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  • NFTs bring in-game ownership to a new level, says Blokhaus founder
    Cointelegraph.com News - 12 hours ago
    NFTs improve interactivity by allowing users to unlock fully modular, community-driven in-game experiences to which they own the pieces, explains Mark Soares, the founder of Blokhaus Inc. Nonfungible tokens (NFTs) have taken the gaming world by storm. Whether it’s through limited edition collectibles, avatar enhancement or play-to-earn incentivization, digital assets have given in-game ownership a new meaning.The ways in which NFTs are available to players are becoming increasingly tangible. In the case of Blockxer, the latest blockchain game from Blokhaus Inc., every component of the game has been NFT-ized and available for modification by users. Mark Soares, the founder of Blokhaus Inc., told Cointelegraph that when every aspect of the game is an NFT, users can create completely “bespoke” game experiences. Everywhere a user turns in this 8-bit, arcade-inspired game, there is an NFT — from the background and the characters to the weapons and more:“Imagine the ability to create your own characters, in your own scene, and the ability to gift or sell these mods as an NFT pack to other players.”NFTs allow users to unlock fully modular, community-driven in-game experiences to which they own the pieces. Soares likens this customization of an NFT-driven game, such as Blockxer, to 90s mixtapes, saying that it puts the “power of game creation in the players’ hands.”As explained by Soares, the design of Blockxer is quite simplistic, harkening back to pixelated arcade games of the nineties. It highlights crypto-meme culture and includes characters like a zombie doge.Zombie Doge NFT character sample. Source: BlockxerEven though the game design is simplistic, Soares stated that it doesn’t mean the utilities of the NFTs have to be simple as well. In fact, he said that too simplistic thinking of NFTs is a problem in the blockchain gaming industry.“Usually [they’re] just add-ons, rewards or badges for games that you can purchase – we think they can and should be much more.”This is only the beginning of NFT integration into the world of gaming. Recently MyMetaverse and Enjin games began implementing NFTs into popular games such as Minecraft and Grand Theft Auto 5 servers.Related: Solitaire, Counter-Strike, Snake: How casual gaming could be a ‘huge’ Bitcoin on-rampOther gaming giants like SEGA games have recently shown interest in blockchain gaming and its features.
  • Bitcoin was almost named Netcoin by Satoshi Nakamoto, hints domain data
    Cointelegraph.com News - 14 hours ago
    Domain purchases under AnonymousSpeech around similar timelines revealed the creation of Netcoin.org on Aug. 17, 2008 — just a day prior to the creation of Bitcoin.org. Coming up with a good name is often one of the most challenging decisions one needs to make when launching a new service or business. Historical data of domain name purchases suggest that Satoshi Nakamoto, the creator of Bitcoin (BTC), had an alternate naming option in mind that did not make it to the whitepaper.Bitcoin.org, the website domain linked to the original Bitcoin, was created on Aug. 18, 2008, under AnonymousSpeech, a service in Japan that allowed users to buy domain names anonymously. Domain purchases under AnonymousSpeech around similar timelines revealed the creation of Netcoin.org on Aug. 17, 2008 — just a day prior to the creation of Bitcoin.org.Did you know? A day before the https://t.co/oDfOFzFVNi domain was first registered, someone purchased https://t.co/KLzoDxJjrz using the same registrar. Looks like Satoshi was contemplating between the two names and later dropped https://t.co/KLzoDxJjrz#Bitcoin pic.twitter.com/yqwZYRefvX— Or Weinberger (@orweinberger) September 23, 2022 After further research, crypto locksmith Or Weinberger confirmed that no content was ever present on the Netcoin.org domain “except only after it was repurchased by another person later on.”The decision to stick with Bitcoin may have been crucial to its success due to the fact that numerous members of the crypto community highlighted their dislike for the name Netcoin, as one stated:“That’s interesting. I’m glad they stuck with Bitcoin, sounds way better.”The finding further helps Bitcoin distance itself from the people that have previously claimed to be Satoshi Nakamoto. The Netcoin.org domain was later deleted and re-registered to a subsidiary of Web.com in 2010.Related: El Salvador’s Bitcoin decision: Tracking adoption a year laterDespite the mysteries behind the creation of Bitcoin, the asset continues to dominate the financial markets. BitPay confirms this notion as its data showed Bitcoin to be a major payment tool despite huge price volatility.Speaking to Cointelegraph, BitPay’s vice president of marketing Merrick Theobald stated that the sales volumes of Bitcoin-based payments on BitPay accounted for as much as 52% in the first quarter of 2022.
  • Framework to ban members of Congress and SCOTUS from trading stocks includes crypto provision
    Cointelegraph.com News - 22 hours ago
    A bill based on the proposed framework banning crypto investments could help to “restore the public’s faith and trust in their public officials,” according to Zoe Lofgren. Members of the United States House of Representatives and Senate as well as Supreme Court justices currently trading cryptocurrencies may have to stop HODLing while in office should a bill get enough votes.According to a framework released on Thursday, chair Zoe Lofgren of the Committee on House Administration — responsible for the day-to-day operations of the House — said she had a “meaningful and effective plan to combat financial conflicts of interest” in the U.S. Congress by restricting the financial activities of lawmakers and SCOTUS justices, as well as those of their spouses and children. The bill, if passed according to the framework, would suggest a change in policy following the 2012 passage of the Stop Trading on Congressional Knowledge Act, or STOCK Act, allowing members of Congress to buy, sell and trade stocks and other investments while in office, but also requiring them to disclose such transactions.“Congress can act to restore the public’s faith and trust in their public officials and ensure that these officials act in the public interest, not their private financial interest, by restricting senior government officials — including Members of Congress and the Supreme Court — and their spouses and dependent children from trading stock or holding investments in securities, commodities, futures, cryptocurrency, and other similar investments and from shorting stocks,” said Lofgren.She added:”I will soon introduce legislative text for a bill built on this framework for reform. Many Members have already concluded that reforms are necessary.”The framework suggested that lawmakers and SCOTUS justices could still hold and disclose a portfolio with diversified mutual funds, exchange-traded funds, Treasury bills, and other investments that did “not present the same potential for conflicts of interest.” The bill’s framework also proposed disclosure amounts be more precise rather than the “extremely broad” range currently used — for example, fro$5 million to $25 million — and be available to the public.Under the STOCK Act, lawmakers are required to report the purchase, sale or exchange of any investment over $1,000 within 30 to 45 days but the law provides minimal financial and legal consequences for not filing in time — sometimes as little as a $200 late fee. The proposed framework suggested enforcing fines of $1,000 for every 30-day period an individual was in violation of disclosure rules, increasing the late fee to $500, and authorizing the Department of Justice to bring civil actions if necessary. The House Press Gallery’s Twitter account reported on Thursday that the House could consider the proposed legislation as early as next week.Senators Jon Ossoff and Mark Kelly proposed similar reforms for the STOCK Act in the Senate in January, but there has been no movement on the bill in more than 8 months. According to Lofgren, House Speaker Nancy Pelosi tasked the committee to review potential financial conflicts of interest in Congress. However, the speaker previously pushed back against efforts to prohibit lawmakers from owning or trading stocks, saying “they should be able to participate in that.”Related: Powers On… Why US officials ignore ethics and STOCK Act by trading stocks?A number of House members and senators have disclosed their exposure to crypto investments, including Illinois Representative Marie Newman, Florida Representative Michael Waltz, Wyoming Senator Cynthia Lummis, Texas Representative Michael McCaul, Pennsylvania Representative Pat Toomey, Alabama Representative Barry Moore, and New Jersey Representative Jefferson Van Drew. In December 2021, New York Representative Alexandria Ocasio-Cortez said it inappropriate for her to hold Bitcoin (BTC) or other digital assets because U.S. lawmakers have access to “sensitive information and upcoming policy.”
  • Crypto Biz: DID you see what Africa is doing with Web3?
    Cointelegraph.com News - 22 hours ago
    Decentralized identity services could play a vital role in promoting Web3 payments in emerging markets like Africa. This week’s Crypto Biz has the latest. If you’ve spent any time reading about blockchain and Web3, you know that this industry is filled with big buzzwords and half-baked concepts. But, concepts such as decentralized identity services, or DIDs, bring real meaning and utility to Web3. If you haven’t yet wrapped your mind around DID, it refers to a self-owned, independent identity that enables trusted data exchange. In other words, it puts digital identity management and administration directly in your hands instead of some third party’s. In this week’s Crypto Biz, we take a look at a Web3 partnership designed to bring DID-powered payment solutions to Africa. We also chronicle Maple Finance, the European Central Bank and Nasdaq. Payments platform Fuse integrates ChromePay to bring DID services to AfricaIs Web3 even possible without decentralized identity services, or DIDs? It depends on who you ask. For Web3 payment solutions Fuse and ChromePay, DIDs will play an essential role in expanding access to the decentralized internet, especially in places like Africa. This week, the companies announced a new partnership to bring a suite of DID-powered Web3 payment products to the African continent. Specifically, ChromePay will integrate the Fuse blockchain, allowing users to access both traditional and blockchain-based payments directly on their mobile devices. Crypto is booming in Africa! A new report reveals venture funding for African cryptocurrency startups grew 11x in 2022. (Reporting via @ezrareguerra) https://t.co/aJwcPQSr9V— Cointelegraph (@Cointelegraph) May 23, 2022 Maple Finance launches $300M lending pool for Bitcoin mining firmsCrypto lending platform Maple Finance is showing no signs of slowing down amid the bear market. The company announced this week that it would provide up to $300 million worth of secure debt financing to Bitcoin (BTC) mining firms. Why is this important? Well, for starters, the loan could help miners stay afloat during one of Bitcoin’s most severe downturns. The loan will be secured by physical and intellectual assets owned by the mining firms, including their BTC mining rigs. European Central Bank chooses Amazon and 4 other firms to prototype digital euro appThe European Central Bank, or ECB, will prototype its digital euro app with five e-commerce and fintech companies led by Amazon. Nexi, EPI, Worldline and CaxaBank round out the list of partners the ECB has chosen to develop specific functions for the digital euro prototype. Although the ECB has been vague about its intent to release a central bank digital currency, the monetary authority appears to be laying the groundwork for its implementation. I’m no fan of CBDCs, so make of this what you will. Nasdaq reportedly preparing crypto custody services for institutionsThe bear market might be a perfect opportunity for institutional investors to learn about crypto and, by extension, begin investing in the digital asset class. (Regulatory clarity will also help.) It was reported this week that financial services firm Nasdaq is preparing to offer digital asset custody services — a move that could make buying and holding BTC and other cryptocurrencies more palatable for institutional investors. In my view, it’s only a matter of time before banks, hedge funds and family offices begin dabbling in crypto. At this stage, not considering Bitcoin is a major career risk for investors. Ignore BTC at your peril!Before you go: Why did the crypto market dump after the Ethereum Merge?Ethereum’s highly anticipated Merge was completed successfully last week, but even that didn’t prevent crypto prices from crashing again. In this week’s Market Report, I sat down with Marcel Pechman, Benton Yaun and Ray Salmond to discuss the factors impacting crypto markets. I also shared my thoughts on when Bitcoin could reach its definitive cycle bottom. You can watch the full replay below. Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.
  • Moscow Exchange drafting bill on digital financial assets and securities trading: Report
    Cointelegraph.com News - 22 hours ago
    Russia’s stock exchange expects to become a registered digital asset exchange and begin trading both digital financial assets and digital asset-based securities. The Moscow Exchange (MOEX) is drafting a bill to allow trading in digital financial assets (DFAs) and securities based on them, according to a report in the Russian press. The stock exchange is writing the bill on the behalf of the Russian Central Bank, which does not have the power to introduce legislation, Vedomosti newspaper reported on Thursday. Speaking at a banking conference, MOEX supervisory board chair Sergei Shvetsov said the bill in preparation foresees trading in both DFAs and DFA certificates that would trade like securities. “The exchange and its subsidiaries will apply to the regulator and I hope that they will receive the status of exchange operators” to trade in DFAs, Shvetsov said. He added:“We want the market to make its own choice between blockchain accounting and depositary accounting, and if the law is passed, Russian depositories will be able to hold DFAs in their accounts on the blockchain — as soon as the client needs the underlying asset, they redeem the certificate and receive the asset in their account on the blockchain.”Lack of familiarity is an impediment to distributed ledger technology in Russia, according to Shvetsov. “When you don’t know who to call and who to sue, many people don’t want to participate,” he said, but “It’s a blank sheet that we can draw whatever we want on, according to the needs of the economy and investors.”Related: Drawbacks of centralization: Moscow Stock Exchange remains offline amid ongoing Russo-Ukrainian warShvetsov said that the bill is currently under review by the Russian Central Bank. State Duma finance committee chair and head of the Russian Banking Association Anatoly Aksakov suggested in July that MOEX become a crypto exchange, following the examples of the Toronto Stock Exchange and the Deutsche Boerse. A MOEX spokesman said in August that the exchange expects to be permitted to trade DFAs. “It’s in the interests of our clients,” MOEX International managing director of strategy Artem Zheleznov said.
  • Tornado Cash saga left a void, says Chainalysis chief scientist: Finance Redefined
    Cointelegraph.com News - 23 hours ago
    A new report suggests the Ethereum staking ecosystem could become a formidable industry impacting a wider crypto economy. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.Chainalysis chief scientist shared his views on the Tornado Cash saga and said that the incident has left a void for illicit fund mixing services, but the real impact of the sanctions could be determined in the long run.The staking ecosystem of Ethereum post Merge could have a significant impact on the crypto economy, according to a new report. Institutional lending platform Mapple Finance launched a $300 million lending pool for Bitcoin mining farms.The Tribe DAO, a decentralized autonomous organization, voted in favor of repaying affected users of the $80 million exploit on DeFi platform Rari Capital’s liquidity pools. BNB Chain launched a new community-led security initiative called Avenger DAO.Top-100 DeFi tokens by market cap have a mixed week in terms of price action, where many tokens traded in red while a few others showed weekly gains.Tornado Cash left a void, time will tell what fills it — Chainalysis chief scientistThe sanctions on cryptocurrency mixer Tornado Cash have left a vacuum for illicit fund mixing services, but more time is needed before we’ll know the full impact, according to Chainalysis’ chief scientist.During a demo of Chainalysis’ recently launched blockchain analysis platform Storyline, Cointelegraph asked Chainalysis chief scientist Jacob Illum and country manager for Australia and New Zealand Todd Lenfield about the impact of the Tornado Cash ban.Continue readingTribe DAO votes in favor of repaying victims of $80M Rari hackAfter months of uncertainty, the Tribe DAO has passed a vote to repay affected users of the $80 million exploit on DeFi platform Rari Capital’s liquidity pools.Following several rounds of voting and governance proposals, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, took the decision to vote on Sunday with the intent to fully reimburse hack victims.Continue readingStaking providers could expand institutional presence in the crypto space: ReportThe Ethereum blockchain’s carbon footprint is expected to reduce by 99% following last week’s Merge event. By positioning staking as a service for retail and institutional investors, the upgrade could also have a significant impact on the crypto economy, according to a report from Bitwise on Tuesday.The company said it projects potential gains of 4%–8% for long-term investors through Ether (ETH) staking, while J.P. Morgan analysts forecast that staking yields across PoS blockchains could double to $40 billion by 2025.Continue readingMaple Finance launches $300M lending pool for Bitcoin mining firmsOn Sept. 20, institutional crypto lending protocol Maple Finance and its delegate Icebreaker Finance announced that they would provide up to $300 million worth of secured debt financing to public and private Bitcoin mining firms. Qualified entities meeting treasury management and power strategies standards located throughout North America, as well as those in Australia, can apply for funding.On the other hand, the venture seeks to deliver risk-adjusted returns in the low teen percentages (up to 13% per annum) to investors and capital allocators. The pool is only open to accredited investors who meet substantial income and/or net worth qualifications within a jurisdiction.Continue readingBNB Chain launches a new community-run security mechanism to protect usersBNB Chain, the native blockchain of Binance, has launched AvengerDAO, a new community-driven security initiative to help protect users against scams, malicious actors and possible exploits.The security-centric DAO has been developed in association with leading security firms and popular crypto projects such as Certik, TrustWallet, PancakeSwap and Opera, to name a few.Continue readingDeFi market overviewAnalytical data reveals that DeFi’s total value locked registered a minor dip from the past week. The TVL value was about $50.64 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView show that DeFi’s top 100 tokens by market capitalization had a mixed week, with many tokens making a recovery toward the end of the week while a few others traded in red on the weekly charts.Compound (COMP) was the biggest gainer, registering a 15% gain over the past seven days, followed by PancakeSwap (CAKE) with an 8.8% gain. Theta Network (THETA) was another token in the top 100 to post a 5% weekly gain.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.
  • B. Riley may purchase up to $100M stake in Bitcoin miner Iris Energy
    Cointelegraph.com News - 1 day ago
    Iris Energy’s filing suggested the company planned to use proceeds from the sale to fund growth initiatives including purchasing mining hardware and developing data centers. Australia-based crypto mining firm Iris Energy has signed a deal with B. Riley giving the capital market company the option to purchase up to 25 million of its shares.According to a Friday filing with the United States Securities and Exchange Commission, Iris Energy inked an agreement with B. Riley Principal Capital II related to the “potential offer and sale” of up to 25 million of the Bitcoin (BTC) mining firm’s ordinary shares, worth $100 million. The filing states B. Riley has a 24-month timeframe to complete the purchase starting “as soon as practicable” after the effective date of the registration statement.Because Iris Energy qualifies as a “foreign private issuer” under U.S. securities laws, the firm said it intended to follow “most Nasdaq corporate governance listing standards” while also adhering to Australian law. The company already expected to issue 198,174 shares to B. Riley “as consideration for its irrevocable commitment” to purchase more shares.According to Iris Energy’s filing, the company planned to use proceeds from the sale to fund growth initiatives including purchasing mining hardware and developing data centers:“As of the date of this prospectus, we cannot specify with certainty all of the particular uses, and the respective amounts we may allocate to those uses, for any net proceeds we receive. Accordingly, we will have broad discretion in the way we use these proceeds.” The crypto mining company’s shares were listed on Nasdaq in November 2021 following a $200-million funding round. B. Riley Securities, an affiliate of the capital market firm, also acted as a joint book-running manager with Cowen for Stronghold Digital Mining’s plan to list roughly 6 million shares on the Nasdaq in an initial public offering in October 2021. Related: Maple Finance launches $300M lending pool for Bitcoin mining firmsOther mining firms based in North America seem to have experienced financial difficulties amid the market downturn. Core Scientific and Bitfarms sold some of their BTC holdings in July, and Compute North filed for Chapter 11 bankruptcy on Thursday. However, crypto mining firm CleanSpark inked a $33-million deal to purchase Mawson’s Bitcoin mining facility in September.
  • Price analysis 9/23: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT
    Cointelegraph.com News - 1 day ago
    The strength of the U.S. dollar continues to negatively impact risk assets, but that did not prevent Bitcoin and select altcoins from staging a few strong rallies this week. The S&P 500 index has declined about 5% this week while the Nasdaq Composite is down more than 5.5%. Investors fear that the Federal Reserve’s aggressive rate hikes could cause an economic downturn. The yield curve between the two-year and 10-year Treasury notes, which is watched closely by analysts for predicting a recession, has inverted the most since the year 2000. Among all the mayhem, it is encouraging to see that Bitcoin (BTC) has outperformed both the major indexes and has fallen less than 4% in the week. Could this be a sign that Bitcoin’s bottom may be close by?Daily cryptocurrency market performance. Source: Coin360On-chain data shows that the amount of Bitcoin supply held by long-term holders in losses reached about 30%, which is 2% to 5% below the level that coincided with Bitcoin’s bottom in March 2020 and December 2018. This metric suggests that Bitcoin could have more room to fall before it bottoms out. Let’s study the charts of the S&P 500 index, the U.S. dollar index (DXY) and the major cryptocurrencies to determine whether the trend will continue or if a reversal is likely.SPXThe S&P 500 index (SPX) broke below the 3,900 support on Sept. 16 and the bears successfully defended the level on retests on Sept. 17 and 21. Hence, this becomes an important level to keep an eye on as a break above 3,900 will be the first sign that bulls are on a comeback. SPX daily chart. Source: TradingViewThe downsloping 20-day exponential moving average (EMA) (3,920) indicates an advantage to bears but the relative strength index (RSI) in the oversold territory suggests that the index may attempt a rebound from the strong support zone between 3,715 and 3,636.A weak rebound off this zone will indicate a lack of aggressive buying by the bulls. That could increase the possibility of a decline below the crucial June low at 3,636. If this support collapses, the index could plunge toward 3,325.On the contrary, a strong rebound off the support zone could result in a recovery to 3,900. A break above this resistance could signal a potential trend change in the near term.DXYThe U.S. dollar index (DXY) has been in a strong uptrend for the past few months. Every dip is being purchased aggressively and the index continues to scale new heights. Attempts by the bears to force a trend change failed when the price rebounded off the 50-day simple moving average (SMA) ($108) on Sept. 13.DXY daily chart. Source: TradingViewAfter staying in a tight range for a few days, the index broke out to a new 52-week high on Sept. 21. This resumed the uptrend and the index could next attempt a rally to 115.The sharp rally of the past few days has pushed the RSI into the overbought zone, which suggests a minor consolidation or correction is possible in the next few days.The 20-day EMA (109) is an important support to watch for on the downside because a break below it could sink the price to the 50-day SMA. The bears will have to pull the price below 107 to indicate a possible trend change in the near term.BTC/USDTBuyers have been buying the dip below $18,626 in Bitcoin but the failure to push the price above the 20-day EMA ($19,841) shows that bears are in no mood to let go of their advantage. This increases the possibility of a retest of the vital June low at $17,622.BTC/USDT daily chart. Source: TradingViewA break and close below $17,622 could create panic and the BTC/USDT pair may plummet to the next major support at $14,500.While the downsloping moving averages indicate advantage to bears, the positive divergence on the RSI suggests that the selling pressure could be reducing. This view could strengthen if bulls drive and sustain the price above the 20-day EMA. That could push the price toward the overhead resistance zone between the 50-day SMA (21,200) and $22,799. Such a move will suggest that the pair may continue its bottoming formation inside the large range between $17,622 and $25,211 for longer.ETH/USDTEther (ETH) has been trading inside a descending channel pattern for the past few days. In a channel, traders usually buy near the support and sell close to the resistance.ETH/USDT daily chart. Source: TradingViewThe bears tried to sink the price below the channel on Sept. 21 but the bulls defended the level successfully. The bulls will try to push the price to the 20-day EMA ($1,467) where they may face stiff resistance from the bears.If the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on every minor rally. The bears will then again try to pull the price below the channel and challenge the psychological support at $1,000.Contrarily, if the price rises above the 20-day EMA, the pair could reach the resistance line of the channel. A break and close above the channel could suggest a potential trend change.BNB/USDTBNB has been oscillating between the 20-day EMA ($276) and $258 for the past few days. This shows that the bulls are defending the immediate support at $258 but they have failed to push the price above the 20-day EMA.BNB/USDT daily chart. Source: TradingViewThis tight-range trading is unlikely to continue for long. If buyers propel the price above the 20-day EMA, the BNB/USDT pair could rise to the resistance line of the descending channel. The bulls will have to overcome this obstacle to suggest that the corrective phase may be over. The pair could then attempt a rally to $338.If the price turns down from the current level or the resistance line of the channel, the bears will again try to sink the pair below $258. If they manage to do that, the pair could decline to the support line.XRP/USDTXRP broke above the $0.41 overhead resistance on Sept. 20. The bears tried to trap the aggressive bulls on Sept. 21 but the buyers had other plans. They purchased the dip with vigor and thrust the price above the overhead resistance on Sept. 22.XRP/USDT daily chart. Source: TradingViewThe pattern target of the break from the $0.30 to $0.41 range was $0.52 and the same was reached on Sept. 23. This sharp move pushed the RSI into the overbought territory, suggesting a minor correction or consolidation in the near term. The long wick on the Sept. 23 candlestick shows profit-booking at higher levels.Usually, after the breakout from a range, the price tends to retest the breakout level. In this case, the price could drop to $0.41. If bulls flip this level into support, the XRP/USDT will try to resume the up-move. If the price rises above $0.56, the next stop could be $0.66. On the other hand, a break below $0.41 could suggest that the recent breakout was a bear trap.ADA/USDT Cardano (ADA) bounced off the uptrend line on Sept. 22, indicating that bulls are defending this level with vigor. The price reached near the downtrend line on Sept. 23 but the long wick on the candlestick shows that bears are active at higher levels.ADA/USDT daily chart. Source: TradingViewThe 20-day EMA ($0.46) has started to turn down and the RSI is just below the midpoint, indicating a minor advantage to bears. If the price continues lower and plummets below the uptrend line, the ADA/USDT pair could drop to $0.40. This is an important level for the bulls to defend because a break below it could resume the downtrend.If bulls want to gain the upper hand, they will have to drive and sustain the price above the downtrend line. The pair could then rise to $0.60 where the bears may again mount a stiff resistance.Related: XRP hits 13-month high versus Bitcoin with 35% daily surge — But is a correction inevitable?SOL/USDTSolana (SOL) has been getting squeezed between the 20-day EMA ($33) and the immediate support at $30. This indicates a state of equilibrium between buyers and sellers.SOL/USDT daily chart. Source: TradingViewThis uncertainty is unlikely to continue for long. The bears will try to seize control by pulling the price below $30. If that happens, the SOL/USDT pair could drop to the strong support at $26. The bulls are expected to defend this level aggressively because if this support cracks, the SOL/USDT pair could witness panic selling and drop toward $20.To invalidate this negative view in the short term, buyers will have to drive the price above the moving averages and the overhead resistance at $39. If they succeed, the pair could rally to $48.DOGE/USDTBuyers bought the dip below the immediate support on Sept. 21 but they are struggling to sustain Dogecoin (DOGE) above the 20-day EMA ($0.06) on Sept. 23. This suggests that bears continue to sell on rallies.DOGE/USDT daily chart. Source: TradingViewThe bears will attempt to increase their advantage by sinking the price below the immediate support near $0.06. If they do that, the DOGE/USDT pair could extend its decline to the June low at $0.05. This is a pivotal level because a break below it could indicate the start of the next leg of the downtrend.Conversely, if the price sustains above the 20-day EMA, the pair could rise to the 50-day SMA ($0.07). If bulls pierce this resistance, the pair could rally toward $0.09.DOT/USDTBuyers successfully defended the critical support of $6 on Sept. 21 and 22 but the shallow bounce suggests that demand dries up at higher levels. The longer Polkadot (DOT) trades below the 20-day EMA (6.87), the greater the possibility of a break below $6.DOT/USDT daily chart. Source: TradingViewIf bears sink and sustain the price below $6, the selling momentum could pick up and the DOT/USDT pair could resume its downtrend. The next major support on the downside is at $4.Alternatively, if the price rebounds off $6 or turns up sharply after breaking below the support, it will suggest that bulls continue to buy at lower levels. The bulls will have to propel the price above the moving averages to clear the path for a possible up-move to $10, which, again, is likely to act as a barrier.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.
  • Pentagon contracts with Inca Digital for a security-focused digital asset mapping tool
    Cointelegraph.com News - 1 day ago
    The creator of the Nakamoto Terminal will help the government and businesses understand the interaction of traditional and digital financial systems and track money into and out of blockchains. Digital asset data analytics company Inca Digital will study the implications of digital assets for national security under a year-long contract with the Defense Advanced Research Projects Agency (DARPA), the company announced on Friday. DARPA is the R&D branch of the United States Department of Defense. Inca Digital will work on a project called “Mapping the Impact of Digital Financial Assets,” which will aim to create a “cryptocurrency ecosystem mapping tool” to provide information to the U.S. government and commercial businesses. Besides looking at possible money laundering and sanctions evasions, the project will contribute to understanding interactions between traditional and digital financial systems, money flows into and out of blockchain systems and other uses of cryptocurrency in areas of concern to the U.S. government. Inca Digital CEO Adam Zarazinsky said in the announcement:“The Department of Defense and other federal agencies need to have better tools to understand how digital assets operate and how to leverage their jurisdictional authority over digital asset markets globally.”DARPA program manager Mark Flood told The Washington Post, “DARPA is not engaged in surveillance. I’ll emphasize that we are careful in this research that we do not get involved in personally identifiable information.”Related: Simba Chain Wins Another Contract from US Department of DefenseDARPA has been looking at blockchain technology for several years, both for its security implications and as a potential tool for its own purposes. In June, it partnered with Trail of Bits to analyze the degree to which blockchains are decentralized and identify their vulnerabilities.Inca received a Phase II Small Business Innovation Research for the project. The company is the developer of the Nakamoto Terminal, a system used by the U.S. Commodity Futures Trading Commission for market surveillance. It was founded by former Interpol analysts in 2009.
  • Web3 technologies could be a game changer for the travel industry
    Cointelegraph.com News - 1 day ago
    NFTickets could potentially allow airlines and events to increase their revenue through resales on the secondary market. Many companies and industries are incorporating Web3 technologies into their business structures, and the travel industry is no exception.On Wednesday, Flybondi, an Argentinian airline, announced a strategic alliance with TravelX, a blockchain technology company responsible for tokenizing flight tickets. The partnership intends to enable travelers to purchase airline tickets as nonfungible tokens through Binance Pay, using USD Coin (USDC) as payment for transactions. Speaking with Cointelegraph, the co-founder of TravelX, Facundo Diaz, shared that he was fully convinced that Web3 technologies could allow the travel industry to expand, not only in market size but also in terms of use cases and benefits for travelers:“In 1990, there were 1.2B of airline passengers, and the industry’s market size was valued at $250B. Thanks to Internet adoption, between 1990 and 2007, the industry grew to 2.5B passengers and a $510B market size.”He explained that another increase took place in 2008. When it became mandatory for International Air Transport Association members to use e-ticketing services, the number of travelers grew to 4.5 billion yearly and the industry had a market size of $870 billion. Diaz believes that NFTickets could be beneficial to travelers, because it would allow flyers to auction, sell, trade and transfer tickets from wallet to wallet, giving them full control over managing and disposing of their travel assets freely and seamlessly:“Imagine being able to sell your NFTicket if you cannot travel, or sending it by text message as a gift to your mum whenever you want.” Additionally, NFTickets could potentially allow airlines to increase their revenue through resales from the secondary market. Diaz told Cointelegraph, “Every time an NFTicket is resold in the secondary market, the airline collects a percentage of the upside based on the revenue sharing model defined in the smart contract.”Speaking on his vision for a bright and exciting future for the space, Diaz stated:“We believe the blockchain-based distribution and retailing infrastructure we are creating for the travel industry will help to evolve it into a more transparent industry, ruled by clear smart contracts without black boxes, hiding fees, or conditions.” He added, “But probably the most interesting new use cases are the ones that we couldn’t imagine yet.“ TravelX also hopes to set a precedent for the standardization of NFTickets within the travel industry, but has no intention of monopolizing the market, shared Diaz.“We just created the first layer of infrastructure, and we are opening it for the actual travel industry and new players, like Exchanges, DeFi protocols, or entrepreneurs, to connect and/or build new solutions on top of it.” He explained that the blockchain company is building its infrastructure on the Algorand network, because of its “performance, security, cost, and scalability, but mainly because it is an environmentally friendly blockchain, considering its proof of stake, achieved the status of being carbon negative.”For now, TravelX, a U.S.-based company, is focused on airline inventory distribution which is the most challenging area that can be positively impacted within the travel industry. Mr. Diaz shared: “TravelX is in negotiations and working with more than 60 airlines from Europe, the Middle East, and the U.S. for them to integrate TravelX’s standard and infrastructure for their inventory management and distribution.”
  • Pantera Capital's CEO suggests blockchain growth will continue despite economic turmoil
    Cointelegraph.com News - 1 day ago
    The venture capitalist predicted blockchain would perform based on its own fundamentals, similar to Amazon and Apple. The economic landscape may seem dire at the moment, but it’s unlikely to affect blockchain development, according to Pantera Capital CEO Dan Morehead. In an interview for Real Vision on Thursday, the venture capitalist said that he believes blockchain technology will perform based on its own fundamentals, regardless of the conditions indicated by traditional risk metrics:”Like any disruptive thing, like Apple or Amazon stock, there are short periods of time where it’s correlated with the S&P 500 or whatever risk metric you want to use. But over the last 20 years, it’s done its own thing. And that’s what I think will happen with blockchain over the next ten years or whatever, it’s going to do its own thing based on its own fundamentals.” During the first half of this year, Pantera Capital raised about $1.3 billion in capital for its blockchain fund, with a special emphasis on scalability, DeFi and gaming projects. “We’ve been very focused on DeFi the last few years, it’s building a parallel financial system. Gaming is coming online now and we have a couple hundred million people using blockchain. There’s a lot of really cool gaming projects, and there still are a lot of opportunities in the scalability sector,” he added. Long-term optimism contrasts with the actual drop in venture capital in the industry, however. August saw the fourth consecutive month-on-month decline in capital to $1.36 billion, according to Cointelegraph Research data. The inflows represent a 31.3% drop from July’s $1.98 billion, with 101 deals closed in August, on an average capital investment of $14.3 million — a 10.1% decline from July.The crypto winter was expected to spur consolidation in the sector, but recent numbers from Crunchbase revealed that only four deals with VC-backed crypto companies were concluded in the United States this quarter — a setback from the 16 transactions from the first quarter of the year.Sandeep Nailwal, the managing partner at Symbolic Capital, explained that the bear market has pushed away even big players in the industry:”Everyone was expecting M&A to take off in crypto as we headed into this bear market, but we haven’t seen that happen yet. I think the main reason for this is that the downturn hit the industry so fast and so intensely that even large companies poised as aggressive acquirers were so shell-shocked by the crash that they had to make sure their own balance sheets were in order before looking elsewhere for growth.”The crypto exchange FTX does not seem to be affected by this problem. The company has reportedly engaged in talks with investors to raise $1 billion in new funding to finance additional acquisitions during the bear market. “We have been seeing valuations come way down from pre-summer highs and you have to think there are a lot of acquirers out there, especially in the CeFi space, looking at these low valuations and thinking to themselves that everything is on sale right now. FTX certainly felt that and they were extremely prudent in how they took advantage of these market conditions to fuel their growth,” said Nailwal. FTX’s investment arm announced earlier this month that it had acquired a 30% stake in asset management firm SkyBridge Capital for an undisclosed amount, and the Canadian crypto platform Bitvo was purchased by FTX in June.In the opposite direction, e-commerce company Bolt halted plans to acquire Wyre, a crypto and payment infrastructure company, after announcing a $1.5 billion deal in April. Weeks before, the cryptocurrency investment firm Galaxy Digital decided to drop the acquisition of the digital asset custodian BitGo, citing a breach of contract. BitGo filed a lawsuit against the crypto investment firm for terminating the acquisition, seeking more than $100 million in damages, and accusing Galaxy of “improper repudiation” and “intentional breach” of its acquisition agreement.
  • Crypto gaming sucks — But devs can fix it
    Cointelegraph.com News - 1 day ago
    Crypto gaming isn’t working. Developers need to focus more on fundamentals and less on cosmetics in order to fix it. What we have today in terms of Web3 gaming is not working. Play-to-earn has not worked and neither will play-to-earn or any X-to/and-earn. On top of that, traditional gamers view nonfungible tokens (NFTs) with suspicion. They dunk on expensive apes and are skeptical of large game publishers applying the lipstick of NFTs for further monetization.Nobody knows what a successful Web3 game will look like yet. To get there, we need more developers to experiment with more models. We need infrastructure that will lower the barriers to Web3 game development and make it easy for developers to experiment. That’s why it’s imperative to invest in developing the underlying infrastructure rather than getting carried away by the speculative hype.The Web3 gaming infrastructure can be broken into two phases:Pre-release: Infrastructure for pre-game launchPost-release: Infrastructure for post-game launch.Across both development phases, Web3 gaming needs technical infrastructure (blockchains, analytics and toolings), financial infrastructure (marketplaces and launchpads) and a third category that cuts across both types of infrastructure, such as metaverse platforms and guilds.Navigating the mint in pre-release developmentGame developers have a wide range of options to choose from when deciding where and how to mint the game’s NFTs. Specialized gaming blockchains such as ImmutableX and Klaytn offer low-to-no gas fees and high throughput.Many games are also setting up their own blockchains to enjoy maximum flexibility and scalability. Axie Infinity launched the Ronin sidechain, and DeFi Kingdoms has an Avalanche subnet called DFK Chain. However, launching an independent chain is not technically simple.Emerging players like Saga are trying to capture this new demand by offering a simplified experience for developers seeking to launch their own chains.Unique active wallets connected to DeFi and GameFi applications from January 2022 through August 2022. Source: DappRadarIn the future, besides building out their own chains, Web3 game developers will opt for the easiest experience with full-stack Web2.5 integrators that simply offer SDK and API toolkits. Forte, Stardust and Particle Network are examples of full-stack infrastructure providers that cater to the developer experience.Inflationary tokenomics are on the way outWeb3 games have the option to finance the initial development by pre-selling in-game tokens and game assets. We have witnessed the rise and fall of the inflationary token economic model. Moving forward, selling tokens and game assets, especially those with equity-like governance and ownership features, will become more selective. Projects will whitelist or prioritize buyers who are players or meaningful contributors such as content creators, infrastructure providers and community managers.Social engagement mechanisms must increaseInfrastructure for Web3 gaming growth and engagement is in a tricky chicken-and-egg situation because the traction is still relatively low, which is due to the lack of compelling games. But once a few Web3 games hit critical mass, the network effects from identity data will enable these platforms to bootstrap and collectively innovate faster.Related: GameFi developers could be facing big fines and hard timeAside from the lack of compelling games, familiar aspects such as reviews and social features are missing from Web3 games. There is huge room for competition and innovation as users can easily port to new entrants without losing their assets.Unlocking asset (NFT) utilityWeb3 games generally share value capture with their players and community. Instead of buying everything from the game creators, players can earn or purchase in-game assets and currency from one another, creating a player economy.For mature Web3 gaming economies, productive digital assets become an attractive source of yield through rental, loans or staking. In fact, successful games may even decide to capture their own financial layer by creating in-house substitutes, given how lucrative it can be, as in the case of Axie Infinity’s marketplace or StepN’s new decentralized exchange. Guilds and metaverse platformsLastly, there are guilds and metaverse platforms that offer the games funding, integrations and partnerships. They are in a good position to become focal points for Web3 gaming, like major publishers and distributors in traditional gaming. The crucial difference is that the players and creators can own significant stakes and contribute via governance through decentralized autonomous organizations.The Sandbox and Decentraland are the leading metaverse platforms. But both of them require creators to purchase land upfront, so a lot of land was sold to speculators who do not contribute anything meaningful to the ecosystem. Taking a different approach is Mona, which is free for creators upfront until a space is minted and sold.Related: Get ready for the feds to start indicting NFT tradersMeanwhile, Web3 gaming guilds such as Yield Guild Games and Merit Circle have on-boarded thousands of players to help support upcoming games, most notably, Axie Infinity.The guilds are compelled to differentiate themselves amid growing competition. Snack Club, for example, taps into Brazil’s largest esports and gaming lifestyle group Loud, with 300 million followers. Jambo is building an African super-app that includes telco services and decentralized finance alongside gaming.Games play an essential role in our lives and have long been a frontier of human experimentation. What we’ve witnessed in Web3 gaming so far is part of that experimentation. Undoubtedly, the pitfalls are many. Most iterations of Web3 game economics today are problematic because everybody assumes they will make money playing games. That is not how economies work. So, let’s not confuse speculative hype, which is volatile and fickle, with actual adoption and retention.Shi Khai Wei is the general partner and chief operations officer of LongHash Ventures, a Web3-focused venture fund and accelerator. In 2021, Shi Khai was awarded Forbes 30 Under 30 in recognition of his achievements. He was previously a management consultant at McKinsey & Company, with a focus on digital transformation and analytics across the financial and telecommunications sector in Southeast Asia.Saga, Particle Network, Mona, and Jumbo — mentioned in this piece — are LongHash portfolio companies. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
  • Why is the crypto market down today?
    Cointelegraph.com News - 1 day ago
    Crypto prices keep crashing, and it seems like there’s no bottom in sight. Here are three reasons why cryptocurrency prices keep falling. Crypto prices keep falling, but why? This year’s market crash has turned most winning portfolios into net losers, and new investors are probably losing hope in Bitcoin (BTC).Investors know that cryptocurrencies exhibit higher than average volatility, but this year’s drawdown has been extreme. After hitting a stratospheric all-time high at $69,400, Bitcoin price crumbled over the next 11 months to an unexpected yearly low at $17,600. That’s a nearly 75% drawdown in value. Ether (ETH), the largest altcoin by market capitalization, also saw an 82% correction as its price tumbled from $4,800 to $900 in seven months. Years of historical data show that drawdowns in the 55%–85% range are the norm after parabolic bull market rallies, but the factors weighing on crypto prices today differ from those that triggered sell-offs in the past.At the moment, investor sentiment remains soft as investors avoid risk and wait to see whether the Federal Reserve’s current monetary policy will alleviate persistently high inflation in the United States. On Sept. 21, Fed Chair Jerome Powell announced a 0.75% interest rate hike and hinted that similar-size hikes would occur until inflation drops closer to the central bank’s 2% target. Let’s take a deeper look at three reasons why crypto prices keep falling in 2022. Federal Reserve interest rate hikes Raising interest rates increases the cost of borrowing money for consumers and businesses. This has the knock-on effect of raising business operational costs, the costs of goods and services, production costs, wages, and eventually, the cost of nearly everything. High, unsupressable inflation is the primary reason the United States Federal Reserve is raising interest rates. And since rate hikes began in March 2022, Bitcoin and the broader crypto market have been in a correction.When monetary policy or metrics that measure the strength of the economy shift, risk assets tend to signal, or move, earlier than equities. In 2021, the Fed started signaling its plans to raise interest rates eventually, and data shows Bitcoin price sharply correcting by December 2021. In a way, Bitcoin and Ethereum were the canaries in the coal mine that signaled what lay ahead for equities markets.If inflation begins to taper, the health of the economy improves, or the Fed begins to signal a pivot in its current monetary policy, risk assets like Bitcoin and altcoins could again be the “canaries in the coal mine” by reflecting the return of risk-on sentiment from investors.The persistent threat of regulation The cryptocurrency industry and regulators have a long history of not getting along either due to various misconceptions or mistrust over the actual use case of digital assets. Without a working framework for crypto sector regulation, different countries and states have a plethora of conflicting policies on how cryptocurrencies are classified as assets and precisely what constitutes a legal payment system.The lack of clarity on this matter weighs on growth and innovation within the sector, and many analysts believe that the mainstreaming of cryptocurrencies cannot happen until a more universally agreed upon and understood set of laws is enacted.Risk assets are heavily impacted by investor sentiment, and this trend extends to Bitcoin and altcoins. To date, the threat of unfriendly cryptocurrency regulations or, in the worst case, an outright ban continues to impact crypto prices on a nearly monthly basis.Scams and Ponzis triggered liquidations and repeat blows to investor confidenceScams, Ponzi schemes and sharp market volatility have also played a significant role in crypto prices crashing throughout 2022. Bad news and events that compromise market liquidity tend to cause catastrophic outcomes due to the lack of regulation, the youth of the cryptocurrency industry and the market being relatively small compared with equities markets.The implosion of Terra’s LUNA and Celsius Network as well as misuse of leverage and client funds by Three Arrows Capital (3AC) were each responsible for successive blows to asset prices within the crypto market. Bitcoin is currently the largest asset by market capitalization in the sector, and historically, altcoin prices tend to follow whichever direction BTC price goes.As the Terra and LUNA ecosystem collapsed on itself, Bitcoin price corrected sharply due to multiple liquidations occurring within Terra — and investor sentiment tanked.The same happened with even greater magnitude when Voyager, 3AC and Celsius collapsed, erasing tens of billions in investor and protocol funds.Related: Wen moon? Probably not soon: Why Bitcoin traders should make friends with the trendWhat to expect for the rest of 2022 through 2023The factors impacting falling prices within the crypto market are driven by Federal Reserve policy, meaning the Fed’s power to raise, pause or lower rates will continue to have a direct impact on Bitcoin price, ETH price and altcoin prices.In the meantime, investors’ appetite for risk is likely to remain muted, and potential crypto traders might consider waiting for signs that U.S. inflation has peaked and for the Federal Reserve to begin using language that is indicative of a policy pivot.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Lawyers for Celsius investors file motion to have interests represented in court
    Cointelegraph.com News - 1 day ago
    The legal team requested the court appoint a committee representing certain shareholders or the case could end up “inappropriately and inequitably skewed in favor of the customers.” An international law firm representing groups of Celsius investors has filed a motion to appoint a committee to represent their interests in the crypto lending firm’s bankruptcy case.In a Thursday filing with the U.S. Bankruptcy Court in the Southern District of New York, lawyers with the law firm Milbank requested the appointment of an “Official Preferred Equity Committee” to represent certain Celsius shareholders. According to the filing, the equity holders “urgently require their own fiduciary” for representation in court alongside Celsius debtors and an Unsecured Creditors Committee, or UCC.“The need for a fiduciary to pursue the Equity Holders’ interests is particularly critical when one considers the practical realities of these cases: There are only two groups of real economic stakeholders — the retail customers and the Equity Holders,” said the court filing. “Not only is the UCC laser focused on maximizing value for the customers, without regard for the Equity Holders, but the Debtors also have made it abundantly clear that the UCC is their partner, and these cases are ‘all about the customer.’”The legal team added:“An estate fiduciary is needed to take the other side of this dispute before a plan of reorganization is proposed that violates the Bankruptcy Code […] An Official Preferred Equity Committee should be appointed now — and not after the fact — or these cases will be inappropriately and inequitably skewed in favor of the customers to the detriment of the Equity Holders.”The shareholders included investors in Celsius’ Series B $750-million funding round from November 2021, one of the last before the firm filed for Chapter 11 bankruptcy in July 2022. A hearing on Milbank’s motion will be held on Oct. 6 — the same day the court was scheduled to decide on a motion allowing Celsius to sell its stablecoin holdings to generate liquidity to help “fund the Debtors’ operations.”We expect to soon begin the Claims process. Our objective is to make the entire process simple and straightforward for all customers.— Celsius (@CelsiusNetwork) September 15, 2022 Related: Celsius co-founder declares his equity is ‘worthless’ in courtSince filing for bankruptcy in July, Celsius has faced legal issues from many clients seeking to reclaim their funds. In August, a group of creditors filed a complaint aimed at recovering more than $22.5 million worth of crypto held in the lending firm’s custody service. However, the price of Celsius’ CEL token has roughly doubled since the Chapter 11 filing, from $0.78 to $1.54 at the time of publication.Cointelegraph reached out to Milbank, but did not receive a response at the time of publication.
  • Blockchain infrastructure firm Chain will sponsor New England Patriots football team
    Cointelegraph.com News - 1 day ago
    Chain will work to develop Web3 experiences for visitors to Gillette Stadium and Patriot Place by “merging the physical with the digital.” Chain, a blockchain infrastructure firm that offers developers Web3 services to build and maintain blockchain-based applications, will sponsor the New England Patriots football team as well as other venues and sporting clubs controlled by the Kraft Group.In a Thursday announcement, Chain said it will be the official blockchain and Web3 sponsor of the Patriots, the New England Revolution soccer club, Gillette Stadium in Massachusetts and the shopping center Patriot Place as part of a multi-year partnership deal with Kraft Sports + Entertainment, the marketing and events division of the Kraft Group. Chain will work to develop Web3 experiences for visitors to Gillette Stadium and Patriot Place by “merging the physical with the digital.”Speaking to Cointelegraph, a Chain spokesperson declined to comment on the monetary details behind the partnership. They hinted that the Web3 fan experience was tied to the firm “recently [selling] out a historic NFT project with a global luxury retailer.”Chain said it offered products including Ledger, Cloud and nonfungible tokens as a service. The firm acquired Measurable Data Token (MDT) and its ecosystem products for $100 million in July, which included blockchain oracle MeFi and cashback app RewardMe.Many of the reactions from Crypto Twitter on the Patriots’ sponsorship seemed to be positive, but some questioned how blockchain technology would contribute to fans’ experiences.As an honest, lifelong Patriots fan, I’m super excited and happy to see that you’re embracing web3!— Trevorwhatever.eth (@Trevorwhatever4) September 22, 2022 Related: Sports sponsorship is helping legitimize crypto in Australia — Coinjar execProfessional sports organizations both in the United States and abroad have seen major funds flowing in with crypto sponsorships. Crypto.com inked a $700-million deal to rename Los Angeles’ Staples Center in 2021, later signing a five-year sponsorship deal with the Australia Football League for $25 million and becoming one of the official sponsors of the FIFA World Cup in Qatar. However, the exchange also reportedly backed out of a roughly half-billion dollar agreement with the Union of European Football Associations Champions League in September. Cointelegraph reached out to the Patriots, but did not receive a response at the time of publication.
  • Coinsquare acquires publicly traded crypto exchange CoinSmart
    Cointelegraph.com News - 1 day ago
    CoinSmart reported $16.7 million in gross revenue in 2021 as retail trading volumes soared during the Bitcoin bull market. Canada’s crypto exchange landscape appears to be consolidating after Coinsquare, one of the largest digital asset trading platforms in the country, acquired CoinSmart for an undisclosed amount. On Thursday, Coinsquare announced that it had entered into a definitive agreement to purchase all issued and outstanding shares of CoinSmart’s wholly-owned subsidiary Simply Digital. Once the deal becomes final, CoinSmart will hold a roughly 12% ownership stake in Coinsquare on a pro-forma basis. Shares of the CoinSmart crypto exchange, which trade on the NEO Exchange, were up 67% on Friday, largely in response to the news. The acquisition makes Coinsquare one of Canada’s largest crypto exchanges and expands its operational and business capabilities. Founded in 2014, Coinsquare has expanded its service offerings to include retail and institutional trading, crypto payment processing and digital asset custody. CoinSmart was co-founded in 2018 by Justin Hartzman, who also served as the company’s CEO. Following the acquisition, Hartzman is set to join Coinsquare’s executive team. As a publicly traded company, CoinSmart discloses its financial statements quarterly. In its annual summary released on April 1, the company reported $16.7 million in gross revenue in 2021, an increase of 357% year-over-year. Retail trading volume grew by 875%, likely reflecting the Bitcoin (BTC) bull market of 2021.Related: Canada’s new opposition leader is a BitcoinerCoinsquare is one of just two crypto exchanges operating in Canada to pre-register with their principal regulators as they work toward full compliance with securities laws. The pre-registration requirements were established by the Canadian Securities Administrators, or CSA, and allow crypto exchanges to remain operational while their full applications with CSA are being reviewed. CoinSmart CEO, @JustinHartzman will be speaking on a panel @Futurist_conf talking about #Web3 and the future of the Internet! Also on the panel: @forgeforth_ – @Cointelegraph @GDADave – @SD_Markets Kimberly Adams – @bridgenetwork0x Vincent Kadar – @PolymathNetwork #crypto pic.twitter.com/thLF35QnaK— CoinSmart (@CoinSmart) August 8, 2022 In an interview with Cointelegraph on the sidelines of the Futurist conference in Toronto in August, Coinsquare chief operating officer Eric Richmond explained that the crypto exchange registered with the Investment Industry Regulatory Organization of Canada, or IIROC, in November 2020. Crypto adoption in Canada is on the rise, but like in other countries, participation is largely based on underlying market conditions. According to a KPMG survey, adoption is also growing within institutional circles due to crypto’s perceived upside and innovative potential. 
  • XRP hits 13-month high versus Bitcoin with 35% daily surge — But is a correction inevitable?
    Cointelegraph.com News - 1 day ago
    The XRP price rally appears to be driven by a “buy-the-rumor” frenzy in a potential lawsuit win for Ripple versus the SEC. XRP price posted a sharp rally against Bitcoin (BTC) on continued optimism about a potential settlement between Ripple, a San Francisco-based blockchain payment firm, and the U.S. Securities and Exchange Commission (SEC).Settlement rumors fuel XRP price boom On Sept. 23, the XRP/BTC pair surged to 0.00002877 — its best level in 13 months — from 0.00002132, a 35% price rally versus Bitcoin in one day. Meanwhile, the same timeframe saw XRP rising as much as 42% against the U.S. dollar.XRP/BTC and XRP/USD daily price chart. Source: TradingViewThe big price leaps in the XRP market started appearing after Ripple and SEC filed motions for a summary judgment with the court on Sept. 12 regarding their ongoing legal battle over allegations that Ripple hcommitted securities fraud.In other words, Ripple and SEC agreed that the court should use the available evidence to reach a verdict on whether the blockchain firm illegally raised funds by selling XRP by December 2022, and thus avoid a trial. XRP’s price has boomed approximately 75% and 60% versus Bitcoin and the dollar, respectively, since Ripple’s court filing, fueled by optimism of a possible win for Ripple. The buying accelerated further after Ripple CEO Brad Garlinghouse suggested the same in his recent interview with Fox Business on Sept. 22.BREAKING: Ripple CEO @BGarlinghouse Appears on Fox Business Amid $XRP Price Surge Approaching $0.50 pic.twitter.com/wg6a3QeSly— HeadlineHunter!U.S. (@HHunter_US) September 22, 2022 Garlinghouse:”People realize that the SEC is really overreaching and they are not following a faithful allegiance to the law in pursuit for an outcome […] The SEC has kind of lost its way.”XRP sharks and whales buying since 2020The price surge also comes amid the consistent accumulation of XRP tokens by rich investors csince May.The percentage of entities holding between 1 million and 10 million XRP tokens — known as sharks and whales — has risen as a whole to 6.35% on Sept. 23, 2022, up from 5.43% on Dec. 31, 2020, according to data from Santiment, which noted: “Active shark & whale addresses holding 1m to 10m $XRP have been in an accumulation pattern since late 2020.”Active XRP shark and whale addresses. Source: SantimentMeanwhile, the given period also witnessed entities with over 10 million XRP tokens reaching an all-time low 70.75% of the current supply. Pain ahead?It appears that traders have been buying the rumor in the run-up to the Ripple vs. SEC verdict. But while it remains to be seen if this will then turn into “sell the news,” depending on the outcome of the ruling, XRP’s technicals are hinting at a potential correction.Notably, XRP has already become an overbought asset versus Bitcoin and the dollar.Related: Total crypto market cap shows strength even after the Merge and Federal Reserve rate hikeThe relative strength index (RSI) for XRP/BTC reached almost 85 on Sept. 23, way above the overbought threshold of 70 that typically precedes a strong price correction or consolidation.XRP/BTC has already corrected by nearly 10% from its 13-month peak, as shown in the chart below. The pair now tests 0.00002601 as its short-term support, which, if broken to the downside, could have it test 0.00002079 as its primary downside target or a 20% drop from current levels by the end of the year. XRP/BTC daily price chart. Source: TradingViewMeanwhile, XRP eyes a similar sharp correction versus the dollar after crossing paths with a multi-month descending trendline resistance, as shown below.XRP/USD three-day price chart. Source: TradingViewAn extended pullback from the trendline resistance could see XRP test its near-term horizontal trendline support as its next downside target. In other words, the XRP/USD pair could drop to $0.31 by the end of 2022, down almost 40% from Sept. 23’s price.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • El Salvador's Bitcoin decision: Tracking adoption a year later
    Cointelegraph.com News - 1 day ago
    El Salvador made history last year in September by making BTC a legal tender. One year later, the falling BTC prices and delayed Volcanic bonds have fueled skepticism. El Salvador, the small Central American nation that made history just over a year ago when it made Bitcoin (BTC) legal tender, recently marked its first year of BTC adoption.The Salvadoran government touted BTC as a tool to attract foreign investment, create new jobs and cut reliance on the United States dollar in the country’s economy at the time of adoption. Many BTC proponents and the libertarian community rallied behind the small nation despite mounting pressure from global organizations such as the World Bank and International Monetary Fund (IMF) to remove BTC as a legal tender.A lot has changed over the past year since El Salvador became the first “Bitcoin nation.” Enthusiasm and public interest rose immediately after the recognition of BTC, with the price surging to new highs.Salvadoran President Nayib Bukele joined the growing league of Bitcoin proponents to buy several market dips and even reaped the benefits of their BTC purchase in the early days as the country built schools and hospitals with its profits. As market conditions turned bearish, however, the frequency of BTC purchases slowed down, and the president, who was often seen interacting with the crypto community on Twitter and sharing future Bitcoin endeavors, cut back his social media interactions significantly. El Salvador has purchased 2,301 BTC since last September for about $103.9 million. That Bitcoin is presently worth roughly $45 million. The most recent purchase was made in mid-2022 when the nation bought 80 BTC at $19,000 a piece.As the price of BTC tanked, critics who have long been raising concerns about a crypto bubble felt validated, with several comments along the lines of “I told you so.” However, market experts believe El Salvador’s BTC experiment is far from a failure. El Salvador’s Bitcoin Volcanic bond, a project meant to raise $1 billion from investors to build a Bitcoin city, has already been delayed on numerous occasions now and skepticism is growing not just around the project but on the overall BTC adoption itself. Samson Mow, a Bitcoin entrepreneur who played a key role in designing the Bitcoin Volcanic bond — also called the Volcanic token — told Cointelegraph that contrary to common outside perceptions, El Salvador is building through the bear market. He noted that the Volcanic bond was delayed due to several reasons and is currently awaiting the passage of a digital securities law. He explained:“We’re still waiting on the new digital securities laws to go to congress, and once passed, El Salvador can start the capital raise for the Bitcoin Bonds. I’m hopeful that it happens before the end of this year. Much like Bitcoin companies, El Salvador is focused on building through the bear market. I can’t see President Bukele not stacking more at these prices.”The BTC price recorded a new all-time-high of $68,789 just a month after El Salvador’s adoption on Nov. 10. Since then, however, the price has tanked by over 70% and currently trading at around $19,000. Many critics believe that the future of the Volcanic bond and its native token is highly dependent on the crypto market and thus it could only gain traction during bull markets.Paolo Ardoino, chief technical officer at Bitfinex, told Cointelegraph that the Volcanic tokens would generate interest from investors irrespective of the market conditions, he explained:“The Volcanic token will be the first of its kind. While investor appetite for new offerings is typically greater during a bull market, we are confident that the unique proposition that this token represents will garner significant interest regardless of market conditions. The Volcanic token has widespread support in the Bitcoin community and there is manifestly a great appetite for the offering regardless of if we are in a bear or bull market.”Bitfinex is the key infrastructure partner of the El Salvador government responsible for processing transactions from the sale of Volcanic tokens. Bitcoin adoption boosted remittance and tourismWhile critics have called El Salvador’s Bitcoin experiment a failure since the start, proponents see it as a revolution of sorts and believe El Salvador’s adoption could create a domino effect for other nations with similar financial challenges such as a high number of unbanked citizens and significant remittance volumes. Bukele has previously mentioned that the primary focus of recognizing BTC was to offer banking services to more than 80% of unbanked Salvodrans. Within six months of the law passing, the country’s national Bitcoin wallet managed to onboard four million users, ensuring that 70% of the unbanked population got access to payment and remittance services without having to go to a bank.Recent: Metaverse graphics aim for community and accessibility — Not realismAarti Dhapte, a senior research analyst at Market Research Future, told Cointelegraph that El Salvador’s BTC adoption has proven a success on several fronts, be it banking the unbanked or boosting tourism:“We should accept that the digital currency has helped the Central American nation of El Salvador rebuild its tourism industry, despite the country still having difficulty enduring the long crypto winter. According to information from the Ministry of Tourism, El Salvador’s spending on travel has increased by 81% in the post-pandemic period. In 2021 the nation welcomed 1.2 million visitors and 1.1 million during the first half of 2022.”Statista data shows that more than 9% of El Salvador’s GDP is made up of the tourism industry, so a near doubling of tourism is a significant boon for the country.Share of tourism in El Salvador’s GDP. Source: StatistaApart from tourism and offering financial services to the unbanked, BTC adoption has also proven beneficial in terms of cross-border remittances, cutting transaction costs significantly.The El Salvador Central Reserve Bank estimates that from January to May 2022, remittances from citizens residing abroad totaled more than $50 million. The adoption of Bitcoin and the Chivo wallet, an initiative supported by the government of El Salvador, helped boost Lightning Network transactions by 400% in 2022.The downsides of Bitcoin adoptionThe biggest downside of El Salvador’s Bitcoin adoption has been macroeconomic factors that have led to a decline in BTC price along with the amount of pushback it has gotten from around the world. The pushback wouldn’t matter in a bull market, but being a small nation-state with financial challenges, the country cannot afford to be on bad terms with international monetary organizations. Right now, the vast majority of El Salvador’s Bitcoin was purchased at a higher value than it currently enjoys. Bitcoin has been tracking closely with traditional assets, like the stock market — particularly tech stocks. They, too, have taken a beating this year as the world tries to cope with the aftermath of pandemic-related government handouts. Beyond the price of Bitcoin, the bigger problem for El Salvador is how the international financial world views the move. The country’s move toward Bitcoin has limited the country’s access to traditional financial markets, causing Bukele some real problems in financing the repayment of its bond obligations. Moody’s, earlier this year, credited disagreements about Bitcoin as a reason El Salvador was having difficulty coming to terms with the IMF. Recent: Ethereum post-Merge hard forks are here: Now what?Richard Gardner, CEO at institutional infrastructure service provider Modulus, told Cointelegraph that maybe in five years, Bukele’s decision won’t look that bad, but currently, it’s controversial:“Bukele’s move to Bitcoin doesn’t look wise. Even with high inflation for the USD, Bitcoin has ultimately failed as an inflation hedge, given its dip. However, we’re looking at a one-year snapshot during a recession. For a country like El Salvador, access to funding through organizations like the IMF is vital. That makes Bukele’s Bitcoin gambit difficult to defend.”El Salvador’s future depends a lot on the success of the delayed Volcanic bonds, which could bring billions in revenue and set a precedent for others to follow. Until the launch of the bond, the outside world will continue to measure its success based on its BTC purchases.
  • Post offices adopting NFTs leads to a philately renaissance
    Cointelegraph.com News - 1 day ago
    Nonfungible tokens are being used to reinvigorate postage stamp collecting in Austria and the Netherlands. Philately? If you are a millennial, there is a good chance you used Google to find out that there is a word dedicated to collecting and studying postage stamps.This same search also paints the picture of a hobby in decline, as younger generations are increasingly preoccupied with their screens and the constant stream of dopamine hits served up by TikTok, Instagram, Twitter and other popular social media platforms.Two European postal services have looked to capitalize on the popularity of nonfungible tokens (NFTs) in recent years to reinvigorate the philately sector. Cointelegraph caught up with Netherlands’ PostNL and the Austrian Post Office (PostAG) at the Blockchain Expo in Amsterdam to delve into their collaborative effort that has successfully married postage stamps with NFTs.PostAG philately head Patricia Liebermann and PostNL product manager Sacha van Hoorn are a vivacious duo that has kindled a working friendship that seems to be the backbone of the NFT-powered renaissance of postage stamp collecting in both countries.Liebermann and van Hoorn at the Crypto Stamp stand during the Blockchain Expo in Amsterdam.PostAG first explored using NFT postage stamps in 2019 with real-world stamps issued with a digital twin NFT originally minted on the Ethereum blockchain. Over the next two years, Austria’s post office continued the project with near-field communication (NFC) chip functionality introduced in 2021 to further the functionality, verifiability and security of postage stamps.Reflecting on the dimming interest in philately, Liebermann unpacked the initial idea and its quick uptake some three years ago:“In 2019, we invented the idea of having a physical stamp combined with an NFT. It was mind-blowing, and we were overwhelmed with all that feedback. And that’s why we said, ‘Okay, there is a target group out there who is interested in this new way of collecting.’”Van Hoorn’s efforts to continue innovating PostNL’s postage stamp offerings had already explored the use of augmented reality and artificial intelligence on stamps, but PostAG’s NFTs exploits led her to reach out to her Austrian counterpart. Knowing that development would take a significant amount of time and resources, a collaboration was formed:“So, we actually decided to contact the Austrians because they were the first, and we really wanted to have their experience and their knowledge and ask them, ‘How did you do it?’”The partnership has culminated in a joint launch of a new edition of Crypto Stamps, which is being labeled as a first-ever joint crypto stamp issuance. It is also the first edition of PostNL NFT stamps, with the stamps issued in a variety of respective colors of the Dutch and Austrian flags. The stamps also feature the respective countries’ national flowers, with tulips and edelweiss in the background of the PostNL and PostAG stamps.PostAG and PostNL Crypto Stamps on display at the RAI convention center in Amsterdam.The physical stamps are produced by Austrian firm Varius Card, whose managing director, Michael Dorner, unpacked the latest security features in a conversation with Cointelegraph. The fourth edition of the Crypto Stamps features invisible ultraviolet rays and forensic security. The NFC chips also provide cryptographic proof of any given stamp’s authenticity.Dorner also regaled recent conversations he had with older-generation Austrians who were avid stamp users who were introduced to NFTs through PostAG’s Crypto Stamps. Unfamiliar with the digital collectibles, some grandparents inevitably asked their grandchildren to help them come to grips with the digital twin of their real-world stamps.“They called up their grandchildren and said, ‘Do you know what an NFT is?’ And the grandchild says, ‘Yes, what do you have?’ Suddenly they sat down together for dinner, they checked the crypto stamps, and the kids were like, ‘Granddad, let’s check what color you have.’”All three individuals believe that the NFT-paired postage stamps are leading to a philately renaissance, with Dorner describing the shift as the next generation of collectors:“Two generations with two completely different aspects come together, and they talk. And you have this new community, you have this ‘collectors 3.0.’ Like the young collectors, we all suddenly just started getting interested in stamps again.”These positive sentiments are also backed up by the popularity of each launch, with Dorner and Liebermann highlighting that all previous NFT-paired collections completely sold out. Dorner estimated that 150,000 to 250,000 postage stamps with NFT pairs had been sold since 2019, suggesting the initiative could be one of the most successful NFT projects in the world. The latest edition of Crypto Stamps is minted on the Polygon blockchain.
  • Is the bottom in? Crypto community shares their thoughts
    Cointelegraph.com News - 1 day ago
    From waiting for Bitcoin prices to go lower to hoping that the fun goes on, community members shared their thoughts on crypto prices. Buying the dip instantly becomes a nightmare when crypto prices go down even further as the bear market continues its onset. However, recent dips show that current prices may potentially be a good entry point for traders. To find out what the community thinks, Cointelegraph asked Twitter to answer the question — is the bottom in? Could you please stop jinxing my shorts?— Stoic Trader (@stoic_traders) September 22, 2022 From bracing for further impact and waiting for Bitcoin (BTC) prices to go lower to hoping the fun that comes with a bull market goes on, crypto community members shared their thoughts on the crypto prices’ bottom. Some Twitter users are convinced that it’s not yet the bottom. One community member replied, saying that people should be ready for Bitcoin to go even lower. “This winter will be hard,” they wrote. Despite sharing the sentiment that it’s not yet the bottom, another Twitter user showed a more positive vibe, saying that they just cashed some winners and are waiting for what’s next. Meanwhile, a community member who wrote “shitcoin maximalist” on their Twitter bio replied to the thread in a jolly manner but was seemingly tired of the crypto crashes. They tweeted: it’s been the bottom for 550 crashes now, but it might not be the bottom woohoo — MegaFish (@MegaFishest) September 22, 2022 Apart from these, another community member also responded with hopes that the recent price dips are already at the bottom. According to the community member, unless the BTC price leaves the $25,000 mark, traders will not know if current prices are truly the bottom. However, the trader hopes that this is it so that “the fun can resume.” Related: Reddit NFT avatars selling for a premium on OpenSeaIn September, analysts discussed the Bitcoin bottom topic and gave their thoughts in a Twitter space hosted by Cointelegraph. In the talk, Blockware Solutions analyst Joe Burnett said that there are many factors that put pressure on Bitcoin, including government attempts to combat inflation.
  • China accounts for 84% of all blockchain patent applications, but there's a catch
    Cointelegraph.com News - 1 day ago
    China’s push for blockchain technology gained steam after 2019 when President Xi Jinping called for corporations from tech giants to become industry leaders in the nascent tech. China accounts for 84% of all blockchain applications filed worldwide, according to the latest data shared by the country’s government official.China has steered clear of the cryptocurrency market. However, the Beijing government has been supportive of the underlying blockchain technology. The country has actively promoted the use of blockchain tech over the years, and thus the high percentage of blockchain patents isn’t surprising.President Xi Jinping has also played a key role in promoting the nascent blockchain technology. In 2019, the president called upon citizens, tech companies and stakeholders of the ecosystem to actively participate and innovate with the nascent tech as it would play a key role in the future of the next industrial revolution. As Cointelegraph reported earlier, Chinese companies had filed 4,435 blockchain patents within one year of President Xi Jinping’s endorsement of the industry. According to another study, China accounted for roughly 60% of the world’s blockchain patent applications from 2015 to June 2021, followed by the United States and South Korea.The figure was released on Tuesday by Wang Jianwei, deputy director of the Ministry of Industry and Information Technology. However, the figures didn’t include a timeframe in which these patent applications were filed.Related: Tencent receives patent for blockchain-based missing person posterWhile China accounts for the highest number of blockchain patent applications, the approval rate is significantly low, with only 19% of the total filed applications getting approved, reported South China Morning Post.Another important thing to note here is that China is not very big on decentralization, which is the principle on which blockchain tech is based. This was evident from the country’s digital yuan development, where the central bank developed the digital national currency on the curated version of a blockchain with full control over its functioning rather than using the traditional distributed network approach.
  • European stock exchange to list Bitcoin carbon-neutral ETP
    Cointelegraph.com News - 1 day ago
    The environmentally-focused financial product was introduced by a subsidiary of DeFi Technologies. A subsidiary of DeFi Technologies, Valour, will debut its new Carbon Neutral Bitcoin Exchange-Traded Product (ETP) on the Frankfurt Stock Exchange. Trading of the ETP begins on Friday. The company positions its ETP as a “sustainable and climate-friendly” exposure to Bitcoin (BTC) with a management fee of 1.49%. The alignment with global environmental goals and Environmental, Social and Corporate Governance (ESG) is reportedly achieved through funding certified carbon removal and offset initiatives to neutralize the associated BTC carbon footprint.To structure the ETP, Valour partnered with Patch — a platform that provides climate action infrastructure and has previously worked with Andreessen Horowitz and other notable institutional investors. The announcement states:“All carbon emissions linked to the investment will be automatically targeted to achieve carbon neutral output using Patch’s API-based solution, which takes into account various inputs, such as the efficiency of mining equipment, distribution of hash power, and nation level carbon emission data, to estimate the amount of carbon emissions the Valour portfolio has.”Patch will be responsible for selecting the projects upon based on their environmental integrity. These criteria will include “additionality, real and verifiable permanence, and negativity.”Related: ‘Market will decide’ on post-Merge Ethereum ETPs, says crypto executiveValour’s existing offering of ETPs includes Valour Binance (BNB), Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM) and Enjin (ENJ). In March 2022, the company reported that it has reached $274.2 million in assets under management.Despite crypto markets tanking this year, the interest in crypto-related financial products isn’t fading. In July, Swiss crypto investment firm 21Shares launched two new ETPs offering investors exposure to the largest cryptocurrencies — Bitcoin and Ether (ETH) — while aiming to soften volatility via rebalancing assets to the United States dollar.
  • IRS to summon users who don’t report and pay tax on crypto transactions
    Cointelegraph.com News - 1 day ago
    The summons requires M.Y. Safra Bank to submit information about taxpayers who failed to report and pay their taxes on crypto. With the crypto community growing bigger and as trading volumes reach new highs, the United States is also making more effort to ensure that its Internal Revenue Service (IRS) could properly collect cryptocurrency tax. U.S. Attorney Damian Williams, Deputy Assistant Attorney General David Hubbert and IRS Commissioner Charles Rettig announced that U.S. judge Paul Gardephe authorized the IRS to issue a “John Doe summons,” a term used when the IRS investigates unknown taxpayers. The summons compels the New York-based M.Y. Safra Bank to submit information about taxpayers that might have failed to report and pay taxes on their crypto transactions. According to the announcement, the IRS is specifically looking at users of the crypto exchange SFOX.The IRS believes that even though crypto users are required to report profits and losses, there’s a significant lack of compliance from taxpayers when it comes to digital assets. According to Williams, the government will use all of its tools to identify taxpayers and make sure that everyone pays their taxes. He explained that: “Taxpayers are required to truthfully report their tax liabilities on their returns, and liabilities that arise from cryptocurrency transactions are not exempt.”On the other hand, Rettig said that the authorization of the John Doe summons supports their efforts to ensure that taxpayers dabbling in crypto “pays their fair share.”Related: Tax expert says buying crypto is not a taxable eventMeanwhile, crypto analytics firm Coincub recently released a study that shows which countries are the worst in terms of crypto taxation. Belgium ranked on top for its 33% tax on capital gains and withholding 50% from income on trades. Runner-ups include Iceland, Israel, the Philippines and Japan. On Sept. 6, the Australian government consulted the public in terms of a new law that excludes crypto from being regarded as foreign currency when it comes to taxation. The government gave the public 25 days to share their opinion on the proposal. If signed into law, the definition of digital currency in the countries’ Goods and Services Tax Act will be revised.
  • GitHub unbans Tornado Cash repositories following OFAC guidance
    Cointelegraph.com News - 1 day ago
    Ethereum developer Preston Van Loon encouraged GitHub to fully restore Tornado Cash’s repositories after partial unbanning. Crypto mixer Tornado Cash has returned to the software development platform GitHub after several weeks of being banned on the website.Ethereum developer Preston Van Loon took to Twitter on Thursday to report that GitHub has partly unbanned the Tornado Cash organization and contributors on their platform. The developer suggested that Tornado Cash’s code repositories are now in read-only mode, which means that GitHub is yet to restore full functionality.“But that is progress from an outright ban. I still encourage GitHub to reverse all actions and return the repositories to their former status,” Van Loon stated.According to GitHub data, the latest Tornado Cash repositories updates were made on Aug. 22, or shortly after Tornado Cash co-founder Roman Semenov reported that his account was on the platform. On Aug. 8, the United States Office of Foreign Asset Control (OFAC) banned United States residents from using Tornado Cash and blacklisted 44 USD Coin (USDC) and Ether (ETH) addresses associated with the mixer.Tornado Cash’s return to GitHub came soon after the OFAC clarified its policies around Tornado Cash on Sept. 13, declaring that U.S. residents would not be violating sanctions by copying the mixer’s code or making it available online. The OFAC also noted that U.S. persons would not be prohibited from visiting the Tornado Cash website if it again becomes available online.Hey @github, please unban @TornadoCash code repositories now.OFAC has stated: “U.S. persons would not be prohibited by U.S. sanctions regulations from copying the open-source code and making it available online for others to view”— prestonvanloon.eth (@preston_vanloon) September 13, 2022 Based on the Ethereum blockchain, Tornado Cash is a tool allowing users to hide their crypto transactions to protect their anonymity by obfuscating information trails on the blockchain. The Ethereum mixer came under scrutiny from global regulators after the OFAC’s ban, which triggered arrests of Tornado Cash developers for alleged involvement in money laundering through the platform.Related: Tornado Cash left a void, time will tell what fills it — Chainalysis chief scientistThe ongoing controversy around Tornado Cash has raised a lot of questions in the cryptocurrency and developer community, with many people becoming concerned about legal issues connected to writing open-source code. Some major crypto companies also pushed back against the Treasury Department’s actions, with Coinbase exchange deciding to support a lawsuit brought by Tornado Cash users against the OFAC.As previously reported, Ethereum co-founder Vitalik Buterin publicly claimed that he used Tornado Cash to donate funds to Ukraine to protect the financial privacy of the recipients.
  • Nifty News: Zilliqa teases Web3 gaming console, Funko teams up with Warner Bros. and more
    Cointelegraph.com News - 1 day ago
    Specifications on Zilliqa’s “user-friendly” console are yet to be revealed, but a prototype design resembling an Xbox console has been released. Blockchain company Zilliqa is launching a Web3-focused console with a cryptocurrency wallet and mining capabilities, along with featuring gaming titles from the company.On Friday, prototype images were released showing an array of ports including HDMI, ethernet and USB connections, although full hardware specifications and the price of the unit remain guarded. The console itself looks similar to something from Xbox but has two green panels on the top. The #Zilliqa gaming console seems to be taking a page form the OG Xbox playbook by putting letter into the hardware design.$ZIL #web3 #playtoearn pic.twitter.com/mln1kiUrwD— ChaseRaz (@ChaseRaz) September 22, 2022 Zilliqa has said the console is geared toward user-friendliness and similar to conventional gaming titles will incentivize users to complete gaming missions, quests and tasks to mine its native token ZIL as a reward.Beta testing on the console starts in October, with units expected to be available for pre-order in the first quarter of 2023. Zilliqa is a layer-1 blockchain designed for creating smart contracts and decentralized applications (DApps), it has 15 gaming projects, according to its website.In July, Web3 gaming startup Polium announced its similar console, Polium One, supporting gaming nonfungible tokens (NFT) across eight blockchains, although the Polium One isn’t set for release until Q3 2024.Funko and Warner Bros. collab on Walmart exclusive NFTsPop culture brand Funko has partnered with entertainment company Warner Bros. to offer bundled physical and NFT collectibles exclusively through American retail giant Walmart.The bundle includes a physical comic book cover and Funko figurine for DC Comics The Brave and the Bold, known among fans for introducing the concept of the popular Justice League superhero team, along with a matching Funko Digital Pop! NFT.Funko’s Brave and the Bold physical bundle.The collection is limited to 30,000 units and will debut during Walmart’s Collector Con in October, the NFTs will be minted on the WAX blockchain.Funko has continued to expand the NFT counterpart of its flagship Pop! figurine line, which started in August 2021 with a Teenage Mutant Ninja Turtles collection. Funko CEO Andrew Perlmutter has stated the company is creating NFTs to meet demand from younger collectors who value digital goods and assets. New England Patriots get Web3 partner in ChainWeb3 software company Chain has become the official blockchain and Web3 sponsor of the National Football League (NFL) team New England Patriots, professional soccer team New England Revolution and both teams’ home ground, Gillette Stadium.Related: NFTs ‘biggest on-ramp’ to crypto in Central, Southern Asia and Oceania: ReportChain has partnered in a multi-year deal with Kraft Sports + Entertainment, the owner of both professional teams and the stadium, to develop what it calls “state-of-the-art Web3 experiences,” using Chain’s product suite but didn’t provide exact details on its plans.Chain CEO Deepak Thapliyal did state, however, that the company is aiming to “build cutting edge experiences for stadium visitors” as part of Chain’s product lineup includes support for NFTs.Christina Aguilera files for NFT and Metaverse trademarksFilings shared by trademark attorney Mike Kondoudis show singer Christina Aguilera has filed trademark applications with the United States Patent and Trademark Office for multiple NFTs, metaverse and crypto-related products.The filings reveal plans for the star to create audio, video and music files “authenticated by NFTs” along with “blockchain based non-fungible assets” such as virtual avatars, clothing, beauty products, other virtual merchandise and “crypto collectibles.”Part of the application also mentions Aguilera providing musical performances, concerts and games “in the Metaverse and other virtual environments.”More Nifty News:NFT marketplace OpenSea announced the implementation of OpenRarity on Thursday, a protocol that provides verifiable rarity calculations for NFTs within its platform. The protocol uses a transparent mathematical approach to calculating rarity. Web3 tech firm nameless is set to launch an NFT software product that enables developers to test their NFT smart contracts on fully private test nets.
  • BTC mining firm Compute North files for bankruptcy
    Cointelegraph.com News - 1 day ago
    Compute North’s hosting partner Compass Mining has stated that the firm will continue to operate business as usual at this stage. Bitcoin (BTC) mining hosting firm Compute North has filed for Chapter 11 bankruptcy amid growing pressure on the firm due to the effects of crypto winter and rising energy costs. The firm’s CEO, Dave Perrill, has also stepped down but will remain on the board. The company submitted a Chapter 11 bankruptcy filing in the United States Bankruptcy Court for the Southern District of Texas on Thursday, which is now pending before Judge David Jones. Under a Chapter 11 filing, the firm is still able to keep its operations going as it works out a plan to repay creditors. The filing reportedly outlines that Compute North owes around $500 million to 200 creditors, while its assets are said to be worth between $100 million and $500 million. Compute North offers large scale crypto mining hosting services and facilities, hardware and a BTC mining pool. It is one of the largest data center providers in the U.S. and has big-name partners in the BTC mining sector, such as Compass Mining and Marathon Digital. Both companies have come out with statements via Twitter, noting that with the information they have at this stage, their business operations will continue as normal. “Compute North’s staff informed us today that the bankruptcy filing should not disrupt business operations. We are continuing to monitor the situation and will provide further updates as they become available,” noted Compass Mining. Today, a filing related to one of our hosting providers was published. Based on the information available at this time, it is our understanding that this filing will not impact our current mining operations.— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) September 22, 2022 The bearish performance of BTC in 2022 has had a significant impact on the mining sector this year, and in the context of Texas, rising energy costs and multiple power outages during intense heat waves haven’t helped either.Related: Maple Finance launches $300M lending pool for Bitcoin mining firmsBloomberg Business reporter David Pan highlighted on Twitter that Compute North may have been impacted by a costly delay to a large mining facility in Texas that it wasn’t able to monetize for months. “Compute North’s massive 280MW mining facility in TX was supposed to run rigs in April but it couldn’t due to pending approvals. From then to later this year when it finally was able to energize the machines, Bitcoin prices had gone through multiple downward cycles, fundraising opportunities dried up and major lenders scaled back,” he wrote. Compute North adds to a long list of crypto firms that have either fallen victim to crypto winter or, in some cases, helped create it — including Voyager Digital, Three Arrows Capital, Celsius Network and BlockFi, to name a few.
  • Israeli crypto exchange receives capital markets license in country first
    Cointelegraph.com News - 1 day ago
    Earlier this week, the Israeli crypto exchange became the first crypto firm in the country to receive a license enabling it to work with local banks. Israeli-based crypto exchange Bits of Gold became the first crypto firm in the country to receive a license from the Capital Markets Authority, according to social media posts from the company on Sunday.As a result of attaining the license, Bits of Gold will be able to store digital currencies through secured custody in a “Bits of Gold Wallet” they have been working on for some time. It will also start providing a service that enables banks and other financial institutions to connect to its digital asset services.In a public statement, Bits of Gold said that the license is the next step in its mission to make the world of digital currencies more accessible to the Israeli public “in a simple and secure manner.”Authorities in Israel have been putting restrictions on cash payments in the country as it tries to combat illegal activity and drive a transition to digital payments within the country.Despite that, institutional adoption in the country has been slow with Israeli banks having been very unfriendly toward crypto and blocking services until recently, citing Anti-Money Laundering (AML) issues.In 2017, the Israeli Supreme court ruled that local bank Leumi was legally allowed to refuse service to Bits of Gold, with the bank claiming that Bitcoin’s (BTC) nature made it impossible for them to follow AML requirements.The Supreme Court’s position had changed by 2019, however, when it ruled that Leumi could not block Bits of Gold’s account based on regulatory concerns, and in doing so set a precedent for other cryptocurrency firms.The enforcement of new AML regulations by the government in Israel further opened the path to cooperation between banks and the crypto industry. The development also set a requirement that crypto companies must be licensed, although companies that applied for one were given a permit to temporarily continue their operations.Related: Coinbase enters the Netherlands with central bank approvalAnother barrier to institutional adoption in Israel is its taxation laws. The country was recently ranked as the third worst country for crypto taxation, according to a report released by crypto analytics firm Coincub on Sept. 8.According to Coincub, sales of crypto are generally subject to a capital gains tax of up to 33% in Israel and if the investing activity is deemed to be business related, it is subject to income tax of up to 50%.While the Capital Market, Insurance and Savings Authority had already granted the first Israeli crypto license to infrastructure firm Hybrid Bridge Holdings earlier this month, the license that Bits of Gold received represents the first one given to an active broker.
  • CTFC slammed for ‘blatant regulation by enforcement’ over Ooki DAO case
    Cointelegraph.com News - 1 day ago
    The CFTC’s actions have even been met with strong pushback from its own commissioner, while others have drawn comparisons to the SEC’s regulation by enforcement tactics. The United States Commodities Futures Trading Commission (CFTC) has sparked strong criticism from the community after filing a federal civil enforcement action against members of the decentralized autonomous organization (DAO) Ooki DAO over digital asset trading violations. In a Thursday release, the CFTC stated that it had filed and simultaneously settled charges against the founders of decentralized trading platform bZeroX Tom Bean and Kyle Kistner, for their role in “illegally offering leveraged and margined retail commodity transactions in digital assets.”However, the community has kicked up a fuss over a simultaneous civil enforcement action against bZeroX’s associated Ooki DAO and its members, which it alleges operated the same software protocol as bZeroX after it was passed control of it, and thus “violating the same laws as the respondents.”The enforcement action has drawn the ire of a number of crypto lawyers and even a CFTC commissioner, with concerns it will set an unfair regulatory precedent.In a dissenting statement on Thursday, CFTC commissioner Summer Mersinger noted that while she supports the CFTC’s charges against the bZeroX founders, the enforcement body is stepping into uncharted legal territory when taking action against DAO members that voted on governance proposals:“I cannot agree with the Commission’s approach of determining liability for DAO token holders based on their participation in governance voting for a number of reasons.”“This approach constitutes blatant ‘regulation by enforcement’ by setting policy based on new definitions and standards never before articulated by the Commission or its staff, nor put out for public comment,” she said. Jake Chervinsky, lawyer and head of policy at the U.S. Blockchain Association, said on Twitter that the enforcement action “may be the most egregious example” of regulation by enforcement in the history of crypto, and drew comparisons between the U.S. Securities and Exchange Commission and the CTFC, noting that: “We’ve complained at length about the SEC abusing this tactic, but the CFTC has put them to shame.”It’s deeply disappointing to see the CFTC damage its own reputation like this among those who care about the future of crypto in the United States, especially at a critical moment while it pitches itself in Congress as the right agency to regulate “digital commodity trades.”— Jake Chervinsky (@jchervinsky) September 22, 2022 The DeFi Education Fund also chimed in by noting that the CFTC’s charges also offer a gloomy prospect for people trying to innovate via DAOs. Related: CFTC commissioner visits Ripple offices as decision in SEC case looms“‘Lawmaking via enforcement’ stifles innovation in the US, and today’s action will sadly further discourage any US person from not only developing but also *merely participating* in DAOs,” it wrote.Big picture themes to take away: 1. How much control does a Dao have? if it’s too much, maybe it’s the counterparty to the transactions offered by the protocol; maybe decentralization of control over the protocol, not over voting to control of the protocol is what matters. /11— Drew Hinkes (@propelforward) September 22, 2022 The list of charges includes illegally offering retail leverage and margin trading, “engaging in activities only registered futures commission merchants (FCM) can perform” and failing to incorporate a customer identification program under the Bank Secrecy Act. The CTFC also outlined that Bean and Kistner indicated that they wanted to transfer bZeroX over the Ooki DAO as part of a move to avoid crackdowns under the gray area of decentralization.“By transferring control to a DAO, bZeroX’s founders touted to bZeroX community members the operations would be enforcement-proof — allowing the Ooki DAO to violate the CEA and CFTC regulations with impunity,” the CFTC stated.
  • Stablecoin bill has ‘outside chance’ of finalizing this year — Rep. Warren Davidson
    Cointelegraph.com News - 1 day ago
    Earlier this week, new draft legislation on stablecoins came to light aimed at “endogenously collateralized stablecoins.” There is a small chance that the United States House of Representatives could pass the bill to regulate stablecoins by year-end, though it’s more likely it will pass in the first quarter of 2023, says U.S. Congressman Warren Davidson. According to a Thursday report from Kitco, Davidson made the remarks at the Annual Fintech Policy Forum on Thursday, where he suggested: “There’s an outside chance we find a way to get to consensus on a stablecoin bill this year.”The “stablecoin bill” seemingly refers to draft legislation aimed at “endogenously collateralized stablecoins,” which came to light this week — and would place a two-year ban on new algorithmic stablecoins such as TerraUSD Classic (USTC).However, Davidson went on to say that while “there’s a chance we get to yes on stablecoins this year,” it’s something that can be achieved by the first quarter of 2023. “If we don’t, it’s something that I think we can get to with a Republican majority in Q1 next year,” he said. Davidson is widely seen as crypto-friendly and has previously introduced the Keep Your Coins bill, which aimed to protect self-custodied crypto wallets from U.S. government control.A number of bills aimed at regulating stablecoins have been introduced in the U.S., such as the one that was introduced on Feb. 15 this year by U.S. Rep. Josh Gottheimer.The director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, also reportedly spoke at the event and believes that stablecoins have the potential for widespread adoption, noting: “A stablecoin, riding the rails of a dominant payments system or a mobile OS, I think that could create ubiquity very quickly.”Chopra added that if stablecoins do see this kind of rapid adoption, they could have a serious impact on global financial stability.Related: 3AC founders reveal ties to Terra founder, blame overconfidence for collapseThe CFPB director also suggested that Washington may be neglecting other areas of fintech development due to its intense focus on crypto in recent months.The forum was attended by financial giants such as Bank of America, Visa and Mastercard and was reportedly aimed at fostering discussion between executives and policymakers as to how they can work together to ensure developing technologies help businesses, consumers and the economy.The current draft bill for stablecoins is being negotiated between House Financial Services Committee Chair Maxine Waters and the committee’s top Republican, Rep. Patrick McHenry.
  • Fork, yeah! Cardano Vasil upgrade goes live
    Cointelegraph.com News - 1 day ago
    Cardano’s newest hard fork is the blockchain’s most significant update since adding smart contract functionality last September. After several months of delays, the Cardano Vasil upgrade and hard fork has finally gone live as of Thursday at 9:44 pm UTC, bringing “significant performance and capability” enhancements to the blockchain.The success of the Cardano mainnet hard fork was announced by blockchain company Input Output Hong Kong (IOHK) on Twitter on Thursday, while others also observed the hard fork tick over in a live Twitter Spaces with Cardano co-founder Charles Hoskinson. #Vasil mainnet HFC event successful! We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.1/5— Input Output (@InputOutputHK) September 22, 2022 IOHK previously stated the significant upgrades brought by the fork is block transmission without full validation, allowing for faster block creation. Upgrades to its Plutus smart contracts for increased efficiency also allow decentralized applications to deploy and run at lower costs.Better buy some mouthwash. Vasil is live. Anyone have recommendations for Greg 🙂 https://t.co/RTehxad97Z— Charles Hoskinson (@IOHK_Charles) September 22, 2022 New capabilities brought by the Plutus script upgrades will become available for developers on the mainnet on Sept. 27, after one epoch, which currently lasts around five days.Bill Barhydt, founder of crypto trading platform Abra, called the upgrade a “big win for developers” with decentralized finance (DeFi) platform Genius Yield, tweeting it was “one of the most complex and consequential updates to the Cardano network ever done.”Congrats to Cardano ($ADA) team on Vasil hardfork. More hard work in crypto paying off.Making UTXO’s and inputs accessible to scripts/Plutus without spending them is a big win for developers. Well done! Congrats @IOHK_Charles @CardanoStiftung and teams!— Bill Barhydt (@billbarhydt) September 22, 2022 The date for the upgrade was announced in early September by IOHK, while the “critical mass indicators” needed to trigger the hard fork were reached in the 24 hours leading up to the event.Related: Ethereum post-Merge hard forks are here: Now what?It comes after months of delays and reschedules, with the launch day originally slated for June, it was twice delayed due to issues on the testnet caused by bugs in a prior node version creating compatibility issues.Following the Vasil upgrade, Cardano is continuing to develop its layer-2 scaling solution, the Hydra head protocol, which processes transactions off the Cardano blockchain whilst still using it as the security and settlement layer.The latest update on Hydra from Sept. 16 detailed the team addressed a known issue with the Hydra nodes. The protocol has no set launch date, but it’s intended for some time in late 2022 or the first quarter of 2023.The announcement of the successful launch sent the price of Cardano (ADA) upward by nearly 4% over the last 24 hours to $0.46, according to CoinGecko data, although it is still down over 4.5% on the week.
  • How Metamask Gambling Is Decentralizing The Online Casino Industry
    NewsBTC - 7 hours ago
    Metamask gambling has been growing in popularity over the last couple of years. With the rise of the Web3 space and online crypto gambling, Metamask managed to fill in a gap that brings both sectors closer to one another. Crypto casinos are taking more to integrate the Metamask wallets on their websites for gambling activities. Using a decentralized Web3 wallet like this ensures that users of these gambling platforms are able to enjoy features that are not available on more conventional online casinos. Why Metamask Gambling Is Better One drawback of conventional casinos is the arduous sign-up processes that are usually associated with them. However, casinos had started to move towards accepting crypto deposits and withdrawals, which, over time, had required less stringent sign-up processes. But even this was not a seamless process. This is where Metamask gambling enters the picture. Metamask is a Web3 wallet that allows users to interact directly with cryptocurrency networks. It had started out on the Ethereum blockchain but had since expanded to include other blockchains such as BSC, Avalanche, etc. It comes in the form of a browser extension and mobile application from which users can directly connect to Web3 websites. It is also an easy-to-use hot wallet where users can receive coins by simply copying their addresses to forward to the sender. Given this, Metamask has found a natural home in the online gambling industry. Gambling websites are able to integrate the Metamask wallets directly on their platforms, making it possible for users to register or log into the website using the wallet, as well as processing faster deposits and withdrawals. Best Metamask Casinos Metamask gambling casinos have been known to provide some or all of the integrations mentioned above. In some cases, some casinos will offer the option to deposit with Metamask only or the option to use the hot wallet as a means of authorization. So, here are the top 3 Metamask gambling casinos that you should look at. Bitcasino Bitcasino is arguably one of the best Metamask gambling casinos in existence. It offers full functionality with Metamask, making it a one-stop shop for all things Metamask gambling. Users can register and log into the platform using their Metamask wallets. Bitcasino also takes this one step further by offering deposits and withdrawals using Metamask. Users can also use other tokens on the wallet, such as USDT, on the Bitcasino website. Players should, however, note that there are some things not offered by Bitcasino in this regard, such as a welcome bonus for ETH players. Users may also be required to complete a KYC verification when the casino requires it. Nevertheless, Bitcasino offers beloved slot games, as well as a wide variety of live casino games. The betting platform is also one of the few crypto casinos that offer betting on eSports. However, users cannot place crypto bets on games such as Crash or Dice. BC.GAME BC.Game has been pretty much the only Metamask gambling platform that supports the BSC network. This casino allows the direct integration of Metamask but for deposits. Users can also use the wallet to carry out authorizations on the platform. And unlike Bitcasino, BC.Game supports a much wider array of tokens, including ETH and MATIC. While it does have a welcome bonus, there is no stable welcome bonus on the platform. Also, similar to Bitcasino, BC.Game can also require users to go through KYC verifications. However, users get one free spin daily with a prize of up to 1 BTC. Sportsbet.io The third on the list is Sportsbet.io. It is a Metamask gambling platform that allows a minimum deposit of 10 USDT and offers a stable welcome bonus, unlike the others. Users can get up to 2000 wager-free spins that are worth 200 USDT. Furthermore, users can use their Metamask wallets to authorize their accounts, as well as make deposits and withdrawals. It also accepts other tokens available on the hot wallet, such as ETH and SOC. Like the others, Sportsbet.io comes with its own disadvantages, such as KYC verification and the fact that there are no provably fair crypto games. However, the betting platform is extremely popular and is currently the principal sponsor of the English Premier League football club Watford FC. Conclusion Metaverse gambling platforms are still very new, but they have already proven their value to the online crypto gaming space. As more platforms innovate toward integrating Metamask gambling, these advantages are bound to become more apparent to the gambling community. But for now, the platforms offering Metamask gambling are a small pool and only support a handful of tokens at this time.   Image by Alexa from Pixabay
  • Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why
    NewsBTC - 8 hours ago
    There has been a massive sell-off in the cryptocurrency market, and during this period, whales have been focusing on Dogecoin (DOGE) and the general negative attitude in the cryptocurrency industry. There was a 5.34 percent increase in the number of addresses owning between 100 million and 1 billion DOGE, as revealed by @bull bnb. For Dogecoin, the percentage of wallets with between 100 million and one billion Dogecoin has grown by 5.13 percent in the last week. About six additional whales have joined the network, bringing in an additional 620 million DOGE. Dogecoin | The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M DOGE. Considering this I will scoop a fresh brand new bag of #DOGE pic.twitter.com/0TaysaPIog — Bull.BnB (@bull_bnb) September 23, 2022 In light of this, @bull bnb recently tweeted, “I’m about to scoop a fresh brand new bag of #DOGE.” Recent whale activity has come as a huge surprise to DOGE holders and investors. What, then, compelled the whales to seek out DOGE? Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? Is This The Time To Purchase The dip? As you may be aware, the present market climate is extremely negative for cryptocurrencies. Fear sparked by the CPI report’s release and the U.S. Federal Reserve’s interest rate hike triggered a widespread selling off in the stock and cryptocurrency markets. The USD followed this decline. At the time of publication, the memecoin has fallen 9.94 percent from its September 12 peak. Even if DOGE showed signals of bullishness, it was not enough to prevent a 9.56 percent decline on September 18. This decline may have prompted whales to seek accumulation rather than selling their DOGE supply. Now that whale activity has increased, what does this signify for DOGE? Dogecoin Bullish Behavior  DOGE’s bullishness came as a surprise as the cryptocurrency market continues to decline, particularly Bitcoin and Ethereum. This increase in price can be ascribed to the whales’ recent buying binge in DOGE. A As at the time of writing, DOGE was trading at $0.066041, up 9.4% in the last seven days, data from Coingecko show. This implies that the memecoin is leading the crypto market, giving the entire crypto market hope that respite is on the horizon. But investors and traders must ask whether this is really a flash in the pan or a persistent bull trend. As of the time of writing, the token’s resistance level was tested at the 0% Fib level. This was answered with a lengthy wick of rejection, followed by a red candle. This could be the beginning of a short corrective period for DOGE, which will result in a slight price decline. In the coming days, we can anticipate receiving additional information. Related Reading: How XRP Pulled Off A 33% Rally Over The Past 7 Days DOGE total market cap at $8.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptory, Chart: TradingView.com
  • U.S Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React?
    NewsBTC - 11 hours ago
    The United States Federal Reserve is tightening, and interest rates hike has heavily impacted on the crypto market. Earlier this month, Bloomberg Analyst Mike McGlone McGlone said Bitcoin would outperform traditional stocks as interest rates hike. However, to this point, Bitcoin does not seem to follow Bloomberg’s predicted trend. As a matter of fact, despite Bloomberg’s bullish standpoint, Bitcoin and other cryptocurrencies are still in a crash. For example, BTC and ETH dropped by 2% after the Fed’s announcement and bounced back. BTC is currently trading below $19,000. The Fed’s Federal Open Market Committee (FOMC) manages the economy during inflation and recession by controlling the money supply in the country. The Fed maintains the money supply via quantitative tightening and easing of reserves. As a result, a rise in interest rates triggers volatility in the market. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Inflation Would Drop To 2% By 2025, Says Federal Reserve The Federal Reserve revealed its plans to tackle inflation at Thursday’s FOMC. The Fed 75bps interest rate hike is just the tip of the iceberg as it plans to raise the rates as high as 400bps by the end of 2022. In August, the CPI indicated 8.3% YoY inflation, but the Federal Reserve forecasts inflation to come down to 2% by 2025. The Fed Reserve plans to bring inflation down to 5.4% by 2022 and 2.8% by 2023. Reports show that Fed raised this year’s interest benchmark by four times. The current rates are between 2.25% to 2.50%. From the CNBN Fed Survey for September, Fed’s interest hike would remain at the peak rate for 11 months. John Ryding, the Chief economic advisor at Brean Capital, commented in response to the survey. Ryding said the Fed has finally realized the inflation problem is critical. He thinks the Fed’s monetary tightening rate is a ‘positive real policy rate.’ The economist advises Fed to increase the current rate by 5%. The survey reported that among 35 survey respondents, some economists, strategists, and fund managers think Fed might overdo its tightening. Recession Would Hit Global Economy – World Bank The World Bank says recession would hit the global economy because of the war-like monetary policies of the world economy. Svan Henrich, the founder of Northman Trader, thinks interest rates would depend on recession than inflation in the next year. He thinks Jerome Powell, Chairman of the Fed Reserve, emulates Paul Volcker. Henrich further advised Powel to pivot before hitting the 40bps rates target. Paul Volcker is the former Chairman of the U.S Fed Reserves. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? Jerome refused to say much about the recession, saying he didn’t know the depth or when the recession would occur. Meanwhile, Fed dismissed all speculations of recession. Everyone awaits the release of the following inflation data in the Consumer Protection Index for September. In addition, the next Federal Open Market Meeting will take place on November 2. Featured image from Pixabay, charts TradingView.com
  • Algorand Registers Significant Gains Amid Crypto Winter
    NewsBTC - 11 hours ago
    The crypto market is presently going through another round of downward movement except for a few coins like Algorand. Prices of cryptocurrencies are drastically dropping as macroeconomic factors set the pace. With the bearish trend, the primary crypto asset has crashed from its crucial support levels. Following the meeting of the FOMC on Wednesday, September 21, the US Federal Reserve settled its approach to controlling the rising inflation. Its decision led to the hike of the interest rates by 75 basis points. Related Reading: Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse With the increase in the rates, the prices of crypto assets in the crypto market are depleting. As a result, the bears gradually take over as the price crash expands. However, the native token of Algorand has distinguished itself from the prevailing trend as it beats the price crash. Algorand Defiles the Bearish Sentiment While other assets are under selling pressure due to the bearish sentiment, ALGO displayed more positive strength. The price of ALGO is trading at $0.3816 at the time of writing. This shows about a significant gain. Surprisingly, ALGO had increased by more than 20% over the past seven days. This remarkable feat from Algorand came through the blockchain’s performance which recorded up to 6,000 TPS. The value exceeds that of MasterCard, which boasts 5,000 TPS. Other tokens in the market are far behind Algorand’s outstanding performance. BTC also tanked but managed to sustain. Ethereum dropped by over but is now trending sideways. Its post-merge performance is far below expectation. ETH dipped by more than 20% after it transitioned to PoS. At the press time, Ether is trading around $1,323. Comparing Algorand’s price increase and Ethereum pot-merge performance gives a sharp contrast. While ALGO gained by 20%, ETH dipped by 20% after the Merge. Reasons For ALGO High Performance Algorand is developed as a blockchain protocol with a proof-of-stake consensus mechanism. The project team boasts of the protocol void of trilemma issues, making Algorand achieve decentralization, scalability, and security with ease. Moreover, it parades its major strength as environmental sustainability. Speed has been a more selling point for Algorand. It claimed that the network could perform up to 6,000 TPS. This record surpasses the functionality of MasterCard, which handles about 5,000 TPS. With its speed, the Algorand blockchain takes just 3.7 seconds to hit finality and block production. The protocol just added another technical success to its stance in the crypto space. The Algorand blockchain included State Proofs on its platform. This addition will enable Algorand to digitally sign messages in a more decentralized approach. Related Reading: Blue Chip NFTs 101: The World Of Women Collection, Including And Conquering Reacting to the new move, Algorand’s co-founder, Silvio Micali, stated the importance of having state proofs. He noted that it would enhance the safety of the blockchain against quantum attacks. Also, Micali acknowledged that the guarantees provide decentralized bridges with other chains. Featured image from Pixabay, charts TradingView.com
  • Blue Chip NFTs 101: Cool Cats Lands On Its Feet And Does It In Style
    NewsBTC - 13 hours ago
    Do the Cool Cats still have Blue Chip status? The collection fell on hard times lately, but so has any other NFT project out there. We’re in a bear market, after all. A Hollywood agency manages the Cool Cats project, they had the coolest exhibit in NFT NYC, and collaborated with TIME magazine in a weird NFT drop. Still, the collection’s floor price is down to levels not seen since the project’s conception. Related Reading: Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse The Cool Cats started spreading good vibes in July 2021. It’s a PFP collection consisting of 9.999 unique cats assembled from various traits that could form 300K possibilities in total. The ecosystem expanded in two major ways a while ago. They launched their secondary collection, the Cool Pets, and their own token, $MILK. The new coin is the blood that powers the gamified experience that the collection’s creators have been releasing. pic.twitter.com/GcpXtb5Vt8 — Mike Tyson (@MikeTyson) July 9, 2021 Speaking about those, the core team are: the smart contract programmer Tom Williamson, web developer Rob Mehew, creative director Evan Luza, and illustrator Colin Egan AKA The Cartoonist. The unofficial fifth member of the band is Mike Tyson. A few days after launch, the eternal heavyweight champion changed his Twitter profile picture to a Cool Cats and that propelled the collection when it needed it the most.  The Relationship Between Cool Cats And CAA The Cool Cats went Hollywood on March 2021. In a move unprecedented at the time, the creators signed with leading talent agency CAA. In a press release from the time, the partners explained the deal in detail: “Leading entertainment and sports agency Creative Artists Agency (CAA) has signed Cool Cats, producers of the widely known Cool Cats and Cool Pets NFT collections. In collaboration with the gamified NFT company, the agency will identify and create opportunities for Cool Cats characters across an array of areas, including licensing and merchandising, animated content, brand partnerships, live events, publishing, and more.” So, there’s serious money and interests behind the cats. Why are they fading away into the background, then? Is it just an effect of the bear market?  ETH price chart for 09/24/2022 on OkCoin | Source: ETH/USD on TradingView.com Cool Cats ’ got utility First of all, Cool Cats holders get their NFT’s property rights. That means, they can produce commercial projects with their NFT’s images. Cool Cat owners also get access to the project’s Discord server, and priority for all of the exclusive Cool Cats events and mints. Holders can stack their  NFTs and get yield in $MILK. Another benefit is access to Cooltopia, a project they define as “a gamified ecosystem built on interactivity and utility, community rewards and growth, collaboration with brands, and much more.” Another self-definition has Cooltopia as a “place where having a Cool Cats NFT grants you evolving access to games, tokens, community events, collaborations, and more.”  Plus, there’s the Cool Pets side project. A reward to NFT holders and a way for newcomers to enter the ecosystem at a lower price point. The Cool Pets collection has 19,999 units. Every holder got a pet for free and the general public bought the other half. The Cool Pets first come as an egg image that hatches and reveals the final NFT. The pets are divided into four elements: Fire, Water, Air, and Grass. The $MILK token The $MILK is an ERC20 token on the Ethereum and Polygon blockchains. It’s the oil that greases Cooltopia’s gamified economy. According to the documentation: “$MILK is the key to all sorts of functionality and fun in the Cool Cats ecosystem, from buying Battle or Housing chests to going on quests.”  “$MILK is also how you’ll enhance and evolve your Cool Pets.” This one describes the NFTs staking-like mechanism: “Your Cool Cat is earning $MILK just by being cool (the $MILK claiming clock begins as soon as the contract is deployed), and that $MILK will accumulate over time.” Controversy And Suspicion There might be something strange going on with this project. In April, the newly-appointed CEO stepped down after just three months. There was never a credible explanation given. The collection just tweeted, “Chris Hassett has stepped down as CEO. We thank him and wish him the best moving forward.” Is there problem brewing in the Cool Cats headquarters?  Related Reading: Blue Chip NFTs 101: The World Of Women Collection, Including And Conquering And then there’s the price. At its height, in October 2021, the Cool Cats floor price was around 26 ETH. Almost a year later, the floor Cool Cats are trading for 2.9 ETH. That’s not all, the Cool Pets’ floor price is currently at  0.18 ETH. Are those Blue Chip numbers? Even though we’re basically in the middle of a crypto winter, the collection seems to be falling off a cliff…  Will the Cool Cats land on their feet? Featured Image: screen shot from the collection’s site | Charts by TradingView
  • How XRP Pulled Off A 33% Rally Over The Past 7 Days
    NewsBTC - 13 hours ago
    Ripple (XRP) price has registered an impressive 33% advance above the key resistance zone as seen in the past week.         XRP notably spikes by 10% on September 22         Ripple confident to win legal feud against SEC The token also skyrocketed 10% as seen on September 22, as the crypto market plunged in a sea of red. Although a bit of improvement with Bitcoin raking up gains by 4.9% and Ethereum spiking by 7.3%, XRP was still leading that day. According to CoinMarketCap, XRP price is up by 4.47% or trading at $0.5051 as of this writing. Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? Update On Legal Feud With SEC Raises Investor Optimism XRP price demonstrates a surge of over 45% as seen since August. Reportedly, Ripple Labs has recently filed a motion for summary judgment on September 18 which involves allowing the court to wrap it up and make a final decision based on the facts presented in line with whether XRP is to be considered a security. The recent update on the legal proceedings has stirred some optimism and pumped up investor sentiment regarding the long-term haul of XRP. More so, the open interest of XRP has notably improved as it has increased to $575 million from just $310 million in the past week. Traders who are looking to get in should wait for the 200-day EMA set at $0.48 to see if it would swing to support in the coming days. As of press time, XRP’s total market capitalization is at $25.14 billion as it climbed by $3 billion the previous day. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 Image: CoinMarketCap XRP Seen With Strong Bullish Strides On the daily chart, the XRP price is noted to have bounced back after it dropped and is now enjoying a bull run. The bulls are targeting to breach the key resistance spotted at $0.4306 and once this is done, XRP could shoot for $0.49 next. Amid the optimism shown by XRP, a breach targeted at the key support zone of $0.392 will reveal signs of buyer weakness. More so, this will also invalidate the bullish thesis and give the power back to the bears. If this happens, the XRP price could plunge and revisit the key support zone at $0.38. XRP is seen to move with strong strides despite the hurdles experienced by the broader crypto market. The bullish streak is associated with the robust developments happening in the legal battle between Ripple and SEC. Although both SEC and Ripple agreed to a summary judgment, Ripple seems to be more confident that they’ll win following several tweets by Stuart Alderoty, Ripple’s legal counsel, saying that SEC wasn’t able to satiate the Howey Test set by the Supreme Court. The Howey Test helps regulators assess and categorize an asset as a security. More so, Brad Garlinghouse, Ripple CEO, firmly believes that SEC may not be keen on abiding by the law but would want to remake it. XRP total market cap at $24.3 billion on the daily chart | Source: TradingView.com Featured image from Crypto Daily, Chart: TradingView.com
  • First 3nm ASIC Miners Released by Bitramo
    NewsBTC - 14 hours ago
    Bitramo, a crypto technology startup, has emerged as the industry’s most talked about the name since its recent launch. The company has surpassed many renowned technology heavyweights to release the first ever batch of 3nm ASIC miners. Bitramo’s ultra-powerful Ramo1, Ramo 2, and Ramo X mining rigs are more profitable compared to any other product, offering 100% return on investment within just one month. ASIC or Application Specific Integrated Circuit miners are more efficient compared to GPU miners because their internal circuits are designed to carry out the specific task of crypto mining. The mining efficiency of Bitramo miners is boosted further by their extraordinary hash rates. Interestingly, so far, no other company has been able to match the hash rates offered by Bitramo. Hash Rates of Bitramo Miners Bitcoin       Litecoin     Ethereum     Monero  Ramo 1:             360 TH/s      30 GH/s      2 GH/s         2MH/s Ramo 2:             750 TH/s      70 GH/s      5 GH/s         5 MH/s Ramo X:            2250 TH/s    210 GH/s    15 GH/s       15 MH/s As a result of these hash rates, Bitramo miners are capable of processing a considerably higher amount of data in any given time. By using higher computational power while processing transactions in a proof-of-work (PoW) cryptocurrency network, miners are able to earn higher profits compared to other miners. High power consumption is often an obstacle for profitable crypto mining. Bitramo miners solve this problem with their nominal power consumption. The amount of profits you can make using these mining rigs are simply mind-boggling. Monthly Profits Bitcoin       Litecoin     Ethereum     Monero   Ramo 1:              $1900           $1400         $2200          $2500 Ramo 2:              $4000           $3500         $5700          $6600 Ramo X:             $12,300        $10,500      $17,000       $20,000 In general, crypto mining is considered to be complicated in nature and most of the products in the market are too complex for common mining enthusiasts. Bitramo is in the process of changing this trend by creating an opportunity for all to earn profits from crypto mining regardless of their knowledge and experience. To make crypto mining simple for beginners, Bitramo delivers all its mining rigs pre-configured with Linux based system equipped with Bitramo software. Even if you are completely new to crypto mining, you can start mining just by connecting the unit to a power socket and accessing it through Wi-Fi or cable. The miners have user-friendly interfaces and nominal system requirements. If you are a newbie, you can also use Bitramo’s own mining pool completely free of charge. To find out more about the market’s most profitable crypto mining opportunity, please visit https://bitramo.com/        
  • Uniswap Price Loses Momentum, Are The Bears Back?
    NewsBTC - 15 hours ago
    The Uniswap price had risen to almost $6 on its chart, but the bulls were unable to maintain that level. Over the last 24 hours, the coin again lost momentum and fell south on its chart. Over the last 24 hours, UNI registered a 0.9% increase in its price. In the past week, the coin negated most of its gains and lost 1.2% of its market value. The Uniswap price technical outlook was bearish, and selling strength was higher, causing the price to drop further on its chart. Although Uniswap tried to move in a different direction than the broader market, the bulls gave up. Bitcoin also lost the $19,000 price mark and is closing in on its immediate support level. For the Uniswap price to revisit the $6 price mark, buyers need to re-enter the market. Although just 48 hours ago the coin displayed a bullish stance, an increase in the number of sellers has invalidated the chance of a bullish revival. The global cryptocurrency market cap today was $958 billion, with a 0.4% negative change in the last 24 hours. Uniswap Price Analysis: One Day Chart UNI was trading at $5.73 at the time of writing. The coin was trading very close to the $6 mark. However, the buyers exited the market. Overhead resistance for Uniswap price stood at $6, and if UNI can move over the $6.40 price level, the altcoin’s upward movement could be anticipated. The nearest support level for the coin stood at $5. A fall from the $5 price mark could push UNI to trade near the $4 price zone. The amount of Uniswap traded in the previous session indicated that selling strength increased on the one-day chart. Technical Analysis The altcoin’s technical indicators note the bears taking over as buying strength dipped on the one-day chart. For most of the month of September, buying strength remained low for the altcoin. The Relative Strength Index was below the half-line and that meant a lower amount of buying strength on the one-day chart. Uniswap price was below the 20-SMA line. This meant bearishness for the coin. It meant that sellers were driving the price momentum in the market. Related Reading: Compound Prepares For A Major Rally To $80, Here Is Why The technical outlook for Uniswap was also mixed as the indicators also picked up on buy signal for the coin. Despite buyers remaining low, indicators indicated that there could be a possibility of buy signal for the altcoin. The Moving Average Convergence Divergence points toward the price momentum and overall price action of the coin. MACD underwent a bullish crossover and started to depict tiny green histograms as buy signals for UNI. This meant that, with more buyers, UNI could recover its chart. The Chaikin Money Flow displays capital inflows and outflows. CMF climbed above the half-line, signalling more capital inflows compared to outflows. Related Reading: Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor? Featured image from GreenBiz, chart from TradingView.com
  • Bitcoin Price Slips Below $19,000, Vital Trading Levels To Look Out For
    NewsBTC - 18 hours ago
    The Bitcoin price is now trading below the $19,000 level after the bulls failed to defend the coin at the aforementioned level. Over the last 24 hours, BTC fell by 1.2%, indicating that the coin was laterally trading. In the past week, the Bitcoin price has depreciated 6%. Buying strength continued to remain low on the one-day chart. Sellers have taken over, and it has been the same for almost a week. If the price of Bitcoin continues in this direction, the coin may fall to its immediate support zone. If the bulls have to defend BTC at the current price level, then buyers have to come through. The current support zone for the coin is $18,500-$18,000. A fall from that level would cause Bitcoin to travel below $17,000. The asset can drop to $16,000 and then, subsequently, to the $14,000 level. The recent dip in buying strength will cause BTC to dip further on its 24-hour chart. Bitcoin Price Analysis: One Day Chart BTC was trading at $18,600 at the time of writing. The immediate resistance for the coin was at $19,000, and the bulls have failed to defend the coin at that price level for weeks now. If Bitcoin price manages to surpass the $20,000 level, the bulls might be able to take charge. The nearest support line for the coin was $18,000. A fall beneath that means BTC touching $16,000 and then $14,000. The amount of Bitcoin traded in the last session decreased, and that meant a fall in buying strength. Technical Analysis On the one-day chart, BTC showed that there was demand at lower levels. The technical indicators also suggested that sellers outnumbered buyers. The Relative Strength Index was below the half-line, which indicated increased selling strength. The Bitcoin price was below the 20-SMA line, and that meant sellers were driving the price momentum in the market as there was decreased demand for Bitcoin on the one-day chart. Related Reading: TA: Bitcoin Price Remains Range bound, Why There’s Hope of a Fresh Rally BTC depicted increased selling pressure, which has been dragging the coin to its closest support line. The technical outlook points towards further selling pressure for the coin. The Moving Average Convergence Divergence indicates the price momentum and the overall price action of the coin. The MACD underwent a bearish crossover and formed red histograms, which was sell signal for the coin. The Directional Movement Index was negative as the -DI line was above the +DI line and that showed that the bears were in control of the coiin. The Average Directional Index (Red) was moving above the 20-mark, and that’s a sign of bearish momentum for Bitcoin. Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance Featured image from UnSplash, Chart: TradingView.com
  • Number Of Bitcoin Addresses Sending BTC To Exchanges Continues To Drop
    NewsBTC - 20 hours ago
    With the decline in the price of bitcoin, there has been a lot of selling from investors. This sell-off trend has contributed to the further decline of the digital asset’s prices in recent times. However, as the bear run continues, there has been a marked reduction in the amount of BTC being sold off by the holders. The decline in the number of addresses that are sending their coins to centralized exchanges speaks volumes about this. Sellers Beginning To Cool Off Over the last year, the number of bitcoin addresses that had been sending BTC to centralized exchanges, presumably to sell their holdings, had grown incredibly. But had started to decline in recent weeks as the sell-offs had begun to subside. Related Reading: Fed Interest Rates Hike Spur Crypto Market Liquidations Of More Than $330 Million According to Glassnode, the number of addresses that were sending bitcoin to exchanges had fallen to a new 22-month low on Thursday. The number had sat around 4,445.369. But on Friday, another consecutive decline was recorded. This time around, the number of addresses that were sending BTC to exchanges was 4,443.202. Bitcoin falls to mid-$18,000s | Source: BTCUSD on TradingView.com It is a far cry from the more than 6,000 wallets that were sending BTC to centralized exchanges in the middle of 2022. While the increase in wallets sending BTC to exchanges had correlated with the price decline back in Q2 2022, the opposite is now the case, with the decline coinciding with the drop in the price of bitcoin. What This Means For Bitcoin Naturally, data like this points to the fact that there is a growing accumulation trend among investors but not every metric point to this. An example is the HODLer net position change that was recorded by Glassnode on Friday. Instead of being on the rise as would be expected in an accumulation trend, the HODLer net position change continues to decline. It has now reached a new one-month low of 51,997.708. This shows that even if there might be a sell-off fatigue, it is still enough to put pressure on the price of the digital asset. Related Reading: Stabilizing Ethereum Funding Rates Suggests Recovery Might Be In The Works The amount of active bitcoin supply is always on the rise. It has now touched a new one-month high of 718,437.728 BTC. It is up slightly from the previous September 11th high of 717,097.427 BTC, still giving credence to the fact that sell-offs continue.  Bitcoin’s price is also succumbing under the sell pressure. The digital asset is currently trading under $19,000 and doesn’t show any indicators of a significant recovery.  Featured image from CNBC, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
  • Trader Calls One Ethereum-Based Crypto Asset the ‘Opportunity of a Lifetime,’ Says Altcoins May Erupt if Bitcoin Consolidates
    The Daily Hodl - 10 hours ago
    Popular crypto analyst Michaël van de Poppe thinks one overlooked digital asset is the “opportunity of a lifetime.” Van de Poppe tells his 627,800 Twitter followers that the decentralized oracle network Chainlink (LINK) is a huge opportunity priced between $6-$8. Chainlink’s native asset LINK is trading at $7.26 at time of writing. The 25th-ranked crypto […] The post Trader Calls One Ethereum-Based Crypto Asset the ‘Opportunity of a Lifetime,’ Says Altcoins May Erupt if Bitcoin Consolidates appeared first on The Daily Hodl.
  • Crypto Analytics Firm Says XRP Whales Are in Massive Accumulation Mode As the Top Altcoin Outperforms Bitcoin
    The Daily Hodl - 12 hours ago
    XRP is outperforming Bitcoin (BTC) as the upward trajectory of the sixth-largest crypto asset continues, according to crypto analytics firm Santiment. The analytics firm says that the XRP/BTC pair has hit a price last reached in September of 2021 as crypto sharks and whales accumulate XRP. Santiment says that the surge in the price of […] The post Crypto Analytics Firm Says XRP Whales Are in Massive Accumulation Mode As the Top Altcoin Outperforms Bitcoin appeared first on The Daily Hodl.
  • Bitcoin Unlikely To Massively Breakout in 2022, Says Crypto Asset Manager CoinShares
    The Daily Hodl - 21 hours ago
    Digital asset manager CoinShares says Bitcoin (BTC) is not likely to see a big impulse to the upside for at least the remainder of this year. In a new bi-weekly report, CoinShares says that the US dollar index (DXY), which pits the USD against a basket of other fiat currencies, may have more gas left […] The post Bitcoin Unlikely To Massively Breakout in 2022, Says Crypto Asset Manager CoinShares appeared first on The Daily Hodl.
  • Cardano Creator Charles Hoskinson Says Hundreds of Crypto Projects Gearing Up for Launch After Blockchain Upgrade
    The Daily Hodl - 21 hours ago
    Charles Hoskinson says many projects are preparing to launch on the Cardano (ADA) blockchain after its Vasil hard fork upgrade. Hoskinson, the Cardano co-creator, says in a tweet that there are hundreds of projects announcing they will advance using ADA’s new capabilities become available to developers next week. “I’ve seen hundreds of tweets like this […] The post Cardano Creator Charles Hoskinson Says Hundreds of Crypto Projects Gearing Up for Launch After Blockchain Upgrade appeared first on The Daily Hodl.
  • US Commodities Regulator CFTC Slaps Crypto Firm With $250,000 Fine, Issues Cease-and-Desist Order
    The Daily Hodl - 22 hours ago
    The Commodities Futures Trading Commission (CTFC) is hitting a crypto firm with a $250,000 fine and a cease-and-desist order. According to a new press release, the commodities regulator is reprimanding crypto lending platform bZeroX and its founders Tom Bean and Kyle Kistner for allegedly illegally offering leveraged and margined positions. The CTFC also says that […] The post US Commodities Regulator CFTC Slaps Crypto Firm With $250,000 Fine, Issues Cease-and-Desist Order appeared first on The Daily Hodl.
  • Helium (HNT) Is Officially Migrating to Solana (SOL) Blockchain After Community Vote
    The Daily Hodl - 23 hours ago
    The decentralized wireless network Helium (HNT) is officially migrating to the Solana (SOL) blockchain after a community vote upheld the decision. The Helium Foundation announced on Thursday that its community approved the move by a majority 81.41% vote on Helium Improvement Proposal (HIP) 70. Says Scott Sigel, the chief operating officer of the Helium Foundation, […] The post Helium (HNT) Is Officially Migrating to Solana (SOL) Blockchain After Community Vote appeared first on The Daily Hodl.
  • New UK Economic Crime and Corporate Transparency Bill Enables Authorities To ‘Seize, Freeze and Recover’ Crypto
    The Daily Hodl - 23 hours ago
    UK lawmakers propose a new law that could pave way for tougher measures on crypto following the election of Prime minister Liz Truss who previously commented about freeing the industry from overly strict regulations. According to UK’s information website, the Economic Crime and Corporate Transparency Bill primarily aims to drive dirty money out of the […] The post New UK Economic Crime and Corporate Transparency Bill Enables Authorities To ‘Seize, Freeze and Recover’ Crypto appeared first on The Daily Hodl.
  • Crypto Trader Predicts XRP Could Erupt by Over 80%, Updates Outlook on Bitcoin (BTC) and Two Altcoins
    The Daily Hodl - 1 day ago
    A widely followed crypto analyst is predicting a massive surge for Ethereum (ETH) competitor XRP while updating his outlook on Bitcoin (BTC) and two other altcoins. Pseudonymous trader Altcoin Sherpa tells his 183,000 Twitter followers that XRP should rise to $0.60 before ultimately shooting up to $0.87. “XRP: Go to $0.60 and then $0.87 if […] The post Crypto Trader Predicts XRP Could Erupt by Over 80%, Updates Outlook on Bitcoin (BTC) and Two Altcoins appeared first on The Daily Hodl.
  • Russian Government Officials Reach Agreement To Legalize Crypto for Cross-Border Settlements: Report
    The Daily Hodl - 1 day ago
    Russia is reportedly legalizing digital assets for cross-border settlements under a new agreement struck by the country’s top financial authorities. According to a report by Russia-based publication Kommersant, Russian Deputy Finance Minister Alexei Moiseev says the Ministry of Finance and the Central Bank have agreed on the new policy. Says Moiseev in the report, “It […] The post Russian Government Officials Reach Agreement To Legalize Crypto for Cross-Border Settlements: Report appeared first on The Daily Hodl.
  • Coinbase Responds to Wall Street Journal Proprietary Trading Allegations in New Blog Post
    The Daily Hodl - 1 day ago
    Crypto exchange Coinbase says it does not engage in proprietary trading, a speculative investment practice that the federal regulation known as the Volcker Rule restricts because of its role in the 2008 financial crisis. In a new blog post, the California-based firm refutes a claim by The Wall Street Journal that it uses its own […] The post Coinbase Responds to Wall Street Journal Proprietary Trading Allegations in New Blog Post appeared first on The Daily Hodl.
  • Flynt Launches Industry’s Highest Yield Product on Bitcoin
    Bitcoin News - 8 hours ago
    PRESS RELEASE. Flynt Finance, the cryptocurrency financial services company based in Singapore co-founded by previous derivatives exchange operators and analysts, launched a platform for crypto structured products last week. The relatively high returns (up to 50% APY) on Flynt has gained strong interest from crypto yield enthusiasts, especially during the bear market where volatility is […]
  • Digital Asset Exchange Platform Granted ‘Crypto Financial Services Provider License’ by Israeli Regulator
    Bitcoin News - 9 hours ago
    An Israeli capital markets regulator, the Insurance and Savings Capital Market Authority, recently granted a “crypto financial services provider license” to Bits of Gold, the first such license for an active company in the country. This license allows Bits of Gold to offer crypto custodian services and to enable the safekeeping of funds belonging to […]
  • Cryptocurrency Exchange Bitso Launches Interoperable QR Payments in Argentina
    Bitcoin News - 11 hours ago
    Bitso, a Mexico-based, Latam-focused cryptocurrency exchange, has launched an initiative that aims to allow Argentines to use crypto for their everyday purchases. The exchange is introducing QR payments directly in its app, which will be interoperable with other platforms already using this method of payment in Argentina. Bitso Seeking to Drive Crypto Payments in Argentina […]
  • South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Reports Reveal
    Bitcoin News - 13 hours ago
    The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021. Almost 260 Billion Won in Crypto Seized for Tax Evasion in South Korea The amount […]
  • Erdogan Suggests Turkish-Russian Payment System, Local Media Reports
    Bitcoin News - 15 hours ago
    Turkish President Recep Tayyip Erdogan is reportedly pushing for Turkey and Russia to establish a new payment system between them. The initiative comes amid U.S. pressure against the use of the Russian Mir cards in Turkey. Some Turkish banks have been working with them to facilitate payments by Russian tourists visiting the country. President Erdogan […]
  • UK Proposes New Law to ‘Seize, Freeze and Recover’ Crypto Assets Easier and Faster
    Bitcoin News - 17 hours ago
    The British government has presented the Economic Crime and Corporate Transparency Bill to Parliament that will “make it easier and quicker” for law enforcement agencies “to seize, freeze and recover crypto assets.” The government stressed: “We must ensure that law enforcement agencies have the right legislative framework in place to recover criminals’ crypto assets.” UK’s […]
  • Coinbase Receives Approval to Offer Full Suite of Crypto Products in Netherlands
    Bitcoin News - 19 hours ago
    Crypto exchange Coinbase has received approval to offer its full suite of retail and institutional crypto products and services in the Netherlands. “We have taken strides to work collaboratively with government, policymakers, and regulators to shape the future in a responsible way,” Coinbase said. Dutch Regulator Approves Coinbase The Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: […]
  • Github Partially Reinstates Tornado Cash Codebase, Open Source Code Set to Read-Only Mode
    Bitcoin News - 21 hours ago
    The internet hosting and software development subsidiary of Microsoft, Github, has partially unbanned the Tornado Cash repositories following the recent sanctions enforced by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC). Github’s decision follows the U.S. Treasury updating the public, noting that U.S. persons can copy, view, and discuss the open-source code. Github’s […]
  • Tether Reveals USDT Stablecoin Is Now Supported by Polkadot
    Bitcoin News - 23 hours ago
    Tether is now live on 15 different blockchain networks, according to the company’s latest announcement on Friday as the firm detailed that it is now supported by the Polkadot blockchain system. The stablecoin’s new support follows the token being added to the Near Protocol 11 days ago. The news further follows Tether being ordered by […]
  • Bitcoin Miner Marathon Digital’s Shares Downgraded After Compute North Files for Bankruptcy Protection
    Bitcoin News - 1 day ago
    Bitcoin mining firm Compute North filed for Chapter 11 bankruptcy protection in Texas on Thursday as the crypto winter continues to put pressure on crypto mining operations. The bankruptcy petition filed on September 22, indicates the company looks to stabilize operations in order to repay creditors. Compute North Files for Chapter 11 Bankruptcy Protection […]
  • Cardano (ADA) Price Crash On Horizon – Peter Brandt Predicts Lower Levels
    Coinpedia Fintech News - 7 hours ago
    The post Cardano (ADA) Price Crash On Horizon – Peter Brandt Predicts Lower Levels appeared first on Coinpedia Fintech News The crypto market has succumbed under bearish pressure as Bitcoin is still hovering around the $18,000-$19,000 mark, bringing the global crypto market cap under $1 trillion. Meanwhile, Cardano, which was expected to drop after the Vasil hardfork launch just like Ethereum did after its merger, is about to see a severe price crunch in the …
  • Is SEC The Reason Behind Ripple’s (XRP) Price Surge?
    Coinpedia Fintech News - 9 hours ago
    The post Is SEC The Reason Behind Ripple’s (XRP) Price Surge? appeared first on Coinpedia Fintech News Ripple (XRP) investors have reason to celebrate as XRP recorded huge gains over the past few days, rallying more than 50% in a week. Famous YouTuber Ben Armstrong tweeted about the reason for the unexpected surge. According to Armstrong, it is because the Securities and Exchange Commission (SEC) has given up trying to prove that …
  • Crypto Oversight Bill Introduced In California Vetoed By Governor
    Coinpedia Fintech News - 9 hours ago
    The post Crypto Oversight Bill Introduced In California Vetoed By Governor appeared first on Coinpedia Fintech News California Governor Gavin Newsom vetoes a crypto oversight bill, ‘Assembly Bill 2269’. The bill was intended to ensure that crypto businesses and exchanges acquire a special license from the California Department of Financial Protection and Innovation. The ’Digital Financial Assets Bill’ was aiming to tighten oversight over crypto companies in California. Notably, the bill had …
  • CZ Suggests Charging Users A Fee For Burning LUNC Tokens, Criticized
    Coinpedia Fintech News - 9 hours ago
    The post CZ Suggests Charging Users A Fee For Burning LUNC Tokens, Criticized appeared first on Coinpedia Fintech News During a recent Q-n-A session on Twitter Spaces, Binance CEO Changpeng Zhao (CZ) put forward the idea of introducing a feature that would allow Luna Classic (LUNC) to charge a 1.2% trading fee to burn tokens. CZ said that, in this way, the community would be able to vote with its feet. However, FatMan criticized …
  • XRP Outperforms Bitcoin With Massive Whale Accumulation – Santiment
    Coinpedia Fintech News - 9 hours ago
    The post XRP Outperforms Bitcoin With Massive Whale Accumulation – Santiment appeared first on Coinpedia Fintech News It appears that the crypto market will have a bearish weekend as most of the cryptocurrencies are trading red led by the world’s first cryptocurrency, Bitcoin (BTC). However, there is one altcoin that has picked up the pace and is outperforming BTC. Meanwhile, the analytic firm, Santiment claims that as crypto sharks and whales are …
  • No Bitcoin Bull Run In 2022 – This is What BTC Traders Can Expect!
    Coinpedia Fintech News - 9 hours ago
    The post No Bitcoin Bull Run In 2022 – This is What BTC Traders Can Expect! appeared first on Coinpedia Fintech News Bitcoin (BTC) is not anticipated to have a significant upward impetus for at least the rest of this year, according to digital asset manager CoinShares. The US dollar index (DXY), which measures the dollar’s strength or weakness relative to a broad range of other fiat currencies, may have further to run in its multi-month climb, …
  • Here’s What’s in Store For Ethereum (ETH) Price This Weekend
    Coinpedia Fintech News - 9 hours ago
    The post Here’s What’s in Store For Ethereum (ETH) Price This Weekend appeared first on Coinpedia Fintech News In the midst of the bearish market cycle, Ethereum (ETH), the second largest cryptocurrency by market cap, has dropped nearly 30% from its September peak of $1,789. Most of the investors and traders expected September to be the most important month of the year for ETH, but the currency couldn’t hold on to the claim. …
  • Bitcoin Was About To Be Named Netcoin By Satoshi Nakamoto Earlier!
    Coinpedia Fintech News - 11 hours ago
    The post Bitcoin Was About To Be Named Netcoin By Satoshi Nakamoto Earlier! appeared first on Coinpedia Fintech News Historical data of domain name purchases indicates that initially Bitcoin creator, Satoshi Nakamoto, had named the platform differently. Bitcoin.org, the website domain related to the original Bitcoin, was created on Aug. 18, 2008. Domain purchases under AnonymousSpeech around the same time reveal the creation of Netcoin.org just a day prior to the creation of Bitcoin.org, …
  • Whales Remain Assured of the Next Bitcoin Price Rally, Is the Bull Run Fast Approaching?
    Coinpedia Fintech News - 12 hours ago
    The post Whales Remain Assured of the Next Bitcoin Price Rally, Is the Bull Run Fast Approaching? appeared first on Coinpedia Fintech News Bitcoin price continues to trade just above $19,000 after rebounding from the lows of around $18,500. The star crypto hovered within the demand area for a while and quickly raised high and gained back the lost levels. While the market participants believe a major drawback is yet to arise, the whales look up to the …
  • XRP Price Set For 80% Extended Rally, While Bitcoin Price Might Retest This Bottom Level
    Coinpedia Fintech News - 12 hours ago
    The post XRP Price Set For 80% Extended Rally, While Bitcoin Price Might Retest This Bottom Level appeared first on Coinpedia Fintech News A well-known crypto strategist and trader has come up with his analysis portraying his bullish stance for Ripple’s XRP, while he gives price targets for Bitcoin (BTC), Optimism (OP), and ApeCoin (APE) The analyst who is anonymously known as Altcoin Sherpa believes that the XRP price is all set to rally towards $0.60 before the …
  • Cardano’s Vasil Upgrade Now Live, Making ADA a Worthy ‘Ethereum Killer’
    ZyCrypto - 9 hours ago
    Barely a week after Ethereum’s transition to Proof-of-Stake, Cardano (ADA) has replied to its critics with the widely anticipated Vasil upgrade as it looks to lure more projects to its network with improved features.
  • Neobank Revolut Adds Dogecoin To Growing U.S. Crypto Offerings
    ZyCrypto - 10 hours ago
    According to a Tuesday report by The Block, London-based neobank Revolut is considering adding 29 new including Dogecoin, AVAX, Shiba Inu and Solana, through a new partnership with Apex Crypto for its U.S. clientele as the demand for cryptocurrencies picks up.  “Today we’ve more than quadrupled our token portfolio to give our customers access to […]
  • Jesse Powell Will Step Down As Kraken CEO But Remain As Board Chair
    ZyCrypto - 10 hours ago
    Jesse Powell is stepping down as the chief executive officer of Kraken, the crypto exchange he helped co-found in 2011. Powell will transition to a new role as chairman of the company’s board of directors.
  • Big Eyes Coin Launches $250k Giveaway, Skims Off Crypto Communities in Shiba Inu and Tamadoge
    ZyCrypto - 10 hours ago
    As Big Eyes Coin (BIG) launches its $250k giveaway, crypto communities in Shiba Inu and Tamadoge are joining the BIG train today! But why not? With over 2 million dollars raised after the first presale and a series of charitable donations, you’ll agree this is a community to be a part of. Let’s take a […]
  • Ethereum, Vita Inu, and Big Eyes Coin On Watch List
    ZyCrypto - 10 hours ago
    There are various strategies to make headways in the crypto world. Every investor makes moves they are comfortable with while utilizing their desired strategy. While this is the case for savvy investors, how do beginners make intelligent moves in the market? As we know, cryptocurrencies are volatile assets making them a double-edged sword. For beginners […]
  • Prominent Cryptos Cosmos And Decentraland Are Being Challenged By Dogeliens And Its Bonuses
    ZyCrypto - 11 hours ago
    The prices of cryptocurrencies are depleting over time as the market goes through a bearish cycle. Metaverse projects like Decentraland (MANA) and others have also faced a severe decline, while the “Internet of Blockchains,” Cosmos (ATOM), also keeps up its red run. In such a situation, crypto traders search for some newly rising crypto projects […]
  • Big Eyes Coin, Tamadoge: Big Prospects for Today’s Cryptocurrency Market
    ZyCrypto - 11 hours ago
    While the crypto collapse keeps the market in a bearish state, several coins offer great prospects for traders and crypto asset holders. Big Eyes Coin (BIG) is approaching launch as presale events progress. The token promises to be a stable with its protocols. However, before getting to Big Eyes Coin, let’s review some promising token […]
  • Element and Fundamental Labs supporting the Era7 World Cup Tournament, building the first EsportsFi Ecosystem on Web3
    ZyCrypto - 12 hours ago
    Era7: Game of Truth, a BNB Chain TOP gamefi project, launched the first NFT TCG World Cup Tournament on September 11. The tournament has attracted continuous attention from partners in multiple fields of the blockchain industry. Fundamental Labs, a globally renowned crypto venture capital firm in the web3.0 field, and Element, the world’s first multi-chain […]
  • 5 leading web3 Entrepreneurs from Australia and New Zealand share their exponential success and advice
    ZyCrypto - 12 hours ago
    These following entrepreneurs have not only scaled significant opportunities in the web2 market but have also transitioned and applied their genius in the web3 and crypto space. Already in just a short few years and months, they have created incredible success and communities. Five of the fastest upcoming names share their insights into web3 and […]
  • The Moshnake Presale Is Available Now! How Does It Match Up Against Solana and Ethereum?
    ZyCrypto - 21 hours ago
    Presales offer a chance for users to purchase tokens before the cryptocurrency launches. It is a good indication of how well the crypto could perform in the future. The Moshnake (MSH) presale has just begun and is already garnering a lot of attention as it aims to revive the Play-to-Earn (P2E) sector. So, how does […]
  • SolSwipe Launches Its First Decentralized Debit Card, Records Remarkable Sale of Its NFTs
    ZyCrypto - 22 hours ago
    SolSwipe protocol is pleased to announce the launch of its new decentralized debit card. The project has launched the first ever decentralized Solana debit card designed with exceptional use cases. Solana Debit Card and Its Use Cases According to a recent press release, the SolSwipe debit card has earned a remarkable entrance into the DeFi […]
  • Cardano-based Kulfi Finance Announces KLS Token Pre Seed Sale Round
    ZyCrypto - 22 hours ago
    The KLS token Pre Seed Sale Round has been announced on the Kulfi Token Sale Page by Kulfi finance, a fixed rate lending and borrowing protocol built on the Cardano blockchain that focuses on the intersection of cutting-edge technology. The community, which serves as the backbone of Kulfi finance, is its most crucial element. A […]
  • XRP Finally Breaks 527-Day Downtrend With A 53% Gain In 7 Days As Ripple Edges On Against SEC
    ZyCrypto - 1 day ago
    XRP has finally broken out of the massive downtrend it was caught in after 527 days, as a gain of over 54% is seen in just a week.
  • Coinbase CEO Vows to Fight for Crypto’s Success, Cites Dangers of U.S. Crypto Regulation
    ZyCrypto - 1 day ago
    Brian Armstrong, the CEO and co-founder of cryptocurrency exchange Coinbase, has promised to fight to ensure that crypto succeeds in the U.S. while slamming the government’s current approach to the asset class.  In a Twitter thread, Armstrong highlighted his issues with the U.S. government’s approach to crypto. One of the U.S. government’s strongest policy arguments […]
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