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  • AI-generative art predicted to be next trend for NFT sector
    Cointelegraph.com News - 6 hours ago
    NFT art created by AI algorithms brings new meaning to nonfungible tokens, but can artificial intelligence be trusted to produce a new genre of art? Sales of nonfungible tokens, or NFTs, reached $25 billion in 2021, demonstrating that the sector is one of the most sought-after markets in crypto. Art NFTs, in particular, made a big impact last year with Christie’s reporting over $93 million in nonfungible token sales during its fourth annual Art+Tech Summit that took place this past August. While notable, much of the crypto art scene appears to be dominated by cartoons and memes, as projects like CryptoPunks and Bored Ape Yacht Club have taken center stage. Although these projects are some of the most successful to date, a new subset of NFTs is emerging based on advanced technologies and the human imagination. AI-generative NFTs become a new art genreKnown as “AI-generative NFTs,” these nonfungible tokens are becoming increasingly popular within the art community, along with those interested in emerging technologies like artificial intelligence, blockchain and the Metaverse. In order to create AI-generative NFTs, one would typically use generative adversarial networks, or GANs. These are algorithms that leverage computers to use data to train models to produce machine-made images resembling art. Claire Silver, an AI-collaborative artist, told Cointelegraph that AI-generative NFT art is a relatively new genre, noting that the basic principle is that art is created in tandem with some semblance of artificial intelligence, like GAN: “There are code-heavy options and completely code-free tools that anyone can work with. I use the latter in my work. Being able to work with an AI to bring your ideas to life is an experience like no other, it augments creativity in a way that feels like freedom, a type of play you haven’t experienced since you were a child.”In order to create AI-generative NFTs, Silver explained that she leverages a text-to-art generator called “Eponym.” Developed by the AI-generated art company, Art AI, the Eponym tool allows users to create art based on their text of choice and then mint these creations directly to the largest NFT marketplace, OpenSea. “Cassandra Ex Machina” Source: Claire SilverEyal Fisher, co-founder of Art AI, told Cointelegraph that Eponym allows for any phrase to be transformed into a unique NFT art piece that will forever be etched onto the Ethereum blockchain as a visual representation. Fisher explained that Eponym was built on algorithms for personalized generated art that lets people create art by interacting with a computer. “Eponym is a collaborative NFT project. Users access it by coming to the website and typing any phrase or word into a text box. The AI then generates artwork based on the text entered.” Fisher added that each text prompt can only be generated once. “There is only one Eponym called ‘Bitcoin,’” he said. “$btc” image produced by Eponym. Source: EponymAlthough AI-generative art is a fairly new concept, Fisher shared that the first Eponym project sold out overnight on OpenSea, making it one of the largest collaborative art projects created by 3,500 different artists. “This is an experiment in decentralizing art. People who own Eponyms are creators of that art and want to curate it,” he said. While Eponym lets users create their own art NFTs, Metascapes is another project that was developed by three photographers looking to combine human expression with computer algorithms. Ryan Newburn, one of the photographers behind Metascapes, told Cointelegraph that the project consists of 3,333 rare AI-generated NFTs based on photographs taken across the world. Like Eponym, Metascapes leverges AI algorithms to create nature-inspired NFTs. According to Newburn, the first Metascapes collection is planned to be minted by the end of this month or early February.”Ice Journey” Source: MetascapesThe AI-team behind Metascapes — which goes by the name Versus Labs — explained that the artwork in each collection is created by training data to recognize real-world images:“We have images and labels for our photographs, which are called ‘training data.’ When it’s time to generate the output model, we put in a label that tells the model what type of images to put out. For example, ice caves and volcanoes were two categories the photographers have done work for in the past, but this wasn’t a majority of the input data, so we wanted to make sure the output contained examples of ice caves and volcanoes.”Versus Labs added that Metascapes’ AI learns as it goes, noting that the generator that outputs data gets better over time since two models of learning are being used in tandem. “The generator outputs random noise at the beginning and the discriminator model tells the generator how to improve the output, so it looks more like the training data. This cycle continues, ensuring both models improve over time.” Iurie Belegurschi, another photographer behind Metascapes, told Cointelegraph that as photographers, the Metascapes team chose to work with AI to generate images because everything related to NFTs and Web3 is about machines, computers and code:“We decided to collaborate with a machine to create an entirely new world in the Metaverse. Everyone now is buying PFP avatars, but in our case, people will get a unique piece of land in the Metaverse.” AI’s impact on artists and NFT collectors Although AI-generated NFTs are still an emerging concept, this model has started to impact both artists and NFT collectors. For instance, the digital artist known as “Kami was Here” told Cointelegraph that working with AI has fundamentally changed the role of the human artist:“The human needs the algorithm and the algorithm needs the human. For me, this new role meant data collection, writing code, curation, the inspiration to create a theme and, most of all, ‘coaching’ an algorithm. The process is dynamic and the outcome collaborative.” “The Cartographer” Source: Kami was HereIn terms of how generative art NFTs differ from other nonfungible tokens, “Kami was Here” explained that each result is fully unique since it is birthed from an algorithm. “Generative art explores the future of a society hardwired with human-computer interaction,” the artist mentioned. Moreover, Fisher pointed out that accessibility and a newfound desire to own NFTs has been an outcome of AI-generated images. “Many of our users are creating NFTs for the first time, while NFT collectors and buyers are making their own creations. This is unusual, as most people in our community are not professional artists.” Dr. Alex Alter, principle AI-scientist for Altered State Machine — a protocol that uses NFT intelligence to create smart AI agents — further told Cointelegraph that not only do AI-generated NFTs look unique, but they also bring a deeper abstract feeling to individuals. “These NFTs are truly unique in the sense that there is no single area in any of the AI works that have similar pixels. Also, in the future, people will be able to create AI artwork through DAOs and chatbot technology. This is far more than what other NFTs can do today.” “Singularity by AIIV” Source: Dr. Alex AlterCan AI be trusted to create meaningful NFTs?While the potential for AI-generative NFTs is apparent, the question of whether or not artificial intelligence can be trusted to generate quality images based on text or photographs remains a concern. As such, Newburn mentioned that Metascapes carefully curates each of their collections. “Our AI team has generated tens of thousands of images. Not all of these will be showcased in our mints. If we aren’t satisfied with the category, we strategize and retest what categories will work with each other. Our AI has learned from multiple tests.” It’s also important to note that there are different ways to generate AI-based NFTs. For instance, Fisher mentioned that Eponym has two versions of its generator available to the public, one on the company’s Discord channel operating as a chatbot and the other as a private link that contains more complex algorithms capable of creating more advanced images. “Kami was Here” further pointed out that some AI-art pieces can take only a few minutes to generate, while others can take longer: “There are free apps now like Wombo that can easily generate images. It’s simple for people to create. On the other hand, AI art can also take months to build and train your algorithms, collect input data and pay for processing power. AI art can also be very resource intensive and personalized.” Technology aside, AI-generative NFTs are bound to be a disruptive trend moving forward. According to Dr. Alter, AI-generated art has already seen huge volumes on OpenSea, noting that the market will continue to grow this year. He mentioned that this will be the case partially due to the functionality of AI-generative NFTs. “In the future, people will be able to own their own ‘AI artist’ NFT (AI which can produce art) or use a DAO AI to create art together with that AI artist.” Additionally, the rise of the Metaverse should prompt the growth of AI-based NFTs. For example, Fisher remarked that Eponym’s next project will feature interactive virtual identities where users can take their own portraits to create 3D avatars and animate them using artificial intelligence. “Our idea is to use AI that will allow for avatars to take different shapes that are compatible in metaverse environments like Sandbox. In February, the company will be introducing additional algorithms that will allow users to generate personalized avatars.”
  • OCC Comptroller calls for federal collaboration with crypto intermediaries
    Cointelegraph.com News - 13 hours ago
    Michael J. Hsu said that the mainstreaming of crypto has occurred despite regulatory and legal uncertainty, and a series of scams, hacks, and other disruptive events. The Acting Comptroller of the Currency, Michael J. Hsu, highlighted the need for collaboration and coordination with large crypto intermediaries to better understand the risks within the growing $2 trillion cryptocurrency market. Speaking at the Transatlantic Finance Forum on the topic of “The Future of Crypto-Assets and Regulation”, Hsu pointed out the various venues — crypto exchanges, nonfungible tokens (NFT) and metaverse — where anyone with an internet connection can invest, adding:“The mainstreaming of crypto has occurred despite regulatory and legal uncertainty, and a series of scams, hacks, and other disruptive events. For financial regulators like me, this presents a host of questions. Where should regulatory attention be focused? What should be done? By whom? And why?”According to Hsu, the Office of the Comptroller of the Currency (OCC) reminded banks to demonstrate capability before getting federal permission to engage in crypto activities. The acting Comptroller also highlighted the rising risks in crypto as the holders of USD-backed stablecoins trust that they can redeem their stablecoins for US dollars on demand, at par, with no questions asked:“What if, however, that trust were to waver or be lost? Stablecoin holders, knowing that the first to redeem would have the highest chance of getting their money back, would rationally redeem immediately.” Hsu calls for collaboration with crypto intermediaries to minimize the consequences of a loss of trust in crypto. “While banks and trust companies have a long and successful history of custodying and safeguarding assets, the technology underlying crypto and the associated governance with certain tokens present a host of novel issues warranting careful analysis and consideration,” he concluded.Related: US lawmaker hints at upcoming crypto legislation as Jerome Powell says Fed will release report on digital currency soonAt his confirmation hearing last week, Federal Reserve chair Jerome Powell confirmed that the agency will release a new report on digital currencies despite not being “quite where we needed to get it.”New digital currency legislation coming soon— Tom Emmer (@RepTomEmmer) January 11, 2022 As Cointelegraph reported, Powell highlighted ongoing changes in monetary policy, which is expected to address policy surrounding the possible rollout of a central bank digital currency in the United States:“The report really is ready to go and I would expect we will drop it — I hate to say it again — in coming weeks.”
  • 22-year-old Indonesian boy makes $1M by selling NFT selfies on OpenSea
    Cointelegraph.com News - 16 hours ago
    Ghozali spent five years clicking selfies in front of his computer, which was later converted into NFTs and uploaded to OpenSea in December 2021. An Indonesian college student has reportedly become a millionaire by selling nonfungible token (NFT) versions of his selfies on the OpenSea NFT marketplace.Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Semarang, Indonesia, converted and sold nearly 1,000 selfie images as NFTs. According to Ghozali, he took photos of himself for five years — between the ages of 18 and 22 — as a way to look back on his graduation journey.Uploading my photo into nft lolhttps://t.co/E3Q4sBmN26#NFT #opensea pic.twitter.com/rD51rdcpzp— Ghozali_Ghozalu (@Ghozali_Ghozalu) January 10, 2022 Ghozali selfies were taken sitting or standing in front of his computer, which was later converted into NFTs and uploaded to OpenSea in December 2021. The artist set the price for each NFT selfie at $3 without expecting interest from serious buyers. While monetizing his expressionless images, Ghozali said:“You can do anything like flipping or whatever but please don’t abuse my photos or my parents will very disappointed in me. I believe in you guys so please take care of my photos.”Ghozali’s OpenSea profile. Source: OpenSea.Going against his wildest expectations, Ghozali’s NFT offering blew up as prominent members of Crypto Twitter showed support by purchasing and marketing the offerings.Ghozali happened…the year of Gozali @Ghozali_Ghozalu pic.twitter.com/HKOw7FZddj— Arnold Poernomo (@ArnoldPoernomo) January 12, 2022 With the rising popularity, one of Ghozali’s NFT sold for 0.247 Ether (ETH) on Jan 14. worth $806 at the time of purchase, according to AFP. The young entrepreneur also adds a touch of personalization by providing some background information along with the selfies, which adds to the rarity of the NFT.every #NFT photo I take has a story behindThis photo was taken during the second corona vaccine https://t.co/pZfJKoKuc9— Ghozali_Ghozalu (@Ghozali_Ghozalu) January 11, 2022 At its peak, Ghozali’s selfie NFTs sold for 0.9 ETH, worth roughly $3,000, according to a Lifestyle Asia report. Ghozali’s collection subsequently reached a total trade volume of 317 ether, equivalent to more than $1 million. The young artist also made his first tax payment on the basis of this income through OpenSea.this is my first tax payment in my life https://t.co/VDa8KYYPGs— Ghozali_Ghozalu (@Ghozali_Ghozalu) January 14, 2022 Related: NFT sales and blockchain games continue to grow despite the recent market slump: ReportDespite the recent sluggish performance of the overall crypto market, the NFT marketplace and blockchain gaming industry continues to record high transaction volumes. As Cointelegraph reported, DappRadar data shows that the number of UAW connected to Ethereum NFT DApps grew by 43% since Q3 2021. In addition, the money generated by NFT trading went from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022.
  • Binance CEO’s net worth hits $96B, Jack Dorsey launches BTC defense fund, Bill Miller apes into Bitcoin: Hodler’s Digest, Jan. 9-15
    Cointelegraph.com News - 1 day 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 WeekBinance CEO CZ is the richest crypto billionaire at $96B: BloombergBloomberg has estimated Binance CEO Changpeng Zhao also known as CZ to be the 11th-richest person in the world at a net worth of around $96 billion, making him the wealthiest billionaire in crypto.However, Bloombergs tabulation excluded CZs personal holdings of crypto assets such as Bitcoin and Binance Coin, suggesting that the $96 billion could become much larger in the future.To make the list of the top 10 richest people, CZ will need to look under his sofa and find a spare $11 billion to surpass Oracle co-founder Larry Ellison. Topping the list is South African bad boy and Tesla co-founder Elon Musk, who has accumulated $263 billion on the back of the success of his heavily subsidized electric vehicle company.  Disney patents technology for a theme park metaverseDisney has obtained a patent that will enable the creation of personalized interactive attractions for its theme park visitors.The technology could reportedly be used to develop licensed, headset-free augmented reality attractions, involving such features as personalized 3D effects displayed on physical spaces across its parks that correspond with visitors’ journeys to different locations.The patent, dubbed the Virtual-world Simulator, was filed in the United States. It appears the move is part of Disneys broader push to enter the metaverse sector, with CEO Bob Chapek noting in a Q4 conference call last year:Well be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse. Billionaire investor Bill Miller puts 50% of net worth in BitcoinFamous investor Bill Miller has now put 50% of his net worth in Bitcoin, as well as major industry firms like Michael Saylors MicroStrategy and BTC mining firm Stronghold Digital Mining.Miller was an early investor in Amazon, which he says still accounts for nearly 100% of the rest of his portfolio. He said hes been gradually accumulating Bitcoin since the price hit $30,000 in mid-2021.The investor stated that he no longer considers himself just a Bitcoin observer but rather a real Bitcoin bull. Miller initially bought his first Bitcoin back in 2014 when BTC was trading around $200 and then purchased a little bit more overtime when it became $500. Tonga to copy El Salvador bill making Bitcoin legal tender, says former MPFormer Tongan member of parliament Lord Fusitua outlined a bill for Bitcoin to become legal tender in the island nation. Fusitua stated that the countrys Bitcoin bill is almost identical to the one that was enacted in El Salvador.Fusitua, who currently serves as chairman of the Oceania chapter of the Global Organization of Parliamentarians Against Corruption, outlined five points in the roadmap for the bills adoption, predicting that it will pass in parliament around September or October, and potentially be legislated by the end of 2022 if all goes to plan.In 2021, it was widely speculated that Tonga would become one of the next countries to adopt BTC as legal tender, and optimism appears to be high among Tongans in 2022. Jack Dorsey announces Bitcoin Legal Defense FundFormer Twitter CEO, Bitcoin maxi and Block founder Jack Dorsey announced plans to create a Bitcoin Legal Defense Fund with Chaincode Labs co-founder Alex Morcos and University of Sussex academic Martin White.The announcement, shared via Dorseys mailing list, states that the fund will help provide a legal defense for Bitcoin developers, who are currently the subject of multi-front litigation.The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills, the announcement stated.  Winners and Losers At the end of the week, Bitcoin (BTC) is at $43,121, Ether (ETH) at $3,292 and XRP at $0.77. The total market cap is at $2.05 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Oasis Network (ROSE) at 47.47%, Secret (SCRT) at 32.23% and NEAR Protocol (NEAR) at 25.73%.The top three altcoin losers of the week are Loopring (LRC) at -14.23%, yearn.finance (YFI) at -13.52% and Ravencoin (RVN) at -13.01%.For more info on crypto prices, make sure to read Cointelegraphs market analysis.   Most Memorable Quotations Its more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions.Jerome Powell, chair of the U.S. Federal Reserve, on the Feds upcoming digital currency report Centralization is antithetical to the ethos of DeFi and poses major security risks. Single points of failure can be exploited by dedicated hackers and malicious insiders alike.CertiK Were already at a quarter of that number, so we’ve got 24% of Americans owning Bitcoin. It wont be that much of a stretch for it to get to a third. Bitcoin is becoming more and more mainstream. People are hearing about it everywhere it isnt going away.Ric Edelman, founder of Edelman Financial Engines Wikipedia really cant be in the business of deciding what counts as art or not, which is why putting NFTs, art or not, in their own list makes things a lot simpler.Jonas, Wikipedia editor Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has tradeoffs, illustrated by several network performance issues since inception.Alkesh Shah, digital asset strategist for Bank of America The number of addresses with the minimum number of Bitcoin is actually growing compared to the number of whales. I think you get a profound retail trend everywhere in the world; people onboarding Bitcoin, they trust Bitcoin more and more. Its really the people that will push the price up.Pascal Gauthier, CEO of Ledger Subsequent employee surveys made it clear: recharge weeks work.L.J. Brock, chief people officer at Coinbase Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.Suppakrit Boonsat, president of the Thai Digital Asset Association Prediction of the Week Traders say Bitcoin run to $44K may be a relief bounce, citing a repeat of December’s ‘nuke’Bitcoin had somewhat of a rocky trading week, as the flagship cryptocurrency fell to a price of $39,675 on Monday, according to Cointelegraphs BTC price index. BTC found itself priced at $44,315 by Wednesday. The asset hit $44,448 on Thursday before subsequently dropping later in the week.Although Bitcoins price increased on Tuesday, its Wednesday rally came on the same day it was reported that U.S. inflation rose at an annual pace of 7% in December,the highest in 40 years.Even though Bitcoins price rallied in the days following Mondays drop below $40,000, the potential for further downward action remains a possibility as of Wednesday, according to widely-followed Twitter personality Material Scientist.Remainder of bids was just pulled, one of the tweets stated. Either they’re done accumulating and use liquidity to chase now, or we see the same thing as in late November (pulled bids + stacked asks a few days later).In the case of Bitcoin trading, bids refer to buyer demand seen on exchange order books. Following its $68,969 peak in November 2021, BTC declined notably through the rest of the month, falling down to $41,614 by early December.  FUD of the WeekLCX loses $6.8M in a hot wallet compromise over Ethereum blockchainLiechtenstein-based crypto exchange LCX confirmed on Sunday that one of its hot wallets was compromised after the platform temporarily suspended all deposits and withdrawals.The hack was initially highlighted by blockchain security firm PeckShield, which spotted a suspicious transfer of ERC-20 tokens from LCX to an unknown Ethereum wallet. The compromise was then promptly confirmed by LCX, which announced that several crypto tokens were compromised, including Ether, USD Coin (USDC), Sandbox (SAND) and its native LCX token.According to an investigation by PeckShield, LCX lost a total of around $6.8 million via the hot wallet hack. FTC issues public warning about new crypto ATM scamThe U.S. Federal Trade Commission (FTC) posted an alert earlier this week regarding a new crypto ATM scam that involves nefarious QR codes.The FTC stated that the scam starts with fraudsters impersonating figures, such as public officials, law enforcement agents, or potential dating partners on dating apps, who all spin various fables to dupe the victim into sending crypto.If the victim falls for the fake story, they are directed to withdraw cash and then head to a crypto ATM and purchase some crypto. Once they purchase the crypto, the fraudster shares a QR code with the victim that diverts the funds back to the scammer upon scanning.Heres the main thing to know: nobody from the government, law enforcement, utility company or prize promoter will ever tell you to pay them with cryptocurrency. If someone does, its a scam, every time, the FTC said. Pakistan’s central bank reportedly wants to ban cryptoAccording to reports from local media outlets, the State Bank of Pakistan (SBP) wants to ban all crypto transactions in Pakistan, arguing that assets such as Bitcoin are illegal and shouldnt be used for trade.Pakistans Sindh High Court reportedly held a hearing related to the legal status of crypto in the country, with several Pakistani authorities, including the SBP, calling for a ban on the sector via a document submitted to the court.Alongside the usual tropes of investor protection and money laundering and terrorism concerns, the document urged the court to follow the model of countries such as China, whose government has stamped out the local crypto sector to pave way for a spawn of satan central bank digital currency (CBDC).  Best Cointelegraph FeaturesQuickSwap founder: L2s are the path to mass adoption“If Im a normal user and I want to do a small trade, I cannot do it on Ethereum.”Green and gold: The crypto projects saving the planetAs the world argued about the ethics of crypto, these projects changed the world for the better during 2021.Volcanos, Bitcoin and remittances: A Tongan lord plans for financial securityA former lawmaker from the island nation wants to use Bitcoin to secure his countrys financial security.
  • Finance Redefined: Vitalik bearish on cross-chain, dYdX decentralizing, Jan. 7–14
    Cointelegraph.com News - 1 day ago
    Vitalik Buterin outlined his views on a cross-chain blockchain world, dYdX announced plans for full decentralization in 2022, and Near Protocol raised $150 for Web3 tech — all coming to you in this week’s Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.Despite the market printing bearish numbers for a second consecutive week, the industry is not short of bullish fundamental news. Read on to hear about the most impactful DeFi stories of the last seven days.What you’re about to read is a shorter, more succinct version of the newsletter. For a comprehensive summary of DeFi’s developments over the last week, subscribe below.Vitalik is optimistic for multichain, not cross-chain, Web3 worldVitalik Buterin, a co-founder of Ethereum, shared a candid assessment of the security limitations in implementing fully functional cross-chain bridges within the blockchain industry.Buterin argued that storing assets on their native chain provides a higher level of security against 51% attacks than cross-chain activities, stating, “It’s always safer to hold Ethereum-native assets on Ethereum or Solana-native assets on Solana than it is to hold Ethereum-native assets on Solana or Solana-native assets on Ethereum.”My argument for why the future will be *multi-chain*, but it will not be *cross-chain*: there are fundamental limits to the security of bridges that hop across multiple “zones of sovereignty”. From https://t.co/3g1GUvuA3A: pic.twitter.com/tEYz8vb59b— vitalik.eth (@VitalikButerin) January 7, 2022 Sharing a series of examples to prove his thesis, Buterin noted that if a malicious entity attempted to launch a 51% attack on Ethereum, a transaction undertaken by an innocent party could be censored and/or reverted, but not blocked and not lost.In the most extreme cases, users’ funds would remain safe even if 99% of the protocol was compromised because nodes would overwhelmingly support the remaining 1% rule-following blocks and, therefore, govern the decision-making.In contrast, an incident of this kind operating on a cross-chain bridge between Ethereum and Solana, for example, would result in irreversible losses, Buterin argues. The problem compounds with the addition of chains.Let’s suppose a 51% attack occurs on a single of 50 chains. In that case, all of them become vulnerable in what he describes as a “systemic contagion that threatens the economy of that entire ecosystem.”dYdX strives to full decentralization in late 2022dYdX, the layer-two derivatives protocol, published the fourth iteration of its roadmap this week, presenting plans to develop the platform into an open-source, community-centric and fully decentralized operation later this year.The architecture operates on a dual-model in which sections of the protocol, such as staking and governance, are decentralized, while core functions such as the off-chain order book and matching engine are controlled by an in-house subsidiary, dYdX Trading Inc and supported by centralized servers such as Amazon Web Services.“There will no longer be central points of control or failure of the protocol,” representatives from the company stated following the v4 upgrade, assuring that “all aspects of the protocol that can be controlled will be fully controlled by the community.”Last month’s Amazon Web Service (AWS) technical outage highlighted the true vulnerabilities of a number of crypto businesses, including dYdX, Binance.US and Coinbase, and their inherent reliance on centralized servers to maintain the network.At the time, dYdX shared a sincere update on its official Twitter account and pledged to seek an unequivocal solution to this matter, stating:“Unfortunately, there are still some parts of the exchange that rely on centralized services (AWS in this case). We are deeply committed to fully decentralizing, and this remains one of our top priorities as we continue to iterate on the protocol.”Alongside its aspirations for decentralization, dYdX is also pursuing improvements to its interface trading platform, introducing spot, margin and synthetic trading opportunities, as well as appointing an external auditor to appraise business operations.Near Protocol raises $150 million to accelerate Web3 adoptionProof-of-stake blockchain Near Protocol raised $150 million in seed investment this week to enhance the awareness and adoption of Web3 applications within its network, with an inherent focus on expanding its audience and community base to the regions of Latin America, Turkey and India.The capital raise was led by renowned hedge fund Three Arrows Capital and was further participated by Mechanism Capital, Dragonfly Capital and Andreessen Horowitz’s Silicon Valley-based fund a16z. Individual angel investors included British billionaire hedge fund manager Alan Howard and Aave founder Stani Kulechov.In a Medium blog post, Near Foundation CEO Marieke Flament shared her optimism on the latest funding, around which succeeds the previous total of $65.9 million raised by the company:“We are delighted to have such a fantastic list of backers supporting NEAR’s mission. We are looking forward to leveraging the funding to improve access to blockchain technology in an ever-growing list of countries across the world.”In October 2021, the smart contract platform allocated $800 million for new initiatives within the decentralized finance (DeFi) space, such as developer applications, startup grants and geographical fund pots.Token performances Analytical data reveals that DeFi’s total value locked slightly decreased by 2.77% across the week to a figure of $128.15 billion, continuing along with the wider market decline.Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s top 100 tokens by market capitalization have mainly been bullish over the last seven days.Secret (SCRT) took the lead for a second week with 15%. Terra (LUNA) rose by 6.32%, while 1inch Network (1INCH) posted gains of 2.9%.Interviews, features and other cool stuffAnyswap, Keep3rV1, Wemix follow Bitcoin’s move to $44K with double-digit ralliesThe expanding Cosmos: Here’s why Osmosis (OSMO) hit a new all-time highSmall-cap altcoins flash bullish signals even as Bitcoin revisits $42.5KThanks 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.
  • 2021: A year of mass adoption for cryptocurrencies in Brazil
    Cointelegraph.com News - 1 day ago
    2021 was a year of affirmation for the Brazilian crypto market with good news in the national stock market, the promise of a CBDC and Brazilian soccer joining the game. Throughout 2021, the Brazilian cryptocurrency market managed to distance itself from the police pages and finally win acceptance with the general public, whether in the financial market or even in the greatest national passion: soccer.Last year, Bitcoin (BTC) acted as a strong alternative to the Brazilian real that ended 2021 by breaking negative records and reaching a devaluation of 6.5% by December, making it the 38th worst currency in the world.In a year of ups and downs for Bitcoin, the biggest cryptocurrency hit a bottom of 167,000 real in January and soared along with global markets to 355,000 real in May. Faced with Bitcoin’s dip, the BRL/BTC pair was stuck below 200,000 reals until August, when it began to rise to a new historic high of 367,000 real on Nov. 8.Faced with the need for economic protection, Brazilians turned to crypto. 10 million Brazilians now participate in the crypto market, according to CoinMarketCap.In traditional financial markets, the Brazilian Stock Exchange debuted exchange-traded funds (ETFs) linked to Bitcoin and Ether (ETH). There are already five ETFs listed on B3, some of them positioned among the most profitable in the entire Brazilian stock market in 2021.The Central Bank of Brazil also announced new developments in the digital real, a central bank digital currency (CBDC), which could be launched as early as 2023. The Brazilian Central Bank also announced that it will continue working to incorporate blockchain technology into its services by carrying out a series of tests through a dedicated team at the monetary authority.In the Federal Congress, discussions on the regulation of cryptocurrencies in Brazil dragged on throughout the year, until in December, federal deputies approved Bill 2303/15, which establishes criteria for the regulation of cryptocurrencies in the country. The bill will be further discussed in 2022 in the House’s plenary session and later in the Federal Senate.There was tension among major players in the cryptocurrency market in Brazil in 2021, but also some good news. Brazilian exchanges went head-to-head with major crypto exchange Binance. Exchanges around the country worked with the Brazilian Cryptoeconomy Association to comply Binance to follow rules established by the Brazilian Securities and Exchange Commission, Federal Revenue Service and the central bank. The global exchange is still negotiating with Brazilian market regulators and the country’s financial authorities.Related: ‘Mecca of mining’: Brazil considers zero tax on green Bitcoin miningOn the other hand, Brazil’s largest exchange, Mercado Bitcoin (MB) — today one of Latin America’s crypto unicorns — expanded its operations in the country, entering the sporting world once and for all. MB also worked alongside Chiliz to make fan tokens more accessible to Brazilian fans, a novelty that was adopted by national football giants such as Corinthians, São Paulo, Internacional, Atlético-MG and Flamengo.The nonfungible token (NFT) market also reached Brazil with wide adoption and presence of Brazilian players in play-to-earn games, collectible platforms and even in the arts, being adopted by visual artists and renowned names in Brazilian music such as André Abujamra and Zeca Baleiro.For the next year, we can expect even more major Brazilian and Latin American firms to enter the cryptocurrency market. The Brazilian Stock Exchange hopes to expand its offering of cryptocurrency-linked investments, with experts targeting decentralized finance (DeFi), NFTs and the Metaverse.It’s also worth remembering that 2022 is an election year in a country that has been polarized since 2016, with the Bolsonaro government suffering from low popularity and being defined by social tension. The elections could affect not only the direction of the digital real but also the future of the Brazilian economy, including cryptocurrency markets.
  • Bitcoin miners can take fresh 20% BTC price hit before capitulating, data shows
    Cointelegraph.com News - 1 day ago
    Production costs for miners are around $34,000, and together with transaction fees, miners need not worry about another $40,000 support challenge on BTC/USD. The Bitcoin (BTC) mining business is bigger than ever at current price levels, and new data shows just how unlikely a mass miner sell-off really is.As noted by popular Twitter account @venturefounder on Jan. 14, even at $42,000, the BTC/USD trading pair is around 20% above miners’ cost price.Miner capitulation behind “worst” BTC price dipsDespite falling a full $27,000 below all-time highs, BTC is more enticing than ever for miners. Hash rate, an estimate of the total processing power dedicated to mining, reached new all-time highs this week.Those concerned that a fresh BTC price dip could pressure miners into selling, meanwhile, received fresh assurances via data covering how much BTC/USD should trade at for them to break even.Referencing the BTC production cost indicator from Charles Edwards, CEO of asset manager Capriole, venturefounder revealed that the breakeven point currently stands at $34,000.”The worst dumps Bitcoin ever had were due to miners capitulation (December 2018, March 2020), when BTC fell below production costs, it is at risk for miner capitulation,” he added in comments. “BTC was at risk for miner capitulation at $30k in May. The current production cost is $34k, 20% below current price.”Bitcoin production cost annotated chart (screenshot). Source: @venturefounder/TwitterAs such, there is no reason for miners to sell thanks to the profitability — as well as future perspective — of their operations.In a Medium post about his indicator from 2019, Edwards additionally noted that transaction fees awarded to miners give them an additional cushion against spot price incursions below production cost.”Historically, the electrical cost to produce a Bitcoin has represented a price floor in the Bitcoin market price,” another insight reads.Mining shrugs off spot price moves this yearAs Cointelegraph reported, miners are indeed voting with their wallets as BTC consolidates below $50,000.Related: Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity reportRather than selling, miners en masse have been accumulating BTC more this month and last than during the highs.This speaks both to a healthy balance sheet and resolve over the future — fears of economic difficulties on the horizon are not currently weighing on the mining sector.Bitcoin hash rate chart. Source: BlockchainGoing forward, current worst-case scenario estimates among well-known analysts foresee a BTC price floor no lower than $30,000.
  • Uruguay reportedly installs its first Bitcoin ATM
    Cointelegraph.com News - 1 day ago
    Uruguay’s first crypto ATM has been installed in the coastal city of Punta del Este, a major tourist attraction in the region. Uruguay has reportedly installed its first Bitcoin (BTC) ATM, making it the 11th South American country to publicly encourage crypto adoption. Prior to Uruguay’s involvement, South America hosted 79 ATMs, which represented 0.2% of global BTC ATM installations.According to Ámbito, Uruguay’s first crypto ATM was installed in the coastal city of Punta del Este, a major tourist attraction in the region. Uruguay’s first Bitcoin ATM was developed and installed in partnership with two local crypto companies — URUBit and inBierto. The crypto ATM in Uruguay currently supports withdrawal and deposits of five cryptocurrencies, namely — BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT) and Urubit (URUB). FRT and URUB are in-house cryptocurrencies managed and distributed by URUBit and inBierto respectively. Adolfo Varela, the CEO of inBierto, confirmed that the initiative was 100% funded by the government of Uruguay. inBierto is a crypto investment platform, who is also a member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a startup accelerator focused on the fintech sector. URUBit is a decentralized token created in Uruguay and deployed in the Binance Smart Chain (BSC).Data from Coin ATM Radar shows that Colombia leads the South American market with 31 crypto ATM installations to date, who is followed by Brazil and Argentina at 22 and 11 installations respectively.Other South American countries such as Ecuador, Venezuela, Aruba and Saint Kits and Nevis have also installed one crypto ATM. inBierto has not yet responded to Cointelegraph’s request for comment.Related: Uruguayan senator introduces bill to enable use of crypto for paymentsLast year, an Uruguayan senator introduced a draft bill seeking to regulate cryptocurrency and enable businesses to accept crypto payments.As Cointelegraph reported, senator Juan Sartori was not keen on adopting crypto as a legal tender. Instead, he suggested:“Today we present a bill that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.”
  • Hong Kong begins discussions to introduce stablecoin regulatory framework
    Cointelegraph.com News - 1 day ago
    The Hong Kong Monetary Authority shared a list of eight questions to seek policy-related recommendations citing five possible regulatory outcomes — no action, opt-in regime, risk-based regime, catch-all regime and blanket ban. Hong Kong’s central banking institution, the Hong Kong Monetary Authority (HKMA), released a questionnaire to gauge public opinion on regulations for crypto-assets and stablecoins. The state-backed regulator intends to establish a regulatory framework by 2023-24.HKMA’s “Discussion Paper on Crypto-assets and Stablecoins” highlights the explosive growth of the stablecoin market in terms of market capitalization since 2020 and the concurrent regulatory recommendations put forth by international regulators including the United States’ Financial Action Task Force (FATF), the Financial Stability Board (FSB) and The Basel Committee on Banking Supervision (BCBS).Market Capitalization of Crypto-assets. Source: HKMAAccording to the HKMA, the current size and trading activity of crypto-assets may not pose an immediate threat to the stability of the global financial system from a systemic point of view. However, the discussion paper warned:“The growing exposure of institutional investors to such assets as an alternative to or to complement traditional asset classes for trading, lending and borrowing […] indicate growing interconnectedness with the mainstream financial system.”Market Capitalization of Major Stablecoins. Source: HKMA.Based on the above figure, HKMA’s paper shows that the global market capitalization stood at about $150 billion in December 2021, “representing about 5% of the overall crypto-asset market.” The regulator has also shared a list of eight questions to seek policy-related recommendations citing five possible regulatory outcomes — no action, opt-in regime, risk-based regime, catch-all regime and blanket ban:Possible policy options for regulating crypto-assets. Source: HKMA.HKMA expects stakeholders to submit their responses by 31st March 2022, and aims “to introduce the new regime no later than 2023/24.”Major jurisdictions’ regulatory stance towards stablecoins. Source: HKMA.On an end note, the regulator stated that payment-related stablecoins have a higher potential for being incorporated into the mainstream financial system or even day-to-day commercial and economic activities. As a result, the HKMA considers expanding the scope of the Payment Systems and Stored Value Facilities Ordinance (PSSVFO), a law that determines the legality of financial products. Related: Hong Kong real estate giant leads $90M raise for crypto bank SygnumComplementing the local government’s pro-crypto intentions, one of Hong Kong’s largest property developers Sun Hung Kai invested $90 million in Sygnum, a Swiss bank dedicated to digital asset holding. As Cointelegraph reported, the Series B funding round brings Sygnum’s post-money valuation to $800 million, marking a tenfold surge in consolidated revenues from 2021.
  • Altcoin Roundup: 3 ways blockchain technology could further mainstream in 2022
    Cointelegraph.com News - 1 day ago
    The trend of blockchain adoption is set to continue in 2022. Here are three sectors that are likely to pivot toward DLT solutions. 2021 was a breakout year for the cryptocurrency sector and this year is expected to see an extension of the “mass adoption” trend.Public awareness of blockchain technology is on the rise and a new cohort of projects designed to fill more niche roles in society are likely to emerge in the coming months. Three sectors that have the potential to see significant growth in 2022 are human resources (HR), employee payment solutions and platforms that serve the gig economy by offering corporate blockchain solutions.HR might pivot toward blockchain Human resource management is ripe for blockchain integration due to the security and data storage solutions offered. Blockchain would allow each employee to have a unique address where all pertinent information could be cryptographically stored. HR also deals with the recruiting and hiring of new employees, an increasingly difficult task in today’s world where the labor force participation rate stands at 61.9%, its lowest level since 1976.For blockchain-related jobs, the task becomes even more challenging due to the limited number of people with the knowledge and capabilities to work in the nascent sector. Keep3rV1 is one protocol that focuses on connecting employers with workers, and the decentralized job board is specifically designed to connect blockchain projects with external developers that provide specialized services. KP3R/USDT. 1-day chart. Source: TradingViewWhile Keep3rV1 focuses specifically on blockchain developer jobs, if the model proves to be a success, the concept could easily be expanded to serve a wider audience of job seekers and employers. Payroll also falls under the HR category and projects like Request (REQ) support a decentralized payments system where anyone can request a payment and receive money through secure means.This is an ideal setup for freelancers. Experimental platforms like Sablier Finance also offer workers the option to be paid for their labor in real-time rather than wait for the end of a payroll period to receive their paycheck in a lump sum. The gig economyRide-sharing services like Uber and Lyft and creator/freelance marketplaces like Fiverr were the bedrock of the gig economy. 2021 estimates show that 36% of the United States workforce participated in the gig economy either as their primary or secondary source of income. Data also shows that 55% of gig workers were also working a separate primary job. Current projections indicate that by 2023, up to 52% of the U.S. workforce will be actively working in the gig economy or will have done so at some point in their career, so it’s a growing field that could benefit from the integration of blockchain technology. One project that has already established its own freelancer job board is Chronos.tech (TIME), a blockchain-based recruitment, HR and payment processing protocol whose LaborX platform is similar to websites like Fiverr but conducts all transactions utilizing blockchain technology and smart contracts. TIME/USD 1-day chart. Source: CoinGeckoIn addition to the Chronos.tech, LaborX and PaymentX protocols, the ecosystem has also recently added decentralized finance (DeFi) functionality by allowing TIME holders to stake their tokens on the protocol to earn a yield. Freelancers can stake TIME on the network to receive bonuses for completed tasks while customers can stake to earn special rebates as a reward for holding the token.Related: Volcanos, Bitcoin and remittances: A Tongan lord plans for financial securityCorporations embrace blockchain solutionsEnterprise-level blockchain-based solutions are also expected to thrive in 2022.Many of the top contenders that offer enterprise solutions are layer-one blockchain protocols like Ethereum and its Hyperledger framework or Bitcoin’s layer-two lightning network scaling solution that was recently integrated with the Cash App. Other strong contenders in the field of enterprise solutions include Fantom and the Polygon network because they have lower transaction fees and faster processing capabilities. FTM/USDT vs. MATIC/USDT 1-day chart. Source: TradingViewA final protocol that specifically focuses on creating an enterprise-grade public network that allows individuals and businesses to create decentralized applications (DApps) is Hedera (HBAR). According to Hedera’s website, the project is owned and governed by some of the world’s leading organizations including IBM, Boeing, Google, LG and Standard Bank. The high throughput nature of Hedera’s hashgraph architecture makes it ideal for large businesses that would require a significant amount of transactions to serve their global client base. These use cases include payment processing, fraud mitigation, the ability to tokenize assets, verifying identity, the secure storage and transfer of data and the ability to create a private, permissioned blockchain for in-house use. Want more information about trading and investing in crypto markets?Blockchain enables enterprise business models in the MetaverseUkrainian bank uses Stellar to launch electronic hryvnia pilotDoctors Without Borders is now using blockchain tech for medical record storageCion Digital secures funds to expand blockchain orchestration platformCrypto salaries are becoming a popular way to attract young talentThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Bitfinex advises Ontario-based users to close accounts before March 1
    Cointelegraph.com News - 1 day ago
    The Ontario Securities Commission has been responsible for cracking down on crypto exchanges operating in the region, including Binance, OKEx, Bybit, KuCoin and Polo Digital Assets. In a Friday announcement, Bitfinex said it would be immediately closing the accounts for Ontario-based customers who have no balances on the platform. In addition, it planned to restrict access to those who do not have open positions in the exchange’s peer-to-peer financing market or open margin positions. Users who have balances or open positions on Bitfinex and are one of the roughly 15 million residents of Ontario — which includes Toronto and the nation’s capital city of Ottawa — “will no longer have access to any services” starting on March 1. The exchange advised customers to withdraw funds before the effective date.Though Bitfinex did not mention the Ontario Securities Commission, or OSC, the region’s financial watchdog has been responsible for cracking down on crypto exchanges operating in the area, including OKEx, Bybit, KuCoin and Polo Digital Assets. In December, the OSC issued a notice that Binance was not authorized “to offer trading in derivatives or securities to persons or companies located in the province” after the crypto exchange reportedly told its users it would be able to continue offering services in the region. Binance reportedly said there was a miscommunication on the issue.Related: Amid ongoing legal proceedings, Bitfinex announces Tether loan repaymentBitfinex has also been the target of U.S. regulators. In October, the Commodity Futures Trading Commission fined the crypto exchange and its sister company Tether $42.5 million, with Bitfinex allegedly facilitating “illegal, off-exchange retail commodity transactions in digital assets with U.S persons.” The Office of the New York Attorney General previously ordered the two firms to pay $18.5 million in damages and submit to periodically reporting on their reserves.Crypto exchange Bitfinex has announced users based in the Canadian province of Ontario will no longer have access to many of its services starting on March 1.
  • Stacks ecosystem becomes #1 Web3 project on Bitcoin
    Cointelegraph.com News - 2 days ago
    There were also 140,000 NFTs minted on the Stacks blockchain during its inaugural year. On the first anniversary of the launch of Stacks blockchain (STX), which seeks to make Bitcoin (BTC) programmable, the network achieved over 350 million monthly API requests, 40,000 Hiro (development tool for Stacks to build applications on Bitcoin) wallet downloads, and 2,500 Clarity smart contracts. According to a report by Electric Capital, a venture capital firm focused on cryptocurrencies and fintech, these statistics make Stacks the largest project on Bitcoin.More than 11,000 users earned more than 100 BTC rewards per month on Stacks due to its unique proof-of-transfer, or PoX, consensus mechanism. Miners bid BTC to verify transactions, execute smart contracts and mine new blocks on the STX blockchain and earn STX as rewards. Meanwhile, the BTC bids are sent to STX holders as rewards for performing tasks like running nodes. To date, the mechanism has delivered over $50 million worth of BTC rewards and surpassed $1 billion in total value locked.According to the report, there were also decentralized finance, or DeFi, advancements on BTC created through Stacks. These included the launch of wrapped BTC (xBTC), the Arkadiko borrowing and lending protocol, and Bitcoin Lightning decentralized swaps, allowing users to swap STX for Bitcoin, stablecoins and altcoins.The first projects to launch on Stacks were New York City’s and Miami’s CityCoins, generating $50 million for their respective city treasuries. Brittany Laughlin, executive director of the Stacks Foundation, issued the following statement regarding the milestone:The Stacks community has proven the incredible potential of smart contracts for Bitcoin, from DeFi to NFTs, city coins to philanthropic efforts, portable identity to new infrastructure, all in a single year. The technology and resources are all here. What happens next is dictated by visionary builders.
  • Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch
    Cointelegraph.com News - 2 days ago
    The bullish news comes months after the billionaire entrepreneur said DOGE was a better token to transact with than Bitcoin. Dogecoin (DOGE) prices rose substantially on Jan. 14 as Elon Musk announced that Tesla would start accepting it as payment for merchandise. Tesla merch buyable with Dogecoin— Elon Musk (@elonmusk) January 14, 2022 After the announcement, DOGE price jumped nearly 13%, hitting a 30-day high of $0.2150. Its upside move came as a part of a larger intraday rally that already was taking place before Musk’s Dogecoin tweet went viral. The DOGE price went up by over 25% on Jan. 14 before correcting lower to $0.1986 on profit-taking.DOGE/USD hourly price chart. Source: TradingViewBetter than BitcoinTesla’s integration of a DOGE payment option on its online shopping portal came almost a month after Musk shared his willingness to accept the cryptocurrency as payment on a test basis.At the center stage of Musk’s love for DOGE was its “better-than-Bitcoin” features, primarily as a payment option due to its lower electricity consumption. In excerpts from Musk’s statements to Time Magazine, he explained that:”Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”The billionaire entrepreneur further stressed that Bitcoin’s cost per transaction is high while its transactional volume is low compared to DOGE. As a result, Bitcoin could be well off being a store-of-value asset. On the other hand, DOGE could keep on encouraging people to spend.What’s next for DOGE?The latest round of buying in the Dogecoin market somewhat subsided as DOGE tested a multi-month resistance trendline for a topside breakout.In detail, DOGE price rally was rammed into a descending trendline resistance that had been capping its upside attempts since May 2021. On Jan. 14, the trendline again became instrumental in sending DOGE from its intraday top of $0.2150 to $0.1958, as shown in the chart below.DOGE/USD daily price chart. Source: TradingViewMeanwhile, the Dogecoin’s 200-day exponential moving average (200-day EMA; the orange wave) also played a key role in limiting its gains on Jan. 14. Together, the resistance confluence hinted that DOGE price may pull back from its ongoing uptrend in the coming sessions. Related: Dogecoin creator slams Mozilla for pausing crypto donationsShould this happen, the token will look poised to test its 50-day EMA (the velvet wave) as support, with the possibility to extend its correction towards $0.1367 due to its recent history as support.DOGE/USD daily price chart. Source: TradingViewConversely, a decisive breakout above the descending trendline resistance and the 200-day EMA could have traders eye $0.30 as their next upside target in the Dogecoin market. The area surrounding the $0.30-level had earlier served as resistance.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Going meta: Disney, Second Life and K-pop
    Cointelegraph.com News - 2 days ago
    Second Life creator Philip Rosedale returns to the fold, Disney’s patent for a “virtual-world simulator in a real-world venue” suggests an entry to the Metaverse, and Animal Concerts partners with South Korea-based Kakao’s Klaytn project. Following the announcement that Facebook’s parent company would be rebranding in a shift towards the Metaverse, many projects have started similar initiatives entering the virtual space, from buying property to testing the limits of what this universe has to offer. Visit Disneyland… in the Metaverse?The entertainment company behind some of the most popular theme parks in the world recently had a patent approved for a “virtual-world simulator in a real-world venue.” Though the Los Angeles Times reported that Disney had “no current plans” to use the simulator in the near future, the application does suggest Disneyland and Disney World guests may eventually see Metaverse attractions at one or more of the parks in the United States, Hong Kong, China, France and Japan. Disney World in Orlando, Florida. Source: PexelsThe tech would work by tracking visitors using their mobile phones and generating and projecting personalized 3D effects onto nearby physical spaces, such as walls and other objects in the park. According to the patent application, Disney’s possible foray into the Metaverse could “provide users with realistic and highly immersive individualized 3D virtual experiences without requiring those users to wear an augmented reality AR viewing device.”K-pop in the Metaverse?On Monday, Metaverse concert organizer Animal Concerts announced it had inked a deal with South Korean unicorn Kakao’s Klaytn network as part of a plan to increase its exposure to the country’s entertainment industry. Animal Concerts CEO Colin Fitzpatrick said that “Klaytn’s major goals are NFTs and Metaverse.”“Technical limitations prohibit how many people can actually attend a concert in the Metaverse,” said Fitzpatrick, referencing scalability issues. He aims to build a network of virtual venues across existing and new Metaverse platforms to host concerts with a variety of talent, seemingly including K-pop artists.Second Life creator returns as project goes metaLinden Lab, the company behind the virtual online world Second Life, announced on Thursday founder Philip Rosedale would be rejoining the project as a strategic adviser along with Metaverse team members of San Francisco-based VR company High Fidelity. According to the firm, the addition of the new and old talent would facilitate Second Life’s entry into the Metaverse.“Virtual worlds don’t need to be dystopias,” said Rosedale. “Big Tech giving away VR headsets and building a metaverse on their ad-driven, behavior-modification platforms isn’t going to create a magical, single digital utopia for everyone.”Launched in 2003, Second Life was one of the earliest virtual world experiences before the connectivity of modern social media platforms like Facebook, Twitter and Instagram. Rosedale departed as the CEO of Linden Labs in 2008 before going on to found High Fidelity in 2013. His return could mark a significant milestone for incorporating new Metaverse-themed ideas into established platforms:Philip Rosedale returning to Linden Labs (breaking news today) definitely reminds me of Steve Jobs in the 90s returning to Apple #secondlife #metaverse— Andrew Oleksiuk (they/them) (@Andrew_Oleksiuk) January 13, 2022
  • CoinMarketCap allegedly lists 3 fake SHIB contract addresses, Twitter firestorm ensues
    Cointelegraph.com News - 2 days ago
    “Do not purchase SHIB from these addresses as your funds will be irreversibly lost,” said the team at Shiba Inu. A bit Twitter drama ensued on Thursday, continuing well into Friday afternoon, when developers behind popular meme token Shiba Inu (SHIB) issued a statement alleging that CoinMarketCap had listed three fake SHIB contract addresses belonging to the Binance Smart Chain (BNB), Solana (SOL), and Terra Luna (LUNA) blockchains. The staff at Shiba Inu claimed that the addresses were unsafe and that CoinMarketCap had refused to correct the alleged mistake. At the time of publication, the contract addresses are still viewable on CoinMarketCap.Official Statement regarding the recent actions by @CoinMarketCap . pic.twitter.com/DXP2wZRhYC— Shib (@Shibtoken) January 13, 2022 Earlier in the day, CoinMarketCap issued a response claiming that the contract addresses listed on the page are wormhole addresses designed to facilitate cross-chain transactions. According to the popular crypto price-tracking site, the staff at Shiba Inu did not go through official channels to contact them and have reached out for greater clarification.Please note that the non-ETH contract addresses on this page @shibtoken are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this assethttps://t.co/IhbNBJkwnf— CoinMarketCap (@CoinMarketCap) January 14, 2022 While Shytoshi Kusama, volunteer project lead for Shiba Inu, did not comment on the issue, the developer retweeted a post from Twitter user @wenfloat, who said:”If you are going to allow scammers to add false contracts in our page (WE ARE ONLY ERC-20), you should delist SHIB. At least you won’t be collaborating with scams. You’ve ignored us for months; where’s your professionalism?”Shiba Inu is known for its stellar token gains over the past 12 months, as well as its (sometimes overly) enthusiastic investors. Last December, former SHIB influencer and Medical Q&A platform Ask the Doctor filed a lawsuit against Shytoshi Kusama, alleging libel, and threatened to reveal his personal identity in court. In response, the site lost approximately 10,000 followers out of 58,000 within hours and had its Twitter posts buried in a flurry of ridicule, along with hundreds of one-star reviews on TrustPilot (most of which have since been removed).
  • Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging with Circle
    Cointelegraph.com News - 2 days ago
    Ark Invest’s latest foray into the crypto sector focuses on stablecoin issuer Circle, which announced plans to merge with SPAC Concord Acquisition Corp. Cathie Wood’s Ark Invest has reportedly purchased 6.93 million shares of the special purchase acquisition company, or SPAC, that is merging with Circle, for $70.6 million through the company’s ARK Fintech Innovation exchange-traded fund (ETF). This purchase would represent a new position for the ETF, according to MarketWatch. Ark Invest’s ETFs have a history of bold purchases within the tech industry as indicated by their move to buy $80 million in Robinhood shares after the prices dipped back in October 2021. Wood is also bullish on crypto despite passing on buying the first Bitcoin futures ETF that same month. Circle is the principal operator of USD Coin (USDC), which is currently the second-largest stablecoin in terms of market capitalization. Circle announced its intentions to go public in July 2021 through a SPAC with Concord Acquisition Corp in a merger that would see the company valued at $4.5 billion. The merger was originally planned to finalize by the end of the fourth quarter of 2021, with the company being listed on the NYSE with the ticker “CRCL.” The move to go public came about as a response to the increasing concern posed by regulators regarding stablecoins. Regardless, the move was applauded overall by the crypto industry. Vladimir Vishnevskiy, co-founder of Swiss wealth management firm St. Gotthard Fund Management AG, noted as such and said; “[USDC] has been around since 2014, and is another example of an established player being rewarded for their input into the ecosystem.Stablecoins are still under regulatory scrutiny in the United States as lawmakers question the market’s transparency and reserve backing. U.S. lawmakers are currently looking to introduce new legislation on crypto within the coming weeks. 
  • 3 reasons why Near Protocol (NEAR) just hit a new all-time high
    Cointelegraph.com News - 2 days ago
    NEAR price enters price discovery following the successful completion of a $150 million funding round and exponential ecosystem growth. The layer one (L1) battle is starting to heat up again and multiple protocols have seen their token values rise in recent weeks as traders venture out to see what life is like outside of the Ethereum (ETH) network. One L1 protocol that has seen its token price climb to a new all-time high this week was NEAR, a community-run cloud computing platform focused on interoperability and lightning quick transaction speed.Data from Cointelegraph Markets Pro and TradingView show that, following a pullback that hit a low of $13.10 on Jan. 9, the price of NEAR climbed more than 50% to establish a new record high at $20.36 on Jan. 14. NEAR/USDT 4-hour chart. Source: TradingViewThree reasons that contributed to the growing strength of NEAR include the successful completion of a $150 million funding round, the success of the Aurora cross-chain bridge protocol and an expanding ecosystem of projects and developers working on the NEAR network. NEAR raises $150 million in funding roundThe most recent price spike followed an announcement that the team had successfully closed its latest funding round, raising $150 million from a variety of investors including Dragonfly Capital, a16z, Alameda and Circle Ventures. @NEARProtocol raises $150M to boost ecosystem growth! #NEAR has announced the close of a $150 million funding round led by @zhusu’s Three Arrow Capital.Participants included @MechanismCap, @a16z, @dragonfly_cap, #Alameda and many more.Learn https://t.co/DjilZpkYPH— NEAR Blockchain (@NEAR_Blockchain) January 13, 2022 NEAR plans to use the funds raised to accelerate the adoption of Web3 technologies via ecosystem funding, developing out regional hubs for the NEAR community to help raise awareness for the brand and by providing support to the projects building on the protocol. In addition to the communities established in Asia, Africa and Europe, NEAR is also looking to expand its reach to Latin America, Turkey and India. Aurora cross-chain bridgeA second factor behind the rise of NEAR over the past month was the successful launch of Aurora protocol. This platform is built on NEAR and it helps users and the decentralized applications that operate on the Ethereum network bridge to NEAR protocol.Aurora utilizes the Rainbow Bridge to facilitate the migration of assets between supported networks and has quickly become a popular protocol for cross-chain transfers with more than $732 million in total value locked, according to data from Defi Llama. As a result of the increased activity brought by the increased adoption of projects on NEAR and the migration of tokens from Ethereum, the daily transaction count on the NEAR network established a new record high of 721,061 transactions on Jan. 11.Daily number of transactions on NEAR. Source: NEARRelated: Which layer-one protocols will outperform in 2022?Ecosystem expansionA third development helping to boost the value of the NEAR ecosystem has been the growth of its developer community. There has been an increase in the number of projects launched or bridged to the NEAR network over the past two months. Developers on #NEAR get 30% of the txns fees spent on their contract!! – maybe one of many reasons why MAD on @NEARProtocol is growing rapidly and has shown 4x+ growth in 1 year! Top 3 in fastest-growing dev ecosystem pic.twitter.com/UCe9jYVRcG— THE NEARWEEK Ⓝ (@NEARWEEK) January 11, 2022 As seen in the tweet above, NEAR now has the third-fastest growing developer community across the whole of the cryptocurrency ecosystem, thanks in part to the fact that developers on NEAR get 30% of the transaction fees spent on their contract. This provides an income for developers in a field where compensation is not always guaranteed. The expanding developer community, combined with the release of a cross-chain bridge, has led to an expansion of the NEAR ecosystem which continues to grow and attract new projects. Projects in the NEAR ecosystem. Source: NEAR MatesVORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for NEAR on Jan. 9, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. NEAR price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for NEAR climbed into the green zone on Jan. 9 and hit a high of 75 around one hour before the price began to increase by 52% over the next four days. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Price analysis 1/14: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
    Cointelegraph.com News - 2 days ago
    Right now, bulls are buying each dip and bears are selling the top of each rally, suggesting that BTC and altcoins will remain range-bound for some time. Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level.Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Daily cryptocurrency market performance. Source: Coin360Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right counterparties and necessary regulations are in place, asset pools at SEBA may invest in Bitcoin at the right time. Buehler portrayed a bullish picture for Bitcoin, saying a rally to $75,000 was possible. Will Bitcoin and most major altcoins remain range-bound in the short term? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from the 20-day exponential moving average (EMA) ($44,681) on Jan. 13, indicating that bears continue to sell on rallies. The bears will now attempt to pull the price back to the strong support at $39,600.BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) is in negative territory, indicating that the path of least resistance is to the downside. If sellers sink and sustain the price below $39,600, the BTC/USDT pair could extend the decline to $30,000.However, the bulls are unlikely to give up easily at $39,600. A strong rebound off the current level or from $39,600 will suggest accumulation at lower levels. The pair could then remain range-bound between $39,600 and $45,456 for a few days. A break and close above $45,456 will be the first indication that the correction may be over. The pair could then start its northward march toward $52,088.ETH/USDTEther’s (ETH) rebound off the support line of the descending channel on Jan. 10 could not even reach the 20-day EMA ($3,485) which suggests that demand dries up at higher levels.ETH/USDT daily chart. Source: TradingViewThe moving averages are sloping down and the RSI is below 40, suggesting that bears are in control. The sellers will now try to pull the price to the zone between the psychological level at $3,000 and the support line of the channel. A break and close below $2,652 will signal the start of the next leg of the downtrend.On the contrary, if the price turns up from the current level, the bulls will make one more attempt to push the ETH/USDT pair above the 20-day EMA. If they succeed, the pair could rise to the resistance line of the channel and later to the 50-day simple moving average (SMA) ($3,893). The bulls will have to push and sustain the price above this level to signal that the downtrend could be over.BNB/USDTBinance Coin (BNB) is facing strong resistance at the 20-day EMA ($487) but a minor positive is that the bulls have not given up much ground. This suggests that traders are not rushing to the exit. BNB/USDT daily chart. Source: TradingViewIf the price breaks above the 20-day EMA, the bulls will try to clear the overhead hurdle at the downtrend line. If they can pull it off, the BNB/USDT pair will signal a possible change in trend. The pair could then attempt a rally to $617.Conversely, if the price turns down from the 20-day EMA or the downtrend line, it will suggest that bears are selling on rallies. That could keep the pair stuck inside the channel for a few more days. SOL/USDTSolana (SOL) reached the 20-day EMA ($157) on Jan. 13 but the bulls could not clear this overhead hurdle. This suggests that the bears have not yet given up and are selling on rallies.SOL/USDT daily chart. Source: TradingViewThe bears will now attempt to resume the downtrend by pulling the price below the support at $130. If they do that, the SOL/USDT pair could decline to the next important support at $116. The downsloping moving averages and the RSI in the negative territory indicate that the path of least resistance is to the downside.Contrary to this assumption, if the price rises above the 20-day EMA, the pair could rally to the resistance line of the channel. The bulls will have to push the pair above the channel to signal a possible change in trend.ADA/USDT Cardano (ADA) turned down from the 50-day SMA ($1.35) on Jan. 13 but the bulls did not allow the price to break below the $1.18 support. This suggests that bulls are buying on dips. ADA/USDT daily chart. Source: TradingViewThe bulls will now attempt to push and sustain the price above the 50-day SMA. If they manage to do that, the ADA/USDT pair could rally to the resistance line of the descending channel. A break and close above the channel could indicate that the downtrend has ended.Alternatively, if the price turns down from the 50-day SMA, it will suggest that bears continue to sell on rallies. The sellers will then try to sink the pair below $1.18 and pull the price to the critical support at $1.XRP/USDTRipple (XRP) turned down from the 20-day EMA ($0.80) on Jan. 13 but a minor positive is that bulls did not allow the price to dip below the support at $0.75. This indicates accumulation at lower levels.XRP/USDT daily chart. Source: TradingViewIf bulls drive the price above the moving averages, it will suggest that the bears may be losing their grip. The XRP/USDT pair could then rise to the overhead resistance at $1. If the price turns down from this level, the pair could remain range-bound between $1 and $0.75 for a few more days. A break and close above $1 will signal the start of an up-move toward $1.41.Conversely, if the price turns down from the 20-day EMA, the bears will attempt to pull the pair below the $0.75 to $0.69 support zone and resume the downtrend to $0.60.LUNA/USDTTerra’s LUNA token broke and closed above the resistance line of the channel on Jan. 12. The bears tried to pull the price below the 20-day EMA ($78.61) on Jan. 13 but failed. This indicates that bulls are defending the support aggressively.LUNA/USDT daily chart. Source: TradingViewThe buyers are currently attempting to push and sustain the price above the channel and the overhead resistance at $83.86. If they manage to do that, the LUNA/USDT pair could rally to $93.81.The 20-day EMA is trying to turn up and the RSI has risen into the positive territory, indicating that buyers are attempting a comeback.This positive view will invalidate if the price turns down from the current level and breaks below the moving averages. That could pull the price down to the support line of the channel.Related: Bitcoin dips below $42K as new forecast says breakout ‘most probable outcome’ for BTC priceDOT/USDTPolkadot (DOT) turned down from the 20-day EMA ($26.81) on Jan. 13 but the positive sign is that the bulls did not give up much ground. This indicates that bulls are viewing the dips as a buying opportunity.DOT/USDT daily chart. Source: TradingViewThe bulls are currently trying to sustain the price above the moving averages. If they do that, the DOT/USDT pair could rise to the overhead resistance at $32.78. The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand.If the price turns down from $32.78, the pair may extend its stay inside the range for a few more days. The next trending move may start on a break and close above the overhead resistance at $32.78 or on a break below the support at $22.66.AVAX/USDTAvalanche (AVAX) turned down from the 20-day EMA ($96) on Jan. 13, indicating that bears continue to sell on rallies. The price has dipped back to the uptrend line of the symmetrical triangle, which could act as a support.AVAX/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the buyers will again attempt to propel the price above the moving averages. If they succeed, the AVAX/USDT pair could rally to the downtrend line of the triangle.A break and close above the triangle will suggest that the correction could be over. The pair may then rise to $128.Contrary to this assumption, if the price slips below the uptrend line of the channel, the pair may retest the critical level at $75.50. If this support cracks, the pair could start a decline toward $57 and then $50.DOGE/USDTDogecoin (DOGE) broke and closed above the 20-day EMA ($0.16) on Jan. 13, which was the first indication that the selling pressure may be reducing. That was followed by another sharp move on Jan. 14, which pushed the price above the stiff overhead resistance at $0.19.DOGE/USDT daily chart. Source: TradingViewHowever, the long wick on Jan. 14’s candlestick suggests that bears continue to sell at higher levels. If the price sustains below $0.19, the DOGE/USDT pair could drop to the moving averages and extend its range-bound action for a few more days.Conversely, if the price sustains above $0.19, the bulls will make one more attempt to clear the overhead resistance zone at $0.22 to $0.24. If they manage to do that, the pair could rally toward $0.30.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.
  • NFT sales and blockchain games continue to grow despite the recent market slump: Report
    Cointelegraph.com News - 2 days ago
    Gen Z and growing interest throughout Asia have helped NFTs to shine brightly amidst volatility, according to a report from DappRadar. January 2022 continues to be rough for crypto investors as current markets see turbulent fluctuations in the price of Bitcoin (BTC) and other cryptocurrencies. Some have attributed the slump to recent federal intentions to introduce new rate hikes, and the political turmoil in Kazakhstan, which significantly lowered the hash rate of Bitcoin. On Jan. 14, the price of Bitcoin dipped below $42,000 as traders continued to hold out hope for bullish signals. Nonfungible token (NFT) trading and blockchain games, on the other hand, seem to have resisted the dip. According to reports from DappRadar, NFT transactions continued to increase amid declining crypto prices. The report stated that “the number of UAW connected to Ethereum NFT DApps grew by 43% since Q3 2021.” Numbers from the report also show that the money generated by NFT trading went from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022. Recent developments in the NFT space, such as the launch of the LooksRare marketplace, may have also contributed to this growth. The report also stated that “blockchain games continue to be widely used,” and noted that they “represent 52% of the industry’s usage.” Expanding metaverse developments alongside the growing success of the play-to-earn model have also strengthened the case for blockchain games to continue growing throughout 2022. The growing interest in NFTs and blockchain gaming during this market slump can partially be attributed to Chinese audiences, which coincides with the recent announcements from China that say that the country will begin developing its own non-crypto NFT industry. According to DappRadar’s report, “China is now the country with the most extensive user base…increasing 166% from the numbers registered in November.”Even though the United States is now second in terms of overall traffic, the country still saw 175,000 new users in the NFT ecosystem, a growth of around 38%. This comes in part from the growing interests among younger audiences as Millennials and Generation Z start to account for a higher percentage of traffic. DappRadar reported that “30% of its traffic came from users from this age group… [with millennials] growing from the 36% observed from last year.”
  • Crypto-focused software firm Lukka raises $110M, reaches $1.3B valuation
    Cointelegraph.com News - 2 days ago
    Lukka said it planned to use the funds for “aggressive growth and global expansion strategy” with its current customer base dealing in products related to the crypto space. Cryptocurrency accounting and data company Lukka said it had raised $110 million in a new funding round led by hedge fund giant Marshall Wace.In a Friday announcement, Lukka said it had completed a $110 million Series E funding round led by Marshall Wace, with participation from Soros Fund Management — a fund created by billionaire investor George Soros, Liberty City Ventures, S&P Global, and accounting advisor CPA.com. Lukka said it planned to use the funds for “aggressive growth and global expansion strategy” with its current customer base dealing in derivatives, decentralized finance and other products related to the crypto space.Lukka CEO Robert Materazzi said the crypto ecosystem had entered a “new phase of maturity,” with the firm aiming to address challenges from innovative technology in the industry. The company added the S&P Dow Jones Indices, major accounting firm RSM, and financial services company State Street to its list of customers in 2021.The crypto-focused software firm announced a $53 million raise in March 2021 and recently achieved unicorn status with a more than $1 billion valuation. Serving many active crypto funds, Lukka has reportedly processed $2.1 trillion in unique transactions to date.Related: Lukka Co-CEO explains how blockchain data saves on taxesFounded in 2014, the New York-based company focuses on offering blockchain and tokenized asset data to help businesses involved in the crypto space. Among Lukka’s products are tax solutions and data valuations as well as a digital asset content library.
  • Bukele’s Bitcoin trade raises El Salvador’s sovereign credit risk: Moody’s
    Cointelegraph.com News - 2 days ago
    The credit rating agency believes El Salvador’s Bitcoin experiment has elevated the country’s risk profile and could limit its access to foreign debt markets. El Salvador’s historic embrace of Bitcoin (BTC) could have negative consequences on the country’s sovereign credit outlook, according to Moody’s Investors Service. Moody’s analyst Jaime Reusche told Bloomberg this week that El Salvador’s Bitcoin gambit “certainly adds to the risk portfolio” of a country that has struggled with liquidity issues in the past. Under the leadership of President Nayib Bukele, El Salvador has recognized Bitcoin as legal tender and issued a state-run crypto wallet to facilitate payments, transfers and ownership. Along the way, El Salvador has amassed a treasure chest of 1,391 BTC, with President Bukele famously “buying the dip” on several occasions by using Bitcoin’s volatility to add to his country’s holdings. Buying the dip 150 new coins added.#BitcoinDay #BTC— Nayib Bukele (@nayibbukele) September 7, 2021 However, Reusche warned that accumulating more BTC would elevate El Salvador’s risk of default. “If it gets much higher, then that represents an even greater risk to repayment capacity and the fiscal profile of the issuer,” he said.PREDICTION: The El Salvador bitcoin bond will be ridiculously oversubscribed pic.twitter.com/2Kj0urm0SN— Pomp (@APompliano) November 23, 2021 In addition to downgrading El Salvador’s credit rating, Moody’s has warned that the country’s so-called Bitcoin volcano bond could limit its access to foreign bond markets. Proceeds of the volcano bond, which is expected to raise roughly $1 billion, will be used to fund El Salvador’s Bitcoin City project. Related: Tonga to copy El Salvador’s bill making Bitcoin legal tender, says former MPAttacks on El Salvador’s Bitcoin gambit by legacy financial institutions are nothing new. In November 2021, the Washington-based International Monetary Fund warned El Salvador against using Bitcoin as legal tender. Meanwhile, the World Bank has rejected the country’s request for assistance in implementing its Bitcoin Law over the cryptocurrency’s alleged environmental and transparency issues. Nevertheless, El Salvador has remained steadfast in embracing Bitcoin and in creating an attractive environment for crypto investors and entrepreneurs. Last week, finance minister Alejandro Zelaya said the country’s Bitcoin Law has already attracted foreign investment.
  • ICON commits $200M to interoperability incentive fund
    Cointelegraph.com News - 2 days ago
    The South Korean blockchain hopes to fund its interoperability technology to create new cross-chain applications. The ICON Foundation announced plans to launch an interoperability incentive program for 200 million ICX, or approximately $200 million at the time of publication. The foundation supports the development of the ICON network, South Korea’s largest public aggregator chain. The foundation said that it hopes this program will incentivize the ICON community and its partner networks to adopt ICON’s Blockchain Transmission Protocol, or BTP.The incentive program aims to distribute up to 200 million ICX tokens over a period of five years, primarily funded by the ICX reserve allocation raised during the 2017 token sale. ICON intends to attract development teams in other ecosystems to explore BTP’s cross-chain communication opportunities.The majority of the proceeds are planned to go towards developing new high-quality use cases for the BTP technology, while a share of it will go towards incentivizing the long-term adoption of BTP within existing protocols and communities, according to the company.BTP integration is currently underway with many blockchains including Binance Smart Chain, Polkadot, Kusama, Moonriver, Astar Network, Edgeware, Acala, NEAR and Harmony. Related: $300M incentive program backs 100% rally in Harmony (ONE) priceICON claimed that its incentive program is the first fund dedicated entirely to interoperability. Min Kim, the founder of the ICON Project, said in a statement that the goal is “not to fragment existing development communities,” but rather to create collaboration opportunities between them within the layer-two ecosystem.Scott Smiley, head of strategy at ICON Foundation, told Cointelegraph that security and decentralization are not alone in leading adoption, stating:“We’re confident that once users and developers interact with BTP, they’ll recognize the value of a chain-agnostic, scalable and uniquely secure protocol. This incentive fund will give the market the “nudge” it needs in order to start the snowball of adoption.”Related: Austrian gin makers to use blockchain to guarantee bottles’ rarityICON recently launched ICON 2.0, introducing an upgraded core blockchain engine, support for Java smart contracts, the interoperability technology BTP and updated tokenomics.
  • President Biden taps economists for Fed governors’ seats, Sarah Bloom Raskin as vice chair for supervision
    Cointelegraph.com News - 2 days ago
    According to the U.S. President, the three nominees have the “experience, judgment and integrity to lead the Federal Reserve and to help build our economy back better for working families.” The White House has officially tapped former Fed governor Sarah Bloom Raskin to serve as the vice chair for supervision for the Federal Reserve, as well as economists Lisa Cook and Philip Jefferson to fill two empty seats on its board of governors.In a Friday announcement, U.S. President Joe Biden said he had nominated Cook, an Obama-era economic adviser and Michigan State University faculty member, as well as Jefferson, a former research economist for the Fed, to the board of governors in addition to Raskin. Jefferson and Cook will take two of the vacant seats in the group of seven governors, with Jerome Powell and Lael Brainard nominated to serve as chair and vice-chair, respectively.According to the president, the three nominees have the “experience, judgment and integrity to lead the Federal Reserve and to help build our economy back better for working families.” He cited Jefferson’s and Cook’s decades of experience working on economic issues while saying Raskin was “among the most qualified nominees ever” for vice-chair for supervision. The vice-chair for supervision, as opposed to the vice-chair of the Federal Reserve’s board of governors, is a relatively new role within the government agency. Randal Quarles was the first to hold the position for the full four-term year from 2017 to 2021, shortly before resigning as a Fed board member in December. According to the Dodd–Frank Wall Street Reform and Consumer Protection Act, passed in 2010, the vice-chair for supervision “shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board and shall oversee the supervision and regulation of such firms.”Many vacancies at the Federal Reserve, the result of terms expiring and board members resigning, have given President Biden the opportunity to shake up the agency’s leadership. This week, his picks for the Fed chair and vice-chair — Jerome Powell and Lael Brainard, respectively — testified before the Senate Banking Committee in advance of a vote before the full Senate. Should they receive more than 50 votes, Powell, Brainard and Raskin would serve as the Fed board’s leadership until 2026, with Cook and Jefferson serving 14-year terms.Related: US lawmaker hints at upcoming crypto legislation as Jerome Powell says Fed will release report on digital currency soonA significant change in leadership of some of the top financial regulators in the United States could have an impact on how the government looks at both crypto and blockchain. Both the Securities and Exchange Commission and the Commodity Futures Trading Commission will likely see a shakeup in 2022, with the expected departure of SEC commissioners Elad Roisman this month and Allison Lee in June. In addition, President Biden has not suggested he intends to re-nominate CFTC commissioner Dawn Stump prior to her term expiring in April.
  • Volcanos, Bitcoin and remittances: A Tongan lord plans for financial security
    Cointelegraph.com News - 2 days ago
    A former lawmaker from the island nation wants to use Bitcoin to secure his country’s financial security. A former member of the Tongan Parliament is behind a proposal to make Bitcoin (BTC) legal tender in the tiny Pacific nation of Tonga, following in the footsteps of El Salvador. It’s due for a vote in Parliament in May and the early signs are encouraging.Mataʻiʻulua ʻi Fonuamotu, Lord Fusitu’a told Cointelegraph that plans are in motion to use state-run volcano mining facilities to create wealth in Tonga. Tonga has 21 volcanoes. “That means one volcano for every 5,000 people.” He owns one volcano himself through his family’s hereditary land rights.The proposed Bitcoin mining operations would use the geothermal energy of the volcanoes to generate power. “It takes two megawatts of electricity to service 5,000 people. So 40,000 megawatts will service the entire national grid. Each volcano produces 95,000 megawatts at all times leaving much to spare,” says Lord Fusitu’a.“We will give every family hash huts. But, this is only 20,000 units, as there are only 20,000 families.” He suggests each volcano can generate $2,000 of Bitcoin each day, to be “gifted” to each family by the Tongan government.For an Island of 120,000 people, economies of scale matter and the average person stands to benefit greatly.Family Bitcoin hash huts:. Source: Lord Fusitu’aTonga needs $26 million for the cabling to build the operation, but the World Bank said Tonga didn’t have the collateral for that funding. Nevertheless, Tonga managed to raise the money through a Least Developed Countries grant. Given Lord Fusitu’a’s influence in local politics — and the fact he claims to own a volcano himself — he might just pull it off. Lord Fusitu’a also claimed to have negotiated a gratis offer of the mining tech, but he has not revealed the terms of the deal. Chinese companies such as Bitmain have much market share in this space. It is also possible that refugee mining operations from China’s recent ban could be headed to Tonga. For now, that remains a mystery.“For a nation-state, the math doesn’t change. The optimal state is for a state to have its own mining.”Related: Tonga to copy El Salvador’s bill making Bitcoin legal tender, says former MPWho is Lord Fusitu’a?Once a barrister before he was a politician, Lord Fusitu’a is a member of the Tongan nobility.Tonga is the only country in the South Pacific with a remaining indigenous monarchy. While it is a member of the Commonwealth, this was done so by choice in 1970. Tonga has never been colonized, despite pressures from imperial nations throughout history.Lord Fusitu’a decided to step down as MP in November 2021 after recovering from operations for serious medical conditions and living in New Zealand for three years, especially with Tonga closing its borders due to COVID-19. However, his cousin has taken his seat in the Tonga Parliament, so according to Lord Fusitu’a, his domestic legislative agenda remains intact.Two clinical deaths due to injury have informed his ambitious agenda at the Global Organization of Parliamentarians against Corruption, which includes anti-corruption legislation and gender empowerment and climate change policies. When he spoke to Cointelegraph, and as is common since a series of surgeries, he is shirtless and covered in tattoos (a Tongan word corrupted by Captain Cook) that depict a millennium of his clan’s tattoo history.Lord Fusitu’a has been a “Bitcoin only guy” since 2013, but “don’t let the exterior fool you:” He began coding when he was eight years old. It was his time stuck in hospital when he couldn’t speak or swallow and could only read when he reaffirmed his passions. Re-reading every printed word about Bitcoin.Lord Fusitu’a is very visible in Bitcoin circles online where he waxes lyrical about why his country, which relies so heavily on remittance payments, should pursue Bitcoin adoption. “It’s the soundest money ever devised. It’s the combination of digital scarcity and decentralized distributed ledger. The most democratic egalitarian money on the planet. It’s sound money, the most pristine asset ever devised. It has a 200% appreciation year-on-year. As a store of value, it’s the apex creditor asset.”“But, if you’re a remittance-dependent country like El Salvador or Tonga, it’s life changing immediately. For hyperinflation ravaged countries like Nigeria or Venezuela, where you need a wheelbarrow of currency to buy a loaf of bread […] it could be a survival mechanism for four billion poor people,” he said.The planFusitu’a explained his four-part plan for changing the way Tonga operates its economy to Cointelegraph. The plan consists of financial education for Tongans about Bitcoin remittance payments, making Bitcoin legal tender, setting up Bitcoin mining operations in Tonga and creating Tongan Bitcoin national treasuries.A key part of the plan revolves around fiscal education for Tongans whose economy is most heavily dependent on remittances.Lord Fusitu’a says he is tired of families in the developing world losing so much of the badly needed income from middlemen when sending remittances home.About 40% of the Tongan national economy is built upon remittances sent back to the country from its diaspora of almost 300,000 overseas workers, according to Lord Fusitu’a. They send money back to the island population of about 120,000. As more than double the population lives in the Tongan diaspora, remittances are crucial to the national economy.He claimed that Tonga’s “GDP in 2020 was $510 million, 40% of that is just over $200 million. So, 30% of that, or $60 million, is fees alone to Western Union.” Lord Fusitu’a argues that feeless Bitcoin transactions would provide a 30% uptick for everyone on remittances, as the Western Union charges villagers 30% commissions, though a calculator on Western Union’s site suggests a fee of nearly three Australian dollars for transferring a 100 Australian dollar transaction.However, Lord Fusitu’a says that this does not account for the fact that:“The $2.90 on $100 shown on the website does not show that there’s a minimum fee of around 10–25% on ALL remittances, depending on where you’re sending from that’s not shown on the website. When your average remittance from El Salvador or Tonga is $50–$100, that’s a lot of your remittance. It also doesn’t show that you’ll be charged the forex slippage for the purchase of Australian dollars, its conversion into Tongan pa’anga and purchase of the TOP.” Tonga has already begun the financial literacy and “how money works” education programs in 2021, and teams were sent out for community outreach. What does the “how money works” discussion look like? Simple:“People understand the three hours of travel and the $20 return fare bus ticket. Waiting in line at a Western Union to pay the high remittance fees. The $70 dollars that is at the counter instead of the $100 they thought they would get. And then there’s the beggar’s tax, as beggars sit outside. Three hours each way back to the village, makes a nine-hour day, you come home tired, hungry and having lost remittance fees and bus fares just to get $40-50 of your original $100 wire transfer.”Related: Crypto remittances see adoption, but volatility may be a deal breakerImportantly, there’s a high rate of mobile-first internet adoption in Tonga.“A cell phone with an internet connection can change lives immediately,” Lord Fusitu’a says. For the unbanked, “a cellphone and warm wallet is their first participation in any financial system ever.”Non-Know Your Customer wallets like Moonwallet can help those that don’t have IDs. “It’s not about Bitcoin Bros, this is a viable mechanism for the billions of unbanked poor people globally. $200 billion of $700 billion lost in fees in annual remittances globally hurts the average family.”Also, in 2005, Tongan instituted a consumption tax (GST) of 15%, rather than an income tax, which further penalizes the poor. If Bitcoin is adopted then more money in the pockets of average Tongans — and less for Western Union — will also benefit government coffers through the consumption tax.Lord Fusitu’a also provides Bitcoin fundamentals talks weekly in the Tongan language.The legal tender billLord Fusitu’a looked to El Salvador’s bill for Bitcoin as legal tender before its release and seeks to pass “pretty much a carbon copy.”Tonga’s bill has been ready to go since July 2021 and would make Bitcoin legal tender alongside Tonga’s currency, the paʻanga. Like article 7 of El Salvador’s controversial Bitcoin Law, the bill would make Bitcoin mandatory to accept if proffered.The bill will be tabled at the next session of parliament in May 2022. To pass, it will require the approval of a parliamentary majority of at least 14 of the 26 members. Nine members of parliament are hereditary lords who “vote in a block” and supposedly “always” follow Fusitu’a’s lead as the only lawyer and barrister in parliament. Three other elected members have exposure to Bitcoin. Needing only two more of fourteen votes would seem to make a successful majority vote plausible.Lord Fusitu’a expects there to be a natural uptick in remittances from the Tongan diaspora when and if the bill is passed into law. Bitcoin remittances back to Tonga have already seen an increase in 2021, he mentions.It is pegged to five currencies keeping it artificially low to protect its exports of mainly produce, but this makes imports expensive. Related: El Salvador: How it started vs. how it went with the Bitcoin Law in 2021Bitcoin National TreasuriesThe final part of Lord Fusitu’a’s four-point Bitcoin plan is building Bitcoin’s national treasuries as a hedge against inflation. The lord’s thoughts on Bitcoin’s utility have informed this decision that is controversial in traditional economic policy.“Emerging markets traditionally hold theirs in ‘melting at 5% per annum’ USD, ‘devaluing at 2-6% per annum’ gold and ’negative yielding since 2008’ U.S. bonds. We do this also. Had we moved our $700 million national treasuries into BTC in March 2020 they would have been worth $22.5 billion by February 2021.”“With a 2020 GDP of $510 million, $22.5 billion is equivalent to 45 years of Tongan economic productivity earned in 11 months,” he says, adding, “When Nayib Bukele teases on Twitter that he’s ‘buying the dip,’ what he means is he’s moving his national treasuries from those three dead man’s assets into BTC with each purchase.”Bukele has been criticized for his decisions, but part of this criticism stems from the nature of his governance. Lord Fusitu’a’s track record of participation in multinational groups suggests he is more amenable to working with international organizations to secure his country’s economic future.What’s ahead?But, if it’s so obvious, why don’t other countries follow his logic? “They see the logic but it takes the money from legacy finance,” Lord Fusitu’a says.Another Pacific Island, Palau, is rolling out a stable coin on Ripple’s XRP. “Are they crazy? Their approach is more palatable because partnerships with XRP with Ripple include legacy finance rails.”The international monetary policy risks are still there for Tonga. In October 2021, the Internal Monetary Fund released a report acknowledging that crypto ecosystems could replace official currencies in “unbanked” emerging economies unless regulators ensure financial stability. But, perhaps that showed that the IMF was paying attention to Tonga.On both the legal tender and the Bitcoin mining plans, Lord Fusitu’a is optimistic. The “Bitcoin community likes seeing the underdog win.”Like many in crypto land, Lord Fusitu’a is either a genius or a great showman. Or both.
  • Indian INX exchange reportedly plans to list Bitcoin futures ETF
    Cointelegraph.com News - 2 days ago
    The India International Exchange is reportedly looking to explore digital asset-based products despite local uncertainty. Despite the ongoing uncertainty about cryptocurrency regulation in India, local financial firms are backing new ventures aiming to launch Bitcoin (BTC) exchange-traded funds (ETF).Torus Kling Blockchain, a joint venture between Cosmea Financial Holding, a financial firm backed by former Reliance Capital CEO Sam Ghosh, and Kling Trading India, is preparing to launch Bitcoin and Ether (ETH) futures ETFs in India, The Economic Times reported Thursday.The company has signed a memorandum of understanding with India’s major stock exchange, the India International Exchange (INX), to launch crypto ETFs alongside investment products tracking major metaverse-related companies listed in the United States.According to the report, Torus Kling Blockchain is planning to set up the ETFs in the Gujarat International Finance Tec-City (GIFT City) by the end of the current fiscal year in India, or by the end of March 2022. The ETFs are subject to approval by India’s International Financial Services Centres Authority (IFSCA) and other regulators, the report notes.​​India INX CEO Venkataramani Balasubramaniam said that the stock exchange and GIFT IFSC are looking at “exploring the launch of digital asset-based products” and has already applied with the IFSCA under “regulatory sandbox.”“This is a part of our product innovation initiative to benchmark offerings with other international financial centers. We will be launching products in these new-age assets in compliance with the prevailing laws after receiving all required post regulatory approvals,” the executive noted.Cryptocurrencies are a new asset class that is a “tip of the iceberg” of the upcoming fintech innovation and adoption, Torus Kling Blockchain CEO Krishna Mohan Meenavalli said. “Exchange trade products allow trading through regular investment accounts, bypassing the hassle and security concerns of cryptocurrency exchanges,” he said.In late 2021, India’s Securities and Exchange Board reportedly approved Invesco Mutual Fund’s Invesco CoinShares Global Blockchain ETF Fund of Fund, aimed at investing in blockchain industry companies.Related: Pakistan’s central bank reportedly wants to ban cryptoThe news comes amid India INX aggressively extending to other markets, reportedly moving to allow local investors to access trading on Russia’s Moscow Exchange earlier in January. As previously reported, Russian financial giant Sber launched its own blockchain-related ETF tracking Coinbase and Galaxy Digital in late 2021.
  • Bitcoin dips below $42K as new forecast says breakout 'most probable outcome' for BTC price
    Cointelegraph.com News - 2 days ago
    The latest “death cross” on the Bitcoin daily chart is swept aside in favor of buy-in signals and an “eventual” surge towards $50,000. Bitcoin (BTC) returned closer to $40,000 on Thursday as $44,000 resistance proved too much for bulls to overcome.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBuying another dipData from Cointelegraph Markets Pro and TradingView showed BTC/USD shedding around 4% in 24 hours on Jan. 14.The pair had topped $44,450 on Bitstamp before the retracement kicked in, this seeing local lows of $41,780.While disappointing for those hoping that the worst of the pullback was over, analysts appeared unsurprised by the move, which they said could resolve via a fresh test of $40,000 support.Pretty much the path for #Bitcoin. pic.twitter.com/VY0BkTXYOM— Michaël van de Poppe (@CryptoMichNL) January 14, 2022 Popular trader Pentoshi also appeared to get his wish—BTC “sweeping” lows below $42,000 in what he had previously identified as a prime opportunity for entry. He added that $46,000 could be next.Looming large, however, was another “death cross” chart construction on BTC/USD, a classic signal warning of bearish conditions.As Cointelegraph previously reported, a death cross occurs when the declining 50-day moving average crosses under the 200-day moving average. The feature is somewhat rare but has not always resulted in bearish behavior thereafter.BTC/USD 1-day candle chart (Bitstamp) with 50-day, 200-day moving averages. Source: TradingViewUpside conclusion still on the cardsLooking ahead, analysts at trading suite Decentrader remained bullish on mid-term price action, acknowledging that another dip into the $30,000–$40,000 range may yet occur.Related: Top or bottom? Traders at odds over whether Bitcoin will keep risingThe two-month downtrend from early December was ripe for disruption, they argued in a market update issued Jan. 14, and the upside was “likely” over a cascade lower.”It is our view that we may need to see some further ranging between $44,000 and potentially $38,000 before an eventual breakout. This ranging is likely to cause more pain and misery for any traders who try to impatiently front-run major moves before they are ready,” the update summarized. Encouraging, Decentrader added, was funding rates slowly becoming more consistently negative as sentiment finally flipped to expecting further downside — healthy conditions for a squeeze to the upside.”Given the current fundamentals of Bitcoin and the size and consistency of the downtrend over the past two months, we do believe that a move out of the range to the upside is the most probable outcome eventually.”BTC funding rates chart. Source: Coinglass
  • Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin
    Cointelegraph.com News - 2 days ago
    Rio de Janeiro mayor Eduardo Paes talked about Bitcoin with Miami mayor and BTC bull Francis Suarez at Rio Innovation Week. Eduardo Paes, mayor of Brazilian city Rio de Janeiro, wants to allocate 1% of the city’s treasury into Bitcoin (BTC), Cointelegraph Brazil reported.Paes reportedly announced plans for “Crypto Rio,” or turning the city into a cryptocurrency hub during Rio Innovation Week on Thursday, according to a report by local news agency O Globo.The mayor spoke about Rio’s cryptocurrency-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez, who started accepting his paychecks in BTC in November 2021.“We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play,” Paes reportedly said, adding that the state is also planning to introduce tax exemptions for the industry.The panel also included major Brazilian officials like city finance secretary Pedro Paulo, who noted that the administration is considering a 10% discount on property tax in Brazil on payments with Bitcoin. “Let’s study the legal framework to do this,” he said.Related: ‘Mecca of mining’: Brazil considers zero tax on green Bitcoin miningThe news comes as the Brazilian government increasingly warms its stance on Bitcoin and the cryptocurrency industry, with federal deputy Luizão Goulart proposing a bill to legalize crypto as a payment method for public and private sector workers in November. In December, MercadoPago, a major crypto payment firm in Brazil, enabled Brazilian residents to buy, sell and hold major cryptocurrencies like BTC and Ether (ETH).
  • University accepts Bitcoin donations to fund crypto-related activities
    Cointelegraph.com News - 2 days ago
    The SDSU announced that it’s accepting donations in cryptocurrency to fund activities that promote crypto adoption within the university. Back in October 2021, The Campanile Foundation (TCF), an auxiliary of the San Diego State University (SDSU), accepted its first crypto donation. Now, the university announced that it is welcoming digital currency donations in Bitcoin (BTC) and Ether (ETH).TCF chief financial officer David Fuhriman said one percent of the total crypto holdings would be withdrawn quarterly to fund campus activities that aim to discover how the university could interact with crypto, such as working on a system that permits broader digital transactions within the university. Meanwhile, the rest of the funds will be converted into BTC and will not be liquidated immediately, with hopes that the price will go up in the future and help more programs. SDSU accepted the university's first cryptocurrency donation this fall, opening the door to similar contributions in the future. More on digital currency donations. https://t.co/UsXeG9FaGc pic.twitter.com/NLREW4mPHk— San Diego State University (@SDSU) January 14, 2022 While the crypto market is volatile and holding the assets could lead to a potential loss, the university remains bullish. “If the value of Bitcoin goes up, then this endowment could last forever,” Fuhriman said. The CFO underscored that they believe that holding could provide good long-term benefits for the SDSU.The SDSU’s entry into the crypto space aims to attract other potential donors who are interested in supporting crypto-related programs in the university. Fuhriman also mentioned that it could also draw the attention of younger donors who might have unconventional perspectives when it comes to wealth creation.Related: Green and gold: The crypto projects saving the planetWhile the SDSU is adamant about accepting crypto donations, organizations like Wikimedia and Mozilla are under fire because of it. A rising number of Wikimedia contributors are urging the nonprofit to stop accepting donations in cryptocurrency because of crypto’s negative impact on the environment. According to the proposal, the acceptance of crypto violates Wikimedia’s commitment to sustainability.Mozilla faced a similar issue. After tweeting a reminder that the platform is accepting crypto donations, the organization faced backlash from its followers, led by Mozilla’s co-founder Jamie Zawinski who thinks that the entire crypto industry only manufactures pollution and converts it into cash.
  • Here is how one algorithmic indicator anticipated multiple phases of FXS’ protracted rally
    Cointelegraph.com News - 2 days ago
    Altcoins can rally for an infinite number of reasons, but some price spikes are more historically similar than others. Frax Share (FXS) has been one of the few altcoins to pull off a dominant price performance amid the down market of late 2021 to early 2022. In the month between Dec. 14 and Jan. 14, FXS was up 128% against the U.S. dollar and 159% against Bitcoin (BTC). In addition to this impressive feat, FXS topped the charts of historically bullish trading conditions on multiple occasions throughout this period. What is behind the token’s recurring strong trading outlook?Governing a stablecoin ecosystemFXS is the utility token underpinning the Frax ecosystem — a stablecoin protocol that seeks to occupy a middle ground between entirely collateralized and entirely algorithmic stablecoins, thus harnessing the advantages of both designs.In accordance with the protocol’s highly “governance-minimized” approach to its architecture, there is a limited set of parameters that the community gets to adjust using the token. These include refreshing the rate-of-collateral ratio — i.e., the share of the protocol’s FRAX stablecoin that is stabilized either algorithmically or through collateralization — in addition to adding collateral pools and adjusting various fees.FXS’ supply is initially capped at 100 million tokens, and the protocol is designed for the token supply to be deflationary as the demand for the FRAX stablecoin rises. This mechanism could be responsible for at least some portion of FXS’ momentum in recent weeks. As Cointelegraph previously reported, FRAX added 300% to its circulating supply between late October and late December.Curve Wars winnerBecause of this link between the demand for FRAX and the corresponding shrinkage in the supply of FXS, rounds of FRAX adoption can theoretically result in waves of FXS appreciation. Evidence supporting this hypothesis can be found in several recent instances of the decentralized finance (DeFi) community adopting the stablecoin.For one, FRAX’s addition to the Convex Finance platform, where several major DeFi protocols compete for voting rights that can be leveraged to increase their respective stablecoins’ yield, preceded a major spike in the FXS token’s price.Interestingly, many of such FXS rallies, apparently inspired by major FRAX adoption events, produce recurring patterns of trading and social activity that get detected by Cointelegraph Markets Pro’s algorithmic indicator, the VORTECS™ Score. This AI-driven tool is trained to sift through tokens’ historical performance data, looking for familiar combinations of variables such as price movement, trading volume and Twitter sentiment that have systematically preceded dramatic price movements.Green means goHere, for example, is the chart of FXS’ VORTECS™ Score vs. price from the week that FRAX was added to Convex Finance. The indicator flashed an ultra-high Score more than one full day ahead of the token’s powerful price spike.VORTECS™ Score (green/gray) vs. FXS price, Dec. 17 – 24. Source: Cointelegraph Markets ProScores above 80 conventionally indicate the algorithm’s solid confidence that the conditions around the assets are historically bullish, while those beyond 90 suggest extremely high confidence. In this case, on Dec. 20, with FXS’ price remaining largely flat, the token’s VORTECS™ Score exploded, reaching an impressive value of 96 (red circle in the chart). Thirty-two hours after the peak Score, FXS’ price shot up from $13.96 to $18.27 in just 18 hours.In the weeks that followed, FXS’ VORTECS™ Score peaks kept coming ahead of price spikes. Earlier this week, two streaks of Scores above 80 foreshadowed two phases of explosive price action, including the one that saw the asset hit a weekly high of $41.72.VORTECS™ Score (green/gray) vs. FXS price, Jan. 6 – 13. Source: Cointelegraph Markets ProNot many digital assets display high VORTECS™ Scores so frequently. Furthermore, CT Markets Pro’s internal research shows that tokens can widely vary in the degree to which historically favorable conditions anticipate their actual price movement. Apparently, what is happening in the case of recent FXS rallies is that the forces driving the waves of the token’s appreciation are similar, leading to a familiar arrangement of trading and social metrics that the VORTECS™ algorithm captures so well.Of course, the relationship between historical precedent and subsequent price action is not always this smooth. Yet, in many cases, this tool — capable of parsing years’ worth of assets’ performance data — can be massively useful for crypto traders.Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk, including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial adviser before making financial decisions.
  • Battle of the bots: WTF token launch drains 58 ETH
    Cointelegraph.com News - 2 days ago
    The WTF token airdrop got off to a wild launch. Users reportedly lost thousands of dollars, while one bot disappeared with 58 ETH. Fees.wtf is a simple service that shows Ether (ETH) users their lifetime spending amount on Ethereum blockchain transactions by measuring gas. You plug in your wallet address on its website, and it tells you how much gas you spent. The project released its WTF token in an airdrop Friday. Essentially, users were able to claim WTF tokens as well as a “Rekt” nonfungible token (NFT) for 0.01 ETH. The Rekt NFT grants lifetime access to the pro version of Fees.wtf.According to its Discord announcement, the initial launch planned to offer 100 million WTF, and the “circulating supply will be the main attraction in the tokenomics.” However, it didn’t quite go as planned. Following frantic trading behavior between bots in the opening hours of the airdrop, one bot ran off with a reported 58 ETH, or $180,000. According to Etherscan, 58 ETH was drained from the Wrapped ETH (wETH) and WTF liquidity pool. Social media channels were quick to respond because many airdrop participants lamented losing thousands of dollars in ETH. The WTF team chimed in two hours after the airdrop to calm their ranks:“Immediately on launch there was only a tiny bit of liquidity and there were ape bots that were chucking in 100s of ETH into a pool with an ETH or two of liquidity. They also had high slippage and ended up being sandwiched by the other bots which essentially drained all their ETH.”Basically, within five minutes of the token launch, poor liquidity pool management from the WTF developers left the liquidity pool exposed. As there was low liquidity, bots were able to manipulate the price of WTF to then sell for wETH. The bots battled it out until one winner took home the pot. In effect, the bot stole from users who provided liquidity to the pool, trying to claim their WTF tokens and Rekt NFT. The victor managed to send an “ultra-fast transaction at 3,000 Gwei,” making a 6x return on their initial investment. The WTF team sent out another Discord update two hours after the airdrop, stating, “The core contracts are all fine, this was a war on Uniswap.” The team added, “We hope no one was affected by it.” However, as has become a common occurrence in airdrops of late, many users lost a lot of money. The price graph of the token since launch paints a thousand words. The initial spike shows the bot activity swiftly followed by a 10x loss in value. The official WTF Discord group is brimming with users sharing stories of losing money. Some are “shaking” with rage, while death threats and lawsuit claims are rife.One Etherscan transaction points to one user losing 42 ETH, or $135,000, for 0.000044170848308398 WTF, effectively $0.01.Related: Recounting 2021’s biggest DeFi hacking incidentsAs daylight dawns on the project, some Twitter users have called out the project as a Ponzi scheme. The referral element to the project is spurious. Referrers of the WTF project claim 50% on fees “to make wtf go viral,” while the WTF team earns 4% from each transfer. In total, the WTF team claimed almost half a million United States dollars in token transfer fees in a little over eight hours.Twitter user Lefteris Karapetsas didn’t mince his words: Summing up.WTF “team” made an app any dev can do in 1 hourSlapped a token + ponzinomics on itAnons aped without thinking and lost ETH in gas and claim fees Team has so far made 116 ETH + 6,168,806 WTF. Roughly around $855,665 and this is getting bigger by the second— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) January 14, 2022 The WTF project states merely that the supply of tokens is “deflationary” and that 40 million WTF tokens will go to its treasury. There is not a great deal of detail regarding the token distribution. Twitter user Meows.ETH concluded their Twitter thread with a zen approach to the controversial project launch: “If you were fortunate enough to claim a big amount of $WTF and cash it out for a profit, be happy. Unless you’re attempting to bot the initial liquidity, don’t FOMO into buying a newly launched altcoin with high slippage.”
  • Joe Rogan Holds High Hopes For The Cryptocurrency Industry
    NewsBTC - 4 hours ago
    There have been several reactions and comment from prominent personalities about the trend of cryptocurrency from the beginning of 2022. The world’s most prominent controversial podcaster and comedian, Joe Rogan, has just expressed his ‘hope’ for digital assets. He made this confession during a recent podcast interview. On January 8, Rogan, through the 1760th episode of his podcast ‘The Joe Rogan Experience,’ deliberated on the crypto future. This discussion was with Adam Curry, his fellow podcaster. The estimated number of listeners for every episode of Rogan’s podcast is about 11 million. This is significantly high irrespective of the moves from Spotify in censoring some offensive episodes. Also, Rogan’s podcast bagged the top position of the most popular during 2021 on Spotify. The world’s most prominent podcaster stated that cryptocurrency would either entirely fall or become an opportunity for sailing to a better future for human lives. Curry stated that several young individuals are moving out on his part. Such moves could be for developing parallel networks and systems. He confirmed his loyalty to Bitcoin by stating that he’s on the BTC train to provide more security for his funds. He lamented the broken money system, causing misery, inflation, and even wars due to its link to oil. Related Reading | How the CFTC fine on Coinbase could affect future crypto company listing Curry has been the host of ‘No Agenda,’ a right-wing podcast that has received criticisms from the medical community and mainstream media. They believed that Curry has been promoting conspiracy theories. Metaverse And Cryptocurrency Vision From Podcasters The discussion between Rogan and Curry transcended to the potential of digital Metaverse that Silicon Valley controls. Also, they talked about NFTs and their role within the crypto space. Rogan composed a theory for the future where firms could devise their digital tokens. Hence, buying their products will demand that customers utilize the tokens. He cited that Apple could achieve that with ease. Rogan explained that the process would be first to buy the digital coins you will use to buy the company’s products. He said that the process is similar to stocks. Reacting to that, Curry expressed his disagreement by saying that Rogan’s explanation is different from the plan. Instead, Curry stated that powerful governments and institutions are expected to focus on their Central Bank Digital Currencies, CBDCs. He mentioned that individuals would have crypto tokens and wallets allocated from the Federal Reserve. Hence, retail banking will have little or no use. Irrespective of the positive vibes from the podcasters in appreciating cryptocurrency, lots of crypto community members are pretty skeptical. Related Reading | Did US Regulators Began Offensive Against Crypto Platforms? CFTC Fines Kraken The two podcasters, Rogan and Curry, stand within the crypto space as being highly controversial. Rogan is famous for his kicks against ‘political uprightness. So, he had gained past criticism for his jokes that depicts racism, sexism, and transphobia. Rogan received payment from CashApp in July 2021 to advertise Bitcoin to his listeners. Also, in November, he got $100,000 as a BTC payment. Featured image from Pixabay, chart from TradingView.com
  • RMDS Lab: A New NFT Marketplace For Science And Tech IP…
    NewsBTC - 1 day ago
    West-coast based spatial data and analytics firm RMDS Lab plans to create the first-ever dedicated science NFT Marketplace before the end of the first quarter of the year. Related Reading \ Bitcoin Revisits $44k As Exchange Outflows See Uptick RMDS Lab is known as a data and artificial intelligence (AI) platform based in California, and founded by IBM’s former chief data scientist Alex Liu in 2009 to create a global community of data scientists and researchers, and to promote scientific innovation through data and AI. As NFTs increased in popularity, RMDS says ‘a huge demand for NFT minting and listing’ played a part in RMDS’ decision to create a way to sell NFTs for research and technology-associated IP. ETH: Ethereum is leading coin on the blockchain for NFTS. ETH-USD on TradingView.com The NFT market rocketed almost 43,000% between 2020 and 2021, according to the cryptocurrency exchange Binance. RMDS’ goals in moving into NFT sales are to connect scientists with investors, as well as to link science and technology IP with related collectors, investors and science enthusiasts. The intent is to provide new fundraising channels for science and technology projects, and accelerate technology development. NFTs have mostly been art and music based, with gaming and literature joining in at times as well. Liu explained  “for scientists, it is often difficult to get funding, and to get funding through the traditional channels takes a long time.” He added that “NFTs can simplify this and help people to focus more on their real work,” in a statement released by Chemistry World.  “Also, scientists do not have many channels to reach investors, and an NFT marketplace can expand their reach.” NFTs and science have already made a couple of moves that might of sparked the idea that science can in fact sell NFTs. In June 2021, The University of California, Berkeley announced that they will be auctioning off the patent disclosures behind two Nobel prize-winning discoveries made there by selling them as NFTs. They set aside part of a fundraising effort to support basic research at UC Berkeley; the plan worked out for the better, and the University earned $55,000 from an NFT that was based on James Allisons breakthrough research behind cancer immunotherapy back in the 1990s. Liu acknowledges that the technology behind NFTs is still evolving and developing to address these environmental issues, as well as security and copyright issues. “We are connected to a lot of experts in blockchain AI, and we want to develop this marketplace,” he stated. “With our talent pool we want to help solve some of these problems and make NFT exchange better.” The platform is still in developmental stages and is set to be completed by the end of March. Related Reading \ Bitcoin Is Massively Overvalued, Billionaire ’Bond King’ Jeff Gundlach    
  • Kishimoto Inu is Set to Revolutionize Non-fungible Tokens with its 3D NFT Marketplace
    NewsBTC - 1 day ago
    Kishimoto Inu is in the early stages of releasing the world’s first 3D NFT marketplace, taking NFT space to the next level. Non-fungible tokens took the world by storm in 2021 as the previously maligned sector of the cryptocurrency market caught the attention of mainstream news outlets, celebrities and globally recognized brands who sought to get in early on this multi-billion dollar trend. As the quality of NFT projects has evolved from simple pixelated images to extremely detailed one-of-a-kind digital assets that let their holders express their inner nature, so too must the underlying architecture that enables the buying and selling of these unique times to anyone with an internet connection. It is in that vein that the team behind Kishimoto Inu, a project with the goal in mind to become the hub for all things anime on the blockchain, has set out to create the first of its kind 3D NFT marketplace that will change the non-fungible token space we know it. The Kishimoto teams dedication to advancing the development of the project to keep up with the latest trends across the blockchain ecosystem has been demonstrated with the announcement of the upcoming Katsumi Governance Token and KishiSwap 2.0 launch, and its work on creating a 3D NFT marketplace is sure to set the example that all other NFT marketplaces will strive to beat. The Kishimoto NFT ecosystem is already well established with 10,000 unique items listed on the popular OpenSea marketplace including the popular Kishi Ninja NFTs which will soon have utility in a play-to-earn game that is currently in the early stages of development. Early adopters of unique Kisimoto NFTs like the Kishi Ninjas will also be treated with additional perks, contests and unannounced surprises in the future as the Kishimoto Inu ecosystem expands. Once the upcoming KishiSwap 2.0 is fully launched, members of the Kishimoto community will have an easy way to mint their own NFTs which can be traded on the exchange or one day displayed in the museum-like setting of the Kishimoto 3D NFT marketplace. No other anime-focused or generally NFT-focused platform has gone to the lengths that Kishimoto has to develop and evolve the industry as a whole forward, and the current plans are just the tip of the iceberg for what the project has in store for the future. The ambitious roadmap for Kishimoto details the release of the first of its kind active burn DAO token for the Kishimoto community, KishiSwap 2.0, and the 3D NFT Marketplace all in Q1 of 2022, and the team is well on its way to accomplishing its goals in just the first month of the new year. On top of building out the Kishimoto ecosystem, the developers behind the project have also worked hard to establish bridges to some of the most popular blockchain networks in the ecosystem including Fantom, Avalanche and the Binance Smart Chain, meaning Kishimoto can be traded and stored in a multi-chain environment where users can find the best transaction fees and processing times. In addition, Katsumi (Kishimoto’s governance token) is also set to launch in the following weeks. Katsumi will benefit Kishimoto holders by actively burning Kishimoto tokens. Katsumi’s “active burn” will not only increase Kishimoto’s value by buying tokens but will also decrease the supply in circulation, increasing scarcity for a higher demand for the Kishimoto token. Katsumi will be the first token to implement this “active burn” and will be an originator of the crypto governance tokens to be released in the future. With multi-chain support and an advanced 3-dimensional interface that gives a next-level environment to view and appreciate anime NFTs on the blockchain, Kishimoto’s 3D marketplace is sure to leave its mark and set the standard for all NFT projects to model or try to beat in the not too distant future.    
  • ADALend CEO Kaspars Koskins : “We Are Building a Secure Lending Platform on Cardano”
    NewsBTC - 1 day ago
    Starting ADALend CEO Kaspars Koskins interview series, one of the most promising companies that is revolutionizing the lending industry by using blockchain technology to disintermediate the traditional middlemen – providing unprecedented access to loans for those ignored by the traditional banking system and providing high yields for investors in a persistently low-interest-rate environment. I hope you are as excited for this conversation as we are so let’s jump in. Q: Welcome Kaspars, we know you are a busy gentleman these days with the public launch of the ADALend lending platform and token this quarter but thank you for making time to speak to us today. Let’s start at a very high level – can you give us the elevator pitch for ADALend that so that those of us that are new to Decentralized Finance and Crypto (or Web3 as they fashionably call it these days!). Koskins: It’s a pleasure to be here and I am thrilled to share with your audience a little more about what we are building at ADALend and how they can participate but first let me try to summarize in layman’s terms what our mission is. We are developing a scalable, trustless, and decentralized lending protocol that harbors users within a self-governed environment. From day one, we committed to building natively on the Cardano blockchain, which will enable the lending platform to aggregate protocols that support business models that give economic support to billions of users. ADALend will bring back the balance of power between lenders and borrowers. By allowing the use of digital assets as collateral, the use of the platform will be diversified to the benefit of the user. Q: Thank you for that –  can you tell the audience a little more about why you chose the Cardano blockchain when there are already successful DeFi projects built on Ethereum and new blockchains like Solala for example? Koskins: Certainly, let me begin by explaining that Ethereum is no longer usable by the majority of people on earth due to the high transaction costs. The gas fees on Ethereum have reached hundreds of dollars per transaction over the past year. This would be unacceptable to ordinary people in the western world today but for the millions of unbanked people in the developing countries of Africa and Asia, this renders ETH useless as they need to lend and narrow far smaller amounts. Ethereum has therefore become a layer 2 blockchain for the rich and the newcomers you mention like Solana have problems with centralization and reliability. Cardano is the only truly decentralized blockchain with the required security, speed and low transaction fees required to provide a truly democratic financial solution that can be used by every human on planet earth – and our vision aligns perfectly with the Cardano Charles Hoskins who is passionate about improving financial outcomes for people all over the world, regardless of race, nationality, gender or financial status. Q: Thank you, those are truly powerful words Kaspars, and we are fortunate to have projects like Cardano and platforms like ADALend that can bring this vision of democratic inclusion into reality. So as well as the mission to do good in the world, many of our readers are executives, professionals and small business owners that are managing their own portfolios and wondering how they can preserve their capital and earn a good yield in this hyperinflationary environment when interest rates are so low.  People are seeing their retirement nest egg or children’s college fund declining in real terms due to the frankly crazy macroeconomic environment we find ourselves in today in the US, Europe and many other parts of the developer world. How can these middle-class, hard-working people benefit from ADALend? Koskins: Well this is the other side of the coin isn’t it. One of my personal inspirations to found ADAlend is that in my home country of Estonia in northern Europe, I was working in the traditional retail lending space and with credit unions savings. I have seen firsthand how people were unable to get a decent interest rate at the banks and were genuinely worried about their future as prices and the cost of living was rising far faster than salaries. The banks’ hands are tied as the interest rates are set by the Federal Reserve in the US and the European Central Bank in the EU. I began exploring Decentralised Finance (DeFi) as a way to earn a yield on my own family’s savings which led me down the rabbit hole and brings us here today. Our commitment to ADALend lenders is that we will provide a safe secure lending platform where they can stake their hard-earned savings in Cardano (ADA) or the ADAlend token (ADAL) or the form of stable coins like USDT or USDC and earn a market-beating yield on it in the high single-digit or lower double-digit percentages. The ADALend platform is highly liquid without long-term lockups so our lenders will earn interest for the time their savings are “staked” on the platform and can withdraw anytime. The other side is for borrowers – many small business owners, entrepreneurs and the self-employed can find it hard to borrow money from traditional banks to buy a car, pay a downpayment on a house, invest in their business or fund a dream holiday. At ADALend we don’t do credit checks and we don’t care about salary history. Traditional banks and lenders do not recognize digital assets as collateral. We will provide an over collateralized lending facility to these borrowers where they can stake their digital assets like Bitcoin, Cardano or any other major cryptocurrency and we will lend them US Dollars or  Euros against their holdings. This will provide crucial liquidity to a large number of hard-working professionals and self-employed people that were previously ignored by the banks. By the way, this type of over-collateralized lending against access has been used by the top 1% of wealthy people in the world to fund their lifestyles and investments and to optimize tax for decades. ADALend is now bringing these financial solutions to everyone that were once the privilege of the rich. Q: That is truly a noble goal – and I love to see that you are helping out the middle classes like us as well as the poorest folks in the world.  Let’s talk about partnerships, investors and technology. I understand that DeFi and CeFi (centralized finance) is a highly competitive space, especially before your Initial DEX Offering (IDO) in March 2022, but what can you share in that area without all our readers signing an NDA? Koskins: Absolutely – you have hit the nail on the head, the space is getting more and more competitive by the day from other new projects building DeFi on other blockchains and the CeFi incumbents like BlockFi so we need to be selective about what we can reveal. However, I can share some insights with you today, On the technology side – by leveraging the Cardano blockchain, ADALend will be able to tap into the vast digital cash management market. By creating a technology that allows anyone to delegate their digital cash and make it available for a loan, ADALend is opening up the potential for blockchain-powered liquidity. We are aiming to be Cardano native in everything we do and are building the platform using Haskell and Plutus and working within the present limitations of Smart Contracts on this blockchain. On the partnership side, Input-Output Hong Kong (IOHK) has listed ADALend on their “Essential Cardano List” of projects that are considered part of the ecosystem supporting and providing Cardano users with products and services. We are also listed on  CardanoCube.io and I know our Business Development team is hard at work on several exciting partnerships we will be announcing in February that will really move the needle so watch this space! In terms of funding, we were delighted to have a highly respected Venture Capital from Moonwhale Ventures as our lead investor and our private sale is almost closed. We are now in a very good position financially and more selective in who we will take funding from, as we don’t want to favor the VCs over retail investors as many projects do. We are reserving a good allocation of ADAL tokens for our community also. Q: This is excellent news Kasparas – I am hearing all too often that new crypto projects are providing huge allocations to the VCs who then dump on to retail. It looks like you are being far more inclusive at ADALend and giving excellent opportunities for smaller and medium-sized accredited investors to access the private sales that were once the preserve of the VC elite, as an experienced small investor myself I salute you! I must say, after our discussions today I am super keen to get involved and I am sure our audience is too. Where can they learn more about the private sale, the public IDO launch and how to get involved? Koskins: Thank you for the kind words and thank you for the conversation today – I genuinely enjoyed it and sometimes I still have to pinch myself when I realize how far we have come in the past year! Sure, we are in the final stages of the private sale now so if you or your readers would like to apply for an allocation of ADAL tokens you can email privatesale@adalend.finance with the subject line “CEO Interview” and I’ll make sure our private sales team responds to them ASAP. You can find more details at our website ADALend.finance Q: Thank you for your time Kaspars, and I’ll get back to the building. Koskins: My pleasure, and I’ll take this opportunity to wish you and your readers a prosperous and profitable year ahead!  
  • Will Tarantino Be Able To Sell The Pulp Fiction NFTs? Or Will Miramax Prevail?
    NewsBTC - 1 day ago
    In two days, the auction of the first Pulp Fiction NFT will take place. A historical moment for the nascent industry, one that will set precedent for years to come. When Quentin Tarantino and the Secret Network announced a partnership aimed at releasing NFTs from the classic ’90s film, the world listened. Unfortunately for them, so did Miramax. The studio still holds the right to Pulp Fiction, so they sent a cease and desist letter.  Related Reading | Upside Potential in NFTs is Massive Says Gary Vaynerchuk The caveat here is that “the unique value proposition from The Secret Network lies in the name; the NFTs will be “secret” and only accessible by the NFTs owner.” When NewsBTC covered this story, we explained:  “That fact makes the lawsuit endlessly interesting. Only the person that buys the NFT can see what’s inside, so Miramax has no clue about the kind of content they’re suing for. They just know they own the rights to the picture and the discarded material, but, besides the reports and the marketing material, they’re as in the dark as the rest of us about the actual content.” What has happened since then? A LOT. Let’s explore the new developments in the case. Bidding begins in one week! Register now on https://t.co/IafaEEqDqU. The future is now. You won't want to miss this. $SCRT $ATOM $ETH pic.twitter.com/qILjbtNZSH — Tarantino NFTs (@TarantinoNFTs) January 10, 2022 Unreleased Scenes And Material In the beginning, the implication was that the NFTs would contain unreleased material from Pulp Fiction. Miramax entered the picture and everything changed. Again, from NewsBTC’s previous report: “On the day of the announcement, The Secret Network released a statement that quotes the director himself. “I’m excited to be presenting these exclusive scenes from PULP FICTION to fans.” Tarantino says. “Secret Network and Secret NFTs provide a whole new world of connecting fans and artists and I’m thrilled to be a part of that.” Tarantino’s words suggest simpler times. We’re nowhere near that stage anymore.” The Content Of The Pulp Fiction NFTs Changed After the cease and desist letter, it transpired that Tarantino only kept the rights to Pulp Fiction’s script. Recently, IndieWire quoted a statement that Proskauer Rose, one of Miramax’s lawyers, sent them:  “There’s been no attempt to dismiss any of Miramax’s claims by Tarantino’s team, nor have they filed any counter claims or motions against Miramax, and since Miramax filed its lawsuit, the promotional website and Twitter account for the proposed sale have scaled back the unauthorized use of imagery from Miramax films (including Pulp Fiction)”  And he’s right about that. A casual visit to the @TarantinoNFTs Twitter account will reveal that the people involved in the sale fazed out all images related to Pulp Fiction and replaced them with just text or high contrast images of Quentin Tarantino himself. The content of the NFTs also changed, now The Secret Network describes them as:  “Tarantino owns the exclusive rights to publish his Pulp Fiction screenplay and the original, handwritten copy has remained a personal creative treasure he has kept private for decades. In collaboration with SCRT Labs, Tarantino has turned chapters from this historic document into a one-of-a-kind NFT publication. Each NFT in the collection consists of a single iconic scene, as well as personalized audio commentary by Tarantino himself.” Are they legal now? That’s the question. SCRT Market Cap, calculated by TradingView | Source: TradingView.com The Secret Network Proceeds The auctions will go from January 17th to the 31st. It will happen on the Secret Network and not on OpenSea, as originally announced. Did OpenSea run away from the controversy and possible litigation? We wouldn’t know. The Secret Network, on the other hand, is milking the situation to the extreme. Money can’t buy this kind of publicity. Their press release quotes Guy Zyskind, founder and CEO of SCRT Labs: “Secret Network is proud to stand with Quentin. We are committed to working with talented artists across the globe, by providing them a better way to release their works directly to fans without relying on older distribution models, which favor conglomerates over creators.” 3 days to go. Historical fact #1: Quentin Tarantino writes his screenplays by hand ✍️ For Pulp Fiction, he kept the original screenplay a secret for *28 years.* This priceless piece of history will be revealed for the first time in next week’s auction – but only to the buyer 🤫 https://t.co/wXbIUPOXUO pic.twitter.com/msgwomNs27 — Tarantino NFTs (@TarantinoNFTs) January 14, 2022 Miramax Attacks For their part, Miramax’s lawyers sent Zyskind a letter that claims: “Contrary to what you assert you are being told by Mr. Tarantino and his team,  You do not have the necessary rights to mint the Pulp Fiction NFTs described in your press releases and other promotional materials;  You do not have the necessary rights to market or promote those NFTs; and  Despite your now having assumed the role of auctioneer, you do not have the necessary rights to promote and sell those NFTs.” Not only that, they included a direct threat to possible NFT buyers: “We would hope that you also inform prospective purchasers of the risks of purchasing these unauthorized NFTs, including that purchasers may have to return the NFTs to Miramax and forfeit the price they paid for such NFTs, and that purchasers may incur additional liability in the event they later sell the unauthorized NFTs” Guy Zyskind response? He took to Twitter and replied: “Your attempt to bully and intimidate us, and our community, will not work. This lawful sale of TarantinoNFTs will continue as planned, despite your efforts to sabotage it.” Hey @Miramax. Got your letter. Your attempt to bully and intimidate us, and our community, will not work. This lawful sale @TarantinoNFTs will continue as planned, despite your efforts to sabotage it.https://t.co/1Qjkgfy8U1 pic.twitter.com/jpjbYDNmNp — Guy Zy𝕊kind (@GuyZys) January 10, 2022 The TarantinoNFTs account contributed to the conversation by saying, “We will not be stopped. We will not let bullies intimidate our community.” Related Reading | January Proves Turbulent For Investors But NFT And GameFi Seems To Be Eating Good Is that enough? Or are they making a big mistake? Is Miramax in the right? Or do they know that they don’t have a leg to stand on and thus turned to intimidation?  Turn on to NewsBTC next month for the next chapter of the Pulp Fiction NFTs’ exciting saga. Featured Image: Tarantino NFT Collection promotional material | Charts by TradingView
  • January Proves Turbulent For Investors But NFT And GameFi Seems To Be Eating Good
    NewsBTC - 1 day ago
    NFTs existed prior to 2021, but it was last year that digital art exploded in the blockchain space, and digital artists shone in the NFT spotlight. While the crypto world became an exciting place to be, a new generation of NFT artists entered the world’s largest artistic movement to date. Crypto investors are having a difficult time in January 2022, as the price of Bitcoin (BTC) and other cryptocurrencies continues to fluctuate wildly. Some have blamed the drop on the Federal Reserve’s recent announcement of additional rate hikes, as well as political unrest in Kazakhstan, which drastically reduced Bitcoin’s hash rate. The price of Bitcoin fell below $42,000 on January 14 as traders hoped for bullish signals. It appears that while the crypto market continues to struggle, the NFT space  is witnessing incredible surge in trading volumes and interest. NFT & GameFi In Sweet Month A new report has shown that NFT and GameFi transactions continued to rise despite falling crypto prices. The report by Dappradar noted that “the number of UAW connected to Ethereum NFT DApps has grown by 43% since Q3 2021,” according to the research. The money generated by NFT trading increased from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022, according to the research. This rise could also be attributed to recent advancements in the NFT arena, such as the establishment of the LooksRare marketplace. “Blockchain games continue to be widely used,” according to the report, noting that they “represent 52% of the industry’s usage.” The case for blockchain games to continue developing during 2022 has been enhanced by expanding metaverse technologies and the growing success of the play-to-earn model. Data from Dune Analytics revealed OpenSea, the leading NFT marketplace, generated approximately $2.7 billion in volume in the first half of January, on track to beat the $3.4 billion high it set in August. OpenSea had its highest single-day volume of $261 million dollars on January 9. So far in January, OpenSea has surpassed $150 million in trade volume on a daily basis. OpenSea daily volume on Ethereum. Source: Dune Analytics   Related article | OpenSea Transaction Volume Shows That NFTs Are Not Slowing Mason Nystrom, a senior research analyst at Messari, believes the NFT market is in a better position than recent cryptocurrency price moves suggest. Nystrom noted that: “The cryptomarkets are fairly correlated – the market tends to rise and fall with Bitcoin. This has made it surprisingly interesting over the recent downturn as the NFT market has continued to increase in volumes. OpenSea has recorded $2.3 billion in NFT volume in January so far, on pace to break its monthly volume record if volumes continue.” Market Reflects Growing Interest During this market downturn, Chinese consumers have shown a growing interest in NFTs and blockchain gaming, which aligns with recent Chinese announcements that the government will begin building its own non-crypto NFT. “China is now the country with the most extensive user base…increasing 166 percent from the numbers registered in November,” according to DappRadar’s research. Crypto Market Cap Stands at $2 trillion. Source: TradingView Despite the near-term volatility that NFTs may experience as a result of current market conditions, the nature of these digital assets may lead to a decoupling of prices within crypto marketplaces. Despite the fact that the United States is currently ranked second in terms of overall traffic, the country added 175,000 new members to the NFT ecosystem, representing a 38 percent increase. This is due in part to a rise in interest among younger audiences, as Millennials and Generation Z begin to account for a larger share of traffic. Related article | a16z, Mark Cuban invest $23 million in NFT platform OpenSea Featured Image from Unsplash | Charts by Dune Analytics, and TradingView
  • Cardano Enters The Basho Stage: How It Improves Performance
    NewsBTC - 1 day ago
    The software platform Cardano has entered the third stage of its roadmap, the Basho era. It promises to improve the network’s performance and scalability. Cardano’s roadmap is “a summary of Cardano development” divided into five eras to deliver improvements in diverse functionalities of the network that are “delivered across multiple code releases”. Now that the platform’s core smart contract capability Plutus has been deployed, the launch of the Basho era focuses on scaling Cardano, promising “Parameter adjustments, improvements, enhancements and other innovations” supposed to increase the network’s capacity. They also call it “an era of optimization”, promising to enhance the performance and interoperability “to better support growth and adoption for applications with high transaction volume.” It is supposed to bring high performance, resiliency, and flexibility to the network. Related Reading | Cardano Foundation Completes Funding To Plant 1 Million Trees Scalability And Interoperability Scalability and interoperability are some of the main solutions that Cardano wants to offer as the “ethereum killer”. While the Ethereum network is working to handle up to 100,000 transactions per second (tps), Cardano plans to reach millions of tps through the second-layer solution Hydra. On the interoperability’s side, the Basho stage will introduce the sidechains, “new blockchains, interoperable with the main Cardano chain”, which eventually intends to allow the blockchains, with different architectures and codes, to be able to communicate: interoperate. The Cardano Roadmap explains that “Sidechains can be used as a sharding mechanism by off-loading work from the main chain onto a sidechain to increase the capacity of the network. They can also be used to introduce experimental features without affecting the security of the main blockchain.” Similarly, this stage will also introduce parallel accounting styles: “the ability to support and switch between UTXO and account-based models will be added using sidechains.” This is also meant to enhance interoperability and “support new kinds of use cases on the network.” “Building on these foundations, and steadily increasing capacity and throughput to deal with the growth in the DApp ecosystem and onboard first hundreds of thousands, then millions of new users. From DeFi degens to citizens of developing nations.” Cardano has been widely criticized for its slow start. Many people thought the platform was lagging behind, noting it took a long time to deploy its first smart contract. However, the CEO of the Cardano Foundation Frederik Gregaard argues that they take a careful approach to launch functions, with rigorous testing and peer review. This time around, the Basho stage’s launch report noted that they expect “periods of high demand, network congestion at times”, but they see it as part of the ‘journey’ and added that they will be maintaining a “considered, safe approach”. “We’re on an exciting journey and usage will be high. While we may at times feel impatient, this is the way. Here’s how we will optimize and scale as we grow.” What The Basho Era Promises To Solve The optimization and scalability improvements have been divided in the report between “on-chain solutions” and “off-chain solutions”. Here is what they intend to solve: For on-chain solutions: Block size increase: the network recently increased the block size by 12.5% to 72KB and “further increases will be applied over time”. Pipelining: intends to propagate blocks “to at least 95% of peers within five seconds” to provide “the headroom to make more aggressive scaling changes”. Input Endorsers: “This improves the consistency of block propagation times and allows higher transaction rates.” Memory /CPU parameters for Plutus: improves the efficiency of memory usage across the chain. Plutus script enhancements: a “more effective usage of the powerful EUTXO model through smart contract optimization,” Node enhancements: intends to “help even distribution of stake and reward computations across the epochs”. The new node version “reduces peak load at critical points,” On-disk storage: “RAM-constrained systems will be able to run nodes (…) and memory will no longer be a bottleneck on scalability.” For off-chain solutions: Sidechains: “Assets can be moved between chains as needed.” Hydra: “provides a more efficient means to process transactions off-chain,” Off-chain computing: “Transactions occur outside of the blockchain itself, yet can offer fast, cheap transactions via a trust model.” Mithril: results in “Multi-signature aggregation that is fast and efficient without compromising security features.” Related Reading | Cardano’s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend ADA’s Price ADA trades at $1,28 at the time of writing, up 3.74% in the last 24 hours, but 59.1% down from its last peak in September 2021. ADA trading at $1,28 in the daily chart | Source: ADAUSD on TradingView.com
  • Visa Teams Up With Consensys To Build Payment Infrastructure For CBDCs
    NewsBTC - 1 day ago
    Visa and ConsenSys, a blockchain software startup, are working to develop a central bank digital currency (CBDC) pilot program to explore retail applications such as cards and wallets. Both firms will first meet with an estimated 30 central banks to discuss the goals that governments hope to achieve with government-backed digital currency. The pilot program is scheduled to begin in the spring of this year. Visa To Pilot CBDC In Select Countries Visa (V) announced on Thursday that it will take its crypto services to the next level by teaming with blockchain software company Consensys to create a central bank digital currency onramp (CBDC). The payments giant plans to launch a “CBDC sandbox” in the spring, where central banks can try out the technology after minting it on Consensys’ Quorum network. Visa Trades At $214. Source: TradingView Customers will be able to use their CBDC-linked Visa card or digital wallet anyplace Visa is accepted globally, according to Catherine Gu, Visa’s head of CBDC, who spoke with ConsenSys in a blog post Q&A. Gu Said: “If successful, CBDC could expand access to financial services and make government disbursements more efficient, targeted and secure – that’s an attractive proposition for policy makers.” A CBDC is a type of central bank obligation that is issued in digital form and can be used by the general public, comparable to the US dollar. Related article | Visa Survey Shows Crypto Payments Could Boom In 2022 Countries Are Launching CBDCs The decision comes as regulators around the world struggle to figure out how to treat CBDCs in a changing financial landscape dominated by cryptocurrencies. The notion that crypto and digital money will upend financial markets or replace fiat currency is a major issue. Mastercard also announced the launch of a CBDC test platform in 2020, which allowed banks to simulate the issuance, distribution, and exchange of CBDCs amongst banks, financial service providers, and consumers. “Central banks are moving from research to actually wanting to have a tangible product they can experiment with,” Chuy Sheffield, Visa’s head of crypto. If Visa is successful, it might help bridge the gap between central banks and financial institutions. Visa is accepted by over 80 million merchant locations worldwide. In the last year and a half, the number of countries investigating CBDCs has more than doubled. According to the Atlantic Council’s CBDC tracker, at least 87 different countries — accounting for 90% of global GDP — are considering financial technology in some way. China has already started a number of digital yuan pilot initiatives and plans to accept the currency for the Beijing Winter Olympics. Nigeria and the Bahamas have their own CBDCs in circulation. In early December, Visa announced the formation of a worldwide crypto advisory practice to assist financial institutions in developing their cryptocurrency operations as demand for crypto goods grows. Related article | Visa Is Building A Payment Channel Network On Ethereum Featured image from Pixabay, chart from TradingView.com
  • What’s In Store For MicroStrategy Going Forward? CEO Michael Saylor Reveals
    NewsBTC - 1 day ago
    MicroStrategy has been topping its bitcoin holdings in the last year and is now the public company with the largest bitcoin holdings in the world. Presently, the firm holds over 124K BTC on its balance sheet, worth over $5 billion, remaining in profit despite the recent downtrend. However, with such a large holding, one tends to wonder what the company plans to do with the digital asset in the future. Bitcoin Is Unstoppable MicroStrategy CEO Michael Saylor was on CNBC to talk about the future of the firm which had made a name for itself due to its various bitcoin buys. Saylor who is a big proponent of the digital asset and a BTC maximalist talked about what the firm had planned for the future, as well as what it planned to do with its bitcoin holdings going forward. Related Reading | Bitcoin Is Massively Overvalued, Billionaire ’Bond King’ Jeff Gundlach The CEO starts out by explaining that he remains a strong supporter of bitcoin, which he refers to as “compelling and unstoppable.” This has previously been highlighted at various times by Saylor with his public support for the digital asset. At every possible moment, the CEO has said that bitcoin is the answer to major problems like inflation and is the leading digital property. On the topic of regulation, Saylor explains that he believes that regulation would, in the end, be beneficial for the digital asset. “The regulatory clarity is going to accelerate institutional adoption of bitcoin and you’re going to see large flows of capital enter the asset class as this continues,” the CEO said. BTC trending at $43K | Source: BTCUSD on TradingView.com What MicroStrategy Has Planned For The Future As for MicroStrategy’s plan for the future, the CEO explained that the company will continue to operate as it always has. The company which sells enterprise software has been very profitable so far. With its bitcoin plan, it has seen an uptick in profitability and its stock is up by a factor of four, according to Saylor. Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022 “Look, our long term strategy is kind of like Harvard University. We’re running a university but we have an endowment. MicroStrategy is selling enterprise software. We generate $100 million in cash flow a year – in a good year – and we are reinvesting that cash in our endowment. Our endowment is 100% bitcoin.” Saylor adds that MicroStrategy plans to acquire and hold bitcoin as a balance sheet. As for the operations, the company will continue to sell its enterprise software everywhere in the world. Featured image from CoinDesk, chart from TradingView.com
  • Why IOTA Was Chosen By The European Union To Develop Blockchain Solutions
    NewsBTC - 2 days ago
    IOTA was selected as one of the projects that will take part in the European Union Blockchain Pre-Commercial Procurement. The platform will be competing with four projects in a second round for this EU program for a chance at improving the European Blockchain Services Infrastructure (EBSI). Related Reading | IOTA Smart Contracts Enter Beta Phase To Circumvent Network Flaws Announced by the IOTA Foundation (IF), the network has reached stage two out of three after it was selected from around 35 applicants. This second phase will last around six months, per the announcement, and will have a special focus on research, development, and lab testing. The IOTA Foundation will receive support from the European Commission in order to investigate and develop “blockchain innovations in the context of testing how future evolutions of EBSI could evolve towards a more scalable, energy-efficient, secure and interoperable architecture”. In that sense, the IOTA Foundation revealed that it will partner with Software AG to implement the developed solution. After, the EU Commission will launch an evaluation phase to test the results of its program’s second phase and the progress each participant has accomplished. The IF added the following: (…) based on this evaluation, a minimum of three projects will be selected to move on to Phase 2B, final solutions development and field testing, which is expected to last another year. Therefore, the non-profit organization will start testing blockchain solutions based on IOTA, specifically they will test a use case for digital product passports for digital waste recycling and a cross-border management of IP rights, the announcement said. Besides Software AG, the IF will rely on other partners and will attempt to growth its partner network. In the past, the organization has worked with major companies from around the world to help them develop multiple use cases. This includes software giant IBM, Dell Technologies, Jaguar Land Rover, and others. IOTA To Power EU Supported Blockchain Solutions? In its final stage, the EU program will require projects to field test the capabilities of their proposals. The IF claimed to be “excited” about its role on this European driven initiative and added: We very much support the strategic focus placed by the European Commission on blockchain and distributed ledger technology as a driver for innovation and growth. We are privileged to be part of this pre-commercial procurement procedure to develop a Europe-wide infrastructure based on blockchain and DLT for use in public services (…). IOTA will dedicate resources to develop solutions and use cases on Scalability, and the implementation of sharding on the EBSI infrastructure. The objective is to improve the protocol’s scale capabilities to onboard and support the users that will leverage the EBSI network. The IF will attempt to develop its sharding solution with a “root network” approach. In other words, a main network will be connected to a series of leaf or branch smaller networks. In addition, the organization will work on its consensus and governance mechanism, its interoperability, and potential to implement identity solutions. Related Reading | IOTA to Release Smart Contract Network ‘Assembly’ And Distribute ASMB Token At the time of writing, IOTA trades at $1,11 with a 1.9% loss in 24 hours.
  • 30% Rally for Bitcoin Is Likely Just Around the Corner, According to Crypto Analyst Justin Bennett
    The Daily Hodl - 1 hour ago
    Widely followed crypto analyst Justin Bennett says that a sizeable rally for Bitcoin (BTC) is a very likely scenario in the coming days. In a new strategy session, Bennett takes a look at patterns in BTC’s historic price action that he says show a 20-30% rally is coming up for the largest crypto asset by […] The post 30% Rally for Bitcoin Is Likely Just Around the Corner, According to Crypto Analyst Justin Bennett appeared first on The Daily Hodl.
  • Cathie Wood’s ARK Invest Opens Position in Company Merging With Stablecoin Giant Circle: Report
    The Daily Hodl - 2 hours ago
    Veteran hedge fund manager Cathie Wood’s ARK Invest is buying up shares of a special-purpose acquisitions company (SPAC) that is merging with a prominent stablecoin firm. According to a report from MarketWatch, Wood’s ARK Fintech Innovation exchange-traded fund (ETF) spent $705,820 on 69,300 shares of Concord Acquisition Corporation (CND), a SPAC that recently announced it […] The post Cathie Wood’s ARK Invest Opens Position in Company Merging With Stablecoin Giant Circle: Report appeared first on The Daily Hodl.
  • Chainlink (LINK) Has Nothing but Bullish Times Ahead, According to InvestAnswers – Here’s Why
    The Daily Hodl - 4 hours ago
    A popular crypto strategist says that Chainlink (LINK) is on track to move upwards despite its underwhelming performance in the market last year. In a new interview with crypto analyst Benjamin Cowen, the host of financial education YouTube channel InvestAnswers explains his bullish outlook for the decentralized oracle network.  “This is the oracle that has […] The post Chainlink (LINK) Has Nothing but Bullish Times Ahead, According to InvestAnswers – Here’s Why appeared first on The Daily Hodl.
  • Investment Giant Fidelity Says Countries That Adopt Bitcoin Early May Outperform Their Peers: Report
    The Daily Hodl - 6 hours ago
    Financial services giant Fidelity says that more nations will buy Bitcoin (BTC) this year to remain competitive. In a new report, strategists at the firm say that a high-stakes form of game theory is in play and countries who don’t adopt the top crypto asset by market cap early could fall behind their peers. “If […] The post Investment Giant Fidelity Says Countries That Adopt Bitcoin Early May Outperform Their Peers: Report appeared first on The Daily Hodl.
  • Bitcoin Looking Great, but XRP May Soon Take the Spotlight, Says Top Crypto Analyst
    The Daily Hodl - 9 hours ago
    A closely followed crypto analyst says that XRP may be ready to steal the show after holding strong macro support during the latest market-wide pullback. The pseudonymous strategist known as Credible Crypto tells his 295,000 followers that Bitcoin (BTC) looks great and won’t face any real tests until the $45,000 mark, which is about $3,000 […] The post Bitcoin Looking Great, but XRP May Soon Take the Spotlight, Says Top Crypto Analyst appeared first on The Daily Hodl.
  • Macro Guru Raoul Pal Says Terra (LUNA), Avalanche (AVAX) and Three Additional Altcoins Will Shine in 2022
    The Daily Hodl - 11 hours ago
    Real Vision CEO Raoul Pal says that five altcoins will perform well this year as he expects layer-1 altcoins and interoperable blockchains to shine. In a new interview with CoinMarketCap’s Jessica Walker, Pal says that Bitcoin (BTC) and Ethereum (ETH) act as “base investments,” each for their own reason. “I look at it in terms […] The post Macro Guru Raoul Pal Says Terra (LUNA), Avalanche (AVAX) and Three Additional Altcoins Will Shine in 2022 appeared first on The Daily Hodl.
  • This Altcoin Will Be the ‘Google’ of Crypto, According to SkyBridge Capital Founder Anthony Scaramucci
    The Daily Hodl - 13 hours ago
    SkyBridge Capital founder Anthony Scaramucci says that Algorand (ALGO) will challenge leading competitors in the crypto industry just as Google did in the early days of the internet. In a new interview with Digital Asset News, Scaramucci says that he is investing heavily in ALGO because he thinks it will replace many of its competitors. […] The post This Altcoin Will Be the ‘Google’ of Crypto, According to SkyBridge Capital Founder Anthony Scaramucci appeared first on The Daily Hodl.
  • These Upcoming Crypto Milestones Could Trigger a Massive Rally for Solana, Dogecoin and Three Altcoins: Coin Bureau
    The Daily Hodl - 22 hours ago
    Coin Bureau crypto channel host Guy is revealing why he remains bullish on five major crypto assets despite recent sell-offs. Guy tells his 1.87 million YouTube subscribers that he is unconvinced that the bull market is over and thinks there are “upcoming crypto milestones that could be a catalyst for a massive reversal.” Starting with Solana […] The post These Upcoming Crypto Milestones Could Trigger a Massive Rally for Solana, Dogecoin and Three Altcoins: Coin Bureau appeared first on The Daily Hodl.
  • Crypto Markets Flashing Mixed Signals Amid Early 2022 Price Volatility: Analytics Firm IntoTheBlock
    The Daily Hodl - 1 day ago
    Crypto markets are flashing both bullish and bearish signals as digital assets display early-year volatility, according to analytics firm IntoTheBlock. In a recent newsletter, the market insights platform says there is uncertainty for the crypto markets moving forward as both bears and bulls have good cases to be made. The bull case is centered around […] The post Crypto Markets Flashing Mixed Signals Amid Early 2022 Price Volatility: Analytics Firm IntoTheBlock appeared first on The Daily Hodl.
  • Major City Investing One-Percent of Its Treasury in Crypto, Mulling Possible Bitcoin Tax Discount
    The Daily Hodl - 1 day ago
    Another major metropolis is jumping headfirst into the world of crypto by investing in the digital space and proposing discounts for citizens paying taxes in Bitcoin (BTC). Rio de Janeiro, the South American city of almost 7 million people, now plans to invest 1% of its treasury funds into crypto. According to Brazilian newspaper O […] The post Major City Investing One-Percent of Its Treasury in Crypto, Mulling Possible Bitcoin Tax Discount appeared first on The Daily Hodl.
  • Euro Inflation Hits Record Highs, ECB Not in Rush to Raise Interest Rates
    Bitcoin News - 1 hour ago
    The European Central Bank is concerned over inflation in the euro area rising beyond its own expectations, a high-ranking ECB official has admitted. However, Europe’s monetary authority is not prepared to raise interest rates at this point in time, the executive unveiled. ECB Sees No Reason to Adjust Interest Rates Despite Eurozone Inflation Reaching 5% […]
  • Foam Shoe Giant Crocs Files NFT and Digital Collectibles Trademark Application
    Bitcoin News - 3 hours ago
    According to a recent trademark application, Crocs, the American shoe company based in Colorado may be delving into the world of non-fungible tokens (NFTs). Since 2004, Crocs has sold 300 million pairs of foam clog shoes and the application describes a protocol that can manage and store digital collectibles. Crocs Trademark Filing Describes ‘Downloadable Virtual […]
  • $2.5 Billion in NFT Sales This Week, Volume Climbs 161%, Meebits NFT Sales Surge
    Bitcoin News - 5 hours ago
    During the last seven days, there’s been $2.53 billion non-fungible token (NFT) sales, up 161% over the past week. Ethereum’s blockchain recorded the most NFT sales with $2.45 billion of the aggregate while the Solana network saw around $31.9 million in NFT sales this week. Across 258,536 NFT buyers this week, the NFT collection Meebits […]
  • Pakistan Seeks to Block Websites Dealing in Cryptocurrency: Report
    Bitcoin News - 7 hours ago
    Pakistan’s Federal Investigation Agency (FIA) is reportedly seeking to block websites dealing in cryptocurrency. The decision followed a meeting the agency had with the State Bank of Pakistan (SBP) which recently recommended a complete ban on crypto. Pakistan’s FIA Reportedly Seeks to Block Cryptocurrency Websites Pakistan’s Federal Investigation Agency (FIA) is seeking to block websites […]
  • Ariva Wonderland to Revolutionise Tourism Thanks to the Metaverse, Crypto and VR
    Bitcoin News - 8 hours ago
    PRESS RELEASE. One of the most trending topics as of late is the metaverse and more specifically the relationship that this new kind of technology has with VR (Virtual Reality) technologies. There have already been many different kinds of initiatives which utilise VR alongside metaverse-based efforts in order to provide new and innovative experiences, but […]
  • Survey: Proportion of South African Crypto Holders Grows to 11.3%, 56% of Crypto Owners Hold Bitcoin
    Bitcoin News - 9 hours ago
    The number of surveyed South Africans that own crypto grew marginally from 10.3% in October 2021, to 11.3% in December 2021. With this rate of ownership, South Africa is now ranked number 21 out of the 27 countries whose internet users participated in the survey. South African Ownership Rate Below Global Average According to the […]
  • Gift to Pope Francis Sold as NFT Raises $80,000 for Afghanistan
    Bitcoin News - 11 hours ago
    A carpet presented by the United Arab Emirates as a gift to the head of the Catholic Church a few years ago has been sold in the form of NFT. While the original remains in the Vatican, its digital representation has been successfully used to collect funds for the people of Afghanistan. NFT of Historic […]
  • Rio De Janeiro to Invest 1% of Its Treasury in Cryptocurrency
    Bitcoin News - 13 hours ago
    Rio de Janeiro, one of the largest cities in Brazil, will invest part of its Treasury in cryptocurrencies. The announcement was made by the mayor of Rio, Eduardo Paes, during Rio Innovation Week. The plan is to turn the city into a cryptocurrency-friendly hub, and there are other tax incentives that will also be put […]
  • MTI Mastermind Arrest: Lawyer Points to Agreement Relating to Johann Steynberg’s Extradition to South Africa
    Bitcoin News - 15 hours ago
    With Johann Steynberg now in custody in Brazil, a lawyer has suggested that South Africa may have to resort to an existing legal assistance agreement with Brazil if it wishes to have the CEO extradited. However, the success of any such extradition will depend on the next steps taken by authorities in Brazil. Steynberg Extradition […]
  • Crypto Exchange Bitfinex Stops Servicing Ontario Customers, Asks Users to Withdraw Funds
    Bitcoin News - 17 hours ago
    Cryptocurrency exchange Bitfinex has asked its Ontario users to withdraw their funds since they will no longer have access to any services offered by Bitfinex in March. Bitfinex Stops Providing Services to Ontario Customers Crypto exchange Bitfinex announced Friday that it is making changes to the services it provides to Ontario customers. […]
  • Fantom Heads Towards a Massive Recovery, New ATH Incoming for FTM Price!
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 6 hours ago
    The post Fantom Heads Towards a Massive Recovery, New ATH Incoming for FTM Price! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide After declining for about two weeks, Bitcoin is now back and has surpassed the important levels. With the shift in BTC’s sentiment the overall market too traded in green and registered gains.  Bitcoin at the time of writing is trading at $42.709. Second largest cryptocurrency Ethereum is trading at $3289. Cardano has emerged as a …
  • The Shark Tank Star , Mark Cuban Includes These Altcoins In His Portfolio !
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 6 hours ago
    The post The Shark Tank Star , Mark Cuban Includes These Altcoins In His Portfolio ! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Mark Cuban, the Shark Tank star and millionaire, has revealed his crypto portfolio, which includes various non-fungible tokens (NFTs) and Ethereum-based altcoins (ETH).  The data exchange platform Ocean Protocol (OCEAN), cross-chain smart contract protocol Rarible (RARI), the governance token of the Olympus DAO (gOHM), and music streaming blockchain Audius are among Cuban’s top cryptocurrency holdings, …
  • Top 5 Altcoins Traders Can Bet On This Year! Analyst Charts Next Level
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 6 hours ago
    The post Top 5 Altcoins Traders Can Bet On This Year! Analyst Charts Next Level appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Bitcoin attempted to reach $44,000 a few hours ago but was halted. The majority of cryptocurrencies are marginally in the green, with Cardano being the largest gainer among the larger-cap ones, up 8%. According to Real Vision CEO Raoul Pal, five altcoins will perform well this year, with layer-1 altcoins and interoperable blockchains shining brightly. …
  • Here’s Why SOL, LTC, DOGE & MATIC Price Poised For Major Gains
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 8 hours ago
    The post Here’s Why SOL, LTC, DOGE & MATIC Price Poised For Major Gains appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The global cryptocurrency market capitalization fell 0.12 percent to $2.06 trillion in the last 24 hours, while trading volume fell 27.12 percent to $61.66 billion on January 16. Guy, the host of the Coin Bureau crypto channel, explains why, despite recent sell-offs, he remains bullish on five key crypto assets. He informs his 1.87 million …
  • Big Gains Ahead For BTC, ETH, CRO and VET Price ! Here are the Next Levels To Watch
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 16 hours ago
    The post Big Gains Ahead For BTC, ETH, CRO and VET Price ! Here are the Next Levels To Watch appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The market line is floating in a green colour. The overall cryptocurrency market capitalization was $2.05 trillion, with a 0.53 percent growth in the last 24 hours. In addition, the entire crypto market volume was approximately $84.28 billion in the previous 24 hours, although this fell by around 16.66 percent. As the market traces back, …
  • Cardano Price To Rally Beyound $1.6 , More Than 50% Rally On Horizon
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 16 hours ago
    The post Cardano Price To Rally Beyound $1.6 , More Than 50% Rally On Horizon appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The cryptocurrency market is in a state of flux, making it increasingly impossible to predict the next move. Ethereum is trading at $3.2k, while Bitcoin, the most popular cryptocurrency, is attempting to foresee a continuous growth while trading at $42k. The overall negative pressure is fast building, indicating that a dip is possible in the …
  • AAVE Price Poised For 5x Rally in 2022! What Traders Can Expect in Coming Days ?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 16 hours ago
    The post AAVE Price Poised For 5x Rally in 2022! What Traders Can Expect in Coming Days ? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide This weekend, the cryptocurrency market continued to recover, with the major coins remaining in the green.BTC is approaching $44K resistance, while ETH is staying around $3.3K. Aave, on the other hand, is leading the race with gains of 9.1%. The host of the famous channel Coin Bureau examines what the future holds for Aave, a …
  • Whale Alert! Here Are Top Altcoins Whales are Investing Right Now !
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 17 hours ago
    The post Whale Alert! Here Are Top Altcoins Whales are Investing Right Now ! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The cryptocurrency market has continued to bounce back this weekend, with the major coins remaining in the green zone. BTC is heading towards resistance at $44K, ETH is hovering around $3.3K. However, Aave is leading the race with 9.1% gains. As the market recovers, a $30.6 million cryptocurrency shopping spree was just completed by one …
  • Top Reasons Why Traders are Investing In Near Protocol ( NEAR)
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 21 hours ago
    The post Top Reasons Why Traders are Investing In Near Protocol ( NEAR) appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The crypto market today is stuck in a sideways trade today. BTC is set to hit support at $42K, ETH hovers around $3.3K. In tandem with the market most altcoins trade in losses. However, defying the trend are alts, as they print significant gains. NEAR Price Action Since December 18, NEAR has been rising inside …
  • Litecoin To Pave The Way For Alt-Season This Quarter? LTC Price Run To $300 Imminent?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 23 hours ago
    The post Litecoin To Pave The Way For Alt-Season This Quarter? LTC Price Run To $300 Imminent? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The crypto market has been seeking for a major impetus that could help the space hop onto the bulls. As the business has been dwindling in the midst of corrections. In the interim, veterans from the industry have been speculating the trends to be rhyming from 2017. Successively, Litecoin is now the talk of the …
  • Retail Giant Walmart Plans To Create Its Own Cryptocurrency And Collection of NFTs
    ZyCrypto - 18 minutes ago
    Walmart, the world’s largest company by revenue, appears to be positioning itself for a venture into the world of crypto and non-fungible tokens (NFTs). The company is also laying the groundwork to create its own cryptocurrency to contend with the likes of Bitcoin and Ethereum. Walmart Prepares For The Metaverse Walmart could be the next […]
  • Elon Musk And Tesla Reignite Hopes Of Dogecoin Reaching $1 In 2022 As Rumors Of A Starlink Collaboration Swell
    ZyCrypto - 3 hours ago
    Dogecoin soared over 17% few hours after Elon Musk announced payment acceptance of DOGE for Tesla merchandise. Tesla’s store records massive ‘sold out’ on many items. DOGE briefly reclaimed $0.2 resistance hours after Elon’s tweet. Two days ago, the CEO of Tesla, Elon Musk, announced on Twitter that the company has started accepting Dogecoin as a […]
  • Exohood Launches Its Own Merch Store!
    ZyCrypto - 4 hours ago
    Exohood has been around for over nine months, and a vibrant community has built up around the site. Many fans keep coming back for long discussions about launching our merchandise store. This year, as this was already part of our Whitepaper V1, we have finished it and officially launched our merchandising store. You can find […]
  • The IRS Hopes To Recover Billions In Taxes From Evading NFT Traders
    ZyCrypto - 4 hours ago
    According to a recent report by Bloomberg, the Internal Revenue Service now hopes to net Billions of Dollars in taxes from evading NFT traders. Shilled as the hottest sector now in the crypto ecosystem, the Non-Fungible Tokens (NFTs) market share has been spiraling at an unprecedented rate raking in Billions of dollars, most of which […]
  • Ravendex Reserves An Earth Node With World Mobile Token As They Aim To Provide Internet Access In Africa
    ZyCrypto - 4 hours ago
    Ravendex announced that it has collaborated with World Mobile Token to reserve an Earth Node.  The Ravendex team feels the project will help bring internet access to remote areas in Africa, and we are glad to be involved. In June 2022, World Mobile will offer affordable mobile internet services using blimps. The model is an […]
  • “80% Of The Investments That I Make Are In Or Around Cryptocurrencies.” Asserts Mark Cuban
    ZyCrypto - 4 hours ago
    Mark Cuban is loading up his portfolio with crypto-related investments “in case money goes to hell.” In a recent interview on “The Problem With Jon Stewart” podcast, the Dallas Mavericks boss revealed that 80% of his investments were crypto-related. “80% of the investments that I make that are not on ‘Shark Tank’ are in or around […]
  • Himo World NFT Metaverse Gears Up For IDO
    ZyCrypto - 5 hours ago
    Himo World is just over a week away from its initial DEX offering (IDO) that will see the project’s eponymous native token go on sale across no fewer than five Launchpad’s. An NFT-based strategy game that compels players to build battle decks composed of different in-game characters and square off against other gamers, Himo World […]
  • El Salvador’s Bitcoin Use Adds To Its Risk Portfolio, Says Top Credit Rating Firm
    ZyCrypto - 7 hours ago
    El Salvador’s bitcoin adoption could make it difficult for the country to access international loans. Its actions could hurt its chances of obtaining international loans.  The country’s policy has been aggressive and attracted a lot of detractors.  Market analysis giant Moody’s says El Salvador’s credit score may suffer due to its Bitcoin adoption.  El Salvador […]
  • Massive Bitcoin Outflows Rock Crypto Exchanges As Charts Signal Extreme Bullish Winter
    ZyCrypto - 1 day ago
    Bitcoin continues to exude strength despite the price being 38% below its all-time high. This strength is however being attributed to several reasons that experts argue are key recipes in igniting a sustained bull run this winter. Bitcoin Outflows Surge One glaring development has been the abrupt rise in Bitcoin outflows this week. According to […]
  • Cryptocurrency Job Postings Soared By Over 300% On LinkedIn – Signals Huge Institutional Interest
    ZyCrypto - 1 day ago
    A LinkedIn analysis shows a surge in cryptocurrency job postings. The spike is most likely fueled by the increased capital inflow into blockchain startups.  Big Tech firms have announced the creation of their crypto teams in droves. A LinkedIn analysis has revealed a spike in crypto-related job postings last year. This is indicative of the […]
  • Changpeng Zhao Reveals The Magic Behind Binance’s Huge Success In Recent Years
    ZyCrypto - 1 day ago
    Binance CEO says it’s almost impossible to point to the single determinant of the exchange’s success. He compartmentalizes the factors into three – Users, Service, and Product. The exchange has blazed a trail in an uncharted path by becoming the first exchange to cater to a wider, international clientele. Binance is undoubtedly the largest cryptocurrency […]
  • Panaswap Protocol Transforms The Automated Market Maker Space
    ZyCrypto - 1 day ago
    Panaswap is a cross-chain automated market maker built on the Cardano blockchain. In a bid to enable crypto enthusiasts to have access to Cardano native tokens, the team at Panaswap is pleased to announce its protocol to the crypto community. Panaswap leverages the Cardano blockchain to resolve most of the issues bedeviling DeFi projects. The […]
  • Kryptomon’s Treasure Hunt “Walk-to-Earn” Game Event Returns!
    ZyCrypto - 1 day ago
    There are few constants in life, but one of them is the absolute certainty that should one walk into a gym on the first few days of a new year, it’ll be packed with what seems like the entirety of the city’s total population. And that could make anyone uncomfortable, not just because of the […]
  • What Bear Market? Analyst Highlights Three Bullish Catalysts For Bitcoin In 2022
    ZyCrypto - 1 day ago
    The Crypto market bulls continue to struggle with bears. But market players have a positive outlook in the near term. So far, three bullish catalysts have been spotted for Bitcoin in the long term. The cryptocurrency market sits in a danger zone as it falters following liquidations from last week. While fear rises, some market […]
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