AQX Launches Open Beta: Here’s How to Use the Crypto Exchange

AQX Announces Open Beta Launch Of Its New DeFi Platform

AQX exchange has finally launched its Beta publicly on 18 May 2022. The launch gives users access to instantly create an account and start trading immediately, unlike in the past when they needed a special link to sign up.

AQX is a new crypto exchange created to solve major issues inherent in crypto exchanges that are hindering mainstream adoption. The three major issues it seeks to tackle are hindrances to users maximizing their capital efficiently, high risk, and lack of liquidity. 

To address these issues, AQX has partnered with Presto Labs to create a unique liquidation system that will protect its users from high market volatility and risks. To enhance capital efficiency, the exchange has also provided users with a multi-collateralized wallet that will ensure they actualize capital efficiency.

With its team of experts, AQX intends to make the exchange the one-stop destination for anything crypto trading. 

How to Join AQX Beta

To get started, users need to log in to the platform to trade futures on AQX Beta. all they have to do is create a valid username and password. They will then verify their email addresses and they are ready to go.

To properly commence futures trading, they will need to create a margin for their trades. This is “ the security that a financial instrument holder must deposit to establish a leveraged position”. There are several financial instruments listed on AQX, including USD: USDC>BUSD (stablecoin), USDT, BTC, XRP, ETH, TRX, and LINK, any of which can be used for margin trading with up to 100x leverage. 

How to Make Deposits on AQX Beta

To make deposits on AQX, users can simply connect their wallets, find the deposit address and scan the QR code for their preferred coin. They however have to complete at least KYC level 2 to be able to make deposits. They will need to wait for at least 24 hours before making any withdrawals for security purposes. 

Once a deposit has been made and a margin account set up, the trading margin on AQX Beta can commence immediately. They can easily view information on the products you want to trade and your orders and assets, including your wallet balance, margin balance, unrealized P/L, etc on the main trading page. 

Users can change their display theme to either dark or light depending on how they wish to view the details of their open and closed trades.

After TerraUSD (UST) De-Pegging Scare, Tether (USDT) Releases Report Claiming It Has Fully Backed Reserves

As the most recent crypto market crash is putting the spotlight on stablecoins, one of the leading dollar-pegged tokens says its valuation remains secure.

In a new post, Tether Holdings Limited announced that not only is its signature product Tether (USDT) backed by more assets than liabilities, the company is reducing its commercial investments in favor of treasury bills backed by the US government.

According to the report, the MHA Cayman accounting firm conducted an independent audit of Tether’s holdings as of March 31st of this year. Findings include a reduction in commercial paper holdings by 16.9% compared to the previous quarter, down from $24.2 billion to $20.1 billion.

At the same time, Tether claims to have increased its allocation into money market funds and treasury bills by 13.6%, rising from $34.5 billion to $39.2 billion.

Other data points include,

“Consolidated total assets amount to at least $82,424,821,101.

The consolidated group’s consolidated assets exceed its consolidated liabilities.

The consolidated group’s reserves held for the digital tokens issued exceeds the amount required to redeem the digital tokens issued.”

Tether’s chief financial officer Paolo Ardoino notes that Tether has reduced its commercial paper exposure by an additional 20% since April 1st.

While addressing recent challenges affecting the crypto space, including the crisis sparked by Luna Foundation Guard’s TerraUSD (UST) de-pegging from the US dollar, Ardoino says,

“Tether has maintained its stability through multiple black swan events and highly volatile market conditions and… has never once failed to honor a redemption request from any of its verified customers.

This latest attestation further highlights that Tether is fully backed and that the composition of its reserves is strong, conservative, and liquid.”

Like most stablecoins, Tether historically zigzags up and down within tiny fractions of a penny of its dollar peg. However, the UST collapse caused USDT to rise as high as $1.01 on May 11th and then fall to $0.99 a day later. The altcoin has since stabilized and is currently valued at $0.999398.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Terra (LUNA) Founder Do Kwon Facing South Korea Investigation Over Claims of Ponzi Fraud: Report

The CEO of Terraform Labs is facing possible criminal charges in the wake of two leading cryptos collapsing earlier this month.

In a new report, Yonhap News says that South Korean authorities are considering bringing Ponzi scheme charges against Do Kwon, the founder of Terra (LUNA) and algorithmic stable coin TerraUSD (UST), both of which have plummeted by over 99.99% recently and causing losses of around $40 billion.

At issue is the Anchor Protocol, a decentralized finance (DeFi) platform built on top of the Terra ecosystem’s blockchain, which offered investors of UST returns of approximately 20%.

The report says that the Financial and Securities Crime Joint Investigation Team will investigate the case, and quotes one member of the prosecutor’s office as saying,

“Kwon’s remarks promising returns could provide a key clue.”

Do Kwon and fellow Terraform co-founder Daniel Shin are also being sued by five investors who claim to have lost $1.1 million due to “fraud and other financial irregularities,” says the report.

The legal pressures on Kwon come in the wake of Luna Foundation Guard (LFG) dumping billions of dollars worth of Bitcoin (BTC) in an attempt to salvage UST after it de-pegged from the US dollar.

At time of writing, Terra is worth a tiny fraction of the $80 price tag it held just weeks ago, currently trading for $0.000131.

While TerraUSD did briefly recover to the $0.25 level back on May 14th, the crypto asset has been steadily falling from its weekly high of $0.11 this past Monday.

UST is down 19.25% over the last 24 hours and priced at $0.063425.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bank of America Analysts: No Reason to Worry About ‘Crypto Winter’ or Contagion Risk Due to Terra’s Collapse

Analysts at Bank of America, the second-largest U.S. bank, have argued that concerns surrounding a so-called crypto winder or contagion risk associated with the collapse of the Terra ecosystem are unfounded. In a note shared with clients, first reported on by CoinDesk, analysts led by Alkesh Shah noted that investors should take into account that […]

Anonymous Allegedly Hacks Sberbank, Russia’s Largest Bank

Anonymous Allegedly Hacks Sberbank, Russia’s Largest Bank

Hacktivist collective Anonymous has allegedly breached the systems of one of the largest financial institutions in Russia, Sberbank. The attackers announced on social media they have published thousands of emails, phone numbers, and addresses.

Anonymous Hackers Reportedly Gain Access to Sberbank Database

Decentralized hacking group Anonymous claims to have hacked Sberbank. A Twitter account associated with the collective, @YourAnonOne, announced the attack earlier this week, noting the institution is the largest bank in the Russian Federation and the region of Eastern Europe.

Moscow-headquartered Sberbank, currently called Sber, is a majority state-owned banking and financial services company with a presence in several European nations, mostly in the post-Soviet space. Western sanctions imposed over Russia’s invasion of Ukraine have affected its operations. At the end of February, Sberbank Europe said it was leaving the European market.

A tweet from another account linked to Anonymous detailed that the hackers have acquired and leaked 5,030 emails, addresses, and phone numbers from the compromised database. Sberbank, which reportedly accounts for around a third of all bank assets in Russia, has not yet commented on these claims.

The post redirects to an archive with five Excel files, crypto news outlet Forklog reported on Friday. They contain information about the bank’s free safe deposit boxes as of June 14, 2016, a register of property and partner appraisers, a list of the types of traded futures contracts, and a blank template of a certificate of property status and current obligations.

Shortly after the Russian armed forces crossed the Ukrainian border in late February, Anonymous declared a cyberwar on Russia, vowing to disrupt the country’s internet. It has since targeted the websites of the Kremlin, the State Duma, and the Ministry of Defense, attacked Russian TV channels, and released millions of leaked emails.

In March, the hacktivist collective said it has published 28GB of documents belonging to the Central Bank of Russia, including some of the monetary authority’s “secret agreements.” In early May, the Anonymous-affiliated hacking group Network Battalion 65 (NB65) announced it hit the popular Russian payment processor Qiwi.

Do you think Anonymous will continue to attack Russian targets? Share your expectations in the comments section below.

Avalanche price analysis: AVAX plummets to lows of $28.92

Avalanche price analysis shows that AVAX closed the week at $28.92 and is currently down by 86.84 percent. The cryptocurrency has not been able to break out of the descending triangle it has been trading in for the past few days.The market capitalization for AVAX is currently at $7,739,747,117, and the trading volume is at $863,120,215. Avalanche prices are currently trading near the support at $28.0. If the price breaks below this level, a drop towards $25.17 is imminent. On the other hand, if the bulls can push the price above $31.79, it can recover to the $30.0 handle.

Avalanche price analysis in the 1-day time frame: Selling pressure intensifies

Avalanche price analysis on a daily timeframe shows the market is facing extreme selling pressure. The price has declined by 6.84 percent as it trades in a range-bound of $26.57 to $33.96.The current sell-off in the market has been attributed to the rise of the market volatility as the Bollinger bands are seen to be wide. This indicates the market has become very dynamic, and the trend is expected to continue in the near term.

image 361
AVAX/USD 1-day price chart, source: TradingView

The Relative Strength Index is currently at 38.94, and it is seen declining further. This indicates that the selling pressure is likely to continue in the market. The MACD is also seen bearishly diverging as the signal line crossed below the MACD line. The EMAs are also bearishly crossed, which is a sign that the market is in a downtrend.

All the indicators in the 1-day timeframe are giving bearish signals, which indicates that the market is likely to continue its downward trend.

Avalanche price analysis in the 4-hour time frame: no signs of recovery

The 4-hour timeframe for AVAX shows that the market has been in a downtrend since the beginning of this month. The market is currently facing selling pressure as it trades near the support at $28.79.The Relative Strength Index is currently at 39.02, and it is seen declining further. This indicates that the selling pressure is likely to continue in the market. The MACD is also seen bearishly diverging as the signal line crossed below the MACD line. The EMAs are also bearishly crossed, which is a sign that the market is in a downtrend.

image 362
AVAX/USD 4-hour price chart, source: TradingView

The market volatility has however decreased in the last 4 hours as indicated by the converging Bollinger bands. This indicates that the market is consolidating, and a breakout is likely to occur soon. Moreover, the ATR indicator is signaling a decrease in the market volatility, which is a sign that the market is ready for a breakout. The overall market sentiment is in favor of the bears as further declines are likely to befall AVAX prices.

Avalanche price analysis conclusion

Inclusively, Avalance price analysis shows that AVAX is in a downtrend in the short term. The market is facing selling pressure as indicated by the various technical indicators. The bears are pushing for a further decline in prices as the market volatility decreases. The market is expected to make a breakout soon, which can push the price lower.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Avalanche Team: The Luna Foundation Guard and Terraform Labs are Yet to Sell AVAX Reserves Bought at $200m in April

Summary:

  • The team from Avalanche has issued a transparency report on the fate of the AVAX reserves that the Luna Foundation Guard and Terraform Labs hold.
  • According to Avalanche, Terraform Labs Purchased 1.09 million AVAX, and the Luna Foundation Guard Purchased 1.97 million AVAX back in April.
  • The Luna Foundation Guard has disclosed it has no plans to use or sell the AVAX in its reserves.
  • Avalanche has pointed out that it is ready to work with the Luna Foundation Guard on a sensible trading strategy should it plan to sell.

The team at Avalanche has issued a transparency report through Twitter on the fate of the AVAX purchased by Terraform Labs and the Luna Foundation Guard for $200 million back in April of this year.

The AVAX Held by the LFG and TFL is 1.4% of Avalanche’s Trade Volume in the Last Week.

According to the team at Avalanche, Terraform Labs purchased 1.08 million AVAX with a one-year lockup. In terms of magnitude and to highlight that the 1.08 million AVAX held by Terraform Labs could not impact the price of the digital asset if immediately sold, the team at Avalanche pointed out that it is the equivalent of roughly 0.5% of the past week’s trading volume of the digital asset.

Additionally, the Luna Foundation Guard purchased 1.97 million AVAX to be used as reserves for its UST peg. The team at Avalanche went on to highlight that this amount represented 0.9% of Avalanche’s trade volume in the last week, further hinting that its sale could not cause a massive dump for the digital asset.

The Luna Foundation Guard Has Expressed no Plans to Sell the AVAX.

The Avalance team confirmed that the Luna Foundation Guard had not expressed plans to sell the AVAX. However, should they reconsider, Avalanche was ready to work with the Luna Foundation Guard on a sensible trading strategy. They said:

Given the proposed Terra chain fork, LFG has disclosed no plans to use the AVAX.

Should any sales be contemplated for the LFG reserves, the Avalanche Foundation is ready to work with LFG on a sensible trading strategy.

Not Sure Avalanche Has Sold Luna and UST

To note is that the Avalanche (AVAX) currently held by Terraform Labs and the Luna Foundation guard was bought using UST and LUNA. The team at WuBlockchain has further pointed out that the value of AVAX and LUNA since the purchases have dropped by 60% and 100% respectively. In addition, it was not clear whether Avalanche has sold its UST and LUNA holdings as pointed out in the tweet below.

Crypto Analyst Warns Six Factors Will Drive Bitcoin (BTC) Prices Lower in the Coming Days

A widely followed crypto analyst is lighting up a tweetstorm, warning traders that Bitcoin (BTC) has six reasons to go lower.

Pseudonymous trader CryptoCapo warns their 315,700 Twitter followers in a six-part thread that there are reasons to believe BTC will hit new lows soon.

“BTC – Some of the reasons why I think we should see new lows in the coming days

1) BTC broke the 30k support zone, which was the main pivot of the bull run. This is a zone, not a level. It’s between $29,000-$31,000, taking all the wicks. Now it’s testing that zone as resistance.”

The trader references a tweet from 10 days ago where he laid out why he didn’t think the $30,000 support level would hold for BTC.

Capo’s second reason involves a bear flag signal he referenced in late-April 2022. The trader says the bear flag minimum price level has yet to be reached, another reason to believe BTC will continue lower.

“2) The minimum target of the bear flag hasn’t been reached yet ($23,000). You can also see this on altcoins, where some of the main targets haven’t been reached yet.”

Source: CryptoCapo_/Twitter

CryptoCapo next looks at Bitcoin funding rates, an asset sentiment indicator, explaining why current rates point to a bottom. He tacks on a Bitcoin open interest (OI) chart for support.

“3) Funding rates have remained neutral/positive all the time. For a bottom to form, you want to see very negative funding rates. We haven’t seen that yet.

Also, OI didn’t show a capitulation candle (no big drop on OI).”

Source: CryptoCapo_/Twitter
Source: CryptoCapo_/Twitter

The crypto trader then looks at the Altcoin Perpetual Futures Index (ALTPERP), which tracks the price of a basket of leading altcoins, including Ethereum (ETH).

“4) ALTPERP is in no man’s land. It broke the key level, and the next support is 35-40% lower. This matches with the main targets of most alts and it would make a lot of sense.”

Source: CryptoCapo_/Twitter

Keeping an eye on stocks, Capo says a bearish Standard & Poor’s 500 Index (SPX) combined with a bullish US Dollar Index (DXY) are bad omens for Bitcoin.

“5) SPX and DXY SPX is really bearish. It’s breaking supports like butter, and the bearish trend is getting stronger. Meanwhile, DXY keeps making higher highs and higher lows. It broke the previous highs and it’s using them as support now.”

Source: CryptoCapo_/Twitter
Source: CryptoCapo_/Twitter

Finally, the crypto trader looks at BTC heatmaps, an asset liquidity indicator, as the sixth and final reason why he thinks Bitcoin will reach new lows in the coming days.

“6) Heatmaps look bearish. 

You can clearly see much more supply than demand, and some of the demand is getting weaker/moving lower.

Some examples below.”

Source: CryptoCapo_/Twitter
Source: CryptoCapo_/Twitter

Bitcoin is trading for $29,828 at time of writing.

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First Global Web 3.0 Eco Innovation Summit Comes to Singapore


In 2022, new things in the Web 3.0 era such as the metaverse, NFT, GameFi, DAO, DeFi and more are completely rewriting the traditional business model, reshaping the global digital business landscape – and a new digital era is coming.

On July 14, 2022, the first Global Web 3.0 Eco Innovation Summit – Singapore (GWEI Singapore) will open at the Marina Bay Sands in Singapore.

The summit focuses on Web 3.0 and is co-hosted by 8BTC’s new brand ‘DeFiDAONews’ and the Singapore University of Social Sciences (SUSS), one of the six public universities in Singapore.

The summit will invite the world’s most influential crypto teams, experts and scholars, academic institutions, investment research institutions, government and enterprise executives and other Web 3.0 co-builders to gather in Singapore to start a high-density brainstorm.

This will be the first large-scale offline Web 3.0 event in Southeast Asia. Global Web 3.0 practitioners can speak freely, work together and explore new opportunities in the Web 3.0 era.

Fully focus on Web 3.0 and seek the opportunities of innovative technologies such as DAO, GameFi, NFT and more

In 2022, talents from a large number of internet giants such as Amazon, Twitter and Apple will flock to the Web 3.0 world, represented by blockchain technology. The media has written headlines like, “People from Silicon Valley – Escape from Big Company to Embrace Web 3.0.”

In July, all topics of GWEI Singapore will focus on Web 3.0, comprehensively covering the metaverse, NFT, GameFi / X2E, DAO, DeFi, layer two, public chain, creator economy and other hot topics.

There will be major themed forums to analyze the biggest entrepreneurship and investment opportunities in the Web 3.0 era.

  • ‘In Web 3.0 entrepreneurship and investment age, looking for the 1,000x projects’
  • ‘DAO – Exploring a new paradigm of future organizations’
  • ‘Web 3.0’s house of cards – NFT plus X2E plus the metaverse’
  • ‘The present and future of Web 3.0 infrastructure’

Crypto exchanges, investment institutions and projects focusing on blockchain games and PFP plus over 50 leading Web 3.0 companies at home and abroad will be present, covering all new technologies, new applications and new trends of Web 3.0 in one go.

GWEI – Singapore will stand in Web 3.0’s ‘global vision’ and height, see the opportunities and challenges of different tracks, and talk about everything in a more comprehensive, more focused way.

Gathering in Singapore to explore new Web 3.0 practices in the city of financial openness

Singapore has always been a bellwether for global financial innovation and regulatory policy. Coming to Web 3.0, Singapore has a clear policy and is friendly to startups. Leading companies such as Temasek and FTX are actively deploying – and innovation and supervision go hand in hand. Like Dubai and North America, it is attracting global Web 3.0 technology, talents and entrepreneurial teams to settle here.

In July, when the global Covid-19 epidemic ushered in a turning point, Web 3.0 practitioners took the lead to break through their limitations and meet in Singapore. GWEI – Singapore is a rare Web 3.0 summit in Singapore and even in Southeast Asia in recent years.

At present, SUSS is inviting important guests from Singapore, including Temasek, MAS officials and Singapore academia, to exchange discussions and find the underlying genes of Singapore’s ‘innovation.’

This is a rare opportunity to get close to the core Web 3.0 entrepreneurs and regulators in Singapore. How can Singapore use Web 3.0 to lead the new development of fintech? What other policies will be implemented for Web 3.0 in the future? GWEI – Singapore will take you into a Singapore that is ‘progressing by leaps and bounds.’

DeFiDAONews joins hands with SUSS to build a communication and collaboration platform for Web 3.0 practitioners

2022 Global Web 3.0 Eco Innovation Summit Singapore is jointly hosted by DeFiDAONews and the Singapore University of Social Sciences (SUSS).

SUSS is one of the six public universities in Singapore. It actively participates in the exploration and promotion of the world’s latest technologies and things, and leads scientific research and teaching in the fields of Web 3.0, blockchain and metaverse.

In this summit, SUSS will make efforts in the aspects of guest invitation, agenda setting and events organization. This is destined to be a high-end industry summit based in Singapore.

DeFiDAONews, based in the East – as a brand new media brand launched by 8BTC based on its global business – is committed to building a high-end thought dissemination platform and cooperation and exchange platform in the Web 3.0 era so that more people can gain new opportunities for entrepreneurship and investment.

With the help of GWEI – Singapore, DeFiDAONews will create a powerful communication and collaboration platform for Chinese-speaking Web 3.0 entrepreneurs, with traffic in the millions, and send the voice of Eastern Web 3.0 entrepreneurs to the world.

This is a gathering of Web 3.0 pioneers. This is a carnival of a group of innovators. We carry the infinite vision of the digital future and dream of a new future of decentralization, innovation and fairness.? The future is coming. Join us and explore the possibilities of Web 3.0 together.

About the organizers

DeFiDAONews – 8BTC’s new overseas brand, based in the East, focuses on the latest development of global Web 3.0, project trends, policies and regulations, investment and financing events and more, through new organizational forms such as DAO, help community members filter the narrative noise in the Web 3.0 wave and discover the truth and value.

The Singapore University of Social Sciences (SUSS) – the sixth autonomous university in Singapore. The university is located at Clementi District, Singapore. With five major schools (School of Humanities and Behavioral Sciences, School of Business, S R Nathan School of Human Development, School of Law and School of Science and Technology), SUSS is a university with a rich heritage in inspiring lifelong education and actively participates in the exploration and promotion of the latest technologies and things in the world.

Join GWEI 2022’s Telegram group to get more information.

Contact our marketing team here.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.


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Bitcoin price analysis: BTC retests $30,700, ready to drop further?

Bitcoin price analysis is bearish today as we have seen another failed attempt to move higher and a quick spike to the $29,000 mark. Therefore, BTC/USD should soon break even lower and move towards the $27,500 next support.

Bitcoin price analysis: BTC retests $30,700, ready to drop further? 1
Cryptocurrency heat map. Source: Coin360

The market has seen more selling over the last 24 hours as the leader, Bitcoin, declined by 4.22 percent. Meanwhile, Ethereum declined by 3.87 percent, with the rest of the top altcoins declining even further.

Bitcoin price movement in the last 24 hours: Bitcoin fails to reach further upside

BTC/USD traded in a range of $28,827.25 to $30,664.98, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.65 percent, totaling $30.8 billion, while the total market cap trades around $549.6 billion, resulting in market dominance of 44.56 percent.

BTC/USD 4-hour chart: BTC looks to test $27,500?

On the 4-hour chart, we can see selling pressure returning as the current low is getting tested again, indicating a potential breakdown overnight.

Bitcoin price analysis: BTC retests $30,700, ready to drop further?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action saw retracement over the end of last week turn into consolidation. After the last push higher above $31,000 late on Sunday, BTC/USD saw consolidation form, indicating another reversal incoming.

From there, BTC set a lower high and lower low at around $28,700, indicating more downside will soon follow. Therefore, the following retest of the previous high at $30,700 has created a local double top, and more upside can be expected soon.

The sharp drop over the last hours confirms this, and likely we will soon see a spike even lower. The next obvious target is the $27,500 mark, which, if broken, would open the way to the $35,500 major swing low.

In the case the swing low is broken, a lot more downside could follow later in the month. However, if BTC/USD can establish a higher low above it, a medium-term reversal to the upside could soon be in play.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen a slowdown in the retracement and lower highs set over the second half of the week. Likely BTC/USD will soon drop even lower and continue reaching the current low at $25,500 over the weekend.

While waiting for Bitcoin to move further, see our articles on how to buy BTT, Elongate, and CRO coins.

Bearish head and shoulders pattern forces Ethereum traders to re-adjust their price targets

Traders say Ethereum needs a monthly close above $2,250 to regain bullish momentum, but a bearish technical analysis pattern on the weekly timeframe threatens to push ETH price to new lows first.

Crypto markets remain volatile and a handful of seasoned traders believe that the bearish trend will continue as long as stock markets are chasing new lows.

Most investors would agree that crypto is now in a bear market and the current price action for Bitcoin (BTC) and Ethereum (ETH) suggest that capitulation and consolidation are a ways away.

Data from Cointelegraph Markets Pro and TradingView shows that Ether still struggles to reclaim the $2,000 level as support and this zone has been a notable support and resistance since February 2021.

ETH/USDT 1-day chart. Source: TradingView

Ether needs a monthly close above $2,250

Insight into the major support level Ether needs to clear by the monthly close to regain a bullish outlook was touched on by market analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart indicating the area near $2,269 is a key level.

ETH/USD 3-day chart. Source: Twitter

Rekt Capital said,

“ETH is climbing closer and closer towards the key ~$2,250 level. The main question is whether that Monthly level will flip into new resistance once reached.”

Traders target $1,650

The possibility of a breakdown from the current support level was outlined in the following chart posted by crypto trader and pseudonymous Twitter user ‘Crypto Tony’, who is “expecting another drop further into the OB” where they are looking to have some orders filled.

ETH/USDT 3-day chart. Source: Twitter

Crypto Tony said,

“This move will be needed to engineer liquidity to propel us into the corrective wave. From there we see how it goes.”

Related: ‘Huge testing milestone’ for Ethereum: Ropsten testnet Merge set for June 8

Ether's head and shoulders structure is complete

A potentially bearish sign appeared with the completion of a head and shoulders pattern on the weekly chart, a point highlighted in the following chart posted by ‘CryptoCharts’.

ETH/USD 1-week chart. Source: Twitter

CryptoCharts said,

“With the recent sideways crypto market, we can clearly spot it out as if it's a bounce or a breakout on the support highlighted. Here on the short-term timeframe, I will be keeping an eye closely to spot the breakout, or reversal breakout on the current support will lead the price towards the next support formed close to $1,300. Any bounce back will be continuing to rise toward $2,450.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

A Bitcoin and Crypto Bear Market is Great for Building and Investing – Pantera Capital Exec.

A Bitcoin and Crypto Bear Market is Great for Building and Investing - Pantera Capital Exec. 2

Quick take:

  • Paul Veradittakit, a Partner at Pantera Capital, believes that crypto markets have entered a bear market.
  • Mr. Veradittakit believes that bear markets are great for companies to focus on building.
  • Additionally, bear markets are a great time to invest because of favorable valuations.
  • Rich Dad Poor Dad author, Rober Kiyosaki, has reiterated that Bitcoin could drop to $11k and even $9k

Pantera Capital’s Paul Veradittakit has predicted that the crypto market selloff of the last few weeks might be the start of a bear market. Mr. Veradittakit is a Partner at Pantera Capital and he pointed out that the crypto markets seem coupled to the traditional stock markets.

However, in the last crypto bear market from 2018 to 2019, it only took 71 days for crypto to uncouple from traditional finance. Therefore, the current situation is somewhat familiar.

A Bitcoin and Crypto Bear Market is a Great Time to Build and Invest.

In addition to the above, Mr. Veradittakit believes that bear markets such as the current one being experienced by Bitcoin and cryptocurrencies are great for companies as they provide time for them to build.

Bear markets are also ‘a great time to invest because of favorable valuations. Structures include equity, equity-token hybrid, and discounted SAFTs.’ He added that investors ‘are going to find great value and long-term successful companies during this time.’

He went on to provide the following tips for entrepreneurs:

Raise capital or operate lean/extend runway for at least 24 months.

Focus on monetization and business model earlier rather than later, creating exit value.

Reduce excessive spending; in crypto, you spend less during a bear market on marketing and push more into the next bull market.

Review service agreements and either cut or re-negotiate.

Larger companies should be active in looking for acquisition targets.

Bitcoin Might Bottom at $11k or Even $9k – Rich Dad Poor Dad Author

Concerning a potential bottom for Bitcoin in the coming months, the author of Rich Dad Poor Dad, Robert Kiyosaki, has once again reiterated that BTC could test $20k, $14k, $11k, or even $9. Mr. Kiyosaki shared his forecast of potential levels for a Bitcoin bottom via Twitter and he went on to explain that he remains bullish as the Fed and Treasury are corrupt organizations.

He said:

I remain bullish on Bitcoin’s future.

Waiting for test of new bottom. $20k? $14 k? $11 k? $9 k?

Why do I remain bullish?

Fed and Treasury are corrupt organizations. They will self-destruct before they regain honesty, integrity and moral compass. Take care. Be aware.

Crypto Biz: Amid crypto carnage, Goldman and Barclays fill their bags, May 12-18, 2022

Some of the world's biggest banks are increasing their exposure to the digital asset market despite the recent market volatility. Is this a sign of things to come?

Has there ever been a worse time to be in crypto? It depends on how you look at it. Amid Terra’s death spiral, Bitcoin (BTC) recording seven-consecutive weekly red candles, over $1 trillion in lost market cap across the ecosystem and an aggressive Federal Reserve hell-bent on reversing the chaos it created, major banks are quietly increasing their exposure to the sector. You’re going to love this: Goldman Sachs — once the most passionate Bitcoin detractors — and Barclays are doing some strategic buying as they prepare for the future of crypto trading. 

Early polling from Terra vote indicates 91% are in favor of ‘rebirth’

The Terra saga took an interesting turn on Wednesday after Terra co-founder Do Kwon managed to convince network validators to accept a proposal that would salvage the blockchain without the algorithmic stablecoin, TerraUSD (UST). More than 91% of community votes were in favor of “rebirthing” the Terra network and doing away with UST entirely. The “old” blockchain would continue to support so-called “residual UST” holders and operate under the name — wait for it — Terra Classic. All is not well for the Terra ecosystem, however. Kwon has been summoned for a parliamentary hearing regarding his failed project, while three members of Terraform Labs’ legal team resigned this week.

Goldman Sachs and Barclays invest in UK crypto trading platform Elwood

Goldman Sachs and Barclays made headlines this week after they revealed a strategic investment in United Kingdom-based crypto trading platform Elwood. Why is this important? Aside from the fact that I like to dunk on Goldman every chance I get for its past anti-Bitcoin propaganda, the investment further cements the fact that major banks view crypto as a new asset class with a strong institutional appeal. That’s basically what Goldman’s global head of digital assets said. You can read about Elwood’s $500 million funding round below.

Bitcoin investment giant Grayscale debuts ETF in Europe

Grayscale has finally launched an exchange-traded fund (ETF). Okay, not the one we’re all waiting for, but it’s still a notable achievement nonetheless. Grayscale Future of Finance UCITS ETF is the digital asset manager’s first European ETF and will track the performance of the Bloomberg Grayscale Future of Finance Index. The fund doesn’t invest in crypto outright but provides exposure to companies directly involved in the digital asset ecosystem — miners and trading apps especially.

BitMEX launches spot crypto exchange following $30M penalty

Crypto derivatives exchange BitMEX — home of the now-infamous liquidation cascades — is moving beyond offering just derivatives by launching a spot trading platform. BitMEX Spot Exchange gives investors the ability to trade seven crypto pairs, including Bitcoin, Ether (ETH), Chainlink (LINK) and Tether (USDT) — without the ability to get absolutely wrecked in the process. BitMEX recently cleared $30 million in civil penalties after the company’s cofounders, including Arthur Hayes, pleaded guilty to violating the Bank Secrecy Act.

How will you survive the bear market?

I’ll be honest: Crypto’s implosion over the past few months has been unlike anything I’ve ever seen. A lot of investors are in extreme pain right now. Trust me, I’ve been there. I’m not going to sugarcoat your losses or fill this page with cliches, but as famed value investor Benjamin Graham once observed: “Abnormally good or abnormally bad conditions do not last forever.” This week’s edition of The Market Report dissects the current bear market and gives you a few survival tips to come out the other side stronger than ever.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

Breaking: Binance CEO Says Terra Crash Was Avoidable, Here’s How

Describing the Terra LUNA ecosystem as a shallow concept, Binance CEO Changpeng Zhao on Friday further spoke about the crash. He said there are ‘no great solutions’ that can please everyone who were affected by the meltdown. CZ said Terra’s growth was hollow and that led to the bubble burst. He indicated that the collapse was

The post Breaking: Binance CEO Says Terra Crash Was Avoidable, Here’s How appeared first on CoinGape.

ETH Layer 2 Deposits Now Open On Binance

Ethereum layer 2 deposits are now live on Binance, post completion of the optimism network integration. The key highlight includes the direct deposit of ETH to layer 2 without the use of the mainnet. Ethereum continues to dip despite major announcements. Binance is optimistic about the Optimism Network Optimism is Ethereum’s layer 2 scaling solution

The post ETH Layer 2 Deposits Now Open On Binance appeared first on CoinGape.

Bitcoin and Ethereum are Not Currencies, States Swedish Central Bank

Riksbank – the central bank of Sweden – has joined a chorus of other monetary authorities in rejecting Bitcoin’s status as “currency”. It argues that cryptocurrencies are poor at serving the three primary roles of money, and more closely resemble assets instead.

The Litmus Test for Money

As Riksbank explained in a Twitter thread, proper money should effectively function as a store of value, medium of exchange, and unit of account.

If money can store value, that means its purchasing power will remain roughly the same across time or decline at a mostly negligible rate. In other words, it should be resistant to high inflation – something that even the US dollar is beginning to suffer from as of late.

Many Bitcoin bulls push the asset as an inflation hedge and value storage technology, due to its fixed supply and immunity to monetary debasement. However, neither Bitcoin nor other cryptocurrencies operate this way in practice. Crypto prices are highly correlated with stocks as of late, which tend to move at the beck and call of the Federal Reserve.

“The price of Bitcoin has had a high degree of volatility and is thus a relatively poor preserver,” explains the bank.

Bitcoin also pales in comparison to fiat currency as a medium of exchange, as so few merchants accept direct Bitcoin payments. According to Coinmap, there exist about 29,500 Bitcoin ATMs and merchants globally, versus 60 million merchants that accept Visa.

Progress is being made on this front, however. Bitcoin payments company Strike has partnered with both Shopify and NCR, bringing Bitcoin payments to in-person retailers across the United States later this year. A Visa survey in January also discovered that 25% of small merchants in 9 countries were planning to integrate crypto payments in 2022.

That said, Bitcoin is still unsuitable as a unit of account, which is also largely due to its volatility. Bitcoin stood at $69,000 in November but dropped as low as $25,000 early this month.

Even in El Salvador – the first country to adopt Bitcoin as legal tender – products are still mostly priced in US dollars.

Central Bank Aversion to Bitcoin

Last month, the Bank of Canada made similar criticisms of Bitcoin’s potential as an inflation hedge. The nation is also suffering from record-high inflation, and one of its political leaders has pushed Bitcoin as a potential solution.

Monetary authorities from the Federal Reserve to the ECB have unanimously dismissed Bitcoin’s potential as money. The prior has chosen to focus more attention on stablecoins for regulatory purposes – crypto assets that are value pegged to fiat currencies.

In a recent interview, former Fed Chair Ben Bernanke explained why he even denies Bitcoin’s future potential as a store of value.

“Gold has an underlying use value – you use it to fill cavities,” he explained. “The underlying use-value of Bitcoin is to do ransomware or something like that.”

CoinGecko Co-Founder: The Next 12 – 18 Months Will be Challenging in the Crypto Markets as the Fed Increases Interest Rates

CoinGecko Co-Founder: The Next 12 - 18 Months Will be Challenging in the Crypto Markets as the Fed Increases Interest Rates 4

Quick take:

  • Bobby Won has forecasted that the next 12 to 18 months in the crypto-markets will be challenging.
  • He cites the US Fed increasing interest rates to tame inflation as the reason to expect more pain in the crypto markets.
  • The Bitcoin and Crypto market will not be short, and we have to prepare for tough times.

CoinGecko’s Co-Founder, Bobby Ong, has forecasted that the next 12 to 18 months in the crypto markets will be challenging due to the US Federal Reserve increasing interest rates to tame inflation. Additionally, Bitcoin and crypto are now tied at the hip with traditional finance and will most likely suffer losses as stocks undergo a correction.

He said:

The Fed has no choice but to raise interest rates to tame inflation. Growth stocks valuation are highly sensitive to i/r and are being pummelled.

With institutions involvement, crypto is now highly correlated to TradFi and is being viewed like a tech stock / risk-on asset so it’s also taking a large beating. Many publicly-listed tech stocks have seen its market cap drop 75% in the past 6 months. Are we near the bottom?

Unfortunately, we are just at the start of the rate tightening cycle by the Feds. The Feds will have to continuously increase interest rates for the next few quarters to tame inflation and more pain is incoming. We told our team to expect the next 12-18 months to be challenging.

The War in Ukraine and Supply-Chain Issues Continue to Cause Inflation

According to Mr. Ong, the crypto market is highly volatile, as demonstrated by USTs depegging and LUNA losing a huge chunk of its market capitalization in the last two weeks. Furthermore, the crypto-wide market pullback is being catalyzed by a macro-driven bear market as the war in Ukraine, and supply-chain issues continue to cause persistent inflation.

The Bear Market Will Most Likely Not Be Short

Concerning the length of the ongoing crypto bear market, Mr. Ong believes that it will not be short, and CoinGecko had to ‘prepare for tough times, be careful with expenditure, focus on optimizing revenue, and build things that the community wants. Now is the time to roll our sleeves up and BUIDL for the next cycle.’

He also pointed out that CoinGecko will not carry out employee layoffs during the bear market highlighted in the below two tweets.

Time to Be Extremely Selective With Your Bitcoin and Crypto Buys

In his concluding remarks on the bear market, Mr. Ong recommended that the crypto community be highly selective with their Bitcoin and crypto purchases. He also pointed out that Bitmex’s Hayes had stated that he would be a Bitcoin buyer at $20k and Ethereum buyer at $1,300.

Bitcoin Will Go Into the Millions, Predicts MicroStrategy’s Michael Saylor

The frantic price action in the cryptocurrency market does not seem to faze the uber-bullish billionaire CEO of tech firm MicroStrategy. Michael Saylor has yet another bold prediction for Bitcoin, even as his favorite cryptocurrency struggles to hold on to the $30,000-mark.

The exec, who started to build up his Bitcoin reserve in 2020, reiterated his stance that he is in for the long-term, and his strategy is still the same – to buy and hold the world’s largest cryptocurrency.

Michael Saylor’s Bold Prediction

Owing to countless Bitcoin purchases, the Saylor-led business intelligence firm, MicroStrategy, is still the largest corporate holder of the cryptocurrency, with 129,218 BTC. Its enormous BTC position is currently slightly in red, sitting at approximately $70 million unrealized loss at the time of this writing.

However, there is no shaking Saylor’s confidence, who assured that there is no price target at which MicroStrategy will begin liquidating its BTC holdings. Even as the market-wide meltdown evaporated trillions of value, the leading Bitcoin maximalist and his company is patiently holding firm.

During an interview with Yahoo Finance Live, Saylor was quoted saying,

“There’s no price target. I expect we’ll be buying bitcoin at the local top forever. And I expect Bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.”

Bitcoin – Future of Money?

Terra and UST’s destructive downward spiral was a huge blow that further cracked investor confidence. According to Saylor, this event will spur efforts to regulate stablecoins and security tokens.

The executive of the Nasdaq-listed software company also believes this drawdown and the subsequent regulation will, in fact, be “good for the industry.” Ultimately, when the dust settles, people will realize that Bitcoin is superior to the thousands of existing crypto-assets, argued the proponent.

“Once people figure out why bitcoin is superior to everything else, then the institutions are going to come in with large sums of money, and we’re not going to have to struggle through this massive explanation of why we’re different than 19,000 other crypto tokens.”

The MicroStrategy exec also affirmed that Bitcoin is the future of money, but to scale up to its ability to achieve billions and billions of transactions, it needs to have an “ethically, economically, and technically sound” base layer and second layer like Lightning Network.

Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000

The effects of the long liquidations that rocked bitcoin after the digital asset had fallen to $25,000 continue to be felt even now. Bitcoin which has since managed to recover above $30,000 once more remains a prime liquidation target in the market. Even now, a week after the crash that had seen it record its largest liquidation event in six, long traders are still being rekt in the markets.

Bitcoin Liquidations Touch $61 Million

Bitcoin long liquidations may have slowed down but they are far from over. In the last 24 hours, the market has seen more than 61 traders liquidated which has come out to more than $257 million liquidations in the last 24 hours. Naturally, bitcoin liquidations make up a large portion of this and long traders have been the worse hit in the market. 

Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

Bitcoin liquidations touched above $61 million on Friday after a particularly brutal day of trading on Thursday. The majority of these had taken place in the mid-afternoon to early evening of Thursday that saw traders liquidate more than $30 million. This had been a result of bitcoin falling below the $30,000 level, a level which it will ultimately retake in the early hours of Friday.

Indicators had turned bullish for the digital asset after this recovery. Even though long traders had seen the most losses for the 24-hour period, it was beginning to turn in their favor as short traders started taking more of the heat with time.

BTC recovers above $30,000 | Source: BTCUSD on TradingView.com Crypto Market Still Red

Liquidations across other cryptocurrencies such as Ethereum had also been significant in this same 24-hour period, although not to the same extent as bitcoin. In total, there have been $29 million in Ethereum liquidations over the last 24 hours and $7.16 million on the 12-hour chart.

Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000

The broader crypto market liquidations touched as high as $258 million as of the time of this writing. Data from Coinglass shows that 73.55% of this figure has been made up of long liquidations. 40.28% of these liquidations have come from crypto exchange Binance, where long liquidations were of a similar percentage. On Okex, 81.54% has been from long liquidations and has made up the majority across various exchanges as well.

Other digital assets that have seen large liquidations including GMT, SOL, and APE, are all being driven by the recent downtrend. Bitcoin has recovered above $30,000, ETH is back above $2,000, and this is facilitating a change. The most recent liquidations on the 4-hour chart have been made up of shorts as sentiment begins to turn positive among investors.

Featured image from The Indian Express, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Leading European and Ukrainian Charity Foundations Announced Their Participation in the World’s First Innovative ChariFi’s Project – the Zelenskiy NFT, Developed by the IamUkraine Studio

PRESS RELEASE. The innovative first time used concept will help to monetize charitable experience for people.

Since the beginning of the war in Ukraine, people from all over the world are trying to find ways to support people affected by the events. Multiple organizations and communities do their part to provide aid for Ukrainian refugees or people in danger zones. And there are ones who have put the most innovative technology to service for this charitable goal: IamUkraine studio, which develops the Zelenskiy NFT project – an NFT collection dedicated to historical events in Ukraine and the bravery of its people.

The team behind the Zelenskiy NFT, IamUkraine studio, has experience in creating scalable NFT projects based on blockchain technology. In the past, their members have worked with leading startups and Fortune500 companies. Now they united their efforts for the most important goal: creating an NFT ecosystem, that will help to change people’s lives for the best and improve the conditions of those who are suffering from the consequences of war.

The Zelenskiy NFT collection was created to laud the heroism and solidarity of the Ukrainian people and President Zelenskiy as their national leader in the face of war. The project aims to bring global support to the humanitarian cause and give people around the world a meaningful way to help Ukraine. The collection consists of 10 000 unique procedurally generated artworks, and each of them represents President Zelenskiy in various styles and images, celebrating the diversity and unity of the Ukrainian nation.

The Zelenskiy NFT is built with the idea of *ChariFi at its core and is the first project of its kind. The idea is to make good deeds rewarded, allowing people to help Ukraine while acquiring unique NFTs or community benefits. The NFTs can be acquired in three ways. First, there is a whitelist pre-sale of 2000 NFTs, which starts on 31.05, then the public mint sale, which opens on 01.06, and finally, the community mint, which will be conducted from 02.06 and will be used to reward war heroes, active community participants and different contests winners. 7500 NFTs will be available through public mint sale, and 500 more are reserved for the community mint.

A significant part of the funds raised through the NFT auctions will be directed toward various humanitarian organizations that help Ukrainians affected by war. Part of the funds will be distributed among established Ukrainian charities, and another one – among charities and support initiatives in the European Union. The initiative of The Zelenskiy NFT was supported by multiple charity and medical organizations in Ukraine and abroad, including Stand With Ukraine, The Right To Life, People’s Coalition, Med-Soyuz, DonorUA, Sartlife, Ukranian Will Movement, Razom, BALU and many others. Their activities encompass a multitude of issues, from helping children affected by war and providing food and medical supplies to people in danger zones, to raising funds for Ukrainian defense forces.

The remaining funds will be used to further develop and support the project. It is important to note, that the project is developed with a long-term view. According to its roadmap, there are spectacular plans after the public launch, which is to be expected at the beginning of June.

After the initial mint sale, the project creators. IamUkraine studio is going to develop it further, growing it into a whole ChariFi ecosystem, with its DeFi products, services and native ecosystem’s token ZELIK (ZLK), that will serve the initial purpose: to further support humanitarian work, conclude partnerships with more charity foundations and medical institutions and forge partnerships with famous brands.

The royalty fees will be distributed in a similar way. Part of royalty fees will be distributed among NFT holders on a weekly basis. From the 10% royalty fee, 4% will go towards Ukrainian and EU Charities, while others will be used to support the development and the sustainability of the project. Thus, it will continue to bring benefits to charity organizations after the initial mint.

The Zelenskiy NFT is an impressive example of how innovative technology can be used to unite the people for a good cause. We believe that it not only celebrates the fortitude of the Ukrainian people in this historical moment and unites people in a global effort for helping them, but also paves the road for more ChariFi projects in the future.

For more information about The Zelenskiy NFT project please visit zelenskiynft.com or follow on Twitter, Telegram or Instagram.

Glossary:

*ChariFi – The term is derived from two words, Charity and Finance. It is used to refer to blockchain projects that monetize the charitable experience. The essence of the idea boils down to the following: the user can make a profit for being involved in various charitable programs and for doing good deeds.

About The Zelenskiy NFT

A collection of 10,000 unique Zelenskiy’s NFT was created to eternalize the historic efforts and courage showcased by the Ukrainian people and President Zelensky. Purpose-built collection to aid Ukrainian refugees and humanitarian causes with expansive community benefits. Unique artform and generative representation to show worldwide support towards Ukraine. Curated to go beyond the NFT space and present a lasting historic insight into the insurmountable courage of Ukraine.

About IamUkraine

IamUkraine Studio, pioneer and developer of world’s first ChariFi concept, is a blockchain initiative launched to provide supportive assistance to global communities through digital art. The project brings together artistic representation with a strong social cause to empower struggling communities and help them overcome adversity. The IamUkraine will launch the Zelenskiy’s NFT Collection on 31 May 2022.

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Elon Musk Hints Tesla May Accept BTC Again Soon

Elon Musk – the South African billionaire and entrepreneur behind large companies like SpaceX and Tesla – has hinted that the latter enterprise may potentially accept bitcoin in the future for payments again given his confidence that the entire industry is moving closer towards renewable energy.

Elon Musk Shines Light on BTC Usage

Musk caused a lot of controversy in the first half of 2021 when he announced that his company was going to accept bitcoin for electric vehicles. The move sparked a lot of speculation and joy amongst crypto traders, as Tesla was one of the biggest companies in the world, and Musk was one of the globe’s richest individuals. The fact that he was such a crypto fan was hitting home with a lot of digital traders, and they were sure that bitcoin was likely to hit new heights.

At first, this is exactly what happened. Bitcoin rose to a whopping $57,000, which at the time was its new all-time high. Things were really looking up when suddenly, just a few weeks later, Musk announced that he was rescinding the decision, as he was concerned about the mining prospects of bitcoin and what the environmental hazards were.

This made a lot of people mad, and it allegedly sparked a new series of dips in the bitcoin price. Explaining his reasoning in a recent interview with Cathie Wood of ARK Invest, Musk stated:

Tesla’s mission is to accelerate renewable energy. Tesla is into renewable energy, being a player in solar energy, and we are in interaction with wind energy for our battery packs. We knew that one cannot generate that much increase in power using renewable energy that quickly, but one can by shoveling coal. The entire thing looked sketchy to me.

Bear in mind that the announcement surrounding bitcoin’s use for buying Tesla vehicles came after Musk made a $1.5 billion purchase of the world’s largest and most popular digital currency.

Musk is now confident that the world of bitcoin is transitioning more and more towards renewable energy. In a follow up to the interview above, he commented that he thinks the amount of clean energy being used to mine BTC today exceeds 50 percent, and so long as this number keeps going up, he says Tesla will easily accept BTC again without issue.

Possibly Changing His Mind?

He commented:

It appears that bitcoin is shifting a lot more towards renewables and a lot of the heavy-duty coal plants have been shut down, especially in China. After some due diligence, I would confirm that the percentage of renewable energy usage is most likely about over 50 percent and that there is a trend towards increasing that number and if so, Tesla will start resuming payments in bitcoin.

At press time, BTC is trading for around $40K.

The post Elon Musk Hints Tesla May Accept BTC Again Soon appeared first on Live Bitcoin News.

Crypto Exchange FTX Launches Zero-Fee Stock Trading Platform for US Customers

Crypto exchange FTX is jumping into equities trading, launching the beta phase for FTX Stocks.

The Bahamas-based exchange has launched FTX Stocks, offering trading and investing in hundreds of US exchange-listed securities, including common stocks and exchange-traded funds (ETFs).

The platform is integrated into FTX’s existing trading app and is available for select US customers who were selected from a waitlist.

FTX CEO Sam Bankman-Fried says the exchange’s new equities trading platform won’t charge any fees.

“We’re opening stock trading with no Payment for Orderflow and no fees. So what do we make from it? Nothing. And that’s ok. Our goal is just to give customers a great experience.”

The company also notes it plans to offer free market data, as well as company fundamental data, and it will not enforce minimum required customer balances.

For transparency and fair pricing, FTX says it initially plans to route all orders through Nasdaq.

Says FTX US President Brett Harrison,

“There is clear market demand for a new retail investment experience that offers full order routing transparency to customers and does not rely on payment for order flow. As we grow the product offering and capabilities, we are excited to give our customers even greater choice for order execution, as well as the tools they need to make informed routing decisions.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Binance CEO: The Entire LUNA/UST Incident May Have Been Avoided if the LFG Used Their Reserves when the De-peg was at 5%

Binance CEO: The Entire LUNA/UST Incident May Have Been Avoided if the LFG Used Their Reserves when the De-peg was at 5% 6

Quick take:

  • CZ believes that UST’s depegging and massive LUNA inflation could have been avoided had the LFG deployed its reserves when the de-peg was at 5%.
  • According to CZ, the Terra team was very slow and infrequent in communicating with the community during the crisis.
  • He also stated he has mixed feelings about the ongoing revival plans to fork the Terra chain.
  • CZ is, however, optimistic about the resilience of the crypto industry.

Binance CEO, Changpeng Zhao, has shared his thoughts on the UST depegging saga and the massive inflation of LUNA that soon followed.

The Luna Foundation Guard Could Have Deployed its Bitcoin Reserves Earlier

In a very informative article posted on the Binance website, CZ has offered insights on where the Terra team and the Luna Foundation Guard went wrong as they attempted to save UST from depegging.

According to CZ, the entire incident might have been avoided had the Luna Foundation Guard deployed their reserves when the UST depeg was at 5%. He also pointed out that only $3 billion in reserves were deployed when UST and LUNA lost value by $80 billion.

Terra Team was Slow in Their Communication

Secondly, CZ pointed out that the team at Terra was very slow and infrequent with their communication with the community during the crisis. This, in turn, further eroded any remaining trust the community had in them. CZ went on to recommend that crypto projects should ‘ always communicate frequently with your users, especially in times of crisis.’

I Have Mixed Feelings About the Terra Revival Plans – CZ

Thirdly, CZ reiterated that he has mixed feelings about the Terra Revival plans involving the chain’s forking into Terra Classic (LUNC) and a new chain called Terra (LUNA). However, CZ clarified that the Terra Community had the right to decide on the next course of action for the chain regardless of his personal feelings.

Terra Had Some Design Flaws

In addition, Mr. Zhao thought that Terra had some initial severe design flaws that included the following:

  • When you peg to one asset using a different asset as collateral, there is the possibility of under collateralization or depegging.
  • Thinking that minting more of an asset will increase its total value (market cap).
  • Overaggressive incentives such as Anchor’s 20% APY to accelerate growth will most likely lead to the project running out of money and cash. A high APY does not necessarily mean healthy projects.

Crypto Will Remain Resilient

In the concluding remarks of his insights into the UST depegging and LUNA’s massive inflation, CZ was optimistic that the crypto industry would continue being resilient despite the events. He said:

The combined size of UST and LUNA was bigger than Lehman Brothers when it failed.

Bitcoin only dropped roughly 20% from $40,000 to $30,000. This sometimes happens even when there is only positive news for bitcoin. Overall, most other projects stood up fine.

Wombat Soars to $40 Million in Total Value Locked While Still at Beta

May 20, 2022 – Hong Kong, Hong Kong


Shortly after the beta launch of Wombat Exchange, a hyper-efficient multi-chain stableswap backed by Binance, the crypto world was struck by the devastating collapse of TerraUSD. Wombat Exchange withstood the wild market swings in defiance of predictions while many decentralized stablecoin exchanges were left feeble and drained.

Their 24-hour trading volume reached an all-time high of $35 million, and the liquidity cap ascended to $40 million as of May 20, 2022. This immense success within a month of launch surpassed notable projects like Dodo and AcryptoS on BNB Chain.

The next-generation stableswap 2.0

Wombat is a multi-chain stableswap native to the BNB Chain. It re-engineered the stableswap experience through its innovative algorithm design, enabling lower slippage and greater capital efficiency. Stability is one of Wombat Exchange’s main characteristics, which kept it immovably secure through the recent black swan event.

They are the first protocol to bring the ‘equilibrium coverage ratio’ concept to maintain overall system health and ultimately protect its users’ funds. With this method, Wombat can spot risks and manage them before tragedies strike.

Although Wombat exists only in the BNB Chain at this stage, that won’t be for long. Wombat is designed to be multi-chained, and the capacity for scaling is monumental. The protocol can thrive in any chain – owing much of it to their all-in-one closed form quadratic solution.

This mechanism is highly efficient and scalable, and a few of its user-oriented perks are providing exact calculations, achieving lower gas fees and managing liquidity more effectively. This makes Wombat a potential challenger of the almighty Curve Finance.

Wombat has its eyes set on building its own thriving ecosystem for the longer term. An incubation lab is a part of the roadmap where it can support future projects building on top of them. The synergy of these projects will generate certain benefits for Wombat’s governance token holders, as providing value to its users is undeniably woven into their goal.

About Wombat Exchange

Wombat Exchange is a BNB native multi-chain stableswap focused on re-engineering the stableswap experience through its algorithm design. Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, accessibility and scalability in a multi-chain world.

Wombat’s success in the Binance incubation program was followed by the Binance BNB Chain ‘most valuable builder’ season four incubation program, where it had the pleasure of being one of the monthly stars for January.

For more information about Wombat Exchange, visit the following links.

Website | Discord | Twitter | Medium | Telegram

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Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

Cumulative NFT Sales Among 18 Blockchain Networks Surpasses $36 Billion

Statistics recorded this week show that the aggregate number of non-fungible token (NFT) sales, settled across more than a dozen different blockchains, has officially surpassed $36 billion. While there are 18 competing blockchains offering NFTs, Ethereum-based NFT sales dominate by more than 75%. While Ronin commands the second-largest amount of NFT sales, NFTs from the game Axie Infinity have been the top-selling collection for quite some time, with more than $4 billion in global sales to date.

$36 Billion in All-Time NFT Sales, Ethereum Dominates Sales by More Than 75%

The world of blockchain-based digital collectibles has been a force to reckon with as the NFT ecosystem has become a multi-billion-dollar industry. This week’s metrics indicate that all-time NFT sales have surpassed $36 billion to date.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

The $36 billion in sales recorded on cryptoslam.io’s NFT dashboard stems from 18 different blockchains like Ethereum, Ronin, Solana, Avalanche, Wax, Polygon, and Flow to name a few. Ethereum’s $27 billion in NFT sales, however, represents 75.02% of the total number of sales across all the chains.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

The top blockchains in terms of all-time NFT sales besides Ethereum include Ronin ($4B), Solana ($2.2B), Flow ($1B), Polygon ($591M), Wax ($430M), Avalanche ($277M), Immutablex ($98.7M), Palm ($50.5M), and Tezos ($40.4M). All-time NFT sales from the top nine blockchains add up to approximately 24.61% of the non-Ethereum-based NFT sales.

The remaining nine blockchains below Tezo’s position only represent 0.37% of the $36 billion in all-time NFT sales volume. Ethereum’s 1,300,118 NFT buyers and Ronin’s 1,742,207 NFT buyers are the only two chains with more than a million unique NFT buyers.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

Out of the $36 billion in NFT sales, the top NFT collection in terms of all-time sales is Axie Infinity, which has seen more than $4 billion in sales. The second-largest collection in terms of sales is Cryptopunks, which has seen $2.24 billion in sales.

Cryptopunks is followed by Bored Ape Yacht Club (BAYC) which has recorded $2.12 billion in all-time sales. BAYC is followed by Mutant Ape Yacht Club ($1.52M), Artblocks ($1.25M), NBA Top Shot ($1M), Otherdeeds ($906K), Azuki ($756K), Clonex ($671K), and Veefriends ($538K).

Most Expensive NFTs Stem from Veefriends, BAYC, Cryptopunks, Cyberkong — Opensea Still Commands the Most Amount of Sales by an NFT Marketplace

All-time sales metrics from cryptoslam.io’s dashboard indicate that the most expensive NFT sold is Veefriends’ “Thoughtful Three Horned Harpik,” which sold for 100,000 ether or $316 million. The Veefriends NFT is followed by Cryptopunk 5822 which sold for 8,000 ether or $23.7 million.

Five of the most expensive NFTs sold out of the top ten are BAYC NFTs and two are Cryptopunks. Other collections in the most expensive NFT top ten list included Meebits 10,761 and Cyberkong VX 8252.

Out of all the NFTs sold, most are purchased on the NFT marketplace Opensea with the market Looksrare following the platform’s lead. Other notable NFT marketplaces include Magic Eden, Flow’s NBA Top Shot market, Mobox, Solanart, Wax’s Atomicmarket, Bloctobay, and Rarible.

While billions of dollars worth of NFTs have been sold during the last few weeks, NFT sales have been dropping significantly. Weekly NFT trade volumes are down and weekly NFT sales have also floundered during the past few weeks. If the crypto economy is truly in a bear market cycle it will be interesting to see how the NFT industry handles the downturn.

What do you think about the 18 blockchains recording $36 billion in all-time NFT sales? Let us know what you think about this subject in the comments section below.