One of the First GaaS “GameFi as a Service” Platform – Sponsored Bitcoin News

One of the First GaaS “GameFi as a Service” Platform – Sponsored Bitcoin News

On April 22nd Michael Cameron the CEO and Co-founder of Game Space announced that it has released one of the first GaaS “GameFi as a Service” Platform. Game Space also announced that it had received more than US $7 million in financing. This round of financing is jointly led by top-tier VCs, Listed Gaming companies and top-tier Exchanges.

Game Space provides a one-stop GameFi as a Service for large gaming companies and AAA titles, one line of code SDK integration, as well as an NFT exchange engine that can be embedded in games, helping the GameFi project shorten the launch time by up to half a year and greatly reducing the threshold for game companies to enter into Web3.

Game Space focuses on being a one-stand solution for AAA gaming studios, making sure there are no limitations for the Gaming companies Game Space works with. Game Space ensures this by having a flexible Tech Stack and compatibility with both EVM and non-EVM Public chains. Also, the Game Space system allows SDK integration to work with any gaming engine so there are no restrictions or incompatibility with any games on the market. Game Space strongly believes GameFi as a Service represents the next stage of Web3 growth.

According to DappRadar, major VCs invested a record $4b in GameFi in 2021, compared to $80m in 2020. The capital invested in GameFi in 2021 is 5,000% higher than in 2020 and in 2022 more than $6b has already been raised in the GameFi industry for companies such as Mobox, Sandbox and Epic Games, etc.

You can see this firsthand in the way OpenSea, Rarible and other top-tier NFT marketplaces have disrupted traditional Web2 services. The same thing is now happening with Game Space, which is providing gaming companies with a fast and cost-effective GameFi as a Service platform that can help their Web1 and Web2 games transition smoothly to Web3.

Why Would a Gaming Company Use the Game Space GaaS model?

Instant gratification is a big driving force behind the adoption of Web3. Companies want frictionless access to core services that someone else delivers and maintains. Deloitte leader Mohit Mehrotra says “There are several other forces driving the popularity of “software as a service” including the desire for personalization and access instead of ownership. Further, the GaaS model, in particular, is democratizing business functions. Businesses do not need to spend time and money to build up departments and or software. Now, they can deploy ready-made GameFi Games”

Eight out of 10 companies say “software as a service” has helped their organization reinvent business processes, develop new products and change how they sell to customers. In addition, Game Space offers companies much more flexibility than just those listed.

With the “GameFi” industry being so successful, it’s very clear why Game Space has had so much success so far raising an initial financing seed round of more than US $7 million from very accredited Investors, VCs Listed Gaming companies and Exchanges with their current seed round ending in Q3 of 2022 and their private round open until Q4, Enabling Game Space with the resource’s to work with Large AAA Gaming Studios.

Gaming companies cannot upgrade their systems to Web3 quickly enough to keep up with the market demand. Users expect change and new content instantly. The reason for Game Spaces’ early success is their ability to work with large AAA gaming studios to help them upgrade their games to Web3 in a matter of days and be able to add or remove what they need in real-time and at their own will. Game Space has helped move traditional gaming companies to GameFi Applications and combines its GaaS software giving solutions that fit the needs of every business and consumer.

How Game Space marries up with Gaming

The Game Space model is a natural fit for Gaming. Medium to large size companies must effectively and efficiently compete for sales in a crowded marketplace. Through Game Space, companies can launch a multi-chain direct-to-consumer solution without having to build anything in-house. Everything the business needs is available to use right at your fingertips.

Through the Game Space Management System, game operators can easily distribute game NFTs through Mystery Boxes, Airdrops, and Listings. Game Space also bridged together multiple chains and networks with a one-button deployment solution to help gaming companies quickly publish on multi mainstream public chains including BSC, ETH, SOL, POLYGON, etc.

Michael Cameron also said that the Game Space GameFi as a Service platform released has been in development for more than a year. The new funds will be used to continue the development of the GaaS platform, including the second phase of the NFT exchange engine, multi-chain deployment, Enterprise Admin panel, Gaming DAO components, cross-game NFTs, etc.

All the technical aspects of maintaining a safe and secure system are managed by Game Space. Getting the development, Token economics and business process correct is such an important task and it can be expensive to build a team to achieve this. However, using the Game Space GaaS platform can save up to 90% of upfront costs and time compared to developing such a system in-house.

The reason Game Space is the perfect fit for helping Gaming companies is they already have the knowledge, people, processes, tech stack, partners and SDK ready to go. Game Space is a way for businesses to focus on what they are best at while outsourcing the parts where they are not as strong. Game Space acts as a plug-and-play system, so companies can choose the business services they need and forget the ones they don’t. Game Space is the next step in GaaS evolution and will continue to connect and collaborate with great businesses and gaming guilds around the world.

Game Space has already signed a strategic cooperation with a number of listed game companies, and several AAA-rated gaming titles are already testing access to the Game Space GaaS system. Many of the titles have more than 10 million users in markets such as South East Asia, Japan, South Korea, and South America. These games are expected to complete the chain reform in Q2 of this year and release blockchain versions of their games within 2022.

You can reach Game Space on their website at or on their Twitter account at

For more info:

 

 

 


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Cardano (ADA) Is One Of The Worst Performing Crypto In Terms Of Profit

Cardano (ADA) Is One Of The Worst Performing Crypto In Terms Of Profit

Cardano (ADA) has made it on the list as one of the worst-performing assets when it comes to profitability. The ability to make a profit from a digital asset is what drives the majority of investments when putting money in the asset. However, for some, this has not been the case given that their assets have been performing badly in the market. Cardano is one of those that have put the majority of its investors in the red after consistent dips.

82% In Loss

Data shows that Cardano investors are having some of the worst luck in the space. The digital asset which had hit a peak of $3 last year has had a hard time maintaining its value. It has since crumbled back below $1 numerous times, touching yearly lows. In turn, this has caused investors to watch the value of their investments plummet putting the majority of holders in the loss territory.

Related Reading | Monero Soars 50% As Crypto Market Weakens, What’s Behind the Rally?

While the entire market has had a bad run of it following the bull rallies of last year, Cardano seems to have taken the hit harder than any other digital asset. The price of the cryptocurrency is down more than 60% from its all-time high. What this has meant is that 82% of all investors are losing money at current prices.

82% of ADA holders in loss | Source: IntoTheBlock

Now, the investors who have held the tokens for longer are having a better run of it but they only make up a small percentage of the holder base. The majority of these holders have only been in the digital asset for 1-12 months, putting most of the midterm holders at loss. 

Cardano price chart from TradingView.com

ADA price trading below $1 | Source: ADAUSD on TradingView.com

The percentage of Cardano investors who are making profits at current prices is only 13%. The other 5% are sitting in the neutral territory, meaning that they invested in the cryptocurrency at the current prices. Given that 12% of investors are those who have held their tokens for a year or more, it is safe to say that longer-term holders are winning. Giving more proof to the fact that holding for the long term seems to be the best course of action with cryptocurrencies.

Cardano Vs Top Coins

Compared to the other top assets though, ADA holders are doing far worse when looking at the percentage of holders in profit. However, taking a look at the holder composition by time held shows a similar trend for profit.

Related Reading | Why A “Boring” Bitcoin Could Be A Good Thing

For bitcoin, holders in profit are 53% but when you take a look at the time held, 58% of all BTC holders have held for more than 1 year, putting them in profit. The second-largest cryptocurrency by market cap, Ethereum, slightly deviates from this but still shows a larger holder composition by time held. 59% of all investors have held for more than 1 year while 72% of investors are in profit.

What this shows for Cardano is that the asset still has a relatively young base of investors. Given that majority of these investors had come in when the digital asset was in a bull market, it stands to reason that it would see the largest portion of investors in loss now that the market is headed into what looks like another bear market. 

Featured image from Forbes, chart from TradingView.com



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25% of US Crypto Investors Either Own or Plan to Acquire Land in the Metaverse – Metaverse Bitcoin News

25% of US Crypto Investors Either Own or Plan to Acquire Land in the Metaverse – Metaverse Bitcoin News

A new study has found that 25% of U.S. cryptocurrency investors own or rent land in the metaverse, or plan to acquire the same. Out of four generations, the Baby Boomer generation has the highest (18%) proportion of crypto investors interested in owning or renting land in the metaverse.

Gen Z Less Likely to Own/Rent Property in Metaverse

About 25% of cryptocurrency investors in the United States are either owners or rent land in the metaverse, or have plans to, the findings of a study have shown. The findings also show the Baby Boomer generation has the highest proportion of respondents (18%) that are interested in renting or owning space in the metaverse.

Study: 25% of US Crypto Investors Either Own or Plan to Acquire Land in the Metaverse
Image: Cinch Home Services

Millennials, according to the study results, are the generation with the next highest proportion of respondents (12%) that already own or are planning to acquire land or rent in the metaverse. And not far behind are generations X and Z which are tied at 11% each.

While it is identified as the digitally native generation in the study report, Gen Z “was less likely than any other generation queried to either already own or want to own/rent property in the metaverse.”

In other key findings, the study, which was undertaken by Cinch Home Services, found that 17% of men plan to invest in property in the metaverse while only 10% of the women had such plans. Meanwhile, the study results suggest current owners of land in the metaverse are willing to spend an average of less than $1,750.

“[Around] $1,743 was the average amount those who currently, or had plans to own or rent land in the metaverse would be willing to spend,” the study findings suggested.

As explained in the report, this figure ($1,743) is $700 more than “the average U.S. rent for a one-bedroom apartment.”

Property Location Most Desired Feature

Meanwhile, as shown in the study’s findings, the location of a property in the metaverse —just as in physical real estate — is listed as the most desired feature of virtual property. Style, lot size, square footage and display of NFTs are the four other most desired features of virtual property.

Study: 25% of US Crypto Investors Either Own or Plan to Acquire Land in the Metaverse
Image: Cinch Home Services

When asked about the type of virtual property they were interested in buying, some 44% chose a customized home. Private island (38%), land with natural resources (33%), and my childhood home (32%) are the next most popular types of virtual property.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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Why This Bitcoin Correction Was The Most Painful Yet

Why This Bitcoin Correction Was The Most Painful Yet

Bitcoin price continues to move sideways in an increasingly tightening trading range to the dismay of cryptocurrency investors. The bearish sentiment across the space is among the most prominent in years — potentially more bearish than the 2018 bear market.

Here is why the recent correction has felt far more painful than even Black Thursday, despite BTCUSD trading at roughly the same price as one year ago.

Bearish Bitcoin Sentiment Could Be Blind To Bull Market

You might not know it by the current price action, sentiment, or even economic backdrop, but there is a strong chance that Bitcoin is still in a bull market.

The ongoing sideways consolidation phase could ultimately result in another, unexpected thrust upward, according to Bitcoin market structure mimicking an Elliott Wave Theory motive wave.

Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season

A motive wave is five waves in total, with three of those waves moving in the direction of the primary trend. Two waves move in the opposite direction of the primary trend — the same direction as the bear market.

Up and down waves alternate, and the characteristics of each wave also alternate between sharp and sideways. Up-waves are called impulses and also move in the same five-wave pattern. Corrective phases are typically in an ABC pattern.

The final wave of wave V of wave 5 | Source: BTCUSD on TradingView.com

Bitcoin price very clearly follows this structure on a variety of scales. And all of these structures indicate that there there could be a grand finale still left to complete a motive wave with a powerful wave five.

Why Ongoing Sideways Is More Painful Than Black Thursday

If this is what could still be ahead, then why exactly is sentiment so bearish? For one, bearish sentiment is often the driver of a wave five. At this point in the trend, fundamentals are no longer improving at the same pace that pulled in market participants. Profit taking is increasing.

Wave fives are FOMO-driven. And how does that FOMO develop? By having a market on the wrong side of the trade, due to overly bearish sentiment. Such a situation leads to participants chasing entries as prices soar higher.

Bearish sentiment is a result of positioning. Bears have either sold, are short, or expect more downside. Sentiment is so bearish not because Bitcoin has seen horrific new lows like Black Thursday. Sentiment is so bearish because it has taken almost twice as long to go exactly nowhere.

BTCUSD_2022-04-22_09-54-23

Sideways stabs more painfully than a sharp correction | Source: BTCUSD on TradingView.com

If Black Thursday, put in the “sharp” wave two bottom, then the market could be painfully moving “sideways” in wave four per Elliott Wave’s law of alternation. Although the March 2020 correction took BTCUSD down more than 70% from wave one high to wave two low, it only took around 250 days. The intra-cycle peaks on the RSI as the wave three top puts in a potential wave four bottom at roughly the same exact price as it was 14 months ago.

Even though investors haven’t lost anything in value since then, there is the cost of their time. This correction has gone sideways but taken more than 460 days to mostly go nowhere. Even the bear market itself took only 370 days to reach a capitulation bottom. In a world where instant gratification is commonplace, Bitcoin was expected to already be more than $100K, a war is waging, an economic crisis is looming, and more — no wonder why the masses are so bearish on Bitcoin.

Related Reading | Now Or Never: Bitcoin Builds Base At Decade-Long Parabolic Curve

But what if they’re wrong, and wave five remains? This theory is shared by contrarian David Hunter, who reminds us that a “bull market climbs a wall of worry.” Hunter has made chilling calls in the past, and is expecting a “once-in-a-generation melt up” to ensue any day now, based on little more then the bearish sentiment.

The idea is that after all this time of sideways, the market has overpriced in any downside, and instead the market corrects to the upside in a dramatic bang. When wave five completes, the market will be blinded by greed and the bearish price movement causing all this negative sentiment will catch everyone off guard.

“Bear markets slide down a slope of hope.”

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com



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Memecoins eye major revamps in an effort to return to their former glory

Memecoins eye major revamps in an effort to return to their former glory

Memecoins briefly took the cryptocurrency market by storm in 2021 after steady attention and shilling from big-name influencers like Elon Musk and Mark Cuban helped propel coins like Dogecoin (DOGE) to 100x gains. 

As one should expect, in the crypto market, rapidly rising prices have a tendency to reverse course just as fast and many of the formerly high-flying meme tokens now find themselves struggling for survival as the market matures and investors look for real-world use cases.

Let’s take a look at some of the most popular memecoins of 2021 to see whether they were just a flash in the pan or if there are fundamental developments that may prove fruitful in the long-term.

Dogecoin

DOGE is the original memecoin and it helped kick off the rally of ‘21 after its price skyrocketed more than 20,000% from a low of $0.0036 on January 1, 2021 to an all-time high of $0.74 on May 8.

DOGE/USDT 1-day chart. Source: TradingView

Since that time, the price has deflated along with the wider crypto market and currently trades at a $0.135.

Out of all the memecoins, DOGE continues to be the most high profile of the pack despite not having any major developments in the works. It remains one of Elon Musk’s favorite Twitter topics and its price saw a notable bump recently when Musk started making offers to buy Twitter and take it private.

The move by Musk led to speculation that DOGE could be added as a tipping currency on the social media platform if the deal eventually goes through, which led to a brief pump in the price of DOGE.

Details about what comes next for Dogecoin are sparse with some chatter still circulating about earlier discussions to make the network proof-of-stake, but nothing concrete has been announced.

One developer for the project will be holding a workshop exploring messaging services within person-to-person protocols like Dogecoin, indicating that there is some exploration into other possible use cases for the longest-running meme-themed network.

Shiba Inu

While Dogecoin receives a lot of the big influencer attention, Shiba Inu (SHIB) had one of the biggest impacts on the meme scene in 2021 after its price increased more than 5,799,999,900% from its low in October 2020 and helped one savvy trader turn a $3,400 bet into a $1.5 billion payday.

SHIB/USDT 1-day chart. Source: CoinGecko

The price of SHIB currently trades at $0.000024, a decline of 73% from its all-time high, and the token regularly sees a daily trading volume in excess of $500 million.

SHIB holders experienced a slight bump in price on April 12 when the token was listed on the popular trading app Robinhood, but the continued weakness in the crypto market has all but erased those gains. 

On the development front, the team at Shiba Inu is currently focusing its efforts on expanding the Metaverse capabilities of SHIB through the launch of a land bid event that offers members of the Shiba Inu community the opportunity to buy virtual land within the ecosystem. 

The roadmap for the project also points to the ongoing development of Shibarium, a layer-two scaling solution being designed specifically for Shiba Inu that will help the protocol escape the high fees of transacting on the Ethereum (ETH) network.

Related: AMC Theatres mobile app accepts Dogecoin, Shiba Inu and more

SafeMoon

SafeMoon (SFM) also launched early-on in the meme coin hype cycle and set out to reward loyal investors and discourage speculators through the creation of an automatic liquidity pool.

The project originally launched on March 8 and its price rapidly climbed from sub $0.00000006 to an all-time high of $0.00001399 on April 20, 2021, but it has been on a downtrend since then.

At the beginning of 2022, the Safemoon protocol upgraded to v2, which included a token revaluation that decreased the supply by a factor of 1,000.

SFM/USDT 1-day chart. Source: CoinGecko

Since the migration to v2, the price of SFM has continued to trend lower and currently trades at $0.00068 according to data from CoinGecko.

On the development front, Safemoon announced that it would be launching the Safemoon Card for community members and this would allow them to use their SFM as well as other cryptocurrencies to make daily purchases. The waiting list for the card opened on April 8.

Other developments include the release of a new version of the Safemoon wallet, the launch of Live Crypto Party, a “party-to-earn” metaverse platform that rewards users in cryptocurrency and NFTs for having fun online and offline.

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.



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Bitso to Offset Carbon Emissions From the Trading Platform’s BTC, ETH, ERC20 Transactions – Bitcoin News

Bitso to Offset Carbon Emissions From the Trading Platform’s BTC, ETH, ERC20 Transactions – Bitcoin News

On Friday, the Latin American cryptocurrency platform Bitso announced that the company plans to offset carbon emissions from its bitcoin and ERC20 token transactions carried out on the platform. Bitso is partnering with the carbon offset platform Moss.Earth in order to curb the crypto company’s environmental impact.

Bitso to Offset Crypto Transaction Carbon Emissions by Partnering With Moss.Earth

In mid-February, the Mexico-based cryptocurrency exchange Bitso revealed it was expanding into the Colombian market after witnessing a growing interest in the Latin American region. Following the expansion announcement, on April 22, Bitso announced it has partnered with the carbon offset platform, Moss.Earth. According to Bitso, the partnership aims to offset the crypto exchange’s carbon emissions tied to the BTC and ERC20 tokens the trading platform sends on a regular basis.

Bitso says that “Moss will offset all carbon emissions produced by all bitcoin and ERC20 token transactions on Bitso.” Alongside these transactions, ethereum, tether (USDT), chainlink (LINK), and shiba inu (SHIB) transactions will be offset. “This initiative marks the beginning of Bitso’s larger climate initiative aimed at supporting sustainable growth in the region,” the Latin American cryptocurrency platform’s statements sent to Bitcoin.com News explain.

As crypto adoption increases throughout the world, it’s imperative that we address environmental impacts. By partnering with Moss – a company at the cutting edge of blockchain and sustainability – we’re demonstrating to the larger crypto community that innovation and environmental responsibility can and should co-exist,” Felipe Vallejo Dabdoub, Bitso’s chief corporate and regulatory officer remarked during the announcement. Dabdoub added:

We are really proud to announce that as of today, all our clients’ BTC and ERC20 token transactions in Bitso won’t impact the environment, and moreover will help contribute to conservation projects in the Amazon rainforest.

Crypto-Related environmental concerns Have Increased a Great Deal During the Last 12 Months, Moss CEO Hopes Other Crypto Firms Join

During the last 12 months, environmental concerns about proof-of-work (PoW) crypto asset networks like Ethereum and Bitcoin have increased a great deal. Politicians and regulators across the globe have been signaling that the crypto industry’s environmental impact, caused by PoW networks, may need strict public policy measures. Meanwhile, well before bureaucrats and regulators cracked down on this issue, digital currency firms have been proactive toward greener solutions.

Luis Felipe Adaime the CEO and Founder of Moss explained on Friday that the organization hopes other crypto firms will follow Bitso’s lead. “We’re proud to partner with Bitso, an important leader within the digital currency space,” Adaime said. “Our hope is that other projects within the space will follow suit to offset their carbon footprint.”

Tags in this story
Bitso, Bitso Carbon Offset, Bitso Exchange, Bitso Trading Platform, BTC, Carbon Emissions, Chainlink (LINK), Crypto Transaction, digital currency firm, Earth Day, environment, environmental concerns, environmental impact, ERC20, Ethereum, Felipe Vallejo Dabdoub, Luis Felipe Adaime, MOSS, Moss.Earth, politicians, Regulators, shiba inu (SHIB), Tether (USDT)

What do you think about Bitso partnering with Moss to offset carbon emissions tied to the platform’s crypto transactions? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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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. Bitcoin.com 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.

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Binance pushes back against report exchange supplied customer data to Russian government

Binance pushes back against report exchange supplied customer data to Russian government

Major crypto exchange Binance challenged the accuracy of a report, which stated one of its regional heads agreed to supply Russia’s financial intelligence unit with customer data potentially related to donations for anti-corruption and anti-Putin activist Alexei Navalny.

Reuters reported on Friday that Binance’s head of Eastern Europe and Russia Gleb Kostarev met with officials from Russia’s Rosfinmonitoring, a financial monitoring service linked to the country’s Federal Security Service, or FSB, in April 2021. Kostarev reportedly agreed to a request from the government body to turn over certain user data — including names and addresses — later telling an associate he didn’t have “much of a choice” in the matter. However, another unnamed crypto exchange reportedly did not agree to provide client data to Rosfinmonitoring due to concerns about how the information would be used as well as the unit’s ties to the FSB.

The Rosfinmonitoring may have been attempting to obtain information from users donating Bitcoin (BTC) to Navalny, who is currently imprisoned in Russia after having been found guilty of contempt of court and embezzlement in March. Many human rights groups including Amnesty International have alleged the charges were politically motivated as Navalny has directly criticized Russian President Vladimir Putin for corruption as well as accused the head of state of being responsible for his poisoning in August 2020.

However, in a Friday blog post, Binance hinted that the report was portraying a “false narrative” that provided “just enough balance possible to try to avoid a legal complaint.” The firm said it was “categorically false” that it shared user data with “Russian FSB controlled agencies and Russian regulators,” and had stopped working in Russia following the country’s invasion of Ukraine on Feb. 24. 

“Today, any government or law enforcement agency in the world can request user data from Binance as long as it is accompanied by the proper legal authority. Russia is no different […] Binance has not entered into any form of unusual agreement with the Russian government that differs from any other jurisdiction.”

Binance published the email exchanges between Reuters and its spokespersons, which were part of the research for the report. The firm also said would write a formal complaint to the news outlet, alleging “hype” or sensationalist journalism.

Prior to that statement, many Twitter users seemed to be critical of Binance’s response to the report. At least one person alleged that Russia’s moves toward adopting pro-crypto regulations could be related to the reported attempts to gain access to user data, i.e., allowing citizens to use crypto in order to track transactions.

“Russia likes crypto when US dollars are limited but hates it when it is used to fund political opposition,” said Michael Bond, a lawyer and Canadian national.

“This is a haunting look into the pressure that the [Federal Security Service] can put onto the leader of a company in Russia, while org leadership outside of Russia has *no idea* it’s going on,” said Twitter user Zach Edwards.

The report followed Binance’s announcement of limitations for Russian nationals and residents in accordance with sanctions imposed by the European Union. The affected accounts will not be able to deposit or trade using Binance’s spot, futures and custody wallets as well as staked and earned deposits.

Related: Binance exec to lead crypto expert center by Russian bank association

Binance CEO Changpeng Zhao has previously said the crypto exchange would comply with sanctions imposed by the United States and European Union on Russia-based entities and individuals but not “unilaterally freeze millions of innocent users’ accounts.” At the time of publication, the CEO has not publicly responded to the report.



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Metamask Users Complain About Connection Issues as Wallet’s Default Endpoint Suffers From ‘Major Outage’ – News Bitcoin News

Metamask Users Complain About Connection Issues as Wallet’s Default Endpoint Suffers From ‘Major Outage’ – News Bitcoin News

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Is Bitcoin Gonna See Another Big Drop Soon? Historical Trend May Say Yes

Is Bitcoin Gonna See Another Big Drop Soon? Historical Trend May Say Yes

Historical trend of the 200-day and 600-day MAs may suggest Bitcoin could observe another big drop in the near future.

Current Bitcoin Pattern Has Historically Lead To A Big Drop In The Price

As pointed out by an analyst in a CryptoQuant post, the current Bitcoin price looks to be squeezed between the 200-day and 600-day MA curves.

A “moving average” (or MA in short) is an analytical tool that averages the price of Bitcoin over any desired range. As its name suggests, this average constantly updates itself as each day passes by and new prices are observed.

The main benefit of an MA is that it evens out any local price fluctuations, and displays the trend as a smoother curve. This makes the tool quite useful for studying long-term trends, where day-to-day price changes aren’t as important.

Related Reading | Bitcoin LTHs Hold Significantly More Loss Now Compared To May-July 2021

An MA can be applied on any range of period. For example, a week, a hundred days, or even just one minute. The below chart shows the trend in the 200-day and 600-day Bitcoin MAs over the past several years.

BTC price seems to be stuffed between the two moving averages right now | Source: CryptoQuant

As you can see in the above graph, a trend related to these MAs and the Bitcoin price has occurred following previous all-time highs.

It seems like during 2014 and 2018, after the respective ATHs formed and the price dwindled down, for a period the price was squeezed between the 200-day and 600-day MAs.

Related Reading | Why A “Boring” Bitcoin Could Be A Good Thing

After staying some time in the region, the MAs crossed over each other and the crypto observed a large drop in its price. Also, while this happened, the Bitcoin volume also experienced a downtrend.

Now, it looks like a similar pattern is starting to form this time as well. The price has dropped down since the November ATH, and it’s now stuck between the two MAs.

If the pattern holds and the moving averages cross over again, then another big drop may just be in store for the value of Bitcoin.

BTC price

At the time of writing, Bitcoin’s price floats around $40.4k, up 1% in the last seven days. Over the past month, the crypto has lost 1% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

BTC's price seems to have seen a plummet over the past day | Source: BTCUSD on TradingView

Bitcoin showed some strong upwards momentum a couple of days back as it seemed to be approaching another retest of the $43k level. However, before any such revisit, the price plunged down in the last 24 hours.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com



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Bitcoin Under Pressure Near $40K, Two Reasons Why That Could Change

Bitcoin Under Pressure Near $40K, Two Reasons Why That Could Change

Bitcoin remains rangebound in the high $30,000 to low $40,000 areas. The first crypto by market cap has seen its volatility reduce as several factors contribute to the slowdown across the sector.

Related Reading | TA: Bitcoin Trims Gains, Support Turned Resistance At $41K

At the time of writing, Bitcoin (BTC) trades at $40,500 with a 6% loss in the last 24-hours and a 1% profit over the past week.

BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

Trading firm QCP Capital believes Bitcoin has been trading in a larger range as it reclaimed the area around its current levels. The firm claims that there are 2 main reasons behind BTC’s recent price action.

In addition to the U.S. Federal Reserve (FED) hinting at an aggressive monetary policy, there are expectations of Bitcoin and Ethereum revisiting critical support at $30,000 and $2,500, respectively. These expectations were generated by former BitMEX CEO Arthur Hayes’s latest post, “The Q Trap”.

In the options markets, traders are preparing for a potential drop as QCP Capital records a “massive selling of May and June calls, causing BTC and ETH risk reversal”. These levels dropped from negative 6% to negative 10%.

Conversely, the demand for BTC and ETH puts has increased. In other words, traders seem to be hedging for the upcoming crash by buying put (sell) options. If the price crashes, they will be able to benefit.

Ethereum has seen the biggest uptick in demand for put calls. QCP Capital attributed it to the delay of “The Merge”. The event is set to combine Ethereum’s execution layer with its consensus layer and make ETH 2.0 fully operational.

Bitcoin Finds Bottom With Stablecoin Craze

Bitcoin’s recent price action characterized by low volatility could also be the result of the popularization of algorithmic stablecoins, QCP Capital believes. These digital assets have been in the crypto space for many years, but Terra’s UST managed to give them new life.

The demand for UST has increased as users want to leverage the 19% annual percentage yield (APY) offered by Anchor Protocol. Other projects have begun imitating this model creating what the trading firm called a “soft floor in the market”. QCP Capital added:

We mentioned in a previous post that the precedent set by Luna Foundation Guard (LFG) would spread and that has happened quickly with a wave of announcements from FRAX, NEAR and TRON (…). Similar to how LFG bought BTC and AVAX, these algo stables will build their treasuries in the major coins and provide material support in the market from their buying.

The short-term relief in the market could be translated into long-term pressure. The trading firm claims that these digital assets could become a systematic risk for the sector.

If the entities managing these stablecoins buy BTC or ETH to maintain the pegged of their assets, there is a chance that a de-pegged scenario could increase the selling pressure in the market. If the stablecoins are at risk of becoming volatile, the entities will sell their assets to try to keep the pegged.

In any case, QCP Capital and others wonder about the long-term sustainability of the algorithmic stablecoins. UST, Terra’s native stablecoins, has been battle-tested, but many wonder if it will be able to keep its users with the rising competition.

Related Reading | Why A “Boring” Bitcoin Could Be A Good Thing

In the meantime, as expectations of a May/June crash increase and algo stablecoins proliferate, Bitcoin seems poised to remain rangebound with short-term price action to the downside. According to Material Indicators, BTC’s price will seek to take the liquidity of around $37,000.



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