bitcoinBTC/USD
$ 62,109.00 1.38%
ethereumETH/USD
$ 4,145.30 0.13%
binance-coinBNB/USD
$ 481.30 0.91%
tetherUSDT/USD
$ 1.00 0.19%
cardanoADA/USD
$ 2.14 1.18%
solanaSOL/USD
$ 209.16 7.06%
xrpXRP/USD
$ 1.09 0.51%
polkadotDOT/USD
$ 43.78 0.12%
dogecoinDOGE/USD
$ 0.269608 8.15%
usd-coinUSDC/USD
$ 1.00 0.12%
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  • Top 5 cryptocurrencies to watch this week: BTC, SOL, AVAX, ALGO, AXS
    Cointelegraph.com News - 10 hours ago
    Traders are watching to see if BTC’s bounce of the 20-day moving average resumes the uptrend. Meanwhile, SOL, AVAX, ALGO and AXS are preparing for a move higher. Bitcoin (BTC) continues to face strong selling as bulls attempt to flip the psychological level at $60,000 into support. Some analysts believe that Bitcoin could enter a correction as traders book profits following the successful launch of last week’s Bitcoin exchange-traded funds.In the past, the launch of the Bitcoin Futures product by the Chicago Mercantile Exchange on Dec. 18, 2017, ended a strong bull run and marked the start of a multi-year bear market. A similar crash of a lesser magnitude was seen after the Coinbase IPO (COIN) on April 4, 2021. This suggests that the old adage “buy the rumor, sell the news” could be at risk of repeating once again.Crypto market data daily view. Source: Coin360However, several analysts are unperturbed by the pullback. Crypto market intelligence firm Decentrader said that “there are zero instances of Bitcoin breaking significant previous all-time highs and failing to continue higher.” They anticipate the Bitcoin bull run to continue with a possible target objective at $72,000 and then $88,000.Not that every metric is flashing bullish at the moment. Data from Bybt shows that Bitcoin reserves rose to 400,000 Bitcoin on Binance, suggesting that traders may be looking at closing their positions.Could Bitcoin stage a strong comeback that boosts sentiment in the crypto sector? Let’s analyze the charts of the top-5 cryptocurrencies that could remain in focus in the next few days.BTC/USDTBitcoin has faced a strong rejection in the $64,854 to $67,000 zone. The price could drop to the 20-day exponential moving average ($58,315) which is a key level to watch out for. If the price bounces off this level with strength, it will signal that sentiment remains positive and traders are buying on dips.BTC/USDT daily chart. Source: TradingViewThe bulls will then make one more attempt to push the price above the overhead zone. If they can pull it off, the BTC/USDT pair may resume its uptrend. The pair could then rally to its target objective at $84,533.12.The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that buyers have the upper hand.Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the break above $64,854 may have been a bull trap. The pair could then continue its slide to the 50-day simple moving average ($50,927).BTC/USDT 4-hour chart. Source: TradingViewThe pair is correcting inside a descending channel. The immediate support is at $58,739.17 and if this level cracks, the pair could drop to the support line of the channel. This is an important level for the bulls to defend because a break below it could intensify selling.The 20-EMA has turned down and the RSI has dipped into the negative territory, indicating that bears have the upper hand. This negative view will invalidate if the price breaks above the channel and the moving averages. Such a move will increase the possibility of a retest of the overhead zone.SOL/USDTThe long wick on Solana’s (SOL) Oct. 22 candlestick suggests that bears are aggressively defending the overhead resistance at $216. The altcoin formed an inside-day candlestick pattern on Oct. 23, indicating indecision among the bulls and the bears.SOL/USDT daily chart. Source: TradingViewThis uncertainty resolved to the downside today and the price could drop to the breakout level at $177.79. If the price rebounds off this level, it will suggest that sentiment remains bullish and traders are buying on dips.The bulls will then again try to drive the price above $216. If they succeed, the SOL/USDT pair could rise to $239.83. The marginally rising 20-day EMA ($168) and the RSI in the positive territory indicate advantage to buyers.This positive view will be negated if the price continues lower and breaks below the 20-day EMA. That could pull the price down to the trendline of the triangle.SOL/USDT 4-hour chart. Source: TradingViewThe bears have pulled the price below the 20-EMA on the 4-hour chart. If sellers sustain the price below the 20-EMA, it will suggest that the bullish momentum has weakened. The pair could then slide to $177.79 where buying may emerge.The first sign of strength will be a break and close above the downtrend line. Such a move will suggest that traders are buying on dips. That could push the price to $205.78 and if this resistance is crossed, the pair may rally to the all-time high. AVAX/USDTAvalanche (AVAX) broke and closed above the descending channel on Oct. 21, suggesting that the correction may be over. The bulls will now try to resume the uptrend.AVAX/USDT daily chart. Source: TradingViewThe long wick on the Oct. 22 and 23 candlestick suggests that demand dries up at higher levels. The AVAX/USDT pair could decline to the moving averages.A strong rebound off this support will suggest that traders continue to buy on dips. The bulls will then make one more attempt to resume the up-move by pushing the price above $69.18. If they succeed, the pair could rally to $73.41 and then retest the all-time high at $79.80. Contrary to this assumption, if the price breaks below the moving averages, the pair could drop to the strong support at $51.04. If this level also gives way, the next stop could be the support line of the channel.AVAX/USDT 4-hour chart. Source: TradingViewThe bulls pushed the price above the downtrend line of the descending triangle, invalidating the bearish setup. However, the recovery was short-lived as bears have pulled the price back below the 20-EMA. This suggests selling at higher levels.The pair could now drop to the 50-SMA. If this support is breached, the bears will try to pull the price back into the triangle. If that happens, it will suggest that the breakout above the triangle was a bull trap.On the contrary, if the price rises from the current level or rebounds off the downtrend line, it will indicate that bulls are accumulating on dips. The buyers will then try to propel the price above $69.18. A break and close above this resistance will signal that bulls have the upper hand. The pair could then start its journey toward the all-time high.Related: Shiba Inu surges over 45% in two days to reach an all-time highALGO/USDTAlgorand (ALGO) has been trading inside a symmetrical triangle for the past few days. The price has turned down from the resistance line of the triangle today, indicating that bears are unwilling to let bulls have their way.ALGO/USDT daily chart. Source: TradingViewIf the price dips below the moving averages, the ALGO/USDT pair could drop to the support line of the triangle. This is an important level for the bulls to defend because if it cracks, the bears will try to pull the price to $1.51 and then to $1.20.Alternatively, if the price turns up from the current level or the support line and breaks above the triangle, it will suggest that bulls are in control. The pair could then rally to $2.22 and later retest the all-time high at $2.55. ALGO/USDT 4-hour chart. Source: TradingViewThe price is getting squeezed inside the triangle, indicating that the pair could be getting ready for a strong directional move. The crisscrossing moving averages and the RSI near the midpoint do not project a clear advantage either to the bulls or the bears.A break above the triangle will suggest that bulls have absorbed the selling by the bears and that could set the pair for the resumption of the up-move. Conversely, a break below the triangle will suggest that supply exceeds demand and that could start a deeper correction.AXS/USDTAxie Infinity (AXS) has formed a symmetrical triangle pattern, which indicates indecision among the bulls and the bears. It is difficult to predict the direction of the breakout but usually, the triangle acts as a continuation pattern.AXS/USDT daily chart. Source: TradingViewIf the price rebounds off the support line, the bulls will make one more attempt to push the AXS/USDT pair above the triangle. If they succeed, it will signal a resumption of the uptrend. The pair may then retest the all-time high at $155.27.The bullish momentum could pick up if buyers clear this overhead hurdle. The pair may then rally toward the pattern target at $186.05. Conversely, a break and close below the triangle will be the first sign of a deeper correction. The pair may first drop to $103.22 and then to the breakout level at $94.67.AXS/USDT 4-hour chart. Source: TradingViewThe moving averages have flattened out on the 4-hour chart and the RSI has been oscillating between 40 and 62. This suggests a state of equilibrium where traders are buying on dips to $115 and selling near $140.A break and close below $115 could signal that the uncertainty has resolved to the downside. That could pull the price down to the pattern target at $90. On the contrary, a break above $140 will signal that bulls are back in the game. The pair may rally to $155.27 and then to the pattern target at $165.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Crypto in the crosshairs: US regulators eye the cryptocurrency sector
    Cointelegraph.com News - 12 hours ago
    U.S. regulators are looking at crypto-related areas, touching on financial regulation, economic innovation and national security. In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.Lately, news headlines are focused on regulators’ concerns over the lack of investor protections in the cryptocurrency market, which has ballooned to more than $2 trillion, and the possible risks to financial stability.National security agencies across the administration of United States President Joe Biden are grappling with high-profile cases of cryptocurrencies playing a role in ransomware attacks, intellectual property espionage, sanctions violations, bribery of government officials and tax evasion. According to a recent report issued by the Financial Crimes Enforcement Network, ransomware-related suspicious activity reports filed during the first half of 2021, which are up 30% from the entirety of 2020, indicate that ransomware is an increasing threat to the U.S. financial sector, businesses and the public The Biden administration is weighing an executive order for federal agencies to study and make recommendations on relevant areas of the crypto industry related to national security, economic innovation and financial regulation. The initiative would also aim to coordinate agencies’ work on digital currencies throughout the executive branch, with a first-ever White House crypto czar acting as a point person.The International Consortium of Investigative Journalists’ “Pandora Papers”The International Consortium of Investigative Journalists published its “Pandora Papers,” which leaked almost 12 million documents from law firms and other organizations around the world that unmask the previously unknown owners of 29,000 offshore companies hiding as much as $32 trillion in assets worldwide from taxation or regulatory oversight in tax havens. The owners of these companies include celebrities, political leaders and criminal underworld figures from over 200 nations. The leak has already kick-started corruption and tax evasion probes into several government officials around the world.Meanwhile, a report by the World Economic Forum explains how blockchain technology can help dismantle corruption in governments.Related: CFTC renewed: What Biden’s new agency picks hold for crypto regulationThe U.S. Treasury Department’s OFACIn a first of a kind case, the Office of Foreign Assets Control (OFAC) recently targeted Suex, an over-the-counter digital currency broker, for its alleged role in laundering the proceeds of ransomware attacks. The effort was a part of an effort across the government to counter ransomware and disrupt criminal networks and crypto exchanges that play a part in laundering ransoms. The goal is to improve cybersecurity in the private sector and to increase reporting to U.S. government agencies of incidents and ransomware payments. This includes both the Treasury Department and law enforcement under the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework, as digital currency is the principal means of facilitating ransomware payments and associated money laundering activities.Following this case, OFAC released an “Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.” The updated advisory emphasizes that the U.S. government still strongly discourages paying cyber ransoms or extortion demands and that it recognizes that it’s important to improve cybersecurity practices to prevent or mitigate such attacks. Related: Sanctions compliance for transactions in fiat and cryptocurrencies are the sameThe OFAC also updated the advisory to emphasize that it is important to report to and cooperate with the appropriate government and law enforcement agencies in the event of a ransomware attack, in order to understand and counter ransomware attacks and malicious cyber actors and for attack victims to receive voluntary self-disclosure credit in case a sanctions nexus is later determined. For more information, see the government’s Stop Ransomware website.Given the financial risks of ransomware and money laundering that digital assets pose globally, participants of the G7 meeting in June committed to working together to urgently address this escalating risk effectively and expeditiously by implementing and enforcing the Financial Action Task Force’s AML standards on digital assets and virtual asset service providers.Related: Are cryptocurrency ransom payments tax-deductible?Intellectual property espionage and cryptocurrencyIn other recent cases and reports, cryptocurrency was involved in intellectual property espionage. Ethereum developer Virgil Griffith recently pleaded guilty to conspiring to violate the International Emergency Economic Powers Act — which is used to prevent U.S. citizens from exporting technology and intellectual property to communist countries — when he gave a cryptocurrency and blockchain presentation at a North Korean conference in 2019. As part of the plea deal, Griffith could see up to 6 1/2 years in prison when he is sentenced in January 2022.Jonathan Toebbe, a U.S. Navy nuclear engineer who held a top-secret security clearance and specialized in naval nuclear propulsion — and had access to military secrets — was charged in October with trying to pass information about the design of American nuclear-powered submarines to someone he thought was a representative of a foreign government in exchange for cryptocurrency in violation of the Atomic Energy Act, the Justice Department stated.Cybereason, a provider of operation-centric cyberattack protection, published a new report titled “Operation GhostShell: Novel RAT Targets Global Aerospace and Telecoms Firms” that unmasks a highly focused cyberespionage operation against global aerospace and telecommunications companies. The report, which follows the August publication of the firm’s “DeadRinger” report, discloses a newly identified Iranian actor, dubbed MalKamak, that was behind the attacks and has been operating since at least 2018. MalKamak has been using a previously unknown, highly sophisticated remote access Trojan known as “ShellClient” that evades antivirus and other security tools and abuses cloud service provider Dropbox for command and control.Related: The United States updates its crypto AML/CFT laws According to research published by Slovak security vendor ESET, a cyberespionage group called FamousSparrow has targeted hotels, international governments, international organizations, engineering companies and law firms since at least 2019. The group used a known Microsoft Exchange vulnerability — which was also exploited by suspected Chinese hackers and scammers seeking to mine cryptocurrency — to attack its victims, which include the U.S. Republican Governors Association. While ESET didn’t connect FamousSparrow to a specific nation, it did find similarities between its techniques and those of SparklingGoblin, an offshoot of Winnti Group — which is linked to China — and DRBControl.In July, the U.S. government blamed China for exploiting the Microsoft Exchange Server attacks, and — for the first time — it also accused the Chinese government of employing criminal hackers to conduct the attacks, releasing a report that warns of China’s ongoing targeting of the defense, semiconductor, medical and other industries in order to steal intellectual property.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Selva Ozelli, Esq., CPA, is an international tax attorney and certified public accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.
  • Fear not, investor: Finding stability amid crypto market volatility
    Cointelegraph.com News - 14 hours ago
    Volatility in the crypto markets is here to stay. Thus, understanding the utility, necessity and long-term viability of projects is crucial. In a calendar year, the total crypto market capitalization more than quadrupled from $361 billion to more than $1 trillion in January — reaching an all-time high of around $2.6 trillion in May. Just weeks later, more than $800 million was wiped off of the total crypto market cap, representing a decrease of over 33%.Volatility of this magnitude in the crypto markets is nothing new, especially for those battle-tested by market cycles of years past. However, research indicates that the global number of blockchain wallet users increased by more than 25 million since March 2020, meaning this is just the first roller coaster ride for 25 million new entrants.For newcomers, volatility can be downright terrifying — but it doesn’t have to be. With well-researched positions and a long-term outlook, volatility can instead serve as an opportunity to gain exposure to assets with high upside potential at a discounted price.Related: VORTECS Report: How volatility drove one crypto trading strategy to 280x Bitcoin’s gainsVolatility breeds vulnerabilityWhen the market is green across the board, everyone is a genius — lulling most into a false sense of invincibility and Warren Buffet-like investing acumen.On the flipside, however, bleeding markets not only make us doubt where we stack up in relation to Elon Musk, but they really make us feel vulnerable. Downtrends expose the trader, the level of research and, most importantly, the conviction for the projects invested in. When green candles aren’t there to obscure judgement, projects are stripped down to their component parts and exposed for what they truly are. This initiates a moment of introspection for the trader, demanding a reevaluation of the overall investment thesis. If a project’s strength and competitive edge remains clear following a sell-off, this volatility should be viewed as a buying opportunity.Conversely, if the first inclination amid a price correction is to panic-sell then, perhaps, conviction was tied more to price action than a project’s strengths and innovations.Project utility and communityAlways ask: Is the project useful, and who supports it? Few things are more telling about a project than its proposed utility and the community behind it.One interesting example to highlight is everyone’s favorite: Dogecoin (DOGE). A quick stroll down memory lane reminds us that the controversial currency, which now trades at roughly $0.26 cents, was worth $0.002 in September 2019 despite having no perceived value. The critical word here is “perceived.”Related: Building a better stock market: Tokenized shares bridge trading gap on blockchain Although “crypto purists” fall into fits of rage defending the honor of “real” cryptocurrencies with “real” utility, Dogecoin did something far more innovative than most give it credit for: It leveraged the community as its utility. You read that right. Those who have invested in the currency did so for three primary reasons:To profit out of speculation.A shared community experience.To share in the joke.Although the utility of Dogecoin is simple, don’t confuse it for having no utility. With simplicity comes ease of understanding, which has garnered DOGE massive mainstream appeal — a feat that many cryptocurrency projects still struggle to achieve even with strong utility. There’s a low barrier to entry in terms of understanding and price, and it’s easier to invest in a joke when Elon Musk and Mark Cuban are among those that find it funny.To that end, every crypto project should be able to simply communicate its value proposition, yet most projects cannot. Investing in hype is far more tied to price action than project quality or utility.DOGE’s utility can be easily understood and simply articulated, and it brings happiness and fun to its community. Regardless of investment strategy, those aforementioned three factors are not to be overlooked or underestimated.Project longevityProject longevity is key. Projects don’t need to be sustainable at first but, to survive for the long haul, sustainability is critical. When exploring a project, it is worth evaluating the plan for sustainability, or a revenue mechanism that could be leveraged at some point (e.g., Uniswap).It is equally important to be aware of which projects demonstrate plans for sustainable revenue models or value capture. All (or most) projects aren’t sustainable early on, which is to be expected. At the time of writing, Uniswap is averaging over $3.5 million in fees per day, with none of this value accruing to token holders. This will (hopefully) change at some point, and if not, Uniswap governance token holders will be forced to reconsider their investment thesis. MakerDAO is one of the most profitable and sustainable projects in the entire space, raking in over $63 million in profits in the first half of 2021. While it’s difficult to find this degree of profitability elsewhere, it is certainly worth considering when evaluating investment opportunities. Assessing project longevityWhen evaluating a project’s long-term potential, it’s critical to ask the question: Does this project really warrant a blockchain solution?Similarly, can this open-source project be forked easily? Could you have a more efficient marketplace for whatever the project is solving without a token? Blockchain is a consensus mechanism, but it’s also a database. And, contrary to popular belief, it’s one of the most inefficient databases that we use at scale.To justify leveraging this massively inefficient solution, you better be solving a problem that is really painful. Financial problems, for example, merit this type of inefficient consensus mechanism because of significant problems like double-spends, lost transactions or the government printing fiat currency into perpetuity.Related: Survivorship bias has led to an imbalance in the crypto ecosystemIn all reality, there are relatively few use cases outside of finance for which blockchain technology is truly required. So, once a pain point is identified that is so egregious that it merits a blockchain solution, make sure that there is a coordination problem embedded within so that the consensus mechanism has a value-add impact.This is all to say that volatility in the crypto markets is here to stay, and objectively evaluating projects amid such volatility is no easy feat. Despite these challenges, understanding the utility, necessity and long-term viability of projects can help inform more effective investments to confidently hold in the long term. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Doug Leonard is the CEO of Hifi Finance, a fixed-rate, fixed-term lending protocol built on the Ethereum blockchain. Doug holds a B.S. in information systems and a master’s degree in management information systems, both from Brigham Young University. Before being named CEO of Hifi Finance, Doug spent a year as a senior software architect at Mainframe.
  • Play-to-earn games are ushering in the next generation of platforms
    Cointelegraph.com News - 15 hours ago
    Blockchain-based games that allow players to earn cryptocurrencies as they play are paving the way for a new era in gaming. The online gaming industry has been on the rise for the past few years and for a good reason. From a global pandemic pushing an online revolution to the ever-increasing mobile and internet penetration, more people are spending more time online. It is no wonder the industry is big money, raking in over $20 billion in revenue for 2020 alone. With an estimated 1 billion online gamers currently active worldwide, experts forecast growth in numbers reaching a whopping 1.3 billion active gamers by 2025.The numbers speak for themselves. Gamers are so enthusiastic about their favorite games, that some spend hundreds of dollars just to get an upgrade on their avatar or access a coveted in-game item that will give them a leg up.Blockchain-based play-to-earn (P2E) games are set to literally change the rules of the game by offering an equal playing field for everyone involved, giving players ownership as well as a source of income and making the time they spend playing worthwhile.Here is a look at some of the top play-to-earn games that are taking the gaming industry by storm.Axie InfinityAxie Infinity is leading the way for play-to-earn games thanks to its growing popularity that has seen a million gamers come onboard to play the game daily. The astronomical success that Axie Infinity enjoys is mostly driven by the fact that players can earn real money while playing. Axie Infinity is an Ethereum-based game with a player vs environment (PvE) mode as well as a player vs player (PvP) mode. In PvE mode, the player competes against a built-in environment or monsters in the game. A PvP mode is one where the player gets to compete with other players in a metaverse-type scenario. Players have to acquire “Axies” that come in the form of monsters designed for battle with hordes of other small round monsters. Origin Mystic [⭐] Axie #3511Sold for 29.6 ETH($123065.26 USD)Seller: Lunacian #79136Buyer: Herman Tinkler Tx: https://t.co/48pBOv9Eh3#AxieInfinity #Play2Earn #Ronin #NFT $AXShttps://t.co/tLx9TFkEaF pic.twitter.com/iCSerOVTOa— OuchieAxieBot (@OuchieAxieBot) October 22, 2021 The game can be played either on desktop or mobile devices and its play-to-earn model is such that each monster and every other piece of gear used in the game comes in the form of a nonfungible token (NFT). The victors of the skirmishes go home with the spoils of the battle in the form of cryptocurrencies called Smooth Love Potions (SLPs). The goal for players is to build a collection of the most valuable and powerful Axies as value is determined by Ether’s (ETH) price. Players can make money in the form of SLP tokens that can be traded for fiat currencies or sell their Axies once the value of those Axies appreciates due to won battles. In November 2020, an Axie was sold for 300 ETH worth over $1.2 million in a wave of excitement that especially captivated gamers in Vietnam and the Philippines who took to the game as a means of generating income amid a global pandemic. Gods UnchainedGods Unchained is a free-to-play card battling game where players get to buy and sell cards that range in rarity and value to defeat their enemies in the game. A close copy of Blizzard’s immensely popular “Hearthstone: Heroes of Warcraft,“ Gods Unchained offers a crypto edge to the game thus giving players of Blizzard’s game a familiar introduction to crypto and blockchain technology. Tartessian Minotaur vs Caged Berserker – choose your player ⚔️Which would you pick for your War deck? pic.twitter.com/690As3kYFx— Gods Unchained (@GodsUnchained) October 21, 2021 Granted, God’s Unchained gameplay by itself isn’t based on blockchain, however, the cards are built on the Ethereum blockchain, thus enabling true ownership where players can trade the cards they own on secondary marketplaces. This turn-based card battling game became quite popular in 2019 with its player base almost tripling shortly after Blizzard’s infamous Hong Kong fallout. At its peak, one of the in-game cards sold for 137.8 Ether which is currently worth more than half a million U.S. dollars.To date, Gods Unchained continues to grow with the recent launch of an expansion set called Trial of the Gods.Plant vs UndeadPlant vs Undead is a free-to-play tower defense game that takes place in a post-apocalyptic world overrun by zombie attackers. Players have to strategically arrange the plants to prepare for an attack from an invading colony of zombies. The play-to-earn model of Plant vs Undead aims to capitalize on this aspect, which has considerable replay value.Just like Axie Infinity’s growing popularity in the Philippines and Vietnam, Plant vs Undead has gained a lot of traction in Brazil and other places where such P2E games stand to make a significant difference in people’s income.PVU is a proud winner of MVBIII Monthly Stars. This is a win for both the Dev team and the community. Thank you, everyone!#pvu #plantvsundead #nft $PVU pic.twitter.com/PCJ2ZjfzsH— Plant vs Undead (@vs_nft) September 13, 2021 Players can acquire seeds to begin playing, which may be purchased on the platform’s marketplace with PVU tokens (the game’s native token). Another aspect that is driving attention to this PvP game is the fact that gamers can earn and collect NFTs. Already, NFTs have catalyzed a revolution in the video game industry by giving players complete control over in-game assets. With Plant vs Undead, all the in-game assets can be sold or traded on the platform’s native marketplace. Along with the GodsBuilt on the Polygon blockchain, Along With The Gods is a role-playing P2E game that rewards players in NFTs and cryptocurrencies. The game revolves around powerful action heroes of five classes. Each hero comes with distinct traits, skills and special capabilities that are to be used in battles. Players are expected to create teams of heroes of their choice as well as strengthen those heroes while using different strategies to win battles. https://t.co/hV2glpCxXZ— Along with the Gods: Knights of the Dawn (@AWTG_PlayDapp) October 6, 2021 All in-game items are built as NFTs on Polygon’s blockchain thus allowing for better transaction finality and at cheaper transaction costs. Farmers WorldFarming games have grown increasingly popular in recent years thanks to their simple gameplay strategies where all that is required is for you to plant, harvest and upgrade crops or simply enjoy building barns. Farmers World is a P2E game that lets players select from a variety of tools to upgrade crops and harvest them. In addition, while farmers wait for their harvesting period, they may launch an assault on other farmers.We purposely made a cheap tool for beginners to be farmers. Chances are still there for you, keep it up.https://t.co/PoDUi6l82c pic.twitter.com/rrKv1gCRcO— FARMERS WORLD (@FarmersWorldNFT) August 30, 2021 Farmers can mine or mint GOLD (a native token in the game) and NFT-based in-game items within the game by simply participating in the activities built into the game. Farmers also get to protect their farms from invading wild animals and monsters. From the GOLD tokens mined, farmers can create their own NFT based farming tools to further build their farms and cultivate crops. The game has a membership aspect where users have to purchase membership packs ranging from a price tag in the range of $322 to $514. Membership enables players to play and earn NFTs among other in-game tokens. The next step in the gaming industryP2E blockchain-based games are the way of the future. These games offer players increased control of the in-game assets they tirelessly work for, as well as the opportunity to make a living earning cryptocurrency and NFTs while playing. Related: NFT gaming proposition in question as regulators and traditional gaming pullbackAs more companies in the gaming industry adopt blockchain technology, we will see the development of these games increase exponentially as well.
  • 6 Questions for Jennifer Wines of Fidelity Private Wealth Management
    Cointelegraph.com News - 16 hours ago
    We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Jennifer Wines, vice president of Fidelity Private Wealth Management.Jen grew up between Mexico, Canada and the United States. Academics brought her to Boston, where she attended law school and passed the bar exam. Jen started her career at Goldman Sachs Private Wealth Management and later transitioned to JP Morgan Private Bank. She is currently vice president of Fidelity Private Wealth Management. She holds a Certified Private Wealth Advisor designation from the University of Chicago Booth School of Business. Additionally, Jen is a founding, advisory member of [email protected], a community of impact-driven leaders and change makers. She met this group of women during her visits to Davos during the World Economic Forum, where she focuses on philanthropic initiatives. Further, she contributes thought leadership via Forbes Business Development Council. 1 Does it matter if we ever figure out who Satoshi really is or was?It doesnt matter, until it does. In other words, it may become material if/when we find out who Satoshi is/was.In the meantime, not knowing who Satoshi is/was is interesting for the adoption of Bitcoin (BTC) because it provided a neutral starting point for adopters to co-create the Bitcoin narrative and use case as a decentralized collective.I imagine Satoshi must be watching this anthropological experiment unfold, somewhere in the world. 2 What does decentralization mean to you, and why is it important?Decentralization, to me, means the distribution of power. There are lots of reasons why decentralization is important, but the one general point Id like to mention here is that it invites everyone to participate in whatever is being decentralized. This ends up activating more people and potential than is possible with centralization. 3 Which people do you find most inspiring, most interesting and most fun in this space?I find the mental workings of Balaji Srinivasan, Michael Saylor and Robert Breedlove most inspiring, most interesting and most fun in this space. I appreciate the theoretical and philosophical discussions of crypto, and these guys just crush it.Balajis predictive abilities are otherworldly. Saylors application of thermodynamics to Bitcoin is pure brilliance. And Breedloves What is Money? philosophical discussions are critically important to our time.I thank the great interviewers too, who are asking meaningful questions. 4 Think of your favorite poem or song lyric. What is it, and why does it speak to you?Talk about rabbit holes! Theres rarely a time in the day when Im not listening to music, whether its classical (Im listening to Chopin while typing this), rock, hip-hop or electro and everything in between. So, lots of favorite song lyrics immediately rush to mind, but heres the first:Go With The Flow by Queens of the Stone Age: I want something good to die for, to make it beautiful to live.As for poems, one of my favorite quotes is from Thoreau: The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run. Though I also appreciate the widely circulated, more concise variation of it: The price of anything is the amount of life you exchange for it.The beauty of poems and lyrics is that they are left to interpretation and fit snuggly with the interpreters journey. 5 What is the book that influenced you the most? Why?Kahlil Gibrans The Prophet has influenced me the most because he masterfully touches and teaches on all facets of life. Further, every word within the book is potent and powerful. Ive read this book several times and have realized something new each time.I super appreciate minds that can create, construct and communicate value in a thoughtful, tightly crafted and artful way. The classics, broadly speaking, do this zero fluff or filler. And this is important because of the Thoreau quote referenced above. 6 If you didnt need sleep, what would you do with the extra time?Not needing sleep would be an absolute superpower. Im one of those people who needs a solid eight hours of sleep each night, while I always wished I only needed five or six hours per night. Those additional hours have mega compounding potential. Id do more of everything that contributes to evolution: work, read, write, listen to podcasts, get together with friends, exercise, travel all the things.Not needing sleep would also make international travel way more manageable. And as someone who loves to adventure the world, this would be a game changer.
  • We haven’t even begun to tap into the potential of NFTs
    Cointelegraph.com News - 18 hours ago
    Nonfungible tokens will become a critical component of all brands’ marketing and digital strategy initiatives — and even more. Earlier this summer, CNN and The New York Times each warned that the nonfungible token (NFT) bubble, fueled by buzz over eye-popping valuations for digital art and interest from collectors, might already be bursting.As the sixth employee at a social media startup called Wildfire — which was acquired by Google in 2012 — I’m all too familiar with skeptics and precautionary tales when it comes to new and emerging technologies. Based on my experiences across entertainment, licensing and blockchain technology, I contend that if the so-called NFT bubble is bursting, it could be a net positive for the future of the industry. The industry is so nascent, we’re the first batter of the first inning right now.Related: ​​Beyond the hype: NFTs’ actual value is still to be determined NFTs: The industry to explorePublic attention is always shifting from one trend to the next, so naturally, the otherworldly surge in popularity of NFTs that we’ve been seeing would eventually taper off. This presents us in the industry with an incredible opportunity to explore the many doors that NFTs will open to creators, IP owners and consumers alike.For brands looking to grow and reach new audiences, NFTs are emerging as a bonafide marketing channel. Once NFTs gain more mainstream recognition beyond the initial swell, creators will have the ability to reach more and more users. Platforms like Telegram, Twitch and Discord have already demonstrated the many ways to create and nurture a fan base. Just imagine what a robust NFT marketplace will add to this growing movement.As digital certificates of authenticity, NFTs can function as guardians of intellectual property rights. The NFT space will ultimately look like the music publishing model, where music publishers and songwriters amass catalogs of copyrights that deliver a persistent stream of royalties in perpetuity, driving long-term valuation. The creation of a management platform that allows IP owners to manage NFT transactions (think business intelligence, analytics and CRM capabilities) is on the horizon.Related: Nonfungible tokens: A new paradigm for intellectual property assets?NFTs also serve as digital passports, completely revolutionizing the fan experience and reimagining the idea of the fan club for artists, brands and IP owners. As the world fully opens up after the COVID-19 pandemic, fans will use their NFT portfolio to unlock behind-the-scenes offers, VIP experiences and special meet-and-greets. Given that digital assets, like tangible goods, are based on the economic principles of supply and demand, scarcity will enhance value and increase the number of consumers and digital natives who seek to get in at the ground level. Additionally, proximity-based NFTs will drive experiences, both offline and online.NFTs: Moving forwardThe future of NFTs becomes increasingly potent as we in the industry continue to think first and foremost about fans and consumers. We must shift the attention of the media and consumers away from the six and seven-figure primary sales numbers to a focus on creating real value by way of infusing true utility into NFTs. We must focus on creating smart, strategic collections of NFTs (as opposed to one-off drops) that gain enhanced value over time as the utility of the NFTs purchased becomes increasingly evident to fans.The industry is rapidly evolving from what I consider to be NFT 1.0 — NFTs as digital collectibles — to NFT 2.0 — NFTs as storytelling vehicles. Projects such as Stoner Cats are the tip of the iceberg in terms of leveraging NFTs as access tokens to view exclusive video content. What excites me, even more, is NFTs as storytelling vehicles, where the NFTs are powered by deep gamification strategies and community layers and become critical components of a multi-platform, transmedia storytelling experience.At Wildfire, we were always aware that a rising tide lifts all boats. We made significant efforts to bolster not just our company but the entire social media marketing category. I feel the same way about the nascent NFT industry. Most importantly, NFT companies must remain steadfastly focused on the fans and consumers so that we avoid becoming an industry that sinks under a perception of misguided cash grabs and short-sightedness.Related: Navigating the NFT minefield: It should be made easy for first-time buyersNFTs will become a fan’s persistent passport and gateway to unlocking unique experiences — both online and offline. This will occur as NFT collections become smarter, more strategic, more gamified and deliver meaningful utility that sustains long-term fan engagement.As the industry matures, people will become more sophisticated in how they think about NFTs and the ultimate value NFTs deliver for fans and IP owners alike. The utility will become increasingly important as fans and consumers seek to better understand the “so what” factor behind NFTs. So what that I own this NFT. . .what can it do for me? What benefits does it bring to my life? What value do I gain by owning this NFT and how long will this value last?The industry will continue to take major strides forward as key innovators in the space turn our focus to community, game mechanics and narrative storytelling to drive real value and utility from the NFTs we bring to market.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Ben Arnon is the co-founder and chief revenue officer at Curio, an NFT platform for the entertainment industry. Ben’s career began in the entertainment business with lead roles at Jersey Films, Universal Pictures, Universal Music Group, and Yahoo! Music. In 2010, he joined tech startup, Wildfire, and helped to scale the company to an acquisition by Google. Ben held a sales leadership role at Google for four years, before transitioning back into entertainment.
  • Shiba Inu surges over 45% in two days to reach an all-time high
    Cointelegraph.com News - 22 hours ago
    The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which was followed by a week-long support at roughly $0.00002796. Shiba Inu (SHIB), a spin-off to Dogecoin (DOGE) token, reached an all-time high following a price surge of more than 46% in just two days. The SHIB/USD trading pair was valued highest at $0.00003941 during press time. The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which helped the cryptocurrency’s value rally by more than 26%. Since Oct. 17, SHIB maintained week-long support at roughly $0.00002796 before resuming to bull run to its all-time high. In the last seven days, Shiba Inu’s market value surged over 50% and currently stands as the 13th biggest cryptocurrency in terms of market capitalization, just three positions away from Dogecoin.Currently, Shiba Inu holds the biggest circulating supply of nearly 395 trillion. Back in September, the Dogecoin-inspired token jumped 40% after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki.Floki has arrived pic.twitter.com/2MiUKb91FT— Elon Musk (@elonmusk) September 12, 2021 A Cointelegraph analysis from Oct. 18 foresees SHIB token to target the $0.00005200 mark, determined by an expected rebound after the selloff season. Related: Crypto is impossible to destroy, says Tesla CEO Elon MuskThe growth of Dogecoin and Shiba Inu is primarily attributed to support from Tesla CEO Elon Musk. In a recent conference hosted in California, Musk said:“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”Moreover, the entrepreneur believes that the United States government should “do nothing” for regulating cryptocurrencies.
  • OTC crypto shops flood Hong Kong, but regulations may impact their presence
    Cointelegraph.com News - 23 hours ago
    Brick and mortar crypto exchanges are common in Hong Kong, but concerns remain around uncertain regulations that could demolish these shops entirely. Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in Hong Kong, the “Vertical City” also contains an abundance of physical over-the-counter crypto shops as well. Henri Arslanian, PwC crypto lead and former chairman of the Fintech Association of Hong Kong, told Cointelegraph that the number of traditional OTC crypto brokers in Hong Kong certainly stands out. “These are literally brick and mortar stores for the retail public,” he said. An anonymous source further told Cointelegraph that while traveling around Hong Kong, he couldn’t help but notice a huge rise in OTC crypto exchanges, some of which even provide access to cryptocurrency ATMs. Photo of an OTC retail exchange in Hong Kong captured by an anonymous onlookerOTC retail stores make up Hong Kong’s crypto culture Compared with regions like the United States or Europe where buying and selling cryptocurrency on regulated exchanges is fairly easy, Hong Kong’s physical crypto storefronts are a unique trademark that provides individuals with another way to access crypto. Kelvin Yeung, CEO and founder of Hong Kong Digital Asset Exchange, or HKD, shed light on the matter. Yeung told Cointelegraph that the HKD crypto exchange was founded in 2019, the physical shop was established in January this year and that they employ over 30 staff members to provide customer service.Image Source: HKDYeung further remarked that HKD’s shop acts similarly to a traditional bank, giving customers the opportunity to gain a hands-on approach to buying crypto, along with access to in-person consulting services. As such, he believes that retail shops will most likely be a global trend moving forward as crypto becomes mainstream:“As more investors and institutional investors get into the industry and digital currency becomes mainstream, there will be a tendency to open physical stores in combination with online platforms.” Yeung added that he believes greater customer trust is built between HKD and its user base due to its physical presence. “Our users are primarily between the ages of 40 and 70. An older customer base is important for creating mainstream adoption since many of these people still hold fiat currency and only trust traditional financial systems,” he remarked. Interestingly, it’s not just the older generation purchasing crypto at these physical locations. Priscilla Ng, founder of Coiner HK — another Hong Kong OTC retail exchange — told Cointelegraph that CoinerHK was launched at the beginning of 2020 to focus on the female market: “We wanted to create a market for women because we want to promote the idea that women could be financially independent and practice self investment.”As such, Ng shared that CoinerHK’s customers are mainly women typically between 20 and 50 years of age and about 70% of them are trading in cash for crypto. Ng also noted that CoinerHK has two physical store locations in the golden area of Hong Kong.Image Source: CoinerHKEchoing Yeung, Ng added that having physical OTC exchanges can provide customers with greater opportunities: “We treat them as friends when trading and also give our customers faith in us since we own physical locations.” Ng further remarked that CoinerHK’s Wanchai location also serves as an art gallery that features nonfungible tokens (NFTs). Regulations could push out physical OTC exchangesWhile physical OTC crypto exchanges like HKD and CoinerHK appear to be providing greater access to crypto throughout Hong Kong, a number of regulatory risks are associated with these kinds of establishments. For instance, Arslanian explained that in addition to regular customers, mainland Chinese tourists have been target clients for these establishments. He noted that many of these shops are located in touristic areas to attract users, but are particularly appealing to Chinese tourists due to the crypto ban in China: “One could assume that if mainland Chinese tourists visit Hong Kong, nothing will stop them from buying crypto at these OTC shops.”With this in mind, Arslanian believes that there could be an increase in retail OTC centers in Hong Kong due to the influx of Chinese tourists interested in buying crypto. On the other hand, Arslanian mentioned that Hong Kong’s upcoming regulatory framework for crypto exchanges could cause these shops to shut down entirely. As Cointelegraph previously reported, the Financial Services and the Treasury Bureau of Hong Kong have been considering restricting crypto access to portfolios with at least $1 million in assets. If passed, the new guidelines would restrict crypto access to roughly 93% of the city’s population.Although this is a major challenge for physical OTC shops, Arslanian remarked that OTC stores may simply move their operations underground. However, he noted that this would then pose an increased risk to customers: “In case something goes wrong, the public is less likely to report them to the authorities.”In regard to uncertain regulations, Yeung commented that the major challenge currently facing HKD is understanding if Hong Kong will soon only allow institutional investors to invest in crypto: “This will have a large influence on our business.” Arslanian added that regulated crypto exchanges not being able to service retail customers is something the crypto community greatly opposes since this could very well result in users turning to unregulated platforms. Unfortunately, Arslanian further pointed out that it would be extremely challenging for physical OTC shops to receive the correct licenses, even if they attempt to be fully regulated. As of now, Yeung mentioned that HKD only requires a valid ID and address verification to buy and sell crypto on the exchange. It’s interesting to see that currently, the only regulated crypto exchange in Hong Kong is OSL, which is also a unit of the Fidelity-backed BC group. OSL managing director and head of exchange Andrew Walton explained to Cointelegraph that OSL was purposefully built with regulations in mind, and even practiced self-regulation before some of the current laws were enacted.In addition, Walton shared that OSL was grandfathered in under Singapore’s Payment Services Act, or PSA, and has additionally applied for a digital payment token, or DPT, license through the Monetary Authority of Singapore. Impressive regulatory approvals recently allowed OSL to expand its business to Latin America. “In Latin America, the OSL Exchange product will be initially available to institutional and professional investors in the region, in Mexico, Colombia and Argentina. OSL’s LatAm offering will also seek appropriate licensing as regulatory developments across the region take place,” Walton added. Retail investors are needed from a business perspectiveWhile OSL’s efforts are indeed notable, Arslanian pointed out that a lot of revenue is typically generated from retail clients buying and selling crypto on exchanges and the retail flow, in turn, attracts institutional clients. As such, he noted that Hong Kong’s willingness to force crypto exchanges to cater only to institutional investors is a hard ask from a business perspective. Although this may be, Walton remarked that OSL has seen a significant increase in interest from the institutional segment over the past year. Given the continuing regulatory uncertainty for cryptocurrency, Arslanian mentioned that Hong Kong may very well be best suited for institutional investors, while Singapore could be more logical for retail customers.
  • YouTube channels hacked and rebranded for live-streaming crypto scams
    Cointelegraph.com News - 1 day ago
    Google’s Threat Analysis Group (TAG) attributes the attacks to a group of hackers recruited in a Russian-speaking forum that sells the hacked YouTube channels to the highest bidder. A new report shared by Google’s Threat Analysis Group (TAG) highlights an ongoing phishing campaign against YouTube creators, typically resulting in the compromise and sale of channels for broadcasting cryptocurrency scams.The TAG attributes the attacks to a group of hackers recruited in a Russian-speaking forum that hacks the creator’s channel by offering fake collaboration opportunities. Once hijacked, the YouTube channels are either sold to the highest bidder or used to broadcast cryptocurrency scams:“A large number of hijacked channels were rebranded for cryptocurrency scam live-streaming. On account-trading markets, hijacked channels ranged from $3 USD to $4,000 USD depending on the number of subscribers.”The YouTube accounts are reportedly being hacked using cookie theft malware, a fake software configured to run on a victim’s computer without being detected. TAG also reported that the hackers also changed the names, profile pictures and content of the YouTube channels to impersonate large tech or cryptocurrency exchange firms. According to Google, “the attacker live-streamed videos promising cryptocurrency giveaways in exchange for an initial contribution.” The company invested in tools to detect and block phishing and social engineering emails, cookie theft hijacking and crypto-scam live streams as a countermeasure.Given the ongoing efforts, Google has managed to decrease the volume of Gmail phishing emails by 99.6% since May 2021. “With increased detection efforts, we’ve observed attackers shifting away from Gmail to other email providers (mostly email.cz, seznam.cz, post.cz and aol.com),” the company added.Google has shared the above findings with the Federal Bureau of Investigation (FBI) of the United States for further investigation. Related: CoinMarketCap hack reportedly leaks 3.1 million user email addressesOver 3.1 million (3,117,548) user email addresses were reportedly leaked from a crypto price-tracking website called CoinMarketCap.According to a Cointelegraph report, Have I Been Pwned, a website dedicated to tracking online hacks found the hacked email addresses being traded and sold online on various hacking forums. CoinMarketCap acknowledged the correlation of the leaked data with their userbase but maintains that no evidence of a hack has been found on their internal servers:”As no passwords are included in the data we have seen, we believe that it is most likely sourced from another platform where users may have reused passwords across multiple sites.”
  • Proshares’ Bitcoin ETF sees $1B in first day volume, BTC price hits new high, and Coinbase partners with NBA and WNBA: Hodler’s Digest, Oct. 17-23
    Cointelegraph.com News - 1 day ago
    Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This WeekBitcoin officially hits new all-time high above $65KBitcoin (BTC) surged to new all-time highs this week, breaking the former ceiling of $64,900 from April as the asset went into price discovery mode before topping out around $67,000.The bullish momentum coincided with the successful launch of ProShares Bitcoin futures-based exchange-traded fund (ETF). Many onlookers are expecting the price to increase in the coming weeks and months, with the more optimistically inclined even suggesting that up to $300,000 is possible in the near future.With Bitcoins market capitalization dominance at its highest since mid-May, many popular traders have stressed that now is the time to put a focus on digital gold and put the altcoin market on the back burner for the moment. ProShares Bitcoin-linked ETF launches on NYSEProShares achieved a major milestone for the crypto sector this week after the firm debuted its Bitcoin futures-based ETF (BITO) on the New York Stock Exchange (NYSE) on Tuesday.ProShares Bitcoin Strategy ETF saw around $1 billion in volume on its opening day, with Bloomberg analysts stating that it was arguably the largest first-day volume for an ETF in terms of natural or grassroots interest.After two days on the NYSE, Proshares ETF became the fastest fund ever to reach $1 billion in assets under management. Following Proshares ETF, many onlookers are waiting to see how the next in line performs. At the time of writing on Friday, Valkyrie just launched its Bitcoin futures ETF on the NYSE. Coinbase announces multiyear partnership with NBA and WNBATop crypto exchange Coinbase has penned a deal with the NBA, WNBA, NBA G League, NBA 2K League and USA Basketball as part of a multiyear sponsorship deal. As part of the deal, Coinbase will work to educate basketball fans on crypto.According to the NBA, Coinbase will create unique content, innovations, activations and experiences to help basketball fans to learn about the crypto space. The firms branding will also appear during the televised games.The move could be a real slam dunk for the industry in terms of mainstream adoption, with data from Statista showing that an average of 1.6 million people watched NBA regular-season games across major networks during the 20192020 season. Mariah Carey buys Bitcoin, hopes to empower fans through educationMariah Carey, the pop icon behind the divisive Christmas song All I Want For Christmas Is You, has partnered with the Winklevoss twins crypto exchange Gemini to promote Bitcoin adoption and support girls of color in their pursuit of STEM degrees a broad education category that refers to science, technology, engineering and mathematics.In a video to her 10.2 million Instagram followers, Carey said shes a Bitcoin investor and offered her fans a referral code to redeem a whopping $20 in free BTC.Her promo deal is linked to charitable causes, as users who sign up through the referral link and trade digital assets on Gemini will be contributing directly to Black Girls Code, a nonprofit organization that provides technology education for African-American girls. Brazilian toddler makes over 6,500% profit on her first Bitcoin holdingA four-year-old hodler from Brazil has earned more than 6,500% in profit on her first Bitcoin. The girl’s father, Joo Canhada, gifted 1 BTC to his newborn in 2017 when the asset was priced at around $915.Canhada is the founder of Brazilian crypto exchange Foxbit, and stated that he bought his daughter Bitcoin not just as a gift, but as a way of investing in the emerging crypto sector. It appears that he was at the right place at the right time, as the price of Bitcoin went on to surge to $20,000 at the tail end of 2017.While there have been many bumps along the road, Bitcoin was worth around $61,000 at the end of the week, suggesting her profit now sits at roughly 6,560%.  Winners and Losers  At the end of the week, Bitcoin (BTC) is at $60,658, Ether (ETH) at $3,963 and XRP at $1.09. The total market cap is at $2.51 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are OKB at 71.25%, Nexo (NEXO) at 33.80% and Huobi Token (HT) at 33.70%.The top three altcoin losers of the week are Flow (FLOW) AT -21.20%, Celsius (CEL) at 14.00% and Perpetual Protocol (PERP) at -13.14%. For more info on crypto prices, make sure to read Cointelegraphs market analysis.   Most Memorable Quotations If left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions.U.S. Department of the Treasury We’ve got a lot of smart guys working at Icahn & Company, and we just dont understand Bitcoin. Im not saying its bad or good, Im just saying we dont understand it. Were not going to invest in something we dont get. […] The jury is really out on whether Bitcoin has intrinsic value or acts as a store of value. If inflation gets rampant, I guess it does have value. There are so many variables, it is a very difficult thing to invest in.Carl Icahn, founder of Icahn Enterprises Theres a lot of history here. We think it’ll track quite well and, most importantly, we think that a combination of a regulated futures market and a 40-act ETF will really open up the opportunity to conveniently get Bitcoin exposure to a lot of folks who may have been waiting on the sidelines.Simeon Hyman, head of investment strategy at ProShares To protect consumers and reduce costs, we encourage the streamlining of state-level regulatory frameworks for stablecoins and the issuance of special-purpose charters by federal banking regulators for stablecoin companies seeking to operate nationally.The Chamber of Digital Commerce DAOs do not clearly fall within any of Australias existing company structures. […] This regulatory uncertainty is preventing the establishment of projects of significant scale in Australia.The Senate Committee on Australia as a Technology and Financial Center (ATFC) Diem is not Facebook. We are an independent organization, and Facebooks Novi is just one of more than two dozen members of the Diem Association. Novis pilot with Paxos is unrelated to Diem.Diem Weve made a lot of noise in the last few months about getting hyperactive in cryptocurrency.Adam Aron, CEO of AMC AI, especially the sort of low-tech, surveillance form, is essentially communist.Peter Thiel, co-founder of PayPal Prediction of the Week Traders brace for a drop to $58K if Bitcoin price loses the $62K supportBitcoins price favored north this week. According to Cointelegraphs BTC price index, the asset broke its previous all-time high just shy of $65,000, going on to reach $67,000 amid a week filled with Bitcoin ETF headlines. Bitcoin cooled off following its surge, however, dropping back down to the low $60,000s.Several people weighed in on potential upcoming price action for Bitcoin. The Twitter account for E-Club Trading, an investment analysis organization, mentioned a level around $58,000 as one potential landing zone if Bitcoin loses the $62,000 level.BTC could also possibly ride right up to $80,000, or it could visit $58,000 or $53,000 first prior to pushing for $80,000, ExoAlpha chief investment officer David Lifchitz noted. FUD of the Week New York businesses ask governor to deny permits for crypto miningNew York Governor Kathy Hochul received a letter this week urging her to deny permits enabling the conversion of the citys old fossil-fuel power plants into crypto mining centers. The power plants in question are the Greenidge Generating Station and Fortistar North Tonawanda Facility, which now are the target of ambitions to mine and hodl at full throttle.The letter was co-signed by a long list of local organizations, businesses and labor groups, who banded together to voice their concerns over the energy-intensive poof-of-work crypto mining model.Proof-of-Work cryptocurrency mining use enormous amounts of energy to power the computers needed to conduct business should this activity expand in New York, it could drastically undermine New Yorks climate goals established under the Climate Leadership and Community Protection Act, the letter read. NYAG directs 2 crypto firms to shut down, investigates 3 othersSpeaking of New York, the states attorney generals office went after five local crypto firms on Monday, ordering two unnamed companies to shut down operations, while launching investigations into the other three.The attorney general’s office alleged that the two firms engaged in unlawful activities, and requested details on the other firms lending products, policies, procedures, clients in the state and other relevant information.One of the three crypto lending firms under investigation is Celsius Network, with the firm confirming the news in a blog post on Tuesday. Celsius said it is working on providing regulators in New York with info regarding its business. Senators pressure Facebook to ‘immediately discontinue’ Novi wallet pilotIn what may or may not be FUD depending on ones views towards Facebook, the social media giant was urged by five U.S. senators to halt its crypto wallet just hours after its pilot program went live this week.Facebooks Novi wallet launched a pilot in the United States and Guatemala on Tuesday in partnership with Coinbase, but the group of senators, which included crypto skeptic Elizabeth Warren, werent having it. In a letter sent to Facebook CEO and meat-smoking enthusiast Mark Zuckerberg, the senators voiced their strongest opposition to Facebooks revived effort to launch a cryptocurrency and digital wallet.Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient, the letter read. Best Cointelegraph FeaturesThe crypto industry royally screwed up privacySadly, there are several reasons why the blockchain community has fallen short in making privacy a tier-one priority, and that must be changed.Lushsux: A decade of ass-whoopin’ and skullduggery in a single NFTGenerally, when Ive got things successful, its just through a bit of skullduggery.Bitcoin futures ETFs: Good, but not quite thereWith a Bitcoin futures exchange-traded fund, getting exposure to the worlds largest cryptocurrency will be easier than ever.
  • Fear of the unknown: A tale of the SEC’s crusade against synthetics
    Cointelegraph.com News - 1 day ago
    DeFi built on blockchain and legacy financial systems is on the verge of clashing in one of the most tumultuous battles in economic history. On the opening day of Messari Mainnet 2021, New York City’s long-awaited first crypto conference since the start of COVID-19, reports came blazing in via a viral tweet that the United States Securities and Exchange Commission had served a subpoena to an event panelist at the top of an escalator in broad daylight. While it’s still not entirely clear who was served (or why), this isn’t the first time the SEC has encroached upon the crypto industry in full view of the public. Let’s go back a mere two months.On July 20, 2021, SEC Chair Gary Gensler issued his remarks outlining the SEC’s scope of authority on cryptocurrency:“It doesn’t matter whether it’s a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms — whether in the decentralized or centralized finance space — are implicated by the securities laws and must work within our securities regime.”Just like the SEC’s bold arrival at Mainnet, Gensler’s remarks definitely did not arise out of the blue. They arose because Gensler — along with his regulatory entourage — finally arrived at the terrifying realization that cryptocurrency’s tokenized, synthetic stocks are just like stocks, but better.Related: Powers On… Don’t worry, Bitcoin’s adoption will not be stoppedSo, what are synthetics?Synthetic assets are artificial renditions of existing assets whose prices are pegged to the value of the assets they represent in real-time. For instance, a synthetic share of renewable energy giant Tesla can be purchased and sold at exactly the same price as a real share of Tesla at any given moment.Consider average stock traders for whom profit margins, accessibility and personal privacy take precedence. To them, the apparent “realness” of TSLA acquired from a broker-dealer will not hold water next to the cryptoverse’s many synthetic renditions, which can be acquired at a fraction of the cost at 8:00 pm on a Sunday evening. What’s more, it’s only a matter of time before traders will be able to stake synthetic TSLA in a decentralized finance protocol to earn interest or take out a collateralized loan.Related: Crypto synthetic assets, explainedThe role of syntheticsDecentralized platforms built on blockchain and legacy financial systems are on the verge of clashing in one of the most tumultuous battles in economic history, and Gensler’s remarks merely constitute a shot across the bow. Make no mistake: decentralized finance (DeFi) and traditional finance (TradFi) have already drawn their battle lines. They will remind powerful incumbents and new entrants alike that, contrary to what contemporary wisdom may suggest, systems of exchange imbue assets with value — not the converse. The ramifications cannot be understated: Synthetic assets establish a level playing field where centralized and decentralized systems can compete for users and capital — a free market for markets.Typically, digital marketplaces support an assortment of assets that compete by being exchanged against one another. But when the asset side is fixed — that is, when identical assets exist across multiple platforms — it is the marketplaces that compete for the largest share of each asset’s daily trading volume. Ultimately, traders settle the score, determining where assets should live and which systems should die.On that accord, while Bitcoin (BTC) competes indirectly with fiat currencies as a unique form of money transacted over a decentralized network, it is the array of emergent fiat currency-pegged stablecoins that pose the most pernicious and immediate threat to national governments and their directors in central banking. Unlike Bitcoin, which often proves too volatile and exotic for outsiders, fiat-backed stablecoins cut down the complicated tradeoffs and keep the simple stuff: Around-the-clock access, low-cost international transfers, kick-ass interest rates and 1:1 redemption into fiat. Related: Stablecoins present new dilemmas for regulators as mass adoption loomsEven to skeptics, stablecoins drive a strong bargain, and the U.S. Congress put forth its own token of acknowledgment with its December 2020 legislative proposal of the STABLE Act, which would require stablecoin issuers to acquire the same bank charters as their centralized counterparts at Chase, Wells Fargo and so on.Incumbent institutions have a long history of seeking out, acquiring and, at times, even sabotaging their competition. It’s not difficult to see where legacy banking’s aversion to synthetics comes from. As decentralized platforms become more user-friendly and tread further into the mainstream, significant buy-side demand will migrate from legacy platforms and their formerly exclusive assets into digitally native synthetics.Robinhood saga: The remixImagine what might have transpired if Robinhood users had access to synthetic shares of GME and AMC on Jan. 28, 2021.If even a small minority of the buy-side demand for those stocks — say 10% — migrated from Robinhood to Mirror Protocol’s synthetic stocks, it would have effectively inflated the supply of shares outstanding and consequently suppressed the share price. In turn, GameStop’s C-level executives would have been in for a real tough board call.Related: GameStop inadvertently paves the way for decentralized financeAnd then, consider also the implications of investors staking their synthetic GME and AMC in DeFi protocols to receive mortgage and small business loans at drastically reduced interest rates, definitively cutting banks and other incumbents out of the equation.Such a scenario would behoove GameStop and AMC to migrate a fraction of their shares to blockchain-based platforms in order to restore robust pricing mechanisms. Meanwhile, investors on the retail side, who only seek a superior user experience and the benefits of interoperability with DeFi protocols, would ultimately win — something you don’t hear too often in modern financial markets.From stocks to commodities, real estate instruments, bonds, and beyond, the emergence of synthetic assets will disrupt pricing mechanisms, catalyze unprecedented turbulence in financial markets and produce unforetold arbitrage opportunities, unlike anything the world has ever seen. Although the consequences of such a dramatic shift are beyond prediction, centralized incumbents will not voluntarily cannibalize their business models — free markets must be entrusted to select winners.The future of syntheticsAs demand for synthetic assets reaches and exceeds that of their purportedly regulated TradFi counterparts, the capitalists and investors of the world will be forced to contemplate what in fact makes an asset “real” in the first place, and will ultimately determine not only the direction of free markets but their very constitution.In the heat of an existential crisis, financial institutions and governments will undoubtedly get all hands on deck: The SEC will battle to eradicate synthetic stocks, Congress will commit to subduing stablecoin issuers from challenging the international banking elite, the Commodity Futures Trading Commission (CFTC) will step in to tame platforms dealing in derivatives and Financial Crimes Enforcement Network (FinCEN) will continue to target those aiming to protect user privacy.Related: The new episode of crypto regulation: The Empire Strikes BackRough days lie ahead — and it is already too late to turn back the hands of innovation. Compound’s cTokens, Synthetix’s Synths and Mirror Protocol’s mAssets have already opened Pandora’s box, while Offshift’s fully private zk-Assets are slated to launch in January 2022. Whatever unfolds, the rigid barrier separating the realm of traditional finance from that of emergent decentralized platforms will be permanently dismantled, and a new age of financial freedom will spring forth.May the best systems win.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Alex Shipp is a professional writer and strategist in the digital asset space with a background in traditional finance and economics, as well as the emerging fields of decentralized system architecture, tokenomics, blockchain and digital assets. Alex has been professionally involved in the digital asset space since 2017 and currently serves as a strategist at Offshift, a writer, editor and strategist for the Elastos Foundation, and is an ecosystem representative at DAO Cyber Republic.
  • NFTs for freedom: Nonfungible tokens and the right to self-determination
    Cointelegraph.com News - 1 day ago
    With a rise in distributed political discourse, nonfungible tokens can provide exciting new opportunities for self-governance. It seems that everyone — from corporate behemoths like Visa and Anheuser-Busch to socialite Paris Hilton and NBA legends Michael Jordan and Kevin Durant — has recognized the growing importance of nonfungible tokens (NFTs) for the 21st-century economy.World-renowned artists, athletes and musicians have been cashing in on the craze, lending legitimacy to this new use of technology that allows for ownership of a wide array of digital assets. But the true test of this innovation will not be how it helps the wealthy perpetuate their positions of power, but rather how NFTs can promote human rights and other public goods.The right to self-determinationLet us start with the most misunderstood international human right — the right of self-determination. It was the underlying principle behind United States President Woodrow Wilson’s Fourteen Points at the end of the First World War, featured in 1945’s Charter of the United Nations and incorporated into the United Nations’ International Bill of Human Rights. And while self-determination provides all “peoples” with the right to “freely determine their political status and freely pursue their economic, social, and cultural development,” its exercise was reserved for national liberation movements to become fully independent states after long decolonization battles. No one else needed to apply. But now with nonfungible tokens, the right of self-determination may be more fully realized, outside the context of statehood. Voting rights, including access to, and confidence in, the electoral process could be facilitated by nonfungible tokens, making them more accessible and strengthening the democratic process. It is not far-fetched to imagine a political world in which civil rights are replaced by membership rights embedded in smart contracts. An NFT holder could vote on proposals in the greater community of other NFT holders, and see the changes get enacted in real-time via smart contracts. Voting on the blockchain could solve a litany of current real-world problems, most notably fraud or access to the election polling stations. Related: Blockchain will transform government services, and that’s just the beginningNFTs for governments There are innumerable ways in which NFTs can facilitate the pursuit of economic, political and social agendas. In such a system, states would no longer be the sole adjudicator of disputes, the arbiter of property rights or the enforcer of contracts. Smart contracts on the blockchain can do all that. We could develop a new system wherein individuals or political groups (whose membership is represented by NFTs) vote on mechanisms to distribute goods and services more effectively instead of being undertaken by beleaguered, inefficient or traditional bureaucracies. Goodbye politics as usual.After all, we all do not have to vote in lockstep if we are registered Democrats, Republicans or Independents. We might support gun rights, but might also be open to choice concerning abortion and vaccines. An individual could easily show support for a variety of causes simply by having control of whichever underlying NFT coincides with group membership. With this change, we can have many more ways to define “self” outside of our nation or even traditional identity politics. We can opt-in to be part of other communities rather than attorn to the jurisdiction and predilections of our pre-assigned cultural, economic, faith-based, social or political groups.Related: Decentralized parties: The future of on-chain governanceAs such, self-determination does not have to revolve around statehood. This is quite an advance when one reflects on the litany of failed secessionist projects after the Second World War when renegade provinces attempted to further exercise the right of self-determination. The disastrous civil wars that attended the dissolution of the former Soviet Socialist Republic of Yugoslavia (1990s), Katanga (1962) and Biafra (1967) are cases in point. In the latter example, the leaders of Biafra wanted that territory to be its own country, separate from Nigeria. Much of Africa had only recently decolonized so further secessionist movements were deemed threats to the continent’s political stability. Only a handful of African states recognized Biafran independence, a movement that was doomed to failure. An estimated half a million to two million people died of starvation in the civil war during that ill-fated exercise of self-determination: Never had the fight to defend human rights gone so wrong. Related: Charitable sustainable NFTs for the United Nations’ 17 SDGsBiafra did, however, produce its currency. But money supply is only one area of the state’s responsibility as sovereign. The public goods a state should supply may also include public health, citizen safety, utilities, a clean environment, potable drinking water and even basic foodstuffs. As the tulip-mania of NFTs shows no sign of waning, let us find ways to leverage this craze to better develop the mechanisms by which we govern ourselves and distribute public goods. Michael Jordan, Tom Brady, Paris Hilton and multinational companies already have enough power and fame. This article was co-authored by James Cooper and Peter Grazul.The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.James Cooper is a professor of law at California Western School of Law in San Diego. He has advised governments in Asia, Latin America and North America for more than two and a half decades on legal reform and disruptive technologies. Peter Grazul is a recent graduate of California Western School of Law and passed the February 2021 California State Bar Examination.
  • What has been standing in the way of a pure-Bitcoin ETF?
    Cointelegraph.com News - 1 day ago
    With regulators slowly starting to come to terms with Bitcoin as an asset, how could this affect the present and future views of BTC ETFs? With regulatory bodies rumored to soon accept a pure Bitcoin (BTC)-backed exchange-traded fund, it is important to understand the journey of some of the first crypto-based ETFs that have recently been approved by government agencies.The United States Securities and Exchange Commission approved a Bitcoin-adjacent ETF, giving investors the opportunity to gain exposure to Bitcoin through the stock markets, and the most recent acceptance was that of the ProShares Bitcoin Strategy ETF, which started trading on NYSE Arca on Oct. 19.It’s important to note that the aforementioned exchange-traded funds are not pure-crypto ETFs and merely track either crypto-related company stocks or futures contracts. The SEC has yet to approve a pure-crypto ETF, unlike Canada back in the spring when regulators approved three Ether (ETH)-based ETFs from three different firms: Purpose Investments, Evolve ETFs and CI Global Asset Management.Despite the good news of regulators beginning to accept crypto ETFs, many questions remain about why there have been so many challenges in listing them. This fall, there has been a lot of anticipation and speculation around what ETFs are exactly and how they can boost — or hinder — the crypto market as a whole. Here are the issues, challenges and possible future of crypto-backed exchange-traded funds.Regulatory mismatchExchange-traded funds, in general, are investment funds that track a basket of assets on the stock market and can be traded in the same manner as regular stocks.While there are ETFs for just about any asset, the problem with crypto is that there is still uncertainty among regulators about how to define Bitcoin and other cryptocurrencies, and how to protect consumers against risk exposure. Those issues could present a challenge as pure-crypto ETFs begin to appear on stock markets, as not having regulatory clarity could cause problems with regulation across various national bodies and around the world.The various financial regulatory agencies of the United States, for example, all have different — sometimes conflicting — views on what cryptocurrencies are, especially when it comes to taxation and trading.In 2020, France’s principal financial regulator, the Autorite des Marches Financiers (AMF), responded to the European Commission’s guidance on so-called “crypto assets,” stating that it is still too early to explicitly define them. A spokesperson told Cointelegraph at the time:“The AMF considers that giving a precise classification applied to crypto-assets could be premature at this stage. It is only after solid feedback that we will be able to judge the relevance of a precise classification (e.g. ‘utility tokens’, ‘security tokens’, ‘payment tokens’, ‘stablecoins’ etc.).”French fund manager Melanion had its Bitcoin-adjacent ETF recently approved, with hopes to have its shares track the price of Bitcoin, first in the French market and soon in many other markets around Europe.Cointelegraph reached out to Jad Comair, founder and chief inv officer of Melanion, who mentioned that because it is not possible in the European market to directly expose investors to Bitcoin via the Undertakings for Collective Investment in Transferable Securities (UCITS) framework — which is “a format used by 99% of the ETFs listed in Europe” — the firm had to get smart and create “a world unique index construction methodology that measures companies’ Bitcoin exposure.”This means that the ETF tracks the stocks of companies that invest in Bitcoin, mine Bitcoin or are otherwise involved in the crypto market, but it doesn’t contain Bitcoin itself. “The index selects the most exposed companies to Bitcoin, and weighs them according to their historical correlation (beta) to Bitcoin’s performance,” said Comair.Fears vs. risks?There still could be risks involved with highly volatile assets like cryptocurrencies, especially with a futures-backed Bitcoin ETF.Bitcoin futures ETFs track a basket of futures contracts rather than Bitcoin itself. Since the futures price of Bitcoin may differ from the spot price, there is a possibility that the ETF may not accurately track the price of Bitcoin, exposing the ETF holder to some risk.The term “contango” refers to when the futures price is higher than the spot price, while “backwardation” is when the futures price is lower than the spot price.Related: Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap?Moreover, this high volatility means that regulators could move to implement more investor protection, especially after seeing the jumps that the crypto market has experienced in the past six months. This brings forth the question:Could an exchange-traded fund help mitigate the risks that come with volatility?With the fresh acceptance and implementation of crypto futures ETFs — the most recent model now trading on the New York Stock Exchange — this could “open the doors for the ‘real’ money to step in, as, for the time being, the existing Bitcoin products are eligible for small investment pockets, and Bitcoin itself is very complicated to put in a regular portfolio,” Comair stated. More serious exposure to the markets, even if via companies investing in Bitcoin, could push the market into explosion and/or stability.It is possible that the changes in the crypto market could push for more ETF acceptance as the stock market learns how to interact with the crypto market — and vice versa. With ETFs tracking companies investing in crypto and the onset of futures-based crypto ETFs, could this lead to more widespread adoption of crypto investing as a whole?
  • Bitcoin 'still bullish' even if BTC price drops to $50K — analysis
    Cointelegraph.com News - 1 day ago
    It may not be likely, but Bitcoin has a lot more room to lure bears into a false sense of security, one analyst forecasts. Bitcoin (BTC) can return to $50,000 and still not violate an overall “bullish thesis” after breaking all-time highs, fresh research argues.In its latest market update on Oct. 22, crypto trading platform Decentrader argued that after hitting and retracing from $67,000, there was no reason to be bearish on Bitcoin.”No significant evidence” for $50,000 retestAfter Bitcoin cracked an all-time high in place for six months, concerns grew as a correction took place that erased 10% of its gains in a single day.After two dips below $60,000, analysts nonetheless have stuck to their previous optimism for the comings weeks and months. Decentrader’s Filbfilb is no exception.”We have been tracking a Bitcoin fractal pattern for a number of weeks now, which, if it continues, would imply to play out, that the next major stop higher for Bitcoin would be $72k if momentum can be maintained, after which the 1.618 extensions suggests around $88k would prove to be a target of interest, which ties in with the idea that $100k will see some front running by sellers,” he summarized.He pointed to cooling funding rates, increased exposure from Bitcoin futures ETFs and strong buyer support as all being conducive to further upside.The weekend, which typically sees thinner markets, could produce a surprise move up or down, however, with an uptick likely meeting resistance at $65,000 — the old high.Filbfilb also revealed that he was primed for a potential deeper BTC price dip — one which would still need to try extremely hard to break his bullish conviction”If there is a significant reversal and break in structure, $50k will be a significant area of interest to us,” he added.”Although there is no significant evidence of this now, we are prepared for an opportunity, should it present itself. Even if prices do retrace to these levels, it does not break our overall bullish thesis.”BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewThe math strengthens bulls’ resolveAs with other recent findings, Fibonacci levels continue to play a key role in assessing likely future price points in an up or down market phase.Related: Need some Bitcoin ‘hopium?’ This chart calls for new BTC price all-time high by NovemberBitcoin has historically had its macro cycle peaks rooted in Fib sequences, which opens the door to hitting $300,000 this time around.Similarly, the next bear market from such highs should bottom out at around current levels, with the worst case scenario at just below $50,000.BTC/USD chart with Fibonacci levels highlighted. Source: Decentrader
  • How a single-strategy crypto algorithm turned $100 into $36,205 in 10 months
    Cointelegraph.com News - 1 day ago
    Warren Buffett said that “What we learn from history, is that people don’t learn from history.” Crypto traders can change that. Before we get into the nitty gritty of how one simple rule created the kind of insane return on investment noted in the headline, let’s be clear on one thing.You can’t copy this.Actually, no human can. Even a trading bot couldn’t replicate this particular strategy in real life, because it’s a thought experiment, a proof of concept, rather than an actual way to make money in crypto trading. The exchange fees alone would kill this particular strategy for most traders.But that doesn’t mean it’s useless — in fact, it’s the perfect way to illustrate how a simple strategy can work for real traders in real life.So let’s dig in. What could you do, right now, today, with this algorithm?What does Buy 80, Sell 12 hours mean?Here’s the basic premise. In partnership with data firm The TIE, Cointelegraph Markets Pro has developed the VORTECS™ Score, an algorithmic determination of how bullish or bearish current trading conditions are for a given crypto asset.The score is based on historical data, and it essentially sifts through the whole history of a coin or token looking for conditions that are similar to those it observes right now.It’s looking for a variety of similarities and outliers — for instance, trading volume, recent price action, social sentiment, and even the volume of tweets about that asset.If it finds similarities, it looks at what happened next. Did the asset go up or down? How consistent was that movement? How significant was the rise or fall?Combining all of these data points, it creates the VORTECS™ Score, a dynamic and constantly evolving evaluation of the current trading conditions for each supported asset. The higher the score, the more bullish the outlook — and the more confident the algorithm is. Conversely, a very low score is bearish (and equally confident). A neutral score of 50 means the algorithm sees no significant correlation between current conditions and past price performance.The Markets Pro team started testing a whole range of strategies on the day the algo went live.A Buy 80, Sell 12 hours strategy means that the test ‘buys’ every asset that crosses the 80 score, which is considered strongly bullish. And then it ‘sells’ the asset again after precisely 12 hours.Of course, this is not happening on an exchange — it’s happening on a spreadsheet. And since the test wants to maintain equal holdings of all assets that are within its range, it rebalances every hour.For instance — if SOL crossed 80, and was the sole asset with that high score, the test would place 100% of its current portfolio into SOL. But if BNB then crossed 80 as well, the test would allocate half of its position to BNB in the next hourly rebalance.Why you couldn’t do thisFirst, let’s assume that you’re human if you’re reading this. If you’re human, you need sleep. The test is working 24 hours a day, every day, and has been for over ten months. Even new parents get a break from the baby once in a while.Second, the algo is not taking account of liquidity or order depth on any particular asset on any given exchange. It ‘buys’ at the current price, and ‘sells’ at the current price, which we all know isn’t necessarily realistic.And third, exchange fees for a rebalance every hour would be prohibitive, no matter how much BNB or FTT you’re hoarding.So why is this a valuable test at all?The point here is to evaluate whether the VORTECS™ algorithm is good at its job.When it sees bullish conditions, is it *right* more often than not? When the score goes up, do prices generally increase? Obviously with this test, the answer is yes.And while the Buy 80, Sell 12 is an outlier, there are other strategies that have created massive hypothetical ROI.For instance, Buy 80, Sell 24 hours. That one is sitting on “gains” of 13,099%. Other strong strategies include:Buy 90, Sell 168 hours |  +4,544%Buy 80, Sell 80 | + 14,862%In fact, with Bitcoin returning 49.5% since the tests started running on Jan 5th 2021, every single strategy has beaten the ROI from simply holding BTC.And that signals that VORTECS™ is working correctly. It is — in general, over time — proving that historical trading conditions for digital assets can be a useful gauge for the current health of that asset.In other words, a high VORTECS™ Score has a proven correlation to price appreciation. Not in every instance, not for every asset… but in general this ten-month trial has made a compelling case.Warren Buffett (perhaps paraphrasing Hegel) once said that “What we learn from history, is that people don’t learn from history.”(As a crypto skeptic, he might want to revisit his stance.)That’s what the VORTECS™ Score is all about. Learning from history. And that’s why a hypothetical return of 36,205% is important.It tells us we’re looking at the right history.Cointelegraph Markets Pro is available exclusively to members on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.All ROI quoted is accurate at 12pm ET on 10/23/2021
  • How NFTs are empowering recording artists and helping them escape centralized platforms
    Cointelegraph.com News - 1 day ago
    One project claims to be bringing together “streaming, VR, metaverses and NFTs” into one platform for music fan engagement and some degree of control. Blockchain is rapidly becoming the innovative force industry insiders have been promising for years. The number of projects and artists offering their works using it as a core technology may be shifting the current economic model under which most musicians operate. Non-fungible tokens, or NFTs, allow independent artists to earn income and engage with their fan base without always relying on a label or streaming service like Spotify. In March, 3LAU, an electronic dance music producer, sold more than $11 million worth of tokens redeemable for real-world goods — including music — in addition to a $3 million token holder who bid for the right to collaborate with the artist. Paul Oakenfold, another well-known EDM DJ, announced in September he would be launching a tokenized album on the Cardano blockchain.Many venues around the world are still unable to hold live concerts due to restrictions broughton by the pandemic, and some streaming services do not offer a sustainable income for artists. Rather than shirking COVID-19 guidelines, some performers and organizers have turned to blockchain technology in the form of metaverses and NFTs for alternative solutions. In August, Epic Games’ Fortnite hosted a virtual concert with singer Ariana Grande and others.One project claims to be revolutionizing the music space, offering music fans creative access to top artists, while wetting the palette of blockchain newbies and veterans through the merging of blockchain technology with mainstream entertainment. Animal Concerts’ fans can go to live or virtual concerts, while also retaining some control of their own content with the platform’s utility tokens. NFTs also play a large role, used for virtual venue tickets, future live events, avatars for fans, and souvenirs for certain performances.“We are at the apex of several emerging technologies, streaming, VR, metaverses and NFTs and well positioned to capitalize on this as the only one bringing it all together in one place,” said Animal Concerts CEO Colin Fitzpatrick. “For musicians this is the first new major revenue stream in a decade, and an exciting and innovative way to interact with their fans. We’re democratising concerts and bringing the power directly back to the artists themselves.”Related: NFTs are a game changer for independent artists and musiciansAnimal Concerts says its business model is focused on bringing in 100 million crypto users into the space in the next 12 months, offering a seemingly closer connection with performing artists than in-person venues have been able to provide for the non-VIPs. According to the project, there may be no limit to the number of people able to engage with musical artists by combining the best features of streaming, concerts, metaverses, NFTs, and crypto. Animal Concerts is already selling an exclusive collection of NFT tickets that incorporate a live concert and meet-and-greet with Grammy award-winning rapper Future in Miami on October 30. Other perks include roundtrip flight, beachfront hotel, bottle service, and access to the Maxim Model Lounge.Whether blockchain technology will help revitalize the music industry as the epidemic continues to take a toll on many countries around the world remains to be seen. However, expanding consumer engagement to the virtual and offering a way to democratise the concert industry may revolutionize the space. If the more than one million people who watched Ariana Grande perform virtually in Fortnite in August is any indication, along with the $20 million she nabbed for the gig, companies like Animal Concerts may be saying “Thank U, next” to the mainstream concert industry.
  • Wall Street jinx? Traders weight 'sell the news' potential after Bitcoin ETF launch
    Cointelegraph.com News - 1 day ago
    The previous big launches of Bitcoin-related products on Wall Street were followed by multi-month price slumps. Wall Street opened its doors for the first Bitcoin (BTC) exchange-traded fund (ETF) on Oct. 19, with the listing of ProShares Bitcoin Strategy (BITO) on the New York Stock Exchange. The fund attracted more than $1 billion in trading volume on its first day, while BTC price rallied to a new record high of $67,000.But the spot gains did not stay for too long with BTC paring some gains going into the weekend.Bitcoin price corrected by almost 11% from its all-time high to reach levels below $60,000 on Saturday, raising fears about selloffs that typically come after the launch of major crypto derivatives products on Wall Street.Analysts call for wider BTC correctionNunya Bizniz, an independent market analyst on Twitter, recalled two of such major events: the listing of the first Bitcoin futures on the Chicago Mercantile Exchange (CME) and the debut of the crypto trading service Coinbase’s stock (COIN) on the Nasdaq stock exchange. Notable Wall Street listings coincided with spot Bitcoin price tops. Source: TradingViewNotably, CME launched its Bitcoin Futures product on Dec. 18, 2017, the date on which Bitcoin rallied towards its then-record high of around $20,000. But the launch also marked the beginning of one of Bitcoin’s longest bear cycles, which bottomed around $3,200 twelve months later.Similarly, the much-celebrated COIN’s debut on Wall Street on April 4, 2021, coincided with Bitcoin rallying to a new all-time high around $65,000 just ten days later. Nonetheless, the upside move met a bout of strong selloffs, causing BTC to correct to as low as $28,800.Nooo, God. No God, please no! No! No! Nooooooo! pic.twitter.com/ITKFBJqK6h— Nunya Bizniz (@Pladizow) October 22, 2021 As a result, the recent ProShares Bitcoin ETF left Bizniz and many other analysts worried about the so-called “buy the rumor, sell the news” correction. For instance, analyst Lark Davis noted that he “wouldn’t be surprised” if the Bitcoin price crashes following the ProShares ETF launch just like it did after the CME Bitcoin Futures launch.#bitcoin CME futures – Announced October 31st 2017.- BTC rallies 224%- Launch on December 18th, the day BTC hit the 2017 market highWould not be shocked to see the ETF launch play out exactly like this. Epic buy the rumor, sell the news event pic.twitter.com/sKrmhdLxQv— Lark Davis (@TheCryptoLark) October 8, 2021 Also, Dan Morehead, CEO and co-chief investment officer at Pantera Capital, wrote in a newsletter earlier this month that “he might want to take some chips off the table” ahead of the Bitcoin ETF launch.Impressive debut for Bitcoin ETFDespite historic bearishness associated with high-profile Wall Street crypto listings, some analysts believe the Bitcoin ETF’s impressive debut would mean result in limited downside moves in the spot BTC market.Todd Rosenbluth, head of ETF and mutual fund research at CFRA, told the Financial Times that ProShare’s $1-billion debut is “a sign of the pent-up demand” among traditional finance companies looking to score a slice of the rising crypto industry.JPMorgan Chase added that retail traders accounted for only 12-15% of net inflows into BITO on the first two days of trading. Related: Bitcoin decides fate of $60K as weekly close keeps BTC traders on their toesThat pointed to a significant interest in Bitcoin ETFs among institutions, with cash-marginated Bitcoin Futures open interest rising by up to 79% month-to-date and CME basis going from negative in July to above 16% earlier this week.Bitcoin futures open interest across all exchanges. Source: ByBt.comNoelle Acheson, head of market insights at crypto trading firm Genesis, noted that Bitcoin’s perpetual futures rolling basis, a metric to gauge the demand for leverage, ticked up but was still only 13.08% compared to mid-April’s 34.6%. High leverage remains a common factor across recent spot BTC market corrections. In other words, the neutral funding rates at the moment suggest that the chance of a big pullback is relatively low.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Even with Ethereum 2.0 underway, L2 scaling is still key to DeFi’s future
    Cointelegraph.com News - 1 day ago
    By incorporating scaling solutions, such as rollups and sidechains, Ethereum has the potential to implement the true vision of DeFi. The Ethereum network has come a long way over the last few years. Everything from the rise of decentralized finance (DeFi) to the recent London upgrade has made the network the most compelling attempt to instill a ‘world computer,’ but there’s still work to be done. For global adoption to be the backbone of Web 3.0, the network will need the benefits that the Eth 2.0 upgrade promises to offer. However, to scale for a new wave of decentralized applications (DApps), it’s going to take a lot more, and it’s looking like layer-two solutions may be the only answer. Related: Want to improve blockchain infrastructure? Work under layer-two solutionsThe promises of Eth 2.0 In August, Ethereum saw the implementation of its highly touted London upgrade. This hard fork represents the first stop on the road to Ethereum 2.0, and it implemented multiple important updates to the network to prepare it for the transition. London arrived as Ethereum continued to struggle under the weight of the recent booms in both the DeFi and nonfungible token (NFT) markets. Transaction speeds and costs have, at times, made many DApps completely prohibitive, undermining the benefits that decentralized systems were made to address.One of the more notable features implemented by London is EIP-1559, which aims to improve inflation rates as well as stabilize transaction fees on the network. To do this, it is implementing a system where base fees on transactions are burned instead of being paid to miners. Miners still receive block rewards, and users can voluntarily add “tips” to their transactions to incentivize priority, but now every block will see a certain amount of Ether (ETH) removed from the network forever.Unlike Bitcoin, Ethereum doesn’t have a hard cap, so its overall supply increases with every block. This has had many concerned about long-term inflation due to the open-ended growth. While EIP-1559 doesn’t make Ethereum deflationary, it certainly controls how fast the supply can expand. While a critical first step, London was just the tip of the iceberg when it comes to scaling Ethereum. The call for 2.0The majority of Ethereum’s operational issues stem from the fact that the network’s native transaction speeds are throttled by its inherent lack of scalability. To put things into perspective, the Ethereum network can currently process somewhere around 30 transactions per second (tx/s). By comparison, a traditional payment system like Visa is designed to handle 1,700 tx/s.Ethereum needs to catch up, and that’s what Ethereum 2.0 is all about. For one thing, the network will switch from proof-of-work (PoW) to proof-of-stake (PoS), which means a change from computers competing to solve complex math problems to one where nodes stake assets to validate blocks. While PoS is much more efficient than PoW, improving network speeds to around 50 tx/s, it’s far from what’s required of a global payments system. This is where another important development of Ethereum 2.0 comes in: sharding. Sharding is a process that takes each block and divides it up into 64 “shards” that can be processed in parallel. In essence, this means that we can take the 50 tx/s estimate and multiply it by 64, which would give us a little over 3,000 tx/s — well ahead of Visa and more than enough to serve as a competing payment network. Related: Ethereum’s 2.0 upgrades aren’t the game-changer that could bring more usersBeating Visa isn’t enoughWhile sharding would enable Ethereum to match or even beat the legacy payment infrastructure, that still might not be good enough. The traditional payment systems are largely concerned with relatively simple transactions. This has been fine for many years, but the internet, and now DeFi, is pushing things beyond what we ever imagined. Now, we’re looking at 24/7 decentralized exchanges, NFT markets, NFT-powered virtual worlds and blockchain gaming. All of these inherently require a much higher frequency of complex transactions than most traditional payment systems could address. For example, a single player in a blockchain game may be making multiple transactions every minute, and halting gameplay to wait for each transaction to finalize simply won’t work. Couple that with DeFi’s ambitious vision of subverting the traditional finance sector, and you start to understand just how much weight the Ethereum network may have to carry.The point is that even 3,000 tx/s wouldn’t be able to accommodate these services if they managed to reach global adoption numbers. However, by incorporating additional scaling solutions — such as “rollups” and “sidechains,” — Ethereum has the potential to reach as many as 100,000 transactions per second. This would very much bring it in line with the high-throughput applications that DeFi promises to offer, but what do these answers look like?Scaling for tomorrowFirst off, there are rollups. These come in a variety of forms, including Optimistic, Validium, Plasma, and ZK. Rollups are a scaling solution that shoulder transaction loads by executing them off-chain and writing a cryptographic proof of validity to the chain when complete. This frees up resources on the main chain and can increase overall speed.Next, there are sidechains, sometimes called “second layer” solutions. These are essentially parallel secondary blockchains that interface with the main chain. These can be deployed multiple times and handle different processes, again, taking considerable pressure off the base layer. The added benefit of sidechains is that they also act as interoperable “bridges” across multiple base networks, providing added liquidity, throughput and cross-compatibility for connected chains.Imagine a cryptocurrency future where there is an entire ecosystem of primary chains, such as Ethereum, all interacting with each other through a series of side chains. Different networks could be deployed for their specific solutions, but cryptographic techniques would keep data verifiably secure wherever it goes. This may finally provide the level of speed required at sufficiently low cost to finally implement the true vision of DeFi, a financial system that is accessible and affordable for anyone.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Sandeep Nailwal is a co-founder of Polygon, the platform for Ethereum scaling and infrastructure development. In the crypto space since 2016, Sandeep has been involved with many tech businesses since his very early days. He co-founded Polygon alongside Jaynti Kanani and Anurag Arjun to solve the scalability problem. His main responsibilities include spearheading the branding, marketing, operations and partnering with key stakeholders to push forward the vision of Polygon. Sandeep holds an MBA from the National Institute of Industrial Engineering (Nitie), one of the top schools in India.
  • Which blockchain is the most decentralized? Experts answer
    Cointelegraph.com News - 1 day ago
    Here’s what emerging tech representatives think about the decentralized nature of blockchain technology and which network is the most decentralized. Vasja Zupan of Matrix Exchange:Vasja is the president of Matrix Exchange, a regulated digital-asset exchange operating globally.“Bitcoin is the most decentralized and stable blockchain network there is. It has survived countless challenges, and decentralization ensures its resilience. Only a truly decentralized network can survive hindrances from block size wars and forks to regulatory pressure. While new anonymous networks are available today, transaction anonymity, more functionality or new approaches to blockchain validation do not ensure higher decentralization and resilience.”These quotes have been edited and condensed. The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. Tim Draper of Draper Associates and Draper Fisher Jurvetson:Tim is a pioneer of business ventures in the United States and a co-founder of Draper Fisher Jurvetson, a leading investment firm in early-stage tech startups. “Bitcoin. And maybe Bitcoin Cash. We want a completely decentralized currency, one that is global, transparent, open, frictionless and not subject to inflationary pressures of any kind, government or otherwise.”Roger Ver of Bitcoin.com:Roger is an early Bitcoin adopter and investor. He is the executive chairman of Bitcoin.com, a site featuring cryptocurrency news in addition to an exchange and wallet service. He is also one of the five original founders of the Bitcoin Foundation.“The original goal was not decentralization.The goal was censorship-resistant money for the world, and decentralization was the tool that was used to achieve that goal.”Phillip Gara of OctaneRender/Otoy:Phillip is the director of strategy at OctaneRender, an unbiased rendering application with real-time capability developed by graphics software company Otoy Inc.“When you look at applications and usage — in other words, what people are building on top of blockchains — Ethereum right now is the most decentralized. Ethereum smart contracts enable anyone to build applications, services and goods on-chain — from games and DeFi platforms to NFTs and DAOs — using the Ethereum Virtual Machine. Decentralization is transforming the world because it is eliminating intermediaries. Bitcoin has done this extraordinarily well within the financial industry, while Ethereum is advancing decentralization and removing intermediaries for nearly every sector from media and entertainment to art, lending, crowdfunding and even governance. It is the diversity of applications and usage that currently makes Ethereum the most decentralized.”Mitchell Cuevas of Stacks Foundation:Mitchell is the head of growth at Stacks Foundation, which supports the mission of a user-owned internet through Stacks-related governance, research and development, education, and grants.“Bitcoin, and it’s probably not even close. Bitnodes estimates that there are over 13,000 nodes on the network today, and while mining centralization has been raised as a concern, Bitcoin’s design isn’t predicated on, nor does it rely on, decentralized mining power. It’s simply more profitable to play by the rules and too expensive to sustain a profitable attack; its sheer size, its incentive structure and the open membership make it extremely robust. We also shouldn’t forget that when China banned crypto, the network took it in stride despite the concerns about hashing power concentrated there. This is why it’s the foundation for the Stacks blockchain and why it will one day be the bedrock for a better internet where provable ownership is baked in.”Michal Cymbalisty of Domination Finance:Michal is the founder of Domination Finance, a noncustodial, decentralized exchange for dominance trading.“It has to be Ethereum. The genesis event started with a non-restricted public sale, allowing anybody to participate. Even though Bitcoin may be more decentralized when looking at miners and wallet holders, Ethereum decentralized something much more important: applications. Users can participate in full-fledged economies, whereas that is not really possible with Bitcoin.”Marek Kirejczyk of TrustToken:Marek is the chief technology officer of TrustToken, a platform to create asset-backed tokens that can be easily bought and sold around the world.“Broadly speaking, decentralization is this ideal state that every project strives for. There are many ways people go about it, from adding more node operators and putting ever greater authority in the hands of tokenholders to allocating treasury to non-employee contributors. You may have noticed a persistent theme here: Decentralization is about more than technology, it’s also about governance. It’s about layer zero, which is what people sometimes call the community of miners, developers, users and companies working with a specific blockchain.Now, in more concrete terms, we’d actually argue that Ethereum is pretty decentralized. True, it has strong backing from the Ethereum Foundation, but it’s still largely limited to a support role. Ethereum’s father, Vitalik Buterin, is not its CEO either — he acts more like a researcher and a thought leader. The actual design decisions are made by the developers, and Ethereum has the most diverse developer pool, and the most diverse wider community too. And with most updates, there are multiple teams working on multiple initiatives that could take Ethereum in different directions, so the process has little to do with centralized linear development.Bitcoin is way more conservative in many ways. It’s not really moving forward, so there is no active developer or startup community around it. It’s also possible to make the argument that Bitcoin mining is centralized to a degree these days, as a small group of entities controls the majority of Bitcoin hashing power.”Mance Harmon of Hedera Hashgraph:Mance is the co-founder and CEO of Hedera Hashgraph, a next-generation distributed ledger technology that claims to possess higher speeds and security guarantees than existing blockchain solutions.“When we talk about decentralization, I think it’s very important to be specific about what we mean. When talking about layer-one protocols, precisely what is being measured when we talk about decentralization? Two separate categories of decentralization are important: 1) governance and 2) transaction ordering.First, governance: How many different entities (people or organizations) are involved in making decisions on the product roadmap, pricing of services, payments of rewards and other governance-related decisions? Are these entities all known by name, or can they be anonymous? If they can be anonymous, then there is no way to truly determine how decentralized the governance is because the same anonymous actor may pretend to be multiple different entities. Is there an opportunity for consolidation of voting rights? For example, if voting rights are associated with a governance token, then a single actor can increase their influence by buying or earning additional tokens, which leads to the consolidation of rights and increased centralization.The Hedera Governing Council model is exceptional among public ledgers. It consists of up to 39 term-limited organizations, chosen to represent a broad range of industries, with member headquarters around the globe, running nodes on six different continents. The council members are all publicly disclosed, minutes of the council meetings are published (and hashed on Hedera using the Hedera Consensus Service (HCS)), and each member has a single vote to ensure fairness, stability and truly decentralized decision-making. Even the LLC member agreement that companies must sign to join the council is public and hashed on HCS. This model lies in stark contrast to protocols that are governed by a small group of core developers or a single foundation.Next, decentralization of transaction ordering: What is the minimum number of entities required to dictate the order of transactions in the network? For example, with Bitcoin, just a handful of mining organizations (often five or fewer) control more than 50% of the hashing power of the network, which is enough to dictate the ordering of transactions. (As of this writing, just three mining pools control 47% of Bitcoin’s hashing power, and just two mining pools control almost 48% of Ethereum’s hashing power). Also, if a network allows anonymous node operators, then it is impossible to know to what degree any given entity controls the hashing power of the network.Phase 1 of the Hedera network requires more than two-thirds of its council members to agree on the ordering of transactions, and each council member currently has equal weight in their vote. Because every council member is publicly known by name, we can say for certain that transaction ordering is decentralized. This is already more decentralized than Bitcoin and Ethereum. Phase 2 will add publicly identifiable community nodes, and only after there is a very high degree of certainty that consolidation of stake is unlikely will anonymous nodes be added to the network.The Hedera network, both in its governance model and in the technical ordering of transactions, was designed from the ground up to embody the ideals of sustainable decentralization.”Lex Sokolin of ConsenSys:Lex is the head economist and global fintech co-head at ConsenSys, a global community of developers, businesspeople, programmers, journalists, lawyers and others made to create and promote blockchain infrastructure and peer-to-peer applications.“There are different meanings of the word decentralization at play here. One question is to ask how many miners or validators are securing the transactions on the network and how expensive it will be to attack such technological infrastructure.Another question is to ask about the implicit governance of the network and how many influential people are really needed to generate some particular fork of the network, and the process by which that happens.Yet another is to look at the economic and development activity on the network and try to understand how dispersed and unique the players are in the complex system that is a blockchain macroeconomy. Rather than accord points to networks based on this rubric, I think it’s more constructive to use them as principles for blockchains to aspire to reach. Further, ‘more decentralization’ of any of these particular types doesn’t always result in more ‘traction’ — we should be careful to preserve the spirit of Web 3.0 together.”David Khalif of Viridi Funds:David is the co-founder and head of operations at Viridi Funds, a registered investment adviser and emerging fund manager that offers environmentally conscious crypto investing options.“Although there are many other blockchains, Bitcoin is still the king of decentralization. The protocol has a fixed supply cap, allows anyone to participate in securing it and incentives all parties in the ecosystem to reach consensus in a non-fraudulent manner.Despite numerous attempts since its inception, including the most recent China ban, Bitcoin has never failed at remaining a strong, secure network. The significant adoption we have seen by institutions that are purchasing Bitcoin is evidence that smart money is flocking to the best asset in the crypto space for security, stability and growth.”Darren Franceschini of BlockBank:Darren is the co-founder and chief operating officer of BlockBank, a multi-protocol utility wallet that combines the power of decentralized and centralized technology in a simple, secure application.“We’re still in our infancy, but more and more projects are moving toward becoming more decentralized. I wouldn’t claim that any blockchains are truly decentralized other than Bitcoin, which has no central control. Bitcoin’s true strength, however, is that it does not have one figure who represents its token creation. That provides a higher level of safety than any other blockchain because there is no single point of failure.”Daniela Barbosa of Hyperledger:Daniela is the executive director of Hyperledger and the general manager of blockchain, healthcare and identity for the Linux Foundation.“Decentralization has many angles, and one of them is control of the underlying software and something in the open-source community called ‘the right to fork.’ We think seeing lots of different layer-one networks all running similar protocols (such as Hyperledger Fabric or Hyperledger Besu/Ethereum) is inherently more ‘decentralized’ than a single layer-one network, no matter what the protocol. That is why the Hyperledger community is building an ecosystem with a focus on interoperability.”Ayesha Kiani of LedgerPrime:Ayesha is a vice president of business development at LedgerPrime, a quantitative and systematic digital asset investment firm. Ayesha is a faculty professor at New York University Tandon School of Engineering, investor board member at Ventures for America and venture partner at NextGen Venture Partners.“Bitcoin is the most decentralized protocol in the entire ecosystem. It has nothing to do with the controlling authority but more to do with its consensus algorithm, proof-of-work. The algorithm requires the miners to solve for equations that, in…
  • Would you like fries with that? Fast-food chains are serving up NFTs
    Cointelegraph.com News - 1 day ago
    Fast-food restaurants across the globe are jumping on the NFT bandwagon with their own digital tokens. The past few months have seen an explosive uptake of nonfungible tokens (NFT) as crypto artists, gaming enthusiasts, musicians, celebrities and now fast food chains deploy the technology in various ways.Fast food giants such as McDonald’s, Burger King and Taco Bell are taking to NFTs because of their capacity to enable gamified promotions and distribution of their products and services. Here is a quick look at emerging NFT adoption in the fast-food sector. Taco BellTaco Bell is a popular fast food brand in the United States thanks to its Mexican-style products. In a March 2021 marketing campaign, Taco Bell launched a new NFT collection emerging as the first among fast-food chains to offer collectible tokens.Taco Bell NFTs (Taco Art) comprise artistic illustrations of its fast-food offerings, with some buyers paying upward of 10 Ether (ETH) for one Taco Bell NFT. According to tweets from the restaurant chain, earnings generated from the sale were donated to charity. Burger KingNot one to be left behind, Burger King announced its entry into the NFT space with the release of a range of digital collectibles under a marketing campaign dubbed “Keep It Real Meals.”Every Burger King customer will be able to scan the QR code that comes with their meal to receive one of three collectible game pieces. Once a player receives all three, they will receive a fourth token that could be a reward of a digital collectible, a year’s supply of burgers or a call with one of the campaign’s celebrity spokespeople. McDonald’sDespite China’s ban on nearly everything crypto-related, McDonald’s China branch will release a set of 188 NFTs to its employees and customers as part of a giveaway celebration of the franchise’s 31st anniversary.The NFTs consist of three-dimensional artistic designs of McDonald’s China’s new office headquarters in a project titled “Big Mac Rubik’s Cube,” and they were built in partnership with digital asset creation agency Cocafe. Pizza HutThe Canadian subsidiary of Pizza Hut, a fast-food chain famous for its all-you-can-eat pizza buffet, released an NFT project called “1 Byte Favourites,” which are digital NFT images of pizza slices. In a March 17 announcement, the company said it would issue NFT images of a slice of pizza every other week. Each slice and NFT image would come with a different recipe, and interested buyers will have access to the NFTs on Rarible. Pizza Hut Canada chief marketing officer Daniel Meymen said that the NFT campaign was “an opportunity to give fans another way to get their hands on their favorite Pizza Hut recipes, even if it’s virtual.”The new marketing medium for big brandsLike every other popular trend online, marketers have hopped onto the NFT bandwagon to get a piece of the pie and grab people’s attention by using the novel technology.Fast food brands and other consumer good brands are quickly discovering that selling their products with the NFT badge and other digital collectible jargon as part of their campaign is a winning strategy.Even in cases where the collectibles are not limited or rare, the masses have continued to buy NFTs at exorbitantly high prices. The jury is still out on whether this is the future of brand marketing or just hype that will soon die down.
  • DAOs will be the future of online communities in five years
    Cointelegraph.com News - 1 day ago
    A decentralized autonomous organization provides power for users to create an online community with as little friction as possible. Online communities, those that share a common interest on the internet, can range from social networks, grassroots organizations and customer communities. We, as a society, are naturally communal, so it makes sense to engage in ideas and interests with others online. Whether we build relationships with people directly or indirectly, communities are built. However, how we do so differs.In 2006, web expert Jakob Nielsen proposed a 90-9-1 rule based on participation inequality in social media and online communities. According to Nielsen, in most online communities, 90% of users are lurkers, i.e., those who observe, but don’t contribute, nine percent of users contribute a little and only one percent account for the most contributions.But as the influence of online communities continues, their nature is beginning to change. The previous era was dominated by a user, customer and creator relationship. Now, though, we’re starting to see online communities taking ownership of what they want to share.Related: Crypto social governance will lead to online freedomThe ownership and creator economyWith COVID-19 forcing many of us to work from home and socially distance ourselves from loved ones, digital connectivity has played an important role in how we stay connected. For many, this has resulted in a greater reliance on online communities. According to research by Facebook, in conjunction with The Governance Lab at New York University, 77% of respondents indicated that the most important group they’re part of operates online.Today, we live in a world where content is readily created and shared. This creator economy, which builds on human creativity, intellectual property and technology, is a concept that continues to grow. And after a year of lockdowns, now more than ever is a time to appreciate the creator economy. As governments seek to rebuild their economies in the wake of the ongoing global COVID-19 pandemic, creative economies will play an important role. So much so that figures from Deloitte suggest that this sector could grow by 40% by 2030, adding more than eight million jobs.The next logical step moves away from this sharing economy toward that of an ownership economy. Jesse Walden, the founder of Variant Fund, calls the ownership economy something that is “not only built, operated, and funded by individual users, but owned by users too.” An example of the creator economy and the ownership economy coming together is seen through nonfungible tokens (NFTs). NFTs are enabling creators to deliver a more intimate connection with their followers while removing issues associated with middlemen. By doing so, and thanks to the blockchain, creators have full ownership of their work and have free rein to copyright their creations while ensuring their authenticity. Delivering a golden opportunity for creators, NFTs are establishing creative ownership.Related: Bull or bear market, creators are diving headfirst into cryptoAnd it’s the advent of crypto and decentralized finance (DeFi) that is helping to take online communities to the next level. As the sector uses assets that are shared by all shareholders, creating something that aligns with their interests, crypto and DeFi are a natural fit. Empowered by frictionless finance, the ownership economy enables novel approaches for real-world communities to leverage digital tools to create, capture and exchange value more effectively in virtuous cycles.The ownership economy has been pioneered by Bitcoin (BTC). Arriving in 2009, Bitcoin proposed a new avenue of economic wealth while using technology on a computer. By doing so, anyone with an internet connection was incentivized while mining for newly minted Bitcoin, thus helping to secure the network while claiming ownership in the network itself.Since then, the crypto market has grown exponentially and with it, online communities are being seen through new tooling and incentive design which comprises the trend known today as decentralized autonomous organizations (DAOs).DAO online communitiesA DAO is essentially a programmable organization of people that form around a shared mission and fosters an emergent online community. They jointly control a crypto multi-signature wallet, ensuring that its objectives — decided by DAO members — are met. The governance of DAOs and their operations are written in smart contracts, consisting of automated if-then statements, making them transparent and auditable.What’s great about DAOs and their role in online communities is that the way they interact with each other is a wide-open surface area and there is much work being done in the space. Anyone can take part in a DAO regardless of where they are. All that’s required is the staking of funds, which creates a great building block for interacting with a community. DAOs are not walled gardens and therefore their participants have intrinsic and extrinsic incentives to collaborate with other DAO communities to bolster each other’s capabilities while sharing in the ownership and direction of each project. With no central party standing in the way, everyone is given a right to have a say about how something is or should be done. Related: Airdrops, DAOs, token issuance and public domains are the next frontier for NFTsDAOs and DAO2DAO collaborations are still very much “a crypto thing,” but real power for positive change lies in them when the methodologies, ownership models and tools created from this movement touch real-world communities, large and small.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Michael O’Rourke is the co-founder and CEO of Pocket Network. Michael is a self-taught iOS and Solidity developer. He was also on the ground level of Tampa Bay’s Bitcoin/crypto meetup and consultancy, Blockspaces, with a focus on teaching developers Solidity. He graduated from the University of South Florida.
  • Bitcoin decides fate of $60K as weekly close keeps BTC traders on their toes
    Cointelegraph.com News - 1 day ago
    It could still go either way for bulls in the run-up to what could still turn out to be the highest weekly close on record. Bitcoin (BTC) is lining up a crucial weekly support test on Oct. 23 after impulsive sellers moved large amounts of BTC to major exchange Binance.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC dices with $60,000BTC/USD is keeping traders nervous into Saturday, data from Cointelegraph Markets Pro and TradingView shows, deciding on the fate of $60,000 support.The level had proven the first major area of buyer interest overnight after old all-time highs at $64,900 failed to prop up the market.While analysts remain bullish on longer timeframes, the comedown is creating an interesting close to the current weekly candle.Last week, #BTC Weekly Closed above a historical major resistance area (red)This week, $BTC may be dipping towards the same area but this time to turn it into a supportWeekly retest may soon be in progress#Crypto #Bitcoin pic.twitter.com/j8yGm7g5bt— Rekt Capital (@rektcapital) October 22, 2021 For Cointelegraph contributor Michaël van de Poppe, however, called the correction “fine” and maintained his prognosis of a macro price top of as much as $300,000.Elsewhere, a popular theory revolves around a structured flushing out of overleveraged traders, these having pushed up funding rates to classic unsustainable levels during the run to $67,100 all-time highs.Front-running the United States’ first Bitcoin ETF is likewise still a major topic of debate, as noted by popular Twitter account BitBit.roughly 1.25 trillion dollars were injected into the market in a span of exactly 3 months, ahead of the ETF approval. now you tell me that some big pockets didn’t have this info way before you could guess.1.25 trillion.— Bitbit BTFD (3, 3) (,) (,) crypto (@BitBitCrypto) October 23, 2021 Binance reserves shoot higherWhile exchange balances broadly continue to trend lower, meanwhile, Binance has seen a dramatic uptick in its reserves in recent days. Related: Price analysis 10/22: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNIAccording to data from statistics resource Bybt, these increased by over 50,000 BTC to near 400,000 BTC as of Friday.Bitcoin balance on Binance. Source: BybtExchange reserve upticks tend to signify a desire to sell or have BTC available to sell at short notice.
  • Texas Ethics Commission seeks pro-crypto rule for political contributions
    Cointelegraph.com News - 1 day ago
    If approved, cryptocurrency donations and contributions will need to be reported as in-kind contributions or as investments, not currency. The Texas Ethics Commission proposed a new rule that permits government officials and politicians to accept Bitcoin (BTC) and cryptocurrency contributions. The proposal was filed with the Texas Secretary of State, which sought to address and clarify the reporting requirements of political contributions made with cryptocurrencies. According to the filing:“The new rule permits candidates, officeholders, and political committees to accept cryptocurrency. It does not distinguish between any types of cryptocurrencies, like Bitcoin.”If approved, cryptocurrency donations and contributions will need to be reported as in-kind contributions or as investments, not currency. According to the Commission, this move “mirrors the way the Federal Election Commission (FEC), Internal Revenue Service (IRS) and Securities and Exchange Commission (SEC) treat cryptocurrency contributions.”The proposal clarifies that political and governmental campaigns will not be able to permitted to spend cryptocurrencies directly and will require to liquidate cryptocurrencies before spending the proceeds. However, the Commission mentioned:“The rule would not require filers to liquidate their cryptocurrency holdings within any particular timeframe.”In addition, the proposal plans to counter the high volatility of cryptocurrencies by directing filers to report the value of any accepted cryptocurrency as the fair market value at the time of receipt. The legality of every crypto contribution will be determined by an affirmation that the contributor is not a foreign national. According to the filing, the new rule is proposed under Texas Government Code §571.062, which authorizes the Commission to adopt rules to administer Title 15 of the Election Code.Related: Cryptocurrencies now recognized under commercial law in TexasThe state of Texas recently approved two house bills that promote cryptocurrency blockchain adoption.According to a Cointelegraph report, Texas House Bills 1576 and 4474 were signed into law by Governor Greg Abbott that allows the establishment of a blockchain working group and amends the state’s Uniform Commercial Code to recognize cryptocurrencies under commercial law.
  • CoinMarketCap hack reportedly leaks 3.1 million user email addresses
    Cointelegraph.com News - 2 days ago
    3.1 million email addresses linked to CoinMarketCap accounts were reportedly being traded on hacking forums, according to Have I Been Pwned. CoinMarketCap, a price-tracking website for cryptocurrencies, has reportedly fallen victim to a hack that leaked 3.1 million (3,117,548) user email addresses. The information came into light after the hacked email addresses were found to be traded and sold online on various hacking forums, and revealed by Have I Been Pwned, a website dedicated to tracking hacks and compromised online accounts. CoinMarketCap, a subsidiary of Binance cryptocurrency exchange, confirmed that the list of leaked user accounts matched its userbase:“CoinMarketCap has become aware that batches of data have shown up online purporting to be a list of user accounts. While the data lists we have seen are only email addresses, we have found a correlation with our subscriber base.”While confirming the correlation of the 3.1 million (3,117,548) user email addresses with its userbase on Oct. 12, the company has assured that the hackers did not gain access to any of the account passwords. “We have not found any evidence of a data leak from our own servers — we are actively investigating this issue and will update our subscribers as soon as we have any new information,” CoinMarketCap spokesperson said. Despite the confirmation, CoinMarketCap has yet to identify the exact cause of the hack. Responding to Cointelegraph’s request for comment, CoinMarketCap said:”As no passwords are included in the data we have seen, we believe that it is most likely sourced from another platform where users may have reused passwords across multiple sites.”Related: Hackers exploit MFA flaw to steal from 6,000 Coinbase customers — ReportA recent hack on the Coinbase crypto exchange resulted in the compromise of 6,000 user accounts.The attack was a result of exploiting the exchange’s multifactor authentication (MFA) system, which suggests that the hackers had access to the user’s email addresses. According to Coinbase, the attackers identified a vulnerability in the account recovery process:“In this incident, for customers who use SMS texts for two-factor authentication, the third party took advantage of a flaw in Coinbase’s SMS Account Recovery process in order to receive an SMS two-factor authentication token and gain access to your account.”While the value of stolen assets has yet to be revealed by Coinbase, the incident was complemented by thousands of formal complaints from the account holders against the company.
  • Australian Senators pushing for country to become the next crypto hub
    Cointelegraph.com News - 2 days ago
    The Australian Senate Committee delivered a report calling for a complete overhaul of crypto legislation and licensing in the country. On Oct. 20, the Australian Senate Committee delivered a groundbreaking report calling for a complete overhaul of crypto legislation and licensing in the country. But, will it achieve its aim of transforming Australia into an international blockchain hub and providing a model for other countries to follow? Top-down governmental responses to innovation have always been questioned by entrepreneurs. Right now in crypto land as institutional investment flows steadily in and decentralized finance (DeFi) use cases and products have continued to flourish over the past 18 months, many crypto companies are begging for further regulatory clarity.The original Australian Senate Select Committee on FinTech and RegTech, chaired by Senator Andrew Bragg, was established in 2019 to strengthen the regulatory environment for fintechs and regtechs in Australia. It would quickly become known as the Bragg Inquiry and is now largely focused on crypto. Generally not regarded for its regulatory progress, Australia’s quick pivot to researching and proposing helpful rules for the crypto industry has surprised many. Judging by the report’s heavy quoting of stakeholders, the Australian government’s October 2021 Senate inquiry final report into digital assets has attempted to truly listen to the vast concerns and aspirations of the bustling Australian crypto industry, with almost 18% of Australia’s population owning crypto. The inquiry released its final report after six months of hearings and submissions on the topic. This timely report has received widespread industry applause.Generating a response Notable recommendations include proposals for tax reform and a possible new corporate entity to be able to register decentralized autonomous organizations (DAOs) in Australia. The recommendations present an opportunity to attract jobs, investment and innovation to Australia and to retain talent.The outcome is perhaps not surprising, given that Bragg is making his mark as a “Crypto Bro.” He participated in a July “Ask Me Anything” session on Reddit and met with crypto stakeholders. He conducted another in September, where he proclaimed: “I am very keen on the democratic mandate of crypto — I think it has created an asset class that anyone can access.”He seems to understand the space well, as the final report suggests Australia create DAOs as a new legal corporate vehicle. An acknowledgment that is trying not to subsume these new technologies into existing legal frameworks is contrary to Australia’s common law legal system built on precedent and legislation. On Reddit, Bragg had tipped his hat to progressive legislation in the United States state of Wyoming: “The point here is regulatory arbitrage. We want the innovation to be legitimised through a non-stifling regulatory approach. Do you think the Wyoming DAOs are a good idea?”So, has crypto gotten too big for the government to ignore? The report suggests the committee, composed of six members from the major political parties and an independent senator, and not just Bragg, is willing to explore new ideas and genuinely support Australia’s place as a home for crypto innovation.The summation of the report is that Australia might legislate an encouraging regulatory regime for ambitious concepts such as DAOs and that crypto custodial services can now be conducted in Australia. Does this provide an example for less crypto-friendly countries to follow? After all, Australia has been long known for dangerous wildlife and, rarely if ever, for innovative regulation. It could be argued that with this move, Australia is looking to position itself as a location with favorable laws, hoping to attract more business. “Jurisdictions that provide competitive policy for decentralized technology will attract talent and investment in this space,” noted Kelsie Nabben, a Blockchain Australia board member and Cointelegraph contributor. Wyoming made DAOs a corporate entity a year ago and is now celebrated in crypto circles globally.The industry welcomed the report but there are concerns that few in the government understand the industry well enough to adequately debate and pass the legislation. Chloe White, CEO of Genesis Block, is well known in crypto circles, having been the Australian government’s former “ambassador for blockchain.” She told Cointelegraph that the government will need to ramp up its efforts in order to follow through on execution:“The reforms proposed by the Senate mark a turning point. However, the government will struggle to meet the Senate’s ambitious deadline — of 12 months to legislation — if it does not liaise closely with industry experts to earn a more thorough understanding of digital assets.”The final report — if implemented — would offer much regulatory clarity for the crypto industry. Here are some of the key recommendations that were included:DAOs a company law vehicle Investor Telegram groups have paid considerable attention to the Australian inquiry. Notably, investors are greatly excited by the recommendation for the government to establish a new DAO company structure into corporate law. Legal personality for DAOs and limited liability for members would open the floodgates of innovation. This Senate’s final report itself noted: “Legal liability for members (i.e. token holders) for these organisations is currently unclear, and this regulatory uncertainty is preventing the establishment of projects of significant scale in Australia.” In other words, institutional investment could now flow to major DAO-based projects.“This is a big one. If legislated, these will be the most significant reform to corporate law in two decades,” RMIT Blockchain Innovation Hub researcher Aaron Lane noted in a press release, adding: “Providing DAO members with the option of a limited liability company structure will encourage talent and investment in Australia.”Stop de-banking of crypto exchanges The committee first recommended establishing a new market licensing regime for crypto exchanges since the major Australian banks have long been accused by Australian regulators and the Senate Inquiry of the anti-competitive removal of remittance payments for crypto exchanges or “de-banking,” despite being registered with the financial services watchdog Australian Transaction Reports and Analysis Centre, or AUSTRAC. Large centralized crypto exchanges such as Independent Reserve supported the idea in their Senate submissions to the inquiry. Further, the proposal recommended establishing “bespoke” custody or depository regime for crypto assets. Crypto asset custody under the remit of Australian regulators would act as a risk minimizer for local investors and encourage custodial businesses to be set up in Australia. A “token mapping” exercise aimed at appropriately characterizing different crypto assets and determining if they are considered financial products that require some crypto exchanges to register for an Australian Financial Services License (AFSL) is also proposed. This would be welcomed by many, particularly those seeking institutional investment. Australia is also particularly well-known for long established custody rules from a highly professional superannuation industry as a reference point. One key change is to institute a new recourse for under-banked customers, which would allow customers to appeal to the banks’ decisions. Common access could also be granted to the New Payments Platform, an industry-wide payments platform for Australia, national infrastructure for fast, flexible and data rich payments in Australia controlled by a group of major banks. This move would reduce the reliance on payments systems on the major banks since the crypto exchange industry in Australia is believed to be built on a house of cards without direct banking. Many crypto exchanges rely on two to three fintechs to bank with the Australian banking system. If those fintechs were de-banked, then the crypto exchange industry is plausibly at risk of collapse in Australia.Rejecting the Financial Action Task Force’s (FATF) Travel Rule.Furthermore, the inquiry rejected the Financial Action Task Force’s (FATF) “Travel Rule.” FATF is the international body that sets standards for Anti-Money Laundering. The Travel Rule means that in transactions involving virtual assets, ordering institutions must obtain and hold Know Your Customer (KYC) information for both the sender and the receiver. FATF currently has an extremely broad working definition regarding virtual assets and Virtual Asset Service Providers (VASPs).The key point is that FATF considers VASPs very broadly when it comes to the purposes of the Travel Rule. Decentralized exchanges (DEXs), certain decentralized application (DApp) owners and operators, crypto escrow services and certain nonfungible tokens (NFTs) are all considered VASPs. This, is of course, unworkable for DeFi projects which are open access to anyone with a crypto wallet and do not require verification. If crypto exchanges were overregulated under the wide FATF Travel Rule approach, this would likely stop Australia from becoming a hub of DeFi innovation. The Travel Rule is far too expansive in its description of VASPs, making enforcement very difficult for products such as high-frequency automated trading. While this would hinder experimentation in the crypto industry, it would also send some decentralized exchanges and protocols permanently underground, as they would seek to avoid any compliance. To date, no government seems to want to enforce the Travel Rule. Perhaps everyone is waiting for the U.S. to lead on the issue.Clearing up the DeFi tax nightmareThe evolution of DeFi has made the tax treatment of cryptocurrencies increasingly problematic for the industry. While Bitcoin (BTC) and Ethereum (ETH) are currently considered capital gains tax assets and eligible for capital gains tax upon the sale, DeFi’s liquid speed presents a new problem for tax considerations. Examples include minting and staking, along with the tax status of crypto to crypto exchanges, liquidity provider tokens and wrapped coins, which remain unclear for tax purposes.The Bragg Inquiry recommended that capital gains tax should only be applied “when there is a clearly definable capital gain or loss” when a trade occurs. However, the threshold for triggering taxation has yet to be declared.Also, a 10% tax discount was proposed for businesses that sourced their own renewable energy to mine cryptocurrencies and could serve as a nice touch to attract talent to Australia.Mostly positive response?Many were surprised by the support from Australia’s crypto industry. CEO at BTC Markets, Caroline Bowler, praised the recommendations saying Senator Bragg’s report not only meets our expectations of a proportionate, responsive policy change but also surpasses it in many ways: “For an industry that is moving at such a rapid pace, these pragmatic recommendations are going to give a massive leg up in putting Australia on the global fintech map.” Tim Lea, a crypto policy activist in Sydney and the CEO of fractional funding platform, Fractonium, told Cointelegraph: “The report is supremely intensive. If the key recommendations are taken up, it has the potential to position Australia so strongly in the global markets as a jurisdiction with a workable regulatory framework that provides Australian innovators with the clarity, certainty and flexibility to aggressively seize global market share.”The order of the recommendations is notable and suggests that the government understood which policy levers to pull first. Fred Pucci, a long time crypto advocate and investor, told Cointelegraph that the report reads “a bit like playing music. It makes artistic choices at every step.” DeFi, which is hard to regulate if at all, was not explicitly mentioned in recommendation one, which concerns the establishment of a market licensing regime for digital currency exchanges. In recommendation two, custody is advised as important for investor protections but, again, no mention of DeFi or “upstairs markets,” an old term in equity for off-market trades being permitted but less transparent. Meanwhile, “DAOs are the future and a key part of DeFi and this says that Australia wants to create a legal environment for experimentation in Recommendation 4” states Pucci. It is interesting that DAOs are considered to be ahead of the Anti-Money Laundering reform recommendations. In short, crypto exchanges are supported front-and-center first in the recommendations, but the regulation is not over-reaching. This reflects the policy messaging throughout the 143 page report.Devil in the detailsThe report is mostly aspirational for now, but some regulatory patience may play in Australia’s favor. This area could be finalized as these proposed laws settle in the future, giving Australia time to follow other jurisdictions. The token mapping delay is sensible because tokens and assets are hard to define, as every country now knows.Related: Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap?Senator Bragg said he believed the recommendations struck the right balance between encouraging…
  • Bitcoin price consolidation leans toward ‘another leg higher’
    Cointelegraph.com News - 2 days ago
    Bitcoin is a way off from its $67,000 all-time high, but analysts say historical data and fractals point toward “another leg” up. On Oct. 22, Bitcoin (BTC) price entered what some traders predict to be a “consolidation phase” as investors lock in profits following a non-stop run-up in price that began on Oct. 1, seeing BTC increase by 55% in just three weeks. Data from Cointelegraph Markets Pro and TradingView shows that a wave of midday selling on Friday dropped the price of Bitcoin from support at $63,300 down to the $60,000 level. BTC/USDT 1-day chart. Source: TradingViewHere’s what market analysts are saying about Bitcoin’s current price action for the short-term.“Bitcoin could be ready for another leg higher”The current price action is seen as a welcome development for crypto market intelligence firm Decentrader, which suggested that “Bitcoin is likely to progress higher through Q4 of 2021” thanks, in large part, to the launch of the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy fund (BTF).In response to concerns that the top is in for BTC, Decentrader pointed to the history of new all-time highs and highlighted the fact that “there are zero instances of Bitcoin breaking significant previous all-time highs and failing to continue higher.”According to the firm’s analysis, the current Bitcoin fractal pattern suggests “that the next major stop higher for Bitcoin would be $72,000 if momentum can be maintained, after which the 1.618 extensions suggest around $88,000 would prove to be a target of interest.”The spike in derivatives funding seen over the past couple of days has now “reset towards more balanced levels” with open interest remaining in line with the uptrend, which Decentrader suggested helps to reduce the risk of correcting lower. As to analysts, “A weekend push higher is likely to be met with initial resistance at $65,000, which is the 61.8% retracement from $66,800 and the value area high of the range.”Decentrader said:“Price is at a critical pivot point at the time of writing — any corrections towards $50,000 we consider buying opportunities and price appreciation into low funding, coupled with increasing open interest suggesting Bitcoin could be ready for another leg higher.”BTC is on track to trade like goldOne of the popular comparisons being made by financial analysts is how the release of a Bitcoin exchange-traded fund (ETF) compares to the release of the first gold ETF. According to Bloomberg Intelligence, “strong inflows for the new ProShares Bitcoin Strategy ETF show pent-up demand and quantitative traders targeting arbitrage opportunities, which are likely to narrow spreads and pressure volatility.” Bitcoin futures vs. Gold futures. Source: Bloomberg IntelligenceBloomberg Intelligence said:“We see BTC on track to trade like gold.”Related: Analysts hold their $250K Bitcoin price target even as BTC falls below $60KShort term pullback between $56,000 and $59,000Insight into what may come next for BTC in the short term was provided by Cointelegraph contributor Michaël van de Poppe, who posted the following chart outlining the lower area of support to keep an eye on for a good re-entry point. BTC/USD 2-hour chart. Source: TwitterAccording to van de Poppe, the $64,000 zone was “a crucial level” for the price to break above, which it failed to do, and “so a corrective move is taking place.”Poppe said:“Overall, looking at $56,000 to $59,000 as a good spot to buy.”The overall cryptocurrency market cap now stands at $2.518 trillion and Bitcoin’s dominance rate is 45.5%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • NFT studio Mojito completes $20M seed round with help from Sotheby's
    Cointelegraph.com News - 2 days ago
    Mojito previously helped develop Sotheby’s new digital NFT marketplace platform, Metaverse. NFT development studio Mojito announced Friday that they have raised $20M in seed funding from a number of investors including internationally known auction house Sotheby’s.According to an announcement published in Forbes, Sotheby’s auction house, in partnership with Future Perfect Ventures, Creative Artists Agency and NEA’s Connect Ventures, contributed to the round at Mojito’s estimated value of $100 Million.The Delaware-based start-up indicated that it will use this new injection of capital to grow and develop its engineering teams, make a better version of its current NFT platform and further develop its NFT trading and investment platforms.The NFT market has seen its total monthly sales drop from early September, though numbers have held at between $1.8 and $2.1 billion for the last month, according to nonfungible.com. The NFT market’s total monthly sales hit an all-time high of $3.7 billion on Sept. 4 after a steady rise in late July. $31 million of the current total NFT market sales comes from the sale of art-based assets.Digital art marketplaces such as OpenSea achieved prominence during this time as well, reportedly hosting 98 percent of the market’s transactions through August 2021.Art dealers and museums have taken notice, and are beginning to follow suit as they chase the money that is apparent in this new market. Both Sotheby’s and Christie’s auction houses have had a number of successful NFT auctions in the past year. Christie’s was the first of the two to host a global auction of an NFT.Mojito previously aided Sotheby’s in the development of its new digital NFT marketplace, known as Metaverse.Businessman and TV personality Kevin O’Leary, a one-time vocal opponent to cryptocurrency-based investments, recently stated his belief that the NFT market would become bigger than Bitcoin during an interview on the Pomp podcast.
  • Altcoin Roundup: Holding Bitcoin? Here’s how to put it to work in DeFi
    Cointelegraph.com News - 2 days ago
    BTC is back at all-time highs, meaning it’s even easier for holders to capitalize on the lucrative yield opportunities DeFi offers to investors who are willing to stake their tokens. The long-awaited day finally came on Oct. 19 as the first Bitcoin (BTC) exchange-traded fund (ETF) went live on the New York Stock Exchange, thrusting the crypto asset into the limelight across mainstream news outlets and alternative media alike. Despite the fact that the ETF in question will hold no actual Bitcoin and is instead a futures-based instrument, investors and pundits across the ecosystem have largely hailed its launch as proof that Bitcoin has hit the big leagues and will soon surpass the coveted $100,000 price target.Many investors either don’t have access or will choose not to interact with the newly launched EFT, but holders can still use a variety of strategies to earn a yield on their BTC holdings. Here’s a look at some strategies BTC holders can use to earn a yield. DeFi meets BTC in BadgerDAOBadgerDAO is an open-source protocol built on the Ethereum network that has the specific goal of building products and the required infrastructure needed to simplify the integration of Bitcoin into decentralized finance (DeFi). Currently, BadgerDAO has the most extensive list of BTC paired pools where investors can provide liquidity.BadgerDAO Bitcoin yield offerings. Source: BadgerDAOAs seen in the image above from the BadgerDAO dashboard, there are different offerings from the simple staking of Wrapped BTC (wBTC), which can earn a yield ranging from 1.22% to 27.98% depending on the terms of the lockup, to the staking in more complex liquidity provider (LP) strategies like the renBTC/wBTC/sBTC pool, which offers a yield ranging from 7.07% to 45.37%. It is important to note that there are risks involved with wrapping BTC and RenVM because a user must relinquish control of the original BTC in order to obtain either wBTC or renBTC, violating the crypto code of “not your keys, not your crypto.” For LP tokens that pair BTC with other cryptocurrencies such as Ether (ETH), BADGER or stablecoins like Tether (USDT) and USD Coin (USDC), holders must also consider the possibility of suffering an impermanent loss if the price of Bitcoin increases by a significant amount compared to the other token it is paired with. Trader JoeTrader Joe is the largest decentralized trading platform by total value locked (TVL) on the Avalanche network, according to data from Defi Llama, with $2.18 billion worth of assets currently on the protocol. Bitcoin-related pools on Trader Joe. Source: Trader JoeUsing wBTC on the Avalanche Network requires another layer of wrapping that produces wBTC.e, which can then be traded on the network or used to provide liquidity. At the time of writing, Trader Joe is offering a yield on three LP tokens, including a return of 26.223% for the wBTC.e/AVAX pair, 16% for the wBTC.e/USDC.e pair, and 11.9% for the wBTC.e/USDT.e pair. All rewards are paid out in the protocol’s native JOE token. RaydiumRaydium is the top-ranked DeFi protocol on the Solana network, according to data from Defi Llama, and currently boasts a TVL of $1.77 billion. Users who wish to use their BTC on Solana have the option of pairing it with USDC, USDT, Serum (SRM) and a wrapped form of Solana known as mSOL.Bitcoin-related pools on Raydium. Source: RaydiumThe yields offered range from 5.16% to a high of 14.27%, with all rewards paid out in the platform’s native RAY token. PancakeSwapPancakeSwap is the No. 1 ranked protocol by TVL on the Binance Smart Chain (BSC) with data from Defi Llama showing that $5.39 billion worth of tokens is currently locked on the protocol. In order to utilize Bitcoin on the BSC, it must first be wrapped to become BTCB, which can then transact on the network. Bitcoin-related pools on PancakeSwap. Source: PancakeSwapAt present, PancakeSwap is offering a 5.44% return for the BTCB/ETH pair, a 15.82% return for the BTCB/BUSD pair (Binance’s stablecoin, Binance USD) and 20.79% for the BTCB/BNB pair. All rewards are paid out in the protocol’s native CAKE token. Related: Valkyrie Bitcoin futures-linked ETF launches on Nasdaq, with share prices dropping 3% in first hourDecentralized Bitcoin futuresDYdX is a decentralized perpetual futures trading platform that made waves back in September when it airdropped thousands of dollars worth of its native DYDX governance token to early adopters of the platform. Similar to the ProShares Bitcoin Strategy ETF, trades made on the dYdX protocol do not settle in actual Bitcoin but instead in a USD stablecoin, so BTC stakers may not be too interested in the protocol if directly increasing Bitcoin holdings is the only goal. However, as opposed to trading a government-regulated futures product that is only available when the traditional markets are open, dYdX offers the decentralized, 24/7 trading environment that the crypto faithful have grown to love.Want more information about trading and investing in crypto markets?Bitcoin futures ETF debuts with highest-ever first day ‘natural’ volume of $1BProShares Bitcoin-linked ETF launches on NYSE as BTC price rises above $63KBitcoin-related altcoins surge as BTC ETF rumors spread across the sectorBitcoin briefly flippens Swiss franc after rally to new ATHBitcoin futures ETF hits $1B AUM in a record-breaking two daysThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Price analysis 10/22: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI
    Cointelegraph.com News - 2 days ago
    BTC and ETH reversed course as both assets search for underlying support, suggesting that bears are attempting to trap over-leveraged bulls. Bitcoin (BTC) and Ether (ETH) have both witnessed aggressive profit-booking after hitting their respective new all-time high. This suggests that traders who had bought on rumors of a Bitcoin exchange-traded fund booked profits following the successful launch of the ProShares’ Bitcoin Strategy exchange-traded fund (ETF) (BITO).The bulls tried to stage a recovery in Bitcoin after the launch of the second BTC futures-linked ETF by digital asset manager Valkyrie on Oct. 22 but met with strong selling pressure at higher levels. The selling has pulled the greed level on the Crypto Fear and Greed Index from 84 on Oct. 21 to 75 on Oct. 22.Daily cryptocurrency market performance. Source: Coin360JPMorgan Chase strategists said in a note that BITO was “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin” and the hype in the product may wane after a week. The strategists pointed out that capital was shifting away from gold ETFs into Bitcoin funds since September and that “supports a bullish outlook for Bitcoin into year-end.”Could Bitcoin and Ether witness a deep correction and what are the critical support levels to watch out for? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin made a new all-time high at $67,000 on Oct. 20 but the bulls could not sustain the breakout as bears pulled the price back below the breakout level at $64,854 on Oct. 21. This suggests that sellers are attempting to trap the aggressive bulls.BTC/USDT daily chart. Source: TradingViewThe bears tried to start a recovery on Oct. 22 but the long wick on the day’s candlestick shows that traders are selling on minor rallies. The strong support to watch on the downside is the 20-day exponential moving average (EMA) ($57,778).If the price rebounds off this support, it will suggest that sentiment remains positive and traders are buying on dips. That will increase the possibility of a break above the overhead resistance zone between $64,854 and $67,000. The pair could then rally to $75,000.On the other hand, if the price breaks below the 20-day EMA, the selling may accelerate and the BTC/USDT pair could drop to the 50-day simple moving average (SMA) ($50,496). ETH/USDTEther broke and closed above the overhead resistance at $4,027.88 on Oct. 20. That was followed by another sharp up-move on Oct. 21, which pushed the price to $4,375, just above the previous all-time high at $4,372.72.ETH/USDT daily chart. Source: TradingViewHowever, the long wick and the negative close on Oct. 21 show that traders may have sold aggressively near the all-time high. The bears are attempting to sustain the price below the breakout level at $4,027.88.The upsloping 20-day EMA ($3,712) and the relative strength index (RSI) in the positive zone suggest that bulls remain in command. If the price bounces off the current level, the bulls will make one more attempt to thrust the ETH/USDT pair to a new all-time high.A break and close below the neckline of the inverse head and shoulders (H&S) pattern could signal the possible start of a deeper correction to $3,200.BNB/USDTBinance Coin (BNB) turned down from $505.90, which shows that bears are defending the overhead resistance at $518.90. The altcoin could not drop to the 20-day EMA ($455), which is expected to act as a strong support.BNB/USDT daily chart. Source: TradingViewIf the price bounces off the 20-day EMA, the BNB/USDT pair could make one more attempt to clear the overhead hurdle at $518.90. If they manage to do that, the pair could rally toward the pattern target at $554.The rising 20-day EMA and the RSI in the positive zone indicate that bulls have the upper hand. This advantage could shift in favor of the bears if the price turns down and slips below the moving averages. The selling could intensify further on a break below $392.20.ADA/USDT Cardano (ADA) broke above the 20-day EMA ($2.18) on Oct. 21 but the bulls could not push the price above the resistance line of the symmetrical triangle pattern. This indicates that bears are vigorously defending this level.ADA/USDT daily chart. Source: TradingViewThe sellers are currently trying to sink the price below the support line of the triangle. If they succeed, it will suggest that the equilibrium between the bulls and the bears has resolved to the downside.The ADA/USDT pair could then slide to the strong support at $1.87. A break and close below this level could result in panic selling. The break and close above the triangle will be the first indication that bulls are back in the game. The pair may then rally to $2.47 and pick up momentum above this resistance.XRP/USDTRipple (XRP) returned from the downtrend line on Oct. 21, indicating that bears are defending this level aggressively. On the downside, the bulls are attempting to sustain the price above the moving averages.XRP/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the bulls will again try to push the XRP/USDT pair above the downtrend line. If they manage to do that, the pair could rally to $1.41. A break and close above this resistance could push the price to $1.66.The flat moving averages and the RSI near the midpoint suggest the pair may remain range-bound for a few days. A break and close below $1 will clear the path for a possible drop to the strong support at $0.85.SOL/USDTSolana (SOL) broke and closed above the overhead resistance zone between $171.47 and $177.79 on Oct. 21. This completed a bullish ascending triangle pattern, which has a target objective of $226.94.SOL/USDT daily chart. Source: TradingViewThe bears may pose a stiff challenge at the current all-time high at $216 but the strong momentum of the past three days shows that bulls are aggressively buying at higher levels. A break and close above $216 will signal the resumption of the uptrend.Conversely, if the SOL/USDT pair turns down from $216, a retest of $177.79 is possible. If the price rebounds off this level, it will indicate that bulls continue to buy on dips. The bulls will then again try to resume the uptrend. A break and close below $171.47 will signal that the bullish momentum has possibly weakened.DOT/USDTPolkadot (DOT) broke above the immediate resistance at $44.78 on Oct. 20, indicating the possible resumption of the up-move. The bears tried to trap the aggressive bulls by pulling the price toward the breakout level at $39.02 on Oct. 21 but buyers had other plans.DOT/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($38.88) and the RSI near the overbought zone suggest that bulls have the upper hand. If buyers sustain the price above $45, the DOT/USDT pair could retest the all-time high at $49.78.This level may act as a stiff hurdle but if bulls do not give up much ground, the pair could extend the up-move to $53.90. The bears will have to pull the price below the breakout level at $38.77 to turn the advantage in their favor. The pair could then decline to the 50-day SMA ($34.07).Related: PayPal logs its largest Bitcoin volume since May BTC price crashDOGE/USDTDogecoin (DOGE) continues to face stiff resistance at the downtrend line, indicating that bears are defending this level aggressively. A minor positive is that bulls have not allowed the price to break and sustain below the 20-day EMA ($0.23).DOGE/USDT daily chart. Source: TradingViewIf bulls fail to push and sustain the price above the downtrend line, the likelihood of a break below the 20-day EMA will increase. That could pull the price to the strong support zone at $0.21 to $0.19. The bulls are expected to defend this zone vigorously.A strong rebound off this support zone will point to a possible range-bound action between $0.19 and $0.27 for a few days. The trend will tilt in favor of the bulls if the DOGE/USDT pair rises and closes above $0.27. The pair could thereafter rise to $0.32 and then to $0.35. LUNA/USDTTerra protocol’s LUNA token rallied close to the overhead resistance at $45.01 on Oct. 20 where bears attempted to stall the up-move. The price turned down from the overhead resistance but the bulls defended the breakout level at $39.75 on Oct. 21. This shows that the sentiment has turned positive and traders are buying on dips.LUNA/USDT daily chart. Source: TradingViewIf bulls thrust and sustain the price above $45.01, the LUNA/USDT pair could retest the all-time high at $49.54. This level may again act as an obstacle but if bulls arrest the next decline above $45.01, the prospects of a new all-time high increase. The pair could then rally to $60.57. Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA ($39.18), the decline could extend to $34.86. The selling could intensify below $32.50.UNI/USDTUniswap (UNI) broke and closed above the neckline of the inverse H&S pattern on Oct. 20 but the bulls could not build on this advantage. The bears pulled the price back below the neckline on Oct. 21.UNI/USDT daily chart. Source: TradingViewHowever, a minor positive is that bulls did not allow the price to slip below the 20-day EMA ($25.46). This shows that buyers are accumulating on every minor dip. If bulls drive the price above $28, the UNI/USDT pair could jump to $31.41.This level may again act as a stiff resistance but if bulls overcome this barrier, the pair could rally to the pattern target at $36.98. Conversely, a break below the moving averages could pull the price down to the strong support at $22. The short-term trend will turn negative if this support is breached.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.
  • Reddit may be preparing to launch its own NFT platform
    Cointelegraph.com News - 2 days ago
    Other social media platforms including Twitter and Facebook have been working to support NFTs, if not create a competitor to major marketplaces. Social media platform Reddit appears to be hiring workers to support the design, build and maintenance of a nonfungible token (NFT) platform.According to a Greenhouse job posting, Reddit is looking for a senior backend engineer for a platform responsible for “millions of users to create, buy, sell and use NFT-backed digital goods.” The position requires at least five years of experience in backend development as well as the ability “to design and implement complex distributed systems operating under high load.”“If there is one thing we’ve noticed with NFTs, they too have an incredible power to create a sense of participation and belonging,” said the job posting.“With every new NFT project, a vibrant community of owners pops up with it. Fans of today’s biggest creators and brands are now flocking to buy digital goods directly from them — to support them, to gain exclusive access, and to feel a greater sense of connection with them. Over time, we believe this will only grow, and NFTs will play a central role in how fans support their favorite creators and communities.”Reddit has acted as a medium to bring together crypto users for years, with the platform’s subreddits largely responsible for pumping prices of tokens including Dogecoin (DOGE). Users can also earn the platform’s Community Points — digital currency-like tokens in the form of Moons or Bricks — by posting certain content to earn rewards. Related: Twitter and TikTok embrace NFTs: Mainstream adoption incoming?While some crypto exchanges have been slowly launching their own NFT marketplaces, social media platforms have also been working to support the technology, if not create a competitor to OpenSea. Social media giant Facebook hinted that its Novi wallet would likely support NFTs, and Twitter revealed in September that it was working towards allowing users to display an NFT as their profile picture.“The NFT movement has only just begun,” said Reddit.
    • Shiba Inu To Enter Top 10 Crypto ! SHIB Price Surged More Than 50%
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 18 hours ago
      The post Shiba Inu To Enter Top 10 Crypto ! SHIB Price Surged More Than 50% appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide On October 24, cryptocurrency values remained a combination of green and red. While BTC is fiddling to stay above $6K, ETH has been comparatively bullish as it is up 2.2%. The other top coins, ADA, SOL, XRP and DOT are trading in red. Amidst this killing the game is Shiba Inu, the meme crypto has …
    • XRP Price Looks Solid, Will There be a Significant Upward Surge?
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post XRP Price Looks Solid, Will There be a Significant Upward Surge? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide BTC and ETH both reversed direction as they looked for fundamental support, implying that bears are trying to catch over-leveraged bulls. Despite Ripple’s legal battle with US securities regulators, XRP is looking solid. XRP is likely to convert a historic level of resistance into support, paving the stage for a significant surge. XRP Price Action …
    • Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing!
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Highlights XRP could possibly hit highs of around $1.2. Extreme sell-offs would plummet XRP below $1.ADA might hit its resistance around $2.4 but could test its support levels before the uptrend.   The crypto space has been a rough sail for altcoins such as XRP and ADA. However, the coins have managed to withstand strong and …
    • Avalanche (AVAX) Price Is Looking Super Strong, Possesses The Potential To Surge Nearly 65%
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post Avalanche (AVAX) Price Is Looking Super Strong, Possesses The Potential To Surge Nearly 65% appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide One of the fastest smart contracts platforms, Avalanche’s first desktop wallet recently launched version 2.0. The new features are said to be pretty compatible with all the DApp on Avalanche blockchain. Hence, the AVAX price could skyrocket to the moon in the coming days.  Lots of great new features and tools in version 2.0, check …
    • Why is This Last Chance to Buy Ethereum? ETH Price Posied For $20k!
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post Why is This Last Chance to Buy Ethereum? ETH Price Posied For $20k! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The broader cryptocurrency market cap is retesting at $2.556 trillion, post-brushing an ATH of $2.7 trillion on 21st October. Bitcoin price is trading at $61,619 with 0.09% gains over the past week. Besides its counterpart, Ethereum has outperformed it with 2.66% profits in the last week. Moreover, the most dominant altcoin has perpetually stood ahead …
    • Shiba-Inu is Oscillating Within a Continuation Pattern, Where Will SHIB Price Head Next?
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post Shiba-Inu is Oscillating Within a Continuation Pattern, Where Will SHIB Price Head Next? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide People swapped their Dogecoin for Shiba Inu coins, bringing the Shiba Inu cryptocurrency coin to over 1 million new traders this week. However, the Shiba Inu price appears to be oscillating within a continuation pattern, with SHIB lacking directional clarity following a drop in trading volume.  Apart from a few Altcoins, the bigger cryptocurrency market …
    • Polygon(MATIC) Price Could Have Plunged 10x To Go Beyond $3, But This Happened!
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post Polygon(MATIC) Price Could Have Plunged 10x To Go Beyond $3, But This Happened! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Polygon is one of the altcoins, which has been on traders’ radar. The altcoin at press time is trading at $1.57 with gains of 1.1% for the last 24-hours. The market cap of the coin is $10,581,777,683. While the 24-hour trading volume hovers around $789,086,578.The MATIC price falls short of its ATH of $2.62.  According …
    • Fantom’s Vibrant Move Propels More Traders On the Floor! FTM Price to Shoot Sky!
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post Fantom’s Vibrant Move Propels More Traders On the Floor! FTM Price to Shoot Sky! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The entire cryptocurrency market cap is encountering a minor correction after retesting at a crucial resistance. Besides, DeFi space dumped by over 10% in 24 hours. While the Fantom(FTM) price outshines most of its opponents in the space with 9.97% profits round the clock.  Fantom is one of the solid performing tokens among layer 1 …
    • ZCASH(ZEC), Harmony(ONE) Price Could Fall Into Bearish Trap! What’s Next?
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post ZCASH(ZEC), Harmony(ONE) Price Could Fall Into Bearish Trap! What’s Next? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Zcash Price Testing Crucial Levels The asset experienced a notable dump and consolidation since the start of the present trading day. However, from the past 10 days, the Zcash price appears to have reversed its trend maintained above certain levels. The 24-hr trading volume was also considerably high which made the price sustains above the …
    • The Best Cryptocurrency Wallets For American and Australian Gamblers
      Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 1 day ago
      The post The Best Cryptocurrency Wallets For American and Australian Gamblers appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Thirteen percent or an average of 1 in 10 Americans have traded or invested in cryptocurrency in 2020, according to data from a study completed by the University of Chicago, compared to seventeen percent of Australians who currently own crypto coins worth $8 billion. Moreover, according to fresh September 2021 data from the land Down …
    • Avalanche of Institutions To Descend on Crypto Markets Over Next 12 to 18 Months: SkyBridge Capital CEO
      The Daily Hodl - 8 hours ago
      The CEO of global investment firm Skybridge Capital is predicting that the crypto markets will see more institutional interest in the next 12 to 18 months.  In a new episode of The Best Business Show, Anthony Scaramucci tells host and Bitcoin bull Anthony Pompliano that more institutional investors will likely jump into the crypto bandwagon […] The post Avalanche of Institutions To Descend on Crypto Markets Over Next 12 to 18 Months: SkyBridge Capital CEO appeared first on The Daily Hodl.
    • The Real Opportunity for Bitcoin and Crypto Will Come From This Group of Investors, Says Shark Tank Star Kevin O’Leary
      The Daily Hodl - 10 hours ago
      Shark Tank investor Kevin O’Leary says that a group of investors could transform Bitcoin (BTC) and the crypto markets when they decide to allocate capital to the space. In a new interview with Bitcoin bull Anthony Pompliano on The Best Business Show, the celebrity investor says that there will be a massive opportunity for crypto […] The post The Real Opportunity for Bitcoin and Crypto Will Come From This Group of Investors, Says Shark Tank Star Kevin O’Leary appeared first on The Daily Hodl.
    • Hedge Fund Billionaire Paul Tudor Jones Says Gold Losing the Race Against Crypto As Inflation Hedge
      The Daily Hodl - 11 hours ago
      Hedge fund billionaire Paul Tudor Jones says that crypto is currently his preferred way of hedging against inflation. In a new interview with CNBC, Jones says that crypto has acted as a great hedge as of late and is winning the race against gold. “Crypto has been a great hedge… I said then, I said […] The post Hedge Fund Billionaire Paul Tudor Jones Says Gold Losing the Race Against Crypto As Inflation Hedge appeared first on The Daily Hodl.
    • Walmart Installs 200 Bitcoin ATMs in Stores As Retail Giant Launches New Crypto Pilot Program: Report
      The Daily Hodl - 13 hours ago
      Walmart customers can now add crypto to their shopping lists as the retail giant has started a pilot program that adds Bitcoin-dispensing machines to some of its locations. In collaboration with digital currency exchange platform CoinMe and coin-cashing machine company Coinstar, the megastore says that it has released 200 Coinstar kiosks in Walmarts around the […] The post Walmart Installs 200 Bitcoin ATMs in Stores As Retail Giant Launches New Crypto Pilot Program: Report appeared first on The Daily Hodl.
    • Crypto Analyst Predicts Timeline for Huge Ethereum Rally, Plots Targets for Polkadot and FTT
      The Daily Hodl - 16 hours ago
      A widely followed crypto strategist and trader is predicting the time horizon for a huge Ethereum rally as he maps out the price targets for Polkadot (DOT) and FTX Token (FTT). The trader, known in the industry as Altcoin Sherpa, tells his 136,600 followers that he’s keeping a close eye on Ethereum against Bitcoin (ETH/BTC) […] The post Crypto Analyst Predicts Timeline for Huge Ethereum Rally, Plots Targets for Polkadot and FTT appeared first on The Daily Hodl.
    • Crypto Exchange FTX Valued at $25,000,000,000 in Latest Funding, Drawing in Huge Institutional Investors
      The Daily Hodl - 18 hours ago
      A new round of fundraising has given crypto exchange FTX a staggering 11-figure valuation, drawing in large institutional investors. The Bahamian-based company gathered $420.6 million with its latest session of fundraising, bringing in capital from blue-chip investors to raise its total valuation to $25 billion. Key investors included BlackRock, the biggest asset manager in the […] The post Crypto Exchange FTX Valued at $25,000,000,000 in Latest Funding, Drawing in Huge Institutional Investors appeared first on The Daily Hodl.
    • One Low-Cap Altcoin Set for Massive Supply Shock As Solana Preps for Epic Rally: Crypto Analyst
      The Daily Hodl - 21 hours ago
      A popular crypto strategist and trader is predicting a fresh price spike for smart contract platform Solana and says one low-cap altcoin is gearing up for a supply shock. Pseudonymous crypto analyst Credible tells his 251,900 Twitter followers that he expects Solana (SOL) to ignite a massive rally after breaking out and starting a new […] The post One Low-Cap Altcoin Set for Massive Supply Shock As Solana Preps for Epic Rally: Crypto Analyst appeared first on The Daily Hodl.
    • Binance Moves 36,306 BTC Worth Staggering $2,214,339,246, Pays Just $3.47 in Transaction Fees
      The Daily Hodl - 23 hours ago
      Global crypto exchange Binance just shuffled a 10-figure sum of Bitcoin between wallets as BTC clings to the $60,000 level. Crypto data tracker BitInfoCharts spotted a massive transaction to the tune of 36,306  BTC – worth over $2.21 billion at the time of writing. The transaction was first broadcast to the Bitcoin network on October […] The post Binance Moves 36,306 BTC Worth Staggering $2,214,339,246, Pays Just $3.47 in Transaction Fees appeared first on The Daily Hodl.
    • Macro Guru Raoul Pal Says There’s a 70% Chance Bitcoin and Ethereum Hit This ‘Shoo-In’ Price
      The Daily Hodl - 1 day ago
      Real Vision CEO and macro investor Raoul Pal is predicting that Bitcoin could more than triple in value from the current price, while Ethereum could nearly quadruple. Pal tells his 695,100 Twitters followers that there’s more than a 70% probability of Bitcoin hitting $200,000 and Ethereum reaching $20,000. “This is not a certainty. It is […] The post Macro Guru Raoul Pal Says There’s a 70% Chance Bitcoin and Ethereum Hit This ‘Shoo-In’ Price appeared first on The Daily Hodl.
    • Bitcoin Bull ARK Invest Yet To Buy the Top Crypto Asset’s ETF – Here’s Why
      The Daily Hodl - 1 day ago
      The founder of ARK Invest is unveiling that the investment firm did not buy the ProShares Bitcoin (BTC) exchange-traded fund (ETF) that was launched earlier this week. In a Bloomberg interview, Cathie Wood says ARK Invest wants to understand the tax implications of the Bitcoin futures ETF first. “No, we did not [buy the ProShares […] The post Bitcoin Bull ARK Invest Yet To Buy the Top Crypto Asset’s ETF – Here’s Why appeared first on The Daily Hodl.
    • Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors
      NewsBTC - 12 hours ago
      Shiba Inu (SHIB), one of the most popular meme coins, soared to an all-time high for the first time since May 11. The meme coin reached new heights of $0.00004432 over the weekend. SHIB was up over 50% in just 24 hours, according to the pricing from CoinGecko. Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets With a market cap of $21.4 billion, Shiba Inu is currently the 13th biggest cryptocurrency. It is getting closer to Dogecoin, which is now in 11th place with a market cap of $33.86 billion. Both coins, however, can be quite…
    • Zaragoza is the First Spanish City to Release NFTs
      NewsBTC - 20 hours ago
      Zaragoza is the first city in Spain to release NFTs, a new form of digital property that has been gaining traction around the world. NFTs are a new form of digital property that allows users to own a piece of digital content, just as they would own a physical object. They’re also an investment—the value of the NFT increases as more people use it and buy into the community. The Zaragoza City Council recently became the first official body in Spain to implement NFTs. During the Fiestas del Pilar, visitors to their site were been able to win NFTs from…
    • Backed by Giants, Swash Wants You to Reclaim the Web
      NewsBTC - 20 hours ago
      The value and impact of data are clear. People are aware of how expensive data is and the value it brings to the world’s most valuable companies. Increasing regulations have begun to push towards a more ethical, transparent system due to increasing privacy concerns and prominent data scandals, but alternatives are needed for a future driven by data. Swash is pioneering a new way of doing data by bringing control and data monetization to the masses through what can be understood as a Universal Data Income. With Web 3.0 gaining ground, data is the new currency as anyone who has…
    • Is Hyperinflation Inevitable? Jack Dorsey Says It’ll “Change Everything”
      NewsBTC - 1 day ago
      When Square’s boss Jack Dorsey talks about hyperinflation, the world listens. And Twitter reacts. Since so-called developed economies are now feeling the pain that inflation brings, the concept is in everyone’s mind. Every human has a front-row seat to witness the consequences of the United State’s relentless money printing. And, since the Dollar is still the reserve currency of the world,  they’re all feeling it too. Related Reading | Bullish For Bitcoin: US Inflation Expectation Breaks Out From Decade Long Downtrend This is Jack Dorsey’s tweet: Hyperinflation is going to change everything. It’s happening. — jack⚡️ (@jack) October 23, 2021…
    • Elon Musk Plans To Become The World’s First Dogecoin Trillionaire
      NewsBTC - 1 day ago
      Tesla CEO Elon Musk says that he will become the world’s first Dogecoin trillionaire. According to a recent prediction by a Morgan Stanley analyst, the SpaceX founder is on his way to becoming the world’s first trillionaire with his relentless amassing of wealth. A Twitter account called UberFacts tweeted this prediction. Amusingly, the Tesla CEO replied to the tweet, stating that he would be a Dogecoin trillionaire. With that reply, he sent the Dogecoin price soaring again. Related Reading | Elon Musk’s “Baby Doge” Tweet Spikes The Dogecoin Price As of today, Musk is already the wealthiest man in the world,…
    • NFT, GameFi and the BSC — An NFT Collection Designed for Success
      NewsBTC - 1 day ago
      When NFT giants such as CryptoPunks first launched, they could not imagine the connection between NFT’s and GameFi and focused on their sole collection of Punks. In Q3, NFT sales amounted to over $10.7 billion, which was partially due to an increase in the amount of creative and unique collections, as well as technological innovations, such as the integration with GameFi. For those that do not yet know — An NFT is a Non-Fungible Token, such as digital artwork, that cannot be replaced with something else, as it is non-fungible. GameFi represents a mix of decentralized finance (DeFi) and gaming, which operates…
    • Yieldly’s CEO Says Interoperability In DeFi Is More Important Than A Market-Leading Blockchain
      NewsBTC - 1 day ago
      Decentralized finance (DeFi) is no doubt one of the leading offerings of the crypto market. DeFi has provided users alternatives to traditional investments that they would otherwise not be able to access and this has been one of the major factors driving the growth of the space.  Currently, there are a number of blockchains on which DeFi protocols are programmed, namely; Ethereum, Solana, Cardano, Algorand, which Yieldly is built on, among others. These blockchains seem to be in an arms race to secure the most market share and lead the space. However, Yieldly’s CEO Sebastian Quinn does not believe this…
    • ASSEMBLE Protocol Rallies 200% Following Coinbase.com Listing
      NewsBTC - 1 day ago
      ASSEMBLE Protocol made its debut on the Coinbase Pro exchange on Wednesday 20th October 2021 according to the official disclosure made by Coinbase. ASSEMBLE Protocol’s token ASM was listed following massive demand from the community on the largest NASDAQ-listed U.S cryptocurrency exchange – Coinbase. The ASM token powers the Assemble Platform, which is purported at managing and spending integrated reward and loyalty points. Anticipation had been on the rise among holders ahead of the listing. With a user base of around 750,000, the project was primed for a big listing. ASM has also listed on Gate.io and Bithumb Korea, both…
    • New Journey Begins: ViaBTC Capital to Be Unveiled
      NewsBTC - 1 day ago
      Five Years of Commitment to Empowering Blockchain Projects 2021 marks another milestone for ViaBTC Group. In August, it established a new brand – ViaBTC Capital, an investment platform integrating capital, resources, and post-investment services. From “developing blockchain products” to “empowering blockchain projects”, ViaBTC Group is constantly exploring new frontiers and taking on new missions. “Innovation For A Better Future” Brand Launch online, October 23 On October 23, 2021, ViaBTC Group will unveil ViaBTC Capital online on its official Twitter account @ViaBTC Capital. The brand launch event themed with “Innovation For A Better Future” reveals the vision of the new investment…
    • Analyst Puts Bitcoin Bottom At $50,000, Here’s Why
      NewsBTC - 2 days ago
      With bitcoin rallying, all the focus has been on predicting where the price of the asset will be by the end of the year. The digital asset is undoubtedly going to enter a period where various crashes will send the price down, popularly known as a bear market. Not a lot of attention has been paid to where the price of the asset might bottom out when the market inevitably goes into another bear market. This usually long stretch of low momentum has seen bitcoin lose 94%, 87%, and 84% of its peak value respectively in the last three bear…
    • Nigerian President Muhammadu Buhari to Unveil Country’s CBDC
      Bitcoin News - 3 hours ago
      The Nigerian President, Muhammadu Buhari, is expected to formally launch the country’s central bank digital currency (CBDC) on October 25, 2021. High-Level Endorsement of the CBDC According to a statement released by the Central Bank of Nigeria (CBN), the formal event marking the e-naira’s launch will be held at the Buhari’s official residence. After the […]
    • Twitter CEO Jack Dorsey Warns Hyperinflation Will Soon Happen in US and the World
      Bitcoin News - 5 hours ago
      Twitter and Square CEO Jack Dorsey has warned that hyperinflation will soon happen in the U.S. and elsewhere in the world. “Hyperinflation is going to change everything. It’s happening,” he predicted. Many people disagreed with him, however. US Will Soon Experience Hyperinflation, Says Twitter CEO Jack Dorsey The CEO of Twitter and Square Inc., Jack […]
    • Elon Musk Discusses Important Dogecoin Improvements, Confirms No Investment in Shiba Inu
      Bitcoin News - 7 hours ago
      Tesla CEO Elon Musk has shared what he believes to be the most important dogecoin improvements. He also clarified that he does not have anything to do with the Dogecoin Foundation and is not investing in the shiba inu (SHIB) token. Musk confirmed that he is only holding three cryptocurrencies. Elon Musk on Dogecoin Improvements, […]
    • African Blockchain Enthusiast Launches Expedition That Seeks to Highlight East Africa’s Potential
      Bitcoin News - 9 hours ago
      While the African continent is generally viewed as one of the most ideally placed to embrace and fully exploit the blockchain, the reality on the ground suggests otherwise. The East Africa Blockchain Expedition As Adedayo Adebajo, the managing director of Jelurida Africa and a blockchain enthusiast told Bitcoin.com News, much of the focus in terms […]
    • Adshares.net web3 Marketing Protocol Aims for Metaverse Ads
      Bitcoin News - 9 hours ago
      PRESS RELEASE. Adshares ($ADS) decentralized network working since 2017, created the possibility to connect Publishers and Advertisers directly with the use of blockchain and allows them to sign advertising contracts without intermediaries. The Adshares team is constantly putting in a lot of effort to grow their ecosystem which shows that Adshares is considered one of […]
    • Bitcoin Hashrate Increases 32% in 3 Months, Stealth Miners Command 12% of BTC’s Hashpower
      Bitcoin News - 11 hours ago
      Bitcoin’s hashrate has been increasing a great deal during the last three months, as it’s increased more than 32% from 103 exahash per second (EH/s) on July 25 to today’s 137 EH/s, with a few highs in between around the 189 EH/s mark. Bitcoin’s price spike has pushed the hashrate higher and in a week’s […]
    • Beijing Presses Fast-Food Chain McDonald’s to Support Digital Yuan — China’s CBDC Expected to Launch in February
      Bitcoin News - 13 hours ago
      According to a recent report, Beijing is pressing the fast-food retail chain McDonald’s to support the digital yuan before the Winter Olympics in China scheduled for February 2022. The report notes that China is also pushing companies like Visa and Nike to join in on the central bank digital currency (CBDC) rollout. Chinese Government Pushes […]
    • 5 Dollar-Pegged Tokens Command 94% of the Swelling $135 Billion Stablecoin Market Cap
      Bitcoin News - 15 hours ago
      During the last month, four out of five of the top stablecoins by market capitalization saw their valuations swell in size. At the time of writing, there’s $135.4 billion in stablecoins but the top five collectively represent 94.40% of that total. While the largest stablecoin in terms of market cap increased by 2% over the […]
    • From $4 to Over $3.1 Million — Miner Transfers 50 ‘Sleeping Bitcoin’ After BTC Sat Idle for 11 Years
      Bitcoin News - 17 hours ago
      On October 22 at 4:52 p.m. (EDT), a miner that acquired 50 bitcoin on May 17, 2010, spent the funds that sat idle for 11 years and five months. There hasn’t been a 2010 block reward spent in three months and the last time a 2010 miner spent their ‘sleeping bitcoin’ was on July 4, […]
    • CryptoDragons Introduces a World-Class Blockchain DNA Project
      Bitcoin News - 17 hours ago
      PRESS RELEASE. NFTs are all the rage right now – they are essentially unique units of data that generally represent a piece of art, media, or other forms of digital files. There are many interesting projects in youthful stages right now, but one of the most prominent NFT projects to arise recently is CryptoDragons. The […]
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