Latest Crypto News

  • Can Metaverse technology enhance human-AI efficiency? News - 9 hours ago
    How will AI be used in the metaverse? Can AI and blockchain work together? A dive into the future of AI aligned with blockchain. How does XR create deep collaboration in the metaverse?XR felicitates dynamic collaboration in the metaverse, enabling white-collar work in an intimate office environment.A metaverse driven by AI enables users to take up tasks that are much more fun, engaging and impactful. For instance, in a natural conversation about different topics in various realities, MeetKai’s conversational AI can comprehend more sophisticated speech, provide personalized outcomes and quickly respond by remembering user preferences and context.Furthermore, an XR device provides for data overlay, opening up a string of applications. In a metaverse, this is immensely useful for building or manufacturing use cases. An XR-backed environment creates a feeling of togetherness, a critical component of a closely-knit office atmosphere.XR is especially efficient when there is a small set of criteria to be met. For instance, when doing something as simple as playing a board game, you may want dim light and particular music. An interactive XR atmosphere can determine what you want and arrange for it. A virtual conference room can be decisively better than the one in real life.How will conversational AI shape the metaverse?Conversational AI systems in the metaverse resemble human-to-human communication.Voice assistant AI has found its way to the metaverses of the new era, powering use cases like lifestyle assistance and personalized recommendations. For instance, rather than driving to a travel agency’s office or talking to their overburdened customer service, users can hop on the metaverse and take a tour of multiple awe-inspiring locations with the assistance of an AI-powered bot.An AI concierge in a metaverse is a personified machine that delivers unique recommendations based on the avatar’s preferences. Take into account the amount of data available on every person and you know the potential of this use case.Natural language processing in the metaverse makes it more personal than the real world. Voice AI can interpret avatar requests in a language that is more human and natural while factoring in individual tastes and preferences. Speech technology has become more contextual and personalized, making the metaverse interface smarter in the process. For instance, Kai, the first AI concierge on Meetkai, has made voice assistance as easy as talking with a friend. Request a recipe for “steak” by saying, “Hey Kai, can you find me a nice recipe?” And you’ll receive the most delectable beef steak recipe in the world in seconds.What is the mixed reality metaverse?The amalgamation of AI with XR has led to the phenomenon of mixed reality (MR) metaverse.To date, human-AI interaction has been usually limited to the B2B world. However, projects are emerging now that showcase AI integration into B2C. Meetkai, for instance, demonstrates how efficient life could be with human-AI integration. Leveraging AI-enabled tech, Meetkai enhances regular real-life experiences like shopping, working in an office and engaging in outdoor activities like hiking, trekking, etc.While lying in their beds, users can not only try apparel in…
  • Bitpanda announces layoffs citing no compromise on product quality News - 14 hours ago
    Witnessing the crypto crashes over the past several weeks from a front-row seat, Bitpanda made the “tough decision” of cutting down its employee headcount to roughly 730 people. Austrian crypto and stock trading platform Bitpanda joins the growing list of companies to announce a mass layoff as it aims to “get out of it financially healthy” amid an unforgiving bear market.Over the past several weeks, the bear market resulted in numerous catastrophic outcomes for many ecosystems such as Terra’s (LUNA) and Abracadabra’s Magic Internet Money (MIM) de-pegging fiasco. Witnessing the crashes from a front-row seat, Bitpanda made the “tough decision” of cutting down its employee headcount to roughly 730 people.While the exact number of employees intimated to stop working for Bitpanda remains undisclosed, data from LinkedIn indicates that the company is in the process of laying off approximately 277 full-time and part-time employees. In the announcement, named ‘The Way Forward,’ Bitpanda supported the move to cut down employees by highlighting the need to be “robustly well-capitalized” amid uncertain market conditions, stating:“It is a tough, but necessary decision and we are confident that the new organizational design will help us be more focused, effective and stronger as a company.”The company is offering itex-employees support packages which include mental health support, references and an employee assistance program (EAP). Speaking about its hypergrowth phase, a timeline when the crypto market breached the $2 trillion market capitalization, Bitpanda revealed problems with internal processes and infrastructure to successfully onboard new joiners:“We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality. Looking back now, we realize that our hiring speed was not sustainable. That was a mistake.”Bitpanda has not yet responded to Cointelegraph’s request for comment.Related: Coinbase to shut down Coinbase Pro to merge trading servicesJoining the mass reorganization drive to better suit the bear market, American crypto trading firm Coinbase announced the closure of its Coinbase Pro services. As Cointelegraph reported, Coinbase Pro’s services will gradually migrate to Advanced Trade, Coinbase’s new trading section accessible via the exchange’s website — over the next several months.
  • What is StrongBlock (STRONG) and how does it work? News - 16 hours ago
    Strongblock creates platforms and protocols with the intention of revolutionizing how blockchain networks compensate the nodes that protect and sustain them. The digital financial environment continues to develop almost every second, which is no surprise to those in the crypto sector. Among such technological advancements, a new project called StrongBlock has popularized the concept of the node as a service (NaaS) on the blockchain. NaaS is an alternative to running entire blockchain nodes on your own; it provides developer infrastructure and tools for setting up and managing blockchain nodes.Connected blockchain nodes relay, transmit and store decentralized blockchain data. But, what is a blockchain node? A node, also known as a Full Node, is a device that stores the blockchain’s whole transaction history. But, who is behind the creation of the StrongBlock ecosystem?The StrongBlock team includes CEO David Moss and chief technology officer Brian Abramson, who are enterprise software and blockchain veterans. Corey Lederer, chief product officer, is also among the StrongBlock founders’ team and has extensive experience in managing technology products.Related: Dangers of hosting your own Ethereum 2.0 node, explainedStrongBlock sees the blockchain as the way of the future, but unless you’re well-versed with this technological breakthrough, it can be a risky place to enter. As a result, StrongBlocks’ objective is to make it easier for anyone to support and participate in blockchains.This article will deep dive into the NaaS concept and explore what makes StrongBlock unique, how to make money through StrongBlock and how to buy the STRONG token.StrongBlock explainedStrongBlock is a blockchain platform aimed at revolutionizing the way blockchain networks operate. The reason for its simplification is the simple NaaS tool, which allows users who aren’t well-versed in blockchain to build a blockchain-compliant node quickly while compensating them for running it.Before StrongBlock’s NaaS, running Ethereum nodes required an extensive understanding of blockchain as well as the ability to code and a server capable of running the node throughout the day. In summary, diving into nodes before StrongBlock required either a lot of effort or a high level of knowledge to make it simple.In addition, rewards were reserved for miners that solved complex mathematical problems, whereas no such monetary rewards were distributed to nodes. There is no way to assess the performance of nodes. To address the above issues, StrongBlock automated all of the processes, allowing everyone to participate in the blockchain revolution. Users can create a node in seconds using the StrongBlock platform. They can also add their node to obtain daily STRONG token rewards. STRONG is StrongBlock’s governance token, which developers use to enable token holders to contribute to determining the protocol’s future.What are Strong nodes?A Strong node is a node that supports the Ethereum network. It rewards node operators a “Node Universal Basic Income” (NUBI) based on the number of Ethereum blocks they contribute to the network’s upkeep. However, the number of nodes, token price, node revenue and nonfungible token (NFT) ownership are all factors that influence rewards; they are variable and not guaranteed.Related: Nonfungible tokens:…
  • Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop News - 16 hours ago
    The Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power. The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced the commuting power for mining BTC blocks to 199.225 exahash per second (EH/s). According to the data shared by the Cambridge Centre for Alternative Finance, the Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power. Bitcoin network power demand from 2018-2022. Source: ccaf.ioOn June 16, a Cointelegraph report highlighted how the banking sector utilizes 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, an IT engineer, cryptographer and consultant said in an exclusive interview:“Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”The sudden reduction in Bitcoin’s power demand can be attributed to the falling hash rate. The mining hash rate serves as a key security metric, the computing power required by BTC miners to successfully mine a block.Bitcoin hash rate graph for 2022. Source: Bitcoin’s mining difficulty reached an all-time high of 231.428 EH/s on June 13, which was followed by over a -13.9% drop over two weeks. The latest breakdown of the hash rate distribution shows F2Pool and AntPool as the biggest known miners with each mining 81 and 80 blocks over the last four days respectively. Related: Scientists claim to have designed a fully decentralized stablecoin pegged to electricityA group of researchers, under federal funding, designed a class of stablecoin dubbed the Electricity Stablecoin (E-Stablecoin) that would transmit energy as a form of information. As explained by Cointelegraph, the E-Stablecoin would be minted through the input of one kilowatt-hour of electricity, plus a fee, which could then be used for transactions the same way as any stablecoin.
  • It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto News - 1 day ago
    The alleged removal is a bit strange considering Bored and Hungry only opened its doors back in April. The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for its food.When questioned, one Bored & Hungry employee told the Los Angeles Times “Not today — I don’t know.” The individual didn’t give any indication of when the decision was made to cut crypto from the menu of payment options, nor did they know if crypto payments would be making a return.Bored & Hungry initially launched back in April of this year. At the time, one worker told the Los Angeles Times that the majority of its customers didn’t seem to care about crypto payment options, also noting that customers were generally indifferent to “the restaurant’s fidelity to the crypto cause.”Another Bored & Hungry restaurant patron told the Los Angeles Times “People want to hold onto their ethereum. They’re not gonna want to use it.” Customer Richard Rubalcaba said, “I don’t know how [crypto purchases] would work, with the crash.”Many of the restaurant’s patrons stated that they are not hardcore crypto enthusiasts, and simply frequent the establishment for the food. Customer Jessica Perez said, “We rate this up there with In-N-Out, maybe even better.”Changes to venue’s payment policies seem to fall in line with the overarching crypto and macro economical meltdown transpiring across the globe. But never fear, hungry crypto users! You can still visit Chipotle, which began accepting crypto payments earlier in June via Flexa. Several countries are facing relentless regulations and scrutiny and there are issues of contagion in the crypto market.Cointelegraph reached out to Bored and Hungry owner Andy Nguyen for clarification on the restaurant’s crypto acceptance, but did not receive a response prior to publication.
  • Celsius Network hires advisers ahead of potential bankruptcy: Report News - 1 day ago
    Restructuring, bankruptcy, buyouts… media outlets are swarming with different reports on the next steps Celsius may take. Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy.According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to restructure the company amid its financial issues. Steady lads— Ben McKenzie (@ben_mckenzie) June 24, 2022 Celsius has been at the forefront of discussions in the media around significant volatility in the market amid the crypto lending platform’s decision to pause “all withdrawals, swaps and transfers between accounts” on June 12. CEO Alex Mashinsky and other Celsius higher-ups have been largely silent on social media since that announcement, with the platform saying on June 19 it would be suspending discussions on “Twitter Spaces and AMAs” to focus on addressing issues with its operations.State authorities have turned their attention to Celsius following the platform’s decision to suspend withdrawals. On June 16, Texas State Securities Board director of enforcement division Joseph Rotunda told Cointelegraph that regulators in Alabama, Kentucky, New Jersey, Texas and Washington were “looking at the issue involving the frozen accounts” at Celsius.Related: Risky business: Celsius crisis and the hated accredited investor lawsOn June 20, Celsius investor and BnkToTheFuture co-founder Simon Dixon proposed a recovery plan aimed at having the crypto lending platform take a similar approach as Bitfinex in 2016, using a “financial innovation” solution. As of November 2021, Celsius had a $3.5 valuation following a $750-million Series B funding round, which may have fallen given the recent market downturn.
  • Crypto Stories: YouTuber Paco de la India explains his travels using Bitcoin News - 1 day ago
    The Bitcoiner had visited eight different countries out of his goal of forty and was in Africa at the time of Cointelegraph’s interview. A YouTuber started traveling the world to see whether he could survive solely on Bitcoin as a means of payment.In the latest episode of Cointelegraph’s ‘Crypto Stories’ series, Paco from India explained how he started his journey from the city of Bengaluru and learned from the example of travel pioneers who came before him, including Nellie Bly, who circumnavigated the globe in the late 19th century in less than 73 days. Paco worked a variety of jobs before reading up on Bitcoin (BTC) and made a big decision. “This is 2021,” said Paco. “I will travel the world by using Bitcoin.” The YouTuber added:“When my journey started, I had zero dollars. I sold my furniture, got $200 of Bitcoin, and as soon as I started on day one, the first Bitcoin meetup we had in Bengaluru, one guy came and gave me $200 of Bitcoin […] My plan is to go to 40 countries in 400 days.”Paco said he was delayed from his travel plans by the ongoing pandemic — particularly when the Omicron variant hit India. However, he had visited eight different countries and was in Africa at the time of Cointelegraph’s interview.Related: Crypto Stories: YouTuber DataDash talks about his most expensive mistake“I feel Africa needs Bitcoin more than anyone else in the world,” he said. “All the currencies are falling down, the countries are falling down — it’s a big blow, it’s happening. Fix the money, fix the world.”
  • Crypto Biz: Crypto was in full swing at Collision Conference, June 17-23 News - 1 day ago
    Despite the bear market in Bitcoin and altcoins, the industry’s builders continue to build for a brighter future. For all the gloom and doom in the cryptocurrency market these days, our industry continues to make inroads into mainstream tech. This week, I had the pleasure of attending the sold-out Collision Conference in Toronto, and crypto was featured prominently. During the event, I got to moderate three panels, including two that were crypto-focused. The fact that the biggest tech conference in North America is letting me talk cryptocurrency after a six-month bloodbath proves there’s more to the industry than just price. And, I’m not saying the price isn’t important — but context is everything.My Collision panel on decentralized social media included Stani Kulechov, founder and CEO of Aave and Lens Protocol. This week’s Crypto Biz gives you a taste of Collision Conference 2022 and also draws your attention to the latest funding and business news from the world of blockchain. Institutions are exploring the space — KPMG Canada crypto teamDuring Collision, I sat down with KPMG Canada’s crypto team to talk about the firm’s recent foray into digital assets. If you recall, I got really excited in February when the KPMG Canada announced it had added Bitcoin (BTC) and Ether (ETH) to its corporate treasury. The firm’s decision to adopt digital assets didn’t come on a whim — it was directed by an internal governance council that did its due diligence before recommending crypto treasuries. The Canadian arm of the Big Four accounting firm remains bullish despite recent market turmoil. Voyager enters into $500M loan agreement with Alameda amid 3AC exposureI reported last week that crypto-focused hedge fund Three Arrows Capital (3AC) was inching closer to insolvency after a series of leveraged bets turned sour. We knew there would be contagion risk — we just didn’t know how much. Well, this week, trading platform Voyager Digital took out a loan from Alamada Research to cover losses tied to its exposure to 3AC. Specifically, Voyager borrowed 15,000 BTC from Alameda, which is roughly equivalent to the 15,250 BTC owed to it by 3AC. Voyager has requested that 3AC repay its outstanding debts by Monday, or else it’ll pursue legal action. Crypto brokerage FalconX raises $150M at $8B valuationCrypto has gifted us with a lot of nasty headlines over the past six months. But, during that time, billions of dollars in venture capital were pouring into the industry. This week, crypto brokerage FalconX announced it had raised $150 million at a valuation of $8 billion in a Series D round that was led by Singapore sovereign wealth fund GIC. The company’s valuation has basically doubled from August when it concluded its Series C funding round. As is always the case, when everyone seems to be panicking, smart money investors are busy accumulating. Meta set to begin testing NFTs on Instagram Stories with Spark ARZuckerberg’s Meta, which is the parent company of Facebook and Instagram, announced that it’ll begin testing nonfungible tokens (NFTs) on Instagram…
  • Gensler appeals for ‘one rule book’ in negotiations with CFTC over crypto regulation News - 1 day ago
    In an interview with The Financial Times, SEC chair Gary Gensler said he is working on a memorandum of understanding with the agency’s digital asset market co-regulator. United States Securities and Exchange Commission (SEC) chair Gary Gensler is in talks with Commodity Futures Trading Commission (CFTC) officials on a “memorandum of understanding” on the regulation of digital assets. Together, the agencies can assure market integrity, Gensler told The Financial Times in an interview published Thursday. “I’m talking about one rule book on the exchange that protects all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token,” Gensler told the newspaper. Gensler’s desire to be collaborative comes as a variety of legislative initiatives have been introduced to create a more comprehensive regulatory framework for digital assets. The Digital Commodity Exchange Act, introduced in its latest form in April, and the Responsible Financial Innovation Act, introduced in June, both gave the CFTC greater authority over the market. Debbie Stabenow, chairman of the Senate Agriculture Committee, which has oversight of the CFTC, and the committee’s ranking member John Boozman are reportedly also drafting a crypto regulation bill, which is expected to expand CFTC powers. Gensler, who headed the CFTC from 2009 to 2013, has expressed skepticism about changes in the status quo.The SEC has taken the lead in crypto regulation so far, but frequently to the dissatisfaction of the industry and lawmakers who are critical of its methods of allegedly regulating through enforcement. Crypto industry leaders have explicitly asked for clearer regulation, and SEC commissioner Hester Peirce has pressed for policy changes from within the commission.Related: Bringing crypto market ‘into the light’ doesn’t address enforcement: CFTC chairRegulation is not a question of authority alone. The Financial Times cites blockchain analytics company Elliptic as saying U.S. regulators have collected $3.35 billion through enforcement actions in the crypto industry over the years, with over 70% of that sum going to the SEC.
  • Finance Redefined: Uniswap goes against the bearish trends, overtakes Ethereum News - 1 day ago
    The top 100 DeFi tokens showed signs of recovery after last week’s mayhem, and many of the these tokens registered double-digit gains. This past week, the decentralized finance (DeFi) ecosystem tried gaining some momentum amid the bear market crash. Uniswap saw a trend reversal and overtook Ethereum regarding network fees paid. However, not all DeFi protocols were as lucky, as Bancor had to pause its “impermanent loss protection” in the wake of a hostile market.DappRadar’s report shows that the GameFi ecosystem continues to thrive despite the current downturn in the market. Solend invalidates Solana whale wallet takeover plan with second governance vote.The top 100 DeFi tokens showed signs of recovery after last week’s mayhem, and several of the tokens registered double-digit gains.DeFi Summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperformsDecentralized exchange (DEX) Uniswap has overtaken its host blockchain Ethereum in terms of fees paid over a seven-day rolling average.The surge appears part of a recent spate of high demand for DeFi amid the current bear market. Decentralized finance (DeFi) platforms such as Aave and Synthetix have seen surges in fees paid over the past seven days, while their native tokens and others such as Compound (COMP) have also boomed in price.Continue readingGameFi continues to grow despite crypto winter: DappRadar reportBlockchain games were the subject of the latest DappRadar x BGA Games Report #5, published Tuesday. The report looked at healthy ecosystems and investments in GameFi and metaverse markets.The report covered several projects in detail, outlining their continued success and growth. Splinterlands, Illuvium, Galaverse and STEPN have continued bringing new players to their platforms, gaining financial interest and expanding their businesses.Continue readingBancor pauses impermanent loss protection citing ‘hostile’ market conditionsBancor, a DeFi protocol often credited as the pioneer of the DeFi space, paused its impermanent loss protection (ILP) function on Sunday, citing “hostile” market conditions.In a blog post on Monday, the DeFi protocol noted that the ILP pause is a temporary measure to protect the protocol and the users. When a user gives liquidity to a liquidity pool, the ratio of their deposited assets changes at a later moment, potentially leaving investors with more of the lower value token, this is known as impermanent loss.Continue readingSolend invalidates Solana whale wallet takeover plan with second governance voteSolana-based DeFi lending protocol Solend has created another governance vote to invalidate the recently-approved proposal that gave Solend Labs “emergency powers” to access a whale’s wallet to avoid liquidation. On Sunday, the crypto lending platform launched a governance vote titled “SLND1: Mitigate Risk From Whale.” It allowed Solend to reduce the risk the whale’s liquidation poses to the market by letting the lending platform access the whale’s wallet and letting the liquidations happen over the counter.Continue reading DeFi market overviewAnalytical data reveals that DeFi’s total value locked registered a minor recovery rising above $56 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top-100 tokens by market capitalization were on the move, and many of the tokens registered double-digit gains over the past…
  • Here’s how pro traders could use Bitcoin options to buy the $20K BTC dip News - 1 day ago
    Predicting a market bottom is pretty much impossible, but clever traders use options strategies like the Iron Condor setup to target a particular trading price range. Bitcoin hit a 2022 low at $17,580 on June 18 and many traders are hopeful that this was the bottom, but (BTC) has been unable to produce a daily close above $21,000 for the past six days. For this reason, traders are uncomfortable with the current price action and the threat of many CeFi and DeFi companies dealing with the loss of user funds and possible insolvency is weighing on sentiment.The blowback from venture capital Three Arrows Capital (3AC) failing to meet its financial obligations on June 14 and Asia-based lending platform Babel Finance citing liquidity pressure as a reason for pausing withdrawals are just two of the most recent examples.This news has caught the eyes of regulators, especially after Celsius, a crypto lending firm, suspended user withdrawals on June 12. On June 16, securities regulators from five states in the United States of America reportedly opened investigations into crypto lending platforms.There is no way to know when the sentiment will change and trigger a Bitcoin bull run, but for traders who believe BTC will reach $28,000 by August, there is a low-risk options strategy that yields a decent return with limited risk.The “Iron Condor” provides returns for a specific price rangeSometimes throwing a “hail Mary” pays off by leveraging ten times via futures contracts. However, most traders are looking for ways to maximize gains while limiting losses. For example, the skewed “Iron Condor” maximizes profits near $28,000 by the end of August, but limits losses if the expiry is below $22,000.Bitcoin options Iron Condor skewed strategy returns. Source: Deribit Position BuilderThe call option gives its holder the right to acquire an asset at a fixed price in the future. For this privilege, the buyer pays an upfront fee known as a premium.Meanwhile, the put option provides its holder the privilege to sell an asset at a fixed price in the future, which is a downside protection strategy. On the other hand, selling this instrument (put) offers exposure to the price upside.The Iron Condor consists of selling the call and put options at the same expiry price and date. The above example has been set using the August 26 contracts, but it can be adapted for other timeframes.The target profit area is $23,850 to $35,250To initiate the trade, the investor needs to short 3.4 contracts of the $26,000 call option and 3.5 contracts of the $26,000 put option. Then, the buyer needs to repeat the procedure for the $30,000 options, using the same expiry month.Buying 7.9 contracts of the $23,000 put option to protect from an eventual downside is also required. At another purchase of 3.3 contracts of the $38,000 call option to limit losses above the level.This strategy yields a net gain if Bitcoin trades between $23,850 and $35,250 on August 26. Net profits peak at 0.63 BTC ($13,230 at current prices) between…
  • FTX may be planning to purchase a stake in BlockFi: Report News - 1 day ago
    Reportedly, ongoing talks followed BlockFi signing a term sheet with FTX to secure a $250 million revolving credit facility on Tuesday. Crypto exchange FTX is reportedly in talks to acquire a stake in BlockFi after the company issued a $250 million credit to the lending firm.According to a Friday report from the Wall Street Journal, FTX is currently in discussions with BlockFi regarding the crypto exchange purchasing a stake in the firm, but no equity agreement has been reached. The reported ongoing talks followed BlockFi signing a term sheet with FTX to secure a $250 million revolving credit facility on Tuesday. “BlockFi does not comment on market rumors,” a BlockFi spokesperson told Cointelegraph. “We are still negotiating the terms of the deal and cannot share more information at this time. We anticipate sharing more on the terms of the deal with the public at a later date.FTX founder and CEO Sam Bankman-Fried, or SBF, has helped support many crypto projects in recent weeks amid a bear market forcing a lot of companies to reduce staff. Trading firm Alameda Research, under SBF’s management, announced it had loaned 15,000 Bitcoin (BTC) to Voyager Digital on Wednesday aimed at covering losses from its exposure to Three Arrows Capital.Cointelegraph reported on Sunday that SBF said he believes Alameda and FTX “have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion” around the market downturn:“Even if we weren’t the ones who caused it, or weren’t involved in it. I think that’s what’s healthy for the ecosystem, and I want to do what can help it grow and thrive.”VCs: “we’d love to help you backstop crypto firms and provide liquidity because we care deeply about preventing market contagion”also VCs: “can we please do it for the one great company (after you fix it) and make a lot of money doing it, you can take the others k thx bye”— SBF (@SBF_FTX) June 23, 2022 Related: FTX will not freeze hiring amid layoffs at other crypto firms, CEO statesIt’s unclear if FTX’s reported intent to purchase a stake in BlockFi was related to financial difficulties at the crypto lending firm amid a bear market. However, in February the United States Securities and Exchange Commission ordered BlockFi to pay $50 million in settlement to the agency as well as $50 million to 32 state-level regulators over allegedly unregistered securities.Cointelegraph reached out to BlockFi, but did not receive a response at the time of publication.
  • Price analysis 6/24: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO News - 1 day ago
    A handful of on-chain metrics suggest that Bitcoin could be close to bottoming, and if true, the eventual relief rally could induce sharp gains from altcoins. The United States equity markets and the cryptocurrency space are witnessing a relief rally this week. Supporting the rise in risky assets is the U.S. dollar index (DXY), which retreated from its multi-year high. Generally, cryptocurrencies move inverse to the price of the U.S. dollar, but this week’s bounce does not necessarily mean that bulls’ grip over the market has come to an end.Citing on-chain data, CryptoQuant senior analyst Julio Moreno, said that Bitcoin (BTC) miners may have already capitulated. Historical data suggests that miner capitulation usually precedes market bottoms. Daily cryptocurrency market performance. Source: Coin360Another on-chain metric that indicates that Bitcoin’s price may have reached an attractive level is the Mayer Multiple. The metric is calculated by dividing the price of Bitcoin by the 200-day moving average value. It points to whether Bitcoin is overbought, undervalued or fairly priced. On June 22, the indicator’s reading was 0.5 and according to crypto entrepreneur Kyle Chasse, Bitcoin’s price has dipped below this reading only on 3% of all trading days.Several on-chain indicators are suggesting that Bitcoin may be close to a bottom. Let’s study the charts of the top-10 cryptocurrencies to find out what the technicals suggest!BTC/USDTBitcoin is attempting a recovery in a downtrend but the bulls are struggling to push the price to the 38.2% Fibonacci retracement level of $23,024. This suggests that demand dries up at higher levels. BTC/USDT daily chart. Source: TradingViewThe first hurdle for the bulls is likely to be $21,723 and then the 20-day exponential moving average (EMA ($23,529). During strong downtrends, bears sell on rallies to this level. Hence, it becomes an important level to keep an eye on. If the price turns down sharply from the 20-day EMA, it will suggest that the bears are in command. The sellers will then make another attempt to sink the BTC/USDT pair to the crucial level at $17,622. Conversely, if buyers propel the price above the 20-day EMA, it will suggest that the bears may be losing their grip. That could open the doors for a possible rally to the 50-day simple moving average (SMA) ($27,995).ETH/USDTEther (ETH) had been trading between $1,200 and $1,050 since June 20. This tight range trading resolved to the upside on June 24 as bulls attempt to push the price to the 20-day EMA ($1,332). ETH/USDT daily chart. Source: TradingViewThis level is likely to attract strong resistance from the bears. If the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then try to pull the price to $1,050. A break and close below this support could retest the vital support at $881.Alternatively, if bulls drive the price above the 20-day EMA, the likelihood of a rally to the breakdown level of $1,700 increases.BNB/USDTThe bears tried to pull BNB below $211 on…
  • Axie Infinity to compensate Ronin exploit victims and relaunch bridge News - 1 day ago
    Once the bridge reopens on Tuesday, users will be able to withdraw one ETH for each one they possessed before the attack. Sky Mavis, the creator of the play-to-earn game Axie Infinity (AXS), announced that it will reimburse victims of the Ronin bridge hack and reopen the bridge next week.In March, hackers stole more than $620 million in the heist, which included roughly 17,600 Ether (ETH) and 25.5 million USD Coin (USDC) tokens. According to a Bloomberg report on Friday, once the bridge reopens on Tuesday, users will be able to withdraw one ETH for each one they possessed before the attack.In April, Cointelegraph reported that Sky Mavis closed $150 million in fresh capital led by Binance to refund hack victims. Animoca Brands,16z, Dialectic, Paradigm and Accel were among the investors during the funding round.Bridge being refilled on the 28th Now it’s time for @Ronin_Network and @SkyMavisHQ to expand its games portfolioIf you are a game developer who wants to build with the most experienced team in the web3 gaming space reach out to$ron $axs— Psycheout – Aleksander | Axie Infinity (@Psycheout86) June 24, 2022 The hacker moved the stolen assets around soon after the breach, using TornadoCash to conceal their activities. This is a significant issue for the decentralized finance (DeFi) industry, which has suffered more than $1.22 billion in losses thus far this year.The Ronin hack was one of the most notable events in recent memory, causing tremors throughout the cryptocurrency industry. Despite this, the Ronin blockchain was not deterred in its mission to achieve significant milestones.In early June, the blockchain surpassed $4 billion in all-time nonfungible token (NFT) sales volumes, and it remains popular as a digital collectible network. In terms of all-time NFT sales volumes, it is second only to Ethereum. It beats Solana (SOL), Flow (FLOW), Polygon (MATIC) and WAX (WAXP), among many others.Related: Breaking: Harmony’s Horizon Bridge hacked for $100MHacks, rug-pulls and protocol flaws are all common within the cryptocurrency industry. It appears like not a single day goes by without news of another hacking. On Friday, Cointelegraph reported that the Horizon Bridge to the Harmony layer-1 blockchain had been exploited for $100 million in altcoins being swapped for Ether. According to Immunefi, cybercrime losses reached $10.2 billion in 2021.
  • Ethereum price breaks out as 'bad news is good news' for stocks News - 1 day ago
    Ether has rebounded by nearly 40% in the last six days despite persistent “bull trap” risks. Ethereum’s native token, Ether (ETH), gained alongside riskier assets as investors assessed weak U.S. economic data and its potential to cool down rate hike fears.Ether mirrors risk-on recoveryETH’s price climbed up to 8.31% on June 24 to $1,225, six days after falling below $880, its lowest level since January 2021. Overall, the upside retracement brought bulls 40% in gains, raising anticipation about an extended recovery in the future while alleviating fears of a “clean fakeout.”For instance, independent market analyst “PostyXBT” projected ETH’s price to close above $1,300 by the end of June. In contrast, analyst “Wolf” feared that bears would attempt to “push price back to $1,047,” albeit anticipating a run-up toward $1,250 if ETH holds above its diagonal trendline support, as shown below.$ETH 4h. If the trend change is real, then we will soon find out. Bulls must hold this diagonal and see this type of scenario.Bears, instead will try to push price back to 1047— Wolf (@IamCryptoWolf) June 21, 2022 Ether has come under pressure from the Federal Reserve’s hawkish policy in 2022. But those fears appear to be subsiding after the latest U.S. composite purchasing managers report, which shows the manufacturing activity fell to a five-month-low.”Growth is coming down, maybe even sooner than expected,” Esty Dwek, chief investment officer at FlowBank, told the Wall Street Journal, adding: “That should allow the Fed to soften at some point.”ETH/USD daily chart versus Nasdaq and S&P 500. Source: TradingViewStill, Greg Peters, co-chief investment officer at PGIM Fixed Income, warned that the current rally in the risk-on markets might not last. He is unconvinced that “the central banks will stop tightening if economies slow.”Classic bullish reversal setup in playEther’s rebound on June 24 also had it break above a falling resistance trendline that constitutes an “inverse head-and-shoulders” pattern (IH&S).In detail, Ether has formed the IH&S pattern after forming three troughs below a common support level, called the neckline. Also, the middle trough comes out to be deeper than the other two, which are more or less of the same height.Related: ‘Foolish’ to deny Bitcoin price can go under $10K — AnalysisTraditional analysts see IH&S as a bullish reversal setup, i.e., they resolve after the price breaks above their neckline support. As a rule, the price could rise by as much as the IH&S’s maximum height after the breakout.ETH/USD four-hour price chart featuring IH&S setup. Source: TradingViewAs a result, Ether eyes an extended upside retracement toward $1,560 after breaking above its IH&S neckline, up nearly 33% from the current price. Interestingly, the IH&S profit target coincides with ETH’s 200-4H exponential moving average (200-4H EMA; the blue wave) near $1,537.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • White hat hacker attempts to recover 'millions' in lost Bitcoin, finds only $105 News - 1 day ago
    “We didn’t make money, but we definitely made new friends,” said Lavar, who originally purchased the Bitcoin in 2016. Joe Grand, a computer engineer and hardware hacker known by many for recovering crypto from hard-to-reach places, spent hours breaking into a phone only to find a fraction of a Bitcoin.In a YouTube video released on Thursday, Grand traveled from Portland to Seattle in an effort to potentially recover “millions of dollars” in Bitcoin (BTC) from a Samsung Galaxy SIII phone owned by Lavar, a local bus operator. Lavar originally purchased the BTC in July 2016 in a “super sketchy” way, paying a person at a cafe and storing the crypto in a wallet on the phone before putting it in storage and losing track of the device.After finding the phone in 2021, Lavar couldn’t recall the swipe password, but remembered setting up the option of erasing the data if too many incorrect attempts were made. He and a friend connected with Grand after discovering his YouTube videos, allowing the white hat hacker to make several attempts to get into the phone’s memory and recover the crypto.Following some micro soldering, downloading the memory and discovering the Samsung’s swipe pattern for access — which turned out to be the letter “L” — Lavar opened his MyCelium Bitcoin wallet and discovered only 0.00300861 BTC — worth $105 USD at the time, down to roughly $63 USD at the time of publication. Grand was later able to determine the bus operator purchased $400 worth of BTC in 2016, most of which went to a crypto mixing service called BitBlender, which was shut down in 2019.“I’m a little devastated,” said Lavar. “We didn’t make money, but we definitely made new friends.”Related: Engineer hacks Trezor wallet, recovers $2M in ‘lost’ cryptoMany crypto users have been locked out of their wallets or otherwise lost access to physical devices holding BTC over the years — one of the most famous examples being a Welsh man who in 2013 threw out a hard drive containing 7,500 Bitcoins, now worth more than $150 million. However, many hackers and engineers specializing in crypto recovery services have appeared in response.
  • Uganda’s gold discovery: What it could mean for crypto News - 1 day ago
    Is gold becoming inflationary? Can Bitcoin replace it as a store of value due to its scarcity and reliability? Are Uganda’s numbers implausible? Questions arise. These are fraught times for the cryptocurrency and blockchain sector, so it isn’t surprising that industry proponents might seize upon any promising news to help charge flagging markets. A Reuters report out of Uganda last week about a massive gold ore discovery supplied just this kind of fuel.What does the state of gold mining in Africa have to do with the price of global Bitcoin (BTC)? Quite a bit, potentially.Bitcoin has periodically laid claim to being digital gold largely on the strength of its strict 21 million supply limit, which makes it non-inflationary and a good store of value — in theory. Gold, of course, is the store of value par excellence, with a limited supply and a solid track record that goes back millennia.But, if Uganda is sitting on 31 million metric tons of gold ore, as the government declared, might not that substantially boost the world’s gold supply? That in turn could lower the price of gold — and make it a less secure “store of value” generally. Gold’s loss could be the cryptocurrency’s gain.Some drew encouragement from this notion. Microstrategies CEO Michael Saylor, for instance, posted a video on Twitter about the Ugandan discovery of “huge gold deposits” which might net 320,158 metric tons of refined gold “valued at $12.8 trillion.” As Saylor noted on June 17: “#Gold is plentiful. #Bitcoin is scarce,” further telling CNBC:“Every commodity in the world has looked good in a hyperinflationary environment, but the dirty secret is you can make more oil, you can make more silver, you can make more gold […] Bitcoin’s the only thing that looks like a commodity that is scarce and capped.”But, perhaps there is less here than meets the eye. The 320,158 metric tons of refined gold that the Ugandan mining ministry spokesman said could be produced from the new deposits in the country’s northeastern corner would far exceed the 200,000 metric tons in above-ground gold that exist in the entire world today. One gold mining trade publication went so far as to suggest the Ugandan government may have been confusing metric tons with ounces in its projections. Recent: How blockchain can open up energy markets: EU DLT expert explainsThe World Gold Council was asked for comment about the Uganda discovery and the plausibility of its numbers. The Council doesn’t typically comment on media reports of gold discoveries, a spokesperson told Cointelgraph, but added:“In the absence of formal ore reserve/resource declarations, we would not expect these ‘discoveries’ to contribute materially to mine supply in the foreseeable future.”But, to the larger issue, Saylor may have a point. The fact is that more gold can always be mined, whether in Uganda or somewhere else, especially with advances in surveying and mining technologies, including aerial exploration. And, if so, doesn’t this make Bitcoin, with its strict 21 million BTC limit, look non-inflationary by comparison —…
  • Bitcoin payments make a lot of sense for SMEs but the risks still remain News - 1 day ago
    While Bitcoin payments can be processed quite easily by businesses these days there are still some tangible issues that need to be ironed out. The last six odd months has seen the cryptocurrency market witness an unparalleled amount of financial volatility, so much so that the total capitalization of this fast-maturing space has dropped from $3 trillion to approximately $1 trillion. This comes after the industry hit all-time highs across the board last November, with Bitcoin (BTC) reaching a price point of $69,000.Despite the previously stated volatility, a recent report shows that small to medium-sized enterprises (SMEs) across nine separate countries, Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and the United States, are extremely open to the idea of accepting cryptocurrency payments — especially Bitcoin. Within the study — which surveyed a total of 2,250 market entities — 24% of the respondents said that they plan on accepting Bitcoin alongside other digital assets in the near term, while a whopping 59% of participants revealed that they plan on transitioning exclusively to the use of digital payments by the start of 2025.From the outside looking in, crypto payments offer a range of benefits. For example, the issue of chargebacks or compliance with payment card industry standards are completely mitigated when it comes to digital assets. Not only that, acceptance of Bitcoin and other digital currencies can help attract additional business from crypto enthusiasts as well as potentially multiply one’s profits (since many of these currencies stand to become more valuable over time).Does accepting crypto really make sense for SMEs?According to Igneus Terrenus, policy advocate for cryptocurrency exchange Bybit, Bitcoin makes absolute sense as a day-to-day medium of exchange for SMEs. He told Cointelegraph that as a payment network, Bitcoin (when used in conjunction with the Lightning Network) is unequivocally superior to the seven-plus-decade-old system that underlies credit cards, adding:“Bitcoin on Lightning is disintermediated, has finality built into it, faster, more secure and is many magnitudes cheaper in transaction cost than credit card’s ~3% fee. The payment does not necessarily need to be settled in BTC since the Bitcoin network can take dollars, convert them to BTC and transfer it across the network and convert it back to dollars upon arrival.”When asked about the volatility side of things, Terrenus explained that if viewed with a shorter time frame, BTC is no doubt a risk-on volatile asset. However, if looked at with a more panoramic view or denominated in relation to inflationary currencies like the Turkish lira and the Argentine peso — that have exhibited respective increases of 73.5% and 58% in their May consumer price index levels — it may very well still be better at preserving purchasing power than most fiats during times of intense volatility/bear markets.Ben Caselin, head of research and strategy at cryptocurrency trading platform AAX, agrees with this assessment, telling Cointelegraph that accepting Bitcoin as well as other more established cryptocurrencies is still the right course of action for most SMEs since there is…
  • Bitcoin gives ‘encouraging signs’ — Watch these BTC price levels next News - 1 day ago
    The 200-week moving average is back on the menu for BTC/USD, but altcoins are shining as the week ends. Bitcoin (BTC) headed toward the upper end of its trading range on June 24 as optimism crept back into traders’ forecasts.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin price “ready for $23,000″Data from Cointelegraph Markets Pro and TradingView tracked a broadly stable BTC/USD as it hit local highs of $21,425 on Bitstamp.The pair had shifted higher since wicking below the $20,000 on June 22, with United States equities similarly cool going into the weekend.“Bitcoin ready for $23,000,” Cointelegraph contributor Michaël van de Poppe announced to Twitter followers on the day.At just above the crucial 200-week moving average (WMA), $23,000 formed a popular upside target for commentators — and sellers.As noted by trading suite Decentrader, whales on exchange Bitfinex had set asks in that area, providing the potential for BTC/USD to “fakeout” above the 200WMA in the event of a squeeze.“The 200WMA has great historical significance having held up price in previous bear markets, and will be of major interest to traders when price revisits it,” Decentrader wrote in its latest market update, echoing popular sentiment.“Over at Bitfinex where we know the whales particularly like to dominate, there is a significant wall of asks at $23,000 just above the 200WMA level. There is no guarantee that those asks will stay there or cannot be broken when price reaches them. But it is worth noting them and therefore being aware of a potential fakeout risk around the 200WMA that may reject price on its first attempt to break through.”The firm added that overall, while crypto was “not out of the woods,” the market was giving signals that were “encouraging for the bulls.”Trader targets $1,500 for EthereumAltcoins meanwhile stole the show on low timeframes as the week came to a close.Related: Bitcoin miner ‘capitulation event’ may have already happened — ResearchEther (ETH), the largest altcoin by market cap, gained almost 10% on the day to climb above $1,200.Ripple (XRP) and Solana (SOL) performed even better, both with daily gains in double figures and the latter knocking on weekly returns of nearly 30%.SOL/USD 1-hour candle chart (Binance). Source: TradingViewThe sea of green was omnipresent among the top fifty cryptocurrencies by market cap, with only UNUS SED LEO (LEO) bucking the trend, trading down 5.8% at the time of writing.“Great market environment here, as markets are continuing the upwards momentum,” Van de Poppe said in a separate update, adding that ETH/USD could hit $1,500 “during the coming weeks.”ETH/USD 1-hour candle chart (Binance). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • CBDC may threaten stablecoins, not Bitcoin: ARK36 exec News - 1 day ago
    A state-backed digital currency like the U.S. dollar doesn’t necessarily have to be a competitor to a decentralized cryptocurrency, one industry exec believes. Central bank digital currencies (CBDCs) do not pose any direct threat to cryptocurrencies like Bitcoin (BTC) but are still associated with risks in relation to stablecoins, one industry executive believes.According to Mikkel Morch, executive director at the digital asset hedge fund ARK36, a state-backed digital currency like the U.S. dollar doesn’t necessarily have to be a competitor to a private or a decentralized cryptocurrency.That’s because the use cases and value proposition of the decentralized digital assets “often go beyond the realm of simple transactions,” Morch said in a statement to Cointelegraph on Thursday.The exec referred to Federal Reserve Chair Jerome Powell who earlier this year hinted that the United States government would not stop a “well regulated, privately issued stablecoin” from coexisting with a potential Fed digital dollar.As such, active commitment to the CBDC development does not mean that other countries like Singapore are unfriendly to non-state-backed cryptocurrencies, Morch said. The executive suggested that a CBDC roll-out may even “facilitate the proliferation of non-sovereign cryptocurrencies and blockchain technologies.”However, the concept of a CBDC is still associated with some risks in regard to stablecoins, Morch noted, stating:“Admittedly, though, a CBDC may diminish the role of and the demand for privately issued stablecoins provided that there is a market for stablecoins already in the country — which is more the case in the U.S. than it is in Singapore.”Morch’s remarks came in response to Singapore’s financial regulator and central bank pledging to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry.On June 23, Singapore’s Monetary Authority’s (MAS) chief fintech officer Sopnendu Mohanty expressed a lot of skepticism about the value of private cryptocurrencies. He also said that he expected a state-backed alternative to be launched within three years.ARK36’s Morch also tied Mohanty’s latest comments to the recent dramatic events in the crypto industry, including the failure of the Terra ecosystem last month, the liquidity crisis of the Celsius crypto lending platform and Three Arrows Capital’s insolvency.Related: Stablecoins highlight ‘structural fragilities’ of crypto — Federal ReserveMorch specifically suggested that MAS’ comments on going brutal make a lot more sense if one takes into account that Three Arrows Capital, also referred to as 3AC, is a Singapore-based firm. “If half of the rumors about how the fund handled the capital of its customers are true, there is little wonder that Singapore’s financial authority sees the need for more regulation in the space,” he added.
  • Bitcoin miner ‘capitulation event’ may have already happened — Research News - 1 day ago
    Investigative work argues that on-chain metrics are proving miners have capitulated, while whales appear to be lone Bitcoin dip-buyers. Bitcoin (BTC) miners may have already sparked a “capitulation event,” fresh analysis has concluded.In an update on June 24, Julio Moreno, senior analyst at on-chain data firm CryptoQuant, hinted that the BTC price bottom could now be due.BTC price bottom “typically” follows miner capitulationMiners have seen a dramatic change in circumstances since March 2020, going from unprecedented profitability to seeing their margins squeezed.The dip to $17,600 — 70% below November’s all-time highs for BTC/USD — has hit some players hard, data now shows, with miner wallets sending large amounts of coins to exchanges.This, CryptoQuant suggests, precedes the final stages of the Bitcoin sell-off more broadly in line with historical precedent. “Our data demonstrate a miner capitulation event that has occurred, which has typically preceded market bottoms in previous cycles,” Moreno summarized.Miner sales have been keenly tracked this month, with the Bitcoin Twitter account even describing the situation as miners “being drained of their coins.”The #Bitcoin miners are being drained of their coins.— Bitcoin (@Bitcoin) June 18, 2022 “For miners, it’s time to decide to stay or leave,” CryptoQuant CEO, Ki Young Ju, added in a Twitter thread last week.The situation is tenuous, but the majority of miners remain active, as witnessed by network fundamentals dropping only slightly from all-time highs of over 30 trillion.Bitcoin network fundamentals overview (screenshot). Source: BTC.comMixed signals over buyer interestWhen it comes to other large BTC holders, however, the picture appears less clear.Related: ‘Foolish’ to deny Bitcoin price can go under $10K — AnalysisAfter whales bought up liquidity near $19,000, CryptoQuant’s Ki this week heralded the arrival of “new” large-volume entities.Outflows from major United States exchange Coinbase, he noted, reached their highest since 2013.Time to welcome new #Bitcoin whales.Average $BTC outflows from @Coinbase hit a 9-year high. Average inflows are high as well. There are lots of exchange in/outflows from whales lately, but actually, nothing changed on BTC reserve across all exchanges.— Ki Young Ju (@ki_young_ju) June 23, 2022 Trader and analyst Rekt Capital, nonetheless, reiterated doubts about the strength of overall buyer volume, arguing that sellers were conversely still directing market movements.Bitcoin’s 200-week moving average (MA), a key support level during previous bear markets, has yet to see significant interest from buyers despite the spot price being around $2,000 below it.“Current BTC buy-side volume following the extreme sell volume spike is still lower than the 2018 Bear Market buyer follow-through volume levels at the 200-week MA. Let alone March 2020 buy-side follow-through,” he told Twitter followers. BTC/USD annotated chart. Source: Rekt Capital/ TwitterThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • XRP price rally stalls near key level that last time triggered a 65% crash News - 1 day ago
    Macro risks and a long-term bearish setup continue to spoil XRP’s bullish prospects. Ripple’s (XRP) ongoing upside retracement risks exhaustion as its price tests a resistance level with a history of triggering a 65% price crash.XRP price rebounds 30% XRP’s price gained nearly 30%, rising to $0.36 on June 24, four days after rebounding from $0.28, its lowest level since January 2021. The token’s retracement rally could extend to $0.41 next, according to its cup-and-handle pattern shown in the chart below.XRP/USD four-hour price chart featuring “cup and handle” pattern. Source: TradingViewInterestingly, the indicator’s profit target is the same as XRP’s 50-day exponential moving average (50-day EMA; the red wave).XRP/USD daily price chart featuring 50-day EMA upside target. Source: TradingViewMajor resistance hurdleThe cup-and-handle bullish reversal setup tends to meet its profit target at a 61% success rate, according to veteran analyst Thomas Bulkowski. But, it appears XRP’s case falls in the 39% failure spectrum because of a conflicting technical signal presented by its 200-4H exponential moving average (EMA). XRP’s 200-4H EMA (the blue wave in the chart below) has previously served as a strong distribution signal. Notably, in April 2022, the token attempted to break above the said wave resistance multiple times, only to face rejections on each try; it fell 65% to $0.28 later.XRP/USD four-hour price chart featuring 200-4H EMA resistance. Source: TradingViewThe ongoing cup-and-handle breakout has stalled midway after XRP retested the 200-4H EMA as resistance on June 23. Now, the token awaits further bias confirmation while risking a price decline similar to what transpired after April.XRP’s overbought relative strength index (RSI), now above 70, also raises the possibility of an interim price correction.XRP LTF breakdown underwayThe downside scenario on XRP’s shorter-timeframe chart comes in line with giant bearish setups on its longer-timeframe chart. As Cointelegraph covered earlier, XRP has entered a breakdown stage after exiting its descending triangle structure in early May. As a rule of technical analysis, its triangle breakdown should have it fall by as much as the structure’s maximum height, which puts its downside target near $1.86.XRP/USD weekly price chart featuring ‘descending triangle’ setup. Source: TradingViewIn other words, another 50% price drop for XRP could happen by the end of July this year. 50,000,000 #XRP (16,249,045 USD) transferred from Ripple to unknown wallet— Whale Alert (@whale_alert) June 23, 2022 Macro risks led by the Federal Reserve’s hawkish policy further strengthen XRP’s bearish bias. The XRP/USD pair has typically traded lower in tandem with riskier assets in 2022, with a correlation coefficient with the Nasdaq Composite, sitting at 0.90 as of June 24.XRP/USD weekly correlation with Nasdaq. Source: TradingViewA score of 1 means that the two assets moves in perfect sync.Related: Almost $100M exits US crypto funds in anticipation of hawkish monetary policyConversely, anticipations that Ripple would win the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) for “allegedly” selling unregistered securities could negate the bearish setups. I’ve stated for over a year that many @Ripple and #XRP supporters underestimate the negative impact the SEC lawsuit has had. B/c Ripple has done…
  • Solana smartphone Saga triggers mixed reactions from crypto community News - 1 day ago
    From comparing the project to Apple and Ethereum to bringing up network outages, the community reacted to the new Web3 phone by Solana. The Solana team has brought mobile phones to Web3 after revealing Saga, Solana’s Android mobile device that will go out with the project’s latest stack for Web3 developers, the Solana Mobile Stack. The community welcomed the new development with various reactions from comparing the project to Apple and Ethereum to bringing up concerns over Solana’s network outages. Vinny Lingham praised the move and called it Web3’s very own “iPhone moment” and thanked Solana co-founder Anatoly Yakovenko for making it possible. Meanwhile, David Ticzon was also impressed, calling Solana the “Apple of Web3” in a tweet.Some community members also took this opportunity to compare Solana’s progress to the Ethereum network. Twitter user Thesolmane pointed out that while Solana launched a Web3 phone, Ethereum stays “without innovation in years.”In a Twitter thread, user Nathanweb3 also explained how Solana is becoming a growing threat to Ethereum. According to the Twitter user, SOL’s developers are able to grasp the shortcomings of ETH when it comes to user experience. Because of this, Solana’s team is addressing the issues and is simplifying things for everyday users. They tweeted: 10/but what matters is what the everyday user gravitates to.the solana crowd is more in touch with reality esp when it comes to product development:is this very decentralized? this ethically funded/monetized? probably not, lol.but could your grandma use this? YES.— nathan.eth (@nathanweb3) June 23, 2022 While many had a positive response, others couldn’t help but bring out the issue of Solana’s network outages. At the start of June, Solana’s (SOL) price took a dive as the network suffered its fifth outage within the year. Because of this, Twitter user Metamaxie questioned why Solana is trying to be a phone manufacturer when it should focus on making its blockchain reliable. Related: Solana whale moves $25M of USDC debt from Solend to Mango MarketsCharles Hoskinson, the founder of Cardano, has also taken a dig at Solana’s newest move. According to Hoskinson, people would need to find seven of their friends in Discord to reboot the mobile phone, implying that the phone may suffer performance issues similar to the Solana blockchain.
  • Eminem and Snoop Dogg turn into BAYC chars in new music video News - 1 day ago
    Eminem and Snoop Dogg bear an uncanny resemblance to Bored Apes in the new semi-animated music video titled “From The D 2 The LBC.” Only a year and a half ago, there appeared to be bad feelings between Snoop Dogg and Eminem, both of whom are Dr. Dre’s proteges. Now, the legendary rappers have a new music video where they are featured as Bored Apes.On June 24, Eminem tweeted that a new song called “From The D 2 The LBC” would be released. The post included the song’s art, which is in a comic book style with two cartoon monkeys representing both Snoop Dogg and Slim Shady and their connection to Bored Ape Yacht Club. He followed up swiftly with another tweet advertising the video.The new music video shows Eminem and Snoop Dogg as animated ape characters. It was produced by 1st Amendment and Young California, in collaboration with BAYC.The song has the two of them shouting out their respective hometowns, Detroit and Long Beach, in its refrain: “Put your doobies high if you reside in 213, let’s see them blunts raised / Whether you east side or west side of the 313, let’s see them guns blaze.”Em and Snoop perform their verses while morphing into animated, Bored Ape-style avatars. The song was recently previewed live at Ape Fest 2022 by the pair.Related: Meet the Snoop Dogg impersonator who walked around NFT​.NYCIt should be noted that Eminem and Snoop are already familiar with the world of nonfungible tokens (NFTs), having previously ventured into the space. As reported by Cointelegraph, Eminem, whose real name is Marshall Mathers III, purchased an NFT from the OpenSea marketplace for $462,000 and became a member of the Bored Ape Yacht Club.In April, Snoop Dogg was announced as a major investor in MoonPay, an on- and off-ramp service, along with “industry VIPs” like Justin Bieber, Bruce Willis and Ashton Kutcher. MoonPay has also teamed up with Dogg’s Death Row Records to create an NFT marketplace.
  • THORChain token price up 16% following mainnet launch News - 1 day ago
    After four years of waiting, THORChain’s new mainnet “marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community.” The price of THORChain’s token RUNE is up 16% since the project announced the official launch of its mainnet on Wednesday. The team announced the mainnet launch on Wednesday, alongside the rollout of a “Rune in a Million Campaign” on Binance that contains a total of $1 million worth of RUNE rewards for users of the exchange. The announcement has been followed by a 16% bump for RUNE to $2.18 at the time of writing, and the price is up 31.6% over the past seven days. The surge has provided some much-needed relief for RUNE, though the price is still down 31% from $3.21 at the start of June. THORChain is a cross-chain exchange and proof-of-bond network that enables users to swap assets by liquidity pools across various networks such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin. The exchange also supports the trading of synthetic assets (tokenized derivatives that mimic the value of other assets).According to the project, it has processed more than $3.7 billion worth of native on-chain swaps and has roughly $299.7 million worth of total value locked (TVL). “Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community. It has been a long time coming and the community is very excited about this important milestone,” the team stated. Notably Binance,, Coinspot, Swyftx and KuCoin have all stated they will support the asset. 1/ @THORChain Mainnet is opening up the floodgates! @binance, @kucoincom, and @cryptocom all announced they’ll support native $RUNE the past few days. What an exciting time to be a #ThorChad! LFG!— ImpossibleHunter77⚡ (@ImpossibleHunt7) June 23, 2022 The project launched in 2018 and THORChain is transitioning from its beta version dubbed the “multichain chaosnet,” which went live in April 2021. It was the subject of multi-million dollar hacks in the past. The team notes it has also transitioned over the last four years from a fully centralized project to a community-driven one whose “network is solely controlled by 100 decentralized nodes.”While the introduction of the mainnet doesn’t necessarily bring forward any fundamental changes to how the protocol operates, apart from fewer bugs and network stability/security, it will provide key changes to how the project is governed and adopted and marks Thorchain’s development into a fully-fledged network. Prior to launching its own blockchain, THORChain initially launched with two variants of its token on Binance Chain and Ethereum, and the team has expressed concerns with the minting features behind these two assets in the past, along with divided the trading markets for the asset.As part of the mainnet launch, THORChain is hoping to wind down these two variants of RUNE over the next six months as part of a push to phase in the new fully native and unified variant of the token. The team stated that this will also help more wallets provide support…
  • ‘Brutal and unrelentingly hard:’ Singapore regulator’s clampdown on crypto News - 1 day ago
    The remarks from the regulator’s chief fintech officer could see the city-state lose its perception as one of the most crypto-friendly countries in the world. Singapore’s financial regulator and the central bank have pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry.The comments come from the Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explaining in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.”He also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying:“We have been called out by many cryptocurrencies for not being friendly, my response has been: Friendly for what? Friendly for a real economy or friendly for some unreal economy?” The fintech chief believes the world is “lost in private currency” and is the cause behind the wider market turmoil. Mohanty added the city-state enacted an “extremely draconian” and “painfully slow” due diligence process for licensing crypto businesses in response to the conservative stance the regulator has toward crypto.Singapore introduced licensing for crypto firms in January 2020 and has been stringent on which companies can be approved for a license. Cointelegraph reported in December 2022 that the MAS had knocked-back approvals for over 100 licenses from companies who had applied.In January, cryptocurrency providers were barred from advertising their services in public areas such as public transportation and extended to public websites as well as print, broadcast and social media.MAS is extending its ability to police crypto businesses, too. In April, the regulator passed new requirements for firms to obtain a license and be subject to Anti-Money Laundering (AML) and Combating the Financing of Terrorism requirements if they wanted to provide services outside of the country.Related: Singapore to explore digital asset tokenization on public chainsMany crypto businesses were set up in Singapore due to both its low taxes and the perception that the city-state was one of the more crypto-friendly but the regulatory tightening suggests that is changing as the country focuses on its central bank digital currency (CBDC).On Tuesday, payment systems provider the Mojaloop Foundation opened a CBDC Center of Excellence (COE) in Singapore, which sees MAS on its Working Group and Mohanty as a board adviser.With the opening of the COE, Mohanty thinks a state-backed alternative cryptocurrency could be launched within three years.The COE is aimed at reducing costs and inefficiencies of payment platforms and cross-border payments. Mohanty said he welcomed the move as a “step forward into the future of financial services”.
  • Hoskinson pitches software-enabled crypto self-regulation to Congress News - 1 day ago
    Hoskinson feels regulations for the crypto industry should be defined better, but that compliance should come from the industry itself, not from regulatory authorities. Cardano co-founder Charles Hoskinson has told Congress it should make regulations for crypto but leave compliance up to the software developers.Hoskinson likened the ideal arrangement for crypto regulation to the way banking self-regulation works during a Thursday congressional hearing, telling legislators, “it’s not the SEC or the CFTC going out there doing KYC-AML, it’s banks:”“It’s a public-private partnership. What needs to be done is to establish those boundaries, then what we can do as innovators is write software to help make that happen.”The United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are two of the financial regulators battling over jurisdiction of the crypto industry.Related: US Congressional hearing on digital asset regulation focuses on disclosure Representative Austin Scott from Georgia posed that neither the SEC nor the CFTC have the manpower to oversee the thousands of cryptocurrencies on the market, saying “it’s not possible to regulate all these currencies.”Hoskinson replied that the ability of cryptocurrencies to store and transfer data meant they could carry out much of this regulatory work automatically. He also used it as justification for allowing the crypto industry to create self-regulating organizations (SRO) to guide regulatory compliance like the private banking industry does. Hoskinson suggested that the industry could create a “self-certification system” that could automatically monitor compliance until an anomaly is encountered, at which point a financial authority would review it. Further illustrating why manpower should not be a concern for crypto regulation, Hoskinson hypothesized that even quadrupling the size of the Internal Revenue Service (IRS) would not be enough to audit every American. Rather, Hoskinson told Scott that cryptocurrencies can be programmed to prevent transaction settlements until legally-mandated checks are performed.Hoskinson’s Thursday testimonial released via the Input Output Hong Kong website demonstrated that he was keen to work with federal regulators on developing new rules, stating that compliance with regulation and legislation coming out of the U.S. “must be a guiding value for the blockchain industry:”“However, this is a new technology and a radically new asset class that can not readily fit within the confines of the laws and tests created almost a century ago.”Hoskinson’s pleas for clearer boundaries in the crypto regulatory landscape echo the ones made by other industry insiders in the U.S. last December. SEC Commissioner Hester Peirce recently partly blamed a lack of regulatory clarity for the SEC constantly rejecting spot Bitcoin exchange-traded funds (ETF) from launching in the United States.
  • Former Chancellor says UK is falling behind on crypto opportunity News - 1 day ago
    The former chancellor said there was a particular lack of regulatory structure in regards to digital asset trading. A former Chancellor of the United Kingdom has raised concerns the country is slipping behind its rivals in the European Union when it comes to the cryptocurrency regulation.Philip Hammond, who served as the U.K.’s Chancellor of the Exchequer from 2016 to 2019, told Bloomberg that there has been a distinct lack of direction and cohesion when it comes to crypto policy:“Particularly in the area of digital asset trading, I feel that the UK has missed a trick […] We are getting very close to the point where it will be too late. Other jurisdictions are racing ahead of us.”“The problem is that there are no regulations, and nobody quite knows where they stand, right? It’s a bit of a wild-west, and has gained, frankly, a mixed reputation, particularly among policymakers and politicians and the public.”He also stressed that the development of digital trading infrastructure will be key to turning the U.K. into a hub for trading tokenized traditional assets, such as tokenized equities and tokenized bonds. “Getting this right, getting the rules around digital trading right, will be an essential prerequisite for being a player in the digitization of traditional financial assets:”“The jurisdictions that have embraced this technology that have regulated it properly and effectively will be the ones that develop these markets and they will become the new hubs.”The former minister’s criticisms came despite promises from the U.K. government in May to introduce legislation to regulate the crypto industry. Hammond said that while the country has been “very agile in embracing new technologies” in the past, this hasn’t been as apparent when it comes to crypto regulation, adding that it was likely due to a mix between a “bandwidth issue” and a “capacity issue.”“This is a very new area of technology. It’s very difficult for public sector bodies with public sector pay structures to recruit the best and the brightest into these areas.”Related: UK government proposes additional safeguards against stablecoin failure risks“Personally, I think the [Financial Conduct Authority] FCA should have gone to the industry and said we need secondees. We can’t, you know, we can’t hire the people we need. We need the industry, to provide us with the talent to work up the regimes we need to introduce.”In their defense, Hammond said that regulators have been dealing with a period of immense stress dealing with the consequences of Brexit, COVID-19 and its impact on their own working arrangements. Hammond is no stranger to the crypto industry, currently serving as a senior adviser to since October 2011, a London-based start-up firm that provides custodial and infrastructure services in the digital asset sector.
  • Nifty News: Apecoin no longer going bananas, Pharrell touts Doodles and more News - 1 day ago
    Popular musician Pharrell Williams has become the chief brand officer of the Doodles NFT project, Solana to launch a crypto-focused smartphone and art economist says NFTs are good for the entire art market. ApeCoin (APE), the Ethereum-based token tied to the widely popular and almost definitely probably not 4Chan-related Bored Ape Yacht Club NFT project, saw its market cap drop by 67.2% or $4.3 billion during May and it has continued to slide since. Despite bearish macro factors looming over both crypto and stock markets throughout 2022, May, in particular, was a difficult month for crypto — thanks, Terra.Much like many other assets, ApeCoin was unable to escape the brunt of this downturn, and its market cap declined by $4.3 billion to sit at roughly $2.1 billion by May 31 as the price dropped from $21.27 to $6.97, according to data from CoinGecko. APE/USD: CoinGecko Trading volumes were around $5.7 billion at the start of May but fell to $498 million by the end of the month. Since then, the market cap has continued to slide to $1.3 billion, with a price of $4.40 per token at the time of writing, while 24-hour trading volume is currently totaling around $264 million. That’s the lowest since it launched in March. Overall, ApeCoin is down 83.5% since its all-time high market cap of $6.81 billion at a price of $26.70 per token on April 28. Pharrell Williams signs on to Doodles NFTs Doodles, one of the top NFT projects in the space founded by respected artist Burnt Toast, has signed iconic musician Pharrell Williams as its chief brand officer. To date, the Doodles NFT project has generated around $503 million worth of secondary sales since launch in October 2021, and the team is currently gearing up for its second NFT drop of 10,000 tokenized avatars at a yet-to-be-revealed time later this year. Doodles 2… coming soon.— doodles (@doodles) June 22, 2022 Williams is the man behind the much-loved, gut-wrenching and headache-inducing song “Happy,” which has more than 1 billion plays on YouTube, and will work to guide the project’s strategy relating to artwork, music, product lines, animation and virtual/public events. The musician will also produce a Doodles-inspired music album titled “Doodles Records: Volume 1.”The announcement was made at the NYC NFT event on Wednesday, with the project also revealing it had closed a funding round led by Reddit co-founder Alexis Ohanian’s venture capitalist firm, Seven Seven Six. The amount of capital was undisclosed, however. “I’m a big fan of the brand,” said Williams in a video message, adding that “We’re going to build from the core community outward and bring Doodles to new heights, new levels.”NFT art is helping the overall art market: Expert Art expert Magnus Resch thinks that mainstream adoption of NFT tech is helping break down the barriers to art collection and is attracting new buyers to a field that has often struggled for numbers due to its elitist nature. Resch is an art market economist and…
  • Moody’s downgrades Coinbase due to bear market: Warns it may not be the last News - 1 day ago
    Moody’s said further downgrades could follow if Coinbase doesn’t diversify from its current revenue model or it’s unable to turn a profit even in a prolonged bear market. Credit ratings agency Moody’s has downgraded the Corporate Family Rating (CFR) and guaranteed senior unsecured notes of crypto exchange Coinbase, stating that both ratings have been placed under review for further downgrade.The CFR, a rating assigned to reflect Moody’s opinion of a company’s ability to honor its financial obligations, was downgraded from Ba2 to Ba3, which is considered below non-investment grade.Senior unsecured notes are a type of debt a company holds that is not backed by any assets and, in the event of bankruptcy, must be repaid before any others. Moody’s downgraded Coinbase from Ba1 to Ba2.Earlier in May, Cointelegraph reported Coinbase’s junk bonds tanked in response to an underwhelming first quarter, and since the report, the bonds have continued to fall a further 9.5%.In its rationale for the downgrades, Moody’s highlighted that Coinbase’s revenue model “is tied to trading volumes, transaction activity per user and overall crypto asset prices.” It said the steep price decline in crypto over the past months has caused customer trading activity to wane, which in turn caused weaker revenue and cash flow for the company.The uncertain environment forced Coinbase to lay off about 18% of its staff on June 14. But, even with this measure, Moody’s said it expects Coinbase’s profitability to “remain challenged in the current environment.”Competition for customers has also been heating up in the United States after Binance.US began offering zero-fees spot trading for Bitcoin (BTC). The offer follows in the footsteps of trading platform Robinhood, which pioneered no-commission crypto-trading in 2018.In a bid to attract users to the platform, on Thursday, Coinbase added five new Ether (ETH) ERC-20 tokens plus the ability for users to send and receive some assets on the Polygon network along with USD Coin (USDC) on Solana.Related: Coinbase to shut down Coinbase Pro to merge trading servicesMoody’s said it could call for further downgrades should crypto prices continue to fall and if trading volumes on the exchange remain the same or fall further. It will also look at whether the firm can reduce expenses, and its ability to maintain talent as well as potential “crypto asset regulatory developments.”The ratings agency added that Coinbase’s ratings could be upgraded again in the future if it can generate a profit even during a bear market and diversifies its revenue through other streams not associated with trading and cryptocurrency prices, noting that crypto transaction-based revenue represented 87% of Coinbase’s net revenue in Q1 2022. Coinbase’s shares were up 13.4% to close at $58.88 on Thursday but fell just over 1% in after-hours trading. Year to date, its shares are down nearly 77%.
  • Will BTC Flip the Bearish Blues? Here’s When and How
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 8 hours ago
    The post Will BTC Flip the Bearish Blues? Here’s When and How appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide For the third straight day, all major cryptocurrencies, including Bitcoin, Ethereum, and Solana, extended their gains as the situation finally picked up pace. Although it has maintained slightly above $21,000 over the previous 24 hours, bitcoin has been quite stable and calm. The king coin has been overshadowed by altcoins, with ETH, SHIB, AVAX, and …
  • Bitcoin and Ethereum Miners Struggle to Remain in Profit !
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 9 hours ago
    The post Bitcoin and Ethereum Miners Struggle to Remain in Profit ! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide With rising energy costs and cryptocurrency prices declining, bitcoin miners are finding it difficult to remain profitable, putting several significant businesses in danger of going out of business. As mining profitability declines, bitcoin miners, a majority chunk of the token’s owners—are expected to sell more of their holdings. According to Bitinfo data, the average mining …
  • How Goldman Sachs Could Benefit From Celsius’s Financial Struggle
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 10 hours ago
    The post How Goldman Sachs Could Benefit From Celsius’s Financial Struggle appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide As per Fortune data, Goldman Sachs is financing $2 billion to purchase the property of struggling crypto creditor Celsius as it approaches bankruptcy. Although Celsius may not file bankruptcy, Goldman Sachs users will be allowed to purchase its holdings at reduced prices. In the meantime, Celsius has reportedly appointed more restructuring attorneys from the consulting …
  • XRP Price Analysis: Will the Price Surge By 34% to Hit $0.5 By the Month-End?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 12 hours ago
    The post XRP Price Analysis: Will the Price Surge By 34% to Hit $0.5 By the Month-End? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide XRP price has been followed largely as the asset has been less traded in the US due to the ongoing Ripple vs SEC case. The case is unfurling new twists every new day and has been delayed very often. While many believe the closure of the lawsuit may bring some fortune to the XRP price, …
  • Celsius Network To Declare Bankruptcy? Know The Complete Story
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 12 hours ago
    The post Celsius Network To Declare Bankruptcy? Know The Complete Story appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide According to the latest Wall Street Journal article, the struggling crypto funding service, Celsius Network, could be planning to declare bankruptcy after hiring structural advisors from consultancy company Alvarez & Marsal. Celsius Network unexpectedly banned customer withdrawals, swaps, and exchanges in early June, claiming the present market collapse to be the reason. From this moment …
  • The New Regulatory Priorities Will Worsen The Crypto Market Condition Says, Hester Peirce
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 13 hours ago
    The post The New Regulatory Priorities Will Worsen The Crypto Market Condition Says, Hester Peirce appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Hester Peirce, an SEC commissioner who strongly supports cryptocurrency investments, criticized the organization’s new regulatory priorities in a public statement on Wednesday. A top Securities and Trade Commission (SEC) official has reprimanded the regulator for establishing guidelines that could harm the economy and undoubtedly damage public trust in the authorities. A new public statement from …
  • Is the Crypto Markets Recovering or Just Another Bull Trap? Is this the Good Time to Buy Bitcoin?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 14 hours ago
    The post Is the Crypto Markets Recovering or Just Another Bull Trap? Is this the Good Time to Buy Bitcoin? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Bitcoin prices after the recent price slash at the beginning of June had marked new lows below $18,000. But before the price slides down to these levels, a strong consolidation above $21,000 for a couple of days and later slashed hard close to $20,300. Further, the bears dragged the price too as low as $17,600. …
  • Top Reason Why Goldman Sachs Is All Set To Acquire Celsius Network!
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 15 hours ago
    The post Top Reason Why Goldman Sachs Is All Set To Acquire Celsius Network! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The globe’s greatest financial firm, Goldman Sachs, has begun to consider acquiring assets from Celsius Network, a struggling crypto lending startup. As per publicly accessible data, Goldman Sachs is preparing a $2 billion monetary cash reserve for the investment. If the sale drops ahead, it will most certainly be at a massively diminished cost, particularly …
  • Bitcoin (BTC) Price Might Hit $30K In Next 7 Days! Here’s How the Journey Looks Like
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 16 hours ago
    The post Bitcoin (BTC) Price Might Hit $30K In Next 7 Days! Here’s How the Journey Looks Like appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide At present, there is almost no reason to be hopeful regarding Bitcoin. The value is stable near $20,000, and various on-chain signs are growing negative. Even though the long-term marketplace forecasts more downturn, there may have been some brief relief in the coming week. Few indications of a rebound are seen, which might fuel a …
  • Solana(SOL) Price at the Foothill of a Massive Explosion But $100 Appears Still Distinct
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 17 hours ago
    The post Solana(SOL) Price at the Foothill of a Massive Explosion But $100 Appears Still Distinct appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Solana price gained a huge bullish momentum ever since the co-founder announced the plans of rolling out an SMS platform & Android phone. The price which had broken the falling wedge had broken out of the descending consolidation and rose high a week ago. However, the recent positive announcements did give the asset a larger …
  • One Low-Cap Altcoin Skyrockets by More Than 140% in Just One Week As Crypto Markets Rebound
    The Daily Hodl - 1 hour ago
    A low-cap altcoin is erupting in the last seven days as the broader crypto markets flash signs of strength toward the end of the week. STORJ, the native asset of Storj, a decentralized protocol designed to provide an end-to-end encrypted cloud storage platform, has more than doubled its value in just one week. From a […] The post One Low-Cap Altcoin Skyrockets by More Than 140% in Just One Week As Crypto Markets Rebound appeared first on The Daily Hodl.
  • Binance Eyeing Up to 100 Deals in the Crypto Space Amid the Bear Market, According to CEO Changpeng Zhao
    The Daily Hodl - 3 hours ago
    Binance CEO Changpeng Zhao says the biggest crypto exchange by volume is currently hunting for deals in the crypto market. Zhao tells Yahoo! Finance that Binance is looking at 50-100 crypto deals right now with more to be announced soon. “We actually see a lot of opportunity in the market. So we’re increasing our hiring, […] The post Binance Eyeing Up to 100 Deals in the Crypto Space Amid the Bear Market, According to CEO Changpeng Zhao appeared first on The Daily Hodl.
  • Crypto Exchange FTX Interested in Acquiring a Stake in BlockFi: Report
    The Daily Hodl - 5 hours ago
    The Bahamas-based digital asset exchange FTX is reportedly interested in acquiring a stake in crypto lender BlockFi. The Wall Street Journal reports discussions between the firms are ongoing and that no equity agreement has been reached yet, according to anonymous sources. Earlier this week, FTX agreed to provide BlockFi with a $250 million line of […] The post Crypto Exchange FTX Interested in Acquiring a Stake in BlockFi: Report appeared first on The Daily Hodl.
  • Ripple CEO Brad Garlinghouse Says SEC Contradicted Itself by Suing Over XRP and Then Allowing Coinbase IPO
    The Daily Hodl - 6 hours ago
    The CEO of Ripple Labs is calling out the U.S. Securities and Exchange Commission (SEC) for applying inconsistent policies to different players in the crypto space. While speaking at the Collision technology conference in Toronto, Garlinghouse says the SEC employed contradictory tactics when it approved Coinbase’s S-1 initial public offering (IPO). Garlinghouse argues the SEC […] The post Ripple CEO Brad Garlinghouse Says SEC Contradicted Itself by Suing Over XRP and Then Allowing Coinbase IPO appeared first on The Daily Hodl.
  • Trader Who Called Bitcoin 2018 Collapse Warns BTC an ‘Outstanding’ Speculative Asset That Could Be Usurped
    The Daily Hodl - 9 hours ago
    The veteran trader who nailed Bitcoin’s 2018 bear market collapse says Bitcoin (BTC) serves a wholly different purpose than what’s advertised. Peter Brandt tells his 663,000 followers that even though he’s a long-term BTC bull, he believes Bitcoin is purely a speculative play rather than an investment due to the number of crashes it’s seen […] The post Trader Who Called Bitcoin 2018 Collapse Warns BTC an ‘Outstanding’ Speculative Asset That Could Be Usurped appeared first on The Daily Hodl.
  • Ethereum Rival Tumbles As Hackers Drain About $100,000,000 From Its Crypto Bridge
    The Daily Hodl - 12 hours ago
    One Ethereum (ETH) competitor is taking a massive hit after hackers drained approximately $100 million worth of crypto from its cross-chain bridge. The Harmony (ONE) team says the breach occurred on the morning of June 24th on the Horizon bridge, which enables users to move crypto assets between Ethereum, Binance Smart Chain and Harmony. “The […] The post Ethereum Rival Tumbles As Hackers Drain About $100,000,000 From Its Crypto Bridge appeared first on The Daily Hodl.
  • Crypto Analyst Who Predicted Bitcoin (BTC) Crash Below $23,000 Has New Alert for Crypto Traders
    The Daily Hodl - 14 hours ago
    The popular crypto analyst who accurately predicted current market woes is now cautioning investors that Bitcoin (BTC) is likely to fall further. The pseudonymous trader Capo tells his 409,300 Twitter followers he sees no indication that BTC has reached a cycle bottom around the $20,000 level. “Based on what you read on Twitter, you may think […] The post Crypto Analyst Who Predicted Bitcoin (BTC) Crash Below $23,000 Has New Alert for Crypto Traders appeared first on The Daily Hodl.
  • The Richest Bitcoin Whale in Existence Now Has Over $2,763,000,000 in BTC After Massive Series of Transactions
    The Daily Hodl - 16 hours ago
    The world’s largest non-exchange Bitcoin whale now holds over $2 billion worth of BTC after a string of massive transactions earlier this month. According to crypto data platform BitInfoCharts, the whale has added 2,554 Bitcoin in a series of transactions since June 14th. Between June 14th and June 18th, the whale purchased 1,698 BTC worth […] The post The Richest Bitcoin Whale in Existence Now Has Over $2,763,000,000 in BTC After Massive Series of Transactions appeared first on The Daily Hodl.
  • Internet of Things (IoT) Blockchain Project Surges After Listing
    The Daily Hodl - 1 day ago
    An Internet of Things crypto project has surged after a surprise listing from a prominent exchange. rolled out support for Meta X Connect (MXC) on Tuesday, sending MXC’s price soaring nearly 17%. MXC is also up 8.44% in the past 24 hours. Meta X Connect, recently rebranded from MXC Foundation, wants to build a […] The post Internet of Things (IoT) Blockchain Project Surges After Listing appeared first on The Daily Hodl.
  • Leading US Crypto Exchange Coinbase To Offer Bitcoin Futures Product on New Derivatives Exchange
    The Daily Hodl - 1 day ago
    Crypto exchange giant Coinbase is announcing the launch of its first-ever Bitcoin (BTC) derivatives product. According to a new company blog post, Coinbase’s Derivatives Exchange will launch Nano Bitcoin Futures (BIT), its first listed Bitcoin futures product, on June 27th, with each contract being valued at 1/100th of a Bitcoin. “Coinbase Derivatives Exchange, a [Commodity […] The post Leading US Crypto Exchange Coinbase To Offer Bitcoin Futures Product on New Derivatives Exchange appeared first on The Daily Hodl.
  • Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?
    NewsBTC - 4 hours ago
    On-chain data shows the Bitcoin coinbase premium gap has improved recently and is now approaching a neutral value, suggesting the selling pressure may be drying up. Bitcoin Coinbase Premium Gap Close To Zero, But Still Negative As pointed out by an analyst in a CryptoQuant post, the selling pressure from US investors seems to have reduced in recent days. The “Coinbase Premium Gap” is an indicator that measures the difference in the Bitcoin prices listed on crypto exchanges Coinbase (USD pair) and Binance (USDT pair). The quant notes that US investors are known to use the Coinbase platform, especially high-net entities and institutions. When the value of this metric is positive, it means the price on Coinbase is higher at the moment. Such a trend suggests there has been buying from US investors recently. Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead? On the other hand, a negative premium gap implies there has been some selling on the crypto exchange as the price is lesser than on Binance. Now, here is a chart that shows the trend in the Bitcoin Coinbase premium gap over the year 2022 so far: The value of the metric looks to be negative right now | Source: CryptoQuant As you can see in the above graph, the Bitcoin Coinbase premium gap has been negative in the last couple of months. During the LUNA crash, it reached a highly red value of $131, which means there was some heavy selling from US investors then. During the consolidation period that followed, as well as during the latest crash, the value of the indicator moved sideways around a negative $20. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison Over the last few days, however, the trend seems to have changed and the premium gap is now observing some upwards movement. While the indicator still has a negative value, it’s quite close to zero now as the gap between Coinbase and Binance stands at just -$5. This shows that the selling pressure from US investors has been dying down recently, a sign that could prove to be bullish for the price of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $21.2k, up 11% in the last seven days. Over the past month, the crypto has lost 28% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been going up over the last few days | Source: BTCUSD on TradingView Since the low below $18k, Bitcoin has been trying to gradually make some recovery. However, the crypto is currently finding it difficult to leave the $21k level. Featured image from, charts from,
  • Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally
    NewsBTC - 14 hours ago
    The price of STORJ (pronounced “storage”) has increased by a little over 30 percent in the last 24 hours. According to CoinMarketCap, STORJ, an ETH token, is the 88th largest coin by market capitalization. The token experienced a significant increase thanks to the NFT update on Friday. STORJ reached an all-time high of $0.97, a 43 percent rise from its 24-hour low. Currently, the coin is selling at $0.9273, an increase of a remarkable 30.73 percent in the last 24 hours, according to statistics from CoinMarketCap. Additionally, its market capitalization soared from $245 million the day before to $371 million as of today. STORJ is a platform for shared cloud storage. Instead of sending files to massive data centers, users can just store them in independent computers of the host. STORJ Gets Strong Backing Two requirements must be met to qualify as a host: a solid and speedy internet connection and terabytes of storage space. Users can make money by storing the files of others on their computers. An announcement about major businesses embracing STORJ to store unique tickets, music, sports NFT assets, and gaming caused a sharp increase in the token’s price. Europa Labs, Amuzed, and Ultimate Division are the company’s newest NFT customers. Suggested Reading | Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem Crypto total market cap at $941 billion on the daily chart | Source: Amuzed is a blockchain-based music gaming platform that allows users to listen to their favorite artists’ music using NFTs. Ultimate provides participants with a soccer-themed metaverse game in which they can earn Ultimate Division Tokens (TKDS), whereas Europa Labs wants to improve the computational capabilities of clients on their preferred data platforms. Suggested Reading | Cosmos (ATOM) Price Swells 12% – Can It Breach Resistance? Green Candles Show Bullish Potential Similarly, 24-hour trading volume for STORJ has surged by more than 100 percent, reaching $408,455,560 – an increase of 127.94 percent. Examining the STORJ/USDT daily chart, the price of STORJ has displayed green candles since June 13. This trend persisted with small retracements on the daily chart until Friday, when the token recorded its highest green candle of the move. In the last 10 days, the price of the asset has increased by 130 percent, from $0.4005 to its current level of $0.80. It remains to be seen whether the relatively unheard crypto will be able to sustain this growth in the future or if it will be just another “one-hit” wonder. Featured image from CyberBump, chart from
  • Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board
    NewsBTC - 15 hours ago
    Top financier and banker Hussein Al Meeza has joined Islamic Coin – the Shariah-compliant cryptocurrency launched in the UAE. Having been named Best Islamic Banking Personality in 2006, Mr. Al Meeza is an acclaimed award-winning expert with over 40 years of experience spanning the Islamic banking, finance and insurance sectors, and has been one of the key personalities involved in establishing Dubai Islamic Bank. Among his many accolades and executive roles are some of the Region’s top institutions. Mr. Al Meeza is the founder of Al Salam Banks in Sudan, Bahrain and Algeria, as well as a founding member of Emaar properties, Amlak Finance, Emaar Industries & Investments and Emaar Financial Services. He served as CEO and Managing Director of Dubai Islamic Insurance and Reinsurance Company (AMAN), Chairman of LMC Bahrain and many other leading players. By adding his leadership skills, professionalism and expertise, the Islamic Coin team has reaffirmed its mission to deliver Shariah-compliant, industry-grade financial instruments ready for the Digital Age. Working in tandem with its Fatwa committee and for the world’s Muslim community as a whole, Islamic Coin is building value and delivering future-proof solutions, that offer seamless transactions while supporting innovation and philanthropy. “It is a pleasure to be part of this amazing team and I look forward to building ethics-first financial instruments that will empower Muslims throughout the world,” commented Mr. Al Meeza. Islamic Coin’s Shariah Board, as Fatwa issuer, boasts leading names in Shariah compliance, including Dr. Nizam Saleh Yakuby, Dr. Mohamed Zoeir and Dr. Essam Khalaf Al-Enezi, among others. Together, the Board Members have advised on Shariah-compliant practices in some of the top financial institutions in the world, including Standard Chartered, Dubai Islamic Bank, and BNP Paribas. Islamic Coin has a finite supply and 10% of each issuance is automatically dedicated to philanthropy. The digital money includes an Evergreen Fund dedicated to funding ethical, Shariah-compliant startups throughout the World.
  • Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO
    NewsBTC - 1 day ago
    Bitcoin has recovered above $20,000 but since then, there has not been any significant upward movement. This has led to speculations on whether the digital asset would be able to reclaim its all-time high in the near future. Binance CEO, Changpeng Zhao, has weighed in and shared his thoughts on this debate, and according to the CEO, such recovery should not be expected anytime soon. Another Couple Of Years For ATH In a recent report, the CEO of the world’s largest crypto exchange Binance has shared some rather bearish sentiments for the short-term for bitcoin. The digital asset which had touched $69,000 in November last year has been unable to recover to that point and Zhao has explained that such recovery will not be taking place anytime soon. Related Reading | Bitcoin Miner Liquidations Threaten Bitcoin’s Recovery The exchange founder said that after dropping so much from its all-time high, it would take some time for the market to see such prices again. “I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back,” the CEO said. “It probably will take a few months or a couple of years.” However, it is not all grim given that the price today would have been highly welcomed four years ago, the founder said. An example is when bitcoin had reached its peak last cycle, almost touching $20,000. Investors had rejoiced at this price before the market had retraced into a bear market. “20k we think is very low today. But you know, in 2018, 2019, if you told people bitcoin will be 20k in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000.” BTC starts another recovery trend | Source: BTCUSD on Bitcoin On The Charts The cryptocurrency Bitcoin has been on the rise lately. After touching as low as $17,600, the current price point has provided a much-needed reprieve for investors. However, as the market is balancing out, more bearish indicators are beginning to emerge. Related Reading | Low Bitcoin Prices Trigger Inflows, But Investor Sentiment Remains Weak Confidence in bitcoin has dropped over the last couple of weeks as investor sentiment had taken a massive blow. Additionally, bitcoin had gone on to close another week in the red, marking more red closes so far for the year than green closes. As such, it has given bears a stronger hold over the market, especially in the short term. The sell-offs which continue to rock the market still threaten its position above $20,000. As such, it has been unsuccessful when trying to break the $21,2176 resistance point. However, there is support brewing at the $20,090 level, showing that bulls do not plan to go down without a fight. Featured image from CNBC, chart from Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
  • Eminem And Snoop Dogg Team Up, The Video Features Bored Ape Yacht Club Imagery
    NewsBTC - 1 day ago
    Is the Bored Ape Yacht Club responsible for this collaboration? Hip hop legends and worldwide icons Snoop Dogg and Eminem join forces once again for the single “From The D 2 The LBC.” The video is basically a BAYC ad and the duo premiered the song at Apefest, the Bored Ape Yacht Club multi-day party that was part of the NFT.NYC conference. This is a huge win for the BAYC, at a time when the NFT collection lost 60% of its value in a flash. The last time we saw this duo collaborate was on the track “Bitch Please II,” from Eminem’s 2000 outing The Marshall Mathers LP. Besides Snoop Dogg, that track features their mentor Dr. Dre, Xzibit, and the late Nate Dogg. After that, the legend says that Eminem’s camp denied a request for collaboration from Snoop and the pair never worked together again. Until now. Did the Bored Ape Yacht Club accomplish that? Eminem And Snoop’s Bored Ape Yacht Club Story It’s worth noting that both Eminem and Snoop Dogg come from Dr. Dre’s lineage, so a collaboration between both artists makes all the sense in the world. They are also both part of the Bored Ape Yacht Club. Approximately six months ago, Eminem paid $425K for a BAYC specimen inspired in him. At the time, NewsBTC reported: “The NFT, named “EminApe,” depicts Eminem’s iconic Bored Ape figure wearing a khaki army cap and a gold chain necklace, both of which he frequently wears in real life. BAYC member GeeGazza sold the digital artwork for 123.45 ETH, which is around $450,000 USD. In November 2021, GeeGazza tweeted, “I still think Eminem is destined to buy my @BoredApeYC one day.” Took too long to reconnect with @snoopdogg– you know we had to make a movie! #FromTheDToTheLBC #curtaincall2 @BoredApeYC — Marshall Mathers (@Eminem) June 24, 2022 For his part, at approximately the same time, Snoop Dogg got a full set and announced “When I APE in I APE all the way in!!.” A full set, for those not in the know, consists of a Bored Ape, an M1 and an M2 Mutant, and a Bored Ape Kennel Club with similar characteristics. In Snoop’s case, those were a military helmet, leopard skin, and a pink and fluffy garment. At the time, NewsBTC reported on the story behind the purchase: “It all came from a deleted tweet. What did it say? We wouldn’t know. However, NFT strategist Just1n.eth brought another rapper into the conversation. “He needs to link up with Waka Flocka to talk about the NFT collection that he should be looking into!” And Waka Flocka went straight to the BAYC. “Uncle Snoop you need a Ape mane!!! Join the yacht club.” Eminem. Snoop. From the D 2 the LBC. Out now. — Snoop Dogg (@SnoopDogg) June 24, 2022 The Video, The Song, The Premiere The psychedelic video mixes video of Em and Snoop in the studio with Bored Ape Yacht Club-inspired animation. It was directed…
  • Why Solana Has Outperformed Ethereum, SOL Up 36% In One Week
    NewsBTC - 1 day ago
    Solana (SOL) is the best performing asset in the crypto top 10 by market cap. The market seems to be positively reacting to Solana Labs’ smartphone announcement as the cryptocurrency is surging faster than other assets in this tanking. Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead? At the time of writing, SOL’s price trades at $42 with a 12% and 36% profit in the last 24 hours and 7 days respectively. In the meantime, the second-best performing cryptocurrency is XRP with a 16% profit in the past week, followed by Polkadot (DOT) with 15%, and Ethereum with 14% profits. Solana has been recovering after experiencing massive selling pressure. In addition to trending in tandem with the crypto market, the cryptocurrency was impacted by negative news and a series of network outages that prevented users from transacting on it. This week’s bullish momentum could be related to yesterday’s announcement, but a pseudonym analyst believes Solana is playing the long game. In that sense, this network is posing a “large and growing threat to Ethereum”, currently, the most used blockchain across decentralized finances (DeFi). The analyst claims the team behind Solana is addressing the complexities and difficulties people have when using Ethereum. The network, its ecosystem, and products on it, the analyst claims, require users to have a degree of technical knowledge and allegedly have poor performance. In addition, Ethereum is an expensive network that prices out a lot of users from accessing its ecosystem. The analyst believes a blockchain should be built for the everyday user and thus claims the “Solana crowd is more in touch with reality”. This could work out for this network in the long run and potentially attract market share from Ethereum. The launch of its own native smartphone seems like the tip of the iceberg. The analyst said: is this very decentralized? no. is this ethically funded/monetized? probably not, lol. but could your grandma use this? YES. but projects in the ecosystem generally gravitate towards better usability, because solana builders generally focus on usability more than eth builders. Solana More Productive Than Ethereum? Furthermore, the analyst claims Solana developers are “more productive” and more “focused” than Ethereum developers. The analyst concluded: I strongly dislike Solana. but it is healthy to put Ethereum in the hot seat at times like these. if we feed ourselves isolated delusions of Ethereum being uncontested while relatively failing to serve the normal user, then Solana just might win. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison At its peak, Ethereum DeFi protocols commanded over $100 billion in total value locked (TVL) while Solana reached over $12 billion. If the latter is capable of taking a portion of Ethereum’s TVL, Solana could return and surpass its all-time high and see unprecedented expansion.
  • Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?
    NewsBTC - 1 day ago
    On-chain data shows Bitcoin whales are transferring large amounts to derivatives exchanges right now, a signal that more volatility could be ahead for the crypto. Bitcoin All Exchanges To Derivatives Flow Continues To Show High Value As explained by an analyst in a CryptoQuant post, BTC whale activity on derivatives exchanges still seems to be high. The relevant indicator here is the “all exchanges to derivatives exchanges flow,” which measures the total amount of Bitcoin moving from spot exchange wallets to derivatives. When the value of this metric spikes up, it means whales are currently moving a large number of coins to derivatives exchanges right now. Such a trend usually occurs around lows in the price of the crypto as whales look to get themselves long positions. Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated On the other hand, low values of the indicator show whales aren’t moving much coins to derivatives at the moment. This kind of trend has historically lead to tops in the value of the coin. Now, here is a chart that shows the trend in the Bitcoin all exchanges to derivatives flow over the last couple of years: Looks like the value of the metric has been quite high recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin spot to derivatives flow has spiked up recently, suggesting that whale activity is pretty high right now. In fact, the current value of the indicator is actually the highest ever in the history of the cryptocurrency, implying there is an all-time high rate of whales on derivatives currently. Related Reading | Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K? Historically, the price of the crypto has observed significant volatility whenever the metric’s value has been elevated. Based on this trend, the quant believes that the value of the coin could still see further fluctuations in the near future. The analyst also notes that a reduction in the all exchanges to derivatives flow will need to be there, for the volatility to die down. BTC Price At the time of writing, Bitcoin’s price floats around $21.1k, up 4% in the last seven days. Over the past month, the crypto has lost 27% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have surged up over the last couple of days | Source: BTCUSD on TradingView After hitting a low of below $18k a week ago, Bitcoin has been trying to recover. So far, the crypto has managed to break above $21k again, but it’s yet unclear whether this recovery will last. Featured image from, charts from,
  • Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison
    NewsBTC - 1 day ago
    Before the recent selloff, Bitcoin was positioned as the next big thing. Investing and trading legends like billionaire philanthropist Paul Tudor Jones say it is like investing in Steve Jobs’ Apple early, or like getting in on the ground floor on Google. A new comparison suggests that even the latest price action is very much like if you had bought Google early. Here is a closer look at the shocking comparison along with the happy ending that should give crypto holders feeling uneasy some comfort. Bitcoin Versus Google Comparison Predicts Bull Finale Ahead Of Recession Bitcoin is a hard subject for many to wrap their head around. The lack of a physical object associated with the asset makes it feel more akin to magic internet money. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? Those who do properly comprehend the cryptocurrency’s potential, compare it to like investing in a piece of the internet. It has also been compared to investing in Apple or Google early.  However, a new comparison inspired by technical analyst Gert van Lagen shows just how accurate that statement might be. BTCUSD compared to Google during prior to The Great Recession | Source: BTCUSD on On the left, is the last decade plus of Bitcoin price action. On the right is Google just ahead of The Great Recession. With a recession possibly ahead of us, the comparison isn’t without merit. The Happy Ending For Google: A Search Engine Giant Emerges The above comparison has been changed from the analyst’s initial interpretation, but the comparison remains just as jarring. The example suggests that Bitcoin is nowhere near done with the current cycle. Although that provides hope for bulls, the same comparison does show the primary motive wave coming to a conclusion with wave 5, taking the price of Google back to below wave 4. Related Reading | Did A “Zig-Zag” Correction Shake Out The Crypto Market? If the same were to happen to Bitcoin, price could fall below the 2017 low eventually, reaching $2,000 per coin during any recession ahead – if it occurs. Many believe the recession is already here, which is why the recent crypto selloff has been so severe. If it isn’t, the market could recover to new highs and while the market is blind, the recession could finally creep in. Although the correction was especially severe, Google did just fine | Source: NASDAQ-GOOGL on Ultimately, the correction ended, and the primary uptrend continued higher. The technical analysis methods used in the above charts is referred to as Elliott Wave Theory. The study believes that all markets move in the same wave patterns based on human emotion cycles, hence why the same patterns could appear in two entirely different assets. INVITE: join @elliottwaveintl for a FREE live #crypto trading webinar on 6/28 @ 11am. 🌊 2 EW experts will give a 1-hr lesson on Elliott Wave setups in crypto – and explain what’s really going…
  • Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000
    NewsBTC - 1 day ago
    Bitcoin has been struggling in recent times and even with the recovery, continues to find it hard to hold above the $20,000 level. With the crash has also come a significant decline in investor sentiment which has reached some of its lowest points in recent years. And even with bitcoin finally making the coveted recovery above $20,000, it seems investor sentiment is finding it hard to keep up as it remains firmly in the negative. Market In Extreme Fear According to the Crypto Fear & Greed Index, a tool that measures how investors are feeling towards the market, investors are still very wary of the market. The index is currently at a score of 11 which means that the market is still in the extreme fear territory.  Related Reading | By The Numbers: The Worst Bitcoin Bear Markets Ever This comes as no surprise given where the price of the leading digital assets in the space has been. Even profitability has plummeted in this time period, leaving a lot of investors holding bags of losses in the market. Additionally, multiple events have also played integral roles in getting investor sentiment to this point. Investor sentiment in extreme fear | Source: The first had been the LUNA crash that had wiped billions of dollars off the market. Then leading lending protocol had frozen withdrawals and transfers, essentially blocking off thousands of investors from being able to access their funds. With crypto being locked on multiple platforms, investors are wary of putting any money in the market for fear of losing it or having it locked on a platform. Hence, inflows into the space have slowed significantly in wait for better sentiment. Where Is Bitcoin Headed? Bitcoin had fallen as low as $17,600 in its last week’s downtrend. This was below the previous cycle peak, triggering fear among investors that there may be no support. However, the digital asset had found support and had since recovered back above $20,000 where it is now resting. Nevertheless, the digital asset continues to struggle. Holding above this level has been a herculean task, especially with the significant resistance being mounted by bears at the $21,000 point. Moreover, some in the space expect the price of the digital asset to keep declining from this month. BTC recovers above $20,000 | Source: BTCUSD on Going along with the halving trend that bitcoin has followed since its inception, it may be at least another year before the digital asset makes a recovery towards its previous all-time high. Looking at historical data shows that the next bull market may likely start in May 2024, when the next halving occurs. Related Reading | Bitcoin Perpetual Open Interest Suggests Short Squeeze Led To Crash Bitcoin is now trading above its 5-day moving average for the first time since the crash. However, this does not essentially mean a bull trend is underway. Rather, it shows that a certain level of stability is beginning to return to the market.  Featured image from,…
  • THORChain Deploys Mainnet After 4-Year Wait, RUNE Soars 13% In 24 Hours
    NewsBTC - 1 day ago
    THORChain has been trading in the green and recovering faster than larger cryptocurrencies. The development team behind this project, Nine Realms, announced the launch of their mainnet after 4 years of development and research. Related Reading | Cosmos (ATOM) Price Swells 12% – Can It Breach Resistance? At the time of writing, THORChain (RUNE) trades at $2.30 with a 14% and 35% profit in the last 24 hours and 7 days respectively. The market seems to be positively reacting to the announcement. As part of the announcement, crypto users on the Binance exchange will be able to participate in a promotional campaign and earn part of a total $1 million price. Via an official post, the team behind THORChain said the following celebrating the project’s major milestone: Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community. It has been a long time coming and the community is very excited about this important milestone. Before mainnet, THORChain was operating with the Multichain Chaosnet (MCCN) to enable users to provide cross-chain liquidity. This allowed the project to battle-test its features and migrate from a centralized to a decentralized and community-driven platform, according to the official post. As part of this deployment, the project launched its native token RUNE and has called for all token holders to swap their non-native RUNE for the former asset. Once 67% of the network runs on native RUNE, the protocol will implement a “Killswitch” and “kill” the non-native asset under the BEP2 standard. As NewsBTC reported, 4 months ago THORChain released a highly expected feature, synthetics assets. This allowed users to gain exposure to the price of large cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), by trading with their THORChain versions called sBTC and sETH. This was just one of the milestones reached by the project on track to its mainnet launch. The aim is to make the platform a decentralized, secure, and liquidity-efficient protocol in the decentralized finance (DeFi) sector. Who Is Buying The THORChain (RUNE) Rally? Data provided by the team behind the project claims THORChain has seen $9.2 billion in total trade volume, with a total of around 10 million transactions and around 72,000 unique swappers. The protocol has around $250 million in total value locked (TVL) making it one of the largest in the DeFi sector. In their next step of development, which includes making the platform more transparent and decentralized, the team behind the project said: Centralised points of failure must be removed as they are a risk to the future of the network. The largest remaining centralised point is Treasury management. Treasury plans to hand over full control to the community soon. Further data provided by Material Indicators (MI) records an increase in buying pressure from investors with over $1,000 to $10,000 bid orders (red and green on the chart below). Retail investors (yellow on the chart) have been selling into the current price action while whales (brown and purple) have been inactive.…
  • Hardware Worth $1.9 Million Stolen in Russia’s Crypto Mining Capital
    Bitcoin News - 2 hours ago
    Russian law enforcement is looking into the alleged theft of mining hardware valued at around $1.9 million. The powerful computing equipment disappeared from a crypto mining hotel in Irkutsk, the owners of which have been accused of large scale fraud. 100 Russians Lose Mining Machines Worth 100 Million Rubles Police in the Russian Irkutsk Oblast […]
  • Report: Goldman Sachs Looks to Buy Distressed Assets From Celsius, Crypto Lender Seeks Restructuring Advice
    Bitcoin News - 4 hours ago
    After the crypto lending platform Celsius halted operations on June 12, at 10:10 p.m. (ET), two days later the Wall Street Journal (WSJ) quoted “people familiar with the matter” who said Celsius was hiring restructuring lawyers. At the time, the WSJ said Celsius was looking to hire the bankruptcy and restructuring law firm Akin Gump […]
  • A String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Moved on Friday
    Bitcoin News - 6 hours ago
    While the price of bitcoin is holding above the $21K per unit range, four bitcoin block rewards mined in 2010 were spent for the first time in over 11 years. The four block rewards were mined between September and October 2010 and the 200 bitcoin worth $4.27 million were transferred to an unknown wallet. 4 […]
  • Value Locked in Defi Jumped 7% in 5 Days — Harmony’s Horizon Bridge Siphoned for $100M
    Bitcoin News - 8 hours ago
    While crypto prices have seen some healing during the last few days, the total value locked (TVL) across the entire decentralized finance (defi) ecosystem has also improved. The TVL in defi has seen an increase of 7.19% since June 20, and the defi protocol Makerdao’s TVL dominates by 10.37% this weekend. Defi TVL Improves, Cross-Chain […]
  • Biggest Movers: SHIB Surges 10% on Saturday, as NEAR Hits 2-Week High
    Bitcoin News - 9 hours ago
    SHIB was trading by as much as 10% higher on Saturday, as crypto markets were mainly in the green. NEAR was also higher on Saturday, prices having now risen for three consecutive sessions. Overall, crypto markets are up 2.73% as of writing. Shiba Inu (SHIB) SHIB was one of the notable movers in crypto markets […]
  • Bitcoin, Ethereum Technical Analysis: ETH Climbs to Over $1,200 to Start the Weekend
    Bitcoin News - 9 hours ago
    ETH moved into the $1,200 region to start the weekend, as prices rose for a third consecutive session. Bullish sentiment has been missing from crypto markets in recent months, however the timely return also saw BTC near its highest point this week. Bitcoin Bitcoin entered the weekend trading in the green, as bulls extended their […]
  • Albania to Start Taxing Crypto-Related Income From 2023
    Bitcoin News - 14 hours ago
    Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations. Albania Set to Impose Crypto Tax as Early as Next Year The Albanian state should […]
  • Japanese Virtual IP Firm Raises $10 Million to Accelerate Metaverse Business
    Bitcoin News - 18 hours ago
    Brave Group Inc., a Japanese virtual IP firm, recently said it had raised $10 million in new capital and that the company expects to use part of these funds to boost its “solution services for clients in the metaverse marketing business.” Taking part in Brave Group’s latest funding round were two local companies, foreign investment […]
  • Saddle․Finance Creates New Standards for DeFi Trading
    Bitcoin News - 18 hours ago
    DeFi is a sub-sector in the crypto industry that has witnessed significant innovation since its inception. However, the narrative has struggled to stay consistent, affecting the domain overall. The current bear market has wiped out more than half of DeFi Total Value Locked (TVL), hampering innovations. Furthermore, several projects have simply forked (copied) existing protocols […]
  • Chinese State-Run Media Warns About Bitcoin’s Price Falling to Zero as Regulators Issue Fresh Crypto Warning
    Bitcoin News - 22 hours ago
    A Chinese state-run newspaper has published an article warning about bitcoin’s price falling to zero amid the crypto market sell-off. Meanwhile, financial regulators in Shenzhen have issued a new warning about cryptocurrency. State-Run Newspaper Warns About Bitcoin Becoming Worthless China’s state-run newspaper Economic Daily published an article warning about bitcoin Wednesday, according to SCMP. The […]
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