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Bitcoin Holds Over $8,000 as Top Altcoins See Minor Losses

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Saturday, May 25 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) still holds over the $8,000 mark, with minor gains on the day.

Market visualization courtesy of Coin360

Bitcoin is a fraction of a percent up on the day, trading at $8,025 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up about 9.4%.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.6 billion. The second-largest altcoin, XRP, has a market cap of $16.2 billion at press time.

CoinMarketCap data shows that ETH is nearly 0.41% down over the last 24 hours. At press time, ETH is trading around $251. On the week, the coin has also seen its value increase almost 6%.

Ether 7-day price chart. Source: CoinMarketCap

Yesterday, news broke that Ethereum co-founder Vitalik Buterin proposed creating an on-chain smart contract-based ether mixer.

XRP is over half of a percent down over the last 24 hours and is currently trading at around $0.385. On the week, the coin is up over 3%.

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the one reporting the most notable price action is bitcoin SV (BSV), which is down over seven percent on the day. As Cointelegraph reported on May 21, BSV promoter and self-proclaimed Satoshi Nakamoto Craig Wright filed U.S. copyright registrations for bitcoin’s whitepaper and code. Following the news, BSV’s price jumped over 100%.

At press time, the total market capitalization of all cryptocurrencies is $250.8 billion, over eight percent higher than the value it reported a week ago.

Total market capitalization 7-day chart. Source: CoinMarketCap

As Cointelegraph reported yesterday, privacy-focused encrypted instant messaging service Telegram has created a new programming language for its Telegram Open Network (TON).

In other industry news, according to a recent report, the initial coin offerings sector is showing signs of an uptick due to positive investor sentiment, apparently spurred by the recent crypto market rally.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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