Latest Crypto News

  • 3 cloud providers accounting for over two-thirds of Ethereum nodes: Data News - 3 hours ago
    The data suggests that DeFi apps running on mostly centralized cloud providers may make Ethereum vulnerable. The majority of 4,653 active Ethereum (ETH) nodes are in the hands of centralized web providers like Amazon Web Services (AWS), which could “expose Ethereum to central points of failure,” according to crypto analytics platform Messari.An Aug.15 post shows that three major cloud providers account for 69% of hosted nodes on the Ethereum Mainnet, with over 50% of that coming from Amazon Web Services (AWS), over 15% from Hetzner and 4.1% from OVH. Figures from Ethernodes additionally show that Oracle (4.1%), Alibaba (3.9%) and Google (3.5%) also provide web hosting services on Ethereum.Distribution of Ethereum nodes from web service providers. Source: EthernodesWhile the distribution of cloud service providers becomes more decentralized among the bottom third of providers, Messari pressed the concern in a Dec. 2020 report that the high-cost nature of node infrastructure may leave Ethereum vulnerable:“High costs to run infrastructure make it more likely that nodes would run infrastructure with cloud computing providers (i.e AWS) – making Ethereum more exposed to central points of failure.”Node distribution issues experienced by Solana (SOL) are much the same, with Hetzner taking up 42% of hosted nodes on the Solana network, followed by OVH (26%) and AWS (3%).Related: Decentralized storage providers power the Web3 economy, but adoption still underwayFurthermore, Ethernode data also shows that nodes are most geographically concentrated in the U.S. (46.4%) and Germany (13.4%), accounting for nearly 60% of distributed Ethereum nodes worldwide. As such, government intervention from one of these two countries could severely impact Ethereum’s decentralization at the node level.
  • Aussie asset manager to offer crypto ETF using unique license variation News - 5 hours ago
    The CEO of Monochrome Asset Management says their license approval represents a significant step forward for both the advice industry and retail investors. Australian asset manager Monochrome Asset Management has landed the country’s first Australian financial services license (AFSL) for a spot crypto exchange-traded fund (ETF). Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management, said the AFSL approval is significant, as until this point, approved crypto ETFs in Australia only operate under general financial asset authorization and only indirectly hold crypto-assets. Yew noted that Monochrome’s crypto ETFs, on the other hand, will directly hold the underlying crypto-assets and is specifically authorized by the Australian Securities & Investments Commission (ASIC) to do so.The Monochrome executive said the approval represents a significant step forward for both the advice industry and retail investors:“We see choice being a good thing for investors, particularly when dealing in the regulated space, as not all offerings are equal.””Investors investing in Monochrome’s ETFs will know that their funds are investing directly in Bitcoin (BTC) and Ethereu (ETH), and importantly within the regulatory rails established by ASIC specifically for crypto-assets,” he said. At this stage, there is no firm date when the Monochrome Bitcoin ETF (IBTC) will be made available, but it’s expected in September 2022, once the PDS and TMD have been issued and subject to regulatory approvals.When the ETFs are made available, Yew says “Monochrome will focus on BTC and ETH because they are the only two crypto-assets currently identified by ASIC as being suitable for retail ETF exposure.”“Over time, and as the market matures, we will take an open-minded approach to make new products available.”A first for a crypto ETFOperating under an Australian Financial Services Licence (AFSL) with a direct crypto-asset authorization ensures that the fund and the issuer are subject to robust oversight from ASIC, said Yew. AFSL authorization opens new regulated investment opportunities for direct retail investors and through licensed financial advisers.Approval of the Australian Financial Services Licence variation means that ASIC has considered and confirmed that the licensee has the relevant experience in crypto-assets to operate ETFs that directly hold Bitcoin and Ethereum.This gives investors greater protections built around ASIC’s Report 705 such as suitable benchmarking against the spot price and Australian-compliant custody solutions.Cointelegraph previously reported a warning from Australia’s financial regulator about using unregistered cryptocurrency businesses.Road to approvalMonochrome Asset Management was launched in early 2021 by former Binance Australia CEO Jeff Yew to push for institutional adoption of crypto assets in Australia.Related: Digital asset manager Monochrome valued at $15M following Series A Their ETF plan has been in the works since February 2022. Generally, the process for a financial services licence variation typically takes six to twelve months, which was the timeline in this case.
  • Crypto ad spending may be down, but awareness remains critical: Experts News - 5 hours ago
    Though crypto television ad spending is down, crypto firms continue to see ad spending as important to keep their brands relevant during a down market. Crypto television advertising spending has reportedly fallen off a cliff in the United States, reflecting the current state of the markets. However, that’s no excuse to take a break, two crypto firms tell Cointelegraph. A Wednesday report from Bloomberg highlighted that television ad spending among the largest crypto trading firms hit the lowest mark in over a year, with only $36,000 spent in July according to ISpot, down 99.9% from $84.5 million in February.The $84.5 million ad spend was achieved during the U.S. Superbowl period when, FTX US, and Coinbase splurged on high-profile ads to raise awareness of their services.Despite the reported decline in TV ad spending, some crypto firms such as Singapore-based digital asset management firm IDEG Limited say they continue to spend heavily on advertising to maintain brand awareness. IDEG chief investment officer Markus Thielen told Cointelegraph that his company has been “very conservative” in regard to its crypto investments, giving them room to get into a “very good position […] to take advantage of this current slowdown.”Thielen said that advertising is critical for a number of reasons, not least of which is raising brand awareness:“We see this part of our duty to educate, give back to the community, build our brand, and provide general support.”On the other hand, Apurva Chiranewala, general manager at Australia-based crypto investment platform Block Earner, told Cointelegraph last month that the firm had dialed back its marketing efforts amid the FUD of the current bear market. However, he told Cointelegraph that his company had shifted toward efforts that involve educating the market instead:“Instead of us paying money to un-FUD the market, we thought its better to […] focus on building and answering questions and educating the market.”Bill Daddi told Bloomberg that if other major firms decide to advertise on TV again, the messaging would likely change. Daddi, the president of marketing agency Daddi Brand Communications, said that earlier ads focused on pushing FOMO, but that firms might shift to education as new and existing users recover from the ongoing bear market.Related: Houston Texans becomes first NFL team to sell game suite with cryptoTV ad spending may be down, but advertising through sports partnerships is still going strong. The Financial Review reported on Aug. 10 that crypto companies like Binance Holdings, OKX, and FTX have spent over $2.4 billion on sports marketing over the past 18 months. They are spending on partnerships with sports team Man City for $12 million and for the naming rights to an NBA sports stadium in Florida for $135 million.
  • Aussies buy fuel and chips with crypto across 175 fuel outlets News - 5 hours ago
    Commenting on the rollout,’s Karl Mohan tipped the adoption of an AUD-backed stablecoin as being the catalyst to make crypto payments mainstream in Australia. Convenience store and petrol station brand On The Run (OTR) has launched crypto payment support across all 175 of its petrol stations and convenience stores across Victoria, South Australia (SA), and Western Australia (WA) as of Thursday. As previously reported, the move is part of a collaboration between OTR, Singapore-based exchange and DataMesh, a Sydney-based payment systems provider. The exchange has provided its Pay Merchant service as a payment settlement layer, while Datamesh has provided the point of sale terminals. Speaking with Cointelegraph,’s Asia & Pacific general manager Karl Mohan noted that it only took “eight weeks to from the time of proof of concept to the point of actually getting a full scalable production-ready environment.” Mohan noted that while 175 OTR stores have initially been outfitted with the infrastructure, the crypto payments service is operationally ready to scale much further. “What happens now is any merchant, whether you’re a cafe owner or someone who runs thousands of stores, could just plug and play,” he said. Adding to the 175 stores, OTR’s parent company Peregrine Corp intends to roll out the crypto payments service to another 250 retail sites across the country such as Subway, Oporto and Krispy Kreme. Mohan also stated that charges zero fees on the transactions in this context. However, there will be fees on the merchant’s end, which will set their own rates. Such may suggest that transaction costs could be similar to that of card payments with fiat. Questioned on what is needed to make crypto payments widely adopted in Australia, especially given the tax obligations of paying with crypto assets, Mohan opined that the utilization of an Australian dollar-backed stablecoin could be the key: “So of course, Bitcoin and Ethereum because of their market capitalization are already on the top of the list. But an overwhelming number of consumers have said they are ready to accept and actually start paying with Australian stablecoins.”“We’ve made the system available and if you’ve seen ANZ announce the Australian dollar stablecoin, and we see these types of stablecoins becoming available, I really believe that it will become mainstream,” he added. Related: Australian Securities Exchange takes step towards tokenized asset tradingSo far, the ANZ bank has pilot tested its A$DC stablecoin purely for private institutional purposes, but if it eventually does get opened up to the retail market, Mohan stated that “we would love the opportunity to work with any financial or any Australian deposit-taking institution that is keen to introduce a stablecoin.”
  • Aid for Ukraine’s $54M crypto fund buys vests, scopes and UAVs News - 7 hours ago
    The crypto donations have played a “significant role in Ukraine’s defense,” a Ukrainian government official wrote. The crypto community has poured in an impressive $54 million worth of crypto funds through Aid For Ukraine, aimed at supporting the country’s military efforts against Russia, the Ukrainian Deputy Prime Minister has revealed. The $54 million has been funneled in through the Ukrainian government-run initiative Aid For Ukraine, according to Ukraine’s Deputy Prime Minister Mykhailo Fedorov’s Twitter post on Thursday, who thanked the crypto community for their support:“Every helmet, bulletproof vest, and night vision device save the lives of Ukrainian soldiers. Thus, we must continue to support our defenders. Thanks so much to everyone from the crypto community for supporting Ukraine!”According to the Ministry of Digital Transformation of Ukraine, Aid For Ukraine’s $54 million has mostly come in the form of 10,190 Ether (ETH), worth $18.7 million, 595 Bitcoin (BTC), worth $13.9 million, Tether (USDT) worth $10.4 million, and USD Coin (USDC), worth $2.2 million.The crypto payments have gone toward military equipment, hardware, and munitions, including $11.8 million worth of unmanned aerial vehicles (UAVs), which are typically used to spot enemy troops and direct attacks. A significant sum of the donations was also spent on armor vests at $6.9 million, along with $3.8 million on field rations, $5.2 million on anti-war media campaigns and $5 million on “weapons of the [Ukraine] Ministry of Defense request,” among other military and medical accessories. With $54 M raised by @_AidForUkraine, we’ve supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below.— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022 “Crypto is playing a significant role in Ukraine’s defense,” said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov on the government-tied donation website.Founder of Ukrainian-based crypto exchange KUNA Mike Chobanian added that the contributions from the crypto community have shown the impact that blockchain technology can have on nation-states, stating that it can serve as a “backbone of global security” in times of need. Aid For Ukraine works by transferring crypto into the crypto exchange FTX, which converts crypto into fiat, and is then withdrawn and transferred to the National Bank of Ukraine.Related: Ukraine has received $37M in tracked crypto donations so farBut Aid For Ukraine isn’t the only organization taking in funds to assist Ukrainian defense efforts. Reserve Fund of Ukraine, Come Back Alive, UkraineDAO and Unchain Fund have also contributed funds in the seven-figure range, although the amount of crypto-based funds they’ve taken in hasn’t been disclosed since March.
  • CBDCs only solution to 'smooth continuation' of the monetary system: ECB News - 7 hours ago
    The European Central Bank working paper sought to identify issues and consensus regarding CBDCs, as well as to identify gaps in the research — such as what users want. The European Central Bank (ECB) says the introduction of digital cash in the form of central bank digital currencies (CBDCs) appears to be the “only solution” that will guarantee a “smooth continuation” of the current monetary system. The comments were made as part of an ECB Working Paper Series, which was published in August, discussing monetary policy and financial stability as it relates to CBDCs — gathering insights from 150 academic papers on the subject. The paper began with the observation that interest in “the economics of money and payments” has increased dramatically in the past 15 years and expanded beyond a narrow academic circle. After an examination of that process, the paper introduces motives for the creation of a CBDC and the thorny privacy issues related to it. The authors observed:“While consumers tend to attribute high importance to privacy in surveys, they tend to give away their data for free, or in exchange for very small rewards in practice […]. Analyzing the roots for this apparent dichotomy, researchers point to various contributing factors.” Nonetheless, the paper concludes that the introduction of CBDCs is “the only solution to guarantee a smooth continuation of the current monetary system” as physical money loses its economic “fitness” and cryptocurrencies and BigTech (large digital platforms) continue to make inroads into the financial system, noting: “There is no regulatory alternative that promises to eliminate the threat to the two‐layer monetary system. Since cash is only available in physical form, it is by construction not “fit” for the digital age.”The importance of central banks achieving the right level of CBDC “take-up” was stressed, and the authors also looked at potential regulatory action that could help CBDCs achieve their goals. The paper also dismisses concerns that CBDCs could cause shrinkage of the credit supply, noting claims that CBDCs could be a potentially disruptive force were unfounded. Privacy was identified as an area where more research is needed, as was end-user preferences for CBDC functions.Related: Official explains why China CBDC should not be as anonymous as cashThis is the second paper devoted to crypto issues released by the ECB this month. Earlier, it compared the cross-border payment potential of CBDC, Bitcoin (BTC), and stablecoin, coming out in favor of CBDC.The paper is authored by Toni Ahnert a Research Economist within the ECB, Katrin Assenmacher, head of the Monetary Policy Strategy Division at ECB, and Financial Research Division economist Peter Hoffmann, among others. 
  • Ontario crypto exchanges impose $30K CAD annual limit on altcoin buys News - 8 hours ago
    The new buy limits are intended to better “protect crypto investors” and make them “more aware of the risks” associated with crypto assets, according to one of the exchanges. Canada-based crypto exchanges Bitbuy and Newton are enforcing a 30,000 Canadian dollars annual “buy limit” for “restricted coins” for their users based in Ontario in order to “protect consumers” amid tightened regulations.Newton, a Toronto-based crypto exchange announced the new changes come after working on getting registered with the Ontario Securities Commission and the securities regulatory authorities in other provinces and territories of Canada, noting in a Tuesday post: “These changes are to protect crypto investors, like yourself, and to make sure investors are aware of the risks associated with investing in crypto assets.”Under the new changes, Ontario-based crypto traders on Newton and other Canadian crypto platforms will be subject to an annual 30,000 CAD “net buy limit” on all cryptocurrency coins excluding Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC). Newton further clarified that if a trader bought and then sold a restricted coin, the sell amount would be subtracted from the limit. The limit resets every 12 months from the first purchase of restricted coins. The buy limits come as the crypto platform announced on Wednesday that it has officially registered as a “restricted dealer” in the province of Ontario, which meant that they’re now subject to the regulations set out by the Ontario Securities Commission (OSC).We’re excited to finally announce our registration with the Ontario Securities Commission (OSC) and the securities regulatory authorities in all Canadian provinces, Yukon, and Northwest Territories.— Newton (@newton_crypto) August 16, 2022 Other changes aimed at consumer protection include a “trading questionnaire,” in which the exchange is required to collect information from users about their past experience and knowledge of crypto investing, financial situation, and risk tolerance — which is required to be completed to continue funding the account and trading on the platform. The crypto exchange will also send traders a notification if the trader’s portfolio receives a loss level that they indicated in the questionnaire that they’re not comfortable with. Canadian crypto exchange Bitbuy also confirmed similar purchase limits earlier in the year, noting that similar restrictions also apply to users in the provinces of Manitoba, New Brunswick, Newfoundland, and Labrador, Nova Scotia, Prince Edward Island, Northwest Territories, Nunavut and Yukon.Similar to Newton, Bitbuy requires traders to fill out a questionnaire to determine whether the investor qualifies as a Retail Investor, Eligible Investor or Sophisticated Investor. However, while Retail Investors remain subject to the 30,000 CAD buy limit, Eligible Investors’ buy limit is upped to 100,000 CAD and no purchase limit exists for Accredited Investors.  Newton provided traders with a snapshot of what they should expect to see when the new rules take effect.Source: NewtonThe Ontario province alone accounts for nearly 40% of the Canadian population, with Toronto being the major metropolitan hub.Newton noted that each province and territory of Canada has its own securities regulatory authority, which combined, makes up the Canadian…
  • AFL’s first limited-edition NFT drop sells out in under 12 hours News - 9 hours ago
    The limited edition digital packs came at a retail price of 34.39 USDC each, raising over $130,000 after it sold out in the first drop. The Australian Football League (AFL)’s first limited edition drop of nonfungible tokens (NFTs) saw huge takeup on Wednesday, selling out in just under 12 hours. On Wednesday, the football league launched Ripper Skipper 2022 through its AFL Mint program, allowing people who joined the “allowlist” to purchase one of 3,800 packs reserved for the drop.AFL Mint Ripper Skipper AllOWLIST Drop – SOLD OUTWe are happy to announce the AFL Mint AllowList sold out in under 12 hours.A huge thank you to our community who has participated, followed along and backed this project!Stay tuned for the next drop!— AFLMint (@AFLMint) August 17, 2022 The packs came with a retail price of 34.39 USDC each, with the project estimated to have raised over $130,000 in USDC. The Ripper Skipper 2022 NFTs feature 78 significant moments and highlights from the 2021 Season utilizing both video and audio. Each pack features three “moments” in a trio of different rarity tiers, common, deluxe and ovation.Limited edition digital content is also available; anyone who participated in the first drop has a 10% chance of getting an AFL Mint Genesis Ball. While the initial mint was sold out within hours, the wider public will gain access to another drop on Aug. 24.AFL shares Metaverse plansNFTs are digital certificates stored on the blockchain proving ownership of a digital or physical asset, often an artwork, but AFL Mint has plans to expand on the concept and offer game day events, tickets and the chance to meet players in the Metaverse.Kylie Rogers, executive general manager of customer, and commercial at AFL, said they hope to use the technology to make better fan experiences. “Through our AFL Mint brand, we will launch exciting new moments across our Men’s and Women’s competitions, plus celebrate past greats and other product releases that will bring a unique fan experience we haven’t seen before.”The AFL announced their NFT marketplace, AFL Mint, back in April, revealing they signed a five-year partnership with Be Media, a Perth-based subsidiary of Hong Kong NFT gaming giant Animoca Brands. Related: Australian football league secures $25M deal with Crypto.comThe marketplace will launch in 2023, allowing the selling and trading of moments between fans and collectors. Following the leadWith the launch of their Ripper Skipper 2022 NFTs, the AFL has followed in the footsteps of other international sporting codes that have forayed into the world of Web3. The NBA launched their marketplace NBA Top Shot in 2020 to critical acclaim, while the UFC created UFC Strike in February of this year. Other Australian sporting codes have also followed suit; Cricket Australia (CA) and the Australian Cricketers Association (ACA) signed a multi-year licensing deal with Singapore-based collectibles platform Rario and NFT trading company BlockTrust in April. While Queensland Rugby League had a 10,000 NFT drop titled The Ultimate Queenslander NFT on the Flow Blockchain.
  • Korean police seize crypto for unpaid traffic fines in trial News - 10 hours ago
    Local police in a suburb of Seoul have the authority to seize crypto in order to clear the balance of delinquent fines from traffic violations. A South Korean town near Seoul has been successfully operating a pilot program that allows police to seize crypto from the exchange accounts of individuals with delinquent traffic fines.Gunpo, a city of about 275,000 in the northwestern Gyeonggi province, was selected by the national government to execute the pilot program in 2022. A Tuesday report from the JoongBoo Ilbo news outlet stated was a way to collect delinquent funds in an “untact,” or contactless fashion.The program appears to have been successful, at least in the first half of 2022, with Gunpo police achieving an 88% collection rate on traffic fines amounting to $668,000, putting the city on pace to vastly exceed its goal of chasing $759,000 in traffic fines by the end of the year.However, the trial only saw delinquent fines totaling an excess of about $759 by an individual subject to crypto seizures by the police, while crypto seizures were only a measure taken if the funds in the individual’s bank accounts have already been exhausted. Related: Do Kwon reportedly hires lawyers in S. Korea to prepare for Terra investigationJungo Ilbo reported that the fines collected through the first half already exceed the total annual collections over each of the past three years.The Korean crypto market is a lucrative one for law enforcement to extract fines from as it grew to $45.9 billion in 2021, though the report did not state which crypto would be seized and sold to pay fines.
  • Solana wallet fires up the grill to burn spam NFTs out of existence News - 10 hours ago
    The Phantom wallet app has launched a new Burn Token feature, allowing users to remove spam NFTs sent by scammers. Solana-based wallet provider Phantom has launched a new burn feature allowing users to remove spam nonfungible tokens (NFTs) sent by scammers. According to a Thursday blog post from the Phantom team, the new feature is accessible via the Burn Token tab in the Phantom wallet app, allowing users to receive a minuscule deposit of Solana (SOL) each time they use it:“We’re still in the Wild West days of Web3. As the crypto ecosystem grows, so have the number of bad actors looking for ways to steal user’s funds. The rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers – Spam NFTs.” Phantom noted that the issue has been particularly prevalent on Solana due to its low transaction fees, with bad actors often airdropping supposedly free NFTs en masse, which contain malicious links.Spam NFT generally prompts the receiver to click a link to mint a free NFT. If they complete the process, however, their funds end up being drained from their wallet. Alternatively, the link will ask the receiver to input their seed phrase, resulting in the same outcome.“These scams are becoming increasingly more sophisticated. For instance, after a contract address and domain are identified as malicious, scammers can change the metadata of an NFT to try to avoid being blocklisted. It can feel like an endless game of whack-a-mole,” the blog post read. The move is part of a broader initiative by Phantom to counter spam NFTs and bad actors in the space. The team stated that it also fights scammers through its phishing warning system, which issues warning to users on “any malicious transactions that could compromise their assets or permissions” after clicking on dubious links.5/ While we’re introducing NFT burning and improved phishing alerts today, we’re not stopping there. Users can look forward to more automated spam detection in the future.To read more about how we're fighting wallet spam, check out our latest blog post:— Phantom (@phantom) August 17, 2022 The post added that Phantom is currently collaborating with Blowfish to improve how “we alert users to phishing attempts.” “While we’re introducing NFT Burning today, we’re not stopping there. Users can look forward to more automated spam detection in the future. Using providers like SimpleHash and our own internal reporting, we will be able to gauge if an NFT is likely to be spam,” the post read. Related: Crypto spam increases 4,000% in two years — LunarCrushPhantom is one of the most popular wallet providers for Solana-based NFTs and decentralized fiance (DeFi), with more than 2 million monthly active users, according to the firm. At the start of August, competing wallet firm Slope suffered a security exploit that saw an estimated $8 million worth of funds drained on the Solana blockchain.In a post-mortem analysis, Solana’s head of communications, Austin Fedora, found that 60% of the victims of the attack were Phantom users,…
  • Senator asks FDIC about allegations it discourages bank relations with crypto companies News - 13 hours ago
    Sen. Pat Toomey says he has information from whistleblowers that the FDIC, without a legal basis, is discouraging banks from dealing with companies that have crypto links. Pennsylvania Senator Pat Toomey, ranking member of the United States Senate Banking Committee, has sent a letter to Federal Deposit Insurance Corporation (FDIC) director and acting chairman Martin Gruenberg informing him of allegations made by a whistleblower concerning FDIC activities. The senator suspects the FDIC “may be improperly taking action to deter banks from doing business with lawful cryptocurrency-related (crypto-related) companies.” Toomey wrote that there is corroboration of whistleblower allegations that “personnel in the FDIC’s Washington, D.C. headquarters are urging FDIC regional offices to send letters to multiple banks requesting that they refrain from expanding relationships with crypto-related companies, without providing any legal basis for sending such letters.” In addition, Toomey wrote that there were reports that staff at FDIC headquarters took the highly atypical step of contacting staff in a regional office to urge them to downgrade the status of a loan to a crypto-related company, adding:“FDIC regional office staff reportedly interpreted the involvement of FDIC headquarters in this matter as an effort to change how loans to crypto-related companies are generally classified and to deter banks from extending such loans in the future.” Judging from Toomey’s letter, the alleged letters from the FDIC were sent on or around June 6. Toomey has asked Gruenberg to confirm or deny the alleged activities by the end of the month, in addition to asking whether the FDIC legal division has provided an opinion on the alleged activities.Related: Deposits at non-bank entities, including crypto firms, are not insured — FDICToomey is a hawkish crypto advocate. He has been a vocal critic of Securities and Exchange Commission policy. He is also the author of the Stablecoin TRUST Act of 2022 and introduced the companion legislation for the Virtual Currency Tax Fairness Act of 2022 in the Senate. He has also expressed reservations about the issuance of a U.S. central bank digital currency.
  • 'There's a lot less land to go around' — why White Rock established off-the-grid mining in Texas News - 14 hours ago
    “The U.S. is where the action is in terms of markets, so we plan to be in at least another couple of states as well as Texas with some diversified offering,” said CEO Andy Long. Amid many cryptocurrency mining firms in Texas scaling down operations to reduce the load on the power grid, at least one company set up miners not quite as affected by the state’s energy requirements during extreme heat.In June, White Rock Management expanded its crypto mining operations to Texas — its first in the United States — but reported its facility in the Brazos Valley region would mine Bitcoin (BTC) using “environmentally responsible” methods. While the firm’s mining operations in Sweden used hydroelectric power, White Rock CEO Andy Long told Cointelegraph that its Texas facility was “off grid”, powered only by natural gas that would otherwise be burned.“The U.S. is where the action is in terms of markets, so we plan to be in at least another couple of states as well as Texas with some diversified offering — it won’t all be off grid,” said Long. The White Rock CEO said major storm systems capable of knocking out power supplies — of which Texas has had no shortage in the crypto era — played a role in the company’s decision to rely on flared gas for mining, but said it would explore “a mixture of different power sources” as it expanded to different U.S. states, including hydroelectric and nuclear. According to Long, the Texas facility would have a 10-megawatt capacity “in the next month or two” and had already passed a total hashrate of 1 exahash per second.New York was a less appealing option for White Rock to first expand to the U.S. given the regulatory environment was “sending the wrong message,” according to Long. State lawmakers have pushed for legislation that would ban proof-of-work mining.“As soon as you start to say to energy companies ‘oh, you can do this with your power, but not this’, then they’ll start to tell you which networks you can mine, or you can mine this coin but not that coin. We would rather create a welcome environment for investment and regulatory certainty — that’s one of the things we like about Texas.”Did you hear? White Rock Management launched our first U.S. #bitcoin mining operations in Texas’ Brazos Valley region. Learn more about this initiative:— White Rock Management (@whiterockmngmnt) July 11, 2022 Texas is home to many crypto mining firms including Core Scientific, Riot Blockchain, and Argo Blockchain, all of which announced in July they would voluntarily scale back operations at the request of the state’s energy grid operator, the Electric Reliability Council of Texas. Low winds reducing the energy production from the state’s turbines as well as the need for electricity to run air conditioners caused concerns demand could surpass the available power supply.“I think it’s good practice for miners to provide that demand response,” said Long. “It’s not really going to hurt their earnings […]…
  • European Central Bank addresses guidance on licensing of digital assets News - 14 hours ago
    Specifically, the ECB will consider crypto firms’ business models, internal governance, and “fit and proper” assessments which apply to licensing other companies. The European Central Bank, or ECB, laid the foundation for the criteria it would be considering when harmonizing the licensing requirements for crypto in Europe.In a Wednesday statement, the ECB’s banking supervision division said it would be taking steps to regulate digital assets as “national frameworks governing crypto-assets diverge quite extensively” and given the seemingly differing approaches to harmonization following the passage of the Markets in Crypto-Assets (MiCA) regulation and the Basel Committee on Banking Supervision issuing guidelines for banks’ exposure to crypto. The ECB said it would apply criteria from the Capital Requirements Directive — in effect since 2013 — to assess licensing requests for crypto-related activities and services. Specifically, the central bank will consider crypto firms’ business models, internal governance, and “fit and proper” assessments which apply to licensing other companies. In addition, the ECB said it will rely on national Anti-Money Laundering (AML) authorities and the financial intelligence units of respective countries to provide data necessary to assess potential risks.“The higher the complexity or relevance of the crypto business, the higher the level of knowledge and experience in the field of crypto should be,” the ECB said. “Senior managers or board members with relevant IT knowledge and chief risk officers with robust experience in this area are important safeguards.”According to the ECB, there is “work ongoing” to analyze the role crypto may play in Europe, which will “remain an area of focus for European banking supervision in years to come.” With the passage of MiCA, global regulators may begin to standardize rules for crypto service providers within the European Union.Related: ECB head calls for separate framework to regulate crypto lendingOn Aug. 2, the ECB released the results of a study which identified a central bank digital currency as the top choice for cross-border payments over Bitcoin (BTC) and other options. Officials previously pointed to the crash of Terra as a possible example of a stablecoin threatening the financial system, recommending supervisory and regulatory measures to reduce risk.
  • Fed adds a new layer of bureaucracy for US banks engaging in crypto asset activities News - 15 hours ago
    The U.S. Federal Reserve Board has issued new instructions for banks engaging in crypto asset activities that include running their plans past their Fed supervisor. The United States Federal Reserve Board issued a letter Tuesday to its supervisory officers, staff and the banks they supervise regarding activities with crypto assets. The letter covers the preliminary steps a bank must go through before engaging in activities with crypto and instructs banks to notify the board before proceeding with those activities.The letter, signed by the directors of the regulatory and community affairs divisions, applies to all banks supervised by the Fed with no threshold of minimum assets. It begins with a warning about the risks associated with crypto, specifically mentioning evolving technology and its governance, Anti-Money Laundering and transparency and the stability of assets such as stablecoin. The Fed is monitoring banks’ activities, the letter noted:“Given the heightened and novel risks posed by crypto-assets, the Federal Reserve is closely monitoring related developments and banking organizations’ participation in crypto-asset-related activities.”It went on to remind banks that they need to make adequate risk management preparations for activities with crypto assets. It also recommended checking state and federal laws on the legality of their plans and required filings, mentioning the Bank Holding Company Act, the Home Owners’ Loan Act, the Federal Reserve Act and the Federal Deposit Insurance Act, in particular.Related: Portuguese banks shutting crypto accounts citing risk management concernsThe letter’s real call to action was the instruction that banks should notify their Fed supervisory contacts in advance of their planned activities with crypto. Banks that are already engaged in such activities should provide prompt retrospective notification so that they can receive feedback.An accompanying statement said a statement on crypto asset policy was provided last year after an interagency “policy sprint” with the Federal Deposit Insurance Corporation (FDIC) Office of the Comptroller of the Currency (OCC).The Fed letter comes on the heels of guidelines for reserve banks opening Federal Reserve accounts for “blockchain banks,” among other organizations.
  • Quebec Pension Fund loses almost entirety of its Celsius investment in less than ten months News - 15 hours ago
    “For us, it is clear, when we look at all this, we arrived too soon in a sector which was in transition,” says CEO Charles Émond. According to local news outlet LaPresse on Wednesday, the Caisse de dépôt et placement du Québec (CDPQ), an institutional investor chartered with managing retirement assets in Canada’s predominantly French-speaking province of Quebec, wrote off almost the entirety of its CA$200 million ($154.7 million) investment in troubled cryptocurrency lender Celsius Network. The move came just ten months after the CDPQ and growth equity firm WestCap made a joint investment of $400 million into Celsius at a valuation of $3 billion. At that time, Celsius boasted over 1,000 employees, $25 billion in total assets and $850 million in cumulative interest paid to depositors.However, as an unregulated and centralized entity, a depositors’ assets are not protected in the event of losses, nor is the firm subjected to any restrictions on the use of leverage. During the onset of this year’s crypto winter, the sudden and violent crash of Bitcoin (BTC) and other digital assets left a $2.85 billion gap in Celsius’ net assets. As a result, it suspended withdrawals on the accounts of nearly 1.7 million customers in June.Related: Worried about inflation’s impact on your retirement savings? Invest in cryptocurrencyIt appears that the loss on Celsius represents only a negligible fraction of the CDPQ’s portfolio. By June 30, the CDPQ managed a combined CA$391.6 billion in total assets (or about $303.4 billion), decreasing by 7.9% in the past six months. The entity is currently evaluating its legal options against Celsius, although it has not shared any details. According to court filings, Celsius is scheduled to run out of money by October.
  • 3 strategies investors might use to trade the upcoming Ethereum Merge News - 15 hours ago
    Investors have been crafting their strategies for navigating the volatility that could arise as the Ethereum Merge takes place. Here are a few to consider. The Ethereum network’s long-awaited transition from proof-of-work to proof-of-stake is set to occur from Sept 15 to 16 and for the last year, traders and analysts have been discussing various outcomes for the upgrade and possible trading strategies. Let’s take a look at three options investors and traders have. Hodl ETH to earn the expected “hardfork” tokenThe first strategy is relatively simple. Traders can simply buy Ether (ETH) in the spot market and hold it in their exchange wallet, or whatever platform/wallet will support forked tokens, and wait for the expected PoW token. Way back in 2017, when Bitcoin was forked to Bitcoin Cash, BTC holders received an equal amount of BCH, which at one point traded for $1,650 per token. At the height of the 2021 bull market, BCH rallied as high as $800.If PoW tokens from those entities that choose to ignore the Merge happens, then finding exchanges that support the hard forks would be the place to sell them. Don’t forget to pay your taxes if your country obligates you to do so.Once people understand that speed to market is irrelevant in the face of centralization, censorship and custodians, it will be too late. Protocol level censorship is coming. More custodians are coming.How much power do you think the US has over a publicly traded company?ETH— $nadjritzcalod (@nadjritzcalod) August 16, 2022 There’s also a possibility that ETH PoW tokens won’t immediately pump and dump. Many analysts are sounding off about the risk of centralization to a PoS Ethereum network, and while it may sound far-fetched, a miner-led PoW ETH fork could gain ground, assuming projects and developers are willing to build DApps on the blockchain. Related: Economic design changes will affect ETH’s value post-Merge, says ConsenSys execLong ETH, short futures Let’s say you’re a tad bit skeptical about whether Ethereum will successfully pull off the Merge. A lot of people are. And after this hellacious year where Bitcoin (BTC) lost all of its yearly gains, Wonderland Money collapsed and Terra (LUNA) —now Terra Classic (LUNC), Celsius and Three Arrows Capital rugged everyone, it’s perfectly natural to be nervous about a fundamental change in the market’s second largest asset. Hedging is the option for investors who feel 50/50 about the Merge. Basically, one would be long Ether, which many holders naturally are and have been for years, or at least from the recent $880 “bottom.” While long Ether, holding a short position in futures or options contracts allows one to protect against losses if ETH corrects sharply and hopefully obtain the PoW hard fork tokens, which should further cancel out losses on the spot position. The hope of making up some of those “losses” from gaining the unconfirmed PoW tokens could help skittish Merge traders sleep better at night and perhaps wrap things up in profit. Stay in stablecoins and just trade the…
  • Celebrities called out for shilling NFTs: Nifty Newsletter, Aug 10–16 News - 16 hours ago
    A Polygon executive highlighted that NFT games have an advantage over traditional “money in, no money out” gaming business models. In this week’s newsletter, read about how Justin Bieber, along with other celebrities, was called out to disclose their connections to nonfungible token (NFT) firms. Check out the market performance of blue chip NFTs and how NFT games have an advantage over traditional gaming business models. In other news, learn about how OpenSea is implementing new ways to combat NFT theft. And check out how experts feel about carbon offset NFTs that aim to help the environment. Justin Bieber, Paris Hilton among 19 celebs called out for shilling NFTsConsumer watchdog Truth in Advertising called out 19 celebrities, including Justin Bieber, Paris Hilton and Tom Brady, over NFT promotion on their social media platforms. According to the watchdog, the space is full of deception and urged the celebrities to disclose connections with NFT companies. In a previous post, the watchdog highlighted that the celebrities may be violating rules on endorsements and the requirements for influencers. Citing the Federal Trade Commission, the group noted that influencers must disclose their connections to brands that they advertise. Continue reading…Blue chip NFT performance fails recovery, but investors hodl even harderThe performance of NFTs that are classified as the blue chips of NFTs went to another all-time low range, according to the data gathered by the statistics platform NFTGo. The fall is attributed to the falling prices of projects like CyberKongz and CyberKongzBabies. According to the site’s Blue Chip index, June 13 marked the worst performance in the history of blue-chip NFTs, with the index falling to 9,331 Ether (ETH). This follows its best-performing day, which was on April 29, when the index reached almost 14,900 ETH. Continue reading…NFT games have edge over ‘money in, no money out’ games: Polygon’s Urvit GoelUrvit Goel, an executive from Polygon, told Cointelegraph in an interview that NFT games have an advantage over games where players can only put their money in and never get anything in return. The executive argued that GameFi has a business model advantage over traditional gaming, where users cannot sell their in-game items for money. “We just want to give users the ability to own the content they’re buying,” he said. Continue reading…OpenSea introduces new stolen item policy to combat NFT theftNFT marketplace OpenSea has expanded its use of police reports to confirm stolen item reports within its platform. According to the firm, this is a way to enhance its platform’s defenses against theft and false reports. In addition to this, the platform is making it easier to re-enable the buying and selling of recovered NFTs. The NFT platform also said that its team is working to implement other solutions that combat NFT theft. This includes automating theft detection. Continue reading…Carbon credit NFTs are only effective if burned, experts sayWhile carbon credit NFTs are being marketed as a way to use the technology to help the environment, an expert argued that it’s only effective once the…
  • Economic design changes will affect ETH's value post-Merge, says ConsenSys exec News - 17 hours ago
    Lex Sokolin said that post-Merge, DeFi projects will have to compete with the returns offered by the core ETH protocol. As the Ethereum Merge draws near, many are speculating on its economic effects. To provide a clearer view to those who anticipate the major upgrade, Lex Sokolin, the head economist at ConsenSys, shared his insights in an interview with Cointelegraph. The expert discussed the effect of the Merge on users, developers and businesses. Additionally, Sokolin also cleared up some misconceptions about the Merge and explained how the new development can have an impact on the price of Ether (ETH). On the user level, the economist said that the average user will be able to use the chain as they normally do, but one significant impact for users post-Merge is having a less risky way to stake ETH. He explained that: “Right now, staking on the beacon chain carries the risk that the Merge doesn’t happen. But once it does, participation in staking is more accessible and has less technical risk.”In terms of effects on businesses and developers, the expert shared that the Merge may standardize the notional interest rate for the entire Web3 space through the ETH yield. This could potentially remove the need for speculative financial engineering projects, according to Sokolin. “We expect that risks of projects and business opportunities can be evaluated against merely staking ETH on a risk-adjusted basis.”This may also affect the decentralized finance (DeFi) space significantly as products need to compete with the returns offered by the core protocol. “That should in turn mature the market, and create opportunity costs for investors chasing yield in places with too much risk,” he added. When asked about people’s expectations and misconceptions about the Merge, the expert highlighted that it will not lower gas fees or solve for massive throughput yet. However, the Merge sets the foundation for these things in the future. Following this, Sokolin mentioned that the Merge will remove one of the less desired narratives for Web3, which is the issue of ESG impact. Related: Coinbase will ‘briefly pause’ ETH and ERC-20 token deposits and withdrawals during Ethereum MergeIn terms of the Merge’s effects on the price of Ether, the economist believes that all technical developments will somehow affect the value of ETH. According to Sokolin, the crypto-economic changes within the protocol naturally have implications on the supply and value of the asset. “Though, how the market ends up pricing those relative to broader macroeconomic events is still yet to be seen,” he added.
  • Price analysis 8/17: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX News - 17 hours ago
    Crypto and stock markets corrected as traders grew nervous ahead of August 17’s FOMC minutes, but the real stress point is whether traders will “buy the dip.” Bitcoin’s (BTC) bounce fizzled out near $24,500 on Aug. 17, indicating that the recovery still faces stiff resistance from the bears. On-chain monitoring resource Material Indicators said the ask liquidity on the Fire Charts was similar to prior local tops.Another reason for caution among crypto investors was that the recovery in the S&P 500 was reaching extreme overbought levels in the near term. Jurrien Timmer, director of global macro at asset manager Fidelity Investments, said that 88% of stocks in the S&P 500 were trading above their 50-day moving average, which was “stunning.”Some were also cautious as Michael Burry, the investor who famously shorted the 2008 housing bubble, almost emptied his equity portfolio in the second quarter of this year in expectation of a sharp fall in the stock markets.Daily cryptocurrency market performance. Source: Coin360While the short-term looks uncertain, corporate investors who usually are in the game for the long term have increased their investments in the blockchain industry, including the crypto space. The top 40 publicly traded companies invested approximately $6 billion into blockchain startups between September 2021 to June 2022, according to a blog by Blockdata on Aug. 17. That is more than three times the $1.9 billion invested by corporations between January 2021 to September 2021. What are the critical levels on the downside that will suggest that the recovery could be faltering? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bulls attempted to push Bitcoin above the overhead resistance at $24,668 on Aug. 17 but the long wick on the candlestick shows that bears are defending the level aggressively. The price turned down and has reached the 20-day exponential moving average (EMA) ($23,496). This level is likely to attract strong buying by the bulls.BTC/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the relative strength index (RSI) has dropped close to the midpoint, indicating a balance between supply and demand. If the price sustains below the 20-day EMA, the balance could tilt in favor of the bears and the pair may drop to the 50-day SMA ($22,160). Conversely, if the price rebounds off the current level and breaks above $25,200, it will suggest that bulls are back in command. The BTC/USDT pair could then rally to $28,000 where the bears may again mount a strong defense.ETH/USDTEther (ETH) turned up from $1,853 on Aug. 16 and the bulls tried to push the price above $2,000 on Aug. 17. However, the long wick on the day’s candlestick suggests that traders may be lightening positions on rallies.ETH/USDT daily chart. Source: TradingViewThe bears will try to take advantage of the situation and attempt to pull the price to the strong support zone between the 20-day EMA ($1,772) and $1,700. This is an important zone for the bulls to defend if they want to keep the uptrend intact.If the…
  • Tornado Cash sanctions will ultimately undermine the US and strengthen crypto News - 17 hours ago
    Like any aging empire, America is reacting to its competition. The United States government’s sanctioning of the open-source code that makes up the Tornado Cash privacy protocol may be shocking, but it’s not surprising. America has been tightening its grip over the global financial system for decades ostensibly to cut down on bad behavior but also to project power abroad.Economic sanctions, like the ones enforced by the aptly named Office of Foreign Assets Control, are a powerful weapon. The agency’s website states that it “enforces economic and trade sanctions based on U.S. foreign policy and national security goals.” It does this to fight drug dealers, terrorists, and “other threats to the national security, foreign policy or economy of the United​ States.” Scary stuff, particularly when enforced by the issuer of the global reserve currency. But therein lies the rub because the more the U.S. weaponizes access to the dollar, the greater the incentive for every other country to find an alternative. One likely winner from this dynamic is Bitcoin (BTC). To see why, we need to study the architecture of money.Fiat currencies like the U.S. dollar have no inherent transfer mechanism. Large payments can only be made through the banking system, and banks need government charters to operate. This symbiotic relationship enables governments to not only control the issuance of their money, but also access to it. For the issuer of a reserve currency, monetary censorship becomes a powerful weapon, arguably as destructive as bombs and bullets.Related: Tornado Cash shows that DeFi can’t escape regulationBitcoin is different because it has its own censorship-resistant payment system. Anyone can make payments to anyone else — with or without the involvement of a licensed intermediary. Governments can still wield power over individual exchanges, custodians, or miners, but they can’t stop the protocol or the community that runs it.Bitcoin is also apolitical in ways that fiat currencies can never be. Along with ever stricter sanctions regimes, the U.S. has recently taken the drastic step of freezing the foreign exchange reserves of Russia and Afghanistan. Regardless of one’s opinion of the legitimacy of such acts, they drive home the point that dollar reserves are only useful so long as their owners stay on America’s good side.A critic could argue that the sanctioning of Tornado Cash proves cryptocurrencies are not immune from politics. Indeed, the U.S. has been sanctioning Ethereum and Bitcoin addresses for years. What makes crypto unique is the fact that the decentralized protocols in question don’t care, at least not in a way a bank might. After all, the permissionless nature of these networks means that anyone can do anything, including continuing to process transactions for sanctioned addresses. That doesn’t mean that a European miner or South American exchange wants to upset Washington, but it does mean that they could if they had to. This optionality may come in handy in a crisis. Tornado Cash dev arrestedDo Kwon still free and doing media interviewsThe world is a silly place— sassal.eth (@sassal0x) August 15, 2022 None of…
  • Study: Insider trading occurs in 10% to 25% of cryptocurrency listings News - 17 hours ago
    The study found abnormal levels of return in a sample of tokens just before their listing announcement on Coinbase. According to a recent study conducted by the University of Technology Sydney, researchers estimated that insider trading occurs in 10% to 25% of cryptocurrency listings.In deriving the conclusion, researchers first sampled 146 token listing announcements on cryptocurrency exchange Coinbase between September 25, 2018, and May 1, 2022. Afterward, researchers examined the price movements of the sampled tokens in the time interval of 300 hours before Coinbase listing announcements up until 100 hours after the announcement, on various exchanges.The hypothesis was that if insider trading was involved, tokens that were also available to trade on decentralized exchanges, or DEXs, before the listing would see abnormal returns compared to those not listed on DEXs. Researchers claim that statistically significant levels of abnormal returns, 10% to 25% of the tokens studied, were observed and that the price patterns on DEXs immediately before the Coinbase listings were similar to “run-ups” witnessed in known cases of stock insider trading.Additionally, a small subset of wallet addresses on the aforementioned DEXs was suspected of strong accumulation and then quick disposition of tokens after the Coinbase listing went live. The study, still in the draft status, has not been peer-reviewed. The scopes of studies are normally limited by their ability to prove causation on top of correlation, or that the abnormal returns in the study can be definitely attributed to traders with non-public information accumulating ahead of time.  Coincidently, around the same time the paper was submitted, the U.S. Department of Justice charged a former Coinbase executive with insider trading. The exec has since pled not guilty. 
  • Another crypto CEO steps down as Genesis Trading restructures leadership News - 18 hours ago
    Ignite CEO Peng Zhong, MicroStrategy CEO Michael Saylor, and now Genesis Trading CEO Michael Moro — top executives have departed crypto firms or stepped into advisory positions. Michael Moro, CEO of Digital Currency Group’s market maker and lending subsidiary Genesis Trading, has become the latest executive to step down from a leadership role at a crypto company amid the market downturn.In a Wednesday announcement, Genesis said Moro will leave his position as the company’s CEO, a role in which he worked since April 2016. According to Moro, he will support Genesis’ “next phase of growth” in an advisory role as the firm transitions to new leadership.7/ Since our founding in 2013, Genesis has successfully navigated periods of intense market volatility. Looking ahead, we will continue to support the needs of our clients and counterparties as we enter the next phase of the industry’s evolution.— Michael Moro (@michaelmoro) July 6, 2022 Chief operating officer Derar Islim will act as interim CEO as Genesis’ board searches for a new leader. Genesis announced the hiring of a new chief risk officer, chief compliance officer, chief technology officer, chief legal officer and chief financial officer in an effort to bulk up the “company’s overall risk management.” Bloomberg reported on Wednesday that the trading firm was also cutting its 260-person workforce by 20% in an effort to eliminate costs.It’s unclear if Genesis’ strategy was influenced by events surrounding the crypto market downturn. The trading firm confirmed in July that it had investment exposure to Three Arrows Capital, the company tied to Terra and subsequently ordered into liquidation by a British court. Digital Currency Group said it had assumed some of the liability owed by Three Arrows to ensure Genesis had adequate capital for its operations. Related: Contagion: Genesis faces huge losses, BlockFi’s $1B loan, Celsius’s risky modelAmid a volatile crypto market, many fintech firms have announced changes to their leadership. On July 1, Ignite CEO Peng Zhong said he would be leaving after having worked at the firm since 2015. Michael Saylor announced on Aug. 2 that he would step down as the CEO of MicroStrategy, the business intelligence firm that has invested billions of dollars into Bitcoin (BTC) since 2020.
  • Ethereum Foundation clarifies that the upcoming Merge upgrade will not reduce gas fees News - 19 hours ago
    The Merge will still reduce the network’s energy consumption by an estimated 99.5%. According to a new clarification by the Ethereum Foundation on Wednesday, the network’s upcoming proof-of-stake transitory upgrade — dubbed the “Merge,” — will not reduce gas fees. Regarding this, the Ethereum Foundation wrote: “Gas fees are a product of network demand relative to the network’s capacity. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”The Merge, which seeks to join the existing execution layer of the Ethereum mainnet with its new proof-of-stake consensus layer, the Beacon Chain, will eliminate the need for energy-intensive mining. It is expected to land within the third or final quarter of 2022. While many investors and traders alike have bought Ether in anticipation of the Merge upgrade, some appear to have done so under misconceptions that the network’s capacity will surge once the upgrade is live. For starters, anyone is free to sync their own self-verified copy of Ethereum or to run a node, with no initial Ether staking requirements. With regard to staking, it is not possible to withdraw staked Ether until the following Shanghai upgrade goes live. Though, liquid ETH rewards in the form of fee tips will be available immediately. Validator withdrawals, once live, will be rate-limited to prevent a potential liquidity crisis.Transactions will also not be noticeably faster after the Merge. However, post-Merge APR yields on the network are expected to increase by 50% compared to now to attract capital. Client developers are currently working on a tentative deadline of Sept. 19 to complete the Merge, which is designed for zero downtime during the transition.
  • Pushing Bitcoin to become more scalable with zero-knowledge proofs News - 19 hours ago
    Cointelegraph Research explains the EC-STARKs technology and discusses what this means for the cryptocurrency market. For all the good that Bitcoin brings to the table, it also possesses a commonly accepted issue in scalability. Bitcoin can only process a limited number of transactions per block and, as of Aug. 17, 2022, can handle about five transactions per second, which in comparison to most other blockchains is low. The factor limiting scalability lies in Bitcoin’s cryptographic algorithm.The Elliptic Curve Digital Signature Algorithm (ECDSA) is the essential cryptographic algorithm that powers Bitcoin and ensures that only the rightful owner can access and manage their funds. Currently, verification of the ECDSA, a Bitcoin signature allowing to carry out transactions and send Bitcoin (BTC), is not efficient and limits the scalability of the Bitcoin blockchain. A potential solution is using zero-knowledge proof (ZKP) technology, allowing higher degrees of privacy and security.A recent Starkware paper presents the method for efficiently verifying ECDSA from within the STARK ecosystem, potentially resolving the blockchain trilemma for Bitcoin — i.e., achieving scalability, security and decentralization simultaneously.Foundations of the technologyA ZKP is a cryptographic technique that enables the prover to confirm another person’s claim without supporting data. ZKPs are cryptographic protocols that keep third parties away from users’ privacy. ZKPs can also be a helpful building block for many cryptographic protocols, ensuring participants follow the protocol’s specifications. Privacy and scalability are enhanced with ZKPs because only certain data is revealed and transacted without disclosing all the information that needs to be proven.Based on the ZKP technology, STARKs, or Scalable Transparent Argument of Knowledge — invented by Starkware — is a type of cryptographic proof technology that makes it possible to communicate data with a third party — e.g., sign transactions without revealing the data. It also allows moving computations and storage of validated data off-chain, thus increasing scalability. STARKs is a quantum-resistant system based on hash functions used by Ethereum, not elliptic curves utilized by Bitcoin. Importantly, STARKs systems are considered more advanced than their predecessors, zk-SNARKs, and can resist attacks from quantum computers.EC-STARKs: The next step in Bitcoin’s scalability?Earlier, Starkware announced governance token issuance for its StarkNet — a decentralized permissionless STARK-based validity rollup that operates as an Ethereum layer-2 chain — to decentralize the network further and maintain STARK technology as a public good. However, Ethereum’s underlying storage cost constraints the scalability advantages of the technology. However, its application for the Bitcoin blockchain may present a better platform for decentralized applications in the near future.Related: zk-STARKs vs. zk-SNARKs explainedEC-STARKs are the next generation of this technology, aiming to increase Bitcoin’s scalability and security by replacing hash functions with elliptic curves — i.e., making already-existing scalability solutions for Ethereum to be compatible with Bitcoin. With EC-STARKs, one can run an off-chain protocol for Bitcoin and keep proofs in STARK. Simply put, Bitcoin can be emulated inside STARK, allowing highly sophisticated protocols to be built on Bitcoin-backed tokens with the same elliptic curve keys. Thus, utilizing this technology may not…
  • Bitcoin price dives pre-FOMC amid warning $17.6K low was not the bottom News - 20 hours ago
    The bottom “is not in” for either stocks or crypto, one analyst believes, as alarming data shows copycat moves from 2008 by the S&P 500. Bitcoin (BTC) dropped to weekly lows at the Aug. 17 Wall Street open as upcoming Federal Reserve comments unsettled risk assets.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDollar climbs as Fed minutes dueData from Cointelegraph Markets Pro and TradingView tracked a more than 2% daily decline in BTC/USD, which hit $23,325 on Bitstamp.Already showing signs of weakness, the pair slid further as United States equities began trading, hours before the Federal Open Markets Committee (FOMC) was due to release minutes from its latest meeting.While not involving a decision on interest rates, the meeting was cued to give an insight into the Fed’s thinking in terms of the next rate tweak due in September.“The important event tonight with the FOMC minutes, through which information can be received whether the FED is going to be hawkish or dovish,” Cointelegraph contributor Michaël van de Poppe summarized in his latest Twitter update. “I don’t think it will have a massive impact, however, crypto tends to give it a ton of value and, therefore, lots of volatility.”Stocks had hit major resistance in line with crypto during the week, leading some concerned sources to continue to predict a further major retracement across the board.Justin Bennett, the founder of crypto education platform Crypto Academy, warned that the S&P 500 was copying behavior from immediately prior to the 2008 Global Financial Crisis.“This is mind-blowing. The S&P 500 is mimicking the 2008 crash. Even the timing since the ATH is nearly identical,” he commented on a comparative chart. “The bottom is NOT in for stocks or crypto.”A telltale sign on the day came in the form of an advancing U.S. dollar, with the U.S. dollar index (DXY) seeking to attack resistance in place throughout August.“$DXY could be on its way to 112-113 after the fakeout below 105.50. That’s going to weigh on stocks and crypto,” Bennett added.U.S. dollar index (DXY) 1-day candle chart. Source: TradingViewBuyers eye lower bidsOn shorter timeframes, the trend on Bitcoin was also rapidly losing steam as bid support inched down the Binance order book.Related: Bitcoin price sees firm rejection at $24.5K as traders doubt strengthOn-chain monitoring resource Material Indicators captured the action, concluding that “even if we get another pump, still believe the Bear Market Rally is losing momentum.”An upside target could come in the form of the 100-day moving average, a separate post explained, lying at $24,544 at the time of writing.“Been warning about this breakdown for Bitcoin the past few days,” commentator Matthew Hyland concluded. “Structure has shifted overall weak recently. Market seemed to have its first signs of life just last week. That seems to be short lived.”BTC/USD buy and sell levels (Binance). Source: Material Indicators/ 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…
  • Fake Manchester United token soars 3,000% after Elon Musk jokes about buying team News - 21 hours ago
    Other Manchester United-related assets also rallied after Musk’s tweet, as well as Manchester City’s fan token. Manchester United Fan Token (MUFC) is a dead coin and not related to the sports franchise, but one Elon Musk tweet was enough to revive it on Aug. 17.Also, I’m buying Manchester United ur welcome— Elon Musk (@elonmusk) August 17, 2022 Fake Man U token pumps after Elon Musk’s tweetTo clarify, MUFC is not an official Manchester United crypto token. It came to life in August 2021 after a team of programmers, who are said to be hardcore Manchester United fans, falsely claimed that holding MUFC would give buye influence on the football club’s decisions.The team later conducted an “airdrop” round of 10,000,000,000 MUFC in November 2021, promising to provide 10,000 MUFC to users who followed its official social media handles. The prospects of getting free MUFC tokens helped its price rally to as high as $1.But the project turned out to be vaporware, eventually leading MUFC down by 100% after November. It was deemed extinct until a tweet from billionaire entrepreneur Elon Musk on Aug. 17 revived it from oblivion.The Tesla CEO tweeted that he would buy the Manchester United football club, which he later admitted was a “long-running joke.”No, this is a long-running joke on Twitter. I’m not buying any sports teams.— Elon Musk (@elonmusk) August 17, 2022 Nonetheless, the message sent the financial assets related to Manchester United soaring, including its stock MANU, which rose 1.97% in pre-market trading, and Tezos (XTZ), the club’s official blockchain and training partner, whose market valuation surged by $138.85 million.Even Manchester City’s official crypto token, CITY, popped higher by nearly 14% to reach $7 per piece after Musk’s tweet, despite Manchester City being a different football club.CITY/USD daily price chart. Source: TradingViewOn the other hand, MUFC surged by over 3,000% hours after Musk’s tweet about buying Manchester United, according to data fetched by MUFC price and volume performance (last seven days). Source:”Manchester United fan token” has zero liquidityHowever, the MUFC rally appears to be price manipulation due to extremely poor liquidity and volume. Notably, in the last 24 hours, MUFC had been trading only against two crypto assets: WBNB and USDT. While the liquidity for the WBNB/MUFC pair was mere $106.84, it was even lower for the USDT/MUFC pair at around $10, according to data from PancakeSwap, a decentralized exchange.MUFC pools statistics as of Aug. 17. Source: PancakeSwapMeanwhile, the net volume that backed MUFC’s 3,000% rally was approximately $39,000 in the last 24 hours, suggesting fewer traders behind the major upside move.MUFC volume record. Source: PancakeSwapThus, a small number of speculators likely used MUFC’s poor liquidity to artificially pump the token. The number of traders who bought the false upside narrative remains unclear, but given thatMUFC has already dropped by 50% from its local top, the prospect that its rate would return to zero is high.Related: Crypto scams fall 65% after gullible noobs exit the market: ChainalysisMeanwhile, the incident reasserts Musk’s strong influence on the crypto…
  • Blockchain VC Shima Capital debuts with $200M Web3 fund News - 21 hours ago
    The venture firm, which was founded in 2021, is prioritizing decentralized social media, DAOs, DeFi, metaverse, zero-knowledge proofs and layer-1 solutions. Shima Capital, a new venture firm focused on early-stage blockchain projects, has launched its debut fund to support emerging digital asset companies — and has received considerable backing in doing so.The Shima Capital Fund I raised a combined $200 million from several high-profile crypto investors, including Dragonfly Capital, Animoca Brands and OKX, the company announced Wednesday. The fund is set to deploy between $500,000 and $2 million in pre-seed funding for crypto- and blockchain-focused companies at the intersection of consumer products, decentralized infrastructure and futuristic blockchain technology. In particular, Shima has identified decentralized identity, decentralized social media, decentralized autonomous organizations (DAOs), blockchain gaming, metaverse and decentralized finance (DeFi) as target areas. On the blockchain infrastructure side, the fund also plans to invest in layer-1 and layer-2 technology, as well as projects focused on security and the development of zero-knowledge proofs.Capital injected into early-stage companies will go towards hiring and retaining talent, building communities, marketing and conducting technical research and development, Shima said. Web3 aims to revolutionize participation in a wide variety of fields, from technology to the arts. However, it needs those participants to see what its potential holds, argues @nitingaur, founder and director of @IBM Digital Asset Labs— Cointelegraph (@Cointelegraph) March 13, 2022 Founded in 2021 by crypto hedge fund investor Yida Gao, Shima Capital has recruited an executive team that includes the former head of DeFi at Ripple Labs, a former venture partner at Old Fashion Research and the former head of talent at Atomic VC. Shima’s new venture fund demonstrates that VCs are still enticed by crypto and Web3’s value proposition despite the ongoing bear market. The downtrend, which has been brutal even by crypto standards, has flushed out overleveraged investors, flawed stablecoin projects and centralized finance companies that failed to maintain proper risk management practices. Related: Web3 dominates venture capital interest in blockchain industry in Q2 2022In the background, venture capital has continued to fund blockchain startups, especially those with Web3 ambitions. According to Cointelegraph Research, Web3 companies accounted for 42% of crypto VC raises in the second quarter.
  • Binance assures users after 3rd-party glitch briefly halted withdrawals News - 21 hours ago
    The exchange cited technical issues as the reasons for halting withdrawals across multiple networks earlier this morning. Cryptocurrency exchange Binance announced a temporary freeze on withdrawals on Wednesday morning. The suspension took place across multiple networks as a result of a technical issue by a third-party provider, according to Binance. In a tweet, the exchange said the incident took place around 7:00 am UTC and was resolved by the team within an hour. Earlier today, around 07:00am UTC, #Binance temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider. Our team responded quickly, resolving the issue within 1-hour.Funds are SAFU. Thank you for your patience and understanding.— Binance (@binance) August 17, 2022 Binance also assured users that despite the freeze, funds are “SAFU.” This acronym stands for the exchange’s monetary fund, Secure Asset Fund for Users (SAFU). The fund was created in 2018 by Binance to compensate customers in light of a hack on the exchange. It holds 10% of all trading fees. After questions about the fund from Twitter users, the exchange promptly clarified the purpose and its $1 billion value. Here’s everything you need to know about SAFU.— Binance (@binance) August 17, 2022 This comes only days after Binance recovered and froze nearly $450,000 worth of the stolen assets from the Curve Finance hack. In June, Binance also halted Bitcoin (BTC) withdrawals due to major network congestion. Binance is the world’s largest crypto exchange and deals with nearly 3.224 million transactions per day. Volatile market conditions have caused major turbulence for crypto companies. The crypto exchange Celsius also halted withdrawals in June, though it cited market instability. Shortly after it declared bankruptcy. As a forewarning, Coinbase announced it will halt deposits and withdrawals of Ethereum (ETH) and ERC-20 tokens during the upcoming Ethereum Merge, scheduled to take place this September. Related: The worst places to keep your crypto wallet seed phraseMarket volatility has caused some hodlers to reexamine where they store their digital goods. Many are turning to hardware wallets as the answer. One Twitter user responded to Wednesda’s Binance freeze with:ANOTHER NEAR MISS…”Funds are SAFU” …. Until they are not …… how many warnings do people need?…NOT YOUR KEYS NOT YOUR COINS— HEX Ⓜ️achine Not in it for the tech. soz (@HexMachineV2b) August 17, 2022 According to a July report, the global hardware wallet market should outpace the global exchange market. It has an anticipated value of $1.1 billion by the year 2027, whereas the exchange market should reach a value of $675 million by 2028.
  • Indian police launch probe into BitConnect founder wanted by US SEC News - 22 hours ago
    The Indian police launched an investigation into BitConnect co-founder Satish Kumbhani months after the U.S. SEC said he had relocated from India. The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police.Satish Kumbhani, an Indian national and the alleged founder of the crypto Ponzi scheme BitConnect, reportedly became subject to a new police investigation in India, The Indian Express reported on Wednesday.The Pune police, operating under the Indian state Maharashtra Police, launched a probe into Kumbhani after a Pune-based lawyer filed a complaint claiming that he had lost about 220 Bitcoin (BTC), or $5.2 million, due to BitConnect. The complainant said his original investment was 54 BTC, with returns of 166 BTC, which he allegedly used to reinvest into platforms.The claimant noted that transactions between him and the suspects took place between 2016 and June 2021, pointing to six more people allegedly involved in the scam alongside Kumbhani. No arrests have been made in the case, the report notes.BitConnect is one of the biggest scam schemes in the history of crypto, with the Ponzi orchestrators reportedly fraudulently raising about $2.4 billion from misled investors. Launched in February 2016, BitConnect operated a platform and a digital currency, shutting down in January 2018, with founders eventually vanishing with investors’ money.Despite BitConnect taking down operations years ago, the BitConnect case has been seeing a lot of action recently, with the Department of Justice charging Kumbhani for orchestrating the BitConnect scam scheme in February 2022.The United States Securities and Exchange Commission (SEC) subsequently said the authority was unable to locate the missing BitConnect co-founder. In a court filing in late February, the SEC noted that Kumbhani’s last known location was in his native India.Related: Dutch authorities arrest suspected Tornado Cash developerBitConnect is not the only crypto scam whose main arrangers are currently missing. Global prosecutors and authorities are also investigating scams like OneCoin, a $4 billion Ponzi scheme that ceased operating in late 2019. Ruja Ignatova, the Bulgarian-German creator of OneCoin, was added to the Ten Most Wanted list by the Federal Bureau of Investigation in June 2022. Ignatova, widely referred to as “Cryptoqueen” in the crypto community, was last seen in 2017.
  • Do Kwon reportedly hires lawyers in S. Korea to prepare for Terra investigation News - 23 hours ago
    Terraform Labs co-founder Do Kwon has claimed that Korean authorities haven’t contacted or filed any charges against him in the Terra investigation. Terraform Labs co-founder Do Kwon has reportedly hired a lawyer from a domestic law firm in South Korea just days after claiming the South Korean authorities are yet to reach out to him or file any charges against him.According to a local media report, Kwon recently submitted a letter of appointment to an attorney at the Seoul Southern District Prosecutors’ Office, the department that is currently investigating the Terra-LUNA — now renamed Terra Classic (LUNC) — collapse.While Kwon claims no charges were filed against him, prosecutors in South Korea behind the investigation of Terraform Labs reportedly executed a search and seizure in 15 firms in the third week of July. It includes seven crypto exchanges linked to now-defunct Terra’s collapse.Prosecutors reportedly notified Kwon, who was staying in Singapore and banned the departure of key people.Related: Do Kwon breaking silence triggers responses from the communitySouth Korean authorities began an investigation into the $40 billion Terra ecosystem collapse soon after the ecosystem’s implosion in May. The first action came towards the end of May when the authorities decided to form a new crypto oversight committee to avoid Terra-like incidents in the future. Later, CEO Kwon was sued and accused of fraud and violating several financial acts.In June, the authorities began a formal investigation into the incident and found Terraform Labs guilty of tax evasion and market manipulation. Prosecutors in the country banned Terraform Lab employees from leaving the country.The Terra-USD collapse and implosion of a $40 billion ecosystem had a catastrophic impact on the larger ecosystem. The incident later led to a crypto contagion that claimed several crypto lenders and hedge funds.
  • Qtum (QTUM) Price Prediction 2022, 2023, 2024, 2025: Will The Price Jump Beyond $50?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 2 minutes ago
    The post Qtum (QTUM) Price Prediction 2022, 2023, 2024, 2025: Will The Price Jump Beyond $50? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Numerous projects have taken advantage of blockchain since its introduction a few decades ago to create vibrant networks. These initiatives range from healthcare to finance. Qtum is one such thriving project. The product’s basic configuration enables the deployment of smart contracts upon several blockchains The PoS algorithm is used by the Qtum platform, which is …
  • These Strategies Could Help Traders Ahead Of Ethereum Merge
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 38 minutes ago
    The post These Strategies Could Help Traders Ahead Of Ethereum Merge appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide It’s been a while now that the Ethereum network is planning for a migration from its present proof-of-work (PoW) to proof-of-stake (PoS). However, after much of a delay, finally Ethereum developers have scheduled the merge for September. Hence, the various outcomes after the Ethereum merger are being looked upon by traders and investors. Earn Hardfork …
  • Crypto Market Tumbles, Dogecoin Price To Hit $0.14 Under These Circumstances
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 50 minutes ago
    The post Crypto Market Tumbles, Dogecoin Price To Hit $0.14 Under These Circumstances appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The overall crypto market is once again in the red zone as the global crypto market cap has been pulled down by 2% in the last 24hrs and is positioned at $1.12 trillion. Along with major cryptocurrencies like Bitcoin and Ethereum, the largest meme currency, Dogecoin too has seen a downward trend after falling by …
  • These Exchanges Can Enjoy Huge Benefits With Ethereum Merge Event – Predicts JP Morgan
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 hour ago
    The post These Exchanges Can Enjoy Huge Benefits With Ethereum Merge Event – Predicts JP Morgan appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The long-awaited merge is finally happening next month around the 15th of September, and the will move from proof of work (PoW) to proof of stake (PoS).  With this, the biggest crypto companies are now announcing what the experience will be like for retail investors. As per recent announcements, Coinbase and some other crypto exchanges …
  • Ripple’s XRP Price Stuck Up in a Range, Will it Ever Cross $0.5 in 2022?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 hour ago
    The post Ripple’s XRP Price Stuck Up in a Range, Will it Ever Cross $0.5 in 2022? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The reduced volatility in the Ripple’s price is assumed to be due to the dropped interest among the traders, majorly because of extensive delay in the Ripple vs SEC case. Due to the shift of focus, it is unlikely that the price may even recover in the coming days. The US SEC is utilising all …
  • Gym Network to Launch Version 2.0, Providing DeFi Enthusiasts With Innovative Solutions
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 3 hours ago
    The post Gym Network to Launch Version 2.0, Providing DeFi Enthusiasts With Innovative Solutions appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Gym Network announced today that it is poised to release version 2 of its platform, which will bring new functionalities, including Single Pool and BUSD Stable Coin Vault. The updates will offer people active in the DeFi space exclusive rewards, tickets, and the ability to defy bear market conditions, among various benefits. What is the …
  • Lots of Big HeadWinds for the Market Ahead, Yet Bitcoin(BTC) Price Assumed to be Capped at $25,500!
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 4 hours ago
    The post Lots of Big HeadWinds for the Market Ahead, Yet Bitcoin(BTC) Price Assumed to be Capped at $25,500! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The markets are swinging within narrow ranges for a pretty long time, unable to slice through the prevailing consolidation. Most of the assets are unable to slice through the crucial resistance required to break through the current accumulation. While many factors indicate a thriving rally to begin soon, some analysts believe the Bitcoin price rally …
  • Here’s How The Bitcoin Price Could Reclaim The $30,000 Mark
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 5 hours ago
    The post Here’s How The Bitcoin Price Could Reclaim The $30,000 Mark appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Bitcoin has been hovering around $24,000 for a few weeks now. However, today, the flagship currency lost its grip over the price point and plunged to $23,000. At the time of reporting, Bitcoin is selling at $23,750, after a fall of 1.25% over the last 24hrs. One of the well-known crypto analysts and traders, known …
  • Ripple vs SEC: Commission Refuses To Produce The Hinman Speech
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 5 hours ago
    The post Ripple vs SEC: Commission Refuses To Produce The Hinman Speech appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide It’s been a while now that has been requesting the US Securities and Exchange Commission to submit the draft of the 2018 Hinman speech and the SEC has been repeatedly refusing to do so. The Ripple vs SEC case is going on since a long time now However, the latest update claims that SEC has now …
  • Ethereum’s Price To Surge 2x In The Next Six Weeks?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 5 hours ago
    The post Ethereum’s Price To Surge 2x In The Next Six Weeks? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide After months of market corrections, major cryptocurrencies like Bitcoin, Ethereum price among others have now regained stability. This has led to a spike in the traders’ and investors’ interest in these currencies, and they seem unwilling to sell their holdings.  The chart below depicts the decline in selling pressure over the last seven days.  As …
  • Blockchain Developer Input Output Global Announces Collaboration To Drive NFT Adoption on Cardano
    The Daily Hodl - 13 hours ago
    Input Output Global (IOG), the blockchain company behind Cardano (ADA) , is collaborating with a non-fungible token (NFT) ecosystem to drive NFT adoption. NMKR, which claims to be “the number one NFT minting and payment infrastructure on Cardano,” has built a Minting API for a new NFT ecosystem, according to a new press release from […] The post Blockchain Developer Input Output Global Announces Collaboration To Drive NFT Adoption on Cardano appeared first on The Daily Hodl.
  • Do Kwon Hires Law Firm in South Korea Anticipating Legal Battle: Report
    The Daily Hodl - 13 hours ago
    The former CEO of Terraform Labs is reportedly hiring a lawyer in preparation for a possible legal battle over the high-profile multibillion-dollar collapse of the Terra ecosystem in May. According to a new report by Korean media outlet WowTV, Do Kwon has recently submitted a letter of appointment to an attorney at the Seoul Southern […] The post Do Kwon Hires Law Firm in South Korea Anticipating Legal Battle: Report appeared first on The Daily Hodl.
  • Legendary Trader Peter Brandt Says Bitcoin (BTC) Forming Bearish Pattern – But There’s a Catch
    The Daily Hodl - 14 hours ago
    Legendary commodities trader Peter Brandt says Bitcoin (BTC) is forming a classic bearish pattern, hinting at lower prices for the leading crypto asset by market cap. In a tweet to his 672,000 Twitter followers, Brandt says that Bitcoin is forming a rising wedge, a price action pattern that traditionally suggests an eventual dip to the […] The post Legendary Trader Peter Brandt Says Bitcoin (BTC) Forming Bearish Pattern – But There’s a Catch appeared first on The Daily Hodl.
  • Coinbase Executive Explains Why the US-Based Crypto Exchange Will Beat Out Competition Like Binance, FTX
    The Daily Hodl - 15 hours ago
    Coinbase chief product officer Surojit Chatterjee says he’s confident his exchange can beat out its top competitors. In a new interview on the Unchained Podcast, Chatterjee says competition is good for the crypto space and spurs innovation. “In terms of why we think we are in a good place, I think, first, our focus on […] The post Coinbase Executive Explains Why the US-Based Crypto Exchange Will Beat Out Competition Like Binance, FTX appeared first on The Daily Hodl.
  • Embattled Crypto Lender Celsius Receives Court Approval for Bitcoin (BTC) Mining and Sales
    The Daily Hodl - 15 hours ago
    Embattled crypto lender Celsius Network has reportedly been green-lighted to mine and sell Bitcoin (BTC) amid bankruptcy proceedings. Reuters reports that Martin Glenn, Chief Judge of the U.S. Bankruptcy Court for the Southern District of New York, has allowed Celsius to engage in Bitcoin mining despite concerns surrounding its recent struggles. Celsius has previously argued […] The post Embattled Crypto Lender Celsius Receives Court Approval for Bitcoin (BTC) Mining and Sales appeared first on The Daily Hodl.
  • Kraken CEO Jesse Powell ‘Very Bullish’ on Bitcoin, Says He Wouldn’t Bet Against BTC
    The Daily Hodl - 16 hours ago
    The chief executive of crypto exchange Kraken says that he’s still very bullish on Bitcoin (BTC) and that its improving fundamentals make it hard to bet against. In a new interview with Bloomberg Markets and Finance, Kraken CEO Jesse Powell says that he bought more BTC when it was around $18,000, and hopes it will […] The post Kraken CEO Jesse Powell ‘Very Bullish’ on Bitcoin, Says He Wouldn’t Bet Against BTC appeared first on The Daily Hodl.
  • Federal Reserve Finalizes Guidelines for Crypto Banks Applying for Master Accounts
    The Daily Hodl - 17 hours ago
    The Federal Reserve Bank is revealing the final rules that will guide how crypto banks can apply for and get master accounts. A master account is the record of the account holder’s financial rights and obligations with respect to the administering reserve bank. The Federal Reserve bank says that the level of scrutiny or due […] The post Federal Reserve Finalizes Guidelines for Crypto Banks Applying for Master Accounts appeared first on The Daily Hodl.
  • U.S. Department of Justice Teams Up With IRS To Find Alleged Crypto Tax-Cheating Customers of SFOX
    The Daily Hodl - 17 hours ago
    The U.S Department of Justice (DOJ) is working with federal tax collectors to find crypto traders who didn’t pay their government dues. In a statement, the Justice Department says that a California court has issued an order for the Internal Revenue Service (IRS) to serve a John Doe summons directing crypto prime dealer SFOX to […] The post U.S. Department of Justice Teams Up With IRS To Find Alleged Crypto Tax-Cheating Customers of SFOX appeared first on The Daily Hodl.
  • Altcoin Built on Cosmos Quietly Rallies 327% This Month As Project Launches New Stablecoin
    The Daily Hodl - 17 hours ago
    A decentralized finance (DeFi) altcoin is surging after announcing plans to release a next-generation stablecoin. In a new blog post, the creators of Kujira (KUJI) say that in response to the May collapse of Terra and its affiliated stablecoin TerraUSD, they set out to develop USK, a more robust stablecoin. Kujira, a layer-1 platform which […] The post Altcoin Built on Cosmos Quietly Rallies 327% This Month As Project Launches New Stablecoin appeared first on The Daily Hodl.
  • DeFi Yield Protocol (DYP) Anticipates Metaverse Platform Launch With Listings on Coinbase, Huobi and MEXC
    The Daily Hodl - 18 hours ago
    August 17, 2022 – Bucharest, Romania DeFi Yield Protocol (DYP) announced listings on several industry-leading exchanges including Coinbase, Huobi Global and MEXC. This is just one of the many developments in the project’s fast-paced evolution, including its upcoming metaverse platform, where users will get to interact with Cats and Watches Society (CAWS) NFTs. Moreover, DYP […] The post DeFi Yield Protocol (DYP) Anticipates Metaverse Platform Launch With Listings on Coinbase, Huobi and MEXC appeared first on The Daily Hodl.
  • Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade
    NewsBTC - 12 hours ago
    Ether options have been trading for a much shorter time compared to Bitcoin options, but the former has done an impressive job catching up with its predecessor. Bitcoin had dominated as the leading crypto options asset in the space, with billions pouring into it. However, the tide had begun to turn in the 3rd quarter of 2022 when an important update about the Ethereum Merge triggered a surge in interest for Ether options. Ether Options Surpass Bitcoin  Ether options debuted in the market back in January 2020, and it has enjoyed steady growth since then. However, no matter how much Ether options had grown, bitcoin options remained higher with open interest in crypto pouring into the pioneer cryptocurrency. Then in July 2022, Ethereum developers made an announcement regarding the network’s upgrade to a proof of stake mechanism, and this would change the game completely. Related Reading: Why This New NFT Integration May Be What Cardano Needs To Break $0.6 In July, interest in Ether options had ballooned, leading to a meteoric rise. It had packed at a new all-time high of $8.1 billion, which was more than 50% high than bitcoin at the time, with an open interest of $5.4 billion. From there until the present day, Ether options remain on an impressive uptrend, continuing to surpass bitcoin at each turn.  Public miners sell more BTC than they produced | Source: Arcane Research The rise puts Ether options trailing at 100% recovery compared to bitcoin, which continues to trail at 70%. It is the first time ever that the open interest in Ethereum has grown larger than that of bitcoin, and it is all thanks to the much-anticipated Ethereum Merge. Is The Flippening Imminent? The “flippening” is a word that has come to mean Ether surpassing bitcoin in value. Mostly, this school of thought has emerged following the fact that the performance of the price of ETH has surpassed that of BTC on a year-to-year basis. Hence, some investors expect the digital asset to flip bitcoin at some point to become more valuable. There is no set timeline for when the flippening is expected to happen. However, each time Ether overtakes Bitcoin on any metric, the flippening debates begin. The same has been the case with the ETH options growing larger than BTC. ETH declines to low $1,800 | Source: ETHUSD on Presently, the price of BTC is still more than 10x that of ETH. So if there is going to be a flippening, then ETH would have to grow 1,000% while the price of BTC remains unmoved. This is unlikely to happen, given that the market actually moves with the price of BTC. Related Reading: Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn However, as the Merge draws closer and what is referred to as a “Triple halvening” is imminent, ETH will likely further close the gap between it and bitcoin. This event would see less supply of ETH in the market, giving it a genuinely…
  • Bitcoin May Hit $10K As Price Slides Pre-FOMC Meeting
    NewsBTC - 12 hours ago
    A pricing analysis of bitcoin reveals that buyers are at a disadvantage. Price increased after a weaker opening and tested the session high of $24,448.40. However, it swiftly reversed course and tested the pivotal 21-day exponential moving average, where it is currently resting. The market action right now suggests that the bulls are running out of steam close to the higher levels and that the bears are clearing the way for more correction. The largest cryptocurrency’s 24-hour trading volume is $30,603,898,759, up more than 7%. BTC/USD, however, is currently reading at $23,422.79, a 1.85% daily decline. BTC/USD trades at $23k. Source: TradingView The longer the price remains below this level, the more powerful the selling pressure will be as BTC slips below the crucial support level of $23,500. FOMC Meeting Crushes Bitcoin Price Data from TradingView showed that BTC/USD fell by more than 2% every day and reached $23,325. Hours before the Federal Open Markets Committee (FOMC) was scheduled to release minutes from its most recent meeting, the pair, which had already started to exhibit indications of weakness, fell further as trading in US stocks got underway. Despite not having a rate decision, the meeting was timed to reveal the Fed’s perspective on the upcoming rate adjustment scheduled in September. Michaël van de Poppe summarized in his latest Twitter update: “The important event tonight with the FOMC minutes, through which information can be received whether the FED is going to be hawkish or dovish. I don’t think it will have a massive impact, however, crypto tends to give it a ton of value and, therefore, lots of volatility.” Related Reading: Bitcoin And Ethereum Retrace Before Crypto Sentiment Could Reach “Greed” Marcus Sotiriou, an analyst at the UK-based digital asset dealer GlobalBlock, believes a clearer picture may become apparent later on Wednesday in relation to the FOMC minutes. “Bitcoin’s volatility has fallen over the past week or so, yet sellers have been dominant, as there is uncertainty around FOMC minutes being released this evening. The minutes will give an indication of the Federal Reserve’s stance and when they may begin to slow the pace of rate hikes.” The US Federal Reserve recently increased interest rates by 0.75%, but month-over-month inflation readings were lower than anticipated. Can the FOMC’s remarks boost Bitcoin (BTC) and the larger crypto market at the right time? According to Sotiriou’s note to clients: “According to technical analysis, Bitcoin will face a significant test in the coming days because the 200 weekly moving average, which is currently at around $23,000, is just below the current price of $23,700. If this level cannot be maintained, it will imply that there will be additional downside in the coming weeks and that the market’s reversal may be delayed.” Another crypto analyst and trader @EtherNasyonaL, however, believes the opposite – that Bitcoin is currently in a historic purchasing zone. The analyst thinks that right now is the best time to invest in Bitcoin because the asset is expected to increase in value…
  • Dogecoin Jumps 15% In 24 Hours As DOGE Overcomes Critical Level
    NewsBTC - 14 hours ago
    Dogecoin (DOGE) goes straight to weekly gains of 11.4% following an intraday movement hovering towards $0.0847. Dogecoin jumps 15% in a matter of 24 hours Rallies amid the upcoming merge with Ethereum Growth fueled by ‘fake projects’ Dogecoin (DOGE), Elon Musk’s favorite dog meme coin, has spiked by 15%.  Monday was phenomenal for Dogecoin as it surged by more than 16% and the meme coin is just warming up. And it’s not just Dogecoin that’s enjoying the bullish movement because other dog meme coins like Shiba Inu have had explosive growth felt over the weekend with the upcoming Ethereum network upgrade. Chart from Related Reading: Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend? Dogecoin To Breach Key Resistance At $0.087 According to CoinMarketCap, DOGE price has plunged by 4.08% or trading at 0.0829 as of this writing. At this point, DOGE’s goal is to breach the key resistance level of $0.087. If Dogecoin can successfully breach this barrier and fix its hold on the price, then the coin may see unprecedented growth in the coming days. There is some buzz going on that refers to DOGE’s growth as fake and artificial because it’s linked to the upcoming launch of the layer 2 Ethereum. But, traders are warned to be cautious with fake projects or initiatives may not be what it looks like. One frightening fact is that there are many scams online that link themselves to Dogecoin for that clout effect. Dogecoin’s growth was precipitated by market optimism. There was some point in time, wherein the Dogecoin developers and community announced warnings to inform everyone to steer clear of chains that have the prefix DOGE. Now, if the growth of DOGE is brought about by these fake projects then it would be easy to assume that Dogecoin’s growth is purely artificial because it uses popular influencers to promote the fakery in the effort to mislead users. Investors Awaiting DOGE’s Ethereum Merge Investors are now awaiting entry and positioned themselves just in time for DOGE’s merge with Ethereum. This software upgrade is bound to happen in September 2022 which aims to transform Ethereum from proof-of-work to proof-of-stake mechanism. Hayden Hughes, Alpha Impact CEO, is confident that retail investors have renewed confidence with DOGE which will impact not just DOGE but also SHIB and DOGE. Both DOGE and SHIB made a breach over the weekend indicating the revival of investor confidence. However, Cici Lu, CEO of Venn Link Partners, warned that traders be careful with meme coins because it lacks utilitarian and market value compared to Ethereum and Bitcoin. Judging by DOGE’s technical outlook, Dogecoin price made a pullback coming from $0.0847 which may be long-term. More so, the 100-day SMA is set in motion to avoid DOGE from weakening or pushing below the coin’s primary support spotted at $0.0700. With relatively little push, the DOGE price may soar to more than $0.1000. Related Reading: XRP Sluggish At Resistance – Will It Break Out After 2 Months…
  • The Upcoming Merge Will Not Reduce Gas Fees, Clarifies Ethereum Foundation
    NewsBTC - 17 hours ago
    There are likely to be rumors and misconceptions about the Ethereum Merge because it is one of the most anticipated events in the cryptocurrency space in recent years. The Ethereum team has addressed some of these misconceptions in a new blog post, as it will go live in a few weeks. Reduction Of Gas Fees? Nope The present proof-of-work mechanism will come to an end when the Ethereum Mainnet merges with the Beacon Chain proof-of-stake system. Since this mechanism uses so little energy, according to the blog article, Ethereum’s energy consumption will be cut by 99.5%. But the Ethereum Foundation clarified on Wednesday that the network’s next proof-of-stake temporary upgrade, known as the “Merge,” will not lower gas costs. The Ethereum Foundation wrote this in relation to: “Gas fees are a product of network demand relative to the network’s capacity. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.” Energy-intensive mining will be unnecessary according to The Merge, which aims to combine the current Ethereum mainnet execution layer with its brand-new proof-of-stake consensus layer, the Beacon Chain. Within the third or last quarter of 2022, it is anticipated to touch down. Despite the fact that many traders and investors alike purchased Ether in preparation of the Merge update, some seem to have done so under the mistaken belief that the network’s capacity would increase after the upgrade went live. Related Reading: Ethereum Hits New Milestone, Investors Accumulate Ahead Of Merge Other Things To Know About The Ethereum Merge The foundation also assessed the claim that “32 ETH is required to run a node” to be untrue. They claim that there is no set number of persons who can run a node and that ETH is not required in the traditional sense. To begin with, there are no initial Ether staking requirements and anyone is allowed to sync their own self-verified copy of Ethereum or to run a node. It is not feasible to withdraw staked Ether until the subsequent Shanghai upgrade is operational. However, benefits for liquid ETH in the form of fee tips will be accessible right away. Once launched, withdrawals from the validator will be rate-limited to avoid a possible liquidity crisis. Ethereum market cap stands at $225 Billion. Source: TradingView After the Merge, transactions won’t move any faster either. To attract capital, the network’s APR returns are anticipated to climb by 50% after the merger. The Merge, which is planned to have minimal downtime during the transition, is now being developed by client developers with a possible completion date of September 19 in mind. Validators will receive fee tips/MEV as compensation, which will be paid to a mainnet account and managed by the validator right after the merging. In response to concerns that validator withdrawals would be made in large quantities once they are allowed, the foundation stated that “only six validators may exit per epoch (every 6.4 minutes, or…
  • Solana (SOL) Sees Potential Wipeout Based On Bearish Technical Indicator
    NewsBTC - 17 hours ago
    Solana (SOL) price has enjoyed a winning streak by a whopping 75% as seen in the past two months after it has capsized to a mere $25.75. SOL forms head-and-shoulders pattern hinting at bearish movement. Solana’s 75% gain witnessed in the past two months may be a potential fake-out. SOL price down by 2.40% and trading at $42.86 as of press time. However, the gains may prove to just lead the traders on due to an impending bearish movement. Does this hint at a potential bullish fake-out? SOL formed a head-and-shoulders pattern which can be resolved once the price breaches below the neckline. Solana has been showing a consistent bearish outlook as seen on the charts. Related Reading: Decentraland Momentum Pushes MANA Into Consolidation Phase’s Higher Rung SOL Forms H&S Pattern; Indicates A Bearish Standpoint Judging by the weekly chart, SOL has formed the right shoulder or a part of the H&S pattern which indicates a correction reaching $27 that could happen sometime in the second quarter of 2022. Inevitably so, a breach below the $27 zone could trigger a correction moving towards $2.80. More so, a decline in token price by 95% may occur at the end of 2022 or the early part of 2023 as forecasted by Profit Blue, a crypto analyst. According to CoinMarketCap, Solana price has nosedived by 2.40% or trading at $42.86 as of this writing. Solana’s bearish behavior has become apparent as it’s impacted by Fed issues and trends that put the market at high risk. SOL recently closed the week with a profit of 10.5% on August 14 which is close to that of Bitcoin’s. It seems that the market has reacted to the U.S. consumer price index (CPI) which cites the possibility of Fed halting the increase in interest rates. Solana 75% Gains – A Fake-Out? In connection to this, analysts have already warned traders of these price rallies which historically hint a bearish breakout. In essence, the fakeout of SOL in line with its 75% gains may be true. SOL also has a lot of issues to fix such as network outages and also centralization but the project developers have upgrades in place to correct these pressing problems. Solana’s next big plunge could provide the token the opportunity to bounce close to the ascending trendline. Simply put, the bearish movement of SOL could go on until the price peaks at $20 which corresponds to a 55% drop from its price on August 16. Related Reading: Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend? SOL total market cap at $14.3 billion on the daily chart | Source: Featured image from Analytics Insight, chart from
  • TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs – Eyes $0.1
    NewsBTC - 17 hours ago
    The price of Dogecoin (DOGE) has continued to remain strong against Tether (USDT) despite growing bearish market sentiment as other crypto assets continue to decline in price.  Bitcoin has shown bearish signs after being rejected from $25,200, but the price of DOGE has continued to trend higher with eyes set on the $0.1 mark. Related Reading: Bitcoin And Ethereum Retrace Before Crypto Sentiment Could Reach “Greed” Dogecoin (DOGE) Price Analysis On The Weekly Chart From the chart, the price of DOGE saw a weekly low of $0.052, which bounced from that area and rallied to a price of $0.088 after showing no side of recovery in recent weeks.  DOGE’s weekly candle closed with a bullish sentiment with the new week’s candle looking more bullish for the price of DOGE as it rallies to as high as $0.088 before facing a minor retracement to the area of $0.0812. The price has struggled to build more momentum as it faces resistance at $0.88. If the price of DOGE on the weekly chart continues with this structure, it could quickly revisit  $0.11 acting as a resistance for the price of DOGE. Weekly resistance for the price of BTC – $0.88. Weekly support for the price of BTC – $0.066. Price Analysis Of DOGE On The Daily (1D) Chart The price of DOGE found strong support at $0.072 above the asymmetric triangle after a successful breakout, with what seems to be an area of interest on the daily chart. DOGE bounced from its support and rallied to $0.088 where it was faced with resistance and was rejected from that region. The price of DOGE has continued to range after being rejected from the $0.088 mark, breaking out of this resistance to the upside could mean a retest of the $0.1 area.   At the point of writing, the price of DOGE is at $0.082, above the 50 Exponential Moving Average (EMA) which corresponds to $0.072. DOGE needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of DOGE to $0.06. The Relative Strength Index (RSI) for the price of DOGE on the daily chart is above 70, Indicating good buy bids. Daily (1D) resistance for DOGE price – $0.88. Daily (1D) support for DOGE price – $0.076, $0.073. Price Analysis OF DOGE On The Four-Hourly (4H) Chart The price of DOGE continues to look bullish and holds above the 50 and 200 EMA prices that correspond to $0.077 and $0.071. On the 4H timeframe, the 50 and 200 EMA are acting as support for the price of DOGE after breaking out of the wedge and trending higher. If DOGE fails to hold these support regions we could retest the region of $0.066 as the next support area to hold the DOGE price. Four-Hourly (4H) resistance for DOGE price – $0.088. Four-Hourly (4H) support for DOGE price – $0.077, $0.071. Related Reading: Why Crypto Market Could See 65% Drop, Expert Says Featured image from…
  • Bitcoin And Ethereum Retrace Before Crypto Sentiment Could Reach “Greed”
    NewsBTC - 18 hours ago
    Sentiment around the crypto market had been on the rise when the price of Bitcoin and Ethereum had picked up some momentum. Both of these digital assets had been able to reach a new two-month high following the surge in prices. This resurgence quickly saw positive market sentiment erode over negative and pushed the Fear & Greed Index close to “Greed.” However, before the market could enter this green territory, the retracement began. Crypto Market Shies Away From Greed The recovery in price had put the market sentiment on a positive path that it had not seen in a while. The optimism had grown so quickly that the Fear & Greed Index had seen more than 30 points added during this time period. What this meant was that the market had been able to clear out of the “Extreme fear” territory and traverse into the higher end of fear. Related Reading: Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn Slowly but surely, the index had seen the recovery inch it closer to greed. At its highest, it had reached a score of 44 on the index, only 6 points shy away from “Greed.” This was when the price of bitcoin had been trading close to $25,000, and Ethereum had beat $2,000. Expectations were that this trend would continue, and the market would finally find itself once more in greed. But that would prove not to be the case this time around. After touching a new 4-month high of 44, the market had quickly retraced and, with this retracement had come to a reversal in investor sentiment.  Market retraces before hitting “Greed” | Source: Arcane Research Presently, the Fear & Greed Index is sitting at a score of 41, still in the “Fear” territory. This comes as Bitcoin has made its way back below $24,000, and Ethereum threatens to drop below $1,800. Bitcoin, Ethereum May See Recovery Now, the recent retracement in the market has not been significant by established margins. Bitcoin lost about $2,000 off the top of its value, and Ethereum lost a couple of hundred dollars. The fact that both digital assets have been able to find support during this drop shows that there is still much more momentum than expected. BTC declines below $24,000 | Source: BTCUSD on Additionally, the market has been pumping off the news of the upcoming Ethereum Merge. The upgrade is still about a month away, and anticipation continues to mount. So going by what the market has recorded in the last couple of weeks, the recovery is likely not over. Related Reading: Why This New NFT Integration May Be What Cardano Needs To Break $0.6 A small retracement is not out of the ordinary following periods where cryptocurrencies have returned double-digit gains. A correction is often good for the market, contrary to popular belief. Both these digital assets also continue to trade high above their 50-day moving average. This indicates that another bounce might be coming for the market.…
  • Understanding The Recent Growth of Move-To-Earn
    NewsBTC - 18 hours ago
    Encouraging people to exercise is one of the most difficult challenges in the fitness industry. While everybody knows that working out is good for them, doing so can be daunting and frustrating. One of the fascinating methods of trying to entice people to get fit is through move-to-earn programs. These projects incentivize people to work out by paying them to do so. Move-to-earn projects have existed for some time, but recently, they have seen tremendous growth. One of the catalysts for this is the enormous success that StepN has seen, which is a Web3-focused move-to-earn service that has been building hype across the tech and fitness sectors. This has triggered many new companies to start looking to offer financial returns to people working out. Let’s look at two reasons why these types of fitness services are doing so well. Building Trust Between Parties In the past, many companies designed a myriad of products to incentivize people to exercise, but ultimately none of them caught on. This was mainly because there was a chasm of trust between participants and companies. In addition, people were skeptical about whether they would receive their funds in exchange for working out, so it became tough for many move-to-earn programs to take off and build traction. However, this trust issue has been solved recently through blockchain technology. Projects like StepN operate transparently and trustlessly– users can be confident they will receive money for exercising because their funds are managed and released in a decentralized manner. Instead of worrying about whether a centralized organization will pay up, they can rest assured that a decentralized project using smart contracts will, as they will be cryptographically programmed to do so. Another project utilizing this technology is FitBurn, a blockchain-based move-to-earn project that not only financially encourages people to work out but also pays people for losing calories. This is an innovative new strategy in the fitness industry, referred to as burn-to-earn. Fitburn is using this, along with NFTs and gameplay mechanics, to create a rich ecosystem to keep users financially incentivized to exercise in an immersive way. “Hustle Culture” Has Stunted People’s Health In an age where people are shamed by the media and their peers for doing any activity that does not earn them money, it is no surprise that exercise has been neglected. Nowadays, people need to focus almost exclusively on cash, to the point where working out and leisure are not always considered productive. However, with companies like StepN and Fitburn, working out can be lucrative and profitable, acting as the perfect incentive to improve health while improving people’s financial standings. It is not that people do not want to exercise; instead, they do not feel like they have the time to because one could better spend that time trying to increase their finances. These web3 projects collapse this problem entirely by having exercise double up as a money-making venture, making it perfect for the current era. Financial Incentives and the Future of Fitness The current…
  • Why Crypto Market Could See 65% Drop, Expert Says
    NewsBTC - 19 hours ago
    The crypto market has extended its losses over the past week, as it continues to gain downside momentum. Main cryptocurrencies in the top 10 by market cap are trading in the red with very few preserving some of their gains from last week. Related Reading: Bitcoin Loses Ground While Dogecoin Metrics Soar At the time of writing, the crypto total market cap stands at $1.09 trillion with a 2% loss in the 4-hour chart. The sector was rejected at the $1.2 trillion resistance and seems on track to slate more losses in the short term. Analyst Justin Bennett believes the sector could trend lower if it breaks below support at $760 billion. As seen below, the crypto total market cap has been moving in a channel for over 4 years. Every time the total market cap touches the top of this channel, cryptocurrencies trend lower. At the time of writing, the sector is a major crossroads and could attempt to re-test support at around $300 billion if downside pressure extends. The analyst said: Is another 65% drop in the cards for crypto? Don’t rule it out. $760B will continue to be significant for TOTAL. But if that breaks, a retest of this multi-year channel at $370B seems likely. There are several factors that could contribute to selling pressure across multiple timeframes. Today, the U.S. Federal Reserve (Fed) will speak about the current macro-economic outlook. Depending on the statements from the financial institution’s official, digital assets could experience some relief. Last week, the U.S. published its Consumer Price Index (CPI) print for July, a metric used to measure inflation in the U.S. dollar. The metric has been trending down and could provide some room for the Fed to ease up on its monetary policy. Today should provide more clues on the direction the financial took might adopt. At the same time, the crypto market could see an increase in volatility. What Could Push Crypto Lower In addition, Bennett noted that the S&P 500 Index is “mimicking” its 2008 crash. At that time, one of the worst crises in recent history pushed the legacy financial system to the brink of collapse. Bennett believes equities might be moving similarly to 2008 which hints at further losses for risk-on assets, such as cryptocurrencies. As seen below, the S&P 500 might record some gains before moving into its 2008 lows. In that sense, Bennett said that the bottom “is not if for stock or crypto” while he contemplates the possibility of a “devasting crash” in the nascent asset class. The analyst added: And if that doesn’t seem possible, know that the S&P dropped 50% during the 2000 crash and 57% in 2008. The Fed was also in a MUCH better position to step in and save markets during both of those crashes. Related Reading: Chainlink In Bearish Mood As LINK Price Retreats To $8.63 Still, larger cryptocurrencies such as Bitcoin and Ethereum have been able to sustain key support levels despite macroeconomic conditions. The latter…
  • Chainlink In Bearish Mood As LINK Price Retreats To $8.63
    NewsBTC - 20 hours ago
    Chainlink (LINK) price is showing a bearish momentum as the market appears to be showing signs of fatigue. Chainlink price outlines bearish strides LINK/USD pair key support spotted at $8.54 Pair resistance seen at $9.26 The LINK/USD pair price slips on a downtrend as seen overnight which has been predictable overall. More so, the market also suffers a loss of 4.80% as seen in the past 24 hours and currently faces key resistance at $9.26. For now, LINK price appears to be extremely bearish with key support seen at $8.54. Related Reading: Decentraland Momentum Pushes MANA Into Consolidation Phase’s Higher Rung LINK Price Sheds 1.83% The daily chart reveals that the LINK/USD pair has suffered a massive decline as seen in the past 24hours. The plunge of LINK has been consistent with its bearish stance. According to CoinMarketCap, LINK price has been down by 1.83% or trading at $8.51 as of this writing. It seems to have fallen from its support line of $8.54. The current trading volume is down by 24.51% or at $363,041,655 with the market cap at $4 billion. Apparently, LINK price has been circling the $8 mark as seen since Sunday. Judging by the daily price chart, the LINK/USD pair is seen to be immensely bearish for the past few hours with the MACD lingering in the bearish zone. RSI for LINK is spotted at 42.09 and is stepping into the oversold zone which signals that market could go down further. To date, the 50-day moving average is present at $10.48 while the 200-day moving average is hovering at $12.19 signaling that the market is having a marked decline. Chart from Chainlink MACD Line Hints At Further Retreat The 4-hour price analysis is showing a bearish flag pattern signaling that the market is deflating further. The LINK/USD pair is seen trading from $8.54 to $9.26, facing key resistance at $9.26 as seen in the past few hours. The MACD line hovers above the signal line which indicates that the market could plunge further. Current RSI is below the 50 range which signifies a bearish trend. More so, the 50-day and 200-day moving average are both falling flat and going under the current market price hinting that the market is suffering a massive downshift. Chainlink price is showing an overall bearish momentum in the short term but would most likely nosedive with the key resistance stick at $9.26. The market may expect some upward trend if the bulls can break past the key resistance level. Related Reading: SHIB On Fire – And A Bull Run Could Be Around The Corner – Here’s Why LINK total market cap at $3.8 billion on the daily chart | Source: Featured image from Medium, Chart from
  • Rich Dad Poor Dad’s Robert Kiyosaki Changes His Mind About Treasury Bonds — Says ‘Time to Open My Closed Mind’
    Bitcoin News - 12 hours ago
    The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says it’s time to open his closed mind after listening to economist Harry Dent. He is now buying 2-year U.S. Treasury bonds despite repeatedly saying he does not invest in anything printed by the Federal Reserve or Wall Street. Robert Kiyosaki Influenced […]
  • Ethereum Foundation Makes It Clear The Merge Will Not Improve Fees and Throughput
    Bitcoin News - 14 hours ago
    On Wednesday the Ethereum Foundation clarified that The Merge will not reduce onchain fees as the highly anticipated transition from proof-of-work (PoW) to proof-of-stake (PoW) is now 29 days away. Amid The Merge update from the Ethereum Foundation, during the last month, Ethereum network costs have printed some of the lowest onchain fees since 2020. […]
  • Celsius Approved to Sell Mined Bitcoin, Customer That Lost 50,000 USDC Insists Her Regulated Stablecoins Should Be Treated Differently
    Bitcoin News - 16 hours ago
    On August 16, the crypto lender Celsius Network has been approved by a bankruptcy court judge to sell bitcoin the company previously mined to continue funding specific operations. The following day, the company’s attorney detailed that Celsius has been offered cash injections, but the lawyer did not disclose who offered the funds and how much […]
  • Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony’
    Bitcoin News - 18 hours ago
    While the ongoing war in Ukraine continues, the Ministry of Economic Development of the Russian Federation detailed this week that Russia’s economic hardships are less severe than expected. Russia’s economic ministry says that the economy’s gross domestic product (GDP) is estimated to drop by 4.2% this year and Russia’s inflation won’t be as elevated as […]
  • PIXXSTASY Is Changing the NFT Market
    Bitcoin News - 18 hours ago
    PRESS RELEASE. PIXXSTASY, a charity project for drug prevention and rehabilitation, is redefining the NFT market. The organization will sell 399 limited edition NFTs this year and use the proceeds to support charities involved in anti-drug campaigns and drug recovery programs around the world. Operating under the taglines “BE A HEALER” and “DON’T USE. JUST […]
  • Biggest Movers: EOS up Nearly 20%, Token Hits 3-Month High
    Bitcoin News - 20 hours ago
    Eos rose by as much as 20% on Wednesday, as bulls continued to react to the news of its upcoming Yield+ incentive program. Today’s price surge comes despite the global cryptocurrency market cap falling by almost 2% as of writing. Tezos was also higher, hitting a two-month high on hump day. EOS EOS was one […]
  • Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors
    Bitcoin News - 21 hours ago
    Bit Mining Limited has announced that it has entered a $9.3 million registered direct offering with specific institutional investors. Bit Mining explained that it aims to use the funds from the offering to expand infrastructure and invest in new mining machines. Bit Mining to Use Fresh Capital for Expansion, Mining Rigs, and Improving the Firm’s […]
  • Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session
    Bitcoin News - 22 hours ago
    Bitcoin continued to trade below $24,000 today, as the token fell for a fourth consecutive session. Following last week’s bullish run, upwards momentum in crypto has eased, leading to a return of bearish sentiment. Ethereum was also lower, as it dropped below its resistance of $1,885. Bitcoin Bitcoin (BTC) fell for a fourth consecutive session […]
  • Israel Arrests 3 in Crypto Scheme to Launder Millions Stolen From France
    Bitcoin News - 1 day ago
    Police in Israel have detained three suspects who allegedly laundered millions of euros stolen from the French treasury through cryptocurrency transactions. The money came from government grants for businesses affected by the Covid-19 pandemic. Israeli Law Enforcement Busts Money-Laundering Ring Using Coins to Clean Money for French Fraudsters Three people have been arrested in Israel […]
  • Lido Finance Partners With KyberSwap Elastic to Enhance Liquidity on Polygon With Over $120,000 in Liquidity Mining Rewards
    Bitcoin News - 1 day ago
    Singapore — August 17th – Lido Finance, a giant in the Ethereum staking world, will be enhancing liquidity on Polygon with KyberSwap Elastic. Lido Finance is the largest platform for liquid staking services on Ethereum. Powering DeFi and CeFi applications alike with their technology, Lido Finance empowers stakers to put their staked assets to use […]
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