Latest Crypto News

  • Is there a secure future for cross-chain bridges? News - 6 hours ago
    For all the flak they have been getting recently, cross-chain bridges bring too much value to the blockchain space to ditch them. The plane touches down and comes to a halt. Heading to passport control, one of the passengers stops at a vending machine to buy a bottle of soda — but the device is absolutely indifferent to all of their credit cards, cash, coins and everything else. All of that is part of a foreign economy as far as the machine is concerned, and as such, they can’t buy even a droplet of Coke.In the real world, the machine would have been quite happy with a Mastercard or a Visa. And the cash exchange desk at the airport would have been just as happy to come to the rescue (with a hefty markup, of course). In the blockchain world, though, the above scenario hits the spot with some commentators, as long as we swap traveling abroad for moving assets from one chain to another.While blockchains as decentralized ledgers are pretty good at tracking transfers of value, each layer-1 network is an entity in itself, unaware of any non-intrinsic events. Since such chains are, by extension, separate entities vis-à-vis one another, they aren’t inherently interoperable. This means you cannot use your Bitcoin (BTC) to access a decentralized finance (DeFi) protocol from the Ethereum ecosystem unless the two blockchains can communicate.Powering this communication is a so-called bridge — a protocol enabling users to transfer their tokens from one network to another. Bridges can be centralized — i.e., operated by a single entity, like the Binance Bridge — or built to varying degrees of decentralization. Either way, their core task is to enable the user to move their assets between different chains, which means more utility and, thus, value.As handy as the concept sounds, it is not the most popular one with many in the community right now. On one hand, Vitalik Buterin recently voiced skepticism about the concept, warning that cross-chain bridges can enable cross-chain 51% attacks. On the other hand, spoofing-based cyberattacks on cross-chain bridges exploiting their smart contract code vulnerabilities, as was the case with Wormhole and Qubit, prompted critics to ponder whether cross-chain bridges can be anything other than a security liability in purely technological terms. So, is it time to give up on the idea of an internet of blockchains held together by bridges? Not necessarily.Related: Crypto, like railways, is among the world’s top innovations of the millenniumWhen contracts get too smartWhile details depend on the specific project, a cross-chain bridge linking two chains with smart contract support normally functions like this. A user sends their tokens (let’s call them Catcoins, felines are cool, too) on Chain 1 to the bridge’s wallet or smart contract there. This smart contract has to pass the data to the bridge’s smart contract on Chain 2, but since it’s incapable of reaching out to it directly, a third-party entity — either a centralized or a (to a certain extent) decentralized intermediary — has to carry the message across. Chain 2’s contract then mints synthetic tokens to the user-provided wallet. There we go — the user now has their wrapped Catcoins on Chain 2. It’s a lot like swapping fiat for chips at a casino.To get their Catcoins back on Chain 1, the user would first have to send the synthetic tokens to the bridge’s contract or wallet on Chain 2. Then, a similar process plays out, as the intermediary pings the bridge’s contract on Chain 1 to release the appropriate amount of Catcoins to a given target wallet. On Chain 2, depending on the bridge’s exact design and business model, the synthetic tokens that a user turns in are either burned or held in custody.Bear in mind that each step of the process is actually broken down into a linear sequence of smaller actions, even the initial transfer is made in steps. The network must first check if the user indeed has enough Catcoins, subtract them from their wallet, then add the appropriate amount to that of the smart contract. These steps make up the overall logic that handles the value being moved between chains.In the case of both Wormhole and Qubit bridges, the attackers were able to exploit flaws in the smart contract logic to feed the bridges spoofed data. The idea was to get the synthetic tokens on Chain 2 without actually depositing anything onto the bridge on Chain 1. And truthfully, both hacks come down to what happens in most attacks on DeFi services: exploiting or manipulating the logic powering a specific process for financial gain. A cross-chain bridge links two layer-1 networks, but things play out in a similar way between layer-2 protocols, too.As an example, when you stake a non-native token into a yield farm, the process involves an interaction between two smart contracts — the ones powering the token and the farm. If any underlying sequences have a logical flaw a hacker can exploit, the criminal will do so, and that’s exactly how GrimFinance lost some $30 million in December. So, if we are ready to bid farewell to cross-chain bridges due to several flawed implementations, we might as well silo smart contracts, bringing crypto back to its own stone age.Related: DeFi attacks are on the rise — Will the industry be able to stem the tide?A steep learning curve to masterThere is a bigger point to be made here: Don’t blame a concept for a flawed implementation. Hackers always follow the money, and the more people use cross-chain bridges, the bigger is their incentive to attack such protocols. The same logic applies to anything that holds value and is connected to the internet. Banks get hacked, too, and yet, we’re in no rush to shutter all of them because they are a crucial piece of the larger economy. In the decentralized space, cross-chain bridges have a major role, too, so it would make sense to hold back our fury.Blockchain is still a relatively new technology, and the community around it, as vast and bright as it is, is only figuring out the best security practices. This is even more true for cross-chain bridges, which work to connect protocols with different underlying rules. Right now, they are a nascent solution opening the door to move value and data across networks that make up something bigger than the sum of its components. There is a learning curve, and it’s worth mastering.While Buterin’s argument, for its part, goes beyond implementation, it’s still not without caveats. Yes, a malicious actor in control of 51% of a small blockchain’s hash rate or staked tokens could try to steal Ether (ETH) locked on the bridge on the other end. The attack’s volume would hardly go beyond the blockchain’s market capitalization, as that’s the maximum hypothetical limit on how much the attacker can deposit into the bridge. Smaller chains have smaller market caps, so the resulting damage to Ethereum would be minimal, and the return on investment for the attacker would be questionable.While most of today’s cross-chain bridges are not without their flaws, it is too early to dismiss their underlying concept. Besides regular tokens, such bridges can also move other assets, from nonfungible tokens to zero-knowledge identification proofs, making them immensely valuable for the entire blockchain ecosystem. A technology that adds value to every project by bringing it to more audiences should not be seen in purely zero-sum terms, and its promise of connectivity is worth taking risks.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.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.Lior Lamesh is the co-founder and CEO of GK8, a blockchain cybersecurity company that offers a custodial solution for financial institutions. Having honed his cyber skills in Israel’s elite cyber team reporting directly to the Prime Minister’s Office, Lior led the company from its inception to a successful acquisition for $115 million in November 2021. In 2022, Forbes put Lior and his business partner Shahar Shamai on its 30 Under 30 list.
  • JPMorgan sees higher BTC price potential, a16z unveils $4.5 billion crypto fund and PayPal hints at more crypto involvement: Hodler’s Digest, May 22-28 News - 12 hours ago
    Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This WeekAndreessen Horowitz closes $4.5 billion crypto fund amid market turmoilVenture capital player Andreessen Horowitz, or a16z, has unveiled a new $4.5 billion cryptocurrency fund. The a16z fund is the fourth of its kind and more than double the amount of its third crypto investment fund. With $3 billion earmarked for venture investments and $1.5 billion for early-seed projects, the fund will look to invest in companies at various stages in their life cycle. Andreessens new fund provides a strong indicator that venture capital interest in the crypto market remains high despite evidence of a brutal bear market.   JPMorgan places BTC fair price at $38K, declares crypto a preferred alternative assetA client-focused note from JPMorgan this week detailed the banking giants thoughts on Bitcoin, claiming $38,000 as the assets fair value. The seemingly bullish outlook came on the heels of depressed price action for Bitcoin, which has been rangebound below $30,000. But even in February, when BTC was valued at $43,000, JPMorgan strategists said that $38,000 was fair market value. This weeks client note from JPMorgan also pointed to the possibility of positive price action for the entire crypto space provided venture capital investment doesnt waver.  WEF 2022: PayPal looks to embrace all possible crypto and blockchain servicesPer comments from vice president Richard Nash, PayPal has its sights set on giving its platform more blockchain and crypto influence. Just walking slowly in the crypto shield with buy/sell/hold in certain jurisdictions, Nash told Cointelegraph at the World Economic Forum (WEF) in Davos, Switzerland. And then looking to work with others to embrace everything we can, whether itd be the coins that we have today in PayPal digital wallets, private digital currencies or CBDCs in the future.  Bitcoin 2022 Will the real maximalists please stand up? May 11, 2022 Blockchain games take on the mainstream: Heres how they can win May 3, 2022 Helping Ukraine without donating: Lauras DeFi staking plan April 22, 2022 Basic and weird: What the Metaverse is like right now April 19, 2022 DeSci: Can crypto improve scientific research? April 15, 2022   GameStop unveils beta cryptocurrency wallet and upcoming NFT platformWith time ticking down until GameStops NFT marketplace launch, the company has unveiled the beta version of an Ethereum-based wallet. The self-custody crypto and NFT storage solution is called the GameStop Wallet. The browser-based wallet will go hand-in-hand with the companys future NFT marketplace. GameStop is also developing a mobile app version of the wallet. Korean watchdog begins risk assessment of crypto as Terra 2.0 passes voteKoreas Financial Supervisory Service (FSS) is working to standardize its evaluation of digital asset risks in the wake of the Terra ecosystem collapse. While the FSSs standardization efforts have only just begun, they are expected to lead to a legal framework for evaluating digital assets. Meanwhile, Terraform Labs CEO Do Kwon is moving ahead with an ecosystem recovery plan, having gained majority support from his community. The Terra 2.0 ecosystem went live on Friday with a new blockchain and crypto asset.      Winners and Losers At the end of the week, Bitcoin (BTC) is at $28,449, Ether (ETH) at $1,729 and XRP at $0.37. The total market cap is at $1.17 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are BORA (BORA) at 18.15%, Bitcoin Gold (BTG) at 17.79% and Ethereum Classic (ETC) at 11.09%.The top three altcoin losers of the week are TerraClassicUSD (USTC) at -46.13%, STEPN (GMT) at -27.38% and Elrond (EGLD) at -25.70%.For more info on crypto prices, make sure to read Cointelegraphs market analysis.   Bitcoin 2022 Will the real maximalists please stand up? May 11, 2022 Blockchain games take on the mainstream: Heres how they can win May 3, 2022 Helping Ukraine without donating: Lauras DeFi staking plan April 22, 2022 Basic and weird: What the Metaverse is like right now April 19, 2022 DeSci: Can crypto improve scientific research? April 15, 2022   Most Memorable Quotations Decentralization truly puts more control and power back into the peoples hands where it belongs.Sonali Giovino, head of communications for Defiyield Projects must watch the interests of their community and users because, in the end, thats the most valuable thing you have.Nicky Chalabi, ecosystem success and enablement professional at Near Foundation A lot of the policy and regulatory issues that limit the power of moving money have to do with stripping people of their economic freedoms.Jeremy Allaire, CEO of Circle In TradiFi people are thinking, I dont want to lose money how can you help me keep my wealth regardless of markets? So, its very risk-management orientated. While in DeFi, the degens are like, Gimme those triple-digit yields, woo!Alexander Fazel, chief partnership officer for SwissBorg The rise of the term Web3 is encouraging because it means that people are seeing this underlying technology feed into different applications the ones they didnt necessarily expect.Gavin Wood, co-founder of Polkadot and Ethereum Theres absolutely no reason that a deed to a house couldnt be a unique digital asset as long as that asset is created and stored in the correct way.Alex Altman, chief operating officer of Seal Storage Technology Prediction of the Week Bitcoin price may bottom at $15.5K if it retests this lifetime historical support levelBitcoins price has continued to struggle in recent days, often trading below $30,000, according to Cointelegraphs BTC price index. However, the asset could still fall considerably further, according to Rekt Capital.Over the course of Bitcoins history, the assets price has respected the 200-week moving average (200WMA). #BTC tends to wick -14% to -28% below the 200-MA, Rekt Capital detailed as part of a thread on Twitter. And since the $BTC 200-MA now represents the price point of ~$22000… A -14% downside wick below the 200-MA would result in a ~$19000 Bitcoin, they added. And if #BTC were to repeat the March 2020 downside wicking depth below the 200-MA $BTC would revisit the ~$15500 price point.  FUD of the Week‘Yikes!’ Elon Musk warns users against latest deepfake crypto scamDid you watch a video of Tesla CEO Elon Musk advertising 30% gains via deposits on a crypto platform? Be warned that the video is a scam. Classified as a deepfake, the video was doctored to look real but is not, as verified by a Twitter comment from Musk himself. The video harnesses real footage of Musk doing a TED Talk earlier in 2022, altered to deceive viewers into a scam. Deepfakes are nothing new, however. This recent effort utilizes Musks fame in tandem with his known crypto involvement. Crypto spam increases 4,000% in two years LunarCrushThe last two years have resulted in a 3,894% uptick in crypto-related spam, according to recent data from LunarCrush, a crypto intelligence outfit. One aspect making detection difficult: The undesirable action is not all bot related, with a surprising amount coming from humans. Twitter is a hotbed for spam, based on the LunarCrush data. Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple accountA hacker or group of hackers recently took over the Twitter account of Mike Winkelmann, a.k.a. Beeple. The hacker(s) that commandeered the well-known NFT artists account posted phishing scam tweets, angling the scam around Beeples recent collaboration with Louis Vuitton. Although Beeple managed to take back control of his Twitter account, the phishing effort pilfered roughly $438,000 worth of Ether and NFTs from victims.  Best Cointelegraph FeaturesThe Moon ‘created’ his lavish reality and says you can, tooThree years and BOOM, you can be anything you want a famous musician, a billionaire. It doesnt matter what you want to do, anything can be done with the right mindset.Crypto is changing how humanitarian agencies deliver aid and servicesIts almost like the whole idea of a decentralized, distributed model is exactly what worked in terms of how we operated and deployed the system.How Terra’s collapse will impact future stablecoin regulationsThe collapse of algorithmic stablecoin UST created a ripple effect for the broader crypto market and put regulators on extremely high alert. (function() {window.mc4wp = window.mc4wp || {listeners: [],forms: {on: function(evt, cb) {window.mc4wp.listeners.push({event : evt,callback: cb});}}}})(); The best of blockchain, every Tuesday Subscribe for thoughtful explorations and leisurely reads from Magazine. By subscribing you agree to our Terms of Service and Privacy PolicyLeave this field empty if you’re human:   
  • Bitcoin price action decouples from stock markets, but not in a good way News - 13 hours ago
    Conflicting Bitcoin derivatives data shows leverage traders bullish, while pro traders fear a deeper correction below $29,000. This week the stock markets began to flash a little green and Bitcoin (BTC) is decoupling from traditional markets but not in a good way. The cryptocurrency is down 3% while the Nasdaq Composite tech-heavy stock market index is up 3.1%.May 27 data from the United States Commerce Department shows that the personal savings rate fell to 4.4% in April to reach the lowest level since 2008 and crypto traders are worried that worsening global macroeconomic conditions could add to investors’ aversion to risky assets. For example, Invesco QQQ Trust, a $160 billion tech company-based U.S. exchange-traded fund, is down 23% year-to-date. Meanwhile the iShares MSCI China ETF, a $6.1 billion tracker of the Chinese shares, has declined 20% in 2022. To get a clearer picture of how crypto traders are positioned, traders should analyze Bitcoin derivatives metrics.Margin traders are becoming more bullishMargin trading allows investors to borrow cryptocurrency and leverage their trading position to potentially increase returns. For example, one can buy cryptocurrencies by borrowing Tether (USDT) to enlarge exposure.Bitcoin borrowers can only short the cryptocurrency if they bet on its price decline and unlike futures contracts, the balance between margin longs and shorts isn‘t always matched.USDT/BTC margin lending ratio at OKX exchange. Source: OKXThe above chart shows that traders have been borrowing more USD Tether recently, because the ratio increased from 13 on May 25 to the current 20. The higher the indicator, the more confident professional traders are with Bitcoin’s price.It is worth noting that the 29 margin lending ratio reached on May 18 was the highest level in more than six months and it reflected bullish sentiment. On the other hand, a USDT/BTC margin lending ratio below 5 usually is a bearish sign.Options markets entered “extreme fear”To exclude externalities specific to the margin markets, traders should also analyze the Bitcoin options pricing. The 25% delta skew compares similar call (buy) and put (sell) options. The metric will turn positive when fear is prevalent because the protective put options premium is higher than similar risk call options.The opposite holds when greed is prevalent, causing the 25% delta skew indicator to shift to the negative area. In short, if traders fear a Bitcoin price crash, the skew indicator will move above 8%. On the other hand, generalized excitement reflects a negative 8% skew.Bitcoin 30-day options 25% delta skew at Deribit exchange. Source: Laevitas.chThe 25% skew indicator has been above 16% since May 11, indicating an extremely unbalanced situation because market markets and professional traders are unwilling to take downside pricing risks.More importantly, the recent 25.6% peak on May 14 was the highest ever 25% skew in Bitcoin’s history. Presently, there is a strong sense of bearishness in BTC options markets.Related: Falling Bitcoin price doesn’t affect El Salvador’s strategyExplaining the duality between margin and optionsA potential explanation for the divergent mindset between BTC margin traders and option pricing could have been the Terra USD (UST) collapse on May 10. Market makers and arbitrage desks might have taken heavy losses as the stablecoin lost its peg, consequently reducing their risk appetite for BTC options.Moreover, the cost of borrowing USD Tether has dropped to 3% per year on Aave and Compound, according to This means traders will take advantage of this low-cost leverage strategy, thereby increasing the USDT/BTC margin lending ratio. There is no way to predict what would cause Bitcoin to end the current bearish trend, so access to cheap financing does not guarantee a positive price action.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.
  • STEPN rebounds sharply after falling 80% in a month — is GMT price bottoming out? News - 17 hours ago
    GMT’s downside pressure remains as an analyst calls STEPN a “hype-driven speculative frenzy.” A massive downtrend in the STEPN (GMT) prices witnessed in the last 30 days appears to be nearing exhaustion.GMT’s price has rebounded by nearly 35%—from $0.80 on May 27 to $0.99 on May 28. Interestingly, the upside retracement started after the price fell in the same range, which had acted as support before GMT’s 500% and 120% price rallies in March and early May, respectively.GMT/USD daily price chart. Source: TradingViewAdditionally, the rebound further preceded an 80% drop from its record high of $4.50, established on April 27, which left GMT oversold, per its daily relative strength index reading that slipped below the oversold threshold of 30 on May 26.The technical support, in addition to oversold RSI, suggests GMT is in the process of bottoming out.GMT price levels to watchDrawing a Fibonacci retracement graph from GMT’s $0.0099-swing low to $3.82-swing high leaves the token inside a broader consolidation range, defined by the 0.382 Fib line (near $1.50) acting as interim resistance and the 0.786 Fib line (near $0.82) serving as interim support.GMT/USD daily price chart featuring Fib support/resistance levels. Source: TradingViewTherefore, an extended rebound move from the $0.82-support level brings $1.50 into the attention as the next upside target, up about 40% from today’s price. Moreover, a strong upside follow-up could send the STEPN token towards the $2-2.50 area, suggesting that the market has bottomed out.Conversely, a weaker upside follow-up could have GMT’s price retest $0.82 for a breakdown move toward $0.54. This level was instrumental in capping the token’s downside attempts between March 17 and March 21 earlier this year.STEPN a “hype-driven speculative frenzy?”From the fundamental perspective, GMT’s bias looks skewed to the downside.First, the token continues to trade in near-perfect tandem with Bitcoin (BTC) and the other top-cap cryptocurrencies, according to their daily correlation coefficient readings, which topped 0.98 on May 21, but had subsided to 0.75 on May 28.GMT/USD and BTC/USD daily correlation coefficient. Source: TradingViewSo, if Bitcoin continues to struggle below $30,000, as many analysts believe, it could take GMT lower alongside due to its consistent positive correlation with the token.Second, GMT could drop due to the rising uncertainties surrounding STEPN’s business model, which involves paying users for exercising either by walking, jogging, or running with the native Green Satoshi Token (GST) units.Time to hit half a million followers milestone! We are giving away $1.5 million worth of NFT once we reach 500k Twitter followers (50 pairs BNBChain Genesis Sneakers):1⃣ Follow us2⃣ Retweet3⃣ Tag 3 friends & comment below— STEPN | Public Beta Phase IV (@Stepnofficial) May 9, 2022 Mike Fay, an independent market analyst and the author of the Heretic Speculator financial newsletter, says that STEPN’s so-called move-to-earn model is neither scalable nor sustainable in the long term.The analyst cited some core issues with the “lifestyle app.” First, STEPN has a massive entry barrier for it makes people acquire its expensive “Sneaker NFTs.” But even then, people buy these digital issues for hundreds or thousands of dollars in anticipation that they would recover their investments by earning and selling GST tokens.Many users have already recouped their money, such as YouTuber Sebbyverse, who claims that he earned $219 worth of GST tokens just by walking 15 minutes to-and-fro for dinner. Related: People want to be paid crypto to exercise in the Metaverse: Survey”The way this likely ends is with the last people who come into the platform essentially serving as ‘exit liquidity’ for the early adopters when the app’s in-game payment token (GST-USD) collapses,” Fay said while highlighting that the STEPN’s in-house token is already crashing. GST/USD daily price chart. Source: TradingViewThat would hurt users’ return on investment who paid thousands of dollars for Sneaker NFTs. So, if the demand for NFTs dries up and incentive drops, STEPN would have trouble attracting new players to its app, thus dampening demand for GMT, according to Fay. He added:”STEPN is in a hype-driven speculative frenzy and I’m not touching any of this. Not the payout token (GST-USD), the governance token GMT, or the NFTs.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • The key technologies that power the Metaverse News - 18 hours ago
    Multiple metaverses use various technologies to build immersive worlds. Read about the key technologies that power the Metaverse. What are the challenges of the Metaverse?Users’ cognition, emotions, and behaviors can be influenced by key technologies that enable multiple metaverses.The expensive cost of equipment is a barrier to the widespread adoption of metaverse technologies that will hopefully be overcome in the future. Morality, physical well-being, health and safety, psychology, ethics, and data privacy are the four areas of risk associated with AR.On a physical level, users’ attention being diverted by location-based AR applications has resulted in dangerous mishaps. Overloading information is a psychological problem that must be avoided. Unauthorized augmentation and fact tampering with prejudiced perspectives are moral dilemmas. Data collection and sharing with third parties is the risk with the most severe privacy ramifications.Furthermore, Metaverse actors may be enticed to collect users’ biometric psychography based on user data emotions, which could be used to make unintentional behavioral assumptions and exacerbate algorithmic bias. Nausea, motion sickness and dizziness are among the most regularly reported health issues associated with virtual reality. Due to the weight of VR headsets, head and neck strain is a limitation for longer use sessions. Social isolation and withdrawal from real-life activities accompanied by medical issues is also a challenge that hinders the mainstream adoption of the Metaverse.In addition to the above, sexual harassment again women in the Metaverse is also a big problem, as evident from a gang rape case where the victim explained that men groped her avatar and sexually assaulted her. So, who is responsible for ensuring that women are safe in virtual worlds? Meta, for example, claims that it provides users with tools to help them to stay safe, effectively shifting the responsibility to them.Therefore, users need to understand the risk-return trade-offs of participating in immersive environments, be aware of cyber threats and conduct their own research before entering into the Metaverse.Which technology is used in the Metaverse?The latest development of the Metaverse was made possible due to technologies like artificial intelligence (AI), the Internet of Things (IoT), AR, VR, 3d modeling, and spatial and edge computing.Artificial intelligenceAI paired with Metaverse technology ensures the Metaverse infrastructure’s stability while also delivering actionable information for the upper layers. NVIDIA technologies are a good example of how AI will be crucial in developing digital spaces where social interactions will occur in the Metaverse.Internet of thingsWhile IoT will allow the Metaverse to study and interact with the real world, it will also serve as a 3D user interface for IoT devices, allowing for a more personalized IoT experience. Both the Metaverse and the Internet of Things will assist organizations in making data-driven judgments with minimal mental effort.Augmented and virtual realityThe idea of a Metaverse combines technologies like AI, AR and VR to let users enter the virtual world. For instance, virtual items can be embedded in the actual environment using augmented reality technology. Similarly, VR helps immerse you in a 3D virtual environment or 3D reconstruction using 3D computer modeling. While wearing a virtual reality headset or other gear isn’t required in the Metaverse, experts believe VR will become an essential part of the virtual environment. However, it is essential to note that the Metaverse is different from AR and VR. If you are curious to know how you can enter the Metaverse, the answer is that augmented and virtual reality technologies are a way to get into the dynamic 3D digital world.3D modeling3D modeling is a computer graphics approach for creating a three-dimensional digital representation of any surface or object. The Metaverse’s 3D reality is crucial to ensuring the comfort of its consumers.A lot of image collecting and graphic design are required to create a 3D world. The 3D graphics in most games like The Sandbox (SAND) provide the impression that the player is actually in the game. The Metaverse needs to be built on the same foundation.Spatial and edge computingThe practice of leveraging physical space as a computer interface is known as spatial computing. With technologies like the HoloLens, Microsoft is a pioneer in the field of spatial computing in the metaverse space. In contrast, edge computing is a network-based cloud computing and service delivery paradigm. Edge provides end-users with computation, storage, data and application solutions like cloud computing services. To deliver the same level of experience as in reality, keeping the user interested and immersed in the Metaverse is critical. In light of this, the response time to a user’s action should essentially be reduced to a level below what is detectable to humans. By hosting a series and combination of computing resources and communication infrastructures close to the users, edge computing provides quick response times.How does the Metaverse work?Jon Radoff (an entrepreneur, novelist and game designer) proposed a seven-tiered conceptual framework to define the Metaverse market’s value chain. As per the framework, seven layers make up the Metaverse, including experience, discovery, creator economy, spatial computing, decentralization, human interface and infrastructure. ExperienceThe Metaverse will give us a plethora of three-dimensional (3D) visuals and even two-dimensional (2D) experiences that we are currently unable to enjoy. DiscoveryInbound and outbound discovery systems continue to exist in the Metaverse ecology. When people are actively hunting for information, this is known as inbound discovery. Meanwhile, outbound marketing refers to sending communications to people regardless of whether they requested it.Creator economyCreators of earlier incarnations of the internet needed some programming knowledge to design and construct tools. However, developing web applications without coding is now possible owing to web application frameworks. As a result, the number of web creators is rapidly expanding.Spatial computingSpatial computing refers to a technology that combines VR and AR. Microsoft’s HoloLens is an excellent example of what this technology can accomplish. Even if you haven’t been able to get your hands on Hololens yet, consider face filters on Instagram as an example of spatial computing.DecentralizationDevelopers can leverage online capabilities through a scalable ecosystem enabled by distributed computing and microservices. Moreover, smart contracts and the blockchain empower creators to their own data and products.Human interfaceUsers can receive information about their surroundings, use maps, and even build shared AR experiences by simply gazing around at the physical world using a combination of spatial computing and human interface.InfrastructureTechnological infrastructure is critical for the existence of other layers. It includes 5G and 6G computing to reduce network congestion and improve the network’s bandwidth.What is the Metaverse?The Metaverse is a post-reality universe that combines physical reality and digital virtual worlds in a continual and persistent multiuser environment. The Metaverse is built on the convergence of augmented reality (AR) and virtual reality (VR) technologies, which enable multimodal interactions with digital items, virtual environments and people. As a result, the Metaverse is a web of networked immersive experiences and social in multiuser persistent platforms.Furthermore, cryptocurrencies and nonfungible tokens (NFTs) are conceivable because of technologies like blockchain, which allow for the ownership of virtual items and real estate in metaverses like Decentraland.Microsoft and Meta are among the companies developing technology for interfacing with virtual worlds, but they aren’t the only ones. So many other significant corporations are constructing the infrastructure needed to create better virtual, more realistic worlds.
  • NFT 2.0: The next generation of NFTs will be streamlined and trustworthy News - 20 hours ago
    NFTs are moving into the mainstream, but this requires a streamlined and trustworthy experience for the general public’s mass adoption. Nonfungible tokens (NFTs) have been in the headlines for the past few years. While swaths of the population have tried to get their head around why NFTs exist, demand has soared, institutions have been built, and the lingo has entered our collective consciousness.There is an elephant in the room, though: NFTs are difficult to use and a majority of them are digital snake oil. But these problems create the opportunity to provide answers. The accessibility and legitimacy of NFTs are both ripe for change. As funding pours into the space, the market is starting to mature, and that change is gaining momentum. We’re entering a new era of NFTs — NFT 2.0 — where the technology will be more easily accessible by the mainstream, and the underlying value proposition of the NFTs will be more transparent and reliable.Reflecting on the rise of NFTsIn their short existence, NFTs have exploded onto the crypto scene, topping $17 billion in trading volume in 2021. This number is expected to balloon to $147 billion by 2026. Even more impressive is the fact that this volume is owned by fewer than 400,000 holders, which totals a whopping $47,000 transaction volume per user.Alongside the industry’s meteoric rise, NFTs themselves have gone through enormous changes since their inception. For example, CryptoPunks, which minted for free in 2017, rose to blue-chip status, peaking with an $11.8-million sale at Sotheby’s last year. A few years later, Larva Labs, the company responsible for creating the Punks, was acquired by the Bored Ape Yacht Club’s parent company, Yuga Labs, for an undisclosed amount.The evolution of NFTsDismissed as a fad early on, NFTs have shown a tremendous amount of staying power, attracting the attention of major celebrities and brands and even being featured in Super Bowl commercials. Companies such as Budweiser, McDonald’s and Adidas have dropped their own collections, while Nike has entered the space by acquiring RTFKT Studios.Related: Why are major global brands experimenting with NFTs in the metaverse?While organizations determine their NFT strategy, the overall space has mirrored the past several decades of technological innovation, just under a significantly accelerated timeline. While the iPhone took about 10 years to reach its current version, NFTs have moved from 8-bit pixelated images and Pong-like blockchain games to high-fidelity 3D animations and complex play-to-earn game mechanics with massive multiplayer experiences in just a couple of years.While the actual NFTs evolve, the ecosystem of pick-and-shovel solutions is also rapidly advancing. The onslaught of NFT minting platforms and toolings has dramatically reduced the barrier to entry, which has created deep saturation in the market. As of March 2022, there were more NFTs than there were public websites, creating a significant amount of noise that many have found difficult to cut through.1/ There are now more NFTs on OpenSea than there were websites on the internet in 2010.Very soon, NFTs will outnumber websites, maybe even webpages. This growth has major implications for how we should index NFTs…— Alex Atallah (@xanderatallah) March 9, 2022 The staying power of the asset class and the gargantuan transaction volumes have shifted the ways that creators approach the space. Many have rushed their Web3 strategy or treated their fans as a source of liquidity, leaving a mess of missteps, rug pulls and abandoned projects. Put simply, most companies and creators aren’t ready to enter Web3, and they require more hand-holding and white-glove services than they do tools.Just like emailUltimately, NFTs appear to be heading the same way as email. There was a time in the 1990s when companies needed to hire specialists to code emails for them. Early adopters founded lucrative agencies that were able to service Fortune 500 companies and execute early digital strategies. The information gap gave these agencies tremendous leverage until technological advancement (and education) made it easier for brands to do it themselves.Related: We haven’t even begun to tap into the potential of NFTsSimilarly, we are currently in the era where brands are looking to experts to educate and prepare them for a Web3 future, and it is only a matter of time before they fully disintermediate and manage their Web3 strategy fully in-house. Onboarding for NFTs, and crypto at large, is a fairly complex process that many simply cannot handle. Some companies, however, are finding ways to abstract the more difficult aspects of crypto and creating avenues for deeper engagement with their fans.Built for the mainstream: NFT 2.0The current iteration of NFTs is not designed for mainstream consumption. The onboarding system isn’t smooth for consumers; the volatility is damaging to true fans; and it skews the artist-fan relationship. There is too much dissonance between the sticker price of an NFT and the value it is able to provide consumers, and many collections are seeing rough demand shocks as they fail to execute on their road maps.The core NFT buyer is becoming savvier to rug pulls and scams, which means they are less likely to mint new collections. And though it’s easy to look at declining volumes and see doom, the reality is that NFTs need a sizable washout in order to knock out those looking to get rich quickly and more properly incentivize true builders in the space. As the vaporware gets wiped out during a bear cycle, the antifragile companies that can weather the storm when shifting from Web2 to Web3 will thrive. Agencies and platforms, if timed incorrectly, will be wiped out, but those prepared for an email-esque shift will maximize high-margin, high-touch projects while capturing long-tail revenue streams.This has important implications whether you’re building in the space, a potential user or an investor. This space is going to grow up fast and evolve quickly. Don’t blink or you might miss it.This article was co-authored by Mark Peter Davis and Sterling Campbell.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.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.Mark Peter Davis is a venture capitalist, serial entrepreneur, author and community organizer. He is the managing partner of Interplay, a top-performing venture capital firm based in New York City. He’s also an active podcaster, the author of The Fundraising Rules and the founder of both the Columbia Venture Community and the Duke Venture Community.Sterling Campbell is the CEO of Minotaur, Web3 company servicing top-tier creators and brands as they develop NFT projects, decentralized autonomous organiations and tokens. He has spent the majority of his career focusing on consumer-focused tech for Blockchain Capital, Lerer Hippeau, Grishin Robotics and William Morris Endeavor, where he also developed talent. Sterling earned his bachelor of science in music industry and business administration from the University of Southern California and his master of business administration from Columbia Business School.
  • Terra (LUNA) 2.0 relaunches according to Do Kwon's revival plan News - 21 hours ago
    The Terra 2.0 mainnet (Phoenix-1) went live today as per the original timeline set by Terra developers and started producing blocks. Do Kwon, the co-founder and CEO of Terraform Labs, confirmed the relaunch of Terra’s new chain, Terra 2.0, which aims to revive the fallen Terra (LUNA) and TerraUSD (UST) ecosystem. Kwon’s revival plan for Terra involves hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot before the death spiral bled the LUNA and UST markets — effectively resulting in unrecoverable losses for investors.Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly.— Do Kwon (@stablekwon) May 28, 2022 Dubbed Phoenix-1, the Terra 2.0 mainnet went live today, May 28,  as per the original timeline set by Terra developers and started producing blocks. Kwon also informed that public node services, wallets and explorers would follow the mainnet to go live soon after. Following the plan from the original proposal, which recommended issuing the new LUNA tokens to existing investors, Kown stated that users should now be able to see the newly issued LUNA tokens balances:“To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, you only need to log into station and refresh the page.”Moreover, investors that are migrating over the inter‐blockchain communication protocol (IBC) are required to create a station wallet with the same ledger and follow the instructions provided upon wallet creation.Kown also shared an official portal link wherein users can view their Terra wallet balances. As Cointelegraph previously reported, numerous crypto exchanges have joined Terra’s relaunch by helping with airdrops. According to the revival plan, users previously holding Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) are eligible to receive new tokens.Related: BNB Chain offers another lifeline to Terra ecosystem projectsAmong the numerous crypto ecosystems that stood up to help Terra projects come back to life, Binance’s BNB Chain (BNB) committed to providing investment and support to projects that are considering migrating from the Terra ecosystem.Speaking to Cointelegraph, Gwendolyn Regina, BNB Chain’s investment director confirmed the company’s intent to onboard prominent builders from the Terra ecosystem:“The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping those builders and teams, building new projects on the BNB Chain. Hence, we are simply interested in supporting developers and projects so that they do not miss out on future potential.”
  • Bitcoin price stuck below $29K as Terra LUNA comes back from the dead News - 23 hours ago
    The launch of the new LUNA mainnet comes as problems persist for other well-known altcoins. Bitcoin (BTC) analysts faced another day of frustration on May 28 as BTC/USD refused to offer volatility up or down.BTC/USD 1-day candle chart (Bitstamp). Source: TradingView”Not the decoupling we wanted”Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency sticking in a narrow short-term range into the weekend.Previously forecast support levels to avoid a deeper correction managed to hold in the May 27 Wall Street trading session, but a bounce higher was similarly absent as commentators looked for fresh cues.”Short resistance and long support until one of them breaks. Keep it simple in ranges as they are there to engineer liquidity for trend continuation or reversals,” popular trading account Crypto Tony summarized in part of a recent tweet.Others focused on Bitcoin’s relative underperformance when compared with stocks, which finished up at the end of the week. The S&P 500 gained 2.47% on May 27, while the Nasdaq Composite Index was up 3.33%.Well, it looks like this time might be different. Also, this is not the decoupling that we wanted. #Bitcoin $BTC— Jan Wüstenfeld (@JanWues) May 27, 2022 Unlike Bitcoin, equities markets were making the most of a continued downtrend in the strength of the U.S. dollar.The U.S. dollar index (DXY) circled 101.6 on the day, down from highs of 105, which had marked a peak last seen in late 2002.Analyst Matthew Hyland noted that the index’s reversal meant that it was now challenging its overall uptrend from the beginning of the year.US Dollar (DXY) Weekly RSI heading toward a crucial test of the trend line that started at the start of the year:— Matthew Hyland (@MatthewHyland_) May 28, 2022 Do Kwon confirms LUNA rebirthOn altcoins, the revival of the controversial Blockchain protocol Terra was greeted by limp performance.Related: Exchanges back ‘Terra 2.0 revival plan’ via airdrops, listing, buyback and burningTerra co-founder Do Kwon confirmed the launch of the new mainnet for in-house token LUNA on the day.To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, you only need to log into station and refresh the pageFor new users coming in from IBC et all, create a station wallet with the same ledger and station should walk you through the remaining steps— Do Kwon (@stablekwon) May 28, 2022 At the same time, concern was mounting over other major altcoin projects, notably Celsius (CEL), which had managed to drop from $0.80 to around $0.50 in under a week.CEL/USD 1-hour candle chart (FTX). Source: TradingViewHex (HEX), a project which had aroused suspicion throughout its existence, suffered a similar fate, declining from just over $0.11 a week ago to lows of under $0.05.The top ten cryptocurrencies by market cap nonetheless copied Bitcoin’s low-volatility behavior in the 24 hours to the time of writing, with only Dogecoin (DOGE) seeing noticeable moves, this time to the upside to reclaim $0.08.DOGE/USD 1-hour candle chart (Binance). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Finance Redefined: Uniswap breaches $1T volume, WEF 2022 discussion on Terra, and more News - 23 hours ago
    The past week in DeFi saw Uniswap breach $1 trillion trading volume, while WEF 2022 saw Terra at the center of most crypto and DeFi discussions. The decentralized finance (DeFi) ecosystem continues to struggle with the ongoing market volatility and after-effects of the Terra ecosystem collapse. Over the past week, major DeFi protocols showed signs of increased trading activity, with Uniswap breaching the $1 trillion trading volume mark.Terra remained the focus of most of the discussions around blockchain and crypto at the World Economic Forum (WEF), with analysts suggesting Terra was offering unsustainable yields. DeFi insurance protocol to pay out millions after Terra collapse, while interest in Ethereum Name Services (ENS) shattered new records.Top DeFi tokens by market cap had a mixed week of price action, with several tokens in the top 100 registering double-digit gains over the past week, while many others continue to trade in the red.WEF 2022: Terra was offering unsustainable yields and DeFi can support financial inclusionReporting from the inaugural day of the Blockchain Hub Davos 2022 conference, Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, hosted a panel discussion centered around DeFi titled “Programmable Money is Here — and It’s Changing the World as We Know It.”Coral Capital’s Horsman shared that the Terra crisis partly occurred because “they were essentially offering yields that were unsustainable, and [that] there were venture capital firms that were bootstrapping those yields in order to bootstrap an ecosystem.” He noted that his firm decided to withdraw funds from the project in November–December 2021 after their reserve modeling data predicted worrying calculations for the future.Continue readingInsurAce says it will pay millions to claimants after Terra’s collapseDeFi insurance protocol InsurAce says it was well within its rights to reduce the claims period for people affected by the TerraUSD (UST) depegging event from 15 days to seven — but added it has already processed nearly all 173 submitted claims and will pay out $11 million.InsurAce (INSUR) is the third-largest insurance provider for decentralized finance (DeFi) protocols, with a market cap of $15 million. On May 13, InsurAce caused a stir when it announced it had shortened the claims window for those with cover related to Anchor (ANC), Mirror (MIR), and stablecoin UST following the collapse of the Terra layer-1 blockchain.Continue readingUniswap breaks $1T in volume — but has only been used by 3.9M addressesDecentralized exchange (DEX) Uniswap has topped $1 trillion in total trading volume since launching on Ethereum in late 2018.That comes from a relatively small user base, however, indicating that there is a lot of potential growth to come. According to data from Uniswap Labs, which are major contributors to the development of the protocol and ecosystem, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years.Continue readingInterest in Ethereum Name Service reaching ‘critical mass’The Ethereum Name Service is having its best month on record for new registrations, account renewals and revenue, thanks to community awareness and low gas fees.Lead developer at ENS Nick Johnson tweeted on Monday that the metrics for the Web3 domain service through May so far. He noted that numbers were poised to shatter existing records because they were already at all-time highs, “and there’s still a week of May left.”Continue readingDeFi market overviewAnalytical data reveals that DeFi’s total value locked continued to show outflow in the past week as well, falling to $79 billion, a $5 billion decline over the past week. Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s top 100 tokens by market capitalization registered a week filled with volatile price action and constant bearish pressure.Majority of the DeFi tokens in the top-100 ranking by market cap traded in red, barring a few. Aave (AAVE) was the biggest gainer with a 15% surge, followed by Loopring (LRC) with 14%. Tezos (XTZ) saw an11% price rise while Kava (KAVA) grew by 10%. Before you go!Do Kown’s Terra revival proposal finally got approved. Kwon’s “Terra Ecosystem Restoration Plan” is to create new coins and give them out to investors who lost money. “Let’s call the existing Terra blockchain network ‘Terra Classic,’ and the present Luna blockchain, ‘Luna Classic,’ and create a new Terra blockchain,” CEO Kwon tweeted on May 18.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.
  • Can a lesson in bimetallism help the long-term stability of Bitcoin and privacy coins? News - 1 day ago
    Will the potential long-term bear market of 2022 begin the push for increased privacy for people exchanging cryptocurrencies? The crypto market has been on a downward trajectory since the tail end of 2021. In early May 2022, it culminated in a dip that impacted traditional markets just as hard. The recent bust removed some speculation from the market. But the shakeup is different than in the past. There are still many more active users utilizing the Bitcoin network than we have seen in past cycles. Many more holders and true believers made it through to the other side. However, as this increases over time, one of the concerns some have over Bitcoin (BTC) may impact its adoption. There is an economic incentive, not just utility, that privacy coins can offer as a solution.At different points in the first half of 2022, both in crypto market rallies and huge dumps, privacy coins such as Monero (XMR), Dash (DASH) and Zcash (ZEC) have fared relatively well against other altcoins. Does this mean there is an underlying demand for interest in crypto privacy?The Bitcoin standard is finally here (well, not yet)For the sake of this discussion, let us presume that Bitcoin made it. Bitcoin is now the dominant currency globally. But due to the pseudo-anonymous nature of the Bitcoin blockchain, anyone can see all of the transactions for each wallet. And for each coffee purchased, the spending habits of the buyer, the location where the spending took place and all the other dystopian trappings of a 1984-inspired nightmare are a reality. This nightmare is what has spurred on the creation of the likes of Monero, Zcash, Dash, Decred (DCR), Secret (SCRT) and Horizen (ZEN), just to name a few. Some of these have similar qualities to Bitcoin. Zcash is modeled very similarly to Bitcoin with a 21 million hard cap supply and operates by proof-of-work.Could it be out of the question that one or two of these blockchain protocols would be adopted as the “everyday” transactional currency to complement the Bitcoin standard? Protocols like Monero and Zcash have either a shallow inflation rate or a capped supply. They act with their tokenomics and do not promise to do more than be a medium of exchange and store of value, other than, of course, protecting the privacy of the user.Related: The loss of privacy: Why we must fight for a decentralized futureBimetallism: What is that, and why does it matter? Bimetallism is a concept from long ago and before the advent of cryptocurrencies. As the name suggests, the idea behind bimetallism is that different types of precious metals would be used to offset the price inflation rate relative to the other. Gold traditionally had silver and vice versa to balance the other out if one started to have too much buying power. For example, a horse is worth one gold coin or 10 silver ones (gold and silver are rare to different degrees but still have different intrinsic qualities for utility). If the horse is now equal to two gold a year later, it may only be 12 silver coins, which makes the trade more palatable to the holder of silver, putting pressure on the inflation price of gold. This bimetallism arrangement works in theory when you have similar mediums of exchange like two precious metals. When the state introduced fiat currency in the mix, Grisham’s Law kicked into effect, and with a vengeance.Grisham’s Law states that bad money drives out good. If a holder has fiat or Bitcoin, there is a high probability that they will value the good/service less than they do BTC and trade away the fiat, which has a potentially unlimited supply. This means that Bitcoin will sit, unused, in people’s wallets forever, destroying some of the value proposition of sound decentralized money for the world. If we are to assume that the world is going to digital mediums of exchange, it will not change the laws of economics.There will still be adjustments in the price level of things to tradable assets. To keep these different mediums in check, other assets may be needed as alternatives. However, if we do not wish to have Grisham’s Law play out again, there must be assets similar to Bitcoin yet propose a different value proposition. Enter privacy coins.Related: Gold, Bitcoin or DeFi: How can investors hedge against inflation?Privacy mattersBitcoin can be a unit of account, medium of exchange, store of value and other qualities that fit the gold 2.0 narrative. And the traceability of Bitcoin is a good feature that has its uses. As we see now with Bitcoin-backed loans, the transparency of assuring creditors the funds exist is a great utility of the chain. But do you want the coffee barista to know you shop at the antique store every Wednesday? Do you want your personal finance known to your boss? Or to anyone who cares to look through your payment history?This is where the idea of bimetallism, or “bicryptoism,” can step in and solve these issues. If Bitcoin is adopted with one or two different scarce and limited mediums of exchange (a privacy coin), these can help to keep the purchasing power of goods/services in constant “stable fluctuation” against each other. This is, of course, in the future when Bitcoin is the dominant currency of the world.Because these different protocols have different properties (just like gold and silver), they can serve different functions in users’ lives. For daily transactions, users can enjoy the privacy that a privacy coin can offer while utilizing all the benefits of a decentralized ledger and blockchain technologies. When users desire to transfer their money into wallets that have a publically facing address, they can choose to keep their funds in Bitcoin. Perhaps, through functions like atomic swaps on-chain, this can be even easier than a decentralized or centralized exchange.Satoshi Nakamoto, the mysterious inventor(s) of Bitcoin, once wrote: “For greater privacy, it’s best to use Bitcoin addresses only once.” A new BTC address for every user would be rather impractical for the 2022 crypto user, never mind a world where Bitcoin is the standard medium of exchange. Users will either have to try and create a Bitcoin improvement proposal (BIP) to change Bitcoin to adopt to include privacy-enhancing features or co-exist with options in a “bicryptoism” setup with one or more privacy coins. The latter has additional economic benefits of keeping inflationary pressures lower on prices over time.These are just some thoughts for the future, and the greater crypto community needs to think about these potential issues as we move forward. Economics played a big part in the founding of Bitcoin and the cryptocurrency revolution, and it should be a great source of informing its future as well.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.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.Michael Tabone is an economist at Cointelegraph Research. A Ph.D. candidate, engineer, economist and business strategist, he also provides strategic consulting to firms concentrating in the DeFi and blockchain space. Michael has co-authored several reports for Cointelegraph Research and writes a quarterly venture capitalist report published on the Cointelegraph Research Terminal. His Ph.D. dissertation is on DAOs and their practical applications in the world of business.
  • Bitcoin network difficulty falls 4.3% to 29.897T, biggest drop in 10 months News - 1 day ago
    The network difficulty recorded a drop of 4.33% — falling from 31.251 trillion to 29.897 trillion on May 26, just two weeks after attaining its all-time high. The Bitcoin network witnessed a historic event on May 12 when the network difficulty attained its all-time high of 31.251 trillion as miners mined nearly 50,000 BTC of the remaining 2 million tokens.While the Bitcoin community rejoiced the added resilience to the network owing to the rising difficulty in mining a Bitcoin block, the network difficulty recorded a drop of 4.33% — falling from 31.251 trillion to 29.897 trillion on May 26. As Cointelegraph reported on several occasions, Bitcoin’s network difficulty consistently achieved all-time highs over the past ten months as it recovered from a massive drop of 45.4% — from 25.046 trillion on May 29, 2021, to 13.673 trillion on July 22, 2021. Ever since then, Bitcoin’s network difficulty witnessed a total growth of 128.56% as it surged to its all-time high. However, despite the momentary decline of over 4%, the BTC ecosystem is still guarded by the most secure blockchain network.Higher network difficulty demands higher computational power to validate and confirm transactions over the BTC blockchain. As a result, this prevents bad actors from taking over the network by contributing to over 50% of the hash rate and carrying out double-spending attacks.Related: Falling Bitcoin price doesn’t affect El Salvador: ‘Now it’s time to buy more,’ reveals Deputy Dania GonzalezCointelegraph recently interviewed Dania Gonzalez, Deputy of the Republic of El Salvador, to better understand the social impact of adopting BTC as legal tender.According to Gonzalez, El Salvador made profits via strategic BTC investments and repurposed the fresh funds to build infrastructures like a veterinary hospital and a public school. “What Nayib Bukele did was buy Bitcoins and make a profit at a certain strategic moment,” she said.The Bitcoin (BTC) network broke its 10-month-long streak as the network difficulty recorded a drop of 4.33%, standing at 29.897 trillion at the time of writing.
  • Identity and the Metaverse: Decentralized control News - 1 day ago
    What will our identity look like in the Metaverse? A decentralized Web3 suggests it’ll be completely in our control, but growing amounts of information stored online suggest otherwise. “The Metaverse” and “Web3” are the buzzwords of the moment, with their concepts permeating across the worlds of fintech, blockchain, and now even mainstream media. With decentralization thought to be at the core of the Web3 Metaverse, the promise of a better user experience, security and control for consumers is what’s driving its growth. But with users’ identities at the heart of the Metaverse, coupled with unprecedented amounts of data online, there are concerns over data security, privacy and interoperability. This has the potential to hinder the development of the Metaverse, but both regulated and self-sovereign identities could play an important role in ensuring that we truly own our identity and data within this new space.Related: Digital sovereignty: Reclaiming your private data in Web3What is the Metaverse?Although the concept of the Metaverse has been around for a while, it was recently brought into the spotlight when Mark Zuckerberg chose to rename his company “Meta” (to the annoyance of many in the blockchain community!). With the digitalization of many aspects of our lives already underway, many argue that the Metaverse will touch everyone’s future, and it’s set to significantly change the way we interact with technology.It’s widely contested as to what the Metaverse will look like and consist of, but it’s thought to be a catch-all for many interpretations in which the Metaverse will replicate the physical world in a digital context and enable similar interactions to what we experience in our day-to-day lives. In theory, it will encompass augmented reality, the digital economy and Web3.Related: How NFTs, DeFi and Web 3.0 are intertwinedInclusion and identityThe Metaverse presents an infinite number of opportunities for people and businesses from various sectors and differing needs. It was recently stated that one of the biggest changes within the Metaverse would be inclusion, meaning anyone with access to the internet will be able to utilize its benefits. This includes the 1 billion people worldwide who are currently unbanked finally being able to access the global economy via the Metaverse.Notably, digital identities will lie at the core of the Metaverse, ranging from a digital avatar to customize using augmented reality to the ability to automatically book a restaurant online. It will give people of all genders, ages and backgrounds the chance to express themselves in new ways and will allow for new types of interactions and communities to form online. In this regard, some argue that it’s thought to be a safer space for any person to thrive in compared to the real world. However, with more data than ever being stored online comes concerns over trust and its privacy.Related: The creator economy will explode in the Metaverse, but not under Big Tech’s regimeThe decentralization of power and controlBlockchain technology using a decentralized model will underpin Web3 and the Metaverse, which is predicted to offer new levels of openness. Web2 tends to be thought of as a few centralized tech companies that harvest users’ data, and this practice has received criticism due to surveillance and exploitative advertising. In contrast, Web3 will be the opposite, which will empower all those involved, with users owning their digital assets, personal data and identity.However, with such a huge number of players involved in creating and maintaining the Metaverse, ranging from those building the underpinning technologies to NFT creators and virtual reality and augmented reality producers, as well as the vast amount of sensitive information online, there are concerns as to whether users will actually have full control over their credentials. We’ve already seen the potential for damage through Facebook’s data breach a few years ago, and Cointelegraph recently highlighted a Facebook whistle-blower who has already raised concerns about the privacy of users’ information shared with Meta in the Metaverse.The importance of self-sovereign identitiesForward-thinking tech companies are a step ahead of the game, though. A few of them have recognized the potential issue over control and privacy and have begun to develop game-changing solutions to ensure the decentralized control and protection of users’ information. They believe that the Metaverse needs to be designed on open standards, with self-sovereign identities (SSI) being the silver bullet in addressing trust within the Metaverse.SSIs are digital identities focused on verified and authentic credentials linked to real-world verification data, such as biometrics, that are managed in a decentralized way. By utilizing blockchain technology and zero-knowledge proofs, users can self-manage their digital identities without depending on third parties to centrally store and manage their data. Most importantly, this information is stored permanently within a non-custodial wallet that is controlled by the user and accessed temporarily within the Metaverse when the owner decides. This verified data will give them access to and ownership over their assets by simply being themselves, and it is thought that this will fundamentally change the way data is owned and controlled by that user.Related: Self-custody, control and identity: How regulators got it wrongWhat role will regulation play in this?Nevertheless, many argue that regulation also needs to play an important role within the Metaverse in order to give both consumers and businesses the confidence to operate in it and ensure that their data and identity is protected.Twitter co-founder Jack Dorsey recently tweeted how he believes that Web3 won’t necessarily increase users’ power in the way that many predict, since it will simply take that power away from the government and put it in the hands of venture capitalists investing in blockchain, or big tech companies like Meta. And, for this reason, we need regulatory oversight.Many believe that countries will need to embrace the digital economy and Metaverse in order to compete in the global digital and economic spheres, but many of the existing regulations in place will need significant expansion to cover the Metaverse. We’ve already seen growing governmental regulation of the crypto space in the last few years, ranging from outright bans of crypto transactions in China to El Salvador adopting Bitcoin as legal tender, but in terms of identity and control of data in the Metaverse, there’s a long way to go. The European Union’s General Data Protection Regulation (GDPR) and the U.K.’s Data Protection Act could certainly play a part, but improvements are needed if we are to effectively protect consumers and the data they provide.Related: The new path to privacy after EU data regulation failIt’s clear that the Metaverse will lead to seismic change, with this new system architecture likely disrupting people, places and economies. With the hope of a new and better experience for users that addresses the issues of today, there are also huge levels of uncertainty surrounding the use of individual data. With new technologies emerging, there’s a considerable amount of preparation and consideration needed to ensure the Metaverse develops in a way that benefits everyone involved, and with identities at its heart, these factors are more important than ever.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.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.Lottie Wells is the senior PR and communications manager at Wirex. With over six years of experience in the fintech industry ranging from digital payments to global remittances, she has contributed to campaigns empowering access to the financial system and the mass adoption of cryptocurrency. She is a strong believer in the benefits of the digital economy, and is an advocate for both the sector and women’s involvement within it, having spoken at the EMEA Women in Payments Symposium and having contributed to publications such as The Asia Times.
  • India to roll out CBDC using a graded approach: RBI Annual Report News - 1 day ago
    Halfway through 2022, at the proof of concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC. Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system.In February, while discussing the budget for 2022, Indian finance minister Nirmala Sitharaman spoke about the launch of a digital rupee to provide a “big boost” to the digital economy. In the annual report released Friday by India’s central bank, RBI revealed exploring the pros and cons of introducing a CBDC.In the report, RBI stressed the need for India’s CBDC to conform to India’s objectives related to “monetary policy, financial stability and efficient operations of currency and payment systems.”Based on this need, RBI is currently examining the various design elements of a CBDC that can co-exist within the existing fiat system without causing disruptions. The Indian Finance Bill 2022, which enforced the introduction of a 30% crypto tax on unrealized gains, also provides a legal framework for the launch of a digital rupee:“The Reserve Bank proposes to adopt a graded approach to introduction of CBDC, going step by step through stages of Proof of Concept, pilots and the launch.”Halfway through 2022, at the proof of concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.Related: RBI warns of crypto ‘dollarization’ of Indian economyEarlier this month, on May 17, RBI officials reportedly warned against crypto adoption citing the risks of “dollarization” of the Indian economy.As Cointelegraph reported based on the Economic Times’ findings, key RBI officials including governor Shaktikanta Das raised concerns regarding the U.S. dollar-dominated world of cryptocurrencies. An unnamed official stated:“Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy which will be against the country’s sovereign interest.”“It [crypto] will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” they added.
  • The increasingly acute need for crypto-native insurance News - 1 day ago
    Traditional insurance isn’t going to step up and protect our crypto assets, so we need to do it ourselves, in a decentralized manner. The insurance industry has a long history of providing vital support for major leaps in innovation. It’s no coincidence that the modern insurance industry and the industrial revolution arose in parallel. Indeed, it has been convincingly argued that the invention of fire and property insurance — in response to the Great Fire of London — lubricated the gears of capital investment that powered the industrial revolution and is likely the reason why it started in London. Through that first and each subsequent technological revolution, insurance has offered innovators and investors a safety net and served as an outside, objective validator of risk — thereby acting as a source of both the encouragement and the security needed to confidently test and break barriers.Today, we are in the midst of a new digital financial revolution, and the case for this new technology is clear and compelling. The recent White House executive order on “Ensuring Responsible Development of Digital Assets” further underscored this and was a watershed moment for the industry, elevating the discussion around the importance of the technology to the national stage and acknowledging its importance to the United States strategy, interests and global competitiveness.The lack of crypto insurance Yet, considering current crypto insurance capacity is estimated to be about $6 billion — a drop in the bucket for an asset class with a roughly $2-trillion market capitalization — it’s clear that the insurance industry is failing to keep up and play its vital role.This striking lack of insurance protection for digital assets was specifically referenced in December’s House Financial Services Committee hearings on the state of the market. Should this state of affairs persist, it does so at the risk of impeding future growth and adoption.Why have traditional insurers avoided entering this space despite the obvious need and opportunity?Related: The meaningful shift from Bitcoin maximalism to Bitcoin realismTraditional insurers face several fundamental impediments in responding to the new risk class presented by crypto. The most basic of these is a lack of understanding of this often counterintuitive technology. Even when the technical understanding is present, challenges such as properly classifying new and nuanced risk types — e.g., those associated with hot, cold and warm wallets and how myriad technology, business and operational factors bear upon each of these — remain. The problem is further compounded by rapid change in the industry, perhaps best exemplified by the seemingly overnight emergence of new and occasionally confounding risk classes, such as nonfungible tokens (NFT).And of course, many insurers are still licking their wounds inflicted by their rush to write cybersecurity policies in the early dot-com days without fully understanding those risks and the enormous losses that frequently resulted.Meanwhile, according to Chainalysis, about $3.2 billion in crypto was stolen in 2021. In the absence of risk mitigation options, that number is enough to give any responsible financial institution considering real participation in this space serious heartburn. In contrast, U.S. banks generally lose less than $15 million to fiat robberies each year. One reason why bank robberies are so rare and unproductive (with a success rate of only about 20% while netting the perpetrator on average just around $4,000 per incident) is that in order to operate, most U.S. banks must qualify for blanket bond insurance, which requires security measures designed to limit these losses. In this way, insurance not only manages the risk of losses due to robbery but creates an environment in which those losses are much less likely to occur, to begin with.Related: In defense of crypto: Why digital currencies deserve a better reputationThe need for crypto insurance The same applies to insurance against the loss of crypto assets. The goods stored in insured wallets are not only protected but are much less likely to be lost, to begin with, since the underwriting process imposes such a high level of multidisciplinary expert scrutiny and compliance requirements.The need for and benefit of crypto asset insurance is obvious. But given the circumstances, it’s clear that traditional insurance is unlikely to step up to solve the crypto asset risk problem on a reasonable timeline. Instead, the solution will need to originate from within. We need crypto-native solutions tailored to the industry’s needs, with the flexibility to cover the full spectrum of crypto asset risks, products and services, including NFTs, decentralized finance protocols, and infrastructure.The advantages of home-grown risk solutions are manifold.Primarily, dedicated crypto insurance companies possess greater industry knowledge and expertise, enabling higher quality coverage, which, in turn, equates to greater security and safety for the crypto industry as a whole. Given this level of understanding, crypto-native insurance firms would be able to craft risk mitigation products with the flexibility to meet the unique and rapidly changing needs of the industry. Then, once in place, these firms could expand insurance capacity on the order of trillions of dollars by working in partnership with the traditional insurance market. Finally, a dedicated crypto insurance sector will better meet legal and regulatory requirements, ensuring that the lack of insurance does not stall adoption or the growth of crypto.In light of all this, what’s keeping crypto-native insurance solutions from stepping up to solve the problem?Ironically, in the case of crypto asset insurance, the industry is overwhelmingly choosing to direct its investment resources in the direction of the very crypto projects whose future viability will be negatively impacted by the lack of insurance capacity resulting from the lack of investment in that space.That we are in the midst of a new technological revolution is undeniable. So, too, is the fact that insurance has played a vital role in helping past technological revolutions meet their full potential. The extreme lack of crypto asset risk protection in place today is unsustainable and poses an unacceptable threat. It is vital that the crypto community recognize the danger posed by the status quo with its severe lack of crypto asset insurance options.The good news is we got this far by solving seemingly insurmountable technological and economic problems ourselves, and we believe we can do it again.This article was co-authored by Sofia Arend and J. Gdanski.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.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.Sofia Arend currently is the director of communications and content lead at the Global Blockchain Business Council (GBBC). Prior to joining the GBBC, Sofia worked for the Atlantic Council, a top 10 global think tank for defense and national security. Sofia received her Bachelor of Arts in International Relations and Global Studies with high honors from the University of Texas at Austin, where she competed as an NCAA Division-I-recruited rower.J. Gdanski is a privacy, security and risk-management expert, a key leader in the enterprise blockchain space and the CEO and founder of Evertas — the first company dedicated to insurance of crypto assets and blockchain systems.
  • 3 metrics contrarian crypto investors use to know when to buy Bitcoin News - 1 day ago
    Bitcoin price is down, but which dips are the ones to buy? Here are three metrics savvy investors use to determine when to buy BTC. Buying low and selling high is easier said than done, especially when emotion and volatile markets are thrown into the mix. Historically speaking, the best deals are to be found when there is “blood on the streets,” but the danger of catching a falling knife usually keeps most investors planted on the sidelines.The month of May has been especially challenging for crypto holders because Bitcoin (BTC) dropped to a low of $26,782, and some analysts are now predicting a sub-$20,000 BTC price in the near future. It’s times like these when fear is running rampant that the contrarian investor looks to establish positions in promising assets before the broader market comes to its senses. Here’s a look at several indicators that contrarian-minded investors can use to spot opportune moments for opening positions ahead of the next marketwide rally.The Crypto Fear & Greed IndexThe Crypto Fear & Greed index is a well-known measure of market sentiment that most investors use to crowd-forecast the near future of the market. If viewed purely at face value, an “extreme fear” reading, such as the current sentiment, is meant to signal to stay out of the market and preserve capital.Crypto Fear & Greed Index. Source: AlternativeThe index can actually be used as a market indicator, a point noted by analysts at the cryptocurrency intelligence firm Jarvis Labs.One of the biggest factors that can help the index rise is an increase in price. Jarvis Labs backtested the idea of buying when the index falls below a certain threshold and then selling when it reaches a predetermined high. For this test, an index score of 10 was chosen for the low threshold, while scores of 35, 50 and 65 were chosen as sell points. Fear & Greed returns for BTC. Source: Jarvis LabsWhen this method was backtested, results showed that the shorter time-frame option of selling once the index surpassed 35, as represented by the yellow line in the chart above, provided the best results. This method provided an annual average return of 14.6% and a cumulative return of 133.4%. On May 10, the index hit 10 and continued to register a score of 10 or below on six of the 17 days that followed, with the lowest score of 8 happening on May 17. While it’s possible the market will still head lower in the near term, history indicates that both the price and the index will eventually rise above their current levels, presenting a potential investment opportunity for contrarian traders. Whale wallet accumulationFollowing Bitcoin whale wallets with a balance of 10,000 BTC or more is another indicator that signals when buying opportunities arise.Number of Bitcoin addresses with a balance of at least 10,000 BTC. Source: GlassnodeA close look at the past three months shows that while the market has been selling off, the number of wallets holding at least 10,000 BTC has been climbing. Number of Bitcoin addresses with a balance of at least 10,000 BTC. Source: GlassnodeThe number of whale wallets of this size is now at its highest level since February 2021, when Bitcoin was trading above $57,000, and these wallets were selling into strength near the market top. While many analysts on Crypto Twitter are calling for another 30-plus percent drop in the price of BTC, whale wallets are betting on a positive future. Related: 3 reasons why Bitcoin is regaining its crypto market dominanceSome traders buy when Bitcoin price drops below its cost of productionAnother metric that can provide insight into when and where to buy is Bitcoin’s average mining cost, which is the amount of money it costs a miner to mine 1 BTC. Bitcoin average mining cost. Source: MacroMicroAs seen on the chart above, the price of Bitcoin has traded at or above the cost of production for a majority of the time since 2017, indicating that the metric is a good indicator of when generational purchasing opportunities arise.A closer look at the current reading shows that the average mining cost sits at $27,644, around $2,000 below where BTC is trading at the time of writing.Bitcoin average mining cost. Source: MacroMicroFurther analysis shows that in past instances where the market price of BTC fell below the average mining cost, it tended to stay within 10% of the cost to mine and generally managed to regain parity within a couple of months. Bitcoin mining difficulty also recently hit a new all-time high, and the market continues to see an uptrend as more industrial-sized mining operations come online. This means it’s unlikely that the average cost to mine will see a significant decline anytime soon. Taken all together, the current cost to mine as compared with the market price of BTC presents a compelling case for the contrarian investor that the widespread fear dominating the market presents an opportunity to be greedy when others are fearful. Want more information about trading and investing in crypto markets?Bitcoin mining in Norway gets the green light as the proposed ban rejectedBitcoin price bottom signals flash as Fear & Greed Index matches March 2020 lowsSmart money is accumulating ETH even as traders warn of a drop to $2.4KChina returns as 2nd top Bitcoin mining hub despite the crypto banBitcoin network hash rate hit a new record high amid price volatilityThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Brazilian university USP will conduct academic research in the metaverse News - 1 day ago
    The university wants to explore important research questions around psychology, human behavior and augmented reality inside the metaverse. As reported by the University of Sao Paulo (USP), the metaverse-centric research will be carried out by research groups interested in 3D modeling, psychology and human behavior, and the effectiveness of virtual and augmented reality devices. These research domains will be evaluated within the context of the metaverse to understand how the new virtual world impacts user interactions.USP professor Marcos A. Simplicio Jr. highlighted that this is the first time USP had received a nonfungible token (NFT) via partnership. The token in question is a rare piece of land in the United States of Mars (USM) metaverse, which is being built in collaboration with other universities. “USP is the first university in Latin America to have a partnership with USM to support the construction of its metaverse,” said Simplicio.The partnership will initially feature a collaboration with researchers stemming from an existing agreement called the University Blockchain Research Initiative (UBRI), which is sponsored by Ripple.During the 2022 World #Economic Forum, Sheila Warren, CEO of the #Crypto Council for Innovation (CCI), sat down with Cointelegraph to discuss a range of topics, including the state of crypto, decentralized autonomous organizations (DAO) and safety within the #metaverse.— Supreme Finance (@SupremeFinance2) May 24, 2022 As Cointelegraph reported, opportunities involving the metaverse were discussed at the World Economic Forum’s Annual Meeting, which concluded on Thursday. Specifically, the panel titled “The Possibilities of the Metaverse” explored how metaverse technologies can be used to enhance children’s learning. The panel featured Philip Rosedale, co-founder of High Fidelity; Pascal Kaufmann, founder of Mindfire Foundation; Peggy Johnson, CEO of Magic Leap; Hoda AlKhzaimi, assistant research professor at New York University, Abu Dhabi and Edward Lewin, vice president of Lego Group.Related: Singapore venture firm launches $100M Web3 and metaverse fund“One in three people using the internet are young adults and children, so I would really focus on building from kids’ perspective, given they are the future users,” Lewin said during the panel discussion. The University of Sao Paulo and United States of Mars (USM), which recently rebranded from Radio Caca, have announced an agreement that aims to promote research around the technical, economic and legal aspects of the Metaverse. 
  • On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K News - 1 day ago
    Multiple indicators signal that BTC could be in a “buy zone” but analysts caution that its price could still dip below $20,000. Every Bitcoin investor is searching for signals that the market is approaching a bottom, but the price action of this week suggests that we’re just not there yet. Evidence of this can be found by looking at the monthly return for Bitcoin (BTC), which was hit with a rapid decline that “translated to one of the biggest drawdowns in monthly returns for the asset class in its history,” according to the most recent Blockware Solutions Market Intelligence Newsletter. Bitcoin monthly returns. Source: Blockware SolutionsBitcoin continues to trade within an increasingly narrow trading range that is slowly being compressed to the downside as global economic strains mount. Whether the price continues to trend lower is a popular topic of debate among crypto analysts and the dominant opinion current points to further downside. Analysts will stay bearish until $45,000 is reclaimedAccording to Blockware Solutions, there are a variety of indicators that point to a bearish outlook as long as BTC trades below the $45,000 to $47,000 dollar range.This includes the fact that Bitcoin started off 2022 at $46,200 while the 180-week exponential hull moving average, which gives more weight to recent price action, indicates that the moment for BTC is declining and currently sits at $47,166. BTC/USD vs. 180-week exponential hull moving average 1-week chart. Source: Blockware SolutionsShort-term hodlers, defined as those who have been in the market for less than 155 days, have been especially hard hit by the market weakness with the current short-term holder cost basis sitting at $45,038. Taken together, these data points suggest that the sentiment for BTC will remain bearish as long as the price is under $45,000. Related: Bitcoin price approaches key support levels to avoid ‘cascade south’Where’s the bottom?Despite the current doom and gloom analysis, there are a few signs that the market may be in the process of searching for a bottom. According to the most recent Glassnode Uncharted newsletter, following the early May drop below $30,000 for Bitcoin, “network activity increased as more supply changed hands while the network shed value.” Bitcoin entity-adjusted NVT. Source: UnchartedAccording to Glassnode, “This phenomenon has historically signaled a great buying opportunity.”To further support the claim that Bitcoin is currently in a good buy zone, the report pointed to the entity-adjusted dormancy flow, which has been consolidating within an area that had previously been considered a optimal purchase zone. Bitcoin entity-adjusted dormancy flow vs. Bitcoin entity-adjusted dormancy. Source: UnchartedBlockware Solutions, likewise, sees several data points that suggest the market may be in search of a bottom, including the Mayer Multiple, a metric that compares the current market price to the 200–day moving average, which is currently “near some of the lowest readings on record.”Bitcoin Mayer Multiple. Source: Blockware SolutionsWhile multiple data points confirm that the crypto market is in a bear market, there are indications that seller exhaustion may be reaching its limit and that the market is searching for a bottom. Where that will eventually be found remains unknown, but several indicators currently point to a solid level of support near the $21,000 level.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • One River's spot Bitcoin ETF application rejected by SEC News - 1 day ago
    The proposed environmentally conscious spot ETF was found to be insufficiently protected against fraud and manipulation, like many ETF proposals before it. The United States Securities and Exchange Commission (SEC) maintained its perfect record for rejecting Bitcoin (BTC) spot exchange-traded fund (ETF) applications Friday when it disapproved a rule change to allow cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca. The decision comes somewhat ahead of schedule, as the agency had extended the original deadline to June 2 to allow more time for consideration.The commission wrote that, when considering One River’s proposed rule change, it applied “the same standard used in its orders considering previous proposals to list bitcoin-based commodity trusts.” Specifically, the proposed rule change did not meet the SEC’s rules around fraud prevention. The SEC further clarified:“[…] disapproval of this proposed rule change does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.”One River Digital was established in 2020 by Eric Peters, founder of One River Asset Management, and is reportedly backed by billionaire Alan Howard, co-founder of Brevan Howard Asset Management.Related: Cathie Wood’s Ark and 21Shares refile for spot Bitcoin ETFAmong the financial organizations that have tried and failed to receive the SEC’s blessings on digital asset-based ETFs this year are Fidelity Investments, New York Digital Investment Group (NYDIG) and Global X, as well as Skybridge Capital. Grayscale has been more militant in its efforts to receive approval for a spot-traded Bitcoin ETF. The digital asset manager has gone so far as to threaten to file suit against the SEC if its application is denied, and has recently launched a campaign to drum up public support for its application.
  • Falling Bitcoin price doesn't affect El Salvador: 'Now it's time to buy more,' reveals Deputy Dania Gonzalez News - 1 day ago
    In an exclusive interview with Cointelegraph, a policymaker from El Salvador reveals how BTC has been helping the country change people’s lives. Dania Gonzalez, Deputy of the Republic of El Salvador, was recently in Brazil to reveal her country’s experiences with the decision to adopt Bitcoin (BTC) as legal tender. Gonzalez’s invitation to Brazil came from digital influencer Rodrix Digital, who was recently in El Salvador to produce a documentary about cryptocurrencies.Among the lawmaker’s activities in Brazil was attending Bitconf 2022, as well as meeting with Dape Capital CEO Daniele Abdo Philippi and Ana Élle, CEO of Agency ROE.Between her agendas, Gonzalez spoke with Cointelegraph and revealed how Bitcoin has helped to change people’s lives in El Salvador and how the federal government, led by President Nayib Bukele, has been taking advantage of the resources invested in BTC to improve the economy.El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744 #Bitcoin— Nayib Bukele (@nayibbukele) May 9, 2022 Asked about El Salvador’s investment in Bitcoin and how it can impact people’s lives as the value of BTC is falling, Gonzalez highlighted that every investment has a cost and a benefit.”What Nayib Bukele did was buy Bitcoins and make a profit at a certain strategic moment,” she said. “In cryptocurrencies, there are times when you can make a profit and there are times when you have to invest more. Now cryptocurrency is down, this happens, it’s normal, but at this point instead of being sad, instead of thinking that you lost all your investment, it’s time to buy more Bitcoins because now the price is cheap, that’s the strategy.”According to Gonzalez, El Salvador is already benefiting from investments made in Bitcoin; she cited two ventures — a veterinary hospital and a public school — that were made possible thanks to cryptocurrency. She explained:”Bukele built a veterinary hospital to benefit the population where services, any service for your pet, costs US$0.25. Even an operation costs this amount and that is accessible to the entire population. Bitcoin has been converted into a benefit for the people. Now with the reserve we have in Bitcoin, we must build 20 more schools. Before Bitcoin, to do this we had to approve projects, include it in the nation’s general budget and use people’s money to construction. Now these works are done thanks to all the profits made with Bitcoin.”Gonzalez indicated that Bukele’s strategy has already proven to be successful in terms of socioeconomic impact. “This is the main reason why the president also buys Bitcoins,” she said. “He does this to be able to generate profits for social projects for the people […] This is not just words, it is something tangible for the population because they can see part of the public services being realized thanks to Bitcoin profits.”CBDCCointelegraph also spoke with the lawmaker about central bank digital currencies, also known as CBDCs, and how their issuance by nations can impact the cryptocurrency market.Gonzalez stated that she does not see a clash between cryptocurrencies and CBDCs, believing that both should coexist together in the digital ecosystem that will guide nations in the future. Furthermore, she stated that the proposed issuance of CBDCs by countries shows that they have understood the power of the crypto economy.Related: CBDC activity heats up, but few projects move beyond pilot stageThe deputy also highlighted that El Salvador is working to expand the effects of the Bitcoin Law and will build an ecosystem based on cryptocurrencies, with the elimination of taxes for sectors linked to the crypto economy.In addition, she highlighted that other laws will be reformulated to meet the new demands of the digital economy and to reduce bureaucracy in public administration procedures. She explained:“We want it to be possible to open a business in 5 minutes here in El Salvador […] We already have a national digital wallet system for cryptocurrencies and we intend to make a law so that investors from all over the world can have immediate citizenship in El Salvador if they invest in the world of Bitcoin in our country.”El Salvador’s financial inclusion conference has central bankers yelling Bitcoin, literally. Day 3 saw the 44 central bank and financial delegates attending make a trip to the country’s iconic El Zonte or “Bitcoin Beach.” (Reporting via @JoeNakamoto)— Cointelegraph (@Cointelegraph) May 20, 2022 Bitcoin changes people’s livesGonzalez also revealed to Cointelegraph that the adoption of Bitcoin as legal tender attracted investors and companies from all over the world and strengthened merchants’ and local communities’ independence from bank monopolies. “It opened up an opportunity for independent merchants to have a new payment gateway, because the payment channels could be cash or could be credit or debit cards,” she said. “But if you go to a bank and want to apply for the [point of sales] to accept credit payments or debit, you pay a membership fee, you pay a commission that can be up to 9% for each purchase.”Bitcoin, on the other hand, “is fully decentralized financing, there is no commission if you use the national wallet,” she explained.Another direct benefit cited by the deputy is related to financial remittances made by Salvadorans who live in other countries such as the United States. According to Gonzalez, there are 7 million Salvadorans living inside El Salvador and approximately 3 million outside its borders, mainly in the United States.Thanks to Bitcoin, remittances from the United States can be made without fees, she said. Gonzalez also claimed that Western Union lost roughly $400 million in remittance business last year because of El Salvador’s Bitcoin Law. Bitcoin Beach and Surf CityGonzalez revealed details about her country’s Bitcoin Beach and Surf City projects, both carried out in the El Zonte region. In them, Bitcoin is used as a form of social transformation that promotes crypto payments and economic development through digital assets. And all the Central Bankers screamed….— Bitcoin Beach (@Bitcoinbeach) May 20, 2022 She explained that Bitcoin Beach existed before the BTC law was passed. On Bitcoin Beach, “you can buy a soda or a “Pupusa,” a typical El Salvador food, on the street or go to a prestigious restaurant and you can pay with Bitcoins.”Related: El Salvador’s Bitcoin play: What does the current slump mean for adoption?The deputy also revealed that a project called Surf City is underway in El Zonte, which seeks to train the local community to take advantage of tourism related to surfing, as the beach has some of the best waves for the sport.”These communities have now benefited from job opportunities in businesses or work in hotels and restaurants that now have more potential than before, now more tourists come to El Salvador because they […] can pay for everything they want with Bitcoins,” she said. “I know companies that came from Singapore a few months ago and now have about 50 Salvadorans working on their operations. This shows how Bitcoin has been changing people’s lives in El Salvador.”In addition, the deputy highlighted how Bitcoin has been favoring the unbanked who now, through cryptocurrency, can access financial services without the bureaucracy of traditional systems:”Traditional banks excluded 70% of the country’s population from their services for different reasons. In addition, of the 30% of the population that has access to financial services, only 23% were in banks, while 7% did so through cooperatives with very high rates. Now Bitcoin and cryptocurrencies are favoring this excluded population that now has power and opportunity.”
  • WEMIX gains 200%+ after stablecoin and boosted staking rewards announcement News - 1 day ago
    New partnerships, a mainnet upgrade and plans to launch a stablecoin appear to have triggered a 200% rally in WEMIX price. Blockchain-based gaming, also known as GameFi, is an up-and-coming sector that could potentially be one of the primary catalysts for kickstarting the mass adoption of blockchain technology.WEMIX, a gaming protocol that operates on the Klaytn network, aims to get in on the GameFi revolution and this week, the project’s native token (WEMIX) rallied even as the wider market continued to sell-off.Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $1.27 on May 12, WEMIX price climbed 269% to hit a daily high at $4.70 on May 25 as its 24-hour trading volume increased to $652 million. WEMIX/USDT 1-day chart. Source: TradingViewThree reasons for the price reversal for WEMIX are the upcoming launch of WEMIX 3.0, a series of project launches and partnership agreements, and the introduction of lockup staking for token holders. WEMIX 3.0The main development attracting attention to WEMIX is the protocol’s planned mainnet launch, which is scheduled to take place on June 15. WEMIX 3.0 will be an Ethereum virtual machine (EVM) compatible public chain that will utilize a stake-based proof-of-authority (SPoA) consensus algorithm. As part of the mainnet launch, WEMIX will also be introducing the WEMIX Dollar (WEMIX) as the native stablecoin of the ecosystem. WEMIX will be a 100% collateralized stablecoin, backed by USD Coin (USDC) and off-chain assets like fiat currencies. New partnerships boost excitementMay has been a busy month for the WEMIX protocol after multiple games launched or announced their upcoming launch dates on the network. New additions include Crypto Ball Z, Four Gods and Every Farm, as well as the onboarding of the SpoLive sports prediction game. Along with protocol launches, WEMIX announced several strategic investments including being the lead investor in the Old Fashion Research (OFR) crypto fund as well as an investment in an U.S.-based augmented reality metaverse startup called Jadu. On May 17, the team behind WEMIX also signed a memorandum of understanding with the Vietnam Blockchain Association. Related: Former Binance executives launch $100 million venture fundIncreased staking rewardsWEMIX also launched Stake360, an incentive that offers WEMIX holders boosted staking rewards for committing to an extended lockup period.#WEMIX #Lockup #Staking 「Stake360」 Notice❓What is #Stake360?- Stake360 is 90 days/180 days/270 days/ 360 days maturity reward staking service.Details of #Maturity #reward, #Heritage system, and Token #Airdrop is provided below :— WEMIX (@WemixNetwork) May 19, 2022 In addition to the standard 7% staking reward available to all token holders, investors who agree to a 90 to 360 day lockup can earn from 9% to 20.28%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Crypto Biz: Smart Money is betting big on Web3, layer 2, May 19-25 News - 1 day ago
    Despite the apparent bear market in digital assets, venture capital continues to allocate billions to crypto and blockchain startups. Billions and billions. That’s what venture capitalists are spending to get ahead of the curve in crypto. Their latest fixation is Ethereum layer-2 scaling solutions and Web3, an umbrella term that describes the next stage of the internet’s evolution. So, while the cryptocurrency market is in a state of extreme fear, smart money investors — TradFi folks who invest with expert knowledge — continue to pour countless sums into the space. This week’s Crypto Biz newsletter gives you the latest funding stories from the world of blockchain and explores interesting developments surrounding Google and Sam Bankman-Fried. Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoilThe crypto market selloff of 2022 hasn’t deterred Andreessen Horowitz from pledging additional billions to crypto startups. This week, the venture capital giant, which also goes by the name a16z, announced the closing of its fourth cryptocurrency investment fund. Valued at $4.5 billion, a16z’s new fund is focused heavily on Web3 startups. Clearly, Andreessen is getting the money from interested parties who believe blockchain technology will transform the internet. So, you can keep reading doom-and-gloom headlines about the end of crypto as we know it. Or you can simply follow what the smart money is doing. Announcing our fourth crypto fund, totaling $4.5B, to invest in promising web3 startups at every stage. This brings our total crypto/web3 funds raised to over $7.6B.General Partner @cdixon shares more on— a16z (@a16z) May 25, 2022 StarkWare nets $100M as investors bank on layer-2 successSpeaking of smart money, venture capital investors have given $100 million to Ethereum layer-2 developer StarkWare. Many crypto observers are excited about Ethereum’s chronically delayed Merge, but investors seem to think the network won’t be able to scale without a lot of support from layer-2 solutions. StarkWare is pushing for rollup technology that could significantly increase Ethereum’s transaction capabilities, which will greatly enhance the network’s functionality. Interest in layer-2s is just heating up and investors will look to back as many front-runners as they can. Google seeks fresh talent to lead global Web3 teamBear markets are tough, but don’t let them deter you from considering a career in crypto. Even Google, the data overlords of the internet, is hiring talent for its Web3 ambitions. Basically, the company is forming a Web3 team within its Google Cloud division and believes now is the time to increase support for “crypto-related technologies.” Those were the exact words — allegedly, of course — of Google Cloud vice president Amit Zavery. Web3 is no longer just about crypto, but its connection to the industry appears to be growing stronger by the day. new: Google Cloud is forming a Web3 product and engineering organization that will build services for developers. new job postings have appeared on Google’s internal Grow tool, Amit Zavery is telling employees in an email today— Jordan Novet (@jordannovet) May 6, 2022 Sam Bankman-Fried could spend up to $1B in 2024 to thwart Trump comebackJust because Bitcoin is trading sideways, it doesn’t mean the crypto market is boring. Far from it, actually. How about this story: FTX founder Sam Bankman-Fried, also known as SBF, is prepared to spend up to $1 billion of his own money to thwart a Donald Trump comeback. I guess this means SBF will donate up to $1 billion to the Democratic Party during the 2024 election cycle. Although Trump hasn’t confirmed whether he will run again in 2024, the chances are high that he’ll take another kick of the can. If he does run, I don’t think anyone in the GOP can compete with him. SBF is taking this very seriously. Before you go! When will stocks recover? I’d love to tell you that Bitcoin is a premier inflation hedge that has completely decoupled from stocks and other so-called risk assets. Unfortunately, though, since the March 2020 Covid crash, Bitcoin and crypto have been highly correlated with stocks. If you want to gauge the likelihood of a crypto recovery in the short term, you need to look at what stocks are doing. In the latest edition of The Market Report, I sat down with fellow analysts Benton Yuan, Jordan Finneseth and Marcel Pechman to discuss the likelihood of a stock market recovery and what it means for Bitcoin. 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.
  • Hodler's guide to travel: Which platforms accept cryptocurrency? News - 1 day ago
    Is it possible to vacation using cryptocurrency? The digital era has revolutionized the way we bank, shop and socialize. Why not use crypto to book your next holiday? The global economy is becoming increasingly digital, and it’s no surprise that cryptocurrencies and blockchain technology are starting to have an impact on the travel industry. Many travel agencies now accept Bitcoin (BTC) and other digital currencies as payment, with some even providing discounts to customers who pay in cryptocurrency. Here is a list of popular travel booking platforms that take BTC, as well as embrace blockchain technology.1INCH Network to bring crypto payments to the travel industryThe decentralized exchange aggregator 1inch Network on Thursday announced a partnership with the travel booking platform, which will allow users to pay for their hotel bookings with cryptocurrency. Users of can now use their favorite cryptocurrency to purchase millions of goods thanks to this collaboration. This decision is expected to boost crypto adoption and foster innovation in the travel industry.The integration with will allow 1INCH token holders to book over 2.2 million hotels and residences, 600+ airlines, and 400K+ activities in 230 countries. This is a huge step forward for the 1INCH Network, which will now be able to offer its services to a wider range of is a supporter of cryptocurrency adoption, taking payment in over 50 different cryptocurrencies, including BTC, Ether (ETH), Tether (USDT), Shiba Inu (SHIB), and now 1inch.TravelX raises $10 million to build a blockchain-based travel distribution protocolTravelX, a new firm, recently received $10 million in seed financing to create a blockchain-based distribution network for travel. Juan Pablo Lafosse, the former CEO and creator of Almundo, launched the Miami-based business last year.He believes that blockchain technology will provide businesses with additional distribution alternatives as well as help them to deal with stock more effectively in a variety of situations.Alternative Airlines partners accept cryptocurrency paymentsAs reported by Cointelegraph, Alternative Airlines, a travel company based in the United Kingdom, partnered with cryptocurrency service Utrust to facilitate payments with crypto.Alternative Airlines became the first merchant in the travel business to partner with Utrust on Nov. 13, when it announced a new relationship with the Swiss-based digital payments processor. Customers can book flights using cryptocurrencies like BTC, ETH, Dash (DASH), DigiByte (DGB), and Utrust’s native currency, UTK.DestiniaOn its web and mobile applications, Destinia, a well-known hotel and flight booking service founded in 2001 by Ian Webber and Amuda Goueli, provides discounts to BTC users.Related: Bitcoin runs the world: Traveling to 40 countries in 400 days with BTCThe company, based in Spain, has been an early adopter of cryptocurrency payments. In 2014, became the first online travel agency in the Middle East to accept BTC payments. With Bitcoin integration, the business swiftly became one of the most popular payment options offered by the firm, with transaction volumes mirroring that of PayPal.Bonus: The Bitcoin BeachOn the outskirts of El Salvador’s capital, about an hour from the city is a hamlet called El Zonte. Warm water and a fantastic point break draw surfers from all around the globe, but you may easily identify a different sort of traveler on El Zonte’s twisting dirt streets. The village of El Zonte allows residents and visitors to use BTC to pay for anything, from utilities to tacos, thanks to a local business’s innovation. The Bitcoin Beach initiative, according to Cointelegraph’s Joe Hall, preceded the adoption of BTC as legal tender in El Salvador, first announced by President Nayib  Bukele during the Bitcoin 2021 conference and later enacted in September 2021.
  • Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB News - 1 day ago
    Bitcoin and most major altcoins have not tracked the recovery seen in stocks, a possible indicator that further downside is possible. Equities markets in the United States rallied sharply on May 25 and 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and on May 27, the metric fell to the lowest level since July 2020. On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”Daily cryptocurrency market performance. Source: Coin360In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank’s analysts believe Bitcoin’s fair value is $38,000, which is about 30% higher than the current level.Could Bitcoin follow the U.S. equities markets higher or will it decouple and continue to languish at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin plunged below the strong support of $28,630 on May 26 but the bulls could not sustain the lower levels. The long tail on the day’s candlestick shows that the bulls aggressively purchased the dip.BTC/USDT daily chart. Source: TradingViewThe bulls are again trying to defend the support at $28,630, which is an important level to keep an eye on. If the price rises from the current level and breaks above the 20-day exponential moving average (EMA) ($30,868), it will suggest that the BTC/USDT pair may have bottomed out. The pair could then rally to the 50-day simple moving average (SMA) ($35,721).Conversely, if the price turns down from the current level or the overhead resistance, it will suggest a lack of demand at higher levels. That may increase the possibility of a break below $28,630. If that happens, the pair could retest the crucial level at $26,700. A break and close below this level could intensify selling and the pair may plummet toward $20,000.ETH/USDTEther (ETH) dipped and closed below the uptrend line on May 25, suggesting that bears were attempting to re-establish their supremacy. The selling picked up momentum on May 26 and the price plunged below the May 12 intraday low at $1,800.ETH/USDT daily chart. Source: TradingViewThe bears are trying to defend the crucial support at $1,700 but the rebound lacks momentum. This suggests that bulls are not aggressively buying at the support. That could embolden the bears who may attempt to sink and sustain the price below $1,700. If they succeed, the ETH/USDT pair could plummet to $1,300.Conversely, if bulls successfully defend the support at $1,700, the pair could start an up-move toward $2,159. That could keep the pair range-bound between $2,159 and $1,700 for some more days.BNB/USDTThe long wick on BNB’s May 25 candlestick shows that bears are selling on rallies nearing the critical overhead resistance at $350. The selling continued on May 26 and the price broke below the 20-day EMA ($320).BNB/USDT daily chart. Source: TradingViewThere is a minor support at $286 where the bulls will attempt to arrest the decline. If they succeed, it will suggest that the sentiment has changed from selling on rallies to buying on dips. The bulls will then again strive to push the price to $350.Alternatively, if the price breaks below $286, it will suggest that the aggressive bulls, who may have been trapped after buying the break above $320, may be exiting their positions. That could sink the BNB/USDT pair to $260.XRP/USDTRipple (XRP) broke below the immediate support at $0.38 on May 26 but the long tail on the day’s candlestick suggests strong buying at lower levels. The buyers will try to push the price toward the downtrend line.XRP/USDT daily chart. Source: TradingViewIf the price turns down from the downtrend line, the bears will again attempt to sink the XRP/USDT pair below $0.38. If that happens, the pair could drop to the May 12 intraday low at $0.33 where the bulls are likely to mount a strong defense. The bears will have to pull the price below this support to indicate the resumption of the downtrend.On the other hand, if bulls push the price above the downtrend line, the pair could rally to the 20-day EMA ($0.44). This level may again act as a stiff resistance but if bulls overcome this barrier the recovery could reach the psychological level at $0.50.ADA/USDT Cardano’s (ADA) tight-range trading between $0.49 and $0.56 resolved to the downside on May 26. The bulls are attempting to defend the minor support at $0.46 but if they fail, the drop could extend to $0.40.ADA/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI near the oversold territory suggest that bears are in command. If bears sink and sustain the price below $0.40, the selling could pick up momentum and the ADA/USDT pair may plummet to $0.33. Conversely, if the price rebounds from the current level or the support, it will suggest strong buying at lower levels. The bulls will then try to drive the price above the 20-day EMA ($0.56). If they succeed, the pair could rally to $0.61 and later to $0.74.SOL/USDTSolana (SOL) broke below the immediate support at $47 on May 26 suggesting that traders who may have bought at lower levels are closing their positions. This opens the doors for a possible drop to the crucial support at $37.37.SOL/USDT daily chart. Source: TradingViewIf the price rebounds off $37.37, the buyers will attempt to push the price to the 20-day EMA ($55). This is an important level for the bears to defend because a break and close above it will suggest that the SOL/USDT pair may have bottomed out. The pair could then attempt a rally to the overhead resistance at $75.Alternatively, if bears sink the price below $37.37, it will suggest the resumption of the downtrend. The pair could then extend its decline to the next support at $32.DOGE/USDTDogecoin’s (DOGE) tight-range trading resolved to the downside on May 26 and bears pulled the price below $0.08. This suggests that supply exceeds demand. DOGE/USDT daily chart. Source: TradingViewIf bears sustain the price below $0.08, the DOGE/USDT pair could drop to the vital support at $0.06. As this level had acted as a strong support on May 12, the bulls may again try to defend it. If the level holds, the pair could climb toward the 20-day EMA ($0.09).Another possibility is that if bulls push the price back above $0.08, it will suggest demand at lower levels. The buyers will then try to propel the price toward the 20-day EMA. A break and close above this resistance will suggest that the bears may be losing their grip. The pair could then rally to the psychological level at $0.10.Related: 3 reasons why Bitcoin is regaining its crypto market dominanceDOT/USDTPolkadot’s (DOT) failure to climb and sustain above the breakdown level at $10.37 attracted selling by traders. The bears pulled the price below the immediate support of $9.22 on May 26 but are struggling to sustain the lower levels.DOT/USDT daily chart. Source: TradingViewThe price rebounded off the immediate support at $8.56 and the bulls are attempting to clear the overhead hurdle at the 20-day EMA ($10.88). If they manage to do that, it will suggest that the downtrend may be weakening. Contrary to this assumption, if the price once again turns down from the overhead resistance, the bears will try to pull the DOT/USDT pair below $8.56. If they do that, the next stop could be $7.30.The bulls are likely to defend this level aggressively but if they fail in their endeavor, the pair could start the next leg of the downtrend.AVAX/USDTAvalanche (AVAX) continued lower and plunged below the important support of $23.51 on May 26. This indicates the resumption of the downtrend. AVAX/USDT daily chart. Source: TradingViewAlthough the downsloping moving averages favor the bears, the RSI in the oversold territory suggests a relief rally or consolidation in the near term. If the price turns up and rises above $23.51, it may trap several aggressive bears, resulting in a short squeeze. That could push the AVAX/USDT pair to the 20-day EMA ($34).Alternatively, if bears sustain the price below $23.51, the selling could pick up momentum and the pair may decline to the psychological support at $20. SHIB/USDTShiba Inu (SHIB) continues to be under pressure. Although bulls are defending the support at $0.000010, the rebound lacks strength. This suggests weak demand at current levels.SHIB/USDT daily chart. Source: TradingViewThe bears will attempt to pull the price below $0.000010 and if they succeed, the SHIB/USDT pair could decline to the critical support at $0.000009. This is an important level to keep an eye on because a break and close below it could indicate the resumption of the downtrend. The pair could then decline toward $0.000007.Alternatively, if the $0.000010 level holds, the pair could rise to the 20-day EMA ($0.000013). This level may again act as a resistance but if crossed, the upward move could reach $0.000017.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.
  • Amid sanctions, Russia weighs crypto for international payments: Report News - 1 day ago
    Moscow has adopted a positive stance toward digital assets after its invasion of Ukraine triggered a sharp response from Western nations in the form of sanctions. The Russian Federation is reportedly considering accepting cryptocurrencies for international payments in response to Western sanctions against the country that were prompted by its full-scale invasion of Ukraine earlier this year. The Moscow-based Interfax news agency and Reuters reported Friday that Ivan Chebeskov, who heads the Financial Policy Division within Russia’s Finance Ministry, is actively considering the possibility of incorporating crypto payments. “The idea of using digital currencies in transactions for international settlements is being actively discussed,” he said. According to local newspaper Vedomosti, the Finance Ministry is considering adding the proposal on international payments to an updated version of a crypto law that’s still under construction. Support for cryptocurrency legalization appears to be coming from all segments of the Russian government. According to trade minister Denis Manturov, Moscow plans to legalize crypto payments “sooner rather than later.” In April, the country’s Finance Ministry supported legalization in a bill titled “On Digital Currency.” Related: Russia’s updated crypto mining bill cuts tax amnesty for Bitcoin minersThe same month, the governor of the Bank of Russia admitted that the central bank was reconsidering its hostile stance toward digital assets. Central bank governor Elvira Nabiullina said that crypto is being considered among several measures to mitigate the impact of Western sanctions against the Russian economy. 1/ Russia can’t & won’t use crypto to evade sanctions.Concerns about crypto’s use for sanctions evasion are totally unfounded. They fundamentally misunderstand:- how sanctions work- how crypto markets work- how Putin is actually trying to mitigate sanctionsI’ll explain — Jake Chervinsky (@jchervinsky) March 1, 2022 It’s not entirely clear how Russia would be able to use digital assets to bypass Western sanctions given that the crypto market is not large enough or liquid enough to support a sovereign nation’s transaction needs. For starters, the United States Office of Foreign Assets Control has barred any U.S. person from doing business with individuals or entities on its Specially Designated Nationals and Blocked Persons (SDN) List. The ban on doing business with Russian SDNs exists regardless of the payment systems in place. Jake Chervinsky, head of policy for the U.S.-based Blockchain Association, explained: “There’s zero reason to think crypto’s existence will convince any of them to willfully violate sanctions laws, risking fines & jail time.
  • How Terra’s collapse will impact future stablecoin regulations News - 1 day ago
    The collapse of algorithmic stablecoin UST created a ripple effect not just in the crypto market but among world regulators as well. The collapse of the Terra ecosystem, which subsequently depegged its algorithmic stablecoin TerraUSD (UST) value and crashed it to an all-time low of $0.30, has cast doubt over the future of not just algorithmic stablecoins but all stablecoins in general.UST’s success and stability were intertwined with its sibling, LUNA, which creates arbitrage opportunities that, in theory, should keep UST’s price steady. If UST’s price drops below $1, it can be burned in exchange for LUNA, which lowers the supply of UST and raises its price. Conversely, if UST’s price goes above a dollar, LUNA can be burned in exchange for UST, which increases the supply of UST and decreases its price. As long as conditions are normal and everything functions correctly, this creates both a mechanism and incentive for keeping the price of UST at $1.Though algorithmic stablecoins are not usually backed by assets such as other stablecoins, the organization responsible for developing UST and the broader Terra ecosystem, the Luna Foundation Guard (LFG), has nevertheless built a war chest of Bitcoin (BTC) to be used in the event that the UST becomes depegged from the United States dollar. The idea is that if UST’s price ever drops significantly, the BTC can be loaned out to traders who’ll use it to buy UST and push the price back up, repegging it to the dollar. So, when UST went into a deep dive, LFG deployed more than $1.3 billion dollars worth of BTC (42,000 coins at a price of $31,000 each) to traders who were going to use it to purchase UST, creating demand pressure and bolstering its price. However, that couldn’t save the collapsing ecosystem either, and the spiral effect eventually collapsed the price of the LUNA token as well as its stablecoin.In the aftermath of the collapse, even centralized stablecoins, such as Tether’s USDT, lost their dollar peg, falling to a low of $0.95. Since stablecoins act as a bridge for various decentralized finance ecosystems, the Terra crash led to high volatility in the decentralized finance market.Justin Rice, vice president of ecosystem at the Stellar Development Foundation, was pretty skeptical of the future of algorithmic stablecoins in light of the UST collapse. He told Cointelegraph:“What we’re seeing now, and not for the first time, is an optimistic balancing mechanism unraveling due to natural human responses to market conditions. It is challenging to have algorithmic stablecoins keep their peg when things go sideways, and you have to rely on outside intervention to set things right.”He also advocated for full transparency from stablecoin issuers with third-party audits. Denelle Dixon, CEO and executive director at the Stellar Development Foundation, hoped the recent debacle would push the conversation about stablecoin regulations among lawmakers. She told Cointelegraph:“We’ve seen significant progress moving the conversation of stablecoin legislation in the United States. We’ve seen bills from both sides of the aisle that understand the issues and can move this industry forward by providing clarity and guardrails. We also know that this is a global issue and think the same rules should apply with respect to stablecoins and are working to help create that consistency.”Stablecoin regulations around the globeFor a long time, stablecoins have been on the radar of regulators in many major economies, but the UST collapse acted as a catalyst, forcing U.S., South Korean and many European regulators to take note of the vulnerabilities in these not-so-stable digital dollar pegs. U.S. regulators are using the incident as grounds to push for more stringent rules around stablecoins and their issuers, with Treasury Secretary Janet Yellen announcing plans for legislation by the end of the year. Yellen said it would be “highly appropriate” to aim for a “consistent federal framework” on stablecoins by the end of 2022, given the growth of the market. She called for bipartisanship among members of Congress to enact legislation for such a framework.These could easily be imposed on collateralized stablecoins, such as USD Coin (USDC) and USDT, which are backed by a traditional-style treasury and held by a centralized entity. Max Kordek, co-founder of blockchain developer platform Lisk, believes the UST collapse will be used by lawmakers to push for central bank digital currencies (CBDC). He told Cointelegraph:“Trust in algorithmic stablecoins is likely to have greatly diminished because of this incident, and it will be a while before that trust is restored. This will, unfortunately, be used by politicians as an example of why the world requires CBDCs. We don’t need CBDCs; what we do urgently need, though, is reliable, decentralized stablecoins.”The Congressional Research Service, a legislative agency that supports the U.S. Congress, published a report on algorithmic stablecoins analyzing the UST crash. The research report described the LUNA crash as a “run-like” scenario that lead to several investors pulling out money from the ecosystem at the same time. The research paper noted that these conditions in the traditional financial sector are protected by regulations that guard against such scenarios, but without any regulations in place, it might lead to market instability in the crypto ecosystem.Jonathan Azeroual, vice president of blockchain asset strategy INX, told Cointelegraph: “Algorithmic stablecoins backed by super volatile assets are especially at risk of a ‘run’ on the funds backing them if investors lose confidence in the mechanism created to ensure its stable value or simply if the value of the assets backing them falls below the amount of stablecoin issued.”He believes the U.S. government will certainly attempt to expedite their power over regulating stablecoins, as it shows they are not a viable answer to a regulated digital economy. The regulators might require “stablecoins to be issued by federally regulated banks or by regulating them as securities, which will make them be overseen by the SEC [Securities and Exchange Commission].”David Puth, CEO of the Coinbase-founded Centre Consortium, hoped for constructive regulations in the wake of the UST collapse. He told Cointelegraph:“The fact remains that stablecoins are a critical piece of the growing crypto ecosystem, and industry organizations in the United States have been vocal about their desire for clear and constructive regulation.”Puth is hoping for a “thoughtful and pro-innovation regulation that will keep the United States at the forefront of the blockchain economy.”Apart from the U.S., South Korea is another nation that has gotten serious about stablecoins after the Terra collapse. The founder of Terra, Do Kwon, has been summoned before the country’s legislature for a hearing. A Korean regulatory watchdog has also started risk assessment of various crypto projects operating in the country.The key lessons While regulatory discussions around the stablecoins have gained pace in the light of the UST debacle, it has also highlighted that the crypto market has evolved enough to absorb a $40-billion run-down. This proved that the crypto market has grown enough to absorb a setback as big as Terra without posing a threat to broader market stability.It’s essential to notice that the collapse of Terra, together with the overall market correction, has led to a cascade of second-order effects, such as increased exchange outflows, a significant spike in liquidations (most obviously in derivatives and decentralized finance), at least a temporary slowdown in DeFi (total-value locked and activity have decreased), and liquid staking issues.Thomas Brand, head of institutions at Coinmotion — a Finnish virtual asset service provider — told Cointelegraph:“Regulators, I assume, are especially interested in how crypto, and now especially stablecoin, risks might affect TradFi and CeFi via contagion and (in)direct exposure. Thus far, these risks have not materialized systemically. Still, regulators might pay closer attention to these matters soon — mainly if they conclude that at least some stablecoins remind a form of shadow banking.”Terra wasn’t at this point a systemic risk but rather, its meltdown was limited, although effects could be seen throughout various interlinked ecosystems. Derek Lim, head of crypto insights at Bybit exchange, told Cointelegraph that while the UST collapse has definitely attracted regulator scrutiny, the crypto market managed to recover without seeing colossal damage across the board. He explained:“I would like to point out that one of the key concerns that U.S. regulators have made clear in several reports is that a stablecoin bank run could destabilize the broader financial system. This incident has shown that a bank run on the third-largest stablecoin by market cap has barely affected the wider crypto markets, let alone the S&P and beyond.”Terra’s spiral disaster not only highlights the need for transparency from stablecoin issuers but the importance of a regulated market as well. With clear regulations in place, there would have been several gatekeepers to prevent small investors from losing their money. The event has already prompted regulators around the world to take notice. The Terra collapse could prove to be a turning point for stablecoin regulations around the globe, quite similar to what Libra’s global stablecoin plans did for CBDCs — i.e., prompting regulators to accelerate their own plans.
  • Bitcoin price approaches key support levels to avoid 'cascade south' News - 1 day ago
    Volatility is primed to return after upside above $29,000 fails to become an enduring trend. Bitcoin (BTC) clung to $29,000 at the May 27 Wall Street open as crucial support levels lay just hundreds of dollars from spot price.BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewTrader demands higher low above $28,000Data from Cointelegraph Markets Pro and TradingView confirmed volatility once again waning in a frustrating week’s price action.BTC/USD found itself in a tight corridor on the day, and for Cointelegraph contributor Michaël van de Poppe, it would not take much deviation to disrupt the status quo.”Technically speaking, when it comes to Bitcoin, you clearly want to see a higher low happening here, and if that we happens, we can start seeing continuation,” he said in his latest YouTube update.Levels to hold now were nearby — $28,600 and $28,200 to avoid a rematch of the week’s $28,000 low and risk giving up the chance of a higher low construction.”If that is lost, then I’m going to expect ourselves to get towards $26,000 as then we’re going to start cascading south even more,” he concluded.Equally wary was commentator Bob Loukas, who eyed the Bollinger Bands volatility indicator on the day to warn of potential incoming upset.$BTC – Weak and not a good look there, no urgency, with that primary trend lower. Should have seen at least a rally early in the cycle, coming of some capitulation. Stay safe.— Bob Loukas (@BobLoukas) May 27, 2022 Across social media, the sense that a capitulatory move was coming for crypto prevailed, this having characterized sentiment throughout recent weeks.In-profit supply favors bearsMeanwhile, looking at the network as a whole fueled concerns that current prices could not endure.Related: Small Bitcoin whales may be keeping BTC price from ‘capitulation’ — analysisAnalyzing the percentage of the supply in profit, Kripto Mevsimi, a contributing analyst at on-chain analytics platform CryptoQuant, drew bearish conclusions.Currently, around 55% of the supply was in profit, he explained, and compared to historical behavior, more price capitulation should enter to provide some guarantee of a macro bottom.First, however, there should be a sideways period for BTC/USD that precedes the final dip. This would make current price performance chime with the 2018 bear market and the March 2020 crash.”Next; 2–3 months of boring price action. Then last capitulation possible with 30%–50% additional price drop,” he summarized.An accompanying chart compared the three phases beginning with the 2017 high of $20,000.Bitcoin supply in profit vs. BTC/USD annotated chart. Source: CryptoQuantThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • 3 reasons why Bitcoin is regaining its crypto market dominance News - 1 day ago
    Hint: Many altcoins—not just LUNA—are down over 80% from their all-time highs in 2022. Bitcoin (BTC) is regaining its lost crypto market dominance even as it trades nearly 60% below its record highs.Bitcoin dominance at 6-month highsThe Bitcoin Market Dominance (BTC.D) index, a metric that weighs BTC’s market capitalization against the rest of the cryptocurrency market, jumped to around 47% on May 27, its highest since October 2021.Bitcoin Market Dominance daily chart. Source: TradingViewThe dominance index swelled despite the drop in Bitcoin’s market cap in the last six months from $1.3 trillion in November 2021 to nearly $550 billion in May 2022, suggesting that traders were more comfortable selling altcoins. Let’s look at three likely reasons why traders have been rotating out of the altcoin market to seek safety in Bitcoin.Ethereum “Merge” narrative is cooling downEthereum’s native token Ether (ETH), the largest alternative cryptocurrency by market cap, has witnessed consistent declines in its market dominance in the last five months—from 22.38% in December 2021 to 17.86% in May 2022.Ethereum Market Dominance daily chart. Source: TradingViewThe plunge comes after two years of a sustained uptrend, with ETH/BTC rising more than 200% between September 2019 and December 2021.As Cointelegraph reported, Ether outperformed Bitcoin in recent years, largely due to the hype surrounding its long-awaited protocol upgrade, called “the Merge,” which hopes to make Ethereum more scalable and less expensive.But the upgrade, which aims to transition Ethereum’s blockchain from proof-of-work to proof-of-stake—a counterpart known as Beacon Chain—has faced repeated delays in its launch. Only recently, Martin Köppelmann, the co-founder of the Ethereum Virtual Machine- (EVM)-compatible Gnosis chain, highlighted a seven-block reorganization on the Beacon Chain, meaning that the chain got briefly “forked” in its testing phase.The Ethereum beacon chain experienced a 7-block deep reorg ~2.5h ago. This shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain! (proposals already exist)— Martin Köppelmann (@koeppelmann) May 25, 2022 Ether dropped by nearly 13.5% against the U.S. dollar following the reveal on May 25 while ETH/BTC plunged to 0.059, the lowest in six months. ETH/BTC daily price chart featuring key support level. Source: TradingViewEthereum lacks narratives to drive ETH’s price upward after undergoing the Merge upgrade, noted OxHamZ, an independent market analyst, saying that investors have already “priced in” the network upgrade hype. What’s the narrative to own ETH after the merge?All KPIs are downActive wallets stagnantNFT hype deadLP trading volumes trending poorly Liquidity shrink in stablesL2 cannibalization growing (h/t @TaschaLabs)ETH is down 50% but the value of its block-space is also down— 0xHamZ (@0xHamz) May 25, 2022 LUNA to zeroBitcoin’s renewed crypto market strength also appears due to the Terra (LUNA) market’s collapse.LUNA/BTC, a financial instrument that traces the Terra token’s strength against Bitcoin, fell by 99.99% to 0.00000004 in May, which made it practically worthless. Meanwhile, LUNA declined similarly against the dollar, raising anticipations that traders dumped the token to seek safety in BTC and cash.LUNA/BTC daily price chart. Source: TradingViewLUNA’s market cap before the May’s deadly crash was $40.88 billion.Related: Crypto funds under management drop to a low not seen since July 2021Altszn ded On the whole, the altcoin market, containing everything from large-cap blockchain projects to sketchy crypto assets, has fallen by nearly 65% six months after topping out near $1.7 trillion.Altcoin market cap daily chart. Source: TradingViewA deeper look into some tokens shows that — unlike Bitcoin — most are down over 80% from their all-time highs, hinting at an overall investor exit from altcoins and into cash, stablecoins or BTC.DeFi projects and their downside retracement from record highs. Source: MessariSome dead crypto projects so far in 2022. Source: MessariThat is primarily because Bitcoin isn’t only the oldest blockchain, but stands on its own without any central authority.No one controls the #bitcoin network.— CZ Binance (@cz_binance) May 26, 2022 Historically, Bitcoin’s dominance drops during crypto bull markets as waves of new tokens spring up during the mania phase. For instance, the duration of the infamous initial coin offering (ICO) pump coincided with BTC.D dropping from nearly 96% in January 2017 to 35% in January 2018.BTC.D daily price chart. Source: TradingViewThen the March 2020 crash was the beginning of the DeFi and nonfungible token (NFT) hype, boosted further by the Federal Reserve’s quantitative easing. Therefore, if Bitcoin’s market dominance has indeed bottomed out, it could once again align with a macro bottom in Bitcoin price, and possibly the beginning of a new bull market phase in the coming months. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Digital identity in the Metaverse will be represented by avatars with utility News - 1 day ago
    Metaverse development is underway, but avatars with built-in utility will be key for digital identity. The Metaverse is poised to become tech’s next trillion-dollar opportunity, as an increasing number of companies are showing interest in immersive virtual spaces that will allow consumers to go beyond what’s possible in real life. This was highlighted in a recent report from CB Insights, which found that the Metaverse will disrupt at least 13 leading industries including fashion, retail, gaming, education and more. While notable, various metaverse environments are still underway. For example, tech giant Microsoft announced on May 24 the creation of an “industrial metaverse,” which will allow workers to wear augmented reality headsets to manage supply chains. On the other hand, venture capital firm Andreessen Horowitz (a16z) believes that gaming infrastructure and technologies will be “key building blocks of the Metaverse.”Utility is keyAs such, it remains unclear which type of metaverse ecosystem will resonate the most with consumers. Given recent developments, however, it appears certain that avatars in the form of nonfungible tokens (NFTs) will play a critical role in the Metaverse, serving as a user’s digital identity within virtual spaces.For instance, Sebastien Borget, co-founder and chief operating officer of The Sandbox — a blockchain-based metaverse project — told Cointelegraph that avatars are the new representation of a user’s identity in the Metaverse:“By leveraging avatars, anyone can express themselves digitally in ways that weren’t possible before. Moreover, truly owning your identity and being able to carry it through an NFT across multiple decentralized applications and virtual worlds is one very concrete and easily understandable example by mainstream audiences.”Borget added that avatars in the Metaverse are capable of representing a user’s different moods, tastes and appearances. “Avatars ultimately shape how we interact within the Metaverse,” he said.To put this in perspective, Borget shared that The Sandbox plans to create Elvis Presley avatars to be used within their metaverse ecosystem, which would allow millions of users to “transform” into Elvis Presley.Borget mentioned that Elvis avatars will transport fans through a virtual time capsule to complete entertaining tasks. “Users will be able to advance as a Memphis Mafia member in The Sandbox Metaverse,” he said. Borget believes that such a feature could be quite entertaining, as the Memphis Mafia was the nickname given by the media to a group of Elvis Presley’s friends, associates and employees who accompanied and protected Elvis throughout his career.Elvis On-Chain Sandbox Avatar Close Up; Source: The SandboxDavid Porte, creative director for Run it Wild, further told Cointelegraph that the studio’s collection of 5,000 unique Elvis avatars will be able to interact with all other avatars in The Sandbox.While entertaining, these features — also known as an avatar’s utility — are one of the most important elements for ensuring digital identity within a metaverse ecosystem. For instance, Porte remarked that Run it Wild’s ultimate goal through this specific project is to establish a virtual meeting place for Elvis fan culture by using Web3 rails, like utility, to transcend boundaries.Shedding light on this, Aaron McDonald, co-founder of FLUF World — a 3D Metaverse ecosystem — told Cointelegraph that while avatars visually engage a broader community in using Web3 functionalities, utility is what gives purpose to a user’s character. “Utility helps users participate in the economy of the Metaverse, which is important since Web3 is about community ownership and community value creation,” he said.For example, McDonald pointed out that each character within the FLUF ecosystem has the ability to be its owner’s avatar, serving as their representative in the Metaverse, with a unique purpose and functionality. McDonald explained that FLUFs are the apex avatar. “They are the keys to the ecosystem — not only do they act like a pass for much of the value we create in the ecosystem, but they also have breeding functionality to help create the starting characters in FLUF World.” McDonald added that Party Bears have a focus on music — a feature he believes will be a primary part of the early metaverse — while Seekers are avatars that are keys to the decentralized communications network.FLUF World various 3D NFTs. Source: FLUF WorldAdditionally, McDonald pointed out that “thingies” are avatars within the FLUF ecosystem that are backed by artificial intelligence, or AI, capabilities. “Using the power of our sister company, Altered State Machine’s AI protocol, each avatar can have a ‘brain’ aimed at a specific function or functions,” he explained. Erin Zink, head of strategy at Altered State Machine (ASM), told Cointelegraph that the company is introducing diversity and randomness to the Metaverse through AI-powered avatars. “These avatars have different strengths and weaknesses, are unpredictable and unique,” she said. Zink elaborated that ASM’s AI agents have two components:“One is a visual representation of the AI, like a Bored Ape Yacht club NFT, or 3D avatars in FLUF World, or even a chatbot on a website. But, this is just the aesthetics. The other half of the agent is the Brain. Brain NFTs are capable of learning and evolving and are interoperable across different forms and worlds.”In order to demonstrate how Brains work, Zink explained that ASM recently launched Artificial Intelligence Football Association NFTs, which consist of 40,000 3D customizable soccer characters. According to Zink, these avatars will compete in teams of four in ASM’s forthcoming decentralized play-and-earn soccer game called AIFA. “Combine each of your AIFA all-stars with an ASM Brain and create teams of four to play. You can train them and rise the ranks to become the global champion,” she said. Zink added that ASM plans to soon launch a boxing game called “The Next Legends” that will also use AI-powered characters.AIFA Allstar NFTs. Source: Altered State MachineThe future of digital identity in the MetaverseWhile it’s difficult to fully determine how metaverse environments will evolve, industry experts believe that avatars and utility are key elements for social interactions and identity moving forward.Dorian Johannink, co-founder of Seekers and Sylo — creators of the 3D animated NFT robots that appear in FLUF World — told Cointelegraph that as NFTs move beyond the JPEG phase, it will be essential to provide more ways to allow users to engage with assets in the Metaverse: “Character avatars are a jump off point, but in order to develop long term engagement these assets and environments need to continue to provide deeper unique functionalities that help immerse and provide functional benefits to holders.”With this in mind, Borget shared that The Sandbox is working actively to enable more collections of avatar NFTs to come to life in its metaverse, like Bored Ape Yacht Club, for instance. The Sandbox’s official Twitter account sent a tweet out on March 27 referencing this. “We would, of course, love to see 3D voxelized versions of every 2D collection. And, there are certain collections such as the upcoming People of Crypto that will build utility in the Avatars themselves right at the drop. In this case, owners will be able to join Metapride, the first Metaverse Pride Parade,” Borget remarked.While this may soon be the case, there are challenges that may hamper development. For example, Borget touched upon the difficulties of transforming 2D NFT collections into interactive avatars, noting that the aesthetics of voxels requires talent and creativity. Moreover, James Dewhirst, co-founder of Dinodawg Kingdom — an NFT avatar project built on the Solana Network — told Cointelegraph that projects cannot yet build a universal avatar model that can be used across all platforms: “In order for us to offer different utilities, we need to ensure our Dinodawgs can work equally well on Unreal Engine as they do on Unity, for example. This is a bespoke and highly intricate process, and we need to work closely with each partner to ensure our avatars can operate seamlessly on their platforms.” Echoing this, Nick Rose, founder of Ethernity and CEO of Ethernal Labs — a creative studio for NFTs — told Cointelegraph that currently, the biggest challenge is that varying metaverses are not interoperable:“If one takes a 60,000 foot overview of the Metaverse ecosystem today, it certainly doesn’t look like the world’s globe with various continents interconnected via water. Instead, it’s a corrugated patchwork of siloed worlds building up their own communities.”
  • BSV president urges Meta to store data for its metaverse on a public blockchain News - 1 day ago
    Jimmy Nguyen, president of BSV Association, hopes that Meta will take an approach that doesn’t store data within their own servers. While Meta has not yet launched its metaverse project, Bitcoin SV (BSV) association president Jimmy Nguyen thinks that it would be better for the firm to store user data on a public blockchain. In a Cointelegraph interview, Nguyen shared that a global and interoperable metaverse ecosystem would mean that individual data will be stored within a public blockchain. If Meta employs this method, Nguyen noted that Meta could become an interface that connects a blockchain to companies’ metaverse apps. This will allow other metaverses to access user data once users give their consent. The BSV president said that: “I hope Facebook/Meta take an approach of creating a Metaverse where they build the environment but do not uniquely store your identity and data on their own servers.”Additionally, the BSV president underscored that this type of vision requires a scalable blockchain that can handle large amounts of transactions and data. According to Nguyen, the BSV blockchain is capable of this. “A successful metaverse requires a lot of data. Therefore, metaverse projects can benefit from integration with a blockchain with massive scale, data capacity and low fees.”Because of this, Nguyen also shared his belief that the BSV blockchain may play a role in the metaverse in terms of payments and as a base ledger for all the data files necessary for projects that wish to build metaverses. Related: Singapore venture firm launches $100M Web3 and metaverse fundIn a panel discussion at the World Economic Forum (WEF), an executive at Lego Group said that metaverses must be developed with children’s perspectives in mind. Edward Lewin, a vice president at the company said that given that kids are the future users of metaverses, people should focus on “building from kids’ perspective.”Meanwhile, a recent survey conducted for the WEF showed that developing countries are more eager for the Metaverse compared to developed countries. Among the 21,000 adults surveyed across 29 countries, those from high-income countries showed less interest in the Metaverse.
  • Stepn to block mainland China users to comply with regulatory policies News - 1 day ago
    In a move to comply with Chinese regulatory policies, Stepn will be blocking users based in mainland China from its mobile app. The nonfungible token (NFT) game Stepn will ban users in mainland China in an attempt to follow Chinese regulatory requirements.The company’s uncertainty has been fueled by rumors that it will be forced to leave mainland China. STEPN is a popular “move-to-earn” game based on Solana (SOL) and BNB Chain (BNB) that was created by two Chinese emigrants now living in Australia.On July 15, Stepn will clear all accounts based in mainland China for local compliance reasons. Before then, the platform advised users who planned to reside in mainland China long-term to sell their assets on the platform, if possible.2/ 如果您預期長期會在該地區的GPS 或 IP位置登陸及使用您的帳戶,我們鼓勵您自行決策處理應用內的資產。在此期間,更多細節將通過官方社交媒體公告、郵件、應用內提示等方式通知使用者。— STEPN | Public Beta Phase IV (@Stepnofficial) May 26, 2022 The news sent shockwaves throughout the market, with investors dumping assets. When Pandaily launched Stepn in April, the floor price of a “sneaker” on the platform was around 13 SOL, but it has since dropped to just 8 SOL. Also, the price of STEPN’s utility token, GMT, has plummeted by more than 30% in the past 24 hours, with most of it occurring after the announcement.After the news was announced, Jerry, the firm’s founder, noted that mainland Chinese users make up 5% of the platform’s overall user base, implying that the company’s exit from this market will not have a significant impact on its financial success. According to Stepn’s official Twitter account, daily active users increased to more than 500,000 in May, from 300,000 in April.Stepn aims to show that it is viable because it earns commissions from other blockchain firms that market their goods or tokens to Stepn’s users, who are accessible through the move-to-earn concept, Rong stated last month.Related: NFT traders STEPN to a new groove — Is move-to-earn the future of fitness or another fad?China has been cracking down on cryptocurrency-related activities for years, and the central bank’s statement about foreign cryptocurrency exchanges in September last year prompted large platforms such as Binance and Huobi to leave the country.
  • Ethereum Slips, What Are The Next Vital Trading Levels For The Coin?
    NewsBTC - 7 hours ago
    Ethereum has slid on its charts again at the time of writing. Over the last week, the coin lost about 10% of its value. The bears have strengthened in the market because the buyers have left the market. Technical outlook of the coin remained bearish and selling pressure mounted. The coin would continue to remain so over the next trading sessions. The coin also witnessed a sustained sell-off over the last 48 hours. Ethereum fell below its long standing support line of $1900.Over the last 24 hours the coin tried to recover itself but the bearish price action is still strong at the time of writing. The bears might be exerting pressure to push the coins below the price mark of $1700. A fall below the $1700 price mark will cause ETH to tumble further by another 19%. For the bulls to take a breather, ETH needs to trade above the $1900 price mark again. Ethereum Price Analysis: One Day Chart The altcoin was priced at $1793 at the time of writing. The altcoin has not traded near this price level in almost in one year now. The altcoin’s overhead resistance stood at $1900, for bearish pressure to be invalidated the coin has to attempt trading above the $2200. Local support for the coin was at $1700 which the coin can trade below if the bears continue to drive the price action. The volume of the coin traded decreased and was seen in green. This indicated positiveness on the chart. Technical Analysis Ethereum was trading very close to the immediate support level. The coin was trading below the 20-SMA line which meant that selling momentum was active and strong. This reading meant sellers were in charge of the price momentum. In correspondence with the same, the Relative Strength Index was below the half-line. This meant that the buying strength was less in the market. However, it can be noted that, there is an uptick on the RSI which could be a sign that buying strength is picking up momentum. Chance of a reversal cannot be ruled out because there is a bullish divergence on the chart (yellow). A bullish divergence is related to a trend reversal. Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close? The Awesome Oscillator was still negative on the one day chart. The indicator is supposed to depict the price momentum, the red histograms show negative price action. The red histograms also depict a sell signal on the chart. The Directional Movement Index also decides the overall price movement, and it showed that -DI was above the +DI level. The Average Directional Index (Red) was above the 40 mark, which meant that the current market trend was strong and the bearishness might continue over the next trading sessions. Related Reading | Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000
  • Ethereum Gas Fees Touch New Lows, What’s Ahead For Ethereum
    NewsBTC - 20 hours ago
    Ethereum is one of the most widely-adopted cryptocurrency projects worldwide. Yet, it’s hated worldwide for its sky-high gas (transaction) fees. Users globally constantly complain about the coin’s terribly-high transaction prices on various social media platforms. Shockingly, Santiment, an on-chain and metrics platform, published on Twitter a report showing Ethereum’s transaction prices plummeting to their lowest. The Ethereum Platform Ethereum is a distributed, permissionless, and open-source blockchain that provides users access to a smart contract. It is the second-largest blockchain by market capitalization, following crypto giant Bitcoin. Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle Remarkably, Ethereum offers a p2p (peer-to-peer) network that verifies and executes codes within the platform, known as Smart Contracts. Ethereum GAS Price On the Ethereum network, users are charged some amounts to perform any transaction, buying, selling, swapping, minting, etc. Ethereum previously had a ridiculous record for having very high gas fees for its transactions. Recently, the crypto giant began offering meager transactional charges to its users, as recorded by Santiment. Santiment is a financial market content and data platform for blockchains and cryptocurrencies. The metric platform took to Twitter the news of Ethereum’s meager transaction prices. As of Tuesday, 24th May, the second-largest blockchain had a transaction price of $2.54 a transaction. What’s Next For Ethereum According to Santiment, this is the lowest the transaction fees have been since last July. Therefore, it may be unique for ETH prices. Historically, ETH coin prices usually leap once the average transactions drop below $5. Ethereum’s average gas fees have plummeted, breaking its 10-months low. Nevertheless, traders still need to be careful while trading and transacting with the crypto because the market is presently disadvantaged. Thus, a considerable leap might not occur given the current global bearish market. Various crypto pundits and financial analysts project that Bitcoin is about to dip massively, predicting a further dip. Mike Novogratz was among the “prophets of doom” for the world’s leading blockchain and crypto. Novogratz, a financial investor, took to Twitter, stating that further dips await Ethereum and Bitcoin and the entire DeFi market. In his tweet, he emphasized that 2022 will not be so favorable for investors and traders. Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000 Noting that Bitcoin controls the value of the entire DeFi marketplace, if Bitcoin dips, being the most significant blockchain, the whole market dips. This includes the Ethereum blockchain. Featured image from Pexels, chart from
  • Cardano Slides Below $0.50 Alarming A Danger Ahead
    NewsBTC - 23 hours ago
    Cardano is among the cryptocurrencies with higher impacts due to significant price slides. Price volatility remains one of the substantial discouragement and threat of virtual currency. Their swing in price could go beyond ten times in a single minute. A positive price move is always a favorable trend for a token and its investors. However, a price drop could pose a danger for both. The general crypto markets have been witnessing more downward trend recently. This has left several tokens on an expected price level even as some investors make massive sell-offs. Cardano seems to have entered a state of instability following its critical price drop. Its slide on Thursday went below its possible support level. Without any rise in trading volume in the crypto market, Cardano will suffer more losses. Cardano is now fighting dangerously from its drop position as it’s beyond the supporting mark. Though it had a previous market cap ranking as the eighth cryptocurrency, the token had made a 7% drop in the last 8 hours. The price of Cardano has now fallen below its $0.50 support mark. Hence, its liquidation has raised more than $1.40 million from crypto derivatives exchanges. If the selling pressure increases, there would be a higher probability of more difficult restoration. Analytical Study Of Cardano For Support Level ADA’s last 4-hour price chart analysis depicts a release from a symmetrical triangle. Its Y-axis pattern for height represents a 33.5% drip for the token as its price falls below the support level. Using a candlestick close that could reflect the 4-hour trend would hit below the 50% level of Fibonacci retracement at $0.45. This will possibly bring the confirmation of the negative price trend. Where there’s a continuation of the pattern, ADA could maintain a downward trend that reaches $0.34 or $0.32. By closely observing its movement on May 12, the token moved to $0.38. This could eventually become its possible support level if it makes more downward moves. If there’s continuous trading of ADA below $0.46, the bears will benefit more. It’s possible to revert the negative appearance of the price drop for the token. This would require a break on the resistance barrier using a candlestick close for 4-hour experimentation. Also, cutting off some of the supply processes could spike ADA’s number of buying orders. Hence, the token’s price may reach $0.61 as it moves up. The crypto market now harbors many uncertainties, doubts, and fear within the past few weeks. The Fear and Greed Index report shows increased levels of negativity within investors and other participants in the crypto market. Following the technical and on-chain indicators, there could still be hope for Bitcoin. This is because the token is yet to get a fully blown negligence from participants. Featured image from Pexels, chart from
  • Cardano TVL Sheds $205 Million Since Hitting All-Time High
    NewsBTC - 1 day ago
    Cardano TVL has spiraled downward the past few days mainly because of the intensified crypto market correction and decline in investor interest. To date, the crypto has plunged to $120.86 million. With the rate it’s going, Cardano has chucked over $205 million in TVL since its all-time high of $326 million on March 24, 2022. Dubbed to be the eighth largest crypto by market cap, Cardano is said to be the blockchain platform patented for rainmakers and innovators. It’s a POS network that strengthens and provides sustainability to dApps and systems. Suggested Reading | XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply Cardano Loses Over 65% of TVL Cardano is slipping away and has even breached its support level. It dipped by 7% today as the crypto market continues to collapse. Increased selling pressure on the support can easily give away a steep correction of $0.34. Cardano has lost more than 65% of its TVL. This week, ADA started moving towards a bearish trend and dipped further down the support level on Thursday. The low crypto trading volumes may result in incremental losses along the way. And it’s not just Cardano; other decentralized exchanges like WingRiders have also shaved off more than 50% of their TVL within the same period. SundaeSwap also suffered the same fate losing 41% of its TVL. ADA total market cap at $15.48 billion on the weekend chart | Source: Cardano is stumbling and dropping after breaking the critical area of support. The severe downswing has triggered the downward movement of ADA right below the $0.50 support level, which precipitated $1.40 million worth of liquidations in varied exchanges. It’s expected to go further down to $0.34 or even much lower. Considering the current TVL, we see a more pessimistic or bearish outlook as long as Cardano trades below $0.55. On the other hand, people should most likely expect the reverse with a four-hour candlestick positioned above the resistance barrier. Breaking through the supply wall can increase the number of buy orders for Cardano, thus pushing the prices to $0.61. Suggested Reading | ADA Grapples At $0.524; Bullish Trajectory Coming Crypto Market Not Flipping Upwards Overnight In the past few weeks, mixed emotions have provoked the crypto market. Investors have been hesitant to jump the gun, crippled by fear and uncertainty. Yes, there is a lot of pessimism in today’s market. More so, technical indicators seem to support the fact that the crypto market downtrend will not flip overnight. Although it’s always recommended to invest when the market sentiment registers at a low end, the current market conditions may not give you good returns sooner than expected. Featured image from Coincu News, chart from
  • Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?
    NewsBTC - 1 day ago
    This week, Bitcoin had made history when it recorded its eighth consecutive red weekly close. This first-of-its-kind streak had cemented the digital asset on one of the worst bearish trends that have ever been recorded. Now, even as the week runs towards another close, the cryptocurrency has not been able to make any considerable recovery, indicating that it may not be done with its bearish streak. Bitcoin Headed For A Ninth Red Close? With bitcoin still trading well below $30,000, it is no long shot to speculate that the digital asset may close out this week in the red too. If it does so, then it will break its previous record while plunging the market into even worse bearish trends. Nine consecutive weekly closes would prove that bulls have mainly relinquished control of the market, meaning the bears have the leeway to pull the market down further. Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle This combined with the increased interest rates from the Fed has left investors feeling warier about financial investments. Thus driving them towards more ‘stable’ investment options. With such money leaving the market, bitcoin possesses little chance of actually reversing the current trend. Even though bitcoin has been providing a safe haven from the altcoin bloodbath, it does not mean that the digital asset itself has not taken losses. NewsBTC reported that while bitcoin has been the best performer of all the indices, the cryptocurrency is still down 24% from the start of the month. This decline in price means that investors are still not as bullish on the pioneer cryptocurrency.  BTC price falls to $28,000 | Source: BTCUSD on What The Indicators Say For bitcoin, maintaining above the 50-day moving average has always been a bullish indicator. This is why the current trading value of the cryptocurrency does not spell good news for it. For example, bitcoin is more than $9,000 below its 50-day moving average. To cement a recovery trend, it would not only have to move above this point but will need to establish significant support above the $40,000 level. This would mean that bitcoin would have to recover 37% to achieve this. Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000 While this is not outside the realm of possibility, exchange inflows show that it is very unlikely to happen. Over the last 24 hours alone, BTC exchange inflows have surpassed outflows by $7.5 million, showing that the sell-off trend continues to wax stronger. Unless this sell-off trend can be halted and turned into an accumulation trend, a 37% recovery remains out of the picture for bitcoin. Coupled with the extreme fear sentiment that is being experienced in the space, BTC is more likely to touch below $25,000 before establishing support above $40,000. Featured image from BBC, chart from Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 
  • Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000
    NewsBTC - 1 day ago
    Ethereum has been on a downtrend along with the rest of the crypto market. This has seen the value of the cryptocurrency plunged below $2,000 and efforts to recover above this major resistance level have been futile. Naturally, the decline in the value of the digital asset has affected its profitability. What has resulted from this is Ethereum wallets that are in profit at current prices have now declined to a two-year low. Ethereum Profitability Declines Ethereum remains the second-largest cryptocurrency by market cap but when it comes to profitability, it tells another story. Data shows that the percentage of ETH wallets that are in profit has declined significantly in the last couple of months. Along with the price, most of the profitability decline has happened in the last six months. Related Reading | Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low IntoTheBlock shows that only 56% of all Ethereum investors are currently in profit. This puts a total of 43% in the loss while only 1% of all investors are sitting in the neutral territory, meaning that they purchased their tokens at current prices.  Data from Glassnode supports this metric although it puts the number of addresses in profit at a slightly higher percentage. The data aggregation tool shows that 58% of all ETH investors are still in profit. However, what is notable about this figure is that the last time that Ethereum profitability was this low was almost two years ago, back in July 2020. ETH price trading at $1,781 | Source: ETHUSD on It is no coincidence that the majority of those in profit has been investors that have been in the market for more than a year. The long-term outlook for the smart contract network has always favored those who followed it compared to those in the short term.  Small Wallets Ramp UP Even through the downtrend that has rocked the digital asset, support has still not waned. Smaller investors have continued to throw their hats in the ring with Ethereum. This is evidenced by the growing number of wallets holding at least 0.01 ETH reaching a new all-time high. It is now sitting at a new record of 22,874,566 addresses. 📈 #Ethereum $ETH Number of Addresses Holding 0.01+ Coins just reached an ATH of 22,874,566 View metric: — glassnode alerts (@glassnodealerts) May 27, 2022 This metric has hit multiple all-time highs in just the first two quarters of 2022. It shows renewed interest from smaller investors but unless this interest becomes evident in the largest ETH investors, there may not be any significant change in value. Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle As for the price of the digital asset, Ethereum’s price is down more than 60% from its all-time high in November. It is currently trading at $1,770 with a market cap of $213.9 billion. It remains the largest DeFi platform with over $67 billion in TVL. Featured image from Coingape, chart from Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 
  • Cryptocurrency Mining Chip Producer Nvidia Reports Significant Profits After Decline
    NewsBTC - 1 day ago
    The American Chip developing company Nvidia attests to its dip in shares due to the CMP (Cryptocurrency Mining Process) sales decline. The company stated that its 52% decrease for its Q1 of “OAM and other” investments was because of the decrease in CMP sales. Nvidia stated this, as explained in a filing on Wednesday. In 2021, Nvidia recorded $24 million in returns from its CMP sources; this also recorded a discouraging decrease of 77% year-over-year. Last year January, the corporation introduced the CMP product to discourage cryptocurrency miners from storing up existing mining devices like Ethereum’s famous GeForce RTX 3080 Ti. Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000 While the chipmaker didn’t explain the exact sales amount its CMP sales provided, it did tag the value “nominal” and over $155 million in loss from the previous year. Nvidia Shares Tumble At The End Of Q1 The company experienced strong quarterly growth from 2021 last quarter to 2022 first quarter, increasing by 8% in returns. Thus, making up to $8.98 billion. Its shares also increased by 3% to $1.36 a share. In addition, the chipmaker stated that it’d continue its buyback program reaching 2023 end, and it is worth $15 billion. Nvidia And The Q2 Nvidia has now been experiencing a steady decrease in interest in the CMP mining chips during this Q2. The reasons why this is so might probably be because of Ethereum’s porting to the Proof-of-staking mechanism. The current bear market, or the recently deployed products from the industry leader—Intel Corporation. We don’t know, but we do know that the tech giant isn’t experiencing a good time at its current turnover. Q2 isn’t starting as interesting as Q1, and pundits project a 4% loss to $8 billion in turnover. During Thursday after-hours trading, Nvidia (NVDA) shares decreased by 7% to $157.8. Also, the NVDA stocks have experienced an almost 50% decrease in the year-over-year report, reflecting a poor outlook for tech stocks. Related Reading | Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value During last year’s Q2, Nvidia encountered a 33% dip from expected returns, reaching $266 million, then $106 million in Q3, and $24 million in Q4. That value has still fallen. The chipmaker revised its expectations for the second quarter (Q2), summing it up to $8.1 billion because of the Russia-Ukraine war, and Lockdown in China. Nvidia CMP And Cryptocurrency Mining Nvidia’s Santa Clara-situated CMPs can be effective for mining Bitcoin, Ether, and other digital assets that use the Proof of Work consensus mechanism. In addition, the token’s graphics card, built for gaming, can be effective for mining cryptocurrency except restricted. One notable fact is that CMPs are very scarce in supply. Even on secondary markets, it’s rare to find them. Therefore making the chances of sales slimmer and smaller. Featured image from Pixabay, chart from
  • Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse
    NewsBTC - 2 days ago
    The secret behind CloneX is Takashi Murakami and the RTFKT team, that’s the short answer. The NFT collection is the result of the once-secret collaboration between the legendary Japanese artist and the experts in creating virtual sneakers. Steven Vasilev, Chris Le, and Benoit Pagotto founded RTFKT, which reads “Artifact,” in 2020. The CloneX public sale took place in the last days of November 2021. These people work fast. The goal of the Ethereum-based CloneX collection is quite simple, to serve as avatars in the metaverse. These NFTs aren’t merely profile pictures. Through the upcoming Clone vault, the CloneX holders will have access to the avatar’s 3D files. The idea is that these figures will work in any metaverse. Plus, RTFKT has expressed metaverse ambitions of its own.  In any case, RTFKT Studios co-founder Benoit Pagotto told Forbes: “We envision a new kind of relationship forming between owners and 3D creators who will create bespoke content for the avatars, replicating what we’ve seen with Fortnite 3D models ripped by blender creators, creating content for Twitch streamers and YouTubers. It’s a full ecosystem, being built live, and the avatars are just the tip of the iceberg.” Very nice, but let’s focus on the avatars for now. About CloneX And Takashi Murakami The project’s official site describes them as, “CloneX is our most ambitious project yet, the beginning of a whole ecosystem for our community, quality-focused, high-end avatars, ready for the metaverse.” Japanese contemporary artist Takashi Murakami designed all of the CloneX traits, from their eyes and their mouths to their clothes and their helmets. Murakami lives in the line between pop and high art. He has worked with Pharrell and Kanye West, with brands like Louis Vuitton and Vogue, and also with Supreme, Vans, and Billionaire Boys Club. There are 20K CloneXs total, and those are divided among eight different DNA types: 50% are Human. 30% are Robots. 8.75% are Angels. 8.75% are Demons. 1.25% are Reptiles. 0.6% are Undead. 0.5% are Murakamis. 0.15% are Aliens. ETH price chart on Kraken | Source: ETH/USD on About The Controversial Initial Sale The CloneX public sale was supposed to take place on November 29th. The demand was there, they sold 13K out of 20K before RTFKT had to pull the plug for the day. Their website was under attack. According to themselves, “Due to our website still being attacked and unusable, we’re pausing the minting till when we’ll have all fixed and upgraded.”  The last 7K CloneX were minted on the 30th. Some people maintain something suspicious went on. At the moment, the rarity of each CloneX was still a mystery, so all the NFTs were theoretically worth the same. The public sale was supposed to be a Dutch auction starting at 3 ETH. In the second round, each of the 7K sold for 2 ETH flat.  Considering that at the time of writing the floor price for a CloneX is 12.9 ETH, participating in any of the two rounds would’ve been extremely profitable. Curious Facts About The CloneX Collection At first, the code name for the project was: Akira. All CloneX holders received a Space Pod as an airdrop. Check this Twitter account for “an ongoing thread of all the items being made for RTFKT Space Pods & Loot Pods by the CloneX community.” Secondary market royalty for this NFT collection is a steep 5%.  Holders own the IP of their avatar and can commercialize it for up to $1M. The avatar’s 3D files will be available in the following formats: Unreal Engine, Daz3D, .blend, .obj, .fbx, .MA, and glb. RTFKT will host “Forging Events,” where CloneX holders can forge real-life physical items based on your NFT. For the virtual world, holders will be able to clothe their avatars through Clonex Wearables. Both RTFKT and independent creators will offer different garments. At the moment you can only buy the avatars on the secondary market. They’re available on OpenSea. In the real world, four white gold CloneX chains exist. They were created by Crown Collection in association with Murakami and RTFKT. And that’s everything you need to know about CloneX at the moment. There are many more things to learn about RTFKT, though. Do your homework on that. And, while you’re at it, read “Blue Chip NFTs 101’s” other guides: Moonbirds and Proof Collective in Ethereum, and DeGods in Solana. More to come. Featured Image: Murakami from the official site | Charts by TradingView
  • The Nightly Mint: Daily NFT Recap
    NewsBTC - 2 days ago
    The NFT market is in certified goblin mode. The goblintown NFTs surged past the 1ETH ceiling and were once again the 2nd most traded NFT collection behind only BAYC. Ridiculous Twitter Spaces, an embraced and cherished lack of roadmap, and other nice touches have made this project truly the ultimate meme pfp collection. The true test will be longevity, though. The Nightly Mint Latest Mint: Seth Green’s TV Show? Will Seth Green’s show on his Bored Ape end up making it to the air? If you haven’t caught the story this week, mainstream headlines have hit the wire about actor and producer Seth Green’s intent to create an animated comedy centered around his Bored Ape, which has since been stolen in a likely phishing attack – leaving NFT watchers to speculate around what happens next, and where rights ownership begins and ends. For the latter issue, we noted earlier this week that fashion brand Hermes is in the midst of a legal battle with creator Mason Rothschild over his ‘MetaBirkin’ NFT collection. We’re clearly on the precipice of much-needed legal rulings around some of these issues that will set a standard for future issues. Related Reading | TA: Ethereum Divves 10%, Why ETH Might Test $1,500 The bear market continues this week as tokens big and small have been taking hits, including NFT market leader Ethereum.| Source: ETH-USD on Updates To NFT Marketplace OpenSea Announced and integrated today are some new OpenSea updates to user profile page and collection page layout. The leading NFT platform also shared in the announcement that they will “continue to roll out changes through the coming weeks, with the goal of putting more focus on our community’s content, simplifying the experience and making room for richer experiences for our OpenSea community.” The ‘Minty Fresh’ Take We don’t create the news, we simply report it. breaking: person who bought cartoon monkey puzzled someone bought cartoon goblin. more at 11. — sartoshi (@sartoshi_nft) May 26, 2022 Related Reading | XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply Featured image from Pexels, Charts from The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
  • TA: Ethereum Dives 10%, Why ETH Might Test $1,500
    NewsBTC - 2 days ago
    Ethereum extended decline below the $1,820 support against the US Dollar. ETH tested $1,730 and remains at a risk of more downsides in the near term. Ethereum gained bearish momentum and declined below $1,820. The price is now trading below $1,800 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken). The pair is struggling and remains at a risk of more losses below $1,700. Ethereum Price Gains Bearish Momentum Ethereum remained below the $2,000 resistance zone and 100 hourly simple moving average. As a result, there was a sharp bearish reaction below the $1,920 support. The bears were able to push the price below $1,820 and $1,800. The price declined over 10% and traded below $1,750. A low is formed near $1,727 and the price is now consolidating losses. On the upside, an initial resistance is near the $1,770 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,911 swing high to $1,727 low. The next major resistance is near the $1,820 level. It is close to the 50% Fib retracement level of the recent decline from the $1,911 swing high to $1,727 low. The main resistance is now forming near the $1,920 level. There is also a key bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. A close above the $1,920 level could open the doors for a steady increase. Source: ETHUSD on In the stated case, ether price could rise towards the $2,000 resistance zone. Any more gains may perhaps send it towards the key $2,085 resistance zone. More Losses in ETH? If ethereum fails to recover above the $1,820 resistance, it could continue to move down. An initial support on the downside is near the $1,730 zone. The next major support is near the $1,700 level. A downside break below the $1,700 level might call for another sharp decline. In the stated case, the price could dive towards the $1,650 level. Any more losses may perhaps call for a move to $1,500. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 40 level. Major Support Level – $1,720 Major Resistance Level – $1,820
  • Dogecoin (DOGE) Briefly Pumps After Elon Musk Says SpaceX Will Accept the Memecoin for Merch Payments
    The Daily Hodl - 10 hours ago
    Billionaire and SpaceX chief executive Elon Musk is once again publicizing his support for leading memecoin Dogecoin (DOGE). The 2021 TIME Magazine Person of the Year says his space transportation and aerospace manufacturing company, SpaceX, will soon accept DOGE as payment for select merchandise. “Tesla merch can be bought with Doge, soon SpaceX merch, too.” […] The post Dogecoin (DOGE) Briefly Pumps After Elon Musk Says SpaceX Will Accept the Memecoin for Merch Payments appeared first on The Daily Hodl.
  • Long-Term Holders Double Down on Ethereum (ETH), According to Crypto Analytics Firm IntoTheBlock
    The Daily Hodl - 12 hours ago
    A leading crypto analytics firm says long-term holders are buying into Ethereum (ETH) despite the second-ranked crypto asset’s price struggles. According to IntoTheBlock’s head of research, Lucas Outumuro, more than 50% of all the Ethereum in circulation now belongs to addresses that have been holding ETH for more than one year. “Addresses that have been […] The post Long-Term Holders Double Down on Ethereum (ETH), According to Crypto Analytics Firm IntoTheBlock appeared first on The Daily Hodl.
  • Top Coinbase Executives Have Unloaded $1,200,000,000 Worth of Shares Since the Exchange’s Public Listing: Report
    The Daily Hodl - 13 hours ago
    Executives at top crypto exchange Coinbase are reportedly selling off $1.2 billion worth of the company’s shares since its direct listing in April 2021. The Wall Street Journal (WSJ) reports that Coinbase CEO and co-founder Brian Armstrong, co-founder Fred Ehrsam, president and chief operating officer Emilie Choi and chief product officer Surojit Chatterjee are responsible […] The post Top Coinbase Executives Have Unloaded $1,200,000,000 Worth of Shares Since the Exchange’s Public Listing: Report appeared first on The Daily Hodl.
  • Seven Wallets Could Have Initiated TerraUSD (UST) De-Peg, According to Crypto Analytics Platform Nansen
    The Daily Hodl - 15 hours ago
    A market intelligence firm says seven crypto wallets may have been involved in the depegging of algorithmic stablecoin TerraUSD (UST) from the US dollar. According to digital assets insights firm Nansen, seven crypto wallets were spotted swapping large amounts of UST on the automated market-making platform Curve (CRV) on May 7th, right before the stablecoin […] The post Seven Wallets Could Have Initiated TerraUSD (UST) De-Peg, According to Crypto Analytics Platform Nansen appeared first on The Daily Hodl.
  • Ethereum (ETH) Wallet With Over 30 Million Users Unveils Partnership To Assist Victims of Crypto Asset Scams
    The Daily Hodl - 18 hours ago
    A popular Ethereum (ETH) wallet is unveiling a new partnership to help victims of crypto scams recover their digital assets. According to a recent press release, MetaMask, a crypto wallet with over 30 million users created by blockchain technology firm ConsenSys, is teaming up with Asset Reality, a protocol designed for recovering, managing and accessing […] The post Ethereum (ETH) Wallet With Over 30 Million Users Unveils Partnership To Assist Victims of Crypto Asset Scams appeared first on The Daily Hodl.
  • Billionaire Bill Miller Says Upcoming Ethereum Upgrade Will Leave Bitcoin With One Massive Advantage Over ETH
    The Daily Hodl - 20 hours ago
    Legendary investor Bill Miller says the upcoming Ethereum (ETH) switch to a proof-of-stake network will saddle Bitcoin (BTC) with one huge advantage over the top altcoin. In a new interview on The Investor’s Podcast Network, the billionaire investor says ETH’s switch from a proof-of-work to a proof-of-stake consensus mechanism could increase financial inequality, a problem […] The post Billionaire Bill Miller Says Upcoming Ethereum Upgrade Will Leave Bitcoin With One Massive Advantage Over ETH appeared first on The Daily Hodl.
  • Solana, Avalanche and Two Other Ethereum Rivals Could Crash 50% if Bitcoin Dives Lower, Warns Top Crypto Analyst
    The Daily Hodl - 23 hours ago
    A top crypto analyst believes four Ethereum (ETH) competitors face a bleak future if Bitcoin (BTC) continues to fall. Pseudonymous trader Altcoin Sherpa tells his 176,100 Twitter followers that smart contract-enabled blockchains Solana (SOL), Avalanche (AVAX), Polkadot (DOT) and NEAR Protocol (NEAR) are all set to shed around 50% of their value from current prices […] The post Solana, Avalanche and Two Other Ethereum Rivals Could Crash 50% if Bitcoin Dives Lower, Warns Top Crypto Analyst appeared first on The Daily Hodl.
  • Crypto Trader Who Predicted Bitcoin Collapse Below $30,000 Says BTC To Hit New Low – Here Are His Targets
    The Daily Hodl - 1 day ago
    A closely tracked crypto strategist and trader is warning Bitcoin holders that BTC is poised to hit a new 52-week low. Pseudonymous trader Capo tells his 322,300 Twitter followers another sell-off event is in sight for Bitcoin as the crypto markets continue to show signs of weakness. “Almost the entire market except BTC has made […] The post Crypto Trader Who Predicted Bitcoin Collapse Below $30,000 Says BTC To Hit New Low – Here Are His Targets appeared first on The Daily Hodl.
  • Dutch Officials Restrictions on Crypto Derivatives – Are They Necessary?
    The Daily Hodl - 1 day ago
    Recently, Paul-Willem van Gerwen, head of capital markets and transparency supervision at the Dutch Authority for Financial Markets discussed the risks of cryptocurrency derivative trading, arguing that such transactions should be limited to the wholesale market. Van Gerwen argued that those risks – including the tendency for market manipulation and criminal activity – offered evidence that the country should […] The post Dutch Officials Restrictions on Crypto Derivatives – Are They Necessary? appeared first on The Daily Hodl.
  • Billionaire Tim Draper Doubles Down on $250,000 Bitcoin Prediction – Here’s His Timeline
    The Daily Hodl - 1 day ago
    Venture capital investor Tim Draper is reasserting his prediction that the price of Bitcoin (BTC) will break well into the six figures over the coming months. Draper says in a new interview that “by the end of this year or early next year,” Bitcoin will hit a price of $250,000. The venture capital investor who […] The post Billionaire Tim Draper Doubles Down on $250,000 Bitcoin Prediction – Here’s His Timeline appeared first on The Daily Hodl.
  • Report: FTX CEO Says Crypto Exchange Is Ready to Spend Billions on Acquisition Deals
    Bitcoin News - 10 hours ago
    Billionaire and FTX co-founder Sam Bankman-Fried said the leading crypto asset exchange aims to make a number of acquisitions and could spend up to $2 billion on such efforts. The FTX chief executive officer highlighted in a recent interview that a fraction of the funds raised by the company were “explicitly viewed from a potential […]
  • Crypto Miners Account for Over 2% of Electricity Consumption in Russia, Estimate Suggests
    Bitcoin News - 12 hours ago
    The share of crypto miners in Russia’s power consumption structure already exceeds 2%, according to a new government estimate. On this backdrop, the country’s industry ministry believes it’s time to bring the sector out of the shadows and regulate it. Crypto Miners Burn More Electricity Than Russian Farmers Miners extracting digital currencies account for more […]
  • Bored Ape and Cryptopunk Values Wobble — During the Last Month, Blue-Chip NFT Floor Values Dropped Over 50%
    Bitcoin News - 14 hours ago
    While the crypto economy has dropped considerably in value during the last few weeks, seven-day statistics indicate non-fungible token (NFT) sales are down 17.32% lower than last week. Data also shows NFT floor values have tumbled a great deal during the past month as some of the most popular NFTs are selling for a lot […]
  • Terra Launches New Chain Airdropping LUNA 2.0 Coins — Token Value Slides Over 70% From Price High
    Bitcoin News - 16 hours ago
    On Saturday, May 28, 2022, LUNA classic and UST classic holders received an airdrop consisting of new LUNA 2.0 tokens based on two blockchain snapshots. The crypto asset’s first recorded value at 5 a.m. (ET), was $14.31 per unit and it hit an all-time high (ATH) roughly 20 minutes later at $18.87 per LUNA. LUNA […]
  • Biggest Movers: DOGE Climbs Following Spacex News, XTZ Rebounds From Recent Losses
    Bitcoin News - 18 hours ago
    DOGE rose on Saturday, following yesterday’s tweets from Elon Musk confirming that Spacex could soon accept the memecoin as a payment option for merch. Tezos was also higher to start the weekend, as it rose by nearly 5%. Dogecoin (DOGE) DOGE was one of the most notable movers in crypto markets on Saturday, coming as […]
  • Bitcoin, Ethereum Technical Analysis: BTC Drops Below $29,000 to Start the Weekend
    Bitcoin News - 19 hours ago
    Bitcoin bears re-entered the marketplace on Saturday, as prices moved closer to a multi-week low to start the weekend. BTC once again fell below $29,000, whilst ETH continues to move lower, and now hovers around $1,750. Bitcoin Following a brief rebound on Friday, BTC once again moved lower, with prices falling under the $29,000 mark […]
  • Dvision Network Announces Binance Custody as Its Custodian With DVI Token Supported
    Bitcoin News - 21 hours ago
    PRESS RELEASE. In another groundbreaking achievement, the blockchain-based metaverse platform Dvision Network has just announced its official onboarding on Binance Custody. As such, Binance’s custody services arm will support deposits and withdrawals of Dvision’s native token, DVI, on its platform. The support for DVI token on Binance Custody will be provided in a cross-chain manner, […]
  • Russia Considers Using Cryptocurrencies for International Settlements
    Bitcoin News - 22 hours ago
    Authorities in Russia are mulling over the possible use of digital currencies for international payments, a high-ranking official from the finance ministry has indicated. If recognized as property, he noted, cryptocurrency can be utilized in barter deals with foreign partners. Finance Ministry Suggests Russia May Employ Crypto in International Trade The possibility of using cryptocurrencies […]
  • Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse
    Bitcoin News - 1 day ago
    The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government’s Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin […]
  • A16z Launches $4.5 Billion Crypto Fund Focused on Web3 Opportunities
    Bitcoin News - 1 day ago
    A16z, one of the most influential VC firms in the crypto field, has announced the launch of a new cryptocurrency fund to invest in the development of Web3 startups. This fourth crypto fund from the firm, which will launch with a budget of $4.5 billion dollars, is set to focus on several key fields in […]
  • Terra LUNA 2.0 Price Plunge 60% Following The Much Awaited Airdrop
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 11 hours ago
    The post Terra LUNA 2.0 Price Plunge 60% Following The Much Awaited Airdrop appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Terra’s Airdrop brings the month of May to a close, which began with the collapse of Terra’s LUNA 2.0 and TerraUSD (UST). However, after only a few hours of circulation, the new renamed Terra prices plummeted. LUNA Airdrop Is Live In order to restore Terra, DO Kwon, the founder, and the community came up with …
  • After Terra Luna Collapse, South Korean Government Considering To Impose Unified Listing Standard on all Crypto Exchange
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 17 hours ago
    The post After Terra Luna Collapse, South Korean Government Considering To Impose Unified Listing Standard on all Crypto Exchange appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Recently the South Korean News channel has reported that the country is transforming its responsibility for the crash of crypto Terra, LUNA, and algorithmic stablecoin terra USD (UST) into crypto exchanges. Following the collapse of stablecoin TerraUSD and LUNA, the Korean government is now planning to impose tougher regulations on virtual currencies, including a unified …
  • Founder of Crypto-Law Warns Elon Musk For Frequent DOGE Promotional Tweets.
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 17 hours ago
    The post Founder of Crypto-Law Warns Elon Musk For Frequent DOGE Promotional Tweets. appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Crypto-Law Founder, John Deaton in his recent tweet has warned Elon Musk for his frequent tweets promoting Dogecoin may get the same legal trouble as for Ripple and XRP tokens. In response to the tweet of a person @JayBlessed901, who complained about the unfairness of the SEC chairman Gary Gensler’s suit against Ripple.  Whereas Elon …
  • Ethereum Price To Rally Towards $10k, If This Happens
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 18 hours ago
    The post Ethereum Price To Rally Towards $10k, If This Happens appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide On-chain activity on the Ethereum blockchain has decreased. Despite the downturn, the price of Ethereum rebounded and soared beyond the $1700 mark. Ethereum is expected to break out, according to analysts. Ethereum Price On A Bull Run! Dr. Arnout Ter Schure, a leading cryptocurrency analyst, used the Elliott Wave Principle to set a goal for …
  • Terra 2.0 Prospects: Is LUNA Price Destined To Meet The Fate of LUNC Price?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 19 hours ago
    The post Terra 2.0 Prospects: Is LUNA Price Destined To Meet The Fate of LUNC Price? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide   The crash of Terra Luna (Now “LUNC”) has left the masses of the crypto industry in dread. The de-peg event has been a historic one in the business. And had brought about a myriad of opinions on what should and should not be done. After all the ifs and buts, the makers have finally rolled …
  • This Is Why Bitcoin Price Is About To Fall Below $23k, Per Analyst
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 19 hours ago
    The post This Is Why Bitcoin Price Is About To Fall Below $23k, Per Analyst appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Bitcoin holders should be aware that the BTC price. As BTC is about to hit a new 52-week low, according to a well-known crypto analyst and trader. As the crypto markets continue to exhibit symptoms of weakness, pseudonymous trader Capo informs his 322,300 Twitter followers that another sell-off event is in the works for Bitcoin. …
  • MyCointainer Review: All Your Staking Needs In One Platform
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 19 hours ago
    The post MyCointainer Review: All Your Staking Needs In One Platform appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Overview Legal NameMyCointainerHeadquartersEstoniaFounder/sBartosz PoźniakYear Founded2018RegulatedYes, legal license no. FVT000255Main functionalityStakingDeposit MethodsFIAT, cryptocurrenciesSupported CryptosOver 100+ PoS assets including Polkadot, Ethereum 2.0, Cardano, NEMCustomer ServiceEmailPlatformsDesktop, Mobile appMobile supportYes Table of contentsOverviewWhat is MyCointainer?MyCointainer ServicesHow to invest at MyCointainer?MyCointainer Fees & Subscription ServiceMyCointainer Supported AssetsMyCointainer SecurityMyCointainer Pros and ConsConclusion What is MyCointainer? MyCointainer is a staking platform that …
  • Solana, Avalanche, Polkadot & NEAR Price To Drop 50% If Bitcoin Crash
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 20 hours ago
    The post Solana, Avalanche, Polkadot & NEAR Price To Drop 50% If Bitcoin Crash appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide If Bitcoin (BTC) continues to tumble, four Ethereum (ETH) competitors, according to a renowned crypto expert, have a grim future. Altcoin Sherpa, a pseudonymous trader on Twitter, warns his 176,100 followers that smart contract-enabled blockchains Solana (SOL), Avalanche (AVAX), Polkadot (DOT), and NEAR Protocol (NEAR) price are all set to lose nearly half of their …
  • Cardano Price Now Under Threat Of The Falling TVL? Will ADA Rebound Until The Onset Of June?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 21 hours ago
    The post Cardano Price Now Under Threat Of The Falling TVL? Will ADA Rebound Until The Onset Of June? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide  While the crypto town has been gaga over Terra 2.0 (LUNA). Another prominent cryptocurrency, which is sailing towards an imperative week is Cardano. The Ethereum killer has been rolling up its sleeves for its Vasil hard fork. However, the dropping TVL now seems to be a thorn in the flesh. As ADA price continues to …
  • Terra 2.0 Is Now Live! Phoenix-1 Mainnet Activated, What’s Next For LUNC Price?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 22 hours ago
    The post Terra 2.0 Is Now Live! Phoenix-1 Mainnet Activated, What’s Next For LUNC Price? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Terra 2.0’s official announcement is made by the Terra team. The team activates Terra 2.0 Phoenix-1 mainnet by generating the first block on the blockchain network. Further, the official announcement of Terra reads:  “Block1 of the brand new Terra blockchain(with a chain_id of “Phoenix-1″) has officially been produced at 6:00 AM UTC on May 28th, …
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