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  • Blockchain-enabled digital fashion creates new business models for brands
    Cointelegraph.com News - 15 minutes ago
    A “digital-first” model is disrupting the fashion sector, as blockchain technology shows advanced capabilities in Web3 e-commerce and sustainability. Nonfungible tokens (NFT) may be disrupting the trillion-dollar fashion industry, but NFTs are just one piece of a much larger puzzle that is revolutionizing this sector. Rather, blockchain technology as a whole continues to be a game-changer for the fashion industry. While blockchain-based supply chains served as some of the earliest use cases of how the technology could help detect fraudulent items, digital wearables being built on blockchain networks are now coming to play. Megan Kaspar, co-founder and managing director of Magnetic — a privately held crypto and blockchain investment and incubation firm — told Cointelegraph that digital fashion is a very powerful use case for blockchain technology. However, she noted that many brands remain unaware of the value that blockchain can provide in terms of creating new business models. The rise of digital fashion and its impactIn order to explain the massive opportunities blockchain can bring to today’s fashion world, Kaspar noted that all brands will initially move to a “digital-first” model in the near future: “This is where collections are created digitally first, whether in-house or outsourced to a company. The digital-first process reduces time, energy and capital, all of which are no longer required to preview collections prior to production. The digital collection can then be superimposed onto photos through digital tailoring.” To put this in perspective, Kaspar was recently featured on the cover of the January issue of Haute Living. This was unique in the sense that it was the first fashion magazine cover in the United States to display digital luxury designer garments on a human. Additionally, the Haute Living cover is equipped with QR codes that generate augmented reality try-on functions, allowing readers to scan barcodes to see how each digital piece featured could look. The designs, which were created by Fendi and digitized by DressX, can then be purchased directly on the Fendi website. Megan Kaspar on the cover of Haute Living January 2022 in a digital Fendi Dress. Source: Haute LivingWhile innovative from a marketing perspective, there are other benefits of digital-first fashion. For instance, Adrienne Faurote, fashion director at Haute Living, remarked in her feature story that “the days of shipping over 20 trunks of clothing across the globe” are gone. This is an important point to consider, especially as the COVID-19 pandemic has resulted in a number of supply chain issues, such as shipping containers getting delayed across the world. It’s also important to note that a blockchain network is not required when it comes to digital-first models. Daria Shapovalova, co-founder of DressX, told Cointelegraph that while the Fendi garments worn by Kaspar on the cover of Haute Living are completely digital, they are not NFTs:“With this first digital cover in the U.S., we aimed to promote digital fashion to a mainstream audience, making Fendi AR try-on capabilities available to everyone — free of charge. Releasing the items as NFTs, on the other hand, would mean that the digital assets and AR would only belong to the NFT holders, which would significantly limit the audience’s ability to interact with the digital garments.”According to Shapovalova, while NFTs are capable of bringing many opportunities to the digital fashion industry, such as providing a sense of belonging and a scarcity effect, this was not what DressX intended to achieve with this specific campaign. Kamal Hotchandani, chief operating officer of Haute Media Group, added that the Haute Living cover demonstrates how mainstream publication features are moving to the digital landscape, with the rise of shoppable editorials and augmented reality (AR) try-on capabilities. Yet when blockchain capabilities are applied to this mix, the benefits become far greater. For example, blockchain technology is enabling Web3 e-commerce between digital and physical items. Justin Banon, co-founder of Boson Protocol — a decentralized commerce platform — told Cointelegraph that the company has developed a foundational base layer for Web3 that enables smart contracts to execute e-commerce transactions within virtual, metaverse environments. Due to the capabilities provided by smart contracts on Boson’s blockchain network, Banon said that trust issues that could potentially arise in a metaverse setting can be resolved: “For example, if an individual entered a metaverse and came across another avatar that was selling a car, one may wonder how this transaction would be secure. Boson Protocol serves as the trust layer between the metaverse and the universe by enabling the sale of NFTs with encoded game theory that can then be redeemed for real-world items.” Blockchain serving as a trusted layer between Web3 commerce transactions is critical here, especially as major labels such as Nike and Adidas set up stores in the metaverse. Digitizing items as NFTs becomes the next step required for selling goods in virtual environments, which bring about additional functionalities.For instance, Kaspar explained that digital-first collections can be sold solely as NFTs and then later manufactured if a buyer desires to have the physical items: “Harnessing blockchain technology and NFTs affords production quantity, visibility of each garment and globally accessible for the first time in history. Limited-edition drops and on-demand manufacturing could easily be byproducts of Web3.”Your unique RTFKT Punks Sneaker NFT gets you : NFT 1/1 + 1 Pair of Physical to forge June 22ndVXL Portrait 1/1 (airdropped later we removed double minting to ease the chain a bit)Voxel sneakers files for MetaverseAll made from your Punk ‍https://t.co/B4YOKI0dV4 pic.twitter.com/7vOX0mRRLr— RTFKT Studios (@RTFKTstudios) May 11, 2021 Banon added that while 2021 focused primarily on brands selling NFT fashion, this year will see an increased push toward “digi-physical” or “phygitals.” According to Banon, this is when brands sell physical fashion items in Web3 ecosystems that are associated with NFT counterparts. “Think physical sneakers with an NFT wearable version as well,” said Banon. This was recently demonstrated by crypto fashion house RTFKT as the company collaborated with “CryptoPunks” to create 10,000 NFT sneakers. One custom sneaker pair was created for each “CryptoPunk” released and then given to its rightful owner…
  • Indonesia’s crypto industry in 2021: A kaleidoscope
    Cointelegraph.com News - 1 hour ago
    The Indonesian cryptocurrency industry and market experienced notable growth in 2021. In 2021, the number of global crypto holders has been estimated to have increased by 3.9% to more than 300 million crypto users worldwide, with more than 18,000 businesses already accepting cryptocurrencies as payment. India is currently in the lead with 100 million users, followed by the United States with 27 million users and Russia with 17 million users.According to data from Triple A, Indonesia has the seventh-largest crypto user base, below Brazil and Pakistan. It is estimated that there are 7.2 million Indonesians who own cryptocurrencies, while according to the Indonesian Blockchain Association, as of July 2021, the number of crypto owners in Indonesia is 7.4 million people, an increase of 85% from 2020. This number is significantly more than the number of stock investors in Indonesia with only 2.7 million investors, based on data from the Indonesia Stock Exchange.The total population of Indonesia in June was 272 million people, which means that only 2.7% of the Indonesian population owns crypto. This shows that there is still room for the crypto industry to grow, develop and reach more corners of Indonesian society.The rapid growth of crypto investors in Indonesia is partly the result of Indonesian regulators that have welcomed crypto and blockchain developments with open arms. Throughout 2021, there have been many discussions with officials, new crypto regulations and developments in the sector. According to Dhila Rizqia, head of growth at local industry media firm Coinvestasi, the growing number of Indonesian crypto investors is also reflected in the rise of the crypto media. “In 2021, Coinvestasi has gained a lot of new audiences across our channels, including Instagram and YouTube which have grown over 1,787% and 1,388%, respectively.”2021 has been an incredible ride for cryptocurrencies, in this article we’ll take a look at the hottest trends in the Indonesian crypto industry last year.Whitelist of legal digital assetsBitcoin (BTC) is legal in Indonesia as a commodity and can be traded on crypto exchanges. Early this year, the Commodity Futures Trading Regulatory Agency (BAPPEBTI) issued a whitelist of legal crypto assets for trading in Indonesia. This whitelist consists of 229 crypto assets, including Bitcoin, Ether (ETH), Polkadot (DOT), Cardano (ADA) and the popular memecoin Dogecoin (DOGE), that are allowed for trading on registered exchanges. These crypto assets are selected by two approaches: The first is a juridical approach which looks at the top 500 coins based on market cap in accordance with the provisions in regulation Number 5 of 2019. The second is through a process of hierarchy analysis, wherein BAPPEBTI assesses the security aspects, profiles of the founders and developer team, blockchain system governance, blockchain system scalability, roadmap and its verifiable progress. Crypto taxationWith the growth of crypto users and investors in Indonesia, the government, through BAPPEBTI and the Director General of Taxes, is also considering imposing taxes on crypto trading. For now, crypto taxation is still under discussion with several market players such as exchanges and industry associations. BAPPEBTI stated that the crypto tax in Indonesia could be around 0.05%, lower than the 0.1% tax imposed on stock trades.Meanwhile, the government has reportedly begun to discuss an income tax for investors in crypto assets of 0.03%. Crypto is haramThe question of Bitcoin and crypto assets being halal (permissible) or haram (forbidden) under Islamic law has been a long and heated debate. As a country with a majority Muslim population, the topic is of particular importance for Indonesia.In October, the East Java branch of one of Indonesia’s largest Islamic organizations ruled that while the government may approve of cryptocurrencies, they cannot be considered halal “based on several considerations, including the prevalence of fraud, it is considered unlawful.”Less than one month later, the National Ulema Council (MUI) — Indonesia’s top Islamic scholarly body — found cryptocurrencies to be haram due to alleged elements of “uncertainty, wagering and harm.”Furthermore, the trading of crypto as a digital commodity/asset did not meet other requirements of Islamic financial law because, according to the MIU, it lacked necessary elements such as having a physical form, having value, being proprietary and able to be handed over to the buyer. NFTs find support from celebrities to the governor The development of nonfungible tokens (NFTs) in Indonesia took off in 2021, especially after Ridwan Kamil, the Governor of West Java, jumped on this trend by inviting artists from West Java to create and promote their art as NFTs to be traded on NFT platforms such as OpenSea. NFT: A NEWMIND ECONOMYSeiring dgn logika2 baru ekonomi digital. Saya akan memulai transformasi kesejahteraan baru newmind economy utk para pelaku ekonomi kreatif.Yaitu bantu menjualkan karya2 seniman jalanan di bursa aset digital dunia yaitu NFT via pasar marketplace Opensea. pic.twitter.com/p91VlRBtZI— ridwan kamil (@ridwankamil) November 25, 2021 Indonesian singer Syahrini sold 17,800 NFTs for 20 Binance USD (BUSD) or around 286,300 rupiahs per NFT on the Binance NFT exchange, netting the singer a total income of around 5.1 billion rupiahs, or $356,000.There is also chef Arnold Poernomo, a celebrity chef who also created his own NFT and promoted it on Twitter.Exchange tokensExchange-issued tokens such as Binance Coin (BNB) and FTX Token (FTT) can be used by holders to get benefits provided by the exchange such as discounts on deposits, no withdrawal fees, opportunities to participate in promotional activities and so on. Indonesian local exchanges began to issue their own such tokens in 2021, with Tokocrypto releasing Toko Token (TKO) in collaboration with Binance on Binance Launchpad. From the beginning of this year’s listing, TKO has increased by over 1,000%.Domestic crypto exchange PINTU launched its Pintu Token (PTU) in November, which is now available on various exchanges such as Bybit and FTX and is also supported by leading investors like Lightspeed, Coinbase and Pantera.With two local exchanges launching their own native tokens in 2021, it will be interesting to see if other exchanges such as Indodax, Rekeningku or Triv follow suit in 2022.Binance partners with largest Indonesian telcoTo cap off the year Binance partnered with a subsidiary of Telkom Indonesia, MDI Ventures, to create a…
  • Bitcoin dives below $33K to fill futures gap amid record BTC ‘hodling’
    Cointelegraph.com News - 3 hours ago
    Bitcoin price losses keep coming but coins dormant for at least a year now account for 60% of the total BTC supply. Bitcoin (BTC) set new multi-month lows on Jan. 24 as the new week began with some classic price behavior.BTC/USD 1-minute candle chart (Binance). Source: TradingView“Rangeplay” for BTC after CME gap fillData from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $32,967 on Bitstamp prior to the Wall Street open on Jan. 24.That level represented the start of a CME futures gap left over from July 2021, Bitcoin “filling” it almost to the dollar before reversing upwards to add over $1,000 in minutes.With volatility clearly in the air, expectations were running high for the start of trading on United States equities markets.Weekends are scams. (Low volume markets)— Adam Back (@adam3us) January 23, 2022 “Now, Bitcoin will fight $34.1K–$34.4K. If that reclaims, potential test at $38K possible,” Cointelegraph contributor Michaël van de Poppe summarized to Twitter followers, noting the CME gap closure. “Rangeplay at this point.”At the time of writing, BTC/USD traded just below $34,000, with around an hour and a half until the U.S. open.Zooming out, investor behavior meanwhile appeared to counter concerns over short-term sellers. As noted by investor and entrepreneur Alistair Milne, the proportion of the Bitcoin supply that has remained stationary for a year or more hit levels not seen during previous capitulation events.The % of #Bitcoin unmoved for 12 months or more just hit 60%… which is higher than after the March 2020 COVID crash… higher than at the end of the 2015/16 bear market… higher than at the end of the 2018/19 bear market/end transmission— Alistair Milne (@alistairmilne) January 24, 2022 Even beating the 2018 bear market bottom, when Bitcoin reached $3,100 after a drawdown of over 80%, current resolve among long-term investors was thus palpable.HODL Waves data from on-chain analytics firm Glassnode confirmed the presence of active hodlers.Bitcoin HODL Waves chart (screenshot). Source: Unchained CapitalEther attracts $1,800 bid targetThe situation looked bleaker for major altcoins on the day, as Ether (ETH) shed almost 11% to near $2,000.Related: Bitcoin ‘enters value zone’ as BTC price floor metric goes green againThe largest altcoin by market cap was not alone in its precipitous fall, the top 10 led by Solana (SOL), down almost 18% at the time of writing. For popular trader and analyst Pentoshi, bid levels to watch now lay below $2,000 support — more than 60% under recent all-time highs”$ETHto me is a great buy at $1800 and I still believe in time we get there,” he said on Jan. 23, adding a SOL/USD target of $40 as a “fair target.”ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView.
  • Crypto exchange’s Twitter gets hacked by ‘disgruntled employee’
    Cointelegraph.com News - 3 hours ago
    Latoken’s Twitter account started publishing accusations of scams and mistreating employees. The Twitter account of the Russian crypto exchange Latoken seems to have been breached by a hacker who started posting allegations that the exchange is a scam. According to the posts, the exchange is promoting “scam IEOs” and misleading its customers. WARNING – THIS IS A SCAM EXCHANGEThey are promoting scam IEOs.They are promoting IEOs promising growth of 100% to 500%.They are cheating and lying to founders and employees.They are misleading founders to think they will have successful IEOs while it never happens.— LATOKEN (@latokens) January 24, 2022 The profile picture of the account was also changed into a scam warning image, while the Twitter page’s bio was edited to “LATOKEN is the leading SCAM platform!” According to the hacker, the exchange treats employees unfairly and also fires employees for no reason.The hacker has also accused the exchange of deliberately trying to “scam money out of projects” and promising 100%–500% growth without delivering. The hacker also called Valentin Preobrazhensky, the founder of Latoken, a “liar” and a “face seller.”Apart from Latoken, the official Twitter of LADEX, the company’s decentralized exchange project was also compromised. The hacker posted a video of an online meeting showing the Latoken CEO screaming curses at someone in the call.The hacker also highlighted Trust Pilot’s review on Latoken, which is only two out of five stars. However, a warning message in Trust Pilot says that the site detected misuse on Latoken’s page, stating that it has detected a number of fake reviews.In response to the incident, Latoken’s official Telegram account published an update telling its users about the hack. The exchange said it believes the accusations to be the act of a “disgruntled employee” and that its team is in touch with Twitter support to fix the problem.Related: Crypto.com breach may be worth up to $33M, suggests onchain analystSeveral crypto YouTube accounts have faced a series of hacks recently. Hackers posted videos that instructed viewers to send money to the hacker’s wallet using the accounts of famous personalities such as BitBoy Crypto, Box Mining, Ivan on Tech and even boxing superstar Floyd Mayweather Jr. Luckily, many of the account owners were able to detect and remove the videos within minutes.Back in 2020, a similar hack compromised the Twitter accounts of prominent individuals. The official accounts of Elon Musk, Kanye West, Bill Gates and others were hacked by a Bitcoin (BTC) thief who published posts claiming to double any crypto amount sent to a certain wallet address.
  • NFT marketplace bug undervalues tokens, helps exploiter nab $750,000
    Cointelegraph.com News - 4 hours ago
    The NFT marketplace bug was reportedly discovered on Dec. 31, which showed transferred NFTs as listed on OpenSea. A bug in the front end of popular nonfungible token (NFT) marketplace OpenSea has reportedly led to an exploit allowing users to buy popular NFTs at their previous listing price.The bug seems to be prevalent with Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collectibles, where the exploiter managed to buy them at their old listing price and then sold them for the current market price. The affected NFTs include BAYC #9991, BAYC #8924, MAYC #4986.Opensea User Activity Tab Source: OpenSeaA user named jpegdegenlove is suspected of exploiting the current bug and has reportedly profited 332 Ether (ETH) ($754,000). OpenSea didn’t immediately respond to Cointelegraph’s request for comment.Reported exploiter Ether wallet balance Source: EtherscanAn earlier exploit on Dec. 31 saw a similar scenario, wherein a bug seemed to arise from the transfer of assets from the OpenSea wallet to a different wallet without cancellation of the listing.Related:  Nifty News: FLUF World and Snoop Dogg fundraise, Adidas and Prada NFTs, WAX gifts 10M NFTsOne Twitter user explained that when a user lists their collectible for auction on the OpenSea and decides to cancel it, the marketplace charges a significant fee and the floor price of the collectible also decreases. Users found a way around this: Instead of canceling their sale, they transfer their asset to a different wallet, which automatically removes the listing from OpenSea. However, the bug keeps the listing active through OpenSea’s API. 1/ Recently there's been an @opensea exploit that has allowed for assets to be purchased at greatly discounted prices, including 3 freshdrops passes, a BAYC https://t.co/8pEgeXkOBo, multiple MAYCs, and more. I did some research this morning and here's what's happening -> a — cap10bad.ΞTH | freshdrops.io (@cap10bad) December 31, 2021 Users can check whether their listing has been removed from Rarible, another NFT marketplace that uses OpenSea’s API. The user claimed that the bug was flagged after the December incident, but the platform didn’t take any measures to address the issue.NFTs exploded in popularity in 2021 with major brands and celebrities all hopping on the bandwagon, which has attracted an increasing number of scams. 
  • Men check Bitcoin price more frequently than women, new study reveals
    Cointelegraph.com News - 4 hours ago
    A new study lays emphasis on the importance of crypto education for women as the lack of knowledge leads to exclusion in the crypto industry. Gender is associated with both psychological and demographic factors when it comes to crypto investment, new academic research revealed.A new study has shed light on the differences between men and women in different aspects of crypto trading and investment, revealing that 60% of women have very limited or no knowledge about crypto assets, a critical element affecting investments, while two-thirds of men have a medium and high level of understanding of crypto. Better overall knowledge leads to taking more risks, as men follow their investments more frequently than women and do not avoid taking more risks, the study found. A key driver behind women’s tendency to try different investment tools is lower income and a lower level of knowledge about crypto.The study, accepted by the Journal of Business, Economics and Finance on Dec. 24, argues that gender is a factor that affects the financial investment decisions of individuals. Researchers Çağla Gül Şenkardeş and Ozan Akadur have discussed data obtained via a computer-aided survey conducted in Turkey to reveal gender-related behavioral and psychological differences in crypto.Şenkardeş has been working as an interdisciplinary academic researcher with a focus on technology and gender. Being an active participant in the crypto ecosystem for over five years, she has studied the exclusion of women from the crypto industry with personal observations and specific data collected for the research. Commenting on the study, she told Cointelegraph:“The male-dominated culture built within the crypto industry becomes visible in both the demographic and psychological factors that affect financial investment decisions.” Şenkardeş also shared her personal observations that women have a lower level of knowledge about crypto, which, among other causes, leads to a decrease in the investment ratio. Related: 10 women who used crypto to make a difference in 2021But there is hope. Şenkardeş noted that there are activist platforms around the globe with the goal to increase women’s participation in the crypto industry both as traders and developers. She said:“I do believe together with the increasing awareness on a gender-free digital verse, the gap between the female and male crypto investors will disappear.”As Cointelegraph’s Keira Wright pointed out, current numbers need vast improvements to achieve an equal playing field. A CNBC survey found that women are still less than half as likely to invest in cryptocurrencies than men, with 16% of men investing vs. 7% of women.But the crypto industry has the potential to empower women and give them more control over their finances, Wright concluded, adding that traditional barriers between women and financial freedom are already started to crumble as mainstream adoption takes off.
  • Bitcoin ‘enters value zone’ as BTC price floor metric goes green again
    Cointelegraph.com News - 6 hours ago
    Dynamic range NVT returns to levels seen just twice in two years: the March 2020 coronavirus crash and last year’s reaction after the Chinese miner shut down. Bitcoin (BTC) has just reentered a key price zone, which has signaled the beginning of the end for bear phases, data confirms.In a tweet on Jan. 24, Charles Edwards, founder of crypto investment firm Capriole, flagged Bitcoin’s network value to transaction (NVT) ratio metric as it delivered a new and rare “oversold” signal.NVT says it’s reversal timeBitcoin price losses accelerated over the weekend, with the market not far off a retest of the seminal $30,000 mark prior to Monday’s Wall Street open.Nonetheless, for on-chain analysts, there are plenty of reasons to believe that the extent of losses seen recently is more of a market overreaction than a taste of things to come.Supporting that thesis is NVT, which calculates how overbought or oversold Bitcoin really is. NVT, first developed by statistician Willy Woo and entrepreneur Dmitry Kalichkin, uses the ratio of Bitcoin’s market capitalization to its daily on-chain transaction value to create an idea of whether price behavior really corresponds to on-chain activity. Edwards subsequently tweaked the metric by adding standard deviation bands to account for natural changes in on-chain behavior as Bitcoin matures. The result was the so-called “dynamic range NVT,” and it is this incarnation that returned to its green zone this weekOver the past two years, only summer 2021 — the post-China mining ban period — and the coronavirus crash of March 2020 have produced such NVT behavior.“Valuing the Bitcoin network based on transaction value throughput suggests we have entered the value zone,” Edwards commented on Twitter alongside a print of NVT’s latest movements.Bitcoin dynamic range NVT vs. BTC/USD chart. Source: Charles Edwards/Twitter“People have short memories”Back on the spot market, others called into question the veracity of recent losses, even with BTC/USD briefly exceeding -50% versus November’s all-time highs.Related: Illiquid supply ‘going up relentlessly’ — 5 things to watch in Bitcoin this weekWith two months being all that was required for some balances to halve, trader, analyst and podcast host Scott Melker, known as the “Wolf Of All Streets,” reminded followers that this is nothing new for Bitcoin.“People have short memories. In May, Bitcoin went from 60K to 30K in 10 DAYS! 10 DAYS,” he tweeted.“That was much more aggressive, on much higher volume, and was only 8 months ago. We’ve been here before.”BTC/USD 1-day candle chart (Bitstamp) showing May 2021 decline. Source: TradingViewAs such, when it comes to kneejerk reactions from crypto markets, the current drawdown, in Melker’s eyes, is unremarkable. Sentiment, meanwhile, has been at or near the bottom of its historical range for several weeks.
  • No regrets for NYC mayor receiving his first Bitcoin paycheck during dip
    Cointelegraph.com News - 6 hours ago
    New York City Mayor Adams was nonchalant about receiving his first Bitcoin paycheck during a 50% drawdown from all-time highs. Bitcoin (BTC) is a New York state of mind thing for Eric Adams, the crypto advocate serving as the 110th mayor of New York City. He received his first Bitcoin payout on Friday during some epic downward price action and was unflappable when asked about losses during an interview. Bitcoin’s price has taken a nosedive from Friday highs of $41,000 to $35,000, meaning Adams has effectively taken a 15% haircut on his first wages. In light of the plummeting price action, a CNN interviewer asked on Sunday, “How much money did you lose, and do you have any regrets?”The recently instated mayor sidestepped the question, instead shining a spotlight on Bitcoin technology while making comparisons to investing in the S&P 500: “It’s the same as when I invested in the stock market; we saw a drastic drop during 2018 and other times. The purpose of Bitcoin is to send a message that New York City is open to technology. We want to see a large amount of new technology in the city of New York and to encourage our young people to engage in these new emerging markets.”He concluded that he is excited to bring young people into the space “who have historically been denied access to this new technology.” Adams promised he would receive his first three paychecks in Bitcoin, or $97,000 annualized. In answer to the interviewer’s question, speculators can assume he lost roughly $5,000 in nominal dollar terms on Friday. That assumes he was paid roughly $32,333.It’s important to note that due to United States Department Labor laws, the payment was first issued in fiat as U.S. dollars and then converted into digital currencies on crypto exchange Coinbase. Related: Brazilian mayor to reportedly invest 1% of city reserves in BitcoinWhile the salary gesture is a promising sign for the Big Apple, New York’s crypto regulations are stringent for America’s standards. Crypto exchange Gemini said the financial center has “arguably the most comprehensive and granular crypto regulations in the nation.”The orange-pilled mayor clearly has his work cut out. But it’s like the old saying goes, “if Bitcoin can make it here, Bitcoin can make it anywhere.”
  • Bank of Korea completes first phase of digital currency pilot
    Cointelegraph.com News - 7 hours ago
    The second phase of the CBDC mock testing is expected to be completed by June this year The Bank of Korea has successfully completed the first phase of its central bank digital currency (CBDC) mock testing, which started in August 2021. The South Korean central bank said that the first phase of its CBDC mock testing was completed in December while the second phase is currently underway, reported YNA news. The first phase of the mock test involved some of the basic functions of the sovereign digital currency such as distribution and issuance.The second phase of the CBDC pilot would test real-world functionalities such as cross-border remittance, retail payments and offline payments. The bank stated:”We will confirm the possibility of operating various functions, such as offline settlements, and the application of new technologies, such as one intended to strengthen privacy protection during the second phase of the test.”Bank of Korea (BOK) is also looking to onboard financial institutions for the second phase, quite similar to what China is currently doing with its digital yuan. However, unlike China, BOK-issued digital currency would also focus on user privacy.The second phase is expected to complete by June 2022, after which the central bank plans to chalk out an official launch and commercialization plans. Related: Does a Fed digital dollar leave any room for crypto stablecoins?South Korea has thus joined the select group of nations that have either started or completed the pilot phase of their CBDC testing. Currently, 91 nations are working on their sovereign digital currency and only 14 nations have reached the pilot phase, as per data from the Atlantic Council.World CBDC Development Tracker Source: Atlantic CouncilSouth Korea has become one of the leading crypto-compliant nations over the past few years and recently revealed its plans to become a world leader in the metaverse as well. While China is currently at the forefront of the CBDC game, many European and Asian counterparts have accelerated their development plans to catch up with its pace.
  • Illiquid supply ‘going up relentlessly’ — 5 things to watch in Bitcoin this week
    Cointelegraph.com News - 7 hours ago
    It may have dropped to six-month lows, but Bitcoin is still the subject of an increasing supply squeeze. Bitcoin (BTC) is starting the final week of January in a place no one wanted but many warned about — a 50% drawdown from all-time highs.A flight to $34,000 means that BTC/USD is now down by half in just two months, and perhaps naturally, concerns are that the losses could continue.With $30,000 so far unchallenged, Bitcoin remains slightly above the trough of its dip from $58,000 to $29,000 last summer.With macro markets facing a tough time of their own thanks to rapidly changing United States Federal Reserve policy, crypto holders will be eyeing their coins’ correlation to traditional assets going forward. Can Bitcoin break the trend?So far, there are few signs that a significant rebound is on the cards, but below the headlines, not all is as it seems when it comes to Bitcoin’s strength.Cointelegraph presents a look at five areas worth taking note of this week when assessing what could be next for BTC price action.Bitcoin nears a “generational bottom”Bitcoin bears took no notice of out-of-hours trading on Wall Street, with the weekend ushering in a new round of losses.From $39,000 to current lows of $34,000, BTC showed no mercy as liquidations mounted and sentiment took a fresh beating.Now, traders are naturally eyeing a test of $30,000 as a more definitive representation of how Bitcoin is likely to fare in the short to mid-term.Other estimates for where some relief may occur previously lay at $33,000 and $31,500, these likewise yet to be reached.Analyzing various aspects of the on-chain situation, Dylan LeClair, senior analyst at UTXO Management, highlighted Bitcoin’s current cost basis as a potential clue for what he calls a “generational bottom.”Cost basis refers to the aggregate price at which Bitcoin from various cohorts of investors was last moved. The calculation, when combined with other data, can give an insight into where a Bitcoin bear phase is likely to bottom out.Currently, the network cost basis is $24,000. The ratio of cost basis to price, known as the market value to realized value (MVRV) ratio, likewise has further room to fall before putting in a classic floor signal of its own.The current MVRV ratio is in the 38th percentile of historical readings.In the past $BTC dips below realized price (MVRV below 1.0) have served as generational buying opportunities. It’s anyones guess if we get to 24k, but it would certainly be extremely attractive to buy.8/ pic.twitter.com/sW35OEt0I4— Dylan LeClair (@DylanLeClair_) January 24, 2022 Closer to home and a familiar target for BTC/USD is emerging in the form of a CME futures gap.While a wick to just above $36,000 on Friday spoiled the opportunity for Bitcoin to reclaim levels closer to $40,000 as part of a “gap fill,” a lower gap from July remains at around $32,000.“The actual price action will happen at the start of the new week, when futures open and CME starts to trade,” Cointelegraph contributor Michaël van de Poppe forecast.CME Bitcoin futures 1-day candle chart. Source: TradingViewFutures “gaps” refer to the empty space on CME Group’s futures chart between the end of trading on Friday and the start on the following Monday. If spot price moves in the intervening period, it has a habit of returning to “fill in” the gap, this often occurs within days or even hours.Spotlight on RSIOver the weekend, Cointelegraph reported on Bitcoin’s daily relative strength index (RSI) metric nearing its lowest levels since the coronavirus crash of March 2020.Well below even its classic “oversold” zone, RSI is now becoming one of the most convincing signals for analysts keen to put faith in a market rebound.Bitcoin daily RSI at its lowest since March 12th, 2020 (covid crash)— Will Clemente (@WClementeIII) January 22, 2022 Not just daily, but weekly RSI is now de facto back where it dipped to almost two years ago. Thereafter, those who followed it profited big, as the next year saw practically unbridled BTC price gains.RSI refers to how overbought or oversold an asset is at a given price point, and the current low readings thus lend weight to the idea that $35,000 does not accurately reflect Bitcoin’s value.For popular Twitter trader and analyst TechDev, the numbers stack up, with RSI on the weekly chart within a hair of classic reversal zones from earlier in Bitcoin’s history.Current #BTC weekly RSI: 37All bear bottoms: 29-35March 2020 crash: 35Closer to a bottom than a top imo. GN all. pic.twitter.com/MzyLNnJ6IT— TechDev (@TechDev_52) January 23, 2022 “Monthly RSI approaching levels that have been historically some of the best buying opportunities in its entire history,” fellow analyst Matthew Hyland added alongside a chart of his own.Bitcoin monthly RSI vs. BTC/USD annotated chart. Source: Matthew Hyland/TwitterOn both higher and lower timeframes, Bitcoin RSI is hinting that current price levels are unsustainable.Miners hold firm… so farAnother phenomenon that could be subtly flagging $35,000 Bitcoin as a red herring is that of miner selling — or lack of it.At 50% below all-time highs, BTC/USD is now within major estimates of global production costs for mining a single Bitcoin.These range from around $34,000, as Cointelegraph reported, to $38,000, according to recent estimates, including that from crypto merchant bank Galaxy Digital.Looking at data covering movements from mining pools and known miner wallets, however, it appears that despite presumably low or even negative profit margins, miners are in no mood to sell their BTC holdings.A significant accumulation trend that began last year thus shows no sign of reversing — yet.Miners are not selling #Bitcoin Do they know something we don’t…? #BTC pic.twitter.com/csaE5y6hQJ— Plan©️ (@TheRealPlanC) January 22, 2022 Nonetheless, not everyone is convinced that the status quo can weather the storm if spot price action continues to decline.“The worst dumps #Bitcoin ever had were due to miners capitulation (Dec 2018, Mar 2020), when BTC fell below production costs, it is at risk for miner capitulation,” popular Twitter account Venturefounder reiterated over the weekend. “BTC was at risk for miner capitulation at $30k in June and at risk now again at…
  • Russian tech and political executives denounce crypto ban proposal
    Cointelegraph.com News - 10 hours ago
    Telegram CEO Pavel Durov wrote that the proposed ban on crypto would “destroy a number of sectors of the high-tech economy” in a recent post on his massaging platform. Russia’s recent ban on crypto has drawn criticism from a number of big names, including Alexei Navalny’s chief of staff, Leonid Volkov, and Telegram founder Pavel Durov. On Thursday, Russia’s central bank published a report proposing a blanket ban on domestic crypto trading and mining. The report stated that the risks of crypto are “much higher for emerging markets, including Russia.” However, it appears that this proposed ban isn’t universally accepted in the country. A Saturday post by Telegram founder Pavel Durov stated that the proposed ban on crypto would “destroy a number of sectors of the high-tech economy.” He added:“Such a ban will inevitably slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many human activities, from finance to the arts.”While Durov conceded that the “desire to regulate the circulation of cryptocurrencies is natural on the part of any financial authority,” he concluded that “such a ban is unlikely to stop unscrupulous players, but it will put an end to legal Russian projects in this area.”Leonid Volkov: Banning crypto is “impossible”Meanwhile, in a Telegram post on Thursday, Volkov wrote that the ban would be like “calling a spade a spade.”Navalny is an opposition leader in Russia and founder of The Anti-Corruption Foundation (FBK). In August 2020, he was poisoned with the nerve agent Novichok. After recovering in Germany, he returned to Russia in January 2021 where he was arrested and has remained imprisoned since. In his announcement, Volkov referenced a Thursday report by Bloomberg. It claimed that Russia’s Federal Security Service (FSB) was instrumental in advancing the ban because crypto can be used to finance “non-systemic opposition and extremist organizations.”He went on to add that he was “sure that the Bloomberg version, in this case, is 100% close to reality, but nothing will happen” because Russians are more likely to use crypto to buy drugs rather than donate it to the Moscow-based nonprofit FBK. “Technically, banning cryptocurrency is the same as banning person-to-person transfers (i.e. it’s impossible)… Yes, they can make it very difficult to deposit funds on crypto exchanges, which means that intermediary services will simply appear that will do this through foreign jurisdictions. Yes, transaction costs will rise. Well, that’s all, I guess.”Related: Bank of Russia governor: Banning crypto in Russia is ‘quite doable’Many of Russia’s neighbors have also taken a hard-line stance on crypto. On Wednesday, citizens in neighboring country Georgia were made to swear an oath to cease mining crypto. The governments of Kosovo and Kazakhstan have also recently been added to the list of countries that have banned crypto mining. Perhaps one exception is the Russian neighbor Ukraine, which passed a number of laws to facilitate the country’s adoption of cryptocurrencies in September 2021.
  • Crypto YouTubers fall victim to hacking and scamming attempt
    Cointelegraph.com News - 11 hours ago
    Many of the affected accounts noticed the fraudulent videos and removed them from their channels within minutes of them being posted. Hackers attacked a number of popular crypto YouTuber accounts at some point during Sunday afternoon. The accounts posted unauthorized videos with text directing viewers to send money to the hacker’s wallet. Accounts that appear to have been targeted by the attack include BitBoy Crypto, Altcoin Buzz, Box Mining, Floyd Mayweather, Ivan on Tech and The Moon, among others. BREAKING: Dozens of Crypto YouTubers have had their accounts hijacked by hackers promoting a fake crypto giveaway scam. Hacked accounts include:@IvanOnTech@boxmining@aantonop@themooncarl@Bitboy_Crypto@mmcrypto@Altcoinbuzzio@FloydMayweather@crypto_banter@CoinMarketCap pic.twitter.com/ykXkZUh9cO— Mr. Whale (@CryptoWhale) January 23, 2022 The Binance Smart Chain wallet address that was listed on the fraudulent videos only had a total of nine transactions in BNB, with a total value of around $850, at the time of writing.Michael Gu told Cointelegraph that his YouTube channel Boxmining posted a video without his permission. “Luckily, we caught it within two mins of the video going live and managed to delete it,” he said. “By that time, there were already views and comments from my community.”He added that he had done an internal sweep and found no viruses or bugs that may have given the hackers access to his account. “Seems like YouTube might be responsible,” he said. Many Crypto Youtubers (including me) got hacked today – all publishing a scam video at around the same time – @IvanOnTech @aantonop @Bitboy_Crypto @Altcoinbuzzio @FloydMayweather @crypto_banter @CoinMarketCapI have 2FA enabled. pic.twitter.com/c8z5qmJ3bT— Boxmining (@boxmining) January 23, 2022 One Reddit post by user “9Oh8m8” suggested that it appears as though the hackers were able to gain access to the accounts using a SIM swap scam, which would have enabled them to bypass two-factor authentication (2FA). They added:“They are all posting with a title like “ONE WORLD CRYPTOCURRENCY.” They have an address in vid and description to send your USDT/USDC/BNB/ETH to receive a new crypto called OWCY.” However, Gu wasn’t convinced that the hack was a result of a SIM swap, telling Cointelegraph that there were no logins on his personal Google account. “If it was a SIM swap, I would lose access to my phone, etc., and that didn’t happen,” he said. “What we noticed was on the BRAND account (which doesn’t have a login. YouTube brand accounts are connected to personal) there was a login from the Philippines. Very likely, this is either a hack on YouTube side or a rogue employee. That’s how they got so many people at the same time.”Founder and CEO of the Altcoin Buzz YouTube channel Shash Gupta added that they noticed something was amiss at around 1:00 am Singapore time (5:00 pm UTC)on Sunday night when an unauthorized video was posted to their channel. “It’s pretty unclear what happened. I’m talking to Youtube to get to understand the matter and avoid such further breaches.”Related: YouTube channels hacked and rebranded for livestreaming crypto scamsAnother crypto YouTuber, Richard Heart, tweeted at 9:30 pm UTC that his channel had been banned during the middle of a Livestream, indicating that YouTube was probably aware of the event. Hello again @YouTubecreators My channel was just banned in the middle of a livestream. I think it might have to do with all of the other youtubers that were hacked at the same time today. Could you check please, thanks! @YouTube @YouTube— Richard Heart PulseX.com! Called the Bitcoin top! (@RichardHeartWin) January 23, 2022 Cointelegraph reached out to YouTube and a number of other crypto content creators who were affected by the hack but had not received any additional information at the time of writing.
  • Blockchain metaverse ecosystems gain traction as brands create digital experiences
    Cointelegraph.com News - 20 hours ago
    Blockchain-based metaverse environments allow brands to offer more user benefits, such as increased interactivity and ownership of virtual items, but will it catch on? Billion-dollar companies are taking the Metaverse by storm as consumers have shown heightened interest in virtual, interactive, three-dimensional experiences that take place online. While the “Metaverse” is still a new concept, research firm Strategy Analytics found that the global Metaverse market is forecasted to hit nearly $42 billion by 2026. This very well may be the case, as a handful of businesses including Nike and Walmart have begun exploring consumer experiences in metaverse environments. NFT utility for brands launching in the MetaverseTo understand how and why brands are leveraging the Metaverse, it’s key to point out the role that NFTs, or nonfungible tokens, play within these ecosystems. While the year 2021 saw an influx of NFTs, the rise of the Metaverse is predicted to highlight the importance of utility behind NFTs. Adrian Baschuk, founding partner at Ethernity Chain — an authenticated and licensed NFT platform — told Cointelegraph that every brand, company and notable figure will eventually have a metaverse and NFT integration:“This is the “Myspace days” of the NFT-metaverse interactivity layer. Just as every company and individual has adopted some form of social media, this will also be the case for NFTs and the Metaverse.” Given this, Baschuk shared that Ethernity recently brought its IP to The Sandbox, a blockchain-based metaverse ecosystem. Specifically speaking, Ethernity has acquired a desirable plot of land in The Sandbox to host a gallery and fully licensed NFT store. Baschuk explained that this will allow The Sandbox users to purchase Ethernity NFT wearables and collectibles. According to Baschuk, these wearable NFTs include athlete jerseys, which will be used to dress and provide special powers to The Sandbox avatars. “Dallas Cowboys’ Zeke and Dak will kick this off, as the players’ wearable jerseys and shoulder pads will boost a user’s avatars’ skills and powers,” he said. While this specific example may appeal to The Sandbox gaming community, the concept behind it is universal for brands entering the Metaverse. For instance, Baschuk explained that NFTs within virtual ecosystems allow for companies to monetize assets across a blockchain network, enhancing interactivity for consumers and fans. To put this in perspective, consumer electronics giant Samsung recently announced that it will have a virtual replica of its New York physical store located within Decentraland, another leading metaverse ecosystem. The store, known as the “Samsung 837X shop,” will be accessible in Decentraland for a limited time. Samsung 837X shop in Decentraland. Source: SamsungA Samsung spokesperson told Cointelegraph that establishing Samsung 837X as a metaverse brand will provide limitless possibility for consumers to connect with Samsung and its products in an immersive way: “In our metaverse, the brand pillars of sustainability, customization and connectivity will come to life in experiences that showcase the cutting-edge technology embedded in the Samsung family of products. This virtual hub will become a place for our community to celebrate the convergence of technology, art, culture, fashion and music.”Samsung’s spokesperson further mentioned that Decentraland specifically gave the company a platform to enable a true Web3 metaverse experience. They noted that the Samsung community wanted a metaverse store to feature interactive quests that would allow participants to earn wearables like NFT badges or opportunities to win exclusive Samsung branded clothing for avatars. Samsung 837X wearables in Decentraland. Source: SamsungOverall, Samsung explained that its 837X store will serve as a foundation for the future, which will offer significant utility to its visitors. In turn, the company is looking at ways in which badges earned at 837X will offer access and utility for future events and experiences in its virtual space. “In the future, it’s our hope that everyone who visits our world will be able to enhance their online experience in the metaverse and their real-world experience with Samsung products,” commented Samsung’s spokesperson. While Samsung was one of the first major brands to launch a virtual store in Decentraland this year, other organizations are following suit. Most recently Tennis Australia, the organizer of the Australian Open (AO), partnered with Decentraland to host the AO in the metaverse. This virtual environment contains key areas in Melbourne Park, including the Rod Laver Arena and Grand Slam Park. AO Decentraland 2022 will take place Jan. 17–30, mirroring the in-real-life tournament schedule. An avatar watching the Welcome Address at the AO in Decentraland. Source: DecentralandRidley Plummer, Tennis Australia NFT and metaverse project lead, told Cointelegraph that it was a natural progression for the event to expand into the metaverse. Plummer shared that this was also the case due to border closures brought about by the COVID-19 pandemic, which has made it more difficult for fans to attend the event in person:“We can only have a certain number of people in the area and the arenas, so we are bringing the AO to the world by allowing fans to partake in a virtual, interactive experience on Decentraland. This will enhance our fans’ viewing experience at home from their television by providing users with a more voyeuristic look at what’s happening at Melbourne Park.”Plummer elaborated that AO’s metaverse environment features entertainment hubs where fans can watch replays of tennis matches, along with historical footage of past tournaments. He noted that during the final weekend of the event, fans will have access to behind-the-scenes footage that will show players during practice sessions and more. Ariel image of the AO arena in Decentraland. Source: DecentralandPlummer added that users on Decentraland can walk around Melbourne Park with their avatars to collect wearables and play virtual games to earn NFTs. “There are items and branding we can add within Decentraland that enhance experiences for our partners as well from a play-to-earn perspective. We have a series of gamification within Decentraland.” Blockchain-based metaverse offers more, but will the mainstream catch on?Given the unique experiences NFTs can bring to consumers and fans, it’s equally important to highlight the benefits offered by a blockchain-based metaverse ecosystem. For instance, while…
  • Vibe killers: Here are the countries that moved to outlaw crypto in the past year
    Cointelegraph.com News - 20 hours ago
    From Bolivia to China, governments sought to restrict crypto-related activity for various reasons and with different tools. Last week, Pakistan’s Sindh High Court held a hearing on the legal status of digital currencies that might lead an outright ban of cryptocurrency trading combined with penalties against crypto exchanges. Several days later, the Central Bank of Russia called for a ban on both crypto trading and mining operations. Both countries could join the growing ranks of nations that moved to outlaw digital assets, which already include China, Turkey, Iran and several other jurisdictions.According to a report by the Library of Congress (LOC), there are currently nine jurisdictions that have applied an absolute ban on crypto and 42 with an implicit ban. The authors of the report highlight a worrisome trend: the number of countries banning crypto has more than doubled since 2018. Here are the countries that banned certain cryptocurrency-related activities or announced their intention to do so in 2021 and early 2022.BoliviaThe Bolivian Central Bank (BCB) issued its first crypto prohibition resolution in late 2020, but it was not until Jan. 13, 2022 that the ban was formally ratified. The language of the most recent ban specifically targets “private initiatives related to the use and commercialization of […] cryptoassets.” The regulator justified the move by investor protection considerations. It warned of “potential risks of generating economic losses to the […] holders” and emphasized the need to protect Bolivians from fraud and scams. China Cryptocurrency transactions have been formally banned in the People’s Republic of China since 2019, but it was last year when the government took steps to clamp down on crypto activity in earnest. Several official warnings of the risks associated with crypto investment were followed by a ban on cryptocurrency mining and forbade the nation’s banks to facilitate any operations with digital assets. But the crucial statement came out on Sept. 24, when a concert of the major state regulators vowed to jointly enforce a ban on all crypto transactions and mining. Apart from the common notions of money laundering and investor protection, Chinese officials played the environmental card in their fight with mining, which is a bold move for a country that contributes up to 26% of global carbon dioxide emissions, of which crypto mining represents a marginal share.Indonesia On Nov. 11, 2021, The National Ulema Council of Indonesia (MUI), the nation’s top Islamic scholarly body, proclaimed cryptocurrencies to be haram, or forbidden on religious grounds. MUI’s directions are not legally binding and as such it will not necessarily halt all cryptocurrency trading. However, it could deal a significant blow to the crypto scene of the world’s largest Muslim country and affect future governmental policies. MUI’s determination mirrors a common interpretation that has been shaping up across jurisdictions influenced by the Islamic legal tradition. It views crypto activity as wagering — a concept that arguably could be used to define almost any capitalist activity.On Jan. 20, the religious anti-crypto push was furthered by several other non-governmental Islamic organizations in Indonesia, The Tarjih Council and the Central Executive Tajdid of Muhammadiyah. They confirmed the haram status of cryptocurrencies by issuing a fatwa (a ruling under Islamic law) that focuses on the speculative nature of cryptocurrencies and their lack of capacity to serve as a medium of exchange by Islamic legal standards. Nepal On Sept. 9, 2021, the Nepal Central Bank (Nepal Rastra Bank, NRB) issued a notice with a headline “Cryptocurrency transactions are illegal.” The regulator, referencing the national Foreign Exchange Act of 2019, declared cryptocurrency trading, mining and “encouraging the illegal activities” as punishable by law. NRB separately underlined that the individual users are also to be held responsible for violations related to crypto trading.A statement from Ramu Paudel, the executive director of the Foreign Exchange Management Department of the NRB, emphasized the threat of “swindling” to the general population. Nigeria A U-turn in Nigeria’s national policy on digital assets was cemented on February 12, 2021, when the Nigerian Securities and Exchange Commission announced suspending all plans for crypto regulation, following a ban by the central bank introduced a week earlier. The nation’s central cank ordered commercial banks to shut down all crypto-related accounts and warned of penalties for non-compliance. CBN’s explanation for such a crackdown lists a number of familiar concerns such as price volatility and potential for money laundering and financing of terrorism. At the same time, CBN governor Godwin Emefiele stated that the central bank was still interested in digital currencies, and that the government was exploring various policy scenarios.Turkey On Apr. 20, 2021, the price of Bitcoin (BTC) tumbled 5% after Turkey’s central bank declared that “cryptocurrencies and other such digital assets” could not be legally used to pay for goods and services. As the explanation went, the use of cryptocurrencies could ‘cause non-recoverable losses for the parties to the transactions […] and include elements that may undermine the confidence in methods and instruments used currently in payments’. But that was just the beginning — what followed was a series of arrests of crypto fraud suspects, as well as Turkish president Recep Tayyip Erdoğan personally declaring a war on crypto.Related: Turkish and Salvadoran presidents meet, Bitcoiners left disappointedIn Dec. 2021, Erdoğan announced that the national cryptocurrency regulation had already been drafted and would soon be introduced to the parliament. In a thriller twist, the president remarked that the legislation was designed with the participation of cryptocurrency industry stakeholders. The exact nature of the regulatory framework remains unknown. Russia In a Jan. 20, 2022, report intended for public discussion, the Central Bank of Russia proposed a complete ban on over-the-counter (OTC) cryptocurrency trading, centralized and peer-to-peer crypto exchanges, as well as a ban on crypto mining. The regulator also advanced the idea of imposing punishments for violating these rules. In the justification part of the report, CBR compared crypto assets to Ponzi schemes and listed concerns such as volatility and illegal activity financing, as well as undermining “the environmental agenda of the Russian Federation.” But perhaps the most…
  • Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, ACH*, FTM
    Cointelegraph.com News - 21 hours ago
    BTC is oversold and possibly ready for a relief bounce, but this could be a trap for altcoins and Bitcoin if bull volume fails to sustain. Bitcoin (BTC) fell close to $34,000 on Jan. 21, which reflects a 50% decline from the $69,000 all-time high made on Nov. 10, 2021. Altcoins also could not buck the trend and faced intense selling pressure, which pulled the total crypto market capitalization to $1.6 trillion, a 46% decline from its November 2021 all-time high near $3 trillion.It is not only the crypto markets that are facing selling by investors. The S&P 500 has also plummeted 8% year-to-date. However, gold has outperformed and risen about 1.76% during the period, cementing its billing as a safe haven asset.Crypto market data daily view. Source: Coin360Several retail traders who purchased Bitcoin near its all-time high are voicing their concerns on social media. However, El Salvador’s President Nayib Bukele does not seem to be worried by the recent fall as he recently announced a purchase of 410 Bitcoin at an average price of roughly $36,585 per coin.Could Bitcoin and altcoins witness a bounce after the recent carnage? Let’s study the charts of the top-5 cryptocurrencies that may outperform if a relief rally starts.BTC/USDTBitcoin plunged below the $39,600 to $37,332. support zone on Jan. 21, indicating panic selling. The selling continued on Jan. 22 and the price dipped to $34,008.BTC/USDT daily chart. Source: TradingViewThe sharp fall of the past few days has pulled the relative strength index (RSI) near the 20 level, suggesting that the selling may have been overdone in the short term. Usually, such oversold levels are followed by a consolidation or relief rally.Recovery attempts are likely to face strong resistance in the overhead zone. If the $37,332 to $39,600 zone flips into resistance, it will signal that the sentiment remains negative and traders are selling on rallies.The bears will then attempt to resume the downtrend and sink the BTC/USDT pair to the major support at $30,000. A break and close above the 20-day exponential moving average ($41,427) will be the first indication that bears may be losing their grip.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is trading inside a descending channel pattern. The bears pulled the price below the channel but have not been able to sustain the lower levels. This suggests strong buying by the bulls who have pushed the price back into the channel.The pair could rise to the 20-EMA where the bears may again pose a stiff challenge. If the price turns down from this resistance and plummets below $34,008, the selling could intensify. Conversely, a break above the 20-EMA could open the doors for a possible rise to the resistance line of the channel.LUNA/USDTTerra’s LUNA token has been trading inside a descending channel for the past few days. The price dropped to the support line of the channel on Jan. 22 but the bulls purchased this dip aggressively as seen from the long tail on the day’s candlestick.LUNA/USDT daily chart. Source: TradingViewThe LUNA/USDT pair could attempt a pullback to the moving averages and then to the downtrend line of the channel. If bulls propel the price above the channel, the pair could rise toward $87.90 and later to $93.81.Contrary to this assumption, if the price turns down from the current level or the moving averages, it will suggest that bears are selling on every minor rally. The pair could then retest the support line of the channel. A break below this support could accelerate the selling.LUNA/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the relief rally has reached the 20-EMA which is an important level to watch out for. The marginally downsloping 20-EMA and RSI just below the midpoint indicate a minor advantage to bears.If bulls drive the price above the 20-EMA, the pair could attempt a rally toward the downtrend line of the channel. Alternatively, if the price turns down from the current level, the bears will fancy their chances and strive to pull the pair to the support line of the channel. ATOM/USDTCosmos (ATOM) turned down from the overhead resistance at $40 on Jan. 17 and plummeted to the 200-day simple moving average ($27.57) on Jan. 22. ATOM/USDT daily chart. Source: TradingViewThe ATOM/USDT pair has rebounded sharply off the 200-day SMA, suggesting that bulls are defending this level aggressively. The buyers will now try to push the price to the 20-day EMA ($35.91). A break and close above this level could indicate that the correction may be over. The pair could then rally to the critical overhead resistance at $44.80. This positive view will invalidate if the price turns down from the current level or the 20-day EMA and breaks below the 200-day SMA. Such a move could open the door for a possible drop to $20.ATOM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows a double top formation, which completed on a break and close below $34. This topping out pattern has a target objective of $23.20 and the pair plunged to an intraday low at $27.31.The relief rally from the lower levels is facing stiff resistance at the breakdown level at $34. If bulls push and sustain the price above this resistance, the pair could rise to the downtrend line. A break and close above this line will suggest a possible change in trend. Related: How to pick or analyze altcoins?ACH/USDTAlchemy Pay (ACH) aims to bridge the gap between the crypto and fiat world by achieving seamless transactions between the two economies. Its recent partnership with MEXC Global will provide users with several payment options in Japan, Korea, and Indonesia.Alchemy Pay also teamed up with Algorand and Avalanche to bring direct fiat payment channels such as Visa, Mastercard, PayPal and several local payment channels to their network.A new partnership with NIUM will help Alchemy Pay lower costs for its clients in the 190+ countries where NIUM operates. NIUM’s licences in financially important regions such as the United Kingdom, Europe, U.S., Singapore, Hong Kong and…
  • When and why did the word ‘altcoin’ lose its relevance?
    Cointelegraph.com News - 21 hours ago
    “Altcoin” has referred to all cryptocurrencies other than BTC since the advent of ETH. Today, however, many no longer qualify as altcoins. All cryptocurrencies other than Bitcoin (BTC) were first described as altcoins for a single reason: There was a rise of projects that copied and pasted Bitcoin’s source code. The cryptocurrencies in the early stages weren’t unique enough to have a distinctive term, so “altcoin” (alternative coins) best fit their description. The community, at that point, didn’t put too much thought into other cryptocurrencies due to Bitcoin’s potential advancement — its future price growth, use cases, mainstream adoption, etc. It was the leading head in crypto.But things changed when people caught onto Ethereum’s smart contract platform, as it can produce “smart contract tokens” — cryptocurrencies with the ability to perform intelligent tasks autonomously.This led the community to distinguish altcoins from tokens. Altcoins were now coins that had their own blockchain, and tokens were defined as cryptocurrencies created on smart contract platforms. The other factor now at work is that there are many blockchain projects that are scaling rapidly and decreasing Bitcoin’s dominance.The community started noticing weaknesses in Bitcoin’s correlation to other coins as other interesting new projects popped up, which provoked the crypto world to rethink how it sees cryptocurrencies. Now, every altcoin distinguishes itself on the market by offering a unique set of features related to things such as transaction management, scripting language, mining mechanisms and consensus algorithms. Although altcoins’ superior features may outperform Bitcoin in one way or another, their value is still completely dependent on Bitcoin’s market capitalization.Related: Where does the future of DeFi belong: Ethereum or Bitcoin? Experts answerThe community started to envision a world where various cryptocurrencies, not just Bitcoin, can disrupt the world. Now, with Ether’s (ETH) growing dominance in the market, it’s clear that Ethereum is the leader of crypto innovation. A large percentage of tokens today are Ethereum ERC-20 smart contracts, so the ways token minters classify their projects are easily normalized in the community.Ethereum’s role in crypto classifications Ethereum’s ecosystem is responsible for every crypto advancement and for mainstream interest, starting with initial coin offerings (ICOs) — which disrupted the initial public offering model by allowing anyone to buy a project’s coin at launch. The attention from ICOs led to many use cases for ERC-20 tokens, with developers making their next cryptocurrency an Ethereum-based token and crypto users having an incentive to learn more about the tech. With a wide variety of ERC-20 tokens, our human nature must intervene to categorize and associate things.The term “altcoin” is no longer an acceptable way to define a project, as it’s ambiguous — especially now with decentralized finance (DeFi). People want to know what type of coin it is, whether it be a staking coin, liquidity mining coin, crypto derivative, stablecoin, utility token, etc. They’re aware that cryptocurrencies do much more than send and receive payments.“Meme tokens” have entered into the crypto vocabulary, too “Meme token” is a term most crypto users are familiar with due to Elon Musk tweeting to the world about Dogecoin (DOGE). But the crypto community had to make the distinction between tokens and meme tokens, as cryptocurrencies are capable of highly intellectual activity. Tokens based on social media content could potentially affect how the crypto sector is perceived, so a further classification had to be established.The rise of nonfungible tokens (NFTs) proved that the crypto community is ready to onboard and learn about new definitions. Imagine if NFTs were described as altcoins? By definition, they technically are, but there’s so much that NFTs can do that demonstrates their difference. The community acknowledges that NFTs are ERC-721 tokens and recognizes the capabilities they possess. For starters, they’re structured to make cryptocurrencies unique, with no two tokens sharing the same value.Related: DeFi and Web 3.0: Unleashing creative juices with decentralized finance“GameFi” (gaming DeFi) is another term that was added to the crypto dictionary. It deals with merging blockchain technology with NFTs, liquidity mining and other DeFi protocols. The result is games where people can earn real crypto and trade assets. GameFi is still new, so there’s a chance that something trendy will come into existence and result in further classifications within the space.The crypto community is getting smarterThe crypto community’s collective understanding of the space is improving rapidly. Content creators, influencers and YouTubers are also good at converting complex jargon into easy-to-digest information. The community recognizes that correctly classifying cryptocurrencies increases the chances of finding good new projects early. For example, telling someone that a revolutionary NFT is just an altcoin will influence their first impression and possibly give the NFT less worth.Classifying cryptocurrencies helps with comparing them. To effectively compare cryptocurrencies, you must know what they are and whether others are doing the same thing. That’s why you can’t compare Dash to something like ADA — one is a payment cryptocurrency, while the other is the utility token of a proof-of-stake smart contract platform. Another argument for the collapse of the classification of Bitcoin vs. altcoins is the varying correlations between BTC and other coins. While the correlation is high within some pairs, others demonstrate weaker dependence on each other. For instance, ADA and XRP show a lower correlation with other digital assets, not to mention that stablecoins such as Tether (USDT) show negative correlations.Related: Bull or bear market, creators are diving headfirst into cryptoClassifications also help with diversification. You can have your crypto distributed between several coins, but the phrase “don’t put all your eggs all in one basket” can apply to you if all your coins are under the same classification.Although a growing number of new crypto concepts are emerging, we can still put them all — DeFi, GameFi, NFTs and meme tokens — under the umbrella of altcoins. From the traders’ perspective, many believe that altcoins will have a larger return in the future, though maybe there is a weaker consensus than there is with Bitcoin, for now.As a Bitcoin maximalist and the CEO of a…
  • How to pick or analyze altcoins?
    Cointelegraph.com News - 23 hours ago
    Before investing in altcoins, you should look into the project’s whitepaper, demand-supply elements, team and stakeholders behind the project. What are altcoins?The word “altcoin” is derived from “alternative” and “coin.” Altcoins refer to all alternatives to Bitcoin. Altcoins are cryptocurrencies that share characteristics with Bitcoin (BTC). For example, Bitcoin and altcoins have a similar basic framework. Altcoins also function like peer-to-peer (P2P) systems and share code, much like Bitcoin.Of course, there are also marked differences between Bitcoin and altcoins. One such difference is the consensus mechanism used by these altcoins to validate transactions or produce blocks. While Bitcoin uses the proof-of-work (PoW) consensus mechanism, altcoins typically use proof-of-stake (PoS). There are different altcoin categories, and they can best be defined by their consensus mechanisms and unique functionalities.Here are the most common types of altcoins:Mining-basedMining-based altcoins use the proof-of-work method, most commonly known as PoW, which allows systems to generate new coins by way of mining. Mining entails solving complex problems to create blocks. Monero (XMR), Litecoin (LTC) and ZCash (ZEC) are all examples of mining-based altcoins. StablecoinsStablecoins aim to reduce the volatility that has marked crypto trading and use since the beginning. The value of stablecoins is, therefore, pegged to the value of a basket of goods, like precious metals, fiat currencies or other cryptocurrencies. The basket serves as a reserve in case the cryptocurrency encounters problems. Dai (DAI), USD Coin (USDC) and Tether (USDT) are all examples of stablecoins. Security tokensTrue to its name, a security token is similar to traditional securities traded in stock markets. They resemble traditional stocks and represent equity, either in the form of ownership or dividends. Security tokens attract investors because of the high probability that their price will appreciate quickly.MemecoinsMemecoins are called such because they represent a silly take on well-known cryptocurrencies. They are typically hyped by celebrities and popular influencers in the crypto space. Popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), for example, often have their prices driven up by Elon Musk, Tesla’s CEO and well-known crypto enthusiast.Utility tokensUtility tokens are used to provide services like rewards, network fees and purchases within a given network. Utility tokens do not offer equity, unlike security tokens. Filecoin (FIL), for example, is a utility token used to purchase storage on a decentralized storage network. How do you evaluate altcoins?​Altcoin fundamental analysis involves looking at and evaluating all available information on an altcoin. It involves looking at the cryptocurrency’s use cases and its network, as well as the team behind the project, to fully understand and evaluate the best altcoins to buy. When analyzing altcoins, or any cryptocurrency for that matter, the goal is to understand whether the asset in question is overvalued or undervalued. Overvalued assets should be avoided, whereas undervalued assets are more ideal. This is because overvalued assets will likely underperform and dip back to their real value. Undervalued assets, on the other hand, have more potential for growth and are consistently profitable. A thorough analysis will help you make the best decision concerning your investment decisions. Here are some helpful guidelines on how to analyze cryptocurrency before investing:Step 1: Analyze the whitepaper and find the value propositionScrutinizing a token’s whitepaper will provide a lot of relevant information such as its use cases, goals and the team’s vision for the project. The white paper must give you a good picture of how the altcoin will provide value for its users.The value proposition for Bitcoin, for example, is as follows: “a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on a peer-to-peer network without the need for intermediaries.”An altcoin’s value proposition can guide you as you continue to analyze other information about it. Step 2: Look for increasing demand and stable (or decreasing) supplyLooking at supply and demand is one of the best ways to assess your next crypto investment. Now that you’ve gotten a clear picture of how the altcoin adds value to its users, it’s time to look at how it navigates supply and demand.Simply put, the altcoin should have incentives that will facilitate the increase of demand in such a way that supply is continually decreasing or stable. When demand outpaces supply, prices go up, thereby fueling even more demand.To do this, you can access resources like Cointelegraph’s Price Indexes and Market News, as well as Coin 360’s Heatmap and CoinMarketCap.Step 3: Assess the team and stakeholders behind the projectNow that you have a good understanding of what the project can offer, it’s also important to thoroughly assess the team behind the project. You can find information about the team on the project’s white paper, but try to do independent research on them as well. You can check out the official project site’s team page as well as their LinkedIn profiles which they should have made public and accessible to all.Ask the following questions when looking into each member’s background:Have they worked on other reputable and successful projects in the past?What are their credentials?Are they reputable members of the crypto community and blockchain ecosystem?The goal is to find if the team behind the project is experienced and composed of experts who know what they are doing. You can look at on-chain analytics platforms and blockchain explorers to supplement your research regarding this. You can also sniff around their social media profiles or check out Twitter for conversations they engage in.Ethereum, for instance, has such a strong investment community because every individual working on Ethereum creates value for Ethereum holders. Despite issues such as high fees and slow transactions, developers, community builders and other top talents still want to go onboard with Ethereum-related projects. Platforms like AAVE and OpenSea​, for example, are built on Ethereum. The logic behind ensuring a strong core team backing the project is because it creates a ripple effect. A project with a strong talented team attracts even more credible forward-thinkers, thereby allowing even more projects and improvements to be built upon the platform, much like…
  • Custodial vs non-custodial NFTs: Key differences
    Cointelegraph.com News - 23 hours ago
    This article explains the key differences between storing custodial and non-custodial NFTs, depending on wanting full control or submitting to a third party. NFT marketplacesNonfungible tokens can be minted, sold or bought on NFT trading platforms that are either custodial or non-custodialToday, the crypto space is filled with NFT platforms of all kinds such as mass and niche ones, self-service or invite-only platforms, gaming NFT platforms, sports or music NFT marketplaces and many others. All of them operate slightly differently, provide distinct functionality and offer various types of NFTs. The majority of NFT marketplaces are based on the Ethereum blockchain while others belong to blockchains like Binance Smart Chain (BSC), Polkadot, Solana and Cosmos, to name a few.Some marketplaces are custodial and some are non-custodial. It is worth noting that some types of NFTs may not get accepted on certain platforms, mostly custodial ones as they get to choose what comes in and what doesn’t. These platforms are curated and NFT content may be censored. At the same time, non-custodial marketplaces are more open to a variety of NFT types from art NFTs and virtual collectibles to music and fashion NFTs — it all boils down to the capabilities of the uses’ imagination.Custodial marketplaces act as a third party, as well as an escrow, for a sale by acting as a professional fiduciary for users’ conditional financial operations. By utilizing these marketplaces, users deposit their funds in the custody of the platform before digital assets are exchanged. This is the case for Binance NFT marketplace and Nifty Gateway platforms. On these platforms, interaction with other users is mediated by the marketplace that acts as an intermediary.Non-custodial marketplaces create a private connection directly between users, creators or sellers, and uphold autonomy and the anonymity of users, as there is no need for KYC checks. Platforms like OpenSea and SuperRare allow users to have access to others, all connected in a decentralized network to exchange NFTs without an intermediary. Other differences between NFT marketplaces are based on various factors like if they support a definite file format whether it is a Joint Photographic Experts Group, a Graphics Interchange Format, a certain audio or video format. Other factors include the accessibility of the platform (self-service or invite-only) and the price to mint an NFT, as to mint an NFT, users usually have to pay for creating a smart contract through gas fees.Knowing the main variabilities between custodial and non-custodial NFTs is intended to help users to choose how they want to secure and manage their NFT portfolios.Non-custodial NFT walletA non-custodial cryptocurrency wallet gives a wallet owner complete control of the safety of the crypto assets by storing the private keyA non-custodial NFT wallet grants all access to funds and operations to a user. Particularly, a private key is stored by the user and not accessible by a third party. Thus, the responsibility to save and protect passwords, also known as mnemonic phrases, lies entirely with wallet owners. If a user loses or forgets the password, access to a wallet will be permanently unavailable.The main advantage of a non-custodial wallet is the user’s complete control over it and the ability to choose the type of transaction fee — either the default one or a higher fee depending on how fast they want a transaction to process.The main drawback is the possibility to lose funds forever if the users lose or forget the backup mnemonic phrase. Also, non-custodial wallets can be less user-friendly for new users who aren’t familiar with crypto specifics.Users can use both custodial and non-custodial wallets to store their NFTs, they just need to make sure their wallet supports the correct NFT standard. These standards are mostly ERC-721 and ERC-1155 for Ethereum blockchain and BEP-721 and BEP-1155 for BSC. All token standards are linked to whether an NFT is custodial or non-custodial.Both 721 and 1155 nonfungible token standards can mint NFTs. ERC/BEP-721 NFT standard aims to create interchangeable tokens. Essentially, each ERC/BEP-721 token is unique and represents a single asset. ERC/BEP-1155 is an improved standard beyond ERC/BEP-721, as it facilitates the creation of two kinds of tokens, fungible and nonfungible. Also, this standard is cheaper as it reduces the gas fees, making it an affordable and approachable way to mint an NFT.When users plan on storing their NFTs in a custodial wallet or a non-custodial wallet, they are highly advised to check the NFT token standard first and make sure their wallet supports the blockchain and NFT token standard.Custodial NFT walletA custodial NFT wallet is a type of wallet whose private key is available to a third party — a crypto custodian — that protects this key to ensure the assets are safe.Have you ever wondered what custodial crypto is? Depending on how much responsibility users want to take regarding the custody and control over their NFTs, keeping NFT custody or allowing someone else to do so are both viable options here. NFT wallets can be either custodial or non-custodial. Some wallets provide users with access to their wallets but do not store keys. Other wallets give users full control and access to their NFTs, providing full access to the private key. In a custodial crypto wallet, a third-party stores all sensitive data and assets for a user including the wallet’s private key. This third party could be an NFT marketplace, an exchange, or a custodial wallet provider.Custody wallets are usually considered to be the most user-friendly and easy to set up. Furthermore, users do not need to remember and secure their private keys, as that is the role of the third party. They can effortlessly recover accounts by requesting needed information from a third party at any time.The biggest pitfall of using a custodial wallet is a lack of autonomy and a loss of anonymity since users are often recommended to fulfill Know Your Customer (KYC) requirements that verify users’ using personal documents like passport, driving license, etc.Cryptocurrency walletA cryptocurrency wallet is a place to securely store digital assets including NFTs.A cryptocurrency wallet is an…
  • Crypto and NFTs meet regulation as Turkey takes on the digital future
    Cointelegraph.com News - 1 day ago
    Despite unclear — or even lack of — regulation and taxation of cryptocurrencies, Turkey is increasingly using digital assets amid high inflation. In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.Turkey — the cradle of civilization — is quietly digitizing despite its high-inflation economy, and the lira’s volatility might be correlated with the prices of Bitcoin (BTC) and Ether (ETH). During the fourth quarter of 2021, the TRY/USD exchange rate crashed from 9 to 18.5 liras per dollar in the six weeks leading up to mid-December before strengthening to as high as 10 liras and then falling back to 13.87 liras at the time of writing, rendering the currency a highly volatile asset. The lira’s volatility stemmed from a contrarian interest rate cut made by Turkish President Recep Tayyip Erdoğan amid high inflation and against the advice of central bankers. High inflation tends to devalue cash and drive investors — including major professional and institutional investors alongside top hedge fund managers like George Soros — to invest their money in cryptocurrencies. With inflation soaring above 20%, Erhan Kahraman, news editor at Cointelegraph, told me that during 2021:“Bitcoin and other cryptocurrency usage in Turkey increased elevenfold.”Unexpectedly, the cryptocurrency market crashed during the first trading week of 2022, and as a result, Bitcoin and Ether — which rose 100% and 300% during 2021, respectively — entered bear market territory. The crash was blamed on a combination of three events. The first event was the release of the minutes from the United States Federal Reserve’s December meeting. They hinted that the U.S. central bank would reduce its pandemic-era stimulus and begin raising interest rates sooner than expected. This news triggered a sell-off in the global stock markets that spilled over into the cryptocurrency markets, with Bitcoin’s price ultimately crashing over 40% from its all-time high set in November 2021. Similarly, Ether dropped over 13% after the news to as low as $3,300.The second event was the anti-government riots in Kazakhstan, the world’s second-largest Bitcoin mining hub, which led to the country’s government being sacked and internet services shut down, leaving an estimated 13% of the world’s Bitcoin mining operations offline.Related: Bitcoin miners’ resilience to geopolitics — A healthy sign for the networkThe third event was the rapid worldwide spread of the Omicron variant of COVID-19, which wreaked havoc on long-term social and economic development by leaving millions sick and inundating healthcare systems that were already buckling under the cumulative toll of every previous surge. Reinforcing the idea that people shouldn’t live in constant fear of the virus, Ugur Sahin, the German-Turkish co-founder of COVID-19 vaccine maker BioNTech, highlighted that despite the virus being here to stay for a couple more years, the COVID-19 variants are becoming controllable, and that BioNTech is keeping its eye on new variants and new strains.Nevertheless, the unexpected market crash was not enough to shake Turkish investors’ faith in cryptocurrencies being a hedge against a weakening lira and double-digit inflation.The first-ever eco-friendly, secure cryptocurrenciesWhile Satoshi Nakamoto is credited with designing the first cryptocurrency, it was actually Turkish-American Emin Gün Sirer — CEO of Ava Labs, professor at Cornell University and co-director of the Initiative for Cryptocurrencies and Smart Contracts — who designed the first in 2003, six years before the launch of Bitcoin. Named “Karma,” it was based on a proof-of-work protocol.Since 2019, Sirer has been focused on building Avalanche, an eco-friendly blockchain that uses a novel consensus mechanism for high-transaction throughput. As Sirer explained to me: “Avalanche is a high-performance, eco-friendly blockchain that scales hard math and science, rather than expensive, energy-intensive hardware. At its core, the innovation of the Avalanche consensus reduces the amount of communication required between validating nodes, which also decreases the hardware and power required to secure the many billions of dollars in value on the network. Taken a step further, Avalanche is a ‘quiescent’ protocol, meaning that if network activity slows, nodes will not perpetually expend energy as we see on almost every other platform. Nodes will simply wait until they hear another transaction to broadcast and move swiftly toward the next decision.” He added:“Sustainability is critical to the blockchain industry’s ability to overtake traditional infrastructures, as well as a core ethic of this entire ecosystem of using innovation to better the lives of people.”Sirer continued: “Much of the inertia that climate activists have faced is from incumbents who wield far too much power. Decentralizing their power and putting more economic control in the hands of individuals, rather than institutions, is an incredible step forward. Momentum toward mass adoption of decentralized services continues to accelerate, and users are also witnessing that high performance and eco-friendliness of a blockchain platform are not enemies. In fact, they are necessary companions to achieve mass adoption, doing right by both people and the planet.”Sierra Nevada Corporation (SNC), a cybersecurity and aerospace company co-founded by Turkish-American couple Eren and Fatih Ozmen, partnered with Ultra to modernize the cryptographic infrastructure of SNC’s legacy AN/PYQ-10 Simple Key Loader devices to protect against mounting cyber and electronic warfare threats and to protect, store and distribute sensitive information. SNC has joint ventures with Aselsan and Havelsan, which are state-owned defense, software and electronics companies that are part of the “Digital Turkish Lira Collaboration Platform.”President Erdoğan has said that Turkey’s main objective is to produce all its equipment used in high-tech and aerospace systems, including cyberdefense systems.Central bank digital currencyAccording to the Atlantic Council, there are 87 countries — including Turkey — exploring a central bank digital currency (CBDC).As part of the Central Bank Digital Turkish Lira Research and Development Project, the Central Bank of the Republic of Turkey established the Digital Turkish Lira Collaboration Platform in close collaboration with Aselsan, Havelsan and Tübitak Bilgem. The project is researching the potential benefits of introducing a digital lira to complement the nation’s existing payments infrastructure.…
  • Nifty News: FLUF World and Snoop Dogg fundraise, Adidas and Prada NFTs, WAX gifts 10M NFTs
    Cointelegraph.com News - 1 day ago
    FLUF World and Snoop Dogg give back to Auckland charity, Adidas Originals and Prada call on fans to contribute to NFT project, UNICEF celebrates 75 years with an NFT collection and WAX to carry out largest NFT airdrop. There was so much Nifty News this week that a second round-up was necessary to catch up on the latest nonfungible token (NFT)-related news.FLUF World and Snoop Dog partner for charity FLUF World, Beyond VR studio and Snoop Dogg teamed up to raised over $1 million via a one-day charity NFT auction on behalf of the Kiwi nonprofit organization Auckland City Mission.Seven FLUF World NFTs were paired with seven limited-edition Snoop Dogg-themed Burrows designed by Beyond and sold on OpenSea. The partnership with the rapper included a 500 Snoop Dogg studio drop announced this past week. What. The. Fluf. Over $1 Million NZD raised in just 12 hours in our @SnoopDogg Burrow & Fluf Auction for the @AKcitymission. We’re blown away Thanks to our partner @beyondvrgames, all who gave generously and everyone who tuned in to show their support. We love you all ❤️ pic.twitter.com/0C1aYM3Vg5— FLUF (@FLUF_World) January 20, 2022 Non-Fungible Labs, who own FLUF World, first made a Christmas donation of $100,000 to Auckland City Mission last month. Just as Fluf avatars can find a home in Burrows in the Metaverse, Aukland City Mission helps locals in need of housing.Adidas OriginalsAdidas Originals launches the Adidas for Prada Re-source project in collaboration with digital artist Zach Lieberman on SuperRare. A majority of the proceeds from the NFT sales will be donated to Slow Factory, a non-profit organization and institute dedicated to improving sustainability and environmental literacy.Adidas and Prada invite their communities to share anonymized photographs to the open-Metaverse NFT project. 3,000 community-sourced artworks will be chosen and minted as NFTs. Digital artist Zach Lieberman will then compile the images as tiles in a single mass-patchwork NFT design. Contributors will maintain full ownership rights over their individual NFT tiles.Introducing adidas for @Prada re-source —an ambitious first-of-its-kind NFT project featuring user-generated and creator-owned art, in collaboration with digital artist @zachlieberman.3,000 tiles, 1 canvas. Play.Learn more at https://t.co/biHgWL4rQq#adidasforPradaNFT pic.twitter.com/bKBnmkWDWI— adidas Originals (@adidasoriginals) January 20, 2022 UNICEF celebrates 75 years with NFT collection On the eve of UNICEF’s 75th anniversary, the UN children’s agency launched its largest 1,000 data-driven NFT collection in support of internet connectivity at schools. So far $740,000 has been raised. The first 1,000 NFT pieces raised $550,000, and the pre-sale for a limited-edition piece and four others last week at a St. Moritz auction raised $140,000. UNICEF also secured an arrangement with secondary auction platforms to receive 20% royalty of all future sales, which brought in the additional $50,000 in one week, according to the organization. This royalty structure may allow UNICEF to continue raising funds for its Giga school-connectivity initiative via re-sales for years to come. Source: Patchwork KingdomsWAX to airdrop 10M NFTsWAX recently reached 11 million total wallets accounts on the WAX platform and decided to celebrate by airdropping a total of 10 million free NFT collectibles to the first 10 million wallet holders. This is the largest single NFT drop to date, according to the company, and will allegedly emit zero carbon emissions.The free NFTs span 10 different digital pins, each marking a different moment in WAX‘s history: From its launch on Mainnet in 2019 to its WAX Cloud Wallet launches and its collaboration with AMC and Spiderman.Source: WAXOther Nifty NewsSocial media networks made NFT headlines this week as well. Meta reportedly plans to integrate NFTs on Facebook and Instagram profiles to allow their users to display their NFTs. Meta may also be in discussion about launching an NFT marketplace.Twitter, on the other hand, announced its rollout of NFT hexagonal avatars. For now, only paid subscribers of Twitter Blue using iOS, which costs $2.99 per month, have access. Twitter users were quick to point out, however, that anybody can simply right-click-save any NFT from a Twitter profile, mint it and then use it as their avatar.
  • Bitcoin records all-time high network difficulty amid price fluctuations
    Cointelegraph.com News - 1 day ago
    Data from BTC.com estimates that the network will continue to grow stronger by attaining another all-time high in the next 12 days, with a network difficulty of 26.70 trillion. The Bitcoin (BTC) network has recorded a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s) — signaling strong community support despite an ongoing bear market.The Bitcoin network difficulty is determined by the overall computational power, which co-relates to the difficulty in confirming transactions and mining BTC. As evidenced by the blockchain.com data, the network difficulty saw a downfall between May and July 2021 due to various reasons including a blanket ban on crypto mining from China.BTC network difficulty. Source: Blockchain.com.However, as the displaced miners resumed operations from other countries, the network difficulty saw a drastic recovery since August 2021. As a result, on Saturday, the BTC network recorded an all-time high of 26.643 trillion. Data from BTC.com estimates that the network will continue to grow stronger by attaining another all-time high in the next 12 days, with a network difficulty of 26.70 trillion.Estimated BTC network difficulty in the next 12 days. Source: BTC.com.In the last four days, F2Pool has been the highest contributor to the hash rate by mining 88 BTC blocks, followed by Poolin at 76 blocks. As of yesterday, the average fee per transaction is roughly $1.58, a value that historically peaked at $62.78 back in April 2021.Related: Bitcoin could outperform stocks in 2022 amid Fed tightening — Bloomberg analystDespite the federal pressure for tighter monetary policies around cryptocurrencies, Bloomberg commodity strategist Mike McGlone suggests that BTC has a fighting chance to come out on top as investors recognize its value as a digital reserve asset. As Cointelegraph reported, McGlone believes Bitcoin is in a unique position to outperform in an environment where stimulus reduction is usually considered negative for risk assets:“Cryptos are tops among the risky and speculative. If risk assets decline, it helps the Fed‘s inflation fight. Becoming a global reserve asset, Bitcoin may be a primary beneficiary in that scenario.”
  • Decentralized and traditional finance tried to destroy each other but failed
    Cointelegraph.com News - 1 day ago
    Crypto to prevail over the traditional financial system, instead, competing industries started to adopt each other’s technologies and cooperate. The year 2022 is here, and banks and the traditional banking system remain alive despite decades of threatening predictions made by crypto enthusiasts. The only endgame that happened— a new Ethereum 2.0 roadmap that Vitalik Buterin posted at the end of last year. Even though with this roadmap the crypto industry would change for the better, 2021 showed us that crypto didn’t destroy or damage the central banks just like traditional banking didn’t kill crypto. Why? To be fair, the fight between the two was equivalently brutal on both sides. Many crypto enthusiasts were screaming about the coming apocalypse of the world’s financial systems and described a bright crypto future ahead where every item could be bought with Bitcoin (BTC). On the other hand, bankers rushed to defend the traditional role of the banking system, accusing the blockchain technology of low performance and lack of compliance. Both of the parties were wrong in their predictions.Equal gameLuckily, neither crypto nor traditional banking was destroyed, although they wished to. On the one hand, none of the major crypto projects has stayed away from the tightest integration with banks. The United States-based crypto exchange Kraken received a banking license and the Coinbase IPO process speaks for itself as it’s a 100% game, according to the banking/financial system rules. Most of the top projects use the services of only a few banks: Signature, SilverGate, Bank Frick — concentrating settlement and imposing banking principles of working with crypto.On the other hand, the banking community created in-house ecosystems for crypto projects. Visa introduces crypto advisory services to help partners navigate through the crypto world. Amazon Web Services (AWS) wants “to be the AWS of crypto.” Switzerland proposes banking services for working with the crypto. SolarisBank even offers an API for crypto projects. The largest American banks and exchanges are launching services related to cryptocurrencies. In El Salvador, Bitcoin is recognized as a means of payment, which (theoretically) implies the need for international financial organizations to be ready for settlements in Bitcoin with El Salvador. Related: What is really behind El Salvador’s ‘Bitcoin Law’? Experts answerWhat prevented crypto from destroying banks? Humankind. Throughout the entire history of humans, plenty of new techs couldn’t have immunity from being controlled by the state authorities directly or indirectly through corporations. Radio, TV, internet, social networks — all started with the idea of free dissemination of information and eventually came up against the fact of total control. The same story is happening now with blockchain, and there is no chance that it will change in the future. For the most part, people try to exaggerate the risks and reduce the likelihood of a good outcome. In my opinion, that is the reason that has severely limited and continues to limit people from accepting cryptocurrencies. But, as I said, this way of thinking is part of human nature. Still, why does centralization defeat decentralization? It took some time for the world government to understand that blockchain technology could be not only a problem but a powerful tool for accomplishing political interests. So the blockchain, originally designed as a powerful freedom tool, received an utterly reverse implementation, turning into a tool for money control to a previously unthinkable extent. Like nuclear technology, humans use it both for peaceful and military purposes; the blockchain holds two sides of good and evil. Related: Decentralization vs. centralization: Where does the future lie? Experts answerNot a loss, thoughAt first glance, the crypto had to take a step back from the initial positions of the “hawks.” In exchange, it received widespread recognition, distribution and a considerable number of users around the world — it seems to be a fair reward and a victory over those who predicted an imminent demise. I believe that the significant growth of related Regtech technologies, designed to speed up compliance processes and all possible checks, has led to crypto acceptance by traditional finance. These projects with the solutions for conducting Know Your Customer (KYC) / Anti-Money Laundering (AML) showed a crypto response to the banks: companies like Chainalysis, Onfido can build KYC operations more efficiently while maintaining the full legality of the processes. Related: The battle of banks vs. DeFi is a win for individual crypto investorsThe newly-established startups could not follow the path of low-efficiency compliance in banks, which is a break in almost any process. Still, to conduct business in a legitimate field, they made compliance on their own, but more efficiently.But will CBDCs destroy crypto? We should stop talking about the destruction of anything but instead think about future potentials. Central bank digital currencies (CBDCs) have problems to be solved, particularly issues of interoperability. With the incompatibility of CBDC issued in different countries, the ability to convert them mutually and the slowness of many processes related to the government, we won’t be able to talk about a quick solution. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Alex Axelrod is the founder and CEO of Aximetria and Pay Reverse. He is also a serial entrepreneur with over a decade of experience in leading technological roles. He was the director of big data at the research and development center of JSFC AFK Systems. Prior to this role, Alex worked for Mobile TeleSystems, the largest telecom provider in Russia, where he headed the antifraud and cybersecurity systems development.
  • Bearish chart pattern hints at $70 Solana (SOL) price before a possible oversold bounce
    Cointelegraph.com News - 1 day ago
    A confirmed head and shoulders pattern on SOL’s daily chart points toward a drop to $70. Solana (SOL) price may fall to $70 per token in the coming weeks as a head and shoulders setup emerged on the daily timeframe and possibly points toward a 45%+ decline.The chart below shows that SOL price rallied to nearly $217 in September 2021, dropped to a support level near $134 and then moved to establish a new record high of $260 in November 2021. Earlier this week, the price fell back to test the same $134-support level before breaking to a 2022 low at $87.73.SOL/USD weekly price chart featuring head and shoulders setup. Source: TradingViewThis phase of price action appears to have formed a head and shoulders setup, a bearish reversal pattern containing three consecutive peaks, with the middle one around $257 (called the head) coming out to be higher than the other two around the $200 to $210 (left and right shoulders). Meanwhile, SOL‘s three peaks have stood atop a common support level at $134, called the neckline. A fall below it signals an extended downtrend to the level at length equal to the maximum distance between the head and the neckline. In SOL‘s case, the distance is around $137, which puts its head and shoulders price target at nearly $170.The trend so farThe bearish outlook came as SOL price dropped by more than 22% this week and currently the altcoin is around 55% from its record high, much in line with other large-cap digital assets including Bitcoin (BTC) and Ether (ETH). BTC/USD vs. ETH/USD weekly price chart. Source: TradingViewAt the center of the ongoing crypto market decline is the United States Federal Reserve‘s decision to unwind its $120 billion a month asset purchasing program followed by three or more interest rate hikes spread throughout 2022. The central bank‘s loose monetary policies had assisted in pumping the crypto market‘s valuation from $128 billion since March 2020 to as high as $3 trillion in Nov. 2021. Therefore, the evidence of tapering has been influencing investors to limit their exposure in over-pumped markets — including Solana — which had gained nearly 12,500% since March 2020.As a result, if the crypto market continues declining in the sessions ahead, SOL will also be at risk of validating its head and shoulders setup.SOL‘s short term outlookWhile SOL‘s longer timeframe chart leans toward a prolonged bearish setup, its short-term outlook looks comparatively bullish. Related: Bitcoin dumps to hit six-month lows near $38KSOL/USD daily price chart. Source: TradingViewThat is primarily due to two factors. First, SOL price has fallen to a critical support level of $116 which was instrumental in limiting its downside attempts in September 2021. And second, its daily relative strength index (RSI) dropped to below 30 — a classic buy signal.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.
  • What are flash loans in DeFi?
    Cointelegraph.com News - 1 day ago
    Flash loans, though relatively new, are quickly rising in popularity. Learn more about these uncollateralized-type loans in crypto in the article below. How can DeFi systems protect themselves from flash loan attacks?A large majority of DeFi hacks are flash loan attacks. Since the technology is new, vulnerabilities are not readily apparent and may require skilled developers to identify. Flash loan attacks can cost DeFi protocols and their users hundreds of millions. As such, safeguards must be put into place to ensure that a protocol is robust and sanitized.Despite being vulnerable to attacks, there are several preventive measures that DeFi systems can take to protect themselves:Decentralized pricing oracles to protect against slippageContracts are left vulnerable to manipulation and exploitation when they perform their own calculations of a particular token’s value or trading pair value internally. As such, flash loan attack risks can be mitigated by using decentralized pricing oracles such as chainlink and band protocol to fetch price feeds. By doing this, instead of relying on singular DEX platforms, DeFi systems can avoid becoming vulnerable to arbitrage scams.Smart contracts may continue updating their prices based on the supply and demand of various tokens within their market. However, the price ranges should also be limited in reference to external values. When smart contracts work this way, it would be much more difficult for attackers to create slippage and make attacks profitable. Tools for detecting possible attacksDeFi platforms can use tools that minimize the possibility of attacks by detecting unusual activity, along with smart contract bugs and exploits. As such, defenses can be put in place even before an attack is launched. It is also vital for platforms to conduct security audits to address vulnerabilities before launching a smart contract. This would require reviewing the smart contract’s code for any weaknesses and addressing them even before the attacker has an opportunity to use it against the platform and its users.Why do flash loan attacks occur in DeFi?Flash loan attacks are common because they are the easiest and quickest to pull off. This is because the protocols associated with flash loans are not yet foolproof against new attacks and manipulations. With transactions happening in mere seconds, hackers can attack multiple markets in one go. The most common flash loan attacks in DeFi are fake arbitrage opportunities, which we mentioned above. In a flash loan attack, an attacker creates an arbitrage opportunity by modifying the relative value of a trading pair of tokens. This can be done by using their loaned tokens to flood a contract and create slippage.What are flash loan attacks?Flash loans are relatively new technology and, therefore, prone to attacks by hackers and malicious users who try to game the system and use it to their advantage. In a flash loan attack, a borrower can trick the lender into believing that the loan has been repaid in full, even if it has not.Technically, the thief poses as a borrower and takes out a flash loan from a lending protocol. The protocol is then used to manipulate the market and trick lenders. In some cases, attackers create arbitrage opportunities to exploit vulnerable smart contracts. This way, the attackers can purchase tokens for cheap or sell them at higher prices to exploited contracts.Uses of flash loansFlash loans are used in DeFi protocols, which are based on the Ethereum Network and Binance Smart Chain. Aside from Aave flash loans, dYdX flash loans, DEX flash loans and Uniswap flash loans have also risen in popularity. On Uniswap, for example, “flash swaps” allow users to withdraw or take back Ethereum-based tokens paired with other tokens. While they may have been originally designed for developers, as of August 2020, flash loans without coding are easily accessible to less tech-savvy users. The credit for this goes to platforms like Furucombo and DeFi Saver, among others, who eliminated the need for technical coding skills.Flash loans can be used for the following:Flash loan arbitrageOne way for traders to make money is by pinpointing price discrepancies across various exchanges. For example, if two markets price a cryptocurrency differently, a trader can use a flash loan. The trader can call separate smart contracts to purchase and sell from both markets, making a profit from the price discrepancy between the two. Collateral swapsThis involves a quick swap of the collateral backing a user’s loan for another type of collateral. Collateral swaps enable DeFi users to switch the collateral that they used to take out a flash loan on a lending app. For example, if a trader used their Ethereum (ETH) as collateral on one platform, they can then take out a flash loan to repay the previous loan and withdraw their Ethereum (ETH).Debt refinancingAside from collateral swaps, flash loans can also be used for “interest rate swaps.” Aave cites an example on their blog:Borrow assets from Aave liquidityPayback debt on CompoundWithdraw collateral from CompoundDeposit collateral on DydxMint debt on DydxReturn liquidity to AaveHow do flash loans work?Simply put, in a flash loan, funds are borrowed and returned within seconds and in a single transaction. The smart contract sets out the terms and performs instant trades on the borrower’s behalf using the loaned capital. If the flash loan yields a profit, it is typically charged a fee of 0.09%. On a platform such as Aave, this is how flash loans typically work:The borrower applies for a flash loan on Aave.The borrower creates a logic of exchanges to try making a profit, such as sales, DEX purchases, trades, etc.The borrower repays the loan, makes a profit, and pays a 0.09% fee. If any of the following conditions occur, the transaction is reversed, and the funds are returned to the lender:The borrower does not repay the capitalThe trade does not lead to a profitThe above conditions suggest that what was laid out in the smart contract wasn’t met. As such, the funds are returned to the lender instantaneously.  Theoretically speaking, flash loans are a low-risk option for both the borrower and the lender. Flash loans are typically seen as an easy, low-risk way to play with liquidity. Can you make money with flash loans? Aave recommends…
  • Animoca Brands doubles valuation to $5B, OpenSea tops $3.5B in January volume, Microsoft eyes Metaverse gaming: Hodler’s Digest, Jan. 16-22
    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 WeekNFT-focused Animoca Brands valued at $5B following $358M raiseNFT and virtual property-focused firm Animoca Brands secured $358 million worth of funding earlier this week at a valuation of $5 billion.The company said the fresh funds will go towards financing strategic acquisitions and investments, product development, and IP accumulation. The firm has gone from strength to strength over the past 12 months, raising more than $216 million in 2021, while its valuation has more than doubled since its previous capital raise in October.A key area of focus for Animoca is GameFi, with the firm pointing to research suggesting that the video gaming sector will grow to around $829 billion by 2028. The firm is also invested heavily in the virtual property and Metaverse space, with The Sandbox metaverse being one of its prime jewels.   Bitcoin dumps to hit six-month lows near $38KBitcoins price dropped a hefty 7.5% in the space of 12 hours to briefly sit around $38,000 in the early hours of Friday morning (UTC). During the depths of the selloff on Tuesday, BTC’s price fell below $35,000.It is unclear what sparked the sharp price dip and whether it is purely crypto-related or a symptom of a larger trend across the traditional financial market. However, it is quite certain that, while BTC and other assets are down, crypto influencers will be flocking to Twitter to cheesily ask their followers if they have bought the dip yet? like they do every single time the markets are in the red.One potential reason for Bitcoins downfall could be that bears are trying to tank the price so that they hit their targets before their futures contracts expire. The InvesetAnswers Twitter account, which has over 85,000 followers, suggested that bears need #Bitcoin under $41,000 to pocket $132 million in gains by Friday. OpenSea surpasses $3.5B in monthly Ether trading volume setting new ATHWhile the crypto market may have cooled in January, it appears that the NFT sector is booming with countless investors who are aping into tokenized collectibles, among other things.It was reported on Monday that top NFT marketplace OpenSea had reached a new all-time high in terms of monthly volume after it topped $3.5 billion. At the time of writing, the figure stands at a whopping $4.3 billion, suggesting an average daily volume of around $204 million in January so far.The surge in NFT trade volume appears to be led by the price increases of several Yuga Labs projects such as the Bored Ape Yacht Club, the Mutant Ape Yacht Club and the Bored Ape Kennel Club. An Indonesian 22-year-old makes $1M by selling NFT selfies on OpenSeaReports surfaced at the start of this week regarding a crafty 22-year-old college student from Indonesia who made around $1 million selling NFTs depicting five years’ worth of selfies.Semarang-based computer science student Sultan Gustaf Al Ghozali converted and sold nearly 1,000 selfie images as NFTs on OpenSea. According to Ghozali, he took photos of himself, either standing or sitting in front of his PC for five years, as a way to look back on his journey to graduation.He set the initial price for each NFT selfie at $3 without expecting interest from serious buyers, but the project exploded in popularity on the back of support from prominent members of Crypto Twitter. Microsoft’s massive Metaverse move: Buying Activision for $69BMicrosoft announced on Tuesday that it is acquiring gaming giant Activision Blizzard for $95 per share at a valuation of $68.7 billion, with the deal slated to close in the 2023 fiscal year.Activision Blizzard boasts a strong list of iconic gaming series such as Call of Duty, Overwatch and World of Warcraft. Activision titles will be added to Microsoft’s Xbox and PC Game Pass service.Microsoft noted that the acquisition will help the company provide the building blocks for the Metaverse. CEO and chairman Satya Nadella explained:Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms.  Winners and Losers At the end of the week on Friday, Bitcoin (BTC) is at $38,651, Ether (ETH) at $2,807 and XRP at $0.68. The total market cap is at $1.80 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top two altcoin gainers of the week are Perpetual Protocol (PERP) at 3.62% and BitTorrent (BTT) at 2.04%.The top three altcoin losers of the week are Harmony (ONE) at -35.08%, Loopring (LRC) at -34.25% and Kadena (KDA) at -32.04%.For more info on crypto prices, make sure to read Cointelegraphs market analysis.   Most Memorable Quotations Most crypto assets currently use distributed ledger technology (DLT), it might be that this changes as the technology and industry evolve. Therefore, the government proposes to remove the reference to DLT from the definition of qualifying crypto assets.”Her Majestys Treasury (United Kingdom) report After doing a lot of research on Bitcoin, I really believe it is the future of money, man. Bitcoin is valuable, secure, and no one can mess with it.Francis Ngannou, UFC heavyweight champion Bitcoin 90-day correlation to the S&P 500 is currently at its highest since October 2020.Arcane Research report Bitcoin is in a unique phase, I think, of transitioning from a risk-on to risk-off global digital store of value, replacing gold and becoming global collateral. So, I think that’s going to be happening this year.Mike McGlone, senior commodity strategist at Bloomberg “To date, the DeFi space has been used primarily for speculative activities. Users invest, borrow and trade crypto assets in a largely unregulated environment. The absence of controls such as Know Your Customer (KYC) and Anti-Money Laundering rules, might well be one important factor in DeFi’s growth.”Agustn Carstens, general manager of the Bank of International Settlements (BIS) We made the move to the corporate balance sheet on a Bitcoin-standard back in August of 2020, and since then, were…
  • 3 possible reasons why Polkadot is playing second fiddle in the L1 race
    Cointelegraph.com News - 1 day ago
    The timing of parachain auctions and the lack of interoperability with Ethereum may have impacted Polkadot’s token price and its competitiveness against other layer-1 protocols. 2021 was a sort of “coming-of-age” for many layer-one (L1) blockchain protocols because the growth of decentralized finance (DeFi) and nonfungible tokens (NFTs) forced users to look for solutions outside of the Ethereum (ETH) network where high fees and network congestion continued to be barriers for many.Protocols like Fantom (FTM), Avalanche (AVAX) and Cosmos (ATOM) saw their token values rise and ecosystems flourished as 2021 came to a close. Meanwhile, popular projects like Polkadot (DOT) underperformed, comparatively speaking, despite the high expectations many had for the sharded multi-chain protocol. FTM/USDT vs. AVAX/USDT vs. ATOM/USDT vs. DOT/USDT daily chart. Source: TradingViewSetting aside the specific capability that each protocol offers in terms of transactions per second and time to finality, here are several factors that may have played a role in DOT’s laggard performance when compared to other L1 competitors. Interoperability is a key factorOne of the major themes of 2021 was cross-chain interoperability between separate blockchain networks, with a bridge to Ethereum being the most important connection to establish due to the fact that a majority of projects currently run on the network. Protocols like Fantom, Binance Smart Chain, Avalanche and Harmony developed cross-chain bridges and this led to a noticeable bump in their token price, total value locked and on-chain activity. Despite the fact that Polkadot was specifically designed to offer multi-chain support as a “layer-zero” meta protocol, there was no major release of a bridge that connected Polkadot with Ethereum in 2021 and this left the protocol unloved by crypto traders looking to engage with DeFi and NFTs. Cosmos, likewise, didn’t see the release of a major bridge that connected its ecosystem with Ethereum, but there were minor integrations like the addition of Ether as a collateral asset on Terra which demonstrated that cross-chain compatibility was possible. The late launch of parachain auctionsAs 2021 came to a close, all of the previously mentioned networks were seeing a healthy amount of activity and cross-protocol interactions while projects on Polkadot were still finalizing their preparations to launch on the mainnet. This was in part due to the fact that the parachain auctions for Polkadot didn’t begin until November 11 when Moonbeam (GLMR), an Ethereum-compatible smart contract parachain, secured the first slot. DOT saw its price rise to an all-time high of $55 on Nov. 4 as those interested in contributing to the parachain auctions secured their tokens, but by the time the auctions had officially started its price was already on the downslope toward a low of $23.28 on Jan. 10. Moonbeam official went live on the Polkadot network on Jan. 11 and has managed to rack up more than 1 million transactions as users were finally able to transfer ERC-20 tokens into the Polkadot ecosystem. ⚡​ ONE MILLION TRANSACTIONS ⚡️Moonbeam hits 1M tx on the network! ​ Moonbeam is lighting up @Polkadot’s ecosystem with new integrations, 100k+ wallets, 700+ ERC-20 tokens & 1M GLMR tokens locked with collators.See the networkhttps://t.co/6ZhRLYDHgX pic.twitter.com/tczI7mAjlR— Moonbeam Network (@MoonbeamNetwork) January 20, 2022 The price of DOT saw a slight bump higher following the launch of Moonbeam but has once again slid back down below $25. Related: Moonbeam (GLMR) launch brings EVM interoperability closer to the Polkadot networkThe benefits of holding DOTA third factor that may be weighing on the popularity and price of DOT is confusion about what the token is used for and what benefits it provides to token holders. Thinking about selling my $DOT. I don’t see the purpose of the project anymore, many of the cool projects that were going to build on it migrated to $MATIC or so.Why should I keep it?— Quinten François (@QuintenFrancois) July 29, 2021 On many of the competing networks, the native token is used to conduct contract actions such as token transfers or swaps whereas protocols that are in the Polkadot ecosystem use their native tokens to pay for gas. Aside from being used to participate in parachain auctions, the main uses for DOT include staking to support the operation and security of the network and for use in governance votes. While governance abilities are important for the overall health of blockchain protocols, the average cryptocurrency users still haven’t shown much enthusiasm for participating in votes and are more interested in things like gaming, DeFi and NFTs. Multiple layer-one solutions are launching developer and liquidity incentive programs and up and coming DeFi protocols are still offering high yield staking opportunities. Currently DOT offers 13.94% APR to stakers and its possibly that this is not enough to satisfy the appetite of yield farmers who are looking to get more bang for their buck. The long-term outlook for Polkadot remains strong and the project has an active and dedicated community of followers to go along with an experienced development team led by Ethereum co-founder Dr. Gavin Wood. The launch of Moonbeam might indeed mark a turning point for DOT as cross-chain compatibility is now live and other parachain projects should start to launch on the mainnet shortly, but it remains to be seen how long it will take the network to catch up to its L1 competitors who have a head start on cross-chain interactions and increased on-chain activity. 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.
  • How should DeFi be regulated? A European approach to decentralization
    Cointelegraph.com News - 1 day ago
    The question for DeFi regulation: Is there an “owner” of the platform who can be held accountable for complying with the regulations? Decentralized finance, known as DeFi, is a new use of blockchain technology that is growing rapidly, with over $237 billion in value locked up in DeFi projects as of January 2022. Regulators are aware of this phenomenon and are beginning to act to regulate it. In this article, we briefly review the fundamentals and risks of DeFi before presenting the regulatory context.The fundamentals of DeFiDeFi is a set of alternative financial systems based on the blockchain that allows for more advanced financial operations than the simple transfer of value, such as currency exchange, lending or borrowing, in a decentralized manner, i.e., directly between peers, without going through a financial intermediary (a centralized exchange, for example).Schematically, a protocol called a DApp (for decentralized application), such as Uniswap or Aave, is developed in open source code on a public blockchain such as Ethereum. This protocol is powered by smart contracts, i.e., contracts that are executed automatically when certain conditions are met. For example, on the Uniswap DApp, it is possible to exchange money between two cryptocurrencies in the Ethereum ecosystem, thanks to the smart contracts designed to perform this operation automatically.Users are incentivized to bring in liquidity, as they receive a portion of the transaction fee. As for lending and borrowing, smart contracts allow those who want to lend their funds to make them available to borrowers and borrowers to directly borrow the money made available by guaranteeing the loan with collateral (or not). The exchange and interest rates are determined by supply and demand and arbitrated between the DApps.The great particularity of DeFi protocols is that there is no centralized institution in charge of verifying and carrying out the transactions. All transactions are performed on the blockchain and are irreversible. Smart contracts replace the intermediary role of centralized financial institutions. The code of DeFi applications is open source, which allows users to verify the protocols, build on them and make copies.The risks of DeFiBlockchain gives more power to the individual. But with more power comes more responsibility. The risks DeFi are of several kinds: Technological risks. DeFi protocols are dependent on the blockchains on which they are built, and blockchains can experience attacks (known as “51% attacks”), bugs and network congestion problems that slow down transactions, making them more costly or even impossible. The DeFi protocols, themselves, are also the target of cyberattacks, such as the exploitation of a protocol-specific bug. Some attacks are at the intersection of technology and finance. These attacks are carried out through “flash loans.” These are loans of tokens without collateral that can then be used to influence the price of the tokens and make a profit, before quickly repaying the loan.Financial risks. The cryptocurrency market is very volatile and a rapid price drop can occur. Liquidity can run out if everyone withdraws their cryptocurrencies from liquidity pools at the same time (a “bank run” scenario). Some malicious developers of DeFi protocols have “back doors” that allow them to appropriate the tokens locked in the smart contracts and thus steal from users (this phenomenon is called “rug-pull”).Regulatory risks. Regulatory risks are even greater because the reach of DeFi is global, peer-to-peer transactions are generally anonymous, and there are no identified intermediaries (most often). As we will see below, two topics are particularly important for the regulator: the fight against money laundering and terrorist financing, on the one hand, and consumer protection, on the other.The FATF “test”: Truly decentralized?As of Oct. 28, 2021, the Financial Action Task Force (FATF) issued its latest guidance on digital assets. This international organization sought to define rules for identifying responsible actors in DeFi projects by proposing a test to determine whether DeFi operators should be subject to the Virtual Asset Service Provider or “VASP” regime. This regime imposes, among other things, Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) obligations.The FATF had initially considered, last March, that if the decentralized application (the DApp) is not a VASP, the entities “involved” in the application may be, which is the case when “the entities engage as a business to facilitate or conduct activities” on the DApp.The new FATF guidance drops the term “facilitate” and instead adopts a more functional “owner/operator” criterion, whereby “creators, owners, and operators … who retain control or influence” over the DApp may be VASPs even though the project may appear decentralized.Related: FATF guidance on virtual assets: NFTs win, DeFi loses, rest remains unchangedFATF, under the new “owner/operator” test, states that indicia of control include exercising control over the project or maintaining an ongoing relationship with users. The test is this:Does a person or entity have control over the assets or the protocol itself?Does a person or entity have “a commercial relationship between it and customers, even if exercised through a smart contract”?Does a person or entity profit from the service provided to customers?Are there other indications of an owner/operator?FATF makes clear that a state must interpret the test broadly. It adds:”Owners/operators should undertake ML/TF [money laundering and terrorist financing] risk assessments prior to the launch or use of the software or platform and take appropriate measures to manage and mitigate these risks in an ongoing and forward-looking manner.”The FATF even states that, if there is no “owner/operator,” states may require a regulated VASP to be “involved” in DeFi project-related activities… Only if a DeFi project is completely decentralized, i.e., fully automated and outside the control of an owner/operator, is it not a VASP under the latest FATF guidance.It is regrettable that a principle of neutrality of blockchain networks has not been established, similar to the principle of neutrality of networks and technical intermediaries of the internet (established by the European directive on electronic commerce more than 20 ago).Indeed, the purely technical developers of DeFi solutions often do not have the physical possibility to perform the checks imposed by the AML/CFT procedures in the design of current DApps. The…
  • Finance Redefined: Secret’s $400M fund and 1inch expanding, Jan. 14–21
    Cointelegraph.com News - 1 day ago
    Secret Network launched a $400 million DeFi fund and 1inch integrated Avalanche and Gnosis protocols — all coming to you in this week’s Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.Following a bearish decline for many of the leading decentralized finance (DeFi) tokens, it is within the fundamental news where the optimism for growth and prosperity lies. Read on to hear about the most impactful DeFi stories of the last seven days.What you’re reading is the shorter snappier version of the newsletter. For the full roundup of DeFi developments across the week delivered directly to your inbox, subscribe below.Secret Network offers $400M community fund schemeSecret Network, a privacy-oriented layer-one blockchain, announced the launch of a $400 million funding pot this week in a bid to expand their application and network infrastructure and tooling mechanisms, in addition to accelerating adoption for its native token SCRT.Comprising a $225 million ecosystem fund and a $175 million accelerator fund, the capital raise was supported by a number of existing partner organizations, including BlockTower Capital, Arrington Capital and Fenbushi Capital.The $400 million fund is the first of an expected series of deployments within the Shockwave Initiative, a global growth strategy, announced by the company on Jan. 12. The initiative is focused on the expansion of its ecosystem that includes fostering and incubating the roll-out of decentralized privacy applications on its platform, as well as expanding the utility and adoption of SCRT, to overall become a fully comprehensive privacy hub for Web3.Secret Foundation founder Tor Bair told Cointelegraph that the capital will be used to “scale privacy-first decentralized applications to global adoption by millions of users,” as well as emphasizing the importance of Web3 technology, stating that “privacy technologies are essential to ensure that Web3 will be empowering and open, rather than an extension of the failures of Web 2.0.”Also in the news recently was Secret Network’s issuance of Pulp Fiction-themed nonfungible tokens (NFTs) in partnership with iconic filmmaker Quentin Tarantino. The collection is set to debut seven previously-unseen handwritten chapters of Tarantino’s screenplay of the 1994 classic, with more details on the first sale expected to be made public on Jan. 24.Despite the fanfare around the launch of these tokens by fans and the wider film community, production company Miramax filed a lawsuit on Nov. 17 accusing director Quentin Tarantino of copyright infringement in pursuing this NFT venture, citing that it interferes with their own visions of future NFT launches and is simply a cash-grab that could potentially devalue the film’s reputable public image. The case remains ongoing at the time of writing.Related: ‘Privacy-preserving computing is the future,’ says Secret Network’s Guy Zyskind after Quentin Tarantino NFT drop 1inch Network expands to Avalanche and Gnosis ChainDecentralized exchange aggregator 1inch Network announced its intention to roll out the 1inch Aggregation Protocol and 1inch Limit Order Protocol this week on Avalanche and Gnosis Chain, respectively, and as such, expand their foothold within the DeFi sector.An initial list of protocols will become immediately available via 1inch on cross-chain network Avalanche such as 1inch Limit Order Protocol v2, Aave, SushiSwap, Trader Joe and KyberSwap, among others.Similarly, those protocols immediately accessible on Gnosis Chain, formerly known as xDai Chain, via 1inch, include 1inch Limit Order Protocol v2, Curve v1 and SushiSwap.1/ In life, we often have to choose between two options both of which may seem important to us. But what if we could go for both options at once? Sounds fantastic, doesn't it? Well, nothing is impossible for #1inch…#DeFi #Avalanche #Gnosis pic.twitter.com/bwN9bBL5Br— 1inch Network (@1inch) January 20, 2022 “1inch’s main goal is to offer users the best deals across the blockchain space,” stated Sergej Kunz, 1inch Network co-founder, continuing to remark that the expansion to Avalanche and Gnosis Chain “will offer 1inch users more options for cheap and fast transactions.”According to analytical data from DeFi Llama, the Avalanche ecosystem currently holds $9.77 billion in total value locked (TVL), the majority of which is dominated by Aave, Benqi and Trader Joe with $2.48 billion, $1.35 billion and $1.21 billion.On the other hand, Gnosis Chain is currently recording a TVL of $206.8 million, largely accumulated in the last three months from projects including Curve, SuperFluid and RealT which have amassed $62.9 million, $54 million and $31.3 million, respectively.Token performances Analytical data reveals that DeFi’s TVL slightly decreased by 8.29% across the week to a figure of $114.63 billion, continuing along with the wider market decline.Following an overwhelming bearish 24 hours for DeFi’s leading tokens, all price results are negative this week and will be ranked by market capitalization.Terra (LUNA) registered minus 8.15%. Avalanche (AVAX) fell sharply by 18.73%, while Wrapped Bitcoin (wBTC) pulled back 9.3%. Stablecoin MakerDAO (DAI) suffered a similar fate down by 0.06%, while Chainlink (LINK) performed the worst out of the top five, taking a 21.8% hit.Interviews, features and other cool stuffTop 5 cryptocurrencies to watch this week: BTC, NEAR, ATOM, FTM, FTTBlockchain assessment: How to assess different chains?Crypto staking: How to pick the best staking coins for passive incomeThank you 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.
  • Buyback-and-burn: What does it mean in crypto?
    Cointelegraph.com News - 1 day ago
    When considering price volatility in digital marketplaces, buyback-and-burn strategies in crypto offer long-term price stability and token value growth. Are buybacks the way forward?Self-investment by businesses is not new and has long been a standard tool for price stabilization (or inflation) in the traditional financial market.Binance, Nexo and others are among the projects that have carried out buybacks. Nexo’s buyback, for example, was motivated by the core development team’s conviction in the asset’s significant undervaluation. As a result, they decided to decrease the number of project tokens in circulation to aid in market price correction.In the crypto world, buybacks are similar to their traditional financial market counterparts, which are used to modify the number of a company’s assets in circulation. There are a variety of motivations for such programs, but the ultimate result is usually a significant increase in the asset’s value.What are the advantages and disadvantages of the buyback of crypto?The goal of buyback and burn is to increase the value of a token by lowering its supply as income increases. Buybacks tend to achieve this purpose, although burning has distinct effects on currency and capital assets.The necessity of deflating the number of tokens in circulation owing to errors in economic calculations, the intention to artificially inflate token prices, promote speculation, hype generation, as a gesture to token holders, or simply reorganize allocations are all reasons why projects resort to buybacks.The buyback is frequently carried out for internal project reasons and to increase liquidity and reduce price volatility. Because the law of supply and demand negates the scarcity principle, fewer supplies tend to stabilize prices in the long run, but bigger volumes of available assets result in reduced interest by investors.Furthermore, long-term growth is encouraged through buybacks. Investors are encouraged to HODL the token, which helps to maintain the asset’s price stability. However, all of the grounds for buybacks are open to criticism because they elicit an immediate reaction from the community, which begins to question the reasoning behind such choices. For instance, deflationary currencies discourage consumption; hence, reducing the number of tokens over time can discourage capitalization. And suppose the rate of burning ever outpaces the rate of fundamental growth. In that case, you risk decapitalizing the system by consolidating ownership too tightly at the expense of liquidity and long-term value.Regardless of the criticism, token holders will either perceive buybacks as an opportunity to sell their tokens or to buy more and double down on an investment in the hopes of a price increase.How do buybacks and burns work?Miners can burn virtual currency tokens using the proof-of-burn (PoB) consensus mechanism.Proof-of-burn is one of several consensus mechanisms blockchain networks use to verify that all participating nodes agree on the blockchain network’s genuine and legitimate state. A consensus mechanism is a collection of protocols that use several validators to agree on the validity of a transaction.PoB is a proof-of-work mechanism that does not waste energy. Instead, it works on the idea of allowing miners to burn tokens of virtual currency. The right to write blocks (mine) is then awarded in proportion to the coins burned.Miners transmit the coins to a burner address to destroy them. This procedure uses few resources (aside from the energy necessary to mine the coins before burning them) and keeps the network active and flexible. Depending on the implementation, you may burn the native currency or that of an alternate chain, such as BTC. In exchange, you’ll get a payout in the blockchain’s native currency token.However, PoB will reduce the number of miners, just as it will reduce the token supply because there will be fewer resources and less competition. This leads to the obvious problem of centralization since large miners are granted too much capacity, allowing them to burn massive amounts of tokens at once, drastically impacting price and supply.To get around this problem, a decay rate is frequently utilized, which effectively decreases individual miners’ total capacity to validate transactions. PoB is similar to PoS in that both need miners to lock up their assets to mine. Unlike PoB, stakers can get their coins back after they quit mining with PoS.In cryptocurrency, the buyback works the same way, by purchasing tokens from the community and putting them in the developers’ wallets. As a result, unlike coin burning, which permanently destroys the tokens circulating in the market, the buyback does not permanently eliminate their tokens.How did coin burning begin?Coin burning was around long before Bitcoin (BTC). It’s extremely similar to stock buybacks, and was probably inspired by them.In 2017 and 2018, many cryptocurrencies, including Binance Coin (BNB), Bitcoin Cash (BCH), and Stellar (XLM), burnt tokens to reduce supply and raise prices. It is becoming more typical with emerging cryptocurrencies that start with ample token supplies.One of the main reasons coin burning has gained popularity recently is that it allows cryptocurrencies to begin at low prices and then artificially enhance their value after having secured investments. Because of the low price, a new cryptocurrency might start at 1 trillion tokens for a fraction of a cent and attract investors. The creators can then burn billions of tokens to raise the price in the future.The Binance buyback and burn begins when the crypto exchange has utilized 20% of its revenues to burn and buyback BNB tokens every quarter, reducing the BNB token supply. On October 18, 2021, the 17th BNB Burn removed 1,335,888 tokens from the market. The difference between stock buybacks and cryptocurrency buybacks (like the BNB buyback) is that the latter is completed and guaranteed automatically. When purchasing a standard stock, investors are sometimes unclear whether the corporation will buy back shares or pay dividends. On the other hand, buybacks with cryptocurrencies are carried out through pre-programmed smart contracts.Furthermore, the Shiba Inu (SHIB) burn initiative, which intends to burn a set percentage of profits or a given monetary amount into the official SHIB burn wallet, is one of the upcoming crypto burns.What does buyback mean in cryptocurrency?Another popular tool for boosting token prices is a buyback, in which a…
  • NFTs: Forget apes and penguins — Let’s talk diapers, hardware and museums
    Cointelegraph.com News - 2 days ago
    Nonfungible tokens represent a seachange of strategic opportunities for brand marketers as they look to engage their prospects and customers. Though the likes of Bored Apes and Pudgy Penguins take the headlines, and the potential for decentralized finance (DeFi) and play-to-earn gaming is undeniably grand and exciting, the marketing potential for nonfungible tokens (NFTs) deserves equal attention. It boils down to this: With NFTs, virtually anything can be gamified to promote desired marketing outcomes.Gamification — defined by Gabe Zichermann, author of The Gamification Revolution, as a “process of using game thinking and game dynamics to engage audiences and solve problems” — is not new to sales and marketing. What is new are the mechanisms by which you can engage and motivate prospects and customers. And, gosh, they are exciting. To illustrate the point, here are five example use-cases of NFTs for marketers.Co-marketing to in-market segmentsLet’s say you’re one of the approximately 40 million people in the United States who move each year. As a “new mover,” you are highly coveted by a slew of brands that are keen to meet your highly-predictable needs.In the past, if Sherwin Williams (paint), Simplisafe (home security), Spectrum (cable), Stanley Black & Decker (hardware), Sony (electronics) and Pottery Barn (furniture) wanted to get together as one to market to you at your time of abundant need, it would be virtually impossible. After all, differing internal systems, an entrenched hesitancy to share data, dissimilar promotional structures and loyalty program designs, overlapping points of distribution and other roadblocks invariably create insurmountable gridlock.Now, imagine those brands teaming together to create a Move Me NFT or something similar. Consumers purchasing these would create revenue for all the participating brands and put our New Mover into a virtual community where they can tour neighborhoods, attend a house-warming party in the Metaverse with a celebrity, enter to win digital real estate, hang their digital art and, of course, learn about how each brands’ products/services can help them along with an “exclusive and generous” discount.Moreover, you could offer our hyper-coveting consumer Bitcoin (BTC), Ether (ETH) or other coin rewards as incentives for buying from two or more of the Move Me brands — funded from the NFT revenue pool or contributions from the program participants on a relative scale.Name your segment: The possibilities are virtually endless. Related: Why are major global brands experimenting with NFTs in the Metaverse?Cross-brand loyalty marketingSuppose you’re a brand with multiple consumer packaged goods (CPGs) products in your portfolios such as diapers, detergent, oral care, over-the-counter medicines and skincare. Your goal: To create a mechanism for rewarding customers for buying across your portfolio, more of the time.Most attempts at something like this in the past have been colossal failures. The combination of a burdensome proof-of-purchase mechanism and lack of a truly behaviorally-motivational cross-currency have doomed the efforts.But, what if their customers could create a My [insert brand name here] wallet and link it to their store cards such as Food Lion’s MVP Program, Kroger Plus or CVS ExtraCare, for example. Now, proof-of-purchase can be effortless cross-brand. Armed with transaction data and a broader customer profile, any of the participating brands can airdrop NFT rewards (an offer to add their newborn’s picture to collectible art, for instance), metaverse experiences and even currency. Even the retailer can get in on the action.While getting small sums back in fiat currency or dollars-off a future purchase can be traditionally underwhelming for the effort of engaging, the addition of crypto with its swapability and potential to accumulate value can become a true game-changer. Think value perception.Related: The biggest consumer brands that engaged with crypto in 2021Experiential marketing Imagine this: You’re home on your computer in Manchester dreaming of a trip to Manhattan. So, you take a virtual tour of the city’s iconic destinations and also visit specific stores, restaurants, clubs, theaters and more that are promoted within the tour in an effort to have you add them to your itinerary.As you visit each destination, you can collect NFTs, which could serve as digital souvenirs to dial up the excitement for your trip while also gaining you priority access, unique experiences, special offers and more. Let’s say you’ve added the Museum of Modern Art to your itinerary. Your NFT could get you access to an exclusive auction of NFTs of iconic NYC art and perhaps even entry to a “hidden exhibit” at the museum. Oh, and crypto opens up a whole new fundraising mechanism for nonprofits like MOMA.Show your NFT to the restaurants on your list and you get a surprise amuse-bouche or the opportunity to order a “hidden” menu item. I could go on and on. The opportunities to promote tourism are vast.New product launchesNow, consider the automobile manufacturer that has no issues connecting with someone who’s in-market for a new car, as they’re already everywhere this customer is searching, but has a much higher hill to climb in exciting existing customers not in-market to upgrade to a significant model-year update.If that manufacturer, however, nurtures its community of customers to express its shared passion for the brand, affinity to their current product and the binding interest and excitement of NFTs, all that can change. Picture a dynamic NFT drop to this community that teases the new model at first, then adds additional looks and features over a set time period to drive engagement. At each juncture, there are additional opportunities to see a virtual demonstration of those features and, of course, request a test drive.At the dealership, the NFT brings with it “exclusive offers” and, based on content the consumer has watched, enables the dealer to provide a more focused and customized test drive experience. And, of course, the NFT becomes a collectible — particularly if the customer chooses to actually purchase the product.Team-building for salesWhen it comes to the annual sales kickoff meeting, what can be more underwhelming than a “Steve Balmeresque” speech that goes off the rails, interminable stock-photo littered slide decks and talks of meeting an annual “stretch” target which…
  • Binance Becomes the Blockchain and Cryptocurrency Industry’s First to Join the National Cyber-Forensics and Training Alliance (NCFTA)
    Bitcoin News - 1 hour ago
    Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, today announced that it has joined the National Cyber-Forensics and Training Alliance (NCFTA), a nonprofit corporation focused on identifying, validating, mitigating, and neutralizing cybercrime threats. Binance is the first organization from the blockchain and cryptocurrency industry to formally join the alliance. The NCFTA was established in […]
  • ‘Ponzi Schemes Have Created a Negative Reputation for the Industry’ — Uganda Blockchain Advocate
    Bitcoin News - 2 hours ago
    Education and awareness campaigns are still viewed as important channels that draw people to cryptocurrencies and blockchain. This has been particularly true in some parts of Africa where bitcoin and other cryptocurrencies are proving to be a useful alternative to fiat currency. Blockchain Education and Advocacy From Uganda Despite a surge in the use of […]
  • Luna Foundation Guard Launches to Support UST Peg as Stablecoin Blows Past $11B Market Cap
    Bitcoin News - 4 hours ago
    The Luna Foundation Guard, a new decentralized organization developed to support the Luna ecosystem, has been launched last week in Singapore. The institution will offer funding in the form of grants to support initiatives built on top of the Luna network. One of its biggest functions will be to establish a “forex reserve” that will […]
  • No Developed Nation Bans Cryptocurrencies, Telegram Founder Pavel Durov Warns Russia
    Bitcoin News - 7 hours ago
    Pavel Durov, founder of the messaging app Telegram, has criticized Bank of Russia’s proposal to impose a blanket ban on a range of crypto-related activities. Such move would stifle high-tech development and chase away blockchain specialists, Durov says. Durov Speaks Out Against Bank of Russia Push for Crypto Ban The cryptocurrency ban proposed […]
  • Mercadolibre Gets Closer to Crypto With Investments in Paxos and Mercado Bitcoin
    Bitcoin News - 10 hours ago
    Mercadolibre, one of the biggest Latam-based unicorns, has announced strategic investments in two cryptocurrency exchanges: Paxos and Mercado Bitcoin. With these investments, the platform gets closer to cryptocurrency, having already bought bitcoin as a direct investment for its treasury, and offering the possibility of investing in crypto for its users in several countries in Latam. […]
  • UBS Warns of Crypto Winter Amid Expectation of Fed Rate Hikes and Regulation
    Bitcoin News - 12 hours ago
    UBS, Switzerland’s largest bank, has warned about a crypto winter where prices crash and may not recover for years. The bank’s analysts explained several major reasons affecting the prices of cryptocurrencies. UBS Expects Crypto Winter That Could Last Years Switzerland’s largest bank, UBS, has warned of a crypto winter where prices crash and […]
  • Biden Administration Preparing to Release Government-Wide Crypto Strategy: Report
    Bitcoin News - 15 hours ago
    The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The directive is expected to be presented to President Joe Biden in the coming weeks. The strategy could be released as soon as next month. US Government-Wide Crypto Strategy The Biden administration is reportedly preparing to release an initial government-wide […]
  • Bitmain Reveals Hydro Bitcoin Miner With 198 Terahash, Produces Almost Double the Power of Today’s Top Machines
    Bitcoin News - 17 hours ago
    One of the largest bitcoin mining rig manufacturers in the world, Bitmain announced the launch of a new bitcoin miner that boasts speeds of up to 198 terahash per second (TH/s). The new model is called the Antminer S19 Pro+ Hyd. and it leverages liquid cooling technology in order to improve overall efficiency. Bitmain’s Latest […]
  • Bitcoin’s Price Drop and the Network’s Higher Difficulty Squeezes BTC Mining Profits
    Bitcoin News - 19 hours ago
    After Bitcoin’s mining difficulty jumped to the highest value ever at 26.64 trillion, the overall hashrate slumped a hair due to the rise in difficulty and lower bitcoin price. This weekend, Bitcoin’s hashrate is coasting along at 189 exahash per second (EH/s), after dropping to a low of 167 EH/s three days ago. The lower […]
  • Low Volumes Across Crypto Spot Markets and Derivatives Indicate Bearish Conditions
    Bitcoin News - 21 hours ago
    Digital currency markets have slipped significantly in value during the last two weeks and the lower prices have not sparked higher trade volumes. Data shows cryptocurrency spot market volume has slipped from $1.4 trillion in November 2021, to this month’s $593 billion in volume. Bitcoin futures open interest and volumes have dropped considerably over the […]
  • Alf Protocol Angel Investors : Zen Capital , Dust Ventures , Dib Ventures , Scorpio VC
    NewsBTC - 10 hours ago
    Alf protocol has lately signed several strategic partnerships with the VCs. Such partnerships will help drive the future development of the protocol. The Alf ecosystem will continue to improve with the team’s continued efforts, strategic partners, VCs, and the community working together. Alf is a protocol for capital deployment on Solana for the purposes of liquidity provision and yield farming, both with and without a margin of up to 200x. By providing liquidity providers an easy way to make money, we enable them to increase the value of the entire network by making it easier for capital to be deployed. The company is now a venture-backed startup that leverages multiple strategic partnerships. VCs invested, including ZenCapital, DustVentures, DibVentures, and Scorpio will help with the future development of the protocol. Zen Capital Zen Capital is a cryptocurrency venture that is one of the most active in the space. Decentralized finance, metaverses, and blockchain-powered gaming are among the areas in which the firm has made investments in recent years. The fund is heavily interested in the future of the digital economy.Portfolio : ertha , spellfire , solchicks , readyplayerdao & 20 more. Dust Ventures Dust Ventures is a venture capital firm that invests in cryptocurrency startups and promising projects. They provide support at an early stage when it’s needed the most. Dust Ventures provides experienced guidance to promising entrepreneurs working on groundbreaking projects in the cryptocurrency space. Dib Ventures DIB Ventures is an investment firm focused exclusively on blockchain technology and the digital currency ecosystem. With a team of blockchain and cryptocurrency experts committed to identifying, researching, and funding the most disruptive companies in this space. Scorpio Scorpio VC is a dynamic, adaptable, and young asset management firm. In addition to HK stocks and US stock trading, the company also operates short-term quantitative funds (for which it is still applying for an A-share license), digital asset funds, blockchain product development, supernode operations, e-commerce, culture communication, real estate development, and real economy projects. Find out more about Alf Protocol here.      
  • TA: Bitcoin Turns Bearish, Bears In Control Below $40K
    NewsBTC - 12 hours ago
    Bitcoin started a strong decline below the $40,000 support against the US Dollar. BTC might recover, but upsides might be limited above $38,000. Bitcoin started a major decline below the $40,000 and $38,000 support levels. The price is now trading below $38,000 and the 100 hourly simple moving average. There is a key bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if there is a break below the $34,000 support. Bitcoin Price Extends Losses Bitcoin price started a major decline below the $42,000 and $40,000 support levels. BTC gained pace below the $38,000 level to move further into a bearish zone. It traded as low as $34,007 and is currently consolidating losses. It is now trading below $38,000 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $36,200 level. There is also a key bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $43,500 swing high to $34,007 low. The first major resistance is near the $36,800 level. An upside break above the $36,800 resistance could start a steady recovery wave towards $38,000. The next key resistance is near the $40,000 level, above which the bulls might aim a test of $41,200. Source: BTCUSD on TradingView.com An intermediate resistance is near the 50% Fib retracement level of the recent decline from the $43,500 swing high to $34,007 low. Any more gains may perhaps call for a move towards the $42,500 resistance zone. More Losses in BTC? If bitcoin fails to start a fresh increase above $36,500, it could start another decline. An immediate support on the downside is near the $34,500 zone. The first major support is seen near the $34,000 zone. A downside break below the $34,000 support zone may perhaps spark another major decline. The next major support is near $32,500, below which the price could even decline below the $32,000 zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level. Major Support Levels – $34,500, followed by $34,000. Major Resistance Levels – $36,250, $36,500 and $38,000.
  • Cardano Price Up And Down Amidst SundaeSwap Launch
    NewsBTC - 2 days ago
    The price of Cardano (ADA) surged and plunged on the same day, starting with the excitement around the launch of its first decentralized exchange, the DEX SundaeSwap, then following the downtrend of Bitcoin. SundaeSwap’s Wins And Failures ADA’s price had been up around 10% in the last week tied to the launch of Cardano’s beta version of its first decentralized app (DApp) SundaeSwap, a decentralized exchange (DEX) that allows token staking and aims to “decentralize not just the access to financial services, but also the core business model itself.” “We are launching with a Beta label because, while the DEX’s smart contracts have been fully audited and the DEX will meet all industry standards for security, the implementation of fully decentralized governance will not be immediately possible due to existing transaction size limits on the Cardano blockchain.” SundaeSwap’s launch entails the inclusion of its utility token SUNDAE, which offers holders the availability to vote on the governance protocol, plus trade, strake and lend coins. The token’s price will be determined by the community as prove of its goals towards decentralization. “The Sundae Token is a utility token central to the healthy operation of the SundaeSwap DEX. We are focused on building the most useful decentralized exchange protocol we can, in line with the decentralized ethos that we all believe in. As part of that, we strongly believe that this protocol doesn’t belong to us, the company who wrote the software, but to us, the whole SundaeSwap community.” They explained that at the protocol’s launch, 7% of the community supply of the token would be “locked by the DAO into a smart contract called The Taste Test,” and added that at the end ten days, “all of these tokens will be used to create the ADA/Sundae liquidity pool, establishing the initial price for the token.” Not long after trading on the DEX started, users were dissatisfied about congestion on the net, orders pending over hours, and failing transactions. SundaeSwap’s team had already warned about this possibility ahead of the launch. CEO Mateen Motavaf addressed the complaints in a bolds and cap message that said “IF YOUR ORDER IS ON-CHAIN, IT WILL BE PROCESSED ORDERS ARE FAILING DUE TO CONGESTION, PLEASE BE PATIENT”. The team had written on January 8 “We want to inform you all that while orders may take days to process, everybody’s orders will be processed fairly and in the order they were received.” They remain confident that “the protocol can meet the normal day-to-day load once things settle down.” Cardano’s Scalability The Cardano roadmap is currently focusing on several updates to optimize and scale the network, hoping to achieve faster transaction and adopt the layer 2 Hydra solution. Its partner company Input Output just announced a promising scaling update that is supposed to increase Plutus script memory units per transaction to 12,5 million. The first change is supposed to take effect on January 25. “Improvements in Memory/CPU parameters for Plutus remain one of 11 ways that Cardano intends to scale in 2022. Other paths include block size increase, Pipelining, Input Endorsers, Node enhancements, on-disk storage, sidechains, Layer 2 Hydra scaling solution, Offloading computation and the Mithril solution.” – Input Output Issues aside, Cardano has already grown stronger in its competition with Ethereum, recording a higher trading volume at times and lower fees. Related Reading | Cardano Enters The Basho Stage: How It Improves Performance Bitcoin Behind Cardano Crash? Today, Bitcoin fell around 10% to under $38,000. At the same time, the total market cap fell bellow $2 trillion. Analysts have alleged before that Bitcoin rules over the health of the crypto market, thus its downtrend could affect other coins like ADA. Many enthusiasts were expecting a bullish trend for the Cardano coin hoping for its price to reach $2 amidst future optimizations and SundaeSwap’s launch, but this setup has been spoiled. The SundaeSwap launch pushed Cardano toward a surge of 7.5% from its day-low price of $1.32 to $1.42, then stabilizing at $1,40. Then, following the crypto market’s downtrend, ADA decreased to around $1,20. The general downtrend of the market followed the general worry over a more hawkish Federal Reserve, expecting higher interest rates. It also happened in parallel to Russia’s announce of a crypto ban. Related Reading | Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA
  • Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst
    NewsBTC - 2 days ago
    Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary. Mike McGlone On Bitcoin And Ethereum Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market. Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum. BTC down to $38K | Source: BTCUSD on TradingView.com The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction. “Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.” This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this. Other Cryptos May Not Fare Well Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback. Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming? McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst. “The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said. Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added. Featured image from Bitcoin news, chart from TradingView.com
  • Opera’s new launch Web3 Crypto Broswer Is All Set For Your Device
    NewsBTC - 2 days ago
    Opera, the famous email browser, has introduced a beta version of its web3 crypto browser. The new beta version is more than just your average internet surfer. Along with features such as a built-in cryptocurrency wallet and shortcut for quickly switching between different crypto exchanges. They have also added decentralized apps support. Web3 Crypto Browser Opera Web3 crypto browser supports both cryptocurrency and blockchain technology. It can function in an environment where digital currencies are accepted and store your funds securely for use on the web or when making transactions through NFC templates (Sony). Blockchain is a decentralized solution that reduces the need for third-party verification by providing trust in transactions through digital signatures. Furthermore, the blocks of this network are spread all over the internet, so it’s tough to hack. Related Reading | TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term Blockchain is the future. It’s been implemented and tested against major corporations that have seen its potential for revolutionizing their industry. The blockchain is like a security system to store and transmit data. It’s challenging for anyone else to view what you’re doing on this decentralized platform because all copies are identical, making it super safe. Nowadays, blockchain technology finds itself being used not only by those seeking anonymity but also transparency. Whether you’re an artist wanting domestic creatives’ rights protected. Web3 Browser Features The new Opera Web3 Crypto Browser allows you to explore the emerging world of decentralized web apps. Right now, it’s mostly an online home for crypto enthusiasts and strange blockchain applications with sometimes interesting tokens on them. The future of Web3 is here! With the Opera browser, you can now enjoy a decentralized internet where everything you do will be rewarded with tokens. This foundation for mass adoption has been developed by an innovative company that understands how important security and privacy are in today’s world-a place without those two essentials would surely lead us into chaos.” In an official announcement, Opera stated: “Too few of the web browsing experiences offered today have been built with the intention of putting Web3 centerstage and making blockchain technologies understandable and easy to use. With the Crypto Browser Project, we have set out to change this and starting today, we are inviting the blockchain community to join this mission. If we are to take Web3 beyond great ideas, we need to craft products that embrace both crypto enthusiasts who understand the space and those who are only starting and want to explore it. Our belief is that the world of blockchain needs a fully dedicated browsing experience.” The crypto browser is a new way to make trading cryptocurrency easy and seamless. It allows users who don’t want the hassle of third-party solutions like Coinbase or Bitstamp to trade their coins right from within opera without worrying about losing private keys on babysitting Platforms that are known for security holes. Crypto Corner is a unique browser extension in the Web3 crypto browser that contains the most topical and essential crypto news.So you never miss an update on new decentralized applications again. Blockchain Technology Future The Web3 project is not new. Do you remember The HTC Exodus 1 phone? It was an ambitious collaboration between many companies, including the well-known crypto wallet and Opera browser, but never saw completion. The future seems bright for blockchain and cryptocurrency. Some people think it will be one of the most critical networks in our digital world. Related Reading | TA: Ethereum Nosedives, Indicators Show Signs Of Larger Downtrend In contrast, others worry about its environmental impact or how quickly these technologies grow saturated with data storage capacity as they are currently doing now due to their popularity among users worldwide. It is too early to say that blockchain will never succeed. Technology still has many developing stages. We need time for its full potential to unfold before making any conclusions about whether or not this new invention can revolutionize the way we live our lives entirely. Web3 Crypto Browser Available Versions Try out this new browser that is so far available for Mac, Android, and Windows. The iOS version will be released soon. Featured image from Pixabay, chart from TradingView.com
  • Cardano Backed Metaverse Project Pavia’s Land Price Skyrockets
    NewsBTC - 2 days ago
    Last week, Cardano network launched Pavia, a gaming application on the Metaverse. This stands as the first metaverse project operated on the Cardano blockchain. The use of non-fungible tokens (NFTs), which operate with the same blockchain technology as cryptocurrencies, is increasing. They enable investors to get tokenized assets of their favorite art items, idols, places, etc. NFTs create representations of both tangible and non-tangible items. According to its design, Pavia has about 100,000 land parcels issued. Each land parcel’s minting is a non-fungible token, NFT, that possesses individual coordinates. Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think? The pre-selling of the parcels kick-off since 2021 with more than 60% done between October and November. Also, there is a rush for the remaining portions which will be on sale within the first quarter of 2022. The functionality of Pavia’s native token is as an in-game asset. An airdrop of Pavia’s native token was made to NFT landholders. This was after the blockchain’s snapshot in December 2021. According to data from MuesliSwap, a Cardano-based exchange, Pavia tokens are selling around 20 cents per coin at the press time. Also, it has a market cap of more than $107 million. Furthermore, Pavia landowners are more than 8,300. The data has it that the users were unable to deploy assets over their land on Monday. Caution documents from Pavia have warned customers that they can neither visit nor deploy content to the plots. This was due to the development stage of the land parcels. More Craving For Metaverse Projects On Cardano The emergence of Pavia on Cardano is during the period of incredible carvings for virtual parcels of land. Presently, the sale of virtual plots of land runs into millions of dollars on several blockchains such as Ethereum. The value for land plats on Pavia runs as huge as 30,000 Cardano on CNFT, the Cardano NFT marketplace. This amount is equivalent to about $45,600 at the press time. The Metaverse is recently getting more attention. It is a virtual world that provides people with unrestricted interactions like the real world. This distinguishing factor is its digitalization of operations. The functionality of the Metaverse is attracting several firms as they intend to create their appearance on the platform. One of the companies interested in the Metaverse includes Binance.US, developing on Portals, an office. Portals is a Solana-based metaverse project. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means Also, Samsung, a global electronics maker, launched a metaverse brand of its New York City flagship store. This launching took place this January on Decentraland. Featured Image From Britannica and chart from TradingView.Com
  • Bitcoin Diamond Hands: Despite Recent Fear, Coins Aged 12-18 Months Rise To 2-Year High
    NewsBTC - 2 days ago
    Despite the recent fearful market, Bitcoin hodlers show diamond hands as coins aged 12-18 months touch a 2-year high. Coins Matured To 12-18 Months Revisit A High Not Seen Since 2 Years As pointed out by an analyst in a CryptoQuant post, BTC hodlers have held strong recently as coins aged 12-18 months have seen a sharp spike recently. The relevant on-chain indicator here is the Bitcoin Sum Coin Age (SCA) Distribution that shows the distribution of coins among the different holders in the market. The metric works by looking at each coin on the chain and measuring how many days it has been since it was last moved. Based on the age, these coins are put into different categories. For instance, if a coin has been sitting still since 12-18 months ago, it is included in the 12-18 months holder group. When the distribution of the long-term holders goes up, it means accumulation has been strong recently. Such a trend has usually been bullish for the price of Bitcoin as it shows a large number of holders refuse to sell at the current levels. On the other hand, when coins belonging to short-term holders move up, it means some long-term holders have decided to sell. This trend may be bearish for the price of the crypto. Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think? Now, here is a chart that shows the trend in the supply of coins that have matured to 12-18 months (one of the long-term holder groups): Looks like the value of the indicator has shot up recently | Source: CryptoQuant As you can see in the above graph, the coins aged 12-18 months have sharply rose recently, reaching a 2-year high. The highlighted region in the chart is around when these holders bought these coins. This means that these Bitcoin holders have now held strong through multiple all-time highs, the mini-bear period between May-July, as well as the recent fearful market. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means Hodlers showing such diamond hands behavior can prove to be quite bullish for the price of the coin in the long term. Bitcoin Price Earlier today, Bitcoin’s price crashed below $40k, touching as low as $38k. Since then, the coin hasn’t recovered much yet. At the time of writing the crypto’s price floats around $38.8k, down 7% in the last seven days. Over the past month, the coin has lost 17% in value. The below chart shows the trend in the price of BTC over the last five days. After weeks of consolidation, BTC’s price seems to have finally crashed below the $40k level | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
  • How To Add Bitcoin To The Balance Sheet For Corporations, With Saylor & Dorsey
    NewsBTC - 2 days ago
    Is your company ready to buy the Bitcoin dip? Saylor and Dorsey will give you the 411 for free.99. The MicroStrategy World annual conference goes live on February 1st. Learn directly from these two titans of the industry, who have definitely been among Bitcoin’s main proponents and promoters over the last few years.  Michael Saylor has led by example, buying every dip, and is a constant presence in mainstream media. His interviews are more like classes and the attention they get is outstanding. Jack Dorsey, for his part, left Twitter to focus on Bitcoin. Since then, his Block company announced several projects that’ll definitely strengthen the Bitcoin network. About the MicroStrategy World conference, the press release promises it’ll be “focused on Enterprise Analytics and Bitcoin for Corporations. World 2022 is 100% virtual, and—for the first time ever—access to all sections of the conference is free of charge.” That’s an unbeatable price. What Will Saylor And Dorsey Talk About? The conference has two sides, two different events that showcase MicroStrategy’s duality: “The Enterprise Analytics event will introduce bold new ways to think about analytics and business intelligence, and showcase organizations who’ve used data as a strategic differentiator. The Bitcoin for Corporations event will explore the various benefits of incorporating Bitcoin into corporate initiatives.” Join me and Keynote Presenter @jack at the 2nd Annual Bitcoin for Corporations Feb 1 & 2. This free, virtual conference is a must for any corporation considering integrating #Bitcoin with their products & services, or adding #BTC to their balance sheet.https://t.co/V9fIkv633q — Michael Saylor⚡️ (@saylor) January 20, 2022 As you might expect, NewsBTC will focus on the second event. It’s important to say that both Dorsey and Saylor’s companies have Bitcoin on their balance sheet. These two put their money where their mouth is, and then some. In any case, what does MicroStrategy World promise? “An in-depth discussion on Bitcoin between two visionary voices: Jack Dorsey, CEO of Block, Inc., and Michael Saylor, CEO of MicroStrategy Inc. This session will be followed by a discussion on Bitcoin Treasury with Phong Le (President and CFO, MicroStrategy). Bitcoin for Corporations will also feature live interviews with industry experts from Coinbase, Deloitte, Fidelity Digital Assets, Genesis, Jefferies, NYDIG, Paxos, and Silvergate Bank.” It’s noteworthy that Fidelity Digital Assets recently shocked the world by predicting more countries and probably a Central Bank or two would add Bitcoin to their balance sheet in the next few years. Christine Sandler, Fidelity’s Head of Sales & Marketing, will represent the company at the conference.  Saylor ’s Recent Bitcoin History Since MicroStrategy first added Bitcoin to its balance sheet in August 2020, the company has increased the bet every few months. They issued common stock. They sold stocks. They bought, and bought, and bought, and bought. In a recent interview, Saylor explained the strategy and NewsBTC reported: “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.” Related to this, about MicroStrategy’s free conference, Saylor said: “We have gained a wealth of experience and expertise innovating our treasury strategy and evolving our corporate bitcoin acquisition strategy. And we’re pleased to be in a position to share our knowledge—via this curated event—for corporations looking to pursue similar strategies and bold initiatives.” Dorsey’s Recent Bitcoin History For his part, Dorsey’s strategy is much different than Saylor’s. He’s working in infrastructure. Dorsey’s fortifying the network’s weak parts. Among other things, Block announced they’re building a decentralized Bitcoin exchange called tbDEX. Released the Lightning Development Kit. And announced they’re working in an open-source ASIC miner.  On a personal level, Dorsey and rapper Jay-Z put 500 BTC in a blind trust to promote Bitcoin development in Africa and India. And created the Bitcoin Defense Legal Fund to protect developers from all kinds of lawsuits. BTC price chart for 01/21/2022 on Gemini | Source: BTC/USD on TradingView.com The Price Of Bitcoin Despite Saylor’s and Dorsey’s efforts, Bitcoin is bleeding. On one hand, Proof-Of-Stake proponents straight up lied before U.S. Congress in a hearing about Proof-Of-Work’s environmental risks. On the other, there’s a rumor that Russia is considering banning Bitcoin in some capacity. Both of those situations caused panic in the market, and Bitcoin’s price is currently 40% lower than the ATH of $69K.  Will Michael Saylor buy the dip?  Featured Image: screenshot from the conference’s website | Charts by TradingView
  • Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely
    NewsBTC - 2 days ago
    Bitcoin has now broken down past $38,000 for the first time in over four months. This is a crucial point for the digital asset given that it has successfully maintained its position above this level throughout all of the crashes and dips of the previous month. While most would like to think that this is only a temporary setback that will soon be resolved, analyst Nicholas Merten has warned investors to brace for even more volatility. Prepare For Further Downside In a recent video on his YouTube channel, Merten shared with his over 87K subscribers some gloomy analysis surrounding bitcoin. The analyst starts out by acknowledging what most have experienced in the market, believing that the recent rebound was a telltale sign of more upside to come. However, this could not have been more wrong as the digital asset has suffered even more dips following that. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means Merten pointed out the fact that the gains realized from when bitcoin jumped from $41k to $44k have quickly faded and that there is not a lot of significant support ranges as the digital asset makes its way down with the downtrend. He predicts some major volatility that will drag the price down to levels not seen in about a year. Comparing the market to that of May 2020, which would see the price fall to the $29,000 range. “It’s just likely at this point that we repeat what we saw back in May to some degree,” he said. “Having a correction down to this range [$29,000 to $30,000], getting people towards what I would define as max pain It basically defines the point of peak fear when everyone, even the bulls are convinced that we’re in a bear market.” The analysts expect more downside to the tune of 20% to 30%, which would put the price of bitcoin at the range he predicts. BTC crumbles below $37k for first time in four months | Source: BTCUSD on TradingView.com Still Bullish On Bitcoin The fact that Merten relayed such a gloomy diagnosis for bitcoin in the short term does not mean that the analyst is particularly bearish in the long term. He explained that despite the market showing bearish trends, he remains a bitcoin bull. “We’ve been bearish in the short term over the past couple of weeks and we believe that there is still more downside to go, [but] I’m still a long-term bull.” Related Reading | I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals Additionally, Merten reiterates the fact that the market is still in a bull trend. Usually when prices start declining as fast as they are now, panic spreads across the space as most believe the bull market is over. For Mertern, this is not the case. He explains that just as a downward correction is likely, bitcoin could very well switch up and head towards the $150K to $200K range. “I believe that we’re still in a bull market, not a bear market. It’s very likely that we could see this correction, but at the same time, it could be the catalyst to finally set ourselves up on the next uptrend and charter towards the $150k range, $200k range for Bitcoin.” At the time of writing, bitcoin’s price is down 9.61% to be trading at $37,945. Featured image from Medium, chart from TradingView.com
  • $200 Billion Exits The Market As Bitcoin Plummets To A Multi-Month Low
    NewsBTC - 2 days ago
    Bitcoin, the top asset in the industry has noted a sharp fall in prices over the last 24 hours. At press time, the king-coin depreciated by almost over 9.7%. Bitcoin dropped its value by almost $7,000 and was exchanging hands at $38,233.95. This marked an almost six-month low for the coin. This price level is the lowest ever since the first week of August last year. Following Bitcoin’s price action, altcoins followed suit as a majority of them were seen trading in the red at the time of writing. The global cryptocurrency market cap was at $1.95 trillion after a considerable fall of about 7.7% over the past day. The global crypto cap hadn’t dipped below the $2.11 Trillion mark in over 3 months now. This major plunge in value across the broader cryptocurrency market had caused roughly $200 Billion to leave the market. Ethereum, which is the second-largest cryptocurrency in regards to market capitalisation also registered a tumble of about 8% in the last 24 hours. Related Reading |TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term What Could Have Potentially Caused This Big Dump The bears had taken over the market, however, it isn’t safe to assume that the market would continue with a bearish outlook just yet. This could also be a price correction from which Bitcoin and major altcoins might recover over the upcoming trading sessions. This retracement in Bitcoin’s prices from $43,000 could have happened for a number of reasons. Needless to say, crypto markets are volatile, however, current price movements of the major cryptocurrencies can be tied to a couple of recent developments in the crypto space. This sudden substantial sell-off in prices could have been caused due to stock market weakness after the US Federal Reserve introduced high-interest rates and tapered the stimulus. The Fed hiking the interest rates in the form of tightening the overall monetary policy has, in turn, affected the unregulated market of cryptocurrencies. The cryptocurrency industry has also suffered the pangs of other recent regulatory measures. The most recent one is Russia’s blanket ban which has rocked the global cryptocurrency market. Other regulatory measures which have been set in motion to curb the rapid growth of digital asset has also had negative effects on the prices. Securities and Exchange Commission has signaled at scrutinising cryptocurrency exchanges. Environmental factors have also raised eyebrows of regulatory bodies, European Securities and Markets Authority (ESMA) wishes for the EU to ban the proof-of-work model. All of the above-cited reasons have sent shock waves across the crypto industry causing the fear index to point at 19, a number that corresponds to “Extreme Fear” in the market. Related Reading | TA: Ethereum Nosedives, Indicators Show Signs of Larger Downtrend Bitcoin Price Analysis: Crucial Trading Levels to Watch Out For Bitcoin was priced at $38,233.95 after the coin nosedived close to 9% at press time. The asset flashed a death cross, which is considered to be extremely bearish in nature. The prices were beneath the 20-SMA line, indicating that sellers were responsible for driving the price momentum in the market. Source: BTCUSD on TradingView.com The Relative Strength Index hurtled as it reflected the excessive selling pressure in the market. Currently, Bitcoin’s RSI was hovering beneath the 25-mark which meant that the asset was oversold and undervalued. The support level for the coin stood at $37,982.40 and a push from the bears could make BTC trade at that aforementioned level. The Average Directional Index was near the 50-mark, implying a strengthening of the current price trend in the market. The resistance price level for the coin was $39,829.16. Featured image from The Motley Fool, chart from TradingView.com
  • Bitcoin (BTC) Flashing ‘Perfect’ Setup for a Bounce, According to Trading Veteran Tone Vays
    The Daily Hodl - 3 hours ago
    Seasoned crypto trader Tone Vays says that Bitcoin’s (BTC) technical indicators are flashing signs of a potential bounce. In a new strategy session, Vays tells his 119,00 YouTube subscribers that he believes the 20-month moving average can serve as support for the flagship crypto asset. “The only good news we have in the monthly chart […] The post Bitcoin (BTC) Flashing ‘Perfect’ Setup for a Bounce, According to Trading Veteran Tone Vays appeared first on The Daily Hodl.
  • Shiba Inu (SHIB), Terra (LUNA) and Pancakeswap (CAKE) Showing Signs of Recovery After Altcoins Correct: Santiment
    The Daily Hodl - 5 hours ago
    Crypto intelligence firm Santiment says that some altcoins may have already seen the worst of the latest industry-wide correction and that recovery may be around the corner. The firm says that meme coin Shiba Inu (SHIB), algorithmic stablecoin blockchain Terra (LUNA) and decentralized exchange (DEX) platform Pancakeswap (CAKE) are recovering from the market dip quicker […] The post Shiba Inu (SHIB), Terra (LUNA) and Pancakeswap (CAKE) Showing Signs of Recovery After Altcoins Correct: Santiment appeared first on The Daily Hodl.
  • Are Bitcoin Whales Buying? Morgan Creek’s Anthony Pompliano Looks at Behavior of Large Investors As BTC Trades Close to $30,000
    The Daily Hodl - 7 hours ago
    Morgan Creek Digital co-founder Anthony Pompliano is looking at key on-chain metrics to determine whether Bitcoin (BTC) whales are already accumulating the flagship crypto asset as it trades close to $30,000. In a new Best Business Show episode, Pompliano tells his 337,000 YouTube subscribers that Bitcoin whales have largely stayed on the sidelines during the […] The post Are Bitcoin Whales Buying? Morgan Creek’s Anthony Pompliano Looks at Behavior of Large Investors As BTC Trades Close to $30,000 appeared first on The Daily Hodl.
  • Crypto Markets Continue To Grow Despite a Global Pandemic
    The Daily Hodl - 11 hours ago
    Crypto markets continue to grow despite Covid-19 and governments trying to destroy them – but how? Cryptocurrencies were seen as magic internet money for a great period of time. In fact, this attitude toward crypto has been in place for a longer period than the attitude that they’re lucrative investment vehicles. Born out of chaos and […] The post Crypto Markets Continue To Grow Despite a Global Pandemic appeared first on The Daily Hodl.
  • Most Cardano (ADA), Shiba Inu (SHIB) and Polygon (MATIC) Holders Now Underwater Amid Deep Pullback: IntotheBlock
    The Daily Hodl - 16 hours ago
    New data shows that the majority of Cardano (ADA), Shiba Inu (SHIB) and Polygon (MATIC) holders are now nursing losses as the crypto markets continue to sell-off.  Crypto insights firm IntoTheBlock looks at wallets with a Cardano balance, identifies the average purchase amount of the coins and compares the figure to the current price of […] The post Most Cardano (ADA), Shiba Inu (SHIB) and Polygon (MATIC) Holders Now Underwater Amid Deep Pullback: IntotheBlock appeared first on The Daily Hodl.
  • Ethereum Competitors Like Solana (SOL) and NEAR Set for ‘Immense Growth’ This Year: Pantera Capital
    The Daily Hodl - 18 hours ago
    Digital asset investment giant Pantera Capital is giving a bullish outlook for Ethereum (ETH) rivals like Solana (SOL) and Near in 2022.  In its latest letter to investors, Pantera partner Paul Veradittakit says that rival smart contract platforms are eating away the market share of Ethereum, which now accounts for just 63% of the total […] The post Ethereum Competitors Like Solana (SOL) and NEAR Set for ‘Immense Growth’ This Year: Pantera Capital appeared first on The Daily Hodl.
  • Venture Capital Giant Andreessen Horowitz Plans To Raise $4,500,000,000 for Two New Crypto Funds: Report
    The Daily Hodl - 20 hours ago
    Venture capital titan Andreessen Horowitz plans to start two new crypto funds worth a total of $4.5 billion to support its expansion in the digital asset space. As reported by the Financial Times, the firm says it plans to raise $3.5 billion for a new crypto venture fund and $1 billion for a fund focused […] The post Venture Capital Giant Andreessen Horowitz Plans To Raise $4,500,000,000 for Two New Crypto Funds: Report appeared first on The Daily Hodl.
  • Vast Majority of Financial Advisors Received Questions About Crypto in 2021: Report
    The Daily Hodl - 22 hours ago
    A new report details an increase in the rate at which financial advisors receive questions about crypto assets from their clients. According to research conducted by crypto index fund provider Bitwise, the overwhelming majority of financial advisors were asked at least one question about digital assets last year by their clients. “During [2021], 94% of […] The post Vast Majority of Financial Advisors Received Questions About Crypto in 2021: Report appeared first on The Daily Hodl.
  • Here’s the Worst-Case Scenario for Bitcoin, According to Trader Who Called the BTC Collapse in May
    The Daily Hodl - 1 day ago
    A crypto trader who accurately called the May 2021 collapse for Bitcoin has revealed his worst-case scenario for BTC now that it’s dropped roughly 50% from its all-time high for the second time in a year. The pseudonymous analyst known as Dave the Wave tells his 90,000 Twitter followers that Bitcoin has lost a crucial […] The post Here’s the Worst-Case Scenario for Bitcoin, According to Trader Who Called the BTC Collapse in May appeared first on The Daily Hodl.
  • Ethereum Rival Fantom (FTM) Overtakes Solana (SOL) and Avalanche (AVAX) To Become Fourth-Largest Blockchain by Total Value Locked
    The Daily Hodl - 1 day ago
    Ethereum challenger Fantom (FTM) is setting new fundamental records amid the sustained price decline across the crypto markets. New data from DeFi Llama, an analytics platform focused on decentralized finance (DeFi) and non-fungible tokens (NFTs), shows that Fantom printed a new all-time high in terms of total value locked (TVL). Fantom is a highly scalable […] The post Ethereum Rival Fantom (FTM) Overtakes Solana (SOL) and Avalanche (AVAX) To Become Fourth-Largest Blockchain by Total Value Locked appeared first on The Daily Hodl.
  • Ethereum Consolidation Won’t Last Longer ETH Price Might Dive Below $1800 Levels!
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 5 hours ago
    The post Ethereum Consolidation Won’t Last Longer ETH Price Might Dive Below $1800 Levels! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The market trend has yet again changed from somewhat bullish or rather a recovery to a yet again bearish trend. The assets are currently being more volatile, where-in the possibility of incurring a notable loss hovers above the crypto space. As Bitcoin price failed to sustain above $36,000, the market quickly trembled down to form …
  • Bitcoin Bear Market Bottom Is At $24k! Here’s What Comes Next For BTC!
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 6 hours ago
    The post Bitcoin Bear Market Bottom Is At $24k! Here’s What Comes Next For BTC! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide With a record break sell-off over the past week, the total market cap of the crypto-verse has plummeted to a six-month low at $1.63 trillion. If it loses the current support, then it would deep dive to $1.191 trillion. Especially, Bitcoin has lost most of it, around $350 billion in market cap in just a …
  • Is This Pullback The Stepping Stone For Altcoin Season? A Bubble Burst Imminent Towards The End Of 2022?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 8 hours ago
    The post Is This Pullback The Stepping Stone For Altcoin Season? A Bubble Burst Imminent Towards The End Of 2022? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The global crypto market has faced the wrath of the ruthless market cycle. Which has done significant harm to the funds in the business. Such that, the market cap of the industry is down by 1.16% over the previous day at $1.62 T. Successively, the impact is dealt with by digital assets. The prices of …
  • Sneakmart Unveils Metakicks, the First NFT Mystery Sneakers Box Collection
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 8 hours ago
    The post Sneakmart Unveils Metakicks, the First NFT Mystery Sneakers Box Collection appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide French Startup Sneakmart, has leveraged the sneaker madness and the booming secondary resale market to launch Metakicks, a collection of NFT sneakers in mystery boxes for sneaker addicts. Metakicks’s mystery NFT concept is the first of its kind in the industry, with Sneakmart aiming to attract sneaker users to the digitalized fashion industry and drive …
  • Crypto Market Continue to Plunge : Should Traders Buy This Dip, or Wait For a Steeper Fall?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 11 hours ago
    The post Crypto Market Continue to Plunge : Should Traders Buy This Dip, or Wait For a Steeper Fall? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Well, the broader cryptocurrency market has entered its second day of huge drop, with Bitcoin in the red. Despite the fact that Bitcoin has dropped 47 percent from its all-time high of $69,000, here’s why we think it’s still a good idea to wait and purchase the dips. Despite Bitcoin’s sharp correction over the last …
  • Bitcoin Price Consolidates At $35k ! Here’s The Worst Case Scenario for BTC Price
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 13 hours ago
    The post Bitcoin Price Consolidates At $35k ! Here’s The Worst Case Scenario for BTC Price appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The crypto market’s continuing sell-off has wiped out more than $1 trillion in value. The BTC price has also fallen below the $38000 support level, indicating that a further loss is likely in the coming session. BTC Price Action BTC is presently trading at $35344, up 1.5 percent from yesterday’s price. The coin’s price is …
  • Cardano and Avalanche Will Steal The Show Once The Market Turns Bullish! But How?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 16 hours ago
    The post Cardano and Avalanche Will Steal The Show Once The Market Turns Bullish! But How? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The global crypto market cap of the cryptoverse has been on shaky grounds, with a weakening of its local supports. The heavy market crash which was not seen after March 2020, has wiped out over $400 billion in market cap in just 48 hours. With no significant gains in 2021, Bitcoin and Ethereum have lost …
  • If Bitcoin (BTC ) Fails To Hold This Level , $30k Looks Imminent !
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 19 hours ago
    The post If Bitcoin (BTC ) Fails To Hold This Level , $30k Looks Imminent ! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide As the overall crypto market value plummeted to $1.51 trillion on January 22, market-wide portfolio derisking and selling pressure across the global crypto market showed no signs of abating. Bitcoin’s price fell below $35K, and Ethereum’s price fell below $2300. Nonetheless, a fresh week looked to bandage the recent losses, with Bitcoin recording tiny gains …
  • A Crypto Payment Processor Triples its Volume in 2021: Analyzing CoinsPaid’s Success
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 20 hours ago
    The post A Crypto Payment Processor Triples its Volume in 2021: Analyzing CoinsPaid’s Success appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide With the news that Tesla now accepts DOGE in its merch store, all eyes are once again on crypto payments. Leading cryptocurrency payment processors, such as CoinsPaid, reported 300% increases in volume in 2021: businesses are ready to embrace crypto, which allows them to cut payment costs by 80%. Billions in BTC Payments Pass Through …
  • Alf Protocol Angel Investors : Zen Capital , Dust Ventures , Dib Ventures , Scorpio VC
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 20 hours ago
    The post Alf Protocol Angel Investors : Zen Capital , Dust Ventures , Dib Ventures , Scorpio VC appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Alf protocol has lately signed several strategic partnerships with the VCs. Such partnerships will help drive the future development of the protocol. The Alf ecosystem will continue to improve with the team’s continued efforts, strategic partners, VCs, and the community working together. Alf is a protocol for capital deployment on Solana for the purposes of …
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