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Crypto News Update - Week of August 14, 2023

What's Going On In The World Of Crypto This Week?



1. Closure of PEGA Pool’s Mining Operations

PEGA Pool, a mining pool in the cryptocurrency space, has announced the cessation of its mining operations. The decision was made due to unforeseen challenges in scalability during a system upgrade to accommodate more hashrate. The combination of these challenges and the pool's expansion efforts led to significant patches of downtime. Users are advised to withdraw their remaining balances from their accounts and migrate to other pools. PEGA Pool expressed gratitude for the support of its community and hopes for future interactions.


2. Txbit Cryptocurrency Exchange to Cease Operations

Cryptocurrency exchange Txbit has revealed plans to shut down its operations on September 14, 2023. The decision comes as a response to adverse market shifts, tightening regulations, and uncertainty surrounding the legal status of cryptocurrencies in various countries. Txbit will undergo an offline period on August 14 to cancel open orders and disable trading. Users are encouraged to withdraw funds before the final deadline. A significant portion of Txbit's native token will be burned, and for wrapped tokens, the platform will coordinate with project developers for a smooth transition.


3. Issues with Shibarium Network Launch Impact Shiba Inu (SHIB) Tokens

Shiba Inu (SHIB) tokens experienced a 9% drop in value after users reported bridging issues following the launch of the Shibarium network. Transactions on the network were stalled for several hours due to a mass influx of transactions. The Shibarium network is intended to be a vibrant ecosystem for Shiba Inu, focusing on metaverse and gaming applications. However, community sentiment soured, leading to a decline in the value of SHIB, BONE, and LEASH tokens.


4. Trump's Cryptocurrency Holdings Revealed

Former President Donald Trump's cryptocurrency holdings have been disclosed, revealing that he held $2.8 million in a cryptocurrency wallet and earned $4.87 million in licensing fees from his non-fungible token (NFT) collection. Despite his previous skepticism towards crypto during his presidency, Trump launched two series of NFT collectibles featuring images of himself. This disclosure comes at a time when cryptocurrencies are gaining attention in the political landscape as candidates prepare for the 2024 presidential election.


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