[Offline Again?] Maya’s Crypto App Briefly Back Online After Prolonged Downtime | Key Points | June 27, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Yesterday we published an article about the prolonged maintenance period of Maya’s crypto app, we will discuss the latest about it in this article.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Crypto Price Update

Here are the crypto highlights of the day:

• Bitcoin (BTC): $60,855, down 1.7% over the last 24 hours.
• Ethereum (ETH): $3,365, down 0.7% over the last 24 hours.
• Solana (SOL): $136.68, up 0.3% vs the previous day.

Trending Coins Update

• Retardio: $0.0221, up 21.6% vs the previous day.
• Radworks: $1.40, up 21.6% over the last 24 hours.
• AndyBlast: $0.3396, down 24.0% vs the previous day.

For the daily price update, check out our post on Facebook.

📺 Tonight on the BitPinas Webcast:

Join us for the BitPinas webcast, “Navigating the Dip: July 2024 Market Forecast.”

Our guests, Certified Technical Analyst Joseph Lejarde and Dell Omasas from Coinex Charity, will discuss the recent Bitcoin price drop and its market implications.

Topics:

1. Bitcoin Price Drop: Bitcoin fell below $60,000 for the first time since May.
2. Crypto Liquidations: Over $330 million in crypto assets were liquidated, including $145 million in Bitcoin.
3. Mt. Gox Repayments: Creditors will soon receive Bitcoin and Bitcoin Cash, raising fears of a market sell-off.
4. Market Sentiment: Investor pessimism due to uncertain FED interest rate cuts affecting U.S. Bitcoin ETFs.

Register here! https://fb.me/e/8mwXajYsR

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Feature News: Maya’s Fintech App Briefly Back Online After Prolonged Maintenance Period

Maya’s crypto product recently went back online after being under maintenance mode since atleast Sunday, various reports compiled by BitPinas suggested.

During this brief period of being online, users reported that while they can buy online, they cannot sell or even transfer their crypto out.

As of 9:22am today, June 27, 2024, the crypto app is offline again and “will be back shortly”.

Zoom out: As one of the most recognizable e-wallets in the Philippines with more than 50 million users, Maya secured a virtual asset service provider license (VASP) in 2021 so they can become a licensed crypto exchange in the Philippines. They are also a licensed digital bank.

However, its crypto offerings have lagged behind other licensed competitors. [Zooming out further, the offerings of locally licensed exchanges, user say, are not superior vs their international counterparts, which naturally has global liquidity. But the sticking point here is that users want to buy and sell when and where they can. They have to be able to take advantage of price fluctuations and volatility, which is one of the main reasons why people trade crypto anyway.]

The bottom line: Local players, including crypto exchanges are attempting to gain market share [and mind share] in a space largely dominated by the non-licensed exchange Binance by adding more tokens and more financial products. However, incidents like this [maintenance without announcement] is not going to do the local industry any favor, as audience seeks better offerings elsewhere.

Last update: Maya had previously released the following statement recently to BitPinas:

We recently identified an issue with our crypto service caused by a vendor’s system. As a precaution, we have temporarily placed our crypto service into maintenance mode to address this. No other Maya services were affected, and all other Maya services continue to operate normally. 

We want to assure our customers that their crypto funds remain secure. Our team is actively working to restore the crypto service as quickly as possible. We appreciate your understanding and patience and sincerely apologize for any inconvenience.

What’s next: BitPinas will be monitoring the situation and will report back once Maya’s crypto offering is truly back online.

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Philippine Crypto News 🇵🇭

• Recycling project Waste2Earn wins ICP’s iThink hackathon.

• Eli Becislao recently discussed plans in the Philippines for leveraging blockchain technology in capacity building and nation-building with The BLOKC and SuperteamPH.
• Yield Guild Games (YGG) partners with Sapien AI Corp. to integrate data labeling gig work into the onchain gaming ecosystem.

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Educational Corner 🎓

• Check out this Guide to TapSwap: How to Mine Coins on Telegram.
• Also check out AI Arena which recently launch a play-to-airdrop campaign.

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Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

• The German Federal Criminal Police Office (BKA) transferred $24 million in bitcoin to crypto exchanges Kraken and Coinbase suggesting potential intentions to sell assets seized from the operators of Movie2k.to, a film piracy website.
• VanEck filed Form 8-A with the SEC, signaling progress towards launching a spot Ethereum exchange-traded fund (ETF), following recent approvals of Ethereum ETF filings.
• Rep. Matt Gaetz introduced a bill aiming to allow U.S. taxpayers to pay federal income taxes using bitcoin, proposing to modernize the tax system and promote innovation and flexibility in financial transactions

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Community Spotlight 🔦

Meet Dell Omasas: He is the Philippines Lead at ViaWallet and Coinex Charity.

• He previously guested at the BitPinas Webcast during the 49th episode discussing the factors influencing the crypto market’s performance.
• Dell will also be co-host at tonight’s BitPinas webcast.

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More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

• Strike, the Bitcoin payments app, launched in the U.K., expanding its global footprint.
• Zodia Custody partnered with 21Shares to offer custody services for physically backed crypto exchange-traded products (ETPs) across Europe.
• Colosseum, a Solana-focused startup accelerator, raised $60 million to invest in early-stage projects from Solana hackathons, deploying $2.75 million across eleven companies.

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Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

• GR1D by 1KIN Labs, a Layer-2 blockchain platform, aims to unify decentralized web3 gaming ecosystems.
• Immutable partnered with MarbleX, Netmarble’s blockchain gaming platform, to migrate several major titles to Immutable’s zkEVM chain.
• Helika‘s report, in collaboration with Pantera Capital, highlights that Web3 gaming raised over $160 million from February 2023 to February 2024, with insights into AI-driven game development, on-chain royalties, and interoperability across platforms.

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Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

• Decked Out: Art Reimagined: June 27-29, 2024
• Crypto & Coins feat. Tether Unlocking the Benefits of Stablecoins for Seamless Transfers and Remittances: June 27, 2024
• DEVCON Mindanao Summit 2024: June 29-30, 2024
• Ethereum Meetup Cebu: July 7, 2024
• BitcoinCash Revolution (Cebu): July 7, 2024

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Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

• OtherWorld, a Singapore-based web3 developer, launched “Solo Leveling: Unlimited,” an NFT platform based on the popular South Korean web novel and webtoon, Solo Leveling.
• Bybit has surged to become the second-largest crypto exchange by volume, surpassing Coinbase, with its market share doubling from 8% to 16% since October 2023.
• Bitget crypto exchange launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects within the Telegram Open Network (TON)

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This article is published on BitPinas: [Offline Again?] Maya’s Crypto App Briefly Back Online After Prolonged Downtime | Key Points | June 27, 2024