Tether Launches on Polygon, USDT Stablecoin Now Hosted on 11 Blockchain Networks – Altcoins Bitcoin News
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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Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000
Ethereum has been on a downtrend along with the rest of the crypto market. This has seen the value of the cryptocurrency plunged below $2,000 and efforts to recover above this major resistance level have been futile. Naturally, the decline in the value of the digital asset has affected its profitability. What has resulted from this is Ethereum wallets that are in profit at current prices have now declined to a two-year low.
Ethereum remains the second-largest cryptocurrency by market cap but when it comes to profitability, it tells another story. Data shows that the percentage of ETH wallets that are in profit has declined significantly in the last couple of months. Along with the price, most of the profitability decline has happened in the last six months.
Related Reading | Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low
IntoTheBlock shows that only 56% of all Ethereum investors are currently in profit. This puts a total of 43% in the loss while only 1% of all investors are sitting in the neutral territory, meaning that they purchased their tokens at current prices.
Data from Glassnode supports this metric although it puts the number of addresses in profit at a slightly higher percentage. The data aggregation tool shows that 58% of all ETH investors are still in profit. However, what is notable about this figure is that the last time that Ethereum profitability was this low was almost two years ago, back in July 2020.
ETH price trading at $1,781 | Source: ETHUSD on TradingView.com
It is no coincidence that the majority of those in profit has been investors that have been in the market for more than a year. The long-term outlook for the smart contract network has always favored those who followed it compared to those in the short term.
Even through the downtrend that has rocked the digital asset, support has still not waned. Smaller investors have continued to throw their hats in the ring with Ethereum. This is evidenced by the growing number of wallets holding at least 0.01 ETH reaching a new all-time high. It is now sitting at a new record of 22,874,566 addresses.
📈 #Ethereum $ETH Number of Addresses Holding 0.01+ Coins just reached an ATH of 22,874,566
View metric: pic.twitter.com/gYKCAAlgcZ
— glassnode alerts (@glassnodealerts) May 27, 2022
This metric has hit multiple all-time highs in just the first two quarters of 2022. It shows renewed interest from smaller investors but unless this interest becomes evident in the largest ETH investors, there may not be any significant change in value.
Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle
As for the price of the digital asset, Ethereum’s price is down more than 60% from its all-time high in November. It is currently trading at $1,770 with a market cap of $213.9 billion. It remains the largest DeFi platform with over $67 billion in TVL.
Featured image from Coingape, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
One River’s spot Bitcoin ETF application rejected by SEC
The United States Securities and Exchange Commission (SEC) maintained its perfect record for rejecting Bitcoin (BTC) spot exchange-traded fund (ETF) applications Friday when it disapproved a rule change to allow cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca. The decision comes somewhat ahead of schedule, as the agency had extended the original deadline to June 2 to allow more time for consideration.
The commission wrote that, when considering One River’s proposed rule change, it applied “the same standard used in its orders considering previous proposals to list bitcoin-based commodity trusts.” Specifically, the proposed rule change did not meet the SEC’s rules around fraud prevention. The SEC further clarified:
“[…] disapproval of this proposed rule change does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.”
One River Digital was established in 2020 by Eric Peters, founder of One River Asset Management, and is reportedly backed by billionaire Alan Howard, co-founder of Brevan Howard Asset Management.
Related: Cathie Wood’s Ark and 21Shares refile for spot Bitcoin ETF
Among the financial organizations that have tried and failed to receive the SEC’s blessings on digital asset-based ETFs this year are Fidelity Investments, New York Digital Investment Group (NYDIG) and Global X, as well as Skybridge Capital.
Grayscale has been more militant in its efforts to receive approval for a spot-traded Bitcoin ETF. The digital asset manager has gone so far as to threaten to file suit against the SEC if its application is denied, and has recently launched a campaign to drum up public support for its application.
How to Buy ApeCoin (APE) | Where, How and Why
The world has been undergoing a revolution, and the advent of blockchain technology and cryptocurrencies have been its harbingers. When Satoshi Nakamoto came up with the idea of Bitcoin in 2009, no one imagined the economic, societal, and cultural shift it would bring in a short period. While only the “geeks” and “nerds” were initially interested in it, it has since become the go-to place for the new generation across the globe. Cryptocurrencies have also attracted many significant institutions, governments, influential people, celebrities, etc. The technology has found a new vigor with the advent of NFTs (Non-Fungible Tokens), with the Bored Ape Yacht Club among the most popular ones. The Bored Ape Yacht Club has launched ApeCoin (APE), its own cryptocurrency, and if you’re looking to get your hands on these tokens with immense potential, then this guide is for you. Read on to learn where, why, and how to buy ApeCoin (APE).
Let’s get right to it!
ApeCoin(APE) is the APE ecosystem’s ERC-20 governance and utility token. It allows the ApeCoin holders to become members of the ApeCoin DAO and participate in decision-making. A Decentralized Autonomous Organization (DAO) in crypto is like a venture capital fund comprised of crypto enthusiasts and investors. It differs from a conventional venture fund in that it’s governed by computer codes or smart contracts to protect user autonomy and prevent centralization of power and control.
ApeCoin allows users to trade with each other using ApeCoin tokens without the need for any central authority. To learn more about DeFi and how it revolutionizes the financial world, go to the CoinStats guide to What Is DeFi.
ApeCoin tokens also give access to the ApeCoin ecosystem features, such as exclusive merchandise, games, services, events, etc. Moreover, ApeCoin incentivizes third-party developers to participate in the Ape ecosystem by incorporating APE tokens in their games, apps, services, etc.
The Bored Ape Yacht Club, commonly known as Bored Ape, is a collection of 10000 NFTs built on the Ethereum blockchain. Yuga Labs, the company behind it, launched the collection on April 23rd, 2021, with a live pre-sale. As of 2022, Bored Ape Yacht Club has totaled more than USD 1 billion in sales. Many prominent celebrities such as Justin Beiber, Snoop Dogg, Madonna, Neymar, Paris Hilton, Jimmy Fallon, etc., have become proud members of the Bored Ape Yacht Club by purchasing these NFTs. The purchased NFTs also act as the Bored Ape Yacht Club membership card. The Bored Ape Yacht Club NFTs were listed for 0.08 ETH each and were sold out within a day of listing for around USD 190.
The Bored Ape Yacht Club was founded by four friends, with the pseudonyms Gargamel, Gordon Goner, No Sass, and Emperor Tomato. In February 2022, Gargamel and Gordon Goner were doxxed as Greg Solano and Wylie Aronow, respectively. They said they chose apes as the mascot for their NFTs due to the crypto-term “aping-in.”
Yuga Labs, the company behind Bored Ape Yacht Club, has built a huge community of enthusiasts through events and airdropping new NFTs to its members, etc. Some of the other NFT projects under the umbrella of Yuga Labs are Mutant Apes, CryptoPunks, Bored Ape Kennel Club, Meebits, etc. Not all NFT holders have access to the Bored Ape Yacht Club, but only Mutant Apes and Bored Apes can enjoy it.
The Ape Foundation is decentralized in nature. It implements the ideas and decisions of the ApeCoin DAO and handles day-to-day DAO administration, proposal management, and “other tasks that ensure the DAO community’s ideas have the support they need to become a reality.” It’s the legal backing for ApeCoin DAO, aiming to facilitate the fair and inclusive development of the APE ecosystem.
The ApeCoin DAO is the new decentralized governing body in which all APE holders are members. It’s meant to field proposals from the community, including governance, partnerships, project development, etc., letting ApeCoin token holders vote on them. Moreover, the membership is not limited to voting rights; instead, any member can bring up any changes concerning the DAO and put it up for deliberations and voting. Irrespective of how many ApeCoin you hold, you can still become a member of the DAO and share your ideas. Therefore even if you have missed out on the Bored Ape NFTs, you can still become part of the DAO and the Ape ecosystem by getting your hands on the ApeCoin APE tokens. The tokens will let you trade and perform transactions within the ecosystem and give you voting power.
According to Yuga Labs, there are a total of 1 billion tokens. The smart contract governing the DAO states that there is no more minting capacity; hence the total number of APE tokens is capped at 1 billion. The tokens can’t be burnt to manipulate the price, so the token supply will neither increase nor decrease at any point in the future.
At their launch, 38 percent of the APE tokens were locked for different periods, and the remaining 62 percent were distributed amongst the Bored Ape and Mutant Ape Yacht Club members. Out of the locked 38 percent, 16 percent were allocated to Yuga Labs, of which a huge part was given to charity, 14 percent were distributed amongst the companies and people that helped make the project a reality, and the remaining 8 percent were distributed amongst the Bored Ape Yacht Club four founders.
There are presently only 292187500 APE tokens in circulation, i.e., around 29 percent of the total tokens available. At the time of writing, the market cap of the Ape token is USD 1.9 billion, according to data from CoinStats. The fully diluted market cap of APE tokens at the current price of USD 6.50 would be USD 6.5 billion. Over the past few months, the price has hit due to global factors such as wars, inflation, pandemic, and the worldwide confusion about crypto regulations and taxation. The ApeCoin price reached its all-time high of USD 22.59 on April 29th, 2022. So, if you’re looking to buy APE, there is no better time than right now to get it on the cheaper side. While most markets and investors have optimistic ApeCoin price predictions for the near and far future, it should be kept in mind that crypto prices are highly volatile, and any ApeCoin price prediction should be taken with a grain of salt, and investment should be made after performing due diligence.
Now, let’s look into the markets where you can buy ApeCoin APE. While ApeCoin was launched pretty recently, the demand for ApeCoin has been tremendous due to the popularity of the NFTs, i.e., Bored Apes NFTs, etc., in the ecosystem. So much so that while many major tokens and projects such as Dogecoin or Shiba Inu with massive communities had to wait to be listed on major exchanges, ApeCoin was listed on over 100s of crypto exchanges in a short period. Users can now choose between their favorite crypto exchanges to buy or sell ApeCoin. The most popular crypto exchange for ApeCoin in terms of trading volume is the Binance cryptocurrency exchange.
Now, let’s learn how to buy ApeCoin on Binance and other cryptocurrency exchanges such as CoinBase, etc., to help you start buying ApeCoin right away.
Binance is the world’s largest cryptocurrency exchange in terms of trading volume, with a 24-hour trading volume of more than USD 15 billion. It’s also the default cryptocurrency exchange for most people wishing to trade ApeCoin. What makes Binance so popular amongst cryptocurrency enthusiasts, investors, and traders is that it’s super easy to use and supports a large number of cryptocurrencies and trading pairs. On top of that, it allows users to buy cryptocurrency using a bank transfer, credit/debit cards, peer-to-peer trading, etc. Follow our step-by-step guide below on how to buy ApeCoin instantly on Binance:
To purchase ApeCoin, you need to register an account on Binance. If you are new to cryptocurrencies and don’t have an account already, get started by creating an account on Binance using the Binance app on your mobile devices or the website on your desktop. You’ll only need to provide a valid email address and phone number to create an account on Binance, but you can only trade once you complete your KYC verification. To complete your KYC, you need to provide a government-issued identity document and a selfie. The verification process usually takes between a few minutes to hours. After you get verified, you need to deposit funds for purchasing ApeCoin.
To buy ApeCoin, you need to deposit funds into your Binance account. Binance allows users to deposit fiat currencies, including and not limited to USD, EURO, INR, GBP, AUD, etc. Users can deposit these currencies using a simple bank transfer, credit or debit cards, third-party payments, etc.
Binance offers a lot of trading pairs for ApeCoin, including APE/USDT, APE/BUSD, APE/BTC, APE/ EUR, APE/ETH, APE/BNB, APE/TRY, etc. Once you’ve successfully added funds to your Binance account, go to the spot trading option and buy the asset against which you wish to buy ApeCoin. Suppose we choose the APE/USDT trading pair with the highest trading volume globally. So, to buy ApeCoin, you need to first buy USDT from the spot market for the amount you want to buy ApeCoin for. Users can also buy USDT through peer-to-peer trading. Once you’ve added USDT to your SPOT wallet on Binance, go to Spot trading, enter the amount of ApeCoin you want to buy, and place an order. The order will be completed within seconds, and you’ll see the bought ApeCoin reflected in your spot wallet.
The process of selling ApeCoin on Binance is similar to that of buying ApeCoin. Similarly, you can trade not just ApeCoin but other cryptocurrency tokens with the same ease.
Coinbase is also one of the most popular cryptocurrency exchanges worldwide. Just like Binance, Coinbase is also easy to use and supports a large number of cryptocurrencies, including ApeCoin. It lets users buy ApeCoin in exchange for many cryptocurrency tokens. While Coinbase’s trading volume isn’t as high as Binance’s, it’s still a popular choice amongst users due to its high security and ease of use. To buy ApeCoin on Coinbase, follow these easy steps.
The first step is to create an account on Coinbase if you don’t already have one. You need to provide a valid email address where a confirmation email will be sent. Once you’ve entered your basic information, you’ll need to complete your KYC and set up two-step verification to keep your account and assets safe. The verification process is fast, and then you can start buying cryptocurrency tokens on Coinbase.
After creating a Coinbase account, you’ll need to link a payment method to deposit funds into your account. Coinbase supports different payment methods depending on your location, such as a bank transfer, credit or debit cards, etc. While Coinbase doesn’t charge any transaction fees on a bank transfer, if you use it to buy ApeCoin or any other cryptocurrency, you won’t be able to withdraw them for 5 days. There is a small transaction fee for wire transfers, but there is no waiting time for withdrawals.
After depositing funds into your Coinbase account, you need to click on “Withdraw,” input the amount you want to buy ApeCoin, and go to “Trade” to select your market. Choose your trading pair, i.e., APE-USD, input the amount of APE you wish to buy, and click “Purchase.” The order will be placed and fulfilled within seconds, and the APE tokens will be reflected in your Coinbase Wallet.
As you can see, it’s straightforward to trade ApeCoin on Coinbase, and you can get your hands on ApeCoin in a few easy steps.
Some other major cryptocurrency exchanges you can buy ApeCoin are Kucoin, Huobi Global, BitMEX, etc. To buy APE on any of these exchanges is as easy as it was on Binance and Coinbase. Most exchanges provide leverage trading to experienced.
Remember that all cryptocurrencies, including ApeCoin, are highly speculative in nature, and their prices are highly volatile. Nothing in this article constitutes financial advice, and you should always do your own research (DYOR) before investing in cryptocurrency.
Now that you know how and where to buy ApeCoin, the next step in your cryptocurrency journey is to learn where to store your assets. While cryptocurrency exchanges provide their own wallets to users to store their crypto assets, they have undergone several cyber-attacks, hacks, and thefts in the past, during which users lost their funds stored in the exchange wallets. The most prominent example was the Binance hack in 2019, when BTC worth USD 40 million was stolen from the exchange. So, if you own ApeCoin or any other crypto, including NFTs, it’s a good idea to store them in your private wallet to retain complete control over your assets.
You can choose to store your ApeCoin and other tokens in a Software Waller or a Hardware Wallet. The major differences between a Software and Hardware wallet are as follows:
ApeCoin has already made a name for itself and become one of the most sought-after tokens worldwide. With the growth of the NFT market, the prospects for the ApeCoin token look very promising. With our complete guide, you’re now well informed about the Ape token and can make an informed decision on whether to invest in ApeCoin. Follow our CoinStats blog to learn more on How to Buy Cryptocurrency, How to Buy NFTs, and more.
Bulgarian Crypto Trader Disappears Under Mysterious Circumstances – Bitcoin News
The whereabouts of Alexander Altunbashev, a Bulgarian entrepreneur and crypto trader, are unknown since Monday. Law enforcement officials are now investigating his possible abduction while some in the local crypto community speculate he might be hiding from disgruntled investors.
Police in Bulgaria are trying to locate a businessman who went missing under strange circumstances earlier this week. The 32-year-old Alexander Altunbashev is an IT specialist and entrepreneur who, according to media reports, made money from crypto trading.
Prosecutors in Sofia are looking into his possible kidnapping as the main suspected reason for his disappearance. Quoting sources from the investigation, Nova TV reported that Alexander’s sister, Teodora, spoke with him before he left for Plovdiv, Bulgaria’s second-largest city.
On Monday morning, Teodora gave him a ride to Sofia’s Mladost district. Later that day, she saw a man unlocking and entering her brother’s home, right next door to her own apartment. When she asked him who he was and what he was doing, he left telling her only he was “in a hurry” and getting in an SUV driven by a woman.
Investigators found Alexander’s apartment turned upside down. They believe that whoever did it was probably trying to gain access to his bank accounts or cryptocurrency wallets. The last time Teodora managed to reach him over the phone, Alexander told her he was traveling towards Burgas, on Bulgaria’s Black Sea coast.
Alexander’s atypical behavior and her failed attempts to talk to him again when his phone was switched off convinced Teodora to call the police. Investigators have also interrogated the crypto trader’s girlfriend, Kristina, who didn’t know of any threats against him or issues with his business relations.
The missing IT expert’s cellphone was last used from a location just outside Sofia. The last person to speak with him was Ivaylo Borisov, a person with a criminal record known by his alias ‘Torino,’ who is a close friend of Alexander. The two were supposed to meet at noon on Monday but the crypto trader didn’t show up. Borisov is collaborating with law enforcement authorities.
Meanwhile, speculations have emerged in the country’s crypto community that Alexander Altunbashev may have actually decided to go into hiding as he was probably investing funds for clients that may have been lost. “If he was indeed managing money for others, and you wake up one morning and the money has turned to zero — maybe there is a conflict with the people that are looking for their money,” commented Vladislav Dramaliev, director of Bithope Foundation, quoted by bTV.
The case follows the recent crypto market slump that led to major coins like bitcoin (BTC) and ether (ETH) losing half of their value since last year’s all-time highs and the collapse of crypto projects. According to unconfirmed reports by other Bulgarian publications, Altunbashev made over €6 million (almost $6.5 million) in 2021 and allegedly boasted to friends about expensive real estate purchases in Greece and Dubai. His Facebook profile reveals he has visited other exotic destinations as well.
Do you think Bulgarian authorities will manage to locate the missing crypto trader? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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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FACT0RN Blockchain: Integer Factorization as Proof-of-Work (PoW) | by Coinbase | May, 2022
Tl;dr: This report updates on what FACT0RN Blockchain, a Coinbase Crypto Community Fund grant recipient, has been working on to replace PoW hashing by work that is of interest to the private sector as well as to the academic community. Code for the FACT0RN Blockchain, which launched April 20, 2022, can be found here and the whitepaper can be found here.
By Escanor Liones (Github)
Proof-of-work (PoW) is the original scheme to secure blockchain technology introduced in 2009 by Satoshi Nakamoto through the Bitcoin whitepaper. An analysis done in late 2021 by the New York Times on the electricity usage of the Bitcoin network indicated that the lowest electricity consumption estimate was on par with the total electricity consumption of Washington State for a year — and more than 7 times as much as Google’s global operations.
Just this month, Forbes reported on a bill that is in the works in New York State, as well as leaked European Union Documents, that signal to ‘A De Facto Ban` on proof-of-work mining in general, for Bitcoin and otherwise. It is worth noting that by and large PoW blockchains are based on some form of hashing — a mathematical function that is easy to compute forward and hard to reverse given an output.
There is a blockchain that uses finding prime constellations as its proof of work, and yet another searches for chains of prime numbers known as Cuningham Chains as its PoW. Vitalik Buterin published an article on July 7, 2013 on Bitcoin Magazine about the latter titled “Primecoin: The Cryptocurrency Whose Mining is Actually Useful” where he observed that “One of the disadvantages of Bitcoin that its proponents often gloss over is the fact that its mining algorithm has little real-world value. ”
The author of the PrimeCoin whitepaper in 2013 stated: “I would expect proof-of-work in cryptocurrency to gradually transition toward energy-multiuse, that is, providing both security and scientific computing values.” I would extend this to include commercial value in addition to security and scientific computing value.
Beyond Bitcoin
The digital security of banks, 500 Fortune companies, governments and many IoT devices depend on RSA — a cryptographic system whose security is provided by the difficulty of factoring integers into their prime factors, and in particular, the difficulty of factoring integers that only have two prime factors where both have exactly the same size in number of digits. These numbers are called strong semiprimes, and factoring them is the RSA problem.
It seems to me, after speaking with mathematicians, cryptographers, and random users on the internet, the reason a blockchain based on the RSA factoring problem has not been created until now is because no one could figure out how the blockchain could generate strong semiprimes for miners to factor without first knowing what the prime factors were.
My solution to this problem is simple: instead of generating strong semiprimes without knowing their factors a priori — which no one can figure out how to do — create conditions under which miners can find these strong semiprimes by way of factoring and reward them for finding them. In the process, tie the blockheader data to this process to secure the blockchain.
The essence of PoW is as follows: generate a random number by hashing the data in the block header of the block to be validated, give miners a range around this generated integer, and allow miners to factor all these integers. If they find a strong semiprime reward them accordingly. If they do not find a strong semiprime they can change the nonce and try again. The miners can generate as many random numbers as they want using nonces, but the search range allowed will always be about the same.
Who cares about integer factorization?
The RSA Challenge, created in 1991 by RSA Labs, has rewarded tens of thousands of dollars for factoring ever bigger integers into their prime factors. The largest such award was given to Jens Frenke in 2005 for factoring RSA-640 in the amount of $20,000 dollars.
As the Springer Encyclopedia of Cryptography and Security notes, “Starting in 1991, RSA Data Security offered a set of ‘challenges’ intended to measure the difficulty of integer factoring. The challenges consisted of a list of 41 RSA Numbers, each the product of two primes of approximately equal length, and another, larger list of Partition Numbers generated according to a recurrence.”
In addition to the interest from private industry there are more than a dozen active academic communities that factor integers as a hobby in the hopes of advancing our knowledge of mathematical theory in various areas. The Cunningham Project has been factoring integers to this end since 1925, yes 1925. The National Science Foundation in the United States funds this project, in part, through XSEDE resources provided by the Texas Advanced Computing Center, the San Diego Supercomputer Center, the National Center for Supercomputing Applications, and Purdue University under grant number TG-DMS100027.
The mersenne prime search project has been factoring in the quest to find ever bigger primes since the mid 90’s. There is a factoring project for Aliquot Sequences, Brilliant Numbers, and the list goes on and on. The factoring interest in the academic community cannot be understated.
The Future of PoW
The concern at large with the energy consumption of PoW mining for blockchain technology is not about the energy usage, but rather about the fact that the work for which the energy is used improves no other part of society or human endeavor in ways mere mortals can point to.
Increasingly, the areas of human endeavor that can benefit from computation in general only continue to grow. The demand for computation can clearly be seen by the success of cloud computing giants like Amazon Web Services (AWS), Google Cloud, Azure by Microsoft, and several other cloud services that are thriving today. There are no major concerns about the energy consumption of these enterprises because the work they do goes to support small business, hospitals, banks, universities, law firms, finance institutions, and every kind of organization you can imagine that need to compute to offer better services to serve society at large.
The issue is not PoW mining, but instead that until now the work in PoW has not gone to benefit any other enterprise but the mining itself. FACT0RN is the first PoW blockchain that seeks to drastically change this situation by replacing hashing by work that is of interest to the private sector as well as to the academic communities and whose success will propel significant funding for universities and mathematical research in general.
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Coinbase is officially seeking applications for our 2022 developer grants focused on blockchain developers who contribute directly to a blockchain codebase, or researchers producing whitepapers. Learn more about the call for applications here.
The Nightly Mint: Daily NFT Recap
The NFT market is in certified goblin mode. The goblintown NFTs surged past the 1ETH ceiling and were once again the 2nd most traded NFT collection behind only BAYC. Ridiculous Twitter Spaces, an embraced and cherished lack of roadmap, and other nice touches have made this project truly the ultimate meme pfp collection. The true test will be longevity, though.
The Nightly Mint
Will Seth Green’s show on his Bored Ape end up making it to the air? If you haven’t caught the story this week, mainstream headlines have hit the wire about actor and producer Seth Green’s intent to create an animated comedy centered around his Bored Ape, which has since been stolen in a likely phishing attack – leaving NFT watchers to speculate around what happens next, and where rights ownership begins and ends.
For the latter issue, we noted earlier this week that fashion brand Hermes is in the midst of a legal battle with creator Mason Rothschild over his ‘MetaBirkin’ NFT collection. We’re clearly on the precipice of much-needed legal rulings around some of these issues that will set a standard for future issues.
Related Reading | TA: Ethereum Divves 10%, Why ETH Might Test $1,500
The bear market continues this week as tokens big and small have been taking hits, including NFT market leader Ethereum.| Source: ETH-USD on TradingView.com
Announced and integrated today are some new OpenSea updates to user profile page and collection page layout. The leading NFT platform also shared in the announcement that they will “continue to roll out changes through the coming weeks, with the goal of putting more focus on our community’s content, simplifying the experience and making room for richer experiences for our OpenSea community.”
The ‘Minty Fresh’ Take
We don’t create the news, we simply report it.
breaking: person who bought cartoon monkey puzzled someone bought cartoon goblin. more at 11.
— sartoshi (@sartoshi_nft) May 26, 2022
Related Reading | XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply
Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
Hacker tastes own medicine as community gets back stolen NFTs
Tales of traders getting scammed out of their nonfungible tokens were quite common at the peak of the NFT boom. However, in an interesting turn of events, the Solana community came together to “scam” a scammer in order to get back some stolen NFTs.
It all started with the Discord channel hack of cross-chain gaming development studio Uncharted NFT, where scammers managed to drain 109 user wallets. The scammers got away with 150-plus SOL tokens and 25 World of Solana (WOS) NFTs, including three rare and highly valuable digital collectibles.
2/
It all began when @UnchainedNFT_ Discord got hacked two days ago.A hacker drained the wallet of 109 users for a total of 150+ $SOL.
The most affected person was a WOS whale with 25 WOS NFTs that got stolen.
This whale also owned 3 top 100 @MoonRankNFT WOS NFTs ⤵️ pic.twitter.com/R2PWe3gPMX
— World Of Solana {WOSup} (@worldofsolana) May 25, 2022
WOS is a collection of 2,222 unique heroines, with the most expensive avatar currently listed for 123 SOL ($5,600). The current floor price of the collection is 2.03 SOL.
In the aftermath of the hack, the community decided to get back the stolen NFTs. The WOS team got in touch with their development partner, who goes by Cyberfrog on Twitter, and raised royalties on the stolen NFTs to 98% from the default 5%.
Related: Nifty News: Solana NFT sales pass $1.6B, wash trading on LooksRare and more
The community was asked to keep an eye on the Solana NFT marketplace MagicEden for any new listings. The scammer fell for the trap within two days, and the community managed to buy back 15 NFTs, while the other 10 were sniped.
Sniping is the process of waiting until the last few seconds of an NFT auction to make a winning bid. This strategy is used to prevent other NFT bidders from placing a higher bid before the auction ends.
The community managed to retrieve the other 10 sniped NFTs as well and return the 25 WOS NFTs to the rightful owner.
4/
Two days later, around 2am EST, the hacker listed the 25 WOS NFTs on @MagicEden.@WorldofSolana community managed to buy 15 and a sniper took the other 10.We sent a @FamousFoxFed DING to the sniper and he gladly accepted to cooperate. pic.twitter.com/3TCRnnZ4qQ
— World Of Solana {WOSup} (@worldofsolana) May 25, 2022
The Twitter thread detailing the events of the hack and the community work to get them all back also asked community members to “always use a burner wallet and be careful when minting.” The small NFT community has managed to get back at scammers twice now.
ETH Selloff Intensifies Heading Into the Weekend – Market Updates Bitcoin News
ETH was trading lower for a third straight session on Friday, as prices neared an 11-month low. This comes whilst the overall cryptocurrency market cap was down almost 1% as of writing. Bitcoin was slightly higher despite today’s increased volatility.
Bitcoin marginally rose during today’s session, with prices consolidating in the aftermath of Thursday’s decline.
Yesterday saw BTC/USD drop to an intraday bottom of $28,261.91, which was a two-week low, however prices have somewhat rebounded today.
So far on Friday, bitcoin has moved above its floor of $28,800, hitting a peak of $29,696.16 in the process.
This gain sees prices up by almost 1%, however price uncertainty still remains, due to its current proximity to the support level.
Relative strength has also marginally risen, and now sits at 38.45, which is a stone’s throw away from a ceiling of its own at 39.80.
Should BTC make a run for $30,000 this weekend, bulls will need to band together and push past this resistance level on the RSI indicator.
ETH fell to a multi-week low for the second session on the bounce, as bearish pressure intensified on Friday.
Following a high above $1,960 during Thursday’s session, ETH/USD dropped to a low of $1,727.49 earlier today.
This move took ethereum to a fresh two-week low, with prices dropping to their lowest point since May 12, with a new support point being formed.
Looking at the chart, this level seems to be the $1,750 level, which is marginally above an 11-month low at $1,705.
Prices are currently deeply oversold, with the 14-day RSI hovering at 32.11. Should we see this move closer to 30, then it is likely that further drops will come.
Is it inevitable that ETH will hit an 11-month low this weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Cryptocurrency Mining Chip Producer Nvidia Reports Significant Profits After Decline
The American Chip developing company Nvidia attests to its dip in shares due to the CMP (Cryptocurrency Mining Process) sales decline. The company stated that its 52% decrease for its Q1 of “OAM and other” investments was because of the decrease in CMP sales. Nvidia stated this, as explained in a filing on Wednesday.
In 2021, Nvidia recorded $24 million in returns from its CMP sources; this also recorded a discouraging decrease of 77% year-over-year.
Last year January, the corporation introduced the CMP product to discourage cryptocurrency miners from storing up existing mining devices like Ethereum’s famous GeForce RTX 3080 Ti.
Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000
While the chipmaker didn’t explain the exact sales amount its CMP sales provided, it did tag the value “nominal” and over $155 million in loss from the previous year.
The company experienced strong quarterly growth from 2021 last quarter to 2022 first quarter, increasing by 8% in returns. Thus, making up to $8.98 billion. Its shares also increased by 3% to $1.36 a share. In addition, the chipmaker stated that it’d continue its buyback program reaching 2023 end, and it is worth $15 billion.
Nvidia has now been experiencing a steady decrease in interest in the CMP mining chips during this Q2. The reasons why this is so might probably be because of Ethereum’s porting to the Proof-of-staking mechanism. The current bear market, or the recently deployed products from the industry leader—Intel Corporation. We don’t know, but we do know that the tech giant isn’t experiencing a good time at its current turnover.
Q2 isn’t starting as interesting as Q1, and pundits project a 4% loss to $8 billion in turnover. During Thursday after-hours trading, Nvidia (NVDA) shares decreased by 7% to $157.8. Also, the NVDA stocks have experienced an almost 50% decrease in the year-over-year report, reflecting a poor outlook for tech stocks.
Related Reading | Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value
During last year’s Q2, Nvidia encountered a 33% dip from expected returns, reaching $266 million, then $106 million in Q3, and $24 million in Q4. That value has still fallen. The chipmaker revised its expectations for the second quarter (Q2), summing it up to $8.1 billion because of the Russia-Ukraine war, and Lockdown in China.
Nvidia’s Santa Clara-situated CMPs can be effective for mining Bitcoin, Ether, and other digital assets that use the Proof of Work consensus mechanism. In addition, the token’s graphics card, built for gaming, can be effective for mining cryptocurrency except restricted.
One notable fact is that CMPs are very scarce in supply. Even on secondary markets, it’s rare to find them. Therefore making the chances of sales slimmer and smaller.
Featured image from Pixabay, chart from TradingView.com
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