COTI links with Cardashift to accelerate social & environmental projects using Djed stablecoin » CryptoNinjas

COTI links with Cardashift to accelerate social & environmental projects using Djed stablecoin » CryptoNinjas

COTI, a DAG protocol optimized for creating decentralized payment networks and stablecoins, has now announced another fresh partnership, this time with Cardashift, Cardano’s community-run launchpad. Cardashift will COTI explore possibilities to offer Djed to Cardashift and the projects it supports.

This partnership, among over 20 others, will support the development of the Cardano DeFi ecosystem.

“Cardashift is excited to announce its new partnership with COTI to support the development of the Cardano ecosystem. We do believe that strengthening links between Cardano major actors could be an efficient way to democratize blockchain technology! Cardashift and COTI will share knowledge to support impactful projects and create a virtuous Cardano investing ecosystem.”
– Vincent Katchavenda, CEO, Cardashift

Cardashift is a community-run launchpad that raises funds, builds, and accelerates startups that are solving social and environmental issues. Cardashift is based on the blockchain platform, Cardano.

“By working with Cardashift and exploring Djed possibilities, Cardashift is helping new businesses to succeed and scale their idea from start to end: with a finished product/service, We are happy to see more and more projects joining us to ensure Djed’s utilization across the Cardano Defi ecosystem.”
– Yair Testa, Head of Business Development, COTI



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Ethereum Hashrate Breaks All-Time High, Will Price Follow?

Ethereum Hashrate Breaks All-Time High, Will Price Follow?

Ethereum hashrate has been on the rise in recent times. The cryptocurrency has been one of the most profitable ventures for crypto miners and as more people flocked to enjoy some of the spoils, the hashrate has skyrocketed. It has now hit multiple all-time highs in just the space of May alone. However, the question remains if the price of the digital asset is set to do as well as it has done in terms of its mining hashrate.

Ethereum Hashrate Hits New ATH

The month of May would prove to be a very good one for Ethereum when it comes to mining. After steadily climbing through the month of April, mining hashrate had touched as high as 1.1923 PH/s on the 3rd of the month. This was understandably widely celebrated in the market but it was far from done.

Related Reading | Bitcoin Funding Rates Remain Unmoved Despite Plunge To $30,000

The next couple of weeks would be new all-time highs set after the other. Now, two weeks into the month, it has reached another ATH. On 13th May, the Ethereum hashrate had climbed to 1.2370 PH/s. This is the highest that the hashrate has ever been. It represents a 124% growth on a year-over-year basis. 

ETH price settles above $2,000 | Source: ETHUSD on TradingView.com

Ethereum still operates on a proof of work mechanism though and it is reported that there are over 80 mining pools that are currently providing the hashrate for the network. One thing to note is that the hashrate has been on the rise as the “Merge” draws closer. This upgrade would effectively eliminate the need for

high computing machines required to solve complex equations to verify transactions. Instead, the network would use a proof of stake mechanism to carry out transactions. 

How ETH Is Doing

Ethereum has managed to make its mark above $2,000 once more. This has come after a long week fraught with crashes and dips. A hard-won victory but a victory nonetheless. However, it would seem to be the only one trend-wise. 

Looking at the indicators for the digital asset, it has marked an incredibly bearish trend for both the short and long term. Even though it is maintaining its position above the $2,000 level at the time of this writing, it still marks all the boxes for a bearish asset, such as trading below the 50 to 200-day moving averages.

Related Reading | Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies

Sentiment among investors has also skewed completely into the selling territory. With even the 100 – 200-day MACD pointing towards sell. What this shows is that the selling pressure on investors at this time is one of the highest it has ever been in recent times.

Nevertheless, ETH holders are not doing too badly compared to others. The majority of those who hold the digital asset remains in the profit territory even though ETH has lost over half of its all-time high value. It is also worth noting that the majority have been holding their coins for more than one year.

Featured image from Medium, chart from TradingView.com



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Grayscale Launches European ETF While Urging SEC to Approve GBTC Conversion Into Spot Bitcoin ETF – Finance Bitcoin News

Grayscale Launches European ETF While Urging SEC to Approve GBTC Conversion Into Spot Bitcoin ETF – Finance Bitcoin News

Grayscale Investments has announced the launch of an exchange-traded fund (ETF) in Europe. The company’s Future of Finance UCITS ETF will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.

Grayscale Launches ETF in Europe

Grayscale Investments, the world’s largest digital asset manager, announced Monday the launch of its first European exchange-traded fund (ETF) called Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the company said.

The announcement details:

GFOF UCITS ETF tracks the investment performance of the Bloomberg Grayscale Future of Finance Index and seeks to offer investors exposure to companies at the intersection of finance, technology, and digital assets.

UCITS ETFs are products domiciled in European markets that are subject to the Undertakings for the Collective Investment in Transferable Securities regulation.

The GFOF UCITS ETF is Grayscale’s second ETF. The first, announced in February, is listed in the U.S. in partnership with Bloomberg. It also tracks the investment performance of the Bloomberg Grayscale Future of Finance Index.

“We announced our first ETF earlier this year in partnership with Bloomberg as part of the expansion of our business,” said Grayscale CEO Michael Sonnenshein. “We’re thrilled to be expanding our offering in Europe through the UCITS wrapper.”

Meanwhile, Grayscale is trying to convince the U.S. Securities and Exchange Commission (SEC) to approve the conversion of its flagship product, the Grayscale Bitcoin Trust (GBTC), into a spot bitcoin ETF. GBTC currently has $19.2 billion in assets under management.

The company recently had a private meeting with the SEC to discuss its application, according to CNBC. The asset manager told the regulator that turning its Bitcoin Trust product into a NYSE-traded ETF would broaden access to bitcoin and enhance protections while unlocking up to $8 billion in value for investors.

So far, the SEC has not approved any spot bitcoin ETF. The deadline for the securities watchdog to either approve or reject Grayscale’s application is July 6. “The SEC is discriminating against issuers by approving bitcoin futures ETFs and denying bitcoin spot ETFs,” Grayscale previously said.

Tags in this story
Bitcoin, Crypto, Cryptocurrency, ETF, european etf, exchange traded fund, GBTC, grayscale, grayscale bitcoin ETF, Grayscale ETF, grayscale europe, Grayscale Investments

What do you think about Grayscale launching an ETF in Europe while trying to convince the SEC to approve its spot bitcoin ETF application? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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. 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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Do Kwon proposes Terra hard fork to save ecosystem

Do Kwon proposes Terra hard fork to save ecosystem

On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA). 

However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27. 

Under the proposal, new LUNA tokens will be airdropped to LUNC holders, UST holders and essential developers of the Terra Classic blockchain. In addition, Terraform Labs’ wallet with the address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 will be removed from the whitelist for the airdrop, thereby making Terra a fully community-owned chain. The proposed supply of LUNC is capped at 1 billion, with 25% going to the community pool, 5% to essential developers and 70% going to LUNC and UST holders at various snapshots of events in May, subject to vesting conditions. 

Earlier today, the Luna Foundation Guard, the ecosystems’ steward, disclosed that it used up an overwhelming portion of its cryptocurrency reserves trying to defend UST’s peg during market sell-off. As a result, it is unlikely that the Terra ecosystem can salvage itself without the help of external capital. Changpeng Zhao, CEO of Binance, said that he would support Terra’s community but would like to see more transparency from the entity as to recent events.



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Access web3 with the Coinbase app | by Coinbase | May, 2022

Access web3 with the Coinbase app | by Coinbase | May, 2022

Use popular Ethereum dapps with Coinbase’s new dapp wallet and browser

Tl;dr: This post highlights the ability to access and explore web3 directly from your Coinbase app, powered by our new dapp wallet and dapp browser.

By Rishi Dean, Director of Product Management

Over the past year, there has been an explosion of interest in web3 and dapps, including NFTs, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs). The total value locked (TVL) of DeFi investments on the Ethereum blockchain has grown to over $110B USD, while NFTs sales have grown to over $30B USD in the last twelve months (LTM) — with new innovative real-world applications emerging every day.

Starting today, we’ll roll out the ability for a small set of Coinbase app users to access Ethereum-based dapps directly from the Coinbase app. This includes buying NFTs on marketplaces like Coinbase NFT and OpenSea, trading on Decentralized Exchanges like Uniswap and Sushiswap, and borrowing and lending through DeFi platforms like Curve and Compound.

This new ability, to access and explore web3 directly from your Coinbase app, is powered by our new dapp wallet and dapp browser.

Introducing web3 right in the Coinbase app

With today’s launch, users can explore dapps without having to manage a recovery phrase. This innovative dapp wallet experience is powered by Multi-Party Computation (MPC) technology that enables you to have a dedicated on-chain wallet that Coinbase helps you keep secured. This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase. Ultimately, this means if you lose access to your device, the key to your dapp wallet is still safe and Coinbase can assist in recovery through our live support.

To get started, go to the new “Browser” tab in the navigation bar at the bottom of the Android mobile app screen, and set up your new dapp wallet. Once set up, you can search, discover, and use Ethereum-based dapps directly in the new dapp browser of the Coinbase app.

Looking forward

We want to enable everyone to seamlessly and safely participate in web3, and today’s launch is another step on that journey. We’re rolling out the new dapp wallet and browser experience in the US on Android first to a small subset of users, and plan to expand to all users and platforms soon. Stay tuned!

Make sure to follow us on Twitter for the latest crypto and web3-related news and product announcements.



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This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

Bitcoin broke through support and plunged to the lowest prices seen since 2020. However, despite all the fear the drop has caused, it could be the last low before the top cryptocurrency continues its bull run.

Here is why an extremely rare Elliott Wave expanding triangle pattern could be the last hope Bitcoin bulls have for new highs before a bear market.

Ralph Nelson Elliott And His Theory On How Markets Move

Ask most crypto investors and they would probably agree: we are in a bear market. However, based on the guidelines of Elliott Wave Theory, the last year and a half of mostly sideways could be part of one powerful, confusing, and rare corrective pattern.

Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up

Elliott Wave Principle was first discovered by Ralph Nelson Elliott in the 1930s. The theory believes all markets move in the direction of the primary trend in the same five-wave pattern. Odd-numbered waves move up with the primary trend as well, while even-numbered waves are corrective in nature that move against the trend.

Is Bitcoin trading in an expanding triangle? | Source: BTCUSD on TradingView.com

In the chart above, BTCUSD could potentially be trading in an expanding triangle. In Elliott Wave Theory, triangles of any kind only appear immediately preceding the final move of a sequence. During the bear market, a triangle appeared in place of the B wave before breaking down to the bear market bottom.

Identifying A Bullish Expanding Triangle Pattern

Triangles can contract, expand, descend, ascend, and even take on some “irregular” shapes. The expanding triangle pictured above and below should in theory only occur before the final wave five impulse up. If that’s the case, the bull run could continue once the bottom of the E wave is put in.

BTCUSD_2022-05-16_15-20-58

Each subwave is a Zig-zag similar to wave two  | Source: BTCUSD on TradingView.com

An expanding triangle is characterized as having five waves that sub-divide into ABCDE corrections. Waves A, C, and E are against the primary trend, while B and D waves are with the primary trend. Each sub-wave further sub-divides into three-wave patterns called a Zig-zag. Zig-zag patterns are sharper, and more commonly appear in wave two corrections.

The fact that an expanding triangle has five of these brutal corrections in two different directions makes it especially confusing and frustrating. Expanding triangles only form under the most unusual market conditions.

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

Extreme uncertainty drives expansive volatility in both directions. Both sides of the trade are repeatedly stopped out of trades, adding to frustration. By the end of the pattern, order books are thin and easily overpowered. Decidedly bearish sentiment squeezes prices up quickly causing an upward breakout of the pattern and continuation of the bull run. The chase and FOMO creates the conditions necessary for wave five.

Why Bitcoin Could Still Have Wave Five Ahead

The only problem is that there is no telling if this is the correct pattern, or if Bitcoin is in (or possibly just completed) a wave four according to Elliott Wave Theory. Knowing that triangles only appear before the final move of a sequence helps improve the changes of this expanding triangle being valid. However, it is more important to understand the characteristics of each wave.

Corrective waves result in ABC or ABCDE corrections (along with some more complex corrections) that move against the primary trend. Between corrections is an impulse wave up, in a five-wave stair-stepping pattern. After the bear market bottom, a new trend emerges starting with wave one. Wave two is often a sharp, Zig-zag style correction that retraces most of wave one.

BTCUSD_2022-05-16_15-35-09

A bear market will move below the zero line on the MACD  | Source: BTCUSD on TradingView.com

The lack of a new low creates the confidence for more market participants to join, making wave three the most powerful and extended of all. Wave four typically moves sideways and lacks the same severity of the wave two correction. Elliott said that wave four represents hesitancy in the market before finishing the trend. Both wave two and wave four tend to bring the MACD back down to the zero line before reversing higher – a setup clearly depicted above.

Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015

When the hesitancy ends, wave five typically matches the length and magnitude of wave one. But after such a long and nasty wave four correction, any wave five has the potential to extend similar to wave three. If this were the case, the expanding triangle pattern created the perfect shakeout of both sides of the market.

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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Terra LUNA Crash Vindicates Country’s Ban on Crypto-Related Activities – Featured Bitcoin News

Terra LUNA Crash Vindicates Country’s Ban on Crypto-Related Activities – Featured Bitcoin News

An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain’s LUNA and the de-pegging of the UST stablecoin vindicate the Asian country’s decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the buying and selling of crypto assets by several investment giants as the causes of the recent market crash.

Impact of Recent US Interest Rate Hike

An author writing for China’s state-backed publication, Economic Daily, has argued that the recent crash of Terra’s LUNA and the de-pegging of the UST stablecoin vindicates his country’s decision to block or prohibit virtual currency-related activities. The author, Li Hualin, also claimed that China’s “decisive” and “timely” action helped to “extinguish the ‘virtual fire’ of virtual currency speculation and put ‘protection locks’ on investors’ wallets.”

As reported by Bitcoin.com News, Terra blockchain’s native token LUNA’s troubles started after the network’s other project, the algorithmic stablecoin UST, lost its peg against the U.S. dollar. Initial efforts to rescue the stablecoin precipitated the native token’s plunge from a price of over $87 on May 4, 2022, to a current price of just under $0.0003.

While some crypto experts have placed the blame for the token’s crash on the actions of the project’s leader, Do Kwon, in the opinion piece, the Chinese author appears to attribute the token’s fall mainly to the raising of interest rates by the U.S. Federal Reserve. Explaining how the rate rise caused the token to plummet, the author wrote:

Since the beginning of this year, the Federal Reserve has launched an interest rate hike cycle, and global liquidity has tightened. Especially in early May, the Federal Reserve raised interest rates by 50 basis points at a time, which had a negative impact on capital and market sentiment, and virtual currencies were the first to bear the brunt.

Virtual Currency and the Chinese Law

Following the crash of the two Terra tokens, some within the crypto community are still trying to piece together what may have caused the spectacular collapse. However, others have already accused two firms, Blackrock and Citadel, of being behind LUNA’s woes. These allegations have been rejected by the firms.

The Chinese author, in the meantime, claims in the piece that the involvement of investment giants in crypto markets “can lead to violent fluctuations in currency values, triggering a large number of sell-offs.”

Hualin also reiterated that virtual currency transactions are not protected by Chinese law. These comments appear to contradict the recent Shanghai High People’s Court judgment affirming bitcoin to be a virtual asset protected by Chinese law.

The author ends the article by urging investors to “remain rational, promptly eliminate the greed of bottom-hunting and get rich overnight, and stay away from related trading speculations, otherwise it is very likely that ‘currency will go to the fortune.’”

Tags in this story
ban, Bitcoin, Blackrock, China, crypto ban, Crypto markets, do kwon, LUNA, Shanghai High People’s Court, Terra Blockchain, UST, Virtual Currency

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.














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. 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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Collectors and Enthusiasts Can Now Turn Their Image and Likeness into Eye-popping NFTs with Onliners Metaverse

Collectors and Enthusiasts Can Now Turn Their Image and Likeness into Eye-popping NFTs with Onliners Metaverse

These days it seems that everybody and their mother is either launching an NFT project or aping into one. Many well-known artists are getting wealthy off of their collections and sewer traders. NFT art is a very community-driven, and creative pursuit.

With so many different collections taking off, wouldn’t it be cool if you could have your image and likeness represented in the most exciting revolution since the beginnings of the Internet?

Onliners Metaverse allows you to do just that with the platform designed to allow you to turn yourself into an NFT.

Why Onliners Metaverse Is a Total Game-Changer for Collectors and Enthusiasts Wishing to Be Immortalized in Digital Art Form

For decades if not centuries, the prevailing view of life as a creator is that of a starving artist. One who only creates art for the sake of self-expression and storytelling. Some of the world’s most renowned artists only make money off of their work posthumously. That is to say, their artwork only goes up in value once they pass away. Pablo Picasso was famously broke for nearly his whole career as a living artist.

Thanks to the Web 3.0 revolution, however, NFTs are doing away with the idea of being a starving artist. Just to put it in perspective, over 250,000 people trade NFTs on OpenSea, the industry’s leading marketplace. That’s not counting other competing marketplaces like LooksRare or Immutable X.

Perhaps 250,000 active users don’t seem like a lot when considering that traditional marketplaces like eBay see millions of users each month. The truth is however the popularity of NFTs is exploding. Just in the third quarter of last year alone, the NFT market reached an overall value of close to $11 billion.

Onliners Metaverse’s Unique Features Are Going to Make the Project One-Of-A-Kind

Onliners Metaverse’s goal is to take the personalization of your image and likeness to a whole new level.

The initial release features different attributes you can attach to your NFT with customization options. You’ll be able to go through a wide variety of digital characters that will help you come up with your own avatar.

The collection itself will include no fewer than 8,000 pieces available for minting.

Traits inherent in digital assets, artists, gamers, students, businesses, music, events, developers and all other walks of life will be included in the collection.

The Five Stages of the Onliners Metaverse Roadmap

If you have any experience operating the NFT world, you probably understand the importance of community and how it drives the success of a project. That’s why Onliners Metaverse’s roadmap considers building the community the first stage. Here are all five stages:

  • The Onliners Community
  • Onliners Treasure Vault
  • Onliners Season 2
  • Onliners Charity

Let’s go over the remaining four stages.

Onliners Treasure Vault

The treasure vault holds onto 15% of the royalties collected through different plans offered to provide the community with even more support. The vault will allow the project to initiate giveaways that get more people involved as the price increases in the NFTs might make users feel like they can’t be a part of the community. Onliners doesn’t want that.

Onliners Merchandise

Offering merchandise to the community is a popular way to expand the brand presence of an NFT project. Bored Ape Yacht Club does it and so do many others. In this case, the community gets to be a part of extending Onliners’ branding. They get to vote on the merchandise that gets manufactured and sold to enthusiasts.

Onliners Season 2

The second season of Onliners features animations and varying traits made in the likeness of users. First dibs go to long-time community members or those who hold bigger bags of tokens.

Onliners Charity Initiatives

Many NFT projects promise to support worthy causes. Onliners wants to give back to those in need through well-known NGOs, providing computers and learning tools to those underserved individuals. The goal is to donate a minim of $50,000 as the project continues to achieve its milestones.

Onliners Charity

As the project progresses, they want to give back to those in need. The Onliners Team will donate $50,000 to known NGOs to allow those in less fortunate countries to purchase necessities like learning tools and computers.

 



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Finder’s Poll Conducted Weeks Before Terra’s Fallout Predicted LUNA Would Tap $143 This Year – Bitcoin News

Finder’s Poll Conducted Weeks Before Terra’s Fallout Predicted LUNA Would Tap $143 This Year – Bitcoin News

Just recently, the product comparison platform finder․com polled 36 fintech specialists about the cryptocurrency terra (LUNA) before terrausd (UST) lost its parity with the U.S. dollar. According to the poll, Finder’s experts predicted LUNA would be $143 before the end of the year. Currently, LUNA is worth far less than a U.S. penny and while it has gained over 23,000% in the last three days from the all-time low, LUNA would need to jump 58,331,533% to reach $143 per unit.

Finder’s Poll Recorded Before the Collapse Shows Fintech Experts Thought Terra’s LUNA Had Potential, While Others Remained Skeptical

Before LUNA and UST collapsed, a great number of people were very bullish about the Terra blockchain project. The product comparison platform finder․com’s recent terra (LUNA) Price Predictions Report, highlights this fact. The researchers at Finder have conducted many polls with dozens of fintech and crypto specialists concerning crypto assets like XRP, ETH, APE, and more. Finder’s latest survey touches upon terra (LUNA) and the poll’s data stems from late March to early April 2022, weeks before Terra’s ecosystem imploded.

Matthew Harry, the head of funds at Digitalx Asset Management, thought LUNA would end up being around $160 per coin by the year’s end. After the fallout, Harry said: “There is a lot of uncertainty around LUNA right now – the project is really ambitious and the objective an admirable one but just what the effect on the LUNA token itself will be is unclear.” 40% of Finder’s panelists did not think LUNA would be the most staked asset.

Finder's Poll Conducted Weeks Before Terra's Fallout Predicted LUNA Would Tap $143 This Year

Desmond Marshall, the managing director at Rouge International, expected Terra’s native token LUNA to “fall flat very soon.” Marshall insisted that it was due to the “lack of overall functional support.” Despite 40% thinking LUNA would not be the most staked asset, 24% of Finder’s panelists said it would become the most staked coin, while the rest of the fintech specialists were unsure.

Swinburne University of Technology Lecturer Says Algorithmic Stablecoins Are Considered ‘Inherently Fragile and Are Not Stable at All’

According to Dimitrios Salampasis, director and lecturer at the Swinburne University of Technology, algorithmic, fiat-pegged tokens are easily broken. “Algorithmic stablecoins are considered as being inherently fragile and are not stable at all. In my opinion, LUNA will be existing in a state of perpetual vulnerability,” Salampasis said. Ben Ritchie, the managing director at Digital Capital Management, thought LUNA would gain traction as long as regulatory scrutiny on the stablecoins economy was lax.

“We believe that LUNA and UST will have an advantage and be adopted as a major stablecoin across the crypto space,” Ritchie said in the poll taken before the Terra fiasco. “LUNA is burnt to mint a UST, so if the adoption of UST grows, LUNA will benefit greatly. Having bitcoin as a reserve asset is a great decision by the Terra governance,” the fintech specialist added.

In addition to the bullish commentary, the panel average indicates people predicted lofty prices for LUNA before the UST tumble and LUNA’s value plummeting to zero. Prior to the Terra fallout, the panel thought LUNA would be $390 by the end of 2025, and $997 per unit by the end of 2030. With the way things look today, in mid-May 2022, LUNA will have an extremely hard time reaching $143 per unit.

Tags in this story
algorithmic Stablecoins, Ben Ritchie, Desmond Marshall, Digital Capital Management, Digitalx Asset Management, Dimitrios Salampasis, Finder’s forecasts, LUNA, LUNA prediction, Matthew Harry, Rouge International, Swinburne University of Technology, terra (LUNA), Terrausd (UST), UST, UST de-peg, ust fiasco

What do you think about Finder’s poll taken before the Terra collapse? 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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Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market

Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market

Bitcoin has now entered perhaps one of its most bearish periods ever. The cryptocurrency which has held up quite nicely through all of the market scandals is seeing even more bad news ahead. Previously, it has seen a good number of consecutively red closes that have solidified its entrance into a bear market. However, this time around, it seems that the digital asset is ready to set another record, but this time for the worse.

Seven Red Candles

Anyone that has been following the market recently knows that Bitcoin has been seeing multiple consecutive red closes. This has not been a cause for alarm though since the digital asset has a history of marking bearish trends like these and still coming out on top. But this would prove to be a trend like no other after the cryptocurrency had seen its 7th consecutive red close.

Related Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?

This would make it the first time in history that bitcoin is marking such a trend. However, what is even more important is what seven consecutive red candles mean for the cryptocurrency. With the digital asset still being a seller’s market, a close like this could trigger even more sell-offs as investors worry about the future of the coin in the short term.

Furthermore, with so many red candles showing on the charts, it could indicate that there is more downtrend left to follow. An example of this was marked in the 2014 bear market that saw bitcoin record four consecutive red closes. What had followed was a single green close that would prove to give way to an even more brutal downtrend. Now, if bitcoin were to mirror this move from 2014, then another plunge below $30,000 may be imminent.

BTC declines to $29,500 | Source: BTCUSD on TradingView.com

Not All Bad News For Bitcoin

While seven consecutive red closes can often paint a bearish picture, this is not always the case. It is well-known that the digital asset can record the most bearish patterns right before recovery. Oftentimes, a tremendous recovery.

An example of this was in August of 2018 when the market had marked six consecutive red closes. Since the market had been in a stretched-out bear market at that point, it was assumed that what would follow this could only be more losses. However, this would prove to not be the case as the digital asset had gone on to record five consecutive green closes.

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Now, this was not the start of the next bull market but it showed that as much as these trends can signify more downtrends to come, they can also be a precursor of a good recovery. Expectations for bitcoin this time around are great as the digital asset has been able to now break above $30,000, although it has trouble maintaining its position above this point.

The price of BTC is trending around $29,600 at the time of this writing. This puts it slightly above its 5-day simple moving average but continues to show bearish trends across other indicators.

Featured image from Cryptonaute, chart from TradingView.com



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