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Blockchain News NFT

Emirates Airlines intends to launch NFTs and Metaverse experiences

emirates
Emirates Airlines intends to launch NFTs and Metaverse experiences

Emirates, a Dubai-based multinational airline, stated on Thursday that it will soon provide non-fungible tokens (NFTs) and exhilarating metaverse experiences for its customers and employees.

The well-known airline intends to invest in the metaverse through the use of collectibles and utility-based NFTs, as well as experiences that will promote its services.

The initial round of projects will be released in the coming months, according to Emirates.

Sheik Ahmed bin Saeed, Chairman and Chief Executive Officer of Emirates Airlines and Group, commented on the company’s foray into the metaverse and the NFT world:

“We are excited about the opportunities in the digital space of the future and are committing a significant investment in financial and resourcing terms to develop products and services using advanced technologies that will deliver on revenue, brand experience, and business efficiencies.” 

The airline stated that it will collaborate with businesses to bring its Web3 plan to life, as well as attract talent for future projects.

The business also stated that its Emirates Pavilion, which was built on the site of the recently ended Expo 2020, will now serve as a hub for innovation.

The Emirates Pavilion will be used to attract talent from around the world to assist bring the company’s ideas and objectives, especially those involving the metaverse and NFTs, to completion.

The Middle East is quickly becoming a cryptocurrency hotspot. Last month, Coinfomania revealed that two cryptocurrency exchanges, ByBit and CryptoCom, had been granted permission to operate in the Middle East. ByBit said that it would establish its worldwide headquarters in Dubai after it obtained an operational license to offer its full range of products and services in the region.

According to another claim, Citizens School is the first in the Middle East to accept bitcoins as payment for tuition.

Meanwhile, Dubai recently passed a new law to govern cryptocurrency activity in the region, as well as a regulatory agency known as the Dubai Virtual Assets Regulatory Authority (VARA) to monitor the local business.

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Altcoins Price Analysis

Litecoin (LTC) Price Prediction 04/15

litecoin
Litecoin (LTC) Forecast 05/17

Following the $124 barrier fake out on April 5th, the price of Litecoin (LTC) shows a V-top rejection. The drop resulted in a 15.5 percent loss and pushed the coin price back to the $100 bottom support. Buyers would be able to push cryptocurrency above the $141 resistance zone if they continued to buy.

LTC purchasers’ failed attempts to persist above the $103 resistance resulted in a resistance fakeout. This bear trap prompted aggressive buyers who bought the $103 breakout to liquidate. Sellers continued to put pressure on the coin price, driving it down to the $100 support level. Since last quarter, Litecoin price has recovered from this support level, indicating a downtrend bottom.

On April 13th, the altcoin recovered from its lowest support level ($100), kicking off a new bull cycle. The recovery rally has accelerated by 10%, smashing directly into immediate resistance at $120. As a result, purchasers forecast a positive breakout and sustained resistance above the overhead resistance; the coin price will gain 16 percent to $141.

Bollinger band- the bottom band of the indicator bolstered a bullish reversal from the $100 threshold. However, the indicator’s sideways movement emphasizes a short-term gain.

DMA- The LTC/USDT pair’s decreasing SMAs (20, 50, 100, and 200) signal a bearish trend. A likely crossover between the 50 and 100 SMA, on the other hand, could entice extra buys from traders.

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Altcoins Bitcoin Blockchain News Price Analysis

Bitcoin Solana Terra Cardano Forecast 04/15

bitcoin
Bitcoin Solana Terra Cardano Forecast 04/15

Cryptocurrencies have lost 3-5 percent of their value, wiping out the majority of the gains made since the beginning of the month. While Bitcoin was not the heaviest hit, the largest cryptocurrency in the world fell below $40,000.

Bitcoin saw its worst drop in weeks on Tuesday, falling below the $40,000 level for the first time since March. After reaching a high of $47,106 due to the enthusiasm generated by the Bitcoin conference in Miami, the asset fell as much as 13.26 percent over the week.

Several explanations have been advanced in an attempt to explain why prices are falling. A crucial explanation cited by various analysts is the growing correlation between Bitcoin and the US stock market, which has been observed since the beginning of the year.

The Nasdaq 100 was trading below its moving average at the start of last weekend, and it was predicted that Bitcoin would lose part of its value in tandem with stocks.

The weekend saw an increase in rumors of the Fed tightening monetary policy, which most certainly contributed to the price drop. Analysts believe that the Federal Reserve will raise interest rates if inflation exceeds 9% for the first time in more than 40 years.

Bitcoin has dropped more than 8% in the last seven days, bringing its market cap below $800 billion for the first time in weeks. The asset maintained a market domination of more than 40%, while trading volume increased to 117.07 percent as traders sought to fathom the raging turmoil.

Bitcoin was not the hardest hit in this week’s huge price fall, as altcoins appeared to bear the brunt of the wobble. Among the top ten largest cryptocurrencies, Avalanche’s AVAX has lost 10.69 percent in the last seven days, while LUNA has lost 18 percent.

Ethereum lost 7% of its value to trade below the $3,000 barrier, while Solana and Cardano both lost 11% to trade at $101 and $0.9477, respectively.

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Blockchain News NFT

CEO Of Amazon, Andy Jassy, Is Really Into NFTs

amazon
CEO Of Amazon, Andy Jassy, Is Really Into NFTs

Amazon, the cloud computing and e-commerce behemoth, has not ruled out entering the Bitcoin market. Amazon CEO Andy Jassy stated that the corporation views the digital assets industry as a developing one.

In an interview with CNBC, Jassy noted that there was a lot of talk about the highly exciting crypto market. He expects the NFT market, in particular, to do extremely well in the future, adding that it has already begun to take off.

The CEO, who recently took over at Amazon from Jeff Bezos, believes that the company is unlikely to embrace cryptocurrency as a payment mechanism anytime soon. However, as the sector evolves, he does not rule out the possibility in the future.

Jassy stated that he expects NFTs to continue to rise rapidly. The company is probably not near to incorporating cryptocurrency as a payment mechanism in its retail business, but the CEO feels that as crypto and blockchain become more popular, this may become a possibility.

On further investigation, he also stated that an Amazon NFT marketplace is possible in the future. Kassy stated that he does not possess NFTs, Bitcoin, or any other altcoins.

The CEO’s interview comes only days after he issued his first annual shareholder letter, which makes no mention of digital assets. However, Amazon has offered multiple job listings in the past for crypto-related positions.

Amazon’s payment team first listed a position for a digital currency and blockchain expert in July. This was followed by an Amazon Web Services job posting for a financial services specialist who understands cryptocurrency and the digital asset ecosystem.

While Amazon has not announced any concrete plans, its competitors in payment services and online retail purchasing are welcoming cryptocurrency. Bolt, a payments service provider, just paid $1.5 billion for Wyre, a web 3 business.

The company hopes that the contract, which is the largest in the crypto market so far, will allow merchants to accept crypto payments from online buyers.

Similarly, e-commerce platform Shopify announced a collaboration with Strike that will enable Bitcoin-to-cash payments for all of its merchants worldwide. 

The payments will be enabled, in particular, via the highly cost-effective and rapid Bitcoin Lightning Network. Their actions highlight the growing popularity and use of cryptocurrency around the world.

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Blockchain News

Elon Musk Wants to Buy Twitter And Here Are Some of His Plans For It

Elon Musk Dogecoin
How Dogecoin Has Been Doing Since Elon Musk SNL

Elon Musk, CEO of Tesla and SpaceX, has a claimed net worth of more than $300 billion and has stated that he could technically afford to buy Twitter outright, as well as overhaul the user experience of the main social media network.

Musk told curator Chris Anderson in a TED Talk held at a conference on Thursday that if his offer to buy Twitter was successful, he would consider changing the way the platform handles controversial content by not promoting certain tweets and adding the ability to edit tweets as well as show that edit history.

He also stated that, under his proposed leadership, Twitter should be hesitant to delete items and block accounts, but he would work to support free speech in accordance with the laws of the individual countries.

“A top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter. They make the product much worse. If I had a Dogecoin for every crypto scam I saw, we’d have 100 billion Dogecoin.”

According to a filing with the US Securities and Exchange Commission on Wednesday, Musk proposed to buy Twitter’s shares — excluding the roughly 9 percent that he already controls — for $54.20 per share, a 38 percent premium over the stock’s closing price on April 1. Twitter shares were trading at $45.08 at the time of publication, up more than 30% in the previous 30 days.

The Tesla CEO’s possible purchase of the popular social networking platform elicited conflicting reactions. Many praised the action as a step forward for free expression, while others cited Musk’s own somewhat juvenile behavior on Twitter and his enormous riches.

The price of Dogecoin (DOGE) was largely unaffected by Musk’s purchase of Twitter stock as well as his offer to buy the company. Musk was the company’s largest shareholder as of April 4, but he was reportedly surpassed Thursday by Vanguard Group, which increased its holdings to more than 10% of Twitter’s shares.

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Blockchain News

Hacking Group Lazarus Might Be Linked to Recent Axie Infinity Hack

lazarus
Hacking Group Lazarus Might Be Linked to Recent Axie Infinity Hack

The US Treasury Department has linked the renowned North Korean hacking outfit Lazarus to the theft of nearly $600 million from blockchain game business Axie Infinity last month.

The Treasury Department issued a new North Korean Designation update on Friday. The new list names the same Ethereum address (0x098B716B8Aaf21512996dC57EB0615e2383E2f96) as belonging to the Lazarus Group as being behind the Ronin Network breach.

As a result, the US government agency has indirectly acknowledged that the gang is behind the exploit and has added the address to its sanctioned list. Notably, the address still contains a sizable percentage of the stolen assets, totaling 147,753 ETH (about $444 million).

In a record-breaking hack, Ronin Network, an Ethereum-linked sidechain that powers the Axie Infinity game, lost around $625 million. By stealing the network validators’ secret keys, the hackers stole 173,600 ETH and 25.5 million USDC.

At the time, the Ronin Network team explained that the hack was carried out through a social engineering attack. This strategy entails duping an organization or an employee into disclosing highly valuable information that can be used for harmful reasons.

According to the latest findings, the Lazarus Group, which is reportedly run by the North Korean state, employed this strategy to abuse the Ronin Network. In the past, the organization is accused of stealing nearly $2 billion from cryptocurrency exchanges.

The Ronin Network reaffirmed that investigations into the incident are still underway in a new update noting the latest findings by the US Federal Bureau of Investigation (FBI). The findings, however, have no bearing on Ronin Network or Axie Infinity’s advancement.

Sky Mavis, a Vietnam-based business that manages both projects, raised $150 million in an emergency fundraising round headed by Binance. The extra cash, as well as Sky Mavis’ balance sheet assets, will be utilized to compensate gamers affected by the exploit, according to the team at the time.

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Blockchain Gaming News NFT

Epic Games Gets $2 Billion to Create a Metaverse

epic games
epic games

Epic Games is most known for creating the blockbuster battle royale game Fortnite, in which 100 people compete against each other in a sandbox-like setting until only one remains. It is also the creator of the Unreal gaming engine.

Epic Games stated on Monday in a blog post that it has received money from Sony and KIRKBI Investments, the group behind the LEGO Group, to support its aim to create for the metaverse.

Just last week, the game business announced a collaboration with LEGO for this aim. According to Epic Games’ most recent statement, the firms involved intend to develop an experience that emphasizes the connection between the physical and digital worlds.

“As a creative entertainment firm, we are excited to invest in Epic to extend our partnership in the metaverse sphere, a space where creators and users share their time,” stated Sony Group Corporation CEO Kenichiro Yoshida. “We are also convinced that Epic’s capabilities, particularly their formidable game engine, paired with Sony’s technology can speed our numerous endeavors, such as the development of new digital fan experiences in sports and our virtual production initiatives,” Yoshida said of the investment.

According to the release, KIRKBI CEO Sren Thorup Srensen also stated that a percentage of their investments are focused on trends that they feel will effect the future world in which we and our children will live.

Tim Sweeney, CEO of Epic Games, stated that all parties involved have the same vision for the future of entertainment. Sweeney went on to say that the funding will hasten the building of a metaverse in which gamers could enjoy a joyful and engaging experience.

Morgan Stanley predicted last year that the metaverse will be the next topic for a blockchain bull run. The prediction came less than a month after Facebook Meta rebranded to emphasize its new focus on building technologies around the ecosystem.

While Meta is not the first to propose the concept of a metaverse, its recent rebranding has drawn a lot of attention to the space. Fashion, video games, and even traditional finance have all taken note.

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Blockchain News Regulation

Singapore Relationship With Crypto At the Moment

Singapore
Singapore shuts down crypto transactions

The Singapore Parliament has enacted the Financial Services and Markets Bill, which will compel all domestic crypto service providers to seek a license if they have been operating outside. The law mandates that any city-state crypto firms operating in other countries abide by tougher regulations, including getting a license to comply with anti-money laundering and counter-terrorism regulations.

According to Bloomberg, a new bill passed by the Singapore Parliament on Tuesday aims to govern virtual asset providers based in the city-state that operate internationally. At the moment, such businesses are not subject to any regulatory oversight in terms of anti-money laundering or anti-terrorism procedures.

Singapore’s new regulation comes as the government tightens its stance on crypto advertising, which includes prohibiting crypto businesses from publically advertising their services.

Singapore has been working on developing a regulatory structure to conduct crypto transactions in an organized manner, and it appears that the country is ready to embrace cryptocurrency and blockchain technology while actively promoting its adoption rather than outright prohibiting it, as China has done.

Furthermore, the bill recognizes the Monetary Authority of Singapore’s (MAS) authority and states that the MAS has complete authority to prevent people deemed unfit from undertaking critical jobs, activities, or functions in the financial industry. Individuals that perform payment services and risk management will now be included in this category.

In addition, the Bill sets a maximum penalty of $1 million on financial institutions if their services are impeded or disrupted, or if cyber assaults occur.

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Altcoins Blockchain News Regulation

Ripple Finally Gains Victory Against SEC

Ripple
SEC vs. Ripple Case Continues

Ripple Labs has dealt a blow to the Securities and Exchange Commission’s (SEC) case after the presiding judge issued a judgement that one Ripple community lawyer describes as “a very important win for Ripple.”

In 2020, the SEC charged Ripple and executives Brad Garlinghouse and Christian Larsen with marketing unregistered securities.

Presiding Judge Sarah Netburn refused the SEC’s motion to reconsider hiding documents under privilege in connection with a lecture given by the SEC’s then-director William Hinman in June 2018. Hinman stated in his lecture that Bitcoin (BTC) and Ether (ETH) are not securities.

The SEC previously did not object to those materials falling outside of deliberative process privilege (DPP) protection because they appeared to concern Hinman’s personal views rather than SEC policy.

The DPP exempts some papers in a case from disclosure by the government so that it can discreetly assess existing policy based on the documents’ materials.

The SEC later revised its position, arguing that the speech reflected Ripple’s practices rather than Hinman’s personal opinions and thus should be protected.

Judge Netburn stated that the SEC should not contradict itself by attempting to change its position. She wrote in her decision:

“The SEC seeks to have it both ways, but the Speech was either intended to reflect agency policy or it was not. Having insisted that it reflected Hinman’s personal views, the SEC cannot now reject its own position.”

Despite this seemingly significant verdict, the matter is far from over, and the SEC now has two weeks to appeal the decision.

Much of the crypto industry is focused on the outcome of this case because it could determine the future of SEC complaints against crypto businesses for sales of unregistered securities.

If Ripple wins, the SEC may reconsider its aggressive litigation against the crypto industry. However, if the SEC prevails, the floodgates may open, and lawyers knowledgeable with cryptocurrency will have a cottage economy waiting for them.

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Blockchain News

Ethereum ex-developer sentenced to jail and fined $100k

ethereum
ethereum's griffith sentenced to jail and fined $100k for fraud

Virgil Griffith, a cryptocurrency expert and former Ethereum engineer, was found guilty of attempting to help North Korea dodge sanctions during a crypto conference in 2019.

The former Ethereum developer traveled to Pyongyang, North Korea, to give a seminar about cryptocurrency, which culminated in the leak of critical information on how to avoid US sanctions using cryptocurrency.

Griffith was sentenced to more than five years in jail, ranging from 63 to 78 months, after pleading guilty in September 2021 to conspiring to violate the International Emergency Economic Powers Act, which prohibits US citizens from doing business with sanctioned countries such as North Korea.

Federal prosecutors accused the defendant of endangering US diplomacy and reducing economic sanctions aimed at coercing unfriendly foreign governments.

In addition to the prison sentence, the 39-year-old defendant was fined $100,000 in Federal Court in New York as part of the punishment.

According to the report, despite the fact that the offense carried a potential sentence of 20 years in prison, Griffith’s plea deal with prosecutors reduced the charges to a little more than five years.

During the sentencing, Griffith stated that individuals advised him against the plan, but he believed he knew better.

According to the Daily Beast, the computer programmer had already spent 10 months in federal prison in New York City prior to the COVID 19 outbreak, when he suffered greatly.

Brian Klein, his defense attorney, begged with the Judge to decrease his sentence.

Meanwhile, as the cryptocurrency sector approaches mainstream usage, worldwide watchdogs are on the lookout for violators.

North Korean officials sanctioned V-Global, a local cryptocurrency exchange, and its employees in February 2022 for fraudulently acquiring $1.7 billion from investors.

The exchange corporation advertised its products to the general public, suggesting that investors deposit a minimum of 600 won to the trading platform in exchange for a 300 percent return.

The CEO of V-Global, as well as the company’s employees, were found guilty and sentenced to lengthy prison terms.

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Ethereum Price Analysis

Ethereum (ETH) Price Prediction 04/13

Ethereum price
Ethereum (ETH) Market Update 09/08

On Wednesday, Ethereum price makes substantial changes, gaining some upside momentum after a downward trend since April 4. Despite finding good support around $2,950, the price remains vulnerable below the crucial moving averages.

The price of ETH has been hovering above $2,950 for the previous three sessions, attempting to recover from the recent downturn. However, the latest technical setup shows that a bullish reversal is just around the corner.

A sustained purchasing pressure would bring the ETH price toward the $3,339.99 horizontal resistance zone. Furthermore, this corresponds to the downward trend line.

A daily candlestick below $2,950, on the other hand, might reintroduce a bearish danger. In that instance, the first negative is around $2,750.

Since January, the price of Ethereum has been fluctuating between $2,300 and $3,400. On April 1, the price attempted to break the range, but the bulls were unable to do so and the price retraced back to the upper border.

The negative trend line, which extends from the November low of $4,867.81, serves as a significant resistance barrier for the bulls.

For the last three sessions, the stochastic oscillator has been in the oversold zone. Any increase in the signal would provide the pair with much-needed positive impetus.

As of press time, Ethereum is trading at $3,102, a 2.41 percent increase.

ETH outpaced Bitcoin during the recent recovery surge, rising 47 percent in the last three weeks. The bullish rise reached a high of $3457, its highest level since early January.

However, sellers took advantage of the present market volatility and drove the altcoin below the $3300 support level. As a result, the ETH price has dropped by 10% since last week and is on track to give a weekly close below the shattered support.

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Altcoins Blockchain News Price Analysis

Shiba Inu (SHIB) Price Analysis 04/12

Ethereum whales
Ethereum Whales Continue To Accumulate SHIB

Shiba Inu (SHIB) prices skyrocketed on April 12 following their introduction on Robinhood, a commission-free trading platform located in the United States.

The SHIB price increased by more than 35% to 0.00003, its highest level in nearly two months, before trimming some gains. Nonetheless, SHIB was on track to have its best daily performance since Feb. 6, when it gained about 27%.

Since the pandemic began in March 2020, Robinhood has evolved as a go-to option for regular investors. Last year, the retail brokerage added 10 million funded accounts to its platform, with first-time investors accounting for more than half of the new sign-ups.

Nonetheless, in its fourth-quarter earnings for 2021, it recorded a net loss of $423 million, noting that its major source of revenue (payments for order flow) made $263 million, compared to $267 million in the same quarter the previous year.

Meanwhile, cryptocurrency trading revenues increased by more than 300 percent during the same time period, putting Robinhood on track to launch more crypto-related services in 2022, including a wallet and the addition of more altcoins and meme tokens to its brokerage platform.

The inclusion of SHIB to Robinhood, according to David Gokhstein, founder of Gokhshtein Media, is “a tremendous thing” for the crypto sector, noting that the cryptocurrency might help attract more users to other prominent coins like Bitcoin (BTC) and Ether (ETH).

According to IntoTheBlock data, the events leading up to Shiba Inu’s big intraday rise included a period of strong accumulation.

The analytics tool discovered that the address that has held SHIB for more than a year has boosted their balance in the last 30 days. As a result, these hodlers now own 2.82 percent of the total quantity in circulation.

Shiba Inu, on the other hand, continues to be threatened by its dominant bearish continuation pattern. Since late December 2021, SHIB has been consolidating inside a so-called symmetrical triangle. It established the pattern after dropping nearly 70% from its October 2021 high of $0.00008894.

SHIB should now break below its triangle to resume its bearish trend, according to general technical trading rules. If SHIB falls below the triangle’s lower trendline, the next downside target will be at a length equal to the maximum distance between the pattern’s upper and lower trendlines calculated from the breakout point.

This bearish scenario lowers the projected price for Shiba Inu to less than $0.00001200, a drop of more than 50% from the price on April 12.

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Altcoins Blockchain News Technology

Robinhood Finally Lists Shiba Inu on Its Platform

Robinhood
New York fines Robinhood Crypto $30 million

Robinhood Markets Inc. added four additional cryptocurrencies to its platform, including the Shiba Inu coin, in a victory for supporters who had long contended that the comedy token should be made available for trading.

The popular daytrading platform has also added Solana’s SOL, Polygon’s Matic, and Compound’s COMP to its list of accessible transactions in a likely appeal to customers now that the increase in retail trading that occurred during the pandemic lockdowns has subsided. All of the mentioned tokens’ prices increased. As of 9:33 a.m. in New York, Robinhood shares were up 4.6 percent.

Each of the tokens listed has struggled in 2022, with SHIB leading the pack by losing only 17% on the year. COMP, SOL, and MATIC are all down by almost 40%. Bitcoin, on the other hand, is only down 15% year to far, and it actually broke even on the year last week before plummeting again.

Customers have been demanding for the ability to purchase and sell additional tokens since Robinhood began offering crypto trading in 2018.

SHIB piqued investor attention in particular because it is viewed as a complimentary token to Dogecoin, which quickly became one of Robinhood’s most traded assets after its addition in the summer of 2018. However, the corporation has delayed listing SHIB until now because to concerns about its extreme volatility.

Users of Robinhood have long requested that SHIB, as the Shiba coin is known, be exchanged; a Change.org petition initiated last year has received over 550,000 signatures in support of the move.

The company has always stated that it carefully evaluates the new coins it adds to its offers; in addition to client demand, its listing committee considers elements such as on-chain analysis, technology and security, as well as legal and financial variables.

Retail investors driving the campaign frequently reference last year’s spectacular ascent of another joke token, Dogecoin, with many at-home traders predicting that the Shiba coin will follow suit.

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Altcoins Bitcoin Blockchain News

35% of Adults in Nigeria Bought Crypto in the Past Six Months

Nigeria
Nigeria has issued new crypto rules to increase adoption

According to a new poll performed by prominent cryptocurrency exchange KuCoin, more than one-third of Nigeria adults presently own or have traded cryptocurrencies in the last six months.

According to KuCoin’s newest Into The Cryptoverse research on cryptocurrency and blockchain adoption in Nigeria, 33.4 million Nigerians between the ages of 18 and 60 hold at least one crypto asset or have engaged in crypto trading in the last six months.

According to the survey, 52 percent of crypto investors in Nigeria have put more than half of their total assets in crypto, and another 70 percent aim to invest more of their assets in digital assets within the next six months.

According to the report, 37 percent of Nigerian crypto investors have been trading cryptocurrencies for more than three years, while 6 percent have been investing for more than six years.

Furthermore, 40% expect to start their own enterprises to better their standard of life, 36% intend to earn passive income in addition to their salary, 34% want to achieve financial freedom, and 26% intend to rely on cryptocurrency as their primary source of income.

The survey also indicated that cryptocurrencies have provided equal chances to both men and women, with women accounting for half of all crypto investors.

Since 2016, the Nigerian currency, the Naira, has declined in value by more than 209 percent, while national inflation and the cost of living have been rising since 2008 as a result of ongoing corruption. The breakout of the COVID-19 pandemic in 2020 also contributed to the country’s bad economic situation.

Nigerian investors have used cryptocurrency as a source of income, for cross-border payment, and to hedge against inflation in an effort to find a solution to the country’s financial woes.

According to the KuCoin survey, 53 percent of Nigerian crypto investors consider cryptocurrencies as a trustworthy store of wealth and medium of exchange, while 50 percent invest in digital assets for higher long-term profits.

According to KuCoin’s Into The Cryptoverse research, Nigerians are adopting cryptocurrencies despite the country’s ban on commercial banks servicing crypto-related organizations since 2021.

Interestingly, Coinfomania reported earlier this month that the Central Bank of Nigeria (CBN) fined four local banks in the country for assisting crypto-related transactions after the prohibition was lifted.

Access Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank, and United Bank for Africa were among the banks affected (UBA).

Access Bank was fined more than $1.2 million, followed by Stanbic IBTC ($480.594), UBA ($240,298), and Fidelity Bank ($34,362).

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Blockchain News

First Solo Collection of Zara Launches in Metaverse

zara
first solo collection of zara launches in the metaverse

Zara has released a new Lime Glam line, which is designed to be worn both within and outside of the virtual world. The clothing and accessories are available both in the Zepeto metaverse and in conventional stores.

Wearables are swiftly becoming the current fashion trend and gaining traction in the eyes of the fashion-conscious public, prompting major brands like Zara to go on board.

More wearables are being built with dual purposes, one for your in real life (IRL) appearance and the other for your virtual self, thanks to metaverses like Decentraland, Somnium Space, Zilliqa, and others now giving a home for brands to cater to avatars.

So, how can our avatars and physical personas coexist? Choosing wearables that represent your style is the simplest way to show off your personality in the metaverse.

If a customer purchases the physical edition, they will also have access to the digital version, making the purchasing process more efficient. The Zara website includes a specific section that features avatars wearing the new Lime Glam line, providing inspiration for those interested in purchasing any of the goods.

For this collection, the Zepeto app also includes a photo booth, digital walls, and a floor. Gucci Villa was released in August 2021 on the same virtual portal, Zepeto.

The 3D designs are straightforward in style, reflecting current fashion demands on the high street — the limited edition collection’s primary pieces include short, green ruched dresses, oversized denim jackets, woven shoulder bags, and platform sandals.

As the industry recognizes the metaverse’s promise, fashion and beauty brands are busy experimenting with virtual representations of their products. As consumers spend more time immersed in digital worlds, marketers are looking to create unique experiences that complement their physical items and, in time, may even replace the need for as many physical purchases.

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Altcoins Blockchain Price Analysis

Terra (LUNA) Forecast 04/11

luna
Controversial behavior by new LUNA validators has been detected

On April 11, the price of Terra (LUNA) fell as a broader slump in crypto assets added to the uncertainty around its token burning mechanism.

The collapse of Bitcoin (BTC) and Ether (ETH) led to a slump in the remainder of the cryptocurrency market, with LUNA’s price falling over 8% to approximately $91.50, and nearly 30% from its record high of $120 reached on April 6.

After the Federal Reserve declared its intentions to hike interest rates and cut balance sheets dramatically to combat growing inflation, the overall drop followed similar swings in the US stock market last week.

Bitcoin’s association with tech equities, according to Arthur Hayes, co-founder of BitMEX exchange, might see it hit $30,000 next.

To put it another way, LUNA’s high correlation with BTC so far this year puts it at danger of further decline if BTC does not recover. At least two “exposé” threads that went popular on Twitter over the weekend provided more adverse cues to LUNA.

The first discussion, started on April 7 by a pseudonymous analyst named @DeFi Made Here, questioned LUNA’s capacity to maintain the peg of TerraUSD (UST), Terra’s native stablecoin, because it is not backed by any actual asset.

The second thread, written by Jack Niewold, an analyst at the Crypto Pragmatist – a DeFi publication — accused Terra co-founder Do Kwon of getting all of the LUNA tokens intended to be “burned” to create UST on April 9.

He further claimed that the Luna Foundation Guard, a non-profit group that supports the Terra ecosystem, has been buying Bitcoin using a portion of the burned LUNA supply.

In a tweet-to-tweet reaction to Niewold, Kwon rejected the charges, calling him a made-up clickbait. Terra burns LUNA 1:1 to create new UST, according to the self-proclaimed “master of stablecoin,” as evidenced by a swap on the Anchor Protocol dashboard.

Jose Maria Macedo, the CEO of crypto research platform Delphi Digital, slammed Niewold’s discussion as “awful.” In addition, the most recent LUNA selloff pushed the currency’s price below its major moving average support against the US dollar.

In more detail, the Terra token has fallen below its 50-day exponential moving average (50-day EMA; red wave in chart below), which is now under $90, almost two months after reclaiming it as support.

The most recent support-to-resistance flip puts LUNA in danger of extending its downtrend toward its 200-day EMA (the blue wave) in April, which is about $67 (around 20% lower than April 11’s price).

The 0.382 Fib line of the Fibonacci retracement graph, drawn from the $4 swing low to the $106 swing high, also coincides with the 200-day EMA, providing LUNA with double-layered support against bears.

An early rebound from the 0.236 Fib line (around $82), on the other hand, may see LUNA retest $106 as an interim upside goal.

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Blockchain News

Report: Over $135 Million Crypto was Withdrawn This Week

crypto
over $135 was withdrawn this week

According to a recent weekly report on cryptocurrency investment funds from digital asset management firm CoinShares, crypto outflows from exchanges last week were the second greatest weekly outflow this year.

During the recent market downturn, crypto investment products saw a total outflow of roughly $134 million, according to the research. Crypto exchanges in Europe and America saw huge outflows, accounting for 39 percent and 61 percent of total outflows, respectively.

Bitcoin investment products accounted for a large portion of the outflow, followed by Ethereum investment products. The overall outflow of bitcoin was $132 million, while the inflow was $2 million. Ethereum’s outflow was $15.3 million, bringing the total amount since its start to $126 million.

According to the research, blockchain equities received $32 million in inflows, while altcon and multi-asset management products received $6 million and $5 million, respectively.

Bitcoin has failed to maintain over $45,000 since hitting an all-time high of $69,000 last November. Despite a breakout above $47,000 near the end of Q1, the leading cryptocurrency was unable to maintain the upward trend and has lost more than 10% of its value in the last three days.

According to CoinShares, investors may have profited from the increasing trend, with investment product trade volume falling to $2.5 billion from a 2022 average of $2.9 billion.

The trading volume for investment items, on the other hand, accounts for only 7.6% of overall Bitcoin volumes. According to the survey, investors still trade $2.3 billion worth of cryptocurrency on major exchanges every day.

The crypto market is now down, with Bitcoin trading about $40,000 and Ether hanging around $3,000 at the time of writing.

Meanwhile, Ethereum had a large exodus from crypto exchanges during a short boost last month, according to reports. A total of $446.1 million worth of Ether was removed from exchanges in a single day, according to the study.

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Bitcoin Ethereum

Bitcoin and Ethereum’s link to tech stocks is growing

ethereum bitcoin
Ethereum Has Been Outperforming Bitcoin

Since the conclusion of the pandemic, the price activity of Bitcoin (BTC) and Ethereum (ETH) has been comparable to that of tech stocks, according to Bloomberg News.

The 40-day correlation between Bitcoin and Nasdaq, according to the research, is at 0.6945, the highest it has ever been.

As a result, some analysts are speculating that Bitcoin may not be the diversifier that many of its proponents portray it to be.

Arthur Hayes, a co-founder of BitMEX, is one such supporter. According to Hayes, the price of BTC could reach $1 million in the future. In a new Medium opinion piece, he addressed the buy or sell debate as well as the present link between the crypto and stock markets.

This is bad for crypto, according to Hayes, because it is supposed to be a hedge. He went on to say that given the significant link between the two, advising people to buy crypto in anticipation of a NASDAQ catastrophe would be foolish.

Hayes, on the other hand, feels that regardless of what happens with cryptocurrency, tech stocks will fall. He pointed out that rising interest rates, along with slowing economic growth and low global liquidity, will inevitably lead to this.

Hayes further pointed out that NASDAQ’s present price levels have only been maintained because the market is dominated by a few profitable corporations.

More than 40% of the index is held by Tesla, Microsoft, Google, and Apple, and their stock performance has been decent, even though they have had some downturns.

According to this study, Hayes believes that the crypto market’s worst is yet to come, as a dip in the NASDAQ would also result in a drop in the value of crypto assets. He believes that by the second quarter of this year, Bitcoin’s value will be about $30,000.

According to Hayes, this may not happen if the link between Bitcoin and the NASDAQ index falls before the NDX’s inevitable implosion.

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Blockchain News Opinion

Crypto Market Overview 04/11

crypto
over $135 was withdrawn this week

Bitcoin led other crypto in a market-wide drop on Monday, April 11, falling almost 4.75 percent since the market opened, despite reaching $47,000 earlier in the week. Bitcoin is currently selling at roughly $40,878 as of this writing.

The gloom has caused the whole crypto market to drop below $2 trillion, with 121,869 traders having their long positions terminated indefinitely after losing over $100 billion and $352 million in liquidations in the last 24 hours. According to Coinglass, the greatest single liquidation order was for XBTUSD worth $10 million on BitMEX.

Ethereum, which has overtaken Bitcoin in recent weeks, has battled to hold its ground above $3k amid the overnight sell-off, and is now trading at $3,034, down 6.55 percent since the daily begin.

Cardano, Terra (LUNA), Avalanche (AVAX), Solana, and XRP are the largest losses among the top ten currencies, having lost 8.73 percent, 7.57 percent, 9.31 percent, 8.78 percent, and 6.89 percent in the last 24 hours, respectively.

Some have attributed Monday’s market tilt to a variety of factors, including market hesitation following the announcement of a worse-than-expected personal consumption expenditures price index (PCE) on Thursday, which sent US stocks plunging.

In February, the index, which is the Federal Reserve’s favored inflation barometer, reached a 40-year high, climbing by 6.4 percent year-over-year, confirming rising inflation as seen by the Consumer Price Index (CPI) last month. This makes the FED’s strategy to control inflation even more difficult, trapping investors in the process.

Energy costs have risen dramatically as a result of the ongoing conflict between Russia and Ukraine, as the US and its allies move in to shut off Russian energy shipments. Supply chain interruptions, as well as expensive labor and operating costs, have all contributed to the current inflation.

Bitcoin, according to market analyst Gareth Soloway, is expected to fall back below $30,000. He believes that today is “a horrible time to get into Bitcoin,” and that an entry after a decent pullback is preferable.

However, $40,000 is undoubtedly a widely monitored support, with several analysts, like veteran trader Peter Brandt, expecting a retest there following what appeared to be an ascending triangle.

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Bitcoin Price Analysis

Bitcoin (BTC) Forecast 04/10

Bitcoin network
Bitcoin has the potential to become a zero-emission network

The long-awaited Bitcoin conference took place from April 6 to 9. During these three days, history was undoubtedly made that has the potential to change the aforementioned currency as well as other crypto assets.

Strike, for example, has announced partnerships with Shopify, NRC, and Blackhawk in order to boost Bitcoin usage. Blockstream recently announced that it will collaborate with Block (previously known as Square) and Tesla to build a new solar-powered Bitcoin mining plant.

Próspera, a special economic zone in Roatan, Honduras, has proclaimed Bitcoin and other cryptocurrencies to be legal cash inside its authority, which is good news for the crypto industry.

The market’s most recent situation, however, was unable to make up for the losses suffered during the previous six days. At the start of the week, the global cryptocurrency market cap was $2.16 trillion, but it grew by $10 billion to $2.17 trillion at the peak.

The market fell to a low of $1.8 trillion before recovering and closing the day at $2 trillion. The week is coming to a close with KNC leading the pack with a gain of more than 30%, followed by MINA with a gain of more than 16%.

Waves is the biggest loser over the last six days, down 47 percent, while AAVE is close behind with a drop of more than 26 percent.

BTC has lost a few percent of its value. This will be the second week in a row that the top coin has lost money, since it failed to make any substantial gains previous week and lost some of its value.

The current seven-day period started off positively, but failed to maintain that momentum as a two-day downturn began the next day. Bitcoin lost a little portion of its value per unit on Tuesday and failed to recover.

Wednesday was no different, if anything, as the largest cryptocurrency by market cap dropped more than 5%. BTC has dropped by about 3% in the last two days. The opposition has successfully recovered control of the weekend after the bears’ week went according to plan.

Bitcoin is currently experiencing its second day of price rises in a row. This hasn’t been enough to undo the harm done during the downturn. The apex coin is now down more than 5% at the time of writing.

The Moving Average Convergence Divergence suggests that the apex coin is suffering a bearish convergence, and a divergence may be on the cards for Bitcoin at the start of the week, according to a view.

As a result of the aforementioned event, the downturn has occurred. The largest coin by market capitalization has failed to recover from the drop and remains in the danger zone as a result. Furthermore, bitcoin has lost its pivot point and is now seen as a bearish asset.
Bitcoin had a low of $42,120 and a high of $47,201 during the day.

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Altcoins Opinion Price Analysis

The Week Dogecoin And Near Protocol Had

California
California regulator investigates crypto firms

The previous seven days have been a week of significant drops in the crypto world, with the market value falling below $2 trillion to $1.7 trillion at the time of writing. Bitcoin, the world’s most popular cryptocurrency, has lost 8.40 percent of its value this week, falling from $46,453 at the start of the week to $42,550 at the time of writing.

The market’s dips this week were due to a higher dollar, which is currently trading at 99.79 basis points, a level not seen since March 2017. The dollar’s strength was due to the possibility of more aggressive Federal Reserve tightening.

Dogecoin, the world’s richest man’s favorite crypto, saw gains this week as a result of Tesla CEO Elon Musk’s recommendation that the token be used as a form of payment on Twitter. Earlier last week, Musk purchased a 9.2 percent interest in Twitter for $3 billion, making him the company’s dominant stakeholder. Musk was named a new member of the organization’s board of directors a day after the disclosure. The current CEO, Parag Agrawal, revealed this on his Twitter account.

Musk gave some suggestions on how Twitter Blue, the company’s first-ever subscription service, may be improved on Saturday. On June 3rd, 2021, Twitter Blue, a premium monthly subscription service, was unveiled.

According to Twitter’s blog post, the new functionality includes premium features such as bookmark folders, tweet undo, and reader mode.

Musk feels that the monthly subscription fee should be decreased to $2 from $3, that there should be no commercials, and that Twitter should consider accepting Dogecoin ($DOGE) as payment. “Yes, it should be proportionate to affordability and in local currency,” he said. Maybe even a Doge payment option?”

The Near Protocol is a layer-one blockchain that was created as a community-run cloud computing platform. NEAR is the native coin of the crypto. The increase may be traced back to the platform’s announcement of a $350 million investment round led by Tiger Global, a New York-based hedge fund.

This is the platform’s second fundraising round in 2022; it had raised $150 million in January 2022 in a deal led by Three Arrows Capital, Alameda, and Jump. According to the platform’s release, several more fundraising rounds are expected to be launched in the following weeks, focusing on NEAR and Aurora-based DeFi projects and applications.

The NEAR network also boasts that it has handled over 110 million transactions and has over 5 million accounts. More than 450 apps are currently live or being developed on NEAR, which has the sixth-largest developer community in the blockchain ecosystem, with over 200,000 members globally.

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Altcoins Bitcoin Blockchain Ethereum Regulation

Higher Crypto Market Taxes Suggested By An Indian Lawmaker

Indian
Officials in India Fear Dollarization of Economy If Crypto Is Accepted

Following the new tax legislation, a member of Indian upper parliamentary chamber and the country’s ruling party has urged for harsher actions against the crypto industry. The legislator feels that the government should discourage people from participating in the fledgling market.

Despite the opposition of industry members, India imposed new severe tax legislation on the crypto business at the end of last month. The rule, which requires a 30% tax on revenue earned from trading or investing in crypto assets, has been in effect since last Friday.

Since its implementation, trading volume and on-chain activity have decreased on exchanges. Some MPs in the country, on the other hand, demand even tougher tax laws for the industry.

According to Forkast, Sushil Kumar Modi, a member of India’s upper house of Parliament and a member of the ruling party, believes that crypto profits should be taxed at 50%.

“No one knows what this crypto is,” Modi remarked, adding that the Indian public needed to be dissuaded from participating in the new industry. According to Modi, the Indian government views cryptocurrency trading and investing in the same light as horse racing and lottery, with higher tax rates.

Crypto transactions, like other speculative activity in the country, should be subject to a 28 percent Goods and Services Tax, according to Modi. Modi also expresses concern about the anonymity of certain cryptocurrency producers, claiming that people are using the embryonic market to carry out illegal actions.

While the Indian government has chosen to tax the crypto market, no legislative structure to control the industry has been established. According to Nirmala Sitharaman, the country’s finance minister, and confirmed by Modi, the government has yet to determine whether to regulate the market or outright ban it.

Meanwhile, according to Modi, the government has yet to decide whether to treat cryptocurrencies as investments or commodities. Modi claims that the administration will enlist the help of the IMF and the World Bank to make some of these decisions. However, the congressman stated that he is confident that the Indian government will not grant cryptocurrencies legal tender status.

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Blockchain News

Binance Might Start Operating in Dubai Soon

Binance U.S.
Binance was sued over Terra

Binance, the world’s largest cryptocurrency exchange by trading volume, has acquired preliminary clearance to operate in Abu Dhabi, marking the company’s third regulatory approval in the Middle East after Bahrain and Dubai.

Binance has received preliminary clearance from the Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in digital assets, including cryptocurrencies, marking yet another milestone for the crypto exchange, which aspires to be a fully-licensed company.

ADGM is an international financial free zone located in Abu Dhabi, the capital of the United Arab Emirates, which has a long history of regulatory and supervisory monitoring of financial services offered within its authority.

ADGM claimed that the IPA is part of Binance’s intentions to establish itself as a fully-regulated virtual asset service provider in an internationally known and well-regulated financial hub, in response to Binance’s efforts to get regulatory licenses around the world.

The ADGM also stated that it intends to grant similar regulatory permits for both local and international crypto enterprises in order to strengthen Abu Dhabi’s position as a fast-growing virtual asset center and digital economy.

Dhaher bin Dhaher, CEO of ADGM, praised the action and pledged to assist Binance in establishing a foothold in Abu Dhabi.

Apart from Binance, the popular crypto exchange FTX has previously received functioning licenses in Dubai, the UAE’s second-largest city after Abu Dhabi.

ADGM released a consultation document on March 22 proposing that ADGM-licensed firms be authorized to assist NFT trading in the jurisdiction.

The Financial Services Regulatory Authority (FSRA), the free zone’s top regulator, classified NFTs as intellectual property rather than specific investments or financial instruments in the ADGM consultation paper, as Cointelegraph reported.

However, allowing NFT trading will very certainly necessitate compliance with the ADGM’s Anti-Money Laundering (AML) and Sanctions Rules.

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Altcoins Blockchain News Regulation

What India New Crypto Tax Law is Doing to Hodler’s

India
What india new crypto tax law is doing to hodlers

As previously reported, crypto traders in India would now be subject to the same degree of taxation as horse racing and other speculative activities. Gains made from crypto assets in the country are now subject to a 30% tax, with no ability to offset losses from other trades with gains made, starting of April 1st. Furthermore, digital assets are subject to a 1% TDS (Tax Deduction at Source).

According to recent reports and data, the taxes have shook the country’s crypto traders and investors. Aditya Singh, the founder of the Youtube channel Crypto India, released various statistics on Saturday showing a drop and flatlining of trading volumes across key Indian platforms.

This tendency is also confirmed by a research from crypto analytics firm CREBACO. Within the first two days of the tax rules taking effect, trading activity on large exchanges like WazirX fell by 55 percent, while traffic fell by 40 percent, according to the research.

Many market players, according to analysts, are still working out how the new rules will affect them. They expect the situation to improve in the coming weeks after investors find out a workaround.

Nischal Shetty, the founder of India’s largest crypto exchange WazirX, said on Twitter that the crypto business needed to grow in size in order for the government to modify its tax attitude.

A new tax law has taken effect, according to his tweet… However, this isn’t the end of the story. Governments make mistakes, but it is the people’s responsibility to remedy them… One of the most effective ways to decrease taxes is to expand the crypto business beyond its current size… Let’s get to work on expanding our horizons.

Coinbase appears to be following this approach, as they have announced plans to grow their operations in the country despite the new rules. While crypto taxes have been established, no information on the status of the country’s crypto regulation bill has been released.

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Bitcoin News Price Analysis

Bitcoin Market Forecast 04/09

Bitcoin
Bitcoin BTC price analysis 05/08

As the weekend began, data from Cointelegraph Markets Pro and TradingView showed Bitcoin slowly dissolving support levels that had been in place for several weeks.

After numerous attempts of $43,000, the pair ultimately gave up and fell to $42,131 on Bitstamp, its lowest level since March 23.

Cross-crypto liquidations totaled $200 million in the 24 hours to the time of writing Saturday, according to data from on-chain monitoring resource Coinglass. Bulls waiting for a rescue move felt the pain.

As a result, the short-term picture for traders was decidedly gloomy. Crypto Ed, a well-known commentator, predicted a retest of $40,000, but cautioned that Bitcoin might not stop there. A chart with support levels between $40,000 and $37,500 suggested a projected multi-step downturn.

Meanwhile, the co-founders of on-chain analytics startup Glassnode, Yann Allemann and Jan Happel, highlighted the possibility for volatility due to decreased weekend market volumes.

In contrast to the previous week, Bitcoin’s weekly candle, which was slated to close on Sunday, showed roughly $5,000 in losses, or nearly 10%.

Bitcoin whales were busy buying up new supply from sellers, according to the latest statistics, with exchange Bitfinex seeing some substantial bid volumes being met.

The significance of Bitfinex whales and their purchasing and selling habits this year was previously reported on by Cointelegraph.

Another anonymous large-volume wallet continued to buy millions of dollars’ worth of BTC at regular intervals, independent of price movement, a method known as dollar cost averaging.

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Altcoins Price Analysis

How the Week Has Been For Shiba Inu (SHIB)

Ethereum whales
Ethereum Whales Continue To Accumulate SHIB

Shiba Inu has reclaimed its position as the largest holding of the top ETH whales after Ethereum, according to statistics published by WhaleStats. FTT (FTX Token) had previously held this position for quite some time.

This indicates that Shiba Inu has overtaken Ethereum as the second most popular coin among these whales. According to WhaleStats, the total amount of SHIB held by the top 1,000 ETH wallets is worth $1,459,250,776. For the time being, these top whales possess $1,215,547,517 in FTT, the second largest investment.

@shibburn, a cryptocurrency burn tracker, has stated that a significant amount of SHIB tokens have been removed from circulation in the last 24 hours, totaling 1,351,643,000 Shiba Inu. According to CoinMarketCap data, Shiba Inu is currently trading at $0.0000238, down 4.36 percent in the past 24 hours.

According to a tweet from the official Shiba Inu Twitter account, the first stage of the SHIB: The Metaverse land sale could begin this weekend.

The project states that there will be three stages to the land auction in SHIB: The Metaverse. The bid event, which is the first stage of phase release for SHIB: The Metaverse and its land sales, marks the commencement of involvement with the first stage of phase release.

The bid event will span three days, or 72 hours, from the time it begins and will provide the earliest access to some property plots. Participants are asked to lock their LEASH or Shiboshi NFTs ahead of the three-day event, and all bids will be made using Ethereum.

Shibarium, the Layer 2 (L2) on which SHIB: The Metaverse will be built, and SHI, the Shiba ecosystem, are now in development, as previously stated. Shibarium is said to be in the Alpha stage and may shortly enter the Beta stage. The SHIB Burn gateway could possibly be reaching the end of its development cycle.

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Altcoins Bitcoin Blockchain News

$130 Billion in Crypto Owned By Russians

Russia
Proposals to Exempt Crypto Issuers from Russia Taxes Approved

Russian Prime Minister Mikhail Mishustin recently stated that Russians crypto holdings are worth billions of dollars, but the government has yet to develop a legislative framework for the industry.

According to him, Russians own more than 10 trillion rubles ($130 billion) in cryptocurrencies such as Bitcoin, Ethereum, and others, according to the Russian government’s annual report.

The prime minister did not state where this statistic came from, only that it is based on several estimations. He claimed that they are well aware that more than 10 million young people have opened crypto wallets and moved huge sums of money totaling more than 10 trillion rubles.

According to the prime minister’s latest estimates, Russia’s crypto assets are near to the country’s gold reserves, which were estimated to be worth $140 billion as of late March 2022.
According to US official estimates, Russia’s gold reserves account for around 20% of the country’s total reserves.

The Russian government’s latest figures come months after the Bank of Russia revealed plans to analyze the magnitude of the country’s crypto holdings last year.

Russia’s yearly crypto transactions are now anticipated to be valued over $5 billion, according to the central bank. Some sources, such as TASS news services, projected Russia’s total crypto holdings to be $214 billion earlier this year.

Despite the fact that Russians are increasingly investing in cryptocurrency as a result of Western sanctions imposed as a result of the ongoing conflict, the Russian government has yet to adopt clear rules to regulate the burgeoning cryptocurrency market, with various government structures unable to reach an agreement on how to regulate the industry.

After modifying the text in response to comments from other ministries and authorities, the Russian Finance Ministry filed a new version of the Russian crypto law with the government on Friday.

Governor Elvira Nabiullina of the Russian Central Bank had previously requested a comprehensive ban on crypto-related transactions, since the country is one of the greatest local critics of the technology.

Because Russia is fast becoming the world’s most sanctioned country, a number of foreign leaders have expressed alarm about the developing narrative about Russia’s ability to circumvent sanctions by using cryptocurrency.

Some of the industry’s top executives believe that bitcoin will be of no use to Russians as a means of evading sanctions. On Wednesday, Changpeng Zhao, the founder and CEO of Binance, the world’s largest crypto exchange by trading volume and a recent addition to Forbes’ top 20 list of the world’s wealthiest people, stated that Russians cannot truly use cryptocurrency to avoid sanctions because crypto transactions are not anonymous.

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Altcoins News Price Analysis

Near Protocol (NEAR) Forecast 04/08

Near
Near price prediction 04/18

After announcing that it had secured $350 million in a funding round led by Tiger Global, a New York-based hedge fund, NEAR, the native token of the Near Protocol, a layer-one blockchain that was created as a community-run cloud computing platform, has risen by almost 30%.

Republic Capital, FTX Ventures, Hashed, Dragonfly Capital, ParaFi Capital, Blockchange Ventures, and MetaWeb Ventures all participated in the investment round. This round of funding featured crypto-native funds, and it is seen as a significant foray into crypto and the NEAR ecosystem by more traditional corporations.

This is the platform’s second fundraising round in 2022; it had raised $150 million in January 2022 in a deal led by Three Arrows Capital, Alameda, and Jump.

According to the statement, this round of funding will help the ecosystem decentralize by supporting growth across business verticals through ecosystem funds and expanding the number of regional hubs in significant community centers across the world.

The release also stated that a surge of venture capital investment in initiatives based on NEAR occurred in late 2021 and early 2022. In the following weeks, the platform anticipates several additional fundraising announcements, particularly in NEAR and Aurora-based DeFi projects and apps.

The NEAR network also boasts that it has handled over 110 million transactions and has over 5 million accounts. More than 450 apps are currently live or being developed on NEAR, which has the sixth-largest developer community in the blockchain ecosystem, with over 200,000 members globally.

The adoption of the Near Protocol, as well as its different use cases and announcements, has created quite a stir in the cryptocurrency community. Near Protocol will introduce its own native algorithmic stablecoin, USN, as early as April 20, according to Zoran Cole, the founder of the prominent Telegram group Crypto Insiders.

To preserve the US dollar peg, the stablecoin will apparently use a Terra-like native token burn mechanism, effectively lowering NEAR supply.

Despite being ranked 16th in terms of market value, the cryoto is only listed on a few crypto exchanges, including Binance, Huobi, KuCoin, and Upbit, restricting its exposure, particularly in large areas like the United States.

However, Cole stated that Coinbase, one of the most popular crypto exchanges in the United States, will carry NEAR on its platform in the next months, which will help enhance the coin’s retail presence.

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Bitcoin News Technology

Tesla, Blockstream, and Block’s Solar-Powered Bitcoin Mining

Tesla
Tesla, Blockstream, and Block's Solar-Powered Bitcoin Mining

Blockstream announced today that it will collaborate with Block (previously known as Square) and Tesla to build a new solar-powered Bitcoin mining plant.

The facility will be completed later this year, according to a CNBC story published on Friday.

Blockstream will provide the mining tools and engineers that will construct the facility. The firm will also provide reports on the project’s performance.

The facility will be powered by Tesla 3.8 megawatt solar PV array and 12 megawatt-hour Megapack, according to the report.

The plant, according to Blockstream co-founder and CEO Adam Back, is being created to demonstrate that Bitcoin can be mined with 100 percent renewable energy and to support zero-emission power.

“People like to debate about the different factors to do with bitcoin mining. We figured, let’s just prove it. Have an open dashboard so people can play along, maybe it can inform other players to participate. This is a step to proving our thesis that bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.” 

The facility will speed Bitcoin’s adoption of renewables, according to Neil Jorgensen, project head for Block’s Bitcoin Clean Energy Initiative.

Block and Blockstream first announced their partnership in June, with Block spending $5 million and Blockstream providing infrastructure and experience to help construct it.

In January 2022, Block’s general manager for hardware, Thomas Templeton, disclosed that the business is constructing a Bitcoin mining system to alleviate pre-existing Bitcoin mining computational challenges as part of its continued strong support for Bitcoin.

Meanwhile, governments and authorities all around the world have overwhelmingly condemned Bitcoin mining activities because of their supposed harmful environmental impact.

Members of the New York State Assembly’s Environmental Conservation Committee voted last month to move forward with legislation that would ban Bitcoin proof-of-work (PoW) mining operations for two years in the state.

The bill has not yet been signed into law since it needs to be approved by state lawmakers and signed by Governor Kathy Hochul.

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Altcoins Bitcoin Blockchain News Regulation

Suspected Triad Member Arrested for $102K Crypto Scam in Hong Kong

hong kong
Suspected Triad Member Arrested for $102K Crypto Scam in Hong Kong

Local media claimed on Friday that Hong Kong police raided and arrested a criminal suspected of being a Triad member in an alleged $102,067 crypto fraud.

The Triad organization (14K) is a Hong Kong-based underground criminal organization. Since 1945, the organization has been involved in a variety of illicit operations, including drug trafficking, counterfeiting, illegal gambling, bookmaking, arms trafficking, human trafficking, identity theft, and money laundering.

According to police investigations, the suspect, 28, duped a 30-year-old investor by instructing him to send money to buy Tether (USDT), a popular stablecoin.

On the night of the incident, the suspect visited the victim on Canton Road in Tsim Sha Tsui and took $102,067 in cash from him before leaving and promising to send the digital asset to his crypto wallet.

After seeing no Tether (USDT) value in his crypto wallet, the victim realized the transaction was a hoax. At 9.30 p.m. on Saturday, he went on to alert authorities.

Using surveillance camera footage, authorities were able to track down and arrest the suspect on Thursday in a public housing flat in Tin Shui Wai. They seized $5,105, which they suspect came from the scheme.

Local authorities are also keeping an eye on another Triad member who had reached out to the victim online in an attempt to dupe him into making fraudulent transactions, according to reports.

Criminals have targeted bitcoin as a tool to carry out a variety of illicit acts as it continues to grow and become more widespread.

Polish officials intercepted and arrested a criminal ring carrying drugs worth $4.6 million to the United States earlier this week, according to reports.

The organization used conventional courier services to carry out its operations, and its clients paid them in cryptocurrency, according to the report.

According to Chainalysis statistics, criminals laundered over $8 billion in cryptocurrencies in 2021, up 30% from the previous year.

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Altcoins Blockchain News

Do Kwon Plans For Buying $100 Million in AVAX

do kwon

Terra’s Do Kwon said on Thursday that it had added to its reserves by purchasing Avalanche (AVAX) tokens worth $100 million in a ‘treasury Swap’ between LUNA and AVAX. AVAX is the first significant cryptocurrency other than bitcoin to find its way into the stablecoin’s reserve as a result of this OTC contract to add the stated AVAX tokens to UST reserves.

Terra, whose purchases are backed by The Luna Foundation Guard (LFG), went on to say that the AVAX swap was the start of a diversified and non-correlated asset pool supporting the $UST peg, implying that additional cryptocurrencies could be added in the future. The AVAX purchase will help both ecosystems thrive by integrating the LUNAtics and Terra builders with the lively Avalanche environment, ushering in an immersive cross-chain experience.

The AVAX venture follows Terra’s continuous acquisition of Bitcoin, which it intends to use to support TerraUSD (“UST”), the Terra network’s flagship stablecoin and the leading decentralized stablecoin in DeFi by market cap.

Do Kwon believes that cross-chain networks will be the future of blockchain networks, claiming that the alliance between Avalanche and Terra is the largest ever forged in web3.

Terra currently intends to use the AVAX obtained by LFG to create a substantial reserve against $UST by employing an automated minting technique similar to that used for $BTC. This means that UST will become pegged to AVAX, enabling it to be minted and redeemed against the layer 1 coin.

Do Kwon also announced that they would begin covering initial bootstrapping costs for certain AVAX ecosystem initiatives that employ UST, including audit costs. Furthermore, they would be planting Avalanche with their own boots on the ground. “In the Avalanche ecosystem, we will develop a cluster of premier assets,” Kon said, urging AVAX projects to participate with the Terra community in order to boost growth.

Do Kwon has previously indicated that they will continue to buy Bitcoin until Terra surpasses Satoshi Nakamoto as the second-largest Bitcoin whale, a target he intends to attain after purchasing $10 billion in BTC. Terra added 5,040 BTC to its reserves this week, raising the total to 35,767.98 BTC.

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Altcoins Blockchain Price Analysis

Will Dogecoin Finally Reach $1 With Elon Musk’s Increased Influence?

Elon Musk Dogecoin
How Dogecoin Has Been Doing Since Elon Musk SNL

Following the announcement that Elon Musk had purchased a 9.2 percent interest in Twitter earlier this week, Dogecoin soared by almost 10%. While there is no clear link between the price increase and the business magnate’s purchase of Twitter shares, given the billionaire’s affinity with the meme coin, it is not unreasonable to suppose it was driven by it.

Elon Musk purchased roughly $3 billion in Twitter shares on Monday, according to a regulatory filing, making him the company’s largest stakeholder. Following the announcement, the leading meme coin increased by nearly 12%, from $0.13 to $0.156.

While there appears to be no direct link between the stock acquisition and the cryptocurrency, it is unexpected that the news has boosted the meme coin’s value, even as proponents increasingly predict a $1 DOGE price by the end of the year.

A week ago, the billionaire began a campaign on Twitter to promote free expression, implying that he was considering starting a new platform or purchasing Twitter. In response to a comment on one of Musk’s tweets, the billionaire said he would be happy to add support for Dogecoin as a tipping currency on Twitter for millions of users.

The Tesla CEO has long been a backer of the meme coin, referring to it as “the people’s crypto.” Several analysts have attributed the asset’s significant price increases in the last year to Musk’s public backing and influence. Elon Musk claims that the meme coin possesses all of the necessary properties to function as a medium of trade, a quality he believes Bitcoin and Ethereum lack.

Musk, on the other hand, has been open about his support for the asset. Tesla said in January that the meme coin would be accepted as payment for online merchandise. Musk also said that he is working with developers on the project to make the network’s transaction process even more efficient for users.

With all of this in mind, it’s no wonder that Musk’s increasing investment in Twitter, the popular microblogging network, would boost demand for the digital currency. DOGE is now trading at a price of $0.143. Dogecoin is down 1.83 percent in the past 24 hours and up 3.83 percent in the last seven days, according to CoinMarketCap statistics.

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Blockchain News Technology

Robinhood offers wallets to 2 million users on the waitlist

Robinhood AVAX
Robinhood Adds Support For AVAX and XLM

Robinhood, a cryptocurrency and stock trading software, will expand its digital wallet feature to 2 million more customers.

Robinhood chief product officer Aparna Chennapragada announced on Thursday at the Bitcoin 2022 Conference in Miami that eligible users who had been on the queue for the digital wallet — more than two million individuals — can now send and receive cryptocurrency. 

Furthermore, the platform intends to incorporate the Bitcoin Lightning Network in order to cut transaction time and cost, as well as their carbon footprint.

Due to local rules, the crypto wallets will not be available to users in Hawaii, Nevada, or New York, according to Robinhood. Since September 2021, the platform has been testing its digital wallet feature, completing its first alpha transfer using Dogecoin (DOGE) in November 2021 and introducing the beta version in January 2022 for tens of thousands of users.

After a seven-month wait, many Robinhood users expressed their delight on social media, however several pointed out that the wallet will not enable Ethereum (ETH)-based services such as nonfungible tokens and ERC-20 tokens.

Any NFTs or unsupported tokens transferred to a Robinhood Ethereum address may be lost, according to the company’s FAQ page.

In the fourth quarter of 2021, Robinhood reported $48 million in transaction-based revenue from cryptocurrency, down from $51 million in the third quarter.

Furthermore, since the company went public in July 2021, the share price of Robinhood (HOOD) on the Nasdaq has fallen by more than 82 percent, from an all-time high of $70.39 on Aug. 4 to $12.17 at the time of publication.

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Bitcoin Press Release Regulation Technology

SPANISH VICOX LEGAL TO SELL ITS LEGAL SERVICES THROUGH NFTs

vicox legal
vicox spain

Vicox Legal, the law firm specializing in Blockchain technology and crypto assets, announces a pre-sale of tax advice and annuity services for its clients. This will be done through the offer of NFTs that will allow their holders to access the services on a preferential basis with discounts on the different advisory packages offered by the firm.

With regard to the constant growth in the volume of taxpayers who need to regularise their situation with the Tax Agency, as they are holding cryptoassets for the first time and have not previously filed a tax return, the firm has decided to reserve a limited quota of services for its clients, given the high demand that is being generated as the filing deadlines approach and the work capacity required to deal with this campaign. 

Taxpayers with earned income of €22,000 per year, or €14,000 per year from more than one payer must file an IRPF (Personal Income Tax) return, so a taxpayer with income below these amounts would not be obliged to file a tax return. However, those taxpayers with lower income than those indicated but who obtain gains from cryptocurrencies added to other income that exceeds 1,600 euros jointly in 2021, or losses of more than 500 euros, would be obliged to file a tax return this year.

The new Law 11/2021 of 9 July on the prevention of tax fraud has brought about an important change with regard to cryptocurrencies, specifically those held in other countries. Its main objective is to provide greater transparency in cryptocurrency transactions, establishing the obligation to report balances and holders of cryptocurrencies held in custody.

2021 INCOME TAX CAMPAIGN:

  • 6 April 2022, online filing of income tax returns for 2021 is enabled.
  • 27 June 2022, the deadline for tax returns with results to be paid in and directly debited.
  • 30 June 2022, the deadline for income tax returns with a refund, or with a deposit, without direct debit of the first installment.

However, it will not be mandatory to report virtual currencies located abroad to the Tax Agency through Form 720 in this quarter of 2022. The obligation to report has been postponed to 2023, through the so-called Form 721, which is currently being developed and implemented by the AEAT.

Therefore, the firm’s decision to provide this service through NFTs, on the one hand, ensures its clients’ responsiveness to the demand for services and, on the other hand, adds value to the services, as only a select group of the firm’s clients will be able to have early access to them. In particular, a special series of the 150 NFTs has been reserved for customers who acquire them through the metaverse as the firm’s personal commitment to the decentralized universe.

To carry out this technological development, Vicox has had the support of the company Metasistant to validate and develop all the necessary elements for the implementation of the campaign with all the guarantees and to be able to focus on what is most important, which are the firm’s customers. Metasistant is a project that brings together professionals from different strategic sectors with extensive experience in the development of services and solutions in Web3 and metaverse, and where both Vicox and Observatorio Blockchain are partners.


As for the next steps, the firm says it is working on the generation of different projects through Vicox Lab, a pioneering innovation space in the legal sector, where, among others, projects based on the issuance of iNFTs are already being developed in collaboration with an international network of law firms from different jurisdictions dedicated exclusively to crypto-law.

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Blockchain News People

Vitalik Buterin Donates $5M in Ethereum To Ukraine

vitalik buterin pos
Vitalik Buterin Think PoS Bitcoin System is Better

According to recent reports, Vitalik Buterin, the creator and co-founder of Ethereum, has contributed $5 million to Ukrainian charity. Few days ago, Vitalik Buterin donated $5 million in Ethereum to two Ukrainian charity.

He did not personally declare the donations; instead, Aid for Ukraine and Unchain Fund announced them on April 6.

Each charity received $2.5 million from Buterin. Buterin donated the donations in three 750 ETH, 250 ETH, and 500 ETH transactions from his Ethereum address, vitalik.eth, according to transaction logs.

The Ministry of Digital Transformation in Ukraine is in charge of Aid For Ukraine. Buterin’s donation was recognized on Twitter by Alex Bornyakov, deputy minister of that department: “Special gratitude to Vitalik Buterin for standing with Ukraine,” he wrote.

Buterin has made previous comments about the war between Russia and Ukraine, including on February 23, when he called the fighting a crime against the Ukrainian and Russian people. On March 9, he claimed that other wars aren’t a valid reason for not caring about Ukrainians.

“Ethereum is neutral, but I am not,” the Ethereum founder posted, publicly distancing himself from the Ethereum Foundation’s views.

Other members of the crypto sector, both individuals and businesses, have also contributed. Binance has pledged a $10 million donation to Ukrainian relief. Ukraine users who registered within a particular window received $1,000 in Bitcoin from Kraken.

Back in March, Jack Dorsey, the founder and CEO of Block Inc. and former CEO of Twitter, gave $7 million to Ukraine through his charity initiative #StartSmall.

The Ukrainian government has now received more than $66 million in bitcoin donations, according to SlowMist. Another $37 million was donated to charity, bringing the total to $103 million.

Military supplies, refugee assistance, and basic commodities including food, water, and gas are said to have been purchased with the monies.

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Blockchain News Opinion People

Charles Hoskinson Thinks CBDCs Are A Bad Idea

Hoskinson
Hoskinson thinks CBDC is a bad idea

Charles Hoskinson, the founder of Cardano, has declared that he does not believe in the concept of a central bank digital currency (CBDC). The increased interest among governments throughout the world in constructing CBDCs has raised various debates about government control and privacy.

Central Bank Digital Currencies, or CBDCs, have become a major focus of interest for various countries with the development of decentralized cryptocurrencies. Governments are realizing that in order for a central bank-issued currency to be relevant, it must match the efficiency and cost of decentralized currencies.

The idea of citizens holding accounts directly controlled by central banks, on the other hand, has provoked several disputes over privacy and control.

Some analysts feel that the temptation for the government to monitor and regulate transactions under the pretense of preventing money laundering, terrorism funding, and promoting social good would be too strong to resist.

Charles Hoskinson is one of many who believes that the development of a CBDC would result in this. The Cardano founder tweeted a video of a Joe Rogan podcast with the tagline “Why CBDCs are a pretty horrible idea” in a recent tweet.

Maajid Nawaz, an activist and a guest on prominent American commentator Joe Rogan’s podcast, claimed in the video that the G7, which is made up of the world’s seven largest IMF economies, was going to develop a CBDC because they believed paper money’s time had come to an end.

The proposed CBDC, according to Bank of England officials, would be programmed so that it could not be spent on particular food products, for example, or restricted if an employer was dissatisfied with an employee, according to the guest.

Nawaz likened the proposed CBDCs to vouchers that could only be used where the government permits, and compared the concept to China’s social credit system. Nawaz believes that people should be prepared for the prospect that governments could become more controllable as a result of the disruption caused by decentralized cryptocurrency. He does, however, believe that in the end, the people will triumph.

If you’re worried about such results, now is probably the ideal time to raise the alarm, as Nawaz did. All of the G7 countries have yet to launch a CBDC, however they are all in various stages of development or testing. When considering the potential outcomes of CBDC research, it is unsurprising that China, which is not a member of the G7, is leading the pack in CBDC development, having already conducted large-scale testing in several regions.

Notably, the Fed launched a study on a CBDC early this year, soliciting public feedback but not taking a firm opinion. Biden’s executive order, on the other hand, encouraged appropriate authorities to investigate into the technology’s development.

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Altcoins Bitcoin Blockchain News Regulation

Local Banks in Nigeria penalized for allowing crypto payments

Nigeria
Local Banks in Nigeria penalized for allowing crypto payments

According to Bloomberg, the Central Bank of Nigeria (CBN) has levied financial fines on four commercial banks in the country for supporting crypto-related transactions.

Access Bank Plc, Stanbic IBTC Bank, United Bank for Africa (UBA), and Fidelity Bank Plc are among the sanctioned banks.

The greatest fine was levied on Access Bank, which was fined $1.2 million, followed by Stanbic IBTC, which was fined $480,594. UBA was fined $240,298 while Fidelity was fined $34,362.

Remember that in February 2021, the CBN issued a circular forbidding banks from assisting crypto-related transactions, claiming that the asset class is a threat to the country’s financial system.

Stanbic IBTC CEO Wole Adeniyi stated that the bank complied with CBN regulations. Crypto-related actions, on the other hand, went undiscovered on its platform, which the apex bank was able to trace using modern technology.

Despite the country’s strict crypto regulations, Nigerian investors continue to invest in cryptocurrency.

Nigerians have no choice but to use P2P platforms because banks and other institutions were not allowed to offer crypto services. Following the prohibition, the West African nation became Africa’s largest crypto peer-to-peer (P2P) market.

With over 1.5 million users at the time, the country became Paxful’s largest market, with considerable trading volume of up to $1.5 billion.

Nigeria’s Securities and Exchange Commission (SEC Nigeria) has established a fintech branch to investigate digital assets and develop legal frameworks to protect crypto investors as part of its effort to regulate the crypto business.

Meanwhile, Nigeria released its Central Bank Digital Currency (CBDC), named eNaira, in October, but crypto fans in the country appear to be unimpressed.

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Blockchain News Regulation

Australia New Regulations Could Affect Cryptocurrencies

australia
Australia to Prioritize Crypto Investors This Year

A guideline for financial influencers and service providers was recently released by Australia regulators. Influencers and firms will be required to follow the guidelines in order to avoid breaking the Corporations Act 2001 (Corporations Act) and misleading the public by marketing unlicensed financial services.

In recent years, regulators have expressed worry over cryptocurrency advertising and influencers. Especially when it comes to commercials that promise unrealistic profits or deceptive ventures.

The Australian Securities and Investments Commission (ASIC) has issued guidelines for financial influencers and service providers who use them in Australia.

The regulatory agency has issued a warning to social media influencers and financial service providers, advising them to ensure that services promoted or delivered do not violate the Corporations Act 2001. (Corporations Act).

Influencers are encouraged to double-check that the services they advocate are licensed in Australia (AFS). They should also make sure that their information is balanced and accurate.

Furthermore, financial service businesses are warned that they may be held liable for the conduct of influencers. According to the rules, firms might face significant fines, while influencers could face up to 5 years in prison.

While the standards do not specifically include cryptocurrencies, it is reasonable to infer that social media crypto influencers would be bound by them.

Notably, some content providers have complained that the standards do not define what constitutes a promotion, claiming that a factual item might be regarded as one.

Regulators have used a variety of strategies to combat what they consider to be deceptive or harmful advertising. The United Kingdom and India are two more countries that have lately issued crypto advertising guidelines.

Meanwhile, the Netherlands has taken a different approach, instructing kids on how to invest in cryptocurrency. The teachings will be delivered in the next months, as stated.

As regulators try to crack down on deceptive crypto advertisements, investors must be skeptical of ventures that promise unrealistic returns with little utility, even if they are endorsed by an influencer. Influencers like Mayweather and Jake Paul, for example, have been linked to rug pulls in the past.

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Blockchain Gaming News NFT

Axie Infinity Gets $150 Million With the Help of Binance Following Hack

Axie Infinity
Axie Infinity will compensate Ronin victims and reopen bridge

Sky Mavis, the creator of Axie Infinity, a popular play-to-earn nonfungible token game, has raised $150 million in a fresh fundraising round lead by Binance.

The fundraising aims to recoup funds lost as a result of the recent exploit on Axie Infinity’s Ronin Bridge, which resulted in a $600 million loss. Animoca Brands, a16z, Dialectic, Paradigm, and Accel also participated in the fundraising round.

Using compromised private keys, the explorer behind the breach was able to drain 173,600 Ethereum (ETH) and 25.5 million USD Coin (USDC) in just two transactions, according to Cointelegraph. The NFT game’s founders had stated at the time that they would either try to retrieve all of the lost monies or reimburse users using their own funds.

The remaining amounts would be reimbursed by Sky Mavis and Axie Infinity’s bank sheet, aside from the $150 million raised. The exploit’s developers have also recognized a tiny validator set on Axie DAO as the source of the problem, and have planned to raise the number of validator groups to 21 in the next three months.

The Ronin Bridge may not be operational for several weeks, according to the project’s developers, who are working on a security update and following audits before reopening it to users. Binance is assisting Axie Infinity users with depositing and withdrawing ETH on the Ronin Network in the meantime.

The Axie DAO will decide on the next actions for its treasury if the stolen funds are not recovered within two years. At the time of publication, Binance and Sky Mavis have not responded to Cointelegraph’s requests for comment.

Many in the crypto world believed that, like the exploiter of the Poly Network, the hacker behind the Ronin Bridge exploit would eventually return the monies. There hasn’t been any evidence of such communication between game developers and hackers before recently.

In an attempt to launder stolen assets, the Axie Infinity exploiter account has begun sending funds to currency mixer services such as Tornado Cash.

However, it’s worth noting that the Poly Network exploiter did the same at first, but finally decided to return the funds as laundering such a large sum got increasingly impossible.

Categories
Blockchain NFT Technology

Sky Mavis Gets $150 Million to Pay Victims of Ronin Bridge Hack

MonoX Finance hack
MonoX Finance Hacker Moves $31M in Tornado Cash

Sky Mavis, the company behind the popular NFT-based game Axie Infinity, revealed today that it has raised $150 million in a new round of funding.

Binance, a renowned cryptocurrency exchange, sponsored the campaign, which included Animoca Brands, a16z, Dialectic, and Paradigm.

The capital injection, together with balance sheet money, would be used to compensate victims of the Ronin bridge hack, which resulted in the theft of funds totaling more than $600 million, according to Sky Mavis.

The Ronin Network was hacked last week, with attackers taking about 173,600 ETH (around $600 million) and 25.5 million USDC ($25.5 million).

The Ronin bridge has nine validator nodes, five of which must authorize deposits or withdrawals. To take the cash, the hackers took control of four validators, including one controlled by the Axie Decentralized Autonomous Organization (DAO).

The attack began in November, when Sky Mavis sought assistance from the Axie DAO to issue free transactions because to a rise in the Axie Infinity user base.

Sky Mavis was then whitelisted by Axie DAO to sign numerous transactions on its behalf, and the process was ended in December, but the approve list was not withdrawn, giving the hackers access to the fifth validator they needed to complete the hack.

Sky Mavis CEO Trung Nguyen stated that the new funding will let the company to increase its validators from nine to twenty-one in the next three months, which will be divided among stakeholders and partners.

The company stated that it is now implementing a number of security steps to protect itself from potential threats.

Meanwhile, data aggregator CryptoSlam reported in February that the total value of non-fungible tokens (NFTs) sold in the Axie Infinity game had surpassed $4 billion.

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Altcoins Bitcoin Blockchain News Opinion

Is Terra On Its Way to Becoming the Largest Bitcoin Whale?

luna
Controversial behavior by new LUNA validators has been detected

Terra wants to cement its place as one of the largest BTC holders in the world. CEO Do Kwon stated that the organization has a budget of $10 billion to make the splurge.

Terra has spent $1.4 billion on Bitcoin, making it the 30th largest single holder of the cryptocurrency. The current acquisition brings the company’s total holdings to 30,727 bitcoins, with greater purchases on the way.

Do Kwon, the Terra Protocol’s founder, stated that the Terra Protocol will be one of the major holders of $BTC.

Following its recent acquisition of 4167 BTC disclosed today, Michael Saylor’s MicroStrategy is one of the largest BTC whales, with approximately 129,218 BTC in its cache. MicroStrategy’s bitcoin holdings are currently worth roughly $5.9 billion.

Kwon’s motivation for purchasing a huge amount of BTC was revealed in a Twitter space sponsored by Udi Wertheimer. Kwon claimed in the space that the decentralized stablecoin UST will be transformed into a hybrid stablecoin, allowing users to swap $1 worth of UST for $0.99 worth of BTC.

Because of the trust that Bitcoin has built over the years, it was an easy decision for Kwon. He went on to say that “it is really tough for someone in crypto to dispute Bitcoin.” According to the founder, the company has set aside $3 billion to purchase BTC in the short term, with the Luna Foundation Guard (LFG) planning to spend up to $7 billion on Bitcoin purchases in the future.

Terra has risen by a staggering 6.50 percent in response to the thriving ecosystem, and is now trading near the $120 mark. The asset reached an all-time high of $199 and has since seen a surge in activity as transaction volumes increased.

Terra’s founder has been an outspoken supporter of Bitcoin, thus the company’s current move comes as no surprise to industry observers. He once remarked, “$UST with $10 billion in $BTC reserves will usher in a new monetary age of the Bitcoin standard.” P2P electronic currency that is simpler to spend and more appealing to keep.”

Terra now allows UST to be traded for BTC natively without the use of middlemen by converting it to a hybrid stablecoin. Conversion costs are low, with 10,000 UST costing roughly $2.58 when converted to BTC.

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Bitcoin Blockchain News

MicroStrategy Buys 4167 Bitcoins at $190 Million

Microstrategy
MicroStrategy Buys 4167 Bitcoins at $190 Million

According to an April 5 regulatory filing, business intelligence firm MicroStrategy purchased another $190.5 million (4,167 Bitcoins) in Bitcoin between Feb. 15 and April 4.

The Tysons, a Virginia-based corporation, paid an average of $45,714 per coin. MicroStrategy’s average purchase price, including fees and expenditures, is presently $30,700.

As previously reported by Coinposters, MicroStrategy previously revealed a $25 million Bitcoin acquisition in early February.

Since adopting Bitcoin as its principal treasury reserve asset in April 2020, the Michael Saylor-led corporation has spent roughly $4 billion on the cryptocurrency.

MicroStrategy currently has 129,218 Bitcoins (about $6 billion) in its possession. On major spot markets, the world’s largest cryptocurrency is now trading marginally in the green, at $46,700. Despite its recent recovery, Bitcoin is still 32.69 percent behind its all-time high.

The most recent acquisition comes after MicroStrategy borrowed $205 million to acquire additional Bitcoin. It obtained the financing from the crypto-focused Silvergate Bank.

To fund its enormous acquisitions, the business did not go so far as to issue Bitcoin-denominated bonds. According to Saylor, the bitcoin sector is not yet developed enough for such a product. As a result, he chose a traditional bank loan over more innovative alternatives.

MicroStrategy stock is up 1.74 percent in pre-market activity. On a year-to-date basis, the stock is still down 10%, behind Bitcoin significantly.

The firm has practically converted into a bitcoin play as a result of its large exposure. Its stock is still trading in tandem with Bitcoin.

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Blockchain News Technology

Elon Musk Now Twitter’s Largest Shareholder and Member of its Board

Musk
Elon Musk Taking Over Twitter vs. Crypto

Twitter Inc said on Tuesday that it will appoint Elon Musk, CEO of Tesla, to its board of directors, a day after the billionaire disclosed a 9.2 percent interest in the social media business.

Mr Musk cannot possess more than 14.9 percent of Twitter’s common stock as an individual shareholder or as a member of a group as long as he is a director of the firm, according to a filing.

“I’m excited to share that we’re appointing @elonmusk to our board,” Twitter CEO Parag Agrawal said in a tweet. “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term.”

Agrawal added: “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!”

Musk will continue as a Class II director until 2024, preventing him from assuming entire control of Twitter’s board. Nonetheless, Musk’s position makes him the company’s largest individual stakeholder. Given his regular use of the platform, some experts believe Musk, who has 80.5 million followers — roughly four times that of President Joe Biden — will have a big influence within the corporation.

Musk joins Agrawal and Twitter co-founder Jack Dorsey on the board, who stood down as CEO in November.

Musk’s board position would give him a say in the company’s overall future, which he has frequently discussed on his Twitter account, where he has criticized the company’s moderation efforts. Last month, Musk warned that Twitter was a threat to democracy.

It’s unclear what improvements Musk would advocate for, but on Monday night he posted a poll asking if users wanted an edit button, an idea that Twitter leadership has already rejected.

Musk’s appointment to the board drew immediate praise from certain conservatives who claim Twitter unjustly suppresses them and have demanded for former President Donald Trump to be unbanned from the network.

Twitter’s stock price rose almost 6% in premarket trade and is up about 30% since Musk disclosed his Twitter ownership.

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Blockchain News

Authorities in India seize $300k in crypto connected to drug trafficking

India
India Central Bank's Proposal For CBDCs

During a session of the India parliament on Monday, Pankaj Chaudhary, the country’s Minister of State for Finance, stated that a raid by the Narcotics Control Bureau, Central Board of Indirect Taxes, and Customs had uncovered that cryptocurrency was being used as payment in drug trafficking.

Authorities uncovered 2.2 crores (roughly $286,000) in cryptocurrency used by criminals to settle narcotics sales.

Chaudhary stated that the government has taken a number of tough steps to combat such illegal acts. He stated that law enforcement officers are being taught on advanced cyber and forensic technology, as well as how to collect evidence digitally.

He also discussed the rapid rise of blockchain and Web3, as well as how the government is paying greater attention to new technologies.

According to Chaudhary, the technology associated with Metaverse/Web 3.0 are constantly emerging. The government is aware of the advent of new technologies and the rapid expansion of emerging technologies such as Artificial Intelligence, Blockchain, Drone, Augmented Reality/Virtual Reality, Metaverse, Web 3.0, and so on.

This follows India’s crypto tax law, which went into effect on April 1, 2022. Recall that the country’s Finance Minister, Nirmala Sitaraman, stated during her 2022-2023 budget address that crypto traders will be subject to 30% tax with 1% tax deducted at source (TDS) on digital asset transactions beginning July 1.

Crypto losses, according to the rule, cannot be deducted from other revenue in the same year. The government’s tax law has harmed bitcoin trading activity in India.

According to a poll done by blockchain intelligence business CREBACO, crypto transaction volume in the nation has plummeted by 55% since the tax law went into force.

The data also reveals that on March 31 and April 1, transaction volumes on the WazirX crypto exchange fell from $918,515 to $524,865, and on CoinDCX, from $249,311 to $157,460.

As India maintains its strict tax regulations, the nation intends to develop its own Central Bank Digital Currency (CBDC).

Sitharaman announced last month that India will launch the CBDC before the end of the year.

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Blockchain News Regulation

The SEC Rejects Another Bitcoin ETF Application

ETF
The SEC rehects another bitcoin etf application

The SEC has once again rejected a Bitcoin spot ETF. Ark 21Shares, a collaboration between famed investor Cathie Wood’s Ark Investments and 21Shares, has been rejected by the SEC.

For a long time, the crypto sector in the United States has advocated for a Bitcoin spot ETF in order to establish a familiar onboarding experience for institutions interested in the crypto market. The SEC, on the other hand, has repeatedly rejected spot ETF applications.

This time, the Gary Gensler-led SEC denies Ark 21Shares’ proposal to establish a Bitcoin-backed ETF listed and traded on the Chicago Board of Options Exchange (Cboe, BZX Exchange). Again, the SEC’s reasons for denying the application are the same.

“The Commission concludes that BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.’”

Ark 21Shares submitted its initial application with the SEC in June of last year. The SEC issued the application for public comment in August. However, the SEC continues to postpone its judgment on whether or not to approve the application, with the most recent postponement being on January 25th.

While the crypto industry waits for a Bitcoin spot ETF, the SEC has authorized seven Bitcoin futures-based ETFs. Gary Gensler, the SEC’s chairman, has stated that he favours the futures-backed product to a spot ETF. The SEC has already rejected three Bitcoin spot ETF proposals this year, with Fidelity and Skybridge Capital unhappy in January.

The SEC is now considering Grayscale and Bitwise petitions for a spot ETF. Decisions on the proposed ETFs, which were introduced in October, are due in July. The SEC invited public opinions on the applications in February.

Grayscale CEO Michael Sonnenshein indicated less than a week ago, when speaking with Bloomberg, that the business was combining all available resources to obtain SEC clearance. Sonnenshein did, however, imply that if their application was denied, Grayscale would not be adverse to pursuing remedy in court.

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Bitcoin Ethereum Price Analysis

Bitcoin (BTC) and Ethereum (ETH) Price Analysis 04/04

Malaysia
Malaysia Ministry of Communication Thoughts on Bitcoin

For the past two days, Bitcoin (BTC) has been locked between $45,400 and $47,500, indicating a fight between buyers and sellers as both try to establish control over the trend.

In March, according to data from on-chain monitoring firm Glassnode, 100,000 Bitcoin departed exchanges. Only twice in the history of Bitcoin have such significant amounts of withdrawals occurred, the most recent being in March 2020. This does not, however, imply that the price will suddenly rise. Only in the fourth quarter of 2020 did the momentum begin to take up.

In the short term, analysts are split, with some predicting a collapse to $44,800 or possibly $43,000, while others predict a rally to $50,000, the psychological level.

The crypto markets continue to draw new investors as they mature. According to a survey by the Gemini crypto exchange, the number of individuals who bought their first cryptocurrency in 2021 increased by more than 50% in India, Brazil, and Hong Kong. In 2021, more than 40% more new users began investing in Latin America, Asia Pacific, the United States, and Europe.

Could Bitcoin and other cryptocurrencies rebound back from their recent lows and extend the uptrend?

Bears are selling near the 200-day SMA ($48,266), according to the lengthy wick on the candlestick over the previous two days. The bulls have not allowed Bitcoin to drop below the critical support level of $45,400, which is a minor positive.

This tight-range trade, on the other hand, is unlikely to last long. The BTC/USDT pair might drop to the 50-day SMA ($41,689) if the price breaks below the 20-day EMA ($44,467). A move like this could throw the short-term bullish setup out the window.

If the price rises above the present level or the 20-day EMA, traders are likely to continue buying on dips. This might make a break above the 200-day SMA more likely. If this occurs, the pair may rise to $52,000.

On April 3, Ethereum (ETH) breached and closed above the 200-day SMA ($3,487), but the bulls were unable to maintain the gains. This indicates that the bears are attempting to drag the price down in order to catch the aggressive bulls off guard.

Bears will try to drag the ETH/USDT pair to the 20-day EMA ($3,197) if the price falls below $3,411. This is a crucial level for the bulls to defend if they want to keep their positive momentum going.

If the price bounces off the 20-day EMA, buyers will try to push the price over the 200-day SMA once more. If they succeed, the pair might rise to $4,000 in value.

If the 20-day EMA support loses way, however, selling might get more intense, and the pair could drop below the 50-day SMA ($2,895).

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News Regulation

Georgia Introduces Crypto Market Regulation Plans

New York
New York State Assembly new crypto legislation

Georgia is actively working on establishing regulatory frameworks to govern the use of cryptocurrencies in the country. For crypto exchanges, the framework will include licensing, compliance testing, and anti-money laundering (AML) standards.

During an interview with The Financial, Koba Gvenetadze, the Governor of the National Bank of Georgia (NBG), revealed the move.

The NBG intends to control the cryptocurrency industry in Georgia, according to the report. They have created an initial draft of the relevant legislative modifications in compliance with the standards of the Financial Action Task Force in this regard. They are also aided in the construction of this regulatory framework by staff from the International Monetary Fund (IMF). Registration / licensing, compliance testing, and AML control requirements for crypto market operators are among the draft legislative revisions at this level.

He emphasized that banks and other financial institutions are not permitted to provide cryptocurrency services. Financial institutions will also classify individuals who invest in digital assets as high-risk consumers, with the institution offering them protection against the asset class.

Moreover, because cryptocurrency is not regulated in Georgia, Gvenetadze pointed out that there is no precise statistics on the quantity of cryptocurrency trade in the nation.

However, he cited the fifth Round Mutual Evaluation Report of Georgia, which was released in September 2020 by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, MONEYVAL, and suggests that monthly crypto trading volume is between $1.1 million and $1.6 million.

Georgia has been a popular destination for bitcoin mining companies due to its low regulation and cheap energy. Bitfury, one of the industry’s top Bitcoin mining companies, is based there.

Over 3.9 million Georgians are interested in crypto mining, according to a new survey by Arcane Research. However, according to the research, the country only provides 0.18 percent of Bitcoin’s overall hashrate.

According to the research, Georgia has a low tax policy for Bitcoin miners, with a 0% tax rate for Bitcoin miners, a 15% IT tax, and an 18% VAT rate for corporate miners.

While Georgia has no cryptocurrency rules, other countries have begun to regulate the new asset class.

The Bank of England (BOE) published its first regulatory framework for digital assets last month in an attempt to prevent them from being exploited to circumvent financial sanctions.

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Altcoins Price Analysis

Dogecoin (DOGE) Price Prediction 04/04

musk
What Elon Musk's Offer to Buy Twitter Means For Dogecoin

Within a fortnight, Dogecoin price will attempt to break through the $0.152 resistance again. However, traders selling aggressively at higher levels forced the altcoin to revert below this barrier, resulting in a long-tail rejection candle. As a result, continued selling might push the altcoin down to $0.133, a drop of 7%.

On March 19th, Dogecoin recovery rally was sparked by a bullish breakthrough from the falling wedge pattern. The memecoin jumped by 30% after the post-retest rally, hitting the $0.152 monthly resistance. However, with a high-wick rejection candle, the sellers halted any further price rally and reverted the coin price.

The price of Dogecoin retraced 12% and retested the common support of $0.133 as well as the 50-day EMA. The purchasers were able to recover from this support, but they were unable to break through the overhead resistance ($1.52).

Concerning the latest swing high around $0.152 barrier, the OBV indicator shows a bearish divergence. The potential of a negative reversal and downfall from $0.133 is increased by this divergence.

The DOGE price, on the other hand, is trapped between the 50- and 100-day exponential moving averages, producing a temporary consolidation zone. Furthermore, a bullish crossover between the 20 and 50 EMAs occurs near $0.133 support, bolstering the purchasers’ bottom-up defense.

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