Top crypto tweets of the day – August 29th

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  TL;DR Breakdown Wall Street and European shares rose as the U.S. government approached a resolution on the debt ceiling issue. The proposed deal aims to raise the U.S.’s $31.4 trillion debt ceiling for two years, with President Joe Biden and top congressional Republican Kevin McCarthy leading the talks. MSCI world equity index, which tracks shares in 49 nations, gained 1%, boosted by stronger-than-expected U.S. consumer spending in April. In a riveting turn of events surrounding the financial landscape of the U.S., Wall Street, and European shares surged as the White House and Congressional Republicans meticulously crafted a final resolution on the looming debt ceiling debate. Markets react to the promising resolution The mounting optimism significantly affected treasury yields as investors recalibrated their expectations about the potential longevity of interest rate increases. On Friday, the MSCI World equity index, a critical gauge of shares across 49 nations, rose by 1% by midday in the Eastern Daylight Time. Despite the upward momentum, it is projected to register a weekly loss. This uptick in the global index was further bolstered by the unexpectedly…

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• Binance’s head of product, Mayur Kamat, steps down amidst growing scrutiny

  TL;DR Breakdown Mayur Kamat, Binance’s Head of Product, has resigned after nearly two years with the company. Kamat’s departure comes amid high-profile exits at Binance, facing increased scrutiny from global regulators. During his tenure, Kamat was crucial in expanding Binance’s user base from 80 million to over 150 million. Description Mayur Kamat, Binance‘s head of product, has departed from the cryptocurrency exchange. His exit comes amid a wave of high-profile resignations at the company, facing increasing scrutiny from global regulators. Kamat’s decision to step down follows nearly two years of service at Binance, where he played a pivotal role in expanding the user base from … Read more Mayur Kamat, Binance‘s head of product, has departed from the cryptocurrency exchange. His exit comes amid a wave of high-profile resignations at the company, facing increasing scrutiny from global regulators. Kamat’s decision to step down follows nearly two years of service at Binance, where he played a pivotal role in expanding the user base from 80 million to over 150 million. Kamat expressed gratitude to Changpeng Zhao, commonly known as CZ, and…

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• Mexican crypto market gets a boost as Paxos partners with Mercado Libre to offer USDP stablecoin

  TL;DR Breakdown Paxos and MercadoLibre partner to introduce USDP, reducing remittance fees in Mexico. MercadoPago users in Mexico gain access to USDP, easing high remittance costs. Paxos’ collaboration with MercadoLibre revolutionizes the Mexican crypto economy, driving adoption. Description In a move set to alleviate the burden of exorbitant remittance fees for customers, Paxos, the pioneering blockchain finance company, has joined forces with MercadoLibre, a leading online marketplace, to introduce the Pax Dollar (USDP) to the Mexican crypto market. This groundbreaking collaboration, announced on June 28th, will utilize MercadoLibre’s widely-used payment service, MercadoPago, to … Read more In a move set to alleviate the burden of exorbitant remittance fees for customers, Paxos, the pioneering blockchain finance company, has joined forces with MercadoLibre, a leading online marketplace, to introduce the Pax Dollar (USDP) to the Mexican crypto market. This groundbreaking collaboration, announced on June 28th, will utilize MercadoLibre’s widely-used payment service, MercadoPago, to introduce USDP in Mexico. Through this partnership, all MercadoPago users in Mexico will gain access to USDP, offering a gateway to stablecoins and potentially reducing the necessity for high…

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• European Union advances its Data Act despite crypto community backlash

  TL;DR Breakdown The European Union has pushed forward with its Dat Act despite an outcry from the crypto community. The crypto community shows concern over the new bill. Description In a significant development, European Union (EU) lawmakers have reached an agreement to advance the highly debated European Data Act, marking a milestone in reshaping the digital space, according to EU Commissioner for Internal Markets, Thierry Breton. The act, which focuses on the fair use of industrial data and aims to remove barriers to the … Read more In a significant development, European Union (EU) lawmakers have reached an agreement to advance the highly debated European Data Act, marking a milestone in reshaping the digital space, according to EU Commissioner for Internal Markets, Thierry Breton. The act, which focuses on the fair use of industrial data and aims to remove barriers to the sharing of data generated by various data-centered services, has faced criticism from the crypto community. European Union lawmakers set to finalize the bill Initially passed by the European Union Parliament on March 14, negotiations among European Union lawmakers…

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• Pond0x Token Launch Fiasco Results in Massive Investor Losses

  TL;DR Breakdown The launch of the memecoin Pond0x has led to significant financial losses for investors, with the token’s price collapsing from $0.36 to near zero within five minutes of launch. Confusion arose as the web app allowed users to mint new PNDX tokens in exchange for Ether (ETH), while some users expected the fundraiser to be done on Uniswap. Investors reportedly lost over $2.2 million in the launch, with some users claiming to have lost thousands or even millions of dollars. A user reported that PNDX has a faulty transfer function that allows users to transfer coins from any other user. Description The launch of the memecoin Pond0x has led to a significant financial loss for investors, with losses amounting to millions of dollars, according to multiple reports on social media on July 28. Data from the Maestro trading app shows that the Pond0x (PNDX) token reached a price of $0.36 before collapsing to near zero within … Read more The launch of the memecoin Pond0x has led to a significant financial loss for investors, with losses amounting to…

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