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Blockchain News

US promises $15m for information on the Conti ransomware

The US Department of State has offered two separate $15 million rewards for information on the Conti ransomware organized crime ring.

Any information that leads to the identification or location of the Conti group’s leaders might earn you up to $10 million. In addition, any information leading to the arrest of anybody plotting with the Conti group will be awarded $5 million.

The awards can be claimed from any country under the Department of State’s Transnational Organized Crime Rewards Program (TOCRP).

Ransomware is a sort of software that demands a ransom in exchange for deleting or publishing private information.

Conti holds first place in the top 10 ransomware strains by revenue, extorting at least $180 million from its victims in 2021, according to the same estimate.

The Conti ransomware organization is thought to have been active for over two years and has roughly 350 members. Since 2020, it has been able to collect almost $2.7 billion in ransom.

Conti’s analysis suggests that the firm use proprietary in-house software that is significantly faster than most ransomware programs. Their attacks can affect any version of Microsoft Windows.

The gang assaulted the Costa Rican government on April 21, 2022, and targeted at least five government institutions, including the Finance, Science, and Technology Ministries. Conti wanted a ransom of $10 million.

Conti was investigated by Cyberint, which refuted previously confiscated in-group messages written in Russian and uncovered a well-managed organizational structure.

The mails also revealed that the company had offices in Russia, that it conducted performance appraisals, and that a “employee of the month” was named.

Check Point Software Technologies’ head of threat intelligence, Lotem Finkelstein, stated:

“Our… view is that such a large business with actual offices and vast revenue would not be able to operate in Russia without complete consent from Russian intelligence services, or even some cooperation.”

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Blockchain News

Esco Property Group’s Solution to Crypto Investments

People are starting to recall what it feels like to be normal again after a couple of years of anxiety caused by the COVID-19 outbreak, the world’s response to it, and the global economy’s difficulties to get back on track.

The desire to have a spot to get away from it all and the necessity to discover good assets for your financial well-being have never been more vital than they are right now.

Investors who have been wise enough to enter the cryptocurrency market have significant wealth in their portfolios and are eager to convert it into fair, concrete long-term investments.

If you fit into this category, we feel there has never been a better opportunity to invest in exotic holiday homes like luxury villas on the Spanish islands of Ibiza, Tenerife, and Palma de Mallorca. Secluded sites are in great demand due to the COVID-19 outbreak, and Esco Crypto Estate is merging this hot investment property with the hottest financial asset in today’s markets — bitcoin.

Esco Property Group is a wire-to-wire, all-inclusive management organization that takes Bitcoins as payment for all real estate transactions. They are superior to companies that merely handle real estate consultancy or give global property listings.

This is not a service where customers are constantly required to upload new documents, make new phone calls, or feel obligated to complete all tasks. Instead, Esco is a turnkey business that can take care of users’ needs from beginning to end, so they don’t have to worry about which property to acquire or what to do with it once they have it.

The staff is well-versed in the law and excels at accounting for the plethora of nuances involved in real estate acquisitions, especially when dealing with foreign transactions.

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News NFT

Zora Gets $50 Million From Crypto Funds

Zora, a marketplace for non-fungible tokens (NFTs), said earlier this week that it had secured $50 million in its current investment round.

Haun Ventures led the round, which increased the company’s valuation to $600 million and included Coinbase Ventures, Kindred Ventures, and others.

Zora is a marketplace for buying, trading, and generating NFTs based on Ethereum. The platform has been used to auction some of the industry’s most valuable NFTs, including the $4 million “Doge” NFT.

Zora co-founder Jacob Horne stated that the new funding will be utilized to improve creative tools.

This is an acceleration of the public infrastructure that allows you to advance as artists, developers, and communities in our ecosystem. More permissionless code on more chains, stronger APIs, more Zoratopias throughout the world, and more grants and hackathons are all part of the plan.”

Haun Ventures’ investment in Zora is the fund’s first since its inception.

Katie Haun revealed in March that she had secured $1.5 billion for Haun Ventures following the departure of Andreessen Horowitz (a16z). The fund was split into two halves, with $500 million going to early-stage crypto businesses and $1 billion going to accelerated funds.

Sam Rosenblum, transaction team head at Haun Ventures, commented on the latest investment:

“Today, we are honored to be supporting Zora on its next adventure. We’ve barely scratched the surface of NFTs in web3, and we believe Zora will emerge as one of the most important protocols (and DAOs) as the NFT ecosystem and accompanying use cases grow in importance in the years ahead.”

Meanwhile, non-fungible tokens continue to grow in popularity and have just reached record highs.

According to data from Nonfungible.com, the NFT market traded over $17 billion in 2021, up 21,000 percent from the previous year. According to the research, 2.5 million wallets traded NFTs last year, up from 89,000 the year before, while the number of purchasers increased to 2.3 million from 75,000 in 2020.

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Blockchain News Regulation

The Governor of California to regulate blockchains

California Governor Gavin Newsom signed an executive order aimed at supporting blockchain innovation in the state on Wednesday.

California is the first state in the United States to provide a complete and unified framework for responsible blockchain technology to thrive, thanks to Executive Order N-9-22.

In keeping with President Biden’s executive order on digital assets issued earlier this year, the directive aims to lay out a path for the development of regulatory and consumer protection regulations for the blockchain sector.

California, the world’s fifth-largest economy and home to some of the world’s most famous technological businesses, stands to profit greatly from blockchain technologies, which are still mostly uncontrolled and unknown.

The order, which gets its mandate from the California consumer financial protection statute established by the legislature in 2020, wants to stimulate responsible web3 innovation, increase jobs, and safeguard consumers, among other things.

The directive specifies seven major areas of attention, including the construction of a transparent and uniform business environment for blockchain enterprises and the start of public input in the design of comprehensive crypto rules.

The directive will not only focus on creating legislation critical to blockchain innovation, but also those that reconcile federal and California laws, balance consumer advantages and risks, and embrace California values like as equality, inclusiveness, and environmental preservation.

“We are preparing the state for success with this emerging technology by encouraging responsible innovation, safeguarding consumers, and harnessing this technology for the public good,” Governor Newsom said in a statement.

Despite the fact that the market valuation of crypto assets will exceed $3 trillion in 2021, up from $14 billion just five years ago, America has been hesitant to develop a complete regulatory framework for digital assets.

Lawmakers and market participants continue to clash on a variety of topics, with states such as New York even imposing a two-year freeze on proof-of-work mining.

“Government typically lags behind technical breakthroughs, so we are going ahead of the curve on this, providing the groundwork for consumers and companies to succeed.”

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Blockchain News

Uzbekistan Legalizes and Taxes Solar-Powered Crypto Mining

According to a presidential directive issued earlier this week, Uzbekistan would allow crypto mining using solar-powered electricity.

According to Reuters, the decision also exempted both domestic and international mining companies from paying income taxes.

The new legislation also specifies that mining companies are permitted to connect to the country’s main electrical grid but must pay double the standard price, and that extra costs would be paid when demand for electricity is high.

Firms do not require an operating license to conduct mining activities. However, they must be registered with the newly formed Uzbek National Agency for Perspective Projects, according to the document.

According to the article, Uzbekistan wants crypto mining companies to conduct operations using their own solar panels.

Crypto mining is the process of verifying and processing blockchain transactions for a certain proof-of-work (PoW) crypto asset using powerful computers or nodes. A significant amount of energy is required to authenticate such transactions. As a result, miners sought cheap electrical sources to carry out their activities efficiently, but only a few nations can provide this.

With Uzbekistan providing such low-cost power, the Central Asian country has become a magnet for miners.

The country has maintained a favorable attitude toward mining enterprises. Despite power shortages in its capital and other major cities earlier this year, Uzbekistan did not blame miming activities for them, nor did it crack down on mining operations like China did.

Instead, it is attempting to accommodate such operations by transitioning from coal to solar energy.

While the Central Asian government encourages mining activities, numerous other countries and authorities are cracking down on the business, arguing that it undermines the energy system and harms the environment.

China issued harsh warnings to its state-owned companies (SOEs) in November to avoid participating in bitcoin mining activities.

Categories
Bitcoin News

Short Bitcoin ETF reaches an all-time high

On Friday, an exchange-traded instrument that shorts Bitcoin (BTC) hit a more than two-month high, as the world’s largest cryptocurrency led a dramatic slide in the market.

The 21Shares Short Bitcoin ETP, which trades in the exact opposite direction of BTC, has risen 5.4 percent in the last two days to its highest level since late February. This follows an 11 percent drop in BTC over the same time period, when the token fell to its lowest level since the start of the Russia-Ukraine war.

One of the best performing assets this year is the short BTC ETP, which trades on European stock platforms. The ETP is now trading up roughly 8% year to date, considerably outperforming most of the top-50 cryptocurrencies.

According to 21Shares, the ETP aims to deliver a “-1x return on the performance of Bitcoin for a single day.” The ETP accomplishes this by borrowing BTC and selling it at the same time.

However, the asset management labels the product as high risk. Only investors ready to take on the risk of such an undertaking should consider 21Shares.

21Shares provides a bevy of ETPs that follow several cryptocurrencies. The fund manager just introduced a product that hedges both Bitcoin and Gold in a single contract.

Bearish holdings on the cryptocurrency are at their highest since mid-March, according to a Bitfinex index that measures short interest in BTC. The reading follows one of BTC’s worst drops of the year.

The coin is currently trading around its lowest prices of the year, ranging from $35,000 to $36,000. Traders anticipate additional losses in the token as worries of inflation and monetary tightening persist.

The Federal Reserve of the United States raised interest rates this week, as did central banks in the United Kingdom, Australia, and India. Several more banks have signaled tightening actions in response to the recent increase in inflation.

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Bitcoin Price Analysis

Bitcoin (BTC) Price Analysis 05/06

Last month did not go as anticipated for the bulls, as Bitcoin underperformed. There were various positive forecasts about how the apex coin would perform, but all of them failed since price advancement was hampered by strong market corrections.

One such forecast based on BTC’s historical performance said that April was the most lucrative month of the year. According to this conclusion, there was a lot of talk about the largest cryptocurrency flipping for $50,000.

The apex coin started at $45,522 and reached a high of $47,458. It concluded at $37,639, a decrease of more than 17%. What triggered the shift in the rising trend noticed at the start of April?

During the preceding 30-day period, we witnessed a sufficient number of positive fundamentals in the market. Another country has made Bitcoin legal tender. A BTC-backed loan was also provided by large financial organizations such as Goldman Sachs. These strong fundamentals, however, were unable to prevent the bears from undermining BTC.

The Fear and Greed Index will be examined next. We observe that the Index was highly optimistic at the start of April and improved as the days went into weeks. However, after the first major loss, it appeared that the bulls had lost their will to rally the market.

The statistic under evaluation indicated considerable dread in the latter two weeks of the month and was below 30. Bitcoin flipped the $36k barrier and found support at $35,500 a few hours ago, at the time of writing. Will there be other downtrends?

According to the most recent price decline, bitcoin is already down over 5% in May. Following the failure of last month’s speculation, we may deduce that market activity over the following 25 days will be more dismal.

However, in order to understand asset behavior in May, we will rely on historical records. According to the data below, the fifth month of the year is typically bullish, with the top coin gaining more than 19%.

The Moving Average Convergence Divergence (MACD) has exhibited hints of recovery since March, but has since failed due to repeated downtrends. BTC is still trading above 0 on the 1-month chart, indicating that it is bullish.

Nonetheless, there is cause for caution, since the Relative Strength Index is at 50 and continues to fall. This might be a terrible omen for the apex coin since it indicates that there will be more seller congestion.

The weekly chart depicts a more threatening position, since the largest cryptocurrency by market size witnessed a bearish divergence last week. According to MACD, bitcoin will continue to fall because both EMAs are below zero.

Categories
Blockchain News

Senator Warren questions Fidelity about their Bitcoin 401(k) plans

Senators Elizabeth Warren and Tina Smith have written to Fidelity on the company’s decision to enable Bitcoin investments in its 401(k) programs.

The letter questioned the investment firm’s failure to follow the Department of Labor’s (DOL) warning about crypto investments in pension retirement plans.

The letter also expressed worry about a conflict of interest, considering that Fidelity is a Bitcoin miner and manages cryptocurrency assets for its rich customers. A section of the letter inquired as to what the corporation intends to do in light of the dangers associated with crypto assets.

Senator Warren is one of the most outspoken anti-crypto voices in the United States Senate. The Massachusetts senator has chastised the sector and has introduced legislation to prevent cryptocurrency firms from working with sanctioned groups.

While Senators Warren and Smith may be skeptical about crypto investments in pension funds, Senator Tommy Tuberville intends to fight any move by the DOL to prohibit Bitcoin investments in retirement plans.

The Republican senator recently presented the Financial Freedom Act bill, which would allow consumers to invest their money in any investment vehicle.
In his own words

The Federal Government has no business interfering with the ability of American workers to invest their 401(k) plan savings as they see fit.

Many people appear to agree with him, since crypto assets are increasingly being used in retirement plans. Virginia’s Fairfax County has announced plans to invest pension funds in produce farming.

With some financial firms promoting cryptocurrency as a viable choice for retirement plans, the DOL has been obliged to issue a warning to these firms regarding this investment.

It issued a Compliance Assistance Release in March that outlined the hazards of crypto investments to retirement plans and reminded fiduciaries of their responsibilities. Given the unpredictable nature of this investment class, the DOL expressly questioned whether it is a wise idea for fiduciaries to provide crypto assets exposure to 401(k) plan members.

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Altcoins News Price Analysis

By NFT Sales Volume, Solana is now the second-largest protocol

Solana, a popular open source Blockchain that assists smart contracts, has had a significant market performance in recent months. Solana’s NFT sales volume resulted in it being the second-largest protocol at the end of the quarter, according to data from cryptocurrency analytics platform Messari, while Ethereum claimed first position.

Despite the unpredictability in network utilization and infrastructure that emerged at the end of the quarter, the smart contract platform welcomed new NFs in the first quarter. The NFT market reacted well, with sales exceeding a billion.

The network’s diversification of TLV across different DeFi applications, such as the enhancement of the user experience with the Phantom mobile wallet, as well as the launch of different applications within the network that were not in the DeFi space, all played a significant role in Solana’s growth.

However, there was some resistance on the network, as network failure occurred once again. The network was taken down for 8 hours on May 2nd, and was only brought back up when network validators performed a cluster restart. This is one of numerous examples that have been linked to high network congestion. Solana has experienced an increase in several measures throughout the final quarter of this year. Similarly, certain downward movements have emerged.

While the network’s market cap and revenue fell by 30% and 43.5 percent, respectively, Messari notes in its report that usage continued to rise, as measured by average active unique fee payers (+28.4 percent), average transactions per second (+94.8 percent), and total average daily transactions (+4.2 percent).

Furthermore, the decline in income creation reflects the drop in average transaction fees, which was -44.8 percent, according to the study. Revenue was also down as a result of the poor network performance. This was identified due to a significant drop during times of network congestion.

Categories
Bitcoin Blockchain News Regulation

China Relationship With Crypto Takes a Dramatic Turn

A high court in Shangai, China largest city and a global financial center, has recognized Bitcoin as property under Chinese law, putting the government against its own anti-crypto stance.

According to a report released on Thursday, May 5, by the Shanghai Baoshan District People’s Court, Bitcoin, as a virtual property, has property features and is governed by property rights rules and regulations.

In issuing the declaration, the court alluded to a case where a plaintiff, Cheng Mou sued the defendant, Shi Moumou on October 10, 2020, asking the return of one bitcoin to him. Following the entry of the verdict, the defendant failed to return the bitcoin, causing the plaintiff to seek execution.

The defendant was sent with an enforcement notice, but he still defaulted, saying that he did not have any Bitcoin. While retrieving the Bitcoin proved difficult due to the secrecy of transactions, the court went on to say that Bitcoin has value scarcity characteristics.

As such, it possessed the characteristics of a right object and satisfied the requirements for the composition of virtual property. As a result, the court had the competence to carry out enforcement and disposal processes in accordance with property rights legal standards.

Bitcoin is now prohibited from trade in China following a purge that began last year with proof-of-work mining. The legal applicability of Bitcoin enforcement has remained murky due to the lack of related rules and regulations, making it difficult for courts to enforce decisions.

While Article 127 of the People’s Republic of China’s Civil Code makes it apparent that virtual property is protected by law, it lacks precise regulations on its concept and application. As a result, most courts have remained arbiters in crypto-related matters, encouraging parties to bargain for reduced compensation or proposing out-of-court settlements.

Categories
Blockchain News

Crypto miners in Kazakhstan now required to provide detailed reports

Kazakhstan has implemented new reporting criteria aimed at determining the pace at which crypto miners consume energy.

Every crypto-miner in the country is required to disclose complete details about their operations 30 days before they begin.

The new regulations are intended to establish how cryptocurrency mining affects the country’s electricity grid. Businesses engaged in digital mining must provide information such as technical specs for their power grid connection.

They must also include information on mining equipment and any planned investments in the coming year. Mining businesses must also submit information about the legal body in charge of the operation, its contact information, and the IP and physical addresses utilized for mining. A legal entity of this type must be based in Kazakhstan.

Crypto miners will also be required to produce quarterly reports that update the initial information provided as part of the new reporting requirements. Additionally, businesses that choose to cease operations must notify the government.

Kazakhstan has modified its stance on cryptocurrency miners in recent months. Because of the new de facto prohibition on crypto-related operations, the country had previously welcomed miners from China.

Kazakhstan is rethinking its approach due to the impact of mining activity on its electrical grid. In recent months, the government has cut off miners’ access to power on many occasions and begun raising bills.

According to the Minister of National Economy, the government intends to raise crypto mining taxes. Energy costs are presently ten times higher for miners, but if the tax idea passes, they might become even more expensive.

The proposal also proposes eliminating the mining equipment VAT exemption. This new strategy aims to control the mining business and eliminate illegal mining, which has grown in popularity in the country.

In March, the Financial Monitoring Agency broke down 106 unlawful crypto mining businesses, seizing 67,000 pieces of equipment, according to the agency. After the United States, the country has the second-highest Bitcoin hash rate.

There are fears that the new regulation may force crypto miners to migrate to other nations, such as Uzbekistan, which is offering income tax exemptions to miners who use solar energy.

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Blockchain News NFT People Technology

Fashion Designer Phillip Plein Dives Into Crypto

Many firms are testing the waters in the cryptoverse in order to move the fashion sector into new ideas and trends. Fortunately, the crypto sector has opened its arms wide, ready to accept and flourish with the fashion world.

Philipp Plein is a fashion designer who has recently begun dabbling in crypto. He showed a collection at Decentraland’s Metaverse Fashion Week, alongside Dolce & Gabbana, Jacob & Co, and many other designers who joined Decentraland in an effort to bring fashion and the Metaverse together.

Plein used the skull that is so prominent in his brand to not only introduce the models but also to showcase his work during the event.

Plein didn’t get into crypto because of Metaverse Fashion Week. Something flared in him in 2021. There was no plan in place. It was just that everyone was talking about cryptocurrency, that everyone said it was amazing, and that it was happening. The designer told Cointelegraph that he lacked vision.

The occasion was organized to commemorate the opening of the Museum of NFT Art (MONA). Plein invited visitors to a demonstration of his nonfungible tokens on the third level of his London boutique. He had NFTs of monster figures on exhibit, as well as displays that showed his products. Plein wants to be the one who gets you your first NFT, both here and in his stores.

The NFTs can be purchased in person through a sales association, but this is only one aspect of the MONA London shop experience. He wants to give people a variety of methods to interact with NFTs, so that anyone with any level of crypto understanding can benefit.

Plein also addressed his main complaint with NFTs, gas fees, as a cherry on top of this innovation in the ever-changing NFT industry. “They sell you the NFTs, but you still have to pay for gas. Explain a fucking gas fee to my 67-year-old mother.”

Plein decided to group the NFT price and the gas expenses together so that customers wouldn’t have to think about it.

Categories
Bitcoin Ethereum News Price Analysis

As the US raises interest rates, Bitcoin and Ether see a potential surge

The Federal Reserve hiked its interest rate by a half percentage point on Wednesday as it works to reduce its $9 trillion asset portfolio. Experts believe that this could bring a huge price surge for the two biggest cryptocurrencies (Bitcoin and Ethereum).

The decision, announced by Fed Chairperson Jeremy Powell following a two-day policy meeting, is the latest and one of the most dramatic Fed tightenings in decades, and is intended to mitigate the negative impacts of an economic boost that has resulted in high inflation.

Powell, who promised a “soft or softish” landing, also stated that rates would be raised in the coming sessions, claiming that the economy was strong and well-positioned to manage tighter monetary policy.

Despite producing ripples in the market over the last several days, with Bitcoin plunging below $38,000 as traders took profits ahead of the Fed meeting, today’s announcement boosted cryptocurrency prices.

Major coins rose in value two hours following the meeting, with Bitcoin jumping over 5.8% to $39,784. Ethereum increased by more than 6% to $2,957, with most altcoins increasing by more than 10%.

The daily chart of Bitcoin also showed an RSI positive divergence, indicating that bulls are preparing to reclaim control of the market. Santiment, a crypto on-chain analytics platform, sketched out a tight “wedge” pattern on the daily charts of Bitcoin and Ethereum on Tuesday.

Although Santiment cautioned against speculating on price direction, a falling wedge formation has historically been followed by a positive trend until price breaks out to the north of the tight squeeze.

As of this writing, this trend appears to have taken up nicely, with Bitcoin rising to touch the wedge’s top border.

The firm also pointed out several on-chain anomalies, particularly in the behavior of daily active addresses on both Bitcoin and Ether, and warned traders to be on the alert for anything. It shared a graph showing how, despite Bitcoin’s chart showing minimal activity, there was a massive spike in ETH network activity or a massive spike of hope.

Categories
Blockchain News Technology

Binance Makes a $500 Million Investment in Elon Musk’s Twitter Bid

Binance, the world’s largest cryptocurrency exchange, appears to be one of the sources of funding for Elon Musk’s takeover of Twitter. Musk confirmed the move in a filing with the Securities and Exchange Commission.

Binance has made a $500 million equity commitment to the buyout, according to the document, which is an amended 13D. Binance is joining a slew of large private equity firms bidding for a piece of the soon-to-be-privatize Twitter.

CZ, the CEO of Binance, described the move as a “little contribution to the cause.”

Binance’s commitment to the deal is on the higher end of the spectrum, with just roughly four other companies providing larger sums. After the purchase is completed, the exchange may have a significant ownership in the social media behemoth.

Musk has already hinted that Dogecoin payments will be integrated into the network. However, how such a scenario will play out is unknown.

With Binance as a big shareholder, Twitter may be compelled to move even deeper towards crypto adoption, possibly through a collaboration with the crypto exchange.

CZ, the CEO of Binance, has mirrored Musk’s rhetoric on the value of free expression, which was a driving force behind the Twitter transaction. CZ has also expressed support for efforts to crack down on Twitter bots, which have been a frequent target of the CEO’s wrath.

According to the SEC filing, Musk’s total equity commitments for the Twitter transaction are currently at $27.5 billion, more over half of the $43 billion proposed.

Brookfield Asset Management, Fidelity Management, and Sequoia Capital are among the deal’s other investors. Al Waleed bin Talal Al Saud, a Saudi Arabian billionaire and one of Twitter’s top present shareholders, has also committed approximately 35 million Twitter shares to the transaction.

Following pressure from significant shareholders, Twitter’s board recently accepted Musk’s bid. Musk’s per-share offer reflects a more than 15% premium over the social media giant’s last trading price before the offer.

Twitter’s stock is still trading below the $54.20 offer price.

Categories
Blockchain News Opinion People

Rapper Rick Ross Mocks Crypto Investors

Rick Ross, a popular American hip-hop singer, recently mocked cryptocurrency investors in a viral video, claiming that he does not think they are wealthy.

According to the Maybach Music Group CEO, he is skeptical that these online crypto proponents are generating money from investing in digital assets and the metaverse since they do not flaunt their wealth.

He requested that crypto experts show him their fortunes to prove it. He stated,

“That’s the thing about the boss, the metaverse, crypto, y’all getting so much money, where you at? Show us. And I don’t mean, ‘Oh, I’m trying to get money.’ Man, I got a lot of money. I don’t need that fake money.”

Ross went on to say that he wants some of the crypto’s biggest personalities to show him proof of their money-making activities. He continued,

“Show my homies what the metaverse is about. One of y’all big crypto dudes, gurus, crypto picture-takers, step up and say, ‘This is what we are going to do, Rozay.’ Where ya at? All that fake-rich money, where’s it at?”

Ross’ video elicited a range of emotions. While some Twitter users stated that Ross was correct to call out crypto investors, crypto supporters pointed out that true crypto millionaires do not flaunt their riches or purchase flashy jewelry.

According to one user, he met a man last week who had Rick Ross’s entire net worth in a single metamask wallet.

Most of the crypto billionaires mentioned by Ross are more inclined to invest in high-value NFTs rather than pricey jewelry.

CZ, the CEO of Binance, has a net worth of $65 billion and is one of crypto’s wealthiest persons. With a net worth of $24 billion, he is closely followed by Sam Bankman-Fried, the CEO of FTX.

Brian Armstrong, the CEO of Coinbase, is another noteworthy crypto millionaire, with a net worth of $6.6 billion. Armstrong just spent $133 million on a Bel-Air house, one of the city’s most expensive real estate deals to date.

Surprisingly, several of these billionaires, such as Changpeng Zhao and Sam Bankman-Fried, have said that they want to give away up to 99 percent of their fortune in the end.

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Bitcoin

Here’s why the price of Bitcoin is expected to rise by 10% soon

After its third-largest weekly capitulation in over a year, the Bitcoin (BTC) price has finally begun to rise. Despite an impending Federal Reserve rate rise, BTC has successfully recovered from the critical support level of $37,500.

With the Bitcoin price being at $39,000, many analysts such as The Wolf of All Streets, Michal van de Poppe, and PlanB are bullish on the trajectory.

In a tweet on May 4, on-chain data company Santiment published historical data revealing a 20% rise as a result of BTC transactions being negative at the same levels from February 16-22. The Bitcoin Ratio of On-Chain Transactions Volume in Profit/Loss statistic for the week is the third greatest capitulation in a year.

The price of Bitcoin (BTC) may climb again, as it did previously. However, due to the Fed’s monetary tightening and current emotions, a roughly 10% increase is expected this time.

Several experts and traders anticipate a price increase in the next days as technicals improve.

Michael van de Poppe believes the price of Bitcoin (BTC) will rise from its present levels. He stated:

“Bitcoin is starting to look a lot better at this point.” The chances of tonight’s event becoming a ‘Sell the Rumor, Buy the News’ event are growing.”

Furthermore, The Wolf Of All Streets, a prominent crypto trader, predicts a price increase when it breaks above the trend line. Indeed, if the BTC price stabilizes above $39,000, a big rise is possible.

According to PlanB, the initial $55K S2F model, which was created in March 2019, appears to be in line with the Bitcoin price trend. He also expects that Bitcoin will rise in value.

In the previous 24 hours, the Bitcoin (BTC) price has rebounded over 5%, settling at $39,000. As whales continue to accumulate during dips, trade volume has increased dramatically. Furthermore, the BTC has successfully avoided a drop below the critical support level. It implies that a rally might occur during the next several days.

Despite the good social atmosphere, individual investors must wait for a concrete confirmation of a bullish trend.

Categories
Blockchain DeFi News News Regulation

India intends to levy a 20% tax on DeFi transactions

The Central Board of Direct Taxes (CBDT) of India intends to charge a 20% tax on interest received from investments in decentralized finance (DeFi). The Economic Times, a local news outlet, reported the development on Tuesday, citing two persons with knowledge of the situation.

According to the article, the board would levy the tax on crypto money made by Indian nationals using DeFi platforms operating outside the country.

CBDT is also considering implementing a 5% equalization levy on certain transactions. The fee will be levied if one or both of the persons involved in the transaction are not Indian residents and have not submitted their permanent account number (PAN) card data.

The DeFi market has mostly attracted Indian investors seeking greater interest returns on their assets, similar to nations such as the United States. DeFi protocols compete with the existing financial system by offering services such as borrowing, lending, and insurance in a more efficient and decentralized manner (without the need for intermediaries).

However, levying taxes on DeFi interest is a pretty challenging task. Traditional bitcoin exchanges, where tax authorities may obtain information from platform operators, do not have the data.

As a result, India’s CBDT is claimed to be consulting with a number of tax specialists in order to devise methods for efficiently imposing these restrictions on the industry.

Regulators in India have recently imposed strict controls in the form of tax charges on cryptocurrency investors and providers in the nation.

During her 2022-2023 budget statement in February, the country’s Finance Minister Nirmala Sitaraman released the first guidelines. She revealed that bitcoin investors in India will be subject to a 30% capital gain tax, with a 1% tax deducted at the source (TDS) on cryptocurrency transactions.

As previously stated, the 30% tax went into force on April 1, with the 1% TDS beginning on July 1. The aforementioned DeFi tax legislation in India are still in the works and may not be implemented until later this year.

Categories
Blockchain News

JD Vance, a Bitcoin enthusiast, has won the Ohio Senate race

JD Vance has won the Republican Senate primary election in Ohio, establishing him as the GOP’s nominee in the highly anticipated Senate contest against Democrat Tim Ryan. Both parties are fielding cryptocurrency-friendly candidates.

According to The Guardian, Vance may have been propelled to victory on Tuesday by a last-minute support from former President Donald Trump on April 23, which helped him beat off supposed front-runner, former state treasurer Josh Mandel.

Vance and Mandel both favor cryptocurrency, with Mandel famously tweeting, “Ohio must be a pro-God, pro-family, pro-Bitcoin state.”

Vance has revealed Bitcoin (BTC) assets of up to $250,000, which is about 6.5 BTC at the time of writing, according to CoinGecko. Through a Super PAC, he was also supported by Bitcoin proponent and billionaire investor Peter Thiel. Thiel gave $3.5 million to the Protect Ohio Values Super PAC, according to Bloomberg on April 20.

Meanwhile, Democrat Tim Ryan supports legislation that would assist streamline the digital asset tax reporting requirements.

According to a report published by CNBC on Tuesday, bitcoin investors are also having a significant influence on the forthcoming midterm elections in November.

The most prominent looks to be Sam Bankman-Fried, CEO and creator of crypto exchange FTX (SBF). SBF has been a prominent political donor since the 2016 election, when he was the second-largest financial contributor to US President Joe Biden’s campaign.

SBF has established a new Political Action Committee (PAC) dubbed the Protect Our Future PAC. As of March 31, it has received more than $14 million, and CNBC estimates that it might have a significant influence on the forthcoming elections. There is also the GMI PAC and the HODL PAC, which have a combined $6.3 million in funding and are supported by other FTX workers in their efforts to promote midterm candidates.

Candidates who have chosen not to accept PAC donations, on the other hand, may be concerned about the amount of crypto money floating about. On April 15, Democratic Ohio State Congressional candidate Nina Turner tweeted that she is not for sale, referring to her opponent (and eventual winner) Shontei Brown, who took PAC money for her campaign.

Categories
News Technology

Dfinity is suing Meta for using its logo

The Dfinity Foundation, the creator of the Internet Computer Protocol (ICP), has filed a lawsuit against Facebook’s parent company, Meta, for using the infinite symbol as its logo.

Dfinity claims in the case, filed in California, that Meta utilizes the mark for the same reason it opted to register it.

Dfinity registered the logo for decentralized platforms and blockchain technology services with the United States Patent and Trademark Office in 2018. This is akin to Meta, which disclosed its Metaverse ambitions after rebranding from Facebook.

As a result, Dfinity says that Meta is using the brand to attract the same consumers that it is.

The non-profit charity claimed to have used the logo since 2017, yet Meta did not register it until March 2022. It further said that the color palette was not claimed as a characteristic of the mark.

As a result, the fact that its logo and Meta’s logo differ in color is irrelevant. It claims to be the exclusive proprietor of all variants of the logo.

The lawsuit’s facts were originally made public by Trademark attorney Josh Gorben, who shared them on Twitter. According to the complaint, Dfinity fears Meta’s usage of its emblem would impair its reputation.

“Dfinity’s development of the Internet Computer, as well as its potential to recruit customers, would be seriously hampered if people associated Dfinity with Meta’s shady online privacy background.”

Dfinity further argues that Meta was aware of its usage of the mark yet proceeded with registration nevertheless.

“Meta opted to pursue registration in some of the same or similar locations in which Dfinity has previously secured registration for its mark.”

Furthermore, there are parallels between the regions of registration requested by both organizations. Meta utilized the same definition of “Good and Services” as Dfinity in their trademark application.

The foundation is now asking the court to bar Meta from using the logo and to award damages for “severe reputational loss.”

It is difficult to predict Dfinity’s prospects of winning the case because other businesses, like Infinity Speakers, Microsoft Visual Studio, Infinity Wealth Management, and others, utilize the symbol as their mark.

Dfinity rose to prominence following the demise of its ICP token. ICP is presently trading for roughly $13, representing a significant drop in the asset’s value, which was as high as $700 in May of last year.

Categories
Bitcoin Price Analysis

This Might Be Why Bitcoin is is Still Hovering Around $38k

Bitcoin (BTC) has failed to break out of a 26-day-long downward channel. Investors are wary of owning risky assets after the Federal Reserve of the United States committed to decrease its $9 trillion balance sheet.

While global inflation has been rising, the United Kingdom’s retail sales declined 1.4 percent in March, signaling the start of an economic slump. Furthermore, Japan’s industrial production fell 1.7 percent in March. Finally, the United States’ GDP decreased 1.4 percent in the first quarter of 2022.

This pessimistic macroeconomic scenario helps explain why Bitcoin has been in a downward trend since early April. However, it is necessary to examine how expert traders position themselves, and derivatives markets give some useful signs.

To determine if the present bearish trend reflects the mood of top traders, examine Bitcoin’s futures contracts premium, commonly known as a “basis.”

These fixed-calendar futures, unlike perpetual contracts, do not have a funding rate, hence their price will vary greatly from conventional spot markets. A pessimistic market mood leads the three-month futures contract to trade at an annualized premium of 5% or less (basis).

A neutral market, on the other hand, should provide a 5% to 12% basis, demonstrating market players’ hesitancy to lock in Bitcoin for a low price until the deal settles.

According to the preceding data, Bitcoin’s futures premium has been less than 5% since April 6, indicating that futures market players are hesitant to establish leverage long (purchase) positions.

Traders should examine the options markets in order to avoid externalities peculiar to the futures instrument. The delta skew of 25% compares similar call (buy) and put (sell) options. When “fear” is prominent, the indicator will turn positive because the premium for protective put options is greater than the premium for call options.

Despite some extra Bitcoin borrowing activity aimed at speculating on a price drop, margin traders, according to the USDT/BTC lending ratio, remain generally bullish.

Bitcoin dealers are concerned about future price declines as macroeconomic indicators deteriorate, as investors anticipate a potential crisis impact on riskier markets. However, there are no evidence of leveraged short (negative) bets utilizing margin or futures, suggesting that sellers are hesitant to sell at $38,000.

Categories
Blockchain News

Algorand to Be The Blockchain Sponsor of FIFA World Cup

Algorand, a blockchain technology business, has signed a sponsorship and technical agreement with the Fédération Internationale de Football Association (FIFA), the world’s governing body of association football.

According to the statement, Algorand will become the official blockchain sponsor of the next FIFA 2022 World Cup competition in Qatar.

Furthermore, the blockchain business will become a regional supporter of FIFA in North America and Europe, as well as the official sponsor of the 2023 Women’s World Cup.

As part of the arrangement, Algorand will give FIFA with a blockchain-supported wallet and help the organization “further develop its digital assets strategy,” while FIFA will provide Algorand with chances such as advertising, media exposure, and promotions.

FIFA’s Chief Business Officer Romy Gai commented on the situation, saying,

“At FIFA, we must always seek to uncover and investigate the most innovative, sustainable, and transparent strategies of generating earnings in order to continue to promote worldwide football growth.” Algorand is certainly a forward-thinking, inventive partner who can assist us in achieving these objectives.”

Algorand is an open-source, decentralized blockchain network that employs a proof-of-stake (PoS) consensus process to increase security and speed up transactions.

The creator of Algorand, Silvio Micali, stated that the company has always aspired to create technology that gives opportunity and transparency for everyone, and that the relationship with FIFA would demonstrate how Algorand can help alter how spectators experience football events.

Meanwhile, FIFA has collaborated with a crypto-related business for the second time this year. The group inked a sponsorship agreement with major bitcoin exchange CryptoCom in March.

Partnerships between sports groups and crypto-related companies have been increasingly popular in recent years. To attract new and wider audiences to the crypto industry, crypto businesses are cooperating with athletic organizations.

Manchester United (Man Utd), the top division English Premier League (EPL) football team, signed a $27 million multi-year training kit sponsorship contract with blockchain firm Tezos in February.

After working with digital asset management firm Valkyrie, Nashville Soccer Team (SC) became the first Major League Soccer (MLS) club to take its whole partnership fee in bitcoin (BTC) a month later.

Categories
Altcoins Blockchain News Price Analysis

Cardano (ADA) Market Update 05/03

Cardano (ADA), the native token on the namesake blockchain, recently fell to a more than one-year low due to whale dumping and a larger crypto crisis. However, its reduced prices are drawing substantial whale accumulation, preparing the token for a future recovery.

ADA is now trading around its lowest level since June 2021, at $0.7919. The cryptocurrency has lost about 40% of its value this year, making it the poorest performance among the top ten cryptocurrencies.

However, on-chain data suggests that ADA’s near one-year low seemed to be the token’s bottom. It is presently up around 6% from its low, and whales appear to be accumulating during the last five weeks.

According to data from blockchain intelligence firm Santiment, ADA whales have gone into accumulation mode over the last five weeks, purchasing more than $196 million ADA. Whale addresses with 1 million to 10 million ADA, according to Santiment, were the ones collecting.

This buildup also follows a seven-month whale dumping frenzy that saw ADA prices plummet roughly 300 percent from a record high in September 2021.

However, ADA is still dealing with negative market confidence, increasing inflation, and fears about interest rate rises by the US Federal Reserve. The cryptocurrency market has likewise been on a downward trend in April, with few triggers pointing to an uptick.

According to on-chain data, the number of daily transactions on the Cardano blockchain climbed by roughly 14 percent in April. The number of active addresses increased throughout the month, indicating that the blockchain was still attracting new users.

With its inclusion in a Grayscale fund, ADA has received considerable institutional interest throughout the year.

Recent ADA trading patterns also indicated that major trading houses were beginning to move more of the token, with deals over $100,000 accounting for roughly all of its daily volumes.

Because the blockchain uses a proof-of-stake methodology, it is more appealing to ecologically aware investors.

Categories
Ethereum NFT

BAYC Apologizes For the Rise in Ethereum Gas Fees

Yuga Labs, the business behind the Bored Ape Yacht Club (BAYC), raised over $320 million in their weekend metaverse property sale. However, the largest-ever non-fungible token (NFT) issuance had an unintended consequence: Ethereum (ETH) gas fees reached thousands of dollars. Gas prices were roughly 100 or 200 times more than usual, according to Decrypt.

Gas costs are the cost of registering a transaction on the Ethereum blockchain, and they rise when the network is overburdened. Even in normal circumstances, the costs might be excessively expensive, particularly for little transactions.

Because of Ethereum’s high gas prices, a variety of lower-cost competitors have gained substantial market share in recent years.

Nonetheless, Ethereum is the most popular smart contract currency and hosts the majority of applications, particularly decentralized banking apps.

According to DeFi Llama, Ethereum has more than half of the money invested in blockchain applications.

ApeCoin users competed on Saturday to purchase “Otherdeeds,” which are plots of land in Bored Ape Yacht Club’s metaverse, Otherside. The craze drove Ethereum gas costs to previously unheard-of heights.

Each of the 55,000 NFT plots, according to Bloomberg, costs roughly $5,800 in ApeCoin (APE) plus gas expenses. The cost of minting the Otherdeed NFTs was roughly $6,000 per deed, which was more than the cost of the land itself.

The price increase harmed everyone attempting to utilize the Ethereum network.

On Saturday night, for example, if you sought to buy or sell cryptocurrency on an Ethereum-based decentralized exchange, you’d have faced exorbitant gas expenses. One Twitter user complained about trying a $5 transaction and being asked to pay more than $4,500 in petrol.

Yuga Labs apologized for temporarily shutting out the lights on Ethereum. It becomes plainly evident that ApeCoin will need to migrate to its own chain in order to fully scale.

Categories
Blockchain Regulation

Belgium requires registration before offering crypto-related services

Belgium’s Financial Services and Markets Authority (FSMA) has imposed new rules requiring crypto firms operating in the nation to register with the watchdog and retain a certain amount of regulatory capital.

The new regulation requires any virtual asset service provider (VASP) operating in the nation to notify the FSMA of their operations by July 1 and apply for registration by September 1.

The legislation will apply to organizations that provide custodial wallets and cryptocurrency exchange services, as well as crypto enterprises who want to start operations in the European country.

According to the declaration, VASPs who wish to operate in the nation must have a corporate structure and a minimum capital of €50,000 (roughly $52,718).

The entity must also establish an administrative office in Belgium and contribute to the FSMA’s operational costs in order to be regulated. The new requirements are comparable to those enacted by the New York Department of Financial Services (NYDFS).

The agency also noted that it may request further information before reaching a final judgment, which may take up to three months.

Belgium is one of the nations that supports cryptocurrency. Christophe De Beukelaer, a member of Dutch parliament, just became the first politician in Europe to convert his whole salary into cryptocurrency.

De Beukelaer explained his choice as:

We can no longer remain in the dark about this new reality. As automobiles and light bulbs come, it’s like holding to the carriage or the candle.

Several governments are paying greater attention to cryptocurrency rules, with some even starting work on regulating the industry. Authorities throughout the globe have faced new hurdles in regulating the crypto industry and protecting consumers from threats as it has grown.

Crypto laws and licenses are expanding in parallel with global popularity. Authorities in the United Kingdom and Brazil, for example, are requiring crypto service providers to register with them in order to better safeguard crypto investors.

Categories
Bitcoin Price Analysis

Bitcoin (BTC) Forecast 05/02

Bitcoin (BTC) price has failed to break through the $40k barrier, indicating that sentiment in the cryptocurrency market remains negative. Traders’ trust in the cryptocurrency market is eroding as the market continues to correct. Veteran trader Peter Brandt predicts that the price of Bitcoin (BTC) will go below $32,000.

Furthermore, as profit transactions have surged, the on-chain data is not looking good for bitcoin. It might imply that profit booking is taking place at a higher level.

Despite whale purchases at lower levels near $38k, the Bitcoin (BTC) price has struggled to breach the $40k mark in the recent week. The pricing remains in the $38k-$40k area.

Veteran trader Peter Brandt stated in a tweet that Bitcoin has completed a bearish channel after falling below the $38k barrier in the previous 24 hours. He anticipates a $32,000 test in the near future. His prediction of the $28,000 threshold, on the other hand, is more concerning for Bitcoin.

Peter Brandt also argued against conjecture about Michael Saylor’s MicroStrategy purchasing on dips, claiming that Saylor will have significant redemptions before the cycle is complete.

The completion of a bear channel usually results in a decrease equal to the channel’s breadth, or in this case, a hard test of 32,000 or so — my prediction is 28,000. This does not make me a $BTC hater.

According to on-chain data from analytics platform Santiment, traders’ faith in the BTC price reclaiming the $40k level appears to be waning. The Bitcoin (BTC) and Ethereum (ETH) Transactions in Profit/Loss statistics show a staggering 12.5 to 1 ratio of transactions in profit vs transactions in loss area.

As a result, the prospects of Bitcoin going below $32k are high as confidence falls and whale purchases stay low.

Bitcoin is presently selling below the $39,000 mark. The mood remains depressed when the Federal Reserve votes to boost interest rates at its May 3rd and 4th meetings.

According to CoinMarketCap, the BTC price has increased by over 3% in the previous 24 hours. The price is currently trading at $38,865, much below the $39k mark.

Categories
News NFT

BAYC raised more than $300m in virtual land sales

Bored Ape Yacht Club (BAYC), a leading non-fungible token (NFT) project, has generated over $300 million in virtual land sales from its metaverse called Otherside.

Yuga Labs, the designer of BAYC, has announced that its Otherdeed NFT will be available on Saturday. The NFT collection allows investors to claim land tracts on the Otherside. A total of 55,000 Otherdeed NFTs were available for purchase, each costing 305 ApeCoin. The news came after the business abandoned plans to organize an NFT Dutch auction.

All 55,000 Otherdeed NFTs were sold out on the company’s platform, Otherside.xyz. The entire money raised was 16,775,000 APE, which is about $291 million at current values.

As consumers competed to participate in the Otherdeed NFT sale, Ethereum gas fees skyrocketed. Some users were also unable to finish their network transactions, resulting in the loss of monies paid on gas costs.

Yuga Labs apologized after the transaction and stated that it will repay the lost gas expenses. Due to the growing number of investors, the company has also stated that it would likely begin to investigate establishing its own blockchain.

Following the sale of all 55,000 Otherdeed NFTs, Yuga Labs intends to give an extra 45,000 tokens to BAYC and Mutant Ape NFT holders, as well as developers who contributed to the project’s development.

Another 100,000 NFTs will be issued to Otherdeed holders labeled as “voyagers,” according to the Otherside website. The total number of Otherdeed NFTs now stands at 200,000.

Meanwhile, Yuga Labs secured $4.5 million in a capital round to invest in the Otherside, according to a March article. That same month, BAYC debuted ApeCoin, its native cryptocurrency.

Categories
Blockchain DeFi News News

DeFi Lending Platforms Lost Over $80M in the Recent Attack

DeFi exploits have been a recurrent issue this year, with roughly $1 billion lost in in the first quarter alone. BlockSec, a blockchain analytics and security firm, disclosed a new $80 million DeFi attack.

Hackers have targeted DeFi platform Rari Capital, according to a BlockSec report via their Twitter accounts. According to the tweet, the hackers stole $80 million in digital assets.

Rari Capital’s Fuse Platform, which provides developers with the infrastructure to construct bespoke lending systems, was the focus of the attack, according to BlockSec. The organization stated that hackers exploited a flaw in the Fuse Platform’s smart contract’s reentrancy protocol.

Fei Protocol, the producer of a dollar-pegged stablecoin known as Fei USD, was among the pools attacked by the vulnerability. The vulnerability was discovered by the Fei Protocol team. Rari Capital acknowledged in a message that they had identified the cause of the theft and that lending on the platforms had been halted, offering a $10 million bounty to the hacker for the safe return of the stolen assets.

This year, DeFi vulnerabilities have come to the fore, virtually equaling the $1.3 billion lost to DeFi breaches in 2021 in only five months in 2022. The Rari protocol joins the Ronin Network, Inverse Finance, and Beanstalk as victims of this year’s exploits.

Tornado Cash, an Ethereum mixing protocol, has played a crucial role in several of these attacks, assisting hackers in concealing their tracks.

The Ronin assault was the most costly in terms of digital assets destroyed, with the network losing over $625 million as a result of the breach. Notably, US authorities have subsequently traced the attack to a North Korean State-funded organization known as Lazarus.

According to recent sources, Ronin makers Sky Mavis are presently working on improving security and compensating impacted members of the community. Binance also assisted in recovering a portion of the loot since the hackers attempted to sell it on the main exchange.

Categories
Ethereum Price Analysis

Ethereum (ETH) Price Prediction 05/0

Several horizontal levels and DMAs have been knocked out by the sustained selling in the Ethereum(ETH) market. The altcoin recently broke above $2800, indicating that the sellers are expecting another leg down. Furthermore, under the impact of the downward trendline, the sellers could extend the correction rally to $2500.

With an evening star candle, the Ethereum (ETH) price dropped down from the $3600 resistance on April 5th. With Bitcoin losing support at $40000, altcoins followed suit and demonstrated a V-top reversal.

Sustained selling has broken through three key support levels: $3200, $3000, and, most recently, $2800. Today, however, the ETH price is up 1.24 percent and attempting to retest the previously shattered resistance.

If the selling momentum continues, the price of ETH will fall 11.6 percent to the $2500 support level. Furthermore, the technical chart indicates a powerful declining trendline that acts as persistent resistance to the coin’s price.

This sinking trendline aids traders in selling rallies, potentially bolstering a drop to $2500.

A bullish breakout from the resistance trendline, on the other hand, might signal the end of this modest correction and the start of a new recovery rally. The possible rise might push the price of Ethereum to $3000.

Indicator of Technical Excellence

The 20 DMA, which is aligned with the descending trendline, provides dynamic resistance in the current correction. Furthermore, the coin chart suggests a possible crossover between the 20 and 100 DMA, which would encourage greater selling.

MACD Indicator: The downsloping fast and slow lines with a reasonable spacing between them emphasizes traders’ continued selling.

Categories
Blockchain News Opinion Technology

Europe Will Continue to Be on Top of Worldwide Web3 Development

Ten of the top 30 web3 cities in the world are located in Europe, demonstrating the region’s rapid rise to prominence in web3 technology. According to recent claims made by the European venture capital firm Rockaway Blockchain Fund ahead of their Gateway to Cosmos Conference and Hackathon web3 event in Prague, massive cash influx to European-based web3 firms is also a big element in this supremacy.

Cryptocurrency, DeFi, and NFTs, as well as artificial intelligence, IoT, and machine learning, are among the web3 industries predicted to grow rapidly in the region.

Web3 will also introduce a new era of web design trends that will emphasize more immaculate designs and color schemes. Many DesignRush companies are well aware of these upcoming changes and will no doubt offer potential startups and businesses the possibility of improving their current designs or creating new ones from the ground up.

London, Berlin, Amsterdam, Zurich, and Tallinn are among the greatest web3 cities in terms of job listing counts, according to Web3.career statistics. With 992 job ads, London is ranked fourth, followed by Berlin at number six with 737, Amsterdam at number eighteen with 130, and Zurich at number twenty-two with 96.

Europe’s web3 business is booming, not just in terms of job postings, but also in terms of startup funding. Since the beginning of this year, the EU-Startups website has chronicled dozens of EU-based web3 startups that have successfully raised venture capital funding rounds. Staex, Creandum, Kleoverse, Klima, and Aisti are some examples. Other considerations include a regulatory structure that is designed to promote the growth of this technology, albeit this is not the only one.

“A range of countries are competing to offer the most friendly operational environment for crypto enterprises, with a Q1 report from Coinclub ranking Germany as top of the list of operators to set up shop.”

The Cosmos Conference and Hackathon in Prague will also aim to expand on these advancements by giving regional developers with the appropriate channels, training, resources, and tools to network and improve their developer talent and skills.

According to the Rockaway Blockchain Fund, the EU region will benefit from the global expansion of the web3 business. The global web3 developer ecosystem, for example, has increased dramatically in the previous 12 months, with the number of monthly active developers increasing by 75%. Since 2020, the number of daily active addresses has increased by 65 percent per year.

Furthermore, general tech startup financing has increased by more than 150 percent year over year, with more than $110 billion invested in them this year alone. This represents 18% of the worldwide venture capital market. This year, the Central and Eastern European (CEE) countries alone obtained a record 5.4 billion Euros in funding for tech startups, representing a 2.4-fold increase over 2020 figures. As a result, the overall growth in tech startup investment will be critical to web3 expansion.

Categories
Altcoins News Price Analysis

ApeCoin (APE) Forecast 05/01

ApeCoin (APE) caught its bulls off surprise, with the APE price dropping roughly 40% in three days. The price of APE achieved its second-highest level on April 28, reaching $27.57, a gain of more than 2,650 percent from its mid-March launch.

Nonetheless, traders began unwinding their bets after Yuga Labs, the inventor of the Bored Ape Yacht Club (BAYC) NFT collection, revealed the contents of its Otherside Metaverse regions, called “Otherdeed.”

In contrast to predictions, Yuga Labs disclosed that the NFT mint will cost a flat 305 APE ($5,250 at today’s market). As a result, the revelation may have lessened the desire for users to stockpile additional ApeCoin tokens, resulting in a decrease in demand.

Three days following Yuga Labs’ statement, APE plummeted to as low as $17. Furthermore, the selloff has been intensified as a result of Yuga Labs’ intention to limit the minting of Otherdeed NFTs, beginning with two NFTs per wallet in the initial wave. This might have also contributed to a drop in APE token demand.

ApeCoin is the principal payment cryptocurrency for all Yuga Labs products and services. Furthermore, it serves as a governance asset within the “ApeCoin DAO,” a decentralized autonomous organization that grants APE holders the power to vote on community members’ ideas.

The most important lesson, though, is APE’s strong relationship with Yuga Labs, a blue-chip firm whose value hit $4 billion barely a year after its launch. As a result, the buzz around its metaverse land sales, which are being paid for with ApeCoin, might absorb the continuous selling.

On April 30, OpenSea, the world’s top NFT marketplace, also announced that it has begun accepting APE for payments on its platform. In the meanwhile, Yuga Labs has asked the ApeCoin DAO to take a vote as to whether APE should transfer from Ethereum to its own network.

Despite the recent price drop, Loma, an impartial market analyst, believes APE may have bottomed out, noting interest and speculation about the Otherside mint.

APE/USD has been attempting to recover from the aforementioned confluence, but low volumes suggest that it will continue to decline, with the 0.618 Fib line near $15.72 acting as the next downward target, down more than 10% from today’s price.

The level corresponds to the 200-4H EMA (the blue wave) and the top of a so-called “demand zone,” which served as the starting point for APE’s last 100 percent price advance.

A recovery from the 100-4H EMA, on the other hand, might see APE challenge the 0.382 Fib line at $18.85. With volumes substantially growing, the price might challenge $20 and 24 as the next bullish goals.

Categories
Blockchain News

Will Elon Musk’s Crypto Be Impeded If He Sells Shares to Fund Twitter?

According to data from the Lead Lag report, Tesla’s shares plummeted 5.56 percent on Tuesday as speculations circulated that Musk would be selling part of his huge ownership of the company’s stock to help fund his Twitter purchase.

On April 29, it was announced that Musk had sold around $8.5 billion in Tesla stock. Musk himself stated that the sum would be equal to the value of all of the company’s shares that he would dump.

According to Reuter, Musk is aiming to raise the remaining $44 billion of his offer from banks. This means that he is still keeping his bitcoin assets, as he announced in March of this year.

The move demonstrates his belief in the crypto assets he owns, which include Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Remember that the billionaire earlier stated that, aside from shares in his firms, these three cryptocurrencies constitute the majority of his personal property.

Musk has been setting out additional ideas for Twitter as he approaches his aim of taking the business private. According to the Reuters article, he divulged more of his ideas to the banks with whom he is in fundraising talks.

Musk stated that he plans to significantly raise the platform’s income and offer new features, as well as a proposal to charge websites a fee when a viral tweet from verified Twitter accounts is cited, as well as a few tweaks to Twitter Blue.

It has also been revealed that he is exploring a wage freeze for executives and would most likely choose a replacement for Parag Agrawal, who took over as CEO in November.

Non-Fungible Tokens (NFT) have lately become one of the trendiest areas in the crypto industry. The behavior of OpenSea, the largest NFT marketplace by sales volume, in the previous week exemplifies this point the most.

Categories
Ethereum NFT

Ethereum domain name was sold as an NFT for $160,000

A three-number Ethereum Name Service (ENS) domain called 555.eth was just sold for 55.5 ETH, which is worth more than $160,000. It is presently the most expensive ENS domain name ever sold.

ENS domains allow users to represent traditional addresses such as wallet addresses, hashes, website URLs, and so on in a simpler format using the.eth alias. ENS domain names can be purchased and minted directly from the ENS platform or through secondary trading on exchange platforms such as OpenSea.

The domain, 555.eth, was purportedly purchased by a Chinese collector who claimed to have purchased the domain for fun during the continuing rush for numeric ENS domains.

The new data come amid a frenzy that has overtaken the NFT community in recent weeks. Many investors are betting on the value of numeric Ethereum domain names spanning from 0-9999.eth in the future.

NFT collectors who own four-digit ENS domain names join the so-called “10k club,” which is characterized as a “social group for ENS holders 0-9999.” The trend has resulted in an increase in secondary trade volume for ENS domains during the last week. The trade volume reached an all-time high of $2.8 million on April 28 alone.

This month has witnessed an enormous surge in the number of newly registered domains. Over 139,000 addresses were registered in April, according to Dune, a huge rise from the 66,900 addresses registered in January.

Meanwhile, the rise in demand for ENS domain names has impacted the project’s primary asset, ENS. Despite current market circumstances, the governance token has remained optimistic in recent days. At the time of writing, the token is trading around $16.35, representing a 20% rise in the previous week.

Categories
Blockchain News

How the Ripple vs. SEC Case is Going

Judge Analisa Torres has revised a planned timeline in the SEC v. Ripple case in an attempt to conclude hearings before the end of the year.

According to the Thursday document, the Judge issued further instructions requiring parties to make any petitions to exclude expert witness by July 12, and any oppositions by August 9 this year. Parties were also expected to make any responses, if any, by August 30 in order to file any applications for summary judgment by September 13.

Furthermore, the court ordered the parties to file their oppositions and responses to the summary judgment files by October 13, and any additional responses by November 15, bringing the stage of the proceedings to a close.

This will now allow the court enough time to issue a binding ruling on the almost three-year-long legal struggle, putting it one and a half months ahead of the anticipated timetables.

Both parties had previously requested that “oppositions to any moves for summary judgment, replies to Rule 56.1 Statements, and responses to petitions to exclude testimony be submitted by November 2, 2022.” They had also asked that “responses to any opposition be provided by December 20, 2022,” lowering the spirits of an already battered XRP community.

Thursday’s instructions came after Ripple Labs CEO Brad Garlinghouse expressed confidence that Ripple will win the dispute. Brad told Bloomberg on Wednesday that a win for Ripple would be a big deal.

He did add, however, that despite being on the wrong side of the SEC, Ripple had a record year in 2021 and in Q1 of 2022, with cross-border transactions using XRP increasing 8x year on year in Q1 of 2022.

Having said that, while Judge Torres’ instructions on Wednesday may not have had much of an impact on the price, the XRP community anticipates that a resolution of the lawsuit by the end of the year would lay the stage for a parabolic rise when U.S. exchanges relist XRP.

At the time of writing, XRP was up 0.75 percent to $0.6113. Given the current market turpitude, the price will require broader market support to advance above $0.66, its most immediate overhead barrier.

Categories
Altcoins Blockchain News

Garlinghouse in Support For United States Crypto Bill

Ripple CEO Brad Garlinghouse praised both Democrat and Republican politicians on Saturday for their efforts to achieve comprehensive crypto regulation in the United States.

Garlinghouse’s remarks were in response to a recent bipartisan campaign to shift cryptocurrency regulation to the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC) (SEC).

The Digital Commodity Exchange Act (DECA) proposes to define cryptocurrency as a digital commodity rather than a securities. The nature of cryptocurrency has been a source of contention, and it is the central subject of a nearly two-year court struggle between Ripple and the SEC.

Given the harsh rhetoric between his business and the SEC, the Ripple CEO’s views should come as no surprise. The CEO has regularly chastised the SEC for impeding progress toward US crypto legislation, as well as accusing the agency of hypocrisy in its methods.

A bipartisan leadership approach by Congress on regulatory clarity for bitcoin is EXACTLY what we need.

On Saturday, Garlinghouse tweeted

The impending DECA law has the support of both Democratic and Republican Representatives, making it one of the few times when both parties can set aside their differences and work together on legislation.

The move is also consistent with the decentralized structure of cryptocurrency, which is excellent for being placed above politicians.
The proposed law is sponsored by numerous legislators, including Tom Emmer and Darren Soto, who are already supporters of crypto legislation in the United States.

The law proposes that cryptocurrency exchanges register with the CFTC, which will also monitor the space’s spot and futures markets.

For digital commodities markets to encourage innovation and consumer safety, regulatory certainty is important… DECA will give all participants in digital commodities markets with the appropriate consumer safeguards, competent federal monitoring, and regulatory certainty.

Soto, Representative

The bill comes in the midst of mounting criticism of the SEC’s handling of cryptocurrency legislation. Critics contend that by stalling regulation, the government risks lagging behind other nations in accepting the expanding asset class.

Categories
Blockchain News

Over 60% of Brazil Thinks Crypto is the Future of Finance

According to a research by the crypto exchange Kucoin, more than half of the Brazil adult citizens believe that crypto will eventually take over as a store of value and a means of payment.

Brazil, the world’s sixth most populated country, has endured an economic downturn, with inflation more than tripling in the last year to 10% per year. Furthermore, a sizable proportion of people remain unbanked or underbanked, resulting in a sizable proportion of the population shifting to cryptocurrencies.

“Growing inflation in the country has forced 62% of Brazilian crypto investors to consider cryptocurrencies to be the “future of finance”, while 53% regard cryptocurrencies as a reliable way to store the value of their assets.”

According to the survey, 34.5 million Brazilians, or 26 percent of the population aged 18 to 60, had used cryptocurrencies in the last six months. One out of every six Brazilian crypto investors commits more than 90% of their investment portfolio to cryptocurrencies, with up to 75% of investors trading fiat for crypto each month.

In general, 64 percent of crypto investors in Brazil responded that they planned to raise their investments by 20 percent, indicating that they were thinking about investing in crypto.

The bulk of crypto investors in the South American country predict strong long-term gains from crypto, while others are just hoping to enhance their living standards. Around 36% use cryptocurrency to augment their other sources of income.

Nonetheless, despite the fact that crypto adoption has reached a tipping point in Brazil, the survey indicated that most crypto users require investing education. Three-thirds of those polled said they were unsure about market signals, and two-sevenths don’t grasp how cryptocurrency works.

With the crypto market capitalization expected to reach $3 trillion in 2021 after Bitcoin reached an all-time high of $68,000 in November, making it the top performing asset in the last decade, cryptos have seen a parabolic adoption rate, a trend that is expected to continue, particularly in light of the Russia/Ukraine conflict.

According to a Gemini survey, 41 percent of crypto owners worldwide made their first crypto purchase in 2021, with 54 percent of Brazilians purchasing their first coin last year.

As a result of the high demand for cryptocurrency in this Latin American country, several crypto exchanges, including Binance and Coinbase, are eyeing Brazil as a huge prize in 2022, with Dubai-based Bybit announcing its debut on Thursday, April 28.

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Altcoins Price Analysis

How the month has been for Avalanche (AVAX)

The price of Avalanche (AVAX) has dropped by more than 30% in April, but the smart contract platform remains a strong candidate for decentralized applications because to its scalability, low-cost transactions, and huge presence in the decentralized finance (DeFi) environment.

The network is compatible with the Ethereum Virtual Machine (EVM) and is distinct in that it does not encounter the same operational limitations of high transaction fees and network congestion as the EVM.

By providing a proof-of-stake (PoS) layer-1 scaling solution, Avalanche was able to acquire over $9 billion in total value locked (TVL). This metric is particularly important since it monitors the deposits made on the network’s smart contracts. For example, the BNB Chain, which has been in operation since September 2020, has $10.4 billion in TVL.

Despite the fact that the AVAX token price has fallen and the TVL is trailing some of its competitors, investors remain enthusiastic on the basis of fundamentally favorable developments that occurred in April.

Bloomberg reported on April 14 that Ava Labs, the principal creator of the Avalanche blockchain, has raised $350 million from investors. This transaction valued the firm at $5.25 billion, and Avalanche now has roughly 100 active apps ranging from decentralized banking to nonfungible token (NFT) markets and games, according to DappRadar statistics.

Earlier last month, the Terra USD algorithmic stablecoin’s backers acquired a total of $200 million in AVAX for their tactical Terra USD reserves. Do Kwon, Terra’s co-founder, emphasized Avalanche’s strong ecosystem growth and massive user base.

Despite the good news, AVAX’s price is still 53% lower than its all-time high of $147, resulting in a market value of $18.4 billion. Terra (LUNA) has a market cap of $31.0 billion, while Solana (SOL) has a total worth of $33.3 billion. In the previous 30 days, Avalanche’s major DApp measure improved as the network’s TVL recovered to 121 million AVAX.

The graph above depicts how Avalanche’s DApp withdrawals soared at 132.9 million AVAX on March 14, before plummeting to their lowest level since January 3. As a consequence, the present TVL of $8.5 billion is down 10.5 percent in the previous 30 days.

Despite the fact that Avalanche’s TVL has been struck the most when compared to rival smart contract platforms, network adoption in the DeFi category is strong. For example, Trader Joe’s 180,830 active addresses outweigh those of MetaMask Swap, Ethereum’s biggest DeFi service, which has 116,210 active users.

According to the statistics presented above, Avalanche is maintaining its lead over competitor chains. Despite the fact that the AVAX price has dropped 29.5 percent in the last 28 days, investors need not be alarmed because the decentralized application network has reported strong TVL and DApp use figures.

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Bitcoin Blockchain News Opinion Price Analysis

Bitcoin halving research suggests a bottom of $24,000 before year end

One of the most hotly debated subjects in the crypto industry is the four-year halving cycle for Bitcoin (BTC) and its impact on the leading cryptocurrency’s long-term pricing.

After failing to reach the long-anticipated $100,000 milestone in 2021, many crypto specialists are now concerned about the prospects for the next six to twelve months.

BTC is currently trading below $40,000, and multiple technical indicators show that additional decline is more possible than a return to the $40,000 to $45,000 region. Let’s see what analysts have to say about Bitcoin’s long-term potential.

Crypto analyst and pseudonymous Twitter user “Wolves of Crypto” provided a general overview of the four-year cycle idea in a Twitter thread, claiming that “the most likely bear market bottom for Bitcoin will take place around November/December 2022.”

This forecast assumes that the peak BTC price of $68,789 on November 10, 2021 was the previous cycle’s high, and that the market is currently in the corrective period that follows a cycle top.

The 200–week SMA has been the long-tested bear market bottom indicator for Bitcoin, according to the analyst, and hence the bottom will most likely be located at $24,000.

If this model is correct, the price of Bitcoin will rise above its previous all-time high in August or September 2023.

Willy Woo, an independent market expert, hinted about the likelihood of a BTC bottom before the end of 2022 when he uploaded the chart below, claiming that the “Orange currency seems a tad undervalued here.”

In general, Bitcoin’s price looks to be following the previously established four-year cycle, albeit with a smaller percentage gain than projected.

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Blockchain News

Goldman Sachs Now Offering Bitcoin-backed Loans

Goldman Sachs, a Wall Street heavyweight, has made its first Bitcoin-backed loan to a client. According to a Bloomberg article published on Thursday, the banking giant’s secure lending facility allowed a borrower to borrow money using his Bitcoin holdings as security.

The offer was attractive, according to a Goldman Sachs spokesperson, because of its structure and 24-hour risk management.

The bank’s Bitcoin-backed loan may have been in the works since last year, as various reports appeared in December that the firm is seeking approval to offer such services to its clients.

While this is a first for Goldman Sachs, other prominent US banks, such as Silvergate Capital Corp., have already offered clients Bitcoin-backed loans.

Goldman Sachs has recently made attempts to strengthen its position in the cryptocurrency sector.

The financial behemoth reopened its bitcoin trading desk a year ago. The service was first introduced in 2018 by Goldman Sachs, but it was later shut down due to the crypto bear market at the time.

Last month, the Wall Street behemoth completed its first over-the-counter (OTC) cryptocurrency transaction with Galaxy Digital, a crypto investment management firm, in the form of a Bitcoin non-deliverable option (NDO).

Meanwhile, a number of other big banking institutions in the United States have begun to offer crypto-related services to its customers. Customers’ rising demand for these products has prompted financial institutions to adopt crypto.

Morgan Stanley, a multinational financial firm based in the United States, said in March 2021 that it would be selling three Bitcoin funds to its rich clients via an internal letter.

Five months later, JPMorgan Chase jumped on board and began selling six crypto funds founded by digital asset startup New York Digital Investment Group to its clients (NYDIG).

BlackRock, the asset management giant, announced in February that it plans to offer crypto trading services to clients through its investment platform, Aladdin.

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Blockchain News

Deus Finance hacked for over $13 million

The DeFi protocol, Deus Finance, has recently been attacked, with hackers siphoning out $13.4 million in cryptocurrency, according to blockchain security firm PeckShield, which notified on Twitter in the early hours of Thursday. PeckShield speculated that the quantity lost might be more.

According to the security firm’s research, the assault looks to be a flash loan exploit. The hackers modified the USDC/DEI pair’s price oracle, then borrowed and drained the pool using the falsified price of collateral DEI.

To eliminate traces, the monies are now being handled through Tornado Cash, an Ethereum mixer.

The Deus Finance team verified the breach a few hours later, assuring customers that their assets are secure and that the DEI peg has been restored.

The exploit lowered the value of DEUS, the protocol’s native token. DEUS is down 6.50 percent in the last 24 hours and is currently trading at $584.83.

Unfortunately, this will be the protocol’s second attack in less than two months, with both carried out using a similar method.

In March, it was revealed that Deus Finance suffered a flash loan vulnerability, with hackers taking almost $3 million from the network, including 200,000 DAI ($200,000) and 1101.8 ETH.

With DeFi protocols gaining investors and recording considerable numbers, they have now become a key target for thieves.

Inverse Finance, a DeFi protocol, was attacked earlier this month, with hackers obtaining around $15 million.

Another protocol, Beanstalk, was recently hacked for nearly $180 million using a flash loan attack.

According to a recent research by blockchain analytics firm Chainalysis, 97 percent of the cryptocurrency stolen in the first three months of this year came via DeFi protocols, a 72 percent increase from 2021.

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Blockchain News

Cuba Is Adopting Cryptocurrency Regulation

According to Reuters, Cuba central bank issued new directions for virtual asset service providers operating in the nation in order to tighten control of the crypto industry.

Cuban people will be able to utilize cryptocurrency starting in 2021.

The bank announced in its official gazette issued on April 26 that any crypto project wishing to operate in the country must apply for a license with the regulator.

This license will only be valid for one year at first.

Some have speculated that Cuba’s use of cryptocurrency could be a means of evading US sanctions. For decades, the United States has imposed severe sanctions on the island nation, making it difficult for its banking system to thrive.

Traditional financial markets and payment systems are mostly unavailable to Cubans. They also lack access to debit or credit cards for foreign payments because to the US trade embargo.

Since the arrival of mobile internet a few years ago, crypto usage in Cuba has exploded. People now have a new way to participate in cross-border transactions from within the country.

Pavel Vidal, a former economist at the Cuban central bank who is now a professor at Columbia’s Pontificia Universidad Javeriana Cali, said of the new rules:

The central bank is developing a cryptocurrency-friendly legislative framework since it has already determined that it can benefit the country.

Although he does not envision crypto becoming Cuba’s official currency, he believes it can nonetheless provide the country with a viable alternative.

This can lower the cost of foreign transactions and provide an alternative to dollar-based operations that are less susceptible to penalties.

As cryptocurrencies and virtual assets gain in popularity, more countries around the world are considering how to regulate them.

In September 2021, El Salvador declared Bitcoin to be its official currency.

Meanwhile, in the week of April 25, the Central African Republic made Bitcoin legal tender in an effort to rescue the country’s ailing economy.

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Altcoins Blockchain News

Cardano wallet addresses have reached 3.6 million

The Cardano blockchain is gaining traction, with 3.6 million wallets holding its native coin, according to on-chain data aggregator Messari.

According to Messari, the majority of these network wallets have approximately 100 ADA, with over 3,000 wallets owning at least 1 million tokens. This indicates that the network has more whales than most of its competitors, owing to its low pricing.

Typically, a growth in the number of wallets holding a token indicates that the ecosystem is expanding, and this is no different for ADA, whose parent firm, IOHK, stated in a Twitter thread that there are about 900 decentralized apps now being created on the blockchain.

According to the thread, the blockchain’s first non-fungible tokens (NFT) loan platform, Lending Pond, has seen a meteoric rise in the sector. According to available data, the initiative registered almost 90,000 units of ADA in its first week of operation.

Aside from that, the Cardano Summit NFTs, which introduce Terra Virtua to Cardano, were also formally released. Over 3000 Summit NFTs have already been issued.

Furthermore, Emurgo, Cardano’s commercial arm, has teamed with Blockpass to provide on-chain KYC services for the Cardano ecosystem.

The thread also included numerous additional updates regarding new Cardano projects, demonstrating that the ecosystem has grown significantly and that more is on the way for users.

Nonetheless, despite the bustle of activity within the ecosystem, the digital asset has yet to see a favorable price shift.

According to CryptoSlate statistics, the asset achieved an all-time high of $3.10 after adding smart contract capabilities into the blockchain.

However, it has only been able to reach a high of $1.26 in the previous three months since then. According to IntoTheBlock data, less than 10% of coin holders make a profit from their holdings, with the great majority losing money.

As of press time, ADA was trading at $0.83, down more than 2% in the previous 24 hours.

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Blockchain News Regulation

Patrick McHenry calls for a separate regulatory body for crypto

Representative Patrick McHenry of the United States has chastised both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) for their handling of digital asset rules. McHenry mentioned the necessity for a distinct regulatory organization to govern virtual assets.

McHenry’s remarks come as the SEC and other U.S. officials face increased criticism for alleged mismanagement of the burgeoning cryptocurrency sector. Currently, the United States lacks comprehensive federal crypto legislation.

Rep. McHenry stated in an interview with Punchbowl that we need to correctly identify digital assets. He considers cryptocurrencies to be neither a commodity nor a security, and he sees Bitcoin (BTC) as its embodiment.

McHenry believes that the developing digital asset business need a new regulating organization in addition to the SEC and CFTC. However, he claims that it is entirely the responsibility of Congress to examine a definition of digital assets. It is critical to do so because there is now no Federal clarity on the subject and no specialized regulatory organization to keep an eye on it.

He also chastised current authorities for their lack of grasp of the quickly expanding field.

Fundamentally, I believe that the Securities and Exchange Commission and the Commodity Futures Trading Commission lack the competence to effectively govern this new invention.

Patrick McHenry, North Carolina Representative

The long-running case between the US SEC and Ripple is a prime illustration of this problem. According to the Commission, Ripple’s native coin XRP is a “security,” although the payment system argues it is not.

During the trial, several concealed exhibits were revealed in the contentious case. Ripple and other defendants also alleged that SEC authorities pulled the XRP coin into the litigation while allowing other cryptocurrencies a free pass.

Meanwhile, the newly issued summary decision indicates that this disagreement might be resolved by 2023. The outcome of this action will eventually present the watchdogs with a different regulatory viewpoint.

Rep, McHenry’s initiatives have the potential to attract the backing of other digital business titans. Gary Gensler, the chairman of the Securities and Exchange Commission, has stated that trading platforms for cryptocurrencies should be registered with the commission.

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Altcoins Bitcoin Blockchain Ethereum News

Members of U.S. Congress own nearly $2 million in crypto assets

According to recent statistics from 2iQ Research, more than 20 members of the United States Congress, including Democrats and Republicans, have invested nearly $1.8 million directly in crypto assets or indirectly through crypto-related goods and stocks.

Pat Toomey and Marie Newman, both U.S. senators, have apparently invested in Grayscale Investments LLC.

Other senators possess stock in cryptocurrency businesses like as Coinbase Global Inc. and Block Inc., which have spent money on lobbying. They have also invested in cryptocurrencies such as Bitcoin, Basic Attention Token (BAT), and Stellar Lumens.

Because of the increased engagement of U.S. senators in crypto, commentators such as Richard Painter, a former senior White House ethics lawyer and University of Minnesota law professor, are concerned that such involvement would undermine public trust in the crypto market.

The latest exposé on members of Congress’ crypto holdings has also brought to light the issue over whether senators still serving terms should trade assets, including crypto.

In response to the incident, a spokeswoman for Senator Toomey stated in an email that Senator Toomey is worried that prohibiting elected officials and their families from trading stocks may prevent qualified persons from entering public service. He went on to say that Congress touches every aspect of the economy, from housing to agriculture.

Representative Bill Huizenga, a key member of the Financial Services Committee in the United States, proposed in 2018 that members of Congress work with existing regulators such as the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to regulate the crypto space.

Earlier this year, another member of the United States Congress, Joshua S. Gottheimer, the country’s representative for New Jersey, introduced the Stablecoin Innovation and Protection Act, which aims to regulate stablecoins and safeguard investors’ interests.

In contrast to the enthusiasm expressed by both U.S. senators investing in crypto and those advocating for crypto regulation, there are individuals who are opposed to the asset class.

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Blockchain News Regulation

New York State Assembly New Crypto Legislation

The New York Assembly enacted legislation to prevent new crypto mining operations from opening in the Empire State that use non-renewable energy sources.

Assembly Bill A7389C, introduced by Democrat Anna Kelles, would put a two-year prohibition on new crypto mining companies that employ carbon-based electricity. A companion measure is now being debated in the state Senate.

On Monday, an assembly committee agreed to forward the measure to the whole legislative body for a vote. The crypto sector was outspoken in its opposition to the measure, arguing that it may lead to miners moving, affecting jobs or the United States’ geopolitical interests.

However, supporters of the bill pointed out that existing facilities, as well as any facilities that use renewable resources, would be unaffected by the legislation. The measure states that the New York Department of Energy shall not grant or issue a new permit… for an electric generating facility that utilizes a carbon-based fuel and supplies, in whole or in part, behind-the-meter electric energy used or utilized by cryptocurrency mining operations that employ proof-of-work authentication techniques to authenticate blockchain transactions.

Another clause would prohibit the renewal of current permits for similar facilities if the renewal applicant intends to expand their facility. The measure also requires the state to develop a general environmental impact assessment that assesses PoW mining and mining facilities in the state.

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Bitcoin Price Analysis

Bitcoin recovering from its 6-week low point?

According to data from Cointelegraph Markets Pro, and TradingView, the largest cryptocurrency, Bitcoin, was trading at $39,268 on Bitstamp at the time of writing, a 2.5 percent increase.

As soon as Wall Street trading began on April 26, Bitcoin followed stocks downhill once more, reaching $37,700 twice.

Despite the fact that that location was already on the radar as a potential liquidity grab, others were skeptical that the sell-off was complete.

Popular trader Kaleo contended that the recent reprieve was really a dead-cat bounce, and that the real suffering would begin when momentum stopped.

The price has recovered from the $40K mark and is attempting to break over the 100-day moving average. If a bullish breakout happens, the 50-day moving average and the $42K zone will provide substantial resistance, followed by the 200-day moving average.

If demand fails and the price is rejected by the 100-day moving average, the $36 level will be the first important support. Bitcoin’s price has been unable to close below this level for several months, and it’s a critical milestone for the bulls to defend.

Despite the fact that risky assets have been punished in recent days, Bitcoin hodlers are focused on the long-term optimistic predictions and disregarding the short-term downturn. According to Glassnode statistics, Bitcoin’s supply that has not moved in at least a year has surpassed 64 percent for the first time ever.

Bitcoin fell just below immediate support level of $38,536 on April 2, but the bears were unable to capitalize on their advantage. The extended tail on the day’s candlestick indicates heavy buying around the ascending channel’s support line.

Buyers will now try to push the price over the 20-day EMA ($40,974). If they succeed, the BTC/USDT pair might reach $43,000.

If the price falls below the 20-day EMA, it indicates that sentiment is still bearish and bears are trading on rises to strong upward resistance levels. The pair might then fall to the channel’s support line.

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Altcoins Price Analysis

Shiba Inu Retaining Top Position in Whales Holdings

Shiba Inu (SHIB) price drops appear to have drawn acquisition from holders of the largest Ethereum wallets.

Shiba Inu price fell 3% in the last 24 hours, erasing the majority of their recent gains, mirroring larger dips in the crypto market. Top Ethereum (ETH) whales, on the other hand, have regularly expressed interest in the token.

According to WhaleStats, the SHIB token has once again flipped the FTX token to become the largest token owned by the top 100 ETH wallets. Ethereum whales appear to be on a buying binge. In the last 24 hours, SHIB token was among the top ten tokens purchased by ETH wallets.

SHIB coins are now valued more than $1.2 billion to top Ethereum whales. It accounts for more than 14% of its overall holdings. According to the statistics, an ETH whale known as “BlueWhale0073” has added more than $7 million in Shiba Inu tokens in the last 24 hours. Meanwhile, the world’s second largest meme cryptocurrency may be found on the list of smart contracts most commonly employed by ETH whales.

FTX has officially surpassed ETH as the second most valuable token held by ETH whales. Top wallets currently contain more over $1 billion in FTT tokens. It accounts for more than 12% of the whales held. Shiba Inu just developed a token burning portal in order to reduce its supply.

Since its start, nearly 17 billion SHIB tokens (worth around $404K) have been delivered to a dead wallet, according to the Shibaburn portal. However, SHIB’s 24 hour trading volume of $712,882,041 has dropped by more than 35%.

The recent Robinhood listing and creation of its own Metaverse, as well as other projects surrounding it, may have given the SHIB token a boost. While the BTC price drop has shook the entire crypto market. Bitcoin has fallen by roughly 7% in the last 7 days, whereas SHIB has fallen by 8% in the same period.

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Blockchain News NFT

NFT Purchases Are Soaring!

Despite the current slump in the crypto market, NFT volumes appear to be prospering, according to data. The present boom is being driven by a mix of old and new companies.

While most major cryptocurrencies have remained inside a narrow trading range for the majority of 2022, NFT volumes and holdings have surged, even eclipsing the previous year’s increase.

For the most part of the year, the whole crypto market capitalization has remained between $1.6 trillion and $2.2 trillion, with majors like as Bitcoin and Ethereum consolidating around $40,000 and $3000, respectively.

Data from blockchain analytics firm Into The Block, on the other hand, shows that NFT trading volumes increased dramatically this year, more than tripling from the start of the year to $56 billion.

The increase in NFT volumes is followed by an increase in the number of NFT collections, which considerably outnumber gains seen even in 2021. NFTs are now present at a record number of over 3.5 million addresses.

The majority of the recent surge can be attributed to revived interest in long-standing mainstays like the Bored Apes collection. The anticipated debut of a metaverse caused the collection’s floor price to skyrocket this week. Price increases were also seen in Mutant Apes and Kennel Club spinoffs.

However, flamboyant new arrivals appear to have captivated the market as well. The Moonbirds collection, which debuted earlier this month, has frequently topped sales statistics in the week following its release.

The increase in NFT volumes is followed by an increase in the number of NFT collections, which considerably outnumber gains seen even in 2021. NFTs are now present at a record number of over 3.5 million addresses.

The majority of the recent surge can be attributed to revived interest in long-standing mainstays like the Bored Apes collection. The anticipated debut of a metaverse caused the collection’s floor price to skyrocket this week. Price increases were also seen in Mutant Apes and Kennel Club spinoffs.

However, flamboyant new arrivals appear to have captivated the market as well. The Moonbirds collection, which debuted earlier this month, has frequently topped sales statistics in the week following its release.

According to NFT Go data, despite a disastrous debut, the Akutars initiative beat volumes in the previous 24 hours.

Based on the facts, one can conclude that the NFT boom in 2021 shows no indications of abating. A big aspect in this is that the medium is likely to be far more accessible than cryptocurrency and is subject to less governmental scrutiny.

Countries that have banned cryptocurrency, such as China, yet allow some commerce in NFTs. Their connection to sports and pop culture has also made them appealing to individuals who are not typically interested in cryptocurrency.

Web3 and non-web3 enterprises are still making inroads into the market. Coinbase just debuted its much-anticipated NFT marketplace, while Japanese social media company Line debuted its own initiative.

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Blockchain News

Elon Musk Taking Over Twitter vs. Crypto

Elon Musk, the CEO of Tesla and a billionaire, has acquired Twitter, a prominent social media program. The acquisition comes after the tech mogul turned down an offer to join Twitter’s board of directors.

Twitter has evolved into a hub for crypto users, allowing the establishment of a variety of crypto-related companies. The current $44 billion acquisition is intended at reaching a variety of goals that should improve the app and maybe have an impact on the crypto market in the short and long run.

What will the impact of this deal be on cryptocurrencies?

Musk stated that if he were to buy Twitter, he would eliminate spam bots. Spam bots have significantly clogged the social media app. Any cryptocurrency Twitter user can witness for themselves how these automated algorithms have inundated the social service.

Dogecoin, a cryptocurrency inspired by memes, was founded as a prank earlier in 2013. As Musk backs the token, the value of this memecoin has increased.

Dogecoin’s price had increased by around 20% in the last 24 hours, with a massive 78 percent spike in volume transaction. This rise is most likely due to traders speculating that Twitter will integrate the memecoin in some form.

Musk has shown to be an ardent backer of this memecoin over time. He has demonstrated this by using the token as a means of payment for services in his businesses.

Last December, the tech mogul announced that Tesla Inc., his electric manufacturing company, will begin accepting Dogecoin as a medium of exchange.

According to statistics, Tesla is now the second largest bitcoin holding business, after only MicroStrategy Inc. Tesla now has 48,000 bitcoin at the time of writing.

As the new CEO of Twitter, the crypto billionaire might easily persuade Twitter to join the bitcoin bandwagon over time. He has a great relationship with former Twitter CEO Jack Dorsey, who is a big proponent of Bitcoin.

Twitter has been increasingly implementing Ethereum-based non-fungible coins since last year (NFTs). Previously, former CEO Jack Dorsey sold his first tweet as an NFT. Following that, the social networking app published a collection of NFTs on Rarible, an NFT marketplace based on the Ethereum network.

Twitter has launched a feature that allows Twitter Blue subscribers to upload JPEG and PNG NFTs as profile images, which will be shown in a hexagonal shape rather than the native circular shape. However, this advancement is currently confined to static picture NFTs available on the Ethereum blockchain, and the service is only available on iOS devices.