TradeStars Aims To Impress As The Platform Launches New DFS Feature – Press release Bitcoin News

TradeStars Aims To Impress As The Platform Launches New DFS Feature – Press release Bitcoin News

PRESS RELEASE. TradeStars has recently announced the launch of their brand new feature, Daily Fantasy Sports (DFS). The launch of DFS shall link the DeFi trading layer with that of the DFS gaming layer via that of a P2E (Play To Earn) model. In this way, TradeStars users can seamlessly trade fantasy stocks in addition to also being allowed to compete against one another through various kinds of DFS contests as well as be able to earn digital and monetary rewards.

Why is this important?

Fantasy sports has been an extremely popular industry for many years, resting firm on a solid basis of an unfathomably large and devoted following. Countless growing variables, including technology, sophisticated platforms, and even the Web 3.0 movement, have all contributed to this sector’s strength over time. Aside from such foreseen scopes, there has nevertheless been little sensible innovation in this field recently.

Several fantasy sports gaming sites experimented with and introduced blockchain technology into the market, providing consumers with increased transparency and profit prospects. However, progress in this area has been confined to only a few features. As a result, TradeStars arose.

TradeStars’ effort to provide the most creative features to address the numerous difficulties that consumers often encounter has aided the platform’s development. At the moment, the world finds itself in a transitional period from Web 2.0 to Web 3.0. Keeping this in mind, TradeStars guarantees that consumers shall have a pleasant onboarding and navigation experience by releasing necessary TradeStars-only features or functionalities.

Bridging the gap between Web 2.0 and Web 3.0

Thanks to the aforementioned DFS feature, the TradeStars team has officially completed their product in terms of enabling the users to play with each other in different competitions. To that end, Web 2.0 based fantasy sports are utilised to take part in various contests and due to DFS being launched on TradeStarts, the gap between Web 2.0 and Web 3.0 has been bridged and a whole new world of possibilities has been opened.

With this release, TradeStars enables competition between their users based on daily real sports games and paves the way for incentivized rewards based on the users’ Fantasy Stocks holdings too. Fractional NFT swaps will become more important as this feature provides users with greater opportunities to use their win rewards inside the game. Fiat deposits and a 24/7 gameplay system are also among the top features provided by TradeStars.

About TradeStars

TradeStars is a blockchain-powered fantasy sports game. Through an innovative P2E approach, it combines DeFi economics with DFS “gaming.” Users may trade fantasy stocks which mirror real-life athlete accomplishments, compete in various sorts of DFS tournaments, and receive monetary and digital incentives as previously alluded to. The team will also focus on reaching a million users on the platform within the next year.

At its core, TradeStars is a unique P2E fantasy sports game that uses blockchain technology to decentralize the whole gaming infrastructure and open up a world of creativity to players. The platform is based on the Ethereum blockchain and is powered by Polygon Network, a premier Layer-2 scaling solution. Trades are conducted using smart contracts, which eliminate the need for a middleman or intermediary and therefore avoid the possibility of human intervention.

Moreover, each transaction is recorded on the blockchain and may be accessed by anybody who is interested, resulting in both transparency and fairness. For more information and regular updates, check out the official website and Twitter, Medium, and Telegram channels.



This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Media is the premier source for everything crypto-related.
Contact to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); = id;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));


Source link

How Bitcoin Futures Premiums Exhibit Signs Of Market Exhaustion

How Bitcoin Futures Premiums Exhibit Signs Of Market Exhaustion

Bitcoin futures premiums have been consistently trending in the low for some time now. There have been instances where they have broken out of this trend of low performance, but they seem to fall right back in. This does not spell all bad news for the futures premiums as it hints at exhaustion coming. This is attributed to the premiums trading close to yearly lows indicating that it is nearly a point of exhaustion across the board.

Bitcoin Futures Premiums Down

The reason behind the bitcoin futures premiums being down can be attributed to sell-offs that have rocked the digital asset in recent times. Not only have the sell-offs been apparent in investors who are directly exposed to the cryptocurrency but those who have exposure through traditional markets vehicles like ETFs have been selling off too. The most prominent of these have been the high outflows recorded from the ProShares BITO ETF, which is said to be one of the major drivers behind the low basis.

BTC futures premium down | Source: Arcane Research

Across crypto exchanges FTX and Binance, the bitcoin three-month basis has been trending around 25 to 3%, one of the lowest ever recorded. The last time the basis had touched this low had been in February when bitcoin’s price had been struggling. The value of the digital asset had promptly recovered following a short squeeze that fueled a $6,000 recovery for the cryptocurrency, seeing it touch a peak of $44,000.

Related Reading | Top Ethereum Whales Now Hold Almost $1.5 Billion Worth Of SHIB

However, after this has come more low momentum on the futures premium basis front. It is now trading even lower than it did in February, lagging behind its offshore venue peers at a premium of 1.34%. This is seen as a direct indicator of how investors are feeling toward the digital asset. Since Bitcoin had lost its footing above $40,000, sentiment has turned generally bearish and this has translated to muted futures premiums at rarely seen low levels.

Bitcoin price chart from

BTC trading north of $41,000 | Source: BTCUSD on

A light at the end of the tunnel looks to be coming up though given the history of performance that has followed low futures premiums such as this. They are historically known to be short-lived, usually followed by a surge in the price of the digital asset, as was recorded in late February.

Related Reading | Could Netflix Tumble Down The Crypto Market?

If this is the case and bitcoin follows historical patterns, then another $6,000 rally would put the digital asset at the $47,000 mark. And if sell-off exhaustion does kick in, sentiment could quickly turn back into the positive, leading to more surge in the price of the cryptocurrency.

Featured image from MARCA, chart from


Source link

The CEO Of Ripple Says Bitcoin Tribalism Is Holding Back The Crypto Industry

The CEO Of Ripple Says Bitcoin Tribalism Is Holding Back The Crypto Industry

As one of the most influential people in the crypto space, the CEO of Ripple says he owns Bitcoin and other cryptocurrencies. But to him, only promoting Bitcoin will stop industry growth. As a result, the crypto industry could potentially lose millions for miners with less incentive than before if nothing changes soon.

At the CNBC event, Brad Garlinghouse, CEO and founder of Ripple, recently said that the tribalism around Bitcoin and other digital currencies has been holding back the industry’s growth.

Related Reading | Could Netflix Tumble Down The Crypto Market?

“It is not good when people in the cryptocurrency space are divided into tribes,” said Garlinghouse at a CNBC-hosted fireside chat last week at the Paris Blockchain Week Summit, in an interview that was published today on CNBC.

When asked about his thoughts on XRP, Garlinghouse shared that he is indeed invested in other notable digital currencies such as Bitcoin and Ethereum — despite being charged by the SEC for playing an integral role in the $1.3 billion sales of unregistered securities offerings.

After dumping below $39,000 on Monday, bitcoin is slowly recovering | Source: BTC/USD chart from

Garlinghouse said, “I own bitcoin, I own Ether, I own some others. I am an absolute believer that this industry is going to continue to thrive.” 

“All boats can rise,” says Garlinghouse. “Adopting other digital currencies, we see this as an opportunity for growth and adoption outside of XRP.”

Ripple CEO On Industry Growth

When asked about investors who have devoted their funds exclusively to bitcoin, Garlinghouse did not mention any names. Still, people in the cryptocurrency industry focus on just one coin.

He said;

Tribalism around bitcoin and other cryptocurrencies is holding back the entire $2 trillion market.

One most prominent example of Bitcoin tribalism is Jack Dorsey, the former Twitter CEO and founder of Square Inc. He has publicly declared support for Bitcoin on several occasions. In addition, he recently sponsored research to foster its development as an asset class to make it more accessible in society.

Earlier this year, Dorsey said that he is a Bitcoin maximalist. As a result, he doesn’t plan on adopting any other cryptocurrency soon, including Ethereum.

Another example of a Bitcoin tribalist is Michael Saylor, the CEO of MicroStrategy. He has converted a vast percentage of company reserve cash into Bitcoin.

Related Reading | Bitcoin Bounces Back Past $40,000, But May Struggle To Maintain Position

The company is a major player in the crypto market, with its holdings totaling over 129,000 Bitcoins.

Garlinhouse said the problem with this maximalism is that it has frustrated efforts to lobby U.S. lawmakers. Most representatives would mainly agitate for the cryptocurrency they own rather than taking an interest in what’s best for everyone else.

Garlinghouse added;

The lack of coordination in Washington, D.C., amongst the crypto industry, I find it to be shocking. 


               Featured image from Pixabay, chart from


Source link

APE up Almost 30%, ZIL and AAVE Among Wednesday’s Big Gainers – Market Updates Bitcoin News

APE up Almost 30%, ZIL and AAVE Among Wednesday’s Big Gainers – Market Updates Bitcoin News

APE was up close to 30% on Wednesday, as the recently listed token climbed to its highest point since it began trading on March 17. AAVE also saw a double-digit percentage increase today, whilst ZIL extended recent gains.


AAVE was up by nearly 10% in today’s session, as prices rallied for a third consecutive session, following losses last week.

Tuesday saw AAVE/USD hit a low of $175.69, however today, prices surged to an intraday peak of $198.02.

This move saw AAVE climb to its highest point in two weeks, April 6 to be precise, where price was trading above $200.

Biggest Movers: APE up Almost 30%, ZIL and AAVE Among Wednesday's Big Gainers
AAVE/USD – Daily Chart

Looking at the chart, this $200 mark has long acted as a resistance point, and this ceiling held firm today as bulls raced towards this level.

Bulls would have likely taken profits, as the 14-day RSI neared its own ceiling of 54.90, which hasn’t been broken in over a month.

Should this ceiling be broken, there is a strong possibility that prices could be heading towards $240, which seems to be the next key resistance point.

Zilliqa (ZIL)

Speaking about resistance, ZIL rose to its own ceiling during Wednesday’s session, as traders extended yesterday’s bullish momentum.

Following a bottom of $0.1097 yesterday, ZIL/USD hit an intraday high of $0.1237 on hump-day, which is its highest level since last Thursday.

This high was also marginally below its long-term resistance level at $0.1260, which was last broken two weeks ago.

Biggest Movers: APE up Almost 30%, ZIL and AAVE Among Wednesday's Big Gainers
ZIL/USD – Daily Chart

Several false breakouts later, ZIL is now once again back to this point, and bulls have so far been hesitant to act.

Looking at the chart, ZIL is now trading around $0.1203, which comes as bulls have likely liquidated earlier positions, giving way to bears in the process.

Despite this, bullish sentiment seems to be firmly present, and bulls may just be waiting for the right time to finally break this ceiling.

Will we finally see a breakout of this resistance level this week? Let us know your thoughts in the comments.'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); = id;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));


Source link

How to Buy THORChain [The Ultimate Guide 2022]

How to Buy THORChain [The Ultimate Guide 2022]

While decentralized exchanges (DEXs) form a pivotal part of the DeFi industry, they work on individual chains only and don’t allow cross-chain token swaps.

Thorchain is an unprecedented DEX and an automated market maker (AMM) that enables crypto trading between real cryptocurrencies (not “wrapped” or synthetic versions) from completely different blockchains. The only other platforms where you can trade native, unwrapped cryptocurrencies are centralized exchanges, but they come with the downsides of getting easily hacked, and you have to deal with an order book and assets owned by the exchange.

ThornChain is a one-of-a-kind platform that brings trustless trading to many of the biggest chains while skipping the friction of making a copy of a coin on one chain. ThornChain’s cross-chain capabilities take it beyond mere DEX, enabling users to make swaps with real currencies without custodial intermediaries.

Read on to learn everything you need to know about ThorChain, a decentralized liquidity protocol for cross-chain swaps, payments, and hedging, its key features, where to buy ThorChain, and how to buy RUNE in a few easy steps.

What Is Thorchain

THORChain homepage

Centralized exchanges like Coinbase or Binance are run by mediators, who can potentially steal your money or manipulate your trades. What if there was an easy-to-use and decentralized platform that did everything an exchange does — but without a middleman?

That’s where ThorChain comes into the picture. ThorChain is based on Tendermint, the consensus protocol associated with the Cosmos ecosystem, the so-called “Internet of blockchains,” allowing different blockchains to work together seamlessly. It’s a decentralized liquidity protocol that supports interoperable blockchain communication and a non-custodial liquidity marketplace for blockchains allowing traders to swap tokens between different networks.

The ThorChain (RUNE) creates bi-directional bridges between two blockchains, allowing users to easily exchange cryptocurrency assets and switch between networks in a non-custodial and permissionless setting.

ThorChain also provides a decentralized exchange, enabling anyone to trade or lend their crypto assets to an asset pool to earn a return (or “yield”) on those assets.

History of ThorChain

ThorChain was first featured in a hackathon hosted by Binance in 2018 and went live in April 2021.

It was founded by an anonymous team to maintain the decentralized nature of the entire protocol, so there is no foundation, official dev team, or CEO. The creator of the project is also anonymous. All dev team activity occurs on GitHub, where new updates and upgrades are uploaded.

The team works for the Nodes by uploading code that makes the network more functional, and the rest is left to the network participants.

Key Features of ThorChain

ThorChain’s cornerstone is the Bifrost protocol, a cross-chain bridge system that enables multichain connectivity by building a bridge between blockchains

Here are some of the key features of ThorChain:

  1. Supports a variety of cross-chain DEXs and other DeFi projects.
  2. An interoperable cross-chain solution that can seamlessly swap native assets across different blockchains.
  3. Powers multi-currency exchanges across different blockchains.
  4. Offers attractive APY to liquidity providers.
  5. Its native reward token RUNE is both non-custodial and yield-generating.

Where to Buy ThorChain

ThorChain’s price is linked to the ThorChain exchange and the underlying blockchain’s acceptance. While ThorChain (RUNE) attempts to address a variety of usability issues related to crypto exchanges and liquidity, the development of the company’s unique ideas is yet to be assessed.

Investors can buy ThorChain on various cryptocurrency exchanges like WazirX, CoinTiger, Binance, etc. ThorChain has an available supply of over 272 million coins and a total supply of 500 million coins.

You can buy RUNE through cryptocurrency and fiat money on various cryptocurrency exchanges supporting the token. We’ve compiled a list of exchanges where you can purchase ThorChain (Rune) below.


uphold homepage
Uphold homepage

Uphold is an innovative, easy-to-use cryptocurrency exchange that allows you to trade in several cryptocurrencies, including ThorChain (Rune). It’s also one of the leading innovative exchange platforms in the market.

Uphold provides a user-friendly desktop and mobile app. The trading view is customizable with your most-traded assets and has an easy-to-navigate, modern feel on both desktop and mobile. You’re good to go with just one click to open a trade account and another couple of clicks to deposit funds!


Binance homepage
Binance homepage

Binance, the leading cryptocurrency exchange by trading volume, is the perfect place for people who want to take their investments up a notch and start achieving tangible goals.

It’s beneficial to purchase ThorChain (Rune) on Binance due to lower fees than competing exchanges and its increased liquidity, enabling you to trade Rune quickly and profit from market prices fluctuations.

This exchange is best for investors residing in Australia, Canada, Singapore, the UK, and internationally. homepage

Founded in 2013, has grown into a reputable crypto exchange platform. It provides beginners with an easy-to-use interface while offering advanced charts to investors of various skill levels. offers most major tokens and is often among the first exchanges to add new tokens, including ThorChain (Rune). is one of the top 10 global crypto exchanges with authentic trading volume.


KuCoin is a popular exchange, with more than 300 tokens available for trading, including RUNE. It’s well known for offering new altcoins and its competitive fee structure.

KuCoin offers a simple sign-up process.  It offers bank-level asset security, a slick interface, beginner-friendly UX, and a wide range of crypto services: margin and futures trading, a built-in P2P exchange, crypto lending, or staking via its Pool-X IEO launchpad for crypto crowdfunding, non-custodial trading, and much more.


WazirX is India’s largest crypto exchange. It offers trading options for a wide variety of crypto coins, including ThorChain (RUNE). WazirX offers a user-friendly crypto trading platform with top-of-the-line security measures and low transaction fees.

WazirX homepage

How to Buy ThorChain

If you’re interested in purchasing ThorChain, follow these easy steps:

Step #1: Choose a Cryptocurrency Exchange

You must compare the popular cryptocurrency exchanges’ features before choosing the best one for buying ThorChain. Some of the factors to consider are:

●  Fees

●  Supported deposit methods

●  Customer support

●  User reviews

●  Ease-of-use

●  Local requirements.

Step #2: Create an Online Account

After you’ve decided on a reliable exchange, the next step is to open a trading account for your crypto purchase. The requirements differ depending on the trading platforms. Personal information such as your name, contact number,  email address, home address, social security number, and a copy of your driver’s license, passport, or government-issued ID will be required by most exchanges. You may have to prove your address by uploading a bank statement, a credit card statement, or a utility bill. You might also need to identify yourself through a webcam or smartphone in compliance with Know Your Customer (KYC) rules if you plan to deposit fiat currency from your bank account to purchase cryptocurrency.

After verifying your ID, you may want to enable the two-factor authentication system (2FA) to add an extra layer of security to your account.

You can also connect your account to CoinStats, so you don’t have to add your transactions manually.

Step #3: Deposit Funds

After setting up your account, the next step would involve depositing funds to buy ThorChain and other cryptocurrencies. You can use your bank account, debit/credit card, or crypto coins from a different crypto wallet. The payment method you use will be determined by the trading platform, location, and preferences.

Step #4: Make the Purchase

Once you’ve successfully completed the above steps, you’re ready to make your purchase. You’ll need to select ThorChain and place your preferred buy order type.

Before completing your purchase, you should also check the performance of your existing portfolio using CoinStat’s crypto portfolio tracker and monitor the ThorChain current price to decide if it’s the right time to buy it.

Step #5: Get a Wallet

You may choose to store your newly purchased RUNE coins on the exchange or move it to a more secure personal wallet that supports ThorChain (RUNE). Many users prefer using their private wallets to ensure full ownership of their crypto assets.

A hardware wallet, also known as cold storage, is a physical device, much like an HDD or an SSD. Hardware wallets are usually considered the most secure wallets to store your digital assets as they offer offline storage, thereby significantly reducing the risk of hacks.

You can also choose a software or digital wallet if you plan to trade your RUNE coins frequently. Whichever wallet you choose, always remember to keep your private keys safe and never share them with anyone.

How to Buy ThorChain (RUNE) Using a Credit or Debit Card

A credit or debit card is a convenient way to purchase RUNE tokens. It’s important to note that you cannot make transactions anonymously.

Follow these simple steps to get started:

Step #1: Buy a common cryptocurrency like Ethereum or Bitcoin using your credit or debit card. Trust Wallet might be a great choice as it lets you buy digital currencies using your credit or debit card.

Trust Wallet homepage
Trust Wallet homepage

Step #2: Connect the Trust Wallet to your exchange account (explained above) and swap the crypto you bought for ThorChain (RUNE).

How to Sell ThorChain

You can follow the same process to cash out your RUNE with the same exchange you bought it through:

1. Sign in to the exchange account where you have RUNE.

Compare crypto exchanges to sell your RUNE coins if you keep them in a digital wallet.

2. Place a sell order.

Select the amount of RUNE you want to sell.

3. Complete your transaction.

Confirm the selling price and fees, and complete your sale of ThorChain (RUNE).

Why Buy ThorChain

The ThorChain protocol is the first fully decentralized, cross-chain swap platform for cryptocurrencies. Users can simply swap one asset for another in a permissionless setting without relying on order books to source liquidity. It’s a unique service already in high demand, with access to more than $1 trillion in liquidity.

RUNE token has gained over 800% since the start of the year and has recently broken out of a long-term consolidation period, a phase when an asset trades within a range.

The ThorChain experience is made possible through the Cosmos ecosystem and the Tendermint software. Cosmos is an open-source ecosystem of blockchains, and Tendermint is a tool that provides developers with rudimentary building blocks for creating decentralized ledgers that have their consensus protocol independent of the leading network.

While this sounds rather technical, you just need to remember that this technology makes it possible for ThorChain to do what it does: make exchanging cryptocurrencies as easy as a quick swipe.


Some of the benefits ThorChain introduces are:

  1. Interoperable and available on multiple blockchains.
  2. Innovative design that enables users to stake RUNE to get voting rights.
  3. Innovative technology such as Tendermint consensus, THORSwap technology, and Swap protocols helps to provide a completely decentralized, secure, and effective solution.


Some of the disadvantages of ThorChain are:

  1. The ThorChain development team is anonymous, which points to an underlying risk of rug pull.
  2. As the technology is relatively new, its adoption will take some time.
  3. The blockchain technology used in ThorChain development is quite complex; it’s a barrier for anyone who doesn’t understand the technology.

Is It Wise to Buy Thorchain

In addition to cross-chain swap protocols, ThorChain also plans to provide a full range of DeFi services, from borrowing and lending to synthetic asset creation—all across various blockchains. Additionally, the team has committed millions to its treasury and developed a long-term funding plan to ensure the protocol’s liquidity.

In the near term, ThorChain will support Dogecoin (DOGE), Zcash (ZEC), and Monero (XMR).

Potential bullish factors could include the protocol’s recent integration with the Terra and Cosmos ecosystem, an upcoming mainnet launch, and the attractive yields offered to liquidity providers.

Closing Thoughts

ThorChain provides an innovative solution for swapping assets across different blockchains. Users can use its user-friendly interface to easily exchange a growing range of supported cryptocurrencies from different networks.

With such technical capacity, innovative technology, and more updates and features still in the works, the price outlook for RUNE, THORChain’s native token, is optimistic.

So try ThorChain if you’re not sold on Bitcoin and are curious about the many other crypto options out there. You won’t lose control of your funds or be limited to using one of the few trading pairs available on centralized exchanges.

Overall, ThorChain has a strong fund-raising strategy with guaranteed funding to ensure its long-term viability.

You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on buying various cryptocurrencies, such as How to Buy Bitcoin, What Is DeFi, How to Buy cryptocurrency, etc.

Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.

Cryptocurrency is a highly volatile market and sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-and 89% of retail investor accounts lose money when trading CFDs. You should consider your circumstances and obtain your advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.


Source link

Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says – Mining Bitcoin News

Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says – Mining Bitcoin News

Nations like Russia and Iran may utilize cryptocurrency mining to monetize their energy resources and circumvent sanctions, the International Monetary Fund predicts in a report. Repercussions of the war in Ukraine continue to reverberate globally and cryptoization is one of the effects, the IMF says.

War, Sanctions Lead to Wider Spread of Crypto Assets, Report Indicates

The consequences of the ongoing military conflict in Ukraine will test the resiliency of the global financial system, may affect the role of the U.S. dollar, and lead to the establishment of blocs of central bank digital currencies, the IMF warns in its Global Financial Stability Report, April 2022. Energy security priorities may put climate transition goals at risk, according to the document.

Accelerated “cryptoization,” with wider use of crypto assets in emerging markets, is another issue policymakers will have to address in the coming years. As proof of that trend, the IMF points to a spike in crypto trading volumes after the introduction of sanctions, including financial penalties, against Russia over its invasion of Ukraine. The report emphasizes:

This is occurring against a longer-term increase in such cross-border transactions, bringing to the fore the challenges of applying capital flow measures and sanctions.

Capital restrictions imposed in both countries have also contributed to the increase, the IMF notes. At the same time, “liquidity in the ruble and hryvnia trading pairs in centralized exchanges remains limited and has even declined more recently in the case of ruble,” the authors remark. In their opinion, this is making large transfers through crypto exchanges impractical.

However, the IMF admits that the crypto ecosystem allows users to evade some restrictive measures such as stricter identity verification requirements. As a result of freezing of crypto assets and blocking of new ruble deposits, part of the transactions could have shifted to less transparent platforms or non-complying crypto service providers, the international organization acknowledges.

IMF Sees Risks to Financial Integrity in Cryptocurrency Mining

The IMF experts believe that countries like the Russian Federation and the Islamic Republic of Iran could use crypto mining to circumvent sanctions. They elaborate that the energy-intensive minting of digital currencies like bitcoin can allow these nations to monetize their energy resources outside the traditional financial system. Revenues can be generated via transaction fees as well.

“At this point, the share of mining in countries under sanctions and the overall size of mining revenues suggests that the magnitude of such flows is relatively contained, although risks to financial integrity remain,” the IMF concludes. According to estimates quoted in the report, Russian miners could have captured close to 11% of last year’s bitcoin mining revenues, which averaged about $1.4 billion a month, while Iranian mining farms could have received around 3%.

Officials in Moscow have been turning attention to crypto assets as a tool to restore Russia’s access to global markets, receive payments for energy exports, finance international trade, and potentially diversify currency reserves. Government institutions support the legalization of crypto mining as an economic activity and a new bill “On Digital Currency” was recently revised to add provisions regulating the industry.

Tags in this story
conflict, Crypto, crypto assets, crypto mining, Cryptocurrencies, Cryptocurrency, cryptoization, IMF, Iran, Iranian, Miners, penalties, report, restrictions, Russia, russian, Sanctions, Ukraine, ukrainian, War

Do you expect western sanctions against countries like Russia to target cryptocurrency mining? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); = id;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));


Source link

Bitcoin ‘buy’ signal excites as dollar, gold extend losses, BTC price heads past $41.5K

Bitcoin ‘buy’ signal excites as dollar, gold extend losses, BTC price heads past $41.5K

Bitcoin (BTC) closed above a crucial level into April 20 as the daily chart offered a long-awaited “buy” signal.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader: Bitcoin is a buy at $41,500

Data from Cointelegraph Markets Pro and TradingView confirmed a daily close at $41,500 on Bitstamp for April 19.

The sustained gains and strong performance meant that fresh upside should be incoming, according to one trader eyeing a buy/sell indicator on daily timeframes.

The macro atmosphere was also in Bitcoin’s favor on the day after the U.S. dollar encountered resistance to its own bull run.

The U.S. dollar currency index (DXY) reversed after hitting 101 on April 19, its highest level since April 2020.

“DXY correction as expected, fueling the BTC bounce,” popular trader Crypto Ed responded.

U.S. dollar currency index (DXY) 1-hour candle chart. Source: TradingView

Gold, too, faced teething problems, losing 2.6% from its $1,998 highs from earlier in the week.

XAU/USD 1-hour candle chart. Source: TradingView

BTC price action, however, stayed near the daily close, with fellow trader and analyst Rekt Capital predicting incoming turbulence on longer timeframes.

“Bollinger Bands are tightening on price,” he told Twitter followers, referring to the Bollinger Bands volatility indicator on the weekly chart.

“This signals increasing price compression which usually precedes sharp volatility.”

BTC/USD 1-week candle chart (Bitstamp) with Bollinger Bands. Source: TradingView

No shortage of on-chain “buy the dip” signals

On-chain metrics were just as positive on the day, with several covered by Cointelegraph continuing to suggest a bottoming structure had already been completed.

Related: Bitcoin hodlers targeting $100K is what’s preventing 40% price drawdown, data suggests

Among them was Bitcoin’s “Reserve Risk” chart, now firmly in its launch zone in what has historically preempted the start of bullish phases.

When it first returned to the target zone, analyst Philip Swift described it as being in “btfd territory.”

More formally, those buying BTC at current Reserve Risk levels have had a better chance of securing “outsized” returns in the long term.

Bitcoin Reserve Risk chart. Source: Glassnode

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


Source link

ETH Breaks Resistance to Hit 9-Day High – Market Updates Bitcoin News

ETH Breaks Resistance to Hit 9-Day High – Market Updates Bitcoin News

Bitcoin and ETH both rose to nine-day highs on Wednesday, as bulls continued to push prices higher following yesterday’s rebound. BTC moved into the $42,000 level after breaking a key resistance point, while ETH also climbed beyond its own ceiling of $3,150.


BTC rose for a third session on Wednesday, as bulls continued to push prices higher, following a selloff during the Easter weekend.

The world’s largest cryptocurrency is now up by over $3,000 since Monday’s low of $38,551, and as of writing, is over 3% higher on the day.

Today’s price surge raced to an intraday peak of $42,126.30, which is its highest point since April 11.

BTC/USD – Daily Chart

This follows on from yesterday’s bottom of $40,575, and comes as the long-term resistance of $41,175 was broken.

Looking at the chart, the 10-day moving average has begun to shift direction, following a recent downward trend.

If this momentum has finally shifted, we could start to see more and more bulls return, and potentially push price towards the upcoming resistance of $42,600.


In addition to BTC, ethereum also gained for a third consecutive session, as price continues to move away from the recent support of $2,950.

Following a low of $3,054.56 on Tuesday, ETH/USD surged to an intraday high of $3,157.89 during today’s session.

This high saw the world’s second-largest cryptocurrency move past its recent price ceiling of $3,150, hitting its highest level since last Monday as a result.

ETH/USD – Daily Chart

Looking at the chart, resistance of 49.90 within the Relative Strength Index (RSI) was also broken, with price strength now tracking at a ten-day high.

Price strength is now tracking at 51, with bulls looking to potentially take this to the ceiling of 55, which could turn out to be a two-week high.

If this were to occur, it is likely that we will see ETH/USD trading at $3,300.

Can ETH hit this resistance prior to the end of the week? Leave your thoughts in the comments below.'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); = id;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));


Source link

What are Bridges? Bridge Basics, Facts, and Stats | by Coinbase | Apr, 2022

What are Bridges? Bridge Basics, Facts, and Stats | by Coinbase | Apr, 2022

By Heidi Wilder, Special Investigations Manager & Tammy Yang, Blockchain Researcher


Recent questions have been raised about how bridges and mixers work both for legitimate business purposes and illicit financial transactions.

Although mixing services have been extensively analyzed for years, bridges are a newer concept that became popular in 2021. Bridges allow crypto holders to ‘move’ (or ‘bridge’) their assets between different blockchains. This allows them to hop from one chain to another and gain exposure to other networks.

We observed a sharp increase in cross-chain activities from Ethereum beginning in April 2021. The daily number of deposit activities to Ethereum bridges reached its peak in the Summer of 2021 and the highest single-day record of over 60,000 transactions bridging from Ethereum occurred on September 12, 2021.

This two-part blog post aims to explain what bridging is, why it has become so popular, and why bad actors are bridging over funds across networks.

What is a bridge?

A bridge is an application that uses cross-chain communication technology to enable transactions between two or more networks, which can be Layer 1s, Layer 2s, or even off-chain services. Simply put, a bridge allows crypto holders to transfer their assets from one network to another. For example, a USDC holder on Ethereum might want to transfer their USDC from Ethereum to Avalanche via a bridge application.

However, a bridge doesn’t move an asset between chains, it links the asset on one network to its representation (i.e. a wrapped version) on the other network. The cross-chain transaction is achieved via ‘locking’, ‘minting’, and ‘burning’ that accounts for the link between the representations on different chains. We’ll discuss exactly what these terms mean in the following two examples.

Let’s say Alice wants to bridge 100 ETH from Ethereum to another network called Network Other (a made up blockchain network) via a bridge application called Bridge (also made up):

  1. Alice deposits 100 ETH to the Bridge contract on Ethereum;
  2. The Bridge contract on Ethereum locks the assets and informs the other Bridge contract on Network Other; the asset cannot be accessed until the users requests a withdrawal;
  3. The Bridge contract on Network Other mints (creates) 100 tokens representing the locked ETH (i.e. wrapped ETH);
  4. The Bridge contract transfers the newly minted wrapped ETH to Alice’s address on Network Other:

Alice now holds 100 wrapped ETH on Network Other. Later, she receives 10 wrapped ETH from someone else. Now, her address balance on Network Other increases to 110 wrapped ETH. She decides to withdraw all back to Ethereum:

  1. Alice sends 110 wrapped ETH to the Bridge contract on Network Other;
  2. The Bridge contract on Network Other burns (destroys) the 110 wrapped ETH and notifies the Bridge contract on Ethereum;
  3. The Bridge contract on Ethereum validates the withdrawal request (e.g. whether Alice really owns 110 wrapped ETH on Network Other). If all checks out, it unlocks 110 ETH to Alice’s address on Ethereum:

How and when did bridging get so popular?

Bridging took off in 2021. Especially after April 2021, we saw cross-chain traffic from Ethereum increased exponentially — both in daily number of transactions and unique addresses deposited to the Ethereum bridges. We believe this upward trend is likely driven by one of the reasons below:

  • Increase in the number of bridge applications. Wormhole launched the Ethereum-Solana bridge, Multichain (AnySwap) launched the Ethereum-Fantom bridge and Ethereum-Moonriver bridge, and Celer launched the cBridge in 2021.
  • Increase in the number of new networks that can connect with Ethereum. Avalanche, Ronin, Arbitrum One, Optimism, and Solana were launched in 2021.
  • Increase in the number of decentralized application (dApp) projects launching on chains other than Ethereum and incentivized usage of these systems.

Why do users bother bridging at all?

Normally, users want to bridge from one network to another because they want:

  • Faster and cheaper transactions. For example, alt-Layer 1s like Polygon, Layer 2s like Arbitrum One and Optimism are the well-known scaling solutions to Ethereum.
  • To use assets that are not native to the network. For example, users can gain price exposure to a currency like Bitcoin on Ethereum, with the help of bridge projects like Ren and Wrapped Bitcoin.
  • To access a broader selection of dApps. A user might want to bridge funds from Ethereum to the Ronin Network to access Ronin-specific applications, such as their gaming dApp; since some dApps aren’t deployed on Ethereum mainnet because of its limitation on transaction speed and block size.
  • To gain additional income from incentive programs. Many users choose to bridge because destination networks or projects on destination networks may send free tokens to members of their communities.

What’s happened since 2021?

A lot happened in 2021. Between July and November, many new dApps and new networks were launched. Bridging activities from Ethereum were at its peak during the time. Most of the bridges became quieter from Q4 in 2021. However, this was not the case for the Polygon PoS bridge — we saw strong and steady bridge traffic, in the number of deposit transactions, from Ethereum to the Polygon Network throughout 2021, which eventually led to Polygon PoS dominating cross-chain traffic in Q1 2022.

Figure 1 below shows the daily number of deposit transactions to Ethereum bridges. We theorize that the sharp spike around September 11, 2021 was driven by the launch of Arbitrum One.

Figure 1 Daily number of transactions deposited to Ethereum bridges since 2021.

Let’s take a look at bridge dynamics in deposit and withdrawal volumes in USD. Figure 2 below shows the daily deposit and withdrawal volumes in USD in Q1 2022. We believe that some sharp spikes in volumes were event-driven (e.g. launch of a new project, airdrop, incentive program, whale activity, bridge exploits, etc.)

  • Top 3 in total deposit volume in Q1 2022 are AnySwap Fantom bridge (green, ~$8.4B), Avalanche bridge (pink, ~$7.8B), and Polygon PoS bridge (blue, ~$4B);
  • Top 3 in total withdrawal volume in Q1 2022 are Avalanche bridge (pink, ~$10.5B), AnySwap Fantom bridge (green, ~ $6B), and Polygon PoS bridge (blue, ~$3.8B);

We also observed a very interesting fund movement pattern, especially with the AnySwap Fantom bridge, where large amounts of funds were moved to the Fantom network, and then withdrawn back to Ethereum mainnet after a very short period of time.

Figure 2 Daily deposit volume in USD to Ethereum bridges in Q1 2022

How safe are bridges?

As with most new technology, there are some risks to consider. For example, there are risks that users’ funds can be stuck during the deposit and withdrawal process, or they can be victims of cyber theft. When users decide to bridge an asset, they should also be aware of the underlying risks so that they can make more risk-driven decisions.

Theft Risk is the most common risk that can lead to bridge contracts losing part or all of the funds. Here are some problems that may lead to theft:

  • Bugs in smart contracts. Programming or logical errors can have a serious impact on bridge security, creating opportunities for attackers to steal the locked funds from the bridge contracts.

The latest example is the Wormhole attack in February 2022 (details here). The attacker spotted a loop hole in the smart contract code, minted 120K Solana ETH without bridge approval and withdrew 80,000 ETH from Ethereum in Feb 02, 2022. Luckily, Jump Trading covered the gap by depositing 120K ETH back to the bridge contract on Ethereum.

Figure 3 Daily deposit and withdrawal volume in USD to Wormhole bridges

  • Compromised custodians. Most of the bridge applications nowadays rely on external authorities to interact with the bridge and withdraw funds. They are the custodians of the locked funds — they can be trusted parties (e.g. AnySwap bridges) or a pool of validators bonded by stakes (e.g. Polygon PoS bridge and Ronin bridge). Then there is a risk that the custodians may be compromised or act maliciously.

On March 23 2022, the Ronin attackers compromised all four validation nodes run by Sky Mavis. Sky Mavis is the company who created the Axie Infinity game, Ronin Network, and the Ronin bridge. Together with the fifth validator (run by Axie Dao), which whitelisted all messages sent by Axie Infinity at the time, attackers gained control over the majority of the validators (5 out of 9).

The attacker then withdrew 173,600 ETH and $25.5 million USDC from the Ronin bridge on Ethereum without going through any verifications (more details here and here).

Figure 4 Daily deposit and withdrawal volume in USD to Ronin bridges

  • Hostile Layer 1 miners/validators. If more than 50% of the Layer 1’s computing power or stakes are controlled by hostile miners or validators, they can attack bridges on chain and steal the locked funds. For example, they can revert a completed deposit transaction on Ethereum after assets are bridged to another network, which allows attackers to withdraw funds from the other network without depositing on Ethereum (more details here). Or, they can prevent bridge contracts getting updates from the other network, which may lead to major damage to user’s funds that are locked at the bridges.

These scenarios are unlikely to happen, but not impossible. In a worst case scenario, if assets locked at an exploited bridge were already bridged over from another network and used in DeFi applications, this may lead to a cascading contagion over multiple blockchain networks.

Bridge users should be aware that the loss by theft is usually not reversible.

What do we expect for 2022?

Given the explosion of bridges in 2021, we believe their popularity will continue to rise, especially as we are expecting to see developments in below areas:

  • Bridging demand. As more networks and bridges launch this year, we expect to see more users wanting to bridge between networks;
  • CEXs. More centralized exchanges (CEXs) will enable direct deposit and withdrawal to alt-Layer 1s and Layer 2s in 2022 (some already happened here, here and here).
  • Bridge security. As more users willing to bridge, more crypto assets will be locked at the bridge contract — creating a honeypot effect, increasingly attracting hackers.
  • Risk awareness. Many bridging decisions are cost-driven at the moment. We believe people have different risk appetites. However, there is a big difference between risk weighting choice of a bridge vs. choosing a cheap bridge solely because of the low fees.

It will be interesting to see, with more information and discussions around bridge security becoming available, if more risk-driven decisions would be made when it comes to choosing a bridge in the future.

Now that we understand what bridges are, why they’ve gained mass appeal, and what potential security concerns are with them, in our next blog post we’ll discuss the use of bridges by bad actors.


Source link

3.6M Americans to use crypto to make a purchase in 2022, research firm predicts

3.6M Americans to use crypto to make a purchase in 2022, research firm predicts

The number of adults in the United States who will use crypto to make purchases in 2022 will increase to 3.6 million, according to a research firm.

A report published by Insider Intelligence shows that crypto’s value as a means of payment will go up by 70 percent this year. The firm predicts that by the end of the year, 3.6 million U.S. adults will have used crypto to make purchases. 

According to the company’s principal analyst David Morris, crypto’s volatility is being alleviated by the growth of stablecoin usage. As CBDCs are being developed, more focus will be brought to crypto becoming a means of payment. 

“We also expect that more crypto options will be layered into how people pay, like cards and digital wallets. These factors should spur high crypto payment growth rates over the next few years.”

The firm also predicts that by the end of 2022, U.S adults who are crypto users will increase to 33.7 million. In 2023, the company expects that number to grow even further to 37.2 million. These numbers are significantly lower than previous claims of crypto ownership in the U.S. reaching 46 million in 2021. 

Yearly increase in crypto ownership among U.S. adults. Source: Insider Intelligence

Meanwhile, a survey conducted by Gemini exchange showed that new crypto investors nearly doubled in India, Brazil and Hong Kong last year. More than half of the survey participants within these countries mentioned that they started investing in crypto in 2021. 

Related: Survey: More than a quarter of U.S. millennials plan to use crypto to fund retirement

A poll conducted by Arcane Research and Ernst & Young found that crypto ownership among Norwegian women also doubled, going from 3% in 2021 to 6% this year. On the other hand, the study also noted that male ownership also increased from 6% in 2019 to 14% in 2022. 


Source link