crypto mining

Market picture

Bitcoin fell on Thursday by the most in 3.5 weeks amid a sharp decline in stock indices and a stronger US dollar. BTC rolled back to $17.4K, losing 1.3% overnight. Ethereum, which trades at $1270, shows the same decline amplitude. Total crypto market capitalisation is down 0.7% to $852bn. The pressure on cryptocurrencies came from the stock market, so assets with more institutions are faring worse than others.

The Cryptocurrency Fear and Greed Index was down 2 points by Friday, to 29 and continues to be in a state of "fear".

From a tech analysis perspective, Bitcoin has failed to latch on to levels above the 50-day moving average, causing it to now face speculative pressure. However, this kind of pressure usually lasts for a day or two unless backed by external reasons.

On the higher - weekly – timeframe, one can see the development of the current downward phase since the end of May. The RSI would form a bullish divergence, as new price lows correspond to higher

Bitcoin, the power of news

Bitcoin, the power of news

Korbinian Koller Korbinian Koller 19.10.2021 12:16
Interpreting news to use for future price forecasts is as tricky as finding the solution to what came first, the chicken or the egg. Typically, news is late, meaning someone knew before, so news events are already priced into the price. Unfortunately, the news is often nothing more than lies nowadays, and distinguishing what’s real and what’s fake is another challenge. News is mainly beneficial for rationalizing a prior price move for the curious mind. Little more than a story for lunch break to claim “I told you so” before work colleagues. Bitcoin, the power of news. But not so fast! There are a few ways to navigate through the maze of news that can be helpful to one’s investment timing for entries and exits into and out of the markets. The two most significant market influencing news types are a real surprise and a sum of news items forming sentiment. Consequently, when China recently banned bitcoin, the market’s reaction was timid. China had banned bitcoin before. Their bans of companies like Google, Facebook, Twitter, and Snapchat, had those tech companies still soar hundreds if not thousands of percent higher. In short, it was no surprise like an unforeseeable weather catastrophe to crops, terrorist attacks, or otherwise genuine surprises that can shake emotions in market speculators and, as such, turn price direction quickly. Surprises of a minor degree like Fed-President Powell stated that there be no intention to ban bitcoin if released conducive in timing can influence the price as we have seen recently. Sentiment, a sum of news over time evoking an investor’s sense of certainty or fear, can also be powerful. Concerning bitcoin, with a constant flow of positive news releases like El Salvador holds 2.7 million BTC users, Brazil is planning to adopt bitcoin, multiple BTC ETFs are in the process of getting approved, and large investors like George Soros and Michael Saylor are stacking up in bitcoin can create price support. BTC in US-Dollar, Daily Chart, China’s BTC ban: The Central Bank of China declared a general ban on bitcoin on the 24th of September this year. The market declined a modest ten percent. BTC in US-Dollar, Daily Chart, FED-“no intentions to ban BTC”: On the other hand, a week later, when House Representative Ted Budd had asked if it was Jerome Powell’s “intention to limit or ban cryptocurrencies, as we see in China”, the chairman declined such intentions of the Federal Reserve, markets soared. A daily time frame turning point was initiated, with a follow through all the way to a 52% increase. BTC in US-Dollar, Weekly Chart, six figures soon: Another supporting news item for the sentiment was the President of Russia, Vladimir Putin, stating: “crypto-assets have the right to exist and can be used as a means of payment.” The sum of positive sentiment lured the price to a double top (as you can spot on the weekly chart above). We find probabilities in favor that these highs will be taken out soon and that the third leg of this entire move most likely will reach six figures within the next four to five months. BTC in US-Dollar, Monthly Chart, bullish: A final look at the most meaningful monthly time frame supports the overall bullish tone. Even though it might look like a double top, we should see new highs. Should November close as a Doji (uncertainty bar), we might have to revisit these prognostics. As of now, bears are facing quite some buying pressure. Bitcoin, the power of news: Our minds are desperately seeking reasons for cause and effect, and news is like a relief to our market speculation. Unfortunately, acting on news releases themselves intuitively leads, in most cases, to losses. Where quick action is required is when news items are of true surprising nature to all. News items of unforeseeable disastrous consequences can immediately affect markets, but are typically rare in occurrence. Another set of news that is meaningful to an investor is a sum of news with the same polarity. Forming a sentiment within market speculators over time, this continuous news flow can support a trend. Consequently, this can be helpful to the trader. Once sentiment becomes extreme, the astute contrarian can use sentiment also as an early indicator on when to take partial profits and eventually fade this trend. Feel free to join us in our free Telegram channel for daily real time data and a great community. If you like to get regular updates on our gold model, precious metals and cryptocurrencies you can subscribe to our free newsletter. 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. They do not necessarily reflect or represent the views and opinions of Midas Touch Consulting.
European Rate Surge Continues

Bitcoin’s trading psychology

Korbinian Koller Korbinian Koller 26.10.2021 13:34
Typically, the focus is on price when talking about trading. Still, just like “entries” get more attention because they come first, professionals know that it is “exits” that deserve the more significant amount of attention. It is the risk where the focus should be; related to time much more versus price. The emphasis superseding all is psychology. Psychology separates the amateur from the professional. One subset of this essential aspect of trading is the analysis of which groups with their specific psychology trade the market in focus. Such a study provides insight into the overall trading behavior of a particular trading instrument, bitcoins trading psychology. BTC in US-Dollar, Daily Chart, leg analysis: Bitcoin in US-Dollar, Daily chart as of October 25th, 2021. From a pure price perception, it might seem that the consistency bitcoin holds in price bubbles might be of the same origin, but they are not. In 2009, the value of the coin was zero, and fans exchanged it more like reminding of a seedy Star Wars bar exchange of true fans for a new idea, technology, beliefs, and freedom. Even so, bubbles arose a year later, and the price was driven by extreme supply and demand imbalances due to ill-liquidity when news hit the media. Since these times, we have seen all sorts of traders, speculators, investors, banks, hedge funds, governments join the speculation in a profitable market. Each with their specific mindset, interests, and trading psychology. The latest shift is now the race of governments getting a hold on the worldwide dominance reign. They will be true hodlers. Before that last influx, the bitcoin market was dominated by pure speculators for the most part. In a sense, they were forced into this market to stay competitive. Wide swings were the result since there was little incentive to stay in this game for the long term or, in other words, taking the risk on the large downswings. One first step, identifying in which market and cycle one is competing, are comparing up-legs in size (percentage) and steepness (time). The daily chart above shows such measurements of the last two significant moves in bitcoin this year. It has taken bitcoin only three months to more than double in price. BTC in US-Dollar, Weekly Chart, Projections: With governments and the wider population now being the last to come to the party, we will see a shift in the trading behavior of bitcoin. This needs adjustment in one’s trading style to be part of this craze for the virtual, decentralized future. One such shift in the process may be a reduction of retracements depth within the second leg from a weekly perspective. We have drawn a projection of the second leg highly conservative in the chart above. Conservative, since second legs are typically longer, and we only assumed an identical extension to the first leg (1=2=3 in length and angle). BTC in US-Dollar, Monthly Chart, time accuracy: Bitcoins’ childhood days have long passed. Seedy bar purchases have changed for high liquidity and professional exchanges with advanced order execution functionality. The big guns sit on the table, and as such, trading has shaped up. The individual is now playing against the best in the world, like in any other asset class, and risk should be perceived as such. Nevertheless, a larger time frame play for wealth preservation and a hedge against inflation is controllable in risk. Market participation analysis allows for a better grip on what to expect and scales in on targets from a time perspective. The above monthly chart illustrates our view of a possible future. The logarithmic chart shows best what inherent strength bitcoin possesses. Bitcoin´s trading psychology: The largest group that is not invested in bitcoin yet is the more significant part of average citizens. Consequently, we will find ourselves in an extreme supply demand imbalance due to bitcoins fixed limit of 21 million coins. More importantly, we will discover new trading behavior with a new group participating, with new psychology. These purchases will be made by amateurs who are motivated by fear more than greed. This market participant will be a long-term speculator trying to hold on to his investment versus making a quick buck. We anticipate more moderate overall retracements percentagewise. As well, we expect steeper legs up. These will result in a different system needed to participate in a market with low-risk entry points. Feel free to join us in our free Telegram channel for daily real time data and a great community. If you like to get regular updates on our gold model, precious metals and cryptocurrencies you can subscribe to our free newsletter. 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. They do not necessarily reflect or represent the views and opinions of Midas Touch Consulting.    
Bitcoin’s trading psychology - 02.11.2021

Bitcoin’s trading psychology - 02.11.2021

Korbinian Koller Korbinian Koller 02.11.2021 09:49
BTC in US-Dollar, Daily Chart, leg analysis:Bitcoin in US-Dollar, Daily chart as of October 25th, 2021.From a pure price perception, it might seem that the consistency bitcoin holds in price bubbles might be of the same origin, but they are not. In 2009, the value of the coin was zero, and fans exchanged it more like reminding of a seedy Star Wars bar exchange of true fans for a new idea, technology, beliefs, and freedom. Even so, bubbles arose a year later, and the price was driven by extreme supply and demand imbalances due to ill-liquidity when news hit the media.Since these times, we have seen all sorts of traders, speculators, investors, banks, hedge funds, governments join the speculation in a profitable market. Each with their specific mindset, interests, and trading psychology. The latest shift is now the race of governments getting a hold on the worldwide dominance reign. They will be true hodlers. Before that last influx, the bitcoin market was dominated by pure speculators for the most part. In a sense, they were forced into this market to stay competitive. Wide swings were the result since there was little incentive to stay in this game for the long term or, in other words, taking the risk on the large downswings.One first step, identifying in which market and cycle one is competing, are comparing up-legs in size (percentage) and steepness (time).The daily chart above shows such measurements of the last two significant moves in bitcoin this year.It has taken bitcoin only three months to more than double in price.BTC in US-Dollar, Weekly Chart, Projections:Bitcoin in US-Dollar, weekly chart as of October 26th, 2021.With governments and the wider population now being the last to come to the party, we will see a shift in the trading behavior of bitcoin. This needs adjustment in one’s trading style to be part of this craze for the virtual, decentralized future.One such shift in the process may be a reduction of retracements depth within the second leg from a weekly perspective. We have drawn a projection of the second leg highly conservative in the chart above. Conservative, since second legs are typically longer, and we only assumed an identical extension to the first leg (1=2=3 in length and angle). BTC in US-Dollar, Monthly Chart, time accuracy:Bitcoin in US-Dollar, monthly chart as of October 26th, 2021.Bitcoins’ childhood days have long passed. Seedy bar purchases have changed for high liquidity and professional exchanges with advanced order execution functionality. The big guns sit on the table, and as such, trading has shaped up. The individual is now playing against the best in the world, like in any other asset class, and risk should be perceived as such.Nevertheless, a larger time frame play for wealth preservation and a hedge against inflation is controllable in risk. Market participation analysis allows for a better grip on what to expect and scales in on targets from a time perspective. The above monthly chart illustrates our view of a possible future. The logarithmic chart shows best what inherent strength bitcoin possesses.Bitcoin´s trading psychology:The largest group that is not invested in bitcoin yet is the more significant part of average citizens. Consequently, we will find ourselves in an extreme supply demand imbalance due to bitcoins fixed limit of 21 million coins. More importantly, we will discover new trading behavior with a new group participating, with new psychology. These purchases will be made by amateurs who are motivated by fear more than greed. This market participant will be a long-term speculator trying to hold on to his investment versus making a quick buck. We anticipate more moderate overall retracements percentagewise. As well, we expect steeper legs up. These will result in a different system needed to participate in a market with low-risk entry points.Feel free to join us in our free Telegram channel for daily real time data and a great community. If you like to get regular updates on our gold model, precious metals and cryptocurrencies you can subscribe to our free newsletter.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. They do not necessarily reflect or represent the views and opinions of Midas Touch Consulting.By Korbinian Koller|October 26th, 2021|Tags: Bitcoin, bitcoin consolidation, Bitcoin mining, crypto analysis, Crypto Bull, crypto chartbook, crypto mining, low risk, quad exit, technical analysis, trading education|0 CommentsAbout the Author: Korbinian KollerOutstanding abstract reasoning ability and ability to think creatively and originally has led over the last 25 years to extract new principles and a unique way to view the markets resulting in a multitude of various time frame systems, generating high hit rates and outstanding risk reward ratios. Over 20 years of coaching traders with heart & passion, assessing complex situations, troubleshoot and solve problems principle based has led to experience and a professional history of success. Skilled natural teacher and exceptional developer of talent. Avid learner guided by a plan with ability to suppress ego and empower students to share ideas and best practices and to apply principle-based technical/conceptual knowledge to maximize efficiency. 25+ year execution experience (50.000+ trades executed) Trading multiple personal accounts (long and short-and combinations of the two). Amazing market feel complementing mechanical systems discipline for precise and extreme low risk entries while objectively seeing the whole picture. Ability to notice and separate emotional responses from the decision-making process and to stand outside oneself and one’s concerns about images in order to function in terms of larger objectives. Developed exit strategies that compensate both for maximizing profits and psychological ease to allow for continuous flow throughout the whole trading day. In depth knowledge of money management strategies with the experience of multiple 6 sigma events in various markets (futures, stocks, commodities, currencies, bonds) embedded in extreme low risk statistical probability models with smooth equity curves and extensive risk management as well as extensive disaster risk allow for my natural capacity for risk-taking.
The uncertain certainty of bitcoin

The uncertain certainty of bitcoin

Korbinian Koller Korbinian Koller 09.11.2021 10:24
Some might argue that it is best to sit on one’s hands and wait for a time when bitcoin prices are suppressed, and they have a point with the possibility of a market crash. And then again, they might have said that already when bitcoin was still trading at US$3,000 (we do not find it likely that bitcoin will ever retrace to those levels again.). Where are the uncertainties in bitcoins certainty? When you dissect a complex mechanism, you will always find a problem. It is like going to the bakery. It would be foolish to expect to get anything else but bread. Maybe it is better to look at a glass half full, meaning why not look at why bitcoin could be a certainty? BTC in US-Dollar, Monthly Chart, every buyer is a winner if he didn’t sell: Bitcoin in US-Dollar, Monthly chart as of November 9th, 2021. The monthly chart above certainly shows that whoever bought in the past has made a profit by now. Yet, we know “hodling” isn’t an easy thing. Personal risk appetite determines the number of bitcoin that can be held throughout these boom and bust cycles. We solved this dilemma through our quad exit strategy. And we teach low-risk position size building in our free telegram channel. BTC in US-Dollar, Weekly Chart, new all-time highs: Bitcoin in US-Dollar, Weekly chart as of November 9th, 2021. Now, moving forward to real-time, we can make out a similar bullish picture on the weekly chart after our glimpse in the past. Recent events provide data that substantiates bitcoin’s long-term certainty. A look at the last two weeks of October (marked in white) reveals a very brief battle with a minimal retracement level at the double top of all-time highs. Bears barely get a foot in the door, where typically bitcoin experiences significant retracements. To us, a clear sign that the rush is on. Big player money is now rushing to accumulate the necessary size they aim to hold on their books for the long term. Consequently, reducing volatility, one of the most feared aspects of bitcoin, which in times to come will attract more market players to this trading vehicle.   BTC in US-Dollar, Monthly Chart, six figures in 2022: Bitcoin in US-Dollar, Monthly chart as of November 9th, 2021. A look into the future from a monthly chart perspective is confidence building as well. With new all-time high prices printing at the time of publication of this chart book, our bet is still on bitcoin with a 63% over 47% chance that prices will advance from here rather than retracing to a substantially lower price level. So far, bitcoin has done nothing else but eradicate the uncertainties placed in its way. The most stubborn doubter would likely be happy if they had picked up a few coins when they traded at a dollar. What provides confidence for our forecast is the confirmation that bitcoin price retracements are now more modest. This lets us assume that the number of professional traders participating in this market has increased. In the monthly chart above, you can make out that closing prices of the month’s May, June, and July this year closed above the 50% Fibonacci retracement levels. A conservative retracement for bitcoins historical standards. We project for the near term that bitcoin will reach six-figure prices in mid-February next year. The uncertain certainty of bitcoin: From the anticipatory perspective, it seems evident that holding bitcoin is a prudent move with a look into the future. A hedge is needed once the risk is apparent to all, and the house of cards will tumble.  From a real-time perspective, we also find bitcoin to be a “must-own.” The charts above showed the strength with which bitcoin is aching to claim its turf, and it is never good to wait till “fear of missing out” kicks in, and low-risk entry opportunities become scarce.  And from a reactionary perspective, a look in the past, it is evident that anybody would like a piece of the action where bitcoin has nothing but a stunning history of unheard percentage moves and made it from eight cents to US$ 67,000 in just a dozen years.  There are always uncertainties in speculative ventures, but bitcoin itself is a certainty, not to be rationalized away for the years to come. Feel free to join us in our free Telegram channel for daily real time data and a great community. If you like to get regular updates on our gold model, precious metals and cryptocurrencies you can subscribe to our free newsletter. 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. They do not necessarily reflect or represent the views and opinions of Midas Touch Consulting. By Korbinian Koller|November 9th, 2021|Tags: Bitcoin, bitcoin consolidation, Bitcoin mining, crypto analysis, Crypto Bull, crypto chartbook, crypto mining, low risk, quad exit, technical analysis, trading education|0 Comments About the Author: Korbinian Koller Outstanding abstract reasoning ability and ability to think creatively and originally has led over the last 25 years to extract new principles and a unique way to view the markets resulting in a multitude of various time frame systems, generating high hit rates and outstanding risk reward ratios. Over 20 years of coaching traders with heart & passion, assessing complex situations, troubleshoot and solve problems principle based has led to experience and a professional history of success. Skilled natural teacher and exceptional developer of talent. Avid learner guided by a plan with ability to suppress ego and empower students to share ideas and best practices and to apply principle-based technical/conceptual knowledge to maximize efficiency. 25+ year execution experience (50.000+ trades executed) Trading multiple personal accounts (long and short-and combinations of the two). Amazing market feel complementing mechanical systems discipline for precise and extreme low risk entries while objectively seeing the whole picture. Ability to notice and separate emotional responses from the decision-making process and to stand outside oneself and one’s concerns about images in order to function in terms of larger objectives. Developed exit strategies that compensate both for maximizing profits and psychological ease to allow for continuous flow throughout the whole trading day. In depth knowledge of money management strategies with the experience of multiple 6 sigma events in various markets (futures, stocks, commodities, currencies, bonds) embedded in extreme low risk statistical probability models with smooth equity curves and extensive risk management as well as extensive disaster risk allow for my natural capacity for risk-taking.
Bitcoin is climbing undeterred higher

Bitcoin is climbing undeterred higher

Korbinian Koller Korbinian Koller 02.11.2021 11:02
Bitcoin is volatile and nosedives in some of these attacks. A historical look back illustrates how bitcoin each time is climbing higher right after: 2009 traded for free (zero value) between enthusiasts 2010 worth US$0.08 2011 from US$1 up to US$32 back down to US$2 2012 from US$4.80 up to US$13.20 2013 from US$13.40 up to US$1,156 and down to US$760 2014 – 2016 down to US$315 2017 up to US$20,089 2018 down to US$3,122 2019 up to US$13,880 2020 up to US$34,800 2021 up to US$67,016 And these last three years, bitcoin has been climbing higher, undeterred. BTC in US-Dollar, Monthly Chart, bitcoin, a true winner: Bitcoin in US-Dollar, Monthly chart as of November 2nd, 2021. The monthly chart above illustrates bitcoin’s winning characteristics. We can see harmonious swings. Retracements are substantial, but bitcoin shows a persistent tendency to outperform previous all-time highs. BTC in US-Dollar, Weekly Chart, explosive recent history: Bitcoin in US-Dollar, Weekly chart as of November 2nd, 2021. The weekly chart points towards more explosive moves recently. After a breakout of a multi-year range, we can see that bitcoin has started to move substantially due to more widespread adoption. Swing behavior is getting more harmonious. At the moment, we are in the midst of a battle between bears and bulls at a double top formation. Consequently, the following days to weeks will show who will come out ahead. The fact that bulls cling to their winnings for this long gives price in this pat situation a slight edge for the bullish corner.   BTC in US-Dollar, Daily Chart, stepping away from the noise: Bitcoin in US-Dollar, Daily chart as of November 2nd, 2021. The daily chart can be pretty volatile. These smaller time frames are advised only to be traded if you are a professional. This applies particularly to struggle zones like the one we are currently in, for instance. Intraday swings can get substantial. In addition, once these battles between bears and bulls resolve, daily percentage moves can be staggering. Luckily, one doesn’t need to fear such challenging trading environments. To clarify, step up to larger time frames and reduce trade frequency and position size. Accept the risk based on adequate position size to your individual psychology and risk appetite. Consequently, buying for the long term will become much easier. It is essential as such to be familiar with a trading object’s typical behavior and, in bitcoins case, not to forget its ability to shine after a major setback. Bitcoin is climbing undeterred higher: Overall, bitcoins’ technical personality makes it an easy choice for one’s wealth preservation portfolio. Especially when options for wealth preservation investments are limited! This year’s strength towards gold and silver price performance had us increase bitcoins percentage allocation within the long-term portfolio. It fulfills two valuable functions to firmly find its place under historically much longer established counterparts. Scarcity for stability, and a more considerable performance potential necessary to protect against inflation. Feel free to join us in our free Telegram channel for daily real time data and a great community. If you like to get regular updates on our gold model, precious metals and cryptocurrencies you can subscribe to our free newsletter. 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. They do not necessarily reflect or represent the views and opinions of Midas Touch Consulting.
The risk vortex of crypto and bubble baskets

The risk vortex of crypto and bubble baskets

Peter Garnry Peter Garnry 06.12.2021 14:04
Equities 2021-12-06 13:30 5 minutes to read Summary:  Our Bubble Stocks and Crypto & Blockchain baskets are the two worst performing baskets this month as these pockets of the market are currently going through a big realignment in terms of expectations. The Fed's new objective of getting inflation under control will accelerate tapering and led to several rate hikes next year. Combined with a significant fiscal drag next year, US growth stocks will be hit by both lower growth and higher discount rate on cash flows, the worst of all combinations. This means that growth stocks that can show a credible upward sloping path on operating margin will fare much better whereas growth stocks that will fail in delivering higher operating margin will experience more trouble. Friday’s price action was not pretty. Despite strong economic figures from the US the 10-year yield declined and normally that would have been a positive for technology stocks, but instead Nasdaq 100 continued lower with our Bubble Stocks and Crypto & Blockchain baskets leading the declines. On Saturday, Bitcoin was down as much as 21.2% at the lows adding to the woes of these pockets of the market. We know from surveys that there is a large overlap in exposure between investors in growth/bubble stocks and cryptocurrencies and that it is people under the age of 35 that dominates the exposure. Source: Saxo GroupThe Crypto & Blockchain basket (see composition below) is down 12.7% in December making it the worst performer and if we see the Fed getting ahead of the curve hiking rates three times next year then it could take more steam out of the crypto industry. The recent high profiled listing of Bakkt through a SPAC is a crypto related company that we will soon release a more thorough analysis of. As the table below also show analysts remain bullish on the industry with a median price target 77% above current prices. The key risk for bubble stocks and crypto related assets this week is the US inflation report on Friday which could accelerate the market’s expectations of tapering and rate hikes if inflationary pressures remain stubbornly high. Name Segment Market Cap (USD mn.) Sales growth (%) Diff to PT (%) YTD return (%) 5yr return Coinbase Global Inc Crypto exchange 57,169 139.3 44.1 NA NA Signature Bank/New York NY Bank 18,487 9.7 22.2 128.2 110.5 MicroStrategy Inc Investment firm 6,896 5.1 38.5 62.4 218.0 Galaxy Digital Holdings Ltd Crypto services 6,245 NA 83.5 128.3 1,213.0 Silvergate Capital Corp Bank 4,364 61.3 32.1 121.0 NA Marathon Digital Holdings Inc Crypto mining 4,274 4,562.5 64.1 298.9 57.7 Bakkt Holdings Inc (*) Digital assets platform 3,354 NA 114.9 29.3 NA Riot Blockchain Inc Crypto mining 3,339 1,497.4 90.3 68.6 659.6 Northern Data AG Infrastructure 2,523 62.7 20.7 26.8 NA Voyager Digital Ltd Crypto broker 2,105 8,169.3 83.1 234.0 NA Monex Group Inc Financial institution 1,827 75.3 50.4 111.2 182.7 Hut 8 Mining Corp Crypto mining 1,553 203.9 102.8 241.8 352.1 Hive Blockchain Technologies Ltd Crypto mining 1,216 395.3 NA 67.4 3,900.0 Bitfarms Ltd/Canada Crypto mining 1,194 7.0 57.0 220.0 NA Canaan Inc Infrastructure 1,040 225.5 NA 2.2 NA Stronghold Digital Mining Inc (*) Crypto mining 872 NA 132.3 NA NA Argo Blockchain PLC Crypto mining 690 131.5 127.5 236.4 NA Coinshares International Ltd (*) Digital asset management 586 NA -7.3 NA NA Bit Digital Inc Crypto mining 571 NA 69.9 -62.4 NA Bitcoin Group SE Crypto broker 236 138.7 187.4 -41.8 626.8 DMG Blockchain Solutions Inc Investment firm 128 2.7 104.1 58.1 1,533.3 Digihost Technology Inc Crypto mining 118 NA NA 100.7 NA Taal Distributed Information Technologies Inc Blockchain platform 105 NA 139.5 49.0 NA Future FinTech Group Inc Blockchain e-commerce 85 2,555.0 NA -35.1 -83.6 Quickbit EU AB Crypto payment services 59 -27.2 NA -18.1 NA Safello Group AB Crypto broker 17 NA NA NA NA Aggregate / median   119,055 135.1 76.5 68.0 352.1 Source: Bloomberg and Saxo Group* Added to theme basket on 29 October 2021** Infrastructure segment means physical computing applications for crypto mining Growth stocks have a profitability problem more than a growth problem The selloff in growth stocks have many liquidity and technical characteristics, and the recent shift by the Fed to focus on getting inflation down is beacon of what to come. The Fed will accelerate its tapering of bond purchases and move more quickly on interest rates which means that the discount rate will go up while growth might face headwinds from higher interest rates and a fiscal drag (the fiscal deficit will shrink in 2022). This is a double whammy for growth stocks. DocuSign’s Q3 earnings release was portrayed as a problem of revenue growth but if you model the company’s shareholder value then you will see that the more sensitive parameter to its implied expectations is its future operating margin. While DocuSign lifted its operating margin to 3.1% for the quarter up from 0.5% in Q2 and -5.2% a year ago, it was still below expectations and that extends the trajectory for improving the operating margin and thus lowers the value of the company. Many growth companies will not have growth trajectories that will differ much from what is implied in current market values, and a downside miss is definitely not the biggest downside trigger on market value. The reality is that growth stocks are priced for high growth and then a hockey stick on operating margin, but if that hockey stick is pushed further out then it has a big impact on market value. The next year will separate growth stocks into two camp. Those that can deliver on expanding their operating margin and those that will fail to do that. 
Bitcoin’s bullish time cycle alignment

Bitcoin’s bullish time cycle alignment

Korbinian Koller Korbinian Koller 22.12.2021 09:32
Typically, various time frames perform better or worse for a trader at different times due to cycle overlaps. Having multiple trades on simultaneously from different time frames is typically an excellent hedge. This way, one can catch the specific trading instruments’ various shorter and longer-term trends. BTC in US-Dollar, Quarterly Chart, patience pays: Bitcoin in US-Dollar, quarterly chart as of December 21st, 2021. Typical mistakes are either an early entry or a chased trade and getting out too early of a steady trend. These behaviors have to do with pleasure-seeking and pain avoidance motivation. With the chart above in mind, most pass if presented with an opportunity where rewards are paid out in ten years. Wealth preservation, which we are after, should have nothing else in mind—long-term protection with a low-risk profile and a solid performance. The chart presented above is our most conservative view of the future for bitcoin, both in price and time. Meaning, it would come as no surprise to us if much higher price levels are achieved in a much shorter period of time. Yet, we tend to estimate typically very conservative to keep emotions like greed in check. BTC in US-Dollar, Weekly Chart, Bitcoin’s bullish time cycle alignment: Bitcoin in US-Dollar, weekly chart as of December 21st, 2021. The percentage gain numbers of the previous chart assume the worst possible purchase price, which is an all-time high. If we purchase bitcoin right now or prices below recent trading prices, these numbers already drastically change. Meaning, while our pain-avoiding emotional motivators direct us in declining markets to sell, it is principle-based if you have statistically high probability models over the long term to instead think about purchasing bitcoin. As indicated in the weekly chart above, we see a window of opportunity for entries based on our quarterly chart exit time horizon. Scenario A, the more aggressive position-taking, is in a process already at the release of this chart book. Nevertheless, there is a probability that prices could decline as far as US$40,000, and low-risk entry spots within the price decline to such lower levels would be as a scenario B welcome just as well. Should prices penetrate below the US$40,000 level, a regrouping would be required before new entries could be discussed. BTC in US-Dollar, Daily Chart, Position building in motion: Bitcoin in US-Dollar, daily chart as of December 21st, 2021. Assuming entries here in our entry zone between US$47,000 and US$40,000 and exits in our first chart of this chart book, a bitcoin investment next to be an insurance play against troubled fiat currencies could provide a profit near a thousand percent. The daily chart above has marked days and entry prices of three trades we posted live in our free Telegram channel in the last five days. We took partial profits based on our quad exit strategy within hours of entry. Consequently, eliminating the original stop risk of less than a percent to zero risk. With a risk-reward ratio of 1:1000, we find it reasonable to sit through a few years with the remainder position size for sizeable rewards. Bitcoin’s bullish time cycle alignment: Some of the worst mistakes in history were made based on the shortsightedness not to think long term. As creative and inventive a species, we cannot help but follow emotions that often do not have our own best interest in mind. One such emotion is instant gratification. It seems almost a burden to wait for being rewarded patiently. Yet, it is this discipline one needs to be a successful trader. First, you need the patience to not always be too early with one’s entry in a trade not to catch a falling knife. Then you require the patience not to chase a trade if you missed it.  Instead, wait for a later chance to get another low-risk entry spot or to pass up on the trade altogether. And foremost, once finding yourself in a good trade, it is imperative to sit on your hands and let the trade mature to full profits. The higher the time frame of your play is, the harder this test of your patience becomes.Remedies are good planning, consistent reviewing of a plan, rigorously following it, and employing an exit strategy suitable to your psychology (see our quad exit strategy). Feel free to join us in our free Telegram channel for daily real time data and a great community. If you like to get regular updates on our gold model, precious metals and cryptocurrencies you can subscribe to our free newsletter. 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. They do not necessarily reflect or represent the views and opinions of Midas Touch Consulting. By Korbinian Koller|December 21st, 2021|Tags: Bitcoin, Bitcoin bounce, Bitcoin bullish, bitcoin consolidation, crypto analysis, Crypto Bull, crypto chartbook, DeFi, low risk, quad exit, technical analysis, trading education|0 Comments About the Author: Korbinian Koller Outstanding abstract reasoning ability and ability to think creatively and originally has led over the last 25 years to extract new principles and a unique way to view the markets resulting in a multitude of various time frame systems, generating high hit rates and outstanding risk reward ratios. Over 20 years of coaching traders with heart & passion, assessing complex situations, troubleshoot and solve problems principle based has led to experience and a professional history of success. Skilled natural teacher and exceptional developer of talent. Avid learner guided by a plan with ability to suppress ego and empower students to share ideas and best practices and to apply principle-based technical/conceptual knowledge to maximize efficiency. 25+ year execution experience (50.000+ trades executed) Trading multiple personal accounts (long and short-and combinations of the two). Amazing market feel complementing mechanical systems discipline for precise and extreme low risk entries while objectively seeing the whole picture. Ability to notice and separate emotional responses from the decision-making process and to stand outside oneself and one’s concerns about images in order to function in terms of larger objectives. Developed exit strategies that compensate both for maximizing profits and psychological ease to allow for continuous flow throughout the whole trading day. In depth knowledge of money management strategies with the experience of multiple 6 sigma events in various markets (futures, stocks, commodities, currencies, bonds) embedded in extreme low risk statistical probability models with smooth equity curves and extensive risk management as well as extensive disaster risk allow for my natural capacity for risk-taking.
Bitcoin and ether defend significant levels

Bitcoin and ether defend significant levels

Alex Kuptsikevich Alex Kuptsikevich 22.12.2021 09:18
The cryptocurrency market has gained another 1.8% over the past 24 hours, bringing its total capitalisation to $2.28 trillion. The index has been choking on growth for the past three weeks at the $2.3 mark, so further rise promises to strengthen the bullish case, at least in the short term. The cryptocurrency fear and greed index has jumped to 45. This is a fear territory, but very close to neutral territory. Judging by the continued demand for risky assets in traditional markets and the positive performance of cryptocurrencies as of this morning, this index could well continue to rise at the end of the day. Bitcoin is trading near $49,000, returning to the highs of the last week and a half, adding 1.3% in 24 hours and 2.3% over seven days. Technically, the first cryptocurrency managed to close noticeably above its simple 200-day moving average, which could spur demand from those buyers who were waiting for the battle for that important level to unfold. The price of Ether is above $4K, which is also a positive signal for the entire crypto market. The situation looks like Ether staying above $4K and Bitcoin staying above the 200-day average is fuelling buying among smaller altcoins. Keeping key currencies above psychological marks fuels hopes that the market has not switched to bearish mode. On the other hand, we remain wary of the crypto market outlook, noting that Bitcoin and Ether look like clinging to meaningful levels. The bearish scenario can only be cancelled if growth develops from current levels.
Chip Shortage: My iPhone Won’t Arrive in Time for Christmas – are Bitcoin Miners to Blame?

Chip Shortage: My iPhone Won’t Arrive in Time for Christmas – are Bitcoin Miners to Blame?

BeInCrypto (BeIn News Academy Ltd), we're writing about crypto. BeInCrypto (BeIn News Academy Ltd), we're writing about crypto. 22.12.2021 22:36
The chip shortage affects many industries. But are Bitcoin miners the scapegoat we are all looking for? Cars, smartphones, gaming: the chip shortage is affecting many industries. For example, the Playstation 5 has already been on the market for about a year, but some customers are still waiting for their devices to this day. The same holds for Apple products, such as the new iPhone. Here, too, customers have to brace themselves for higher prices. Those who want to buy a new car must also expect longer waiting times. “Depending on the make and model, the delivery time for a large proportion has leveled off at three to six months,” says Marcus Weller, a market expert at the German Association of Motor Trades and Repairs. Where does the chip shortage come from? The global chip shortage is due to two factors: an intense increase in demand and an inflexible and complicated microchip supply structure. For example, the increase in demand is characterized by car manufacturers investing in the expansion of electric vehicles. Similarly, the demand for electronic devices increased sharply as a result of the global pandemic. This was driven by more home offices being created, and homeschooling. The supply of microchips is inflexible mainly due to the complexity of manufacturing. “In fact, chips today have structures that are often only a few atomic layers thick. Highly sensitive clean rooms are required to produce them. This makes manufacturing facilities enormously expensive and complex. It can cost several billion euros to build a semiconductor plant,” says FHTW expert Peter Rössler. It seems the chip shortage will continue. Chip production is even more time-consuming. A microchip consists of a ‘wafer.’ In semiconductor manufacturing, ‘wafers’ are the disks on which the integrated circuits, the microchips, are produced. Such wafers have a lead time of six weeks to three months in a semiconductor factory. What role does crypto mining play in the chip shortage? What impact crypto mining companies have on the global chip shortage is debatable. Clearly, it can be stated that it makes a difference what type of crypto mining is involved. Bitcoin miners use 5nm or 7nm chips, which are mainly needed for the production of smartphones. Currently, there’s no scientific data or study that reliably sheds light on Bitcoin mining’s share of the microchip shortage. Projections assume that Bitcoin mining takes up about 4-6% of 5nm to 7nm chip production. Ethereum mining relies on graphics cards that are also used for gaming. Estimates suggest that 19% of graphics processing units produced in 2020 were purchased by Ethereum miners. This has led to computing power on the Ethereum network being at an all-time high, currently >900 tH/second. Conclusion The impact of crypto mining on chip shortages is thus industry and currency-specific. While gaming PCs are strongly competing with Ethereum miners, the impact of Bitcoin mining on smartphone production seems to be rather limited. So, if the new iPhone is not found under the Christmas tree in time this year, Bitcoin is probably only partly to blame. Do you think Bitcoin miners are responsible for the chip shortage? Let us know here. The post Chip Shortage: My iPhone Won’t Arrive in Time for Christmas – are Bitcoin Miners to Blame? appeared first on BeInCrypto.
(WETH) Wrapped Ether Explained. What Is It?

ETH Price (ETH To USD) To Decrease Even More Than Recently?

FXStreet News FXStreet News 19.01.2022 16:02
Ethereum price is still under pressure from the red descending trend line. ETH price is set to break $3,018, bringing the price below $3,000. Expect a further continuation to go hand-in-hand with current financial market sentiment. Ethereum (ETH) price is cracking under the strain and targeting $3,000, with the last line of defense at $3,018 under tremendous pressure from bears. The overall downtrend, dictated by the red descending trend line, and current global market headwinds are only contributing further to downside momentum. Expect a break towards $2,695 before analysts start to speak about a break below $2,000. Ethereum price needs to defend $2,695 to avert a 45% decline Ethereum price is flashing red warning lights all over the place as bears prepare to bomb the $3,000 barrier and price action starts to drill down on the last line of defense at $3,018. Although the area is a historical level and the monthly S1 support level falls in line with this area, it is set to probably break anyway as the mix of the established downtrend and global market headwinds is likely to be too much to bear. The Relative Strength Index (RSI) is close to being oversold; it could still firmly push beyond this level as it already traded around the area back on January 08. The next level of interest for bulls, which they are likely to defend tooth-and-claw, is $2,695, which provided support around September 21 and acted as entry-level for a 75% rally. With the RSI firmly in the oversold area, this should see some pickup in demand on the buy-side. If demand is not there and bulls are reluctant to engage with large demand sizes, expect a break that would see a rapid flood of selling pressure, with the target set to $2,000 as not many elements are in between to provide solid support. ETH/USD daily chart Bulls could sweat out the current market correction and easily make a U-turn once global markets start to return green numbers. A shift in sentiment would easily see Ethereum price bounce off $3,018 and touchback at $3,391. In case ETH should close above that level, it would be set to break out of the red descending trendline, reversing the downtrend, with even more investors and bulls then joining the rally, back up towards $4,000.00.
UK inflation reaches 30 year high

UK inflation reaches 30 year high

Walid Koudmani Walid Koudmani 19.01.2022 12:08
While the government and Bank of England have attempted to deal with the rise in prices and creeping inflation, today's figures continue to show that the path forward may be longer than expected. While a slight adjustment in monetary policy may contribute, today’s data showed the highest level in 30 years as the economy is still recovering from the pandemic and could take a significant amount of time to return to normal levels. Ultimately, this situation continues to impact everyday consumers who may see some very noticeable changes to their lifestyle and expenses if the ongoing trend continues. Crypto markets retreat as investors worry about increased regulation and central bank decisions Crypto markets along with other traditional risk assets continue to feel the pressure of incoming fiscal and monetary policy changes from central banks which is due to remove some of the excess liquidity from markets after the unprecedented support received by them, However, crypto is currently dealing a wide variety of negative news and potential increases in regulations which have contributed to the recent pullback across assets as Ethereum continues to hover above the key $3000 psychological level. While fundamental factors may have changed slightly, the second biggest coin is trading at the lowest level in several months and as traders await a catalyst, the situation remains potentially quite volatile. Activision Blizzard acquisition by Microsoft could be a game changer This $68,7 Billion deal could prove to be a turning point for Activision Blizzard, who has seen its share price drop more than 44% in the last year on the back of disappointing results and a number of corporate as well as internal issues. Microsoft announced it will be offering as many Activision Blizzard games as possible within Xbox Game Pass and PC Game Pass, which just reached 25 million subscribers, and might provide the much needed boost in player base. Furthermore, a more direct input in general operations decisions could aim to rectify decisional issues and bring a more united direction for the company moving forward. Investors already reacted to this news favourably with Activision Blizzard stock price gaining over 30% on Tuesday while Sony stock actually fell as shareholders consider the risks associated with this acquisition.  
January 18th, 2022, Crypto Chartbook

January 18th, 2022, Crypto Chartbook

Korbinian Koller Korbinian Koller 19.01.2022 15:22
Bitcoin´s New Year’s resolution BTC in US-Dollar, Quarterly Chart, trending up: Bitcoin in US-Dollar, quarterly chart as of January 18th, 2022. Where often the rubber meets the road is accountability. Yes, you technically could trade off a screen the size of your phone and do so in your underwear from home. That doesn’t mean this will lead to profits. More likely, success will come if you tell your spouse that you will only trade for real money once a significant sample size of paper trading shows consistent returns on your well-defined statistical edge. Holding yourself accountable to a person close to you is critical. This way, you won’t slack on facing your shortcomings. There is a thin line between gambling and being a victim of nourishing scarcity emotions and having a well-defined trading system executed with discipline to extract profits from the markets over larger sample sizes consistently. The quarterly chart above shows how bitcoin has been trending up over the last five years. As much as last year’s final quarter was profit-taking after all-time new highs, the price seems to stabilize near the regression channel midline (blue line), which typically acts as support. We find these accentuated retracements typical for bitcoin and are looking for a possible turning point towards a new leg up in the larger time frames. BTC in US-Dollar, Weekly Chart, Bitcoins New Year’s resolution: Bitcoin in US-Dollar, weekly chart as of January 18th, 2022. Patience should be a key element in any such system. Patience to wait for the good trades that have the potential to provide upside moves three to five times greater than the necessary risk taken to try out the trade. What also needs to be thoroughly checked is not to be underfunded and that there is no pressure to make a living off trading right away. If these rules are undervalued, ruin is typical since trading psychology has particular requirements to execute a profitable methodology appropriately. Therefore, this includes that the money at stake lost cannot influence a drastic change in living. When undertaking a venture like this, it is advisable to not increase pressure by spreading the word to friends and colleagues since typical learning curve time frames are somewhere between 3 to 7 years, and the additional stress to defend one’s venture is not helpful. This behavior also supports the necessary feature later as a trader to be highly flexible in changing one’s mind about the market’s price direction. Something outsiders might find foolish. Now zooming into a lower time frame, the weekly chart shows a similar picture of opportunity. Prices are trading at the mean. A mathematical “neutral zone.” As the white ellipse in the past shows, for bitcoin, this is a support zone of prices where bitcoin turned after a temporary sideways trading period. Similar trading behavior is unfolding right now, supporting our bullish tone. BTC in US-Dollar, Daily Chart, possible entry zone: Bitcoin in US-Dollar, daily chart as of January 18th, 2022. If you are already a consistently winning trader, setting the tally to zero at the beginning of the year like this can be very helpful. You start fresh. Consequently, you trade a bit smaller and are very focused and diligent in building a new winnings nest egg that provides for free market play at the beginning of the year. Starting the beginning of the new year supports confidence that no matter what might be faced, if somewhere an exchange is open, you can make a living even after hardships and, as such, refreshes the confidence needed for proper execution throughout the year. Not resting on one’s laurels this way keeps trading exciting and the moral up to par towards the required skill set. The above daily chart tries to identify low-risk entry zones with our typical top-down approach, now zooming even closer. We aim further to stack the odds for a possible low-risk entry spot.After four swing legs down, prices are trading in a congestion zone (green square). We find this an area worthwhile to be on the lookout for a possible low-risk entry. This daily time frame entry could mature to a higher time frame turning point. Our quad exit strategy can capture profits for a more significant developing trend. Bitcoins New Year’s resolution: Trading needs to be treated like a business. A high percentage of businesses fail due to a lack of a business plan. In trading, a clear set of rules is even more critical due to the counterintuitive nature of the markets. In short, one can’t shoot from the hip in this profession. You get nowhere with your gut feeling. The biggest obstacle in trading is that traders underestimate how long it takes before success settles in. Consequently, backup plans are an excellent way to extend one’s learning curve. We also find a great way to overcome obstacles and accept when things go wrong consistently that a new rule is possibly missing.  The business of trading has many components, and as such, it is helpful to seek the outside counsel of a professional when needed. You find good support through the learning process in our free telegram channel within a community of professionals and newbies alike who provide answers to your questions. Feel free to join us in our free Telegram channel for daily real time data and a great community. If you like to get regular updates on precious metals and cryptocurrencies, you can also subscribe to our free newsletter. Disclosure: This article and the content are for informational purposes only and do 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. They do not necessarily reflect or represent the views and opinions of Midas Touch Consulting. By Korbinian Koller|January 18th, 2022|Tags: Bitcoin, Bitcoin bounce, Bitcoin bullish, bitcoin consolidation, crypto analysis, Crypto Bull, crypto chartbook, DeFi, low risk, quad exit, technical analysis, trading education|0 Comments About the Author: Korbinian Koller Outstanding abstract reasoning ability and ability to think creatively and originally has led over the last 25 years to extract new principles and a unique way to view the markets resulting in a multitude of various time frame systems, generating high hit rates and outstanding risk reward ratios. Over 20 years of coaching traders with heart & passion, assessing complex situations, troubleshoot and solve problems principle based has led to experience and a professional history of success. Skilled natural teacher and exceptional developer of talent. Avid learner guided by a plan with ability to suppress ego and empower students to share ideas and best practices and to apply principle-based technical/conceptual knowledge to maximize efficiency. 25+ year execution experience (50.000+ trades executed) Trading multiple personal accounts (long and short-and combinations of the two). Amazing market feel complementing mechanical systems discipline for precise and extreme low risk entries while objectively seeing the whole picture. Ability to notice and separate emotional responses from the decision-making process and to stand outside oneself and one’s concerns about images in order to function in terms of larger objectives. Developed exit strategies that compensate both for maximizing profits and psychological ease to allow for continuous flow throughout the whole trading day. In depth knowledge of money management strategies with the experience of multiple 6 sigma events in various markets (futures, stocks, commodities, currencies, bonds) embedded in extreme low risk statistical probability models with smooth equity curves and extensive risk management as well as extensive disaster risk allow for my natural capacity for risk-taking.
NASDAQ: NFLX Stock Price Decreased, Crypto Market Changed

NASDAQ: NFLX Stock Price Decreased, Crypto Market Changed

Walid Koudmani Walid Koudmani 21.01.2022 12:35
Yesterday’s Q4 earnings report from Netflix was seen as a major disappointment with forecasts pointing to weaker subscriber growth amid rising competition, particularly when compared to the first part of 2021. While the company referred to increased competition as a major cause of this uncertainty, rising prices of plans may also be deterring some customers who now have access to a wide range of streaming services including Disney+ and HBO Max. The company’s stock dropped around 20% in after hours trading and could be set to begin today's trading in the $400 area - the lowest level since May 2020. Despite there being a general risk-off mood in markets, which has seen many other stocks also retreat, it remains to be seen if Netflix will manage to rebound or if it will continue heading lower. Crypto markets tank as risk-off moods dominate While it may appear that the crypto market has taken a big hit today, with the majority of top 100 coins down by around 10%, it is important to note that the general sentiment across markets is quite negative when relating to risk assets. This is in part due to the increasing prospects of fiscal and monetary policy changes from central banks, in particular the FED, which would remove a significant amount of liquidity from the market and that ultimately could lead to a significant fund reallocation. Furthermore, while we have seen major cryptos like Ethereum and Bitcoin drop below key levels like $3000 and $40,000, and reach the lowest level in several months they are both testing key support areas which previously preceded significant upward moves. While the global situation may be slightly different, it is worth keeping in mind that recent negative performance is not limited to the cryptocurrency market but is being seen across many different types of asset classes, albeit on a somewhat smaller scale. UK Retails sales decline and worry investors The 3,7% decline in retail sales illustrated by today’s report continues to indicate rising prices and economic uncertainty as some of the key reasons for the slowing down of sales. Despite Non-food stores sales falling noticeably in December, food store sales managed to only drop by 1% and retail sales as a whole were able to remain above pre pandemic levels. As the situation grows more uncertain and as inflation continues to be a key factor, it remains unclear whether central banks and governments will decide to take action or if they will wait and see if things improve naturally.
Can We Call It A Crypto Crash? Bitcoin Below $40k And Ether Below $3k

Can We Call It A Crypto Crash? Bitcoin Below $40k And Ether Below $3k

Alex Kuptsikevich Alex Kuptsikevich 21.01.2022 09:44
The crypto market capitalisation fell to 1.83 trillion, losing 7.3% in the past 24 hours. As we had feared, the selloff was triggered by sharply negative sentiment in US equity markets and intensified by the breakdown of critical support levels. Bitcoin retreated to the $38.8K area. The amplitude of the decline from the peak at the start of the regular session in New York to the bottom at the opening of Asia exceeds 12%. Sellers have proven unbreakable (so far) the upper boundary of the downward price channel that has dominated bitcoin since mid-November. Another worrying fact is that Bitcoin's share has risen to 40.2% of the crypto's total cap. The implication is that investors are breaking out of altcoins even more sharply, as they are less confident in the ability of smaller coins to withstand the titans' fall. Without a sharp intraday reversal (chances for this are minimal), we can confidently expect an acceleration of long position liquidation in Bitcoin and further drawdowns. There is nowhere to look for support until the $30-33K area on the chart. Ether has given up support at $3K, quickly pulling back into the consolidation area of late September, ending up near $2.85K. The intensification of the selloff makes $2K the target of the initial downside wave. Earlier in 2021, the area of 30K for Bitcoin and near 2K for Ether was the bottom of a deep correction. This then attracted buyers, and the total market managed to rewrite highs. In that drawdown, the total capitalisation of cryptocurrencies was down to $1.2 trillion. If the first two cryptocurrencies were targeting lows last summer, it is logical to expect the entire market to return to the lows of that time. But then the external backdrop was highly favourable, as the US market was returning to growth with drawdowns in the 5% range, having already crossed that barrier earlier last year. The continued negative backdrop in equities sets up a deeper pullback in crypto. The crypto market's capitalisation could potentially shrink by half to the $830-900bn area before we see a new wave of long-term buyer inflows. For Bitcoin, this suggests the potential for a drop to 20k.
Decentralized Autonomous Organisation - Another Addition To Our Personal Dictionaries

Price Of Bitcoin Below $36k And Price Of Ether Below $2.5k

Alex Kuptsikevich Alex Kuptsikevich 24.01.2022 09:39
The cryptocurrency fear and greed index was down to 11 on Sunday and slightly up to 13 by early Monday. Crypto market capitalisation lost another 1.1% overnight to $1.61 trillion, the lowest since August. As is often the case with prolonged sell-offs, altcoins are falling with acceleration to the first cryptocurrency, causing BTC's share gains, which already stands at 41.3% against lows of 39.3% in mid-January. Bitcoin's share of 40% seems like a turning point, twice triggering a correction in the crypto market. This level stood like an informal threshold that optimism about altcoins had gone too far. However, the rise in bitcoin's share does little to help its price. We saw the sixth consecutive bearish daily candlestick on Monday morning, and the price rolled back to $35K. The bears may well be able to sell the price down to $32.5K, closing the gap of July and returning the rate to last summer's support area. Alarmingly, the sharp reversal on Friday was not followed by any meaningful bounce. Some observers point out that this is a worrying signal, suggesting further market declines, as we have not seen a final capitulation. Without capitulation, the markets will remain with an overhang of sellers. The price of ether has fallen to $2400, which is less than half of its peak price in November. Events are developing in a bearish scenario, so far broadly repeating what we saw in 2018 in terms of overall sentiment. Long-term buyers can avoid buying at prices above 30k for bitcoin and 2k for ether. We believe long-term investors will look out for purchases in the 20-30k per bitcoin area. Whether these purchases will be at the upper or lower boundary depends, among other things, on the situation in the stock markets. The return of buyers there will support the demand for risk among institutional investors. But as long as we see only steady selling from them, it is too early to talk about buying.
Decentralized Autonomous Organisation - Another Addition To Our Personal Dictionaries

BTC +7.3% (ca. $37k), ETH +7%, LUNA -25% - Last Week On Cryptomarket

Alex Kuptsikevich Alex Kuptsikevich 31.01.2022 09:48
Bitcoin gained 7.3% over the past week, ending last week near $37,700. Ethereum added 7%, while other leading altcoins in the top 10 showed mixed dynamics: from a decline of 25% over the week (Terra) to a rise of 4.6% (Binance Coin). Terra's collapse is linked to the scandal surrounding the Wonderland DeFi protocol. The total capitalisation of the crypto market, according to CoinGecko, rose 1.7% to $1.79 trillion for the week. The week didn't start encouragingly for bitcoin. The first cryptocurrency updated six-month lows below $33,000, but BTC sharply redeemed the short-term fall amid an equally sharp rebound in US stock indices. The US stock market interrupted last week's decline and rose for the first time after three weeks of decline. Apple's stock price jumped on Friday after a positive quarterly report and on Tim Cook's statements about the great potential of the metaverse. The rise in the stock market also contributed to the rebound in the cryptocurrency market, which again points to the strong correlation of stock and digital assets in recent times. This trend could continue at least until the end of this year. Despite stabilisation, the situation in the crypto market remains very fragile. Bitcoin could end up falling for the third month in a row. The decline in January is over 17%, and the first cryptocurrency has already lost 45% since the highs in November. The US Treasury Department plans to revisit the controversial FinCEN proposal for mandatory verification of bitcoin wallet users in 2022. If adopted, the proposal would require cryptocurrency exchanges to collect personal data from their users.
Bitcoin Has A Potential For The Breakout Play

Cryptocurrency Market: Stronger Dollar And Weaker Stocks Made Bitcoin Decrease On Wednesday

Alex Kuptsikevich Alex Kuptsikevich 06.10.2022 13:42
Bitcoin sales reduced Bitcoin was down 1.7 per cent on Wednesday, ending the day at around $20K amid a retreat in stock indices and a stronger USD. BTC corrected downwards after a two-day rise. The cryptocurrency Fear and Greed Index was up 1 point to 26 by Thursday and stepped up from "extreme fear" into "fear" status. The $20.3K mark has been acting as local resistance for over three weeks. On Thursday morning, we continue to see selling pressure at this level. In other markets, it is also easy to see the doubts among the players whether the risk demand has started to recover. Investors and traders are waiting for signals from the Fed or other central banks to start the rally. Either a clear sign that "this time is different" and that the weak economy will not cause regulators to soften. Those with the glass half-full note that the active phase of price declines has dried up, and we are speculating about when the price will start to rise, but not how deep the plunge will go. According to CryptoQuant, miners sharply reduced bitcoin sales in September after the August reset, shifting to holding reserves. The leading crypto as a "good store of value"? Galaxy Digital head Michael Novogratz said that in the current environment, bitcoin could still be a good store of value but was unlikely to exceed $30,000 by the end of the year. According to him, BTC has fallen under the sledgehammer of the Fed's fight against inflation, and only a softening of this policy could cause the market to grow. The international payments system SWIFT has reported a successful test of a full-scale Central Bank Digital Currency Deployment (CBDC). According to Chainalysis, the Middle East and North Africa (MENA) region has led the way over the past year in adopting cryptocurrencies in various areas of life. Latin America and North America follow with 40% and 36% respectively. In the third quarter, the crypto industry lost $428 million from hacks and scams, experts at bounty platform Immunefi calculated. There were 39 incidents, of which 30 were actual hacking attacks with a total loss of $399m.
Bitcoin Is Showing A Good Sign For The Further Rise

Cryptocurrency: FTX CEO Comments On "Stability" Of The Market

Alex Kuptsikevich Alex Kuptsikevich 07.10.2022 10:17
Extreme Fear in cryptocurrency market Bitcoin has lost 1.9% over the past 24 hours, trading just below $20K at the time of writing. A sharp spike in stock markets has bogged down in indecision over the past few days, keeping investors in the crypto market, whose capitalisation lost 1.6% overnight to $956, from buying as well. Once again, the 50-day moving average in BTCUSD acted as local resistance, keeping the market inside the range that has prevailed since the second half of September. Buyers' hesitancy at the 50-day moving average indicates a persistent wait-and-see attitude, which has almost equal chances to both translate into a new downside momentum and be reborn into growth. The cryptocurrency Fear & Greed Index dropped 3 points to 23 by Friday and moved back into "extreme fear". Read next: Terra's Worker Arrested! White House Comment On The OPEC Decision And Success of Deutsche Bank | FXMAG.COM Situation in cryptocurrency market may leave us with mixed feelings  Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, said that we had recently seen some stability in the crypto market. However, the Fed's tightening monetary policy affects all assets, causing cryptocurrencies to fluctuate along with fiat currencies and stock indices. Check out our video comment on RBA decision: According to Ark Invest, hoarders have accumulated a record 13.7 million coins, or 71.5% of the total BTC supply, buying the cryptocurrency on the decline since spring. In addition, sellers have all but exhausted their sales potential. Last week, bitcoin's correlation with gold reached its highest level in more than a year due to a stronger dollar, Kaiko noted. Gold and BTC failed to reassert their haven asset status amid a Fed rate hike. The EU has imposed a ban on Russian crypto wallets, which will primarily affect the large centralised and regulated Binance and Coinbase, potentially increasing interest in smaller exchanges with softer KYC but generally risking more active cryptocurrency sales.
Bitcoin Is Showing A Good Sign That Buyers Are In Control

What Could Today's NFP Release Mean For Bitcoin? What May Happen If Support Of $18.800K Is Broken?

FXStreet News FXStreet News 07.10.2022 15:54
Bitcoin price continues to consolidate around the $19,000 to $20,000 levels for the second week. Market participants should be prepared for a sweep of $17,593 if the $18,800 support level fails to hold. A breakdown of the $15,551 support level will signal an invalidation of the bullish outlook. Read next: Terra's Worker Arrested! White House Comment On The OPEC Decision And Success of Deutsche Bank | FXMAG.COM Bitcoin price has been in a steady consolidation for more than two weeks and shows no signs of directional bias. However, the Non-Farm Payrolls (NFP) announcement on October 7 could trigger a volatile episode for BTC that could resolve its range tightening and establish a directional bias. Bitcoin price and the big picture Bitcoin price remains above $19,157, which is the highest traded volume level for 2022, aka Point of Control (POC). As mentioned in the previous article, buyers are safe as long as BTC remains above the POC; however, a breakdown could result in a steep correction to the next high-volume node at $15,551. Beyond this support floor, there are two crucial levels at $13,575 and $11,989, where a macro bottom could occur for BTC. Not a lot has changed on this three-day chart for Bitcoin, but investors need to keep a close eye on the POC at $19,157 and the immediate support level at $15,551. BTCUSDT 3-day chart The next important chart is the eight-hour chart of Bitcoin price coupled with the Relative Strength Index (RSI), which has accurately predicted the local top/bottom formation since May 30. After a brief consolidation between the $18,000 and $19,000 levels, Bitcoin price shot up to $20,400, and the RSI also broke above the 43 to 46 hurdle and flipped it into a support level. The rally that originated here formed a local top at $20,500, which coincided with RSI forming the seventh top at the 65 to 72 hurdle. A closer look at the Bitcoin price shows a bear flag in play. As the name indicates, this technical formation contains a flagpole, which was formed as BTC crashed 18% between September 12 and 19. The consolidation in the form of an ascending parallel channel resulted in the flag formation. A breakdown of this technical pattern forecasts an 18% downswing to $15,800, obtained by adding the flagpole’s height to the breakout point at $19,417. BTCUSDT 8-hour chart Additionally, the realized price of whales holding more than 1,000 BTC is around $15,800. The realized price of these BTC is calculated by taking into account the volumes flowing in and out of exchanges and the Bitcoin price at that time. Interestingly, this number coincides perfectly with the technical forecasts, adding more credence to the possibility of a steep correction to $15,800. BTC Realized Price While the initial outlook for Bitcoin price might seem bearish from the above explanation, investors should look at this potential crash to $15,800 as an opportunity to accumulate BTC and altcoins at a discount. A surge in buying pressure at this level that results in a U-turn could be the best buying opportunity before Bitcoin price kick-starts a run-up to fill the CME gap, extending from $27,365 to $28,740. These gaps are formed in Bitcoin price as the Chicago Mercantile Exchange (CME) halts trading at the weekend. Therefore, a rebalance of these inefficiencies could be another key driver that triggers a reversal at $15,800. BTCUSD CME 12-hour chart On the other hand, if the selling pressure continues to build up on the back of rising geopolitical tensions and worsening economic conditions, Bitcoin price could crash to $15,800 and fail to recover. If this downswing pushes BTC to flip the $15,551 support level into a resistance barrier, it will invalidate the bullish thesis detailed above. In such a case, market participants should prepare for a potential crash to $13,575 and $11,989.
Societe Generale Took Out A Loan In The Form Of The Stablecoin DAI, A Digital Form Of The Pound Is Being Considered

Digital Assets: Ethereum And BTC Correlation. Fidelity's ETH Index Fund

Crypto.com Accelerate the... Crypto.com Accelerate the... 10.10.2022 15:56
BTC and ETH correlation dips. MakerDAO allocates US$500M to bonds. Fidelity launches Ethereum index fund. Chart of the Week: BTC and ETH Still the Perfect Pair? The two largest cryptocurrencies, BTC and ETH, had been moving very much in lockstep, with a correlation (rolling 90-day) of around 0.9 or above (1 would be a perfect correlation), for most of the year. However, since mid-July, the correlation dropped sharply, reaching a low of 0.6 in September. It has since started to crawl back upwards.   The Merge was an idiosyncratic factor specific to ETH back in September and intensifying risk-off sentiment brought about in large part by macro risks (e.g. interest rate hikes, geopolitical tensions) might also have favoured BTC over ETH for some traders, causing the two to move less in lockstep. Our recent report Alpha Navigator (Sep 2022) provides a more in-depth analysis of macro trends and correlations between different crypto coins. Crypto Fund Flow Tracker The aggregated exchange balance for BTC dropped sharply over the past week, perhaps a sign of increasing investor inclination to hold. No significant movements were seen in OTC (over-the-counter) desks’ balance for BTC. OTC desks are typically used by larger investors. Crypto Derivatives Pulse Following ETH, the put-call ratio for BTC is also now at a yearly low, potentially implying less cautious sentiment. Additionally, implied volatilities (vols), another often used measure of risk, are at their lowest since June; 1-month implied vol currently stands at 59.3% (vs. 65.0% a week ago) and 73.0% (vs. 82.7% a week ago) for BTC and ETH, respectively.  Perpetual futures funding rates continue to print positive (longs pay shorts) for BTC, while ETH’s are close to neutral after streaking negative (shorts pay longs) for the past 2-months. Leveraged traders’ net-short position in CME Bitcoin futures appears to have reversed course and has been increasing recently.  Leveraged traders are typically hedge funds and various types of money managers, including commodity trading advisors and commodity pool operators. The traders may be engaged in managing and conducting proprietary futures trading, and trading on behalf of speculative clients. The asset manager category consists of institutional investors, including pension funds, endowments, insurance companies, mutual funds, and those portfolio/investment managers whose clients are predominantly institutional. Crypto Price Movements     Crypto News Highlights MakerDAO, issuer of the stablecoin DAI, has allocated US$500M for investing in U.S. Treasury and corporate bonds, to diversify its reserves. The funds will come from its overcollateralised stablecoin, with 80% going to short-term U.S. Treasury bonds and 20% to investment-grade corporate bonds. Fidelity Investments is launching the Fidelity Ethereum Index Fund, which currently has US$5M in assets. The fund will track the Ethereum price, is available to accredited investors, and the minimum investment is US$50K. Marathon Digital, one of the largest stock-exchange listed Bitcoin miners by market cap, revealed an exposure of US$81.3M in the now-bankrupt Compute North, which was one of the biggest operators of crypto-mining data centres. Crypto asset management firm Grayscale is launching Grayscale Digital Infrastructure Opportunities (GDIO), a private co-investment product focused on Bitcoin mining hardware. GDIO will invest in mining equipment at what Grayscale expects to be discounted prices due to the crypto winter. The equipment will then be used to mine and sell Bitcoin, generating income for investors. BNB Chain, the blockchain of Binance, suspended all deposits and withdrawals after its cross-chain bridge was exploited. It is estimated that the attackers made off with US$100M worth of cryptocurrency.  Catalyst Calendar             Author Research and Insights Team Disclaimer: The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Tags CRYPTO CRYPTO RESEARCH CRYPTOCURRENCIES MARKET Source: Market Pulse (10/10/2022) (crypto.com)
Ethereum's Shanghai upgrade: public test network to be released by the end of February

DeFi: A Huge BNB Chain Exploit, Mango Attacked, MakerDAO To Invest In Bonds

Crypto.com Accelerate the... Crypto.com Accelerate the... 12.10.2022 10:56
BNB Chain temporarily halts post- $566 million exploit. Solana-based DeFi protocol Mango hacked for over $100 million. MakerDAO passes plan to invest $500 million in U.S. government bonds. Weekly DeFi Index This week’s market cap, volume, and volatility indices were negative at -5.15%, -15.19%, and -46.28%, respectively. Check the latest prices on Crypto.com/Price DeFi Index Tokens     News Highlight BNB Chain suffered a US$566 million exploit last Thursday. A hacker tricked the BSC Token Hub, a cross-chain bridge protocol, into sending two million BNB. BNB Chain halted the network temporarily in response to the attack. However, the attacker still managed to drain around $110 million of crypto using a novel approach, syphoning the funds across other networks. Under half of the stolen funds were deposited to a lending protocol on BNB Chain and borrowed centralised stablecoins, including USDT, USDC, and BUSD. The suspension of the BNB Chain network also led to the argument on its decentralisation. Mango, a decentralised spot margin, perpetual futures, borrowing, and lending protocol on Solana was exploited for over $100 million. According to the report, the attacker managed to inflate the value of the protocol’s governance token MNGO, take out large loans against it, and drain Mango’s liquidity pools. MakerDAO, the lending protocol behind the DAI stablecoin, announced a plan to invest $500 million in short-term U.S. treasury bonds and investment-grade corporate bonds. The plan has been approved by the community, and will see $400 million of the organisation’s asset reserves put towards U.S. treasury bonds, and $100 million invested in corporate bonds. DEX Protocols Metrics     Lending Protocols Metrics     Charts on Layer-2 Projects The overall L2 market saw negative growth last week, as its TVL dropped by -2.33%. Optimistic rollups and zero-knowledge rollups projects fell by -1.80% and -1.06%, respectively. Ethereum’s TVL change was negative at -2.86%. The TVL changes for all optimistic rollup projects were negative except Metis Andromeda (+4.45%). Optimism fell the most by -2.87%. ZK rollup projects’ TVL movement was all negative except dYdX (+1.46%). Loopring plummeted the most at -6.01%. Further Reading Asset management giant GoldenTree discloses $5.2M investment in SushiSwap Terra: Luna Foundation Guard shares update on distribution of remaining assets Transit Swap DeFi hacker bags $690,000 bounty after returning $2.75M Bitcoin mining difficulty sees sharpest increase since May 2021 despite slow price gains ParaSwap “investigating” possible private key hack Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES DEFI LAYER 1 LAYER 2 Source: DeFi & L1L2 Weekly (12/10/2022) (crypto.com)
Age Is The Dominant Factor In Cryptocurrency Investing

Binance Academy: Ethereum Merge - Important Facts, Pros And Cons

Binance Academy Binance Academy 12.10.2022 14:42
TL;DR Ethereum’s Merge is part of a transition Ethereum from a Proof of Work blockchain to a Proof of Stake. In general, Proof of Stake offers numerous benefits to scalability and sustainability.  As Ethereum moves to its new sharded structure, the original mainnet’s state will be transferred. This means that ETH holders won’t need to do anything with their coins and should be wary of scammers telling them they need to “transfer” their tokens.    Introduction Ethereum’s long-anticipated move to a Proof of Stake consensus mechanism has, for many HODLers, raised an important question: What do I need to do with my ETH? The question is a good one, as the safety of your funds can be at risk if you don’t fully understand the situation. First, let’s look at the reasons behind Ethereum’s move to Proof of Stake (PoS). Read more on Binance.com  What is Ethereum’s move to Proof of Stake? Since Ethereum’s (ETH) creation, it’s used the same system as Bitcoin (BTC) to generate consensus on new blocks of transactions: Proof of Work (PoW). This consensus mechanism allows miners to reach an agreement without a central authority, even in the face of malicious actors working against them.  Proof of Work, as implemented by Satoshi Nakamoto in the Bitcoin network, created an effective, reliable method for achieving consensus on decentralized networks. To this day, the Bitcoin network still hasn’t been successfully attacked. However, PoW has fallen out of favor with some developers and users. It is often seen as: Energy inefficient. PoW disincentivizes bad actors making large-scale attacks by making it costly in terms of energy. While this is one way of securing the network, staking is now seen as a more sustainable alternative. Inefficient for smart contracts. Using smart contracts can require a large number of network interactions. These have to be added to a block and confirmed to the network. PoW often experiences longer block times and higher transaction fees, making interacting with smart contracts often slower and more expensive. Difficult to independently mine. Becoming a miner on a popular PoW system can be challenging for an individual as the mining landscape is often dominated by a few large mining pools. This may lead to a centralization of mining power, making it hard for individual miners or smaller pools to compete. Difficult to scale. As the network becomes more popular, the number of pending transactions increases. PoW networks will have a limited block size that can only include so many transactions. Periods of high traffic can leave users waiting for hours and even days for their transaction to be added to a block and processed. With Ethereum 2.0, the network will move to PoS and remove the need for mining coins. The goal is to improve Ethereum’s scalability, as well as create additional benefits for users.   Why Proof of Stake? Proof of Stake has proven to be the most popular choice for new blockchain networks. It has several discernible advantages and leads the way in accessibility and scalability. Its drawbacks, while there are a few, are in most eyes minimal compared to the benefits gained.     Benefits Drawbacks An average PoS network user can take part in the validation process with just the network’s native token. Power can still be centralized around large token holders.  Less energy intensive.  Damages a profitable mining industry. Quicker transaction times and finalization. To some critics, PoS is less secure than using cryptographic puzzles to generate consensus.   The road to PoS Ethereum  Moving to PoS can’t be done in one go. Over a few years, Ethereum began a transition to move to its new sharded structure successfully. The journey can be split into a series of phases. Note that the Phase structure is no longer officially used by Ethereum, but is often referred to in this way by other media outlets. The Beacon Chain launch (Phase 0) Phase 0 will see the launch of Ethereum’s Beacon Chain, a PoS blockchain that will manage all Ethereum shards. More specifically, it will organize validators and the staking process, create validator committees, manage consensus generation, and run other key operations. Introduction of sharding (Phase 1) Phase 1 will take the single Ethereum blockchain and split it into 64 sharded blockchains. These blockchains will then be managed by the Beacon Chain launched in Phase 0. However, over time, Ethereum has instead concentrated on the Merge, which now will happen before sharding implementation. The Merge (Phase 1.5) Phase 1.5, also known as The Merge, will bridge the state of the Ethereum mainnet to the new Proof of Stake system. Smart contracts from the old Ethereum mainnet will be available on the new Ethereum network, and the Beacon Chain will be the official organizer of block production. Phase 2 Phase 2 will let shards create new transactions and smart contracts, meaning they’re fully functional. Phase 2 is the last phase with a predefined plan, as Phase 3 will be used to iron out any issues occurring from the launch of Ethereum 2.0   What will happen to my ETH? In short, your funds will be safe, and you won’t need to do anything. The complete Ethereum state will be transferred over to Ethereum 2.0. If you’re holding BETH because you’ve locked ETH in Binance’s Ethereum 2.0 staking product, you’ll soon be able to redeem it for ETH after the Merge. Vitalik has mentioned that the unlocking will take place roughly six months after the Merge. BETH is a wrapped token pegged 1:1 with ETH, distributed to users who locked their ETH with Binance. This gave stakers a liquid, ETH-like asset to use while their funds were locked. For users who wish to, they will be able to swap their BETH back to ETH.   Expectations from users and the community For many, Ethereum’s move to PoS has been eagerly anticipated. With almost every new blockchain now using PoS, there has been immense pressure on Ethereum to catch up. The network is also free from its previous limitations with the benefits of its new consensus mechanism. As PoS is more environmentally friendly, Ethereum will also remove the stigma associated with its previous energy usage. Overall, this may help improve the image of the blockchain world in general.     Closing thoughts The key message to take away from The Merge for HODLers is that you don’t need to do anything with your ETH holdings. So, be wary of anyone telling you that you need to “transfer” or “bridge” your ETH to the new network. Aside from this important fact, Ethereum’s move to Proof of Stake looks to have various benefits for users.
The Witcher's Geralt Of Rivia Drops Into Fortnite!

Binance Academy: Metaverse - What Is It? Is There Only One?

Binance Academy Binance Academy 12.10.2022 14:50
TL;DR The metaverse is an online, immersive space that connects its users' digital and real-world lives. By incorporating technologies like augmented reality (AR), virtual reality (VR), and blockchain, the metaverse offers new digital ways to work, socialize, and relax.  Projects like Decentraland and SecondLive are already experimenting with play-to-earn games and other blockchain applications, enabling communities to gather around, work, and build toward common goals. In addition, tech giants are building their metaverses to keep up with the trend. While there can be many metaverses, they would all benefit if they could connect with each other. Blockchain technology offers a unique way to metaverse interoperability. This could potentially enable users to move cryptocurrencies, items, and other digital assets between the metaverses. Introduction The metaverse is one of the words people mention when considering the future of technology, cryptocurrencies, and the Internet. The metaverse is not fully here yet, but it's noticeable that small projects and global companies are striving to build the future of digital spaces. Read more on Binance.com What is the metaverse? The metaverse is a concept of connected, virtual universes that are explorable via 3D avatars. You can think of it as the next evolution of the Internet, with more immersive and interactive online experiences. The metaverse incorporates technologies such as augmented reality (AR), virtual reality (VR), and blockchain. While AR enables users to morph digital visual elements into the real world using a camera, VR produces computer-generated virtual environments that users explore through VR headsets. Meanwhile, blockchain technology enables properties of digital proof of ownership, digital collectibility, and transfer of value. NFT platforms like the  Binance NFT Marketplace are also contributing to the development of the gaming metaverse by providing the link between gaming projects and crypto communities. In addition, the community-driven BNB Smart Chain (BSC) hosts various metaverse projects. Also, Fortnite has developed a metaverse platform that has connected over 350 million players in its virtual world. Even though the metaverse is still under development, it will likely expand beyond gaming platforms. For example, applications in digital identity, remote working, and decentralized governance are just some potential sectors that could benefit from the metaverse. What can be done in the metaverse? The metaverse creates shared virtual spaces that combine the physical and digital. For example, businesses could start using the metaverse for hosting mixed reality meetings using VR headsets or signing contracts without being physically in the same place. Similarly, you could do groceries by interacting with virtual aisles, showcase your NFT collections to virtual buddies, and visit art exhibitions without leaving the cozy of your home. Play-to-earn games like Axie Infinity and work socialization tools like Gather.town already prove working aspects of the virtual worlds possible. They invite users to have fun, meet people, transact using digital currencies, and even earn a living. Decentraland, on the other hand, is an online, digital world that successfully mixes social elements with cryptocurrencies and NFTs, representing anything from cosmetic collectibles to virtual real estate. For example, a player can use Decentraland's native cryptocurrency, MANA, to purchase 16x16 meter land parcels that are issued as NFTs (non-fungible tokens) on the Ethereum blockchain. Finally, the metaverse enables human collectives to gather around shared interests. For example, Fortnite famously hosted Travis Scott's virtual Astronomical concert with over 12 million listeners worldwide. In contrast to a regular concert, gamers could interact with the famous rapper with their avatars and enjoy animated, 3D visuals. Is there just one metaverse? The metaverse concept suggests that there is one common and shared virtual ground that everybody shares. But, as we have seen, there can be various metaverses that are separate from each other. Therefore each metaverse has a specific function in the collective of metaverses. In the same way, as each social media platform provides specific services to its users, metaverses offer distinct virtual possibilities. Likewise to earlier examples, one metaverse could concentrate on gaming while others on meetups or concerts. Crypto metaverse projects like Axie Infinity, Decentraland, and SecondLive each have their unique approach to building metaverse. In addition to blockchain-based metaverses, big tech is moving forward with the metaverse narrative. For example, Facebook changed its name to Meta and invested billions of dollars in developing metaverse content, software, and AR and VR headsets. Likewise, big companies like Microsoft, Google, and Tencent are building metaverse and are entering the space by developing new technologies. Ideally, the various metaverses should become interoperable. Metaverse interoperability means one or more metaverses could easily interact and exchange data. Interoperable metaverses would allow users to move assets from one metaverse to another, including NFTs and cryptocurrencies. Many developers and protocols are betting on blockchain technology to connect metaverses. Firstly, it’s decentralized and transparent. And secondly, it can offer digital proof of ownership, authenticity, transfer of value, and accessibility. For example, if two play-to-earn games were interoperable and built on the same blockchain, players could switch between them, and their virtual items could be established and secured in both games. In other words, users could use their guns, skins, and other in-game items in both virtual worlds. There is also the possibility of using blockchain bridges to move cryptocurrencies and other digital assets across different blockchain networks. The future web of metaverses The metaverse is still in the early phases of its development. No one knows how it will play out, but it's undoubtedly a technology sector that attracts capital and developers' attention. As mentioned, the metaverse will probably consist of several individual metaverses. Nevertheless, technologies like blockchain and cryptocurrencies will likely play a central role in connecting multiple virtual worlds. In the long run, we may see various metaverses with different purposes becoming part of a single metaverse. Creating a web of different metaverses could also encourage further adoption. Closing thoughts The metaverse continues to grow as new projects come to the market and the existing ones develop new functionalities and services. The crypto space already has successful metaverse projects, including blockchain-native ones like Decentraland, as well as players from the traditional markets like Fortnite and Meta. With the advancement of AR, VR, blockchain, and other technologies, we will likely see exciting new virtual, borderless metaverses rising.
Total Cryptocurrency Market Cap Touched $53M Level

Total Cryptocurrency Market Cap Touched $53M Level

Kucoin Blog Kucoin Blog 12.10.2022 15:06
Table of Contents Crypto Market Overview Top Altcoin Gainers and Losers News Highlights This Week Crypto Calendar: Events to Watch This Week Bitcoin (BTC/USDT) Analysis on KuCoin Chart Bitcoin, alongside the rest of the crypto market, has remained mostly bearish, following the pessimistic mood caused by the global macro instability. The largest cryptocurrency by market cap wicked below the $19,000 mark, risking a move toward the downside and a retest of recent lows. The overall cryptocurrency market volume in the past 24 hours came up to $53 billion - staying at exactly the same levels compared to the previous week. The overall crypto market cap remained under the $1 trillion mark, now totaling $919.83 billion.   Let's delve deeper and take a quick look at the latest crypto market news and BTC's technical outlook.   Crypto Market Overview As we mentioned in the previous report, Bitcoin's drop below the $20,000 mark has shown to be definitive in the short term, and that has not changed in the new month. In fact, the largest cryptocurrency by market cap is now testing the $19,000 level, with the potential of dropping below and towards the $17,600 - the low set in June 2022. BTC’s dominance has been fairly stable, now standing at 38.65%. The most valuable cryptocurrency pair, BTC/USDT, is currently trading at $19,110.28, while ETH/USDT, the second-largest cryptocurrency by market capitalization, has fallen to 1,284.47, down 3.11% in the past week.   Cryptocurrency Market Heatmap | Source: Coin360   The top performers from the previous week were TerraClassicUSD (USTC), which maintained its first spot two weeks in a row, as well as Huobi Token (HT), and Casper (CSPR). USTC has increased by 75.52%, while HT gained 28.48% in the past seven days. Finally, CSPR gained 14.72%.   On the other hand, Lido DAO (LDO), Ethereum Classic (ETC), and Chilliz (CHZ) were the worst performers of the week. LDO is down 17.13%; ETC is down 13.74% in the last seven days; CHZ is down 13.33%.   Top Altcoin Gainers and Losers Top Altcoin Gainers: TerraClassicUSD (USTC) ➠ 75.52% Huobi Token (HT) ➠ 28.48% Casper (CSPR) ➠ 14.72%   Top Altcoin Losers: Lido DAO (LDO) ➠ 17.13% Ethereum Classic (ETC) ➠ 13.74% Chilliz (CHZ) ➠ 13.33%   News Highlights Here are some of the events that made the previous week's crypto news section stand out:   KuCoin is Celebrating its 5th Anniversary KuCoin, one of the largest cryptocurrency exchanges, is celebrating its 5th anniversary, as well as many achievements it reached in the time span. The exchange managed to reach over 20 million users globally, list over 700 cryptocurrencies, as well as pass over $2 trillion in total volume.   To celebrate the 5th anniversary of KuCoin Exchange, we will be launching numerous trading and non-trading campaigns, including the My Crypto Story campaign, where people can participate and share 20,000 USDT.   Bitcoin Mining Difficulty Hits New All-Time Highs The Bitcoin mining difficulty has reached its new all-time highs despite the negative market sentiment. With the last difficulty setting in, miners now need 13.5% more hash power in order to mine one BTC.   Bitcoin Mining Difficulty Chart | Source: blockchain.com   The last time a difficulty spike this big has been seen was in May 2021, at the height othe f crypto bull market.   The current network hash rate now comes up to 257 million terra hashes per second (TH/s), according to blockchain.com. The last hash rate increase has set a year-over-year increase of 117 TH/s.   Binance Smart Chain Hack: $570 Million at Risk Over the weekend, Binance Smart Chain, a blockchain closely connected with crypto exchange Binance, was the latest victim in a bridge exploit that ultimately drained the ecosystem of $100 million in crypto.   However, the exploit could have been much worse, as the initial amount at risk was as high as $570 million.   The community, as well as the validators, sprung into action quickly, and were able to ultimately lock down the chain and prevent the majority of the newly-minted BNB from being able to leave the ecosystem.   However, this has sparked a debate regarding centralization within blockchains among the crypto community.   Crypto Adoption in Brazil Spikes The number of companies that have declared cryptocurrency holdings in Brazil has reached new record highs. According to local media reports, the number of recorded companies that hold cryptocurrencies in Brazil reached 12,053 in August of 2022.   The increase in crypto holdings came as a result of high inflation rates and the trust that cryptocurrencies will offset the potential inflation loss.   The total number of companies holding crypto in Brazil has increased by 6.1% from July’s numbers.   The Fear & Greed Index at 24, Market Sentiment Remains Low The fear and greed index has shown no intention of moving up, with the current number sitting at 24, the same value it had the previous week. The indicator still indicates “extreme fear,” caused by the up-and-coming recession that will most likely affect the world even more in the winter months.   Fear & Greed Index | Source: Alternative   Crypto Calendar: Events to Watch This Week ➺ 11/10/2022 - Meridian 2022 Conference ➺ 11/10/2022 - Devcon 2022 ➺ 11/10/2022 - ETHPOW LBank Listing ➺ 12/10/2022 - Kava 11 Launch ➺ 12/10/2022 - Bitcoin Amsterdam ➺ 12/10/2022 - Web3 App Summit   Bitcoin (BTC/USDT) Analysis on KuCoin Chart Bitcoin has been on a slight downturn, ending only one day in the past week in slight green. The largest cryptocurrency by market cap has failed to break the falling 50-day moving average, prompting a drop toward the $19,000 level. Bitcoin is now attempting to remain above the level it fell to, with extremely strong immediate resistance levels sitting at the 21-day and 50-day moving averages.   While a push above the 21-MA sitting at $19,360 could be the spark that pushes BTC towards the $19,860 and 20,000 marks, this move is currently highly unlikely.   BTC/USDT Chart on the Daily Timeframe | Source: KuCoin   When it comes to support and resistance levels, Bitcoin is likely to encounter resistance to the upside just below $19,400 and at $19,860, as well as $22,850. On the other side, analysts state that traders should watch out for $18,150, as this is the only level separating Bitcoin from the $17,600 level.   Did you know that KuCoin offers premium TradingView charts to all its clients? With this, you can step up your Bitcoin technical analysis and easily identify various crypto chart patterns.   Sign up on KuCoin, and start trading today! Follow us on Twitter >>> https://twitter.com/kucoincom Join us on Telegram >>> https://t.me/Kucoin_Exchange Download KuCoin App >>> https://www.kucoin.com/download Also, Subscribe to our Youtube Channel >>>Listen to 60s Podcast Source: Weekly Crypto Analysis: BTC Bulls Lose Steam; Bitcoin Mining, KuCoin Anniversary, Binance in Highlights| KuCoin
Binance Academy summarise year 2022 featuring The Merge, FTX and more

Altcoins: How Does BurgerCities (BURGER) Work? What Is It?

Binance Academy Binance Academy 12.10.2022 15:18
TL;DR BurgerCities is a one-stop MetaFi platform featuring a wide range of features, including its native token BURGER, a decentralized exchange (DEX), and non-fungible tokens (NFTs). Within the BurgerCities ecosystem, users can participate in daily activities, such as socializing and playing games, while exploring DeFi and NFT features.  The token BURGER can be used in liquidity provision, single-token mining, and in-game trading. Users can get BURGER by playing games in BurgerCities or purchasing it on cryptocurrency exchanges like Binance.   Introduction The Metaverse has made its mark within the crypto industry, having grown the cryptocurrency market significantly. Now, in 2022, it has become far more accessible, with more people believing it might be the future.  In light of this growth, numerous projects have considered ways to tap into the infrastructures needed to power virtual economies that function parallel to the real world. That’s where MetaFi comes in, which ultimately leads to BurgerCities’ consistent presence within the crypto world. Learn more on Binance.com What is BurgerCities?  While it sounds like a new burger chain, BurgerCities is a lot more interesting than that. Evolved from Burgerswap, a DeFi product that first came to existence on BNB Chain, it blends DeFi and NFT as part of its goal to create a uniform and standardized Web3 metaverse. In the BurgerCities world, users can participate in daily activities, such as socializing and playing games, in order to enjoy various DeFi and NFT features with their own online avatars. With this new ecosystem, BurgerCities is set to further drive dynamic metaverse development, bringing new vitality to Web3. The BurgerCities Ecosystem The BurgerCities Ecosystem is made up of various features such as:    The BURGER token: BurgerCities is powered by its native token, BURGER. It has a total supply of 63,000,000 tokens, which can be used in liquidity provision, single-token mining, and trading in-game items like Hero NFTs.    The Aggregator (Black Market): BurgerCities integrates an aggregation protocol that sources liquidity from various DEXs and CEXs, and is able to reroute users’ trades to ensure they’re getting the best price.   The Pool (Energy Plant): Users can earn benefits by providing liquidity in the Energy Plant. They can withdraw their rewards at any time.   The Bank (Central Bank): The Central Bank is BurgerCities’ single-coin dual-mining revenue aggregator, which can maximize users’ single-coin mining returns. Meanwhile, BurgerCities distributes the mining proceeds to users in the form of USDT.   The Hero (Dining Room): Heroes are unique NFT assets with a variety of uses, one of which is BurgerCities’ core gameplay. Users can level them up and use them to earn BURGER by completing in-game tasks. Heroes can also be sold in the Dining Room to earn rewards.   The Land and Building: The Land and Building is part of BurgerCities’ gameplay, allowing users to construct and maintain their own towns. Users can take a break in buildings after completing tasks, or rent them to other users or projects.   How does it work? To understand how BurgerCities functions, here are some of the key terms and protocols within BurgerCities you should know to help get you started. Swapper: Users who aim for the best price when swapping tokens can go to the Black Market in BurgerCities. The Black Market has aggregation protocols in place that source liquidity from various other exchanges, ensuring the best price across numerous DEXs.  Liquidity Provider: Liquidity provision in BurgerCities can be extremely profitable for investors. BurgerCities incentivizes liquidity providers using token rewards.  Staker: BurgerCities allows its users to earn yield by staking tokens in the Central Bank, which matches all staking assets with high-yield pools. In doing so, the rewards of single-token stacking are maximized, meaning that the more assets users have in the vault, the more rewards they will receive.  Gamer: BurgerCities merges gameplay and earning, essentially allowing users to not only earn rewards through gameplay but also enjoying various gaming options, from quests to land management.  Central NFT — Heroes: Heroes is one of BurgerCities’ unique NFT assets and a central part its gameplay. While gamers do not need Heroes to swap, stake, or provide liquidity in BurgerCities, they can use these assets to participate in quests, fight in PvP battles, and engage in professions.  Business Simulation: Gamers are given a metaverse scenario where they can build their businesses through in-game decision-making. In comparison to traditional economic simulation games, BurgerCities allows gamers to rent, upgrade, and trade NFT assets, all while providing them with the opportunity to receive rewards outside the game.  Tactical Combat: As outwitting opponents on a tactical level is a key component of battle outcomes, gamers must outsmart opponents by summoning strong Heroes and using combat tactics.. PvP and PvE: There are a variety of PvP and PvE gameplay options available in a battle when the BurgerCities’ PvP and PvE games begin.  Land Management: In addition to selling digital assets like NFTs , gamers can also earn money from owning and selling land within BurgerCities for various reasons. One such reason is advertising, as projects may be interested in placing advertisements on the properties on such land.   What is the BURGER token? The most important aspect of BurgerCities is its native token, BURGER, which is native to the BNB Chain. There is a total of 63,000,000 BURGER tokens. As a BEP-20 token standard, BURGER is incredibly useful in the BurgerSwap ecosystem, as it gives its holders voting rights on updates and proposals to the protocol. It can also be used for liquidity rewards, single-token mining, and in-game trading. Additionally, it is used to reward users for completing in-game activities. At the same time, the total BURGER supply is distributed across different utilities, with 50% allocated to incentives, 10% to the project’s team, 10% to strategic financing, 10% to project operation and liquidity management, and 20% to ecology development and future growth. How to Buy BURGER on Binance The biggest question on your mind right now is probably how you can purchase BURGER and become a part of BurgerCities. You can purchase BURGER right here on Binance in two ways:  You can use credit / debit cards with selected fiat currencies. First, head to Binance’s Buy Crypto with Debit/Credit Card page, then select the currency of your choice and choose BURGER in the bottom field. Finally, click [Continue] to confirm your purchase. You can also trade other cryptocurrencies, such as USDT, BUSD, BNB, and ETH, for BURGER. First, head to the Trading View on Binance, then type BURGER in the trading pair search field that displays all available trading pairs. For more information on the TradingView, read our How to Use TradingView on the Binance Website guide.     What’s next for BurgerCities The future of the Metaverse and by extension, BurgerCities, undoubtedly looks bright. A new version of BurgerCities will soon be released, providing users with new gameplay functions. Additionally, the Metaverse’s land and house landscape will be completely refined.    Closing thoughts As MetaFi continues to grow, BurgerCities will focus an innovative lens on MetaFi with its combination of earning and gaming. With BurgerCities, players will be able to game while accessing the crypto world in a new and exciting way.
The Witcher 3: Wild Hunt - Complete Edition for Next-Gen Consoles Coming to Retail in January!

Binance Academy: Web1, Web2 And Web3 - Features, Drawbacks And More

Binance Academy Binance Academy 13.10.2022 13:06
TL;DR While the current version of the Internet, Web2, is used by millions, it is not without its flaws. Issues regarding data ownership, censorship, and security continue to plague the Internet, spurring the conceptualization of a new and improved version called Web3. This future Internet seeks to include technologies like blockchain, artificial intelligence (AI), and augmented reality (AR). At its core, an ideal Web3 should offer benefits such as data ownership and confidentiality. Web3 is touted to be an improved version of Web2 but what exactly is it, and is it better? Introduction The World Wide Web, also known simply as the Internet or the web, has changed drastically since it was first introduced to the world as Web1. As technologies improve and user demands evolve, it’s no surprise that the web has transformed accordingly.  Web1 allowed for content consumption and simple interaction. Web2, partially shaped by the explosion of smartphones and mobile internet access, enabled users to consume and create their own content. Now, a new concept of a future web known as Web3 has emerged. This latest iteration of the Internet is expected to allow users to not only consume and create content and data but also own it.  Learn more on Binance.com A brief history of the Web While the web has seen numerous changes over the years, its two major phases can be classified as Web1 and Web2. Web1 Web1, also known as Web 1.0, is the original Internet. It was made up of pages of static HTML – the web’s formatting language at the time – that displayed information online. Web1 ran on a fully decentralized infrastructure – anyone could host a server, build applications, and publish information on the Internet without gatekeepers censoring them. Users of Web1 could search for information on the net via web browsers.  Drawbacks of Web1 Unfortunately, there was no way for people to change information and there were few opportunities for interaction with others. Users could only communicate via simple chat messengers and forums. As such, users interacted with Web1 mainly as observers, not participants. Web2 Unlike Web1, the current iteration of the Internet is centralized, focused on content creation, and largely monopolized by big, successful tech companies. In the late 1990s, databases, server-side processing, forms, and social media collectively formed a more interactive Internet known as Web2, or Web2.0. This is the current version of the Internet, which is a playground for content creation. Whether you’re an aspiring writer, photographer, or influencer, you can easily create and showcase your work to the Web2 world.  Service providers such as WordPress and Tumblr offer people a platform to create content, while social media companies like Facebook and Twitter allow people to connect and communicate with anyone anywhere in the world. Additionally, mobile internet access and the popularization of smartphones enable anyone to consume content easily. Web2-centric companies have reaped the benefits of this Internet revolution. Other than profits, companies have also built a large database of users. Bigger companies like Google and Facebook have bought over smaller ones, accumulating a central global network of users and their data. Drawbacks of Web2 Since the advent of Web2, big Internet companies have realized they can utlize user data to keep them in their respective ecosystems. By producing targeted ads for consumers or preventing communication among different platforms, users are often inclined to continue using their services.  In recent years, ethical issues like censorship, data tracking, and data ownership have gained the attention of many Internet users. Ironically, user data seems to belong to companies in Web2 rather than the users themselves. We’ve seen cases of unfair data control, whereby users had their accounts closed after unknowingly violating platform-internal community guidelines. In the 2010s, news of Facebook’s failure to protect its users’ data set off global outrage over personal data collected without users’ consent.  To address these problems, some have put forth a solution combining the benefits of Web1 and Web2: decentralization and user participation. While it’s not concrete, the core concepts of this version of the Internet, known as Web3, have largely been defined. What is Web3? If we look at the current problems of Web2, Web3 is the next logical step to improving the Internet for users. By leveraging peer-to-peer (P2P) technologies like blockchain, virtual reality (VR), the Internet of Things (IoT), and open-source software, Web3 aims to dilute the power held by huge Web2 companies. With decentralization, users can hopefully take back control of their content and ownership of their data.  Key features of Web3 Decentralized: As it is meant to tackle the root of the Web2 problem, i.e., centralization, decentralization is naturally a critical factor to Web3’s success. Besides returning data control to users, companies would have to pay to access their data. Decentralization would make native crypto payments accessible to anyone, and eliminate the need for the expensive intermediaries in the traditional Web2 payment infrastructure. Permissionless: Instead of a few large entities controlling participation or prohibiting inter-platform communication, anyone can freely interact with others in Web3. Trustless: The network Web3 is based on would allow users to participate without trusting anything but the network itself.  These ideals will be supported largely by blockchain and crypto. Potential benefits of Web3 Increased data security Data held by tech giants in centralized databases are vulnerable, as hackers would need to access only one system to compromise user data. With decentralized solutions to store and manage data, private information can be more securely held. True data ownership With one of the focuses of Web3 being data ownership, users will be able to regain control of their data and even monetize it if they wish to do so. Control over the truth Without a central power, users will not be subjected to unfair censorship. Without the power of censorship or the ability to erase specific content, it will be significantly harder for large companies to control the narrative of any discourse. There are other potential benefits that make Web3 superior to its predecessors. Financial freedom Web3 will empower users by allowing them to consume, create, and own their content and data. And because Web3 is based on blockchain technology, users will be able to easily access ecosystems facilitating decentralized finance (DeFi) and other tools to achieve financial freedom.  Enhanced social interactions Like its predecessors, Web3 will continue to incorporate technologies that emerge after blockchain technology. For instance, virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) could add digital elements to Web3 applications to enhance online social interactions. Already, we’re seeing one such example in the form of the metaverse, a virtual 3D universe users can explore using avatars. Through immersive spaces like the metaverse, users can socialize online, buy virtual land, play games, and even work remotely.   Closing thoughts Web2 versus Web3 can be thought of as a variation of the age-old centralized versus decentralized debate. Because Web3 has yet to materialize, its purported superiority to Web2 is up for debate. However, with its decentralized infrastructure, Web3 could potentially tackle the data-related scandals we’ve seen with Web2, and return control to users.
Binance Academy summarise year 2022 featuring The Merge, FTX and more

Altcoins: BENQI (QI) - What Is It? How Does It Work? | Binance Academy

Binance Academy Binance Academy 13.10.2022 13:59
TL;DR BENQI provides users with an Avalanche-based network that’s scalable, accessible, and decentralized. The BENQI ecosystem has established two main protocols – BENQI Liquid Staking and BENQI Liquidity Market. BENQI Liquid Staking (BLS) is a liquid staking solution that tokenizes staked AVAX to allow users to utilize the yield-bearing asset within DeFi applications. BENQI Liquidity Market (BLM) enables users to lend, borrow, and earn interest on their crypto assets effortlessly. Depositors providing liquidity to the protocol earn yield, while borrowers can borrow in an over-collateralized manner. Introduction Decentralized finance (DeFi) has grown significantly over the past few years. This important crypto sector provides users transparent, accessible, and permissionless platforms for accessing financial tools. Whether you’re using BNB Chain, Ethereum, Avalanche, or another network, a wealth of financial services is available with just a few clicks. With a focus on approachability, ease of use, and low fees, BENQI aims to democratize access to two fundamental financial products: liquid staking, an innovative financial product for unlocking the value of staked coins, and lending & borrowing. Learn more on Binance.com What is BENQI? BENQI is a Decentralized Finance (DeFi) protocol built on the Avalanche network. The BENQI protocol consists of BENQI Liquid Staking and BENQI Liquidity Market. BENQI Liquid Staking (BLS) is a liquid staking solution on Avalanche where users can utilize locked capital staked with Avalanche validators. This feature provides additional utility to their yield-bearing asset without lock-up periods or tedious cross-chain transfers. BENQI Liquidity Market (BLM) is BENQI’s lending and borrowing protocol. Users can lend and borrow crypto-assets listed in a permissionless manner via smart contracts with no human intermediaries involved. Users earn yield for depositing assets into the market, and borrowing is done in an overcollateralized manner. How does BENQI work? BENQI Liquid Staking (BLS) Users stake AVAX on BLS and receive a yield-bearing asset, sAVAX, that earns yield accrued from Avalanche validator rewards. sAVAX can be freely transferred, traded, or used within DeFi applications such as automated market makers (AMMs), lending & borrowing protocols, and yield aggregators. Through BLS, users stake AVAX on the EVM-compatible Avalanche C-Chain without needing to stake on the Avalanche P-Chain. This mechanism allows users to earn validating rewards from the P-Chain without running a full node, locking up AVAX on a validator node, or meeting the minimum staking threshold. Users can redeem the AVAX asset at any time with no fees through a 2-week unstaking cooldown period or instantly swap it via AMMs with an exchange fee. BENQI Liquidity Market (BLM) BLM is BENQI’s lending and borrowing protocol deployed on the Avalanche network. It enables users to effortlessly lend, borrow, and earn interest with their crypto assets. Unlike traditional lending and borrowing markets, BLM operates entirely via smart contracts with no human intermediaries. Through smart contracts, yield is calculated algorithmically based on lenders' supply against borrowers' demand on BLM. Depositors providing liquidity to the protocol earn yield based on the algorithm, and borrowers can borrow in an over-collateralized manner.  Third parties that liquidate borrowers’ assets earn a reward fee. These liquidations are based on parameters set within these smart contracts and the price feed of assets supplied to them. BLM sources these price feeds from a decentralized oracle network, Chainlink, that provides reliable and secure price data. What makes BENQI unique? BENQI prioritizes approachability, ease of use, and low fees. By deploying on the Avalanche network, users can enjoy the benefits of a highly scalable platform that is both decentralized and low in fees. The founding BENQI team works extensively with both the Avalanche and DeFi community to continuously review and improve the BENQI unique suite of protocols that includes: BENQI Liquid Staking (BLS) 1. A seamless staking experience - BLS offers users a seamless solution to stake AVAX. By staking with BLS, users bypass the tedious process of running an Avalanche validator or having to meet the minimum requirement for staking on the Avalanche P-Chain. 2. High levels of liquidity and integration - Users that stake AVAX with BLS receive a yield-bearing token, sAVAX, deeply integrated across major DeFi applications on Avalanche. 3. Utility - The veQI token provides the QI token utility. By staking QI for veQI, Avalanche validators can directly stake AVAX delegations from BLS to their validator of choice to earn additional delegation rewards. BENQI Liquidity Market (BLM) Universal access - Assets listed on BLM include most blue-chip assets, like wBTC, wETH, AVAX, sAVAX, and a variety of widely adopted stablecoins, including BUSD. Through BLM, users can easily earn a yield on their assets while borrowing in an over-collateralized manner. Deep liquidity and connectivity - BLM provides users with deep liquidity for borrowing. Users can easily borrow and transfer assets to top centralized exchanges or bridge borrowed assets to major Layer 1 networks, including BNB Chain, Ethereum, Polygon, Arbitrum, and more. The QI token QI is the native token for BENQI with two main functions: governance and utility. QI is BENQI’s governance token that oversees the improvements and changes of the BENQI protocol. QI is required to decide and vote on proposals set out by the BENQI DAO, steering the direction of the protocol. Key parameters proposed and voted on include economic proposals, security upgrades, and additional development of the BENQI protocol. Users can stake QI on BENQI Liquid Staking (BLS) to receive veQI, a novel utility token that enables additional AVAX staking delegations to high-performing Avalanche validators. Vote-escrowed QI, veQI, represents a user’s voting power for additional AVAX delegations from BLS.  Through veQI, users can vote for specific Avalanche validators to receive additional AVAX staking delegations from BLS’s pool of AVAX liquidity. The amount of delegations is based on the validator’s aggregate vote count of veQI. A total of 30% of delegations from BLS is open to veQI holders. To be eligible, validators must first meet the validator minimum criteria. Closing thoughts BENQI opens up a wealth of options for existing users of DeFi or users curious to try DeFi without the additional friction it previously brought. With a focus on usability and a protocol with deep integrations within other DeFi platforms, all users need is a web3 wallet, an internet connection, and some funds.
US 20-City house prices decreased by 1.3% month-on-month

Metaverse Real Estate - What Is It? | Binance Academy

Binance Academy Binance Academy 13.10.2022 15:01
TL;DR A piece of metaverse real estate is an NFT that provides the holder with digital proof of ownership over land on a metaverse platform. The land can, in most cases, be built upon to create experiences that lend themselves to advertising, socializing, marketing, entertainment, and more. The value of each plot of land depends on these factors, as well as overall market sentiment, collectibility, and platform popularity. Introduction The concept of the metaverse and digital real estate go hand in hand. But like many crypto trends, media coverage hasn't provided sufficient clarity. Just as it is with any other investment, it’s crucial to grasp the idea of metaverse real estate before purchasing any digital land. Compared to purely artistic non-fungible tokens (NFTs), metaverse real estate is simpler to comprehend due to its plain-to-see utility and use cases. Learn more on Binance.com How does real estate exist in the metaverse? For newcomers to the metaverse, digital real estate can sound like an oxymoron. The idea of physical property and real estate are firmly intertwined. However, while blockchain-based real estate in the metaverse may not be physical, it offers the same — or perhaps even stronger — ownership rights over a plot of (digital) land. Land ownership in a game, community, or other platform is represented by an (NFT). As NFTs are non-fungible (i.e., each one is unique) and can securely prove digital ownership, they act much like property deeds in digital real estate. An NFT can be traded, bought, and sold according to its market value, which is derived from a range of factors.Your metaverse real estate might be in a popular area with lots of digital foot traffic, making it suitable as advertising space. Staking benefits and other utilities also boost the value of the land. The specific metaverse platform you're on will determine the value of your land. Some metaverse platforms allow you a considerable degree of personalization, so you can build and plan your own space, events, and experiences. Examples include The Snoopverse on The Sandbox and Netflix's content on Decentraland. The appeal of metaverse real estate To understand the appeal of metaverse real estate, it's worth taking a step back and looking at the appeal of NFTs as a whole. On a technological level, NFTs provide legitimate digital proof of ownership. This is valuable in a world where it’s all too easy to copy files without any discernable difference. Next, we need to look at the collectibility aspect. Humans have always been passionate about collecting items for a variety of reasons. Apart from enjoyment and collectibility, an NFT may provide tangible benefits such as increased utility on a game or platform. Another appeal of NFTs is their investment potential, which is why many people hold them speculatively. During strong markets, NFT prices have generally followed rising market prices. NFT bull runs have, in some respects, also been a result of celebrity and media hype over the technology. Many people purchase metaverse real estate NFTs because they follow all the abovementioned principles. JPMorgan, for example, has purchased land in Decentraland for its:  1. Utility: They can host virtual guests on their Sandbox property and create an immersive experience. 2. Collectibility: Metaverse real estate is a highly collectible piece of pop culture that can aid marketing efforts. 3. Speculative properties: It's unlikely that JPMorgan would have bought land without expecting to either sell it for profit or increase its revenue via customer acquisition. What can you do with metaverse real estate? Virtual real estate is limited only by the confines of the metaverse. This gives it vast potential in our social and professional lives. Beyond investment and trading, this potential will drive long-term technology adoption. Anything the metaverse can cover can also be experienced through metaverse real estate. The exact use cases and intricacies will depend on your platform but, in theory, the sky's the limit. Individual users, creatives, and brands can all design their own experiences based on what their specific real estate offers. Concerts, meetings, trade shows, art exhibitions, and brand launches have all taken place on plots of digital land. This makes metaverse real estate an incredibly important tool in socializing and marketing. Large brands currently experimenting with the format include: 1. HSBC: Purchased a piece of land in The Sandbox in the first quarter of 2022 with a plan to create new brand experiences. 2. Samsung: Created a virtual experience called Samsung 837X in Decentraland and hosted events such as the #RecycleUp Fashion Show. 3. The South China Morning Post: Developed a digital version of the Hong Kong Star Ferry Pier in The Sandbox. The growth of metaverse real estate A rapidly growing following and rising sales of metaverse real estate have caught the attention of the media, public, and investors worldwide. According to data from Influencer Marketing Hub, "the average price of a parcel in major metaverse platforms has increased from $1,265 to $12,684", demonstrating a tenfold increase from January 2021 to February 2022. McKinsey reports that "more than $120 billion has flowed into the metaverse space already in 2022 — more than double the $57 billion of 2021". For such a young industry, the numbers can be staggering. However, rapid growth in market capitalization isn't necessarily correlated with longevity or a healthy market. We'll likely have to wait beyond this hyper-growth phase to realize the actual value of metaverse land. Nevertheless, some early investors have already benefited from the metaverse's growth. For example, a plot of land neighboring Snoop Dogg's property sold for almost half a million dollars. What affects the price of NFT virtual land? We’ve briefly described the appeal of NFT virtual land, but let's dive further into the three key factors that determine its price: 1. Utility: Each metaverse platform, game, or universe has a defined utility for its virtual real estate. Some allow for high levels of customization, while others provide you with in-game benefits or stat boosts. If your NFT virtual land has a particularly desirable utility, it will be able to command a higher price on the open market.  2. Platform: As mentioned above, the platform your land is on will define its utility. Beyond that, a platform's brand name and reputation also influence the value of your NFT land. This is akin to Nike or Adidas being able to charge considerably more than a lesser-known brand with comparable product quality. 3. Speculation: The idea that your metaverse real estate may be more valuable in future is often enough to affect its price. If the whole market shares this sentiment and is bullish on metaverse land price, speculation becomes a significant factor in determining price. Closing thoughts The long-term adoption and uptake of metaverse real estate go beyond the hype: they rely on actual use cases and utility to succeed. Nevertheless, it's fascinating to see the journey metaverse real estate has already taken in such a short time. As the metaverse's popularity and building blocks continue to rise, so will its maturity. As such, becoming familiar with digital property is a sound idea for any potential user or investor who is interested in the future of the metaverse.
Bitcoin Is Showing The Potential For The Further Downside Rotation

FieryTrading Updates His Comment On Bitcoin Price

Fierytrading Analysis Fierytrading Analysis 13.10.2022 15:50
// 🔥 Bitcoin LESS Volatile Than Stocks: Huge Move Incoming! 🚨 by FieryTrading on TradingView.com Trend Analysis Technical Indicators Chart Patterns    Oct 11 For a couple of weeks now, BTC's volatility has been very low. Even so low that the Dow Jones is even more volatile, which has only happened 3 times before in history.The first time this has occurred was a couple of days before the final 2018 sell-off, which led to a 50% drop in BTC's price and eventually led to the final bottom of the bear market.The second time this happened was in the Summer of 2020, where it signaled the start of the most recent crypto bull-market with a 35% bull move.We're now experiencing the third time this has ever happened. The market is preparing itself for another historical move, whether it's going to be up or down remains to be seen. All I know is that the huge incoming move is favoring the bears because we're still in a bear market, just like in 2018.It's hard to say when this big price move will occur. Tomorrow's CPI report might be the catalyst where the market is waiting for.What do you think? Will we go up or down? an hour ago Comment: Update 💰Lower Your Trading Fees: https://taplink.cc/fierytrading📈Try my Premium Signals for 🚨FREE🚨: https://t.me/FT_Futures_free🔥Premium channel & 💎Contact: http://www.fierytrading.com🎯Crypto Signals & EXCLUSIVE analyses: https://t.me/FieryTradingChannel Website Source: 🔥 Bitcoin LESS Volatile Than Stocks: Huge Move Incoming! 🚨 for COINBASE:BTCUSD by FieryTrading — TradingView
The Bitcoin Price Movement Is In The Bullish Channel

JPMorgan And Visa Cooperates, Capitalisation Of The Market Down

Alex Kuptsikevich Alex Kuptsikevich 13.10.2022 08:56
The US inflation is released today Bitcoin changed little over the day, remaining near $19.1K as the external outlook turned bleak, but there was no positive change either. Ethereum is trading near $1300, but the top altcoins are mostly down, losing between 0.2% (Tron) and 5% (Cardano). By Thursday, the cryptocurrency fear and greed index was unchanged at 20 points ("extreme fear"). The total capitalisation of the crypto market fell by 0.7% to $915bn overnight. There is a lot of press attention on the US inflation data coming out today, which could determine the Fed's next move. This wait-and-see attitude leaves BTCUSD near the lower end of the trading range, from where we could see an explosion of volatility in either direction. A sharp rise from current levels would dramatically increase the chances that the cryptocurrency bottom has already been passed in June. A step down from current levels could kick-start a decline into the $12-14K area. Arcane Research warns Arcane Research has warned that the ratio of Open Interest (OI) in bitcoin and Ethereum futures and perpetual contracts to their capitalisation indicated a likely sharp increase in volatility in the crypto market. Major investment bank JPMorgan and payment processor Visa has announced the integration of blockchain solutions Liink and B2B Connect for fast international payments. Blockchain could make transactions fast and cheap and even compete with the SWIFT interbank payment system. Read next: Morgan Stanley Talks Stock Market | Fiserv - Newest Payments Company In German Market FXMAG.COM The island nation of Dominica in the Caribbean Sea has adopted Tron cryptocurrency as a legal tender in the country. Lastly, the head of the Commodity Futures Trading Commission (CFTC), Rostin Benham, expressed his belief that bitcoin and Ethereum are commodities and warned the crypto industry that regulation is inevitable.
Cryptocurrency Mining - What Is It? How To Do It?

Cryptocurrency Mining - What Is It? How To Do It?

Binance Academy Binance Academy 13.10.2022 22:35
TL;DR Bitcoin and many other blockchain networks use the Proof of Work (PoW) consensus algorithm for cryptocurrency mining. There are many possible ways to mine cryptocurrency; it can be done alone, or in conjunction with others. You can use special mining computers or even the devices already found at home, like your personal computer. While anyone can become a miner, not everyone becomes profitable from it. Before starting, mining requires studying, choosing the correct devices and programs, and some practical tinkering. Introduction Before starting cryptocurrency mining, one should start with a bit of research. It's because different protocols may require unique hardware and software. While mining attracts various people to the cryptocurrency ecosystem due to its possible high rewards, it also enables them to partake in an integral role in making decentralized blockchains possible. Cryptocurrency mining is a highly technical topic, and there is more than one way to do it. This article will cut through the noise and give a more practical idea about it. Learn more on Binance.com What is cryptocurrency mining? Blockchain networks use mining to create and validate new blocks of transactions and secure the network. In the process, the so-called miners use significant amounts of computational resources to create new units of cryptocurrencies, increasing their existing circulating supply. Bitcoin, Litecoin (LTC), and many other blockchain networks use the Proof of Work (PoW) consensus algorithm for cryptocurrency mining. PoW determines how a blockchain network reaches consensus across all the distributed participants without third-party intermediaries. In addition, it solves the double-spend problem, preventing the network participants from using the same funds more than once. PoW promotes good network participation by design. Miners compete by solving complex cryptographic puzzles with mining hardware to win the right to mine the next block. The first miner to find a valid solution and confirm their block of transactions receive rewards. Therefore, the process requires effort and is expensive, but it offers compensation for the work. PoW mining also makes a blockchain network more decentralized. A blockchain can function as a decentralized ledger because countless distributed computers (nodes) worldwide maintain it. Therefore rather than having a single database, these interconnected computers maintain a copy of the blockchain data and communicate with each other to continuously ensure the correct state of the blockchain. However, it's also possible to disrupt a blockchain with a so-called 51% attack. While very unlikely, especially for the larger blockchain networks, a single entity or organization could, in theory, take over 50% of the network's computing power. That amount of mining power would let the attacker intentionally exclude or alter the ordering of transactions, also enabling them to reverse their own transactions. Another potential issue regarding cryptocurrency mining relates to its sustainability and expenses. Cryptocurrency mining requires significant investment, not only in hardware but also in energy. As a result, many miners, especially those that mine bitcoin (BTC), consume massive amounts of electricity. In addition, if a miner doesn't have access to several mining rigs and cheap electricity, the mining will unlikely ever turn into a profit. Types of cryptocurrency mining Miners receive a block reward when they validate a block successfully. The more computing power the miners contribute to the network, the better their possibilities to validate the next block. Yet, as more miners join the game, validating blocks begin to require more computing power. Therefore mining can become too expensive for individual miners. There is not just one way to mine cryptocurrency. So let's go through the major ones individually so that you can choose the right one regardless if you plan to mine as an individual or as part of a collective. ASIC mining Application-specific integrated circuits (ASIC) are computers designed for a single purpose. Some ASIC mining rigs are entirely dedicated to mining cryptocurrency. Keep in mind that new ASIC models can quickly cause older designs to become unprofitable. Also, the so-called ASIC-resistant cryptocurrencies cannot be mined using ASIC miners. GPU mining Unlike ASICs, graphics processing units (GPUs) can serve more than one purpose. Traditionally, their task in a computer is to process graphics and output them to a screen. GPU mining offers a lower entry to cryptocurrency mining because users can do it with affordable and more available hardware like standard laptops. Even though you can still mine some altcoins with GPUs, their efficiency depends on the mining difficulty and algorithm. CPU mining A central processing unit (CPU) is the primary component that operates computers. CPU mining lets you use the idle power from your computer to mine cryptocurrency. Even bitcoin was mined at the beginning using a CPU, but nowadays, CPUs are no longer the most efficient for cryptocurrency mining due to their power constraints. Mining pools Mining pools refer to a group of miners that join forces to combine their computing power (also known as hashing power or hash rate). As their probability of finding new blocks rises, they can earn more collectively and share the rewards. Many miners join mining pools to get a more steady and predictable outcome. Solo mining Solo mining is the opposite of mining pools because it doesn't require other participants. In solo mining, a miner executes the mining process alone. However, especially with major cryptocurrencies, it's harder for miners to succeed due to the increasing competition from the enormous combined processing power of mining pools. Cloud mining In cloud mining, you outsource computational work from a cloud-mining farm. It usually consists of you paying for someone else to mine on your behalf. Therefore, it can make the mining process easier to start because it doesn't require specialized hardware to mine cryptocurrency. In addition, miners rent computing power from a company that can be located anywhere in the world, which means there are no electricity bills or storage issues either. However, this option can be risky as there is no guarantee that you will receive the rewards of your investment. Many of these services have even turned out to be scams. How to mine crypto? Mining has the potential to become a passive income source. You can follow this step-by-step overview guide to start mining on your own. However, keep in mind there are various approaches and techniques to mining. Therefore, these steps might not be effective for some mining methods, and others might require extra measures. Also, note that mining is not always an easy or profitable endeavor as it can be at the mercy of fluctuating crypto prices and changing energy costs. It requires you to configure the mining devices correctly and demands some expenditures to keep the operation running on top of the initial investment.  1. Choose your crypto Cryptocurrencies differ in their mining difficulty. The difficulty refers to the effort the network requires to mine a block. The more miners join the network, the more the competition increases, resulting in rising hashing difficulty. On the other hand, when miners leave the network, the hashing difficulty goes down, making it less difficult to mine a new block. The biggest cryptocurrencies have conditions that are incredibly challenging to satisfy, and, therefore, it's harder for individual miners to earn revenue. For this reason, bitcoin miners use powerful ASICs and mining pools to increase their chances of getting rewarded. It’s common to mine Proof of Work (PoW) cryptocurrencies other than bitcoin, such as Dogecoin and Ethereum Classic. Altcoin networks might not be as congested and offer better chances for smaller miners. Altcoins might also offer higher growth potential due to their untapped potential. In addition, miners can use less energy-consuming mining options as they don't require so much computational power. However, take into consideration that altcoin mining can be more volatile. Or, in the worst case, the protocol can get hacked or abandoned, and the tokens could become worthless. Also, it may be that you will need to renew the mining rigs and spend more money than you initially planned due to the growing popularity of specific cryptocurrencies. For example, in the beginning, miners could use just their laptops to mine bitcoin, which is not the case anymore. 2. Choose your mining equipment Cryptocurrency mining is one kind of competition. In the mining competition, miners benefit from powerful mining hardware because their probability of mining the next block grows. As mentioned, ASIC miners are designed to serve a single specific purpose, which makes them often the best option for cryptocurrency mining. Nevertheless, GPUs are also still viable in some networks, but their efficiency depends on the cryptocurrency's mining difficulty and algorithm. There are also some cryptocurrencies that require mining rigs designed especially for them. For example, Helium's crypto miner uses radio technology – the device is installed in a place with an unrestricted view in order to provide wireless network coverage. Therefore, always ensure what kind of hardware is necessary for the cryptocurrency you intend to mine. 3. Set up a crypto wallet You'll also need a crypto wallet to store the keys for the cryptocurrency you earn from the mining efforts. Once you earn something from the mining process, the mining software will move the rewards to the crypto wallet address you specify. For example, you can use the Trust Wallet to securely store your crypto and connect to thousands of projects across blockchains.  4. Configure your mining device Cryptocurrency mining requires you to download specialized mining software. The best way to access the software is from the website of the cryptocurrency you intend to mine. This way, you can make sure that you will have the right software for a specific cryptocurrency and avoid fake programs. Most mining software are free to download and use. In addition, some cryptocurrencies have multiple software to choose from, and they are often available for various operating systems. It's always good to do your own research (DYOR) before choosing the mining software to understand their differences. Another helpful part of setting up the mining device is to create a strategy to monitor electricity costs. You can start by checking the previous electricity bills and evaluating how much the mining will cost. The unfortunate fact is that the energy consumption of a mining rig might result in you spending more money on electricity than the value earned from mining. In addition, remember that the mining rigs make noise and warm up. Therefore, consider placing them in a safe location where they are adequately cooled and notifying your neighbors about the possible extra hum. 5. Consider joining a mining pool Mining pools can help you as an individual miner in terms of hardware and electricity costs. As a block reward is granted to the first successful miner, it's very unlikely that you are the one to guess the correct hash. For example, even if you would run several high-powered ASICs, you would still be just a microscopic part of the total Bitcoin hashing power. Mining pools raise a bigger pool of mining power, so the chance of discovering the next block is increased. In other words, if you combine your hashing power with a mining pool,  you could possibly earn more than doing the mining alone. Mining pools typically have a coordinator who organizes the miners so they are less likely to make mistakes. For example, coordinators should ensure that miners use different nonce values to avoid wasting hash power. Often, coordinators are also responsible for splitting the mining rewards to each pool member.. Is cryptocurrency mining worth it? Mining is one of the possibilities that people can consider when trying to produce passive income streams. It can become low-effort once the miner setup functions correctly and is connected to the network. But, of course, it won’t be completely passive as it will demand tasks like hardware maintenance, software updates, paying electricity bills, etc. However, even though mining can be passive, it's not necessarily profitable. For example, the underlying cryptocurrency's volatility can result in smaller overall rewards than the miner's electricity costs. The profitability of a mining operation depends on its size and location. For example, the largest cryptocurrency mining farms are strategically located in countries with the lowest electricity costs. In addition, some places also have volatile electricity prices that can interfere with mining. Mining probably requires some time before you start profiting from it because of the initial investment in mining hardware. So, the first mining period may go into paying back the costs. In addition, as we learned before, the hardware can get old and inefficient, which may mean additional expenses. Therefore, cryptocurrency mining might require more investment into hardware after the initial investment. Some people choose to mine cryptocurrency purely to support the decentralization and security of blockchains. Sometimes, even without any goal of profit.   Closing thoughts Mining is essential for blockchains because it helps secure the network while creating and validating new blocks of transactions. While anyone can start cryptocurrency mining, it’s essential to consider the costs and risks.  Mining also requires a certain degree of technical knowledge, especially when acquiring and setting up your mining equipment. It’s important to do your own research and understand the specifics of the cryptocurrency you want to mine. You will also need to set up a crypto wallet to receive potential mining rewards. But, remember, the crypto ecosystem changes rapidly, so keep your eye on the project developments and updates because they can change how cryptocurrency mining happens.
The FTX Bankruptcy Exposed Vulnerabilities In The Crypto System

Mike Novogratz (Galaxy Digital) And Nigel Green Believe The Bearish Trend Of The Leading Cryptocurrency Price May Last

Alex Kuptsikevich Alex Kuptsikevich 14.10.2022 09:05
BTC/USD went up a little Bitcoin added a modest 1.2% on Thursday, but this subtle result hides the real roller coaster. Bitcoin was losing 5% intraday, coming close to $18K, but following the stock market, it not only recouped its initial losses but also showed impressive gains. At the time of writing, the price is stomping around $19.8K. This way, the bulls managed to defend the lower boundary of the trading range. Moreover, this intraday reversal pattern is often the harbinger of a global reversal in the trend. In our case, it could change from a bear market to a sideways market or a moderate rise. Talking about the start of FOMO does not make sense yet. The closest confirmation of a downtrend reversal would be a fixation above the $20K level - above the psychologically crucial round level and the 50-day moving average. In China digital yuan transactions has reached value of over 100 bilion yuan Devere Group CEO Nigel Green expects bitcoin to decline for the rest of the year amid rising inflation in the global economy. However, long-term investors can benefit by buying crypto assets "on the cheap" from panicked traders. The head of cryptocurrency investment firm Galaxy Digital, Mike Novogratz, said the bearish trend could last another two to six months. He said sellers are highly depleted, and most investors who needed fiat have already sold their assets. But to reverse the trend, a change in the Fed's monetary policy is required. Read next: The Ad-Powered Netflix's Plan | Jim Cramer Comments On The Shares| FXMAG.COM Tim Rice, CEO of analyst firm CoinMetrics, said that more companies from traditional finance have started to emerge in the cryptocurrency industry. However, big banks are still waiting for more transparent crypto industry regulation to reduce their risks. According to the People's Bank of China, the volume of transactions using the digital yuan has exceeded 100 billion yuan (about $13.9 billion) due to its full-scale deployment in China.
Bitcoin Is Showing The Potential For The Further Downside Rotation

Today Bank Of England Ends Its Gilt Purchasing. Bitcoin Hodlers Might Be Scared Yesterday

Craig Erlam Craig Erlam 14.10.2022 14:06
Stock markets are ending the week with a strong rally after a frankly ridiculous reversal on Thursday following the US inflation data. A 40-year high in the core reading initially triggered selling in futures which was swiftly followed by an unbelievable rebound that saw US indices recover more than 5% from the lows. The recovery in the Dow coincided with a test of the late September lows, while in the S&P 500 the low was roughly 20% from the summer recovery peak so there must have been a huge technical element to the move, at least initially. What followed was extraordinary and may have been exacerbated by short-covering, perhaps even some panic. While it may indicate the market has established a bottom for now, given the scale of the declines since the August peak, that doesn’t necessarily mean the worst is suddenly behind us. Not when inflation is so stubborn, the labour market so tight and the Fed so intent on more aggressive hikes. The next few weeks may simply be a question of how investors respond to earnings season which kicks off today with JP Morgan et al reporting. Needless to say, we’re going into this season with very low expectations on both the top and bottom lines and the outlook. It’s just a question of how pessimistic firms are going to be and how willing investors are to turn a blind eye. It all comes down to how low the bar is set and given the performance of US stock markets recently, I expect there won’t be much daylight below. This government is for turning I’m not sure where we’re up to on the u-turn front but one thing is clear about the new government in the UK, they are absolutely for turning. Today, it’s Chancellor Kwarteng that is swiftly u-turning on his Washington plans to return to the UK amid speculation about further changes to his tax-cutting agenda. The backlash against the mini-budget has been absolutely fierce to the point that after only five weeks in office, the Chancellor looks like a dead man walking and the Prime Minister is under immense pressure, perhaps even at risk herself. That is the scale of the atrocious handling of the situation in recent weeks and now both are scrambling to save their jobs. Meanwhile, the BoE emergency gilt buying program is scheduled to draw to a close today which may coincide nicely with certain government u-turns and hopefully bring some stability back to the markets. Of course, we should be in no doubt that if we see further turmoil, the central bank will step back in but looking at longer-dated yields this morning, there’s some hope for the Governor, who himself has come under fire this past week. It’s not been a great few weeks for brand UK has it? A fortunate rebound The bizarre risk rebound in financial markets came at just the right time for bitcoin on Thursday. While it had been slowly trending lower, the inflation report initially sent it into a spiral and it was seriously at risk of breaking the early summer lows which could have been devastating. And then the rebound came which has seen it rally back towards $20,000 where it now finds itself. A very fortunate moment for bitcoin. The question now is can markets sustain this risk rebound when the inflation report itself was anything but good news? For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Making sense of the ridiculous - MarketPulseMarketPulse
Societe Generale Took Out A Loan In The Form Of The Stablecoin DAI, A Digital Form Of The Pound Is Being Considered

Tether (USDT) Gets Rid Of Commercial Paper, Polygon (MATIC) And Its Latest Public Testnet

Crypto.com Accelerate the... Crypto.com Accelerate the... 17.10.2022 09:51
BTC becoming less volatile. Tether replaces commercial paper with U.S. Treasury bills. Polygon launches zkEVM public testnet. Chart of the Week: BTC Becoming Less Volatile BTC’s implied volatility, a widely used measure of risk gleaned from the derivatives market, has recently been falling. This is in stark contrast to the rising VIX, which measures implied volatility for the S&P 500 index (comprised of the largest U.S. equities). This could be implying less cautious sentiment for BTC compared to equities and is also potentially indicative of a typical consolidation phase given the low trading volumes as well. Crypto Fund Flow Tracker The aggregated exchange balance for BTC continues to hover around YTD lows. No significant movements were seen in OTC (over-the-counter) desks’ balance for BTC. OTC desks are typically used by larger investors. Crypto Derivatives Pulse BTC and ETH put-call ratios are at yearly lows. Implied volatilities (vols) dropped again over the past week and are at subdued levels. 1-month implied vol currently stands at 55.3% (vs. 59.3% a week ago) and 69.8% (vs. 73.0% a week ago) for BTC and ETH, respectively. BTC perpetual futures funding rates remain positive (longs pay shorts). ETH funding rates are still mainly negative (shorts pay longs). No notable movements in leveraged traders’ and asset managers’ net positions in CME Bitcoin futures over the past week.  Leveraged traders are typically hedge funds and various types of money managers, including commodity trading advisors and commodity pool operators. The traders may be engaged in managing and conducting proprietary futures trading, and trading on behalf of speculative clients. The asset manager category consists of institutional investors, including pension funds, endowments, insurance companies, mutual funds, and those portfolio/investment managers whose clients are predominantly institutional. Crypto Price Movements     Crypto News Highlights BNY Mellon, the world’s largest custodian bank and the oldest lender in the U.S., announced it has added crypto to its custody services. The bank will now be able to provide fund manager clients with keys storage for BTC and ETH, as well as other traditional bookkeeping services. Policymakers with the European Parliament Committee on Economic and Monetary Affairs approved the Markets in Crypto-Assets (MiCA) framework. MiCA aims to create a consistent regulatory framework for crypto among the European Union member states. Polygon (MATIC) launched its zero knowledge-EVM (zkEVM) public testnet. Polygon’s zero knowledge roll-up with EVM (Ethereum Virtual Machine) technology is a type of Layer-2 scaling solution for the Ethereum (ETH) blockchain. EVM is the software that runs smart contracts on Ethereum. With zkEVM, developers won’t have to learn new programming languages and can transfer their smart contracts over from Ethereum easily. Tether, issuer of the stablecoin USDT, has reduced its commercial paper to zero, replacing them with U.S. Treasury bills, in an attempt to back its stablecoin with more secure reserves. An exploiter who says he is part of the group that drained US$114M from Solana (SOL) based decentralised crypto exchange Mango Markets, returned US$67M to the exchange. Catalyst Calendar             Disclaimer: The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES MARKET PULSE MARKET UPDATES Source: crypto.com
Bitcoin Has A Potetnial For The Further Growth Towards Next Upside Objective - 02.01.2023

Wow! MetaMask To Allow Customers From The US To Buy Cryptocurrencies Easier

Alex Kuptsikevich Alex Kuptsikevich 17.10.2022 09:07
Follow us on Google News Price of Bitcoin decreased, so did ETH/USD Bitcoin declined 0.8% over the past week, ending near $19,300. The start of the new week brought no significant changes in price. Aside from big market moves on Thursday and Friday, the exchange rate remains chained to the current price. Ethereum lost 0.9% to $1310. Other top altcoins in the top 10 fell in price from 1.8% (BNB) to 12.5% (Cardano). Total cryptocurrency market capitalisation, according to CoinMarketCap, sank 2% over the week to $925 billion. The cryptocurrency Fear & Greed Index was down to 20 by Monday versus 22 a week earlier and 24 a day earlier and remains in a state of "extreme fear. Despite the negative external backdrop, BTC has successfully attempted to hold its September lows against much more worrisome sentiment in the stock markets. We view the idea of cryptocurrencies as safe-haven assets as untenable and see this stability in the prices of major cryptocurrencies as a manifestation of solid internal demand for risk. DBS Bank of Singapore points advantage of the leading cryptocurrency Despite high price volatility, DBS Bank of Singapore called Bitcoin an effective tool for clearing transactions. The BTC market operates 24/7, so investors can get money and liquidity when needed. Cryptocurrency wallet MetaMask will launch a new option allowing U.S. customers to buy cryptocurrency directly from their bank accounts. China has floated the idea of a pan-Asian digital currency to reduce the dependence of the region's economies on the U.S. dollar. Tether completely removed the shares of commercial companies used to back USDT Stablecoin. Meanwhile, digital asset management company CoinShares unveiled a new experimental solution to determine the fair market value of non-transferable tokens (NFT) based on artificial intelligence.
Commotion Around Ethereum. "Most Favorable Crypto Economies" - Germany, Switzerland And Australia

Commotion Around Ethereum. "Most Favorable Crypto Economies" - Germany, Switzerland And Australia

Kucoin Blog Kucoin Blog 18.10.2022 22:58
Table of Contents Crypto Market Overview Top Altcoin Gainers and Losers News Highlights This Week Bitcoin (BTC/USDT) Analysis on KuCoin Chart   The crypto market remains fairly stagnant to slightly positive in the past week, with most top100 coins staying within the single-digit profit/loss mark. The slightly positive outlook came as a response to a positive start of the week for the US equities market, which managed to jump up 2-3% week-over-week.   The overall cryptocurrency market volume in the past 24 hours came up to $50.23 billion - just $30 million less than the previous week. The overall crypto market cap has remained above the $900 billion mark, now totaling $935.89. This ended up being an overall decrease of about $40 billion compared to the previous week.   Let's delve deeper and take a quick look at the latest crypto market news and BTC's technical outlook.   Crypto Market Overview Bitcoin's drop below the $20,000 mark is still proving to be a tough pill to swallow, as the slow market can’t seem to approach this price level with enough confidence. BTC’s dominance is solidifying near the 40% mark, now standing at just over 39%. The most valuable cryptocurrency pair, BTC/USDT, is currently trading at $19,582.28, while Ethereum, the second-largest cryptocurrency by market capitalization, has increased to $1,326.73, up 2.69% in the last week.   The top performers from the previous week were Huobi Token (HT), Casper (CSPR), and Quant (QNT. HT has increased by 46.70%, while CSPR gained 36.48% in the past seven days. Finally, QNT gained 32.09%.     Cryptocurrency Market Heatmap | Source: Coin360   On the other hand, TerraClassicUSD (USTC), Klaytn (KLAY), and ApeCoin (APE) were the worst performers of the week. USTC is down 32.92%; KLAY is down 18.69% in the last seven days; APE is down 13.67%.   Top Altcoin Gainers and Losers Top Altcoin Gainers: Huobi Token (HT) ➠ 42.70% Casper (CSPR) ➠ 36.48% Quant (QNT) ➠ 32.09% Top Altcoin Losers: TerraClassicUSD (USTC) ➠ 32.92% Klaytn (KLAY) ➠ 18.69% ApeCoin (APE) ➠ 13.67% News Highlights Here are some of the events that made the previous week's crypto news section stand out:   Ethereum Community Debates Over OFAC Compliance Ethereum validators have come to the public’s eye after a report has shown that over 51% of Ethereum blocks are now complying with the US TornadoCash sanctions after transitioning to a proof-of-stake (PoS) consensus algorithm.   Ethereum co-founder Vitalik Buterin expressed his belief that solo validators can choose what they do and don’t comply with, and that this behavior should be tolerated.   Vitalik Buterin made the comment in reply to a Twitter poll, discussing a hypothetical scenario whereby a validator censors a transaction just because it may not align with their beliefs.   Adding to that, Ethereum bulls have stated that “not even a single” transaction has been censored on the network. Cyber Capital founder and CIO Justin Bons argued that not a single transaction on Ethereum has been stopped as a result of Office of Foreign Assets Control (OFAC) sanctions. In fact, all non-compliant transactions have been processed in around 30 seconds as well, he stated.   KuCoin Exchange Expands its 0-fee Campaign KuCoin Exchange has announced the extension of its 0-fee BTC & ETH trading event. This means that, until Nov 02, 2022, traders can trade their favorite ETH and BTC pairs with no fees whatsoever.   Updated Event Duration: 10/19/2022 10:00 — 11/02/2022 10:00 (UTC)   As a result of its user-focused business approach, and boosted by incentives such as this promotion, KuCoin Exchange has briefly climbed to the spot of the second-largest spot exchange in the world.   European Union Commissioner Pushes for Faster Crypto Regulation The European Union has been processing and passing its landmark crypto framework for quite some time now. However, according to the European Commission’s financial services commissioner Mairead McGuinness, global crypto regulation needs to happen faster.   The remarks were made during McGuinness’s visit to Washington DC, where the commissioner stated that the regulatory efforts should take a global character and that she wants to see the regulation happen in other countries as well.   Germany Becomes the Most Favorable Crypto Economy Germany has managed to become the world’s most favorable economy for crypto in Q2 2022, according to a Coincub report. The United States, on the other hand, lost the first place and is now stationed as the seventh-most favorable.   The list also includes Switzerland at 2nd place, Australia at 3rd, UAE at 4th, Singapore at 5th, and Malaysia at 6th.   The crypto economy rankings took at look at numerous factors, including a favorable crypto outlook, clear digital asset tax rules, and more transparent regulatory communications.   The Fear & Greed Index at 22, Market Sentiment Bearish The fear and greed index has stabilized near the previous week’s levels after a huge drop from three weeks ago, when the number that represents crypto sentiment dropped from 45 to 24. The indicator now indicates “extreme fear” with a mark of 22, caused by the sudden drop of Bitcoin and other cryptocurrencies.     Fear & Greed Index | Source: Alternative   Crypto Calendar: Events to Watch This Week ➺ 18/10/2022 - AVAX - Avalanche Banff (V1.9.0) ➺ 20/10/2022 - ZIL - YouTube & Twitter AMA ➺ 21/10/2022 - LTC - Litecoin Summit 2022 ➺ 23/10/2022 - AVAX - Avalanche Creates   Bitcoin (BTC/USDT) Analysis on KuCoin Chart The largest cryptocurrency by market cap has been trading sideways for the past week, with its price ranging from $18,121 to $19,952. Unfortunately, BTC bulls haven’t been able to break the $20,000 barrier, which has proven to be a strong resistance level.   At the moment, Bitcoin is trading under the 50-day moving average (MA), which sits at the $19,672 level. If it manages to break the moving average level, this line could prove as a strong support point. However, BTC’s upside is still bound by a strong resistance zone between $20,000 and $20,500.   On the other hand, some analysts are showing that the largest cryptocurrency by market cap has been creating a triangle formation since its Sep 13 drop and that its push toward the upside indicates a slight positive sentiment.     BTC/USDT Chart on the Daily Timeframe | Source: KuCoin   When it comes to support and resistance levels, Bitcoin is likely to encounter resistance to the upside at an area between $20,000 and $20,500. On the other side, analysts state that traders should watch out for $18,135, as this is the only level separating Bitcoin from the $17,550 level.   Did you know that KuCoin offers premium TradingView charts to all its clients? With this, you can step up your Bitcoin technical analysis and easily identify various crypto chart patterns.     Sign up on KuCoin, and start trading today!   Follow us on Twitter >>> https://twitter.com/kucoincom   Join us on Telegram >>> https://t.me/Kucoin_Exchange   Download KuCoin App >>> https://www.kucoin.com/download   Also, Subscribe to our Youtube Channel >>>Listen to 60s Podcast Source: KuCoin
The Recent Rally Of Bitcoin Had Been Capped, The Digital Yuan (eCNY) Has Received Upgrades

Cryptocurrency: Bitcoin Listed In... Guiness World Records 2023!

Alex Kuptsikevich Alex Kuptsikevich 19.10.2022 10:30
Bitcoin and Ethereum Bitcoin is back at $19.3K, which has been the case for seven of the last eight mornings. Attempts to build on the upside have again been met with increased selling. A perfect month-long flat has led us to see the rate lose 1.5% in 24 hours, add 0.8% in 7 days and 2.4% in 30 days. Ethereum trades near $1300, losing 2.4% in 24 hours, but is up 0.65% in 7 days. That seemed impossible, but Bitcoin found room to move further into the corner of the triangle, pulling back from its upper boundary, and the 50-day moving average acts as resistance now. All this suggests that the financial world is waiting for other clear signals, ready for a strong move in either direction. That said, we continue to be inclined to believe that the exit from this lull will be up rather than down - the decline has been too long and too much negativity is already embedded in prices. At the same time, well-known crypto blogger Ton Weiss said that Bitcoin could drop to $11,000 before it rises again. In his view, BTC is forming a downward triangle, like the 2018 triangle, when the first cryptocurrency's exchange rate nearly halved. According to another option, BTC will continue to consolidate in a sideways range until the end of the year. Interpol to fight with crypto crime The decline in implied and realised volatility towards historical lows bodes well for a surge in volatility soon, Glassnode warned. Bitcoin was listed in the latest edition of the Guinness World Records ("Guinness World Records 2023") as the oldest cryptocurrency, the first decentralised cryptocurrency and the most expensive cryptocurrency. Ethereum co-founder Vitalik Buterin said that network validators should be tolerant and not censor transactions that do not match their beliefs. The UK Financial Conduct Authority (FCA) has reported that cryptocurrency fraud has come out on top regarding complaints from aggrieved investors. Lastly, Interpol has set up a dedicated unit to tackle cryptocurrency crime. The team, based in Singapore, will assist law enforcement agencies in different countries in investigations related to digital assets.
Technical analysis of the leading cryptocurrency, Bitcoin, by Sebastian Seliga (InstaForex) - 27/10/22

Cryptocurrency winter coming to an end in November?

FXStreet News FXStreet News 20.10.2022 15:51
Traders are euphoric and anticipate a rebound in Bitcoin, Binance Coin, XRP and Cardano, showing massive bullish sentiment. Outlook on Ethereum remains bearish despite the recent rally in top cryptocurrencies. Whales have started accumulating Bitcoin on Binance and Coinbase, indicating a rally in the asset. Read next: Tesla (TSLA) Stock Price Dropped Around 5.77% In Pre-Market Trading| FXMAG.COM Trader sentiment on Bitcoin and top altcoins like Binance Coin, XRP and Cardano has turned bullish. Crypto intelligence tracker Santiment considers that the crowd is currently euphoric on these cryptocurrencies, indicating the possibility of a November rally. Crypto crowd sentiment on altcoins turns bullish Analysts noted a persistent negative sentiment and bearishness among traders towards Bitcoin and top altcoins in the last two months. Based on data from crypto intelligence tracker Santiment, traders have turned bullish on Bitcoin, Binance coin, XRP and Cardano. The sentiment towards the largest altcoin Ethereum is just slightly bearish. Crowd sentiment on Bitcoin, XRP, Cardano and Binance Coin Though the strength of the USD has kept risk assets like cryptocurrencies under check, crowd sentiment is considered a catalyst for asset’s price rally. Bitcoin is stuck inside a tight range, awaiting an explosive breakout. The longer Bitcoin price trends within the range, the higher the eventual breakout.   Short-term uncertainty and lack of volatility has not deterred institutional investors. Based on a survey by BNY Mellon, 91% of institutional investors are keen on investing in tokenized assets over the next few years. Bitcoin accumulation signals price rally Large wallet investors are accumulating Bitcoin on centralized exchanges Binance and Coinbase. Based on data from CryptoQuant, accumulation started when BTC price hit the $20,000 level. Bitcoin spot trading volume dominance skyrocketed, hitting 84%. Typically, accumulation by whales and spot trading volume dominance are bullish signals for Bitcoin price. BTC spot trading volume dominance Bitcoin spot trading volume for all exchanges has increased twenty times over the past six months. The volume renewed a year-high in September 2022, however since then there has been no significant change in the daily closed price, indicating someone is buying all the sell-side liquidity.
Bitcoin Has A Potential For The Breakout Play

Unbelievable Bitcoin price forecast! According to Ton Weiss BTC may reach $100K next year!

Alex Kuptsikevich Alex Kuptsikevich 21.10.2022 09:53
Bitcoin is trading near $19K on Friday morning, losing 0.5% overnight. It hovered between $18.9K and $19.3K on Thursday, remaining pinned closer to the lower end of its trading range due to pressure in the US equity market and gold at the close of trading in New York. Cryptocurrency whales Bitcoin has closed lower for three consecutive days, but the bears have not yet decided to storm the support of the last four months. So far, we have seen an inertial retreat of cryptocurrencies amid a melting demand for risky assets (gold and equities) due to rising US interest rates. Cryptocurrency whales have been selling bitcoin for the past few months, reducing their reserves to a three-year low, according to a Santiment report. It was only last week that the whales changed tactics and began returning to cold-storing BTC. Hashrate Index notes that public miners sold fewer bitcoins than they mined for the first time since May, in August and September. The market continued to pressure miners’ financial strength throughout the third quarter. Outstanding Bitcoin price prediction Bitcoin will grow by 400% and reach $100,000 next year even before another halving, said renowned crypto trader and blogger Ton Weiss. According to him, the halving will be implemented earlier than investors expect, closer to March or April 2024. But the hype of the upcoming event will manifest itself much earlier. The cryptocurrency division of investment giant Fidelity Investments will offer institutional clients the option of trading Ethereum as early as the end of October. Bitcoin trading there was launched back in 2019. Read next: People's Bank of China Loan Prime Rate Stays Unchanged | A Softer Labour Market In Australia |Eyes On The US - Philly Fed Manufacturing Index| FXMAG.COM According to a poll, more than 77% of Salvadorans opposed the purchase of bitcoins by the state, calling the government's decision unfortunate. El Salvador declared BTC legal tender in September last year.
Previous Fed Hikes Didn't Trigger Bitcoin To Fall, But...

According to DappRadar, in Q3, NFT trading volume in metaverses went down by 80% Y/Y | In the previous week, the leading cryptocurrency gained almost 1%, Ethereum went up by 1.5%

Alex Kuptsikevich Alex Kuptsikevich 24.10.2022 10:27
Price of the first cryptocurrency increased, ETH/USD did well Bitcoin rose 0.9% over the past week, finishing near $19.5K. The markets' reversal to growth on Friday afternoon and the pummelling on Sunday significantly contributed to this growth. However, the effect of the latter has been almost completely wiped out. The 50-day moving average continues to effectively play its role as a resistance, triggering a new selling wave when it tries to go higher early on Monday. The price rally on Sunday formally took the quote outside the triangle, but we still need a confirmation of the upside exit. Such a confirmation signal should be a consolidation above the previous highs at $19.6K, which has so far failed. Ethereum added 1.5% to $1330. Other leading altcoins from the top 10 showed mixed dynamics: from a 5.1% decline (Solana) to a 1.2% increase (Dogecoin). Total crypto market capitalisation, according to CoinMarketCap, rose 0.9% over the week to $933bn. The Cryptocurrency Fear and Greed Index fell 1 point over the week to 23 and remains in 'extreme fear'. Bitcoin Group's announcement Weak trader activity suggests that cryptocurrencies are at the bottom, Bianco Research believes. Stagnation can be seen as a positive, and we are unlikely to see a more profound plunge. In Brazil, 24,000 ATMs in the Banco24Horas network will add support for Tether (USDT) stablecoin. The stablecoin operator has partnered with SmartPay to do so. Analyst service DappRadar published a report showing that NFT trading volume in metaverses fell 80% y/y in the third quarter of this year. Lastly, Bitcoin Group announced plans to acquire one of Germany's oldest banks, Bankhaus von der Heydt.
The leading cryptocurrency may fell because of inflation and Fed – Weekly Crypto Market Analysis by Geco.one

The leading cryptocurrency may fell because of inflation and Fed – Weekly Crypto Market Analysis by Geco.one

Geco One Geco One 24.10.2022 15:26
Bitcoin (BTC) Bitcoin has been running since mid-September this year in a horizontal trend between the support of $ 18,500 and the resistance in the region of $ 20,650 and measuring the 50% Fibonacci retracement from an earlier downward impulse. Considering that the end of October promises to be relatively calm on the global financial markets regarding important macroeconomic data releases, it seems highly probable that BTC will remain in the range mentioned above for the next 1.5 weeks. The catalyst for higher volatility may be the meeting of the Federal Committee for Open Market Operations (FOMC) scheduled for November 2nd. Given the positive US labour market data presented in the October 7th Nonfarm Payrolls report and last week's inflation readings, it seems highly probable that the Fed will raise interest rates for the fourth time in a row by 75 basis points in November. The report published October 13th this year shows that consumer inflation (CPI) in the United States in September amounted to as much as 8.2%, which means it decreased by only 0.1 percentage point from 8.3 per cent reported in August this year. As if that were not enough, core inflation, which the Fed pays special attention to, increased to 6.6% from 6.3%, which speaks for a further aggressive tightening of monetary policy, which could ultimately contribute to the renewed depreciation of BTC. The assumptions of classic technical analysis also support this scenario. Consolidation, i.e. the pattern that we have been observing on Bitcoin for over five weeks, is perceived as a correction system from which the market breaks more often in the direction consistent with the earlier move. So, if, in this case, we had previously seen declines, statistically, there is a greater probability that BTC will fall below $ 18,500, which in turn could drive further depreciation. Ethereum (ETH) The current situation on the Ethereum quotes is also very similar, the price of which has been in the horizontal trend for a long time. In this case, its lower bound is at the support of around USD 1,250, and the upper resistance is around USD 1,425. Considering that this is a pattern seen as a form of temporary rebound after previous declines and that the upper bound of this pattern coincides with measuring 38.2% of the Fibonacci retracement from an earlier downward move, it seems highly probable that after this correction is completed, the ETH exchange rate will return to the downward path and will slide down to the region of USD 1,000, or even further to USD 800. It is worth mentioning here, however, that there is no rule for how long a market can remain in consolidation. One can estimate that the ETH rate will remain within this consolidation until November 2nd when the next Federal Reserve meeting will occur. Bitcoin Cash (BCH) Bitcoin Cash has been operating since mid-October this year in a horizontal trend, the upper bound of which is marked by the recently broken support (now resistance) of $ 112. If only the market rebounds from this level, the price of this cryptocurrency could return to the downward path and slide even to the  â€‹â€‹June and July lows, i.e. to USD 97. Potential declines are also supported by the fact that the current consolidation is in the form of a correction after previous declines, which naturally increases the probability that BCH will slide even lower after the rebound. Litecoin (LTC) Litecoin's quotations have been held since September 18th in the ascending right-angled triangle formation, from which the market is still knocked down in the first half of October this year. Over the last few days, however, the LTC rate has increased by over 12%, thus re-testing the previously broken upward trend line, which is the lower boundary of the above triangle. However, a rebound from this resistance could drive further declines, for which the USD 47 and 42 seem to be the actual ranges. It is there that the two closest support levels are located. Solana (SOL) The re-test of the recently defeated support (now resistance) is also currently observed on the Solana quotes. In this case, it is in the $ 29.50, close to the downward trend. A rebound from this ceiling could trigger another downward impulse towards USD 26. It is also worth noting that it would be one of the lowest levels since July 2021. Avalanche (AVAX) Looking at the Avalanche quotes, we notice that, in line with our last week's projection, the cryptocurrency rate has recently rebounded from technical support by $ 14.50, then increased by 12.5%, thus returning to the area of ​​previously defeated support (now resistance) in the region of USD 16.50. If the currently tested resistance is discarded in the near future, the AVAX price could nevertheless return to the path of decline and slide back to the region of $ 14.50 or even further below $ 10. Binance Coin (BNB) Binance Coin has been trading since the second half of August this year. In a horizontal trend between the support of $ 262 and the resistance in the region of $ 297. It is worth noting that within this consolidation, a second, smaller one has recently emerged, the upper limit of which is marked by local resistance around USD 276. The common features of both of these systems are their lower bound, marked by the support of $ 262 and the fact that both of these consolidations are corrective formations after previous declines, which increases the likelihood of a breakout from them down, which in turn could naturally drive a further BNB sell-off in towards USD 244, or even USD 214. EOS Looking at the EOS quotes, we notice that the price of this cryptocurrency fell between October 1 and 13 this year by almost 24%, reaching $ 0.94 at one point. Over the last few days, however, there has been a slight demand reaction here, and if only these increases continue, the EOS rate could return to the area of ​​earlier made support (now resistance) in the amount of USD 1.15. However, the small dynamics of this rebound may indicate that it is only a temporary correction, after which the price of this cryptocurrency will return to the downward path. If that happens, it could fall as low as $ 0.88. Chainlink (LINK) Chainlink's quotations have recently slipped to an upward trend line and horizontal support of USD 6.65. A slight demand reaction appeared a few days ago in the vicinity of this support. It is worth noting, however, that each of the last three rebounds from this level, which we observed in the second half of September this year and in the first half of October this year. And now it was getting smaller. This may indicate a weakening demand pressure, increasing the probability of overcoming this support. If that happens, LINK could fall as low as $ 5.90.
Sber And First Issue Of Gold-Backed Digital Financial Assets

The Correlation Between The Gold And Bitcoin Indicates The Willingness To Use The Digital Asset As A Safe Haven

InstaForex Analysis InstaForex Analysis 25.10.2022 13:35
The last two months were supposed to be a turning point in the view of the vast majority of players in various markets. The crisis in all its manifestations should have gone into decline, and the Fed's policy should have softened. Such were the expectations of autumn in July and early August. Bitcoin leaves the fund and goes to gold However, the situation turned out to be the opposite due to the low effectiveness of the fight against inflation. As a result, the Fed's aggressive monetary policy has been maintained, and interest rate cuts are not expected until 2023 at the earliest. At the same time, the vast majority of financial market participants are confident that a recession in the US economy will occur in the next 8–12 months. This means that the situation has not returned to normal for at least a year. Therefore, investors begin to look for assets to preserve capital. Low trading activity and the fall in Bitcoin's volatility to local lows provoked increased attention to cryptocurrency as a store of value. The growing correlation with gold confirms the reorientation of investors' positions in relation to BTC. Bank of America experts also believe that the growing correlation between the precious metal and Bitcoin indicates a willingness to use the digital asset as a "safe haven." At the same time, the correlation of Bitcoin with stock indices gradually weakened, which was reflected in the BTC/USD price charts. BTC/USD analysis As of October 25, the main cryptocurrency is trading in the usual range of $18.6k–$19.8k. Trading volumes continue to decline, due to which the "triangle" figure is gradually coming to an end. In the near term, there is every reason to expect the Bitcoin price to go beyond the current range. Technical indicators on the daily chart point to the continued flat trend, which is not surprising in the face of falling trading volumes. Considering that the asset has been trading within a narrow range for more than a month, we can assume an upward breakout of the resistance level, after which the local bottom will be updated. This scenario would seem most obvious if Bitcoin continued to maintain a correlation with stock indices. According to JPMorgan analysts, the stock market is at the peak of the current season. Analysts attribute this to the historical context of October, as well as the "mid-term elections" factor, due to which trade has significantly revived. At the same time, the co-dependence of BTC and stock assets is weakening, which casts doubt on a similar upward movement in the cryptocurrency. Gold analysis This means that from now on, in order to analyze the further movement of the price of Bitcoin, it is necessary to take into account the state of gold. The precious metal is in a downward trend and has hit a 2020 low. At the same time, there is reason to believe that the precious metal has completed its downward movement. On the daily chart, we see the formation of a "double bottom" pattern, as well as a "bullish engulfing" pattern. Two bullish signals may indicate a gradual price reversal. The MACD indicator completes the formation of a bullish crossover, which indicates a strong bullish trend. Results The situation in the cryptocurrency market and related sectors has stabilized due to a combination of fundamental and local factors. Thanks to this, we see the growth of the stock market and the prerequisites for the growth of precious metals. Given this, the probability of an upward breakdown of the "triangle" of Bitcoin increases. In this case, the targets will be the $23k–$24k levels. However, given the huge volumes of liquidity below the local bottom, an upward impulse cannot be ruled out, turning into a steep bearish peak. In the current liquidity situation, updating the local bottom is a necessary evil for a full-fledged start of an upward trend.   Relevance up to 10:00 2022-10-26 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/325235
Technical analysis of the leading cryptocurrency, Bitcoin, by Sebastian Seliga (InstaForex) - 27/10/22

Technical analysis of the leading cryptocurrency, Bitcoin, by Sebastian Seliga (InstaForex) - 27/10/22

InstaForex Analysis InstaForex Analysis 27.10.2022 12:42
Crypto Industry News: The UK has moved forward with the Financial Services and Markets Act sharpening its vision of Bitcoin and the country's "digital clearing asset". The bill proposes "a series of measures to maintain and strengthen the UK's position as a world leader in financial services, ensuring that the sector continues to provide services to individuals and businesses across the country." This law confirms Britain's intention to become a global cryptocurrency hub, as repeated by Lisa Cameron, MP and chairwoman of the All-Party Parliamentary Group The Crypto and Digital Assets. In a weekend interview, she explained that cryptocurrencies are in the mind of lawmakers, although there is still a long way to go. The law builds on existing measures to extend the stablecoin regulation and introduces "digital settlement assets" (DSA) as a new term, moving away from the use of "crypto assets". According to the UK government, "crypto assets use some form of distributed ledger technology (DLT)" while DSAs include stablecoins, "because of their potential to turn into universal tender." The UK government has previously commented that there will be a "package of measures" to improve regulation and transparency on Blockchain, Cryptocurrencies and Bitcoin. Elsewhere, the new prime minister, Rishi Sunak, also expressed interest in certain areas of cryptocurrency, such as support for the creation of the Royal Mint NFT token. The recognition of cryptographic and digital assets as financial instruments has yet to be enshrined in law. The Act Must Pass Key Steps: The House of Lords will need to approve or amend the law before final royal approval by the new monarch, King Charles III. Technical Market Outlook: The BTC/USD pair has finally broken through the supply zone located between the levels of $20,221 - $20,580 (marked as a red rectangle; now will act as a demand zone) and made a local high at the level of $21,017 (at the time of writing the analysis). This strong up move has forced the momentum indicator to hit the extremely overbought conditions on the H4 time frame chart, so a pull-back towards the intraday technical support seen at $20,580 is welcome. Nevertheless, the next target for bulls is seen at the level of $22,410 and if the momentum would have stayed on the elevated levels, this target could be hit even by the end of this week.     Weekly Pivot Points: WR3 - $20,025 WR2 - $19,682 WR1 - $19,461 Weekly Pivot - $19,340 WS1 - $19,119 WS2 - $18,997 WS3 - $18,655 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term. Relevance up to 09:00 2022-10-28 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/298591
Ethereum's Shanghai upgrade: public test network to be released by the end of February

Aave, MakerDAO and NEAR deliver us with interesting news

Crypto.com Accelerate the... Crypto.com Accelerate the... 27.10.2022 21:57
Aave released a technical paper of its upcoming GHO stablecoin and first audit findings. MakerDAO voted in favour of founder’s ‘Endgame Plan’. NEAR Foundation to shut down USN stablecoin. Weekly DeFi Index This week’s market cap index was positive at +1.30%, while volume and volatility indices were negative at  -11.19% and -4.91%, respectively. Check the latest prices on Crypto.com/Price DeFi Index Tokens     News Highlight Decentralised lending protocol Aave released a technical paper on its upcoming GHO stablecoin, along with the results of its first security audit conducted by security firm Open Zeppelin. GHO was proposed and passed in July this year, with 99.9% of community votes in favour of launching the coin. The code audit found two medium-severity bugs in the codebase; however, there were no critical or high-severity bugs found.  MakerDAO votes in favour of founder Rune Christensen’s ‘Endgame Plan’, one designed in the hopes of improving protocol governance mechanisms and making it more decentralised. It involves restructuring the DAO into smaller teams dubbed MetaDAOs, where each will have its own governing token and aligned mission. NEAR Foundation will shut down its USN stablecoin, an update that comes after the network suffered a US$40 million ‘collateral gap’. In light of this event, it also launched the USN Protection Programme to support the digital asset’s wind-down and fully cover this collateral gap, ensuring eligible USN holders can redeem their USN on a 1:1 basis with USDT. Polygon-based decentralised exchange QuickSwap recently announced plans to close its lending platform following a flash loan exploit. The attack took place on the Market XYZ lending market, and over $220,000 worth of tokens were reportedly stolen. QuickSwap confirmed that the hacker has returned the stolen funds and that the vulnerability exploit did not affect its smart contract. DEX Protocols Metrics     Lending Protocols Metrics     Charts on Layer-2 Projects The overall L2 market remained at the same level last week, as its TVL rose slightly by +0.41%. Optimistic rollup and zero-knowledge rollup projects jumped +0.79% and +1.21%, respectively. Ethereum’s TVL change was positive at +4.23%. The TVL changes for all optimistic rollup projects were all slightly positive except for Metis Andromeda (-0.86%). Optimism surged the most at +0.87%. ZK rollup projects’ TVL movement was a mixed bag: StarkNet saw the highest growth at +34.20%, while Loopring plummeted the most at -2.57%. Further Reading zkSync rolls out critical testnet integration for its validity proofs ahead of mainnet Circle partners with Axelar on cross-chain initiative for USDC Umee: Mainnet upgrade to unlock the full potential of the Cosmos ecosystem Q3 update: Bitcoin mining now consumes 0.16% of the global energy production An unknown miner commands more than 51% of BSV’s hashpower, consecutive strings of empty blocks makes chain unreliable Ankr becomes one of the first RPC providers to the Aptos blockchain Flashbots has a new plan: ‘Make TradFi look embarrassing’ Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES DEFI LAYER 1 LAYER 2 Source: DeFi & L1L2 Weekly (26/10/2022) (crypto.com)
Societe Generale Took Out A Loan In The Form Of The Stablecoin DAI, A Digital Form Of The Pound Is Being Considered

Fidelity's survey delivers us with interesting information about institutional cryptocurrency investments

Crypto.com Accelerate the... Crypto.com Accelerate the... 31.10.2022 10:16
Dogecoin rockets up 106%. Elon Musk acquires Twitter. Matter Labs releases second version of zkSync. Weekly Market Index Happy Halloween 🎃. Last week’s market prices, volume, and volatility were all up significantly at +12.3%, +97.1%, and +155.5% respectively.     Weekly Performance Bitcoin (BTC) reclaimed the $20K price level last week and was up +5.0%, while Ethereum (ETH) surged +16.1% and reached $1,600. Amongst other selected top-cap tokens, Dogecoin (DOGE) rocketed up +106.1%.     New Project Spotlight Aptos, a new Layer-1 blockchain, launched its mainnet. Aptos was created by ex-Meta developers and includes among its investors Andreessen Horowitz. In testing, Aptos claimed a transaction speed of 130K transactions per second (TPS), but upon launch was reported to have only 7 TPS, which is even less than that of the Bitcoin blockchain. The native token of Aptos is APT, which is available for trading on the Crypto.com App and Crypto.com Exchange. The initial total supply at mainnet launch was 1 billion tokens, with 30% distributed to the Aptos Foundation and private investors. Tokens held by private investors are subject to a 12-month lockup. News Highlights Crypto.com and the City of Busan in South Korea announced the signing of a Memorandum of Understanding (MoU) to collectively advance the blockchain industry. Crypto.com will also establish a workforce presence within Busan.  In other Crypto.com related news, the company is collaborating with A Story to develop a social NFT series called the “Extraordinary Whales Club”. It is based on the Korean drama Extraordinary Attorney Woo. Elon Musk, billionaire and CEO of Tesla and SpaceX, formally acquired Twitter for US$44B. The U.S. Fed’s preferred inflation gauge rises less than expected in September. The PCE (Personal Consumption Expenditures) Price Index, increased 0.3% in September, slowing from August’s 0.4%. Visa filed trademark applications related to digital wallets, non-fungible tokens, and the metaverse. This includes trademarks related to “use as a cryptocurrency wallet”, and “managing and verifying cryptocurrency transactions” amongst others.  Matter Labs released the second version of its Ethereum scaling platform, zkSync, a network that uses zero-knowledge rollup technology to bundle up transactions before sending them to the Ethereum blockchain. It aims to improve transaction speeds and reduce gas fees. 74% of institutions plan to buy crypto, according to a new survey by financial services giant Fidelity. Investors cited decentralisation, non-correlation to other assets, and the macro environment as reasons to get involved with digital assets. Recent Research Reports     Alpha Navigator (Sep 2022) Ethereum: The Merge Welcome to Web3 Alpha Navigator (Sep 2022): Crypto outperforming since the recent Fed interest rate hike. ETH derivatives could be indicating less caution with The Merge now in the rearview mirror. Some Layer-1 tokens show strong price momentum. Ethereum: The Merge: The Merge is finally complete. Energy consumption is expected to drop by 99.95%. It will not reduce gas fees or increase transaction speeds. More upgrades are incoming. Welcome to Web3: Identity, Soulbound Tokens, and Decentralised Society: Exploring the emergence of a blockchain-based, decentralised society through the lens of Web3 identities, Web3 domains, and soulbound tokens. Catalyst Calendar             Disclaimer: The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES MARKET MARKET PULSE Source: crypto.com
Ethereum's Shanghai upgrade: public test network to be released by the end of February

zkSync 2.0 "Baby Alpha" released, HUSD to be delisted, Team Finance - exploit voided $15 million in tokens

Crypto.com Accelerate the... Crypto.com Accelerate the... 02.11.2022 11:55
zkSync launches ‘Baby Alpha’ on mainnet. Arco Protocol goes offline, asks community for confidence vote. Huobi’s HUSD stablecoin depegs after it’s delisted from the exchange. Weekly DeFi Index This week’s market cap and volume indices were positive at +6.28% and +40.62%, respectively, while the volatility index was negative at -21.97%.         Stablecoin issuer Frax Finance (FXS) unveils Ether staking service with a dual token model. The liquid staking system has three components: frax ether (frxETH), staked frax Ether (sfrxETH) and the Frax ETH Minter. Users can deposit ETH into Frax ETH Minter to get frxETH; however, to earn staking rewards, they would need to exchange frxETH with sfrxETH. This mechanism is quite different from Lido, another ETH staking protocol which only introduces one token (stETH). Project Spotlight Crypto.com signed an MOU with game software development studio ACT Games to collaboratively promote blockchain-based games. The two companies plan to utilise ACT Games’s IP and Crypto.com products to release games on the Cronos blockchain, provide Crypto.com Pay as a payment solution, and adopt the Crypto.com DeFi Wallet for ACT Games’s blockchain-based projects. Crypto.com Capital recently announced its support of Souffl3, a leading NFT marketplace launched on the Aptos blockchain. Souffl3 has completed a US$2 million seed round co-led by Crypto.com Capital and Synergis Capital, and the funds will be used to build a “next-generation NFT experience for creators, builders, and traders”. Brave announced the latest round of partners who joined its Wallet Partner programme in October. Through this programme, Brave’s native crypto wallet now features integrations with several Cronos projects, including Cronos ID, Minted, Ferro Protocol, and VVS Finance, and aims to help organically drive greater adoption of Cronos.         News Highlight Matter Labs released the ‘Baby Alpha’ phase of zkSync 2.0 on the mainnet, which is described as the first ‘product-ready’ scaling solution that is natively compatible with Ethereum. This initial phase will focus on stress-testing and implementing security efforts to the network.  Arco Protocol, a DeFi platform launched on the Aptos blockchain, has gone offline following failed fundraising efforts via an initial DEX offering (IDO) and the loss of key partnerships. It later asked for a community vote through a Twitter poll, and the majority of respondents have requested refunds.  Huobi announced that it would delist its native stablecoin HUSD from the exchange and  help its users convert their HUSD into USDT. HUSD then depegged from the U.S. dollar and is down 70% days after the announcement.  Team Finance temporarily paused all activity on its network after suffering a malicious exploit that drained $15.8 million worth of tokens from the protocol. According to blockchain data analytics company Peckshield, the hacker only required 1.76 ETH ($2,700) to execute the attack.  On 1 November, Lightning Network released an ‘emergency hotfix release’ to all LND node operators on its network. This was after a bug caused the LND nodes to stop syncing, preventing them from parsing certain transactions, and is the second critical bug discovered in less than a month. Recent Research Reports     Unleashing the Potential of Web3: A More Viable, Responsible and Inclusive FutureWeb3 promises a new era for the Internet of Value. Blockchain technology is a key enabler of Web3, and could help to bring about a more viable, responsible and inclusive future. NFT Financialisation and Utility: An OverviewAs NFT utility grows, so does the potential to make money from them. Financialisation could help to achieve greater liquidity for and unlock the value of NFTs. NFT Utility: A Multifaceted Overview and Use CasesFor NFTs to increase in value and be deemed viable economic and financial assets, they have to go beyond collectability and aesthetics. One way to tackle this is through utility. Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES DEFI Source: crypto.com
We're past The Ethereum Merge, now we start to think about next Bitcoin halving which may happen quite shortly

The crypto market is ready to move up to the next step

Alex Kuptsikevich Alex Kuptsikevich 02.11.2022 09:40
Market picture The crypto market capitalisation has fallen by around 1% in the past 24 hours to $1.02 trillion, with Bitcoin losing around the same amount, trading at $20.4K. There is a wait-and-see attitude on the part of investors ahead of the Fed meeting, where all eyes are on signals of further actions. Meanwhile, BTCUSD remains above its 50-day average and local highs from a month ago, creating expectations that the market is preparing to go to the higher step after some respite. The following significant levels are around $22.3K (September highs) and $24.3K (July-August highs and the 200-day MA). If the optimists are disappointed, the decline could accelerate markedly below $19.5K (50-day MA) and further below $19K (the global support area of the last five months). For the time being, we are leaning more towards the upside scenario, assuming we see signs of a slowdown in rate hikes from the Fed starting in December. News background According to Santiment, addresses with balances between 100 and 10,000 BTC have accumulated over 45% of the total cryptocurrency supply. HODLers are not getting rid of accumulated coins yet, but they are not resuming buying either, so the BTC exchange rate has stagnated in recent months. SEC head Gary Gensler congratulated the cryptocurrency community on the 14th anniversary of bitcoin's "whitepaper". This prompted a mixed reaction from users. Many of them accused Gensler of trolling and hypocrisy that he doesn't think about the development of the cryptocurrency industry. Binance CEO Changpeng Zhao said he invested $500 million in Twitter to fix flaws hindering the project’s development and the introduction of crypto payments to the social network. According to him, Twitter is poorly monetised and has many technical problems, such as bots. However, despite the shortcomings, the platform has tremendous value.
Trading Volumes In The Cryptocurrency Market Have Soared By 90%

Cryptocurrency whitepaper explained by Binance Academy

Binance Academy Binance Academy 02.11.2022 15:12
TL;DR A cryptocurrency whitepaper enables projects to explain their products and goals to their audiences. Projects can freely choose what kind of information they want to provide, but whitepapers usually include an overview of the project’s goals, tokenomics, products, features, and information about the team. As such, whitepapers can be a good place to start when doing research on a specific project. Introduction A whitepaper summarizes, in a single document, the important information related to a blockchain or cryptocurrency project. It’s a popular way of explaining how a certain project works and what problems it’s aiming to solve. Learn more on Binance.com What is a whitepaper? Generally, a whitepaper is a report or guide that informs its readers about a specific topic or issue. For example, developers can create a whitepaper about their software to educate users on what they are building and why. In the blockchain space, a whitepaper is a document that helps outline the main features and technical specifications of a specific cryptocurrency or blockchain project. Although many whitepapers are focused on a coin or token, they can also be based on different types of projects, such as a decentralized finance (DeFi) platform or a play-to-earn game. A whitepaper may provide an overview of essential data in the form of statistics and diagrams. Also, a whitepaper could explain the governing structure of the project, who’s working on it, and the current and future development plans (i.e., their roadmap). However, there's no official way to make a whitepaper. Each project creates a whitepaper that fits its conditions best. Optimally, the whitepaper should be neutral and informative to clearly depict the project and its goals. Users should always be cautious with whitepapers that present persuasive language and projects that promise too much without giving enough information. Cryptocurrency whitepapers are often thought of as business plans for crypto projects. It's because they provide investors with a comprehensive project overview. But, unlike business plans, whitepapers are usually released before the cryptocurrency launch. So, a whitepaper is often a starting point in which a crypto project lays out the direction and intention of its idea. What information can you find in a whitepaper? Founders make whitepapers to provide an understanding of the goal of their project. For example, Bitcoin's whitepaper says: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." While Ethereum's whitepaper describes its goal in the following way: "The intent of Ethereum is to create an alternative protocol for building decentralized applications." Whitepapers often give an idea about the real-world utility of the crypto project. For example, it could describe how it solves a specific problem or how it can improve certain aspects of our lives. Nevertheless, it's important to stay cautious about the promises. It's not a hard task to create a whitepaper. For example, the Initial Coin Offering (ICO) boom of 2017 gave rise to thousands of tokens with "innovative" ideas, but most projects failed to deliver. As a rule of thumb, remember that just attaching a cryptocurrency to a use case doesn't signify that it will be adopted and used. So, in addition to goals and promises, whitepapers can also show how the cryptocurrency will really work. For example, one of the things it could explain is what kind of consensus mechanism it uses to allow network participants to coordinate in a distributed way. A whitepaper could also give an in-depth look into tokenomics components, such as token burns, token allocations, and incentive mechanisms. Finally, a whitepaper could contain a roadmap informing users about the project timetable so that they would know when to expect the product releases. Whitepapers are often designed to be straightforward so that anyone can read them and get at least the basic idea about the cryptocurrency or blockchain project. However, a good whitepaper will also give technical explanations to confirm the project’s competence. Why are whitepapers important? Whitepapers are important for the crypto ecosystem. Even though there are no standards for creating them, whitepapers have become a framework for researching crypto projects. It's a general recommendation to start crypto research by reading the project's whitepaper. Users can use whitepapers to identify potential red flags or promising projects. In addition, they enable users to monitor if a project is sticking to its original plans and goals. Whitepapers can provide transparency and equality by making the project's key information public. Various parties can benefit from whitepapers. For example, while investors can make better investment decisions using them, developers can decide on their possible participation in the protocol. Similarly, a person interested in the idea can decide more confidently if he wants to join a particular community after reading it. Examples of whitepapers Bitcoin whitepaper The bitcoin whitepaper was published in 2008 by an anonymous individual or group known as Satoshi Nakamoto. The Bitcoin whitepaper is called "Bitcoin: A Peer-to-Peer Electronic Cash System." The whitepaper outlines how people could use Bitcoin as a more efficient form of money outside the traditional banking model. It gives technical explanations of how the Bitcoin network allows users to send digital currency on the peer-to-peer network without intermediaries. The whitepaper also explains how the Bitcoin network is protected against censorship and double-spending attacks. Ethereum whitepaper A young programmer called Vitalik Buterin published the Ethereum whitepaper in 2014. But, even before it, Vitalik proposed the idea of the whitepaper in 2013 in a blog post, "Ethereum: The Ultimate Smart Contract and Decentralized Application Platform." The post presented the idea of a Turing-complete blockchain, which is a type of decentralized computer that can run any application if given enough time and resources. The Ethereum whitepaper explains how its purpose differs from that of Bitcoin. Whereas Bitcoin has a specific function to provide digital peer-to-peer payments, the Ethereum whitepaper presented a platform that would enable developers to build and deploy all kinds of decentralized applications (DApps). This could be, for example, another cryptocurrency or a decentralized lending platform. The whitepaper also explains the technological solutions that made Ethereum possible, such as smart contracts and the Ethereum Virtual Machine. Closing thoughts Optimally, a whitepaper should provide you with a necessary understanding of what the cryptocurrency project plans to do and how. However, whitepapers are not regulated, and practically anyone can write one. So, if you are interested in a certain project, it’s important to analyze their whitepaper carefully, considering the potential red flags and risks. Further reading The Psychology of Market Cycles What Is an NFT? What Is GameFi and How Does It Work? Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment can go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.
Bitcoin Has A Potential For The Breakout Play

It seems yesterday's Fed activity didn't make Bitcoin lost a lot. MoneyGram collabs with Coinme

Alex Kuptsikevich Alex Kuptsikevich 03.11.2022 09:43
Cryptocurrency market capitalisation increased a bit Bitcoin is trading near $20.3K – just 0.5% below levels of a day ago, although the range of fluctuations during this time has been quite significant. The initial reaction to the Fed's official comment sent BTC to $20.8K, but the press conference that followed put double the pressure on the exchange rate, forcing it to touch $20K. The crypto market has shown much more resilience to stock market distresses, adding 0.13% overnight to $1.01 trillion. Some pressure on Bitcoin and Ether, firmly tied to institutional sentiment, is balanced by altcoins shooting up one by one. In addition to Dogecoin doubling in price in just over a week, the rallying coins included Litecoin (+13% over 24h) and Polygon (+15% so far today). Crypto investors are tired of the year-long bear market and seem open to new ideas for a pump. This could signal that the market is sufficiently cheap and rested. UnionBank partners with Metaco Bitcoin's hash rate has set a new high, likely due to big energy players entering the industry, suggested Charles Edwards, founder of Capriole Investments. According to him, the rise in hash rate amid BTC stagnation doesn't look like miners are capitulating. According to Glassnode, the first cryptocurrency's network processing capacity was 272.4 EH/s as of November 1 (smoothed by the 7-day moving average). Stablecoins are increasingly used as collateral in DeFi services. This is according to a report from CoinMarketCap and TokenInsight. Among DeFi-ecosystems, Ethereum continues to dominate by a wide margin. Money transfer service MoneyGram has partnered with exchange Coinme to launch trading and storage options for Bitcoin, Ethereum and Litecoin in its mobile app for US users. UnionBank, the Philippines' largest bank, has announced the pilot launch of Bitcoin and Ethereum trading and storage services. The initiative is implemented in partnership with Swiss custodian Metaco.
The South America Are Looking For Alternatives To The US Currency

Ed Moya (Oanda) talks NFP, oil, crypto and more - 4/11/22

Ed Moya Ed Moya 04.11.2022 22:12
US stocks went on a rollercoaster ride after another strong labor report. Stocks are rallying as Wall Street believes the Fed is on the right to bring inflation down. This nonfarm payrolls report was mostly hot; a strong headline number, upward revisions, and further wage growth. ​ What was surprising was the jump higher with the unemployment rate, but when you factor in we had a surprise drop in September, it doesn’t look so significant. There are a lot of signs that support the labor market will continue to soften here. ​ Service sector hiring has some cracks and that should weaken going forward. This labor report allows Fed Chair Powell to stick to the hawkish script for a while and still support the idea of a downshift in tightening for the next policy meeting. Unless next week’s inflation report is a scorcher, the Fed will opt for a slower rate pace of rate increases. ​ ​ ​ ​ NFP The labor market is slowly weakening here. ​ An impressive NFP headline of 261,000 jobs created in October was also accompanied by an increase in the unemployment rate from 3.5% to 3.7%. ​ Wage growth did not ease up at all and that should keep the Fed rhetoric remaining hawkish. The economy is just starting to feel the Fed’s first round of rate hikes which means they might have to remain hawkish going into the spring. Fed swaps are expecting the policy rate to rise to 5.25% in June and that is the line in the sand for risk appetite. ​ If the next couple of inflation reports are surprisingly hot, risk appetite could see a violent selloff. FX The dollar is getting crushed here as Wall Street is growing confident they finally identified the peak in the terminal rate. ​ It seems markets are pricing in a Fed that will slowly take rates to 5.25% and that has put a key top in the dollar. ​ The dollar is having its worst day since March 2020 and that could continue if next week’s inflation report does not come in scorching hot. ​ Oil The oil market shouldn’t expect a lot of new wells as oil and gas extraction jobs only rose by 400 in October. ​ $100 oil is coming as the US service sector labor market remains robust and on expectations supplies will remain tight. Oil rallied earlier on further speculation that China is about to tweak their pandemic rules. Chinese crude demand has been capped and if that roars back, that alone could send oil prices 5% regardless of global economic slowdown fears. ​ There are too many geopolitical risks on the table that should keep oil’s trajectory higher. ​ If the dollar continues to slide here, oil’s strength could be relentless. Gold Gold prices are pushing higher despite a strong labor market report. Gold’s initial NFP reaction was a spike lower as the two-year Treasury surged to a multi-year high. ​ The initial glance of the NFP report was that both hiring and wages remain hot and that could have the Fed take rates to 5.25%. ​ After Wall Street digested the NFP report, yields and the dollar reversed. ​ The Fed appears to be on the right path for fighting inflation and that will lead to a weaker economy early next year. The long variable lags of Fed tightening has traders convinced they opt for a slower pace of hikes and decide later on when to stop. If next week’s inflation report contains a downward surprise, gold might be able to make a run towards the $1700 level. Crypto Range traders must love crypto. ​ Bitcoin remains anchored above the $20,000 level. ​ Today’s employment report triggered a wave of volatility that ended up being positive for risky assets, which has helped Bitcoin rally above the $21,000 level. ​ A downshift to a slower pace of tightening still seems in the cards for the Fed and that should provide some short-term support for cryptos. ​ ​ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. NFP React: Stocks higher, Dollar crushed, Oil eyes $100, Gold surges, Bitcoin above $21k - MarketPulseMarketPulse
Digital assets weren’t sold in a way stocks were - Weekly Crypto Market Analysis by Geco.one

Digital assets weren’t sold in a way stocks were - Weekly Crypto Market Analysis by Geco.one

Geco One Geco One 07.11.2022 13:38
Bitcoin (BTC) In line with market expectations, the Federal Open Market Operations Committee (FOMC) decided to raise the federal funds rate by another 75 basis points during its November meeting. It is noteworthy that it was the fourth such significant increase in interest rates in a row and the sixth since March this year, proving a monetary policy tightening cycle. Although this decision contributed to the decline in the price of many cryptocurrencies, including Bitcoin, the sell-off observed in the virtual assets market was smaller than that experienced by the US stock market. Considering the expectations that the Fed will reduce the scale of its tightening already during the December meeting, it seems more and more likely that the cryptocurrency winter observed since November 2021 is slowly coming to an end. Investors are currently valuing a 56.8 % chance of an interest rate hike only by 50 bp during the December meeting and a 43.2 % chance for a fifth consecutive interest rate hike by 75 bp. Therefore, it is currently expected that after four consecutive interest rate hikes by 75 bp, the Fed will make two increases of 50 bp in December 2022 and February 2023. each, and then in March, it will raise the federal funds rate only by 25 bp. to 5.00-5.25%, which would be the target for the current tightening cycle. For the following months, interest rates will probably remain unchanged, and perhaps they will be cut for the first time at the end of next year. It, therefore, seems that the current tightening cycle, which was one of the main catalysts for the nearly a year's sell-off in the cryptocurrency market through a reduction in liquidity, is slowly coming to an end, increasing the chances of a rebound and return of this market to the growth path. Before this happens, however, Bitcoin's quotations could fall back to the local line of the upward trend, which is the lower limit observed since the second half of September this year. Parallel growth channel formation, or even up to $ 18,500. This is supported by the supply reaction that appeared on Sunday after the BTC rate reached the upper limit of the channel. However, if nothing unexpected happens in the global economy, it seems less and less likely that the BTC price will drop below 18,000. USD. Ethereum (ETH) Ethereum has been trading inside a highly tight parallel growth channel formation for several days. There are many indications that this system is only a form of a temporary rebound before the next upward impulse towards USD 1,780 or even USD 2,000. However, it is possible that before these increases occur, the ETH rate will first slide to the area of ​​recently defeated resistance (now support), located around USD 1,425 and USD 1,380, respectively. It is worth noting that both of these levels coincide with significant Fibonacci measures - the first with 50% and the second with 61.8% of the range of the previous upward movement - which increases the probability that even if the price of this cryptocurrency slides to them, then there could be a greater demand pressure, which would initiate another upward rebound. Litecoin (LTC) Litecoin prices proved resistant to the Fed's monetary policy, as a result of which they have recently increased by over 51%, breaking several significant resistance levels and reaching the region of USD 73, which is the highest level since May this year. If there is more supply pressure around the currently tested level, the LTC could slide to any of the recently breached levels, i.e. to $ 64.50 or $ 57. The dynamics of the last upward movement may, however, indicate that this is a new impulse, which is more likely that a possible downward movement will turn out to be only a form of correction, after which the quotations of this cryptocurrency will return to the upward path. A permanent break above USD 73.50 could open the door for further appreciation towards another resistance located at USD 96. Solana (SOL) In line with last week's projection, Solana's stock has risen 44% over the past few days, hitting a technical resistance of $ 37.50. As we assumed, there was a slight supply reaction around this level, which formed a pro-bearish engulfing system, signalling a potential rejection of the resistance mentioned, which in turn could naturally drive a downward move towards USD 27 in the near future. Polygon (MATIC) The Polygon (MATIC) cryptocurrency exchange rate has recently surged, overcoming the essential technical resistance of USD 1.03 and reaching USD 1.30 last Saturday, the highest level since April this year. Such a strong appreciation increases the risk of a corrective downward rebound in ki in the near future$ by 1.03 or even $ 0.95. However, it seems highly probable that even if such declines appear here, they will ultimately turn out to be only a form of correction, after which the MATIC price will return to the upward path. A permanent break above $ 1.33 could, in turn, drive a further upward rally towards another resistance around $ 1.70. XRP The XRP rate has been maintained since this year's second half of September in the horizontal trend between the support in the region of USD 0.44 and the resistance around USD 0.54. It seems highly probable that this trend will continue over the next few days and perhaps even weeks. No rule determines the moment of breaking out of consolidation. However, taking into account that this pattern is usually only a correction, from which the market breaks in the direction consistent with the earlier move, it seems more and more likely that the XRP rate will eventually break out of this formation, which in turn could drive further appreciation. Binance Coin (BNB) Looking at the Binance Coin quotes, we will notice that the price of this cryptocurrency has increased by over 40% over the past few days, thus returning to the area of ​​previously defeated support (now resistance) of $ 355. Around this resistance, a supply reaction appeared last weekend, as a result of which we are now observing a re-test of the recently defeated resistance (now support) in the amount of $ 330. If the BNB price drops below the currently tested level, it should soon be prepared for further depreciation towards USD 297. Cardano (ADA) Cardano's quotations have recently returned to the area of ​​the previously defeated upward trend line, which is the lower boundary of the earlier isosceles triangle, from which the cryptocurrency exchange rate was already knocked down at the beginning of October this year. If the Cardado exchange rate rebounds from the resistance being tested in the near future, we could expect it to depreciate again to around USD 0.3850 or even USD 0.33.
On Monday cryptocurrency market fear and greed index amounted to 33

On Monday cryptocurrency market fear and greed index amounted to 33

Kucoin Blog Kucoin Blog 08.11.2022 22:21
Table of Contents Crypto Market Overview Top Altcoin Gainers and Losers Crypto Fear & Greed Index This Week’s News Highlights Notable Events to Watch This Week Bitcoin (BTC/USDT) Technical Analysis Crypto Market Overview Bitcoin (BTC) and Ether (ETH) remained flat despite Fed Chairman Powell’s speech. Meta caused Arweave (AR) to spike by over 30% after announcing a major partnership. Google cloud hints at Solana validations. Lebanese run to cryptocurrency as the economy worsens. This week was a volatile one due to the several Fed activities that were held. The first was the monthly FOMC meeting held on November 1 and 2. All markets stood aloof during this period to listen to the Fed’s view concerning the current quantitative tightening.   While there was a lot of optimism heading into the meeting (and even as the Fed chairman said, “there is the fear they would overdo the tightening”), it was quickly dashed as Jerome Powell called the claims for a Fed Pivot “very premature.” The expected rate hike was 75bps, and the Fed delivered, but even the good jobs report that came out a few days later could not reverse Powell’s speech.   However, despite the news, Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, were unfazed. Bitcoin dropped by only 1% but recovered quickly.   In other news, Web 3 coins soared this last week after Meta platforms announced a partnership with Arweave to archive creators' digital collectibles. Arweave rose by 60% on the announcement, while others like Filecoin and Storj rose by more than 14% and 10%, respectively.     Cryptocurrency Market Heatmap | Source: Coin360   Google Cloud also caused a short spike in the price of Solana after it tagged Solana’s founder on Twitter with the words, “Should we tell our followers the big news?” Solana rose by over 15% on the announcement but went flat after google announced in a subsequent tweet that Google Cloud is running a block-producing @solana validator to participate in and validate the network.   Top Altcoin Gainers and Losers Top Altcoin Gainers Arweave (AR) âž  +39.53% Polygon (Matic) âž  +31.26% Chiliz (CHZ) âž  +27.87%   Top Altcoin Losers Klaytn (KLAY) âž  -18.34% FTX Token (FTX) âž  -12.17% Aptos (APT) âž  -10.38%   Fear & Greed Index at 33, Market Sentiment Bearish The Crypto Fear and Greed Index is still in the fear zone (33), as the Fed meeting showed no sign of a rate hike pause. This is still a positive sign from last month’s extreme fear value of 24. A major thing that can affect the Fear and Greed index this week is the US midterms.     Fear & Greed Index | Source: Alternative   This Week’s Crypto News Highlights The Talks on CBDCs Intensify Chatters from all over the world on CDBC have intensified in recent weeks. The first discussion came from the Reserve Bank of India (RBI), which announced the launching of the digital rupee starting on the first day of November. The pilot project will include the State Bank of India, and several other banks, including the State Bank of India, HDFC bank, Yes Bank, and Union Bank of India, amongst others. The goal of the CBDC launch is to foster transaction efficiency and reduce transaction costs.   Canada is another country that announced it is actively watching CDBC as the next step in its financial system. The North American country released its 2022 Fall Economic Statement that included the nation’s plan for digital currencies. The important part of the paper showed that the Canadian government believes CBDCs are transforming the financial systems, and Canada will need to ‘Keep Pace’ with the growing digital monetization trend.   This week, the third mention of CBDCs came from the Bank for International Settlements, which announced that it is partnering with three central banks – France, Singapore, and Switzerland – to research blockchain technology and CBDCs. The project tagged Project Mariana has been set to a tentative date of mid-2023 for delivering a proof-of-concept.   Mastercard Adds 7 Blockchain Startups to its Crypto Accelerator Continued support for cryptocurrencies has intensified with Mastercard’s crypto accelerator accepting 7 new blockchain startups into its program.   The selection announced on November 3, saw firms like Web3-focused social payments system provider Loot Bolt and the brand-oriented platform Uptop, amongst others, selected for the six-month accelerator.   MasterCard announced that the companies were selected due to their potential in bridging Web 2 and Web 3.   This is the eighth year the Mastercard accelerator will run, and during that period, it has supported over 300 startups, with a few going on to achieve unicorn status.   Lebanon Locals are Turning to Bitcoin, Tether Amidst an Economic Crisis A new analysis from Chainalysis sheds some light on the economic problems in Lebanon. The data, which showed that Lebanon has the second inflow of cryptocurrency in the MENA region, explains how Lebanese residents are leveraging cryptocurrencies to mitigate the bad economic condition of the country.   The country has grown to be a hotbed of crypto mining activities/ Bitcoin as a store of wealth after falling into a financial crisis in 2019. A mix of poor spending decisions and the aftermath of the coronavirus sealed the country's fate, and the nation was listed by World Bank in 2021 as one of the countries to be most severely affected in this century, except there is a major restructuring to its financial system. The two primary ways citizens are leveraging the crypto market include   Mining - The southern part of Lebanon has seen an unusual influx of residents, primarily owing to its cheap electricity. Some residents are purchasing Chinese mining rigs at a discount to start mining. A mix of these two has enabled miners to make a decent profit. Despite this, the government insists crypto mining is the cause of the long-existing electricity problem in the country and pays close attention to mining - both legally and illegally.   Payments with cryptocurrency - Several reports point to the nation's citizens using Bitcoin and stablecoins as a means of exchange, with the payment method gaining the most prominent amongst tourist centers. Many of them are even storing their funds as Bitcoin, instead of Banks, due to the collapse in the banking system and the heightened risk of theft. All these happen even as the nation’s laws prohibit cryptocurrency payments.   Nigeria’s E-Naira Failure was Not what Elites Hoped For Looking back at 1st anniversary of the eNaira, Africa’s first CBDC, the public reception has been underwhelming. Created and launched on high hopes of increasing remittances, fostering cross-border trade, and improving financial inclusion, the eNaira has since received low uptake.   More than a year on, multiple reports confirmed the project was a white elephant project.   According to the nation’s central bank, roughly $50,000 transactions are conducted through the CBDC daily, with 700,000 transactions done in one year. Considering Bitcoin’s daily transaction count of 257,000, it will take Bitcoin three days to match the eNaira’s yearly transaction.   Another noteworthy statistic about the CBDC shows that less than 0.5% (roughly 1 million) of the nation’s population have downloaded the eNaira App. This sharp rejection is a testament to the perception of poor leadership in the west-African country.   Binance Moves to Liquidate FTX Token Holdings Binance CEO Changpeng Zhao stated that he will sell the remaining FTT token holding. He added that this move is a part of his exit plan from FTX.   While the famous CZ did not state how much FTT will be sold, it’s known that Binance received roughly $2.1 billion worth of BUSD and FTT as part of its FTX exit last year.   The CEO of Alameda Research, the parent company to FTX, tweeted at Zhao and proposed a buyout at $22 per token as a way not to greatly impact the markets.   When it comes to money movements, a $583 million transfer (in FTT) has moved to a Binance exchange wallet over the weekend.   Numerous sources state that FTX’s books are not as good as they seem, and that they might hold too many illiquid assets that might trigger a domino effect if one thing goes wrong.   Crypto Calendar: Events to Watch This Week ➺ 7/11/2022 - Finpl NFT Sales Begin ➺7/11/2022 - Splinterlands Town Hall meeting ➺ 8/11/2022 - ErgoPad - Cryptoverse IDO Snapshot. ➺ 11/11/2022 - RHEGIC2 Reward Swap   Bitcoin (BTC/USDT) Technical Analysis Bitcoin continued its upward move this week, reaching a $21,400 price – a seven-week high – but the most intriguing is that it held its $20,000 support well, even after a mixed Fed signal. The asset was also less volatile than the US Stock exchange this week, as the Fed decision had more effect on the Nasdaq and S&P 500 than Bitcoin.     BTC/USDT Chart on the Daily Timeframe | Source: KuCoin   The moving average convergence-divergence (MACD) caused a stir this week as the weekly convergence turned green. Although it is not a standalone indicator, it is often one of the first signs of a bear market bottom. As seen in 2021, when the weekly MACD and 30-day MACD end green above the histogram, there is a high chance for a bull run.   The prices to watch are the $20,400 support and the $21,467 resistance. Did you know that KuCoin offers premium TradingView charts to all its clients? With this, you can step up your Bitcoin technical analysis and easily identify various crypto chart patterns.     Sign up on KuCoin, and start trading today!   Follow us on Twitter >>> https://twitter.com/kucoincom   Join us on Telegram >>> https://t.me/Kucoin_Exchange   Download KuCoin App >>> https://www.kucoin.com/download   Also, Subscribe to our Youtube Channel >>>Listen to 60s Podcast Source: Weekly Crypto Analysis: BTC Remains Undeterred as Fed’s Powell Shakes Markets; FTX & Binance in Highlights| KuCoin
It's not clear we find out the results of mid-term elections immediately. Binance to buy FTX

It's not clear we find out the results of mid-term elections immediately. Binance to buy FTX

Ed Moya Ed Moya 08.11.2022 22:49
US stocks rallied as Americans head to the polls in what is expected to be an election that gives Republicans control of the House. ​ It might take longer than election night to get a final conclusion on the Senate. ​ The Senate is up for grabs as there are five races (Georgia, Pennsylvania, Wisconsin, Nevada, and Arizona) that polls suggest are a toss-up. There is a chance that we won’t find out the Senate result for weeks if the Georgia seat requires a runoff election. ​ ​ ​ 43 million Americans voted early and today’s turnout is expected to be strong as a plethora of issues are motivating Americans to cast their ballot. We might not get all the results tonight but it seems Republicans have a very good shot at gaining control of the House and that could be confirmed early tomorrow morning. At the Save America rally in Vandalia, Ohio, former President Trump announced he will be making a “big announcement” on November 15th. â€‹ It is widely expected that he will launch his 2024 presidential campaign. â€‹ A number of prominent Republicans do not support another Trump ticket, with many preferring Florida Governor Ron DeSantis. ​ It is a long time before Republicans have their candidate but regardless if it is Trump or Desantis, it seems they have a good chance in 2024. ​ ​ FX The dollar got crushed today as a short-covering move accelerated as investors embraced risk appetite ahead of the midterm elections and Thursday’s pivotal inflation report. â€‹ ​ The dollar fell to a six-week low as Treasury yields declined. â€‹ Cryptos take a tumble Cryptos are tumbling after a liquidity crunch for FTX led to their sale to a top competitor. ​ Today is a bad day in crypto. ​ Binance had to step in to save Sam Bankman-Fried’s FTX crypto exchange. ​ SBF has been the white night during this crypto winter and a liquidity crunch for him has triggered a wave of uneasiness across the cryptoverse. ​ Binance will buy FTX.com, which is the non-US unit that generates the lion’s share of revenue. ​ Financial terms were not disclosed. ​ This is a major setback for many investors in cryptos who viewed SBF as a white knight and one of the leaders in the space that was supposed to thrive once we got beyond this crypto winter. ​ Many crypto companies will likely be vulnerable to further selling pressure here given the current macro backdrop but that probably won’t deter a lot of the institutional money that is still coming in or is locked into the space. ​ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Election Day, stocks rally, dollar short-covering, cryptos down on Binance rescue of FTX - MarketPulseMarketPulse
The Recent Rally Of Bitcoin Had Been Capped, The Digital Yuan (eCNY) Has Received Upgrades

Ex-head of MicroStrategy talks Bitcoin and Lebanon, where inflation soars

Alex Kuptsikevich Alex Kuptsikevich 08.11.2022 14:55
In this article Alex Kuptsikevich talks: Prices of digital assets Crypto funds investements Santander More The crypto market has lost over 5% in the last 24 hours, pushing capitalisation back below $1 trillion. The steep fall in FTT affected Bitcoin and Ether and has pulled a significant market spectrum. Bitcoin is now trading at $19.8K, with the most substantial losses coming in the Asian session, filled with algorithmic traders, pushing the price back to $19.4K at one point.     It is noteworthy that a sell-off did not follow the sell-off in the first and second cryptocurrencies in the markets. Once again, we are forced to guess whether crypto reflects the internal risk attitude of the financial markets or whether we have seen a short-term technical sell-off. In the former case, market sentiment will worsen during the day. In the second, BTCUSD will redeem during the day and further confirm the market's reversal to growth.   According to CoinShares, investments in crypto funds declined last week after a slight increase the previous week. Outflows amounted to $16m compared to inflows of $6m a week earlier. Bitcoin investments fell by $13 million, and Ethereum rose by $3 million. Investments in funds that allow shorts on bitcoin fell by $7 million. Investors have shown a lack of enthusiasm over the past eight weeks, CoinShares noted.   Santander may block transactions on cryptocurrency exchanges   Former MicroStrategy head Michael Saylor called bitcoin a "hope" for Lebanon, whose national currency has fallen 96% against the dollar, and inflation has reached triple digits. The Middle Eastern country has been in a deep financial crisis since 2019.   Twitter's new owner, Elon Musk, plans to postpone temporarily or entirely shut down the development of some of the projects announced by the previous administration, including, reportedly, work on a cryptocurrency wallet. The news has hurt Dogecoin, which has been growing in hopes of becoming the social network's digital currency. According to Reuters, UK bank Santander will block transactions on cryptocurrency exchanges in 2023 to protect consumers from fraud. Mining companies are being forced to sell off cryptocurrency mining equipment at a massive discount to cover losses from a falling market, The Wall Street Journal reported.
Ethereum's Shanghai upgrade: public test network to be released by the end of February

Binance to take over other cryptocurrency exchange - FTX. JPMorgan executes a DeFi trade

Crypto.com Accelerate the... Crypto.com Accelerate the... 09.11.2022 10:36
FTX set to be acquired by Binance. Aave votes to deploy on zkSync v2 testnet. GALA crashed as pNetwork was misconfigured. Deribit halts withdrawals post-US$28M hot wallet hack. Weekly DeFi Index This week’s market cap, volume, and volatility indices were all positive at +4.39%, +33.21%, and +120.98%, respectively.         In preparation for its mainnet release, Chainlink announced that its Early Access Eligibility App for Chainlink Staking v0.1 has been launched. Chainlink Staking v0.1 is part of a broader initiative around Chainlink Economics 2.0, and the staking pool will initially be capped at 25 million LINK tokens, with plans to scale up to 75 million LINK over time. Project Spotlight Cronos ID announced the upcoming minting and public launch of 500 million Cronos ID native governance tokens, $CROID. This token will offer extended functional utility such as discounted prices for rare Cronos ID domain names. It also partnered with the Crypto DeFi Wallet, enabling users to send and receive tokens by using their (or their recipients’) human-readable Cronos ID “.cro” domains.  DeFi and NFT analytics platform DexCheck has integrated Cronos into its analytics platform, enabling the tracking of tokens, trades, or individual wallets. Check out the app on DexCheck.         News Highlight On Tuesday, FTX announced that the exchange will sell its non-U.S. business to Binance. This ‘strategic transaction’ was set in motion a day after FTX CEO Sam Bankman-Fried tweeted that the company and its assets were ‘fine’ (the tweet has since been deleted).  Matter Labs’ proposal to deploy Aave on the zkSync 2.0 testnet has been approved, following a unanimous vote by Aave community members. The vote marks the first stage of the decentralised lending protocol’s rollout to a zero-knowledge rollup. A suspicious address minted US$2 billion worth of GALA on the BNB Chain on 3 November. The newly printed GALA tokens were dumped to PancakeSwap and drained the BNB/GALA pool, earning approximately $4.5 million in the process. This was followed by GALA’s price dropping dramatically by 25.6%. Then, some arbitrageurs found the transactions and started buying GALA from PancakeSwap and selling the tokens on Huobi, causing a price crash from $0.04 to $0.0003 on the exchange. GALA Games confirmed that the cross-chain bridge it uses, pNetwork, initiated the minting to safeguard its liquidity pool from vulnerabilities. Banking giant JPMorgan executed its first live DeFi trade on a public blockchain as part of Monetary Authority of Singapore’s (MAS) Project Guardian initiative, which explores ways that financial institutions can leverage asset tokenisation and DeFi protocols.  U.S. dollar-pegged stablecoin Magic Internet Money (MIM) briefly dropped to nearly $0.95 on Tuesday due to the FTT token tanking. FTX’s native token FTT accounts for 33% of MIM’s underlying collateral, which saw a drop from $22 to $5 within 24 hours early this week.    Crypto exchange Deribit halted withdrawals after suffering from a security breach, with hackers taking away nearly $28 million. Deribit confirmed the attack has now been isolated and quarantined to its BTC, ETH, and USDC hot wallets, and developers have control of the exploit. Recent Research Reports     Research Roundup Newsletter [October 2022]In this issue, we cover our recent Bloomberg Terminal integration, special research report for the Singapore Fintech Festival, and feature articles on NFT financialisation and utility. NFT Financialisation and Utility: An OverviewAs NFT utility grows, so does the potential to make money from them. Financialisation could help to achieve greater liquidity for and unlock the value of NFTs. NFT Utility: A Multifaceted Overview and Use CasesFor NFTs to increase in value and be deemed viable economic and financial assets, they have to go beyond collectability and aesthetics. One way to tackle this is through utility. Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES DEFI LAYER 2 Source: crypto.com
The Bitcoin Price Movement Is In The Bullish Channel

The leading cryptocurrency reached a record-breaking price. Binance with a huge acquisition!

Alex Kuptsikevich Alex Kuptsikevich 09.11.2022 13:47
The cryptocurrency market lost another 7.7% to $900B over the past 24 hours, returning capitalisation to the area of September-October lows; at the peak of the decline, it was approaching the current market cycle lows set in June. Leading altcoins in the top 10 fell from 5.5% (BNB) to 22.9% (Dogecoin).   Dozen of hours ago, Bitcoin price touched $17.1K breaking some records At its worst moment of market capitulation on Tuesday night, Bitcoin was down to $17.1K, renewing 2-year lows. Many potential long-term investors in cryptocurrencies are now trying to assess whether we saw a final surrender yesterday, followed by a reversal. So far, we have doubts that the most worrisome part is behind us.   BTC's sharp decline earlier in the day came amid an abrupt collapse in one of the largest crypto exchanges FTX's own FTT token, which now trades at $4.6, having lost over 80% from $25.6 on Saturday. And all this on high trading volumes.   Another victim of the latest crypto chaos was Solana coin, which had lost 55% since Saturday before the crypto market went wild.   Did you know that FTX is (yet) no.3 largest cryptocurrency exchange?   On Tuesday evening, it was reported that Binance had agreed to acquire cryptocurrency exchange FTX amid investor panic and a liquidity crisis at what was once the third-largest cryptocurrency exchange. The news failed to stem capital outflows, and the cryptocurrency sell-off continued, albeit calmer. Despite some resolution, the news did not trigger a market recovery. Some experts say what has happened threatens the crypto market with significant disruption. Other observers point out that the collapse of the crypto market occurred on the day of the US congressional elections, which could have triggered selling in an environment of uncertainty, which is always bad for risky assets such as cryptocurrencies.
Bankman-Fried's Attorneys Had Requested That He Be Released On $250,000 Bail

"Liquidity crisis" of FTX definitely doesn't play in favour of the digital assets market

Kenny Fisher Kenny Fisher 09.11.2022 23:30
US stocks declined as the midterm election results are still not clear, but still seems to favor a divided government outcome. ​ Wall Street is having an election hangover that most likely saw an end to Biden’s blue wave. ​ Traders can now go back focusing on everything with inflation. ​ Votes are still being counted and the Georgia Senate race will go to a runoff next month. ​ Republicans look like they will get the job done with taking control of the House, but their majority lead will be a small one. What is complicating today’s mood on Wall Street is that the liquidity crisis for FTX is spilling over into other cryptos. ​ FTX was viewed as one of the so-called safe crypto players and their demise is raising concerns that other key crypto companies could be vulnerable here. The Solana token has been in freefall as SBF’s trading firm, Alameda Research, was an early supporter of the Solana project. China Producer prices in China have fallen into negative territory for the first time in almost two years as both China’s domestic demand is weak and their key trading partners are entering recession territory. China is also continuing to struggle with COVID as Guangzhou has to return to mass testing. ​ Five of the 11 districts will have mass testing and that is leading to concerns that a relaxation in covid protocols might be distant. Oil Crude prices tumbled on concerns that China is losing this battle with COVID and after the EIA report showed stockpiles rose to the highest levels since July 2021. ​ The weekly oil inventory data showed gasoline demand bounced back and that should still support a moderating demand outlook. ​ Production jumped higher and above the 12 million bpd level, but no one is thinking this will continue. ​ Supplies are still mostly tight and that should help limit the selling pressure that is hitting crude prices. Oil’s weakness could have been much more significant if Republicans had a stronger performance last night. ​ A strong red wave by Republicans would have meant greater pressure to ramp up production and help make the US energy independent. Gold Gold prices are softening ahead of Thursday’s US inflation report. Bullion traders have seen this movie before; a rally before a key inflation report just to see strong selling pressure return after inflation shows it’s not ready to moderate that much. ​ Gold could consolidate around the $1700 level but if the strong dollar trade gains traction leading up to CPI day, selling pressure could target the $1685 region. Cryptos Sam Bankman-Fried was supposed to be bulletproof. SBF was crypto’s ‘White Knight’ and the implosion of FTX means no one is safe. The stabilization period for crypto is over and now we wait to see if other contagion risks emerge. Binance was expected to save the day and buy FTX.com, but the deal appears to have hit a roadblock. CoinDesk reported that Binance was unhappy in the due diligence stage after reviewing FTX’s internal data and loan commitments. Cryptos are under intense pressure as contagion risks remain elevated from the FTX liquidity crisis. No one wants to touch anything that has ties with FTX and that is troubling news. No one is talking about buying this crypto dip until we see FTX secure funding and exhaustion happens with the selling of other tokens with ties to it. ​ Bitcoin plunged below the $16,000 level as the crypto rout worsens. This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. US Close: Election Hangover, China inflation and lockdown hopes, Oil drops, Gold rally stalls, Crypto Turmoil - MarketPulseMarketPulse
Age Is The Dominant Factor In Cryptocurrency Investing

Among digital assets, Solana was one of the top losers, falling by almost 50% as FTX CEO's Alameda Research held loads of tokens

Alex Kuptsikevich Alex Kuptsikevich 10.11.2022 10:39
Major digital assets Bitcoin rewrote two-year lows on Thursday morning near $15,550, losing more than 27% from Saturday's local highs. CoinMarketCap estimates the total capitalisation of the crypto market to be at 839bn, down 6.7% from levels 24 hours ago and 21% below Saturday's peaks. Ethereum is now a third cheaper than levels at the end of last week, and its sell-off started noticeably from the 200-day moving average, which had previously acted as resistance in April. Near the $1070 mark, there is a noticeable strengthening of buying, as in July. The crypto market is now in a panic liquidation phase, occurring amid a raid on cryptocurrencies, which can be compared to the bank run in the early 20th century. The fundamental difference is that banking was already an established business back then, although regulation was in its infancy. The current crisis may be the catalyst for crypto regulation. If we look at the situation from a market speculator's perspective, we are in the process of capitulation. Such moments often precede long-term reversals. But it is worth realising that despite Bitcoin's 5% rebound from the start of the day and the double-digit rise in yesterday's casualties, the sell-off may not yet be over. In our view, the crypto market is now in the same phase where it was in late 2018 when the bulk of the decline was behind it, but the best speculative buying moment was still a year away. Nickel Digital Asset Management's survey and Solana price free fall The prolonged, almost 5-month sideways slide has relaxed market participants. The sharp fall in crypto assets took traders by surprise. Investors have been forced to sell off cryptocurrencies to cover losses on loans secured against them due to margin calls. The FTX exchange itself, along with Alameda, may also have been selling off assets. The most significant drop in the top-100 crypto was Solana, which collapsed by 49%, as one of the largest holders of SOL was Alameda Research, the investment company of FTX exchange head Sam Bankman-Fried. Marathon Digital CEO Fred Thiel said his mining firm was the second-largest public company in the world (11,300 BTC) in terms of bitcoins stored, thanks to its retention of mined BTC. MicroStrategy remains the leader, with around 130,000 BTC stored in its wallets. According to a survey by Nickel Digital Asset Management, 92% of professional investors are optimistic about the outlook for the cryptocurrency market, despite its decline.
The South America Are Looking For Alternatives To The US Currency

Dollar isn't that strong at the moment, if inflation persists to go down, Oanda's analyst seems to hint at the pit of stocks prices

Ed Moya Ed Moya 10.11.2022 21:29
This inflation report was a nice surprise. ​ Inflation has been very slow to come down, but this report gives up hope that this deceleration with pricing pressures might bring back hopes of a soft landing. The headline reading came in lower-than-expected, but most traders were focused with the month-over-month decline with core prices. ​ If this downward trajectory for inflation holds, then you can make a strong case that the bottom is in place for US equities. US stocks are rallying as Wall Street finally sees light at the end of the Fed’s tightening cycle tunnel. ​ This cool inflation report helped stocks post their best trading day in two years. ​ Treasury yields are in freefall, the dollar is tanking, and practically every risky asset is rejoicing over this inflation report. ​ ​ Inflation ​ ​ ​  Inflation has peaked but don’t hold your breath waiting for it to get to target. Inflation is cooling after the core reading only posted a 0.3% monthly increase. ​ The headline reading dropped more than expected to 7.7% from a year ago, which is noticeably better than the peak reading from June of 9.1%. Inflation almost always proves to be stickier, so traders should not be surprised if the descent in pricing pressures takes a little while longer. Good prices have been coming down and that was supported by lower readings from cars, apparel, and energy services. ​ Wall Street is closely watching shelter prices, which rose 0.8%, the most since 1990. ​ There was some optimism with housing affordability as the monthly gains slowed for rents. ​ Shelter prices always take the longest to come down, so investors will expect this key contributor to core PCE to remain hot for another quarter. ​ This inflation was a good sign that the Fed is on the right path to winning this war with inflation, but there will still be a lot of variables thrown its way over the next couple of quarters. ​ The Fed could easily bring rates to 5.00% and if inflation proves to be stickier, it could be as high as 5.50%. ​ FX King dollar has left the building after a soft inflation report cemented the Fed’s downshift to a slower pace of tightening and revived hopes of a soft landing. The price reaction to this inflation report was a bit excessive but could be justified if the next couple of inflation reports are just as cool. ​ ​ ​ ​ Cryptos A dark crypto period was supposed to begin following the FTX debacle, but a cooler-than-expected inflation report gave every risky asset a massive boost. ​ FTX contagion risks remain elevated and while today’s broad-based crypto rally is rather impressive with bitcoin rising over 10% and ethereum surging by 16%, investment into cryptocurrencies will likely struggle here as too many key institutional investors and crypto companies have money tied up with the bankruptcy bound exchange. ​ Until we see which players were impacted by FTX and if we see other exchanges vulnerable to a liquidity crunch, any crypto rebound might be faded. More details about the actions of FTX will lead to harsher regulatory guidelines for all crypto exchanges. ​ Reportedly FTX used customer assets for risky trades, which means it seems unlikely anyone will want to rescue this company. ​ ​ ​ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Inflation cools, stocks post best day in two years, bye-bye king dollar, FTX debacle, cryptos rally on soft CPI - MarketPulseMarketPulse
The US Data Did Not Work Against The Dollar In All Cases

The remainder of the earnings season looks outstanding. Midterm elections are on the way, FTX faces headwinds and Nvidia, Walmart, Cisco are yet to release their results

Conotoxia Comments Conotoxia Comments 10.11.2022 21:52
As we slowly approach the end of the results season, we found ourselves with elections for the Senate and House of Representatives in the United States, after which we would find out whether Joe Biden's party would retain its majority in those chambers. In addition, we encountered a slump in the cryptocurrency market caused by the problems of the FTX exchange. Macroeconomic data This week it seems that we were able to relax relatively after last week's FOMC decision to raise interest rates in the United States and the announced use of all means by the Fed to choke off inflation. On Wednesday, we learned of the change in U.S. crude oil inventories, which rose by 3.25 million barrels (1.36 million barrels were expected) compared to the last period, in which they declined by 3.115 million barrels. We learned the results of the CPI inflation rate, which amounted to 7.7% y/y. (forecast 8 percent y/y). It seems that inflation surprises for another month in a row, falling, which could be perceived as a positive signal for the markets. Elections for the Senate and House of Representatives in the United States were held on Tuesday. The vote counting is still underway, but Republicans are in the lead in both chambers. Stock market On Monday, we were able to learn the results of gaming giants Activision Blizzard (Blizzard) and Take-Two (TakeTwo), among others. The former surprised positively, reporting earnings per share EPS of 0.68 (forecast 0.51). The second posted a loss per share EPS of -1.54 (forecast 1.38), in addition to reporting lower revenue than expected. Source: MT5, Blizzard, Daily On Tuesday, we learned the results of media giant Walt Disney (Disney), which reported a decline in earnings per share EPS to 0.3 (forecast 0.59). It seems that the entertainment industry is not doing well, which could support the thesis of the current economic slowdown. Today we were also able to learn how the medical industry has performed recently. Among other things, we learned about reports from the maker of medications and vaccines AstraZeneca (AstraZeneca), which showed earnings per share more than doubled relative to expectations. Medical instrument and machine manufacturer Becton Dickinson (BDickinson) showed earnings per share of 1.99, in line with expectations, on increased revenues. Elon Musk appears to be having problems with his workforce after taking over Twitter. After massive layoffs at the company, we could learn from the media about mistakes in this aspect and the dismissal of valuable employees, whom the billionaire seems to be trying to recruit back. Currency and cryptocurrency market After the publication of inflation from the US, the EUR/USD exchange rate broke out above parity and reached around 1.016 at its peak. It seems that the market needs to update its valuation when it comes to the announced US interest rate hikes, which may put pressure on the USD. Source: MT5, EURUSD, Daily Blood has been shed in the cryptocurrency market. After the largest crypto exchange Binance announced the sale of the FTT token (FTTUSD.p) belonging to the third largest FTX exchange, the price of the cryptocurrency fell from $26 to $2.7 (89 percent). This situation revealed the problems behind this exchange. This seems to have led to a massive outflow of capital from the virtual money market, as we could see from the largest of them. Bitcoin fell by more than 20 percent during this period, and the price of the second largest cryptocurrency ETH fell by about 28 percent. Source: MT5, FTTUSD.p, Daily What's in store for us next week? On Monday we would learn the GDP reading in the Cherry Blossom country. The current quarter-on-quarter forecast is for growth of 0.3 percent (previously 0.9 percent). China's reported year-on-year change in industrial production may seem key. The forecast, according to analysts, is for an increase of 5.2 percent (previously 6.3 percent). On Tuesday, we'll learn the results of Germany's ZEW economic sentiment index, which recently reached -59.2 points, where values below zero signify deteriorating economic conditions. On Thursday, we would find out how much inflation in the Eurozone was (forecast at 10.7 percent). Among the key Q3 earnings reports it seems we could count Monday's results from the largest retailer in the United States, Walmart (Walmart). On Tuesday, graphics card giant Nvidia (Nvidia) would present its report, along with one of the largest digital communications technology conglomerates Cisco (Cisco).Grzegorz Dróżdż, Junior Market Analyst of Conotoxia Ltd. (Conotoxia investment service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75,21% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Read the article on Conotoxia.com
Bitcoin Has A Sign Of The Sideways Regime

One of the top digital assets exchanges has crashed, but JPMorgan seems to see the other side of the coin

Alex Kuptsikevich Alex Kuptsikevich 14.11.2022 13:02
Bitcoin is trading just below 16K by the start of active European trading on Monday, losing 23.6% to levels of seven days ago. Ethereum collapsed 25% to $1190. Other top altcoins in the top 10 fell from 20% (BNB) to 29.6% (XRP). The total capitalisation of the crypto market, according to CoinMarketCap, fell 27% over the week to $757bn, to its lowest level since December 2020. Bitcoin and the overall crypto market collapsed to two-year lows last week amid the bankruptcy of cryptocurrency exchange FTX and related companies. We continue to compare what is happening to the banking crises of the early 20th century, which led to the formation of modern securities market regulation with more transparency for investors but less anonymity. Bitcoin was down to $15.8K by Monday morning, repeating lows set from Wednesday to Thursday. This is a timid attempt by speculators to form a 'double bottom', a reversing pattern in tech analysis. But we also draw attention to the impressive selling hitting the crypto market on bounces from increasingly lower highs. This behaviour still indicates a huge interest in selling, creating risks for a new, deeper downside slippage. This could be the $12-14K range in a reduced liquidity environment. The collapse of FTX is likely to cause more reputational damage to second-order altcoins, pushing back the new alt-season for some time. However, the top two dozen cryptocurrencies with working projects remain a good long-term bet for a diversified crypto portfolio. Changpeng Zhao, CEO of Binance talks probable crash of other crypto companies According to Glassnode, the share of profitable bitcoin addresses online has fallen to 50% - the lowest since March 2020. Short-term investors who have held BTC for less than six months have once again capitulated. Miners were also part of the reset, data from the CryptoQuant platform shows. Long-term investors, who now control up to 35.4% of the total BTC supply, also suffered significant losses. The current situation in the cryptocurrency industry echoes the 2008 financial crisis, and more companies could collapse in the coming weeks, warned Binance CEO, Changpeng Zhao. He said that the market has yet to feel the effects of the crisis around FTX. JPMorgan believes the collapse of FTX will help the cryptocurrency industry recover and prompt regulators to speed up regulation of the sector.
Craig Erlam and Jonny Hart talk UK Autumn Statement and more

The cable's performance is outstanding indeed. XTB's Walid Koudmani highlights huge, 6% percent gain

Walid Koudmani Walid Koudmani 14.11.2022 13:37
Crypto markets attempt to recover despite widespread panic   The panic surrounding the crypto market continues this week after further developments regarding the FTX situation led to a widespread uncertainty involving the whole sector with many now questioning the safety of other major exchanges and defi protocols. Many large institutions rushed to reassure their customers, investors and market as a whole of their financial positions after major doubts emerged following the FTX collapse. Understandably, the Crypto fear and greed index is signaling levels of extreme fear as a large outflux of coins and cash from exchanges is threatening the stability of the ecosystem even further. Major price swings, spiky volatility and projects approaching collapse are all factors causing an outflow of capital from the ecosystem as the overall market cap hovers around $844 billion while major crypto currencies like Bitcoin and Ethereum attempt to hold above their key supports. While there is a high potential for unexpected developments and high volatility, some investors may take the fact that BTC and ETH stabilized slightly as a reassuring sign, at least in the short term. On the other hand, confidence in the crypto industry is likely hovering around historic lows as many who may have been supporters have begun to doubt their conviction as they see companies that may have seemed too big to fail crumble almost overnight leaving investors and customers to deal with the aftermath.    Pound pulls back from highest level since August   The pound has managed to pull off an impressive recovery since the beginning of November with the GBPUSD pair rising over 6% and reaching a high of 1.185, a level not seen since the end of August. This came as the USD started to retreat following macroeconomic reports supporting a slightly less hawkish approach by the FED and as the recently appointed British PM attempted to calm investor sentiment after his predecessor. Today we can see a fairly balanced situation in the FX market with both USD and GBP performing strongly and with the pair pulling back slightly as it trades around 1.177. Many will be focused on the G20 taking place this week as progress on the geopolitical front may also help with improving sentiment while Sunak remains under pressure with regards to taxes, cuts and migrants. From a technical perspective, the GBPUSD pair is trading at an interesting price reaction area after encountering resistance and pulling back almost 1% and breaking below the 21SMA on the hourly chart. As the sentiment surrounding the pound remains uncertain, any major developments may cause large volatility spikes that could cause a breakout from the short term trading range.
Binance Academy summarise year 2022 featuring The Merge, FTX and more

Binance Academy: Venus Protocol - what is it? How does it work?

Binance Academy Binance Academy 14.11.2022 14:20
TL;DR Venus Protocol is an algorithm-based money market system on the BNB Chain. It aims to allow users to lend and borrow cryptocurrency in a decentralized and secure way. The protocol is permissionless, so anyone can start using it by connecting crypto wallets like MetaMask. Venus Protocol's community owns and controls the protocol through its native governance token, XVS, which can be staked in the Venus Protocol Vault to earn token rewards. Introduction Decentralized finance (DeFi) has begun to offer an increasing number of services typically associated with traditional finance. With Venus Protocol, users can permissionlessly lend or borrow from a pool of assets, and suppliers of collateral can benefit from their passive funds. However, instead of a centralized player handling transactions, the protocol automates the process using technologies such as smart contracts. Learn more on Binance.com What is Venus Protocol and how does it work? Venus Protocol is an algorithmic money market and synthetic stablecoin protocol. Traditionally, the money market is an essential part of the economy that deals with short-term loan needs. Now, however, Venus is bringing decentralized finance (DeFi) lending and borrowing onto the BNB chain. It also allows collateral suppliers to mint the platform's native synthetic stablecoins (VAI) by over-collateralizing positions. Venus Protocol is a fork of Compound and MakerDAO. Both are Ethereum-based, with the first being a money market protocol and the second, a stablecoin minting protocol. Venus integrates these functions into one, allowing users to utilize the same collateral within one ecosystem, regardless of which function they use. You can think of the Venus Protocol as a permissionless lending environment. Firstly, it allows BNB Chain users with idle cryptocurrency to supply collateral to the network. Secondly, users who need more can borrow by pledging over-collateralized cryptocurrency. Lenders then receive compounded annual interest rates, while borrowers pay interest on their respective loans. The interest rates for lending and borrowing are set by the protocol in a curve yield that varies based on utilization. These rates are automated according to the demands of the specific market, such as BNB or ETH. However, the protocol’s governance process also sets minimum and maximum interest rate levels. Synthetic stablecoin minting takes place using vTokens, from the collateral users provide to the Venus Protocol. vTokens represent deposited collateral — for example, users receive vUSDT for supplying USDT, which they can later redeem for the underlying collateral. Users can also borrow up to 50% of the collateral value they have on the protocol from their vTokens to mint VAI. Venus Protocol determines stablecoin interest rates differently from how it does lending and borrowing interest rates. The interest rates for minting are fixed and only the protocol’s governance process is allowed to lower and raise these rates. The history of Venus Protocol Venus Protocol was founded by a project development team from global cryptocurrency credit card issuer Swipe, with Venus (XVS) launching in 2020. From the beginning, it aimed to bridge the gap between traditional finance and DeFi on the BNB Chain and provide users with an alternative application free from the issues they’d experienced on Ethereum. Though Swipe supported the development of the Venus Protocol, there were no XVS token pre-mines for developers, or founders. As such, XVS holders have complete control over the protocol and token. Venus Protocol redefines its rules according to community preferences. For example, the Venus V2 upgrade included higher VAI liquidation penalties. It also introduced fees for VAI minting and platform withdrawals, both of which were added to the Venus Reserves Treasury. Additionally, the upgrade included an airdrop of the native Venus Reward Token (VRT) to current XVS holders as a reward. What is possible on Venus Protocol? Venus Protocol enables users to permissionlessly lend and borrow from a pool of assets. Users can also mint stablecoins (VAI) with over-collateralized positions and participate in the protocol's governance. Lending Users can lend and earn changing yield on the assets they supply. Venus Protocol creates pools of these loaned cryptocurrencies using a smart contract and periodically distributes vTokens to them. This way, the protocol unlocks unused value that is already on the BNB Chain but doesn't have a lending market like Bitcoin and Litecoin do. Borrowing Venus Protocol utilizes an over-collateralized loan system that requires borrowers to pledge collateral before borrowing. For example, if Ethereum has a collateral value of 50%, users can borrow up to 50% of the value of their own ETH. They can then have a say in the collateral ratio through the protocol’s governance process. However, according to Venus Protocol’s white paper, the collateral value is typically around 40% to 75%. Users must exercise caution because if the collateral value falls too low, their position will be liquidated.  Minting stablecoins The minting and redemption of the synthetic stablecoin VAI is fixed at 1 USD, though its price can still fluctuate according to the supply and demand.  Venus Protocol users can mint the stablecoin using remaining collateral from previous vToken deposits. Furthermore, anyone can mint stablecoins without central authorities and use newly minted stablecoins for purposes such as earning yield on other DeFi projects. Governance Users can also influence the future of the Venus Protocol. The protocol is completely controlled by the community through its governance token XVS, which is a BEP-20 token that can be used for voting. Users can vote on a number of protocol-related issues, including improvements, adding new tokens to the protocol, adjusting interest rates, and reserving distribution schedule delegations. Venus Protocol also plans to build a product called Venus Vault that will enable users to lock governance tokens to improve the protocol’s anti-risk ability and distribute staking rewards. What makes Venus Protocol unique? Venus Protocol helps to bring common financial lending services to blockchain-based decentralized protocols, though it is not the first to do so — there are Ethereum-based DeFi applications with assets worth billions of dollars locked into them. However, these applications have their pain points, such as high costs, low network speed, and a lack of cryptocurrencies from other blockchains (e.g., XRP and Litecoin). Venus Protocol differs from many other money market protocols in that it enables the use of supplied collateral for not only borrowing, but also for minting stablecoins. In addition, users can earn yield from minted tokens, as opposed to other protocols that lock such tokens up in smart contracts, with no benefits from underlying assets. Venus Protocol eliminates the need to remove one’s own assets from a money market to mint stablecoins. Unlike many prominent stablecoins, Venus Protocol’s synthetic stablecoins are not backed by traditional financial assets or fiat but by a basket of other cryptocurrencies. Moreover, BNB Chain makes transactions fast and low-cost while providing a network of wrapped tokens and liquidity.   Closing thoughts Venus Protocol combines the money market and stablecoin generation within the same protocol, which can benefit the crypto ecosystem by unlocking collateral. Furthermore, BNB Chain's speed and low transaction costs open these financial products to anyone who owns a cryptocurrency wallet. Now, people worldwide can borrow against, earn interest on, and supply collateral, as well as mint stablecoins on demand. Further reading What Is Qtum (QTUM)? What Is Band Protocol (BAND)? What Is NEXO (NEXO)? What Is BNB?
Changpeng Zhao's (Binance) announcement makes the leading cryptocurrency price soar

Changpeng Zhao's (Binance) announcement makes the leading cryptocurrency price soar

FXStreet News FXStreet News 14.11.2022 15:58
Bitcoin price rallied 5% within an hour following Binance CEO Changpeng Zhao’s announcement to support crypto projects with a recovery fund. CZ wants to revive projects hit by a liquidity crisis post FTX-Alameda collapse. Analysts predict a short-term recovery in Bitcoin price with more downside from a macro outlook should the current support levels give way. Binance CEO Changpeng Zhao’s (CZ) announcement of his plan to rescue crypto projects hit by the recent liquidity crisis triggered a recovery in Bitcoin. The largest asset by market capitalization rallied 5% within an hour of CZ’s announcement. Analysts remain bullish on BTC and particularly decentralized exchange tokens and related altcoins and expect a spike in buying pressure in today’s US trading session. Bitcoin price begins recovery after Binance’s announcement Bitcoin price yielded 21% losses for holders over the past week following the collapse of FTX exchange and sister trading firm Alameda Research as investor confidence hit rock bottom. BTC crumbled under rising selling pressure from traders lining up to exit the risk asset after FTX’s bankruptcy filing. Binance CEO Changpeng Zhao announced his plan to put together an “Industry Recovery Fund,” and offer a second chance to projects hit by a liquidity crisis. In response to the news of the announcement, prices of Bitcoin, Ethereum and other altcoins in the top 30 recovered 5% within an hour. Bitcoin price rallied from its 24-hour low of $15,906 to a high of $16,580. This move fueled bullish sentiment amongst BTC holders after the recent run of negative headlines. Bitcoin price could attempt further recovery as CZ unveils a plan to rescue crypto projects. Traders are betting on Bitcoin price rally Nearly 71% of all accounts with an open position in Bitcoin on Binance Futures exchange are betting on a BTC price rally. This is an affirmation of the fresh bullish sentiment among traders as Binance paves the road for crypto recovery. Binance Futures long/short ratio After its lowest weekly close in two years, Bitcoin price is ready for a recovery. Elon Musk, CEO of Tesla tweeted that Bitcoin will make it, but it might be a long winter. Bullish affirmation from the self-proclaimed Dogefather and crypto proponent Musk and a plan for recovery from Binance CEO CZ have lent a bullish start to the week before the New York trading session opens. RektCapital, crypto analyst and trader argues Bitcoin price is currently down 75% from its all-time high. In previous bear markets, the retracement has averaged around 84.5%. Thus, by historical standards there isn’t much downside left to go, and Bitcoin price could therefore begin its steady climb in the short-term. Bitcoin price could retest $17,251 Akash Girimath, technical analyst at FXStreet evaluated the BTC/USDT perpetual futures chart and argued that Bitcoin price could witness an 8% upswing and retest the inefficiency known as the Fair Value Gap (FVG) at $17,251. BTCUSDT perpetual futures chart If Bitcoin price manages to flip the hurdle at $17,593, it would invalidate the bearish bias and extend its gains from $17,251 to $19,500.
ByBit talks trading bots. What are they? How can they help?

Elon Musk talks "crypto winter" and survival of the leading cryptocurrency. Janet Yellen (US Treasury Secretary) comments on regulating crypto industry

Alex Kuptsikevich Alex Kuptsikevich 15.11.2022 10:46
Market picture Bitcoin is trading in the $16.7K area (+1.6% in 24 hours), a significant consolidation area of the past five days. It was helped back to these levels by the news of Binance launching a fund to help cryptocurrency companies experiencing temporary liquidity difficulties. The information has stopped a wave of selloffs but has yet to be able to turn the market around. On the intraday charts of BTCUSD, there is a notable resistance area near the current price. In Ethereum, the situation is very similar, and the price fails to develop a growth above $1250 (+2.2% in 24 hours). The two most popular cryptocurrencies have the largest share of institutional investors, whose confidence in the sector has been eroded recently. It is their professional unloading into the market that we are now seeing on the charts. Read next: Fed may delay the rate of its interest rate hiking cycle, Musk’s Tesla lawsuit to hit court, U.S stock market rally| FXMAG.COM The entire crypto market is more enthusiastic, adding 4.3% in capitalisation overnight to $841B, according to CoinMarketCap estimates. According to CoinShares, investments in cryptocurrencies rose last week to their highest in three months. Inflows of $42M compared to outflows of $16M a week earlier. Bitcoin investments rose by $19M, and Ethereum by $3M. Investments in funds that allow shorts on bitcoin increased by $13M. Altcoin basket products attracted the highest since June by $8M. Investors saw the FTX collapse as an investment opportunity, CoinShares noted. According to Glassnode, BTC withdrawals from cryptocurrency exchanges reached an all-time high of 106,000 BTC for the month. Previously, the market has only experienced similar BTC outflows three times in history. Zhao and Saylor suggest cold wallets Binance CEO Changpeng Zhao and MicroStrategy founder Michael Saylor urged users to store assets in cold wallets, especially during "market turbulence". According to Bloomberg, FTX customers are unlikely to get their funds back. Elon Musk said the crypto winter could be long, but bitcoin would eventually survive. The collapse of FTX showed that the cryptocurrency industry needs "prudent regulation", US Treasury Secretary Janet Yellen said. The consequences of the incident could have been much worse if the crypto market had been more connected to the traditional financial system, she said.
The Analysis Of Off-Chain Metrics Allows Cryptocurrency Supporters To Count On A Reversal

According to Crypto Fund Research, cryptocurrency funds' losses may amount to $5bn because of FTX crash

Alex Kuptsikevich Alex Kuptsikevich 16.11.2022 15:05
Market picture Bitcoin is trading at around $16.8K with no significant changes overnight and in the consolidation area of the last five days. The panic sell-off appears to be over, with key stablecoins regaining their pegs. The market capitalisation stands at $847 billion (+0.2% overnight). Bitcoin is consolidating near the 23.6% retracement of the 5-10 November collapse. Failure to go higher indicates heavy selling pressure, suggesting a higher chance of losing 1k in value than going up by the same amount. This pattern suggests that if it fails under $15.6K (the low of the drop), the next target for the bears will be the 12K area. This is also where the 2019 cyclical highs and the August 2020 pivot area are located. News background The decline in HODLer balances does not indicate a widespread loss of confidence in bitcoin's prospects, Glassnode notes. However, miners have sold off almost 10% of their bitcoin holdings amid the collapse of FTX. Initial estimates by Crypto Fund Research suggest that cryptocurrency funds' losses due to the FTX bankruptcy could be as much as $5 billion, but final estimates could be much higher. The FTX bankruptcy led to a panic among crypto investors and a massive withdrawal of assets from centralised exchanges. Collectively, exchanges have lost more than $5bn in the past week. Binance CEO Changpeng Zhao and MicroStrategy founder Michael Saylor urged users to keep assets in cold wallets, especially during "market turbulence". Cryptocurrency holders are predominantly doing so, with hardware crypto-wallet providers Trezor and Ledger reporting multiple growths on their products. According to Citigroup, trading volume on decentralised exchanges soared 30% in November. Changpeng Zhao, head of Binance, proposed an association to bring together major players in the crypto industry to work with policymakers and regulators. He announced six critical requirements for centralised exchanges. The Bank for International Settlements (BIS) conducted a study on the motives of cryptocurrency investors. As it turned out, the main reason for investing in digital assets was lust for profit rather than distrust of traditional banks and government institutions.
Bitcoin Is Showing The Potential For The Further Downside Rotation

BlockFi may file for bankruptcy. According to Coinbase, cryptocurrency winter may last longer

Alex Kuptsikevich Alex Kuptsikevich 17.11.2022 11:29
Cryptocurrency Fear and Greed Index shows "extreme fear" Bitcoin moved between $16.3K and $17.0K on Wednesday and is changing hands Thursday morning closer to the lower bound of yesterday's range. Some pressure on crypto comes from more wary financial markets, where major indices are down. The total capitalisation of the crypto market has fallen by 1.7% to $830bn in the last 24 hours. However, the overall quieter trading pattern should be noted after the surge in volatility in recent days. Crypto Fear and Greed Index was down 3 points to 20 by Thursday and remains in a state of "extreme fear". On the technical analysis side, Bitcoin's failure to cross $17.0K looks like a corrective rebound to lock in profits before a new round of declines. This scenario will only become main after the price approaches local lows near $15.8K, opening the way to $12K. Ethereum is under more pressure, forming a sequence of declining intraday extremes. At the current price near $1200, we can see the dam-breaking effect at levels below $1100. A similar pattern is seen in the overall cryptocurrency market capitalisation chart, where we see local reversals from lower levels. Pantera Capital's predicts a decline of Bitcoin price According to The Wall Street Journal, crypto lending platform BlockFi is preparing to file for bankruptcy. The company has acknowledged significant exposure to the FTX exchange. Last week BlockFi suspended customer withdrawals. The collapse of FTX affected too many companies, which could extend the crypto winter to the end of 2023, according to cryptocurrency exchange Coinbase. Many institutional funds are stuck on FTX, causing increased distrust in the industry. Stablecoins dominance has reached a new high of 18%. Bitcoin will fall heavily in November and hit "the bottom", forecasts Pantera Capital's crypto fund. BTC will then rise to $36,000 ahead of the next halving in March 2024 and continue to grow to a new record peak of $149,000. According to the average results of a survey conducted by BDC Consulting among 53 cryptocurrency executives, bitcoin will stop the decline at $11,479. Meanwhile, over half of top executives intend to increase their investments in cryptocurrencies and have no plans to cut back.
Ethereum's Shanghai upgrade: public test network to be released by the end of February

Cryptocurrencies: last friday Tether (USDT) declined by 3%

Crypto.com Accelerate the... Crypto.com Accelerate the... 17.11.2022 20:58
Tether’s USDT stablecoin temporarily dropped 3%. 7-day DeFi weekly exchange volume hits $32 million. Weekly DeFi Index This week’s market cap and volume indices were negative at -20.07% and -15.63%, respectively, while volatility index was positive at +215.12%. Check the latest prices on Crypto.com/Price     DEX volume has been rising in the past week. Trading volume on Uniswap reached US$51 billion for November so far, which has already eclipsed October’s $29 billion. New users of Uniswap also reached a 2022 high at 55,550 daily transacting wallets.         News Highlight On 11 November, Tether’s USDT stablecoin temporarily dropped 3% below its dollar peg. DeFi weekly exchange volume hit $32 billion over the past seven days, according to Dune Analytics’s latest data, with several exchanges posting an overnight doubling of trading volumes on the heels of market events this week. Recent Research Reports     Argentina 2022 Survey Research Roundup Newsletter [October 2022] Alpha Navigator [October 2022] Crypto.com recently commissioned a survey of more than 2,000 Argentines to find out more about their investment preferences, knowledge, and opinions on crypto and NFTs. In this issue, we cover our recent Bloomberg Terminal integration, a special research report for the Singapore Fintech Festival, and feature articles on NFT financialisation and utility. We look at crypto industry performance in October, including ETH’s short-term correlations with equities reducing. Is the Fed pivoting on rate tightening policy? Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES DEFI LAYER 1 Share with Friends Source: crypto.com
In January, OpenSea reached 1.5M NFT sales on Polygon and 1.1M sales on Ethereum

Nike announces its NFT marketplace, Yuga Labs takes over WENEW

Crypto.com Accelerate the... Crypto.com Accelerate the... 18.11.2022 09:58
Nike unveils its NFT marketplace .Swoosh. CryptoPunks’ floor price flipped Bored Ape Yacht Club. Yuga Labs acquired Beeple’s WENEW. New Project Spotlight NFT Collectibles [COMING SOON] “WearX by PUML” features in real-life and metaverse-compatible wearables by PUML Better Health, a move-to-earn fitness and wellness company from Brisbane, Australia. This collection drops on 21 November, exclusively on Crypto.com NFT. [COMING SOON] In Ruben Kos’s “Welcome to Paradise”, the artist takes viewers on a journey through dead landscapes and eerie nothingness. Featuring a series of self-manufactured structures, this collection will drop on Crypto.com NFT on 29 November. Blockchain Games [LIVE] Defira reveals the most popular hero races purchased on Cronos. In addition, it launched new farm rates that enable players to earn sFIRA (Sealed Fira) to power up their NFT items. [LIVE] CroSkulls is organising the Bonesville Cup on the FIFA World Cup™ fantasy game platform. The top three winners will receive prizes like the Founder Pet, S2 Pet Egg, and S2 Pet (Owl). NFT Metrics The following table shows select top creators (by weekly sales volume on each platform) and a sample of their art: PlatformCollectionSales Volume (USD)Floor Price (USD)Sample OpenSea Bored Ape Yacht Club $6,613,000(+59%) $73,100 OpenSea CryptoPunks $4,429,000(-8%) $80,900 Crypto.com NFT Loaded Lions $594,000(+26%) $2,200 Minted VVS Miner Mole $79,000(-13%) $340 Minted Argonauts $60,000(-5%) $80 Crypto.com NFT Cyber Cubs $38,000(+119%) $220 Blockchain Game Metrics The following table shows select top games by weekly Unique Active Wallets (UAW): GameBlockchain(s)UAWVolumeLogo Splinterlands Hive, Wax 256K(-8%) $7K Trickshot Blitz Flow 65K(-51%) $36K Axie Infinity Ronin, ETH 47K(-13%) $7.3M Ultimate Champions Polygon 45K(+203%) $1K Tiny World BNB Chain 42K(+31%) $44K Source: DappRadar Gaming Token Performance The total market cap for gaming tokens now stands at US$6.65 billion, down -5% from last week.     News Highlights Nike unveiled its NFT marketplace, .Swoosh. It is currently in the beta phase, with its first collection set to launch in 2023. Virtual creations, such as digital sneakers, apparel, and accessories, will become available for collectors. CryptoPunks’ floor price flipped Bored Ape Yacht Club to regain the number one spot. The floor price of CryptoPunks remained relatively stable amidst the market turmoil, varying between 65 to 67 ETH in the past month. Bored Ape Yacht Club creator Yuga Labs acquired NFT startup WENEW, creator of the 10KTF project and other brand collaborations. As part of the deal, WENEW Co-founder Mike “Beeple” Winkelmann will join Yuga Labs as an advisor. Recent Research Reports     Argentina 2022 Survey: Argentines Are Increasingly Keen to Adopt Cryptos and NFTs: Crypto.com recently commissioned a survey of more than 2,000 Argentines to find out more about their investment preferences, knowledge, and opinions on crypto and NFTs. Research Roundup Newsletter (October 2022): In this issue, we cover our recent Bloomberg Terminal integration, a special research report for the Singapore Fintech Festival, and feature articles on NFT financialisation and utility. Alpha Navigator (October 2022): We look at crypto industry performance in October, including ETH’s short-term correlations with equities reducing. Is the Fed pivoting on rate tightening policy? Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES GAMEFI NFT Source: crypto.com
ByBit talks trading bots. What are they? How can they help?

Everybody wants to know... why does Bitcoin have value

FXMAG Education FXMAG Education 18.11.2022 12:06
Fiat money, which is defined as a currency that is not backed by material goods and which derives its value from trust in the issuer, the word comes from Latin fides meaning faith. Hence, this is how all known currencies have worked since 1971, that is, from the moment when the dollar ceased to be convertible to gold. So where do cryptocurrencies get their value from? How much is Bitcoin worth and are skeptics of this market really right? I invite you to the next episode of the Best Course on Cryptocurrencies, in which we will look at the value of Bitcoin. The value of Bitcoin The saying “The price is what you pay. Value is what you get” is a famous quote from one of the world's greatest investors, Warren Buffett. So what do we get when we buy Bitcoin ? Unlike traditional fiat currencies, Bitcoin does not have a central bank and its structure is decentralized. Bitcoin is based on blockchain technology, which in short offers a high level of security, usability, but also copes with the transfer of value on a global scale. What is value? Why does money have value? As mentioned previously, value is based on trust, and the monetary system itself is based on a fractional reserve system. Which means that purely theoretically, currencies can be printed without restrictions, this is happening basically before our eyes. Discussions have been going on for a long time about whether the monetary system in which we operate will actually stand the test of time. In the world of cryptocurrencies , individual cryptocurrencies derive their value from different aspects. For example, when we find a cryptocurrency that is linked to gold, we have utility tokens whose value results from a specific service or project. We will look at the value of the most famous cryptocurrency, Bitcoin. However, we absolutely should not throw about assessing the value of individual cryptocurrencies only through the prism of the most famous one at the moment. Usability, decentralization, distribution, trust, scarcity and security are the features of Bitcoin that we will look at in more detail. The usefulness in terms of the function of money boils down to the ability to quickly transfer large amounts of value around the world, and in the case of Bitcoin (BTC), this is done without intermediaries. When it comes to BTC, the larger the amount we send, the more favorable the transaction costs will be for us. Bitcoin, of course, is not the only network that will enable such transactions, but it is still the largest, safest and most popular of the options. The value of Bitcoin lies in decentralization and the power of the network is all about the users, additionally basically anyone can help improve the network. No single node in the network can make decisions on behalf of everyone; transaction validation and protocol updates must include a group consensus. Hence, this factor protects Bitcoin from mismanagement and abuse. In general, however, the most important aspect is the lack of a single issuer who would have control over the entire network, as is the case with fiat currencies. Bitcoins size and distribution Features of Bitcoin that give it value is the distribution and size of the network, the more users, the greater the value and the greater the stability. Through distributing the transaction ledger among different users, there is no need to rely on a single source, and the security of a distributed database compared to a centralized one is indisputable. Bitcoins rarity Finally, we come to the next important point, which is rarity and precisely limited supply, there will only be 21,000,000 BTC tokens in Bitcoin and the last BTC will be mined in the year 2140. After the last coin is mined, this cryptocurrency will become even more deflationary. It is also worth referring to Bitcoins security, if you follow the best practices, your funds are extremely safe. Malicious attacks on the Bitcoin network require more than 51% of the current mining capacity, which is almost impossible and the probability of a successful attack on Bitcoin is extremely low, and even if it does happen, it will not last long. The only real threats are fraud and phishing attacks, loss of private key or keeping your funds in the wrong wallets. All these factors mean that we can confidently approach Bitcoin as a type of currency, the rest of the current currencies are primarily digital records, and the world will continue to move in this direction. Often, the argument against Bitcoin is the energy consumption that the network consumes. The truth is, however, that this data does not say anything at all, because we do not know and there is no official data on how much energy the current monetary system consumes, in addition we will have to wait for the resolution of this dispute, of course for official data. Of course, the features that affect the value of Bitcoin does not explain such rapid increases in the price of this cryptocurrency. The rest is similar with other assets, and in the case of the price of a given asset, what matters most is the forces of supply and demand. Bitcoin is a solid alternative to the monetary world we know. And we should not forget this.
Changing correlation of Bitcoin and US stocks. Brazil: Lower house of Congress approved crypto regulation bill

The question is - who and to what degree will be affected by the FTX crash

Craig Erlam Craig Erlam 18.11.2022 15:03
Equity markets are back in the green on Friday after a choppy week in which the recovery rally has stalled. Efforts by Fed policymakers to manage market expectations have cooled the sense of immense relief that has delivered a strong rebound over the last month. The S&P was up more than 15% at one point while the Dow jumped more than 18%. Not bad on the back of what was ultimately one good inflation month. Read next:  James Bullard unleashed a flurry of hawkish views on Thursday which didn’t get a warm reception in the markets initially. But then they did rebound and are higher again today so it seems investors are still taking them with a pinch of salt. The Fed is clearly concerned that “dovish pivot” speculation could be undermining its tightening efforts which could explain why it’s being so steadfast in its hawkish message. There will also be a concern that the labour market and household spending are showing little sign of weakening despite interest rates rising at an extraordinary rate over the past year. I don’t think that will stop the central bank from slowing the pace next month, especially if we see another drop in inflation just before, but it could cause the Fed to persevere for longer which is a concern for investors. UK retail sales blip no reflection of what lies ahead No one in the UK will be fooled by the latest retail sales report into thinking all is not as bad as it seems, not after yesterday’s Autumn Statement. The OBR expects living standards to decline by 7.1% over the next two years, the sharpest drop in six decades, as the country battles a cost-of-living crisis, severe fiscal consolidation, higher interest rates, and a recession. Against that backdrop, it’s hard to get remotely excited by an expectation-beating 0.6% jump in sales in October. Needless to say, it is not the start of a promising trend. BoJ still unlikely to change course Japanese inflation data may on the face of it give the impression that the Bank of Japan has achieved its inflation goals and can afford to soften its grip on the bond market but the reality is quite different. What is believed to be unsustainable factors like a weak yen, and high imported energy and food prices, are behind the increases, which the BoJ has been very willing to look through and will likely continue to do so. Especially with the pressure of yen devaluation far less intense after the US dollar’s correction over the last month. Crypto volatility subsides for now Bitcoin volatility is subsiding which will no doubt come as a relief to the crypto industry as the fallout from the FTX collapse continues. We’re continuing to learn who exactly is exposed to the collapse, to what extent, and what the ripple effects will be. One obvious impact is that of confidence in the space which could take time to repair in already challenging markets. I’m not sure anyone can be confident that the worst of the rout is behind us which means bitcoin is vulnerable to another plunge, with $15,500 being the first test of support and then potentially $14,000 below that. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Uncertain times - MarketPulseMarketPulse
Bitcoin Maintains A Steady Bullish Potential

How high are cryptocurrency outflows? Fear and Greed Index reaches 23

Alex Kuptsikevich Alex Kuptsikevich 18.11.2022 13:16
Market picture Bitcoin made another attempt to break above $17.0K on Friday morning but has so far been unable to overcome this strong resistance level, moving around $16.7K. The entire crypto market rose by $4bn to $834bn – a minor swing tempered by the moderately negative Nasdaq Index and a stronger dollar over the day. The cryptocurrency fear and greed index rose 3 points to 23 by Friday and remains in a state of "extreme fear". Lower market volatility drives the index up even if prices are not rising. At the same time, retail investors should be active. Under the smooth surface of a calm market, capital will likely continue to flow out, if not out of crypto-assets altogether, then out of crypto-related companies, drying up their liquidity. And one should be prepared for someone else to go broke shortly. Stablecoins lost a lot Investors continue to withdraw bitcoins from cryptocurrency exchanges. According to CoinGlass, cryptocurrency outflows have exceeded 220,000 BTC in the last ten days. JPMorgan is drawing attention to the declining capitalisation of Stablecoins, indicating that investors are leaving the crypto infrastructure. Over the past few months, the stablecoin market has lost an estimated $41 billion. Read next: Everybody wants to know... why does Bitcoin have value | FXMAG.COM El Salvador's President Nayib Bukele has decided to support bitcoin. El Salvador will buy one BTC every day from November 18. Tron founder Justin Sun joined Bukele’s initiative and will use the purchased BTC to back his stablecoin USDD. The US Congress has taken an interest in Binance's role in the FTX collapse. The impact of Binance CEO Changpeng Zhao's public statements on the FTX situation will be the focus of a hearing as early as December.
"When Crypto Meets Football" - a report by KuCoin

"When Crypto Meets Football" - a report by KuCoin

Kucoin Blog Kucoin Blog 18.11.2022 16:21
Victoria, Seychelles — Cryptocurrency exchange KuCoin has published the "When Crypto Meets Football" report that reveals how crypto investors engage with their favourite sports, specifically football, in the world of Web3. This report is based on surveys among 20,180 crypto investors between January and September of 2022, and 8,022 users in KuCoin communities in November of 2022. ​   The FIFA World Cup is around the corner and it is one of the most significant sports events in the world, uniting football fans globally. This year, the event is headed to the Middle East for the first time in history. However, the 2022 FIFA World Cup will also be a first for several other reasons, especially the way crypto features in it.   The key highlights from the survey reveal that football is the most popular sport among crypto investors:   -4 out of every 10 crypto investors in France, Spain, Vietnam, Germany, and Brazil identify themselves as football fans. ​ -"Teamwork," and "passion" are the top values shared among crypto and football enthusiasts. ​ -70% of crypto investors are watching the 2022 FIFA World Cup. -48% of football fans among these crypto investors are interested in trading fan tokens for sports teams during the upcoming FIFA World Cup. -35% of football fans among crypto investors have traded NFT in the past 6 months, and 42% of them are interested in investing in sports NFT.   The Intersection of Crypto and Football Since the last major bull run in the crypto market, we have seen the sports industry adopt cryptocurrencies and blockchain-based solutions with open arms. The love for crypto in sports remains strong even when the global market goes through periods of bearishness. According to the survey, football is the most popular sport among crypto investors. 24 percent of crypto investors say that football is their favourite sport. "Community" (41%), "Teamwork" (33%), and "Passion" (30%) are considered the top values shared among crypto and football, followed by "Strategic" (27%), and "Accessibility to All" (23%).   Where The Crypto Football Fans Are Football is the most universal sport, attracting the interest of fans around the world. According to FIFA, there are 5 billion football fans around the world, with Latin America, the Middle East, and Africa representing the largest fan bases.   KuCoin analyzed it from another angle — the intersection of crypto and the football fan base. Europe, Latin America, the Middle East, Africa, and Southeast Asia are regions where passions for crypto and football cross paths. France, Spain, Vietnam, Germany, and Brazil feature the largest share of football fans among crypto investors. 4 out of every 10 crypto investors in these countries identify themselves as football fans.     Where The Crypto Football Fans Are Football is the most universal sport, attracting the interest of fans around the world. According to FIFA, there are 5 billion football fans around the world, with Latin America, the Middle East, and Africa representing the largest fan bases.   KuCoin analyzed it from another angle — the intersection of crypto and the football fan base. Europe, Latin America, the Middle East, Africa, and Southeast Asia are regions where passions for crypto and football cross paths. France, Spain, Vietnam, Germany, and Brazil feature the largest share of football fans among crypto investors. 4 out of every 10 crypto investors in these countries identify themselves as football fans.     Football Fans Engagement in Web3 With football being the most popular sport among crypto investors, it is no surprise that the FIFA World Cup and UEFA Champions League are at the top of the list of sports events to watch. According to the KuCoin survey, 70% of crypto investors are planning to watch the 2022 FIFA World Cup, making it the sporting event most looked forward to among crypto communities.     Fandom and community based on shared visions and passions are the core elements holding both worlds of crypto and football together, and the upcoming FIFA World Cup will be a wild celebration of them. 48% of football fans among crypto investors are interested in trading fan tokens during the upcoming 2022 FIFA World Cup. The ownership of fan tokens could serve several purposes: establishing membership in the community, empowering them with voting rights on topics related to the team or club they support, enjoying VIP access to exclusive merchandise and rewards, and more. The event is also expected to drive popularity for other sports tokens. 28% of football fans among crypto investors are interested in investing in general sports tokens or projects, including some of the most popular, trending ones, such as Sweatcoin, Chiliz, Stepn, Alpine, and Flow, which are available on KuCoin.     In addition to fan tokens, sports NFTs are another way for football fans to engage with their favourite teams, players, and events in the world of Web3. The survey revealed that football fans are more engaged in trading sports-related NFTs compared to average crypto investors. 35% of football fans among crypto investors claim to have traded NFTs over the past 6 months, while only 13% of average crypto investors have done so.   42% of football fans among crypto investors are interested in investing in sports NFTs. Sports NFTs are most popular in France, Turkey, Brazil, Spain, and the United States. More than a third of crypto investors in these countries are interested in investing in sports NFTs.       KuCoin World Cup in Web3.0 Event   To celebrate the 2022 World Cup and bridge Web2 and Web3, KuCoin is partnering with high-impact Web3 companies, such as Polygon - the leading Layer 2 platform for Ethereum scaling and infrastructure development, WinGoal - a burn-to-earn and win-to-earn-more F2P World Cup DApp, and YGGSEA - the first subDAO of Yield Guild Games, to launch "Shoot to Win Goal," a 4-day event that aims to highlight the intersection of crypto and football while rewarding cryptocurrency users within the global ecosystem with a $1 million prize pool.   During the event, football enthusiasts and crypto users, including Web2 and Web3 participants, can mint their first NFTs, earn BTC and other tokens for free, win swag and merchandise rewards, such as jerseys, soccer shoes or cleats, iPhones, NFTs, such as Cryptopunk, Mutant Ape Yacht Club, and Doodles, as well as tickets to the World Cup in Qatar.   The campaign will run in three game rounds from 17th – 20th November of 2022. Users can choose any game they want. Join the event here!   >>> Read the full "When Crypto Meets Football" report here   About KuCoin: Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusiveness and community action reach, it offers over 700 digital assets. Currently, it provides Spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 27 million users in 207 countries and regions.   In 2022, KuCoin raised over $150 million in investments through a pre-Series B Round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges, according to CoinMarketCap. In 2021 Forbes named KuCoin one of the Best Crypto Exchanges. In 2022, Ascent named KuCoin the Best Crypto App for enthusiasts.   To find out more, visit https://www.kucoin.com.
Today's market closing will be crucial for MATIC

Today's market closing will be crucial for MATIC

FXStreet News FXStreet News 18.11.2022 14:48
Polygon prices fade slightly in European trading but still hold onto +1% daily gain. MATIC flirts with the opening price from Monday morning. It will be important to see where MATIC can close at the US closing bell before going into the weekend. Polygon (MATIC) price is on the cusp of catching up for at least some of the incurred losses for November as price action is bouncing off an interesting support level. With markets being reminded again of the tail risks still hanging over price action, MATIC could receive some underpinning from bulls. Expect to see MATIC trying to squeeze out a small gain for the week on Friday, with an important close setting up the weekend that could hold more gains. MATIC is at a key level that could bring 7% gain over the weekend Polygon price is currently flirting with the opening price from Monday morning during the ASIA PAC session at $0.888. It would be good for morale and confidence if MATIC can close above that marker and possibly above the green ascending trend line and the 55-day Simple Moving Average (SMA) that all meet around that same level. This makes the $0.888 level a crossroads that could see some more follow-through into the weekend, should bulls be able to keep supporting the price action and accomplish the mission to get that Friday close above $0.888. If this vision is carried to fruition, MATIC price would set forth a good weekend as traders would get a hall pass to rally higher toward $0.96. Although that means only a slim 7% profit, it would make sense as the Relative Strength Index (RSI) would not overheat too quickly and could be the first signal that more gains are at hand. With the holiday week in the US next week, a Thanksgiving rally could be underway with $1.18 on the horizon. MATIC/USD daily chart It is a good reminder yet again that the current tail risks are still alive and present and could flair up at any moment. Although markets were on edge on the back of that missile attack in Poland, the situation de-escalated in just 12 hours. However, it comes with an advisory that traders need to keep in mind that the war in Ukraine is far from over. The comments from both Ukraine and Russia on Thursday show that they are still miles apart from one another, and any next escalation could easily push MATIC back to $0.862 or $0.777 on the downside.
Centralized Exchanges (CEXs) Remain A Promising Avenue For Users To On-Ramp Cryptocurrency As Opposed To Decentralized Exchanges (DEX)

Cryptocurrency Market From Scratch - Blockchain

Kamila Szypuła Kamila Szypuła 19.11.2022 15:40
Investments in cryptocurrencies are gaining more and more popularity, but at the same time, more and more people are quickly alienated from them after suffering losses. A lot of these losses are due to poor knowledge of the market and too little knowledge about the cryptocurrencies themselves. It is worth getting to know the instrument in which you invest your hard-earned money, which is why we present a glossary of the most important terms related to cryptocurrencies. Blockchain - what is it? Blockchain, is a technology that is used to transmit and store information about online transactions, i.e. it is something like a digital ledger of transactions. This information is arranged in the form of successive blocks of data. One block contains information about a certain number of transactions, then after its saturation another block of data is created, and so on. Most blockchain networks are designed as a distributed and decentralized digital ledger. Simply put, a blockchain is a digital ledger that is basically an electronic version of a paper ledger and is responsible for recording the list of transactions that take place within the network. The first application of this technology was the launch of the bitcoin cryptocurrency twelve years ago, the value of which is based on computing power. Moreover, the terms blockchain and bitcoin have long been (incorrectly) used interchangeably. When entering the world of cryptocurrencies and blockchain technology, it is important to understand the differences between these terms. Bitcoin is the first cryptocurrency ever created, and by the way, it is also the most famous and media cryptocurrency. Available to everyone Blockchain allows anyone to “own” the entire database of the system, thereby creating a distributed and decentralized ledger. Thanks to this solution, it is impossible to modify data, remove or add false information. A good example is Wikipedia, which is known to everyone. We all have easy access to it, and every slightest trace of modification remains saved - with the difference that the "administrators" of the blockchain system are all its users at the same time. So you know exactly when, who and how the content on each subpage was modified. The whole strength of the system lies in the trust in the technology that is its engine. Moreover, it is not a secret algorithm stored somewhere in highly guarded server rooms in the USA, but in a completely open source code that can be analyzed and checked by absolutely anyone with an average knowledge of software development. The using Any type of transaction can be stored in blockchain technology. Currently, blockchain technology is used to handle various commercial and financial transactions, but they also support e.g. trade or the electricity market. In the last one, blockchain is used to settle energy purchase and sale transactions between its small producers, e.g. households, and their customers, energy recipients, as well as dispersed e.g. electric cars. These transactions can take place outside the system that has been functioning for centuries - without the participation of public trust institutions, directly between the parties to the transaction. Future of Blockchain Blockchain technology can play a huge role in the economy and contribute to the development of the economy. The financial industry was the first to recognize the potential of blockchain. In 2015, the R3 consortium was founded by banks and FinTech companies, whose goal is to develop blockchain technology. Stopping only on the financial application of blockchain technology, we can talk about an extraordinary solution that strongly revolutionizes the existing order established in the economy. The growing importance of the blockchain may lead to a redefinition of the concept of trust, which until now was based on the authority of the institution, and will now be based on the strength of the cryptographic algorithm used in the system. It is difficult to say unequivocally whether such optimistic moods related to the development of blockchain technology will turn out to be correct. Strengths and weaknesses Like everything, blockchain has its strengths and weaknesses. The advantages can include: Because data in the blockchain network is most often stored on thousands of devices as part of the so-called distributed network of nodes, the system and the data itself are highly resistant to technical failures and attacks. Once data is recorded on the blockchain, it is very difficult to remove it from it or change its values. It is thanks to this feature that blockchain is identified as a great technology for storing financial records or other data where transparency is required. Blockchain eliminates the need for so-called intermediary, because transaction verification is handled by a distributed network of nodes in a process called mining However, the decentralized nature of blockchain technology also brings some disadvantages. For example, compared to traditional centralized databases, blockchain networks have limited performance and require significantly more memory resources to function properly. Another disadvantage of blockchain systems is that once data is added to the blockchain, it is very difficult to modify it. While data durability is one of the benefits of blockchain, it doesn't always turn out to be a good thing. Despite the disadvantages, blockchain technology has some unique advantages and will definitely stay with us for longer. There is still a long way to go before both us and the entire blockchain community to finally adopt the technology to the so-called main stream. What is important, however, in an increasing number of industries, there is a noticeable increase in interest in technology and dealing with its advantages and disadvantages. The coming years will probably result in a large number of experiments on the part of both companies and governments. Source: Omid Malekan „The Story of the Blockchain: A Beginner's Guide to the Technology That Nobody Understands”, Daniel Drescher „Blockchain Basics: A Non-Technical Introduction in 25 Steps”
Societe Generale Took Out A Loan In The Form Of The Stablecoin DAI, A Digital Form Of The Pound Is Being Considered

Ethereum Climate Platform (ECP) launched, Reserve Bank of India making steps forward in currency digitalization

Crypto.com Accelerate the... Crypto.com Accelerate the... 21.11.2022 13:09
Grayscale Bitcoin Trust trading at new record discount. U.S. Fed FOMC minutes coming up this week. Weekly Market Index Last week’s crypto market prices were down slightly at -1.6%, while volume and volatility dropped significantly by -57.4%, and -73.9%, respectively.     News Highlights Shares of the Grayscale Bitcoin Trust (GBTC), the world’s largest publicly traded crypto fund, are trading at a new record discount of 43% relative to the price of the underlying Bitcoin (BTC), according to Coindesk. The Reserve Bank of India (RBI), the country’s central bank, is finalising the rollout of the retail digital rupee. Ethereum (ETH) software developer ConsenSys co-launched the Ethereum Climate Platform (ECP) at the 27th United Nations climate change conference (COP27). The platform will fund the development of “climate projects that can significantly mitigate greenhouse gas emissions and achieve decarbonization at scale.” Recent Research Reports     Argentina 2022 Survey: Argentines are Increasingly Keen to Adopt Cryptos and NFTs Research Roundup Newsletter [October 2022] Alpha Navigator (Oct 2022) Argentina 2022 Survey: Argentines are Increasingly Keen to Adopt Cryptos and NFTs: Crypto.com recently commissioned a survey of more than 2,000 Argentine citizens to find out more about their investment preferences, knowledge, and opinions on crypto and NFTs. Here are the findings. Research Roundup Newsletter (October 2022): In this issue, we cover our recent Bloomberg Terminal integration, a special research report for the Singapore Fintech Festival, and feature articles on NFT financialisation and utility. Alpha Navigator (October 2022): We look at asset class performance in October. Is the Fed pivoting on rate tightening policy? ETH’s short-term correlations with equities reducing. Catalyst Calendar         Disclaimer: The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES MARKET PULSE Source: crypto.com
The Recent Rally Of Bitcoin Had Been Capped, The Digital Yuan (eCNY) Has Received Upgrades

Effects of the FTX crash may stay here longer. Nansen says the collapse was "directly linked to Terra's failure in May"

Alex Kuptsikevich Alex Kuptsikevich 21.11.2022 13:43
Market capitalisation down Bitcoin has lost 4% in the past 24 hours, once again testing the strength of the $16K area. Ethereum is down 7.8% overnight to $1120. Other leading altcoins in the top 10 were down 5.5% (BNB) to 10.6% (Dogecoin). Read next: NVIDIA (NVDA) Q3 earnings results outperformed part of the markets forecasts| FXMAG.COM Total cryptocurrency market capitalisation, according to CoinMarketCap, sank to $795bn, losing 4.9% overnight and 5.6% for the week. The cryptocurrency fear and greed index is down to 21 points by Monday versus 24 just over a week ago. Bitcoin failed to develop a rebound last week, facing an intensified sell-off near $17K and about 23.6% of the move down from 5 to 10 November. Such a weak rebound indicates solid bearish pressure, forcing us to expect another move towards the lower boundary at $15.8K. A consolidation below that level could start a new downside wave with a potential target of $12K. However, this is a very distant target, while round levels of $15K and $14K could be the intermediate ones. KPMG talks meta-universes Bitcoin's mining difficulty continues to increase, rewriting an all-time high. The falling price has resulted in the first cryptocurrency being mined at a loss on average. The falling price and high interest rates make us expect miner activity to drop and a subsequent decrease in difficulty. However, there could likely be a brief struggle for market share amongst miners: with bankruptcies and takeovers. This will be interesting. According to the Nansen report, the collapse of FTX was directly linked to Terra's failure in May. The unrealised loss of the "average" long-term bitcoin investor reached 33%, according to Glassnode's calculations. The impact of the FTX collapse will still be evident for the foreseeable future, according to a statement to investors from venture capital firm Multicoin Capital. Many players will cease to exist, putting pressure on the liquidity of the crypto market. Some major crypto exchanges have suspended accepting deposits and withdrawals in Stablecoins, which are hosted on the Solana blockchain. The decision was made due to Solana's association with the collapsed FTX exchange, which used the blockchain's power. The Australian unit of consultancy firm KPMG has said that meta-universes have the real potential to change many areas of life. In doing so, large companies will contribute to the technology's adoption.
Ed Moya talks US data, Forex, cryptocurrency and more - December 1st

Ed Moya talks stocks, China, forex, crypto and more

Ed Moya Ed Moya 21.11.2022 22:54
US stocks are lower as the global growth picture takes a hit following key China Covid lockdowns and as the US economy could have to deal with a massive rail worker strike before the holidays. ​ Adding to the risk aversion tone are rising concerns that future Russian attacks on Ukraine’s nuclear power supply could be catastrophic. Wall Street is hesitant to buy up risk assets on this World Cup-filled and shortened holiday trading week as the first wave of headlines from Beijing to a rail union vote seem likely to further fuel inflationary pressures. ​ Trading activity could take a hit as many traders will enjoy focussing on the first round of games, but for now, it seems the pulse of Wall Street seems rather downbeat. Rail/Shipping The US economy is also in jeopardy of an unwanted supply-chain hit as rail workers appear poised to strike just before the holidays. After a key vote, it is looking less likely that we won’t see some possible work stoppages, which could prove to be terrible for economic activity and prove to be inflationary. If a deal is not reached early next month the hit to the economy could be over $2 billion a day. ​ China Risk appetite vanished after deputy director of Beijing’s municipal Centre for Disease Control and Prevention Xiaofeng said, “The city is facing its most complex and severe prevention and control situation since the outbreak of the coronavirus.” This Covid wave is troubling as it nears some of the more populous districts and that is forcing Beijing to tighten its rules. ​ China also reported three Covid deaths over the weekend, which are the first deaths reported since May. It seems the zero-COVID policy is not going away anytime soon and that will definitely weigh on global growth. ​ FX​The dollar’s rally ran out of steam just as England’s World Cup campaign kicked off with a great start. ​ The forex capital of the world, London, basically shut down for England’s impressive win against Iran. ​ China’s Covid struggles are driving strong safe-haven flows into the dollar. ​ The risks to the global outlook might not be as bad as they were a few months ago, but that doesn’t mean this dollar rebound can’t go on for a little longer. ​ The dollar might be able to remain strong here heading into the holiday weekend. Crypto The FTX aftermath continues and now everyone wants to know who are the unlucky creditors that will suffer big losses. According to court documents, it seems about $3.1 billion collectively is owed to one million creditors. Bankrupt Voyager Digital is also desperately trying to find a buyer and there is a lot of skepticism that Binance will not be able to get beyond all the hurdles that also include national security concerns. Given the downbeat mood on Wall Street it comes as no surprise Bitcoin is lower. ​ Bitcoin continues to stabilize above the $16,000 level despite a plethora of negative headlines. ​ It seems something major needs to break for the sellers to take out the November lows. ​ If the $15,500 level breaks for Bitcoin, there is not much support until the $13,500 level, followed by the psychological $10,000 level. ​ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Stocks lower on China and rail strike concerns, King dollar returns, bitcoin tries to hold onto $16k - MarketPulseMarketPulse
Trading Volumes In The Cryptocurrency Market Have Soared By 90%

There is no hope that altcoins will follow a different path than BTC

Geco One Geco One 22.11.2022 07:59
Can we call current circumstances a 'crypto crash', and how long could it last? What we are currently experiencing in the digital currency market is a normal reaction in financial markets in situations of extraordinary events. The scale of irregularities in the activities of the FTX exchange and the Almeda Research fund was so large that it had to affect the crypto market as a whole.How long can it take? The market is still waiting for the possible consequences of the collapse of the FTX exchange. There is talk of FTX linking with other players in the market, holding assets on FTX, etc. But the crypto market situation is clearing up. Healthy projects have no problem showing their clients that they run their business honestly and have coverage for the paid digital and traditional funds - hence the action of showing the contents of their wallets. The current situation will last until the end of the year. After the New Year, the market should react more strongly to the current drops reaching 70% per year on BTC and ETH. Indeed, information about the planned regulations, e.g. the European MiCA Directive. The market needs credibility and trust. And this is possible thanks to defining the same rules for all participants. Until now, only individual countries could afford to develop and implement regulations for cryptocurrency companies. One such example is Estonia, where our two projects have been licensed. Thanks to that, we can legally and transparently run an investment fund and a derivatives exchange under the Geco brand. Altcoins amid crypto winter/crypto crash, could we expect bullish sentiment towards altcoins despite the FTX crash? In the current situation, the collapse of FTX and, as a result, a strong sell-off in all digital currency markets, there is no hope that altcoins will follow a different path than BTC. On the contrary - it is BTC that will give a signal about the end of the declines, and only the alts will follow the BTC rate. But beware - only the best, healthiest alts will show significant increases. Projects without functional value, without a positive history, can rebound, but certainly not as much as tokens and coins from projects that provide specific solutions for the community. In the strategy of our fund managed by a licensed manager Geco Capital OU, we excluded investments in crypto assets with low liquidity, poor reputation and high investment risk. We want to avoid exposing our clients' investments to unnecessary risk.
Weekly Crypto Market Analysis by Geco.one – November 21st

Weekly Crypto Market Analysis by Geco.one – November 21st

Geco One Geco One 22.11.2022 08:38
Bitcoin (BTC) After the first half of November this year, Due to the panic sale caused by the collapse of FTX, the third largest cryptocurrency exchange in the world, Bitcoin has stabilized in the last few days in the range between $16,000 and $17,000. However, there are many indications that this is only a form of correction, after which the quotations of the oldest virtual currencies could return downward. One must remember that the BTC exchange rate has been in a downward trend for over a year, and this trend has stayed the same at any time. Therefore, from a purely technical point of view, there is no reason to forecast a more significant rebound. In addition, it is also worth noting that the last fall was highly dynamic, which may indicate that it was an impulsive move. At the same time, the rebound observed for several days is exceptionally calm, which suggests that it is only a form of another correction. Given all this, the bankruptcy of FTX has already been officially announced. As a result, its further negative impact on the cryptocurrency market may be limited; the scale of bankruptcies of subsequent companies associated with this exchange will be of crucial importance. There is already talk that the BlockFi cryptocurrency lending platform is preparing for potential bankruptcy after the collapse of FTX, and there may even be over 150 similar companies. So it is far too early to open the champagne and announce another bull market. In practice, there is still a high probability of further sales of BTC and the vast majority of cryptocurrency projects. According to the popular opinion that "after every storm, the sun comes out", and just like in previous years, when after each of the previous bubble bursts, the cryptocurrency market returned to the path of growth, breaking new ATH, one can expect that this time it will be similar. However, we'll have to wait a little longer for that. Several factors may account for this: First, every topic, including every problem, becomes commonplace, and the financial markets pass over it daily. This was the case with the collapse of Mt.Gox in 2014 (the largest cryptocurrency exchange in the world at that time) or QuadrigaCX in 2019 (the largest cryptocurrency exchange in Canada, about which Netflix even made a documentary). Second, the Federal Reserve is nearing the end of its monetary policy tightening cycle. While Fed interest rates are likely to remain high for most or even all of 2023, in 2024, the Fed is likely to embark on an easing cycle that, like in 2020, could contribute to the growth rally on risky assets such as stocks or cryptocurrencies. Ethereum (ETH) Ethereum's quotations fell between November 4 and 9 by over 36%, and then, driven by a highly optimistic report on CPI inflation in the US, they rebounded by almost 26%, thus leading to a re-test of the previously defeated support. However, this increase lasted only one day, from November 11 this year. The ETH rate is falling again. If this trend continues - and there are many indications that it does - the price of this cryptocurrency could fall to around USD 1,000 in the near future. Only there is another valuable support in the vicinity of which a more significant demand response could appear. Bitcoin Cash (BCH) Bitcoin Cash fell by nearly 31% between November 5 and November 9, falling to the lowest level since December 2018. Similarly to BTC and ETH, in reaction to the US CPI inflation report published on November 10, it went up by over 22%. It is noteworthy that this rally led to a re-test of the previously broken support (now resistance) of $106 and measured a 50% Fibonacci correction from the earlier downward impulse, where the BCH rate has been holding until now. However, considering the supply reactions that have appeared in the area of ​​the currently tested resistance, it seems highly likely that this zone will be rejected soon, which in turn could initiate another downward impulse towards the recent lows or even lower. Litecoin (LTC) Litecoin's quotations collapsed between November 7 and 9 this year by more than 35%. This sell-off stopped only in ​​technical support, around USD 50, where apparent demand pressure appeared on November 10. As a result of subsequent increases, the LTC exchange rate returned to the area of ​​previously defeated support (now resistance) around USD 64.50, where supply pressure reappeared last Sunday. If this resistance is rejected, the price of this cryptocurrency could fall back to around USD 50 or even fall to USD 43. Polygon (MATIC) After bouncing off the $1.30 technical resistance, the Polygon (MATIC) cryptocurrency fell more than 41% between November 5 and November 9. Although on November 10, the cryptocurrency made up for it. While the majority of these losses increased by over 52%, today, it is again listed at the levels from November 9. It is noteworthy that the MATIC exchange rate slipped below the local uptrend line last Sunday, which could drive further sell-off towards USD 0.70, USD 0.61 or USD 0.45. XRP XRP fell between November 5 and November 9 by more than 38%. This sell-off led to the breaking of two horizontal support levels at USD 0.4450 and USD 0.3950, respectively, and stopped only at the next significant level, around USD 0.32, where an apparent demand reaction appeared on November 10. Since then, the XRP price has alternately fallen and increased, staying at USD 0.32 to USD 0.3950. Therefore, taking into account its rebound from the upper limit of this range, observed last Sunday, we could expect another drop towards USD 0.32 in the coming days or possibly even to USD 0.30, where the next support level is located. Binance Coin (BNB) Looking at the Binance Coin quotes, we will notice that the price of this cryptocurrency has fallen by almost 36% since November 8. Such a significant depreciation meant that we are currently witnessing an attempt to break the technical support of USD 260. If the BNB rate permanently drops below this level, we could expect it to depreciate towards USD 244 or even USD 214 soon.
The Special Edition Of The Saxo Market Call Podcast: The Wild Year Of 2022 For Commodities And What May Be In Store In 2023

Craig Erlam calls effects of the FTX crash "uncovered". Saudi Arabia confirms OPEC+ won't increase output in December

Craig Erlam Craig Erlam 22.11.2022 23:16
As was to be expected, it’s been a choppy week so far in financial markets with Europe a very mixed bag on Tuesday while US futures are marginally higher after making marginal losses on Monday. On the one hand, we could be seeing investors warily waiting for the FOMC minutes and taking in all of the speeches from various Fed officials in the meantime. On the other, this week may just be a void in an otherwise turbulent year thanks to a lack of major catalysts and the US Thanksgiving bank holiday at the end of the week. Read next: OPEC+ reject reports of increased output. Crude oil up| FXMAG.COM Saudi Arabia has gone some way to filling that void, with so much attention now likely to be on the Gulf over the coming weeks. It goes without saying that it came as quite a shock as everything unfolded as it wasn’t what anyone was expecting, quite the opposite in fact. And it could have a major impact on the outcome next month. But the 2-1 win over one of the tournament favourites, Argentina, was a monumental victory and undoubtedly one of the biggest shocks in World Cup history. It’s blown Group C wide open and cast serious doubt over whether Lionel Messi will ever get his hands on the trophy. In other news, Saudi Arabia also rejected reports that OPEC+ is considering increasing output on 4 December. Another dead cat bounce? Bitcoin is trading higher on Tuesday, but for how long? The knock-on effects of the FTX collapse are still being uncovered, with more names being added to the exposure list every day. Confidence in the markets has been shattered and it may take time to rebuild. There remains considerable uncertainty around the full consequences of the FTX collapse and as long as that remains the case, any rallies we see in cryptos may simply become dead cat bounces, as opposed to market bottoms. The latest occurred around $15,500, where it rebounded off a couple of weeks ago, and a break of this could trigger another sharp decline. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Filling the void - MarketPulseMarketPulse
Expectations of decent sales during holiday season have let Best Buy gain

Expectations of decent sales during holiday season have let Best Buy gain

Ed Moya Ed Moya 22.11.2022 23:32
US stocks are rallying as Wall Street continues to expect the Fed to downshift their tightening pace next month and on optimism that the risk of a railroad strike fueling inflation is low. ​ The latest round of Fed speak did not teach us anything new. ​ The Fed’s Mester noted that long-term inflation expectations are reasonably anchored. ​ The labor market is a key concern for the Fed, and Mester also pointed out that labor demand is still outpacing supply. Recent trends however are showing the labor market is showing signs of cooling. ​ ​ Some investors are growing confident that the potential railroad strike might not be as troubling for inflation as the Railway Labor Act will prevent key interruptions. ​ ​ Some traders are looking ahead to the upcoming Minutes, but they are dated (before the cool October inflation report) and will likely show many Fed members have an unclear rate path as inflation is a tricky beast to slay. Read next: Gold could be in some way prevented from rallying by unstable COVID outlook| FXMAG.COM FX/Fixed income Risk appetite is making an appearance today and that is helping send the Treasury yields and the dollar lower. ​ The 10-year Treasury yield fell 4.3 basis points to 3.784%. ​ Cooling inflation drivers, mainly an overpriced weakening of China and the railroad strike impact, are helping drive the dollar down today. The dollar’s weakness might be limited as options markets are showing too many excessive bearish bets being placed by hedge funds and money managers. Best Buy Best Buy shares are rallying after they raised their holiday outlook. ​ This was a welcomed surprise from the retailer that many feared was going to see a weaker consumer refrain from purchasing new TVs, appliances, and other gadgets. It looks like Best Buy is not expecting a disappointing holiday season and that is positive news for other retailers. US Data The Richmond Fed’s regional surveys of business activity showed manufacturing activity continued to soften in November. The composite manufacturing index remained negative and shipment and employment deteriorated slightly. ​ The economy is clearly weakening here and inflation should continue to come down as wages and employment decline. ​ Price trends data was mixed as prices paid declined and prices received rose higher, but that was somewhat expected given the return of supply chain issues. China’s reopening will be key for inflation heading lower next year. Crypto Wall Street is mostly green today and that has provided a little boost for cryptos. ​ Bitcoin is back above the $16,000 level but still remains in the danger zone as everyone waits for the next crypto domino to fall. ​ It seems crypto traders are already pricing in a bankruptcy for crypto lender Genesis. ​ Contagion for FTX will impact many but it seems a fresh catalyst is needed for sellers to take control. Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom out. ​ Bitcoin has support ahead of the $15,500 level but if that does not hold, technical selling could send prices toward the $13,500 region. ​ ​ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Stocks rise on downshift hopes, Dollar lower for now, Best Buy brings holiday cheer, US data, Gold rebound faded, Crypto benefits from Wall Street rally - MarketPulseMarketPulse
Binance Academy: Non-fungible Tokens: $69 Millions For An NFT!? NFT - What Is It?

NFT Tokens, the phenomenon & the concept - take a deeper look into the world of NFTs

FXMAG Education FXMAG Education 22.11.2022 23:41
NFT tokens amounted to the equivalent of USD 2.5 billion. That is 200 times more than the year before. What is the NFT phenomenon? What are NFTs? What are NFTs for? I invite you to the next episode of the Best Online Cryptocurrency Course for free. The concept of NFTs First, let's sort out a few things. NFT is an abbreviation for non-fungible token. So what… we can't get rid of it? That's not what it's about. The fungible token embodies money, which is generally fungible, and therefore exchangeable and tradable. For example, each 100 zloty banknote has the same value (okay, you can catch a word here, you can also find something collectible). An example of an object that cannot be exchanged will be an original painting, an example of which is "Mona Lisa '' by Leonardo da Vinci. So what is NFT? is a type of cryptographic token in the blockchain that represents a unique asset. These can be completely digital assets or tokenized versions of real assets. Since NFTs are not interchangeable, they can function as proof of authenticity and ownership in the digital realm. NFTs confirm, for example, a given file exists only in one copy and that it is original. Of course, you could say, but it's possible for me to make a print screen of some jpg and I already have a copy of it, it doesn't change anything because it's the original one. Similarly to the rest, as in the case of works of art, the aforementioned "Mona Lisa" lived to see a lot of copies, and yet its value did not decrease on this account, and it could even have had the opposite effect. On the Internet , we can freely copy, transfer and do a lot of other things with files. NFT tokens cannot be copied and can only be sent between cryptocurrency wallets. The NFT tokens we are discussing are mostly based on Ethereum or BNBchain. The advantages of NFTs It is worth mentioning the extraordinary advantages of NFT at the beginning. Hence, they are based on the blockchain, which gives us: protection against interference with this data, ownership act, NFT flow history, metadata, public verifiability (everything is stored in the blockchain), decentralization (we do not need to know the supplier of database servers, honesty of the data manager) As the world transitions from Web 2.0 to Web 3.0, we can see NFT as a building block in terms of: Revolutionizing property rights, Revolutionizing the exchange of digital assets It matters for digital communities, the economy of the metaverse , i.e. for the tradable resources in games. Where NFTs are most commonly used But let's now consider what specific applications NFT tokens can have and in which industries they already bring added value. And of course, art comes to mind. NFT tokens have helped to solve long-standing problems related to the uniqueness of digital art. In short, the problem was "how to make virtual graphics unique when you can just copy them", in the real, non-digital world, there are also fakes, but we are usually able to authenticate them. Crypto art derives most of its value from digital verification, which confirms authenticity and ownership. Although anyone can see CryptoPunk on the blockchain Ethereum and download or save the image, only the owner will be able to prove that they own the original. Another interesting example is the launch of the Binance NFT platform, for which the exchange has prepared cooperation with Krzysztof Gonciarz. Gonciarz's work, as the only person from Poland, was put up for auction in the first week after the launch of the platform. Gonciarz created a unique digital work of the NFT type entitled "Fantazmaty", telling the story of the relationship between an online creator and his audience. Nowadays, on the internet , it is no longer possible to be a flesh and blood human being, each time you are just a version of yourself - commented the creator himself. "Fantazmaty" is a work that talks about the process of projecting the image of a contemporary artist, which is an echo of his work. Each viewer creates their own Krzysztof Gonciarz. The work was auctioned for 1.05 ETH. Parallel to art, we have collectible topics, and more precisely, the need for digital collectibles, this use has gone mainstream with NBA NFT trading cards. The third place where NFT is already used is finance, and more precisely its decentralized version, i.e. DeFi. Another place where NFT is applicable are games and the room for maneuver in this sector is huge. If you are from an older generation, it is probably difficult for you to understand how something in the game can reach the value of, for example, tens of thousands of zlotys if, for example, the game is free. Microtransactions and in-game purchases have created a multi-billion dollar industry that can leverage NFT and blockchain technology. So how does NFT improve the gaming world? Players get full ownership of their assets. In-game assets can also have real-world value as users can trade their NFT assets. Verifiable NFT ownership can allow players to take these assets with them to another game. For example, in the game My Neighbor Alice, game items can be traded both through the in-game market and NFT markets in other blockchains, which significantly increases liquidity Another place where NFT comes into play is in music. Think of it as a digital "first edition" of the record. Including a song in NFT is very similar to graphics, but there are other uses as well. E.g. using blockchain to distribute royalties. The 6th place that comes to mind is real assets that can be digitized, creating tokenized digital versions of these records can move highly illiquid items (such as a house or land) onto the blockchain. In April 2021, Shane Dulgeroff created an NFT representing a property for sale in California. A cryptographic was also attached to the token. The winner of the auction received NFT and ownership of the property. However, the exact legal position of the sale and the rights of the buyer or seller are uncertain. Another place where NFT can be applied is logistics and supply chain issues to ensure that data is authentic and reliable. NFTs also have the added benefit of representing unique items. We can use NFT to track a product, which includes metadata about its origin, journey, and warehouse location. For example: Pairs of high-end luxury shoes are made in a factory in Italy. They are credited with NFTs that can be quickly scanned from the packaging. Timestamped metadata includes information about when and where the shoes were made. As the product moves through the supply chain, the NFT is scanned and new time-stamped metadata is added to it. The data may include the location of warehouses and the time of arrival or departure. When the shoes arrive at their destination, the store can scan them and mark them as picked up. The exact history of their journey is available for inspection, so that the authenticity of these shoes can be confirmed. In conclusion In general, if we look at NFTs, the revolution may primarily concern the elimination of intermediaries in the world of real estate, art and music. And this can be, above all, huge savings for both the buyer and the seller. When investing in NFT tokens, it should be remembered that simply issuing a given token at astronomical prices will not make this token sell to us. Therefore, before investing, be sure to pay attention to, among others: on market liquidity. In the description of this video, valuable links have been dropped, including the history of the NFT token valuation of the first tweet of the founder of twitter. That's about the balance of this episode. And remember, the world is based on transactions that will not disappear and need to be modernized!
Bankman-Fried's Attorneys Had Requested That He Be Released On $250,000 Bail

History of Bitcoin - a dive into the history of the first cryptocurrency

FXMAG Education FXMAG Education 22.11.2022 23:41
Bitcoin is undoubtedly the most famous cryptocurrency in the world. Some treat it like digital gold, others see it as a way to solve the problems that plague modern payment methods, and even the entire monetary system. Why was it created? What is its history? What does it have to do with spam and pizza?   In August 2008, the bitcoin.com domain was registered Two months later, on October 31, 2008, a paper titled "Bitcoin - an electronic peer-to-peer payment system" was published. The author of this work was Satoshi Nakamoto, a legendary figure and to this day extremely mysterious. The document created by Nakamoto contains the most important assumptions about Bitcoin. The author wrote about the need to create an electronic system that would be based on cryptography, not trust, and would allow transactions to be carried out without the need to confirm them with trusted third parties. It is worth paying attention to the surroundings and the time in which this manifesto was created In 2007, the financial crisis literally spilled over the world, which greatly increased the aversion to the traditional monetary system. The problems were literally printed, and hardly any institution suffered specific consequences resulting from earlier actions. However, this was not the first time someone realized that the traditional system was flawed.   The first foundations of the technology behind Bitcoin were created in the early 1980s. We owe the foundation to David Chaum, a cryptographer. Chaum saw the risk of moving around the web and wanted to ensure the anonymity of Internet users. He described the whole concept in 1982 in the work "Invisible signatures for untracked payments". Chaum emphasized that the data collected by banks and intermediaries may be dangerous in the future! Hence, his system ensured anonymous transactions. Why did Chaum's idea fail in the 1980s despite interest from Visa, Microsoft and Germany's Deutsche Bank? His tool was not immune to the so-called “double spending” by exploiting the vulnerabilities in the code; two separate transactions could be made using the same funds. Another innovator was Adam Back , who introduced the hashcash system, which aimed to reduce mass emailing (spam is one of the first plagues of the Internet). The technology itself was unrelated to banking, but its elements heavily helped Nakamoto create Bitocin . Speaking of Bitcoin, it is impossible not to mention the Cypherpunk movement, which operated in the 90s. Its members were cryptologists, and how could it be otherwise with liberal views. Their discussions and works were also an important building block in the later activities of Nakamoto himself. On January 3, 2009, 30,000 lines of code were written, and Satoshi Nakamoto mined the first Bitcoin block, called the Genesis Block. Satoshi Nakamoto wasn't the only person working on Bitcoin An early enthusiast of this cryptocurrency was Hal Finney, a member of the cyberpunk movement. Finney was literally fascinated by the idea of a decentralized internet currency. When Nakamoto announced that he was releasing bitcoin software, Finney declared that he would mine the first bitcoins - these were the first 10 coins that Satoshi sent as part of the test. Finney was not only an enthusiast, but also a successful programmer, in 2004 he designed a high-use proof-of-work that required some computational work to be done by the service requester - It was supposed to protect computer systems against DoS attacks. Hal Finney died in 2014 and according to the information provided to the media, he did not know who Satoshi was until the end. The creator of Bitcoin is shrouded in mystery. In Wikipedia, we can find several different theories as to who hides behind this pseudonym . This includes, for example, Elon Musk , but it must be admitted that this is a far-fetched theory. What do we really know about the creator of Bitcoin ? Nakamoto has written nearly 80,000 words about Bitcoin in 2 years and there are many indications that he is a native English speaker, and maybe even British. Usually his posts/comments appeared when it was daytime in the UK. There is also no shortage of evidence that he was an American. Either way, we'll probably never know. The first real Bitcoin rate was determined based on the cost of its mining. It was exactly on October 5, 2009. One US dollar could buy 1309 BTC . As you well know, the roles have reversed.   In 2010, there were several places where bitcoin was accepted Given the rapid price increases of Bitcoin, there is no shortage of stories and memes related to the first transactions made with this cryptocurrency, one of the most popular by far is the transaction that was made when buying a pizza, which was agreed to by one of the first Bitcoin users - Laszlo Hanyecz . Purchased 2 pizzas at Papa John's for ... 10,000 BTC. The transaction took place on May 22, 2010 - In 2021, these Bitcoins were worth almost $700 million Admittedly, this is a significant opportunity cost. The amount is very impressive, but it must be added that since then the price of Bitcoin has fallen significantly, and Leszno himself has been waiting for a willing transaction for 4 days! In July 2010, the cryptocurrency exchange platform MT Gox was launched Which for several good years was the market leader. A year later, the Silk Road platform, where you could buy illegal drugs, was launched, and Bitcoin became its main form of payment. This, of course, did not generate good PR for the cryptocurrency, which was and still is to be an alternative to the current monetary system. 2 years after the first bitcoins were mined Satoshi Nakamoto disappeared from the network. On April 23, 2011, he sent a short e-mail to a bitcoin developer saying that he was going to do something else and that he was leaving bitcoin in good hands.   Why did Satoshi Nakamoto let go ? It is possible that he was convinced by the stories of other creators of alternative currencies. In 1998, Bernard von NotHaus, a native of Hawaii, created a currency called the Liberty Dollar, he was charged with breaking the law and sentenced to six months of house arrest. 9 years later, one of the first E-Gold digital currencies was liquidated in an atmosphere of suspicion of money laundering. Either way, Nakamoto 's voice is literally missing.   One of the largest transactions that made an impression a few years ago was the purchase of bitcoin worth 10 million dollars by the Winklevoss brothers. This investment tripled after just 12 months, if only the Winklevoss brothers wanted to monetize their investments, they could do it with the Bitomat, which was built in Vancouer in 2013! Although, from a practical point of view, it might be difficult to do. The same year also saw the creation of Grayscale 's first investment fund , which focuses on cryptocurrency investments. In 8 years, this fund has raised over USD 38 billion from investors. In 2014, the Mt. Gox At the time of the attack, the Tokyo-based exchange was the largest in the market, with a trading volume of 70% of the total Bitcoin supply . The following years saw the ever stronger penetration of Bitcoin into the awareness of not only investors, but also average citizens. With the rest of the fortunes that were created along with the development of this market could not go unnoticed. Is it worth paying attention to these types of messages? Definitely yes. Most often, very positive news may be associated with a local top in the quotations of this cryptocurrency that raises flushes on the face .   Bitcoins Timeline 1982 - David Chaum creates the " Invisible Signatures for Untracked Payments" project 1990's - Adam Back creates the hashcash system 08.2009 - registration of the bitcoin.com domain 03.01.2009 – The birth of the blockchain and the creation of the first block called “ genesis ”. 01/12/2009 – The first transaction on the bitcoin network 05.10.2009 – Determination of the first exchange rate bitcoin exchange - Bitcoin Market 05/22/2010 – First use of bitcoin as a currency bitcoin exchange - Mt.Gox – The beginning of mining on graphics cards bitcoin mine Slush's Pool 08.12.2010 – The first transaction using a mobile phone 01/28/2011 – 25% of all possible bitcoins mined 02/09/2011 – One bitcoin reaches $1 04.04.2011 – Beta tests of the first Polish stock exchange bitomat.pl April 16, 2011 - First article about bitcoin in serious media - TIME - "Online Cash Bitcoin Could Challenge Governments, Banks" April 14, 2011 - WikiLeaks accepts bitcoin 08/26/2011 – Fall of the Polish exchange bitomat.pl – 17,000 BTC lost bitcoin and World Expo conference in New York 09/23/2011 – P2Pool is established The collapse of the large TradeHill exchange – Fall of the Bitcoinica platform 06.2012 – Coinbase is established – WordPress.com accepts bitcoin 28/11/2012 – Drop in block reward from 50 to 25 BTC March 12, 2013 - Hard Forks blockchain 03/18/2013 – The first attempt to regulate bitcoin by FinCEN (USA) bitcoin ATM 07.2013 - Billionaire Winklevoss brothers enter bitcoin 09.09.2013 – Bitcoin ticker on Bloomberg 20/09/2013 - Bitcoin recognized as fully-fledged private money in Germany 11/19/2013 - Bitcoin surpasses Western Union in terms of the amount of funds sent 2013-11-21 – First university (Cyprus) accepts bitcoin 2013-11-22 - Tickets for space travel for bitcoins – Beginning of the ban bitcoin in china 03/25/2013 – Denmark exempts bitcoin trading 02/28/2014 – Fall of the largest bitcoin exchange – Mt.Gox 01/08/2017 – First BTC hard fork and creation of Bitcoin Cash (BCH) 2017-10-24 – Second hard fork of BTC i rise of Bitcoin Gold (BTG) Bitcoin futures contracts on the CME exchange 14/04/2021 - Debut Coinbase exchange on Wall Street   Source materials: https://businessinsider.com.pl/gielda/kursy-walut/tym-jest-bitcoin-kto-go-created/r3ernvq https://www.csmonitor.com/Business/2014/0218/Bitcoin-ATM-debuts-in-the-US-What-you-need-to-know https://comparic.pl/historia-bitcoin/
Weaker Activity And An Increasingly Benign Inflation Backdrop In US

New-home sales are likely to continue to fall - and there is no game changer here for the Fed

Alex Kuptsikevich Alex Kuptsikevich 23.11.2022 10:16
Recently, we've asked Alex Kuptsikevich about current situtation on markets. Cryptocurrency market remains in an unstable situation so do indices. What's more we're on the verge of release of crucial macro data from the USA such as core durable good orders and building permits which go public later today. Indices - are we past dips yet? Despite some slippage in the indices over the last two weeks, it is more likely that the bottom has already been passed. Our expectations have quite a few "buts" and "ifs". Nevertheless, the working scenario assumes that the peak of fear by the markets has already passed. The Fed is preparing the markets for further rate hikes but is prepared to slow down. Inflation data and lower commodity prices and freight costs play into this scenario. In the current environment, the different indices are moving up at different speeds, and some points are not making new highs as dramatically. Still, nevertheless, their move up has probably already begun. In the indices, we see the Dow Jones outperforming the Nasdaq, as the latter is and will remain under pressure from interest. The indices also behaved the same way, starting their recovery in 2002, when they had to rise at non-zero interest rates. Read next: NFT Tokens, the phenomenon & the concept - take a deeper look into the world of NFTs| FXMAG.COM Crypto crash...? The latest cryptocurrency crash promises to repeat the history of the previous crypto-winter when a year-long decline was followed by a 16-week sideways slump from November 2018 to March 2019. But in this case, it is worth looking for analogies not with the duration but with the fragility of the recovery that will follow even after the market has settled down. Core Durable Goods Orders and Building Permits are released this week - how crucial are these prints ahead of the December Fed meeting? The Fed is likely to focus now on inflation and employment, which have already thundered away, and a new batch (NFP) is not expected until late next week. Durable goods orders - as an indicator of business sentiment - could worry the markets if they diverge significantly from expectations. It would be especially unpleasant for the markets if they see firm orders growth - it would be seen as a signal for the Fed to continue raising rates as fast as possible. New-home sales are likely to continue to fall - and there is no game changer here for the Fed: this market was bloated, is now deflating, and there is still a long way to go before a depression. The biggest attention of market participants is expected to be on the Fed minutes, also coming out on Wednesday evening.
Ethereum's Shanghai upgrade: public test network to be released by the end of February

Tether announces a great chain swap, crvUSD code and whitepaper released

Crypto.com Accelerate the... Crypto.com Accelerate the... 23.11.2022 22:09
Tether performed a $1B USDT chain swap from Solana to Ethereum. Curve Finance launches stablecoin crvUSD, releases code and whitepaper. Uniswap says it collects users’ public on-chain data. Weekly DeFi Index This week’s market cap, volume, and volatility indices were negative at -10.33%, -40.23%, and -73.78%, respectively.         New Project Spotlight Users can now easily add their preferred EVM network in the Crypto.com DeFi Wallet. Through EVM network support, users are able to send and receive tokens on their custom networks, directly interact with dApps from their DeFi wallet, as well as tap into mainnet and testnet support.         News Highlight Tether, the largest stablecoin issuer in the world, announced a US$1 billion chain swap to convert USDT on Solana to Ethereum ERC20 with the help of an undisclosed third party.  Curve Finance released the official code and whitepaper of its stablecoin, crvUSD. The stablecoin will be overcollateralised and rely on an algorithm called Lending-Liquidating AMM (LLAMMA). Uniswap announced an update to its privacy policy and will now collect public on-chain data, such as wallet addresses and transaction history, which will be used to “make data-driven decisions to improve user experience”. Uniswap Labs introduced two new smart contracts: Permit2, which allows sharing and managing token approvals across different smart contracts, and Universal Router for token and NFT swaps aggregation.  Cardano’s developer Input Output Global is releasing a new privacy-focused blockchain called Midnight, which is alleged to preserve privacy while giving access to regulators and auditors. Midnight will be a side-chain of Cardano and offer zero-knowledge proof smart contracts. Ren Bridge announced its plans to sunset Ren 1.0 and will soon launch Ren 2.0, an open source community-controlled cross-chain network. Recent Research Reports     Argentina 2022 Survey: Argentines Are Increasingly Keen to Adopt Cryptos and NFTs: Crypto.com recently commissioned a survey of more than 2,000 Argentines to find out more about their investment preferences, knowledge, and opinions on crypto and NFTs. Research Roundup Newsletter (October 2022): In this issue, we cover our recent Bloomberg Terminal integration, a special research report for the Singapore Fintech Festival, and feature articles on NFT financialisation and utility. Alpha Navigator (October 2022): We look at crypto industry performance in October, including ETH’s short-term correlations with equities reducing. Is the Fed pivoting on rate tightening policy? Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES DEFI LAYER 1 Source: DeFi & L1L2 Weekly (23/11/2022) (crypto.com)
Bitcoin Is Showing The Potential For The Further Downside Rotation

InstaForex forecast Bitcoin may decrease again. According to the broker, Genesis crash was to some extent caused by FTX...

InstaForex Analysis InstaForex Analysis 23.11.2022 22:40
The most crucial level of $ 18,500 and its "duplicate" level of $ 17,582 have both been overcome by bitcoin, as seen on the 4-hour TF. The technical foundation is now in place for additional cryptocurrency sales. We haven't noticed any new collapses, even though the fundamental background of "bitcoin" is still a failure. As we previously stated, bitcoin may remain flat for several weeks or even months after another decline. In theory, this is what we are experiencing right now. The cryptocurrency has been trading between this price and $17,200 for the past two weeks after dropping to $15,600. Therefore, we will not be surprised at all if a narrow sidewall forms in the near future. At the same time, we fully anticipate that cryptocurrency will soon start to decline again. As it turned out, the insolvent FTX is partly responsible for Genesis' liquidity issues. The Alameda venture fund, closely associated with FTX, borrowed $1.6 billion from Genesis in September 2021, with FTT serving as collateral. The FTX exchange, which we have already discussed, issues FTT as its token. In other words, these tokens were not widely used, and now that the exchange has failed, they are worthless. In actuality, the bankruptcy of FTX caused Genesis' $1.6 billion in assets to burn down. Currently, Genesis asserts a liquidity shortfall of about $1 billion, which could lead to its collapse. According to experts, mining complexity is still increasing. From our perspective, this is yet another drawback for bitcoin because the cost of mining increases with mining difficulty. Its price is currently below the cost of production, which is made worse by the rise in complexity. Remember that the subsequent halving is scheduled to occur in 2024. Remember that software-based halving divides the compensation for one extracted block in half and is embedded in the code. As a result, miners will earn half as much for each block mined in one and a half years as they do now. In the past, bitcoin's price would rise after halvings, but this time around, it might be the opposite because someone would have to buy more bitcoin to increase in value. In the interim, there are no apparent buyers on the market.     The "bitcoin" quotes left the side channel they had been in for five months in the four-hour time frame. Since the fall has already passed both crucial levels of $18,500 and $17,582, we anticipate it to continue with a target of $12,426 in the medium term. Although trend channels and lines are no longer useful, the downward trend still exists. Although Bitcoin tries to float, the fundamental background frequently submerges it. Relevance up to 15:00 2022-11-24 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/327955
The Bitcoin Price Movement Is In The Bullish Channel

Chinese stocks decreased as COVID situation worsens. Bitcoin struggles

Craig Erlam Craig Erlam 24.11.2022 16:25
Equity markets are making steady gains in Europe and Asia on Thursday, while Wall Street is closed for the Thanksgiving bank holiday. The day got off to a decent start as investors on this side of the pond played catch-up following the late rally in the US. All considered it hasn’t been the most lively of weeks but the FOMC minutes did ensure investors went into the Thanksgiving break on a bit of a high. A dovish boost before Thanksgiving The most notable takeaway from the minutes – which were never going to be game-changing – were the discrete references to the difference in support for slowing the pace of tightening now and those raising their estimates of the terminal rate. Clearly, the latter has much less support which means a lower rate hike is on the cards in December – probably 50 basis points – while a higher terminal rate is only a possibility and will depend on the data. While not ideal for investors, the net effect is undoubtedly less hawkish and that’s at least partly what drove that late rally. Read next: G7 work on a Russian oil price cap, gold has gained as dovish Fed signals spread through the market| FXMAG.COM Destructive lockdowns again for China? Record Covid cases in China, more testing and restrictions, and even possible lockdowns went some way towards undermining that positivity coming from the US in Asia on Thursday. Stocks in China slipped while Hong Kong underperformed its regional peers as investors weighed up the prospect of more growth-destructive lockdowns and uncertainty for the world’s second-largest economy. This comes as authorities sought to slightly ease the burden of Covid restrictions and support the property market, both of which are difficult if record case numbers force people indoors. Another disappointing manufacturing survey The plunge in Japan’s manufacturing PMI to a two-year low below 50 – which separates growth from contraction – perfectly highlights how challenging the current environment is around the world. Higher input costs combined with lower domestic and external demand is hammering the manufacturing sector and is likely to continue until inflation abates and growth bounces back. Navigating blind The Bank of Korea has become the latest central bank to jump aboard the “slower for longer” train, raising rates by 25 basis points while leaving the door wide open to further rates hikes. The decision to join the RBA and BoC, with the Fed likely not far behind, comes as the economic headwinds mount. The problem many now face is a result of acting late and aggressively. As rate moves come with a lag, policymakers are being forced to make decisions without full visibility of the impact recent moves have had. They must therefore decide when to slow the pace of tightening in order to avoid unnecessary economic hardship and deflation while inflation is still very high. It may work out in the end but there’s a big risk on both sides that it won’t. CBRT brings an end to its easing cycle I’m not sure that particular analogy works when describing the Turkish central bank. In this case, it’s more like driving a car in reverse while looking forwards in the hope you somehow make it home ok. The CBRT cut interest rates by another 150 basis points today, taking it back to 9% while declaring the end of its easing cycle. That comes as official inflation sits at 85.5% in October, despite various efforts to control the currency movements. A dead cat bounce? Bitcoin is in the green for a third day, albeit only just, as it continues to try and stabilize in the aftermath of the FTX collapse. The event was unsurprisingly a huge setback for the whole industry, both from a contagion perspective but also a reputational one. Traders are correctly now asking themselves who else is exposed, how big will the ripple effects be, and where else this kind of activity is taking place. In such an unregulated world, these fears are very real and could undermine faith in the crypto space for some time, further weighing on prices in the process. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. A "dovish" boost - MarketPulseMarketPulse
The Analysis Of Off-Chain Metrics Allows Cryptocurrency Supporters To Count On A Reversal

Robert Kyosaki argues Bitcoin's link with FTX crash

InstaForex Analysis InstaForex Analysis 24.11.2022 16:54
  The bitcoin cryptocurrency has consolidated below the Fibonacci level of 127.2% ($18,500) and has yet to attempt to go back above this level. This only demonstrates that there are still no bulls in the market. Furthermore, since there are no bulls, there is currently no chance for bitcoin to grow. Now that bitcoin is "bottoming out" and "dead weight," we recommend talking about the overall context of the cryptocurrency market. In the past, we've argued that many self-proclaimed "experts" who frequently share their thoughts on bitcoin (even when they aren't asked) are investors. Such experts continue to amuse us with their predictions that "bitcoin is about to start a bullish trend and will soon cost a lot," considering that bitcoin must demonstrate growth, not decline, to ensure the profit of its investors. Such predictions from well-known, highly regarded individuals serve to encourage small traders to purchase cryptocurrencies, fueling their growth. All of these forecasts fall into two categories after analysis. The first ones at least have a time reference point that can be easily altered when the forecast is incorrect. The latter serves no sort of transient function. Because bitcoin will have time to fall much lower before it can theoretically reach the goal, the value of such a forecast is frequently reduced to zero. How many novice traders and investors are prepared to endure significant losses for one or two years? As a result, although bitcoin may cost $100,000 someday, it might only cost $6,000 in the interim.     One of these authorities is Robert Kiyosaki, who has been urging people to buy bitcoin for a very long time and predicts the complete collapse of the economy and traditional investment instruments. He also thinks that bitcoin has nothing to do with the collapse of the FTX cryptocurrency exchange. He claimed that FTX issues are unique to FTX and do not affect the entire cryptocurrency market, which we disagree with. However, the more these crashes occur, the lower bitcoin may fall as people's trust in cryptocurrencies continues to erode. Large investors may still be holding their coins, but there are other players in the market. The "bitcoin" quotes finally made a successful attempt to surpass the level of $18,500 in the 24-hour timeframe. The fall may continue now that we have a target of $12,426 in mind. As we previously stated, since the price was concurrently in a side channel, crossing the downward trend line does not signify the end of the "bearish" trend. The quotes may drop further as the lower channel limit has been reached. Relevance up to 15:00 2022-11-25 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/328064
Bitcoin Has A Potential For The Breakout Play

According to Peter Schiff, "bitcoin mania" is over

InstaForex Analysis InstaForex Analysis 24.11.2022 16:58
  The most crucial level of $18,500 and its "duplicate" level of $17,582 have both been overcome by bitcoin, as seen on the 4-hour TF. Thus, we now have all the technical justifications needed for the cryptocurrency to continue to decline. We have not noticed any new collapses, even though the fundamental background for bitcoin is still a failure. After another fall, bitcoin may remain flat for several weeks or even months, as we previously warned. In theory, this is what we are experiencing right now. The cryptocurrency has been trading between this level and the $17,200 level for the past two weeks after dropping to $15,600. So it won't surprise us if the flat continues in the near future. The existence of "crypto experts," whose aim is to maximize bitcoin pumping to maximize their profit from investing in it, was discussed in the previous article. On the other hand, another group of experts does not make any upbeat predictions because they do not own bitcoin and do not believe in it. Peter Schiff is one of them; he has frequently criticized the original cryptocurrency. This time, he claimed that two stablecoins, USDT and USDC, make up 80% of Ethereum, the second-largest cryptocurrency by market capitalization. The two stablecoins are each worth an estimated $100 billion, while the value of bitcoin is $300 billion. According to Peter, these two cryptocurrencies may soon surpass bitcoin in this indicator. Schiff claims that the "bitcoin mania" is over and that there has been a more than 50% drop in public interest in cryptocurrencies over the past year. Additionally, Schiff argued against tighter regulation of the cryptocurrency market. In his opinion, profit and loss are the best regulators for any sector of the economy, and there should be healthy competition for reputation in the industry. We partially concur with Schiff because, as it recently emerged, some significant players in the cryptocurrency market engage in overtly fraudulent activities. The FTX exchange filed for bankruptcy but could not do so while carrying on with such "schemes." Who claimed that other significant businesses and exchanges didn't act similarly?     In addition, stablecoins have all the features and benefits of traditional cryptocurrencies while backed by real money. Stablecoins' ability to be used as cryptocurrencies while also "flying" from side to side is why they have this advantage. The "bitcoin" quotes left the side channel they had been in for five months in the four-hour time frame. Since the fall has already passed both crucial levels of $18,500 and $17,582, we anticipate it to continue with a target of $12,426 in the medium term. Although trend channels and lines are no longer useful, the downward trend still exists. Although Bitcoin tries to float, the fundamental background frequently submerges it. Relevance up to 16:00 2022-11-25 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/328066
Bitcoin Extends Rally, Microsoft & Tesla Will Report Earnings This Week

The biggest exchange, Binance, has revealed plans to establish a $1 billion fund to purchase assets for struggling businesses

InstaForex Analysis InstaForex Analysis 24.11.2022 23:08
After a brief recovery movement, Bitcoin is currently attempting to break through $16,500. Given the strategic significance of the $16,600–$17,000 range for further upward movement, the bulls must maintain upward momentum in the near term. Due to the size of the offer that formed in the $16,600–$17,000 range, a breakdown of the channel's boundaries could result in increased volatility and a strong movement in one of the directions. 950,000 addresses have acquired about 800,000 BTC over the last few weeks fluctuations in this range. Given this, the bulls will attempt to establish a foothold above $17k to secure support and continue the upward trend. However, the bears' pressure is only growing due to some institutions and miners caving in. Bitcoin Whales with balances between 10,000 and 100,000 sold or distributed more than 100,000 BTC over the last two days. Analysts at Glassnode also point out the continued debauchery of miner sentiment. Due to a significant sell-off, the overall balance of mining companies hit an 11-month low. Fundamental background The fundamental background keeps getting better in a challenging on-chain situation. The biggest exchange, Binance, has revealed plans to establish a $1 billion fund to purchase assets for struggling businesses. This significant event encourages investors to be upbeat and confident. Additionally, the Fed reports' release helped to persuade the market that the current monetary policy had reached a turning point. Authorities have determined that it is best to slow down the rate of rate increases. As a result, the likelihood of a rate increase of 50 basis points in December has risen to 75% in the futures market. The market can anticipate a wave of optimism and a recovery movement for the major cryptocurrencies if inflation statistics are positive by the end of November. However, the market psychology has yet to reach a turning point, so there is still a chance that BTC will continue to fall. USD/BTC Analysis Bitcoin has continued to rise after rebounding off the $15.5k support level. Although the price of the cryptocurrency has reached the $16.6k resistance level, the technical indicators on the daily chart suggest that the bullish trend may continue to strengthen.     The MACD is about to form a bullish pattern for the first time since early November, and the stochastic oscillator has formed and is executing a bullish intersection. This suggests that consumer confidence is rising and that there is a good chance that prices will rise even more. Results The fundamental backdrop and some technical signals suggest the likelihood of forming a local Bitcoin bottom. The total supply of "unprofitable" BTC has reached 20,272,000, according to Glassnode experts, which historically denotes the formation of a market bottom.     However, too many "dark horses" are available, and one of them could suddenly turn into a "black swan," reducing market capitalization. We're referring to Genesis, Gemini, Grayscale, and a few mining firms. Considering these elements and the market's turbulence, it is impossible to rule out further immersion despite the momentary thaw. Relevance up to 17:00 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/328074
In January, OpenSea reached 1.5M NFT sales on Polygon and 1.1M sales on Ethereum

ApeCoin DAO with its own NFT marketplace. Magin Eden x Polygon integration

Crypto.com Accelerate the... Crypto.com Accelerate the... 25.11.2022 16:20
X2Y2 will enforce creator-set royalties for all NFTs. ApeCoin DAO has launched its own NFT marketplace. Magic Eden integrates with Polygon to develop blockchain games. New Project Spotlight NFT Collectibles [COMING SOON] “Weird People Genesis” features NFT airdrops and sticker sets by Buba Viedma, an illustrator and graphic designer from Madrid. This collection drops on 6 December, exclusively on Crypto.com NFT. [COMING SOON] In Ari Hersch’s “Apes Of Anarchy Vs The Degens”, the artist brings viewers on an adrenaline-charged initiation into the world of crypto motorcycle clubs. Featuring two rival clans, the Apes of Anarchy and the Degens, this collection will drop on Crypto.com NFT on 9 December. Blockchain Games [LIVE] CroSkulls generated a total weekly trading volume of 8.72 million CRO, with the top EvoSkull sale fetching 16,000 CRO. [LIVE] The CronosVerse hosted one of the first metaverse parties on the Cronos Chain on 19 November. The party featured live game support, musical performances, mini-games, and a PvP competition. NFT Metrics The following table shows select top creators (by weekly sales volume on each platform) and a sample of their art: PlatformCollectionSales Volume (USD)Floor Price (USD)Sample OpenSea CryptoPunks $5,087,000(+22%) $78,600 OpenSea Bored Ape Yacht Club $4,099,000(-37%) $77,200 Crypto.com NFT Loaded Lions $154,000(+4%) $1,700 Minted VVS Miner Mole $47,000(-62%) $260 Minted Argonauts $33,000(+97%) $90 Crypto.com NFT Cyber Cubs $15,000(-60%) $200 Blockchain Game Metrics The following table shows select top games by weekly Unique Active Wallets (UAW): GameBlockchain(s)UAWVolumeLogo Splinterlands Hive, Wax 256K(-1%) $12K Trickshot Blitz Flow 53K(-18%) $25K Planet IX Polygon 47K(+84%) $566K Tiny World BNB Chain 43K(+2%) $74K Era7: Game of Truth BNB Chain 43K(+13%) $47K Source: DappRadar Gaming Performance The total market cap for gaming tokens now stands at US$5.75 billion, down -14% from last week.     News Highlights NFT marketplace X2Y2 will enforce creator-set royalties for both existing projects and newly-launched ones. On Twitter, X2Y2 also praised OpenSea for taking a stand on creator royalties. ApeCoin DAO, a community-led governing organisation composed of ApeCoin holders, has launched its own NFT marketplace. The marketplace lists NFTs from Yuga Labs-owned collections. Unique features of the marketplace include ApeCoin staking, NFT metadata integrations, as well as lower fees for sellers. Magic Eden is integrating with the Polygon network to accelerate the development of blockchain-based games. Several game development companies, such as BORA by Kakao Games, Intella X, and BoomLand, are set to debut on its Polygon Launchpad in December. Recent Research Reports     Argentina 2022 Survey: Argentines Are Increasingly Keen to Adopt Cryptos and NFTs: Crypto.com recently commissioned a survey of more than 2,000 Argentines to find out more about their investment preferences, knowledge, and opinions on crypto and NFTs. Research Roundup Newsletter (October 2022): In this issue, we cover our recent Bloomberg Terminal integration, a special research report for the Singapore Fintech Festival, and feature articles on NFT financialisation and utility. Alpha Navigator (October 2022): We look at crypto industry performance in October, including ETH’s short-term correlations with equities reducing. Is the Fed pivoting on rate tightening policy? Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags BLOCKCHAIN GAMING CRYPTO RESEARCH CRYPTOCURRENCIES NFT Source: crypto.com
More effects of FTX crash could show up

More effects of FTX crash could show up

Craig Erlam Craig Erlam 25.11.2022 16:32
We’re seeing subdued trading at the end of the week, with the absence of the US leaving markets lacking any notable direction. This isn’t really unusual and at the end of the week too, it really makes sense. Barring a flurry of big headlines from elsewhere, we could now see equity markets just drift into the weekend with investors already having an eye on next week. Read next: The ECB Members Remained Concerned About Inflation Becoming Entrenched| FXMAG.COM Perhaps today people are trading in their charts for some Black Friday deals, the outcome of which will certainly be on everyone’s radar. Going into the holiday season, we’ll get an early idea of the state of play for household spending in the midst of a cost-of-living crisis. Of course, it will naturally be difficult to distinguish how much of that bargain hunting will prove to be holiday season shopping brought forward in an attempt to get the “best deals”. But if Black Friday shopping takes a hit this year, it won’t bode well for the rest of the holiday period which is so important to retailers. PBOC cuts the RRR The PBOC cut the RRR by 25 basis points this morning in a bid to support the economy which is once more going through a difficult period. How effective that will prove to be when cities are seeing restrictions and effective lockdowns reimposed is hard to say. But combined with other measures to boost the property market and ease Covid curbs, the cut could be supportive over the medium term when growth remains highly uncertain. Bitcoin still extremely vulnerable Bitcoin is edging lower again today after recording three days of gains. That dragged it off the lows but didn’t really carry it that far from them. It’s trying to stabilize around the $15,500-$17,000 region and weather the storm but I’m not sure it will be that easy. There’s likely more to come from the FTX collapse and the contagion effects, not to mention potentially other scandals that could be uncovered. This may continue to make crypto traders very nervous and leave the foundations supporting price extremely shaky. ​ For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Black Friday lull - MarketPulseMarketPulse
Bitcoin Is Showing A Good Sign That Buyers Are In Control

What coins worth a watch in the week ahead? ByBit highlights Ripple, LINK and CRV

ByBit Analysis ByBit Analysis 27.11.2022 19:18
News Round-Up for the Week FTX Account Drainer Swap ETH for BTC   After days of swapping funds withdrawn from FTX to ETH, the purported “FTX Account Drainer” is now swapping for BTC holdings with its ETH stack, exerting selling pressure on the price of ETH. Find out more here.   Genesis Warns of Possible Bankruptcy   After suspending the services of its lending arm last week, Genesis Global Capital saw its fund-raising efforts rendered moot as one of the companies it approached decided not to invest on the grounds of a potential conflict of interest, according to WSJ’s report. Find out more here.   El Salvador Paves the Way for Full Crypto Adoption   BTC’s recent abysmal spot price actions did not put a dent in the resolution of the El Salvadoran government to continue its foray into digital currencies. Find out more here.   New Proposal to Cover Debt on AAVE   DeFi management platforms Llama and Gauntlet have submitted a governance proposal on Aave to cover a $1.6 million bad debt brought on by a publicized short attempt on Tuesday. Find out more here.   Ethereum Core Developers Back EIP-4844   Ethereum developers are working towards including EIP-4844, a highly-anticipated scaling proposal, in a future mainnet upgrade, according to the latest Ethereum core developer meeting. Find out more here.         Bybit x NGC: DeFi Meets TradFi — The Integration and Challenges Faced   This week, we explore the integration between DeFi and TradFi.   As DeFi reels in from an extended bear market, TVL and user activities have plunged remarkably from their peaks. There are voices that DeFi’s real-world usage may help drag DeFi out of the woods.    Read more details here as we look into the state of integration, challenges faced, and possible forms of integration in the future.   On-Chain Round-Up for the Week   The market-moving narrative that captures the spotlight this week still revolves around whether the Federal Reserve could slow down the tempo of rate hikes after weighing existing economic and financial conditions against the impact of inflation. The FOMC minutes released on Wednesday signaled that many officials back a moderation in the near term, as they lean towards a 50-bps raise in December. US stocks entered the Thanksgiving holiday after notching gains for the third straight day, while the dollar weakened.     The broader crypto market had a turbulent start this week, with a weekend sell-off extending to Monday following the FTX drainer’s massive ETH dump. However, major cryptocurrencies bounced back after RSI reached oversold zones and have since been largely range-bound, with BTC holding a stronger footing above the $16k handle and ETH struggling to defend the $1,100 threshold.      On-chain metrics indicate that BTC long-term holders are losing convictions as they grapple with the FTX collapse. This is evidenced by a series of notable and sustained upticks in old coins (aged 6 months and above). A total of 254k old coins, accounting for 1.3% of the circulating supply, has been spent since the start of the FTX debacle. This represents the steepest decline in the supply of older coins since the last bull run in January 2021. That said, part of the coins spent may be related to the sales of BTC from the 2014 hack of the exchange Mt. Gox.     The whale cohort (those with more than 1k BTC holdings) is also submerged underwater. The average withdrawal price since 2017, indicated by the yellow line, is now above the current spot price, suggesting that this cohort of smart money and seasoned investors are also at an unrealized loss.      Meanwhile, the short-term holder MVRV has surpassed that of the long-term holders for the first time in the current cycle, hinting that direction traders are beginning to do better than holders, whose convictions have started to wane. If history is any indication, the crossover usually marks a potential bottom formation in past cycles. Of course, the current market conditions are a lot more volatile, and the signal warrants further scrutiny.      Macro events to look out for in the coming week    Nov 28, 2022 US GDP report  Skey Network Box premiere  Nov 29, 2022  Canada GDP growth rate  Nov 30, 2022 China NBS Manufacturing/Non-Manufacturing PMI EU inflation rate  Ari10 Airdrop  Dec 1, 2022  Japan Consumer Confidence  Theta Mainnet 4.0 Launch  Dec 2, 2022 US Unemployment rate & Non-Farm Payrolls    Three coins to watch   Token Reason  CRV Curve Finance recently released a whitepaper on its upcoming stablecoin. At the center of its mechanism is a novel lending-liquidating AMM that seeks to tackle the exposure to bad debt facing current CDP stablecoins and prevent positions from being liquidated. The novel mechanism may attract traders who are previously disheartened by CDP stablecoins and hopefully draw in more liquidity that will, in turn, boost the price actions of CRV.  LINK Chainlink recently saw a whopping 250% spike in the number of Verifiable Random Function (VRF) requests over the past week, suggesting strong demand for Chainlink’s data services. From the technical perspective, a rare bullish convergence emerges on the RSI chart for LINK, which may point to a potential trend reversal.  XRP The lawsuit between Ripple and the SEC is still the main driver behind the major price actions of XRP. A recent development may mark a step closer to settlement, which may lift the burden that has been weighing down the valuation for XRP, if not provide some tailwinds to the embattled token. Source: Bybit Blog | This Week in Crypto: Multiple Indicators Show BTC Whales Capitulates; Genesis Warns of Possible Bankruptcy
ByBit talks Grayscale Bitcoin Trust. How Does GBTC work?

ByBit talks Grayscale Bitcoin Trust. How Does GBTC work?

ByBit Analysis ByBit Analysis 27.11.2022 19:30
Grayscale® Bitcoin Trust (GBTC), an investment trust that’s traded on the stock market, is a great option for individuals, companies and institutions unfamiliar with the crypto world who want to invest in Bitcoin without directly managing it. But is it a good investment option for everyone else? Are you missing out if you haven’t invested in it yet? Are there drawbacks that might deter some people from buying Grayscale? In this article, we’ll answer these questions and more. What Is Grayscale Bitcoin Trust? Source: Grayscale.com Grayscale Bitcoin Trust (GBTC) is the world's largest Bitcoin fund. It’s also the first-ever publicly traded trust that has a digital currency as its underlying value. If you don’t know what that is, here’s a quick rundown. Trusts and funds on public stock exchanges have an underlying asset that dictates their value. These assets are mostly stocks in publicly traded companies. The price of the trust or fund fluctuates based on the underlying net asset value (NAV), which is affected by the asset’s demand. An investor can buy a portion of the asset by purchasing shares in the fund. Since GBTC is a cryptocurrency trust, you can buy its shares through your brokerage account. In doing so, you indirectly buy Bitcoin — avoiding the hassle of purchasing BTC through a crypto exchange. This means that you’re relying on Grayscale to buy and hold Bitcoin for you as a third party. So the actual BTC is stored in the Grayscale institutional trust, and its retail index is traded on either the open or over-the-counter market. GBTC is similar to a crypto exchange-traded fund (ETF), as it pools investors’ funds to invest in Bitcoin and charges investors a management fee for investing in the fund. How Does the GBTC Investment Vehicle Compare to a Bitcoin ETF? Essentially, a Bitcoin ETF, such as the Purpose Bitcoin ETF, is a competitor of GBTC. That’s because ETFs track the market data or value of the underlying asset much more closely than a trust. Hence, the market price per Bitcoin ETF share is relatively close to the actual value of BTC. But that’s not the case with shares of GTBC, because the trust charges a 2% management fee and sometimes also a premium. That significantly increases the price of a GBTC share as compared to the market price of BTC while spot buying, or while buying shares of a Bitcoin ETF. However, there are currently only Bitcoin futures ETFs in the market. GBTC is proposing to be approved as a Bitcoin spot ETF, which may be a better product than Bitcoin futures ETFs — as spot Bitcoin ETFs track the market even more closely than Bitcoin futures ETFs. How Grayscale Bitcoin Trust (GBTC) Works Grayscale Bitcoin Trust gathers money, usually U.S. dollars (USD), from institutional investors and uses that to buy BTC directly. These BTC are stored in the Grayscale fund, which essentially makes the Grayscale institution — rather than its investors — the actual owners of BTC. You can then buy shares of GBTC and indirectly own BTC. Ever since Grayscale became a publicly traded fund in 2015, various investors have poured a lot of cash into GBTC by buying Grayscale stocks during bull market cycles. Grayscale has used that capital to buy more and more BTC. Now, it’s accumulated over 643,572 bitcoins, which is around $10.12 billion in assets as of the time of this writing (November 22, 2022). Source: BuyBitcoinWorldWide.com   To put that number into perspective, Tesla holds approximately 10,725 bitcoins and Ukraine holds about 46,000 BTC. Source: BuyBitcoinWorldWide.com What Are Premiums and Discounts on GBTC Shares? When you buy or sell GBTC shares, the trust doesn’t immediately buy or sell BTC with your investment. That’s where the concepts of premium and discount come into play, which are essential to learn about if you want to understand how GBTC works. Suppose the Grayscale trust has about 500,000 BTC, which are all bought by shareholders. Then five investors come in, and each buys 1,000 BTC worth of GBTC shares. Those purchases will raise the overall value of the trust by increasing the number of BTC held by GBTC investors as compared to the number of bitcoins owned by Grayscale as an institution. That’s because GBTC doesn’t immediately use the new investment to buy 5,000 more BTC. This means that there’s a greater demand for GBTC shares than the supply of BTC. In such a case, the trust will add a premium to BTC’s value. Anyone who wants to buy GBTC shares will then have to pay that premium on top of the share value. Similarly, if a bunch of investors sell their GBTC shares, the new investors will get a discount. This fluctuation means that you have to buy BTC at a different price than what you’ll get by buying directly from exchanges. That’s why GBTC share prices aren’t the same as the actual value of BTC. Finally, you can only buy or sell GBTC shares during the opening hours of the stock market, unlike BTC spot buying and selling, which you can do at any time. Pros and Cons of Grayscale Bitcoin Trust (GBTC) To help you decide whether or not to invest in the Grayscale Bitcoin Trust, let’s look at its pros and cons. Pros Some advantages of buying GBTC stocks over owning Bitcoin directly include: 1. More Security in Cold Storage Crypto exchanges and wallets are vulnerable to hackers and scams. GTBC charges a management fee for keeping their BTC secure in cold storage, which is safe from hacks. 2. Regular Audits of the Bitcoin Investment Trust The Grayscale Bitcoin Trust files audited reports with the securities and exchange commission (SEC) to prove that it has the BTC that investors have paid for. That’s an advantage over crypto exchanges, which have the potential to scam people. An example of one such scam is the QuadrigaCX exchange scandal of 2019. 3. Tax Advantages Investors can get tax breaks when they buy GBTC shares through tax-advantaged accounts, such as a 401(k) or an IRA. It’s also easier for investors to file taxes for publicly traded stocks of a trust that’s approved by the SEC. Cons Some drawbacks of owning GBTC stock are as follows: 1. Not Suitable for Smaller Investors GBTC charges a 2% annual fee. On top of that, you have to pay a premium to buy shares when demand is high. It’s not a good fit for smaller investors, because you need a minimum investment of $50,000 to buy into Grayscale Bitcoin Trust. 2. You Never Actually Own Any BTC You can never redeem your shares for actual BTC because the Grayscale trust owns the private keys to the BTC in your shares. 3. The Ever-increasing Performance Gap The value of a GBTC share hasn’t been growing at the same rate as its underlying asset. Even if you don’t have to pay a premium, you still won’t earn as much profit by buying shares as you will by owning Bitcoin directly. From 2020 to 2021, GBTC’s share price increased by approximately 220% in value while BTC surged by nearly 340%. 4. Refusal to Share Proof of Reserves On November 19, 2022, Grayscale stated that it would not be sharing its proof of reserves (PoR) with its customers due to security concerns, despite the global panic over the FTX implosion. This refusal has sparked public furor over the company's future. Is Grayscale Bitcoin Trust a Good Investment? GBTC isn’t a good investment option because the value of GBTC shares doesn’t accurately match the value of Bitcoin. Its shares have been trading at a discount since early March 2021, and they’re now trading at a record low 45.08% discount to Bitcoin’s net asset value. Source: YCharts So if you buy GBTC shares today, you’ll get fewer BTC than what you’ll get through spot buying for the same amount of USD. Investing in GBTC doesn’t give you voting rights on protocols, because you don’t own the private keys to the BTC in your shares. Also, transactions occurring on the trust are censored by government agencies — which defeats the original purpose of a decentralized digital currency. Perhaps in the future, if the shares start trading at a premium again, then Grayscale will be a good option for accredited investors who can purchase GBTC shares at the NAV price. Buying GBTC vs. Buying Bitcoin Volatility is unavoidable whether you’re buying BTC directly or on the open market through GBTC. Whenever lawmakers release new rules about regulating crypto, or deny a crypto ETF request, GBTC’s share prices take a bigger nose dive than Bitcoin’s market price. Also, since you don’t own the BTC in your GBTC shares, you can’t use it. If you want to actually use Bitcoin and save on management fees, then you’re better off buying BTC directly. Buy BTC at zero fees on Bybit now   Closing Thoughts GBTC has always been a viable option for only a small group of wealthy investors. Moreover, it not only faces hurdles in becoming a spot Bitcoin ETF, but has also faced serious criticism over its refusal to share its proof of reserves. Given these risks in investing with GBTC, it may be cheaper and safer for retail investors to own Bitcoin directly, despite the current volatility of the crypto market. Source: Grayscale Bitcoin Trust (GBTC): All You Need to Know | Bybit Learn
Binance Academy summarise year 2022 featuring The Merge, FTX and more

ByBit talks TON Wallet - what is it? How does TON Wallet work?

ByBit Analysis ByBit Analysis 27.11.2022 19:35
An increasing number of developers, companies and entrepreneurs are entering the crypto industry in an attempt to bring something new to its markets. One such company is Telegram, which offers a cloud-based instant messaging service and has launched a crypto project known as Toncoin. While Toncoin has been on the market for over two years, more and more crypto investors are interested in this coin, as well as the TON Wallet that the platform offers. This guide explains everything you need to know about the TON Wallet and whether it's safe to use. What Is Toncoin? Toncoin is part of the TON network. It’s the native token for the network itself. TON was designed with scalability in mind to effectively accommodate several billion users. TON refers to "The Open Network," which is a fully decentralized Layer 1 blockchain. The different layers of a blockchain represent the architecture on which it’s built. The expansive nature of TON is accomplished via blockchain sharding, which involves the use of numerous blockchains housed on the same network. Each blockchain has its own purpose, which could be anything from governance to recording transactions.  Since the entire workload is spread out through multiple chains, there's never a situation in which a single chain must handle sizable backlogs of blocks that have yet to be verified. The Ethereum network is also expected to use this technique in the months to come. TON is based on a proof of stake (PoS) consensus mechanism, whereby validators verify transactions through staking. This mechanism is much more energy-efficient than proof of work (PoW). Toncoin also boasts ultrafast transactions, has flexible architecture and provides low transaction fees. What Is TON Wallet? TON Wallet is a noncustodial software program that provides crypto investors with a place to store TON tokens on the TON blockchain. Once your TON Wallet has been created, you can receive and send tokens while also interacting with easy-to-use apps. Since TON Wallet is noncustodial, no one but you has the ability to use it, which is perfect for users who prefer having total control over their crypto assets and want to interact with other easy-to-use apps.  TON also offers a built-in custodial wallet on their platform, which can be accessed via the @wallet Telegram bot. This means that Telegram will handle all of your storage needs as you invest or trade with the assets you’re storing in your wallet. How Does TON Wallet Work? TON Wallet has two essential components for its users: A seed phrase and a wallet address. The seed phrase is a type of password that consists of 12 separate keywords. Recovering your wallet requires you to progress through the seed phrase login stage. The use of a seed phrase ensures that your wallet is safe and secure on the TON network. A wallet address is a series of alphanumeric characters that allow you to send your crypto assets to your TON wallet. Coins can also be sent to your wallet with the TON wallet address that you provide. In order to better understand how TON wallets work and the flexible architecture on which they're based, view your TON wallet as a bank account. Your wallet address is your account number, and the seed phrase is your password. The main difference between your traditional bank account and a TON wallet is that other individuals have your personal information when you create a bank account. TON Wallet allows users to remain anonymous. All transactions to and from the wallet take place with an alphanumerically encoded address. As mentioned, TON boasts ultrafast transactions, so that purchases or sales you make from your TON Wallet can be completed without delay. With the Telegram app’s wallet feature, you can purchase and send Toncoin. You can also use these coins to pay for different services and apps in the TON ecosystem. In addition, if you'd like to take part in TON's governance program, your assets can be used to vote on changes to the platform as well as development goals. You'll also have some control over how the platform progresses. Since TON is known as a PoS network, all validator fees are paid in Toncoin. Transactions are highly affordable, which isn't the case with some platforms, such as Ethereum. Toncoin swaps come with fees of less than $0.05. How to Create a TON Wallet on Desktop To create a new TON wallet on a desktop, you can select a Linux wallet, MacOS wallet, Windows wallet, web browser wallet or Google Chrome extension. Regardless of the wallet you choose, transaction fees are low. Step 1: Navigate to https://ton.app/wallets. Step 2: Select your preferred wallet. You’ll notice a description below each wallet’s name, which tells you which browser or operating system the wallet is compatible with. Step 3: Once you've selected your preferred wallet, you can read a lengthier description of the wallet and what it does. From here, click on Open. The next steps depend on the type of wallet you create. For a Google Chrome plugin, you'll need to add the extension to your browser, after which you can continue creating your wallet. The creation process is actually simple and straightforward. When you click Create Wallet, you'll be given a seed phrase that will allow you to recover your wallet if it's ever lost. How to Create a TON Wallet on Mobile You can also choose to create a TON wallet on your mobile device. The process for doing so can differ somewhat, depending on the type of smartphone you use. Step 1: Navigate to https://ton.app/wallets from your mobile device. Step 2: Select the mobile wallet that’s compatible with your mobile device. You’ll notice a description below each wallet’s name that tells you which device the wallet is compatible with. Step 3: Once you've selected a compatible wallet, you can read a lengthier description of the wallet and what it does. From here, click on Open. Doing so will direct you to the respective Toncoin Google Play Store and Toncoin Apple App Store pages for you to download the app on your mobile device. Step 4: Follow the instructions on the app after you’ve downloaded it to create your TON Wallet. How to Use Your TON Wallet Once you've created a TON Wallet and have set up your password, the new wallet will be ready for you to use. If you want to add funds to your wallet, all you need to do is select the Receive Grams button. You can then input your wallet address, or create an invoice link that you can send to people if you want to receive payments. Make sure that you set the exact amount you'd like to receive, after which you can request a QR code that details your invoice information. As touched upon earlier, it's possible to use your wallet to send and receive Toncoin. Additionally, your wallet can be used to interact with apps that are present on the TON network. Is TON Wallet Safe? If you want to be certain that your assets are safe, and that you control every aspect of how these assets are used, you might want to opt for a noncustodial wallet to give you confidence that your wallet is safe. On the TON Wallets website linked above, you'll notice blue checkmarks beside a dozen different TON-compatible wallets, including the official TON Wallet. These options have been verified directly by the TON team, which means they’re perfectly safe to use. Keep in mind that Toncoin is a legitimate coin with an actual purpose. Because of the open network on which Toncoin is based, it scales well and provides users with low transaction fees, two key features that make future growth more likely. The Bottom Line TON is an open network that boasts ultrafast transactions, easy-to-use apps and flexible architecture. When you invest in Toncoin, you can use your TON Wallet to send and receive Toncoin as you see fit. The steps above are an easy guide to help you create a TON Wallet on your preferred device or operating system. Source: What Is TON Wallet & How Does It Work? | Bybit Learn
FieryTrading talks Solana (SOL) - November 28th

Cryptocurrency: Solend explained by ByBit - "The platform’s main goal is to decentralize lending."

ByBit Analysis ByBit Analysis 27.11.2022 19:43
Since its launch, Solend has been garnering the market’s attention. An algorithmic, decentralized protocol for lending and borrowing built on Solana, Solend opened gateways for Solana users to increase the methods they can employ to profit from the market. With prominent investors such as Dragonfly Capital, Polychain Capital, Balaji Srinivasan and many others, Solend gained remarkable traction, achieving $100 million in deposits just over a month after launch, achieved even prior to liquidity mining opportunities.  In late June 2022, Solend once again grabbed the front page of several financial news sites. However, this time the reasons weren’t as favorable. Concerns regarding the liquidation of a whale account on Solend left Solana users panic-stricken about a potential major crash, sparking intense discussions. Recent developments around FTX, the troubled centralized exchange, have also had an impact on Solend. In this article, we’ll explore what Solend is, how a major crash almost occurred, and the impact it’s suffered from FTX’s downfall. What Is Solend? Solend is a decentralized finance (DeFi) lending platform built on the Solana network. It allows users to borrow or lend assets, using an algorithmic method to determine interest rates and collateral amounts.  The Solend protocol was first launched in August of 2021. At that time, Solana’s popularity was increasing due to its speedy transactions and low fees. The addition of a lending protocol to the Solana ecosystem attracted a lot of market interest. Users can now earn higher returns than before. How Does Solend Work? Solend starts with a fairly basic premise: Users can deposit assets to their Solend accounts to earn interest. They can also use these deposits as collateral to take out loans. The platform’s main goal is to decentralize lending.  Borrowers don’t need to take out a formal long-term loan, or justify their need for it. Instead, the platform enables them to take short-term loans with simpler deposits and no lengthy underwriting process. Smart contracts automatically assign lending limits and collect interest. In order to use Solend, users need to have a Solana wallet. The SOL crypto asset is the backbone of this Solana-based lending protocol. Users can move to different denominations if they want, but SOL is the native currency for the platform. Solend has various "pools" of available crypto assets that operate with different currencies. For example, the Stable Pool lets users lend or borrow cryptos like USDC and USDT, while the Main Pool lets users work with all 20 of the crypto assets the platform currently supports. Once users have their Solana wallet connected to the lending platform and they’ve added SOL to their account, they can begin borrowing or lending various types of crypto. The Supply option lets users look at how much interest they can earn, while the Borrow option tells users how much they can borrow with their current crypto stake. Each loan that users take has a liquidation threshold. If crypto values alter in a way that causes the loan to cross the liquidation threshold, users’ assets can be liquidated. The funds then go to the lenders as collateral for the loan. Key Features of Solend There are many other similar DeFi lending platforms, such as Compound and Aave, but Solend’s Solana-based lending protocol has some special features that set it apart. Low Transaction Fees Many users find Solend helpful for investing because it has low transaction fees. You can quickly borrow and sell crypto without getting hit with excessive transaction fees. Most of the platform's fees are just protocol fees you pay with each loan. These fees contribute to an insurance fund for the platform.  Typically, the fee is set at around 10 bips, though it can vary slightly depending on which vault you use. There are also fees you pay for any Solana network transactions. The first time you interact with the network, you pay a 0.01 SOL fee. Then, for every subsequent transaction, you pay a low fee of around 0.000005 SOL. These fees are much cheaper than transaction fees on most other sites. Increased Scalability and Connectivity Unlike many other lending platforms, Solend prioritizes scalability. It doesn't require users to stick with one type of crypto, or conduct only low-level transactions. Users can leverage a wide range of crypto assets, with more being added to the platform regularly. You can choose from a variety of cryptocurrencies, such as native coins, stablecoins and meme coins, so there’s certainly a lot of versatility. Good User Experience Despite Solend’s many features, its network isn't confusing to use. One of its most impressive aspects is its streamlined dashboard. Well-organized and visually pleasing, it’s intuitive to use. Most people can get started without requiring extensive tutorials, or confusing statistics that can cause investors to make errors. Referral Program A lot of Solend's success may be linked to its referral program, which the network launched so that current users can encourage others to sign up through a referral link. The original user receives a small financial bonus when a new user participates. Right now, the financial incentive is set to 20% of each loan's origination fee. Risks of Using Solend Though the platform has some great perks, using it also comes with some potential problems. Before investing in any Solend strategies, there are a few risks you need to be aware of. Oracle Risk Solend’s liquidations are powered by the price feeds of Pyth Network and Switchboard. These oracles may report incorrect prices, causing wrongful liquidations to occur. Smart Contract Risk Given that Solend is an algorithmic, decentralized protocol, the crux of its operating system lies in smart contracts that facilitate the borrowing and lending of crypto assets. However, like any other type of software, these contracts can be a point of vulnerability. They could, for instance, potentially be exploited to steal or permanently freeze funds.  Note that such risk is inherent to all smart contracts. Despite the fact that this risk cannot be fully eliminated, there are some methods and steps taken to mitigate it: Rigorous Audit Solend’s smart contract has undergone a code audit by Kudelski Group, an independent security firm. Bug Bounty Program Solend has incorporated a bug bounty program, which pays up to $1 million if a user identifies a critical vulnerability in the code. This incentivizes responsible disclosure instead of hacking. Treasury Solend’s treasury of $20 million can be used as insurance for the Main Pool, should any exploits or hacks cause any of the protocol’s funds to be lost. 100% Utilization Risk  Solend's lending protocol only works when users are depositing crypto assets for others to borrow. If there are no crypto assets left in the pool — which would be the case should 100% of the crypto asset be lent out — any future withdrawal or borrowing becomes impossible. This is called 100% utilization, and it can occasionally be an issue. This problem is resolved as long as users pay back their loans, or more users supply crypto assets to the pool.  Liquidation Risk Solend offers over-collateralized loans, meaning that each loan the platform offers must be backed by collateral that’s worth more than the loan itself. However, collateral value is constantly shifting.  If your collateral's value drops, asset LTVs may determine that your loan is below the threshold. At this point, you can either add more collateral or let your existing collateral be liquidated. However, liquidating your position incurs a penalty. If you aren't paying close attention to your loans and investments, there's a chance you could end up accidentally losing your loan — and having to pay the liquidation costs. Bad Debt Risk People who lend on Solend’s platform may potentially run into situations where their loans cannot be covered. This can happen during large-scale liquidations or periods of market turmoil. When a lot of assets are liquidated at once, their worth may not be enough to cover the user’s loans, resulting in a negative balance known as bad debt that can harm the lender.  To manage this risk, Solend uses isolated pools to isolate newer or riskier crypto assets. These pools are used to screen crypto assets that have less liquidity and higher volatility, which creates an exploitable opportunity and is deemed a risk for the main pool. In addition, deposit limits and collateralization ratios are also managed for this group of crypto assets. Any bad debt created is filled via the insurance fund. However, this insurance fund is topped up by transaction fees, a source which isn’t limitless and can potentially run out. SLND Tokenomics Source: Solend Allocated to Percentage Allocation Liquidity Mining 30% Treasury 25% Team 25% Investors 15% IDO 5% Tough 2022 for Solend In 2022 alone, Solend has faced multiple tough situations, partly due to the volatile market conditions and the fallout from big institutions failing, which has caused various crypto assets to suffer in price. Here are the three main issues that Solend has had to deal with. Solend’s Oracle Exploit On November 2, 2022, Solend was struck by an oracle exploit, resulting in $1.26 million in bad debt. Three of its pools — Stable, Coin98 and Kamino USDH — were affected, since the exploit revolved around the Hubble stablecoin (USDH). As a result, these three pools have been disabled, and the exploiter’s address has been made known to exchanges. FTX’s Downfall and Its Impact on Solend The current downfall of FTX, the giant CEX, has thrown the market into turmoil. Given that the Solana ecosystem had close ties with Sam Bankman-Fried (SBF), the founder of FTX, the total value locked (TVL) of the DeFi ecosystem has taken a beating, partly attributed to the free-falling price of SOL. There’s also been an impact on Solend, which had a TVL of over $280 million on November 2 and has since dropped all the way down to $28 million at the time of this writing (Nov. 23, 2022). This is a result of users withdrawing from the protocol, as well as the decreasing price of SOL. In addition, Solend was faced with an issue pertaining to the liquidation of a whale account. An unidentified whale who had borrowed $44 million against $51 million worth of SOL had to be liquidated, due to the drop in value of SOL collateral. However, on-chain SOL liquidity had taken a huge beating when the price plummeted 43% in 48 hours, and Solend had difficulties liquidating the whale’s account. In an attempt to attract depositors and incentivize borrowers to repay their loans, thereby improving liquidity, the team at Solend tried to resolve this situation by raising the interest rate on SOL to more than 2,500%. In addition, they also created a Binance account to process the SOL liquidations, since the SOL liquidity was deeper on Binance as compared to the Solana chain itself. Despite the commendable efforts from the Solend team, which expedited the liquidation of the whale account, Solend now sits with a bad debt of $6.5 million. As Soju, Head of Business Development at Solend, wrote in Solend’s Discord channel, “It’s looking very bad now” as the situation had yet to be fully resolved. The Near Crash of Solend Prior to FTX’s downfall, Solend had encountered difficulties with regard to another whale liquidation in late June 2022. This particular incident took the DeFi space by storm, was intensely discussed by the Crypto Twitter community and appeared in news stories. What Happened One of Solend's key vulnerabilities is that users join together to create a lending pool. This can lead to problems when a single borrower, called a whale, has an outsized presence within the Solana-based lending protocol. The June crash involved a whale borrower who had an outstanding loan of $108 million worth of USDC and USDT. The borrower's stablecoin loan was backed by $170 million worth of SOL in their Solana wallet. The whale's loan was the largest single-user loan on Solend, taking up a huge portion of the lending pool. This was fine — as long as SOL prices were high. However, when SOL prices started tanking around June 15, this huge loan became a problem. SOL prices were dropping to $27, so the whale's loan was quickly approaching its liquidating threshold. Solend’s Developers Try Notifying the Whale When Solend's developers noticed this issue, their first plan was to notify the lender of the impending liquidation. At this point, another one of the platform's vulnerabilities became apparent: Solend is entirely anonymous, so there’s no way to contact a user — outside of sending a message to their account. Unfortunately for the developers, the whale wasn't checking the messages sent to their own account. If SOL's price were to reach $22.30 without the whale taking any action, their collateral would have to be liquidated, resulting in over $21 million of SOL being dumped at one time. Users feared a serious amount of fallout for the market. Though SOL is a fairly robust blockchain, with a market cap of around $11 billion, such a huge sale would have caused its value to tank even further. It was a race against time, with the group desperately trying to notify the lender before the liquidation was set in motion. After private methods of contact failed, they turned to the internet. The developers posted on Reddit and Twitter, begging the borrower to contact them. They even sent an on-chain transaction with a memo, asking the whale to talk to them about the issue. Of course, making the issue public caused further problems. Users were spooked and started to pull their funds, resulting in fewer tokens in the pool and more funds being frozen. Eventually, Solend was able to use an intermediary to contact the whale and get them to add more collateral to their account. However, before this took place, the platform had been seeking other solutions. They ended up enacting their first decentralized autonomous organization (DAO) vote. This essentially required users to join together and vote on proposed solutions to the problem as described below. Proposal 1: SLND1 — Mitigate Risk From Whales Solend's first proposed measure was an "emergency powers" package. Named SLND1, it would have given Solend’s developers more control over users' accounts, allowing the platform to identify whales who represent more than 20% of the borrowing in any given pool. Solend would then have emergency power to take over these accounts in the event of any liquidation. The platform would be able to liquidate the account more slowly, so that lenders would get paid but SOL shares wouldn’t get dumped en masse. At the time, this proposal was met with a lot of favor. Solend got just enough voting participation to meet their 1% quorum requirement, and the emergency ballot passed by 97.5%.  However, users quickly found out that some unsavory dealings had been going on behind the scenes: Struggling to achieve enough user participation to reach a quorum, the platform found a user who owned over 1% of all the turnout tokens. This user’s outsized number of votes swayed the results of the election, while many members of the Solend community had been outspoken about how much they disliked the measure. They felt that it gave the platform too much control over individual users’ accounts, contesting the ethos of decentralization. Proposal 2: SLND2 — Invalidate SLND1 & Increase Voting Time Since there was so much public outcry over SLND1, the developers proposed a new measure, SLND2, which would essentially reverse everything that had been agreed to with SLND1. The new measure proposed both to cancel the idea of giving the Solend team more power over user accounts, and to increase the overall voting time. This ballot ran into a similar problem as the first proposal. Once again, users were divided, and it mostly came down to the input of the same user, with their outsized voting power. This user initially said they would vote "No" on SLND2, because they didn't want to cave to public pressure. However, at the last minute, they decided to vote "Yes” and the proposal passed. The platform was no longer allowed to access user accounts in an emergency, while users were given more time on future votes. Proposal 3: SLND3 — Introduce Account Borrowing Limit After the first two controversial votes, Solend users were becoming fairly anxious. Fortunately, the platform was able to finally get in contact with the whale and work to resolve the ongoing situation. While this was happening, the team also began to work on a new proposal that would hopefully reduce the risks of another such occurrence. SLND3’s ballot measure proposed to reduce borrowing limits for all users. The proposal suggested that, in the future, there should be a borrower ceiling of $50 million. This would hopefully prevent one borrower from being able to take up so many funds from a lending pool. The ballot passed on June 21, and the proposed limit went into effect. Though there was once again the issue of a single user deciding the vote, there was less public outcry because most people believed the new measure was a wise decision. Overall Impact on SOL It's hard to clearly define Solend's effect on SOL, since the two are so closely related. SOL was definitely on the downturn before the lending protocol disaster. In fact, the Solana network crash was the main reason that all of the whale's SOL collateral was almost liquidated in the first place.  During the days of constant, contradictory proposals, market uncertainty continued to drive SOL prices down. Many investors dumped their SOL out of fear that its value was about to drop further. However, even when the near crash was prevented, as a portion of the whale’s debt was moved to another protocol, the price of SOL didn’t immediately recover. It appeared that stabilizing Solend had prevented a bigger crash, but was unable to improve Solana’s ecosystem as a whole.  Is Solend a Good Investment? The situation with Solend highlighted some key problems with the protocol. Many investors are now wary of lending to users, as the whale issue highlighted just how easily one bad call could destabilize any lending pool. It’s somewhat reassuring to see that the developers were able to handle things, and to keep users from losing money. However, if there’s a reoccurrence, the outcome may be very different. Despite the newer borrowing limits, there still isn't much regulation in place to prevent the same problem from happening again. That said, there's no indication that borrowing on the platform or using it to leverage cryptos against each other is potentially disastrous. These sorts of activities don't necessarily run the same risk of drastic harm from a single large liquidation. However, the June 2022 crash did cause a limited lending pool. This could be a problem for investors whose plans involve acting quickly and constantly taking out various loans. In addition to the practical issue of one whale borrower bringing things to a halt, the June crash also introduced some philosophical problems. Many investors had been drawn to the lending protocol because it claimed to be a DeFi program in which financial decisions weren't based on human error.  However, all of the SLND proposals ended up coming down to a single user whose votes were heavily influenced by both the developer team and the Twitter outrage. The ability of one voter to purchase so much power shows that Solend may end up being influenced by personal bias and real-world politics just as much as the traditional financial system it criticizes. SLND’s price has dropped by roughly 97% since its peak in November 2021. Given the current volatile market conditions, and potential contagion effects that could arise from FTX’s fallout, users should be careful when deciding whether to invest in SLND. Source: CoinMarketCap The Bottom Line Ultimately, Solend’s decentralized lending and borrowing protocol has some exciting features. However, the recent near-crash shows the potential dangers of DeFi lending platforms. Despite claims that Solend’s program is decentralized and algorithmic, it ended up relying entirely on user behavior. Since it's lacking in regulations, this opens up vulnerabilities that can cause real financial damage. Solend’s lending protocol is certainly intriguing to tinker around with, but we'd recommend caution when working with large amounts of funds. Source: What Is Solend and How Did a Near Crash Almost Cripple It? | Bybit Learn
Centralized Exchanges (CEXs) Remain A Promising Avenue For Users To On-Ramp Cryptocurrency As Opposed To Decentralized Exchanges (DEX)

What are Canary Network and Songbird Network? Songbird Crypto Token and more explained by ByBit

ByBit Analysis ByBit Analysis 28.11.2022 09:39
Cross-chain interoperability remains a challenge for the wider adoption of blockchain technology. By default, blockchains are self-contained environments that have limited points of contact with the outside world. Many projects have been launched in recent years to improve blockchains’ ability to communicate with each other. One of the upcoming projects in this domain is Flare Network (FLR). This new blockchain takes pretesting seriously, with a test chain, Songbird (SGB), at the core of its launch activities. What Is Canary Network? In blockchain, a canary network is a pretesting environment used to safely test features and functions to be implemented. A canary network is a proper chain of its own, and emulates most or all the features of the main blockchain it’s designed to test. It has exactly the same network architecture as the main chain. Canary networks are usually different from testnet chains, used in pretesting a final blockchain, (the mainnet). Testnets nearly always have the same native coin as their mainnets, while canary networks feature a different cryptocurrency. Additionally, crypto coins and tokens on a testnet have no monetary value, and can be freely spent. In contrast, canary networks feature proper coins and tokens with some market value. The coin and token balances on a canary network cannot be freely replenished. As such, a canary network might be considered a more advanced network type than a testnet. In some cases, canary networks continue to operate for years alongside their main chain, and might even develop defined ecosystems of their own. What Is Songbird Network? Songbird is the canary network for the Flare blockchain, a smart contract platform designed to enhance cross-chain interoperability that’s compatible with the Ethereum virtual machine (EVM), opening up opportunities for interaction with a large number of modern blockchains. Originally, Flare was conceptualized to help improve compatibility between the XRP Ledger and other popular public blockchains. The XRP Ledger is the enterprise-oriented blockchain of leading crypto financial network Ripple, whose coin, XRP, is the 7th largest cryptocurrency by market cap. Top 7 Cryptocurrencies by Market Cap as of November 21, 2022 Source: Coingecko.com By connecting the XRP Ledger to other prominent blockchains, Flare can help markedly improve the business world’s overall adoption of blockchain technology. As of November 2022, Flare is in “observation mode,” with its beta version expected to be launched shortly. Similar to Polkadot’s (DOT) thorough adoption of pretesting via its own canary network, Kusama (KSM), the developers of Flare are using Songbird as a testing network to implement all the key features of Flare: Flare Time Series Oracle (FTSO), State Connector and F-Assets. This means that Songbird would always be a step ahead of Flare in terms of technological innovations, albeit with the added risk of instability. FTSO is a network of oracles that feeds external price-pair data into Flare’s blockchain. State Connector is a Flare functionality to securely pass off-chain data on the network. F-Assets are special assets designed to enable smart contract functionality on Flare using cryptocurrencies that don’t normally support such a feature. Examples of these cryptocurrencies would be XRP, as well as popular coins based on the proof of work (PoW) consensus protocol such as Bitcoin (BTC), Dogecoin (DOGE) and Litecoin (LTC). What Is Songbird Crypto Token (SGB)? SGB is Songbird’s native crypto coin. One of its key functions is governance. SGB is crucial for testing governance-led functionalities of the Flare ecosystem. Flare governance proposals may originate from two sources — the Flare Foundation (a Netherlands-based nonprofit in charge of the project), and the user community. If a proposal comes from the Foundation, it’s voted on directly on the Flare network. However, if the user community submits a proposal, it first has to go through the voting process on Songbird, with SGB coin holders making a decision. If the vote is successful, the proposal will move to the next stage, voting and consideration on Flare. Changes proposed by the user community via voting on Songbird concern the actual Flare blockchain, not Songbird directly. If the changes are implemented on Flare, they’ll be duplicated on Songbird for testing purposes. Besides governance, SGB can also be used within the key apps and services on Songbird — FTSO, State Connector and F-Asset systems — as a testing ground. This way, users who wish to use Flare network can first try out the services without risking their FLR coins while earning SGB coins. For example, oracle data providers in FTSO earn rewards for their activity. SGB holders may also delegate coins to their chosen data providers to improve their voting power, and to earn a share of the rewards paid to them. In September 2021, SGB started with a supply of 15 billion at an annual inflation of 10%. There are now 16.7 billion coins, 8.7 billion of which are in circulation. The coin has been airdropped to XRP holders via various exchanges at a rate of 0.1511 SGB:1 XRP. Songbird Crypto Price Prediction SGB initially traded at around $0.31. In its first three months, its value fluctuated between $0.35 and $0.65. In late 2021, a long-term downward trend began, carrying it to $0.02 by May 2022 and around $0.01 by October. SGB has been relatively stable since then, trading at $0.013 as of November 21, 2022. Source: CoinGecko.com DigitalCoinPrice forecasts that SGB’s price will reach $0.036 by 2025 and $0.043 by 2027. PricePrediction is somewhat more bullish, expecting it to trade at $0.041 by 2025 and $0.085 by 2027. Thus, leading forecasters predict a slow, modest long-term growth pattern for SGB. Our view is that SGB does have potential for modest-to-good growth. Its network acts as a testing environment for a project that has great potential to bring enterprise-focused XRP to the wider blockchain ecosystem. Its useful functionality to enable smart contract operations for mineable cryptos — BTC, LTC and DOGE — may also provide further support to SGB. However, the testing/canary nature of Songbird may act as a risk factor for SGB’s growth potential. Canary networks do function as full blockchains for years on end. However, if Songbird is largely deprioritized when Flare is in full operation, SGB’s growth potential would then be curtailed. Closing Thoughts Songbird’s fate will largely depend on what kind of canary network it develops into over time. It might fade into obscurity when advanced testing is completed, and the Flare ecosystem is in full swing. However, as with Kusama/Polkadot, Songbird might continue to flourish and develop its own unique and rich ecosystem, independent of Flare. If Flare’s project team keeps an eye on the Kusama/Polkadot environment, they might see the benefits of actively supporting Songbird as its own long-term network. Source: Songbird Crypto: The Canary Network for Flare | Bybit Learn
Taking care of cryptocurrencies - ByBit highlights talks safety measures

Taking care of cryptocurrencies - ByBit highlights talks safety measures

ByBit Analysis ByBit Analysis 28.11.2022 09:47
  The decentralized model of cryptocurrency largely transfers power to users, which is why many users are drawn to it. However, with that power comes the responsibility of maintaining the privacy of your security keys. Effectively, by having complete ownership of your funds, you become solely responsible for the security of your funds. This article will examine various best practices for practical user security. Cryptocurrency users are susceptible to being targeted by hackers    As a digital asset, cryptocurrency has intrinsic value and can be stolen and diverted to new owners instantly and irrevocably. This creates a massive incentive for hackers to target users who do not take their security seriously. In 2020, research data revealed that global cryptocurrency losses due to hacking exceeded $3.8 billion. Trading platforms, wallet service providers, and related enterprises incurred most of these losses. Due to the undeniable high risk of security threats and breaches, cryptocurrency trading platforms and wallet service providers are investing more in cybersecurity. The security systems they procure are like those used in traditional centralized financial institutions with complex and layered security features. As the security levels at the institutional level get harder to penetrate, individual users gradually become the target of hackers. 10 Best Security Practices for Cryptocurrency Users 1. Change your perception of cybersecurity One fact that has existed for ages is that we are undoubtedly paying fees for the security of our funds in our bank account (though “security fees” will never appear on bank statements). Unlike traditional centralized banking financial institutions, decentralized systems such as cryptocurrencies transfer the control and responsibility of security to individual users. With cryptocurrency, even when we might be excited to complete our first cryptocurrency transaction, we should not forget that there are no longer any security service providers similar to what banks have, and there may not even be enough regulations to provide any protection (depending on the national or regional regulatory regulations in which the holder is located). Therefore, it is recommended that cryptocurrency users have crucial security practices in place, such as buying simple and easy-to-use hardware security devices, mastering security protocols, and implementing security best practices recommended in this article.   2. Choose a trusted trading platform with reliable security incident compensation or insurance mechanism. The most apparent risk faced by cryptocurrency holders is the theft of coins. Assuming most individual users hold coins on cryptocurrency trading platforms, choosing a trusted platform is undoubtedly important. There is no benchmark for international security standards or third-party agency ratings for trading platforms in the cryptocurrency industry. Therefore, it is necessary to properly understand the security mechanism of a platform before registration, such as the company’s current security investment. Also, it is important to check if there is any user account security insurance or guaranteed compensation for security breaches.   3. It is not enough to be well-informed on anti-phishing practices and scams; you must complete a safety test.   You should be familiar with basic user security risks as a cryptocurrency holder. Among them, phishing is the most common. To avoid being viewed as a “fish” in the eyes of perpetrators, you should be equipped with the knowledge about common “baiting-the-hook” techniques. One example would be when you receive a phishing email, and the URL that invites you to click is a fake domain name similar to a trusted one e.g. www.goog1e.com (note that it is not www.google.com). It could even be a clone website of a commonly used trading platform. According to data, around 65% of organizations worldwide experienced some kind of phishing attack in 2022. If your email has been compromised, or if you previously had a compromised account, then phishing emails will be carefully designed to target you. 96% of phishing attacks come from email, according to statistics. So, how do you prevent this?  A reliable method for crypto holders is to complete an anti-phishing security test. The Google online test is a good benchmark and you can take the test here. It comprises a total of eight (8) questions and requires just 10 minutes of your time. Didn’t manage to score full marks? That means you need to increase your security awareness and try again. Many large companies also test employees’ security awareness and corporate security status. Other common phishing methods include sending gifts or bonuses through fake official social media channels, posing as customer support personnel, or cloning trading platform CEOs' social accounts.    4. Use of 2-Factor Authentication (2FA)  The good news is that most cryptocurrency trading platforms, including Bybit or wallet service providers, require users to use two-factor authentication, such as Google Authenticator. The downside is that users will always dislike the hassle of using these tools. Taking the time to understand the principles of the 2FA security mechanism will allow us to understand the correct usage of a 2FA. 2FA is an additional layer of security used to ensure that only legitimate owners can access their accounts. This “extra” layer means that in addition to some things you know (password, PIN, etc.), security verification will also verify the second layer (two-factor). This two-factor can be something you own, such as the Google Authenticator app installed on a mobile phone that you carry, a one-time password sent to your mobile phone via SMS or hardware tokens. These features are used on top of your existing mobile security features (such as fingerprints, iris and/or facial scanners, etc.). When we install Google Authenticator directly on the computer, we give up an extra layer of protection every time we copy the verification code instead of using the smartphone app. It is very likely that once a hacker (remote) or a person who has physical access to your computer and gains access, your existing layers of protection will be penetrated. At Bybit, users can bind their accounts with Google Authenticator. The best time to bind your Google Authenticator is immediately after your first login to the Bybit account. Read here on how to bind your Bybit account to Google Authenticator.   5. Strong passwords independent of other Internet accounts It is always the most economical choice for a hacker to try to hack the target cryptocurrency account by using a user’s compromised account and password. Knowing this, a savvy cryptocurrency holder will have the following preventive measures. First, register a new email account for the cryptocurrency platform to circumvent any previous digital footprint that would allow hackers to successfully hack or clone your account. Secondly, do not use weak or common passwords. A report from CipherTrace, a blockchain certificate company, shows that 65% of the Know-Your-Clients verification (KYC) processes in the world’s top 120 cryptocurrency trading platforms are weak. This means that once your crypto account password has been cracked, the hacker could easily obtain your crypto assets on the trading platform and transfer them to their wallet address, thus leaving little to no chance of retrieving the assets.    6. Dividing assets in a 70-20-10 ratio to diversify risks In addition to trading on platforms using your accounts and cryptocurrencies, it is common for traders to store crypto assets offline like one would with cash in a safe. Personal crypto assets, whether stored in hard wallets, physical storage, desktop wallets, or mobile APP wallets, are recommended to be allocated to cold, warm, and hot wallets in the ratio of 70%, 20%, and 10% of assets depending on an individual needs and preferences. Would you still carry your entire net worth around in your wallet? Most people consider that reckless, yet cryptocurrency users often keep all their cryptocurrency in a single wallet. Instead, users should spread the risk among multiple and diverse cryptocurrency wallets. Prudent users will keep only a small fraction, perhaps less than 5%, of their cryptocurrency in an online or mobile wallet as “pocket change.” The rest should be split between a few different storage mechanisms, such as a desktop wallet and offline (cold storage).   7. Use a physical wallet that represents future trends Because most users are far more comfortable with physical security than digital security, a very effective method for protecting cryptocurrency is to convert them into physical form. Cryptocurrency keys are nothing more than long numbers. This means they can be stored in a physical form, printed on paper or etched on a metal coin. Securing the keys becomes as simple as physically securing the printed copy of the cryptocurrency keys. A set of cryptocurrency keys printed on paper is called a “paper wallet,” and many free tools can be used to create them. For example, I would keep most of my cryptocurrency (99% or more) stored in paper wallets, encrypted with BIP-38, with multiple copies locked in safes. Keeping cryptocurrency offline is called cold storage and is one of the most effective security techniques. A cold storage system is one where the keys are generated on an offline system (one never connected to the internet) and stored offline on paper or on a physical device, such as a USB memory stick. In the long term, cryptocurrency security will increasingly become hardware-tamper-proof wallets. Unlike a smartphone or desktop computer, a cryptocurrency hardware wallet has one purpose: to securely hold cryptocurrency. Without general-purpose software to compromise and with a limited interface, hardware wallets can deliver an almost foolproof level of security to non-expert users. It is no surprise that hardware wallets will become the predominant method of cryptocurrency storage.   8. Balance the risk of excessively complex protection to prevent asset loss   Complexity is the enemy of security, especially for the average individual user. The main risk addressed in the many security measures mentioned above is the prevention of stolen crypto assets, whether stolen on a trading platform or stolen physically – although, overly complicated security measures could pose greater risks. Although most users are rightly concerned about cryptocurrency theft, there is an even bigger risk. Data files get lost all the time. If they contain cryptocurrency, the loss is much more painful. In the effort to secure their cryptocurrency wallets, users must be very careful not to go too far and end up losing the cryptocurrency. In July 2011, a well-known cryptocurrency awareness and education project lost almost 7,000 cryptocurrencies. In their effort to prevent theft, the owners had implemented a complex series of encrypted backups. In the end, they accidentally lost the encryption keys, making the backups worthless and losing a fortune. One important security consideration that is often overlooked is mortality, especially in the context of incapacity or death of the key holder. Cryptocurrency users are told to use complex passwords and keep their keys secure and private, not sharing them with anyone. Unfortunately, that practice makes it almost impossible for the user’s family to recover any funds if the user is not available to unlock them. If you have a lot of cryptocurrencies, you should consider sharing access details with a trusted relative or lawyer. A more complex survival scheme can be set up with multi-signature access and estate planning through a lawyer specializing in “digital asset execution.”   9. Personal Data Protection and cryptocurrency-related privacy issues   Individuals own their data and cryptocurrency assets. Personal data protection is a sensitive subject. A single trace can identify and associate your personal information (PI) in the encrypted world with your cryptocurrencies. For example, your online usernames/ID on crypto community forums, your IP address, smartphone device information, personal infor trading platforms, or even if you inadvertently mention the type and quantities of crypto you own on social media. Information about you being the owner of a particular wallet address, the crypto service provider (trading platform or wallet) you use, your attendance at a private cryptocurrency conference, etc. All this personal data could be easily obtained by unscrupulous individuals looking for easy targets. Protecting your privacy is part of protecting the security of your cryptocurrency assets but it is also the only way you can avoid the conflict between the encrypted virtual world and the real world.   10. Living in the cryptocurrency world, you will need a security expert friend   “My deposit went to someone’s else address.” “The customer support of the trading platform said that I was caught in a clipboard hijacking malware, and I will need to immediately use anti-virus software and check the browser plugin.” “What exactly is a clipboard hijacking malware, and what should I do?” Users in the digital world also face problems similar to those in the real world, especially security issues. They have so many questions with no answers and nobody to turn to. Perhaps, having a security expert friend in your daily life would make things much less complex. In Summary According to Statista, the number of blockchain wallet users, as of October 2022, stands at over 82 million. Cryptocurrency is a completely new, unprecedented, and complex technology. Over time we will develop better security tools and practices that are easier to use by non-experts. For now, cryptocurrency users can use many tips to enjoy a secure and trouble-free cryptocurrency experience. Source: How to Keep Your Cryptocurrency Safe (2022) | Bybit Learn
Effects of the FTX crash are here to stay. Traders are said to stay vigilant

Cryptocurrencies: How does District0x Network work? What is it?

ByBit Analysis ByBit Analysis 28.11.2022 09:53
We’re increasingly living in a world where everything can be done remotely, from shopping online on Amazon and eBay to getting a gig on talent marketplaces such as Upwork and TopTal®. However, despite the millions of users flocking to these sites to offer and obtain services, their true voices are rarely heard — since they neither own nor control these platforms. But what if there were a way to decentralize such platforms and give power back to their users? In this article, we’ll dig into district0x, a blockchain network using DNT tokens and the concept of a decentralized autonomous organization (DAO) to create user-governed marketplaces known as districts. Let’s learn more! What Is a Decentralized Autonomous Organization (DAO)? A decentralized autonomous organization (DAO) is a blockchain-based governance structure owned by its community members who participate in voting for improvements to a protocol. DAOs are powered by smart contracts, which enable collaboration by its members in a decentralized way. When a platform has a DAO structure in place, it decentralizes governance and ensures transparency in its operations. Members submit proposals on their desired changes, and the rest of the members can vote to execute them or not. The voting power is proportional to the number of tokens held. One of the earliest DAOs to enter the market was MakerDAO, which was built on the Ethereum blockchain. Since then, different types of DAOs have arisen, offering a diverse range of applications for users. Source: BlockchainHub What Is District0x Network? District0x is a blockchain-based network of decentralized online marketplaces, known as districts, which are operated by community members without centralized leadership. These districts operate as DAOs in which individuals can vote using the platform’s native token, DNT, to decide on various operations and functions. Fun Fact: District0X (pronounced “district-zero-ex”) derives its name from the districts, or marketplaces/communities, which form the building blocks of the network, along with the 0x prefix as a way to pay tribute to Ethereum, which uses these first two symbols for all its blockchain addresses. Each district’s core functionalities are powered by d0xINFRA, a framework of open-source, Ethereum-based smart contracts and front-end libraries secured using BitTorrent’s InterPlanetary Filing System. Aragon’s governance technology is at the core of the network’s DAO operations. Its user-friendly interface enables the creation, administration and governance of each district. The creation of a new district triggers a corresponding Aragon entity to facilitate all the governance processes. Every district on the network is an online marketplace, with functionalities such as posting listings, a filter/search feature, and payment and invoicing, as well as ranking/reputation. To enhance functionality in a district, the network allows the integration of auxiliary modules. These are third-party plug-and-play additions implemented independently by users specific to a district to add new features and functions, including monetization. District0x was co-founded by Joe Urgo and Matus Lestan in January 2017. It was launched on the Ethereum Mainnet in June of that year with an initial coin offering (ICO) that raised 43,169 ETH, or around $9.78 million at that time. Source: district0x white paper District0x Network: How It Works At the heart of district0x operation is the district creation platform, which is a user-friendly interface that deploys new online marketplaces on the network. By creating a district, decentralized marketplaces can benefit from: Increased visibility to the district0x community, which leads to adoption and growth Benefit from governance incentives through bonding curves Access and integration to Aragon for enhanced, decentralized governance Access to ancillary services, such as escrow Creating an online marketplace through districts is easy and permissionless. Anyone can create their own district on district0x. All an individual needs to do is apply, and submit a request for consideration on the District Registry platform. They will then be required to deposit DNT tokens and attach relevant links, logos, and descriptions of their marketplace. If the district is successfully created, it’s entered into the District Registry. District Registry The District Registry is a decentrally maintained district whitelist of all marketplaces on the district0x network. The District Registry signifies that a district has been successfully registered on district0x, and can access its core functionalities. Registered districts qualify to be included in the district0x Network Token staking interface. When staking tokens by using any of the three bonding curves available on the network, users gain voting rights to matters concerning their district. By staking DNT, a corresponding entity is activated on Aragon, and the holder is issued with district0x voting tokens (DVT). Based on these tokens, the holder gains the right to vote on issues concerning the district, including external functionalities that need to be added. Source: district0x white paper Active Districts There are three active districts on the district0x network. They are: Ethlance Ethlance is a blockchain-based freelancer website built on Ethereum. Launched in January 2017, it’s the first decentralized marketplace on district0x, and acts as the sandbox on which the d0xINFRA framework is based. Unlike centralized task-based platforms such as Upwork, which charge users hefty commissions of up to 20%, Ethlance doesn’t charge any service fees. All users need is enough Ether to pay for the gas fees to apply for or post jobs on the platform. Some of the jobs available on the platform include smart contract development, UI/UX design and DApp development. You’ll need to connect your web3 wallet to use the platform. Source: education.district0x.io Name Bazaar Name Bazaar is a decentralized peer-to-peer marketplace for the exchange of names registered through the Ethereum Name Service. Launched in October 2017, Name Bazaar was the second marketplace to deploy on district0x. It provides a secure and trustless platform to trade ENS names without incurring extra costs. All transactions are powered using Ethereum smart contracts, which eliminates the need for middlemen. Source: education.district0x.io Meme Factory The third district, Meme Factory, is a self-governing platform for the creation, issuance and exchange of rare meme non-fungible tokens (NFTs). It’s powered by the Ethereum blockchain and uses an incentivized voting game called a Token Curated Registry (TCR) to govern the creation and issuance of memes on the platform. Meme Factory allows creators to mint tokenized memes, and displays them on a bulletin board–style marketplace for trading. Source: education.district0x.io Future Districts At district0x, community members can submit ideas for the districts they’d like to be added to the platform. Using the district0x proposal voting DApp, DNT holders can participate in the district creation process in an open and transparent way. District creation is ongoing for the addition of Stream Tide to the network. Stream Tide is a decentralized grants matching platform that amplifies financial support to creators through a quadratic funding mechanism. What Is District0x Network Token (DNT)? The district0x Network Token (DNT) is a utility-enabled token that powers district0x. The ERC-20 token is used to facilitate open participation on the network. Its main uses are: Creation of new districts – When submitting applications for a new district, users are required to deposit DNT tokens for consideration. Voting – As a governance token, DNT is used to represent one’s share in the district0x governance structure, which utilizes an incentivized voting game on the District Registry. Staking – Once a new district is created, DNT token holders stake their tokens to gain voting rights on various matters regarding that district. Challenging creators – To prevent bad actors on the District Registry, a DNT holder can use their tokens to challenge the district creator’s spot. Other DNT crypto holders can vote to support or dismiss this challenge. District0x Price Prediction Following its launch in mid-2017, DNT’s price didn’t experience much activity. However, it experienced a significant pump in December, spiking from $0.045 on December 9, 2017 to $0.42 on January 6, 2018. Thereafter, the price declined gradually, stagnating for most of 2019 and 2020. However, in October 2020, DNT’s price began to pump, reaching its highest price to date of $0.43 on April 19, 2021. The token’s price corrected after that, and continued to trade sideways in the following months. DNT pumped slightly at the beginning of 2022 to hit $0.16 on April 4, 2022, but has since dropped significantly to below $0.05. Source: CoinGecko Technical analysts at CoinCodex believe that DNT could reach a maximum of $0.28 by 2024 and $0.63 by 2025. However, price forecast experts at Price Prediction hold a sluggish outlook, looking at a maximum price of $0.11 in 2025 and $0.75 in 2030. Closing Thoughts Decentralized markets are necessary in a world that’s now powered by e-commerce and remote working. By leveraging blockchain technology, district0x has created a framework that ensures the community has control over its marketplaces and can influence all functionalities in their districts. As more districts are deployed on the district0x platform, its ecosystem will continue to grow, giving power to the people working hard to build an online presence. Source: What Is District0x: Creating Districts of Decentralized Marketplaces | Bybit Learn
"Harvest Finance allocates your funds to DeFi protocols via Ethereum, BNB Chain, Polygon and, most recently, Arbitrum"

"Harvest Finance allocates your funds to DeFi protocols via Ethereum, BNB Chain, Polygon and, most recently, Arbitrum"

ByBit Analysis ByBit Analysis 28.11.2022 10:09
Yield aggregators, decentralized protocols that invest crypto funds on your behalf automatically and optimize the investment across a variety of liquidity pools, represent one of the hottest growth areas of the decentralized finance (DeFi) industry. They’ve become popular in the last two years, particularly with the rise of the category leader, Yearn Finance. In 2020, another yield aggregator, Harvest Finance, made headlines by amassing over $1 billion in total value locked (TVL) in just a few weeks after its launch. Let’s take a closer look at the two-year-old Harvest Finance, and discuss its benefits and potential as a more mature project. What Is Harvest Finance? Harvest Finance (FARM) is a crypto asset management protocol that optimizes your funds by depositing them into a variety of liquidity pools on other DeFi platforms. A classic yield aggregator, Harvest Finance employs a variety of investment strategies to automatically deposit and manage your funds, freeing you from the necessity to manually sift through countless DeFi protocols and pools. As such, the platform is a great tool to earn passive crypto income. Additionally, Harvest Finance empowers beginners to join the ranks of yield farmers without the need to dive into all the complexities of the industry. Harvest Finance allocates your funds to DeFi protocols via Ethereum, BNB Chain, Polygon and, most recently, Arbitrum. There are more than 30 protocols used by Harvest Finance. These include the majority of the popular DeFi platforms — Curve Finance, Uniswap, Compound, SushiSwap, Lido and more. Launched on September 1, 2020, Harvest Finance became an instant hit in the crypto market, reaching a TVL of above $1 billion within a few weeks by late October. The platform’s meteoric rise to success was abruptly halted by a flash loan attack that was first noticed on October 26, 2020. The perpetrator used an elaborate scheme involving multiple pools to steal $24 million in stablecoins. As a result of the exploit, the protocol’s TVL plunged to $290 million by October 28. Harvest Finance’s price has never managed to fully recover to its October 2020 levels. Although at some stage in early 2021 its TVL rose as high as $869 million, the protocol has slowly declined, partly due to overall market weakness over the last two years, becoming a modest player in the yield aggregator category. Currently, it’s the 15th largest yield aggregation platform, with an unassuming TVL of $18.44 million. Source: DefiLlama How Harvest Finance Works Harvest Finance users deposit their funds into so-called vaults to earn interest from the pooled staking conducted by Harvest Finance. Each vault is a yield-farming, Ethereum-based smart contract that acts as a repository for pooled funds from many users. This pooling helps the protocol reduce the overall gas fees and other charges associated with moving funds to and from DeFi protocols. While vault depositors receive 70% of the profits generated by vaults, the high APY and low network fees make for an attractive overall yield. The remaining 30% is used to buy FARM, Harvest Finance's token, off the market. These FARM tokens are then distributed as rewards to stakers in the platform’s Profit Sharing Pool. fASSETs The way each vault allocates funds for yield optimization is based on a specific strategy devised and pre-programmed by the protocol’s developers. When you deposit funds into a vault, you’re issued fASSETs to represent your share of the investment in the vault. fASSETs are synthetic crypto assets that serve as your deposit certificate to later claim Harvest Finance crypto rewards. Each fASSET corresponds to a deposited cryptocurrency. For example, if you invest USDC, you’ll be issued fUSDC tokens to represent your share in the vault. Source: harvest-finance.gitbook.io As the vaults earn interest, the value of your fASSETs grows. When you decide to withdraw your funds, your fASSETs are burned, and you receive your original funds together with the corresponding interest accrued. Interest Your deposited funds earn compounded interest — that is, interest is measured using annual percentage yield (APY), rather than simple annual percentage rate (APR). Note that an auto-compounding feature is built into all the strategies used by Harvest Finance. Instead of withdrawing your accrued interest, Harvest Finance regularly adds it to the total amount invested in a pool. The total amount is withdrawn only once, when you claim your deposit back. In addition to helping you earn compounded interest, auto-compounding also reduces the overall transaction costs of moving funds between Harvest Finance and its partner DeFi platforms. Source: Harvest.finance Security The security of your funds is protected by a time lock feature implemented by the platform. The time lock is applied to a vault if there’s been a change in the underlying strategy. If the protocol developers decide to modify a strategy, the modifications are announced on the platform and remain in a pending state for 12 hours. During this time, if you don’t like the new strategy, you can withdraw your funds. When the 12-hour waiting period expires, the new strategy is implemented. The time locks allow you to evaluate changes to vault strategies in a transparent manner and with a reasonable notification period, benefits sorely lacking on many other yield optimization platforms. What Is FARM Token? FARM is Harvest’s primary cryptocurrency. It’s an ERC-20 token used to provide various incentives to the platform’s users. A key incentive includes rewards for staking in the Profit Sharing Pool. Vault depositors also earn FARM tokens as part of their rewards, in addition to benefiting from the growth in the invested fASSETs. FARM is also a governance token. Holders of FARM typically vote on key issues concerning the platform. Examples include a vote on reimbursing the victims of the October 2020 flash loan attack, and voting on changes to the token’s supply mechanism. FARM was initially slated for a supply limit of 5 million. However, soon after the platform’s launch, its governance community voted to limit the supply to 690,420. An unusual feature of the token is that its supply wasn’t pre-minted at launch. Instead, FARM is regularly minted each week, with 70% of the new supply going to the platform’s liquidity needs, 20% allocated to its Operational Treasury and 10% sent to the development team. The regular weekly mint and its dependence on the liquidity needs of the platform have likely caused the total supply of the token to exceed the 690,420 limitation. Per the token’s indicators on the leading crypto data portals, FARM’s total supply now stands at 701,936 (as of November 13, 2022). The token’s market cap is around $19 million. Harvest Finance Price Prediction The FARM token started trading in early September 2020 at an initial price of over $5,000. Within two days on the market, it dropped to more sustainable levels of under $200. On October 26, 2020, just before the infamous flash loan attack was spotted, FARM was trading at $234.05. As a result of the attack, many people decided to sell Harvest Finance tokens and FARM fell to $86.31 by October 29. The token’s price slowly but steadily recovered over the next few months, reaching its post-attack max of $410.84 by mid-February 2021. However, over the following 1.5 years, a combination of factors — the overall crypto market turbulence and crashes, new yield aggregation protocols entering the market, and the firm establishment of Yearn Finance as the dominant category leader — have led to a decline in FARM’s value. By the time of writing (November 13, 2022), the token trades at just $28.45, a far cry from its first days on the market. Source: CoinGecko.com Despite its decline in fortunes, FARM is a token with significant future growth potential. As the crypto market slowly recovers, and Yearn Finance sees its previously overwhelming category leadership diluted, FARM is expected to grow with strength. DigitalCoinPrice projects that the token will reach $89.65 by 2025 and $182.84 by 2030. PricePrediction portal is even more bullish, expecting FARM to reach a maximum of $149.42 by 2025 and $991.95 by 2030. Is Harvest Finance Crypto a Good Investment? FARM might be a great investment if you don’t mind altcoins on the riskier side. The leading forecasting portals are expecting it to hit significantly higher levels in the mid-to-long term, compared to the token’s current price. At the same time, the high potential profits are accompanied by the risks inherent in coins of this type. Among the pros of FARM are: Significant growth potential predicted by the leading forecasting portals. Overall growth in the complexity of DeFi and yield farming; this complexity will likely benefit automated yield aggregators, such as Harvest Finance. The track record of being able to recover from a devastating flash loan attack and still be a notable, even if no longer large, market player, which points to the platform’s overall resilience. The key risks/drawbacks of FARM include: An anonymous team of developers in charge of the vault strategies. The anonymity is less than ideal, though not necessarily detrimental to the platform’s performance. In general, the volatile nature of yield aggregation protocols as a segment of the DeFi industry. The Future of Harvest Finance Harvest Finance is an attractive project with significant growth potential. Having declined to a medium-sized player position among yield aggregators, the platform is expected to make a recovery to a more prominent role in the category, at least judging by its price forecasts. The continual fragmentation of the yield aggregation market represents both challenges and opportunities for Harvest Finance. The platform’s future performance will depend entirely on how the project’s team reacts to this market development. Source: Harvest Finance: Crypto Passive Yields Through Farming | Bybit Learn
Effects of the FTX crash are here to stay. Traders are said to stay vigilant

Effects of the FTX crash are here to stay. Traders are said to stay vigilant

Craig Erlam Craig Erlam 28.11.2022 19:20
It’s been a pretty quiet start to the trading week, with the negative session in Asia continuing into Europe and the US ahead of the open on Wall Street. Chinese stocks have been hit particularly hard amid unrest over Covid restrictions. The protests really do highlight how increasingly frustrated the public is becoming with the leadership’s zero-Covid policy, even if it has been modestly relaxed recently. Record cases across multiple cities are putting the policy to the test and the unrest highlights the enormity of the challenge facing President Xi Jinping and his commitment to zero-Covid. The combination of these creates huge uncertainty, both in terms of how the protests are handled and what the whole experience means for the future of the policy and the economy. It comes at a time when Chinese stocks had been boosted by the prospect of the policy being relaxed, with more easing expected in the spring. So much now is uncertain which may continue to weigh on sentiment until we get a better idea of the direction of travel. Despite how much time has passed and what other countries have achieved, it would appear China is not prepared for a significant loosening of restrictions which could mean that frustration we’re seeing continues to bubble over. The rest of the week promises to be extremely lively with the US returning from the Thanksgiving holiday and the calendar packed with big-hitting economic data from around the globe. That includes what is normally considered the biggest of the lot – maybe now second behind inflation – the US jobs report to wrap up the week. Buckle up, it could be a bumpy ride. Cryptos on the ropes Bitcoin remains under pressure despite recovering slightly last week. Cryptos are still suffering the fallout from the FTX collapse and the still unknown full extent of the contagion. Not to mention the fact that traders will now be hyper-alert to similar vulnerabilities elsewhere in the crypto world. The fact that risk appetite is weak today also won’t be helping and bitcoin is off around 2% as a result and not far from $16,000. While it’s seemingly trying to form a base around $15,500-17,000, it may be easier said than done in this environment. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Stock slide amid China unrest - MarketPulseMarketPulse
Arrest Of Sam Bankman-Fried, Former FTX President, In The Bahamas

Price of Ether declines as COVID reality in China discourages investing in risk assets

FXStreet News FXStreet News 28.11.2022 16:10
Ethereum price slips over 1.5% in ASIA PAC trading on Monday after riots and protests across China. ETH gets global selling pressure as financial markets are dipping as well. Expect to see another leg lower in search of support together with all other asset classes. Ethereum (ETH) price saw a lackluster weekend regarding its price action and performance. On Saturday, some hopes were there that the pivotal level at $1,243 could get a test, but bulls never made it up that far. Instead, prices slipped lower on Sunday, and this morning, on the back of widespread social unrest in China that is hardly ever seen, overall markets are choosing to go with a risk-off tone for today. Read next: Farmers In China Suffer From Covid Restrictions| FXMAG.COM ETH slips below an important line in the sand Ethereum price is playing a dangerous game this morning as it came under pressure from a global risk-off tone triggered by pictures and videos on social media from China. Several cities have reported social unrest and called Xi to step down as the lockdown measures are starting to hit people’s morale. As this is very rare in China, this form of rebellion could start to weigh on several performance numbers from producers that are very dependent on local production in China. Apple has already come out this morning with a statement that it is falling behind on its delivery promises for its most recent iPhone. ETH currently flirts with the red descending trend line in the sand, refraining from ETH to make lows again toward $1,074. Unfortunately, if markets do not change sentiment throughout the day, the risk is that it will dip lower toward that mentioned level. The trade becomes a bearish triangle again, with $1,074 as the base and set to break lower to $1,014, which would carry a 15% loss. ETH/USD daily chart Although sentiment at the beginning of this week looks bearish, some social unrest in China may not immediately trigger a sell-off in the US later today or in the coming days. The same goes for the situation in Ukraine, which is showing fatigue and does not cap equities from rallying anymore. Expect later this week to see Ethereum price hit $1,243 and get ready for a pop higher toward $1,337 at the 55-day Simple Moving Average.
Binance Academy summarise year 2022 featuring The Merge, FTX and more

Cryptocurrency market - outstanding CELO's performance

ByBit Analysis ByBit Analysis 28.11.2022 23:26
Chart of the Day      Growing unrest in China over Covid restrictions have sent shivers through the global markets, with stocks sliding during Asian trading hours and the dollar advancing. The political tension added stresses to an already-fragile global market, and the impact may have rippled to the crypto markets. After closing on a slightly positive note last week, BTC kicked started the new week with some shades of red. As of the time of writing, the largest cryptocurrency by market cap is trading near the $16.1k level after shedding 2.5% of its market value in the last 24 hours. Historical on-chain data suggests that BTC price will likely reach a macro cycle bottom when 58% to 61% of the supply are in unrealized loss, as indicated in orange. The green shading represents coins locked up inside the Grayscale’s BTC Trust, which is now trading at a 40% discount.    In a similar vein, ETH is now changing hands at the $1,100 handle, after posting a 4% decline in the same period. Mid-to-large altcoins are submerged in a sea of red, with LTC and SOL leading the downside correction on a 6.7% decrease in a similar time frame.    Market Check   Weekly Gainer    CELOUSDT   While major cryptocurrencies stabilized over the past week, several altcoins outperformed the broader market with staggering double-digit gains. Celo Network’s native token, CELO, is up 54.2% week-on-week, with a major technical-driven pump on Sunday. The jump came a few days after the launch of Curve Finance on the Celo network and the partnership announcement between Consensys and Celo to improve multichain support and scalability. Network fundamentals are improving, with the number of active developers doubling in the past month. The total value locked on the protocol, too, has surged by nearly 50% to $121 million since a week ago.     On the 1-day chart, CELO recently broke out from weeks-long resistance near the 50-day EMA and is now testing the next resistance level near the 100-day EMA. The trading volume has reached levels last seen in May, suggesting the outperformance is well supported by speculative capital. Meanwhile, RSI on the daily chart is on the high end but remains within the neural territory.    Check Out the Latest Prices, Charts, and Data for CELOUSDT!   Talk of the Town      Despite dampened sentiments in the crypto space, the week dedicated to celebrating the art scene with a twist of web3 is about to unfold in Miami. After first rising to prominence in the art scene, the Art Basel Miami Beach Fair gradually adopts a technical edge by weaving nascent concepts such as web3 and NFT into the experience. Apart from hosting the MiamiWeb3 Summit and DCENTral Miami, the biggest DeFi and NFT web3 conference, the week will also feature a five-day festival that spans 12 buildings and two city blocks, offering unparalleled web3 experience. The collaboration with Tezos will also allow visitors to mint NFTs in real-time. Source: Bybit Blog | On-Chain Model Points to Bottom Formation; Miami Prepares for Web3 Week
Bitcoin Is Showing A Sign That Sellers Are Losing Power

Investments in crypto funds slid noticeably - Coinshares. The leading cryptocurrency suffers from situation in China

Alex Kuptsikevich Alex Kuptsikevich 29.11.2022 10:06
Bitcoin suffers from China's realties Bitcoin declined on Monday along with stock indices, testing six-day lows near $16K, following a decline in demand for risky assets due to unrest in China. Near this round level, the first cryptocurrency saw a demand, and in early trading on Tuesday, cryptocurrencies rose more actively than traditional markets, bringing the price of Bitcoin back to $16.5K. According to CoinMarketCap, total capitalisation rose 2.2% overnight to $835bn, while the top coins add between 2% (Cardano) and 9% (Dogecoin), and Ethereum is again hovering around $1200. Read next: Meta fined by Irish regulators amidst privacy concerns| FXMAG.COM The cryptocurrency market is showing signs of buying on the downturn and has been performing better than stocks for the past 24 hours, bolstering buyers' hopes. Major players continue to go bust, adding the BlockFi platform to the list, and Hong Kong exchange AAX is having problems. The market seems to be taking this news as part of the sector's recovery process, with weaker projects leaving. According to Glassnode, traders with less than 1 Bitcoin have bought over 96K BTC, since FTX collapse  Santiment notes that wallets with large balances (100-10,000 BTC), after three weeks of net sales of 1.36% of total volume, have accumulated 0.24% in the last five days. It looks like the whales may be about to stop selling. Meanwhile, Glassnode claims smaller players are increasingly buying bitcoin on the dips. Investors with less than 1 BTC balance have added 96,200 BTC to their total holdings since the FTX crash. According to CoinShares, investments in crypto funds fell by $23 million last week, with the outflow of funds the highest in 11 weeks. Bitcoin investments decreased by $10m, and Ethereum by $6m. Investments in funds allowing shorts on bitcoin increased by $9m. Negative market sentiment persists after the FTX collapse, CoinShares noted. Regulators could take years to catch up and successfully control the cryptocurrency industry, so the industry needs to learn how to do it independently, says billionaire Bill Eckman.
It is estimated that Sam Bankman-Fried, FTX and the Alameda Research fund could be linked to over 150 other entities in the industry. – Geco.one

It is estimated that Sam Bankman-Fried, FTX and the Alameda Research fund could be linked to over 150 other entities in the industry. – Geco.one

Geco One Geco One 29.11.2022 10:33
Bitcoin (BTC) After the first half of November this year, Due to the panic sale caused by the collapse of FTX, the third largest cryptocurrency exchange in the world, Bitcoin has stabilized in the last few days in the range between $16,000 and $17,000. However, there are many indications that this is only a form of correction, after which the quotations of BTC could return to a downward path. One must remember that the BTC exchange rate has been in a downward trend for over a year, and this trend has stayed the same at any time. Therefore, from a purely technical point of view, there is no reason to forecast a more significant rebound. In addition, it is also worth noting that the observed in the first half of November this year the decline was extremely dynamic, which may indicate that it was an impulsive move, while the rebound observed for several days is exceptionally calm, which suggests that it is only a form of another correction. Given all this, the bankruptcy of FTX has already been officially announced. As a result, its further negative impact on the cryptocurrency market may be limited; the scale of bankruptcies of subsequent companies associated with this exchange will be of crucial importance. It is estimated that Sam Bankman-Fried, FTX and the Alameda Research fund could be linked to over 150 other entities in the industry. This also meant that many of them were on the verge of bankruptcy almost overnight. So it is far too early to open the champagne and announce another bull market. In practice, there is still a high probability of further sale-off not only of BTC but also of the vast majority of cryptocurrency projects. According to the popular opinion that "after every storm, the sun comes out", and just like in previous years, when after each of the previous bubble bursts, the cryptocurrency market returned to the path of growth, breaking new ATH; it can be expected that this time it will be similar, although probably we'll have to wait a little longer for that. Several factors may account for this: First, every topic, including every problem, sooner or later becomes commonplace, and the financial markets pass over it daily. This was the case with the collapse of Mt.Gox in 2014 (the largest cryptocurrency exchange in the world at that time) or QuadrigaCX in 2019 (the largest cryptocurrency exchange in Canada, about which Netflix even made a documentary). Second, the Federal Reserve is nearing the end of its monetary policy tightening cycle, and while Fed interest rates are likely to remain high for most or even all of 2023, in 2024, the Fed is likely to embark on an easing cycle that, like in 2020, could contribute to the growth rally on risky assets such as stocks or cryptocurrencies. Ethereum (ETH) Ethereum's quotations fell between November 4 and 9 by over 36%, and then, driven by an extremely optimistic report on CPI inflation in the US, they rebounded by almost 26%, thus leading to a re-test of previously defeated support (now resistance). This increase, however, lasted only one day and then from November 11th this year. The ETH rate fell again, returning to the USD 1100 region, where on November 22nd, there was a demand reaction again. Later increases, however, stopped near the local resistance of USD 1,220, where, in turn, there was already a slight supply reaction last weekend. If only this barrier is rejected, the rate of this cryptocurrency could fall again to the region of USD 1,100 or even further to USD 990. Bitcoin Cash (BCH) Bitcoin Cash fell by nearly 31% between November 5th and November 9th, falling to the lowest level since December 2018. Similarly to BTC and ETH, in reaction to the US CPI inflation report published on November 10th, it went up by over 22%. It is worth noting that although the increase stopped for several days in the area of ​​the previously defeated support of USD 106, this resistance was finally overcome, and the BCH rate reached almost USD 120. However, the downward trend observed for several days meant that we are now witnessing another test of support in the area of ​​106 USD. Therefore, there are many indications that we will observe some trend (up or down) in the near future, it will directly depend on the reaction (demand or supply) that will appear in the vicinity of the currently tested support, signalling its potential rejection will be defeated. A break below this level could open the door for further declines below USD 90. At the same time, the emergence of greater demand pressure and a rebound from the currently tested zone could serve as an impulse for another increase towards USD 125. Litecoin (LTC) Litecoin's quotations collapsed between November 7 and 9 this year by more than 35 per cent. This sell-off stopped only in the area of ​​technical support in the area of USD 50, where on November 10th, there was quite an apparent demand pressure. However, due to the subsequent appreciation, the LTC exchange rate increased by over 74 per cent, more than making up for earlier losses. It is worth noting that this increase led to overcoming the technical resistance levels of USD 64.50 and USD 73. It stopped only in the area of ​​the uptrend lines tested from June to September, where a supply reaction appeared a few days ago. The ongoing declines since then led to a re-test of the previously broken $73 resistance. However, the LTC rate will drop below this barrier soon. In that case, we could expect its further depreciation towards USD 64.50 and measuring a 50% Fibonacci retracement from the previous upward move. Polygon (MATIC) After bouncing off the $1.30 technical resistance, the Polygon (MATIC) cryptocurrency fell more than 41% between November 5th and November 9th. Although on November 10th, this cryptocurrency made up for the vast majority of these losses, increasing by over 52%, we have been observing its decline again since November 11th. It is noteworthy that the MATIC exchange rate recently fell below the local support of USD 0.87, which remains until today. If the declines continue, in the near future, we could expect technical support to be re-tested in the region of USD 0.74 or, even further, USD 0.61. XRP XRP fell between November 5th and November 9th by more than 38%. This sell-off led to breaking the horizontal support in the region of USD 0.42 and stopped only around the next significant level of USD 0.32, where on November 10th, there was an apparent demand reaction. Since then, the XRP exchange rate has alternately fallen and increased, staying in the range of USD 0.32 to USD 0.42. Therefore, taking into account its rebound from the upper limit of this range, observed last Saturday, we could expect another drop towards USD 0.32 in the coming days or possibly even to USD 0.30, where the next level of support is located. EOS Looking at the EOS quotes, we will notice that the exchange rate of this cryptocurrency has been in a horizontal trend between the support of USD 0.80 and the resistance of USD 1.00 for over two weeks. Taking into account the supply reaction that appeared last weekend around the upper limit of this system, over the next few days, we could expect further declines towards its lower limit, i.e. to the support of USD 0.80.
Popular crypto bridges and the ways they work - Avalanche Bridge, Polygon Bridge and more

FTX collapse reaps the harvest. BlockFi filed for bankruptcy

ByBit Analysis ByBit Analysis 29.11.2022 12:43
Chart of the Day      US stocks sank as Federal Reserve officials warned of underestimating the chances of higher rates in light of the Fed’s resolve to curb inflation. Asian stocks rebounded in the early hours of Tuesday as a nationwide protest against China’s “Covid zero” strategy eased. The dollar fell as sentiments improved and risk appetite returned.    In the broader crypto market, major cryptocurrencies rallied despite the fall of yet another major lender amid the spread of the FTX contagion. As of the time of writing, BTC is trading near the $16.5k region after posting a 2% gain in the last 24 hours. The largest cryptocurrency by market cap demonstrated some resilience in its price action despite a wider slowdown in asset activity and further implosions related to the FTX collapse. ETH is up 3.3% in the same period, and is now attempting to establish a stronger footing above the $1,200 handle. Most major altcoins have flipped green, with LINK and a handful of memecoins leading the recovery on double-digit percentage gains in a similar time frame.  Just as the industry continues to absorb the aftershock of recent blows, the amount of synthetic BTC assets on Ethereum continues to fall from its all-time high near 338k in April. The team behind renBTC, who lost their funding after Alameda Research filed for bankruptcy, has halted issuance. The team has decided to gradually phase out the Alameda-tied Ren 1.0, and launch a 2.0 version once they have more funding. WBTC, the largest supplier of BTC on Ethereum, was embroiled in the fear of an impending de-peg over the weekend, but has since restored some confidence after its official custodian assured that WBTC is safe and fully backed.    Market Check   Talk of the Town      Crypto lender BlockFi filed for chapter 11 bankruptcy on Monday, spotlighting the latest contagion effects that have been unleashed by the FTX collapse. According to the firm’s bankruptcy petition, BlockFi claimed more than 100,000 creditors, with $1 billion in assets and $10 billion in liabilities. Bankruptcy gives BlockFi an opportunity to formulate a repayment plan for creditors, and get back what they can from FTX, although potential recoveries are a long way off. The firm’s advisor Mark Renzi acknowledged in a court filing that the “full extent of the fallout from FTX’s collapse remains to be determined”.
The Bitcoin Price Movement Is In The Bullish Channel

Wow! Bitcoin trades at ca. 75% lower level than... a year ago...

Craig Erlam Craig Erlam 29.11.2022 22:03
Investors in Europe remain in a cautious mood on Tuesday as they await a huge influx of economic data in the coming days, while US futures are also pointing to modest gains ahead of the open. Stocks in China soared after a difficult start to the week, on the hope that the country’s zero-Covid policy stance may be relaxed further. That had been the expectation in recent weeks, with a modest softening recently seen being followed by a more substantial shift in the spring. But protests in recent days on the back of record Covid cases and tighter restrictions could have gone either way and that made investors extremely anxious on Monday. While I can imagine the path from zero-Covid to zero restrictions will be long and full of potholes and hurdles, the response to the unrest has appeared more promising than feared. It may well be that the leadership had already been gauging the public mood on restrictions and had, as has been rumoured, already been planning its exit strategy which recent comments align with. Either way, it appears zero-Covid has reached a crossroads and the direction of travel now will determine investor appetite toward Chinese stocks going into 2023. Today’s rebound suggests there’s some optimism. Choppy and vulnerable Bitcoin has also reversed its Monday losses, rallying 1.5% so far today. The cryptocurrency has remained volatile in the aftermath of another plunge following the FTX collapse and now trades more than 75% from its highs just over a year ago. Even now it remains vulnerable as we continue to discover what the full contagion effect will be and what else will be uncovered. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. A promising response to protests - MarketPulseMarketPulse
Binance Academy summarise year 2022 featuring The Merge, FTX and more

Binance Academy: How does Proof of Reserves work? What is it?

Binance Academy Binance Academy 30.11.2022 11:16
TL;DR Crypto custodians use Proof of Reserves (PoR) audits to show they’re holding users' funds in full. Binance conducts and publicly publishes internal audits, whereupon third-party auditors help to verify them using cryptographic techniques to prove users’ funds are securely held in company reserves. Binance users can also independently verify that their account balances are included in these audits. Introduction Blockchain technology-enabled cryptographic proofs facilitate transparency of crypto exchanges’ financial transactions. Proof of Reserves (PoR) further increases this transparency by creating an authorized framework for auditing crypto custodians. However, while it's one step forward, PoR still needs improvements to make the ecosystem more transparent and trustworthy. Learn more on Binance.com What is Proof of Reserves (PoR)? A PoR audit is one that aims to ensure that custodians are holding their clients’ funds in full. Custodial businesses in cryptocurrency use PoR audits to prove to depositors and the public that their deposits match their balances. These audits are conducted by independent third parties to eliminate the possibility of reserve data being falsified. PoR is essential for several reasons. Firstly, it enables users to verify that the balances they hold on a cryptocurrency exchange, for instance, have absolute asset backing. Secondly, it drives businesses to meet transparency standards, making it difficult for them to engage in questionable or illegal financial activity.  Ideally, PoR should benefit both users and businesses. It protects users by minimizing security risks and safeguarding against harmful players. At the same time, it helps businesses retain users by increasing their trustworthiness. The ability to audit crypto exchanges creates a more transparent crypto ecosystem. For example, PoR prevents exchanges from acting as banks that loan deposited assets to third parties. Similarly, exchanges can't use deposits to invest in other protocols or businesses. In other words, PoR eliminates the risk of companies maximizing the yield and other possible returns from customer asset holdings.  With PoR, any entity can prove that a crypto exchange holds the entirety of its users’ deposits. Therefore, exchanges are naturally encouraged not to mishandle these balances as it would break user trust in them and affect their continuity. What does PoR verification do? In PoR verification, the auditor verifies the inclusion of each account’s balance using cryptography. There are a few key steps as to how this works. Firstly, the auditor takes a snapshot of all account balances. It then converts the fund data to a Merkle tree, which is used to structure large amounts of data for more straightforward processing.  User balance data is hashed into a "leaf". A group of these "leaves" are then hashed to form a "branch", and a group of "branches" are hashed to form the "root". Next, the auditor can use various methods to verify ownership of the user address. On Binanace, for example, an auditor has three ways to identify ownership. When the extraction process for this infomation is run by the exchange, it is also verified by the auditors. Cryptographic message signing: An auditor will provide the exchange a unique message to cryptographically sign using their associated private key(s).  Instructed movement of funds: The exchange is tasked with performing an “instructed movement of funds”, where the management will move a specific amount from a public key/address on a specific time and obtain the transactional hash to verify the instructed transaction on the respective blockchain. Search addresses on a blockchain explorer: The auditor can also search the ETH and BSC (in the case of Binance) address(es) on Etherscan and BSCScan, respectively to ensure that the addresses have been tagged as belonging to the exchange. If the balances match from these forms of discovery, the exchange has verified PoR and shown that it holds all deposited assets in totality. PoR: Limitations and potential improvements A crypto exchange’s balances change as users move their assets in and out. The issue with PoR is that it verifies the correctness of reserve balances only at the specified time of the audit. This can be problematic because any issues may appear too late and a custodian may even use this opportunity to obscure facts.  It is also important to note that third-party businesses conduct the audits, which means audit results may depend on each auditor's competence or whether they’re influenced by outside interests. But how can a crypto exchange improve its PoR audits to build and maintain users’ trust? It can start by shortening the intervals between audits to ensure there are no suspicious financial activities between cycles. An exchange could also use a reputable third-party firm with no financial interest in it or its related bodies. Crypto exchanges use PoR to offer more transparency, which is essential during financial turbulence. Because it uses mathematics and cryptography instead of merely trust and communication like the traditional banking system does, blockchain technology can offer an even better way to audit the financial market. Verifying that your account has been audited You can also verify the inclusion of your Binance account in the last PoR audit yourself. Simply follow the instructions below. Log into your Binance account and bring your cursor to "Wallet." Next, select the "Audits" tab. You will see all the recent audits in which your account balance was verified by the PoR process. Select a specific audit for which you want more information. There, you can also download the Merkle tree.   Closing thoughts You can access a PoR audit to see if a crypto custodian holds the entire reserves of your and other users' funds. The audits should deter crypto exchanges from mismanaging user funds and help improve transparency in the crypto space. PoR is the first step to regaining and maintaining the trust of the crypto users. Furthermore, it sets more requirements for exchanges, which will hopefully make user funds a priority and make the industry safer and more transparent for all.  Further reading What Is Fractional Reserve? A Beginner’s Guide to Security Tokens What Is Quantitative Easing (QE)? The Psychology of Market Cycles A Beginner's Guide to Cryptocurrency Trading Strategies
According To Cory Klippsten Etherum and Solana are "bad coins"

A dive into the second largest cryptocurrency platform in the world - Ethereum

FXMAG Education FXMAG Education 30.11.2022 10:20
Which cryptocurrency made its creator a billionaire 8 years after its creation? Why will Ethereum jump to the Ice Age? What's the deal with the ticking bomb hidden in the code? I invite you to the next lesson in which we will explore the secrets of the second largest cryptocurrency in the world. The Ethereum platform Ethereum is a decentralized open-source platform that is built on blockchain technology and supports peer-to-peer contracts (smart contracts) and decentralized applications (Dapps). Its native crypto token is Ether, i.e. ETH that allows transactions between users and or applications and the payment of related fees, that result from the computing power needed to process them. Read next: Crypto exchanges - what are they and how do they work? | FXMAG.COM Thank you for your attention. You already know what Ethereum is but perhaps you don't know or don't understand. After reading the definition above, I also had to think for a moment, so let's tackle this topic one by one, from the perspective of a beginner. The idea of creating Ethereum was born in Vitalik 's head Buterin, a Russian-born Canadian developer in 2013, which resulted in a briefing paper titled "Ethereum: The Ultimate Smart Contract and Decentralized Application Platform". Vitalik had 19 years and a pen when he created the Ethereum white paper. You can find a link to this document in the video description - https://ethereum.org/en/whitepaper/ Buterin was interested in programming based on the Bitcoin source code, but he quickly saw new opportunities that the Ethereum technology could offer, which BTC does not offer. This was due, among other things, to the lack of use of a scripting programming language. Generally, it is about the possibility of creating smart contracts and decentralized applications. Fundraising for the project Using the so-called ICO (Initial Coin Offering), i.e. collections where contributors receive tokens in return. The public sale of tokens lasted 42 days. It started on July 22 and ended on September 2, 2014. The tokens were sold for BTC, with the initial price being 2,000 ETH for 1 BTC, which was about 30 cents for one token at the time. Yes, this is the place where you can divide the current ETH rate by 30 cents and check how much you would have earned if you had already invested in the idea of a 20-year-old. The sale was carried out by a company registered in Switzerland. They managed to collect over 31.5 thousand BTC, which then meant a collection of around USD 14 million. It is worth adding that Vitalik Buterin did not act alone, and it would be really wrong if Gavin Wood was not mentioned, CTO of Ethereum, who had a huge impact on the development of the network. Attention! The official name of this cryptocurrency is Ether (ETH), and the blockchain of this cryptocurrency is Ethereum. Although on exchanges and various crypto listings you will meet the name Ethereum, which is a fairly generally accepted simplification. Launching of the Ethereum network The Ethereum network launched on July 30, 2015 with a 6-month delay. Now, what exactly is Ethereum ? First of all, it is a separate blockchain from the blockchain Bitcoin, so it is a new separate cryptocurrency. If you don't know what a blockchain is, I encourage you to watch a video based on it or read up more on the concept. In simple terms, Bitcoin is compared to a ledger in which subsequent transactions are recorded. If we would like to use a term or comparison adequate to that of Bitcoin, Ethereum can be compared to, for example, Excel, i.e. a program for performing various types of calculations. Read next: Anyone can become a validator without specialized equipment. What is The Ethereum Merge? - our team explains | FXMAG.COM In Ethereum, we are able to write a formula in a single cell (an analogy would be a single key in Bitcoin) that determines what should happen to the money that will flow in there. These are just smart contracts, of which there are a lot. Hence, these smart contracts can be analogous to, for example, notarial contracts. Ethereum is a proposal to build a block chain that has its own scripting language that allows you to write programs, although not like computer games, but such as, for example, various types of economic systems. In Bitcoin, nodes process transactions, while Ethereum network nodes process programs. Ethereum can therefore be described as a decentralized and distributed computer that can perform calculations and execute computer programs. The Ethereum blockchain system The programming language on which Ethereum is based allows for a lot, basically everything, but what is possible can also be inherently problematic. In October 2016, the network was divided into two blockchains, known as the hard fork. Why did it happen? It was due to the problem of The Dao organization based on the Ethereum smart contract. This organization raised $150 million and just 3 days later it was stolen. More than 1/3 of the collected funds were lost, due to hackers that took advantage of a minor bug in the code. If the system is decentralized like Ethereum, a smart contract once written cannot be changed. So if we transfer funds to such a smart contract, such an error can be exploited, but we are unable to fix such an error. The fraud caused a split in the cryptocurrency society - some users wanted to return the Ethereum network to the state before the theft, thus recovering the victims' funds, but others preferred not to interfere with the course of blocks and stay with the current state of the platform. This led to a split in the network, the so-called Hard fork. The cryptocurrency now known as Ethereum is the blockchain that brought the network back to its pre-fraud state. The cryptocurrency known as Ethereum Classic continued without intervention. But what is the ticking time bomb and ice age mentioned in the introduction? Ethereum was to strive to develop technological possibilities that would allow resignation from mining in favor of a consensus algorithm, the so-called Proof-of-Stake. In short, instead of mining, an inflation model is to be introduced, or otherwise a model based on a classic deposit. So we deposit funds that generate new ETH for us. For this purpose, an algorithm was implemented to gradually increase the difficulty of mining ETH (mining difficulty) until it becomes completely unprofitable. This algorithm was called Difficulty Bomb, and the moment when the difficulty of mining reaches a level too high for miners - Ice Age. It is possible that by the time you watch this video, the Ethereum network is already operating based on the aforementioned consensus. Bitcoin vs Ethereum Finally, let's compare Ethereum to Bitcoin, both cryptocurrencies are open source and give us a degree of anonymity. The main use of Bitcoin is to store value and conduct transactions within the digital currency. In addition to these activities, Ethereum also allows you to create and run decentralized contracts and applications. Bitcoins will be 21 million units, the number of Ethers is unlimited.
Bitcoin Is Trading In A Extremely Overbought Conditions

Crypto exchanges - what are they and how do they work?

FXMAG Education FXMAG Education 30.11.2022 10:20
Cryptocurrency exchanges work analogously to stock exchanges where stocks or commodities are traded. What should we know about them? Why can prices on different exchanges vary greatly? What to look for and is the stock exchange a safe place? What is a crypto exchange? A cryptocurrency exchange is a place where cryptocurrency exchange transactions are made. Although a market is a good analogy of how some financial instruments are traded, it's not a physical place like a market. Trade takes place in the virtual world, the exchange is made on the website. In short, a cryptocurrency exchange is an intermediary whose task is to connect two parties to the transaction, those who want to sell with those who want to buy. And this intermediary receives remuneration in the form of a commission for associating the parties to the transaction. Read next: A dive into the second largest cryptocurrency platform in the world - Ethereum| FXMAG.COM For example, let's go to the Binance exchange, to the tab of a specific cryptocurrency pair. We will see here, first of all, a chart, i.e. how the price of a given cryptocurrency pair has changed in the past, we are also able to see the last transactions that have been made between users and, of course, it is on their basis that the price chart is created, and finally what is most important from the perspective of people who want to make a transaction, i.e. current buy and sell orders. The more of them, the greater the liquidity and depth of the market. The price chart, price, current orders and volume are definitely the most important information, which also in a very blunt way inform us about whether a given cryptocurrency exchange is worth our attention. Uses of crypto exchanges On the cryptocurrency exchange, we can sell or buy a specific cryptocurrency, tokens for FIAT, i.e. fiat currency, or exchange it for another cryptocurrency. How extensive the offer of a given stock exchange is largely determined by the exchange itself, but also regulatory issues come into play, in particular when it comes to exchange for fiat currencies. Unfortunately, regulations are changing, and often they are simply missing. In order to make transactions, you need to register, this process will be explained in detail later. After registration, we will get access to the functionalities that a given exchange offers us. And here an important note, in the world of cryptocurrencies, security is extremely important. The key is, among other things, how we store our cryptocurrencies. Generally, we should hold them on the stock exchange as long as necessary. Cryptocurrency wallets provide much more security. This does not mean that the exchange is a dangerous place in itself, but it is definitely more vulnerable to, for example, any attack than a hardware wallet. In addition, in the case of cryptocurrency exchanges, there is also the issue of trust. Of course, the level of security is improving, but the sheer size of the exchange does not guarantee full security. It is necessary to cite the example of the Mt.Gox exchange , which was established before the creation of Bitcoin. Exchanges, this one in 2013 accounted for over 70% of the entire volume on the market! On February 24, 2014, the exchange completely suspended trading on the platform, and after a few more hours it disappeared from the network. As a result of the attacks, 850,000 bitcoins with a value of about $0.5 billion at the time disappeared from the exchange. Unfortunately, this is not an isolated case, you can read about FCoin, Bitmarket , Cryptopia. There is also the example of QuadrigaCX, an exchange about which Netflix made the documentary "Trust No One: Hunting the King of Cryptocurrencies", although this is a slightly different case because the owner was a fraud before establishing the exchange and the exchange itself was focused on stealing and cheating its users from the very beginning. Price differentiation between exchanges There are several hundred cryptocurrency exchanges, which brings a large selection, but also makes the competition on this market huge. With the rest, just like in normal business, there are bankruptcies, and here it is. Why can the prices on different exchanges of the same instruments differ from each other? First of all, because the price is decided by users when making transactions. For example, when, on the Binance exchange, we have a lot of investors making transactions in pairs with bitcoin on another exchange, these investors can be only a few hundred. The market is decentralized, there is no one place where all orders from each user land, and this means that differences must exist. This makes it possible to use arbitrage strategies that reduce these differences. Just a few years ago, these strategies were extremely profitable. Currently, due to the maturation of this market, we have fewer and fewer such opportunities. Cryptocurrency exchanges are divided by the type of instruments offered and the ownership form. We have spot exchanges, derivatives exchanges and exchanges offering both spot and derivative instruments. Spot instruments are simply the purchase or sale of a specific cryptocurrency, a token. Derivatives are instruments that give us access to financial leverage and their price depends on the underlying instrument. For ownership reasons, exchanges are divided into centralized and decentralized, i.e. DEX exchanges. In the case of decentralized exchanges, we do not transfer funds to the exchange, but the exchange takes place between users' wallets. Compared to centralized exchanges, their interface is usually less friendly, they have less liquidity, and they do not offer customer service. Their greatest advantage is the control of their own funds by users. The world of cryptocurrencies is changing dynamically and cryptocurrency exchanges are competing for users. More than 10 years after the creation of Bitcoin, we can see the trend of exchanges creating real ecosystems. The exchanges, as in the case of Binance , are accompanied by payment systems, payment cards, staking opportunities, cryptocurrency mining or the possibility of investing in another gold rush, which is NFT.
Changing correlation of Bitcoin and US stocks. Brazil: Lower house of Congress approved crypto regulation bill

Changing correlation of Bitcoin and US stocks. Brazil: Lower house of Congress approved crypto regulation bill

ByBit Analysis ByBit Analysis 30.11.2022 12:24
Top Spot      Litecoin (LTC) is the third largest proof-of-work (PoW) token by market capitalization, trailing behind Bitcoin and Dogecoin. Litecoin has outperformed most top PoW tokens due to anticipation around its upcoming halving that is slated to happen in August 2023. Litecoin was created based on Bitcoin but differs with shorter block time and lower transaction fees, making it a better fit for on-chain payment functions. Litecoin is our top pick of PoW tokens due to two reasons.    First, in the previous halving cycles, Litecoin had established price bottoms four and nine months prior to the actual halvings respectively. If history is any indication, LTC’s price will likely see a positive price trend in the eight months that lead to the imminent halving. Second, as on-chain activities have shrunk due to an extended bear market, alternative Proof-of-Stake (PoS) chains have lost their luster as users focus on decentralization instead of utility. Centralized PoS chains can mint tokens if needed during a liquidity crisis, leaving investors at risk of seeing tokens drop to zero. In comparison, the minting schedule of PoW tokens like Litecoin is stipulated at the genesis and is immune from the supply shock risk.   Bybit offers Zero Fees for All spot pairs! Check Out the Latest Prices, Charts, and Data for LTCUSDT!   Chart of the Day      Stocks closed lower on Tuesday as traders tread cautiously ahead of Federal Reserve Chair Jerome Powell’s speech on Wednesday, which will likely cement expectations of slowing the pace of rate hikes. The broader crypto market extends its rally into early Wednesday (Asian trading hours), with major cryptocurrencies staging a strong comeback from Monday’s fall, in spite of the latest implosions. In light of the recent crypto-specific contagion, correlations between BTC and US equities, be it long-term rolling correlations or intraday price patterns, have declined significantly. BTC’s drawdown from its ATH and drained liquidity may have led to stickiness of a weaker correlation, as its price became less sensitive to improvements in macroeconomic data. However, nonfarm payrolls and Powell’s speech this week will provide clues as to whether the structural correlations have indeed softened.    As of the time of writing, BTC is charging at the $17k handle, after a 4.4% jump in the last 24 hours. A successful breakout above this resistance zone will likely usher in a new round of momentum for the largest cryptocurrency. ETH fares even better. The second-largest cryptocurrency by market cap is changing hands at the upper region of the $1,200 handle, after rising by 7.6% in the same period. Major altcoins spent another day in the green, with Huobi Token leading the pack on a double-digit percentage gain. The jump is related to Huobi’s latest announcement of airdropping the new “Dominica coin”, which is set to launch on the Tron blockchain.          Talk of the Town      After a series of twists and turns over the past seven years, Brazil’s lower house of Congress finally approved a long-awaited crypto regulation bill that aims to boost oversight of the country’s cryptocurrency sector. The bill will pass to outgoing President Jair Bolsonaro, whose term ends on December 31,  2022, for approval. The regulation serves to define digital assets and their service providers, while subjecting the sector to oversight by a government-appointed federal agency. It also recognizes BTC as a digital representation of value that can be used as a means of payment and an investment asset in the South American nation. The move is a response to the collapse of FTX and affiliated institutions earlier this month, and a contingency of the nation’s expanding crypto market, as Brazil becomes a top-ranking nation on Chainalysis’s latest Global Crypto Adoption Index.      Market Check Source: Bybit Blog | BTC Correlations with TradFi Drop; Brazil Backs Law for More Crypto Regulation
How could ongoing World Cup help Web3? Sorare, FIFA+ Collect and more explained

How could ongoing World Cup help Web3? Sorare, FIFA+ Collect and more explained

ByBit Analysis ByBit Analysis 30.11.2022 13:27
Written By: Marcus Wang and the Crypto Insights Team Edited By: Charmyn Ho Introduction   The 2022 FIFA World Cup in Qatar kicked off last week and is currently all the rage. Global sports events have been known to thrust Web3 into the limelight, with Bybit’s sponsorship of Formula 1’s Red Bull team being an example. FIFA World Cup, as one of the most prestigious sports events, is no exception.    Web3 players, including exchanges and protocols, have aspired to leverage this year’s World Cup to attract more users to Web3. As such, this article aims to explore areas of Web3 that would benefit from this year’s World Cup and how. In addition, as Web3 is reeling from contagious effects induced by FTX’s implosion, we will dive into whether the FIFA World Cup hype has indeed provided a boost to Web3’s on-chain activities.   Crypto Trading — Crypto Exchanges Kick Off World Cup Branding   The cryptocurrency exchange, Crypto.com, is the official sponsor of the FIFA World Cup 2022. Crypto.com benefits from the publicity as the mega event’s venue and the broadcast view from the stadium will both be branded with Crypto.com’s graphics. Crypto.com has been famous for its aggressive expansion strategies by sponsoring sports events. Aside from the agreement signed with FIFA World Cup, the cryptocurrency exchange has signed agreements with the Los Angeles Lakers, and  Paris Saint-Germain, not to mention its headline Super Bowl ads that increase its search interest. As such, Crypto.com aims to repeat its previous success with expensive FIFA sponsorships.     Source: Coingecko, Google Trend (data as of Nov 22, 2022)   As shown in the first graph, Crypto.com’s major sponsorships in the past year have successfully led to a boost in exchange trading volume. Nonetheless, following insolvency events in May, the trading volume plunged and has since remained flat. As World Cup 2022 kicks off, trading volume seems to recover slightly with the help of FIFA’s publicity, while search volumes have shown an early sign of recovery, suggesting that Crypto.com could possibly have acquired some users from the sponsorship.   While crypto trading does not equal enhanced Web3 adoption, the user on-ramp by centralized exchanges is essential to boost users’ accessibility to Web3, laying the foundation for a thriving Web3 space. Apart from direct sponsorships, other prominent crypto exchanges, such as Bybit launched a series of “Crypto Cup Kickoff” events to reward users with a 500k USDT prize pool and NFTs up for grabs. If the user search interests can build into the future, World Cup 2022 may help attract new users to crypto exchanges and revive Web3 adoption accordingly.          Non-Fungible Tokens (NFT) — Use Cases for Adoption FIFA+ Collect   FIFA launched the FIFA+ Collect platform, an NFT marketplace empowered by the Algorand blockchain, where FIFA fans can purchase FIFA Archive Drops, which are video snippets of highlights from previous FIFA World Cups transformed into NFTs. Some of the most expensive NFTs in the marketplace as of the time of writing are Colombian player James Rodrigez’s goal against Uruguay in the 2014 World Cup for $10,000 and French player Kylian Mbappe’s goal against Argentina at the 2018 FIFA World Cup for $4,200. FIFA’s cooperation with Alogrand brought digital assets front and center and bodes well for NFT adoption in global sports events. In addition, FIFA fans can purchase the NFT collections by credit cards or USDC, effectively removing the payment barrier that disconnects real-world users from buying NFTs.   Source: NFT Explorer, Delphi Digital    However, the sales of collectibles on FIFA+ Collect have been lukewarm. Looking at the primary sales of card packs, we can see a massive spike in mint volume in late October, 2022. This corresponded to the period when prominent influencers on Twitter started talking about the FIFA+ Collect and its potential to become the next NBA Top Shot. However, the volume has since fallen back to the baseline, with less than 12,000 cards minted daily.    World Cup Goanna on Algorand Blockchain   Daily Volume of World Cup Goanna  Source: NFT Explorer (data as of Nov 23, 2022)   Apart from the official FIFA collaboration, another top-ranking football-themed NFT on Algorand is World Cup Goanna, a special set of commemorative NFT spin-offs of Al Goanna, the leading NFT projects on the Algorand blockchain. The collection saw a strong start immediately after its release but has since spiraled down in both volume and average price.   LaLiga Golazos on Flow Blockchain   Another football-inspired NFT memorabilia platform is LaLiga Golazos. The platform is the collaboration between LaLiga, the premier soccer league organization in Spain, and Dapper Labs. Laliga Golazos is conceptually similar to FIFA+ Collect as it allows users to purchase NFTs with videos of the most memorable goals from 2005 to present. The platform was launched on Oct 27, 2022 and dropped its first pack on the same day.    Performance of Flow and Algorand Blockchain   Source: Crypto Slam (data as of Nov 22, 2022)   The above graphs suggest that both blockchains present a general downward trend in sales generated. The FIFA partnership announcement in September may be responsible for the initial spike. However, the momentum soon lost steam as the sales volume retracted to its baseline. As such, the boost from World Cup 2022 on Algorand’s NFT sales was short-lived.   In Summary   FIFA-related NFTs were introduced in the midst of a prolonged bear cycle, while the World Cup 2022 opening coincided with the unraveling of one of the most influential centralized exchanges, FTX. This was a period when market liquidity evaporated rapidly as the market began to absorb the aftershock of the FTX collapse. With the broader market embroiled in turmoil, it is unlikely for those FIFA-related NFTs to replicate the trajectory of NBA top shots, one of the most successful sports NFT projects atop Flow blockchain.    The cooperation with FIFA sends a tailwind towards the adoption of Algorand and Flow blockchains, two of the prominent NFT-focused blockchains. However, the short-term boosts have yet to  spur overall NFT sales remarkably on the two blockchains as the cryptoverse is still reeling from rippling effects in the wake of FTX’s collapse   Blockchain Games — Scoring Big with Partnerships and KOLs   Sorare is a fantasy sports game protocol built atop Ethereum Layer 2 with Starkware’s Validium technology. As the transactions are conducted off-chain, no gas fees are paid by users when interacting with the protocol. Sorare is essentially a football card game where users compete with each other to win prizes with rare NFT cards. NFT cards represent famous football players with different characteristics for in-game play.   Sorare owns a first-mover advantage in the football blockchain game, where it has signed up with soccer stars Lionel Messi and Kyle Mbappe to attract football fans to the Web3 space. In addition, Sorare has launched a global cup promotion event to jump on the wagon of the FIFA World Cup 2022, featuring football players from over 300 officially licensed football clubs for users to select from.   Source: Dune Analytics @amiloski (data as of Nov 22, 2022)   However, the FIFA promotion has failed to gain traction. The activities of transfers and minting of NFTs on Sorare, as shown in the above table, have declined since July and remained flat, except for a short-lived increase in early September.    Source: DappRadar (data as of Nov 22, 2022)   Besides Sorare, other less-known blockchain football games seem to benefit more from the FIFA hype. Ultimate Champions is one example, which bears a resemblance to Sorare as a fantasy football game with digital NFT cards on Polygon. The on-chain transactions of Ultimate Champions have increased to an average of 10k to 60k on Nov 17, 2022. Despite falling to 10k after a few days, the daily transactions have remained elevated relative to the historical levels. We have noticed similar trends for The Football Club, a metaverse football game built on the Flow Blockchain.    In conclusion, it seems relatively less known if blockchain football games have taken off from the FIFA Hype, with new users flowing into their ecosystem. FIFA has successfully boosted the usage of football games in game blockchains. In comparison, Ethereum-native Sorare has lost ground in the competition, possibly due to a weaker gamer community on Ethereum or ineffective marketing campaigns.   Fan Tokens — Fans Come Pouring in to Support Their Countries   Fan tokens are fungible cryptocurrencies, owning such tokens would provide one with the ability to vote on team decisions and compete for goods, such as VIP experiences, exclusive merchandise, tickets, etc. Chiliz is the first and the most reputable issuer of fan tokens in the space.    Chiliz is the team behind Socios.com, the prominent sports fan engagement platform built on the Chiliz blockchain. Socios.com App and Chiliz Exchange are the main products launched by the team. $CHZ is the native currency for the Chiliz ecosystem and is used to facilitate the buying and selling of fan tokens. For example, $PSG represents fan tokens officially issued by Paris Saint-Germain Football Club on Socios.com. Read here for more details on fan tokens.   While the fan tokens issued on Chiliz are mainly football club tokens, World Cup 2022 has ushered in country fan tokens, including Argentine Football Association Fan Token (ARG) and Brazil National Football Team Fan Token (BFT).    Source: Coingecko (data as of Nov 22, 2022)   As of the time of writing, country fan tokens have significantly outperformed football club fan tokens as the FIFA World Cup 2022 is in full swing, with only country fan tokens ending in the green in the past week while football club fan tokens all ended in the red. Major country fan tokens come into existence in Q3 but have managed to notch up top spots in fan token ranking.    The price movements of country fan tokens are likely linked to the performance of the specific country’s football team performance in World Cup 2022. Fans might be compelled to buy fan tokens to receive fans' rewards if their favorite teams fare well during the 2022 World Cup. For example, as fans get used to the fan token concept, they may continue to stay on Socios.com and switch to their football club fan tokens, later on, suggesting the FIFA hype could possibly act as a gateway and help boost Web3 adoption.    Country fan tokens such as Brazil National Fan Tokens (BFT) are not listed on Socios.com and are directly traded on centralized exchanges. Despite the backup by respective national team associations, owners of country fan tokens are not entitled to the streamlined fan engagement experience offered by Socios.com. Therefore, it is more likely that country fan tokens that are released only on centralized exchanges are more speculative and may experience volatility once the hype subsides. As a highlight, all fan tokens traded on Bybit are football club fan tokens. Trade and share up to 300,000 USDT in prizes here.   Source: Dune Analytics @lcai (data as of Nov 22, 2022)   The above shows that CHZ transactions have rebounded since August and soared as the FIFA hype looms. CHZ transactions indirectly reflect the demand for fan tokens released on Socios.com, as users have to swap CHZ with fan tokens, suggesting that the FIFA World Cup 2022 has indeed boosted the adoption of fan tokens.    In comparison, blockchain games such as Sorare have failed to catch the hype, while new football games such as The Football Club, although spurred by the FIFA hype, have failed to maintain the hype as fan tokens. As such, fan tokens seem to be embraced more by real-world users and may continue to gain popularity even after World Cup 2022, particularly football club fan tokens.   Final Thoughts   FIFA World Cup 2022 has brought something relatively new to the sports industry with the participation of crypto brands and Web3 applications, as it is such a large-scale event. FIFA-related NFTs, blockchain games, and fan tokens have seen boosts from the FIFA hype. Unfortunately, as the cryptoverse is in the throes of an FTX-induced industry shuffle, the Web3 adoption brought by FIFA has turned out to be less significant than expected. However, this positive impact is unlikely to dissipate even after the World Cup 2022 concludes. As such, the football blockchain games, fan tokens, and NFTs may instead continue to gain traction in the future as fans can engage with their favorite football clubs through Web3 applications, illustrating next level opportunities in the industry despite current sentiments.
Earning on the cryptocurrency market - mining, staking, NFTs and more

Earning on the cryptocurrency market - mining, staking, NFTs and more

FXMAG Education FXMAG Education 30.11.2022 17:00
Introduction Investing is a difficult art of choice, one that can bring a quick fortune or an equally quick bankruptcy on the cryptocurrency market. This text will outline the most popular methods of making money in the crypto market. First it is necessary to start with the basic concepts and general understanding of the topic, we will not propose how to assemble your first miner nor what is the most profitable form of staking, but we will quickly organize our knowledge about investing capital in the cryptocurrency market, so that at least at this stage you do not repeat that Cryptocurrency is just a bet and a matter of luck if the project you've gotten yourself into will shoot enough into space. Earning on the crypto market The basic method of earning on the cryptocurrency market i.e earning on a change in value. This refers to a change in value because currently, we have tools that give us the opportunity to earn not only on increases but also on decreases in the prices of some cryptocurrencies. It is the dynamic increase in cryptocurrency prices that is the main reason there are so many cryptocurrency millionaires. Just like other assets, such as gold, cryptocurrencies such as bitcoin have been wrapped in various types of financial instruments. Thus, first of all, it is possible to buy real cryptocurrencies, i.e. those that can be stored, for example, on hardware wallets. If we had to compare it to popular investments, we would say that it is the same as buying gold in physical form. With the rest of these comparisons to the gold market, there will be definitely more. In the case of such a purchase, of course, we limit the loss only to the size of our investment. We can call such a purchase of real cryptocurrencies a spot transaction, and cryptocurrencies can be purchased directly from another user or using a cryptocurrency exchange such as the Binance Exchange. But in order to earn on the exchange rate difference, increase or decrease, it is not necessary to have elementary knowledge about the functioning of the cryptocurrency market. There are plenty of intermediaries in the form of brokers, not cryptocurrency exchanges who give us the opportunity to invest and receive advice. Of course, this is referring to CFD instruments. However, it should be remembered that brokers in the case of this type of instruments earn primarily from your losses, and the spread that they offer, i.e. the difference between the purchase and sale price, can be really large, which often excludes, for example, concluding transactions for a short period. Cryptocurrencies have also been packaged in futures contracts, i.e. futures contracts. CFDs and futures give us the opportunity to earn even faster on the price change through the leverage mechanism. However, this is a double-edged sword, so if you are a beginner in the cryptocurrency market, make a transaction on the spot market first. When it comes to financial instruments, Bitcoin and other cryptocurrencies can be purchased by investing in a passive investment fund, or ETF. And finally, cryptocurrencies are also options speculation. Which requires much more knowledge from us, and not the one related to the cryptocurrency market . Investing methods when it comes to cryptocurrencies Hence, the first method of earning on the crypto market is primarily the purchase or sale of cryptocurrencies or financial instruments that are based on this market. How long it will hold its cryptocurrencies will determine whether we are short, medium or long-term investors (on the crypto market, the latter are the so-called holders). As in the case of gold, in the case of cryptocurrencies there is a process of mining or digging cryptocurrencies. This analogy to the gold market fits perfectly into the idea of cryptocurrencies. After all, these assets were supposed to be an alternative to the system of fiat currencies that departed from the gold standard, The concept of cryptocurrency mining Instead of a shovel, we need a computer with adequate computing power that uses energy instead of hand strength. This computer will solve complex algorithms as a result of which we will receive a certain number of cryptocurrencies. Therefore, mining requires an investment in equipment, and in the process itself which will require costs that are related to powering the computer, which may force investors to sell cryptocurrencies on a regular basis to pay, for example, electricity bills. Staking cryptocurrencies The third interesting way to earn money on the cryptocurrency market is staking. Staking is nothing more than blocking your cryptocurrencies in the appropriate cryptocurrency network, thanks to which we receive interest depending on the amount of the rate set by the network. Staking enhances certain factors, such as network security, the same way money on deposits enhances the security of a given bank. Not all cryptocurrencies undergo this process. But if you want to see the potential of this method, then jump on the website binance.com Earnings tab. In a normal world, a person can earn on their capital by making it available, of course, we are talking about loans. The world of cryptocurrencies also gives us this opportunity with the help of DeFi, i.e. the decentralized finance sector. NFTs as an investment And finally, another method of earning on this market is the creation of cryptocurrencies or tokens (such as a NFT), which do not necessarily have to be created from scratch, because we can use ready-made solutions, but in this case we have to make sure that our project is noticed by other market participants. The world of cryptocurrencies (if it is technologically innovative) in terms of earning methods does not differ much from those methods that we have known for hundreds of years. And as with gold, you can decide whether you want to buy a gold bar, a virtual position in the gold market, you want to buy a shovel and look for gold, or maybe you want to buy shares in a gold mine, or you want to team up with others to look for gold, or maybe you want to lend money to those who go look for gold and in the world of cryptocurrencies you will find equivalents of this type of capital investment.
Popular crypto bridges and the ways they work - Avalanche Bridge, Polygon Bridge and more

Popular crypto bridges and the ways they work - Avalanche Bridge, Polygon Bridge and more

Binance Academy Binance Academy 30.11.2022 23:11
TL;DR Crypto bridges are essential for facilitating interoperability among various blockchains. They connect previously isolated crypto ecosystems so that users can share data and transfer assets across separate blockchains which have their own individual technological and economic rules.  Crypto bridges can be categorized as trusted, trustless, uni-directional, and bi-directional. Solana Wormhole Bridge, Avalanche Bridge, and Polygon Bridge are some of the popular crypto bridges used to move assets around, and each bridge presents unique advantages. Introduction Generally, blockchains are not inherently interoperable, meaning that data and assets on one blockchain can’t be transferred to another blockchain. Many projects tackle this problem by building crypto bridges between them to facilitate data and asset transfers. However, each crypto bridge connects only specific blockchains and is therefore not a one-size-fits-all solution. If a team builds a bridge between ETH and BTC, for instance, that bridge cannot be used to move assets from XRP to ETH. Also, only users who have crypto wallets compatible with a particular bridge can use that bridge. Learn more on Binance.com What Is a Crypto Bridge? A crypto bridge is a protocol that enables two or more blockchains to work and share data with each other. It connects blockchains so users on one network can participate in the activities of another. This allows crypto users to utilize their holdings outside native chains. Blockchains differ in their tokens, consensus mechanisms, communities, and governance models. A crypto bridge facilitates blockchain interoperability, allowing data and crypto asset transfers across different chains. Crypto bridges also allow blockchains to build off one another’s strengths. For example, Bitcoin doesn't have to reconstruct its blockchain to incorporate smart contracts because other networks can fill that gap. Additionally, crypto bridges allow developers to communicate and collaborate regardless of which network they're working on. As such, protocols can more easily connect and build upon one another's features and use cases. Usually, crypto bridges port tokens from one network to another by wrapping them, a process whereby the bridge locks the original token in a smart contract and creates an equivalent amount of wrapped tokens, such as WETH for ETH or WBNB for BNB. There're also other technologies focusing on interoperability in the crypto ecosystem. One such example is Layer 0 protocols. Layer 0s allow other blockchains to build on top of them by offering the blockchains a common underlying layer. Therefore, a blockchain doesn't require bridges because each blockchain building on top of Layer 0 connects to other blockchains right from the start. Types of Bridges Trusted bridges Trusted bridges depend on a central entity or a system. They include external verifiers to safely facilitate the transfer of data and value. However, this also means they require users to give up control of their crypto assets, which contradicts the crypto ethos of self-custody. Trustless bridges Unlike trusted bridges, trustless bridges don’t rely on third-party entities. Instead, they operate in a decentralized manner by utilizing smart contracts that manage the interoperability process. As such, users can maintain ownership of their crypto. While trusted bridge users must rely on the bridge operators’ reputation, trustless bridge users look to the underlying code instead.  Uni-directional bridges Uni-directional (or one-way) bridges enable users to move their crypto to another network without the possibility of sending them back via the same route. This means they should be used only for one-way transactions. Bi-directional bridges Bi-directional bridges, on the other hand, allow the transfer of assets both ways. They provide a more seamless way to transfer data and crypto between two networks. And as such, might be more convenient for a user who frequently uses two networks to send and receive crypto. Solana Wormhole Bridge A bi-directional bridge, Wormhole seeks to facilitate the movement of quickly and cheaply tokenized assets across blockchains by tapping into Solana's high-speed and low-cost structural advantages. Solanas's goal for Wormhole was to solve common issues with decentralized finance (DeFi), such as high gas fees, price slippage, and network congestion. When it launched in 2020, it offered a decentralized way to bridge ERC-20 and SPL between Ethereum and Solana. Nowadays, Solana Wormhole allows crypto transfer among 17 chains. Wormhole was developed together with Certus One, a company running nodes for blockchains and providing infrastructure security services for proof-of-stake (PoS) blockchains. As developers can employ Wormhole to access the Solana network, there is no need for a crypto project to rewrite their own codebases for Solana.  The bridge is based on decentralized cross-chain oracles. These so-called "guardians" bring tokens from one chain to another by locking up or burning tokens on one chain and minting or releasing them on another. The “guardians” are run by node operators such as Solana validators and ecosystem stakeholders. Their aligned incentive structure with Solana may help to keep the bridge reliable. Avalanche Bridge Another bi-directional bridge, Avalanche Bridge (AB) was built especially for retail users and launched in July 2021 by Ava Labs. The bridge is a replacement of the previous bridge design, called Avalanche-Ethereum Bridge (AEB), and boasts fees that are approximately five times lower than those of its predecessor. In addition, AB strives to further improve the asset-bridging experience for users by focusing on security, faster finality, and lower fees. AB also connects Ethereum and Avalanche by enabling users to transfer Ethereum ERC-20 tokens to the Avalanche Mainnet.  The AB design consists of a private codebase (or "Inter SGX") and relayers (called wardens.) The Intel SGX application is a private enclave that creates a more secure computing environment by facilitating operations in a closed space and ensuring the bridge is tamper-proof. The warden's main job is to monitor the Avalanche and Ethereum blockchains. Whenever a warden sees an ERC-20 token coming to Avalanche Bridge's Ethereum, they register the transaction in the Intel SGX enclave. However, when tokens are sent from Avalanche to Ethereum, the enclave confirms that the wrapped ERC-20 coins are first burned to signal the transfer of the equivalent amount to Ethereum. Finally, when the transaction is confirmed, the token is either locked and minted or burned and released. Polygon Bridge The trustless Polygon Bridge was first proposed in early 2020 by the Polygon team to increase interoperability between the Polygon and Ethereum networks. The bridge went live later that same year. Nowadays, it allows users to transfer tokens and non-fungible tokens (NFTs) between Ethereum and Polygon. Now users can take advantage of Ethereum's popularity while utilizing Polygon’s lower fees and faster transaction times. Polygon has two bridges through which users can transfer assets: the Proof-of-Stake (PoS) bridge and Plasma bridge. The former secures its network by adopting the PoS consensus algorithm. While deposits are completed almost instantly on the PoS bridge, withdrawals may sometimes take longer. This bridge supports the transfer of ether and other common ERC tokens. The Plasma bridge uses the Ethereum Plasma scaling solution to offer increased security. Users can use the bridge to transfer Polygon's native token, MATIC, and certain Ethereum tokens (ETH, ERC-20, and ERC-721).  Bridging tokens using Polygon follows typical bridging logic. Tokens that leave the Ethereum network are locked, and the same number of tokens are automatically minted on Polygon at a one-to-one peg. Similarly, when bridging tokens to Ethereum, the pegged tokens on Polygon are burned and the Ethereum tokens are unlocked.   Closing thoughts While crypto bridges make the crypto ecosystem more interoperable, you should always do your research so you can pick the most suitable bridge to use. Remember that bridging doesn't change the circulating supply of the cryptocurrency you want to transfer. Bridges simply lock tokens on the sending network and mint new tokens on the receiving side, creating wrapped tokens. If the wrapped tokens are sent back to the native chain, they are burned before the original tokens are released on the other side. Further reading: How to Use the Polygon Bridge? Atomic Swaps Explained What Is Web 3.0 and Why Does It Matter? What Is Staking In Crypto? What Is Layer 1 in Blockchain?
Crypto Lender BlockFi Became The Latest To Fall

FTX collapse: Sam Bankman-Fried said withdrawals could open soon

FXStreet News FXStreet News 01.12.2022 16:11
Sam Bankman-Fried, former CEO of bankrupt crypto exchange FTX, said withdrawals from FTX US could open soon. The former FTX executive hinted that LedgerX could be up and running in the near future. Bankman-Fried added that he cannot make promises while claiming that FTX US customers could soon be made whole. Sam Bankman-Fried, popularly known as SBF, told New York Times’ Andrew Ross Sorkin that FTX US customers could be made whole soon. SBF claims that these entities: FTX US and FTX US derivatives, formerly known as LedgerX, could be “up and running soon.” Sam Bankman-Fried claims withdrawals could open at FTX US Sam Bankman-Fried, co-founder and the former CEO of FTX exchange, spoke to Andrew Ross Sorkin of “The New York Times’ DealBook.” SBF made a virtual appearance at the media company’s DealBook Summit and assured FTX US users that withdrawals could open soon. Read next: Tech stocks: Mullen loses almost 5%, Tesla gains over 7%. Nasdaq soars on the back of Powell's rhetoric | FXMAG.COM SBF has been vocal about the fall of his crypto empire, the liquidity crisis and failed attempts at getting FTX exchange and its subsidiaries bailed out. The former FTX CEO has apologized to users and finally stepped into the media spotlight from the Bahamas on November 30. Andrew Ross Sorkin asked SBF a host of questions on risk management, regulation, real-estate in the Bahamas and FTX entities’ solvency. Commenting on FTX US exchange platform, SBF said, The US platform—the US regulated platform with American users—to my knowledge, that’s fully solvent. That’s fully funded and I believe that withdrawals could be opened up today and everyone could be made whole from that. LedgerX could be up and running soon Sam Bankman-Fried’s FTX US acquired LedgerX in October 2021. SBF renamed LedgerX as FTX US Derivatives. The exchange platform offers cryptocurrency futures, options, and swaps. When FTX exchange went bankrupt, LedgerX was one of the entities that remained solvent. Commenting on the future of LedgerX, co-founder of the FTX empire said that FTX US derivatives could “even be up and running right now.” According to a Bloomberg report, FTX US derivatives made $175 million available for use in the FTX’s bankruptcy proceedings. The derivatives platform therefore offered a crumb of support to FTX, that owes $3.1 billion to its top 50 creditors.
In January, OpenSea reached 1.5M NFT sales on Polygon and 1.1M sales on Ethereum

Over 7000 Porsche NFT to be released, Animoca Brands hints at establishing a fund

Crypto.com Accelerate the... Crypto.com Accelerate the... 02.12.2022 14:00
NFT trading is now live on Uniswap. Porsche is planning a 7,500-piece NFT collection. Animoca Brands starts a $2 billion metaverse fund. New Project Spotlight NFT Collectibles [COMING SOON] “Martian Colony” features 5,555 character NFTs organised into four tribes: Labour, Civilian, Scientist, and Governing. The collection is created by David Fiery, an NFT enthusiast and entrepreneur from Prague. This collection drops on 8 December, exclusively on Crypto.com NFT. [COMING SOON] Lil Bitcoin’s “Chapter 2: Birth Of Bitcoin” brings together art and music. Collectors have the chance to redeem physical comics and exclusive NFTs. This collection will drop on Crypto.com NFT on 14 December Blockchain Games [COMING SOON] The highly anticipated tycoon-style idle game Loaded Lions Mane City, based on the in-demand Loaded Lions NFT project, is set to be released soon. As pioneers of Mane City, all Loaded Lion and Cyber Cub holders will receive exclusive benefits during the land sale and in the game. [COMING SOON] CroSkull V2 Missions are about to start. The new missions feature updates including compounding rewards, multi-collections support, gas fees reduction, and bulk sending. NFT Metrics The following table shows select top collections (by weekly sales volume on each platform) and a sample of their art: PlatformCollectionSales Volume (USD)Floor Price (USD)Sample OpenSea CryptoPunks $3,429,000(-35%) $83,100 OpenSea Mutant Ape Yacht Club $3,250,000(+97%) $16,600 Crypto.com NFT Loaded Lions $142,000(-27%) $1,700 Crypto.com NFT Match Ready Lions $100,000(+497%) $50 Minted Bored Candy $47,000(+206%) $40 Minted VVS Miner Mole $23,000(-52%) $250 Blockchain Game Metrics The following table shows select top games by weekly Unique Active Wallets (UAW): GameBlockchain(s)UAWVolumeLogo Splinterlands Hive, Wax 257K(+1%) $8K Tiny World BNB Chain 53K(+23%) $37K Planet IX Polygon 49K(+4%) $244K Trickshot Blitz Flow 39K(-28%) $19K Axie Infinity Ronin, ETH 38K(-9%) $7.7M Source: DappRadar Gaming Token Performance The total market cap for gaming tokens now stands at US$5.86 billion, up +2% from last week.     News Highlights NFT trading is now live on Uniswap, with users being able to trade digital collectibles across OpenSea, X2Y2, LooksRare, and other marketplaces using the platform’s NFT aggregator tool. In addition, there is a US$5 million airdrop for eligible historical users of Genie, the NFT marketplace aggregator Uniswap acquired in June 2022. Luxury sports car manufacturer Porsche has planned a 7,500-piece NFT collection based on the classic Porsche 911. The NFTs are targeted to be released in January 2023, and each holder can take part in the process of shaping the design of their individual NFTs. Gaming investor Animoca Brands plans to start a $2 billion metaverse fund. The fund, named Animoca Capital, targets to make its first investment next year and intends to focus on digital property rights in the metaverse.     Argentina 2022 Survey: Argentines Are Increasingly Keen to Adopt Cryptos and NFTs: Crypto.com recently commissioned a survey of more than 2,000 Argentines to find out more about their investment preferences, knowledge, and opinions on crypto and NFTs. Research Roundup Newsletter (October 2022): In this issue, we cover our recent Bloomberg Terminal integration, a special research report for the Singapore Fintech Festival, and feature articles on NFT financialisation and utility. Alpha Navigator (October 2022): We look at crypto industry performance in October, including ETH’s short-term correlations with equities reducing. Is the Fed pivoting on rate tightening policy? Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags BLOCKCHAIN GAMING CRYPTO RESEARCH CRYPTOCURRENCIES NFT Source: NFT & Blockchain Gaming Weekly (02/12/2022) (crypto.com)
ByBit talks trading bots. What are they? How can they help?

ByBit talks trading bots. What are they? How can they help?

ByBit Analysis ByBit Analysis 30.11.2022 19:05
  To say that the crypto industry moves fast is an understatement. Along with its 24/7 nature, and limitations due to human emotions, reaction time, and transaction speeds, the potential to make consistently profitable trades is limited.   That is why at Bybit, your reliable Crypto Ark, we are always developing next-level products to help you to optimize your trades. In our arsenal of innovative tech solutions, our trading bots perform particularly well in helping you to trade better — specifically our Spot Grid Bot, Spot DCA Bot, and our latest addition, Futures Grid Bot.   But First, What are Trading Bots?   Trading bots are automated tools that leverage the use of one or more smart technologies like artificial intelligence (AI) and machine learning (ML) and execute trades on behalf of their human investors.   Trading bots run on code that is written for specific objectives. Depending on your risk appetite and investment goals, you can employ the use of trading bots that use different trading strategies, such as grid bots for grid trading strategies, or DCA bots if you prefer Dollar-Cost-Averaging.   Let’s look at six ways Bybit’s trading bots can help to optimize your investment decisions.   24/7 Smart Trading   Crypto never sleeps, and unfortunately, humans do. A grid trading bot can perform trades and execute your predetermined investment decisions 24/7, without the need for constant monitoring.   Grid trading is a trading strategy that involves placing orders above and below a set price using a price grid of orders. The price grid consists of orders at incrementally increasing and decreasing prices. Using this strategy, traders would repeatedly buy at the pre-specified price and sell the position when it reaches a predetermined price point.   Grid trading strategies shine particularly in a sideways market, where prices fluctuate within the borders of support and resistance. Bybit’s grid trading bot can make your crypto investments more fruitful, without having to constantly pore through price charts and crypto news.   In it for the long run   If you’re accumulating crypto for the long term, DCA trading bots sit well in your portfolio. As the name suggests, such trading bots help you to automatically invest a fixed amount at regular intervals, regardless of the price of the coin.   This strategy reduces the impact of market volatility and helps you to average out the cost of your trades, thereby maintaining a cost price similar to the market average. In particular, this strategy is ideal for investors who are bullish on an asset and can HODL for a longer time frame.   Read more: Learn How to DCA With Bybit Trading Bot   Providing Market Liquidity   The use of grid trading bots provides liquidity for the exchange. Grid trading bots ensure that you pay the maker fee, which tends to be lower as you provide liquidity for other traders, as opposed to taking them. Grid trading bots work best in sideways markets with no clear direction. Such markets are characterized by large and frequent price spikes. The trading bot can then convert these spikes into profit for the trader.   Read more: How to Use Bybit Futures Grid Bot   Make More Out of Market Volatility   While market volatility can be a stressor for even the most seasoned of traders, it also presents opportunities for astronomical gains. Grid trading bots eliminate the issues from human factors such as stress and emotion, and give traders the ability to monitor the market and execute well-analyzed trades at any hour of the day. Grid trading bots can be used to reap profits across short- and long-term trading strategies by setting different parameters.   Automate Your Investment Decisions   Let’s face it, humans are not as perfect as we wish to be. Trading bots make up for our shortcomings by being highly logical, precise, and emotionless. Trading bots can handle varying levels of sophistication in trading, be it automating a trading strategy on a single trading pair, or routing trades between assets for a diverse portfolio. DCA trading bots take the hassle out of DCA investing by performing the monthly trade on your behalf, which makes it perfect for investors who prefer a more passive approach.   Learn more: How to Automate Your Trades 24/7 With Trading Bots   Diversify Your Portfolio Across Strategies and Markets   Cryptocurrency trading can be complex and requires intricate research and decision-making, all of which can take up a big part of your life. While portfolio diversification is one of the key tenets of investing, it can be a herculean task for the time-strapped. This task can be easily delegated to trading bots, that do well in managing your investment portfolio and maximizing your gains. Spreading your funds across various assets is a good way to soften the impact of market fluctuations.   In Short   Whatever your trading strategy is, there is a trading bot that can make it better. Be it to simplify steps or to take the guesswork out of investing, trading bots are useful tools to wield in your investment journey. They can make up for human factors such as the inability to track the markets 24/7 and emotion-driven trading decisions. These bots are simple to set up and could be vastly time-saving and rewarding in your investment journey.   Make the most out of your trades with Bybit’s trading bots now.         #Bybit #TheCryptoArk #TradingBots Source: Bybit Blog | Trading Bots: 6 Use Cases That You Should Know
Nela Richardson, a chief economist of ADP, points out that these data suggest the observed tightening policy by the Federal Reserve since March this year has a negative impact on job creation and wage growth

Nela Richardson, a chief economist of ADP, points out that these data suggest the observed tightening policy by the Federal Reserve since March this year has a negative impact on job creation and wage growth

Geco One Geco One 06.12.2022 08:20
Bitcoin (BTC) After the first half of November, due to the panic sale caused by the collapse of FTX, the third largest cryptocurrency exchange in the world, Bitcoin has stabilized in the last few days in the range between 15.6k and 17k dollars. Last week, however, some interesting information pushed the leading cryptocurrency slightly above the upper limit of this range. The ADP report published on Wednesday shows that despite the forecasts of 200,000 new jobs in November this year, The US economy created only 127,000 new jobs, which turned out to be significantly worse than last month's result (239,000) Nela Richardson, a chief economist of ADP, points out that these data suggest the observed tightening policy by the Federal Reserve since March this year has a negative impact on job creation and wage growth. The results indicating a deterioration in the condition of the US labour market, therefore, increase the likelihood that the Fed will decide to raise the federal funds rate at its December meeting by only 50 bps, which would signal that the Federal Reserve is approaching the end of the monetary policy tightening cycle, which in turn could be received by the cryptocurrency market with optimism and lead to a certain upward rebound. These expectations were further fueled by the subsequent comments of Fed chairman Jerome Powell, who spoke at the Brooking Institution about inflation and prospects for the labour market and the economy in general. He pointed out that the incoming economic data are encouraging and indicate that a moment has come when it is justified to limit the rate hikes, which may already take place from December. These comments made up 79.4 % of the probability that after four increases in a row by 75 bps, the Fed will decide during its December meeting to raise the federal funds rate by only 50 bps has increased. Just a week ago, the probability of such a move was estimated at 67.5%, and on 10 November, only 52 per cent and 32.5 per cent chances were given to the fifth rate hike in a row by 75 bps. Currently, such a scenario is valued at only 20.6 per cent. Thus, it can be seen that last week's comments by Jerome Powell increased expectations regarding the Fed's pivot, i.e. a change in the attitude of the US central bank to further moves in interest rates. These expectations have remained the same even after BLS publicized the phenomenal report on the American labour market. According to data from the US Labour Office, the local economy created as many as 263,000 new jobs in November. The optimistic tone of this publication was also supported by a positive revision of last month's reading and data on wage inflation and positive revisions of their October readings. • US Nonfarm Employment Change (NFP): 263,000, forecast 200,000, previously 284,000 (revised positive from 261,000) • Average hourly earnings m/m: 0.6%, forecast 0.3%, previously 0.5% (positive revised from 0.4%) • Average hourly earnings y/y: 5.1%, forecast 4.6%, previously 4.9% (positive revised from 4.7%) This is a solid report indicating that the labour market is not weakening. However, it seems unlikely that this publication will be able to persuade members of the Federal Open Market Operations Committee (FOMC) to change their stance and raise interest rates for the fifth time in a row by 75 bps. It may be evidenced by no change in the valuation of the Fed's future monetary policy tightening path and market reaction to Friday's NFP report. While just after its publication, the dollar experienced a growth increase, before the end of Friday's session, the US currency more than gave back the earned profits. It seems, therefore, that the publication of the report on consumer inflation in the US, scheduled for 13 December this year, i.e. the day before the next meeting of the Federal Open Market Operations Committee (FOMC), will be of significant importance for the cryptocurrency market, the fall of which could contribute to the next uptrend. The last publication of this report contributed to the increase in BTC quotations by over 10%. While the Fed's monetary decisions were one of the main catalysts driving the cryptocurrency winter observed for over a year, future meetings could already contribute to a certain upward rebound and the beginning of a new bull market. It is worth noting that although due to strong ties with FTX, the cryptocurrency lender BlockFi has also recently been forced to file for bankruptcy, Bitcoin's quotations have increased by almost $2,000 over the past few days, returning above $17,000, which may signal that the cryptocurrency market has probably already priced in all the negative information about the collapse of the third largest cryptocurrency exchange and its related entities, and macroeconomic events that affect the dollar will also affect cryptocurrency prices again. The return of the negative correlation between BTC and USD may confirm this. Just after the collapse of the FTX exchange, the correlation between these assets changed from strongly negative (-0.94) to highly positive, reaching a 19 November level of 0.84. Now, in turn, we are seeing a return to negative values, resulting in the fall of the dollar driving the rise of Bitcoin. Ethereum (ETH) Ethereum's quotations fell between November 4 and 9 by over 36%, and then, driven by a highly optimistic report on CPI inflation in the US, they rebounded by almost 26%, thus leading to a re-test of previously defeated support (now resistance). However, this increase lasted only one day; from 11 November this year, the ETH rate fell again, returning to the USD 1100 region, where on 22 November, there was a demand reaction again. The increases observed since then have caused the exchange rate of this cryptocurrency to return to the technical resistance of USD 1,300. If only this barrier is broken, we could expect a further rally north towards the zone between USD 1380-1425 or even USD 1650. Bitcoin Cash (BCH) Bitcoin Cash fell by nearly 31% between 5 November and 9 November, falling to the lowest since December 2018. Similarly to BTC and ETH, in reaction to the US CPI inflation report published on 10 November, it went up by over 22%. It is worth noting that although the increase stopped for several days in the area of ​​the previously defeated support of 106 USD, this resistance was finally overcome. Over the last few days, we have observed its re-test. The demand reaction that appeared around this level initiated the current upward rebound. If this trend continues, the BCH rate could return to USD 125 in the near future or even increase to USD 133.50. Litecoin (LTC) Litecoin's quotations collapsed between November 7 and 9 this year by more than 35 %. This sell-off stopped only in ​​technical support, around USD 50, where evident demand pressure appeared on 10 November. However, the LTC exchange rate increased by over 78 % due to the subsequent appreciation, more than making up for earlier losses. It is worth noting that this increase led to the overcoming of technical resistance levels of USD 64.50 and USD 73. For several days it stopped only in the consolidation between USD 73 and USD 80, from which the LTC rate is currently breaking out. Unless there is a strong supply reaction in the near future that could negate the current increases, the quotations of this cryptocurrency could move further north towards USD 96.
McGlone talks cryptocurrency market hitting "rock bottom"

McGlone talks cryptocurrency market hitting "rock bottom"

Alex Kuptsikevich Alex Kuptsikevich 07.12.2022 07:53
Market picture Bitcoin once again failed to get on the upside track, and its exchange rate fell to $17K, around which it has been languishing since the beginning of the month. The reason for the decline was pressure in the markets due to relatively good economic data, which increased speculation that the Fed would have to go further in raising rates than previously expected. We note that the crypto market recently had very subdued volatility compared to stocks, having missed much of the rally of the last two months but also not feeling the kind of pressure that stocks have been under since early December. Read next: Nigeria Bans Cash Withdrawal Higher Than 225$ To Encourage CBDC Use | FXMAG.COM The cryptocurrency fear and greed index down 1 point by Tuesday, to 25, and had moved into "extreme fear" status. The total capitalisation of the crypto market fell 1.9% to $853bn. The suppressed volatility in the cryptocurrency market is causing market participants to move stop orders closer to the current price. A drop below $16K (-6%) could devastate speculators' positions, delaying a potential market recovery for many more months. On the other hand, a rise above $18K (+6%) could open a direct track to $21K. With professional market makers becoming less active towards the end of the year, it will become increasingly easy to swing the price in either direction (or even in both directions). News background According to CoinShares, investments in crypto funds fell by $11m last week after an outflow of $23m the week before. Bitcoin investments rose by $11m, and Ethereum fell by $4m. Investments in funds that allow shorts on bitcoin fell by $11m. Trading volume was $753m, compared to an average of $2bn a year ago, suggesting low investor engagement, CoinShares noted. Read next: The Australian Dollar Failed To Hold Its Gains, The Pound Strengthened Against The US Dollar| FXMAG.COM Cryptocurrency broker Genesis Global Capital has reached $1.8bn in debt and is likely to continue to grow, CoinDesk reported. Messari estimates that the platform needs to raise at least $500m to avoid liquidation. Bloomberg Intelligence senior commodities strategist Mike McGlone believes that cryptocurrencies are now going through their last phase before hitting rock bottom. However, he says it will be tough for investors and companies to survive this phase. A Chinese court has ruled that non-exchangeable tokens (NFTs) are virtual property that should be protected by law.
Ethereum price can remain in the range of $1,220-1300 until inflation, FOMC decision

Ethereum price can remain in the range of $1,220-1300 until inflation, FOMC decision

Geco One Geco One 12.12.2022 15:27
Bitcoin (BTC) The collapse of FTX sent Bitcoin's price crashing below $15,500, which was the lowest level since November 2020. This sale extended the range of the year-long BTC depreciation to over USD 53,500, which is over 77%. More and more, however, indicate that all the negative information related to the collapse of the third largest cryptocurrency exchange in the world has already been priced. It is evidenced, among others, by the collapse of entities related to FTX (including BlockFi) did not contribute to a further sell-off of the cryptocurrency market. Instead, the virtual asset market started to react to macroeconomic events again and returned to a negative correlation with the US dollar. Let us remind you that just after the collapse of the FTX exchange, the correlation between these assets changed from strongly negative (-0.94) to highly positive, reaching the level of 0.84 on November 19, 2022. In turn, we are seeing a return to negative values, resulting in the dollar's fall driving the rise of Bitcoin. It also made the BTC rate increase from the lows of November 21 2022, by almost USD 2,000. Over the last few days, we have observed its stabilization in the region of USD 17,000. It may indicate that investors are patiently awaiting Tuesday's publication of another report on consumer inflation in the United States and Wednesday's monetary decision of the Federal Open Market Committee (FOMC). Given that the previous CPI report in the US contributed to the BTC increase by 10.5%, we could also expect more volatility, although not as extreme this time. It is worth recalling that a month ago, economists expected a drop in the CPI by only 0.2 percentage points to 8.0% from 8.2%, while in the end, it fell by as much as 0.5 percentage points to 7.7%, increasing thus expectations for the Fed pivot, i.e. a change in the attitude of the American central bank to further monetary policy tightening, which we wrote about in detail in our report of November 14, 2022. Inflation is expected to decline by 0.4 percentage points to 7.3%. This means that to cause a similar, positive surprise and lead to a sharp increase in the BTC price, the CPI would have to fall below 7%, which seems unlikely. Read next: An incoming cold spell in the US has seen the cost of US gas surge 27% during the past three trading session while (...) Dutch TTF gas contracts remain below €150| FXMAG.COM Much greater volatility may be caused by the December monetary decision of the Federal Reserve, which will be announced next Wednesday. It is worth recalling here that Fed chairman Jerome Powell recently pointed out that the incoming economic data are encouraging and indicate that the moment has come when it is reasonable to limit the rate hikes, which may take place from December. However, given the probability that after four increases by 75 basis points in a row, the Fed will decide to raise the federal funds rate by only 50 basis points at its December meeting, it is highly probable that investors will attach more importance to the hike itself to any hints on how far the Fed can raise interest rates. If only Chairman Powell confirms the plan of increases by only 50 basis points in the first quarter of 2023, capital could again start to move towards risky markets, i.e. stocks and cryptocurrencies, which would mean that the BTC low is over. While the Fed's monetary decisions were one of the main catalysts driving the cryptocurrency winter observed for over a year, future meetings could already contribute to a certain upward rebound and the beginning of a new bull market. The risk for this scenario is a more hawkish stance of the Federal Reserve and the announcement of a much longer tightening cycle; as a result, the federal funds rate would be raised not to 5% but to 5.25%, or 5.50%. Another factor that cannot be underestimated is the global economy's health. Suppose it turns out that Europe will plunge into a deep recession next year, and the United States experiences only a temporary slowdown. In that case, capital could move from risky markets (stocks and cryptocurrencies) to safe havens (US dollar and bonds). ). This also means that even if Wednesday's monetary decision by the Fed contributes to an upward rebound in the cryptocurrency market, it is unlikely that it will start another crazy bull market, like the one in the second half of 2017 or the second half of 2020 and early 2021. Likely, the rebound will initially be relatively calm. We will have to wait for greater growth dynamics until the middle of next year, when the global economy will deal with the most severe part of the crisis. Financial markets will begin to price in monetary policy easing in advance, that is, interest rate cuts by the Fed, which could happen at the end of next year or at the beginning of 2024. Ethereum (ETH) Ethereum's quotations fell by more than 36% between November 4 and 9, and then, driven by a highly optimistic report on CPI inflation in the US, they rebounded by almost 26%, thus leading to a re-test of previously defeated support (now resistance). However, this increase lasted only one day, and then from November 11, 2022, the ETH rate fell again, returning to the USD 1,100 region, where a demand reaction appeared again on November 22, 2022. The increases observed since then have brought the exchange rate of this cryptocurrency back to the technical resistance at USD 1,300, where some supply pressure has reappeared in recent days. Since then, ETH has been in a horizontal trend between $1,220 support and $1,300 resistance. Read next: Euro Holds Above $1.05, USD/JPY Pair Rose Above 136| FXMAG.COM It seems highly likely that the exchange rate of this cryptocurrency will remain in this range at least until the publication of the CPI inflation report in the US or even until the announcement of the Fed's monetary decision. A sustained break from this consolidation upside would drive a further rally north towards the $1380-1425 zone or even $1650. Litecoin (LTC) Litecoin fell by between November 7 and November 9, 2022, by over 35%. This sell-off stopped only in technical support, around USD 50, where on November 10, 2022, quite an apparent demand pressure appeared. However, due to the subsequent appreciation, the LTC rate increased by over 78%, more than making up for the previous losses. It is worth noting that this increase led to overcoming the technical resistance levels of USD 64.50 and USD 73 and stopped several days ago, forming a consolidation between USD 73 and USD 81. If the market breaks out of this system, we could expect a further increase in the LTC rate towards USD 96.
We predict that nothing radical will happen in the crypto market by the end of the year says Geco.one COO

We predict that nothing radical will happen in the crypto market by the end of the year says Geco.one COO

Jaroslaw Stankiewicz Jaroslaw Stankiewicz 12.12.2022 16:11
We noticed that, recently Bitcoin and Ethereum prices haven't been moving significinalty hinting at an 'ultimate stabilization' after the FTX collapse. Unclear status led us to ask Jaroslaw Stankiewicz, Geco.one COO if current levels are strong enough to withstand December FOMC decision. Have Bitcoin and Ethereum finally found their bottom? Are current levels solid support ready to absorb FOMC impact? Jaroslaw Stankiewicz (COO @ Geco.one): We are currently observing stagnation in the market of the top digital currencies. BTC and ETH rates have been sideways for a month. The market has not yet decided which way it will go in the coming months. On the one hand, we have a lot of turbulence behind us resulting from the problems of several cryptocurrency companies that conducted their activities in a way that aroused much controversy. On the other hand, there is more and more information about the active acquisition of large investment banks taking advantage of emerging opportunities to take over companies related to the crypto industry with 'problems'.We predict that nothing radical will happen in the crypto market by the end of the year. There may be some movements in BTC and ETH rates, but not as drastic as in the recent past.The current valuations of the most important digital currencies already consider the decisions of American financial supervision. It is noteworthy that the number of changes in the value of BTC and ETH since the FED announced its declaration of raising interest rates is as much as 60-70% in the last 12 months. Cryptocurrencies reacted to reduced liquidity by falling, as did other risky assets. Taking into account the scale of the revaluation of the most important digital currencies and the fact that the fight against inflation is starting to bring results, over the next 12 months, the value of BTC and ETH will increase from the current rates unless new events appear in the world and the crypto industry. But the most significant price changes are likely to occur in 2024. Read next: Ethereum price can remain in the range of $1,220-1300 until inflation, FOMC decision | FXMAG.COM
The handling and demise of FTX have ultimately set the ecosystem's facilitative regulatory agenda and adoption efforts back

The handling and demise of FTX have ultimately set the ecosystem's facilitative regulatory agenda and adoption efforts back

Zhong Yang Chan Zhong Yang Chan 13.12.2022 07:30
Many of us used to count certain time on digital assets market as appealing only at the time of sensational price movements. As FTX collapsed and the hodlers and market participants confidence changed, it's not only about value anymore. Now, the attention is drawn to the stability (sic!) of stablecoins and processing the FTX crash consequences. As you know in recent weeks we've found ourselves flabbergasted by the announcement of Porsche NFT collection in times of Non-fungible tokens winter. We're happy to talk all these news with Zhong Yang Chan, Head of Research at CoinGecko. Are USDT and other stablecoins at risk? Zhong Yang Chan, Head of Research at CoinGecko: Despite the shrinking market capitalization of stablecoins, centralized stablecoin issuers are still able to honor redemptions and withdrawals. As long as users remain able to redeem 1:1 and redemptions are processed in a timely manner, there should still be confidence in the major centralized stablecoins, including USDT. Read next: We predict that nothing radical will happen in the crypto market by the end of the year says Geco.one COO | FXMAG.COM Porsche has just announced their own NFTs. It's one of the most prominent brands in the world - would it mean the NFT market isn't 'dead' yet and prices may bounce some time in the future? Porsche's new NFT collection is a great initiative, and this follows suit from other established brands like Starbucks and Reddit announcing their own NFT collections. NFTs are still nascent, and there is space for its proposition to evolve beyond what people see today (PFPs or 'just a JPEG'). In spite of the bear market, projects are still building to bring about NFTs with utilities, phygital NFTs, and others, and we remain bullish on its future. It is said all the consequences of FTX collapse are in prices. Would you agree or disagree? While the price drop has been significant, it is not the only consequence of FTX's collapse. User confidence—including that of institutions—has been shaken, and there are on-chain projects that have been impacted and may be forced to fold. FTX's demise may have also likely impacted venture capitalists and funds in terms of investments in the blockchain or Web3 ecosystem, and developers may similarly be less keen on building in this space. Finally, the handling and demise of FTX have ultimately set the ecosystem's facilitative regulatory agenda and adoption efforts back. Visit CoinGecko
Binance Academy summarise year 2022 featuring The Merge, FTX and more

Binance explains crypto index fund - what is it?

Binance Academy Binance Academy 14.12.2022 23:55
TL;DR A crypto index fund simply takes the idea of a traditional index fund — an investment vehicle designed to track the performance of a designated market index — and replaces the underlying assets with crypto tokens instead of company shares. Introduction Understanding crypto index funds requires familiarity with market indexes. In short, a market index is a way of using data to track and measure the performance of a stock market, or a specified group of companies and their associated stocks. A crypto index fund simply takes the idea of a traditional index fund and replaces the underlying assets with cryptocurrency tokens instead of company shares. Crypto index funds, however, are still a new development, with very few currently available. Learn more on Binance.com What Is a Traditional Index Fund? Before looking at crypto index funds, it’s best to get a foundational understanding of traditional index funds. In the simplest of terms, an index fund is an investment portfolio designed to track a specified basket of underlying assets.  More specifically, a traditional index fund is usually described as a type of mutual fund structured to match the composition and performance of a particular financial market index, such as the S&P 500 or Dow Jones Industrial Average.  But what is a mutual fund? And what is a financial market index?  A mutual fund is a financial instrument for people to pool their money together into a managed fund, which then seeks to make a profit for those involved by investing in assets such as stocks and bonds. A mutual fund’s portfolio is set up to match certain investment objectives established by the fund and its manager.  A market index, meanwhile, is a way of using data to track and measure the performance of a stock market or section of the stock market. The S&P 500, Dow Jones Industrial Average, and FTSE 100 are all examples of market indexes. The S&P 500 tracks the stock performance of 500 large and important publicly traded companies in the US. The Dow Jones Industrial Average tracks the stock performance of 30 especially prominent companies listed in the US. The FTSE 100 tracks the stock performance of the 100 largest companies by market capitalization on the London Stock Exchange.   And so, in the case of an index fund, the investment portfolio is set up to mimic the composition of a specified market index (as designated by the fund). The objective of the fund is simply to match the performance of the market index as a whole. In comparison, a mutual fund is where the portfolio is designed by a fund manager based on their views of what to actively invest in — the goal being to outperform the market.   Advantages and Disadvantages of Traditional Index Funds Index funds are known as a passive investment strategy that provides returns in line with the wider stock market. The goal isn’t to beat market movements but simply to replicate the market index’s movements. Studies show that passive funds tend to perform better than active funds in the long term. As such, one of the main advantages of an index fund is that they’re thought to offer better long-term results compared to actively managed funds. For example, the average annualized return of the S&P 500 from 1957 (when the index was first extended to cover 500 stocks) through to the end of 2021 was 11.88%.  An index fund also diversifies portfolios as it is basically made up of many little slices of every company in the index. This means your investment isn’t reliant on the success of a single company but tracks the performance of the entire index as a whole. In short, an index fund offers broader market exposure.  Additionally, because an index fund simply replicates the composition of the index it is tracking, the make-up of your portfolio rarely changes, which leads to lower operating and trading costs, and lower fees. The downside, however, is that there’s very little flexibility. An actively managed fund can drop poorly performing stocks and, with good management, outperform the wider market. If the index goes down, an index fund will also deliver a loss, whereas an actively managed fund can still deliver profits during a downturn. What Is a Crypto Index Fund? Now that you know what a traditional index fund is, it's very easy to understand what a crypto index fund is. A lot of developments within crypto can be seen as Web3 updates on traditional markets and products and a crypto index fund is no exception. It simply takes the idea and structure of a traditional index fund and replaces the underlying assets with cryptocurrency tokens instead of company shares and bonds. For example: an S&P 500 Index Fund invests the pooled money placed into it in a basket of stocks representing the 500 companies on the S&P 500 market index. A crypto index fund, meanwhile, would invest money placed into it in a basket of different cryptos. Simply put, a crypto index fund is an investment vehicle where you can invest to a fund, which, in turn, invests that money into a specific index of cryptocurrencies. In doing so, the crypto index fund provides access to a diversified portfolio of digital assets without you having to buy each token in the fund individually. How Is a Crypto Index Fund Different? Of course, the main difference between a traditional index fund and a crypto index fund is the type of assets in which they invest.  Another key difference is that crypto markets can experience more volatility than traditional markets. The result is that crypto index funds may experience greater price movements than traditional index funds, so someone investing in a crypto index fund could make more profit but could also experience bigger losses. Aside from potentially higher risks and rewards, the other difference to note between traditional and crypto index funds is the number of products available and basic ease of accessibility for consumers. There are hundreds, if not thousands, of traditional index funds available, tracking all sorts of different market indexes. Crypto index funds, however, are still a relatively new development, with very few currently available to the general public.   Closing Thoughts As crypto continues to develop and mature, it’s likely that we will see more crypto index funds come into existence as investment opportunities for everyday users. These funds are popular in traditional trading and suit a wide range of traders. Crypto continues to reach new places and entice new users, so those who like the idea of trading index funds will likely push for crypto-based ones to become more common. Further Reading Binance Launches the Top 10 Equal-Weighted Index Explore the Binance CMC Cryptocurrency Top 10 Equal-Weighted Index Binance Launches the Auto-Invest Index-Linked Plan Glossary: Index Glossary: Passive Management  
Ethereum's Shanghai upgrade: public test network to be released by the end of February

Ethereum: Core Developers confirm the approximate date of Shanghai update

Crypto.com Accelerate the... Crypto.com Accelerate the... 15.12.2022 08:25
Ethereum’s Shanghai upgrade tentatively scheduled for Mar 2023. USDD stablecoin lost its peg, drops to US$0.97. Nomad Bridge to relaunch and issue partial reimbursement to users affected by US$190M exploit. Weekly DeFi Index This week’s market cap and volume indices were negative at -2.03% and -18.44, respectively, while volatility index was positive at +144.05. Check the latest prices on Crypto.com/Price     New Project Spotlight Cronos announced the pre-release version of its upcoming v1.0 mainnet upgrade, which will feature key improvements such as a prioritised Mempool, optimised node storage, IBC token transfer memo field, IBC incentivisation, and custom tx indexer. The mainnet timeline and guide will be released soon ahead of the actual upgrade in early 2023. News Highlight Ethereum core developers confirmed that the Shanghai hard fork is tentatively scheduled to be deployed around March 2023 during its All Core Devs Call #151. The Shanghai upgrade is expected to support Beacon Chain withdrawals, allowing stakers to redeem ETH locked in the original staking contract and rewards. ConsenSys will start testing its zkEVM private beta testnet internally next week, allowing developers to bridge assets between the Goerli testnet and zkEVM to test smart contracts and dApps, and to deploy dApps using tools like MetaMask and Infura as if they were using Ethereum directly. External users will be onboarded starting January 2023. Osmosis recently launched a stableswap for the Cosmos ecosystem, claiming to be its own version of the Curve 3Pool. It aims to facilitate stablecoin trades with ‘minimal price impact or fluctuations in value’, and will support USDC and Tether, among other stablecoins. TRON’s stablecoin USDD lost its peg and dropped to US$0.97, its lowest level since June. This creates an imbalance in Curve’s USDD/3CRV liquidity pool, which holds nearly 82.5% in USDD. Justin Sun announced that TRON is deploying more capital to defend USDD and bring back the peg.  Arbitrum-based lending platform Lodestar Finance was exploited in a flash loan attack for $6.5 million. It confirmed that the main vulnerability behind the attack was a plvGLP oracle, with the hacker first inflating the token price before using the inflated tokens as collateral to borrow all available liquidity on Lodestar through bad debt. Lodestar tweeted that it’s open to negotiate a bug bounty with the exploiter. Cross-chain messaging protocol Nomad Bridge announced that it will restart its bridge and partially compensate users impacted by a $190M exploit back in August. To access their recovered funds, users will have to undergo a KYC verification process for the reimbursement through a special NFT. Read next: From the fundamental point of view, these facts may become a game changer, sending the EUR/USD pair to the parity level | FXMAG.COM Recent Research Reports     Alpha Navigator (November 2022): Risk assets were up in November, with the exception of crypto amid the FTX collapse and contagion. Could potentially slower rate hikes provide some Christmas cheer? Social Graph and Digital Identity in Web3: Relationships and identities are key elements that make up social networks. In this report, we put a spotlight on the roles that decentralised social graphs and digital identity play in Web3 social. Decentralised Social Networks: An Overview: Decentralised social networks aim to enable participants to take back ownership of and better monetise their content and data. We explore the project landscape. Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags CRYPTO RESEARCH CRYPTOCURRENCIES DEFI LAYER 1 LAYER 2 Source: crypto.com
Bitcoin Is In A Continuous Upward Trend For 17 Days Straight

Goldman Sachs points to gold as a better diversifier than Bitcoin

Alex Kuptsikevich Alex Kuptsikevich 15.12.2022 10:27
Market picture Bitcoin updated five-week highs above $18,300 on Wednesday but then fell along with stock indices amid the Fed's intention to raise rates higher and hold them longer than markets had hoped. The market reaction to the Fed brought the price back to levels before the lift-off but did not trigger a sustained decline yet. Bitcoin failed to close the day above its 50-day moving average but continues to hover around that curve. A consolidation above this line could spur additional demand. The cryptocurrency Fear and Greed Index was up 1 point to 31 by Thursday and continues to be in a state of "fear". Despite dropping 1.4% overnight, the crypto market's total capitalisation at 860bn has been near the upper end of its trading range for more than a month. Read next: Given the peculiarities of the US labor market and the high labor mobility, the acceptable unemployment rate is considered to be 5.0%| FXMAG.COM News background According to CoinGesco, the number of cryptocurrencies in the BTC and Ethereum networks reached historic highs following the collapse of FTX. The growth rate of large asset holders has quadrupled compared to the annual average. Goldman Sachs said gold is a better asset diversifier than BTC as it is less volatile. According to Nansen, about $3 billion has been withdrawn from Binance in the last two days, with user activity attributed to a "temporary suspension" of withdrawals in USDC. Read next: From the fundamental point of view, these facts may become a game changer, sending the EUR/USD pair to the parity level | FXMAG.COM In response to the recent media attack, Tether, the issuer of USDT, said it would reduce the collateralised credits in USDT reserves to zero over the next year. There is no consensus among US regulators on cryptocurrencies. The Commodity Futures Trading Commission (CFTC) has called bitcoin, Ethereum and USDT commodities in a lawsuit against FTX CEO Sam Bankman-Fried, who faces up to 115 years in prison.
Binance Academy summarise year 2022 featuring The Merge, FTX and more

What is DeSo? How does it work? Deso - history, price prediction and more

ByBit Analysis ByBit Analysis 16.12.2022 10:13
Social media is becoming a more important part of our everyday lives. While Web 2.0 social media platforms have their benefits, web3 technology can improve scalability, privacy and overall infrastructure. Decentralized Social, also called DeSo, is the first decentralized social media-based blockchain. It’s a web3 social layer that enhances the way we interact with one another. The use of on-chain open data allows multiple decentralized social media applications to quickly share data. The blockchain’s cost-effective technology is also designed to efficiently store data. Use this guide to learn more about DeSo, and how it’s affecting the future of social media. What Is DeSo Crypto? DeSo is a decentralized social network that not only offers users most of the functionality of Web 2.0 social media platforms, but also enhances it by offering users ownership over their own content and the ability to monetize it.  DESO is the native cryptocurrency on the Decentralized Social blockchain. This unique, open-source Layer 1 blockchain is designed to support and scale social media applications that require large amounts of data. History of DeSo Decentralized Social was founded by Nader Al-Naji, a former Google software engineer. Because of his dedication to decentralized social media, he’s been given the nickname “the Facebook Killer.” Development for the Decentralized Social blockchain began in May 2019 under the name BitClout. He also began the DeSo Foundation to support blockchain development and the decentralization of social media. Several early investors were on board with BitClout’s concept. The DeSo platform raised $200 million for development from Andreessen Horowitz (better known as a16z), Coinbase Ventures, Hack VC, Pantera Capital, Sequoia and others. In March 2021, BitClout launched a prototype of a decentralized version of Twitter built on the DeSo platform. Only a few select early investors were given access to the website. These investors were encouraged to invite other users to the platform, which became very active within a few weeks. This unique prototype demonstrated the versatility of the DeSo infrastructure, and showed how decentralized social apps could easily use the technology to scale. DeSo quickly introduced other features in 2021, including social tipping, NFTs, derived keys and DAO Coins. Read next: Keeping your cryptocurrencies safe - paper wallet has some pros, but...| FXMAG.COM In December 2021, DESO became listed on Coinbase, only a few months after the DeSo platform was introduced. This meant that DeSo was among the fastest Layer 1 blockchains to be listed on the exchange, which has its own standards and requirements. In November 2022, Salil Shah joined the DeSo team to help scale the business. His current goal is to expand the web3 capabilities of the decentralized social media platform and further enhance the creator economy. What Does DeSo Social Aim to Achieve? DeSo aims to be the first decentralized blockchain-based social media platform. The DeSo platform will connect people with common interests, and give people more control over their social media interactions. Because the platform is blockchain-based, users will also be able to maintain a sense of privacy and an added layer of security when interacting with one another. As social media continues to grow, privacy is becoming a bigger issue. Major social media platforms have a long history of controlling and selling user data. DeSo allows users to control every aspect of their social graph in a decentralized environment. Not only will this give you access to all your social content on a single platform — it means you truly own your own data. DeSo also makes it easier for social media applications to scale. Web 2.0 social media platforms require a lot of digital storage to support billions of users. Uploading “likes,” pictures and status updates onto a blockchain like Ethereum would cost millions of dollars, as compared to DeSo. According to their website, the cost of storing about 200 characters on-chain is $0.000017, compared to Ethereum’s $78.75. Even more cost-efficient options like Cardano or Avalanche don’t come close to the platform’s storage prices. How Does DeSo Work? DeSo uses an Interplanetary File System, or IPFS, which connects all devices on the network to the same set of files. This data isn’t stored in a single location — as it would be on a typical Web 2.0 social network — making it less prone to hackers. The token-based system allows all users to easily access and contribute to the network. DeSo’s native token, DESO, can be exchanged between users on the network. Users can also earn tokens by posting content, commenting or liking posts, and tagging other users. Content creators can also easily be tipped diamonds, which are directly deposited into the user’s wallet. According to Decentralized Social’s readme file, some users earn thousands of dollars in diamonds each week. All activities on the DeSo platform have a price. Whether you’re voting in a poll or posting a status update, you’ll need to pay tokens. The more active you become on the blockchain, the higher the fee becomes. While at first this may sound like a disadvantage, keep in mind that 25 percent of the fees collected are redistributed to token holders. Decentralized Social is based on the Ethereum blockchain, but it uses a hybrid proof-of-work (PoW) consensus mechanism to operate. This results in far lower energy costs. While the hybrid PoW mechanism is efficient, the DeSo Foundation has announced that a proof-of-stake (PoS) proposal is in the works. Features of DeSo Decentralized Social has a number of features that make it a truly unique platform. Most blockchains are built with decentralized finance (DeFi) applications in mind. Instead, DeSo focuses on running social media applications. Social media has several different requirements from typical DeFi applications, especially when it comes to interaction and storage. Here are just some of the features that set DeSo apart. Hybrid Proof-of-Work Consensus The DeSo platform currently uses a hybrid consensus mechanism to operate. By using a PoW model, the blockchain is able to maintain high levels of security while using considerably less energy than other major blockchains. The development team is consistently working to enhance the model, and plans to move to a PoS protocol in the future. Social Graphs A social graph illustrates the connections between users, groups and organizations on a social network. With decentralized social media, all user data is open. This allows users to store all of their posts and social graphs directly on-chain, which makes it impossible for social platforms and third parties to use your connections against you. Hypersync x DeSo Most blockchains are designed to store light amounts of data for efficiency. While DeFi protocols typically only need a few bytes of storage space, social applications require infinite amounts of data. Hypersync addresses this issue while allowing for enhanced scalability. Blockchain activities are typically synced by downloading blocks. Every transaction contained within the block is downloaded. While this can happen very quickly, it uses large amounts of data to process each transaction. Hypersync reduces the amount of data being used by providing users with a snapshot of block activity. The records are trimmed down, and made smaller and more efficient. Infinite State Applications On-chain storage is a problem for many blockchain networks. When it comes to the amount of storage space required for large social media networks, blockchain technology typically can’t keep up. That’s because most blockchains were built to power finite-state applications, with a set amount of storage requirements. However, social media apps are infinite-state applications that can grow indefinitely. The DeSo platform uses a custom-built complex system of indexes to increase scaling. DeSo Identity Service The DeSo Identity Service is a development tool that allows users to easily store key pairs, or credentials, in applications built on the DeSo platform. Developers don’t need to worry about creating extensive forms or input validations to verify individual identities. Instead, this is seamlessly integrated into the app. Decentralized Social Applications At the time of this writing (December 5, 2022), there are hundreds of Decentralized Social applications accessible on the DeSo platform. With several development tools readily available, new applications are popping up regularly. Among the most popular are: Diamond: This decentralized version of Twitter encourages engagement, while giving content creators a new way to earn. Stori: A decentralized application comparable to TikTok, focusing on video content. NFTz: Much like OpenSea, this decentralized NFT marketplace adds more social and community elements. DeSocialWorld : Connect with users around the world in multiple languages. DAODAO: Take your social fundraising to the next level with this unique web3 platform. Vibehut: Meet new people based on your common interests or video chat with your friends. NameTrade: Trying to find the perfect username? Use this marketplace to buy and sell! How to Earn as a Creator on DeSo The DeSo platform is the perfect place for content creators to earn money. With multiple decentralized social applications, there are dozens of ways creators can get paid for their work so they can start earning additional income. With web3 and blockchain technology, it’s easier for creators to maintain ownership over your content and connect with your followers. Social Tokens Every profile on the DeSo platform has its own unique social token that’s assigned to it. Also known as creator coins, social tokens are unique assets that can help draw users to your content. When creator coins are sold, the creator receives a portion known as the founder’s reward, or FR for short. While the default FR for social tokens is 100 percent, you can lower the amount later to entice investors. Utilizing creator coins can be a great way to raise extra funds for a project. You can find unique ways to promote your social tokens online.  DeSo NFTs NFTs are continuing to grow in popularity. Using the NFTz application, artists can sell their work to the highest bidder, much as they would on OpenSea. Unlike other blockchains, creating a new NFT on DeSo costs very little and uses a gasless minting process. The Social Zone also allows you to easily coordinate NFT projects and build your fan base. Social Tipping Social tipping allows fans or viewers on DeSO to easily donate diamonds to their favorite creators. Rather than “liking” content, users can send content creators real money with the click of a button. Social tipping encourages content creators to develop regular content on the DeSo platform, while extra incentive also encourages users to create engaging content of value. Because of the way the DeSo platform operates, there are several opportunities to collect tips. Benefits of DeSo It can be a difficult choice to move to a new platform if you already have an existing following. It takes time and effort to fully learn all of the features of a new social application. While Decentralized Social may seem complex, the DeSo platform is easy to navigate, and has a low learning curve. There are also several unique benefits to using the DeSo platform that you won’t find on a typical Web 2.0 social platform. Ownership Over Your Content Did you know that several social media platforms can use your content without your permission after you post it? While most popular platforms allow you to maintain your intellectual property, you may not have full control over who sees it. With the DeSo platform, you’re always in control over your content. Blockchain technology also allows you to easily move your content from one social application to another. Monetize Your Content As mentioned above, monetization is much easier with the DeSo platform. There are several methods content creators can use to generate extra revenue. The easiest way to monetize is through diamonds, but you can also take advantage of the NFT marketplace or social tokens. Whether you want to monetize by encouraging others to buy your creator coins, or through social tipping, all you need to do is start posting engaging content and build a community to monetize on DeSo. The more people who interact with your content, the greater your potential to earn. Easy-to-Build Apps Creating new applications on the DeSo platform is fairly straightforward, and a lot of resources are available. The DeSo Developer Hub is a great place to start researching what you’ll need to complete your project. You’ll also be able to use programming languages you may already be familiar with, such as JavaScript or Python. Because the DeSo platform is open-source, the possibilities for application development and the use of the web3 social layer are endless. Enhanced Privacy Blockchain technology makes it easier to keep your social media activities private. Instead of private companies holding your data, it’s safely stored on the DeSo platform. It can’t be accessed without your permission, much like when you’re using blockchains for financial applications. Reduced Spam and Fake News While the content you see on the network isn’t regulated, it does use a reputation system. This decentralized system can be used to rate the accuracy of the content you see. Because users must pay for all activities, they’re less likely to see people with multiple accounts. The lack of an algorithm also allows users to tailor the content they’re shown with more precision. DeSo Road Map Decentralized Social has achieved a lot in the past two years, especially when you consider that the DeSo platform is unique with its own set of challenges. In 2022 alone, Decentralized Social launched Hypersync, DeSo.js and DAODAO. The DeSo Foundation released a detailed road map that outlines the achievements DeSo hopes to make over the next few months. While the document reminds us that this road map is a draft, it helps to show some of the many projects the development team is working on. Phase 1 — Social Layer of Web3 Q3 2022 marked the start of the “Social Layer of Web3,” also known as Phase One. During this time, MetaMask was integrated, enabling the ecosystem to be utilized cross-chain. This also facilitated easy integration among Ethereum-focused platforms needing a decentralized social layer for communication. The quarter also saw the launch of the DesoDollar stablecoin, MegaSwap, and the ability to accept any funds, including USDC, on DAODAO. Toward the end of the year, users will be introduced to on-chain end-to-end encrypted group chats. Phase 2 — The Internet of DeSo During Q4 2022, there will be a transition into Phase Two, also known as the “Internet of DeSo.” This phase will focus on recruiting new creators and increasing global DESO liquidity. There will be a heavy focus on long-form content, and encouraging creators to post blogs. This in turn will help creators monetize their content and, ideally, make DeSo a top way to share long-form thoughts. Associations, a “verification paradigm” expected in Q4 2022, will allow app developers and users to easily establish relationships between users and their content, which will help creators build authority and trust among their followers. Storage capabilities may also get an upgrade in Q4 2022 with the launch of DeSo Vaults, a way to store content directly on the blockchain. Users will be able to create and render static html pages, essentially creating a fully-decentralized version of the internet. Phase 3 — Revolution The last phase, “Revolution,” begins with the development of new content for deso.com and the integration with a major NFT platform. Moving into 2023, users can expect to see more cross-chain social integrations appearing on top blockchains. There will also be major upgrades to creator coins. One of the more ambitious items on the road map is Infinite PoS, scheduled for launch in Q1 2023. Short for “Infinite Proof of Stake” it will likely be published before Q4 2022, leading the way for DeSo 2.0. While an additional phase, known as “DeSo Glass,” has been announced for Q2 2023, the road map doesn’t currently contain any details. DESO Tokenomics DESO has varied greatly in price since its initial launch in June 2021. At the time of its release, the token was valued at just over $178. As of Dec. 5, 2022, the token is valued at over $9. While this is a big jump downward, the token has had two years of big ups and downs. Listing the token on Coinbase in December 2021 caused a temporary spike in price. This sharp increase led its price to a high of $438.10, an impressive 151 percent price jump. While the blockchain is open-source, a large amount of funds are currently reserved for future development. Additional investments in the blockchain could result in future price fluctuation and an increased number of individual users. DESO Price Prediction Decentralized Social has a wide range of price predictions. While the chart indicates a steady downtrend, some price predictions are less bearish. CoinCodex predicts a bit of a jump past $10 in 2023. Their prediction is based on tech industry growth. Should existing social media platforms, such as Facebook and Google, continue to grow, prices could reach as high as $17.90 in 2023. Is DESO a Good Investment? Decentralized Social still has a lot of potential, despite its downward trend in pricing. Deciding whether or not DESO is a good investment will depend on several factors, the biggest of which is determining how major social media networks adapt and incorporate web3 technology. Another factor to consider is how much future development will be going into Decentralized Social. If demand for decentralized social media rises, DeSo could become a more viable investment. Judging from recent destabilization on platforms such as Twitter, it’s worth keeping an eye on DeSo. The Future of DeSo The DeSo platform is incredibly ambitious, and has a fast-paced road map with several items in development throughout the remainder of 2022 and early 2023. Integrations with other blockchain technology could make the blockchain more widely used as the year progresses. For example, the MetaMask integration allows users to interact with a variety of social applications cross-chain.  Because the platform is developer-friendly and open-source, we’ll likely continue to see new applications in development for years to come. The $50 million Octane Fund, announced in October 2021, is still fueling the development of the ecosystem. Combined with the development team’s strong drive, DeSo technology could easily shape the way people use social media. Closing Thoughts Decentralized Social takes advantage of innovative web3 technology to apply the advantages of using a blockchain with social media. While the future may still be a bit unclear for investors, the Decentralized Social platform boasts several advantages, including low storage costs, enhanced privacy and a variety of decentralized social applications. It’s going to be exciting to see how this growing technology will shape the future of social media. Source: DeSo Crypto: An L1 Blockchain for the Decentralized Community | Bybit Learn
Bitcoin under pressure after stocks

Bitcoin under pressure after stocks

Alex Kuptsikevich Alex Kuptsikevich 16.12.2022 11:58
Market picture Bitcoin fell on Thursday by the most in 3.5 weeks amid a sharp decline in stock indices and a stronger US dollar. BTC rolled back to $17.4K, losing 1.3% overnight. Ethereum, which trades at $1270, shows the same decline amplitude. Total crypto market capitalisation is down 0.7% to $852bn. The pressure on cryptocurrencies came from the stock market, so assets with more institutions are faring worse than others. The Cryptocurrency Fear and Greed Index was down 2 points by Friday, to 29 and continues to be in a state of "fear". From a tech analysis perspective, Bitcoin has failed to latch on to levels above the 50-day moving average, causing it to now face speculative pressure. However, this kind of pressure usually lasts for a day or two unless backed by external reasons. On the higher - weekly – timeframe, one can see the development of the current downward phase since the end of May. The RSI would form a bullish divergence, as new price lows correspond to higher levels in the index. This could signal exhaustion for the sellers or consolidation before the next leg down. News background Cryptocurrency exchange Binance has enough liquidity to allow all customers to withdraw 100% of their assets, if necessary, said Changpeng Zhao, head of the company. However, he said 99% of users need to gain the knowledge to hold cryptocurrencies on their own and, therefore, could lose their assets. The collapse of FTX caused fewer losses than the bankruptcy of the Terra ecosystem before it, Chainalysis claims. That said, estimates of realised losses may be overstated, as any move from one wallet to another was considered a selling event. ConsenSys, the company behind the popular cryptocurrency wallet MetaMask, announced a partnership with payments firm PayPal where users can buy Ethereum.
Last Friday Defrost Finance had been exploited losing $12M. Company got money back

What’s more worrisome is the fact that we will continue to learn of all of the contagion and aftereffects of the FTX collapse in the coming weeks and months.

Aleks Strzesniewski Aleks Strzesniewski 09.12.2022 19:01
FTX collapse raised the issue of stability of the industry and crypto companies as many of them may turn out to be linked or to some extent, dependent on the duff exchange. But it's not the only thing we asked AngelBlock's Aleks Strzesniewski as Porsche announced it will release its own NFTs series, what seems to be a bit odd in times of uncertainty. Alex, appreciate your time here! Let's set off with stablecoins - are you of the opinion that USDT and other stablecoins are at risk? The best way to move in these markets is with a permanent and healthy dose of constant skepticism. That being said, stablecoin FUD, and especially USDT FUD, seems like a market constant and I’m personally starting to approach negative USDT headlines the same way I’ve approached every headline proclaiming that “Bitcoin is dead” over the better part of the last decade - as unfounded sensationalism. That does not mean I’d be comfortable holding the majority of my networth in it. Stablecoins are here to stay and I’d go as far as to venture that stablecoins are probably some of the best crypto use-cases to date. Porsche has just announced their own NFTs. It's one of the most prominent brands in the world - would it mean NFT market isn't 'dead' yet and prices may bounce some time in the future? Much like in spot-market crypto, we need to discern between the actual potential use-cases and the way that the technology is currently being used. Back in 2016-2017, there was much talk and speculation for “real-world” use cases of blockchain tech, with many companies trying to get their feet in the game with some coin or token. 2021-2022 has many similarities, but instead of ERC20 tokens, these companies are creating NFT collections - most will also be forgotten, just like the ERC20 tokens from 5 years ago. In my personal (and highly speculative) opinion, there is more pain ahead for the NFT market before prices start to rebound. Read next: UK Santander Bank Fined USD 132 Million, Idris Elba in Cyberpunk 2077:Phantom Liberty| FXMAG.COM   It is said all the consequences of FTX collapse are in prices. Would you agree or disagree? When looking at the fall of FTX and Alameda itself, then this is most likely the case. What’s more worrisome is the fact that we will continue to learn of all of the contagion and aftereffects of the FTX collapse in the coming weeks and months. The collapse of FTX took a lot of the smart money in these markets by surprise. The question is whether we’ll see any other bankruptcies and collapses in the coming months, as those surely aren’t priced in. If our blackswan events conclude with FTX, Alameda, DCG, and Genesis, then highly likely we might be close to forming a bottom after a tumultuous 2022 for the markets. One aspect of the FTX collapse I plan to follow closely that, in my opinion, is not necessarily priced in, is the effect it will have on the entire Solana ecosystem. We may be seeing a battle within the high throughput, low transaction cost layer-1 ecosystem with potential troubles within Solana. I’m closely looking at development within competitors such as Aleph Zero.  

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