Survey: 1 in 4 Americans consider Dogecoin the ‘new Bitcoin’

A recent survey by gaming entertainment site Gamblers Pick found that 25% of American individuals consider meme cryptocurrency Dogecoin (DOGE) to be the ‘next Bitcoin.’

You can probably blame the general lack of crypto education and the rise of TikTok as an investment tool for such judgment, but that hasn’t stopped 1 in 4 people participating in the survey (a total of 1,000 individuals were surveyed) from saying that Dogecoin was their investment pick for this year.

The study itself was deemed to have a 3% margin of error on a 95% confidence interval. 5.9% of respondents were Gen Zers, 60.8% millennials, 22.6% Gen Xers, and 10.7% baby boomers.

Doge today, Doge tomorrow

For the uninitiated, Dogecoin was created as a joke in 2013 by Jackson Palmer, who wanted to make a payment system that was instant, fun, and free from traditional banking fees.

The network was a block time of 1 minute, meaning over 10,000 DOGE ($6,000 as of today) are produced and rewarded to miners each minute. Palmer himself stepped back from the project (and the crypto space) in 2015, and sporadic development continues to occur on the cryptocurrency.

But the lack of development hasn’t stopped people from piling in on the approachable crypto. For most people, social media mentions were the primary source of learning about Dogecoin, while for over 18% of individuals, it was Tesla CEO Elon Musk who served as a source.

Musk has, over the past year, tweeted about Dogecoin numerous times and claims to have even accumulated some for his youngest child. Other celebrities, such as bassist Gene Simmons and webcam model Mia Khalifa, have shilled Dogecoin to their millions of followers as such—their actions aiding the meme coin to an $88 billion market cap.

That said, the survey found that a similar percentage of respondents approved of (43%) or remained neutral (41%) Musk’s Dogecoin tweets.

Get rich

Answers to the actual investment part were borderline shocking. Of those surveyed, a staggering 54% of respondents saw Dogecoin investing as a legit “opportunity to get rich,” compared to 46% who viewed punting on the token as “just for fun.”

People are expecting to gain wealth with a small stack as well: The average investment of those looking to get rich off Dogecoin was a paltry $227. That could have worked should someone had invested in the token five years ago (it has risen over 700,000% since). But with a market cap of $88 billion today—Doge riches are not likely.

The meme token trades at over $0.77 at press time, reaching a market cap of as high as $90 billion.

For reference, that’s bigger than the National Bank of Australia, American beer maker Heineken, Japanese game maker Nintendo, German carmaker BMW, and Indian information technology giant InfoSys.

 

In fact, Dogecoin is the world’s 170th most valued equity asset as per this list. Not bad for a joke cryptocurrency that doesn’t see active development and has no particular use case other than merely existing.

 

Meanwhile, it isn’t all fun and games in Dogeland either. 40% of surveyed individuals said they “regretted investing” in Dogecoin….perhaps a case of buying the top?

The post Survey: 1 in 4 Americans consider Dogecoin the ‘new Bitcoin’ appeared first on CryptoSlate.

K-pop Stars Feature in Newly Released Crypto-themed Movie ‘Twenty Hacker’

A trailer screenshot. A galaxy of K-pop stars-turned-actors is likely to draw music and cinema fans to a new South Korean crypto-themed movie that will begin streaming on major international platforms in the coming days. As reported last year, the pop star Kwon Hyun-bin, aka Viini, of the K-pop boyband JBJ, was recruited to play the lead role in what was originally filmed

Paypal Crypto Shows ‘Really Great Results’ Amid Strongest Quarter Ever, CEO Says

Paypal Crypto Shows 'Really Great Results' Amid Strongest Financial Results, CEO Says

The CEO of Paypal has revealed that the company’s cryptocurrency business is showing “really great results.” The first quarter was Paypal’s best quarter ever overall and the strongest year in the history of the company, the CEO emphasized.

Paypal Sees ‘Really Great Results’ in Its Crypto Efforts

Payments giant Paypal reported its first-quarter earnings Wednesday. During the company’s earnings call, President and CEO Dan Schulman said his company “generated $6.033 billion of revenue in Q1, growing a record 31% spot and 29% on an FXN basis.” He said this is the strongest year in Paypal’s history and Q1 was the “strongest quarter ever with record financial and operating results.”

He also noted that Venmo continued its strong performance in Q1 with $51.4 billion of total payment volume, up 63% year over year. The executive reiterated that the company “launched the ability for Venmo customers to buy, sell, and hold cryptocurrencies” during the quarter.

“Both cryptocurrencies and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system,” Schulman said. “Our leadership in all forms of digital currency has been widely embraced, enabling numerous positive conversations with central banks, regulators, and government officials around the world.” He also confirmed that Paypal closed its acquisition of Curv last month.

Schulman opined:

We’ve got a tremendous amount of really great results going on tactically with our cryptocurrency efforts right now. And we’re excited about those.

The CEO further revealed that “About half of our crypto users open their app every single day.”

The Paypal president continued: “Obviously, if you look at again surveys that have come out recently and you look at millennials, something like 74% of them anticipate that they’re going to use crypto in the next year or two in some way. Business profiles growing above plan. We’re going to be introducing things like goods and services by our protection.”

He proceeded to talk about the company’s new digital wallet, which he described as “an all-in-one personalized app that will empower our users to make the most of their money and strengthen their financial lives every day.”

Noting that “We expect to roll out our next-generation digital wallet in Q3,” the CEO detailed that “Over the coming year, we will accelerate our customers’ digital engagement through the rapid innovation of our digital wallet and merchant commerce platform.”

What do you think about the Paypal CEO’s comments about cryptocurrency? Let us know in the comments section below.

Here’s two important reasons why Cardano (ADA) hit an all-time high today

Cardano (ADA) posted a new all-time high today of $1.68. Several events have contributed to this. Most recently, U.S. exchange Kraken announced the addition of ADA staking on its platform. There’s also the feel-good factor still lingering from the Africa deals.

With parent company IOHK pushing to roll out the Alonzo smart contract protocol by August, things are shaping up nicely for Cardano. The question is, can it continue to sustain this momentum? And if so, what might that mean for its price?

Kraken adds Cardano staking

Late Tuesday evening UTC saw Cardano staking go live on Kraken. The firm posted a tweet announcing the news. On offer is a return of between 4-6%, which is slightly less than the 7.26% rate per stakingrewards.com. But still in line with the real-world returns reported by delegators.

Receive initial annual staking rewards between 4-6%, issued weekly with instant stake & unstake.

Staking is a way to actively participate in validating transactions on a Proof-of-Stake (PoS) network. By locking tokens in a staking protocol, users help to secure the network. In return, passive rewards are earned in a relatively low-risk manner.

Last month, data analytics firm CryptoDiffer compiled information showing Cardano was the industry’s biggest staking platform, with $29.5 billion staked. Three weeks on, and this figure is up almost 30% to $37.54 billion.

As the fourth largest crypto exchange by volume, Kraken’s support of the Cardano staking ecosystem is expected to accelerate this trend further.

What’s next for ADA?

Cardano’s YTD gains come in at +860%. Whereas rival smart contract platform Ethereum had +380% gains over the same period. However, both performances pale by comparison to Dogecoin’s near 12,000% growth since the start of the year.

Mid-April this year saw ADA undergo a period of consolidation as it ranged from $0.88 to $1.50. The announcement of partnering with the Ethiopian government coincided with a downward trend reversal.

Before ADA breakout, @rektcapital posted a tweet of his technical analysis on a weekly chart yesterday. He highlighted the $1.40 level as a major resistance zone. Adding that once broken, ADA will be free to explore price discovery.

For how much longer will this final major resistance be able to hold ADA back from breaking out into new All Time Highs and Price Discovery?

Cardano TA
ADA/USD via TradingView

Having cracked that zone soon after posting the tweet, it remains imperative for ADA to stay above it.

If ADA can do that, YouTube channel The Coin Bureau puts a price prediction of $3, maybe more, in the near term. But, as mentioned by host “Guy,” this is relative to Alonzo shipping on time.

The post Here’s two important reasons why Cardano (ADA) hit an all-time high today appeared first on CryptoSlate.

Saylor Reacts To Taunts That Bitcoin Has Become The MySpace of Crypto

MicroStrategy CEO Michael Saylor responded to a tweet implying that Bitcoin’s days are numbered. In it, the poster likened the leading cryptocurrency to MySpace. Saylor answered by saying BTC trade volumes equal MySpace’s peak valuation every few hours.

With some now calling Bitcoin “boomer crypto,” due to it being relatively unexciting compared to the others, is there any truth in the MySpace allegations?

Is Bitcoin Becoming The MySpace of Crypto?

Defending Bitcoin over claims it is becoming irrelevant, Saylor said the leading cryptocurrency had grown faster than any company in history. He added that Bitcoin towers over MySpace in terms of valuation.

At its peak, MySpace was valued for a day in a single private transaction at less than .06% of #Bitcoin which has grown faster to a larger market capitalization than any company in the history of the world. We trade one lifetime worth of MySpace in $BTC every few hours.”

MySpace was the first social network to reach a global audience. It was the dominant platform between 2005 and 2008, serving 100 million users a month.

By May 2009, Facebook’s number of monthly users exceeded that of MySpace for the first time. This was the beginning of the end, and its user count continued to fall off despite several site overhauls. Even so, it continues to this day with around 7 million users a month. In comparison, Facebook pulls in 2.7 billion users a month.

According to Lifewire, MySpace’s downfall was due to several factors, but its failure to innovate and keep pace with competing platforms was chief among them.

“one argument held that the company never figured out how to innovate well enough to keep up with the competition.”

While Saylor may argue that BTC trade volumes are substantial relative to MySpace, some would say he didn’t address the point of the argument. Bitcoin is often accused of being an innovation graveyard.

Taproot Upgrade Already In-Play

The last major Bitcoin innovation came in 2017 with the SegWit soft fork, enabling transactions to be split into blocks by separating signatures. SegWit was intended to avoid accidental transactions and make the network run faster and more efficiently.

Earlier this week, developers merged Bitcoin’s Taproot upgrade with the source code. It will make Bitcoin multi-signature transactions cheaper, more private, and easier to deploy.

“It is intended to increase Bitcoin’s fungibility, improve the functionality of smart contracts, and boost privacy by making all transactions look the same to outsiders.”

Miners who approve of the upgrade can signal their support by including particular data, known as a “signal bit,” in their mined blocks. If 90% of the mined blocks up to the cutoff point of August 11 include the Taproot signal, the upgrade gets locked for activation in November.

The majority of mining pools have already signaled their approval of Taproot. But as far as crypto innovations go, some would say Taproot is still a relatively conservative innovation.

Bitcoin daily chart

Source: BTCUSD on TradingView.com

Shanghai Man: VeChain on TV, DOGE flips BTC volume, Hotbit hack and more …

DOGE leading in volume and search hits, VeChain’s blockchain solution on state run CGTN, and HOO launches a smart chain of its own

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Will DOGEmania ever stop?

Dogecoin has officially flipped Bitcoin in a few categories here in China, with DOGE trading volume on leading Chinese exchange Huobi surpassing that of leading assets ETH and BTC. On May 6th, according to CoinGecko, DOGE volume made up more than 15% of total exchange volume, whereas BTC and ETH were around 8% each. Searches for ‘Dogecoin’ on WeChat surpassed searches for Bitcoin, with 2.3 million versus 1.7 million on May 5th. Dogecoin has become increasingly appealing to the Chinese retail community since earlier this year as many are attracted to the virality and get-rich-quick potential of the colorful DOGE community.

Hacking attempt fails, but causes a major ruckus

Centralized exchange Hotbit was the victim of a hacking attempt on April 30th. The good news was that assets appear to be safe on the platform. The bad news was that user data was compromised, leading to a corrupted database. Trading, deposits and withdrawals have all been paused while the exchange attempts to restore normality. The Chinese exchange has been communicating actively via Twitter, with the interrupted service lasting potentially another week. Hotbit is well known for listing a diverse range of assets, making it a popular spot among more risk averse investors.

Shenzhen-based HOO launches Smart Chain contender

Hoo.com became yet another exchange to launch an Ethereum Virtual Machine, or EVM-based, smart chain, attempting to bridge their CeFi users into the DeFi space. The chain, currently in testnet, boasts low fees of just 0.001 USD per transaction and over 500+ transactions per second, as well as compatibility with Ethereum, BSC, and HECO. Since the start of the year, Hoo’s token has increased by over 350%. Other Chinese exchanges, including OKEx and Gate, have also launched smart chains. Smart chains are proving an attractive way to let users maximize yield while still letting the exchange capture value from the process.

VeChain on national TV

English-language and state-run business channel CGTN created a short expository video on blockchain’s growth post-COVID19. The video and article featured a close look at VeChain’s progress in developing business solutions, explaining how the technology could be applied to the food safety and infection control industry. The media company shot a short video inside the office and interviewed a few of the developers, indicating that the company has done well to comply with regulatory requirements in the tightly run country. It’s no secret that VeChain has a top position and close relationship with many government backed organizations, which is an enviable position for any enterprise Blockchain-as-a-Service provider.

Rising salaries for blockchain devs

The Beijing Human Resources and Social Security Bureau recently released the 2021 Beijing Human Resources Market Salary Survey Report (First Quarterly)". According to the report, new and hot jobs, which included the tech space, had a median average monthly salary mainly in the $3,000 to $4,600 range. Blockchain engineers comfortably eclipsed that with a wage of $6,700 per month, showing the growing demand for the skills. By contrast, the average annual salary of a blockchain developer in the U.S. often exceeds $12,500 per month, according to recruitment firm Hired.com, nearly double the going rate in Beijing.

Miners back up and running... away?

Mining appears to have resumed as normal following the outages after a deadly coal mine accident last month. The incident required rigorous inspections of mining facilities, forcing many ASIC miners to turn off their machines. Hashrates have currently recovered to near the rates they were prior to the incident in the middle of April. One interesting shift, however, is that the industry appears to be gradually shifting from China to North America. F2Pool founder Chun Wang noted that for the first time in 8 years, more than half the BTC hashing power was coming from outside of China. This may have been partially tied to the incident, but is a trend that many experts are following as mining regulations in China appear to be growing stricter.

‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metal Markets Spike, Strategist Mike McGlone Calls PM Action ‘Meh’

‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metal Markets Spike, Strategist Mike McGlone Calls PM Action 'Meh'

Precious metals (PM) markets have been trading a bit higher in recent days, while cryptocurrency markets have been seeing gains as well. Spot gold prices have jumped to $1,805 per ounce, up more than 1.3% during the last 24 hours, while silver prices have increased by 2.5%. As PMs have gathered strength this week, crypto-asset markets are still inching closer toward gold’s and silver’s market valuations. In fact, bitcoin’s market capitalization is just below silver’s $1.47 trillion market.

Precious Metals Rise, But Investors See Digital Gold Eclipsing These Markets

Ever since the U.S. Federal Reserve said last week that it would allow inflation to rise moderately above the 2% mark and the central bank will also continue its monetary easing policy, crypto assets and precious metals like gold and silver have been on the rise.

Gold prices have jumped over 1.3% during the last day and as the PM has crossed the psychological $1,800 price per ounce zone on Thursday. Gold prices are also up more than 1.2% over the course of the last week.

‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metals Spike, Strategist Mike McGlone Calls PM Action 'Meh'

However, even though PMs have been on the rise, Bloomberg Intelligence senior commodity strategist Mike McGlone is calling gold price action “meh,” in a recent interview.

“Right now, I view the gold market as a ‘meh’ market. It’s just stuck, and it’s clearly being replaced by digital gold. Every day that goes by, everybody who knows and holds gold understands that their greater risk is not allocating a small portion of that gold into bitcoin. And it’s just getting started,” McGlone stressed.

Still, after the Fed’s meetings last week and the recent comments from Eric Rosengren the president and CEO of the Federal Reserve Bank of Boston, PMs like gold, copper, palladium, and silver have jumped during Asia’s trading sessions on Thursday. Rosengren stated that it was too early to stop or curb quantitative easing (QE) policy and the economy needs to improve a great deal before those conversations can happen.

Further, Bloomberg strategist Mike McGlone is not alone in his beliefs, as a great deal of investors believe the crypto economy will eventually eclipse PM market caps.

Just recently, Fundstrat Global Advisors’ lead digital asset strategist, David Grider said his firm maintains that bitcoin (BTC) can reach six-digit prices. At the same time, Fundstrat also thinks ethereum (ETH) could spike to $10.5K per unit.

‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metal Markets Spike, Strategist Mike McGlone Calls PM Action 'Meh'

According to statistics, the entire crypto-economy at $2.22 trillion is worth more than silver’s entire market valuation of around $1.47 trillion. Bitcoin (BTC)’s valuation alone, is coming awfully close to eclipsing silver. This puts bitcoin (BTC) in the eighth position of the most valued assets in the world and gold is number one.

The shiny yellow metal has an estimated market cap of around $11.382 trillion at current prices per ounce of .999 fine gold. Still, while BTC has captured close to 73% of silver’s market cap, the crypto asset also now commands more than 9% of gold’s overall valuation.

Delta Exchange Executive: ‘Bitcoin Has Lost Short-Term Upward Momentum’

Despite the positivity in recent days, the crypto derivatives trading platform Delta Exchange’s CEO Pankaj Balani says “bitcoin (BTC) has lost its short term upward momentum after crossing below 50 DMA (Displaced Moving Average).”

“Price action in the last few days confirms that view,” Balani told Bitcoin.com News on Thursday. “Despite bouncing sharply from the $48-$50k range, Bitcoin couldn’t sustain above $58k; $60k is the major resistance here. BTC got heavily sold from the $58k level and has crossed below 20 DMA. On the other hand, [altcoins] continue to show strength with blow-off moves in DOGE and ETH. This price action indicates that we have most likely hit a short-term top at $64k,” the Delta Exchange CEO added.

What do you think about precious metal and cryptocurrency market action this week? Let us know what you think about this subject in the comments section below.

US mulls regulating crypto exchanges

TL;DR Breakdown

  • Garry Gensler proposes regulating crypto exchange in the US
  • Why regulators ‘may’ want to regulate crypto firms

The newly appointed chairman of US Security and Exchange Commission (SEC), Gary Gensler, has told the congress (House Financial Services Committee) to consider regulating crypto exchanges in the US.

Gensler explains the move is to protect investors that invest in these exchanges. He emphasizes that crypto exchanges do not have any regulatory framework at the SEC and the CFTC (Commodity Futures Trading Commission), which could instill confidence in investors.

He also said that there are no protections against fraud and manipulation as he convinced congress to act on the situation.

The SEC chair hearing was mainly on the fallout from January’s GameStop short squeeze. It was called “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.”

During the hearing, Rep. McHenry asked Gensler how his led SEC would bring more regulatory clarity to crypto and blockchain.

What is it with crypto exchanges, crypto coins, and regulators?

To many, the lack of government interference in crypto operations is a positive thing for the industry. A class of the crypto community best described as the libertarian-leaning Bitcoin-like the lack of guardrails.

However, the missing government oversight functions in the space is part of why the market remains risky.

Both the SEC and CFTC oversee cryptos in some instances. However, with BTC, ETH, and other digital assets not categorized as securities, Crypto exchanges that trade these coins can be independent of the SEC.

However, regulators remain worried about happenings in the space owing to the spate of crime and the prospect of illegalities the industry can harbor.

A recent report from the blockchain analytics firm CipherTrace pointed to an “inevitable” expansion of illicit activity in crypto as space continues to grow. These reasons leave regulators concerned about the space and seek measures to bring crypto exchanges and the entire crypto space into the fold.

Stellar To Power VISA’s New Partnership, XLM Begins Breakout

Stellar follows the general market sentiment with green indicators across the board. XLM’s price seems to be positively reacting to the increase in USD Coin (USDC) liquidity on top of its blockchain. Additionally, the Stellar Development Foundation (SDF) made a potential groundbreaking announcement.

Alongside VISA, Tala, and Circle, one of the companies behind USDC, the cooperation aims to provide access to digital assets in emerging markets. Initially, Tala will enable unbanked users to access this stablecoin in a digital wallet.

Thus, they will be able to make cross-border transactions and access fiat to crypto services. In addition, Visa will issue cards with funds linked to the wallet. In doing so, these users will have the capacity to spend their crypto balance in over 70 million merchants around the world.

Visa has doubled down on their crypto strategy in 2021 and seems like more integrations are to come. The company is exploring new ways to leverage digital assets in its payment platform. The head of Visa’s crypto department, Cuy Sheffield, said the following:

(…) we’ve been really interested to see how they could have the potential to help consumers in markets where they don’t have great access to financial services.

Shivani Siroya, Tala’s CEO, claimed that their main goal is for people to send remittances at a low cost. The Santa Monica-based company has clients in Mexico, Kenya, India, and other countries in the Asian continent. The cooperation with the SDF, Visa, and Circle is Tala’s first jump into the crypto space. SDF’S CEO, Denelle Dixon, said the following on the cooperation:

By working with innovators like Tala mobile, Visa, Circle who share our vision that financial inclusion is a right, not a privilege, we can bring the benefits of tech to emerging markets & take a step closer to our mission of equitable access to the global financial system!

Stellar (XLM) On A Bullish Trajectory

Stellar Lumen native token XLM seems to be positively reacting to this announcement. At the time of writing, XLM trades at $0,65 with a 13.4% rally in the daily chart. In the higher timeframes, the cryptocurrency seems more bullish with a 31.7% and 23.4% rally.

Stellar XLM XLMUSDT
XLM moving sideways in the daily chart. Source: XLMUSDT Tradingview

Trader Pentoshi took the opportunity to take a long position. The operator believes XLM’s rally has gone unnoticed after it managed to break out of its 680-day range. Pentoshi added the following:

XLM beginning its breakout. There’s little to no resistance built because of the inefficiencies on the moves shown. Probably goes higher than people think because of the 680-day range. Holders outperform traders.

The trader expects XLM to reach a new high in the short term and added: “When something breaks out of a multi-year range. It tends to go much higher than people think”.

XLM Stellar Lumens
XLM breaking multi-year range. Source: Pentoshi

Coinbase falls to its lowest level since it went public

TL;DR Breakdown

• Coinbase system has a shares loss of 8.16% today.
• Binance is Coinbase’s number one rival for its cryptocurrency policies.

Shares held by Coinbase fell to the lowest level since trading on Nasdaq in mid-April. The American exchange system’s share price is under by 8.16%, which is $251.85 after passing the middle of this Thursday. This would be the fourth day that the Coinbase shares price has fallen, which is unfavorable for the company.

Aptus Capital Advisors analyst David Wagner opined: “Coinbase, from the view of its shares, has entered a bear market.”

Although the Coinbase open showed volatile trading on the day, the company retained a valuation of $86 billion as the session ended. Its shares had a reference value of $250 and started at $381 before reaching an intraday value of $429.54. However, the course was reversed to capitalize at $310.

Wagner notes that institutional traders will be concerned about the plataform’s involvement because of its high shares. He also highlights that the absence of a leisurely period may be because this gives investors few guarantees.

The platform is the first public cryptocurrency exchange system that shows its milestone for the digital ecosystem. This exchange source stands out for its advancement in the traditional and crypto financial markets.

Coinbase restricts volatile currencies like Dogecoin

Coinbase

Coinbase have restricted the trading of cryptocurrencies that have had price explosions these days, such as Dogecoin, the meme currency. DOGE has had a 13,000% profit in the last 12 months, which turns out to be abysmal.

Binance Coin is also restricted by this company, due to its sudden rise in capitalization. This cryptocurrency is in third place for $99 billion in market cap.

Oanda Market Analyst Edward Moya told Insider: “Coinbase has been falling non-stop since its opening because traders are using other altcoins that it does not accept, while on the other hand, people choose to keep their cryptocurrencies in their wallet.”

Coinbase has a lot of competition

Gemini, a New York-based exchange system, was recently trending for accepting Dogecoin cryptocurrency trading. This platform joined others such as Robinhood and Kraken that accept more new cryptocurrencies every day.

The competition the company has is also worrying. Its closest rival, Binance, has notified that it will not go public. But Kraken said that it could lend operations until next year due to the explosion with trading in Bitcoin.

The only way that this platform can bounce back on the downside is by increasing its flexibility. The company’s policies have to be renewed so it can adopt cryptocurrencies that are trending today. With this absorption of new crypto, perhaps the market will get back to its rhythm, while generating incredible profits.

Crypto Whales Buying Massive Amounts of Ethereum As Retail Traders Eye Several Altcoins: Santiment

Crypto analytics firm Santiment is analyzing new trends in the market as Ethereum draws in whales and heads to a fresh all-time high.

Santiment says that as ETH hit a new high of $3,524 this week, large whales appeared to be accumulating. The firm notes that whale addresses on top exchanges continue to shed ETH – a sign that investors are buying the top crypto asset and then moving it over to their personal wallets.

“Ethereum touched yet another all-time high of $3,524 a few hours ago before dropping on a mild market-wide correction. Top 10 non-exchange whale holdings have doubled in the past 8 months, while the top 10 exchange whales halved in the past 7 months.”

Source: Santiment

According to the firm’s data, Ethereum is also one of Santiment’s ‘top trending assets,’ along with meme coin Dogecoin (DOGE), decentralized finance (DeFi) coin Safemoon (SAFE), Ethereum hard fork Ethereum Classic (ETC), digital mobile operator Dent (DENT) and Coinvest (COIN).

As for Bitcoin, despite the recent dip below $54,000, Santiment notes that the flagship cryptocurrency is receiving plenty of interest from crypto whales.

“Bitcoin has slid these past couple days, but as the crowd shows mild concern, new whale addresses have been created.

The number of 1,000+ BTC addresses has jumped back to 2,234, with the largest single-day growth in new addresses (7) since March 31.”

Source: Santiment

Additionally, existing Bitcoin addresses have been quite active of late, ringing in the highest network activity since March.

“Bitcoin quietly saw its largest daily active address day in 3 weeks, and 4th largest day of 2021.

The 1.27m unique address transacting on the $BTC network is a welcome sight after major lows took place right before the dip. See if this rise continues.”

Source: Santiment
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Altcoins rally as bulls pile into large-cap tokens and layer-1 projects

EOS, LTC, ETC and ETH are just a few of the altcoins that chased after new multi-year highs as layer-1 projects saw an increase in trading volume.

The cryptocurrency market provides investors with another day of 'altseason' as the majority of altcoins in the top 100 on CoinMarketCap rallied today.

Several large-cap tokens reached multi-year highs and this all took place as Bitcoin (BTC) price struggles to hold any of the news-event-driven gains that it has accrued throughout the week. 

One of the most notable performances has been put on by Ethereum Classic (ETC), the “unaltered” Ethereum (ETH) fork that has been gaining traction over the past week as its dedication to a proof-of-work consensus mechanism attracts the attention of miners and retail 'Robinhood' investors.

ETC/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that after hitting a low at $86.12 in the early trading hours on Thursday, the price of ETC jumped 81% to reach a new all-time high at $179.83 as the 24-hour trading volume spiked to a record $39.1 billion.

Several large-cap cryptocurrencies have seen significant gains recently including, Litecoin (LTC) which hit a one-year high compared to BTC, and a 68% rally in Bitcoin Cash (BCH) which spiked above $1,500 for the first time since May of 2018.

Layer 1 solutions soar as trading volumes increase

Ether also hit a new all-time high at $3,605 as excitement continues to build ahead of the London hard fork and the implementation of EIP-1559, which is expected to take place in July.

Cardano’s ADA token is another top 10 project that saw its price reach a new all-time high at $1.69 and Tezos (XTZ) rallied 23% after the start of the trading day to reach a new record high at $8.05.

Several of the ‘Ethereum Killers’ that arose out of the 2017-2018 bull market saw double-digit gains including EOS, whose price rallied 50% intraday to a peak of $12.57, and Neo (NEO), which spiked to a high above $128 before a general market pullback led to a dip in the majority of prices.

Bitcoin dominance drops to new lows

The steady strength shown from altcoins has led to a steady decline in Bitcoin dominance over the past month, which dropped to a low of 45.25% on May 6. According to analysts, this is yet another sign that an altcoin season is in full effect.

BTC market cap dominance 4-hour chart. Source: TradingView

While institutions appear to heavily favor Bitcoin and to a lesser degree Ether, retail traders have been drawn to lower-priced tokens that offer the possibility of larger gains, as evidenced by the recent price explosion in Dogecoin (DOGE).

If this trend continues, it's likely that Bitcoin's dominance rate could continue to slide lower as new funds coming into the cryptocurrency ecosystem through stablecoins are more widely distributed.

The overall cryptocurrency market cap now stands at $2.346 trillion and Bitcoin’s dominance rate is 45.5%.

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.

Goldman Sachs Launches Bitcoin Derivatives Trading as ‘Institutional Demand Continues to Grow Significantly’

Goldman Sachs Launches Bitcoin Derivatives Trading as 'Institutional Demand Continues to Grow Significantly'

Investment bank Goldman Sachs has reportedly begun offering a bitcoin investment product to clients. The firm has opened up trading with non-deliverable forwards, a bitcoin derivatives product. To hedge against the cryptocurrency’s volatility, Goldman Sachs will trade bitcoin futures on CME Group.

Goldman Sachs Begins Offering Bitcoin Product to Clients

Investment bank Goldman Sachs “has opened up trading with non-deliverable forwards, a derivative tied to bitcoin’s price that pays out in cash,” Bloomberg reported Thursday.

The firm is protecting itself from bitcoin’s volatility by buying and selling bitcoin futures in block trades on CME Group Inc., using Cumberland DRW as its trading partner, the publication conveyed. The investment bank recently brought back its bitcoin trading desk and revealed in March that it plans to offer a full spectrum of bitcoin investment products.

Goldman Sachs’ Asia Pacific head of digital assets, Max Minton, explained that the firm’s new bitcoin offering is “paving the way for us to evolve our nascent cash-settled cryptocurrency capabilities.” He was quoted as saying:

Institutional demand continues to grow significantly in this space, and being able to work with partners like Cumberland will help us expand our capabilities.

Cumberland DRW’s global head of business development, Justin Chow, said that “Goldman Sachs serves as a bellwether of how sophisticated, institutional investors approach shifts in the market,” elaborating:

We’ve seen rapid adoption and interest in crypto from more traditional financial firms this year, and Goldman’s entrance into the space is yet another sign of how it’s maturing.

What do you think about Goldman Sachs offering bitcoin derivatives to clients? Let us know in the comments section below.

IDEX’s ‘hybrid liquidity pool’ aims to tackle some of DeFi’s biggest problems

DeFi’s tremendous growth hasn’t come without obstacles; the nascent industry still struggles with high costs, failed trades and front-running.

IDEX, a San Francisco-based decentralized exchange, has unveiled new protocol upgrades designed to solve two of the biggest issues with DeFi — slippage and front-running. 

The exchange claims that its Hybrid Liquidity protocol solves these challenges by combining an order book and trading engine with the liquidity pools of an automated market maker, or AMM.

“The novel exchange design protects users from the most glaring pitfalls of AMMs, including failed trades and front-running, by instantly executing trades against the best combination of limit orders and pooled liquidity,” the company said, adding:

“This approach generates higher returns for liquidity providers while also allowing for more advanced trades like stop-loss and limit orders.”

IDEX cites research from Dune Analytics showing that up to 5% of transactions on Ethereum-based decentralized exchanges fail due to complications like “too much slippage or insufficient gas prices.” Data from Etherscan and Dune Analytics also show that roughly 22% of Uniswap transactions between Apr. 15-21 failed.

Uniswap is the second-largest decentralized exchange by trading volume, according to Coingecko. Mdex takes the top spot, based on 24-hour transactions as of Thursday.

DeFi, which stands for decentralized finance, is one of the biggest trends in the cryptocurrency market, but the industry’s rapid growth over the past 12 months hasn’t come without complications. Exorbitant costs, smart contract risks and the higher likelihood of user error are just some of the biggest pain-points dragging on adoption. Security is also an issue, as evidenced by the theft and exploitation of hundreds of millions of dollars worth of DeFi assets.

Nevertheless, DeFi remains on track to grow considerably during the next leg of the bull market. Currently, more than $137 billion has been locked into the ecosystem, according to industry data.

Bitcoin Cash: Know more about this cryptocurrency

TL;DR Breakdown

• Bitcoin Cash increased transactions per second.
• Bitcoin Cash has lower transaction fees than Bitcoin.

Bitcoin Cash has entered the list of the ten best cryptocurrencies for passive investments. This digital currency has a source code similar to Bitcoin. But, its payment processing is faster than BTC.

BCH is going through its prime, rising 11% more this Thursday from 300% so far this year, according to Coinbase figures.

What is Bitcoin Cash?

Bitcoin Cash

The cryptocurrency was developed in 2017 as a fragment of Bitcoin, gained fame for its fork in crypto. Based on Blockchain technology, Bitcoin accepts only seven transactions per second, causing conflicts for daily transactions.

Alex de Vries, an economist at Bitcoin Cash, told CNN Business: “BTC Cash is the alternative to Bitcoin with which it is expected to increase the transaction limit.”

The founders of the cryptocurrency aimed to upgrade the size of the Bitcoin blockchain by 1MB every 10 minutes. “Bitcoin transactions only reach 8MB every 10 minutes,” de Vries pointed out.

“The BTC Cash creators made an update to the Bitcoin software, which increased its transaction limit. Thus the cryptocurrency was born,” said de Vries.

All Bitcoin Cash split into two parts for 2018; in a similar context, they made another fork named “Bitcoin SV.” This other fork topped $8 billion, ranking in the top 19 of the most popular cryptocurrencies as indicated by Coinbase.

How is Bitcoin Cash different from Bitcoin?

Just as Bitcoin Cash looks a lot like Bitcoin, it also has its differences, and not just in its capitalization. Bitcoin has more demand than its fork, and that is why it maintains the top position. According to Coinbase, the market value in Bitcoin exceeds $1trillion.

A Bitcoin Cash portion also passed into Litecoin to gain momentum and take a good position. Although both cryptocurrencies have 18.7 million tokens on the market, the demand for BTC Cash differs from for Bitcoin.

The CEX.IO director told CNN Business that: “Bitcoin Cash has shown that it is a resilient cryptocurrency in today’s ecosystem.”

Although this statement is true, it does not mean that the cryptocurrency could reach a greater capitalization than BTC. BTC Cash would increase transaction speed, but this did not turn out as expected.

Although BTC Cash had a failure in the reason for its experiment, it has achieved success in other aspects. The transaction fees forthe cryptocurrency are lower than in Bitcoin; according to BitInfoCharts, and do not exceed $0.28. While the transaction fees on Bitcoin could be up to $60, as indicated by Coindesk.

With these points clear, Bitcoin Cash has become another alternative to Bitcoin, including Litecoin. The cryptocurrency has also been engulfed in the price bubble that affects other tokens such as Dogecoin, Ethereum, and Bitcoin.

Sotheby’s Ready to Accept Crypto Payments for Latest Art Auction

Auction house Sotheby’s – which offers bidding wars on some of the finest art, jewelry and wine available today – has announced that it will accept bitcoin and ether bids on an upcoming auction of “Love Is in the Air,” a piece by popular artist and bitcoin advocate Banksy.

Sotheby’s Ready for Crypto Bidding

This will be the first time that a largescale auction house is willing to accept crypto payments for art items up for bid, though the winner is also able to pay with USD should they so choose. Sotheby’s is simply opening the door to crypto payments if the winner happens to have a solid digital asset stash stored away somewhere that they have been dying to use.

Sotheby’s CEO Charles Stewart explained in an interview on Tuesday:

What better combination to introduce crypto than an iconic Banksy painting… It may well be that the winner of this painting pays in dollars and not crypto, but I think for us, creating the possibility for this is interesting. There is clearly a large audience interested in the NFT aesthetic and possibility there. Why wouldn’t that extend to the physical art world as well? It will be very interesting to see.

The auction is occurring through a partnership Sotheby’s has with Coinbase, one of America’s largest and most popular digital currency exchanges. This is the same partnership that allowed the auction house to sell off various non-fungible token (NFT) items created by an artist simply known as Pak to digital currency holders last month in April. During this time, more than 3,000 buyers took part in the event, and all the tokens sold for a whopping $16.8 million.

Banksy is a British street artist who has seen his popularity surge in recent months. His real name is unknown, but his artwork has often sold for millions of dollars, making him far more successful than Van Gogh was in his lifetime. At the time of writing, “Love Is in the Air” is one of his best-known pieces, and the auction is scheduled for May 12. It is believed that the bids will begin anywhere between $3 and $5 million.

How the Process Will Work

Regarding what Sotheby’s plans to do with any crypto it receives should it be used to pay for the item, the company said in a statement that right now, they are working things out where they will either hold the digital assets for Banksy until he is ready to claim them, or they will go ahead and convert the money into fiat for him should he so choose:

We have an agreement with the owner of the painting, the consigner of the painting, so that will ultimately be up to them. Part of the partnership with Coinbase gives us not only the ability to process the payment, but that possibility as well.

The post Sotheby’s Ready to Accept Crypto Payments for Latest Art Auction appeared first on Live Bitcoin News.

Hashmasks and Terra Virtua to split royalties from the vFlect Hashmasks collection

Owners of the Hashmasks NFTs will be entitled to royalties from the sale of this unique collection.

Terra Virtua, the purveyor of robot characters called vFlects, is partnering with Hashmasks, a leader in conceptualized NFTs, to launch a unique NFT collection called the vFlect Hashmasks. The unique partnership creates a new group of NFT collectibles, pairing legendary vFlects with infamous Hashmasks.

After unveiling a special collaborative line of NFT collectibles, Terra Virtua published a waiting list for current Hashmask owners to license their NFT holdings for the vFlect Collection.

With more than 120 people on the waiting list and 500 more in line before a week of scheduled drops, it is the first-ever scenario where an NFT owner will benefit from their tertiary holdings. Both platforms have joined hands to implement a “rolling royalty” ecosystem where NFT owners of Hashmasks will be entitled to royalties and proceeds from the forthcoming vFlect Hashmasks Collection sale.

According to Jawad Ashraf, Co-Founder and CTO of Terra Virtua:

“Letting the community create and earn from these NFTs is a first in the industry, and I expect we’ll see more and more of these collaborative NFT drops — including from us.”

The first collection of 73 Hashmasks, launched on April 30, sold out in less than five minutes, making it the fastest-ever sale on the Terra Virtua marketplace. This marketplace is a unique virtual environment where you can collect and immerse yourself in a world of digital objects.

Combination of unique and rare collectibles

Terra Virtua, launched in Staines, England, by Jawad Ashraf and Greg Bracey, is the first fully immersive, blockchain-driven VR entertainment Platform. The vFlects™ are the platform’s original 3D animated bots that are hugely popular within the crypto and NFT space. Each vFlect is powered by an internal core reflected by their ocular sensors emitting the light.

Hashmasks involves over 70 artists and 16,384 unique digital portraits, curated by Suum Cuique Labs from Zug, Switzerland. By owning any of the Hashmasks, you accumulate the NCT token daily, which allows you to choose a name for your portrait on the Ethereum blockchain.

For this brand new initiative, which showcases the power of multi-platform collaboration, Terra Virtua’s vFlects will be paired with Hashmasks that they will be visually wearing, making it the rarest and most unique set of collectibles set to drop on the Terra Virtua marketplace.

Suum Cuique Labs added:

“Each Hashmask is truly unique and subjectively valuable to each of its holders. Combining them with a vFlect robot not only opens up even more ways to add meaning and beauty to them, but also allows NFT owners to monetize their works of art like never before.”

The post Hashmasks and Terra Virtua to split royalties from the vFlect Hashmasks collection appeared first on CryptoSlate.

Pocketcoin (PKOIN) Decentralized Social Token Trading Competition Rewards Just Doubled on Bilaxy

Pocketcoin (PKOIN) Decentralized Social Token Trading Competition Rewards Just Doubled on Bilaxy

PRESS RELEASE. (Puerto Rico, USA – May 6, 2021) To celebrate its numerous recent successes, one of the world’s foremost decentralized social networks, Pocketnet.app, has launched a trading contest on its newest exchange, Bilaxy.com. Competition ends on May 13th, the rewards for active PKOIN traders on Bilaxy just doubled to total 20k PKOIN! PKOIN already gained over 960% since its recent start of trading on the Bilaxy exchange.

What Is Pocketnet? Decentralized, Blockchain-Based Social Network

Pocketnetthink Facebook / Twitter / YouTube minus the censorship, all built on Bitcoin-like foundation. Pocketnet has also solved one of the key challenges of a censorship-resistant social media platform, which is content moderation. The network sits atop fully autonomous, decentralized nodes. Pocketcoin, the native token, helps facilitate this censorship resistance. If you like crypto, you’re gonna love Pocketnet!

Pocketnet was born out of a desire to return the power and control of social networks back to the rightful owners… the users! The Pocketnet team, spread across the globe, has worked tirelessly for over two years, and their core desire has now manifested in obvious results. The censorship-resistant, decentralized foundation is complete, new features are being released frequently, and the user base is experiencing rapid organic growth. Pocketnet operates as a Proof-Of-Stake network, and PKOIN rewards are shared between Pocketnet nodes, and content contributors. Look at that… a social network that actually cares about its users!

Also, multilingual support is growing fast: English, French, Spanish, German, Russian, and Korean, with Mandarin coming soon…

Competition Details:

Where: https://bilaxy.com/trade/PKOIN_USDT

Start Date: May 3, 2021

End Date: May 13, 2021

Winners: 50

Prizes: From 50 PKOIN up to 1050 PKOIN to the Grand Champion (with an invitation to meet with a private group of Crypto OGs that will be monitoring the competition)

Competition Rules

Upcoming Pocketnet Releases:

Pocketnet is set to release a decentralized p2p encrypted messenger on May 12th. It will be a truly private and decentralized alternative to the likes of Whatsapp and other similar apps, controlled by Big Tech. Release is scheduled for the second half of June.

Pocketnet Core team is also working on an NFT 3.0 project, that will allow to auction NFTs without reliance on external sources like IPFS. Pocketnet’s NFT 3.0 will also include the ability to show only the preview of the artwork, so that the winner gets the encrypted copy of the full work along with a key to decrypt the NFT. A truly unique self-contained NFTs on the blockchain will become possible. Release scheduled for July.

Pocketnet Core team is also preparing a release of the decentralized video platform connecting the blockchain to video streaming servers, thus providing a decentralized alternative to Youtube. Release is scheduled for the beginning of June.

About Pocketnet:

Pocketnet is a decentralized, open-sourced, non-corporate project. It is modeled on Bitcoin and can be called the Bitcoin of social networks. Pocketnet is supported by a network of equal decentralized nodes with users maintaining full control of their data and content.

Pocketnet rewards node operators, and all content contributors. Active users can gain reputation, and may then participate in the sophisticated content moderation system.

Many active bloggers have abandoned Big Tech’s social network, and turned their attention to Pocketnet.

Pocketcoin (PKOIN) is the native token that facilitates the Proof-Of-Stake network, and emission is limited to 24,375,000. There was no premine or ICO, as the Pocketnet team is dedicated to the Bitcoin model which encourages meritocracy.

Download the Pocketnet whitepaper here

Access the Pocketnet GitHub here

 

Media contacts:

support@pocketnet.com

Website:

https://pocketnet.app/

Join the Team!

Pocketnet is expanding its team of experienced crypto programmers. Please contact core@pocketnet.app with a github link.

 


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.

ConsenSys exec joins CoinFund to assist early-stage blockchain firms

“My team will serve as partners who support and guide founders and their teams during their journeys from early-stage to growth-at-scale,” said Vanessa Grellet.

Vanessa Grellet, a five-year veteran of Ethereum software company ConsenSys, will be joining crypto investment group CoinFund as its new head of portfolio growth.

In an announcement from CoinFund today, the investment group said Grellet would be responsible for guiding its portfolio of more than 50 companies and projects. The new head of portfolio growth will be aiming to “bridge the gap between the worlds of traditional companies and decentralized networks” by forming alliances between blockchain projects and protocols.

“My team will serve as partners who support and guide founders and their teams during their journeys from early-stage to growth-at-scale,” said Grellet. “The firm’s investment in our Portfolio Growth team [...] demonstrates our dedication to meeting the needs of early-stage companies as well as our long-term commitment to the blockchain industry.”

CoinFund has invested in many popular projects in the crypto space. In September, the firm backed non-fungible token-based digital art marketplace Rarible, after which its governance token doubled in price. The investment group was also behind funding for Delta Exchange's expansion into Indian markets last May.

A financial analyst and lawyer, Grellet previously worked as a corporate strategy executive at the New York Stock Exchange. She currently sits on the boards of the Arts and Antiquities Blockchain Consortium and the Accounting Blockchain Coalition and is the president of Blockchain for Social Impact Coalition.

Norway Minister of Climate and Environment Is a Bitcoin HODLer

The Norwegian Minister of Climate and Environment – Sveinung Rotevatn – revealed he owns Bitcoin. According to him, the digital asset is a ”well-suited store of value.” The minister of one of the most renewable energy-focused governments also spoke about the relation between BTC and the environmental challenges.

Bitcoin is Exciting

Many experts and officials commented on the crypto bull run and especially Bitcoin’s notable performance in the past months. The Minister of Climate and Environment of Norway – Sveinung Rotevatn – was the latest one to opine about the potential of the primary cryptocurrency.

In a recent YouTube interview, the Norwegian official admitted that he holds an undisclosed amount of BTC. During the podcast, he explained that the cryptocurrency proved to be a ”well-suited store of value.” He even described the digital asset as exciting:

”What might make Bitcoin so exciting is that it has some of the same properties. You can’t suddenly discover a ton of Bitcoin somewhere, giving one country huge reserves. It’s spread evenly, it grows slowly, but steadily, and has a finite supply… Therefore, it’s theoretically well-suited as a store of value.”

Sveinung Rotevatn
Sveinung Rotevatn. Source: Energi Norge

Additionally, Rotevatn spoke about the environmental disputes that Bitcoin mining allegedly causes. He referred to some people’s beliefs that the ”Bitcoin network eats up as much electricity as the state of Texas” but also reminded that the majority of the consumed energy comes from renewable sources.

The minister emphasized that Norway is one of the greenest countries as the nation focuses on using primarily renewable energy. Rotevatn also spoke about gold mining and the banking system claiming that these two industries consume much more electricity than BTC mining.

Another Famous Norwegian with BTC

Bitcoin adoption in the Scandinavian country has been a hot topic recently. As CryptoPotato reported last month, the Norwegian billionaire Øystein Stray Spetalen joined the BTC club and bought some of the cryptocurrency. Interestingly enough, his decision came as a surprise since he called the digital asset ”nonsense” just a few weeks earlier.

It’s worth noting that the 58-year old investor changed his mind and at the end of March 2021 upon revealing that he holds BTC. Spetalen even asserted that his opinion in the past about the digital asset was wrong.

Featured Image Courtesy of Minerva

Cardano: Kraken Launches ADA Staking, $2 Next Price Target?

Cardano’s (ADA) price has awakened. With a 14.4% rally in the daily chart, after consolidation around the $1.30 to $1.40, ADA has reached a new all-time high and seems poised to keep smashing future resistance.

Cardano ADA ADAUSDT
ADA with bullish momentum in the daily chart. Source: ADAUSDT Tradingview

Yesterday, Exchange platform Kraken launched staking for ADA with up to 4% and 6% rewards for those users that help secure Cardano’s network.

To earn the rewards, users need to deposit funds in their spot wallet. There is a minimum of 1 ADA for Kraken deposit with no additional fees. Later, move the funds to Kraken’s staking wallet and click on ADA to start staking it.

Users will receive staking rewards every week if they have a Pro, Intermediate, or Starter account. To withdraw their rewards, there is a minimum of 2 ADA.

Cardano’s Alonzo Era Approaches With More Upside Potential

Anonymous trader EljaBoom believes ADA has begun a breakout on major resistance zones. If ADA can break and hold about $1.55, the trader expects the next price target to be around $2.3. EljaBoom added the following:

Once it flips this spot I’m expecting #ADA to test +$2.3 zone! Alonzo Testnet & Adapay release is coming. If you own ADA you know the potential it has.

Cardano ADA ADAUSDT
Source: Trader EljaBoom

There has been a lot of announcements, partnerships, and hype in Cardano’s ecosystem. ADA is barely reacting to a price action that has been in the oven for the past weeks. In the coming months, Cardano’s deployment of its DeFi capabilities could continue to push the price into uncharted territory, as EljBoom and many other investors expect.

In the meantime, Cardano has been begun his massive adoption phase in Africa closing deals with Ethiopia and other governments in the region. Around 5 million students will use the Atala PRISM solution to gain access to customized education, have their academic records always available and protected in the blockchain, and more.

In time, the local government will use this integration to track resources and allocate them with higher efficiency. Charles Hoskinson, Cardano’s Inventor and Input-Output Global CEO, said the following on the platform’s potential for the coming years their roadmap:

And throughout the coming 24 to 36 months we are going to be scaling up very rapidly throughout the whole continent. This means many new classes. This means new initiatives. New relationships and also developing our talent (…).

EOS price rallies 100% following a proposal to increase staking rewards

A proposal to boost staking rewards and increase the inflation rate triggered a 100% rally in EOS price.

As the blockchain sector continues to evolve, occasional protocol updates are needed to ensure projects stay up to date with the latest developments and provide users wit the best user experience possible. 

Since May 5, EOS price has rallied more than 100% following a recent protocol upgrade that increases the project's inflation rate.

EOS/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $6.18 on May 5, the price of EOS has catapulted more than 100% to a mid-day high of $12.85 on May 6 thanks to a record $15 billion in 24-hour trading volume.

Protocol upgrade boosts rewards for EOS stakers

According to the EOS Twitter feed, the most significant developments for the network over the past month have been related to resource allocation and staking rewards.

A recent report commissioned by Block.one concluded that the protocol needs to increase the rate of inflation from its current pace of 1% to a rate between 1.2% and 3.8% in order to increase financial incentives for voters and block producers.

While the community still needs to settle on the exact size of the inflation rate will increase, the prospect of higher yields for community participation helped spark more excitement in the project.

A second major development for the protocol is the EOS PowerUp model, which allows users to pay a fee to power up their account for 24-hours to transact on the network as opposed to paying a transaction fee for every transaction.

The PowerUP model offers EOS token holders another way to earn a yield by depositing unused EOS tokens to receive a percentage of all the 'power-up' fees that are generated by the network.

This has become an increasingly attractive option as most traders are searching for ways to avoid the high transaction fees and network congestion on the Ethereum (ETH) network.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for EOS on May 4, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. EOS price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for EOS was in the yellow range for the first few days in May before reaching into the green zone to register a high score of 68 on May 4. This was just one hour before EOS price began to rally 100% over the next two days.

With the overall cryptocurrency market heating up and 2016-era projects like Litecoin (LTC) and Ethereum Classic (ETC) reaching new highs, EOS is one large-cap blockchain project that could continue to benefit as the cryptocurrency bull market stampedes ahead.

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.

Nuvei eyeing $250M acquisition of crypto startup Simplex

Simplex is a fiat-to-crypto onramp that has scored several high-profile partnerships in recent months.

Canadian payments giant Nuvei is reportedly in talks to acquire Simplex, an Israeli cryptocurrency startup, for up to $250 million – sending a strong signal that the electronic payments processing industry was pivoting towards digital currencies. 

The deal between Nuvei and Simplex is expected to be finalized “in the next few days,” according to BlockBeats, a Beijing-based blockchain publication. The deal could be worth between $200 million and $250 million.

Neither Nuvei nor Simplex have confirmed the sale at the time of publication.

By targeting Simplex, Nuvei is clearly expanding its efforts to corner the cryptocurrency market. In March, Nuvei launched support for nearly 40 cryptocurrencies, giving merchants the option of sending and receiving payments in Bitcoin (BTC), Ether (ETH) and dozens of lesser-known coins.

Simplex offers fiat-to-crypto onramp services that enable individuals and businesses to purchase digital assets. The company recently signed on Polkadot as a partner, as well as Opera browser and Visa. Through Simplex, Visa can now offer its clients crypto debit cards – a move that could significantly enhance cryptocurrency adoption for retail transactions. A Simplex spokesperson explained to Cointelegraph that the partnership was primarily to boost the company’s business-to-business activities.

Simplex isn’t the first Israeli fintech company to be targeted by Nuvei. The Montreal-based payments technology processor bought SafeCharge, previously based in Tel Aviv, for $889 million in 2019. “The company now employs more than 100 people, mostly in Israel, and has so far raised $18 million, mostly from local private investors,” Blockbeats reports.

Litecoin Price Prediction: LTC eyeing a 22% price surge even after breaking its all-time high

TL;DR Breakdown

  • Litecoin price prediction shows the crypto asset recently surged by over 15 percent to register a new all-time milestone.
  • According to Litecoin’s 24-hour price movement, the crypto asset appears solid for further bullish momentum.
  • The crypto asset is likely to experience a brief price retracement before embarking on a new upsurge towards the $420 mark.
  • Key technical indicators show Litecoin is currently enjoying heightened interest among crypto investors.

According to Litecoin’s 24-hour price movement, it appears the crypto asset is currently faltering on its path to greatness but it is yet to come to a standstill. Having bypassed its all-time high, crypto investors appear to be expressing heightened interest in the crypto asset.

Litecoin Price Prediction: General price overview

On looking at Litecoin’s weekly price chart, you will notice that the crypto coin has managed to cut through the supply barrier that ranged from $215 to $305. This supply barrier was set up in 2018 and has been acting as a resistance region for Litecoin. However, due to the recent upsurge in bullish momentum, this region has now changed to become a critical support level. Although Litecoin is currently experiencing a price retracement that is pushing it towards the upper boundary of the former supply barrier, a major bull run is expected. Once Litecoin is done with the retracement, key indicators project it could surge upwards towards a new all-time high at around $430.

If this happens, the market should be ready for a FOMO-sponsored rally similar to Ethereum’s during its bull run towards its May 4 milestone. If a similar Ethereum situation happens, Litecoin could experience another 55 percent surge that is going to push it towards the $660 price level. This will coincide with the 161 Fibo extension level that was obtained back in 2018 when the swing low and higher were linked using trend lines.

Litecoin price movement in the past 24 hours

Litecoin Price Prediction: LTC eyeing a 22% price surge even after breaking its all-time high 1
Source: TradingView

Another factor supporting Litecoin’s bullish momentum over the past 24-hours is its substantial increase in the number of new addresses holding Litecoin tokens. According to Litecoin infographics, the network has witnessed a growth from 124,000 holders to about 160,000 over the past few weeks. This shows Litecoin is currently enjoying heightened investor confidence, a fact that is going to have a positive impact on its price.

Although Litecoin is currently undergoing a minor price dip, the number of whale transactions appears to be on the rise. Since May 2, Litecoin has seen an increase in whale transactions by more than 50 percent. This data shows us that several heavy investors are in the process of accumulating Litecoin tokens with the hope to cash on them in the future.

Litecoin 4-hour chart

Litecoin Price Prediction: LTC eyeing a 22% price surge even after breaking its all-time high 2
Source: TradingView

Since the emergence of the crypto market, Bitcoin has been at the forefront of leading other cryptocurrencies during rally seasons. However, Litecoin is quickly emerging as one of the other few cryptos taking over from Bitcoin. According to its 4-hour chart, Litecoin appears to be signaling a short-term bearish season before embarking on a renewed bull leg. The MACD blue line is currently facing downwards under the signal line, while the RSI currently stands at 58.67. This validates the bearish projection of the crypto coin.

Conclusion

While Litecoin’s match towards the projected $420 mark appears inevitable, a possible surge in overhead and selling pressure might spell doom for the cryptocurrency. This is so because such a move is likely to destroy Litecoin’s weekly demand zone’s lower boundary at around $215, automatically canceling its bullish outlook. Such a move will quickly trigger a 15 to 20 percent price dip that is going to send the cryptocurrency spiraling downwards towards the $185 region.

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.

Litecoin Price Prediction: LTC eyeing a 22% price surge even after breaking its all-time high

TL;DR Breakdown

  • Litecoin price prediction shows the crypto asset recently surged by over 15 percent to register a new all-time milestone.
  • According to Litecoin’s 24-hour price movement, the crypto asset appears solid for further bullish momentum.
  • The crypto asset is likely to experience a brief price retracement before embarking on a new upsurge towards the $420 mark.
  • Key technical indicators show Litecoin is currently enjoying heightened interest among crypto investors.

According to Litecoin’s 24-hour price movement, it appears the crypto asset is currently faltering on its path to greatness but it is yet to come to a standstill. Having bypassed its all-time high, crypto investors appear to be expressing heightened interest in the crypto asset.

Litecoin Price Prediction: General price overview

On looking at Litecoin’s weekly price chart, you will notice that the crypto coin has managed to cut through the supply barrier that ranged from $215 to $305. This supply barrier was set up in 2018 and has been acting as a resistance region for Litecoin. However, due to the recent upsurge in bullish momentum, this region has now changed to become a critical support level. Although Litecoin is currently experiencing a price retracement that is pushing it towards the upper boundary of the former supply barrier, a major bull run is expected. Once Litecoin is done with the retracement, key indicators project it could surge upwards towards a new all-time high at around $430.

If this happens, the market should be ready for a FOMO-sponsored rally similar to Ethereum’s during its bull run towards its May 4 milestone. If a similar Ethereum situation happens, Litecoin could experience another 55 percent surge that is going to push it towards the $660 price level. This will coincide with the 161 Fibo extension level that was obtained back in 2018 when the swing low and higher were linked using trend lines.

Litecoin price movement in the past 24 hours

Litecoin Price Prediction: LTC eyeing a 22% price surge even after breaking its all-time high 1
Source: TradingView

Another factor supporting Litecoin’s bullish momentum over the past 24-hours is its substantial increase in the number of new addresses holding Litecoin tokens. According to Litecoin infographics, the network has witnessed a growth from 124,000 holders to about 160,000 over the past few weeks. This shows Litecoin is currently enjoying heightened investor confidence, a fact that is going to have a positive impact on its price.

Although Litecoin is currently undergoing a minor price dip, the number of whale transactions appears to be on the rise. Since May 2, Litecoin has seen an increase in whale transactions by more than 50 percent. This data shows us that several heavy investors are in the process of accumulating Litecoin tokens with the hope to cash on them in the future.

Litecoin 4-hour chart

Litecoin Price Prediction: LTC eyeing a 22% price surge even after breaking its all-time high 2
Source: TradingView

Since the emergence of the crypto market, Bitcoin has been at the forefront of leading other cryptocurrencies during rally seasons. However, Litecoin is quickly emerging as one of the other few cryptos taking over from Bitcoin. According to its 4-hour chart, Litecoin appears to be signaling a short-term bearish season before embarking on a renewed bull leg. The MACD blue line is currently facing downwards under the signal line, while the RSI currently stands at 58.67. This validates the bearish projection of the crypto coin.

Conclusion

While Litecoin’s match towards the projected $420 mark appears inevitable, a possible surge in overhead and selling pressure might spell doom for the cryptocurrency. This is so because such a move is likely to destroy Litecoin’s weekly demand zone’s lower boundary at around $215, automatically canceling its bullish outlook. Such a move will quickly trigger a 15 to 20 percent price dip that is going to send the cryptocurrency spiraling downwards towards the $185 region.

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.

‘Blood Coins’ Big Problem for Institutional Investors, Says Shark Tank Veteran Kevin O’Leary

The chairman of exchange-traded fund (ETF) provider O’Shares Investments and Shark Tank star Kevin O’Leary believes unsustainably mined cryptocurrencies pose a challenge to institutional investors.

In a new interview with Yahoo Finance, O’Leary says a number of institutional investors harbor concerns over owning cryptocurrencies produced using environmentally unfriendly power sources and in countries with a history of human rights abuses.

“Currently 60% of coins mined in Bitcoin come from China where they don’t care about sustainability and they certainly have issues around human rights. So there are many institutional clients that do not want to own so-called blood coins from China.”

With regards to his crypto-related holdings, O’Leary says he is not an investor in ETFs that hold “blood coins”.

“I have certainly shifted my holdings. I don’t own random ETFs with blood coin in them. I know the providence of where my wallet coins are mined now.”

To ensure that he only gets cryptocurrencies that are mined sustainably going forward, O’Leary adds that he has begun buying stakes in crypto mining firms.

“I have had to take equity positions in miners. I have had to start investing in them with the covenants in place that I would like to be paid back in the royalty of a clean coin.”

The Shark Tank veteran remarks that, in his view, the cryptocurrency industry has failed at ensuring sustainable mining processes are in place.

“The industry has done a poor job in lobbying its case around sustainability. I spend a lot of time talking to CEOs of miners and various entities that want me to invest in their mining operations. Collectively, they’ve done a horrible job.”

Consequently, O’Leary says he is “hoping to be part of the solution” in promoting sustainability in the industry.

“I’m trying to organize now a council of sustainability. Certainly, where I’ll be investing in the companies that do set sustainable mandates, they will be the ones I invest in and I would like to make them a showcase for the industry that we care about sustainability.”

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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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The post ‘Blood Coins’ Big Problem for Institutional Investors, Says Shark Tank Veteran Kevin O’Leary appeared first on The Daily Hodl.

Reports suggest Goldman Sachs is now offering Bitcoin derivatives

According to a new report, the investment firm is now offering trading with non-deliverable forwards.

Investment banking giant Goldman Sachs has reportedly opened up futures trading on Bitcoin to Wall Street executives.

According to Bloomberg Law, last month the investment firm began offering trading with non-deliverable forwards, a derivative tied to the price of Bitcoin (BTC) — roughly $56,000 at the time of publication — for which investors can get paid in fiat. Goldman Sachs reportedly lessens its risk to the crypto asset’s infamous volatility by buying and selling Bitcoin futures in block trades on the Chicago Mercantile Exchange, or CME, Group using the crypto trading unit of DRW Holdings, Cumberland.

Goldman has been seemingly increasing its exposure to the crypto market following price surges in tokens and institutional players like Tesla adopting cryptocurrencies. Rumors have persisted that the investment firm plans to set up a cryptocurrency trading desk after first announcing one during the 2017 bull run.

This story is developing and will be updated.

Crypto Analytics Firm Coin Metrics Raises $15 Million, Goldman Sachs Leads Funding Round

Crypto Analytics Firm Coin Metrics Raises $15 Million, Goldman Sachs Leads Funding Round

On May 5, the cryptocurrency data and analytics provider Coin Metrics announced the firm has raised $15 million in Series B financing round. The funding was led by Goldman Sachs and a number of other venture firms, as digital currency data has become a hot commodity in recent times.

Digital Currency Data and Analytics Firm Coin Metrics Raises $15 Million

The Boston-based Coin Metrics has revealed the company has raised $15 million in a Series B financing round that was led by the American multinational investment bank and financial services company, Goldman Sachs.

The company Coin Metrics provides analytical market data, indexes, and network risk solutions for a myriad of digital currencies like bitcoin (BTC) and ethereum (ETH). In addition to Goldman Sachs, the financing round was also bolstered by Collab+Currency, Castle Island Ventures, Highland Capital Partners, Avon Ventures, Communitas Capital, and Fidelity Investments.

Coin Metrics details that the company has “institutionalized their network and market data offerings over the past 18 months.” Some of the largest names in the world of finance and the cryptocurrency industry leverage Coin Metrics’ products, the announcement notes.

Firms like Fidelity Investments, Osprey Funds, and Blockfi have been utilizing several analytics products. Fidelity recently launched its own data and analytics platform called “Sherlock.” Coin Metrics has also revealed that the firm has launched two new products called FARUM and ATLAS.

“FARUM and ATLAS are perfect complements to our network and market data products,” Tim Rice, cofounder, and CEO of Coin Metrics explained during the announcement. “The tremendous interest we are seeing in these offerings reinforces the value of on-chain data to institutions engaging in crypto assets.”

Crypto Data and Analytics Products Swell

The company adds that since the Series A funding round in 2019, Coin Metrics has built a team of crypto veterans and individuals involved in traditional financial services. For many years now, Goldman Sachs has been interested in the innovation cryptocurrency solutions and blockchain technology provides.

“Data is critical for the mainstream adoption of crypto assets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools,” Mathew McDermott, Global Head of Digital Assets of Goldman Sachs said.

Coin Metrics’ recent Series B financing round follows the recent acquisition of Skew analytics, as the firm joined Coinbase last week. Crypto data companies have swelled during the last 12 months a great deal, as companies like Cryptoquant, Dune Analytics, Glassnode, and Messari are giving cryptocurrency investors detailed data sets and deep analysis.

What do you think about Coin Metrics raising $15 million in a Series B financing round led by Goldman Sachs? Let us know what you think about this subject in the comments section below.