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Bitcoin News

The 19 Millionth Bitcoin Has Just Been Mined

Bitcoin price
Bitcoin (BTC) is Holding on For Dear Life, Hits Critical Support Again

This is the first million-coin milestone reached since October 2019. More than 90% of all Bitcoin that will ever exist have been mined.

It is extremely difficult to forecast when the 20 millionth coin will be mined due to a plethora of various variables.

Because Bitcoin payouts for miners are half every four years, the Bitcoin generation process is becoming slower.

The maximum supply of BTC is hard-capped at 21 million coins, which is widely regarded as one of the flagship cryptocurrency’s most significant advantages.

Gold, on the other hand, has a limitless supply. Block generation periods might vary according on the network’s mining difficulty, which is adjusted every two weeks. Due to shifting mining regulations, the very last BTC is likely to be mined only in 2140, according to approximate estimations.

Because Bitcoin is built on software, it is theoretically feasible for someone to propose a code update to boost Bitcoin’s maximum supply above the previously stated limit.

Changing Bitcoin’s hard ceiling of 21 million coins, on the other hand, would be considered sacrilegious by the community.

Matt Luongo, the inventor of Thesis, previously proposed raising the maximum supply of the top cryptocurrency so that miners would still be incentive to continue safeguarding the network. Of course, the initiative drew harsh criticism.

Due to the decentralized structure of Bitcoin, getting tens of thousands of nodes to join would be difficult, which implies that such a major change has a snowball’s chance in hell of being implemented.

El Salvador is the only country that has made BTC legal cash, and it is currently selling Bitcoin-backed “Volcano Bonds” to generate funds. Several other nations, notably Brazil, showed encouraging signals of Bitcoin acceptance in 2021.

With fewer than 10% of Bitcoin yet to be mined, the most active Bitcoin purchasers, such as Do Kwon’s Luna Foundation Guard, face an uphill struggle if they wish to keep stacking Sats.

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Blockchain News

Billy Markus Thoughts on Shiba Inu’s Metaverse

Ethereum whales
Ethereum Whales Continue To Accumulate SHIB

In a rage-filled tweetstorm on March 31, Dogecoin co-creator Billy Markus slammed Shiba Inu’s virtual reality project “SHIB: The Metaverse.” Markus, one of the two software engineers who invented the first meme currency, claimed that the much-touted metaverse project is nothing more than a money grab for developers.

Shiba Inu developers revealed new details about the ecosystem’s metaverse project on Wednesday, which would include 100,595 land parcels for sale. They stated that they picked ethereum as a land price token since it is a cryptocurrency that is impartial.

Markus, who goes by the Twitter handle Shibetoshi Nakamoto, ridiculed the idea, claiming that selling fictitious land with the second-largest cryptocurrency will not increase the utility of the SHIB coin.

He went on to say that the metaverse initiative is a money grab for the producers of the second-largest doggy-themed cryptocurrency, who are looking to earn more money. According to the co-founder of Dogecoin, they might earn an additional $100-300 million from Shib holders.

Markus questioned whether the Shiba Inu team intends to conduct the necessary Know Your Customer (KYC) procedures and register it as a security with the United States Securities Exchange Commission after the Shiba Inu team confirmed that land buyers will be able to earn passive income from the metaverse project (SEC).

Markus, who is no longer associated with Dogecoin, also took aim at cryptocurrency developers who are more concerned with profit than with the development of their projects.

Markus points out that if Jackson Palmer and himself had been greedy, Dogecoin would have been a catastrophic flop. “These days, highly selfish and deceptive inventors are lavishly rewarded.” But their goods all fail for obvious reasons,” the Dogecoin co-founder stated in another tweet thread.

He confesses he’s irritated by dishonest developers who make millions by marketing frauds, despite the fact that his invention, which has a market valuation of over $80 billion, netted him only $3,000.

Although Dogecoin began as a joke in 2013, it has since developed to become the face of memetic money. In fact, one of the world’s most prominent individuals, Elon Musk, has praised DOGE as a superior form of payment than bitcoin.

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Bitcoin Blockchain Ethereum News Opinion

Vitalik Buterin Thoughts on Bitcoin Maximalism

vitalik buterin pos
Vitalik Buterin Think PoS Bitcoin System is Better

Vitalik Buterin, Ethereum’s creator and co-founder, released a blog post on Friday defending “Bitcoin maximalism” with strong argument and detail. The post appears to be mostly genuine, yet its publishing on April Fools’ Day raises a number of suspicions regarding his true motives.

The maximalist ethos often opposes any changes to Bitcoin itself, while simultaneously believing that more complicated blockchain systems have fundamental and necessarily fatal faults. Buterin’s admiration for maximalists is surprising given that Ethereum is the most constant and high-profile target of maximalist criticism, owing in large part to the fragility brought by the complexity of its smart contract features.

Buterin appears to regularly echo similar objections of the system he designed in his post, including jabs at Ethereum proposals to produce money for developers. He even criticizes his own practice of engaging with morally dubious commercial and political figures.

While it may be interpreted as a sarcastic troll, Buterin appears to be utilizing the inherent ambiguity of an April Fools’ publishing date to emphasize the intricacy and complexity of the discussion over maximalism.

Even when he dials up the language for April Fools’ Day trolling, his seeming “attacks” on Ethereum are better viewed as making the argument that the crypto ecosystem contains many diverse methods. 

He characterizes ‘team blockchain,’ which includes many Ethereum developers, as affluent individuals in wealthy nations who want to virtue-signal about getting beyond money and capitalism, and those who can’t help but be enthused about decentralized government experiments as a hobby. 

In contrast, he portrays Team Bitcoin as a varied mix of affluent and poor individuals… who are truly using the capitalist instrument of free self-sovereign money to bring real value to humans today.

That appears to be a bit of a joke, given that Buterin has embraced decentralized governance as a valuable innovation. But it’s worth recalling that the developer of Ethereum was enamored by Bitcoin for years before coming up with a viable solution.

And he appears to be fully earnest about the crux of his argument. Among the vast array of blockchain concepts, he says, the Bitcoin community’s prudence and determination to defend Bitcoin with true zeal are particularly noteworthy. 

As he demonstrates with instances such as Ethereum miners outpacing consumers and development-funding tax ideas, the feature-richness of systems such as Ethereum carries intrinsic dangers to predictability and durability. Finally, the major danger is that some complicated feature may jeopardize or weaken a system’s decentralization, making it subject to hostile assault.

As more money enters the field, he believes that maximalism is a valuable defensive, driving short-term rewards based on innovations that might undermine cryptocurrency’s primary premise.

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Blockchain News Regulation

Indonesia Introduces New Crypto Tax Law

Indonesia
Indonesia Introduces New Crypto Tax Law

Indonesia has become the latest country to levy taxes on cryptocurrency transactions and income.

According to an Indonesian tax official, the nation intends to levy income tax on cryptocurrency revenues as well as value-added tax (VAT) on cryptocurrency-related transactions.

According to the article, bitcoin dealers in Indonesia would be required to pay 0.1 percent for each of the taxes beginning May 1.

According to the article, the VAT rate on crypto assets is lower than the standard 11 percent tax charge on goods and services. However, the taxation on cryptocurrency profits is similar to that of commodities such as stocks.

Saksama further remarked that the administration is still working on putting in place adequate tax legislation.

Meanwhile, the crypto tax legislation is the consequence of a slew of tax measures implemented last year in an effort to boost revenue collections hampered by the COVID-19 epidemic.

Indonesians will be able to purchase and sell crypto assets as commodities in 2021, but not as a form of payment, according to the country’s commerce ministry.

Indonesia is hardly the first government to consider taxing cryptocurrency holdings. As bitcoin continues to gain traction among mainstream consumers, regulators are increasingly concerned about how to interact with the asset class.

India recently enacted taxes on digital assets, which went into effect on April 1. Traders are required to pay 30% of all bitcoin earnings or risk prosecution.

Just this week, Indian tax officials collected $2.3 million from 11 cryptocurrency exchanges, including WazirX, according to Pankaj Chaudhary, Minister of State for Finance.

In France, traders would be required to pay taxes on crypto earnings only after they were converted to cash. Trades between other digital currencies are tax-free, according to the country’s finance minister, Bruno Le Maire.

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Bitcoin Blockchain News

Saylor Think the Market Isn’t Ready For Bitcoin Bonds

microstrategy bitcoin
MicroStrategy CEO: Bitcoin will surpass gold as a store of value

Michael Saylor, CEO of MicroStrategy and a long-time supporter of Bitcoin (BTC), argues that existing financial markets aren’t nearly ready for Bitcoin-backed bonds.

Saylor told Bloomberg on Tuesday that he’d love to see the day when Bitcoin-backed bonds are marketed in the same way that mortgage-backed securities are, but that the market isn’t quite ready for that yet. A term loan from a large bank was the next best option.

The comments came only two days after MicroStrategy’s Bitcoin-specific company MacroStrategy launched a $205 million BTC-collateralized loan to acquire even more Bitcoin. This was a one-of-a-kind loan since it was MicroStrategy’s first time borrowing against its own Bitcoin holdings — which are presently worth at over $6 billion — to purchase more of the cryptocurrency.

Saylor’s remarks come on the heels of El Salvador’s recent decision to postpone the March 23 issuing of its $1 billion BTC-backed “Volcano Bond.” The decision to postpone the bond, according to El Salvador’s Finance Minister Alejandro Zelaya, was made owing to overall financial instability in the worldwide market caused by the situation in Ukraine.

Saylor, in a possible warning to El Salvador, stated that the country’s Volcano Bond was somewhat riskier than his company’s Bitcoin-collateralized loan. He described it as a hybrid sovereign debt instrument rather than a straight Bitcoin-treasury move. This has its own credit risk and has nothing to do with the Bitcoin risk at all.

Saylor went on to state that he is quite enthusiastic on the long-term prospects of Bitcoin-based bonds, even going so far as to suggest that cities such as New York employ Bitcoin as a debt instrument.

MicroStrategy has collected a large 125,051 BTC since its original $250 million BTC investment in August 2020, equating to $5.5 billion at the current price of $44,547. MicroStrategy conducted a number of independent BTC acquisitions with cash on hand as well as revenues from the issuance of convertible senior notes in private offerings to institutional investors.

Saylor’s activities progressively converted MicroStrategy into a somewhat leveraged Bitcoin holdings firm, with shares strongly tied with Bitcoin’s price.

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Blockchain DeFi News News

Wave Financial Gets $100M Fund for Cardano DeFi Ecosystem

Wave
Wave Financial Gets $100M Fund for Cardano DeFi Ecosystem

Wave Financial has established the Wave ADA Yield Fund to assist with the development of innovative decentralized finance (DeFi) projects on the Cardano network.

Wave Financial Group is an SEC-registered digital asset management business based in the United States that has been investing in bitcoin since 2016.

The business has established a $100 million first fund to offer liquidity to enable the development of additional DeFi platforms in the Cardano ecosystem.

The management business stated that the Wave ADA Yield Fund would be used to give liquidity to pairs of pools that will enable Cardano’s decentralized exchanges (DEXes). Wave Financial also intends to provide cash to DeFi lenders in order to facilitate lending.

Wave Financial CEO David Siemer expressed his excitement about the additional financing. He stated that the corporation is pleased as it continues to invest in the bitcoin area.

Since 2021, the Cardano community has fostered the establishment of hundreds of firms built on the Cardano blockchain, according to Charles Hoskinson, founder of Input Output, a software technology company that has been an early backer of Cardano. He also discussed the advantages of this new initiative.

“Cardano’s growing ecosystem is hosting an ever expanding universe of applications supporting significant numbers of active users – it’s critical for the success of the ecosystem that Cardano-based projects thrive, and so we are pleased that the ADA Yield Fund is committing substantial financial resources to facilitate continued growth and market acceptance.” 

The new WAVE ADA Yield Fund is an extension of Wave Financial’s goal to assist investors in the cryptocurrency market. The business stated that it will continue to promote and build stake pools in order to fortify the Cardano network.

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Bitcoin Price Analysis

Bitcoin (BTC) Forecast 03/31

Bitcoin
Bitcoin BTC price analysis 05/08

On March 31, Bitcoin began to exhibit new signals of an approaching decline as BTC price action began to cut into last weekend’s CME futures gap.

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD dropping over $1,000 in minutes on Bitstamp following the Wall Street open on March 31.

The pair had fluctuated after failing to establish $48,000 as support earlier in the week, prompting calls for a retest of lower levels as a necessary step following significant advances.

Bitcoin was trading around $46,700 at the time of writing, having fallen to its lowest level since the night of March 27.

A check at the CME futures chart revealed that short-term price performance may have a negative objective in the shape of the gap left over from the previous weekend.

CME futures closed at roughly $44,650 on March 25, only to start at $46,725 on March 28.

Based on past history, the resultant gap might very well be filled, implying that Bitcoin could face another $2,000 drop.

Nonetheless, popular Twitter account @CivEkonom observed that a previously unseen gap from last year between $52,000 and $54,000 remained open.

Meanwhile, the retest fell into the short-term gameplan of certain popular traders. In a day-to-day report, Anbessa stated that he, too, preferred a return to the mid-$44,000 region, with only a deeper move challenging his so far positive outlook.

Cheaper coins would also benefit the largest bidder from late March, Blockchain protocol Terra, whose buy-ins hit 30,000 BTC on March 31.

Meanwhile, cross-crypto sentiment has continued to deteriorate, with the Crypto Fear & Greed Index reaching “greed” territory for the first time in 2022.

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Altcoins Blockchain News Technology

Billy Markus suggests a change that could bring huge success for DOGE

Markus
Billy Markus suggests a change that could bring huge success for DOGE

Billy Markus, co-founder of Dogecoin, has urged the dogecoin community to promote the asset as a digital money. Despite the fact that he is no longer involved in the project, Markus has continuously made proposals to support DOGE’s growth.

Billy Markus asked the Dogecoin community yesterday in a series of tweets to drop the ‘meme/speculation label’ and promote Dogecoin as a digital currency for payments. Markus believes that the crypto ecosystem is rife with tokens and assets created by groups expecting to profit from their investment. He feels that Dogecoin possesses the required characteristics to distinguish itself as a medium of trade.

“Dogecoin needs to market itself as a digital CURRENCY… there’s already infinite digital speculation and digital utility tokens and chains, and pointless speculation tokens are made daily… dogecoin is in the best position to be the most used for purchasing and tipping... if you want dogecoin to succeed, continue to be relevant, and have a reason and need to exist, utility comes from using it, accepting it, and showing others the benefits to do so.”

Markus is not the first to advocate for the deployment of Dogecoin as a significant currency. Billionaire Elon Musk, who worked at PayPal and has a history in payments, previously stated that Dogecoin was the finest form of money he had ever seen. 

The Billionaire explained in an interview with TIME that the scalability and inflationary restrictions of Dogecoin lead him to favor the crypto currency over Bitcoin and Ethereum as a source of payment.

Dogecoin is now accepted as payment for select Tesla items. AMC Theatres recently revealed that it will accept payments in the pioneer meme currency.

Musk has stated that if he acquires Twitter or develops his own social media site, he will include the meme coin as a tipping option. Musk has recently voiced discontent with the microblogging network, prompting speculation that the world’s richest man may explore purchasing it or developing his own social media platform.

Despite the fact that Billy Markus and Jackson Palmer established Dogecoin as a joke, the token has seen widespread acceptance. Billionaires Elon Musk and Mark Cuban have both shown their support for Dogecoin. While progress on the project has been uneven, this year promises to be different.

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Altcoins Blockchain News

UKAN Token Designed to Support Ukrainian Government

ukan
UKAN Token Designed to Support Ukrainian Government

Ukan Token (UKAN), a rescue token built as a decentralized community for humanitarian reasons, has been developed by a group of crypto activists. UKAN is committed to assisting the Ukrainian government in its recovery from the devastation caused by Vladimir Putin and the Russian Army.

UKAN creators are actively designing the delivery of fifty percent of UKANS directly to Ukrainian president Mr. Volodymyr Zelensky, based on the Ethereum network and accessible on Uniswap. Prior to today’s official debut, activists began investing in UKAN (based on word-of-mouth). At the time of writing, the UKAN community had hundreds of holders and a total value locked (TVL) of more over $6 million.

According to the United Nations, Russian aggression has already caused $100 million in damage to Ukraine’s infrastructure, including demolished houses, hospitals, transit systems, schools, retail malls, recreational facilities, and other structures.

Satellite picture analysis by UNOSAT, the United Nations satellite mapping organization, confirmed that 80 percent of residential infrastructure in Maripol has been destroyed by missile assaults and shelling. According to the UN, nearly 3.5 million people have fled their homes in Ukraine, with women and children accounting for more than 90 percent of those refugees. Even if the conflict ended today, UKAN’s goal to rebuild, rehabilitate, and support Ukraine’s people will be vital long after the bombs stop falling.

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Altcoins Bitcoin Blockchain News

Terra’s Bitcoin holdings have just surpassed $1.4 billion

Bitcoin price
Bitcoin (BTC) is Holding on For Dear Life, Hits Critical Support Again

According to the current Bitcoin rate, the newest BTC inflows to the bitcoin address associated with the Luna Foundation Guard (LFG) have verified the acquisition of an additional 2,940 BTC worth over $140 million.

Prior to the transaction, the Luna Foundation acquired around $140 million USDT as a buy money through its Binance address, according to WuBlockchain. The blockchain data given by BitInfoCharts indicates collected BTC worth more than $1.44 billion with a total of 69 transactions completed between January 21st, 2022 and March 30th, 2022.

As of now, the BTC address associated with the Luna Foundation contains 30,727.9 BTC, making it the 32nd most valuable BTC address. While distributing its LUNA tokens, the group has actively depended on its fundraising initiatives to recruit new members.

The money are actively converted to BTC as the primary asset needed to keep its UST stablecoin stable. The implementation of novel algorithmic solutions is the most effective method of controlling the quantity of stablecoins in circulation, allowing the organization to satisfy the needs of all users.

The Luna Foundation’s reserves must be expanded in order for it to continue to fund its UST and LUNA programs. On the one hand, large BTC reserves ensure the company’s capacity to satisfy its financial commitments regardless of fluctuations in UST/BTC exchange rates. The funds’ interest in its tokens, on the other hand, adds to increased demand among corporate and private investors.

As the demand for LUNA grows, the group is expected to raise more cash and enhance its reserves even further. As a result, both the stablecoin and cryptocurrency markets may develop in a balanced manner. The price dynamics seen in recent months suggest that LUNA is one of the top-10 gainers, having burst through a new all-time high yesterday.

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Altcoins Blockchain Price Analysis

Solana (SOL) Forecast 03/30

Solana
Solana (SOL) Price Analysis 07/09

On March 30, Solana (SOL) resumed its two-week ascent, thanks in part to its integration with OpenSea, the world’s largest nonfungible token (NFT) marketplace by volume. SOL’s price has risen by 4.5 percent in the last 24 hours to roughly $117 per token, its highest level since February 11, 2022.

The coin’s most recent upward rise increased its two-week paper returns to more than 50%. Nonetheless, SOL/USD is down 30% year to date, raising the prospect of a retracement as the price challenged its 200-day exponential moving average (200-day EMA; the blue wave) near $120 as resistance.

The 200-day EMA corresponded with the 0.236 Fibonacci retracement line established from the swing high of $266 to the swing low of $75 on the Fibonacci retracement graph. This adds another layer of selloff risk at $120, which is going to be a difficult level to breach.

The decision of OpenSea on March 29 to include Solana’s NFTs into its marketplace may have raised SOL’s pricing. According to Dune Analytics, the rally corresponded with Solana-based NFT platforms having their highest day in terms of volumes and transactions on March 29.

The total number of transactions completed on these Solana platforms surpassed 57,000. Meanwhile, their net worth was roughly 136,000 SOL, or about $15.2 million at the March 30 pricing, making it the biggest daily transaction volume witnessed inside Solana’s NFT ecosystem to far.

Surprisingly, on March 29, Magic Eden processed almost 80% of all reported transactions. Since its introduction in October 2021, the NFT marketplace, which recently secured $27 million in a Series A financing round headed by Paradigm, has consistently outperformed its counterparts throughout the Solana ecosystem.

Despite increased transactional activity, Solana NFT marketplaces have underperformed in terms of sales volume.

According to CryptoSlam statistics, the amount of owner-to-owner NFT sales has declined by more than 13% in the last 30 days to $147.41 million. Meanwhile, it has lost 30% of its value since January, when it was $202.19 million.

However, Solana is not alone in experiencing a drop in NFT sales, as Philip Gunwhy, a partner at sports NFT marketplace Blockasset, pointed out. He also believes that tighter crypto laws in the United States and China have impacted demand for NFTs.

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Altcoins Blockchain News

BTC, SOL, MATIC, and five more now integrated into Opera

opera
BTC, SOL, MATIC, and five more blockchains now integrated into Opera

Opera, one of the most popular crypto-friendly internet browsers, announced the integration of eight blockchains as part of its ongoing endeavor to provide Web3 to more than 380 million mobile and desktop users globally.

Opera introduced the Crypto Browser project in January 2022, a Web3-focused venture aimed at enabling browsing across decentralized apps (DApp), gaming, and metaverse platforms. As part of this effort, the browser business enabled support for eight key blockchain ecosystems: Bitcoin, Solana, Polygon, StarkEx, Ronin, Celo, Nervos Network, and IXO.

According to the release, Opera users now have access to the Polygon and Solana DApp ecosystems, as well as the benefits of Layer 2 DeFi with StarkWare-powered DiversiFi.

The most recent integrations allow Opera users to use StarkEx to gain access to the Polygon proof-of-stake blockchain and the Ethereum layer-2 ecosystem. The objective behind integrating various blockchains, according to the business, was to assure chain agnosticism and Web3 inclusion in an environmentally sustainable manner. According to Jrgen Arnesen, EVP mobile at Opera:

“Ultimately, Web3 is on its way to becoming a mainstream web technology and users won’t need to know they’re interacting with it. They need to get a superior user experience and a true benefit.”

The release also emphasized the importance of carbon-neutral solutions with cheap gas expenses, which is one of the primary reasons for selecting Polygon over the Ethereum blockchain.

Opera competitor Brave browser stated intentions to incorporate the Solana blockchain in November 2021 to boost its DApp capacity, which has yet to be implemented.

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Blockchain News

Lionel Messi Gets a $20 Million Contract With Crypto Platform Socios

Messi
Lionel Messi Gets a $20 Million Contract With Crypto Platform Socios

Lionel Messi, the popular soccer player, has signed a multi-year deal with Socios.com, a crypto fan token startup. For three years, the footballer will act as the firm’s worldwide brand ambassador under the banner “Be more,” promoting Socios.com to his social media fans all around the world.

“Fans deserve to be recognized for their support. They deserve opportunities to influence the teams they love. Socios.com exists to enhance the fan experience and to enable fans to be more. I’m proud to join Socios.com’s mission to create a more connected and rewarding future for fans around the world.”

Messi will also appear in an advertising and promotional campaign for the crypto firm in the run-up to the 2019 FIFA World Cup event, which begins in November. Messi will also be involved in the company’s instructional program, beginning with the launch of their debut campaign.

This, however, becomes the football champion the latest sports figure to enter the crypto sector, following NFL quarterback Tom Brady and NBA great LeBron James.

In a statement, Alexandre Dreyfus, CEO of Socios.com, stated that collaborating with Lionel Messi would make football exceptional for fans all around the world while ensuring their support is recognized.

“We are delighted to announce Lionel Messi as our new Global Brand Ambassador and look forward to building a more inclusive, exciting and rewarding future for fans across the world together. We have taken great strides forward in the last few years, but, if football fans know one thing, it’s that with Lionel Messi on your side anything is possible.”

Meanwhile, it is worth noting that this is not the first time Socios has worked with sports figures and organizations. In the past, the crypto business has struck partnerships and generated fan tokens for over 130 sports organizations, including big teams such as PSG, Barcelona, Juventus, and Manchester City.

Fan tokens let supporters who own the token to participate in minor club decision making. After getting permission from the Terra community, blockchain project Terra has signed a deal with the Washington Nationals of the United States Major League Baseball.

The agreement formed the first-ever collaboration for decentralized autonomous groups (DAOs). Terra gave the Baseball League side $40 million in its own UST stablecoin for advertising purposes.

OKX, formerly known as OKex, has become the first official crypto exchange partner of English Premier League team Manchester City. The agreement covers Man City’s male and female teams, as well as its eSports activities, and includes the exchange’s brand being displayed within the club’s facilities and stadiums.

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Blockchain Gaming News

Axie Infinity’s Ronin bridge was hacked for around $600 million

Binance
Axie Infinity's Ronin bridge was hacked for around $600 million

The Ronin bridge and Katana Dex have been halted following an exploit for 173,600 Ethereum (ETH) and 25.5 million USD Coin (USDC), worth a total of $612 million at Tuesday’s prices, according to Axie Infinity’s official Discord and Ronin Network’s official Twitter thread, as well as its Substack page. 

The creators claimed in a statement that they are actively working with law enforcement, forensic cryptographers, and our investors to ensure that all monies are recovered or refunded. Right now, all AXS, RON, and SLP tokens on Ronin are secure.

According to Ronin engineers, the attacker utilized compromised private keys to create bogus withdrawals, depleting cash from the Ronin bridge in just two transactions. More crucially, the attack took place on March 23 but was only detected on Tuesday because a user allegedly found difficulties after attempting to withdraw 5,000 ETH from the Ronin bridge. 

RON, Ronin’s primary governance token, has dropped over 20% in the last hour to $1.88 at the time of posting. Sky Mavis’ Ronin chain presently has nine validator nodes, with a minimum of five signatures required to acknowledge a deposit or withdrawal event.

The attacker gained control of five private keys, including four validators maintained by Sky Mavis and a third-party validator run by Axie Decentralized Autonomous Organization, or DAO. It took a long time to get illegal access to the latter.

Sky Mavis, the creator of the Axie Infinity and Ronin ecosystems, sought assistance from the Axie DAO in November to award free transactions owing to an increase in the number of users. Sky Mavis was whitelisted by the Axie DAO to sign different transactions on its behalf, and the procedure was terminated in December. Access to the whitelist, however, was not withdrawn.

After gaining access to Sky Mavis systems, the attacker received the last signature from the Axie DAO validator, completing the node threshold necessary for the illegal siphoning of cash from Ronin. At the time of publishing, the majority of the compromised cash were still in the attacker’s wallet.

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Bitcoin Blockchain News

MicroStrategy’s MacroStrategy Got $205M to Purchase More Bitcoin

MacroStrategy
MicroStrategy's MacroStrategy Got $205M to Purchase More Bitcoin

MacroStrategy, a subsidiary of publicly listed business MicroStrategy, has received a loan term of $205 million to purchase more bitcoin. The current action marks MicroStrategy’s first attempt to use its substantial bitcoin holdings as collateral to buy further bitcoins.

The loan was arranged by Silvergate, a crypto-friendly bank, according to the statement on Tuesday. Notably, Silvergate is insured by the Federal Deposit Insurance Corporation (FDIC), making it the first FDIC-licensed bank to offer Bitcoin-backed cash loans.

As collateral, MacroStrategy will employ bitcoins assigned to its account by MicroStrategy. According to a regulatory filing, the company put up around $820 million in bitcoins as collateral. The loaned funds will be used to purchase bitcoin as well as to service interest payments and other loan-related costs.

MicroStrategy has aggressively increased its exposure to Bitcoin since adding it into their treasury management strategy in 2020. According to publicly accessible statistics, the business is the largest corporate Bitcoin holder, with at least 125,051 BTC purchased at an average price of $30,194. MicroStrategy’s bitcoin assets are worth about $6 billion at today’s market pricing.

Given MicroStrategy’s previous experience with bitcoin, this current agreement with Silvergate is likely to be the first of many. CEO Michael Saylor has framed the company’s Bitcoin buying binge as a “long-term investment,” while also revealing personal bitcoin purchases.

Despite previous market downturns, where the company’s Bitcoin holdings were valued $4 billion less, MicroStrategy continued to purchase additional bitcoin. Time will tell how far the corporation will go to leverage its existing assets to increase its bitcoin exposure. Industry analysts will also be interested in how the corporation addresses larger market challenges while being committed to holding bitcoin for the long run.

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Altcoins Price Analysis

Terra LUNA Forecast 03/29

luna
Controversial behavior by new LUNA validators has been detected

The native cryptocurrency of the DeFi-centric Layer 1 blockchain system Terra, LUNA, has skyrocketed in the last 24 hours to a new record high of roughly $110, owing to the larger crypto market revival and the Luna Foundation Guard’s (LFG) bitcoin acquisition frenzy.

LUNA is on a roll. The rapidly-growing coin has risen by more than 10% to $109.66 for the first time today, smashing the previous record of $104.73. With a market worth of $38.5 billion, LUNA is now the world’s eighth-most valuable cryptocurrency.

It has now retraced significantly, settling at roughly $108.37 at the time of publication. However, it is still up 8.7 percent for the day. Given that it was selling at roughly $70 at the start of the month, this is a big achievement.

Terra is a cryptocurrency network that was created with the Cosmos software development kit (SDK). Due to the Luna Foundation Guard (LFG), a Singapore-based NGO, acquiring bitcoin to support Terra’s flagship stablecoin UST, the project has received a lot of attention recently. The LFG acquired a further $135 million in BTC in four batches on Monday.

Terra has been a regular bitcoin shopper. Do Kwon, the CEO of LFG and Terraform Labs, acknowledged to Bloomberg on Monday that the corporation has purchased more than $1 billion in Bitcoin since the end of January.

At the time of writing, the Luna Foundation Guard’s bitcoin address had 27,784.96954740 BTC, which is equivalent to $1.32 billion at current market values.

To maintain its algorithmic stablecoin UST linked to the US dollar, Terra employs a dual token method. This implies that for every new UST issued, Terra users must burn $1 worth of LUNA. Without sufficient collateral support, the stablecoin risks collapsing. This is why LFG is putting BTC into its reserve fund.

Kwon stated earlier this month that they are particularly interested in Bitcoin because they believe it is the most powerful digital reserve asset. UST will be the first internet native currency to incorporate the Bitcoin standard into its monetary policy.

The idea, according to the Korean entrepreneur, is to increase LFG’s Bitcoin reserves to $3 billion, with a long-term goal of creating a $10 billion fund. As LFG continues to acquire bitcoin, LUNA is expected to continue soaring higher.

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Bitcoin Blockchain News

Dubai School Now Accepts Crypto For Tuition

Dubai
UAE CRYPTO

Citizens School, a Dubai-based educational institution, has become the first in the Middle East to accept cryptocurrency as payment for tuition.

Citizens School announced in a news statement on Monday that beginning in September 2022, it would expand its payment choices so that tuition costs may be paid in bitcoin and ether in addition to regular currencies. The change gives parents more payment alternatives.

The news comes after the school teamed with a digital currency firm that accepts cryptocurrency payments and immediately converts them to fiat cash.

Citizens School’s cryptocurrency adoption follows the Dubai government’s recent passage of its first virtual asset law and the formation of the Virtual Assets Regulatory Authority (VARA), which supervises the country’s cryptocurrency sector.

According to a news release, the school’s goal is to help entrench the United Arab Emirates (UAE) as a worldwide digital economy leader. Citizens School intends to become a centre for entrepreneurial ideas and child-led innovation, according to the school’s mission statement.

When discussing the institution’s push for bitcoin widespread acceptance, Hisham Hodroge, the CEO of Citizens School, stated that allowing students to pay tuition costs using cryptocurrency assets goes beyond simply giving another payment option.

“It is aimed at creating an interest in growing trends and breakthrough technologies that will have a profound effect on the lives of young generations. It is also a means to further drive interest in the applications of blockchain – a technology that Citizens School intends to deploy in time.” 

Will other educational sectors and organizations follow in the footsteps of Citizens Schools and incorporate cryptocurrency into their systems? The only way to know for sure is to wait.

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Bitcoin Blockchain Price Analysis

Bitcoin (BTC) Forecast 03/28

bitcoin
Bitcoin (BTC) Analysis 05/29

The world’s most valuable cryptocurrency, Bitcoin, has come back to life with a two-week stealth rise that has propelled it beyond a critical threshold of $46K and back into positive territory for the year.

Although it remained inside its prolonged trading range, with $47K as its ceiling, Bitcoin remained firmly on the radars of long-term traders as the weekly close approached, which may likely be Bitcoin’s biggest weekly finish of the year so far.

More than 16 percent higher since March 11, the cryptocurrency was trading at over $47K, well beyond the top limit of the $35K-to-$45K range since the beginning of the year. Following the recent increases, the cryptocurrency has gained around 0.6 percent this year.

As a result of the Federal Reserve and other central banks reversing some of the stimulus measures implemented in response to the global downturn, the flagship cryptocurrency has found itself in a bind. As a result, there is less money available to invest in risky assets such as cryptocurrency.

Furthermore, the cryptocurrency market has come under investigation as experts predict that it may be used to avoid Russian restrictions, but many deny this assertion.

However, this is another of those Bitcoin occasions when the narrative shifts quickly, attracting investors and sending the price upward. Price movements show that it is trading at the top of the 2022 for the sixth time; this is another of those Bitcoin occurrences.

Despite an increase in crypto assets under management in March, aggregate trade volumes plummeted 30% to $259 million, breaking a five-month declining trend, according to a CryptoCompare analysis.

The amount of coins entering this age bracket is already at 480k BTC, which is outstanding on paper but far lower than prior strong bullish impulses in 2019 and 2021.

Despite this, it is equal to the accumulation of 510k BTC in March 2020, which is noteworthy given the scale of the economic shock, which is comparable to present fighting, commodity inflation, and supply chain disruptions.

A consistent increasing trend in both of these supplies held indicators would be a favorable sign, whilst a fall would be a negative sign.

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Blockchain News Regulation

Japan intends to strengthen crypto exchange regulations

Japan
Japan intends to strengthen crypto exchange regulations

A government official said on Monday that Japan intends to revise its Foreign Exchange and Foreign Trade Act to put cryptocurrency exchanges under the jurisdiction of banking rules. The suggested modification is being implemented to prevent sanctioned nations from engaging in evasive behavior with digital assets.

In a news conference, Chief Cabinet Secretary Hirokazu Matsuno stated that the government intends to draft legislation to modify foreign exchange laws to include crypto exchanges.

The country’s freshly elected prime minister, Fumio Kishida, likewise endorsed the proposed modification and urged for coordinated enforcement efforts with Western partners.

Crypto exchanges, like banks, will be compelled to check and flag transactions connected with sanctioned Russian persons or entities under the amended foreign exchange legislation.

Japan, along with the majority of its Western partners, imposed various financial penalties on Russia in response to its activities in Ukraine. Earlier this month, the country’s financial regulatory agency also requested that crypto exchanges desist from processing transactions for sanctioned individuals.

A parliamentary modification to the legislation, on the other hand, would make it a legal requirement for cryptocurrency exchanges to block transactions for certain sanctioned Russian politicians, oligarchs, banks, and other entities.

The reason for concern about Russia potentially attempting to avoid sanctions by adopting bitcoin stems from the country’s rising interest in the crypto industry, as well as recent remarks made by its ministers.

Russia has been obliged to seek alternate payment channels and ways of access to the international commercial market as a result of financial restrictions. While worries regarding the probable use of digital assets to avoid trade restrictions have been one of the most heated issues of debate, experts have dismissed such fears as completely false.

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Altcoins Bitcoin Blockchain Ethereum News Opinion

Crypto Market Overview 03/28

California
California regulator investigates crypto firms

On Sunday, the crypto market experienced significant increases, with assets in the top ten by market size gaining more than 5%. Bitcoin unexpectedly surpassed $47k for the first time in three months.

The markets experienced a lot of positive momentum on Sunday, with the top ten crypto assets by market value gaining more than 5%. The market appeared to be resuming up where it left off last week.

Bitcoin finally broke through the $44,500 price barrier, and it didn’t stop there; it also retook the $47k price level. The move indicated that Bitcoin had recovered all of its losses in 2022 and had broken through a three-month price barrier. Bitcoin is presently trading close beyond the $47k mark.

It is currently at $47,067, up 5% in the last 24 hours and 14.3% in the previous seven days. Ethereum, on the other hand, increased by more than 5% as it continues to outpace BTC slightly. Pundits attribute this to the network being on the verge of the “Merge” phase, in which it will transition from Proof-of-Work to Proof-of-Stake.

The asset is presently trading at roughly $3,331.42, up 5.23 percent in the past 24 hours and 15% in the previous seven days. As previously noted, BTC and ETH are not the sole winners. Bullish momentum has also been seen in Solana, Avalanche, and Polkadot.

Cardano has also been performing well in recent weeks, rising 5.08 percent in the previous 24 hours and 32.99 percent in the last seven days. It is also worth noting that Polkadot (DOT), which is ranked 11th by market value, has put up an impressive performance, rising 9.93 percent in the previous 24 hours and 20.78 percent in the last seven days.

The crypto market trade volume has increased by 68.06 percent in the previous 24 hours, bringing the overall crypto market capitalization to $2.12 trillion. So far, 2022 has not gone as many analysts expected or forecasted. Over the most part, the crypto markets have been under pressure for the previous three months.

Factors such as Fed policies and unknown crypto rules have made investors wary of investing in risky assets, including cryptocurrency.

However, the European crisis appears to have increased demand for digital assets, which have so far played a big role in aiding Ukraine’s military effort through contributions. Add to it the fact that Russia intends to accept Bitcoin as payment for its products.

The development of assets like as ETH, ADA, LUNA, and AVAX is also accelerating. It is worth mentioning that various regulatory clouds continue to loom over the embryonic business.

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Bitcoin News

Rio de Janeiro will start accepting Bitcoin tax payments next year

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

Rio de Janeiro, Brazil, is taking significant strides toward becoming a worldwide center for the Bitcoin business. Residents of Rio de Janeiro will be able to pay real estate taxes using bitcoin starting in 2023.

Rio de Janeiro is anticipated to be the first city in Brazil to accept bitcoin tax payments. Chico Bulhes, the Secretary of Economic Development, Innovation, and Simplification, made the announcement. To make this proposal a reality, beginning in 2023, the city will engage a variety of firms to convert cryptocurrencies into Brazilian reais, ensuring that City Hall receives 100% of the proceeds in fiat currency.

Rio also intends to launch its own non-fungible tokens (NFT) collection, which will include images of the city’s most prominent tourist attractions. The purpose of this move is to increase tourism while also motivating local artists to use NFTs.

Rio’s Finance Secretary, Pedro Paulo, added that incorporating cryptocurrency into tax payment is just the beginning, as the city intends to extend to other services in the future.

The grandiose crypto aspirations of the Brazilian metropolis are not surprising. It was previously reported that the mayor of Brazil’s second-most populated city, Eduardo Paes, planned to designate 1% of the city’s treasury reserves to cryptocurrency. Paes also disclosed that Rio had planned to offer citizens tax breaks if they paid in bitcoin.

Brazil is clearly taking substantial measures to aid in the growth of cryptocurrency usage. Binance CEO Changpeng Zhao stated on Friday that he had reached an agreement with the mayor of Rio de Janeiro that will see the world’s largest cryptocurrency exchange by trading volume establish an office in the city. After Paes offered Zhao a key to the city, the plan to set up shop in Rio took form.

The epidemic had a heavy toll on Latin America as a whole, with worries of another financial crisis looming. Since El Salvador made bitcoin legal tender in September 2021, Latin American countries’ interest in cryptocurrency has grown.

Leaders in Panama, Paraguay, Argentina, and Mexico are now more receptive to bitcoin and are attempting to increase the role of the flagship cryptocurrency in their respective economies. By accepting cryptocurrency, these countries will be able to gain unparalleled benefits. In El Salvador, for example, the tourist business has grown by 30% since the country legally embraced BTC as legal cash.

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Bitcoin NFT

What Bitcoin NFTs Aim to Do to The Industry

NFTs stolen
More Than $100 Million in NFTs Stolen In The Past Year

According to a forecast from decentralized application discovery platform, DappRadar, 2021 will be remembered as the year non-fungible tokens (NFTs) went mainstream, with trade volume exceeding $23 billion – a 230X increase from only $100 million in 2020.

For mining and trading NFTs, Ethereum’s blockchain has been recommended. However, the situation is fast changing, as high gas prices on Ethereum are driving many players away, providing a competitive edge to NFTs on other chains. The Bitcoin blockchain can also be quite beneficial in this situation.

What are the chances of that happening? Smart contracts on Ethereum and other networks are used to operate NFTs, DeFi protocols, and decentralized apps. Smart contracts, on the other hand, are not supported by Bitcoin. It does not natively support them.

NFTs “on Bitcoin” are secured (but not created) by the Blockchain (Like ERC721 tokens on Ethereum). Stacks, for example, offers the ability to issue and secure NFTs with Bitcoin.

Smart contracts are performed as part of Stack’s blockchain, and their transactions are aggregated into Bitcoin transactions. Despite the fact that it is a layer-1 blockchain, the scaling process is comparable to Ethereum’s.

Stacks’ smart contract features may also be leveraged to enable NFTs backed by the security and liquidity of Bitcoin, in addition to enabling DeFi protocols on Ethereum based on Bitcoin.

Transactions are quicker, cheaper, and more energy-efficient since Stacks’ work is done outside of the Bitcoin mainnet. One such marketplace is Redeeem NFT. On the site, you may find a variety of unusual luxury things, such as luxury purses, wallets, shoes, and art pieces.

The validated things are backed up by NFTs and stored in vaults. The NFT is linked with tokens that reflect tangible commodities ownership. Tokens can be redeemed for physical things at any moment.

Bitcoin transactions on the blockchain are settled utilizing the Stacks Network (STX). Clarity smart contracts can certify actual objects and record their position, origin, and validity.

While implementing NFTs on Bitcoin may appear strange, this advantage might be quite important. Because Bitcoin is the market’s main cryptocurrency, its most passionate advocates oppose all other crypto-assets and their networks.

With Stacks’ scalable technology, these NFTs may be able to stand out in an increasingly competitive industry.

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Altcoins Price Analysis

Dogecoin (DOGE) Forecast 03/27

Markus
Billy Markus suggests a change that could bring huge success for DOGE

A dramatic downturn in the Dogecoin (DOGE) market that occurred between May 2021 and February 2022, with the price plunging by about 85 percent, looks to have come to an end this month.

DOGE had considerable dip-buying when its price fell to roughly $0.10 two weeks ago, culminating in a 30 percent recovery move to $0.14 as of March 27. Meanwhile, the coin’s upside retracement began at a support level that forms a descending funnel pattern, indicating a prolonged bullish turnaround in the next weekly sessions.

A falling wedge pattern happens when the price falls while oscillating between two downward sloping, converging trendlines. In an ideal world, the setup culminates in the price breaking out of the falling range to the upside, increasing by the maximum distance between the wedge’s upper and lower trendlines.

DOGE’s two-week comeback from the wedge’s lower trendline offers up the possibility of it continuing to rise toward the higher trendline — about $0.18. As a result, breaking over the upper trendline exposes Dogecoin price gain to $0.37, a price increase of more than 150 percent from today’s pricing.

When it comes to anticipating bullish chart patterns, veteran investor Tom Bulkowski believes a falling wedge is a bad performer due to its high breakeven failure and low average price. According to a research of 800 transactions, the likelihood of a falling wedge breakout hitting its bullish goal is approximately 62 percent.

A sharp decline from the resistance level, backed by an increase in volume, might see Dogecoin test the 0.786 Fib line near $0.10 as its interim downside objective. A strong rise above the range, on the other hand, might result in a prolonged upward momentum towards $0.24, with an eye on $0.30 and $0.37. (also the falling wedge target).

A strong rise above the range, on the other hand, might result in sustained positive momentum above $0.24, with an eye on $0.30 and $0.37. (also the falling wedge target).

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Blockchain News Regulation

Bank of England Crypto Regulations Framework

bank of england
bank of england crypto regulations framework

Bank of England has led the lead in regulating the burgeoning asset cryptocurrency ecosystem. The framework ushers in a new age of equivalency, with cryptocurrency businesses that provide financial services subject to the same regulations as banks.

The Bank of England has began developing measures for the country’s cryptocurrency regulation. The move looks to be a surprise, given the Bank of England has previously described cryptocurrencies as a minor business with little meaningful impact on the financial sector.

In recent weeks, cryptocurrencies have been under increased scrutiny, particularly in light of Russia’s invasion of Ukraine. Cryptocurrencies have been used to generate funds for Ukraine’s war effort, while there is widespread concern that Russia may use cryptocurrencies to circumvent sanctions.

The Bank of England’s Financial Policy Committee indicated that the potential of Russia shifting to cryptocurrency was remote, but such sentiments highlight the necessity of ensuring innovation in crypto assets is underpinned by an efficient public policy framework.

“At the present, cryptocurrencies are uncontrolled, and the establishment of a complete cryptocurrency legislation would put them within the jurisdiction of authorities.”

The Financial Policy Committee also stated that the Bank of England will pursue an equivalency policy, which implies that crypto businesses that provide financial services will be subject to the same laws that govern banks. Meanwhile, the central bank will focus on mitigating the negative consequences that cryptocurrencies may have on the sector.

Deputy Governor Sam Woods of the BoE has issued a letter to the CEOs of banks and other investment firms, warning them of the possible hazards of exposure to cryptocurrencies while suggesting solutions to the difficulties. He urged companies to consult with their partners about the planned prudential approach of crypto-asset risks.

The Bank of England is particularly interested in stablecoins, and the FPC plans to introduce complete cryptocurrency regulation in 2023. Other UK agencies have made moves to restrict crypto, with the Advertising Regulations Agency issuing a red notice to businesses involved in crypto advertisements to ensure compliance with current standards. The advertising watchdog has called out advertisements by companies such as Coinbase and eToro for failing to communicate to customers the hazards of investing in cryptocurrency.

The Financial Conduct Authority of the United Kingdom has issued an order requiring all cryptocurrency companies to register with the regulator by March 31. Currently, just 33 businesses have satisfied the standard, with more than 80% of applicants being denied.

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Ethereum

Ethereum (ETH) Price Prediction 03/26

Ethereum
Ethereum (ETH) price prediction 03/26

Over the last two weeks, the price of Ethereum has risen dramatically. The price found steady support at $2,500 and resumed its upward trajectory from there. The upside, however, is met with resistance at the falling trend line from the record highs of $4,867.81.

On Saturday, the Ethereum price consolidates with slight increases. A weekly closing over $3,284.75 will pave the way for $4,000 to be reached. On a weekly basis, the price of ETH rises by 12%.

At the time of writing, ETH/USD is trading at $3,118.22, up 0.46 percent on the day. According to CoinMarketCap, the second-largest cryptocurrency by market cap is worth $9,276,333,183.

Since the week of January 7, 2022, the Relative Strength Index has been locked between the two oversold levels of 40 and 50, indicating that the market is still in a bull market. The angle now indicates a likely breakthrough over the 50 level. Furthermore, for the first time in eight weeks, the Optex Band oscillator is rising from a severely oversold position.

On the weekly chart, the Ethereum price creates a ‘double’ bottom pattern around the $2,150 level, which also serves as dependable support.

Initially, the price challenged the levels in July before hitting a new high of $,4867.81 in November. During that time, the price of ETH increased by more than 100 percent.

On a weekly basis, the price is now trading in a short-term trading range of $2,500 to $3,200. A green candlestick for the third week in a row will lay the stage for another surge higher in the asset.

The bearish sloping line that extends from the highs of $4,867.81 serves as a powerful resistance barrier for the bulls. As a result, trading at this level is critical.

The initial upward barrier for the bulls is set at $3,391.40. A weekly close above the stated level, along with a break above the bearish line, will trigger the psychological $4,000 milestone. A weekly finish below $2,800, on the other hand, will undermine the asset’s positive prognosis.

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Blockchain News

Biden Thoughts on Russia Selling Oil and Gas in Crypto

Russia
Biden Thoughts on Russia Selling Oil and Gas in Crypto

In the face of increased sanctions from Western countries over its invasion of Ukraine, Russia is exploring accepting bitcoin as payment for oil and gas exports.

On such a macro report, bitcoin was trading at 44K at the time this article was produced, up over 4% for the day.

In translated remarks, the chair of Russia’s Duma energy committee stated that Russia is prepared to be more flexible with payment conditions for “friendly” nations such as China or Turkey.

According to its head, Pavel Zavalny, the Russian Energy Export Committee is studying numerous options for paying for Russia’s energy exports.

In translated remarks, Zavalny stated that they had long proposed to China that rubles and yuan be settled in national currencies.

In addition to traditional currencies, he cited the lira and the ruble in relation to Turkey. He also stated that Bitcoin may be exchanged.

The energy chair underlined President Vladimir Putin’s vow on Wednesday to demand unfriendly countries to pay for gas in Russian rubles. Despite fears that Putin’s decision would worsen an already strained energy market, European gas prices rose in the aftermath of his statement.

In remarks that reflected the president’s earlier threat, Zavalny added, that if they want to purchase, let them pay in gold or any other currency they feel comfortable with.

According to Nic Carter, co-founder of Coin Metrics, Russia is definitely attempting to expand into other currencies. When it began planning for this type of transition in 2014, it began divesting all U.S. Treasury bonds.

The Russians appear to be serious about ditching the dollar. Russia is the world’s leading exporter of natural gas, which the world need.
Russia may be able to turn its energy reserves into tangible assets that can be utilised outside of the dollar system.

Putin’s stance on bitcoin has shifted. Despite his belief in bitcoin’s worth, Russian President Vladimir Putin told the media in 2021 that he wasn’t confident it could replace the US dollar in oil transaction settlement.

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Altcoins Blockchain Price Analysis

Loopring (LRC) Forecast 03/26

Loopring
Loopring (LRC) forecast 03/26

Filling several requirements in the cryptocurrency community is one method for a project to differentiate itself from the competition and attract new users and liquidity to its ecosystem. Loopring hopes to achieve just that by providing a low-fee EVM-based solution where DeFi and NFT developers and investors may trade.

The layer-two (L2) scaling solution uses zk-Rollups to enable rapid, low-cost transactions, and the project has gained traction during March. According to data from Cointelegraph Markets Pro and TradingView, the price of LRC jumped by 57 percent between March 21 and March 23, rising from $0.78 to $1.23 amid a surge in its 24-hour trading volume to $2.75 billion.

The beta launch of the GameStop NFT marketplace on the Loopring network, the influx of new users, and a fast developing NFT ecosystem are three events that have contributed to the price reversal for LRC.

The March 23 statement by GameStop that it had linked the beta version of its NFT marketplace with the Loopring network was the most significant recent event that contributed to the spike in demand for LRC.

According to GameStop, it picked Loopring to host its NFT marketplace because the network can generate NFTs for a fraction of the cost required on Ethereum, with the average charge being less than $1.

Beta users may start browsing the marketplace and depositing cash immediately in anticipation for the platform’s general launch, which is slated to happen soon.

The spike in new users in the Loopring ecosystem, as indicated by the record-high number of wallets entering the netw, is a second reason putting wind in LRC’s sails.

According to Dune Analytics, the Loopring network’s wallet count climbed from 6,498 on October 30, 2021 to an all-time high of 27,092 on March 25 as the GameStop announcement helped begin a new wave of users.

The recent introduction of the Loopring Smart Wallet, which includes the capacity to mint NFTs and recover a lost account through social recovery and Guardians, has also aided in the process of integrating new users and wallets into the ecosystem.

A third reason boosting LRC’s prognosis is the general expansion of its ecosystem, which includes an NFT community that has already minted over 1 million NFTs.

The daily volume exchanged on Loopring, which witnessed a huge surge in activity following the March 23 GameStop announcement, provides more proof of its expansion.

Categories
Blockchain News NFT

Ukraine Opens NFT Museum To Preserve Memories Of Ongoing War

Ukraine
Ukraine Opens NFT Museum To Preserve Memories Of Ongoing War

Ukraine has established a virtual NFT history museum to document Russia’s invasion. The war-torn country plans to issue a series of non-fungible tokens (NFTs), with the proceeds benefiting the government’s Ministry of Digital Transformation.

Mykhailo Fedorov, Ukraine’s Deputy Prime Minister and Minister of Digital Transformation, revealed Friday that the government has established a MetaHistory Museum to generate funds for the country’s war efforts in the aftermath of Russia’s cruel activities.

As you might expect, the “museum” is not a real structure, but rather a website that chronicles Russia’s conflict with Ukraine in chronological sequence. The effort will begin with 54 Ethereum NFTs, each symbolizing a key event during the battle, which will take place from February 24 to February 26.

The NFTs will comprise a variety of events and sources based on tweets from government officials, photographs from news sites, and responses from international leaders, all accompanied by artwork from selected Ukrainian artists.

Each NFT will be auctioned as a one-of-a-kind item for 0.15 Ethereum, with all earnings going directly to the Ministry of Digital Transformation’s wallets to assist humanitarian aid initiatives. Fedorov describes the new platform as a space to remember the battle and celebrate Ukrainian nationality and independence.

The NFTs may be viewed on the museum’s website and might be released as soon as March 30. But there’s a little catch. The digital artwork’s content will be kept hidden until it is sold.

This implies that purchasers won’t know what they’re getting until they pay for it. As the NFT museum so eloquently puts it: “You uncover the truth by purchasing MetaHistory.”

Aside from assisting the army and civilians, the NFT program appears to be aimed to debunk the misinformation spread by Russian official media about the events after the invasion on Ukraine. According to Oleksandr Boryakov, Deputy Minister of Digital Transformation, it is critical to tell the world the truth about Russia’s invasion of Ukraine, and blockchain appears to be a strong weapon for preserving the memory of Russian war crimes.

The Ukrainian government began taking bitcoin donations just days after Russia launched a military attack against the country. Since then, over $105 million in cryptocurrency donations have flooded in from well-wishers all across the world. Ukrainian Minister Fedorov originally mentioned an NFT plan in March, following the cancellation of the country’s crypto airdrop program.

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Blockchain Gaming News

Play-to-Earn Game Axie Infinity Goes Up By 20%

Axie Infinity
Axie Infinity will compensate Ronin victims and reopen bridge

In the crypto industry, investors believe that play-to-earn gaming will be one of the hottest areas in 2021. The game business may fare well in 2022, based on market reaction to Axie Infinity.

At the time of writing, the price of Axie Infinity was $71.44, up 20%, with a daily trading volume of $2 billion and a market value of $4.3 billion. The entire quantity of AXS coins is 270 million, with 60.9 million coins in circulation.

Axie Infinity, a blockchain-based trade and battle game, is owned and operated by players. The game is similar to Pokémon and Tamagotchi in which players nurture, breed, battle, and trade token-based animals called Axies.

Axie Infinity will continue to lead the way in catching attention and showing the possibilities of P2E in 2022, as the protocol prepares for its next major launch. As a result, a significant development has been undertaken to strengthen AXS’s future prospects: Axie Infinity: Origin, which is set to premiere in a few weeks.

According to a recent Delphi Digital release, the game is a totally reinvented version of the well-known Axie Battles game. A variety of new game elements will be added to Origin to improve the player experience, such as free beginning Axies to encourage new players, a reinvented backstory that adds complexity to the game, and active cards for the head and ears.

Players will also be forced to burn a native SLP token in order to gain new in-game goods, such as runes and charms, which serve as Axie power-ups.

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Blockchain News

Israel’s Bank Leumi To Start Allowing Crypto Trading

Leumi
Israel's Bank Leumi To Start Allowing Crypto Trading

Following a cooperation with blockchain firm Paxos, Israel’s largest bank, Bank Leumi, has announced that it would be the first Israeli bank to permit cryptocurrency trading.

Pepper Invest, Bank Leumi’s digital platform, has secured a deal with Paxos that will allow the bank to allow its clients to purchase, hold, and trade cryptocurrencies, with Bank Leumi anticipated to offer this service to its customers in the near future.

The Israeli bank’s new service is the outcome of a recent collaboration between Leumi group and blockchain infrastructure platform Paxos. Only Bitcoin and Ethereum will be accessible to trade at this early stage, and consumers will not need to download a crypto wallet to transact their trading account at Pepper Invest.

Furthermore, Pepper Invest users will not be obliged to manage their tax under this trading account, since the bank would handle the complexity on their behalf.

According to Bank Leumi’s official statement, the straightforward selling method is a significant innovation in comparison to the present difficulties in converting cryptocurrencies to money available in the current account using the means that are now available.

This new service in Israel gives Israeli banking system customers access to cryptocurrencies in a way that few institutions across the globe have. Leumi will be ready to begin its cryptocurrency trading business as regulatory permission is received.

Uri Natan, CEO of Pepper, stated in a statement that they are proud to be the first in the banking system in Israel, and one of the few in the world, to offer their customers the ability to trade cryptocurrencies in a simple, safe, and reliable manner, without the need to download a wallet or deal with tax authorities.

Categories
Blockchain Gaming News

GameFi PlotX Adds a P2E Feature

PlotX
GameFi PlotX Adds a P2E Feature

PlotX is a long-term X-2-earn GameFi ecosystem that aims to strategically reinvent P2E gaming and user rewards. The project’s goal is to provide P2E inclusion to a diverse variety of gaming fans and gamers. The project offers lowering the barrier to entry with gasless transactions for individuals in order to maximize monetization on the platform for profitability through its unique strategy and concept.

The initiative promises to pave the way for consumers to discover a vast array of earning opportunities in the P2E industry. PlotX is expanding its boundaries beyond prediction markets and into a gamified environment where players from all around the world may optimize their earning potential.

The X-2-Earn GamFi protocol will enable new and interesting methods to produce P2E incentives for users through iconic NFTs and novel play-to-earn mechanisms by expanding its predict2win platform. Users can explore potential beyond simply collecting prizes for correctly predicting cryptocurrency.

PlotX allows gamers and token holders to earn money by staking their PLOT tokens. By staking their $PLOT on the site, they may profit passively without making any predictions. This is one of the ways PlotX is developing a long-term P2E ecosystem that will enable new gaming experiences.

PlotX is fast evolving into a scalable Web 3.0 economy by leveraging the highly scalable Polygon network. By mid-January 2022, the budding blockchain-powered initiative had attracted over 80k participants, expanding at a 144 percent month-on-month rate. PlotX’s quick development appears to be attracting more Web 3.0 users to prediction markets.

The platform includes a solution for automated market building, crypto-asset price forecasts, rewards settlement, automated prediction computation, liquidity mining for any price feed, and the ability to earn rewards on high-yield prediction markets. PlotX also has innovative features for the typical Web 2.0 user who wants to be a part of the burgeoning cryptocurrency business. PlotX simplifies the understanding of DeFi and GameFi for consumers.

This opens the door for anyone to participate in Web 3.0 and explore a rich economy where they may earn up to 400% returns on every contribution. PlotX is well-positioned to welcome more people into the Web 3.0 economy, enabling widespread use and mainstream adoption of blockchain-based games, thanks to its exceptional approach to gaming, forecasts, and P2E monetization.

PlotX has raised $5 million in Pre-Series Round A funding from Hashed, Polygon Studios, Animoca Brands, Alpha Wave Global (previously Falcon Edge), and power angels like Sandeep Nailwal (Co-Founder Polygon), Alan Howard, and others (Co-Founder Brevan Howard Asset Management). Polygon Studios also contributed $2 million to the project.

Previously, in late 2020, the project secured $2.7 million in initial fundraising rounds from reputable players such as NGC Ventures, Brilliance Ventures, Origin Capital, and 3Commas. With $5 million collected, the initiative is preparing to expand its worldwide reach even further.

Categories
Altcoins Blockchain Price Analysis

Cardano (ADA) Forecast 03/25

Cardano
Whales Filling Up On Cardano (ADA) Sees Possible Huge Rally

Cardano has been on a tear recently. The crypto has surpassed other major cryptocurrencies and is still on a strong upswing. Its popularity grew on Thursday as a result of Coinbase’s addition of staking for the crypto currency.

ADA increased by around 18.09 percent to $1.13, a figure not seen in seven weeks. It is now the highest performing asset in the top ten list, with a 40% increase in the previous seven days.

While an overall rebound feeling in the crypto market has led to the ADA price rising, the coin’s gains look to be offset by additional cash streaming into the Cardano ecosystem.

The total value locked (TVL) within the Cardano protocol increased from roughly $130 million at the start of the month to over $421 million (including staked governance tokens) at press time, the greatest amount to date.

Despite Cardano’s explosive expansion this year, the network’s TVL still pales in comparison to those of its main DeFi competitors, such as Ethereum and Solana. According to DeFi Llama, an on-chain statistics platform, the two have a staggering $120.71 billion and $7.3 billion, respectively.

Coinbase, the largest cryptocurrency exchange in the United States, is allowing customers to receive rewards on their Cardano (ADA) assets.

Rupmalini Sahu, senior product manager at the trading platform, announced the addition of ADA to its staking capabilities in a blog post published on March 24. The new staking service allows retail consumers to engage in the Cardano network by staking their crypto assets in return for income.

Sahu added that ADA was chosen because it is presently one of the top ten largest cryptocurrencies on the market, as well as for its “more flexible, sustainable, and scalable” proof-of-stake blockchain design. Cardano, like Ethereum, features smart contracts, which let developers to design their own decentralized apps or mint non-fungible coins (NFTs).

Coinbase is presently giving 3.75 percent payouts for ADA staking, with participants required to retain their tokens for 20 to 25 days. When the term expires, customers can begin getting incentives as frequently as every five days. The return rates are heavily influenced by the quantity of program participants.

Categories
Blockchain News

Global Crypto Market Now At $2 Trillion

California
California regulator investigates crypto firms

Bitcoin (BTC) and the larger crypto market surged on Thursday, as the entire value of digital assets surpassed $2 trillion for the first time in more than three weeks, owing to signals of a dramatic shift in market mood – headed by Goldman Sachs, no less.

According to statistics from Cointelegraph Markets Pro and TradingView, BTC reached an intraday high of $44,253 and gained more than 3% throughout the session. The leading cryptocurrency in terms of market value has already rebounded more than 33% from its January low.

According to Coingecko statistics, the overall crypto market cap has increased by more than 7% since Monday, reaching approximately $2.1 trillion. On CoinMarketCap, the market capitalisation has also surpassed $2 trillion.

While not positive, Bitcoin’s Fear & Greed Index has moved out of “severe fear” and into the fear stage, with a value of 40. The volatility and mood indicator is scaled from 0 to 100, with higher readings indicating a more positive view for BTC.

The apparent reversal in mood in the crypto market comes after months of negative price movement for Bitcoin and altcoins, which caused some investors to speculate about the prospect of a full-fledged bear market. However, in the midst of global upheaval, many of the legacy banking world have seen cryptocurrency as a possible opportunity.

According to Cointelegraph, BlackRock CEO Larry Fink stated that the crisis in Ukraine may compel states to reconsider their currency reliance, potentially opening the way for digital assets.

Crypto has been on Fink’s radar since at least the fourth quarter of 2020. Meanwhile, major investment giant Goldman Sachs appears to have put cryptocurrency on its radar and even changed its website’s homepage to reflect the emergence of digital assets and the metaverse. Goldman referred to these technologies as “megatrends,” and loaded a new “Insights” section of its website with previously issued research on gaming, the metaverse, and Web3.

Goldman Sachs has completed its first over-the-counter crypto options deal with Galaxy Digital. In June 2021, the investment bank introduced its first Bitcoin futures contract for the CME. Finally, Grayscale Investments recently announced the establishment of a new smart contract fund that would allow authorized investors to support Ethereum rivals. The new fund, which has already begun accepting daily subscribers, invests in Cardano (ADA), Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO), and Stellar (XLM).

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Blockchain News

CEO of Binance Changpeng Zhao Has Some Plans For Crypto Evolution

CZ
CZ says crypto is healthier after $2T correction

Changpeng Zhao was in Brazil last week, meeting with all of the country’s main stakeholders. Binance is undoubtedly ready to send off some significant pyrotechnics in Brazil. Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange, was in Brazil, South America’s largest country, last week. Zhao used the chance to meet the governors of So Paulo and Rio de Janeiro, as well as to receive a key to the city and gain their support.

Following the conversations with state authorities, CZ attended the ETH Rio conference, where he declared that the exchange has solid intentions to increase its personnel and acquire payment processors and banks in the nation.

CZ used the occasion to inform participants that Binance has recently signed a Memorandum of Understanding to acquire Brazilian securities firm Sim;paul Investimentos. In a statement on the agreement, CZ emphasized that for Binance to achieve its goals, “complete engagement with the local authorities” is required.

He mentioned on Twitter that he had just returned from the ETH Rio conference, in response to the kind reaction he had gotten. The amount of vigor and excitement. Given its population of over 200 million people and sheer size, Brazil appears to be a critical market for Binance. Brazil’s transaction volumes on Binance increased by 125 percent this year compared to 2021.

Following El Salvador’s experiment, Brazil was generally expected to be the next country to accept Bitcoin as legal cash. After the Economic Affairs Committee overwhelmingly adopted the cryptocurrency law, the country erupted in ecstasy.

The bill must still pass through the Senate and Lower Houses before it can be signed into law by the President. The bill’s contents have been praised as a positive step forward for the ecosystem since it clearly specifies what comprises virtual assets and the classification of service providers.

The crypto community is speculating that Binance will open an office in South America, with Brazil being the frontrunner.

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Ethereum

Ethereum Market Cap Today

Ethereum
Ethereum (ETH) Market Update 07/24

Ethereum, the second-largest cryptocurrency, has outperformed Bank of America in terms of market value. Despite recent price oscillations in cryptocurrencies in general, Ethereum has risen to $3,043.85 at the time of writing.

The digital coin has also amassed a market valuation of $366.62 billion, ranking it as the world’s 23rd biggest asset. It outperforms Bank of America, which has a market worth of $347.51 billion and is now ranked 27th.

Ethereum’s rapid ascent has also seen it overcome larger corporations like as MasterCard, an American payment services company that presently has a market valuation of $337.12 billion and ranks third.

The cryptocurrency has also surpassed Home Depot, the largest home improvement store in the United States, which has a market worth of $331.07 billion and ranks third. While Ethereum has a large market cap at the moment, Bitcoin, the top cryptocurrency, is not far behind.

Bitcoin now has the ninth greatest market capitalization of $816.04 billion. This puts the trading currency above of prominent corporations like Meta (Facebook), which ranks 12th with a market worth of $610.28 billion. The leading cryptocurrency continues to outperform other corporations like as Visa, Walmart, and Samsung.

The surge in cryptocurrency popularity throughout the world has come at an opportune time, particularly during this period of conflict between Russia and Ukraine. Ukraine, the devastated country, has used cryptocurrency to bolster its economy and help it amid the conflict.

When the battle first broke out, the administration asked for cryptocurrency donations. Individuals, bitcoin exchanges, and even crypto millionaires responded to the call. All of this has contributed to the country raising more than $63.8 million through the contribution of over 120,000 crypto assets.

In the midst of the continuing conflict, the Ukrainian government approved cryptocurrency last week. The administration has stated that it is attempting to change the tax code to accommodate crypto assets. For the people of Ukraine, cryptocurrency has proven to be a lifeline.

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Blockchain

Drake Donates $1 Million in Bitcoin to LeBron Foundation

drake
Drake Donates $1 Million in Bitcoin to LeBron Foundation

Drake has vowed to contribute $1 million in Bitcoin to the LeBron James Foundation in collaboration with Stake. Drake’s most recent roulette victories on Stake — his “biggest hit ever” – prompted the contribution. On the same night, Drake also gave $100,000 to a high school basketball player called Michael and his mother.

The rapper documented his strategy and following meeting with LeBron and Michael and shared it on his Instagram account. Both gifts were made at the same restaurant, Harbour 60 in Toronto, Canada.

“As you can see, I was clearly excited. Any time I get blessed like that, I always think it’s luck that needs to be transferred, or it’s good karma that needs to be transferred. I play for fun and I play in the hope that I can spread love, always.”

According to Stake Co-Founder Ed Craven, Stake.com has always been about community. “That extends beyond our players to the general public, particularly those who will benefit the most from acts of kindness and compassion like Drake’s.”

On March 19, LeBron James landed in Canada for a Los Angeles Lakers game versus the Toronto Raptors. The Lakers won the game 128-123 in overtime. LeBron had 36 points, 9 rebounds, and 7 assists in the game.

LeBron James discussed his close bond with rapper Drake in a courtside interview. Drake’s collaboration with Stake.com, a Bitcoin casino and sports betting website, was initially revealed on March 4th of this year. The rapper was already a frequent user of the platform, often publishing his bets and profits on social media.

Since joining the website in late 2021 under the pseudonym “DeepPockets6,” the rapper is said to have wagered over $1 billion.

Furthermore, this isn’t LeBron James’ first foray into cryptocurrencies. On March 10, LeBron filed four trademark applications for his name connected to metaverse and NFTs. In addition, on January 28, Crypto.com announced a collaboration with the LeBron James Foundation to integrate Web3 teaching into its programs.

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Blockchain News

Crypto.com Will Be Sponsoring This Year’s FIFA World Cup

Crypto.com down
Crypto.com sent woman $10M instead of $100

The worldwide governing body of association football, FIFA, said on Tuesday that the cryptocurrency exchange Crypto.com would be an official sponsor of the FIFA World Cup Qatar 2022 competition. According to the release, the digital currency trading platform will activate its official sponsorship in a variety of ways during the tournament.

Crypto.com is continuing its pattern of using sports to promote the business and raise awareness of digital currencies. FIFA announced on March 22 that Crypto.com has been chosen as an official sponsor for this year’s FIFA World Cup. Millions of people across the world tune in to watch the World Cup, which is being held this year in Qatar. The FIFA World Cup Qatar 2022 will begin on November 21 at Al Bayt Stadium in Al Khor.

According to FIFA, Crypto.com will be the official cryptocurrency trading platform sponsor of Qatar 2022, benefiting from enormous branding exposure both within and outside the tournament’s stadiums. FIFA’s chief commercial officer, Kay Madati, stated that the organization is thrilled to have the cryptocurrency exchange sponsor the World Cup in Qatar. Madati went on to say that the platform has already demonstrated a tremendous interest in the realm of sports.

“Crypto.com has already proved a commitment to sponsoring top-tier clubs and leagues, important events, and historic locations all over the globe, and there is no platform bigger, or with a broader reach and cultural influence, than FIFA’s global football platform,” Madati said in a statement.

The platform joins other digital currency companies, such as the crypto asset exchange FTX, in investing heavily in sports sponsorships. Crypto.com announced on Tuesday that it has multiple collaborations with groups in “motor sport, MMA, basketball, and ice hockey, as well as football.”

The exchange secured an agreement with the entertainment firm Ultimate Fighting Championship last summer (UFC). A few months later, Crypto.com acquired the naming rights to the Los Angeles Lakers’ Staples Center, renaming it “Crypto.com Arena.” Crypto.com joined forces with the Angel City Football Club in the end of 2021. (ACFC). According to Kris Marszalek, sponsoring the FIFA World Cup would “raise global exposure of Crypto.com.”

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Bitcoin Blockchain News Regulation

Thailand restricts the use of cryptocurrency as a payment method

Thailand
Crypto regulation in Thailand

Thailand Securities and Exchange Commission announced Wednesday that it has prohibited the use of cryptocurrencies as a payment mechanism, citing the necessity to preserve the country’s economy and financial system as justifications.

Due to their extreme volatility and excessive transaction costs, cryptocurrencies like as bitcoin and Ethereum will no longer be permitted to use to pay for goods and services beginning April 1, 2022, according to the Wednesday announcement.

The approach is consistent with earlier conversations between the Thai Securities and Exchange Commission and the Bank of Thailand (BoT). The duo weighed the benefits and hazards of cryptocurrencies and came to the conclusion that the industry needed some oversight.

By the end of April, crypto exchanges and other crypto-related company owners must cease all ads supporting crypto payments. They must also warn clients against using cryptocurrency for the same purpose. The SEC stated in the statement that the restriction of crypto payments is necessary because they endanger the country’s economy and financial stability.

Using a currency other than the Thai Baht jeopardizes monetary transmission policy. Furthermore, pricing things in cryptocurrency will prevent the BoT from intervening and providing financial assistance in the event of a liquidity crisis in the country. There are also fears that digital assets may be exploited for money laundering or to support terrorism.

Today’s announcement is a significant setback for Thai cryptocurrency investors. Thailand is become one of the world’s top countries in terms of cryptocurrency adoption in recent years. According to a March 4th survey, Thailand is rated eighth in the world in terms of on-chain value received.

Nonetheless, there is a silver lining to the SEC’s new pronouncement. While Thai regulators crack down on cryptocurrency, the SEC reiterated that both it and the central bank recognize the benefits of different technologies underlying digital assets such as blockchain and highlight and promote the use of technology to foster innovation.

The restriction only applies to crypto payments, so users may continue to keep and sell digital assets as they like. Thailand has relaxed tax restrictions for cryptocurrency trading until 2023 in an effort to grow the industry.

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Bitcoin Regulation

More On China Tussle With Bitcoin

China
China's Relationship With Crypto Takes a Dramatic Turn

China was famous for having the highest hash rates for Bitcoin mining, accounting for up to 60% of worldwide hash rates. The nation started a big crackdown in the summer of 2021, but a District court rules that mining is not unlawful.

The Chongming District People’s Court in Shanghai ruled over a case in which the defendant was accused with cryptocurrency mining. According to court records, the defendant known as Zhu unlawfully mined Ether on 25 machines by using his position as a company’s network maintenance worker.

According to the prosecution, Zhu installed a graphics card, mining, and remotely operated software, which he used to mine Ether illegally, earning him around 16,000 yuan. They also claimed in court that Zhu did not act alone, but had an accomplice who worked with him to carry out the operation.

Presiding Judge Yang Qingtang convened a collegial panel to investigate the case’s merits in line with the law. In the end, the defendant was sentenced to 11 months in jail and an RMB 5,000 fine, but not for the bitcoin mining accusations. Rather, he was charged with illegally managing a computer information system.

Qingtang extolled the virtues of cryptocurrency mining as an activity that has the potential to improve a country’s economy. However, the judge added that, while not illegal, the activity is incompatible with the current climate of energy conservation and carbon emission reduction. He went on to say that the conviction was due to a violation of the law by unlawfully managing computer systems.

Last year, the Chinese government’s senior brass, including 10 Ministries and Commissions, released the Notice on Rectifying “Virtual Currency Mining Activities,” emphasizing the massive amount of energy needed by cryptocurrency mining operations. Their resolution said that it increased carbon emissions and contributed a negligible amount to the economy.

“Virtual currency mining consumes a lot of energy and emits a lot of CO2, and it doesn’t help industry growth or technical advancement,” said Meng Wei, a spokeswoman for China’s National Development and Reform Commission. “Blind and chaotic growth has a significant negative impact on encouraging high-quality economic and social development, energy conservation, and emissions reduction.”

The ramifications of this resolution were dire for mining businesses in China, as a full-fledged government crackdown ensued. Miners fled the nation, driving Bitcoin hash rates to new lows. As hashrates fell, Bitcoin and the entire cryptocurrency market felt the shockwaves as prices plummeted in the aftermath of the crackdown.

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Blockchain News

Coincheck on Nasdaq Through $1.25 Billion SPAC Merger

coincheck
Coincheck on Nasdaq Through $1.25 Billion SPAC Merger

Coincheck, a Japanese cryptocurrency and digital asset exchange, is slated to combine with Thunder Bridge Capital Partners IV in a $1.25 billion transaction to go public on the Nasdaq, marking a rare blank-check firm deal in the turbulent market of 2022.

Thunder Bridge, a special-purpose acquisition company, or SPAC, said on Tuesday that it has agreed to merge with Coincheck and list on the Nasdaq Global Select Market by the end of 2022, subject to shareholder and regulatory clearance.

Coincheck is anticipated to go public under the ticker symbol “CNCK.” Thunder Bridge Capital Partners IV (ticker: THCP) shares rose 1.4 percent in early trade in the United States. Monex Group (8698.Japan), Coincheck’s parent firm, saw its shares increase 2.6 percent in Tokyo trade before the acquisition was announced in a news release.

Following the deal, which Thunder Bridge estimated to be worth $1.25 billion, Monex would hold 82 percent of the merged firm, which will be overseen by Oki Matsumoto as executive chair and Thunder Bridge CEO Gary Simanson. Thunder Bridge’s cash holdings of $237 million will also be transferred to the merged business as part of the agreement.

Coincheck, based in Tokyo, is one of Japan’s leading digital asset markets and is regulated by the country’s Financial Services Agency. According to Thunder Bridge, Coincheck has 1.5 million verified consumers and administers a platform with the widest and most extensive selection of tokens accessible in Japan.

“We are excited to partner with Monex to bring Coincheck into the U.S. public markets to facilitate its next stage of growth, and to further unlock the crypto economy for customers and institutions in Japan. We are also excited to work with Oki and his team to build a global digital platform under the Coincheck brand.”

Thunder Bridge and Coincheck together constitute an unusual SPAC deal this year. This sort of merger, in which a publicly traded blank-check company merges with an existing private corporation, exploded in popularity in 2020 but has completely faded by 2022.

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Altcoins Regulation

More on SEC vs. Ripple Case

Ripple
SEC vs. Ripple Case Continues

The US Securities and Exchange Commission is seeking to postpone the Ripple case even more. The regulator filed yet another application, asking a brief time extension from the federal judge in the judicial battle that has been ongoing for more than a year. Surprisingly, the SEC’s latest letter included a footnote saying that Ripple proposed filing initial summary judgment papers as early as mid-May.

Trouble in Ripple paradise began in December 2020, when the SEC filed a lawsuit against the San Francisco-based blockchain payments firm and two of its senior executives. The agency said that they sold XRP illegally through an unregistered securities offering for eight years. Since then, Ripple and the SEC have been fighting in court, with neither party willing to settle.

The SEC recently asked a one-week delay to inform the court of its stance on any new discovery.

The individual defendants in the lawsuit are seeking to undertake discovery after the judge delivers her findings on the summary judgment applications. They have not indicated the scope of the investigation, which is why the SEC is requesting additional time to determine if it is warranted. The SEC contends that Ripple’s proposed briefing schedule is premature.

However, Ripple claims that the Securities and Exchange Commission has delayed the conclusion of the erroneous case for far too long.

The business is vehemently opposed to the extension of the March 23 deadline to file a motion concerning any more discovery, noting that nothing should further delay Ripple from moving for summary judgment and establishing to the Court that XRP is not a security.

While Ripple wishes to speed the lawsuit process, the SEC appears hell-bent on postponing the case as it nears its conclusion. Overall, Ripple has had tremendous success in recent months, with optimistic XRP sentiments continuing to rise. Recently, US District Judge Analisa Torres dismissed the SEC’s attempt to prevent Ripple from using its essential fair notice defense. According to reports, Ripple CEO Brad Garlinghouse was happy with the judgment.

He feels that the massive victory was not only for XRP, but for the whole cryptocurrency sector. Garlinghouse is likewise convinced that the charges against him and executive chairman Chris Larsen will be dropped.

It remains to be seen if these positive factors will allow XRP to reclaim its prior all-time high. At press time, the Ripple-affiliated cryptocurrency was trading at roughly $0.8493, representing a 4.02 percent rise in value over the previous day.

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Ethereum Price Analysis

Ethereum (ETH) Forecast 03/22

Ethereum price
Ethereum (ETH) Market Update 09/08

At the time of writing, Ethereum had flipped the $3,000 barrier level for the first time since March 3. Last week, we witnessed numerous critical level efforts fail. Following a five-day spike that saw the second largest token earn more than 17 percent, the largest alt surged as high as $2, 988 in the last test.

The coin’s victory above the aforementioned level represents a continuation of that upswing, as the bulls rallied it. It is unsurprising given that a prior study revealed that both MACD lines are rising and will soon leave the bearish zone. Furthermore, the mood in the market remained fluid, with the bulls edging — suggesting a likely retest of the crucial barrier.

However, ETH is not immune to the sub-$3,000 price range. The present price of ether remains around $3k, with no movement to the safe side. This is evident in the Relative Strength Index (RSI), which has remained constant at 62. Previously, the EIP-1559 was seen as a critical improvement to the Ethereum ecosystem since it sought to introduce predictability and stability in transaction costs. Proponents say that the merger will put Ethereum under deflationary pressure.

Because burn decreases the overall supply of Ethereum, it may have a favorable impact on the price, spurring an altcoin surge. Analysts have assessed the Ethereum price movement and forecast a trend reversal in the cryptocurrency. Michael van de Poppe, a crypto analyst and trader, believes the price of Ethereum might reach $3,000 in the near future.

According to FXStreet experts, a closing over $3,033 in Ethereum might result in an optimal Ichimoku bullish breakout for the first time since October 2021. Analysts foresee a 20% increase in the price of Ethereum.

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Blockchain News

Founder of DeFiance Capital Lost $1.6 Million to Hackers

cheong
Arthur Cheong Thoughts on North Korean Hackers

Arthur Cheong the founder of large crypto investment firm DeFiance Capital, was hacked on one of his hot wallets, resulting in the loss of more than $1.6 million in nonfungible tokens (NFTs) and bitcoin.

The crypto community has rallied to his assistance to help him recover the stolen stuff after he requested people to blacklist the hacker’s wallet. Several people on Twitter have tried to figure out how the attack happened and where the hacker got access to his wallets.

Cheong tweeted: “Well, this hit me hard but if I got exploited as a fairly sophisticated 5 years crypto user (DeFi user, password manager, mostly hardware wallet), I’m not sure how I can persuade most normal people to put a substantial part of their net worth on chain anymore.”

The venture investor went on to say that the most likely underlying cause was a spear-phishing email purporting to be from one of DeFiance Capital’s portfolio businesses. The attacker reportedly acquired access to the private key of one of Cheong’s hot wallets after opening the file. His profile reveals that he had previously been a victim of rug pulls three times, which most likely influenced his feelings for his fellow victim.

A rug pull occurs when a crypto or NFT project abruptly ceases operations and the value of their token or NFT plummets without warning. Rug pulls are almost often evidence of a hoax.

In total, Arthur appears to have misplaced 78 distinct NFTs from five collections, the majority of which were “Azukis.” In addition, he misplaced 68 wrapped Ether (wETH), 4,349 staked DYDX (stkDYDX), and 1,578 LooksRare (LOOKS) tokens. At around 12:30 a.m. UTC, the hacker began shifting assets and then immediately put all of the NFTs up for auction on the OpenSea NFT marketplace. At the time of writing, the hacker’s wallet had 545 ETH, which was worth around $1.6 million.

Etherscan, a cryptocurrency tracking website, has already identified the in question crypto address as the “Arthur0x Wallet Hacker.” At the time of writing, the address was holding more than 585 Ethereum.

Even if Arthur had utilized a hardware wallet, sometimes known as a cold wallet, he might not have been safe from this assault. A hardware wallet, unlike a hot wallet, is not always connected to the network. This function can protect one’s private key and seed phrase from prying eyes.

However, Arthur believes that the security breach occurred as a result of an on-chain transaction he conducted, which may have also exposed the seed phrase or private key from a hardware wallet.

A hot crypto wallet is one that is always linked to the internet, making it particularly vulnerable to assaults. They are useful for moving payments, but as today’s events show, they are not suitable for securely holding significant quantities of cryptocurrency.

Cold crypto wallets, on the other hand, are wallets that are not linked to the internet; they include paper wallets and hardware wallets, which are physical devices that resemble USB sticks and operate offline. These are not hack-proof, but they are more secure than hot wallets.

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Bitcoin Blockchain News

Malaysia Ministry of Communication Thoughts on Bitcoin

Malaysia
Malaysia Ministry of Communication Thoughts on Bitcoin

Crypto, according to the Malaysia deputy minister of communications and multimedia, represents the “future of money.”

Malaysia Ministry of Communication and Multimedia, through its deputy, Datuk Zahidi Zainul, has requested the government to recognize crypto assets such as bitcoin as legal cash.

Zainul stated that legalizing this asset class will encourage its younger inhabitants to become more interested in cryptocurrency trading, particularly non-fungible tokens (NFTs). The deputy minister also stated that the government would form several committees to encourage young engagement in cryptocurrency because it is the future of finance.

“We hope the government can allow this. We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them.”

The country’s central bank and securities commission are in charge of cryptocurrencies.

The Central Bank of Malaysia’s president, Nor Shamsiah Mohd Yunus, stated that the country will provide additional digital currency choices, including CBDC, in the future years to help the country’s financial industry leverage on emerging technology.

The BNM Governor indicated in an email conversation with Bloomberg:

“We are going one step further by experimenting with central bank digital currencies (CBDCs) over the next few years. There’s no better way to keep pace with something new than to try it ourselves,” Yunus said in an email interview with Bloomberg.

Since El Salvador became the world’s first government to legally recognize Bitcoin as legal cash, additional countries have been increasingly open to the concept of legalizing the asset class.

For example, Ukrainian President Volodymyr Zelenskyy recently signed into law a new measure to legalize cryptocurrency activity in the nation. Although Ukraine did not designate the commodity legal tender in the same way as El Salvador did, the new legislation makes it permissible for individuals and businesses to engage in crypto activities.

Similarly, Russia said in February that Bitcoin and other cryptocurrencies will be treated as legal tender. In other words, the nation will regard crypto assets as currency analogs rather than digital financial assets (DFA).

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Altcoins Blockchain News

Tether (USDT) Daily Unique Addresses Reach Record Highs

USDT
Tether clarifies USDT backing as crypto crashes

A major trading indicator for leading stablecoin Tether (USDT) reached its highest level this year, signaling increased demand. Based on USDT’s position as a trade facilitator and a safe haven, the statistics might suggest two potential scenarios for the crypto sector.

According to statistics from crypto research firm Santiment, daily active addresses, or the number of unique users that traded the currency in a single day, reached over 83,000 on Thursday and 74,000 on Saturday, the former being the highest level since early December.

According to the statistics, multiple separate dealers appeared to be amassing the world’s largest stablecoin. Tether’s good, if limited, performance last week suggests that people are interested in the coin.

However, rising USDT accumulation has a number of ramifications for the cryptocurrency market. Given its near 1:1 peg to the US dollar, USDT is often utilized in the trading of other crypto tokens. Traders frequently swap their dollars for the token before trading it for other cryptocurrencies.

A high level of accumulation might indicate that the market is preparing for more trading action, implying greater volatility in the short future. A surge in USDT trade might ultimately spread to other coins. On the other hand, increased Tether demand might indicate that safe-haven investors are flocking to USDT.

USDT’s 1:1 peg to the dollar, along with its massive reserves, elevates it to the top of the crypto safe haven list.

Volumes of the token have increased this year, owing mostly to the Russia-Ukraine crisis, which has increased volatility and forced traders towards safe havens.

The token’s accumulation today might also signal that traders are bracing for greater market headwinds and, as a result, are pouring into safer places.

Sentiment is already strained as a result of the Russia-Ukraine war and its economic consequences. Traders must also contend with rising prices and the Federal Reserve’s aggressive measures this year.

The Bitcoin Fear and Greed Index was at fear, and it has been there since February. All of this negative attitude might be a driving factor in Tether demand.

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Bitcoin Blockchain News

Asia’s First Ever ETF Debuting in India

binance india
Binance Struggle With The Indian Market

Since November 2021, India investors have been able to take positions in the cryptocurrency market without having to ‘put skin in the game,’ which means that they can actively participate in the market without holding tokens.

On Wall Street, the term “skin in the game” refers to tangible risk exposure; the direct acquisition of a financial asset that you intend to hold without the use of middlemen.

Despite the fact that the majority of cryptocurrency trading activity is generated by active speculators who are constantly looking for opportunities to profit from market fluctuations, the majority of them have skin in the game because they use fiat currencies to acquire digital tokens, which are then exchanged back to fiat when it is time to take profits.

Bitcoin investors who hold onto their tokens for an extended period of time have skin in the game, but they are also vulnerable to market volatility and at the mercy of currency conversion rates.

Indian investors are no longer required to put money at risk in order to profit from cryptocurrency markets. Investors in the Invesco CoinShares Global Blockchain exchange-traded fund (ETF) can now dip their toes in the crypto waters without worrying about whether their tokens will hold up through downturn markets or periods of excessive volatility, thanks to a Securities and Exchange Board approval.

Investing in this ETF, which is openly traded on the National Stock Exchange, does not imply owning any digital currencies; instead, the fund’s managers invest in companies committed to cryptocurrency and blockchain research.

If you are already familiar with the operation of ETFs, the only thing left for you to do before purchasing shares of the Global Blockchain ETF is to review its prospectus and decide whether this is a trading instrument you would like to have in your portfolio.

If you are unfamiliar with ETFs, the first thing you should know is that they are similar to mutual funds in appearance but not in construction.

Mutual funds invest a predetermined amount in a basket of stocks whose value fluctuates in the market, whereas ETFs take positions in securities listed on certain stock exchanges using a composite tracking method.

ETF shares behave similarly to equity instruments in that they can be bought and sold just like business stock.

The Global Blockchain ETF, for example, is designed to track the shares of significant blockchain economy companies such as MicroStrategy and Coinbase. You could easily replicate Invesco’s portfolio by studying its prospectus, but the management of funds and assets would be totally up to you.

Although this ETF does not technically provide much direct access to cryptocurrencies, SEB regulators in India are already evaluating applications for new ETFs based on Bitcoin and Ether futures that would be listed on the India INX trading platform, bringing investors a little closer to actual tokens without actually holding or managing them as currency pairs.

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News NFT

Cheil, a subsidiary of Samsung, Enters the NFT Market

South Korea

The South Korean Non-Fungible Token (NFT) scene is set to expand much further. Cheil Worldwide, a marketing agency within the Samsung corporation, has announced its desire to be the first advertising organization to join the NFT industry.

According to ChozunBiz, a South Korean news outlet, the advertising firm wants to not only issue NFTs but also to develop a marketplace for trading and minting digital assets.

Cheil is also interested in collaborating with the country’s thriving entertainment industry. It intends to promote intellectual property from K-Drama, music, performances, exhibitions, and games in its marketplace as NFTs. The agreement will considerably benefit from an MOU struck with Studio Dragons, one of the country’s hottest entertainment firms at the moment.

Cheil Worldwide has set a goal of expanding its digital business by 2022, according to CEO and President Jeong-geun Yoo. The NFT business and the creation of metaverse content are on the agenda for the year. Yoo stated at a recent general shareholders’ meeting:

As marketing channels such as metaverse and live commerce have diversified due to the recent corona pandemic (global pandemic), the importance of tech-based content has greatly increased.”

He also stated that entering the NFT industry had the potential to yield practical outcomes. He also stated that entering the NFT sector has the potential to provide the organization with long-term viability even when demand for other traditional marketing media declines.

The subsidiary of Samsung is following in the footsteps of its parent firm. Samsung has been promoting the use of NFTs. Earlier this year, the business unveiled a series of smart TVs that can be used to view and trade NFTs.

According to certain estimations, the Asian continent has not been left out of the NFT market’s above 200 percent increase. Chainalysis, a crypto market and blockchain intelligence organization, reported that the combined regions of Central, Southern, and Eastern Asia account for around 37% of global traffic to the NFT marketplace, OpenSea.

According to some observers, Asia’s interest in NFTs will only grow. This is the view of Yahudah Petscher, the NFT relations strategist at NFT data aggregator CryptoSlam, who anticipates NFT transaction volumes on the continent grow more than 100x.

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Blockchain Ethereum News

Vitalik Buterin Ignores Critics’ Comments About His Appearance

Vitalik Buterin
Vitalik Buterin's Concept For An Extremely Secure Blockchain

Since Time Magazine released its most recent profile of Ethereum’s co-inventor, Vitalik Buterin, he has become the brunt of jokes. The stinging accusations have done little to damper the Russian-Canadian computer programmer’s spirits.

TIME released an article titled “The Man Behind Ethereum Is Concerned About Crypto’s Future” on March 18th, in which Buterin highlighted his fears about the network’s future. Since its publication, a diverse group of Twitter users has spread the post while mocking Buterin’s appearance.

“I have never seen a face more deserving of being shoved into a locker in my entire life,” read one tweet while another read, “how is it possible to be this rich and still ugly omg get a hair transplant or botox a new wardrobe SOMETHING”.  Others compared him to Tom Brady on dog food as the debate shifted away from cryptocurrency’s physical challenges.

“The quote tweets on the new time article about me are truly amazing. These are barely cherry-picked, it’s pretty much one piece of awesome after another. Highly recommend scrolling.” He went on to say that he didn’t know who Tom Brady was but assumed he was the star from Mission Impossible.

Charles Hoskinson, the co-founder of Cardano and Ethereum, was eager to offer Buterin some advice. “Don’t worry, it gets easier every day dealing with the critics.” Hoskinson has faced some criticism, most notably for the uncertainty surrounding his Ph.D. and Cardano’s slow development speed.

The 27-year-old gave more than a billion Shiba Inu to India’s Covid Relief Fund and other organizations. Buterin, who has been included in both Forbes 30 under 30 and Forbes 40 under 40, has emerged as one of the most powerful voices in the crypto community.

Buterin highlighted concerns in the TIME essay that crypto has a lot of dystopian potential if applied incorrectly. He expressed concern about rising gas prices, overeager displays, and the extravagant display of riches that has become synonymous with cryptocurrencies.

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