Another South African Company Reveals Plans to List a Crypto ETF on Local Stock Exchange

Another South African Company Reveals Plans to List a Crypto ETF on Local Stock Exchange

Fresh reports from South Africa suggest another local company, Sygnia, is set to apply to the Johannesburg Stock Exchange (JSE) to list a new cryptocurrency exchange-traded fund (ETF). This application will be the second time Sygnia has attempted to list the crypto ETF. A similar application in 2017 was rejected by JSE on grounds that the bourse was “not ready to approve cryptocurrency listings.”

However, according to a report which quotes the company’s CEO, David Hufton, Sygnia plans to re-apply for an ETF using the same design structure from 2017. In remarks, Hufton said:

A lot of work went into designing the actual structure of the ETF in 2017 which we can reuse. With cryptocurrencies becoming more mainstream, we are hopeful that the JSE will be more receptive to our application this time around.

The CEO also reveals that Sygnia intends to “reapply to the JSE any day now.”

Meanwhile, a recent report quotes the JSE director, Andre Visser, explaining that certain conditions need to be met first before such an application is deemed to have been successful. Further, the JSE reveals it would also need “to engage with other regulators, including the Financial Sector Conduct Authority, the South African Reserve Bank and international regulators.”

With this revelation, Sygnia becomes the latest South African firm to express interest in listing a crypto ETF. As previously reported by Bitcoin.com News, another South African firm, DCX Capital, has similarly announced its plan to list a cryptocurrency ETF on the JSE.

Do you think that the JSE will approve Sygnia’s second ETF application? Tell us what you think in the comments section below.

Bitcoin Price Analysis: BTC is Facing Uphill Task Near $58K

  • Bitcoin price started a sharp decline and it tested the $51,250 zone against the US Dollar.
  • The price is now trading well below $58,000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $58,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh rally if it breaks the $58,000 and $58,200 resistance levels.

Bitcoin price declined sharply from well above $60,000 against the US Dollar. BTC is now consolidating losses and it is facing a major hurdle near the $58,000 zone.

Bitcoin Price Analysis

Recently, bitcoin price saw a strong decline from well above the $60,000 level against the US Dollar. BTC broke many supports near the $58,000 and $55,000 levels.

It even spiked below the $52,000 level and settled below the 55 simple moving average (4-hours). A low is formed near $51,289 and the price is now consolidating losses. It recovered slightly above the $54,000 and $55,000 resistance levels.

However, it is facing resistance near the $57,500 level. The 50% Fib retracement level of the key decline from the $62,617 swing high to $51,289 low is acting as a resistance.

The next major resistance is near the $58,000 zone. There is also a major bearish trend line forming with resistance near $58,200 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the key decline from the $62,617 swing high to $51,289 low.

A successful break and close above $58,000 and the trend line resistance could open the doors for a steady increase. The next major resistance could be $60,000.

On the downside, the $55,000 level is a major support. The main breakdown support is near the $54,000 level, below which there could be a sharp decline towards $50,000.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly facing hurdles near $58,000 and the 55 simple moving average (4-hours). Overall, the price could start a fresh rally if it breaks the $58,000 and $58,200 resistance levels.

Technical indicators

4 hours MACD – The MACD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is just below the 50 level.

Key Support Levels – $55,000 and $54,000.

Key Resistance Levels – $57,500, $58,000 and $60,000.

The post Bitcoin Price Analysis: BTC is Facing Uphill Task Near $58K appeared first on Live Bitcoin News.

Crypto Analyst Lark Davis Names His 5 Favorite ‘Cheap’ Altcoins on Binance

In a recent video for his very popular YouTube channel, popular New Zealand-based crypto influencer Lark Davis (@TheCryptoLark on Twitter) talked about five of his favorite “cheap” coins on Binance that have “big potential.” These five altcoins are Polygon ($MATIC), Injective Protocol ($INJ), Marlin ($POND), Kava ($KAVA), and OpenOcean ($OOE). Below, we highlight some of the comments Davis made about […]

Uniswap deploys V3 contracts to four Ethereum testnets

The world’s leading DEX has taken a big step toward launching its third iteration by deploying its contracts to all four of Ethereum’s testnets.

Leading decentralized exchange Uniswap has taken a step closer to launching its highly anticipated “V3” iteration, announcing the successful deployment of V3’s smart contracts to all Ethereum test networks.

In an April 21 announcement, Uniswap Labs confirmed that the protocol’s V3 core and periphery smart contracts have been deployed to all major Ethereum testnets — Ropsten, Rinkeby, Kovan, and Goerli.

The testnet addresses were posted to Github, with Uniswap reminding users that the addresses are not final and will be changed as the team makes final updates to the periphery repository. Version three’s core contracts have also been deployed to GitHub.

A bug bounty was started on March 23 offering rewards of up to $500,000 for the discovery of high severity bugs in V3’s contracts. According to the official announcement, Uniswap v3 is expected to launch to mainnet on May 5.

Uniswap has taken a path of capital efficiency for its next upgrade which may complicate the passive income aspect of liquidity provision for many casual DeFi investors.

Some of the upgrades in the next iteration include multiple fee tiers which allowing liquidity providers to be compensated for taking on varying degrees of risk. There are also upgrades to the automated market maker bonding curves, which aggregate individual positions into a single pool to form one combined curve for users to trade against.

Uniswap V3 offers three separate fee tiers per pair according to expected pair volatility — 0.05%, 0.30%, and 1.00% — offering greater protection against impermanent loss to liquidity providers.

Despite the high Ethereum network fees, which are currently around $67.86 on average for a token swap on Uniswap according to Etherscan, the DEX continues to attract high trading volumes.

On April 20, Uniswap founder Hayden Adams posted that the platform had reached the milestone of $10 billion in weekly trading volume for the first time,

At the time of writing, the DEX’s native UNI token was trading 6.8% higher over the past 24 hours according to CoinGecko. UNI tokens were changing hands for a shade under $32, but down from their April 15 all-time high of $39.20.

Dogecoin Disappoints With 32% Dump After ‘DOGE Day’

Granted, Dogecoin did crank to an all-time high yesterday hitting $0.418 for the first time ever as fans pumped the meme-flavored token amid a flurry of hysteria.

However, since that giddy peak DOGE slumped almost 32% to hit an intraday low of $0.285 in early trading on Wednesday, April 21 according to Coingecko.

Dogecoin price
DOGE/USD – Coingecko.com

Since then, the token has managed to recover slightly to trade at $0.340 at the time of writing. The big dump was inevitable following the token’s hype-fuelled pump of 250% over the past week.

DOGE is currently holding sixth in the market cap charts with $43 billion according to Coingecko.

More Meme Power

As reported by CryptoPotato, April 20 was designated ‘DOGE Day’ following the initiation of DOGE-themed campaigns by community members on Twitter and Reddit. The trend spread outside of crypto circles and even confectionary brands Snickers and Milky Way joined the craze.

There has also been no shortage of surreptitious comments from Elon Musk over the past year which has added to the token’s momentum and speculator properties.

DOGE Day has been so large that mainstream media even picked it up with CNBC reporting that the joke coin has made “out of this world gains this year”.

According to CNBC, crypto bull and Galaxy Digital CEO Mike Novogratz stated that Dogecoin speaks to a lot of the same movement GME did. In late January Reddit group, ‘wallstreetbets’ pumped the GameStop stock off the chart as a buying frenzy mounted.

“There is a crazy excitement around very young investors around meme coins and meme ideas. It’s shocking to me $GME continues to hold any value.”

The goal among those pumping DOGE was to get it to a dollar, however, they fell short by $0.58.

Crypto trader KALEO predicted the massive pump and dump for DOGE but profited handsomely from the hype and FOMO.

Delusional Dogecoin

DOGE is currently holding sixth in the market cap charts with $43 billion according to Coingecko. This puts the token that was created as a joke above solid real-world blockchain networks Cardano and Polkadot.

Crypto influencer ‘Ivy’ summed up some of the recent events in a tweet on the now infamous day:

“Just saw several tik toks post about $DOGE going up to $100 …. that’s over $12 TRILLION  which is over 12x $btc current cap. Good lord what are you guys smoking on 4/20”

ICO fraudster pleads guilty to $7m Covid-relief loan scam

An ICO fraudster spent more than $7 million in fraudulently obtained covid relief on luxury personal expenses, including a Rolex, a luxury apartment, and a new Mercedes.

A 24-year-old New York resident has pleaded guilty to acquiring more than $7 million in Covid-19 relief through fraudulent loan applications and misleading investors in a fraudulent initial coin offering during 2018.

According to an April 20 announcement from the U.S. Department of Justice, Taiwanese national, Justin Cheng — also known as “Justin Jung” — Cheng submitted a series of online loan applications accompanied by forged tax and payroll records between May and August of last year.

Cheng’s applications featured fraudulent IRS tax and payroll records purporting to document the names of 200 employees earning $1.5 million in monthly wages from Cheng’s businesses. However, the list consisted of names from current and former public figures including Good Morning America co-anchor and a deceased “former Penn State football coach.”

In addition to applying with at least five different banks, the scammer sent loan applications to the U.S. government’s Paycheck Protection Program and Economic Injury Disaster Loan programs.”

Cheng was successful in securing $7 million worth of covid-relief for his fictitious employees, which was reportedly spent on personal expenses including a $40,000 Rolex, rent for a $17,000 a month apartment, and 2020 Mercedes. U.S. Attorney Audrey Strauss said:

“Cheng lied to the SBA and several banks about ownership of his companies, the number of people employed, and how any loan proceeds would be applied, using forged and fraudulent documents in the process. Cheng spent much of the money on personal luxury items.”

The self-described “serial entrepreneur” also pled guilty to operating a fraudulent ICO between August and October 2018 for his firm.

In 2018, Cheng solicited investors to participate in the ICO for his company, Alchemy Coin Technology Limited, while making false statements about the firm's finances and readiness of its peer-to-peer lending platform, and failing to disclose the ICO was an unlicensed offering. The Department of Justice stated:

“These investments were obtained through materially false and misleading statements and omissions regarding Alchemy Coin’s access to capital, use of investor proceeds, the product readiness of its purported blockchain-based peer-to-peer lending platform, and the registration of its tokens as part of an initial coin offering.”

District Judge Alison J. Nathan set a sentencing date for Aug. 3, with Cheng facing up to 80 years in prison.

TA: Ethereum Reclaims 100 SMA, What Does This Means For the Bulls

Ethereum remained strong above the $2,200 level and it climbed higher against the US Dollar. ETH price is back above the 100 hourly SMA and it is signaling more upsides above $2,400.

  • Ethereum gained pace and it cleared the $2,300 resistance zone.
  • The price is now trading well above $2,300 and the 100 hourly simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $2,175 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is showing positive signs and it is likely to continue higher above $2,400.

Ethereum Price Is Gaining Pace

Ethereum remained well bid above the $2,100 zone. As a result, ETH started a fresh increase above the $2,180 and $2,200 resistance levels.

There was a clear break above a crucial bearish trend line with resistance near $2,175 on the hourly chart of ETH/USD. It opened the doors for a steady increase above the $2,250 and $2,300 resistance levels.

Ether climbed above the 61.8% Fib retracement level of the key decline from the $2,500 swing high to $1,950 swing low. It is now trading well above $2,300 and the 100 hourly simple moving average. An immediate resistance is near the $2,350 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The first key resistance is near the $2,370 level. It is near the 76.4% Fib retracement level of the key decline from the $2,500 swing high to $1,950 swing low. A clear upside break above the $2,350 and $2,370 levels could set the pace for a surge above the $2,400 level. In the stated case, ether price may easily revisit the $2,500 zone.

Downsides Limited in ETH?

If Ethereum fails to clear the $2,350 and $2,370 resistance levels, it could correct lower. An initial support on the downside is near the $2,300 zone.

The first support is now forming near the $2,250 level and the 100 hourly simple moving average. If ether fails to stay above the 100 hourly simple moving average, there is a risk of more downsides below the $2,200 support. The next major support below $2,200 sits near the $2,150 pivot level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $2,250

Major Resistance Level – $2,350

The Ternoa Blockchain (CAPS) Unveils SecretNFT, Its NFT Platform

The Ternoa Blockchain has just unveiled the alpha version of its SecretNFT Marketplace, a platform entirely dedicated to non-fungible tokens (NFTs). The platform, which uses Ternoa’s own CAPS token, comes with many features to promote its adoption among artists and lovers of NFTs.

Ternoa launches its NFT platform, SecretNFT

The Ternoa Blockchain has just unveiled the first version of its SecretNFT Marketplace, a new platform entirely dedicated to NFTs.

The NFT marketplace allows artists to issue authenticated digital artworks in a single edition. Ternoa’s platform boasts a number of innovations, not least the so-called SecretNFT, a feature that makes artists’ works even more unique.

This platform represents the first full-scale test of the Ternoa Blockchain, with all NFTs present on SecretNFT Marketplace hosted on the Chaos Net, a Ternoa testnet. All works hosted on the SecretNFT Marketplace are therefore certified on the Ternoa blockchain to avoid any falsification.

Since the SecretNFT Marketplace ecosystem is powered by CAPS, Ternoa’s native cryptocurrency, users will be able to purchase NFTs with CAPS as soon as the platform is open to the public.

To deploy this alpha version of the SecretNFT Marketplace, Ternoa partnered with 12 different artists, who forged a total of 26 NFTs on the platform. At the moment, the SecretNFT Marketplace is still in an experimental phase and many planned features yet to be added.

In total, the Ternoa team is working with 30 artists to continue enhancing the SecretNFT catalogue. New works of art will be added every 2 or 3 weeks on the platform. In the not too distant future, however, SecretNFT will be fully open to the public and any user will have the opportunity to forge their own NFTs there.

Lots of customization options

The SecretNFT Marketplace allows NFT-creators to customize their digital works using several features: “Protect”, “Secret” and “Blur”. Of course, these features are optional, but they provide an opportunity for artists to personalize their work..

The Protect feature

With the “Protect” function, each NFT can be accompanied by a watermark in order to protect its uniqueness. In this respect, only the owner of the NFT has access to the work as a whole, without a watermark. This feature offers SecretNFT Marketplace NFTs a new dimension dear to holders of unique non-fungible tokens.

The feature can be used in multiple ways. For one, it demonstrates in public that an NFT is genuinely unique and establishes who its owner is. For example, many museums plan in the near future to create exhibitions entirely dedicated to NFTs. They could present NFTs without watermarks to their visitors, which would bring a certain value to the exhibition, since the complete digital work would only be visible during the exhibition.

Some of the first NFTs from the SecretNFT Marketplace, with watermarks included

The Secret feature

By adding the “Secret” option to their NFT, an artist can hide most or all of their work from view. Only the holder of the NFT will be able to see what is hidden under the proverbial hood of their work.

The Blur feature

Last but not least is the platform’s “Blur” function. Unsurprisingly, this feature allows the creator of an NFT to blur it from view . As with the other options, only the owner of the NFT will be able to see the work in its entirety.

Interactive with Ternoa’s mobile wallet

To promote mass adoption of SecretNFT, Ternoa intends to develop an interaction between the platform and its mobile app. Today, very few if any NFT platform has its own smartphone app, even though this is a significant adoption vector that could allow many people to discover the exciting world of non-fungible tokens.

In a few weeks, the Ternoa ecosystem will launch its own mobile app, which will act as a hub for all Ternoa products, including the SecretNFT Marketplace. This application will also have its own wallet for CAPS, Ternoa’s native token.

In this respect, CAPS token holders can directly interact with Ternoa’s many applications through the app. In addition, a staking feature will be implemented once the final version of the wallet is deployed, allowing CAPS token holders to generate passive income on the funds they hold.

The app will also integrate features related to sending and receiving CAPS tokens, as Mickaël Canu, CEO of Ternoa explains:

In conclusion, Ternoa’s SecretNFT Marketplace has a lot to offer compared to existing NFT marketplaces. SecretNFT not only offers artists a chance to protect their works prior to purchase, but also to make the content of their NFTs exclusive to future owners. This could represent a great leap forward for the whole space.

SecretNFT innovation opens the doors to massive adoption of NFTs, whether for content creators, their fans, or even for businesses and collectors keen to take part in this new world that is still very much in its infancy.

 

The Ternoa project has a growing social media presence, with +11,500 followers on Twitter, +10,000 followers split between its English and French Telegram channels, and 5,000 followers in both English and French on Instagram.

This article is based on a translation from a French article originally published here


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Bitcoin Consolidates, Ethereum Gains Bullish Momentum, DOGE Crashes

After a strong rejection near USD 57,500, bitcoin price corrected lower. BTC traded below the USD 56,500 support zone and it is currently (04:30 UTC) trading below USD 56,000. If it fails to stay above USD 55,000, there could be a drop towards USD 53,200. Conversely, most major altcoins are gaining traction. ETH cleared the key USD 2,300 resistance zone, while XRP/USD is also rising and it cleared

Hegic Protocol announces ‘gradual’ governance launch for long-term users

Hegic will reward long-term traders, LPs, hodlers, and Discord users with its forthcoming governance token.

Decentralized finance protocol Hegic has announced a soft governance launch designed to reward its long-term users.

According to an April 19 announcement, Hegic intends to reward its most loyal users with its new gHEGIC governance token, straying from the public airdrops and yield farming campaigns that have become a popular means to distribute governance in the DeFi sector.

Users hodling gHEGIC will be able to vote in future Hegic Improvement Proposals.

Hegic is a decentralized on-chain derivatives protocol that allows users to purchase call and put options to speculate on Ethereum and Wrapped Bitcoin (wBTC). Users can provide liquidity to the protocol by selling options to buyers, earning a share of premiums paid to the pools.

“With the soft launch of Hegic governance, the most active and long-term oriented users of Hegic will own the protocol in terms of their influence on its future.”

Users who meet specific criteria will be able to participate in Hegic governance, including traders who purchase four or more options contracts acquired since the launch of Hegic v888, and liquidity providers who have provided at least 1 ETH or 0.05 wBTC to pools for more than 100 days without withdrawing.

Additionally, Hegic initial bonding curve offering, or ICBO, participants who have not sold a single HEGIC token since the incentive was launched in September 2020 will receive the governance tokens, as will the project’s most active members on Discord.

In addition to being eligible to receive the protocol’s forthcoming governance tokens, traders and LPs who qualify for governance will have the opportunity to receive $500 worth of HEGIC in exchange for providing feedback about the platform.

Minting and distribution of the governance token is currently slated to begin on May 1.

The beta version of the protocol, dubbed Hegic v888, was launched in October 2020, and has since gained significant traction.

The first quarter of 2021 saw 1,368 individual traders purchase 3,200 ETH options and 1,500 wBTC options worth a cumulative volume of $291 million. The total value locked at the end of the quarter was $59 million, though it has since fallen to $57 million according to DeFi Llama.

At the time of writing, HEGIC tokens were trading up 3.2% over the past 24 hours at $0.175, according to Coingecko.

Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog

Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog

Although bitcoin prices plummeted over the weekend, the overall bull-run remains alive, as well as the crypto-related fraud cases in South Korea. The latest figures by the domestic financial watchdog show that such incidents are still on the rise.

Police to Dedicate a Special Unit to Investigate Crypto Frauds

According to Asia Kyungjae, the Financial Supervisory Service (FSS) revealed that crypto fraud reports skyrocketed by over 41.6% yearly.

The statistics from the FSS from January to October 2020 show that the 41,6% increase belongs to 555 cases of suspicious transactions.

Due to the significant surge of cases, the police promised to increase its efforts in cracking down crypto-related fraud rings across the nation. In fact, authorities launched a dedicated investigation team at the financial crime unit in provincial offices.

Among the bureaus involved in the crypto fraud’s investigations include the Financial Services Commission, the Financial Supervisory Service, the State Affairs Coordination Office, the Ministry of Justice, the Prosecutors’ Office, and the National Police Agency.

South Korean Fraudster Found Guilty of Scamming $16 Million

Furthermore, Yonhap reported another millionaire crypto fraud case in South Korea as a fraudster named by the court just as Lee was given a six-year jail term. He was found guilty of having built a scheme that scammed around 1,300 people in just seven months.

Prosecutors said he took from victims around $16 million worth in crypto and fiat. Judge Cho Sang-min revealed details of the case:

The defendant tricked the victims, saying that they could get big profits in a short time, and sold virtual currency issued by an intangible Chinese company.

Lee ran its fraud scheme between October 2018 and May 2019, attracting investors by telling them, “if you buy cryptocurrency sold by a Chinese parent group, you can make enormous profits.”

However, the fraudster became even more suspicious after claiming that the Chinese company he was promoting is “a solid business with a 30-year history of 500 trillion won and plans to enter the electric vehicle industry with an investment of 4 trillion won.”

Also, the court handed 18-month and eight-month sentences to two of Lee’s accomplices for their participation in the crypto fraud ring.

What do you think about the bullish trend in the reported cases of crypto fraud in South Korea? Let us know in the comments section below.

Ripple Price Prediction: XRP commences bullish comeback toward $2

Ripple
  • Ripple resumes uptrend as bulls shift their focus from defense to hitting highs above $2.
  • The MACD and other short-term technical levels hint at the uptrend catching momentum.
  • XRP must hold the price above $1.4 to sustain the price action heading to $2.

Ripple trades at $1.41 following a 10% gain in 24 hours. The cross-border token has consistently rebounded from the support at $1.12. Earlier this week, XRP was rejected marginally above $1.5. Therefore, this is a second attempt to break the barriers toward $2.

Ripple’s technical breakout builds momentum

The four-hour chart has brought into light a descending parallel channel. The pattern has controlled the downward price action since the rejection ranges close to $2. The channel’s lower boundary support played a crucial role in stopping losses from extending under $1.

Moreover, Ripple held onto the middle boundary, as discussed on Tuesday. The support allowed buyers to concentrate on lifting above the upper boundary resistance. In the meantime, Ripple has crossed above the channel’s hurdle as well as the 100 Simple Moving Average (SMA).

On the upside, Ripple bulls have a task to sustain the uptrend above $1.4 and to close the day above the 50 SMA resistance. Here, more buyers would be called into the market as speculation builds for an upswing beyond $2.

XRP/USD four-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Other technical indicators such as the Moving Average Convergence Divergence (MACD) reinforce the bullish comeback by recovering the ground toward the mean line (0.00). Crossing into the positive region will be a powerful bullish signal. The MACD line has already crossed above the signal line, adding credence to the narrative.

Ripple intraday levels

Spot rate: $1.41

Trend: Bullish

Volatility: Low

Support: $1.4 and $1.12

Resistance: $1.5 and $1.6

The post Ripple Price Prediction: XRP commences bullish comeback toward $2 appeared first on Coingape.

PotPunks Shake Up 4/20 and the World of NFTs

Project Will Benefit High Profile Criminal Justice Reform Charity Project Mission Green

Los Angeles, CA, April 20, 2021 — PotPunks, a new NFT digital collectible project today announced their phase one launch of 69 digital characters inspired by the diverse world of cannabis lovers and advocates. In addition to celebrating the world of weed, PotPunks goes one step further by partnering with Project Mission Green, a charity founded by reform advocate Weldon Angelos. Angelos and Project Mission Green have deep connections in the world of entertainment and politics and have been responsible for some of the most high-profile drug reform bills and pardons of the last decade.

“PotPunks is not only a great way to celebrate the cannabis community, it underlines our commitment to long-term advocacy and continuing to innovate how we communicate the importance of this mission,” said Angelos. “I have worked with the Obama, Trump, and Biden administrations as well as entertainers like Snoop Dogg, Ty Dolla $ign, and Alicia Keys to help address the injustices of drug prohibition. By partnering with Potpunks, our mission can speak to a whole new realm of activists who understand how the blockchain, cryptocurrency, and NFTs can also play an important role in supporting necessary reform.”

The team began the Potpunks project in homage to the original CryptoPunks as a response to the burgeoning world of NFTs and the promise they hold for the world of cannabis. Every time a PotPunk is sold a percentage of the proceeds will be deposited through a Smart Contract on the Ethereum network to The Weldon Project to support Cannabis reform. 

NFTs (Non-fungible tokens) are digitally unique items with verified ownership on the blockchain. Some uses of NFTs include digital art, collectibles, game items, and more.

The explosive popularity of NFTs has seen the entry of high-profile celebrities, athletes, and investors including Tom Brady, Mark Cuban, and Snoop Dogg either creating their own NFTs or investing in businesses focused on the space.

PotPunks was created by a collective of creatives, developers, crypto diehards, NFT collectors, and most of all lovers of weed. The team will be debuting their first release of OG Punks at the MERRY JANE x Top Tree 4/20 event at the Notorious Estate in Hollywood Hills.

About Potpunks

https://potpunks.io

@potpunks on Facebook

hello@potpunk.io

About Mission Green

https://www.theweldonproject.org/missiongreen

@projectmissiongreen on Instagram

PotPunks Shake Up 4/20 and the World of NFTs 1
PotPunks Shake Up 4/20 and the World of NFTs 2
PotPunks Shake Up 4/20 and the World of NFTs 3
PotPunks Shake Up 4/20 and the World of NFTs 4
PotPunks Shake Up 4/20 and the World of NFTs 5

You can now pay for a WeWork office using Bitcoin and other cryptocurrencies

U.S. real estate firm WeWork, which provides office and work solutions, announced it now accepts Bitcoin, Ethereum, USD Coin, Paxos, and other cryptocurrencies as payment for its services.

Its CEO Sandeep Mathrani said his firm’s strength lies in adapting to meet the needs of its members. With a growing fintech userbase, Mathrani felt it was the right thing to do.

“WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.”

Doing this, and paying landlords and suppliers in crypto, is possible thanks to BitPay, which provides layer 2 or “off-chain” solutions.

BitPay CEO Stephen Pair said his firm intends to utilize cryptocurrency to transform how businesses and people send, receive and store money.

When it comes to Bitcoin as a payment method, the base layer leaves a lot to be desired. However, pioneers such as BitPay show that layer 2 solutions can make better use of “old-tech” for this purpose.

Did Tesla remove its payment option?

As such, the WeWork move came amidst some concerns of Tesla temporarily removing its Bitcoin payment option (at least for some users) earlier today. The carmaker had announced earlier this year that it would accept payments in Bitcoin from customers in the US.

However, as noted by Twitter user ‘billcashidy‘ today, Tesla seemed to have temporarily removed the Bitcoin payment option for a few hours today, sparking concerns in the community that Bitcoin’s price volatility made it an unreliable payment method.

The case against Bitcoin as a payment method

Neither the firm nor CEO Elon Musk has commented on the situation as of press time. But speculation can be drawn over Bitcoin’s flaws as a payment method.

Buying a Tesla with Bitcoin came to symbolize cryptocurrency adoption. Nonetheless, the biggest problem with their setup was pricing in dollars and converting to Bitcoin. Doing this creates several inconsistencies that get magnified due to its volatility.

Firstly, customers could be paying wildly different Bitcoin prices for the same product. Also, problems arise when it comes to refunds and buybacks. Add to that the capital gains tax obligations triggered when buying in Bitcoin, and fiat offers a cleaner, more hassle-free experience.

A solution to deal with some of the issues is to price in Bitcoin. But considering the world’s expense and supply chain operates in fiat, this option won’t be happening anytime soon.

Add to that the slow  5 transactions per second (TPS) throughput on the base layer, and it’s clear that, as things stand, virtually anything else makes for a better payment method.

The post You can now pay for a WeWork office using Bitcoin and other cryptocurrencies appeared first on CryptoSlate.

Bitcoin price in dilemma ahead of Friday options expiry, will bears have their way?

  • Bitcoin price fights to stay above the $56,000 shirt-term support; bulls look toward $60,000.
  • Bears likely to have their way amid the incoming options expiry as Bitcoin risks plunging under $50,000.

Bitcoin has assumed consolidation after stepping marginally above $56,000. The flagship cryptocurrency had experienced a 74% growth in three months before the April 18 declines to $51,000. Bitcoin had also hit a new all-time high of around $65,000 amid the hype of Coinbase listing on Nasdaq. However, as options expire on Friday, the price remains vulnerable to losses while bulls focus on reclaiming the ground above $60,000.

Bitcoin options expiry could determine price direction

About 27,320 Bitcoin contracts will expire on April 23, with a total value of approximately $1.5 billion ($56,000 exchange rate). At the moment, bears and bulls appear balanced mainly due to the call (buy) options averaging 45% of the open interest.

It is essential to keep in mind that neutral-to-bearish options make up the chunk of the contracts (19,930 BTC). Currently, the open interest holds at $1.13 billion, which accords bears a $450 million advantage. The recent crash from $64,000 liquidated most of the bulls and has left only 3,000 BTC call options under $58,000.

The four-hour chart shows Bitcoin trading within the confines of the short-term symmetrical triangle. This pattern does not have an exclusive bearish or bullish bias, adding credence to the dilemma. A break above the triangle’s upper trend line will likely send Bitcoin toward $60,000.

BTC/USD four-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

On the downside, if support at $56,000 fails to hold and BTC starts to lose ground toward $55,000, declines are likely to increase toward $50,000. Note that bearish input from the put (sell) options) may add overhead pressure, forcing Bitcoin to seek refuge under $50,000.

Bitcoin intraday levels

Spot rate: $55,755

Trend: Bearish

Volatility: High

Support: $55,000 and $52,500

Resistance: $57,500 and $60,000

The post Bitcoin price in dilemma ahead of Friday options expiry, will bears have their way? appeared first on Coingape.

TA: Bitcoin Struggles Below $57K, Here’s Why 100 SMA Holds The Key

Bitcoin price is holding the $55,000 support zone against the US Dollar. BTC must clear the $57,000 resistance and the 100 hourly SMA to move into a positive zone.

  • Bitcoin is somehow holding the $55,000 and $54,500 support levels.
  • The price is now facing a strong resistance near $57,500 and the 100 hourly simple moving average.
  • There was a break above a major declining channel with resistance near $55,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase if there is a clear break above the $57,500 resistance zone.

Bitcoin Price is Facing Hurdles

Bitcoin remained below the main $57,500 resistance zone. BTC declined below the $55,000 support, but it found support near the $53,400 zone. A low was formed near $53,338 before the price started a fresh increase.

It broke the $54,500 and $55,000 resistance levels. There was also a break above a major declining channel with resistance near $55,250 on the hourly chart of the BTC/USD pair. The pair even climbed above $57,000, but it failed to clear the 100 hourly simple moving average.

A high is formed near $57,150 and the price is now correcting lower. It traded close to the 50% Fib retracement level of the upward move from the $53,338 low to $57,151 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, the price is facing a strong resistance near the $57,100 and $57,500 levels. The 100 hourly simple moving average is also near the $57,500 level to act as a hurdle. A successful break above the $57,500 resistance is must to start a strong increase in the coming sessions.

Dips Supported in BTC?

If bitcoin fails to clear the $57,000 and $57,500 resistance levels, it could correct lower. An immediate support on the downside is near the $55,200 level.

The first key support is near the $54,800 level. It is near the 61.8% Fib retracement level of the upward move from the $53,338 low to $57,151 high. Any more losses may possibly call for a retest of the $53,350 zone in the near term.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.

Major Support Levels – $55,200, followed by $54,800.

Major Resistance Levels – $56,500, $57,100 and $57,500.

Will XRP Explode in the Near-Term?

The previous week or so has been hectic for XRP with its short win against SEC and its value fluctuating constantly. Right now, the crypto is hanging around 0.136 dollars, and there are not many ways to help the crypto recover from it. Many expect the currency to face an upward trend once it reaches …

MakerDAO moves to expand collateral assets and upgrade liquidation engine

The new liquidation engine has been designed to offer Maker’s users greater predictability and security.

Decentralized lending and stablecoin protocol MakerDAO has opened governance voting to allow new tokens as collateral.

A number of new collateral types have been proposed for MakerDAO, potentially increasing the number of digital assets that can now be used to mint its stablecoin, DAI. Voting began on April 19 and will run for fourteen days.

Seven tokens have been suggested as collateral for the Maker, including Moss Carbon Credit (MCO2), Rocket Pool’s staked Ethereum (rETH), the 1inch decentralized exchange token (1INCH), and the BadgerDAO Sett token (bBADGER).

Three liquidity provider, or LP, tokens are also being voted on as prospective collateral, including SushiSwap’s DAI/USDC LP token, Uniswap’s DAI-PAX LP token, and Uniswap’s GUSD-DAI LP token.

If approved, these assets will be able to be deposited as collateral to back the creation of new DAI.

The MakerDAO community is also conducting a governance vote on a proposed upgrade to its liquidation system, dubbed MIP-45. Liquidations are executed by Maker to maintain DAI’s peg to the U.S. dollar by ensuring that all stable tokens generated using Maker’s vaults are sufficiently backed by collateral, the ratio of which varies depending on the asset.

The protocol has been working on an upgrade for the past year in response to the ‘Black Thursday crash in March 2020 that saw millions worth of users’ collateral liquidated after the price of Ethereum crashed by roughly 50% in 30 hours.

Maker describes the new liquidation engine as increasing the predictability and security of the protocol:

“Functionally, the new Liquidations system will provide greater security, predictability, and decentralization, facilitating wider participation by the Maker community and DeFi sector as a whole.”

Several modifications will be made to its smart contracts should the proposal pass, including an increase of the ‘Emergency Shutdown Threshold’ from 50K to 75K MKR. The mechanism is a crucial security feature that allows the system to shut down and make underlying collateral available for redemption by Dai and vault owners.

Other proposed modifications include improvements to the auction model for the liquidation of vault collateral, DeFi aggregator integration to allow greater competition between bidders, and access to more of the market’s liquidity and flash loan support.

At the time of writing, almost 26,000 MKR had been pledged in support of the proposal. As reported by Cointepegraph, MKR prices topped $4,000 in mid-April.

According to CoinGecko, the amount of Dai in circulation has surged almost 200% since the beginning of the year to 3.4 billion.

IBM is Working to Turn Patents Into NFTs With the Help of a “Patent Troll”

IBM does not want to give up when it comes to the application of Distributed Ledger Technologies for corporate purposes, and although its blockchain division did not live up to the expectations, this time, they are hoping to achieve success through the application of business use cases for NFTs.

According to a Press Release shared on April 20, IBM is teaming up with patent marketplace provider IPWe to tokenize patents in the form of NFTs and put them on a marketplace that facilitates their trading and transmission.

Patents Will Live on the Blockchain as NFTs

IBM’s vision is to achieve a means to enable fast and secure transfer of patent ownership without the need for the complex bureaucratic processes that currently exist.

All the steps that are required to get a patent. An NFT can simplify the process
Graphic representation of thebureocratic process for granting a patent. Image: Kolit Romano

In this way, frictions within this type of market are eliminated. However, there are many legal hurdles that IBM must overcome before this project can be deployed globally.

For Erich Spangenberg, IPwe CEO , the tokenization of the rights inherent to the ownership of a patent could lead to a revolution in the market, especially for small players:

“The use of NFTs to represent patents will help create completely new ways to interact with IP. This is expected to benefit not only large enterprises that have significant intellectual property, but it will bring new opportunities to small and medium enterprises and even individual IP owners.”

Spangenberg is no newcomer. The CEO of IPwe is known in the industry as a “patent troll,” i.e., a person who profits from making huge amounts of lawsuits and proceedings exploiting patent law. Similar to copyright trolls who take advantage of YouTube’s algorithms to demonetize the content of famous channels and take their profits after DMCA claims.

Innovate, No Matter What

So far no further details have been revealed about the bureaucratic workings behind IBM’s proposed NFTs. Still, it is known that the tokens will be stored and shared on the IPwe Platform -which will provide its market infrastructure as a way to trade these unique tokens-, hosted on IBM Cloud and powered by IBM Blockchain.

If successful, IBM would be paving the way for a new corporate application of blockchain technology. Currently, NFTs are used as representations of a specific asset, or even an asset in and of itself; however, the idea of tokenizing patents goes a bit further and is a significant challenge for the tech giant that recently closed its blockchain lab for failing to meet its ambitious goals.

During 2019 and 2020 IBM was quite active in the field of developing use cases for blockchain technology at the corporate level. Among the most noteworthy initiatives reported by Cryptopotato are, for example, the launch of the world’s first DLT-based platform for government savings bonds with the Central Bank of Thailand, and a partnership with KAYA&KATO to create a blockchain-based network to track sustainable clothing production.

At least there’s something to acknowledge here, and that is how persistent IBM is when it comes to innovating and trying new things.

Nigeria Money Printing Controvesy: CBN Governor’s Remarks Attacked, Government Denies It Financed Deficit via Money Printing

Nigeria Money Printing Controvesy: CBN Governor's Remarks Attacked, Government Denies It Financed Deficit via Money Printing

The fallout sparked by reports that the Central Bank of Nigeria (CBN) printed over $150 million for states’ funding continued a few days after the allegations were initially made. In the latest twist, the opposition People’s Democratic Party (PDP) vice-chairman Dan Orbih said the CBN governor Godwin Emefiele’s response to the allegations is “politically motivated.”

Money Printing Unsustainable

In his riposte, Orbih is quoted by a local news site suggesting that “if drastic measures were not taken to address the situation” then the country might be headed for a worse outcome “than what happened in Uganda.” The politician said:

We need the youths to come up with ideas and programmes that will help this government to come out of their mess because the revelations by Godwin Obaseki is a sad reminder of what happened in Uganda under former President Idi Amin.

The PDP official also concludes that “no government can sustain the economy of a country with that type of abuse.”

In his initial remarks, Godwin Obaseki, Edo State Governor alleged that the “federal government (had) printed an additional $120-$150 million (50-60 billion naira) to top-up for us to share.” However, the claim has been dismissed by the Nigerian finance minister, Zainab Ahmed. According to the minister, this reported allocation is in fact “revenue from different agencies of the government.”

CBN’s Right to Print Money

In his own response to the allegations on April 15, governor Emefiele called the claims “unfortunate and totally inappropriate.” Although Emefiele did not directly deny or confirm the claims, he argued however that “the bank must always act to support the government at times of financial difficulties.”

Meanwhile, the CBN governor is quoted in a different publication asserting that the central bank’s right to print money. The governor said:

That’s our job – to print. It’s about lending money and so there’s no need putting the controversy about printing of money as if we are going into the factory printing the naira and start distributing on the streets.

Emefiele also revealed that the country had faced a similar situation in 2016 although he acknowledges that the situation “far worse today.” Still, the report quotes the CBN governor stating that the central bank is “also concerned with issues of inflation.”

Do you agree that the CBN should print more in times of economic difficulties? You can share your thoughts in the comments section below.

Institutional XRP inflows surge as AUM nearly doubles

Institutional investors have rallied around XRP and other altcoins this past week, with nearly $33 million being injected in XRP investment products.

Institutional investors have rallied around XRP this past week, with the assets under management, or AUM, or XRP investment products nearly doubling.

According to CoinShares’ weekly digital asset fund flows report, roughly $33 million flowed into XRP products this week, pushing the sector’s AUM up to $83 million.

The report describes the week as the most bullish for institutional crypto products since early March, with $233 million injected in institutional funds.

Altcoins saw renewed market action overall, with $65 million allocated to Ethereum products, while Binance Coin funds took in $3 million, Bitcoin Cash saw $4 million, Polkadot received $5 million, and Tezos attracted $7 million worth of in flows. Roughly $6 million was invested into multi-asset products.

Bitcoin products represent nearly 78% of institutional AUM with $50 billion, followed by Ether with $10.7 billion or 16.8% crypto product exposure. All other crypto assets represent less than 1% of capital locked in the sector, with Binance Coin representing $571 million, Polkadot representing $45 million, and Bitcoin Cash representing $16 million.

In addition to large inflows, institutional trade volume surged, gaining 59% week-over-week to tag $4.8 billion. All-time price highs also pushed the AUM of crypto investment products into record highs above $64 billion.

Grayscale represents 77% of institutional crypto AUM with nearly $50 billion, followed by CoinShares with $5.7 billion or almost 9% of the sector’s total, and 3iQ with $1.9 billion or roughly 3%.

North American demand for institutional crypto products appears to be surging, with Canadian regulators approving three Ether exchange-traded funds, or ETF, last week, following the success of several recently launched Bitcoin ETFs in Canada.

Here’s why ‘virtual land’ NFTs are selling for millions of dollars on Ethereum

Japanese videogame maker Atari says it plans to launch its own non-fungible token (NFT)-based virtual world, as per a report on news outlet Reuters today. Atari would soon announce details.

Frederic Chesnais, head of Atari’s blockchain division and the company’s former CEO, said that online environments and ecosystems were going to be “very very big” regardless of the price movements or adoptions of other cryptocurrencies like Bitcoin. “NFT real estate could one day fetch millions of dollars,” he said.

For the uninitiated, NFTs are blockchain-based representations of tangible or intangible assets that prove that the holder is the true owner of the underlying asset. The latter can include but is not limited to, digital collectibles, crypto art, and real estate…to just about anything.

The next NFT hype

Virtual land on Ethereum and other blockchains has been around for years. However, the recent surge in the NFT space has rekindled their allure, with projects like Decentraland, Cryptovoxels, Somnium Space, and The Sandbox seeing both their token prices and virtual land valuations hitting record highs.

In the past few months, Decentraland (MANA) has seen more than $50 million in total sales on the many lands, avatars, usernames, and wearables it offers in its universe. One such piece of land—a plot measuring 41,216 virtual square meters—sold for $572,000 on April 11, a self-proclaimed record.

Another Decentraland plot sold for $283,567 on March 21, while one Somnium Space estate sold for half a million dollars on March 16 last year.

The rationale behind these big-money purchases is simple: Buyers say early projects (and early virtual lands) are akin to early internet domain names. This means that if blockchains like Decentraland and Ethereum become bigger than the internet industry in the future, a handful of people would stand to reap the benefits of the earliest virtual relics on those platforms.

Another reasoning is that as more users and players jump into these virtual environments, the plots of land in central locations will be highly sought-after, similar to what happens in the real world.

“All of virtual land and these virtual spaces are basically real estate on which experiences will start to centre, on which attention will start to focus,” said NFT investor ‘Twobadour,’ in a statement. They added:

“That’s where all of the attention is and that’s monetisable in a million different ways.”

Companies in on the virtual land trend

Virtual land investors are already selling to companies, as per Samuel Hamilton, community and events lead at the Decentraland Foundation.

As per Reuters, Atari has already licensed a retro arcade within Decentraland and is due to open a casino, while an area called “Crypto Valley” is home to various crypto companies.

Decentraland, on the other hand, has hosted a virtual fashion exhibition in collaboration with Adidas where several designs were auctioned as NFTs. It is also seeing surging interest from musicians who can perform in virtual arenas, sell tickets to fans, and distribute merchandise on virtual storefronts.

“We’re going to have several well-known global festivals all doing stages, and when we get to that point we expect hundreds of thousands or even millions of people,” explained Hamilton.

Meanwhile, the concerns remain and linger. The broader crypto market is in a strong uptrend and could soon represent a price bubble, leaving ‘land’ investors with illiquid pieces of mere online fantasy.

The post Here’s why ‘virtual land’ NFTs are selling for millions of dollars on Ethereum appeared first on CryptoSlate.

2 Cents per Kilowatt Hour: Bitfarms to Launch a 210 MW Bitcoin Mining Operation in Argentina

The Canadian publicly traded bitcoin mining company Bitfarms has announced a deal that will see the company developing a 210 megawatt (MW) mining farm in Argentina. Bitfarms says that the company was able to secure a low electricity rate at $0.02 per kWh during the contractual period.

Argentine-Based Bitcoin Mining Facility Aims to Acquire 210 MW of Power

The company Bitfarms (TSXV:BITF, OTC:BFARF) has announced the firm is expanding to South America, as it has signed a non-binding memorandum of understanding in order to build a 210 MW bitcoin mining facility.

Bitfarms says the purchase agreement started back in October 2020 and initially the farm would be around 60 MW. However, since then the agreement has been “significantly enhanced,” as the power purchase agreement with a utility-grade private power producer in Argentina will allow the firm to “draw up to 210 MW of electricity at its discretion.”

Bitfarms also details that the warmer climate in Argentina helps the company mine bitcoin without depending on costly liquid immersion cooling techniques. The company also says that the firm will relocate a number of bitcoin miners to the Argentinean facility. During the first week of March, Bitfarms announced the acquisition of 48,000 next-generation bitcoin miners.

“Bitfarms plans to relocate a substantial number of its older miners to the new data centre. While the older miners are less efficient than the new miners, the low cost of electrical power and the proven reliability of these miners will extend their economic life,” the company’s announcement details. “This strategy will allow our older miners to continue to be accretive to cash flow from operations and to contribute to Bitfarms’ overall corporate hashrate.”

Bitfarms Finds Break-Even Costs in Argentina Is 45% Cheaper Than Québec

Further, the company did a comparison to find out the break-even cost to mine BTC in Québec in contrast to mining in Argentina. The company estimates that the Argentinean facility would give the firm a “45% savings.”

Mining bitcoin in South America with 210 MW of low-cost power will help the company achieve an 8 exahash per second (EH/s) target for Q4 2022. “It is also intended to provide geographic production diversification to reduce risk and serve as an effective hedge for Bitfarms against the next halving event in 2024,” Bitfarms’ announcement emphasized.

The company already has operations in Cowansville, Farnham, Magog, Saint-Hyacinthe, and Sherbrooke, Québec. Bitfarms plans to expand Sherbrooke operations 1&2 to an additional four expansions, Cowansville will see a second, Saint-Hyacinthe will see another, and Saint-Jean-sur-Richelieu, a city in eastern Montérégie will see a 5 MW facility.

What do you think about Bitfarms setting up a 210 MW bitcoin mining operation in Argentina? Let us know what you think about this subject in the comments section below.

Bitcoin bears have a $340M lead heading into Friday’s BTC options expiry

$1.55 billion in Bitcoin options are set to expire on April 23 and the recent BTC crash to $51,000 has given bears a $340 million advantage.

Bitcoin (BTC) price is making a slow recovery after facing a sharp 16% correction in the early hours of April 18.

While some analysts blame a 9,000 BTC deposit at Binance, others focused on the hashrate drop caused by a coal mining accident in China. Regardless of the reason behind the $51,200 low, options market makers were forced to adjust their exposure.

Typically, arbitrage desks seek non-directional exposure, meaning they are not directly betting on BTC moving in any particular direction. However, neutralizing options exposure usually requires a dynamic hedge, meaning positions must be adjusted according to Bitcoin's price.

These arbitrage desks' risk adjustments usually involve selling BTC when the market drops, which as a result, adds further pressure to long liquidations. Therefore, it makes sense to understand the current level of risk as the April 23 options expiry approaches. We will attempt to dissect whether or not bears will benefit from a $50,000 BTC price.

The initial outlook seems balanced

Before the April 18 correction, BTC accumulated 74% gains in three months as it marked a $64,900 all-time high. Thus, it is natural for investors to approach protective options more heavily.

Bitcoin April 23 aggregate options. Source: Bybt

While the neutral-to-bullish call (buy) option provides the buyer with upside price protection, the opposite happens with the more bearish put (sell) options. By measuring each price level's risk exposure, traders can gain insight into how bullish or bearish traders are positioned.

The total number of contracts set to expire on April 23 totals 27,320 BTC, which is $1.55 billion at the current $56,500 price. However, bears and bulls are apparently balanced as the call (buy) options total 45% of the open interest.

Bears have a decent advantage after the recent crash

While the initial picture seems neutral, one must consider that the $64,000 call (buy) and higher options are almost worthless, with less than three days left before expiry. A more bearish situation emerges when these 6,400 bullish contracts currently trading below $50 each are removed.

The neutral-to-bearish put options dominate with 70% of the remaining 19,930 BTC contracts. The open interest stands at $1.13 billion considering the current Bitcoin price, and this gives the bears a $450 million advantage.

One can see that bulls were caught off-guard as Bitcoin retraced 13% after the April 14 all-time high. A meager 3,000 BTC call options are left below $58,000, which is only 24% of the total.

Meanwhile, the neutral-to-bearish put options amount to 9,000 BTC contracts at $55,000 and higher strikes. This difference represents a $340 million open interest that favors bears.

As things currently stand, the expiries between $57,000 and $64,000 are reasonably balanced, which suggests that the bears have an incentive to keep the price down on April 23.

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

Cardano vs. Polkadot vs. Ethereum, Which Project Will Emerge The Winner?

2021 will prove a pivotal year for Cardano, Polkadot, and Ethereum. While each has its merits, competition between the trio starts to heat up as we head into mid-year.

Alonzo is on track for an August release, bringing smart contracts to Cardano. Polkadot is racing to finish parachain rollouts to enable on-chain governance. At the same time, Ethereum is working on Proof-of-Stake, with its proposed sharding scaling solution scheduled to arrive sometime next year. But which project has the mass-market appeal to come out in top?

Is it a Zero-Sum Game?

Cryptocurrency is a fickle affair. A look back at the top ten from December 2013 shows a list of predominantly unfamiliar tokens. In eight years, seven out of the ten have dropped into obscurity, substantiating the statement that most cryptocurrencies, even top ten heavy hitters, will fade away over time.

Source: coinmarketcap.com

When it comes to which smart contract platform will get to stick around, IOG CEO Charles Hoskinson remains philosophical, saying, who knows? He added that this is a question for the market to decide. And in any case, it isn’t necessarily a zero-sum game.

Having said that, he prefers to broach the topic from a different angle. Instead of looking at which platform will win, Hoskinson focuses on actively working towards solving problems. In that sense, Hoskinson believes success is about making a difference, especially in developing countries.

Cardano has a significant presence in Africa, which is a major differentiator between it and the competition. Speaking on the problems in Africa, Hoskinson said:

“[people in the developing world] are shafted because their systems are terrible. They live in capital controls, and corrupt governments and they live in areas where there’s not good rule of law. And they don’t have stable currencies, and as a consequence no real good banking infrastructure, no good risk management infrastructure, and so forth, so they can’t build wealth.”

Sharing his motivation to keep plugging away, Hoskinson said he doesn’t care if that infrastructure runs on Polkadot or Ethereum, or even Bitcoin. But he created Cardano because no one else was addressing wealth inequality on a global scale.

Stakers Prefer Cardano

Data analytics firm CryptoDiffer released figures yesterday showing the state of staking. Almost $153.5 billion is staked across all platforms, with Cardano and Polkadot being the most prominent with $28.95 billion and $25.43 billion staked.

Meanwhile, just $8.6 billion is staked on Ethereum, accounting for 3% of its supply. This is likely because staking, in its current guise, requires users to lock up their Ether for an indefinite period. Developers expect withdrawals available around Phase 2 of ETH 2.0, which could be two years away.

Cardano is top staking platform

Source: @CryptoDiffer on Twitter.com

Nonetheless, as a barometer of which platform has the public’s support, Cardano nudges just ahead of Polkadot.

Crypto Market Makes Comeback After Sudden Downturn – Crypto Weekly Roundup


OUR STORY                 DISCOVER CRYPTOCURRENCIES                  NEWS AND UPDATES

Bitcoin bounces 10% as bargain hunters buy the dip.

Bitcoin and Ethereum surged to hit simultaneous all-time highs early last week, tapping $65K and $2.5K respectively as Litecoin rose above $300 for the first time in three years.

Yet the buying party came to an abrupt end when the highly-anticipated Coinbase listing failed to push prices even higher. Euphoria turned to fear as traders sold the news, prompting Bitcoin to plunge 15% before bouncing.

When the dust had settled, Bitcoin was down 5% on the week. Ethereum fared slightly better with 5% gains, and NEO managed to dodge the destruction completely by rising 90%.

This week’s highlights
  • 15% plunge triggers record liquidations
  • Pro-crypto Gary Gensler becomes SEC chairman
15% plunge triggers record liquidations

As Bitcoin entertained the world with a cliff diving performance on Saturday evening, $7.6 billion in long positions were wiped out in an hour as highly leveraged traders were taken out of the market.

Analysts offered several different explanations for the sudden drop. The anti-climactic Coinbase listing is one, along with a sudden electricity blackout in China’s Xinjiang region, which took out a sizable proportion of the Bitcoin network. Turkey’s ban on using crypto for payment was also blamed for the fall, and an unsubstantiated rumor that the US Treasury was planning to crack down on money laundering carried out through digital assets.

Pro-crypto Gary Gensler becomes SEC chairman

As Turkey imposes harsh restrictions on cryptocurrencies and India looks set to follow, the US could be moving in the opposite direction.

On Saturday, pro-crypto regulator Gary Gensler was sworn in as chairman of the Securities and Exchange Commission (SEC), making him the top cop on Wall Street.

Gensler, who previously taught a course called “Blockchain and Money” at MIT, has demonstrated a deep understanding of cryptoassets, and is widely expected to take a forward-looking approach to the market. He may even help push the SEC towards finally approving a Bitcoin Exchange Traded Fund (ETF).

The week ahead

After the sudden downturn, Bitcoin has rebounded to once again trade around $57K, clocking 10% growth from the low.

To confirm continuation of the bull market, traders will be looking for a recovery towards all-time highs. This would be supported by macroeconomic forces, with US inflation data released last week showing a faster rise than expected in March.

On the flip side, failure to continue bouncing could suggest that the sudden downturn has significantly damaged bullish momentum.

This post originally appeared on the eToro blog.

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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The post Crypto Market Makes Comeback After Sudden Downturn – Crypto Weekly Roundup appeared first on The Daily Hodl.

Former Comptroller of the Currency Brian Brooks to Lead Binance’s US Trading Platform

Former Comptroller of the Currency Brian Brooks to Lead Binance's US Trading Platform

A former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks has been appointed the CEO of crypto exchange Binance.us. Brooks will lead the exchange on May 1st and replace the company’s current lead, Catherine Coley.

Binance has hired an individual with ties to Washington, as the company’s American trading platform Binance.us will have Brian Brooks lead the exchange. According to the Wall Street Journal’s Alexander Osipovich, the former acting boss of the Office of the Comptroller of the Currency (OCC) will join the exchange at the end of this month.

The hiring follows Binance recently hiring U.S. Senator Max Baucus who served Montana from 1978 to 2014.

Brian Brooks was well known as being “crypto-friendly” and in November 2020, Brooks discussed China’s dominance in the bitcoin industry. “As a country, we now face a geostrategic competitiveness issue, which is: Do we in the United States want to own the internet 2.0 in the same way we owned internet 1.0,” Brooks said at the time.

Moreover, this is not the first time Brooks has worked with a cryptocurrency company, as he played a role as the chief legal officer for the San Francisco-based exchange Coinbase.

A while back, Brooks was also called “Crypto Comptroller” on social media and forums and then President Joe Biden chose Blake Paulson to fill the OCC’s leading role. The former OCC lead recently appeared in an interview this week and also said he will be starting his new position with Binance on May 1, 2021.

In addition to being called the “Crypto Comptroller,” Brooks once said that the creation of a digital U.S. dollar would be a terrible idea. Despite this opinion, it seems the Federal Reserve is well underway toward creating crypto-infused digital dollar prototypes.

Brooks also said during that specific interview that other countries have a “strategic advantage” when it comes to digital currencies and stablecoins. This is something the U.S. government “has not figured that out yet” Brooks insisted last October.

What do you think about Brian Brooks joining Binance.us? Let us know what you think about this subject in the comments section below.

Airdrops Could Send These Under-the-Radar Altcoins to the Moon, Says Top Analyst Tyler Swope

Crypto analyst and YouTuber Tyler Swope says there are two altcoins whose prices are set to surge after their holders get airdrops.

In a new video, Swope tells his 227,000 subscribers to be cautious of coins launching airdrops as these crypto assets tend to follow a cycle of markup and profit-taking before another leg up.

One crypto asset that the trader says is about to follow the same scenario is FLX, an “ungovernance token” from reflex indexes platform Reflexer Labs. Reflex indexes are free-floating stable tokens not pegged to any underlying asset or security.

“I’m saying in the next week… week and a half this could be a pretty dang good opportunity because it is hyped up and you can claim your airdrop right now...

They’re going to do an airdrop and basically if you provide the liquidity there to their pools you’d be eligible for it. So all you have to do is go to the app – reflexer.finance – and be like ‘Hey, give me my airdrop.'”

Swope then lists notification protocol Ethereum Push Notification Services token PUSH as the other coin that is set to rally on the back of an upcoming airdrop.

The YouTuber points out that the token, which is ranked just above the 1,000th position by market capitalization on CoinMarketCap, is currently trading at a much lower price relative to its introductory price.

“EPNS basically, Ethereum Push Notification Service, they did their airdrop here recently. This one’s massively hyped too. A lot of big Ethereum developers are excited about this one. They got their drop of course, so it’s getting crushed. I mean it’s only been out for a couple [of] days. [It] hit $8 peak and now we’re going down hitting $2.56 right there.”

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The post Airdrops Could Send These Under-the-Radar Altcoins to the Moon, Says Top Analyst Tyler Swope appeared first on The Daily Hodl.