Daily Archives: June 12, 2022

Huobi Launches Blockchain and Web3 Investment Arm Ivy Blocks – Bitcoin News

Huobi Launches Blockchain and Web3 Investment Arm Ivy Blocks – Bitcoin News

Huobi, a leading cryptocurrency exchange, has announced the creation of a new investment arm to tackle decentralized finance and Web3 projects. Ivy Blocks, as it was named by the exchange, will focus on finding projects in seed stages to aid them via financing and other supporting services with the objective of making a “better, more inclusive” Web3 ecosystem.

Huobi Enters the Web3 Investing Scene With Ivy Blocks

Web3 has become a thriving nascent industry with lots of crypto exchanges and VC firms joining the trend. Huobi, a top ten cryptocurrency exchange in volume traded, has announced the launch of its own investment arm to tackle these new markets. Ivy Blocks, as the exchange has named it, will have the task of identifying potentially successful Web3 and decentralized finance projects to incubate and nurture.

According to a PR statement issued by the company, Ivy Blocks will have a multi-billion dollar war chest to complete its goal, something that makes it “well-placed to take advantage of unique opportunities in cryptocurrency markets globally.” To support these projects, ideally, in their seed or growing stages, Ivy blocks will launch three core services.

These services include an asset management platform for decentralized finance (defi) projects, an innovation-led incubation division, and a more research-driven crypto platform. All of these services will be available to the companies under the wing of Ivy Blocks.


Financing Power

Financing is a key part of the support that an investment company offers its portfolio companies. Ivy Blocks’ operation is simple and it seeks to offer this economic support to startups, which commonly fail due to finance-related issues. On the relation that the new company will have with its portfolio projects, Huobi CFO Lily Zhang stated:

Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which present significant barriers to growth. Our focus on providing such projects with liquidity investments and incubation services will no doubt contribute towards creating a better, more inclusive defi and Web3 blockchain ecosystem.

Ivy Blocks already has more than 1 billion assets under management (AUM) from a number of companies already incubated. One of them is Capricorn Finance, an automated market maker (AMM) that is built on top of the Cube blockchain.

Other exchanges have also invested in Web3 projects recently. Binance Labs, the investing arm of the exchange, reported that it launched a $500 million fund for Web3 projects on June 3.

What do you think about the launch of Huobi’s Web3 investment arm Ivy Blocks? tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitcoin ecosystem makes a U-turn recovery in global ATM installations

Bitcoin ecosystem makes a U-turn recovery in global ATM installations

Bitcoin (BTC) ATM installations have marked a new comeback as June 2022 saw the reversal of the five-month-long downward trajectory for the first time this year. 

The global ATM installations worldwide fell consistently throughout the year, with May reporting the lowest number of 205 ATM installations. However, June saw the installation of over 882 ATMs in just the first ten days.

Chart showing the net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar

As evidenced by the above graph, May 2022’s drop reached a range that was last seen three years ago in 2019. Over the last two years, in 2020 and 2021, Bitcoin ATM installations grew consistently owing to friendlier regulatory landscapes amid a rewarding market when numerous cryptocurrencies attained their all-time highs momentarily.

In addition, the use of Bitcoin as legal tender in El Salvador contributed to the spike in crypto ATM installations in the last year. China imposing a blanket on crypto trading and mining, too, contributed to the temporary slowdown in the global ATM installation numbers. Surprisingly, despite the regulatory hurdles, China came out as the 2nd top Bitcoin mining hub despite the crypto ban.

Crypto ATM installations peaked in 2021, with December witnessing 1971 ATMs installed in a month. However, up until June 2022, the numbers dropped 89.75% by May, which was followed by a swift recovery in the following month.

According to Coin ATM Radar’s gauge scale, which is based on the data collected over the last two months, nearly 23 crypto ATMs are being installed per day on an average globally.

A chart showing the speed of crypto machines installed over time. Source: Coin ATM Radar

Data also confirms that there are currently 38,000 operational ATMs installed around the world at the time of writing. Crypto ATMs serve a crucial purpose for the Bitcoin and crypto economy, allowing users and investors to exchange their fiat currencies against Bitcoin and vice versa. 

Out of the lot, the United States represents 87.9% of the total crypto ATM network, i.e., 33,403 ATMs. Prominent manufacturers that lead this space in terms of market share are Genesis Coin (40.9%), General Bytes (21.6%), BitAccess (16.1%), Coinsource (5.4%) and Bitstop (4.8%).

While ATM transactions do not contribute to the overall liquidity of the Bitcoin network, it helps investors procure crypto assets against fiat currencies. As a result, having local crypto ATMs drive the adoption of cryptocurrencies into the mainstream.

Along similar lines, El Salvador, after accepting Bitcoin as legal tender, witnessed a spike in tourism. According to reports, El Salvador’s tourism has grown by 30% since the Bitcoin Law was implemented.

Related: Falling Bitcoin price doesn’t affect El Salvador: ‘Now it’s time to buy more,’ reveals Deputy Dania Gonzalez

In a recent discussion with Cointelegraph, Dania Gonzalez, Deputy of the Republic of El Salvador, recently revealed the country’s plan to buy more Bitcoin amid falling prices:

“What Nayib Bukele did was buy Bitcoins and make a profit at a certain strategic moment.”

Gonzalez also indicated that El Salvador President Nayib Bukele’s strategy has already proven to be successful in terms of socioeconomic impact by citing two ventures — a veterinary hospital and a public school — that were made possible thanks to calculated BTC investments.



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EU Nears Agreement on Crypto Regulations, Report Reveals – Regulation Bitcoin News

EU Nears Agreement on Crypto Regulations, Report Reveals – Regulation Bitcoin News

Authorities in the EU are moving closer to a deal on a legislative package tailored to comprehensively regulate the crypto market and related activities in Europe. According a media report, an agreement on the key legislation is likely to be reached as early as this month.

Deal on EU Crypto Law Expected by End of June, Sources Say

Representatives of relevant institutions in the European Union are approaching consensus on the Markets in Crypto Assets (MiCA) proposal aiming to introduce union-wide rules for the crypto industry, Bloomberg reported, quoting knowledgeable sources.

Choosing to remain anonymous, they revealed that the French presidency of the EU Council and the European Parliament (EP) are now optimistic about resolving the issues that are holding up the draft’s advance. Negotiators should do that at two upcoming meetings, on June 14 and June 30.

Member states of the 27-strong bloc and the Parliament still disagree on several aspects of MiCA, according to the sources familiar with the matter. These include the supervision of the crypto asset service providers (CASPs), the potential inclusion of non-fungible tokens (NFTs) in the framework and the regulation of stablecoins.

Officials are still discussing how to limit the use of stablecoins in payments. For example, there is an idea to introduce a ceiling for transactions that are not denominated in euros. It comes after last month’s collapse of the terrausd (UST) algorithmic stablecoin which affected crypto markets. Ensuring investor protection and gauging the impact of cryptocurrencies on financial stability are two other major considerations.

Discussions on Key Crypto Regulatory Aspects Continue

MiCA, which was first presented in 2020, was approved by the EP’s Committee on Economic and Monetary Affairs (ECON) in mid-March this year. The package entered the so-called trilogue stage of Europe’s legislative process later that month, during which the final draft must be coordinated between the European Parliament, the European Commission and the Council of the European Union.

A key element in the negotiations is also the need to address the environmental impact of crypto assets and some European lawmakers insist that the new legislation should take it into account. Provisions banning the energy-intensive proof-of-work mining sparked reactions from the Old Continent’s crypto community which complained they amounted to a bitcoin ban. The controversial texts were removed from the draft. France, which currently holds the EU presidency, is ready to accept a proposal by the Commission to disclose the energy consumption of CASPs.

EU members and the union’s legislature are also arguing about the inclusion of anti-money laundering provisions in the crypto legislation. National governments are pushing for a separate set of rules while the European lawmakers propose the establishment of a list of non-compliant CASPs.

Tags in this story
agreement, Crypto, crypto assets, Cryptocurrency, Deal, draft, EU, Europe, european, European Union, Legislation, MiCA, package, proposal, Regulation, Regulations

Do you expect the EU to agree on the Markets in Crypto Assets draft by the end of June? Tell us in the comments section below.

Lubomir Tassev

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

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion

Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion

The global cryptocurrency market was on track for another decline on Saturday, as Bitcoin and other top cryptocurrencies took a significant blow throughout the day.

The $1.19 trillion crypto industry is currently worth less than it did in July of last year. In the past week, the majority of prominent cryptocurrencies, including Bitcoin, Cardano, Ethereum, Solana, and others, have extended their losses against the US dollar.

Overall, the leading cryptocurrencies have lost between half and 80% of their all-time price peaks.

The BTC price dropped below $30,000 on Saturday following the release of a critical inflation report on Friday, which showed little indication that price drops will soon begin to cool off.

Suggested Reading | Dogecoin Mining Revenue Massively Fell In Past 12 Months

Bitcoin Collapses To $27K

As of this writing, Bitcoin (BTC) is taking a beating and trading at $27,560.18, down 7.8% in the last seven days, Coingecko data show. This occurred after the world’s largest cryptocurrency remained steady at $30,000 for two days.

The dominant cryptocurrency has been trading inside a narrow range for weeks, as crypto and stock markets have struggled to recoup significant upward momentum following a month-long sell-off.

Analysts also point to the ongoing conflict in Ukraine and worries over a tightening of monetary policy by the U.S. central bank as reasons for the decline in stock and cryptocurrency values.

BTC total market cap at $523 billion on the weekend chart | Source: TradingView.com

Darshan Bathija, CEO and co-founder of Vauld, explains:

“We are witnessing frequent short-term spikes in volatility because market participants are trading inside a restricted range due to uncertainty regarding the crypto market’s response to macroeconomic conditions.”

Currently, the cryptocurrency market has lost 6.1% in the last day alone. This number is lower than the lows recorded in July 2021, when market capitalization reached $1.32 trillion. The entire crypto-economy has not been priced this low since the first week of February 2021.

Bitcoin fell to two-week lows on June 11 as bears concluded the week’s trading on Wall Street.

‘Substantial Rebound’ Ahead

The BTC/USD pair fell in tandem with stock markets on Friday, wrapping up the week with a hefty loss – the S&P 500 and Nasdaq Composite both dropped 3% and 3%, respectively.

Meanwhile, despite the negative reports, investors can anticipate a “substantial rebound” in the fourth quarter of this year for the USD value of bitcoin.

According to Nigel Green, CEO and Founder of deVere Group, Bitcoin is highly associated with global stock markets, and a bottom is near for everyone.

“I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency,” Green said.

Suggested Reading | Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800

Featured image from Inc Magazine, chart from TradingView.com



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Bitcoin price threatens lowest weekly close since 2020 as inflation spooks markets

Bitcoin price threatens lowest weekly close since 2020 as inflation spooks markets

Bitcoin (BTC) dropped to two-week lows on June 11 as the week’s Wall Street trading ended with bears in control.

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

U.S. inflation print proves setback

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reached $28,528 on Bitstamp, its lowest since May 28.

The pair had fallen in step with stock markets on June 10, these finishing the week noticeably down — the S&P 500 and Nasdaq Composite lost 2.9% and 3.5%, respectively.

This was on the back of surprisingly high inflation data from the United States, which took a turn for the worst in stark contrast to expectations. As Cointelegraph previously reported, at 8.6%, annual inflation came in at the highest since December 1981.

Reacting, market commentators were thus firmly on the bearish side when it came to future BTC price action.

“When we drop to $22,000 – $24,000 on Bitcoin they will call for lower Don’t be too greedy when the time comes,” popular Twitter account Crypto Tony told followers.

Filbfilb, co-founder of trading suite DecenTrader, meanwhile, contrasted the current environment with the March 2020 COVID-19 crash. This year’s slow bleed, he argued, was if anything more painful than the “car crash” price declines of the time that briefly took Bitcoin to $3,600.

“Inflation hasn’t peaked, and neither has Bitcoin,” MicroStrategy CEO Michael Saylor offered in a more hopeful angle after the data print.

“In the current macro backdrop it doesn’t matter how many charts are showing confluence that we are reaching historically oversold levels,” popular Twitter account PlanC countered:

“As long as Bitcoin remains correlated to risk on assets I don’t see a significant trend reversal anytime soon.”

If it were to end the week at current levels or any below $29,450, meanwhile, BTC/USD would be threatening its lowest weekly close since December 2020.

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

Doubts over rate hikes emerge

Looking ahead, forthcoming decisions on rate hikes in response to inflation were primed to be the major focus of the coming week.

Related: BTC price snaps its longest losing streak in history — 5 things to know in Bitcoin this week

The Federal Reserve’s Federal Open Markets Committee (FOMC) minutes, due for the meeting on June 14-15, will provide clues on how aggressive policymakers plan to be when it comes to stemming price rises.

“I think that at some point, the market will realize that inflation is not going away soon and that rates will still be relatively low,” Twitter account Daan Crypto Trades argued.

It added that gold could provide an early indication of that “new old” trend by rising from its current trading channel.

“$GOLD could be the leading factor in such a shift. Closely watching that. Right now, we’re still in the process of baking in the bad factors,” a post on the day read.

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

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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Stablecoin Market Nears 15% of the Entire Crypto Economy’s Market Valuation – Altcoins Bitcoin News

Stablecoin Market Nears 15% of the Entire Crypto Economy’s Market Valuation – Altcoins Bitcoin News

Roughly two months ago on April 11, the stablecoin economy was valued at $190 billion and was getting closer to surpassing $200 billion in value. However, after the Terra stablecoin fallout, the fiat-pegged token economy lost $16.31 billion in value since then. While that value was erased from the stablecoin market, stablecoins themselves represented 9.35% of the entire crypto economy’s net U.S. dollar value at the time. 61 days later, the crypto economy is worth roughly $1.15 trillion and the stablecoin economy represents 13.8% of that total today.

In 61 Days, Stablecoin Dominance Swelled From 9% to 13.8%

For the first time in history, three stablecoins were top ten digital currencies in terms of market valuation 36 days ago on May 6, 2022. At the time, it was tether (USDT), usd coin (USDC) and terrausd (UST), but that was before the UST implosion.

While terrausd is gone, there’s still three stablecoins in the top ten today, as binance usd (BUSD) is the seventh-largest crypto asset as far as market cap is concerned. Two months ago on April 11, the stablecoin economy was valued at $190 billion but today, the valuation of the stablecoin market is now $159 billion.

Stablecoin Market Nears 15% of the Entire Crypto Economy's Market Valuation
On May 6, just before UST de-pegged from the $1 parity, tether, usd coin, and terrausd were the top three stablecoins in the top ten largest market cap coins. Today, with UST gone, BUSD has entered the top ten standings.

On that day in April, the entire crypto economy was valued at $2.03 trillion and today it’s worth roughly $1.15 trillion. Even though Terra’s UST fallout saw billions leave the stablecoin economy, it dominates by a lot more than it did when it was nearing $200 billion.

Stablecoin Market Nears 15% of the Entire Crypto Economy's Market Valuation
On April 11, 2022, the $190 billion stablecoin market cap equated to 9.3% of the entire crypto economy’s $2.03 trillion. Today, at $159 billion, the stablecoin economy is now 13.8% of the aggregate value of $1.15 trillion.

Stablecoins account for whole lot of trade volume as well, and at the time of writing, fiat-pegged tokens have seen $46.1 billion in trade volume, while all the crypto assets combined saw $71.6 billion. The data shows that 64.38% of all the digital currency trades today are swapped against stablecoin pairs.

For instance, tether (USDT) trades account for 60.26% of bitcoin’s (BTC) global trade volume while BUSD commands 10.05%. USDT and BUSD are BTC’s top two trading pairs at the time of writing, according to cryptocompare.com metrics.

Tether (USDT) is still the king of stablecoins with an $72 billion market valuation that represents more than 6% of the entire crypto economy. Usd coin (USDC) is the second-largest stablecoin by market cap with $53.7 billion in value.

USDC dominates today by more than 4% of the crypto economy and combined both USDC and USDT make up 76.92% of the entire stablecoin dominance of 13.40%. BUSD meanwhile, represents 1.58% of the entire crypto economy. That leaves a little more than 1% of the crypto economy that stem from stablecoins like DAI, FRAX, TUSD, and USDP.

Tags in this story
Altcoins, Bitcoin (BTC) pairs, BUSD, DAI, fiat-pegged tokens, FRAX, MIM, Stablecoin, Stablecoin Economy, stablecoin pairs, Stablecoins, Terrausd (UST), trade volume, trading, tusd, USDC, USDP, USDT

What do you think about the stablecoin economy representing 13.8% of the entire crypto economy? 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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Brian Armstrong Says Crypto Can Beat Inflation, What Does The Chart Suggest?

Brian Armstrong Says Crypto Can Beat Inflation, What Does The Chart Suggest?

The boss of one of America’s leading centralized crypto exchanges, Coinbase, explained that Bitcoin could become the new global gold standard. He believes that the digital asset can revamp America’s fighting chances against the oncoming challenge from China.

Brian Armstrong, the CEO, and Founder of the Coinbase crypto exchange, spoke about the broader crypto market during the months-long price decline and the way forward for the firm.

Armstrong also shared his view on Ray Dailo’s theory, explaining that the growth of cryptocurrency may spur a novel world order. Thus, the decentralized West can properly contend against the centralized East.

Using Crypto As A Hedge

Armstrong spoke about the ongoing bearish market relative to the ones before it in a recent interview with our sources. However, he highlighted that the current market trend displayed distinct features this time. According to him, the primary reason might be that digital assets are now more accepted and have more use-cases than in the previous bear market cycles.

Related Reading | Bitcoin Open Interest Falls As Price Dips Below $31,000

However, sadly, there wasn’t any blow-off top happening to the prices of coins. This also implies that more than 85% of the tokens may never again hit their all-time high prices.

He also said that this distinction in the present cycle condition was partly a result of the macroeconomic environment that intensified the cryptocurrency bearish market. But, more importantly, investors and traders consider digital assets as unstable as risky tech stocks.

Crypto market chart follows the bearish trend | Source: Crypto Total Market Cap on TradingView.com

On another end, Armstrong explained that he believes the entire DeFi market capitalization needs to grow by over 5 to 10 times the current one before it can become a hedge against inflation. Besides the Coinbase CEO, many crypto pundits also believe in this same view.

Introduction Of Super App Wallet

Amid the ongoing bearish market, Coinbase’s boss said that his firm would aim toward innovation and creating new products. More importantly, the centralized exchange is developing a more sophisticated decentralized wallet with many advanced features, including a profile page, personal identity, and even reputation points.

Besides being a financial solution, the wallet could also be a social platform with sections for status and social feeds. Also, musicians and artists will not be left out as the wallet will allow them to showcase their artworks. He added that this next-gen capability of the super-app wallet covers why Web3 is the future of the internet.

Centralized And Decentralized Battle

Ray Dalio, a well-known hedge fund manager, popularly claimed that the current world order is controlled by the West. More specifically, America. However, he noted that there is a possibility of a change with the rising advancements from countries like China.

Related Reading | U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend

While agreeing that the US is declining while China is rising, Armstrong stated that the future world order might no longer be “country-centric.” Armstrong believes that as Bitcoin becomes a contender for the new worldwide gold standard, it can skyrocket the western’s decentralized hemisphere.

Featured image from Pixabay, chart from TradingView.com



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Innovation in fiat on-ramps can overcome crypto’s expensive card fees

Innovation in fiat on-ramps can overcome crypto’s expensive card fees

Being in crypto is all about taking an intelligent view towards money. We know that Bitcoin (BTC) is the future, both as a store of value and also as a means of payment, as layer 2 solutions such as the Lightning Network begin to flourish. It is, therefore, vital that every cryptocurrency user makes sure that they always obtain the most competitive price for every service. While millions of crypto users convert fiat to crypto using a debit or credit card, this is by no means a low-cost choice.

Paying the overhead: Converting fiat to crypto

According to The Motley Fool, people who are using credit cards to pay for crypto purchases may be subject to at least 7% in extra fees. For example, if you were to purchase $1,000 in Bitcoin using a credit card, you could pay up to $70 in fees if your card issuer was to treat the transaction as a cash advance, on top of the standard processing fees and charges.

While cryptocurrencies are globally accessible, one of the biggest barriers to mainstream adoption of cryptocurrencies is not the acceptance of digital assets but, rather, bridging the gap between the crypto and fiat worlds. The failure to do so has meant that the majority of individuals have lacked the tools required to engage with digital currencies or have been met with exorbitant costs in interacting with the ecosystem.

An investor or user of cryptocurrency can execute a wide variety of cryptocurrency transactions, each of which comes with its own cost structure. The cost of any given crypto transaction can change regularly and on short notice, which means users must be diligent on checking those fees — an action that is time-consuming and less than ideal when moving in and out of positions quickly.

We live in an age where so-called disruptive fintech services and applications, such as the digital banking services app Revolut, are creating a seamless banking experience. Still, when it comes to converting fiat to crypto, users are being stung by expensive clunky solutions more akin to cashing in chips at a casino than purchasing the future form of money.

Related: ‘I’ve never paid with crypto before’: How digital assets make a difference amid a war

Exchanges combatting on-ramp fees

Exchanges such as Bitfinex are integrating innovative solutions into their platforms to make converting fiat into crypto cheap and efficient. In a collaboration with OpenPayd, a digital provider of banking and payment solutions, Bitfinex enables its users to transfer fiat currency from their bank account onto the Bitfinex platform at a cost of just 50 euro cents per transaction. At the moment, the service is only available for euros, but the exchange plans to roll it out to other major cryptocurrencies.

Other exchanges are also trying to make purchasing crypto less costly by launching a software development toolkits that will give self-custodial wallets such as MetaMask the ability to offer users a new way to purchase or transfer crypto to a wallet. This aims to streamline the onboarding experience into Web3 for users and reduces the fees that users incur when moving existing crypto balances from their accounts to a self-custody wallet/DApp using these new types of services.

Related: An open invitation for women to join the Web3 movement

Reducing onboarding cost by replacing antiquated rails

With the advent of Web3 and cryptocurrencies, the result of these innovations in payments may very well confirm the 2017 prediction that the age of credit cards may be coming to an end. Major payment solutions and service providers such as FIS and BCB Group are also innovating new fiat-to-crypto solutions alongside younger startups like Fireblocks in order to introduce instant settlement networks between local currencies and stablecoins. These new innovations are likely to turn the antiquated payments infrastructure on its head as a new crop of solutions become available for all businesses that are set to touch cryptocurrencies in one way or another in the coming decades.

As retail and institutional money continue to pile into the cryptocurrency markets, almost every major company has its eyes set on streamlining the onboarding experience and making crypto payments more secure, accessible and instantaneous. In doing so, these companies will reduce overheads for businesses that can then pass on savings to customers. Charging high fees just to move fiat currency in and out of the crypto ecosystem is an unnecessary obstacle for investors. The fiat on-ramps and off-ramps that exchanges are using play a vital role in onboarding new investors to the crypto and Web3 ecosystem.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as its chief technology officer. After graduating from Genoa’s Computer Science University in 2008, he started working as a researcher for a military project focused on high-availability, self-recovering networks and cryptography. Interested in finance, Paolo began developing financial related applications in 2010 and founded Fincluster in late 2013. Backed by two financing investment rounds, Fincluster delivered an advanced, modern and accessible web platform serving different clients with customization capabilities.



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Kim Dotcom on the ‘Great Reset,’ Strong Russian Ruble Puzzles Economists, and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Kim Dotcom on the ‘Great Reset,’ Strong Russian Ruble Puzzles Economists, and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News

This week, entrepreneur and activist Kim Dotcom said the “U.S. is beyond bankrupt,” and minced no words about a potential “controlled demolition of global markets.” Meanwhile, American economists are interested in the ruble’s strong performance in spite of sanctions against Russia, a new book emerges claiming to tell the “Real Story Behind Mysterious Bitcoin Creator Satoshi Nakamoto,” and LUNA 2.0 drops in value from last week, while accusations against Do Kwon continue. Without further ado, this is your bite-sized digest of this week’s hottest crypto stories from Bitcoin.com News.

Kim Dotcom on the 'Great Reset,' Strong Russian Ruble Puzzles Economists, and More — Bitcoin.com News Week in Review

Kim Dotcom Says ‘US Is Beyond Bankrupt,’ Digital Entrepreneur Predicts a ‘Controlled Demolition of Global Markets’

On June 5, 2022, the entrepreneur and activist known as Kim Dotcom published a post on Twitter and said it “may be the most important thread” he ever makes concerning a major global collapse. In the thread, Dotcom specifically highlights the American economy and he claims the “U.S. is beyond bankrupt.” Dotcom also talked about the “Great Reset” topic and how a “New World Order” aims to “shift into a new dystopian future where the elites are the masters of the slaves without the cosmetics of democracy.”

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Kim Dotcom on the 'Great Reset,' Strong Russian Ruble Puzzles Economists, and More — Bitcoin.com News Week in Review

American Economists Are Baffled by an ‘Unusual Situation’ as Russia’s Ruble Is the World’s Best Performing Fiat Currency

Two months after the Russian ruble fell below a U.S. penny, the transcontinental country’s fiat currency is the best performing currency worldwide. American economists are baffled by the “unusual situation,” because a country facing stiff sanctions typically sees its fiat currency decline in value, but Russia’s ruble has done the exact opposite.

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Kim Dotcom on the 'Great Reset,' Strong Russian Ruble Puzzles Economists, and More — Bitcoin.com News Week in Review

A Newly Published Book Claims to Tell the ‘Real Story Behind Mysterious Bitcoin Creator’

During the last 13 years, a great number of individuals have claimed to be the inventor of Bitcoin, but no single person has been able to prove this to the greater crypto community. At the end of August 2019, a marketing and public relations (PR) agency published a press release that featured a man from Pakistan who claimed he invented Bitcoin. While the Pakistani Bilal Khalid provided no proof, the public relations agency’s founder recently published a book called “Finding Satoshi: The Real Story Behind Mysterious Bitcoin Creator Satoshi Nakamoto.”

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Kim Dotcom on the 'Great Reset,' Strong Russian Ruble Puzzles Economists, and More — Bitcoin.com News Week in Review

LUNA 2.0 Token Loses 56% Since Last Week, Whistleblower Accuses Terraform Labs of Owning Shadow Wallets

After climbing to $11.33 per unit on May 30, Terra’s new LUNA 2.0 token has lost more than 56% in value against the U.S. dollar. In related Terra developments, in addition to the defi projects re-joining the Terra ecosystem, the whistleblower known as Fatman continues to accuse Terraform Labs (TFL) and Do Kwon of manipulative tactics such as allegedly lying about making LUNA 2.0 community-owned.

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bankrupt, Book, collapse, controversy, do kwon, Fatman, Global Reset, Great Reset, Kim Dotcom, LUNA, Markets, New World Order, russian ruble, Sanctions, Satoshi, Satoshi claimant, Satoshi Nakamoto, U.S. debt, Week in Review

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Dogecoin Mining Revenue Massively Fell In Past 12 Months

Dogecoin Mining Revenue Massively Fell In Past 12 Months

Dogecoin continues to plunge as it failed to retain support at the $0.08 level. The bad news is that the Dogecoin price can still fall further down as the bears appear to have bypassed the triangular structure that has latched ferociously around it the previous month.

With the structure breached, the bears could pump in more capital to earn more from the DOGE plunge. The bearish candle is now falling head-first which boosts the confidence of many traders to go all-in with the bearish stance.

Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue The Pulldown?

DOGE’s price currently sits at $0.075. And a pause is expected before it goes for a bull run at $0.072. However, the bearish outlook will remain until the liquidity at $0.068 is driven out.

Another strong indicator of a bearish control is the DOGE price wasn’t able to get through the Relative Strength Index 40 level.

Dogecoin Mining Revenue Down 

Despite DOGE being down by 89.50% from its all-time high, it seems to have jumped up by 12.78% from the cycle low it has been lingering on at $0.07.

Regardless of the little improvement, DOGE mining revenue is still down at 76.2% in the last year, making the popular meme coin one of the less profitable mining options around, according to crypto market data aggregation and analytics platform CryptoRank.

Dogecoin is at the top of the list of the five least profitable mining alternatives. Source: CryptoRank.

A drop of more than 70% in mining profitability is not impressive at all for traders – not one bit. So, does this hint trend exhaustion anytime soon?

DOGE price significantly dropped by 3.48% in the past week and was also changing hands at roughly $0.077. In addition, after the meme token dropped sharply on May 11, DOGE has since been in tight trading range. Could this possibly indicate a move up?

The indicators point towards a bearish trend. RSI has lounged under the neutral point or even appears to be southbound as of this writing. 

DOGE total market cap at $8.10 billion on the weekend chart | Source: TradingView.com

No Sign Of Trend Exhaustion

Meanwhile, the volatility of DOGE is only at 88.28% in the past 30 days. All of these indicate that there is no trend exhaustion at least in the next coming weeks.

Investors should look more at the volume before taking long bets. There has been a free fall following April 26 which indicates a low buying and selling activity. Investor interest has waned intensely for a couple of weeks.

The social dominance metric hovers currently at 4.88% during press time which indicates that social media power is at play and that people continuously talk about Dogecoin despite the shivers of the crypto winter.

Suggested Reading | Bitcoin Slides As CPI Report Hints At Soaring Inflation – More Bearish Pressure Ahead?

Featured image from Zipso.net, chart from TradingView.com



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