Tron and ETH 2.0. Features of these tokens include sharding, side-chains, staking and high scalability.
Aside from increasing transaction throughput, utility tokens also help to save costs. With fewer transactions waiting to be processed, users can make use of the blockchain with lower fees. Utility tokens further help reduce block time, improving overall efficiency and performance.
4. Senate Report Finds Outdated Regulatory Frameworks Stifling Crypto Innovation
The United States Senate is the upper chamber of Congress. It recently released a report exploring the state of cryptocurrency regulations in the US. According to the report, existing regulatory frameworks are hindering the development of new cryptographic technologies, which could lead to further innovation.
The report also stated that antiquated policies have created an “uneven playing field” between traditional financial institutions and the cryptocurrency industry. It goes on to say that such a gap is stifling the development of crypto-based businesses, and preventing US consumer protection laws from being applied in this sector.
The report recommended a comprehensive re-evaluation of existing US policies. It called for a regulatory framework which is both fair and innovation-friendly, capable of providing legitimate businesses the guidance and security they need to operate with confidence. The report suggested that, with such a framework in place, the US could become a leader in cryptocurrency innovation.
The Ethereum market is one that’s incredibly exciting to watch. Every day, new stories emerge that surprise and delight us. Nifty News is a great source to get updated on all the new developments. Have fun catching up on all the happenings in the ETH world!