BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The United States equity markets are attempting a recovery after weeks of relentless selling. Along similar lines, on-chain monitoring resource Material Indicators expects the crypto market to recover, but they anticipate Bitcoin (BTC) to spend some time in a range before “a real breakout.”

The seven-day moving average of the on-chain transaction volume tracked by Glassnode hit a nine-month low on May 23. This suggests that Bitcoin’s lackluster price action in 2022 has led to reduced participation from traders.

Daily cryptocurrency market performance. Source: Coin360

While signs of a short-term recovery are visible, a sustained recovery could be difficult because the macro conditions remain challenging. International Monetary Fund managing director Kristalina Georgieva wrote in a blog post that the global economy is witnessing its “biggest test since the Second World War.”

Could Bitcoin and altcoins overcome their immediate resistance levels and start a relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin held the $28,630 support on May 20, indicating that bulls are buying at lower levels. The buyers have pushed the price above the downtrend line, which is the first sign of a recovery.

BTC/USDT daily chart. Source: TradingView

If buyers sustain the price above the downtrend line, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($31,758). The bears are likely to defend the 20-day EMA aggressively because a break and close above it could clear the path for a possible rally to the 61.8% Fibonacci retracement level at $34,823.

Alternatively, if the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will have to sink the price below $28,630 to clear the path for a possible retest of the crucial support at $26,700.

ETH/USDT

Ether (ETH) bounced off the uptrend line on May 21, indicating that bulls are buying the dips to this level. The buyers will now try to push the price to the overhead resistance at $2,159 where the bears may pose a strong challenge.

ETH/USDT daily chart. Source: TradingView

If the price turns down from the overhead resistance, it could drop to the uptrend line. This is an important level to keep an eye on in the short term. If the price rebounds off the uptrend line, it could enhance the prospects of a break above $2,159. If that happens, the ETH/USDT pair could attempt a rally to $2,500.

On the other hand, if the price turns down from the current level or the overhead resistance and breaks below the uptrend line, it will suggest that the pair may remain stuck between $2,159 and $1,700 for a few days.

BNB/USDT

The bulls have pushed BNB above the 20-day EMA ($324), which is the first sign that the downtrend may have ended.

BNB/USDT daily chart. Source: TradingView

If buyers sustain the price above the 20-day EMA, the BNB/USDT pair could rally to $350 and later to the 50-day simple moving average (SMA) ($374). The bears may again attempt to stall the up-move in this zone. If the price turns down from this zone but rebounds off the 20-day EMA, it will increase the possibility of a break above the 50-day SMA.

This bullish view will be invalidated in the short term if the price turns down and breaks below $320. That would indicate selling by the bears at higher levels. The pair could then gradually drop to $286.

XRP/USDT

Ripple (XRP) is attempting a recovery after the bulls successfully defended the immediate support at $0.38 on May 19. The buyers will now try to push the price to the 20-day EMA ($0.47).

XRP/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative territory indicate that bears have the upper hand. The sellers will attempt to defend the 20-day EMA with vigor. If that happens, the XRP/USDT pair could turn down from the overhead resistance and drop to the strong support at $0.38.

Conversely, if bulls push the price above the 20-day EMA, it could suggest a possible change in the short-term trend. The pair could then rise to the overhead zone between $0.50 and $0.55, which may act as a major obstacle.

On the downside, the bears will have to sink and sustain the price below $0.38 to open the doors for a possible retest of the May 12 intraday low at $0.33.

ADA/USDT

The bulls successfully defended the psychological level at $0.50 in the past few days, indicating demand at lower levels. The buyers will now try to push Cardano (ADA) above the 20-day EMA ($0.60).

ADA/USDT daily chart. Source: TradingView

If they succeed, the ADA/USDT pair could attempt a rally to the breakdown level of $0.74. The bears are likely to pose a stiff challenge at this level. If bulls arrest the subsequent decline at the 20-day EMA, it will suggest a change in sentiment from selling on rallies to buying on dips.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will indicate that bears continue to sell on rallies. The bears will then try to pull the price below $0.50 and retest the crucial support at $0.40.

SOL/USDT

The bulls purchased the dip to $47 on May 20 and are attempting to push Solana (SOL) toward the 20-day EMA ($61). The bears are expected to defend this level aggressively.

SOL/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, the SOL/USDT pair could drop to $47 where the bulls will attempt to stall the decline. If that happens, the pair may trade between $47 and $60 for a few days.

A break and close above the 20-day EMA will be the first indication that the bulls are back in the game. The pair could then rally to the breakdown level at $75. Alternatively, if the price turns down and breaks below $47, the pair could slide to the strong support at $37.

DOGE/USDT

Dogecoin (DOGE) is consolidating in a downtrend. The bulls defended the $0.08 support in the past few days and are attempting to push the price to the overhead resistance at $0.10.

DOGE/USDT daily chart. Source: TradingView

If the price turns down from $0.10, it will suggest that bears are trying to flip this level into resistance. If they succeed, the DOGE/USDT pair could continue its range-bound action for a few more days.

The buyers will have to propel the price above $0.10 to suggest that the downtrend may be weakening. The pair could then rally to $0.12.

Alternatively, if the price turns down from the current level and breaks below $0.08, the pair could retest the critical support at $0.06.

Related: Monero enters ‘overbought’ danger zone after XMR price gains 75% in two weeks

DOT/USDT

The bulls are attempting to push and sustain Polkadot (DOT) above the overhead resistance at $10.37. If they succeed, the price could rally to the 20-day EMA ($11.57).

DOT/USDT daily chart. Source: TradingView

The buyers will have to push the price above the 20-day EMA to indicate a potential change in the short-term trend. The DOT/USDT pair could then rally to the overhead resistance zone between $14 and $16 where the bears may mount a strong defense.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the trend remains negative and traders are selling on rallies. The bears will then try to pull the pair below $9.22 and retest the crucial support at $7.30.

AVAX/USDT

Avalanche (AVAX) rebounded off the support line of the pennant, indicating that bulls are defending this level aggressively. The buyers will now try to push the price above the pennant.

AVAX/USDT daily chart. Source: TradingView

If they manage to do that, the AVAX/USDT pair could rally to the 20-day EMA ($39). This is an important level to watch out for because the bears are expected to defend it with vigor.

If the price turns down from the 20-day EMA but does not re-enter the pennant, it will suggest a possible change in trend. The buyers will then again attempt to clear the overhead hurdle at the 20-day EMA and push the pair toward $51.

On the contrary, if the price turns down from the current level or the 20-day EMA and breaks below the support line, it will suggest that bears are active at higher levels. The pair could then slide to $23.

SHIB/USDT

Shiba Inu (SHIB) is attempting to rise above the immediate resistance at $0.000013 but the long wick on the day’s candlestick suggests that bears are attempting to stall the rally.

SHIB/USDT daily chart. Source: TradingView

If the price turns down from the current level, the SHIB/USDT pair could spend some more time inside the range between $0.000010 and $0.000014. The next trending move could start after the price breaks above or below the range.

If buyers propel the price above the 20-day EMA ($0.000014), the pair could attempt a rally to $0.000017. This level could again act as a stiff resistance.

Alternatively, if the price turns down and breaks below $0.000010, the pair could slide to $0.000009. This is an important level to keep an eye on because if it cracks, the next stop could be $0.000005.

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

Market data is provided by HitBTC exchange.



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Bitcoin’s current setup creates an interesting risk-reward situation for bulls

Bitcoin’s current setup creates an interesting risk-reward situation for bulls

The Bitcoin (BTC) chart has formed a symmetrical triangle, which currently holds a tight range from $28,900 to $30,900. This pattern has been holding for nearly two weeks and could potentially extend for another two weeks before price makes a more decisive movement.

Bitcoin/USD 12-hour price at Kraken. Source: TradingView

For those unfamiliar with technical analysis, a symmetrical triangle can be either bullish or bearish. In that sense, the price converges in a series of lower peaks and higher lows. The decisive moment is the support or resistance breakthrough when the market finally decides on a new trend. Thus, the price could break out in either direction.

According to Bitcoin derivatives data, investors are pricing higher odds of a downturn, but recent improvements in global economic perspective might take the bears by surprise.

The macro scenario has improved and BTC miners are staying busy

According to Cointelegraph, macroeconomic conditions driven by the United States helped drive crypto markets higher on May 23. Before the market opened, United States President Joe Biden announced plans to cut trade tariffs with China, boosting investors’ morale.

According to the latest estimates, Bitcoin’s network difficulty will reduce by 3.3% at its next automated readjustment this week. The change will be the largest downward shift since July 2021 and it’s clear that Bitcoin’s downtrend has challenged miners’ profitability.

Still, miners are not showing signs of capitulation even as their wallets’ movements to exchanges hit a 30-day low on May 23, according to on-chain analytics platform Glassnode.

While miners’ sentiment and flows are important, traders should also track how whales and market markers are positioned in the futures and options markets.

Bitcoin derivatives metrics are neutral-to-bearish

Retail traders usually avoid quarterly futures due to their fixed settlement date and price difference from spot markets. However, the contracts’ biggest advantage is the lack of a fluctuating funding rate; hence, the prevalence of arbitrage desks and professional traders.

These fixed-month contracts usually trade at a slight premium to spot markets because sellers are requesting more money to withhold settlement longer. This situation is known technically as “contango” and is not exclusive to crypto markets. Thus, futures should trade at a 5% to 15% annualized premium in healthy markets.

Bitcoin 3-month futures’ annualized premium. Source: Laevitas

According to the above data, Bitcoin’s basis indicator has been below 4% since April 12. This reading is typical of bearish markets, but the fact that it has not deteriorated after the sell-off down to $25,400 on May 12 is encouraging.

To exclude externalities specific to the futures instrument, traders also have to analyze Bitcoin options markets. The 25% delta skew is extremely useful because it shows when Bitcoin arbitrage desks and market makers are overcharging for upside or downside protection.

If option investors fear a Bitcoin price crash, the skew indicator will move above 12%. On the other hand, generalized excitement reflects a negative 12% skew.

Bitcoin 30-day options 25% delta skew: Source: Laevitas

The skew indicator moved above 12% on May 9, entering the “fear” level as options traders overcharged for downside protection. Moreover, the recent 25.4% was the worst reading ever registered for the metric.

Related: Bitcoin targets record 8th weekly red candle while BTC price limits weekend losses

Be brave when most are fearful

In short, BTC options markets are still stressed and this suggests that professional traders are not confident in taking downside risk. Bitcoin’s futures premium has been somewhat resilient, but the indicator shows a lack of interest from leveraged long buyers.

Taking a bullish bet might seem contrarian right now, but at the same time, an unexpected price pump would take professional traders by surprise. Therefore, it creates an interesting risk-reward situation for Bitcoin bulls.

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



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Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam – Featured Bitcoin News

Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam – Featured Bitcoin News

South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme.

300% Return on Investment

The South African state broadcaster recently suspended one of its radio presenters, Sebasa Mogale, after a media exposé suggested he may have been part of a cryptocurrency scam outfit that reportedly promised a 300% return on investment.

The decision to suspend the popular broadcaster, who also plays a role in South Africa’s popular television series Skeem Saam, was made after an investigative report by the media outlet Carte Blanche identified him as one of the masterminds behind the scam that allegedly fleeced more than 100 people.

Reports of Mogale’s suspension were confirmed by Gugu Ntuli, the South African Broadcasting Corporation (SABC) group executive responsible for corporate affairs and marketing. In a statement, the executive said:

Thobela FM has taken a decision to unschedule Sebasa Mogale, (Ntshirogele) Afternoon Drive presenter, following the Carte Blanche exposé. Mr Mogale is being afforded an opportunity to resolve the issues raised in the recent broadcast which pertain to his personal business dealings involving cryptocurrency.

Ntuli added that the SABC will “leave no stone unturned” in its own probe into Mogale’s role in the scam.

A Confidence Trickster

According to an exposé by Carte Blanche, Mogale had used his celebrity status to lure some listeners of his radio show to invest. The media outlet’s report said investors with no training in personal finance management had “cashed in their pensions and savings policies.” However, in the end, Mogale’s promises turned out to be empty.

“But for at least 140 people the man they trusted to guide them through the crypto maze appears to have been little more than a confidence trickster,” reads part of Carte Blanche’s summary of the exposé.

Following news of Mogale’s suspension, some of the victims of the scam have come forward to reveal their losses. Sello Bonoko is quoted in another report explaining he became a victim after he listened to Mogale’s bitcoin investment pitch that “sounded convincing.” He also said he trusted Mogale’s promises primarily because these were made on national radio. Bonoko said he lost more than $14,500 (R230,000).

Meanwhile, a spokesman for the South African police is quoted in the report telling Mogale’s victims to file reports with law enforcement. He said the police can only act after formally receiving the complaints.

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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fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

After a strong 2,000% rally in early 2021, Fantom (FTM) price collapsed alongside multiple altcoins and even though the blockchain has an impressive capability, it has yet to find mass adoption due to the lack of a compelling use case. FTM price hit an all-time high at $3.46, only to collapse to its pre-bull market lows under $0.25 after the failure of the Solidly DeFi project and the departure of developer Andre Cronje.  

Data from Cointelegraph Markets Pro and TradingView shows that since dropping to $0.238, FTM has rallied 119.23% to $0.5216 on May 23.

FTM/USDT 4-hour chart. Source: TradingView

Three reasons for the uptrend in FTM price are the launch of the first native stablecoin on the Fantom network, new protocol upgrades and partnership announcements, which bring new functionality to the network, and speculation that Andre Cronje is working with decentralized finance (DeFi) protocols on Fantom.

Fantom launches its first native stablecoin

The most notable development to occur in the Fantom ecosystem in the past few weeks was the release of fUSD, the first native stablecoin on the network.

The launch of fUSD comes on the heels of the collapse of TerraUSD and looks to capture some of the capital flight from algorithmic stablecoin by offering an over-collateralized alternative.

On May 20, the Fantom Foundation released an update outlining the maximum collateral factor and minting cap for each supported form of collateral. The foundation also set the fUSD staking reward at 11.3%

The update also included details on Fantom liquid staking, setting a global cap of 150 million staked Fantom (sFTM), removing validators for the list of those eligible to mint sFTM and setting a loan-to-value (LTV) ratio of FTM at 90% for the purposes of minting sFTM.

New partnerships improve sentiment for FTM

A handful of recent protocol updates and new partnerships have also helped to bring a boost in momentum to Fantom, including the launch of Snapsync, which allows new nodes to quickly join the network.

With the integration of Snapsync, the time it takes for new nodes to synch could be reduced from 24 to seven hours, helping to enhance network reliability, improve scalability and create a greater degree of decentralization.

Fantom has also announced that it is currently in the process of launching Gitcoin on the Fantom network to simplify the process of obtaining grants to develop in the Fantom ecosystem.

Fantom also partnered with Unmarshal and XP.Network. Unmarshal is a Web3 infrastructure provider that will integrate its indexing services with the Fantom protocol to give developers easy access to organized and granular on-chain data.

Through the partnership with XP.Network, Fantom users will be able to bridge nonfungible tokens (NFTs) between Ethereum (ETH), BNB Smart Chain (BNB), Elrond (EGLD), Aurora (AURORA), Tron (TRX), Avalanche (AVAX) and Velas (VLX).

Related: Crypto remittances must have allure of cash without regulatory constraints — Jeremy Allaire

Did Andre Cronje return?

Another factor, albeit speculative, bringing a boost FTM price is speculation that well-known DeFi developer Andre Cronje could be contributing toward DeFi development on the Fantom network.

The speculation started when Cronje submitted an fUSD optimization proposal that designed to solve a major depegging issue with the stablecoin on May 20 . A Fantom wallet that is believed to belong to Cronje has also added more than 100 million FTM over the past two weeks.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FTM on May 20, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. FTM price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for FTM spiked to a high of 89 on May 20 at the same time as its price began to increase 62.3% over the next three days.

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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A Look at Terra LUNA’s Inception and the People That Helped Do Kwon Rise – Featured Bitcoin News

A Look at Terra LUNA’s Inception and the People That Helped Do Kwon Rise – Featured Bitcoin News

After the LUNA and UST meltdown, many crypto investors have been curious about the project’s rise in popularity and people wonder about the background of Terra’s co-founder Do Kwon. Moreover, it is not commonly known that Terraform Labs was also founded by Daniel Shin, the founder of a payment firm called CHAI. After Shin left the company, the startup saw significant growth and Kwon became the main face of Terra’s ‘Lunatic’ movement.

Do Kwon — A Stanford Graduate That Became the Face of the Terra Money Project Following His Partner’s Departure

The Terra blockchain fiasco will go down in crypto history as one of the craziest events during the last 13 years. It all started during the second week of May, when the once-stable coin terrausd (UST) lost its peg from its $1 parity. This caused a massive bank run-like event where billions of dollars worth of crypto was withdrawn from Curve Finance, Lido, and the decentralized finance (defi) lending app Anchor Protocol.

Terra blockchain’s native token (LUNA) fell significantly in value as well, as the network’s LUNA/UST swapping mechanism drove the coin toward a death spiral. Terra’s entire ecosystem was wiped off the top crypto projects list, and now it is placed at the bottom of the barrel, among a litany of failed digital currencies.

However, for quite some time Terra was considered one of the hottest blockchain projects out there, and LUNA reached an all-time high at $119.18 per unit on April 5, 2022. Today is a different story, as a single LUNA is now exchanging hands for $0.00018000 per unit. While many disliked Terra’s co-founder Do Kwon, a great number of people enjoyed his attitude.

The 'Lunatic' Movement: A Look at Terra LUNA's Inception and the People That Helped Do Kwon Rise
The two co-founders of Terraform Labs. Daniel Shin (pictured left) and Do Kwon (pictured right).

The 31-year-old South Korean native Do Kwon is a Stanford University graduate and according to nymag.com, he allegedly worked for Apple and Microsoft. At Stanford Kwon graduated with a degree in computer science. While not much is known about Kwon’s prior history, he’s been a member of the crypto community for quite some time.

According to a report published by Coindesk authors Sam Kessler and Danny Nelson, Kwon was allegedly involved with another failed stablecoin project called “Basic Cash.” Former Terraform Labs employees claim Kwon operated the Basic Cash project under the pseudonym “Rick Sanchez.” Kwon is known for founding Terraform Labs with Daniel Shin, the founder of a payment firm called CHAI.

Terra’s White Paper, Terra Alliance, and Capital Injections From Well-Known Backers

The Terra project’s white paper was authored by Evan Kereiakes, Marco Di Maggio, Nicholas Platias, and Do Kwon. The white paper details that the main foundations of “Terra Money” include “stability and adoption.” The Terra project was created in January 2018 and LUNA’s first recorded market value was $3.27 per unit on May 7, 2019. By January 2020, LUNA was trading for much lower values at $0.20 to $0.50 per unit.

Then, in February 2021, LUNA started to gain significant market traction and eventually climbed 23,700% to the crypto asset’s all-time price high. Additionally, from October 2020 all the way until May 9, 2022, Terra’s stablecoin terrausd (UST) held its $1 parity with the U.S. dollar. Before both of these tokens and the many other crypto assets built on top of Terra, the project derived from the group Terra Alliance. The group is a 16-member international network of Asian e-commerce and financial advisory firms.

The 'Lunatic' Movement: A Look at Terra LUNA's Inception and the People That Helped Do Kwon Rise
A Terra Alliance advertisement from February 26, 2019.

In February 2019, Terra Alliance had an overall reach of around 45 million users in ten different countries with platforms such as Musinsa, Yanolja, TMON, and Megabox. TMON was a billion-dollar startup that was founded by Daniel Shin and in August 2018, Shin told the press his new stablecoin project raised $32 million.

Investors included Arrington XRP, Kenetic Capital, Binance Labs, FBG Capital, 1kx, Hashed, and Polychain Capital. “We are pleased to support Terra, which sets itself apart from most other blockchain projects with its established and immediate go-to-market strategy,” Polychain Capital’s Karthik Raju said at the time.

The project’s official mainnet launch was in April 2019 and ecosystem tools were made available like the block explorer Terra Finder and the wallet Terra Station. In May 2019, Terraform Labs had a ‌corporate funding round led by Arrington XRP Capital, and in August 2019, Hashkey Capital backed the team.

In January 2021, Terraform Labs raised $25 million from Coinbase Ventures, Galaxy Digital, and Pantera Capital. The following July, Galaxy Digital, Arrington XRP Capital, Blocktower Capital, and others injected $150 million into an ecosystem fund created by the Terra team. Additionally, Terraform Labs invested in other companies such as Hummingbot, Stader Labs, Espresso Systems, Leapwallet, and Rain.

Anchor: The So-Called ‘Gold Standard for Passive Income’

2019 was the year Terra started seeing a lot more buzz surrounding the project and in June of that year, the network had its first protocol upgrade. A year later in July, Shin’s firm CHAI launched the CHAI card and by January 2020, Shin left Terraform Labs after two years of working with the project.

Shin still leads CHAI corporation and he still runs TMON as well. While Shin was the face of Terra’s initial leap getting backing from Binance in August 2018, it was Kwon who accepted the $25 million in January 2021, and the $150 million in July 2021. Moreover, in the summer of 2020, a concept built on Terra called the “Gold Standard for passive income on the blockchain” was born.

The 'Lunatic' Movement: A Look at Terra LUNA's Inception and the People That Helped Do Kwon Rise
Nicholas Platias, Eui Joon Lee, and Marco Di Maggio published the Anchor Protocol white paper in June 2020 and the application became the stablecoin UST’s main use case.

In June 2020, Anchor Protocol’s white paper was published and it was written by Nicholas Platias, Eui Joon Lee, and Marco Di Maggio. “Anchor offers a principal-protected stablecoin savings product that pays depositors a stable interest rate,” the white paper explains. Nicholas Platias introduced Anchor on July 6, 2020, explaining that the team wanted to get rid of the “highly cyclical nature of stablecoin interest rates” in defi.

For quite some time, Anchor Protocol gave depositors a 20% compounding interest rate until the project decided to shift to a dynamic earn rate at the end of March 2022. The Anchor project started to see a lot more criticism at the time and sustainability concerns. During the last few months, Anchor was called a Ponzi scheme in a number of social media and forum posts written by crypto proponents.

Do Kwon: ‘I Don’t Debate the Poor on Twitter’ and ‘95% of Coins Are Going to Die’

Terra’s stablecoin UST was also criticized by the Galois Capital executive Kevin Zhou who predicted the de-pegging incident well before it happened. Do Kwon was admired by a large army of ‘Lunatics’ and despite Zhou’s early criticisms, Kwon proudly told people to continue staying “poor.” “U still poor?” Kwon asked on social media, “I don’t debate the poor on Twitter,” the Terra founder explained.

Kwon also once remarked that “95% [of coins] are going to die, but there’s also entertainment in watching companies die too.” The Terra co-founder additionally had problems with the U.S. Securities and Exchange Commission (SEC) as the regulator took issue with Terra’s Mirror Protocol.

Kwon then said he decided to sue the SEC for not using the proper channels to deliver his subpoena and that the regulator lacked jurisdiction over Terra’s properties. “The SEC attorneys were well aware that TFL and Mr. Kwon had consistently maintained that the SEC lacked jurisdiction over TFL and Mr. Kwon, and at no time asked Dentons lawyers whether it was authorized to accept service of subpoenas,” Kwon’s lawsuit stated. Similar to Terra’s suite of stablecoins, Mirror Protocol allowed people to mirror stocks like Amazon or Apple via Terra’s blockchain network.

Terra’s Story Continues With No End in Sight

Now the Terra project looks to revive itself from a near-dead state by forking the network without a stablecoin. However, a lot of controversy surrounds the Terra project today and Terra’s co-founder Do Kwon has been blamed for a number of miscalculated errors. Questions have surrounded the bitcoin (BTC) reserves the Luna Foundation Guard (LFG) held in order to defend UST’s $1 parity.

Later the Singapore-based nonprofit LFG disclosed what the organization did with the 80K+ bitcoin (BTC) it once held in its reserves. Then three members of the Terraform Labs (TFL) in-house legal team abruptly resigned after the project’s fallout and reports further noted that Do Kwon dissolved TFL before UST and LUNA collapsed.

Terra rose to popularity rather quickly, but the project’s demise was even quicker. The Terra project has not been put out of its misery, and the platform’s native tokens still have a small amount of value. Today, many Terra supporters are hopeful while detractors are doubtful that Terra and Do Kwon can revive the broken blockchain ecosystem.

The market has already decided, for the most part, that LUNA and UST are not as valuable as they once were. Whether or not a Terra fork and airdropping new tokens will help the project come back remains to be seen and it’s safe to say, Terra’s story has not ended.

Tags in this story
Anchor Lending, Arrington XRP Capital, Basic Cash, BlockTower, Capital Injections, CHAI, Coinbase Ventures, Daniel Shin, De-Pegging Event, decentralized finance, DeFi, do kwon, Espresso Systems, Eui Joon Lee, Evan Kereiakes, Featured, Galaxy Digital, Hummingbot, Leapwallet, lfg, LFG Bitcoin, LUNA, Luna Foundation Gaurd (LFG), Marco Di Maggio, Nicholas Platias, Rain, Rick Sanchez, Stablecoin, Stader Labs, Terra Alliance, terraform labs, TMON, UST, White Paper

What do you think about the rise of Terra LUNA and the people that helped Do Kwon? 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.




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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Bitcoin Taker Buy/Sell Ratio Approaches Bullish Cross

Bitcoin Taker Buy/Sell Ratio Approaches Bullish Cross

On-chain data shows the Bitcoin taker buy/sell ratio is now approaching a crossover with the “1” level, a sign that could be bullish for the crypto’s price.

Bitcoin Taker Buy/Sell Ratio Observes Rise, Almost Reaches A Value Of 1

As explained by an analyst in a CryptoQuant post, signs may suggest that a local top could soon be coming for the crypto.

The “taker buy/sell ratio” is an indicator that measures the ratio between the Bitcoin long volume and the short volume.

When the value of the metric is greater than one, it means the taker buy volume is higher than the sell volume right now. This trend indicates that a bullish sentiment is dominant in the market at the moment.

Related Reading | Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?

On the other hand, the ratio being below one implies the majority sentiment is bearish currently as taker sell volume is more than the long volume.

Now, here is a chart that shows the trend in the Bitcoin taker buy/sell ratio over the last few months:

The value of the indicator seems to have observed a surge recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin taker buy/sell ratio has been rising over the past month and is now approaching a crossover with the “1” level.

In the past, an increase in the indicator’s value above this line has usually been a bullish signal for the crypto’s price.

Related Reading | Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000

The quant also points out that the volume has been going up and is about to cross above a positive value. The below chart shows this trend.

Bitcoin Volume

Looks like the BTC volume has been going up in recent weeks | Source: CryptoQuant

The analyst believes that these two trends together (if they continue on and the respective crosses take place) may indicate that the price of Bitcoin could see an increase soon and form a local top.

BTC Price

At the time of writing, Bitcoin’s price floats around $30.3k, up 2% in the last seven days. Over the past month, the crypto has lost 24% in value.

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

Bitcoin Price Chart

The price of the crypto looks to have observed a rise over the last couple of days | Source: BTCUSD on TradingView

Bitcoin seems to have gained some footing above the $30k level in the past two days, but the coin has still been stuck in an overall trend of consolidation for a couple of weeks now.

At the moment, it’s unclear when the coin may escape this rangebound market and show some real price movement.

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



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Coinbase Is on a Downwards Spiral and Could Be Taking your Crypto with It

Coinbase Is on a Downwards Spiral and Could Be Taking your Crypto with It

May has been an explosive month for cryptocurrency, with huge market crashes and the complete collapse of LUNA causing a massive downturn in average trading figures. To add to this news, Coinbase’s recent financial reporting release doesn’t shine favorably on the decentralized exchange.

With over 98 million verified users and billions in controlled assets, many thought of this institution as simply too big to fail. Yet, things aren’t looking good for Coinbase, with their recent announcement suggesting that they may soon have to file for bankruptcy.

To make matters worse, due to the lack of regulation within decentralized systems, if Coinbase fails, all of the money on the platform that was invested by users into cryptocurrency may also be hanging in peril. This could technically mean that millions of Coinbase users around the globe may lose access to all of the money they’ve invested in cryptocurrency.
A huge part of what’s causing this situation to spiral so quickly is the fact that the US government has not had to deal with a cryptocurrency exchange going bankrupt, meaning a whole plethora of financial and legal questions have begun to arise.

Commenting on this possibility, a Georgetown University law professor that specializes in bankruptcy, Adam Levitin, speculated, “What happens to a customer if an exchange files for bankruptcy?” Going on to answer his own question, “It ends very badly for customers.”

Levitin’s comments further add to the general sense of unknowing, with several experts all having different opinions. Although Brian Armstrong, the CEO of Coinbase, said on Twitter that user’s funds would be safe, there is actually very little clarification around if this is true, and the extent to which users would be able to sell or transfer their funds if the whole exchange where to go bust.

This situation became even more drastic earlier in May, when Coinbase announced its first-quarter earnings for 2022, with over $430 million in losses and a monthly user drop of nearly 19%.

Following their earnings report, Coinbase stated that “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Much like Levitin speculated in April, this would mean that users become unsecured creditors, essentially losing any right to claim their own invested money if the company were to officially file for bankruptcy.

How Can I Secure My Cryptocurrency?

The world of cryptocurrency is (rather ironically, in this case) founded on the principles of ownership and moving beyond centralized systems. While this offers a huge range of benefits, it also means that cryptocurrency exchanges are not secured by the FDIC’s protection deposits. Normally, if a banking system were to fail, its users are protected for up to $250,000. This simply isn’t the case with crypto exchanges.

There are a range of personal wallets that users can turn to, transferring their exchange-centered wallets to a system where they will always have access. The vast majority of these wallets are accessed by using a browser extension, providing an easy way of accessing them when online.

However, many users that haven’t used a personal wallet before may find this process confusing, especially when trying to transfer their funds from an exchange. Equally, browser extensions are notoriously unsafe, as they lack a large amount of regulation that other platforms have to surpass.

Due to the mix of ease and providing a more secure way of holding your cryptocurrency, other services have arisen that aim to provide crypto-beginners with a more straightforward way of creating and using a personal wallet. Ambire is one of these.

By creating a web application, Ambire has none of the same security risks as a browser extension, providing users access to multiple networks like Ethereum, BSC, Avalanche, Polygon, and more without any hassle.

If you’re looking to rapidly transfer your cryptocurrency funds off major decentralized exchanges and onto a personal wallet, then services like these are by far the easiest way of doing so. Equally, once you’ve collected all of your cryptocurrency, NFTs, and other digital assets from across the different DEXs that you’re using, you’ll then have one go-to location where you can get an overview of everything.

Not only does getting a personal digital asset wallet ensure that your funds are safe if the DEX that you’re using goes bankrupt, but it also boosts the convenience of crypto and NFTs, having absolutely everything in one location.

Final Thoughts

While the decline of Coinbase is a point of worry for cryptocurrency investors, this event has also made investors around the globe realize that they need to be more careful about how and where they’re storing their digital assets. No matter how much someone has invested into cryptocurrency, if they’re doing that investing from a wallet hosted on a decentralized exchange, then their accounts will be treated as collateral of the service they use.

Those interested and invested in blockchain should take the case of Coinbase as a warning and start to take preventative measures to secure their investments. By opening up a personal wallet, you’ll be able to have complete ownership of any investments that you make, ensuring that your money stays in your wallet and in your control.

 



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Bitcoin Investors Gripped By Fear, Any Signs Of Hope Remains?

Bitcoin Investors Gripped By Fear, Any Signs Of Hope Remains?

Bitcoin is moving sideways after a major bear assault took it below its 2021 low. The first crypto by market cap seems to be displaying short-term low volatility and could see further downside, according to market participants’ expectations.

Related Reading | Coinbase Is on a Downwards Spiral and Could Be Taking your Crypto with It

At the time of writing, the first crypto by market cap trades at $30,400 with a 1.5% profit in the past 24-hours.

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

The crash in the price of Bitcoin was triggered by a shift in the U.S. Federal Reserve (FED) policy. The financial institution has begun tightening its monetary policies after years of low-interest rates and high liquidity across the markets.

According to a recent report from on-chain research firm Glassnode, Bitcoin entered bear market territory in 2021. At that time, expectations of higher interest rates from the FED saw an uptick.

The firm believes that May and July 2021 selloff was the “genesis” of the current bear market. This coincides with a dropped in the Compound Annual Growth Rate (CAGR) for Bitcoin and Ethereum.

This metric is used to measure returns and has been on a decline every year since BTC became a tradable asset. The recent dropped in BTC’s returns, the research firm said, is worse than when the cryptocurrency crashed from the mid-area around $50,000 to $42,000.

As seen below, Glassnode claims this dropped in CAGR or returns coincides with the starts and ends of BTC bear markets. In terms of returns, May-July 2021 behaved similarly and even recorded a steeper decline than today’s negative 30% drop in this metric.

Bitcoin BTC BTCUSD
Source: Glassnode

If history is to repeat, Bitcoin should see some relief in the short term. This potential bounce might not mark the definitive bottom of the downside trend.

Players Bet On More Future Bitcoin Downside Price Action

Market participants are expecting this scenario. For the next two to three months, Glassnode noted, there is an increase in the number of put (sell) options for Bitcoin.

The strike prices for these options stand at $25,000, $20,000, and $15,000. Call (buy) options, the research firm claimed, are lower with most bullish traders aiming for a bounce to $40,000 over the same period. Glassnode said:

This suggests that at least out to the middle of the year, the market has a strong preference for hedging risk, and/or speculating on further downside price action.

Related Reading | Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In

Over the long term, the options market is bullish. By the end of 2022, players are setting their strike prices at around $70,000 to $100,000.

Bitcoin BTC BTCUSD
Source: Glassnode



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Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech – Bitcoin News

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech – Bitcoin News

This week, the consumer electronics and gaming software retailer, Gamestop, has officially revealed the company’s self-custodial, Web3 ethereum wallet. The wallet is currently in beta form and now available via the firm’s web portal, in order to provide users with a wallet that stores crypto assets and non-fungible tokens (NFTs). Furthermore, the wallet utilizes Loopring’s layer two (L2) ZK-rollup technology to provide users with “fast [and] fairly priced transactions.”

Gamestop Wants to Bring Power to Players via the Company’s Self-Custodial Ethereum Wallet

For quite some time now, it’s been well known that Gamestop was getting into the NFT space and that the gaming software retailer planned on releasing an NFT marketplace. At the end of March 2022, Gamestop explained it had partnered with the Ethereum L2 scaling project Loopring, and noted the company would leverage Loopring’s ZK-rollups.

Now Gamestop has unveiled its non-custodial, Web3 ethereum wallet that uses the ZK-rollup tech for cheaper transactions. The wallet will allow gamers to store in-game NFTs, but it also holds Ethereum-based crypto assets as well. Gamestop plans to launch the company’s NFT marketplace in July and aims to give “power to the players.”

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

“Gamestop Wallet is a simple and secure way to get started with Web3. Use your GameStop Wallet to buy, hold, swap, display, and utilize Ethereum-based assets,” the wallet’s description says. Gamestop Wallet is a self-custodial ethereum wallet, meaning you are always in full control of your wallet and assets.” Gamestop’s wallet summary further notes:

Harnessing the power of Loopring’s ZK-rollup [tech] — an Ethereum Layer 2 scaling protocol – Gamestop gives you low-cost and fast transactions, with Ethereum security, opportunity, and global reach. This allows you to reduce gas fees and network congestion, while always remaining in control of your funds.

Gamestop’s wallet is similar to Metamask and provides the user with a desktop version of the software. While the company worked with Loopring on the wallet’s technology, the NFT marketplace will use Immutable X technology. Gamestop partnered with Immutable X on February 3, 2021, and launched a $100 million NFT fund.

Additionally, the wallet’s privacy policy explains that the software does monitor the user’s data. Data collected includes “contact and profile information, display names, email address, profile biography, Ethereum public address details, and Twitter and Reddit usernames.” An iOS version of Gamestop’s wallet is “coming soon,” according to the website.

Tags in this story
Data Collection, Desktop Wallet, ether, Ethereum, Ethereum-based assets, GameStop, Gamestop ethereum wallet, Immutable X, L2, Loopring, metamask, nft, NFT Market, NFT marketplace, NFTs, Non-fungible Token, Power to Players, Privacy Policy, Web3, Web3 wallet, ZK rollups

What do you think about Gamestop’s ethereum wallet? 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.




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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GAIMIN Gladiators’ DOTA 2 Team Finish Top 4 in Stockholm Major – Press release Bitcoin News

GAIMIN Gladiators’ DOTA 2 Team Finish Top 4 in Stockholm Major – Press release Bitcoin News

PRESS RELEASE. Zug, Switzerland, 22nd May 2022: GAIMIN Gladiators are delighted to announce their DOTA 2 finish Top 4 in the ESL One Major in Stockholm.

For the last 10 days, GAIMIN Gladiators’ DOTA 2 team have achieved unprecedented acclaim for their progression in the ESL One Stockholm Major. As a newly formed team, in their first four months, this team has achieved success that is typically only seen in longer established and more highly funded teams.

The DOTA 2 team lost out to OG in the lower bracket semi-final in the Hovet Arena, Stockholm, placing them Top 4 in the tournament. The GAIMIN Gladiators’ Management were delighted with this performance; it has given the DOTA 2 team experience in playing in major tournaments and for the first time, they heard the emerging fanbase chanting for “GG” in a large arena!

Alex Cuccovillio, Vice President and Founder of GAIMIN Gladiators stated “I am delighted with the team’s performance. This was their first Major, first time on stage and first time being able to interact as a team with the other teams. This tournament has consolidated our team’s bonding and the team acted professionally in all aspects of the event. I am delighted with how this team performed and look forward to their progression in other tournaments and events.”

Shaun Porter, CEO and Founder of GAIMIN Gladiators, further commented, “The team exceeded our expectations in this tournament and demonstrated a professional approach throughout the event. Early event statistics are still to be finalised however with an average of 250,000 viewers and peak viewership of over 560,000 of the event, GAIMIN Gladiators are starting to get noticed!”

Martin Speight, CEO of GAIMIN stated, “To hear the “GG” chants in the audience and to see Slacks interviewing attendees supporting GAIMIN Gladiators was absolutely amazing! We decided to invest in esports 5 months ago to increase awareness of the GAIMIN brand. This team has justified the decision was the right one. We all look forward to their progression!”

About GAIMIN Gladiators

GAIMIN Gladiators were formed from the OCG Esports Club; a Canadian Esports organisation established in 2019 by brothers Nick and Alex Cuccovillo and Shawn Porter. Their aim was to conquer their chosen esports and since 2019 they have achieved significant success winning major events such as Dreamhack Canada for Counter-Strike: Global Offensive and successfully competing in the highest pro-amateur league in North America.

The Club expanded into Warcraft 3 in Europe and North America, competing in the most prestigious leagues and tournaments with the strongest lineup and players in the game. In support of their aspirations for growth, the Club moved into new and emerging verticals, participating in Rainbow Six Siege and playing in the Challengers League for two years. OCG’s focused on the semi-professional esports pro scene and its surrounding ecology – building a platform and ecosystem for gamers.

OCG has some of the best talent in Canada in its gaming roster, representing Canada at national level across tournaments in North America. Through constant innovation, community-driven goals and working with top talent, OCG has striven to create an inclusive, respected and distinguished brand for gamers.

The OCG philosophy fully aligns with the GAIMIN principle of “No Gamer Left Behind” and makes OCG the perfect fit for GAIMIN. Based on their gaming successes and principles, OCG is now part of GAIMIN and have re-branded as GAIMIN Gladiators.

GAIMIN Gladiators will represent GAIMIN in the global esports arena and build on their past successes and growth by participating in current and new esports verticals.

About GAIMIN

GAIMIN.IO Ltd (GAIMIN) is a UK and Swiss based gaming company focused on helping the gaming community monetise the computational power of their gaming PC. GAIMIN has created a decentralised data processing network harnessing under utilised processing power typically found in gaming PC’s to create a world-wide decentralised data processing network, delivering “supercomputer” performance.

With a free to download PC-based application GAIMIN monetises the under utilised performance through innovative approaches to delivering “supercomputer” level data processing performance from a world-wide network of independent processing devices. Focusing initially on the powering of blockchain computations, the GAIMIN data processing network also supports a number of different large scale data processing applications, including video rendering.

GAIMIN pays users in its own crypto currency, GMRX which can then be used for purchases on the GAIMIN Marketplace for NFTs, in-game assets, accessories and merchandise, or it can be converted to fiat or a different crypto currency.

For further information, please contact:

The Americas, Middle East and Australian Pacific – Andrew Faridani, Chief Marketing Officer for GAIMIN (based in Toronto, Canada): andrew@gaimin.io

UK and Europe – Marc Bray, Chief Communications Officer for GAIMIN (based in Manchester, UK): marc@gaimin.io

Visit Gaimin’s corporate site at: www.gaimin.io and Gaming application site at:

 

 


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