Brainard tells House committee about potential role of CBDC, future of stablecoins

The Fed vice chair told the House Financial Services Committee that a CBDC offers stability, interoperability in increasingly complex economic system.

United States Federal Reserve vice chair Lael Brainard submitted a written statement in advance to the Financial Services Committee virtual hearing on the benefits and risks of a U.S. central bank digital currency (CBDC) that took place Thursday. That was a sound strategic move considering that more than 25 legislators lined up to ask questions. 

Brainard’s appearance before the committee came just after the close of the comment period for the Fed’s discussion paper “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” However, recent events on the stablecoin market played a preemptive role in the framing of her statement.

Brainard acknowledged the position of stablecoins in the economy, saying in her written statement. She said:

“In some future circumstances, CBDC could coexist with and be complementary to stablecoins and commercial bank money by providing a safe central bank liability in the digital financial ecosystem, much like cash currently coexists with commercial bank money.”

In the Q&A, Brainard spoke in a conversation with Anthony Gonzalez of Ohio of “very robust regulation akin to bank-like regulation” to ensure the stability of stablecoins.

Two questions were touched on extensively in Brainard’s written statement and in the Q&A: the role of banks, and whether their role in the economy will be diminished even without disintermediation, plus fragmentation of the payment system, and how a CBDC would affect the situation as it already exists.

In addition to those points, several of the participants pressed Brainard on the statement in the discussion paper that “The Federal Reserve does not intend to proceed with issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.” Lawmakers wanted to know what non-ideal options the Fed would consider in deciding to issue a CBDC. The question was raised even by the final participant, Jake Auchincloss of Massachusetts.

Chairwoman Maxine Waters spoke of a “digital assets space race” and the benefits Americans receive from having a currency that is accepted abroad.

Brainard suggested that limits on CBDC holdings and not offering interest on CBDC accounts could help preserve the place of credit unions in the economy and maintain the role of traditional banking.

A CBDC would help ease, but not prevent, fragmentation of the payment system through interoperability, by providing a settlement currency for competing private-sector systems, which are already drawing money out of banking system, Brainard told Gonzalez. Since 2017, the share of cash in U.S. has declined from 31% to 20%. In addition, a CBDC would have full faith in the government behind it, Brainard told Ted Budd of North Carolina.

Top Crypto Analyst Warns This Metric Signals Nasty Outlook for Bitcoin (BTC) Over the Next Two Months

A popular cryptocurrency analyst is singling out one metric suggesting a negative outlook for Bitcoin (BTC) over the coming weeks.

In a new strategy session, the anonymous host of InvestAnswers tells his 439,000 YouTube subscribers that based on Bitcoin options data, the bearish bets outweigh the bullish ones for the contracts ending July 29th.

InvestAnswers says that based on data from crypto options exchange Deribit, the puts volume expecting Bitcoin to dive to $25,000 and below has reached $165 million while the calls expecting BTC to hit $30,000 by late July are $63 million.

“The short-term outlook for July you can see here some calls, about $33 million on $40,000, which is a small bump. But a lot of very negative bets.

You’ve got $29 million on a $15,000 Bitcoin, $60 million on a $20,000 Bitcoin and $76 million on a $25,000 Bitcoin. And of course $30 million on where we are right now as insurance.

So this is extremely negative. Very, very concerning that people do expect another wick down or another double bottom.”

Source: InvestAnswers/YouTube

The crypto analyst also says options data shows that over the longer term, there is a more optimistic outlook for Bitcoin.

According to the crypto analyst, the call volumes betting on Bitcoin hitting $70,000 and above by December have reached $243 million while the puts volumes expecting Bitcoin at $30,000 and below stand at $95 million.

“As of December 2022, you can see here big bets. We have $64 million in Deribit bet on $100,000 Bitcoin by December, $101 million on an $80,000 Bitcoin by December and $78 million on a $78,000 Bitcoin.

And a couple of puts, $30,000 Bitcoin – $34 million, which is pretty much a little bit higher than where we are right now and $61 million on a $25,000 Bitcoin.

Remember people place these bets to protect their bags as well, buying insurance. But not a lot of put activity compared to the bullish activity onto the far right.”

Source: InvestAnswers/YouTube

InvestAnswers says that between now and late July, Bitcoin is likely to exhibit choppy movements before recovering after the Federal Reserve offers more clarity on monetary policy.

“Expect bumpiness for the next, say eight to 12 weeks. Once we get through August, get some clarity from the Fed, because you know the Fed has handcuffs on us right now, then we will be able to bounce and move forward.”

Bitcoin is trading for $29,452 at time of writing.

I

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The post Top Crypto Analyst Warns This Metric Signals Nasty Outlook for Bitcoin (BTC) Over the Next Two Months appeared first on The Daily Hodl.

Central African Republic Moves Ahead With Its Crypto Hub Initiative Despite World Bank’s Concerns

 
Central African Republic (CAR) President Faustin-Archange Touadéra is readying to launch a new crypto project, dubbed Sango - the first crypto initiative that is designed to strengthen the country’s image as an emerging African crypto hub. 
“For us, formal economy is no longer an option,” the president said in a statement released on his official Twitter account, stating: ...
Read More: Central African Republic Moves Ahead With Its Crypto Hub Initiative Despite World Bank's Concerns

Tezos price analysis: XTZ/USD bearish as price slips to $1.90

image 508
Cryptocurrencies price heatmap, Source: Coin360

Tezos price analysis shows a bearish trend for XTZ/USD as the cryptocurrency slips to $1.90. However, support is still present at $1.83 and if the price can rebound from here, we may see it head back towards $2.22.The bulls had attempted to push prices higher but failed as the market found support at $1.83.

The cryptocurrency has a market trading volume of $149,634,813, with a market capitalization of $1,706,204,260. The digital asset is currently trading at $1.90, a fall of 1.5% over the past 24 hours. Looking at the hourly XTZ/USD chart, we see that the market has formed a descending channel pattern. The price bounced off the upper boundary of this percent in the last 24 hours. The market is expected to continue its decline as market sentiment remains.

Tezos price movement in the last 24-hour:  Bears mount pressure on XTZ prices

Tezos price analysis for the 24-hours price chart shows that the XTZ/USD has been on a downtrend for the last 24-hours. The next few hours of trading are crucial for the market as the market is expected to make a move. The market is currently facing resistance at the $2.22 level, and a break above this level can see prices test the $3 level. However, if the market fails to move above this level, we expect prices to fall towards the $1.83 support level.

image 505
XTZ/USD on a 1-day price chart, Source: TrandingView

The RSI indicator is currently at the 53.15 level and is slowly moving towards the oversold region, which shows that selling pressure is still present in the market. The MACD indicator is bearish as the signal line is above the histogram. This indicates that the bears are in control of the market. The MA50 is currently at the $2.06 level, and the MA200 is at the $2.42 level.

Tezos price analysis on a 4-hour price chart: XTZ set to test the further downside

The 4-hour price chart for XTZ/USD shows that the market is in a bearish trend as the market has formed a descending channel pattern. The market is expected to find support at $1.83, and if the price can rebound from here, we may see it head back towards $2.22. The RSI indicator is above the 50 level, which indicates that the market is in a consolidation phase.

image 507
XTZ/USD on a 4-hour price chart, Source: TradingView

The MACD indicator is below the signal line, which indicates that the bears are in control of the market while the MA indicator is currently in a bearish trend.

Tezos price analysis conclusion

Tezos price is bearish, and a further decline is expected in the market. The bulls had attempted to push prices higher but failed as the market found support at $1.83. The investors are currently waiting on the sidelines as market sentiment remains bearish as buyers are not yet convinced that prices have bottomed out. At the same time, sellers wait for prices to fall further before entering the market.

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.

MetaMask to help crypto fraud victims retrieve stolen assets

Metamask, developed by ConsenSys, has partnered with Asset Reality. The partnership will enable users to access and reclaim seized crypto and digital assets to combat crypto fraud. The union will provide help to victims of the MetaMask fraud and phishing attacks in their efforts to retrieve their valuables.

According to MetaMask, there are many phishing schemes and more targeted spear-phishing assaults. These are the primary sources of concern when it comes to the security of crypto wallet users. Mostly, scammers assume the appearance of a kind face and give clients help in navigating crypto’s technical jargon. The help is a scheme to dupe people into handing over their cash.

MetaMask plans to combine the information from many victims in the hope that this will lead to the fraudster’s identity. Besides, it aims to reduce the costs associated with recovering the stolen assets. However, victims must submit an investigative ticket before they may use the program.

MetaMask wallet might prove to be significant if the partnership stands time. Most victims will be able to retrieve their digital assets in case of scams.

Phishing attacks are a more common way that scammers use

Recent attacks include a hacker who posed as an Apple employee to steal $650,000 from a user of the crypto wallet MetaMask. Yet, people condemned Metamask’s response at the time. Metamask was to warn users whose data were vulnerable to hackers. The vulnerability was because their iCloud backups include their password-encrypted MetaMask vault.

A Moonbirds NFT holder lost 29 of his Ethereum-based Moonbirds earlier this week. The victim signed a faulty transaction on a false trading site that he accessed by clicking on a malicious link. The link led him to the website in question. Around 1.5 million dollars was the estimated value of these Moonbirds. The victim was an enthusiastic NFT (non-fungible token) collector and artist who was a member of the Proof Collective. The Proof Collective is an exclusive group with one thousand members. Despite the identification of the Con Artist, the only action taken was to file a report with the FBI. The scammer made away with everything, and the victim couldn’t salvage his NFTs.

MetaMask encourages crypto fraud victims to come forward

A cybersecurity analyst at MetaMask, Harry Denley, lamented that terrible people take advantage of the space.

Malicious actors are attempting to capitalize on a lucrative market because new customers are often upbeat.Besides, the market potential is exciting and promising. Yet, most clients are not experienced with having complete control of such valuable assets.

Harry Denley

He went on to say that cybercrime is a worldwide enterprise worth multiple billions of dollars. Moreover, he stressed the significance of hacking victims coming forward, regardless of how much money they lost.

Nonetheless, traditional recovery requires protracted civil action that is frequently expensive. Besides, it comes with no assurance of successfully recovering funds. Working with Asset Reality, Alex Herman claims that recovering cryptos is complex due to its “pseudo-anonymous” nature.

The regulation of the end-user and the use of decentralized systems have taken precedence in cryptocurrency. On the other hand, traditional methods prefer to make transactions reversible and freeze accounts. According to Herman, dishonest actors can also use unclear techniques to make it more challenging to track down stolen funds.

MetaMask will request all necessary information about phishing websites, vectors, and funds lost in the event of fraud. Also, Asset Reality will manage the matter for MetaMask’s users who have been victims of the scam. They will construct an inquiry into each fraud activity and drive any conversation with the users.

MetaMask and Asset Reality seek to protect users. They plan to enhance their platform’s educational tools and other available services. Besides, the recovery measures that are already in place.

Crypto Analyst Lays Out Plan for Bitcoin Breakout, Says One Ethereum Rival Is Ready for Longs

Widely followed crypto analyst Michaël van de Poppe says a breakout is coming relatively soon for Bitcoin (BTC).

The crypto trader tells his 604,900 Twitter followers BTC is on the verge of a rebound and that two fundamental analysis (FA) factors will likely trigger it.

“Breakout is coming relatively soon for Bitcoin and if we combine that with FA, then we can clearly assume that;

– Jobless claims

– PCE [personal consumption expenditure] inflation 

Are going to be the trigger. If inflation slows down or jobless claims are fine, the FED might be slowing down the policy.”

Source: CryptoMichNL/Twitter
Source: CryptoMichNL/Twitter

Van de Poppe also lays out how he sees Bitcoin moving in the coming months.

“The plan on Bitcoin.”

Source: CryptoMichNL/Twitter

Moving on to Ethereum (ETH) rival Fantom (FTM), Van de Poppe says the layer-1 blockchain is ready for longs.

“This one played out nicely. 

Not a bad place for longs now.”

Source: CryptoMichNL/Twitter

The crypto trader next looks at Ethereum, which he says needs to break through $1,940 to continue moving upwards.

“Well, Ethereum got towards the range low.

The question will be whether we can bounce from here and break the $1,940 level. If that happens, I’m assuming we’ll continue $2,050.

If it doesn’t, then the markets are looking at <$1,800 probably.”

Source: CryptoMichNL/Twitter

Van de Poppe also evaluates the altcoin markets as a whole, which he sees dropping quickly.

“Overall weakness in the markets, as altcoins are dropping down heavily.

That will probably continue the coming period, unless the overall sentiment switches.

In that case, focusing on USD pairs until $BTC dominance tops out around 50-52%.”

Source: CryptoMichNL/Twitter
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Web 3.0 Revolution Requires Commercial-Grade Risk Mitigation to Accelerate Growth

Web 3.0 Revolution Requires Commercial-Grade Risk Mitigation to Accelerate Growth

The term “Web3” or Web 3.0 is becoming increasingly popular, especially among tech enthusiasts and blockchain technology and crypto fans. It will be the future of the internet.

The Web 3.0 revolution is well underway, and it will bring a plethora of new applications to a decentralized, blockchain framework. Blockchain technology and cryptocurrency are inextricably linked to Web 3.0. The defining feature of Web 3.0 is decentralization, which gives content creators greater control. Blockchain allows Web 3.0 to be more transparent and safe, while cryptocurrency eliminates intermediaries such as banks.

However, the infrastructure for large-scale commercial applications on the blockchain is still lacking among major oracles such as Chainlink. These services provide data to smart contracts on the blockchain, but they are not yet ready for prime time. This presents a major risk for businesses that want to adopt Web 3.0 applications. The lack of robust risk mitigation mechanisms could lead to significant losses for businesses that are not yet prepared.

The answer is to use smart contracts that are ready to face the significant commercial risks associated with Web 3.0 apps. People may avoid the dangers of the current oracle landscape by using smart contracts that are expressly tailored for big commercial applications. There’s a significant difference between small projects and major corporations because they need different levels of security. Enterprise applications entail more money on the line, necessitating a greater degree of protection.

A good example of a smart contract network that is equipped to handle large commercial risks is QED. QED is a decentralized oracle protocol that runs on the DelphiOracle platform. It connects numerous blockchain, off-chain data sources, and smart contract platforms. QED is secure, precise, sturdy, and fully decentralized, making it ideal for large-scale commercial applications.

Decentralised Oracles to Power DeFi Adoption

QED Network is an example of a decentralized Oracle protocol with a sound economic model that connects multiple blockchains, smart contract platforms, and off-chain data sources. It seeks to address the issues presented above in a variety of ways. To begin, the protocol is backed by external collateral and employs an economic incentive system to improve returns over time, improving the ecosystem’s health and token value.  As such, it is designed to avoid the common pitfalls associated with other oracle solutions.

QED also serves to minimize poorly performing Oracles by transferring fees to Oracles with excellent historical accuracy. In this way, only the most reliable Oracles earn a profit from the network. This creates an environment in which all Oracles have a vested interest in maintaining high-quality data.

The QED system token eliminates the danger of collusion and ensures that there is a decentralized unit of account for the system. This protects the network from any central points of control and forces all Oracles to compete with each other.

Other decentralized oracles are jockeying for position in this space, including Band Protocol, DIA, API3, DOS, and many others.

The Band protocol is another excellent oracle to keep an eye out for. This decentralized oracle platform delivers real-world data to dApps and smart contracts on the Ethereum and Cosmos blockchains, utilizing a distributed oracle network. It incentivizes its Validators in BAND tokens for obtaining external data on request, participating in consensus, and generating new blocks.

The Decentralized Information Asset (DIA) is a platform that allows users to publish, source, verify and exchange important information. It’s based in Switzerland and is open-source. This oracle platform aims to bridge the gap between blockchain and the natural world by delivering accurate real-time data that powers the DeFi ecosystem.

The DIA oracle network, like the Band Protocol, uses crypto incentives to encourage community participation. This open-source data feed publishing platform also encourages transparency by making its data feeds publicly available for audit if necessary. DIA has a lot of promise as the DeFi Ecosystem’s future massive expansion takes hold.

Fed Vice-Chair Presses for CBDC in US Amidst Market Stress

In a testimony before the Committee on Financial Services, Brainard called for “clear regulatory guardrails” to provide consumer and investor protection, uphold financial stability, and ensure a level playing field for competition and innovation across the financial system amidst the turmoil in the crypto market.

Call for a Digital Dollar

In the wake of recent events with the algorithmic stablecoin TerraUSD reducing to a few cents and Tether briefly de-pegging, the Vice-Chair said that a CBDC could establish financial system stability.

Brainard argued that a widely available CBDC could act as a substitute for commercial bank money. She added that this could potentially reduce the aggregate amount of deposits in the banking system. The economist also noted that a digital dollar would be attractive to risk-averse users during adverse market conditions.

With CBDCs becoming popular across different parts of the world, Brainard underscored the importance of understanding the impact of the potential absence or presence of a US CBDC on the use of the dollar in global payments. She added,

“..It is important for the United States to play a lead role in the development of standards governing international digital finance transactions involving CBDCs consistent with the norms of privacy, accessibility, interoperability, and security.”

While Brainard has taken a pro-CBDC stance, the Fed policymakers, in general, have remained divided on the entire debate. It recently concluded a three-month public consultation period soliciting feedback on the idea of a potential CBDC and has asserted it would not go ahead with a launch if it fails to receive clear support from the White House and lawmakers.

Comments

The latest testimony comes days after the Fed invited comments on a report investigating the future of a potential government-run digital dollar, met with significant opposition from the cryptocurrency industry as well as Wall Street bankers.

While outlining several disadvantages, Circle, the issuer of stablecoin USDC, responded to Fed’s report and said that risks from a potential digital dollar outweigh the potential benefits and argued that the latter is already being met by existing blockchain-based payment systems.

American Bankers Association also opposed the move. In a letter, the Washington-based trade association said that CBDC should only be pursued as a last resort to meet clearly defined public policy objectives that cannot be achieved through payment innovations that use existing digital dollars.

Solana Price Analysis: SOL/USD pair set to break above the $60 resistance level

Solana price analysis is bullish today as the digital asset looks to bounce back from a recent correction. The bulls have managed to push the price back above the $50 level and are now targeting a move towards the $60 level. Strong resistance is present at the $90 level and this is where the bulls will need to breakthrough in order to continue higher.

The Solana price is trading at $50 today and is up from yesterday’s low of $46. The digital asset has been on a strong uptrend over the past few weeks and has seen its price increase from $30 to highs of $90. However, the bulls ran into some selling pressure at this level and the price corrected lower.

The bears managed to push the price down to the $50 level where it found support and has since bounced higher. The bulls will now be looking to push the price back above the $60 level and continue higher towards the $90 level. Strong resistance is present at the $90 level and this is where the bulls will need to breakthrough in order to continue higher.

The RSI is currently trading at 55 which indicates that the market is in a bullish zone. The MACD is also bullish and is currently generating a buy signal. The bulls will need to break through the $60 level in order to continue higher towards the $90 level.

SOL/USD 4-hour price analysis: Latest developments

On the 4-hour Solana price analysis chart, the bulls have managed to push the price back above the $50 level and are now targeting a move towards the $60 level. Strong resistance is present at the $90 level and this is where the bulls will need to breakthrough in order to continue higher.

image 415SOL/USD 4-hour price chart source: TradingView

The Solana price analysis chart shows that the is trading at $50 today and is up from yesterday’s low of $46. The digital asset has been on a strong uptrend over the past few weeks and has seen its price increase from $30 to highs of $90. However, the bulls ran into some selling pressure at this level and the price corrected lower.

Solana price analysis for 24-hours: SOL market closes

On the daily Solana price analysis chart, the bulls have managed to push the price back above the $50 level and are now targeting a move towards the $60 level. Strong resistance is present at the $90 level and this is where the bulls will need to breakthrough in order to continue higher.

Solana price analysis
SOL/USD 1-day price chart source: TradingView

The RSI is currently trading at 55 which indicates that the market is in a bullish zone. The MACD is also bullish and is currently generating a buy signal. The bulls will need to break through the $60 level in order to continue higher towards the $90 level.

Solana Price Analysis Conclusion

The bulls are in control of the market and are looking to push the price back above the $60 level. Strong resistance is present at the $90 level and this is where the bulls will need to breakthrough in order to continue higher.

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.

Huobi Expands its Latin America Footprint By Acquiring the Bitex Crypto Exchange

Huobi Expands its Latin America Footprint By Acquiring the Bitex Crypto Exchange 2

Quick take:

  • Huobi Global has announced the acquisition of Bitex to expand its presence in the Latin America region that continues to embrace crypto.
  • Bitex, founded in 2014, is one of the first regional crypto exchanges in Latin America, providing services in Argentina, Chile, Paraguay, and Uruguay.
  • Huobi will integrate Bitex operations into its platform, with the latter retaining its brand and running independently.

The globally recognized digital assets platform of Huobi Global has announced the acquisition of the crypto exchange of Bitex to expand its presence in the Latin America region. Bitex is one of the first crypto exchanges in Latin America, having been founded in 2014, and has an extensive user network in Argentina, Chile, Paraguay, and Uruguay.

Latin America Has a Significantly Higher Crypto Adoption Rate

According to the team at Huobi, the crypto growth and adoption rate experienced in Latin America is one of a kind, experiencing a 1,370% rise between 2019 and 2021. Furthermore, the region has over 665 million residents, with Venezuela and Argentina leading the rest in the 2021 global crypto adoption index published by Chainalysis.

Jeffrey Ma, Global Head of M&A at Huobi Group, further elaborated on the region’s significance in crypto adoption through the following statement.

Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region.

We are pleased to partner with an established player like Bitex, as we look to grow our footprint in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity, and stability.

Bitex to Be Integrated into Huobi, But to be Run Independently

With the new acquisition, Huobi Global plants to integrate the crypto exchange operations of Bitex into its own, thus allowing the latter’s existing customers to access Huobi’s wide array of digital asset offerings. Once the integration is complete, Bitex will continue to be run independently by its current management team and retain its brand identity.

Bitex CEO Francisco Buero went on to add that the new acquisition will allow the exchange to serve its customers in the region better. He said:

Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America.

Having grown rapidly after eight years of successful operations, we believe our partnership with Huobi Global will not only support our expansion, but also help us better serve our customers, enabling them to access a broader range of digital assets on Huobi Global’s platform.

Additionally, Huobi Global’s strong track record in security will help safeguard our important mission as we continue to operate as a borderless exchange.

David Rubenstein: Congress Will Never Regulate Crypto

Despite a recent crypto executive order from Joe Biden and California announcing it’s going to examine crypto risks billionaire investor David Rubenstein says Congress isn’t likely to implement wide-scale regulation of the crypto industry.

David Rubenstein on the Future of Politics and Crypto

In a recent interview, Rubenstein said crypto – despite what many analysts claim – is not that different from many of the world’s other emerging new technologies, and as those technologies aren’t being subjected to mass regulatory tactics, he doesn’t think crypto will be placed in a separate category.

He stated:

Anything that comes along when people don’t really know what it is at the beginning – the Internet, e-commerce, Twitter, whatever it might be – it takes time for people to get used to it. Now, cryptocurrencies are well known. They’ve been around for quite some time, more than a decade.

Rubenstein also said one of the big reasons crypto has gotten so big in recent years is because young people seem to really be interested in it. They are not necessarily into trading stocks or precious metals, but they have really shown affection for bitcoin and its altcoin cousins. He says:

I think people who are younger tend to feel it’s a good investment or good to own some of it. Many younger people think people in my generation have managed to devalue the currency or have borrowed so much money that the currency isn’t worth what it’s supposed to be worth.

This is a sentiment echoed by Nicole Valentine, the fintech director of the Center for Financial Markets at the Milken Institute. In a recent statement, she commented:

Millennials and Gen Z are the influencer generations, and they’re also the social generations, the community generations, and it just makes sense that now they’re the crypto generations. So, with respect to fintech, the digital demand, the digitized demand in fintech is coming from the millennials and gen Z.

Rubenstein’s comments go against those of people like Gary Gensler, the head of the Securities and Exchange Commission (SEC). Gensler has always been a huge advocate for crypto regulation, mentioning not too long ago:

We need additional congressional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector.

There Will Be Resistance

Rubenstein concluded by stating that it would be a huge problem if regulation hit the industry. He said:

I think if the U.S. government said it was going to increase regulation – it’s talked about it for some time – you’re likely to get a firestorm from Congress. Congress has a lot of people who seem to like cryptocurrencies, or at least they are close to the people who like cryptocurrencies, and I suspect you’ll find a lot of resistance.

The post David Rubenstein: Congress Will Never Regulate Crypto appeared first on Live Bitcoin News.

Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

On-chain data shows the Bitcoin exchange whale ratio has remained at a high value recently, a sign that could be bearish for the crypto’s price.

Bitcoin Exchange Whale Ratio On Verge Of Entering “Very High Risk” Zone

As explained by an analyst in a CryptoQuant post, the 72-hour MA whale ratio is near 0.90, the very high risk zone.

The “exchange whale ratio” is an indicator that’s defined as the sum of top ten inflows to exchanges divided by the total inflows.

In simpler terms, this metric tells us what part of the total inflows are contributed by the ten largest transactions, which typically belong to the whales.

When the value of this indicator is above 0.85, it means whales occupy a very large percentage of exchange inflows right now.

As investors usually transfer their Bitcoin to exchanges for selling purposes, such a trend can be a sign that whales are dumping at the moment.

The indicator’s value usually remains above this threshold during BTC bear markets, or fake bull for mass dumping.

Related Reading | Bitcoin Trading Volume Plummets Down From Recent Top

On the other hand, values below the 0.85 mark usually signify that whale inflows are currently in a healthier balance with the rest of the market. The ratio’s value usually remains in this region during bull runs.

Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio (72-hour MA) over the past couple of months:

It looks like the indicator has been at a high value recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange whale ratio has a value of about 0.89 right now, above the 0.85 threshold.

According to the quant in the post, values above 0.90 may be considered the “very high risk” zone. So, the current value of the indicator is very close to that.

Related Reading | Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

In this month so far, the ratio’s value has almost always remained above the 0.85 line, with a couple of spikes above the 0.90 level.

The analyst believes whales are active right now due to the FED May Meeting Minutes, and if the ratio remains high in the near future, then it could spell trouble for Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $28.8k, down 2% in the last seven days. Over the past thirty days, the crypto has lost 30% in value.

The below chart shows the trend in the price of the coin over the last five days.

Seems like the price of the coin has plunged down over the last couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

‘Other flavors of Tether’ will bridge users to USDT: Paolo Ardoino

Through a peso-backed stablecoin, Tether is basically “recreating forex markets with Tether products,” Ardoino said.

Tether’s decision to launch a new digital asset pegged to the Mexican peso will be a boon to crypto adoption in the Central American country by providing more onramps to the USDT stablecoin, according to Paolo Ardoino. 

In an exclusive interview with Cointelegraph on the sidelines of the World Economic Forum summit, the Tether and Bitfinex chief technology officer said the reason he came to Davos was to showcase the utility of cryptocurrencies.

“I didn’t participate in Davos to meet CEOs of big banks,” he said. “We are here to send our message [that] there is a big world out there that needs crypto in a safe way.”

Tether has identified a growing demand for crypto and stablecoin products in Mexico, especially among businesses. To meet that demand, the company announced Thursday that it will launch a new peso-backed stablecoin on the Ethereum (ETH), Tron (TRX) and Polygon (MATIC) networks. Ardoino confirmed to Cointelegraph that “MXNT” pairs will begin trading on Bitfinex next week.

Describing USDT as a bridge to Bitcoin (BTC), Ardoino said he believes the dollar-pegged stablecoin will be successful in onboarding the next 2 billion crypto users. However, to bridge more people to USDT, his company must work with local banks by offering “other flavors of Tether.”

Related: WEF 2022: SWIFT probably won’t exist in 5 years, says Mastercard CEO

When asked about the prospect of Mexico adopting Bitcoin as legal tender, which became a distinct possibility after a Mexican senator advanced the idea of creating crypto regulations based on El Salvador’s BTC Law, Ardoino said he’s “bullish on the case that many countries will need, sooner rather than later, [to accept] Bitcoin.”

However, the path to Bitcoin becoming legal tender in Mexico will be more complicated than in El Salvador because the former already has an official currency. So, while Bitcoin may not achieve the status of legal tender in the near term, it could become a “de facto legal tender” that is used alongside the peso, he said.

Stellar Foundation Joins Effort To Create Digital Currency Pilot Project in Brazil

The Stellar Development Foundation (SDF) is partnering with a leading crypto exchange as part of a wide-ranging test program seeking to expand Brazil’s blockchain industry.

In a new press release, Stellar says it was selected along with the Mercado Bitcoin exchange as one of nine participants in the Challenge Real Digital project.

The project was created by the Central Bank of Brazil’s Financial and Technological Innovations Laboratory (LIFT) to explore possible use cases of a central bank digital currency (CBDC).

Mercado Bitcoin says it chose to work with Stellar due to SDF’s past experience with CBDCs and stablecoins, as well as the Stellar network’s “unique combination of speed, efficiency, security, and compliance.”

Mercado Bitcoin CEO Reinaldo Rabelo says of the alliance,

“We are in a consortium of companies that have the structure and ambition to build robust solutions for the financial market through blockchain technology.

Utilizing the Stellar network will allow us to deliver a complete case for evaluation by the Central Bank.”

SDF’s CEO Denelle Dixon adds,

“Stellar’s network is prepared to support Mercado Bitcoin and the Central Bank of Brazil as they explore use cases for the Real Digital’s future.

Stellar was designed for asset issuance, and its built-in compliance tools give Mercado Bitcoin a strong foundation to develop a solution with the features that [Central Bank of Brazil] expects to see.”

The non-profit SDF was created in 2014, with native token Stellar Lumens (XLM) used for staking as well as to pay for network services.

The Central Bank of Brazil provides information about all nine test projects here.

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Company Behind Tether (USDT) Launches New Stablecoin Pegged to Mexican Peso

The firm behind Tether (USDT) is adding another fiat currency-pegged token to its stable of international stablecoins.

According to a new press release, Tether Limited, the Hong Kong-based company behind the largest stablecoin by market cap, has started issuing MXNT, a new token pegged 1:1 to the Mexican Peso.

Citing data from crypto payments company TripleA, Tether says that the usage of digital assets in Mexico is ramping up, thus creating demand for a stablecoin like MXNT.

“Forty percent of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form making Mexico a prime location for the next Latin American crypto hub.

The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption. The creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.”

Initially, the new token will have support from leading smart contract platform Ethereum (ETH) and rival blockchains Tron (TRX) and Polygon (MATIC).

MXNT will join Tether Limited’s repertoire of fiat-pegged currencies which include dollar-pegged Tether itself, Euro-pegged Euro Tether (EURT) and the Chinese Yuan-pegged CNHT.

Says Paolo Ardoino, CTO of Tether,

“We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings.

Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.

Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.”

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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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Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

The stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron.

MXNT Stablecoin Is Pegged 1:1 to the Mexican Peso

The stablecoin and blockchain firm Tether has revealed it has launched a new fiat-pegged token that will join the company’s suite of stablecoins. Tether has launched MXNT, a stablecoin that is pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the U.S. dollar, and EURT, which is tied to the value of the euro. The company also offers CNHT, an offshore Chinese yuan-pegged token, and tether gold XAUT, a token pegged to the value of one ounce of fine gold.

Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

MXNT’s launch will officially start on Polygon, Ethereum, and Tron. Tether said it believes a digital peso will be quite beneficial to Mexico’s remittance industry. “The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption,” Tether’s announcement on Thursday details. The company added:

The creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.

Tether USDT is the largest stablecoin in existence today, as it currently has a market valuation of around $73.2 billion. The token’s market capitalization represents 5.77% of the $1.27 trillion crypto economy.

Out of the $86.43 billion in digital currency trade volume on Thursday, tether’s volume is around $45.42 billion, or 52.55% of today’s global trade volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trade volumes. Tether says the launch of MXNT will be a “testing ground for onboarding new users in the Latin American market.”

Paolo Ardoino, the CTO of Tether, detailed during the announcement that the company has seen digital currencies rise in popularity in Latin America. “We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.

The Tether CTO continued:

Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.

Just recently, Tether published the firm’s USDT May 2022 assurance report after the recent Terra blockchain UST fallout. Circle, the usd coin (USDC) stablecoin issuer, also released an assurance report in May and recently explained its plans to publish USDC attestation reports on a weekly basis.

What do you think about the stablecoin issuer Tether launching a token pegged to the Mexican peso? Let us know what you think about this subject in the comments section below.

Waves Backed Stablecoin of Neutrino Launches Community Incentives of up to $12k p.a. to Help Decentralize USDN Reserves

Waves Backed Stablecoin of Neutrino Launches Community Incentives of up to $12k p.a. to Help Decentralize USDN Reserves 3

Summary:

  • The team at Neutrino (USDN) has announced an incentive plan of up to $12k per year for its community members to decentralize its Waves (WAVES) reserves.
  • Earlier this month, Neutrino (USDN) suffered a depegging to as low as $0.748 and is currently trading below the $1 mark.

The team behind the algorithmic stablecoin of Neutrino (USDN) has announced an incentive plan to reward its community members for decentralizing its WAVES reserves.

According to the team at Neutrino, USDN is currently backed by roughly 40 million WAVES which are leased to two generating nodes, with half of the generated WAVES leasing profit being sent as rewards to USDN stakers and the other 50% sent to the smart contract to increase the USDN reserves.

The team wants to improve and decentralize this process and is therefore looking for crypto enthusiasts and community members ‘who are willing to run their own nodes for the needs of Neutrino to improve the reliability of the system and make their own interest.’

Virtual Servers Cost $720 per Year, and Participants Could Earn $12k p.a.

Furthermore, the team at Neutrino has calculated that participants can earn up to $12k per year by using a regular virtual server to run a node. Their calculations on potential earnings are as follows.

At the moment of the writing this article WAVES price is $6.2, this means that a node generates about 114 * 365 * 6.20 = $257,982.99 total leasing reward per year.

The participants of our program will make 5% of the total leasing reward, this means that you can make 257,982.00 * 0.05 = $12,899.10 per year.

Virtual server costs about $60 per month or 12*60=$720 per year. So, your profit is $12,179.10.

The Process of Decentralizing Neutrino’s WAVES Reserves

To note is that this is the first phase of the decentralization efforts of the USDN WAVES reserves, and the Neutrino team has provided the general process below.

  • The addition of participants will be gradual and on a one-by-one basis.
  • Maximum participants cannot exceed 80.
  • To begin, each participating node will get 1 million WAVES in leasing, with this amount changing in the future with the possibility of additional participants.
  • Participants will be combined in groups of 10 addresses to simplify the management of the leased amounts.

Phase two of the program will provide the Neutrino community the chance to govern the decentralization process by means of voting.

Neutrino (USDN) had Depegged Alongside UST and USDT

Earlier this month, the stablecoin of Neutrino (USDN) also suffered a depegging incident at the height of the crypto market jitters brought about by UST’s collapse.

Consequently, USDN depegged to as low as $0.748, signifying a 25% from the $1 mark. At the time of writing, Neutrino (USDN) is trading at $0.9734, pointing to a significant recovery of the stablecoin as highlighted by the following chart courtesy of Coinmarketcap.

Waves Backed Stablecoin of Neutrino Launches Community Incentives of up to $12k p.a. to Help Decentralize USDN Reserves 2
USDN Depegging in May 2022. Source, Coinmarketcap.com.

Former Binance Executives Launch $100M Fund for Blockchain Startups

Former senior executives at the leading crypto exchange, Binance, recently unveiled a $100 investment fund targeted at investing in Web 3.0 and blockchain projects.

  • According to a Thursday press release shared with CryptoPotato, the $100 million fund, dubbed Old Fashion Research (OFR), is a multi-strategy blockchain investment product founded in late 2021. It focuses on the metaverse and will help increase the pace of crypto adoption in various emerging markets.
  • Since its founding, OFR has mainly operated in stealth. Still, the fund has already invested in more than 50 blockchain projects and built a diversified portfolio across blockchain ecosystems and geographic markets.
  • It has also provided backing for several innovative projects focused on the metaverse and increasing blockchain liquidity and interoperability. These projects include WOO Network, Genopets, Metaverse Magna (MVM), ZetaChain, etc.
  • Leading the fund are Ling Zhang, the former vice president of M&A and Investments at Binance, and Wayne Fu, former head of corporate development at the crypto exchange. While at Binance, Zhang led some of the company’s most successful acquisitions and strategic investments, including FTX, WazirX, Multicoin Capital, Chiliz, and CertiK.

“We’re very excited to come out of stealth with our new fund and help build the next generation of Web 3.0 dApps. The OFR team has established solid knowledge and a wide range of experience across M&A, investment, and incubation from our previous successful portfolio building at Binance. Deep down, we are a group of passionate builders, and we are keen to seek founders who share the same long-term vision and passion for the crypto industry, and we are determined to grow with them together,” Zhang said.

  • The fund is backed by several limited partners, traditional VC funds, family offices, and angel investors both inside and outside the crypto ecosystem, with global gaming platform WEMIX leading the investment.
  • Per the release, Wei Zhou, the former CFO at Binance, will serve as OFR’s strategic adviser and investor. Additionally, the fund’s venture arm will be supported by Jiang Xin, who led Binance Labs‘ and Launchpad’s major investment deals, including Axie Infinity, Moonbeam, Alpha Finance, and others.

LUNA Eyes Gigantic Comeback As Crypto Exchanges Throw Their Weight Behind “Terra’s Rebirth”

Terra (LUNA) Sees Highest Percentage Of Fanfare Activity Since October — Emerges As Best Performer Of The Week

The Terra team has confirmed the launch of the upcoming Terra 2.0 network on Friday, May 27, 2022, with LUNA being airdropped to eligible holders of LUNC, USTC, and UST upon genesis.

According to a medium post dated May 26, the Terra team stated that it plans on distributing 30% of the LUNA airdrop “immediately” at Genesis to pre-attack users who had wallets that had less than 10,000 LUNA or who had deposited UST in Anchor, a lending and borrowing protocol. It would also airdrop the said assets to post-attack users with any quantity of LUNA and or UST before the attack before distributing LUNA to other eligible users.

Terra also stated that the new chain will support all assets, chains, bridges, and Centralized exchanges (CEXs), enabling those who receive their tokens to transact immediately. Following the announcement, crypto exchanges have responded.

Upbit, the largest crypto exchange in South Korea by traded volume stated that it will support Terra’s rebranding and airdrops. As per a Thursday announcement, the exchange said that “existing LUNA will be renamed to Luna classic (LUNC) and new LUNA tokens will be airdropped to existing LUNA holders.” To facilitate smooth distribution, the exchange also noted that it would suspend the withdrawal of LUNC (formerly Luna) from 19:00 Korean time on May 26.

FTX also said that it will support the LUNA airdrop and suspend LUNA and UST deposits and withdrawals today. The exchange however noted that details including timing, implementation, and amounts would be announced separately. 

Gate.io also announced its support for the migration, noting that LUNA and UST on the original would be renamed as LUNC and USTC respectively as per the governance proposal 1623 by the Terra team. As of writing, Gate.io has suspended LUNA margin borrowing and lending services and tuned perpetual contracts to reduce-only mode.

Later in the day, Binance, the largest crypto exchange globally also issued a statement backing Terra’s “rebirth” plan, noting that it “will support the rebranding of the Terra network to the Terra Classic network and its airdrop program.” The exchange proceeded to state that it would halt any transactions on LUNA and UST today before resuming on Monday, May 30.

On Wednesday, Binance tweeted that it was “working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment,” which explains the long delay to resume trading compared to other exchanges. Kucoin, Bitfinex, Bitrue, Huobi, and Bybit among others have also declared their support for the airdrop.

Meanwhile, Terraform Labs founder Do Kwon refuted a report on Wednesday that he had contacted the top 5 exchanges in Korea asking for a LUNC and USTC listing.

Ethereum-Based Gaming Project Rallies After Coinbase Announces Surprise Altcoin Listing

An altcoin fueling a play-to-earn metaverse game is seeing green after being added to the US’s largest crypto exchange.

In a new announcement, Coinbase says The Sandbox (SAND) will start trading on Coinbase Pro paired with Tether (USDT) once appropriate liquidity conditions are met.

The Sandbox is a virtual world where users can buy plots of land and create non-fungible tokens (NFTs) of avatars and other in-game assets. Native utility token SAND is built on Ethereum (ETH) and can be used for purchases, staking, and governance. The game also employs the tokens LAND and ASSETS for other purposes.

According to the project’s whitepaper,

“Players can build, own, and monetize their gaming experiences… Our vision is to offer a deeply immersive metaverse in which players will create virtual worlds and games collaboratively and without central authority.”

Back in March, the project revealed it was partnering with British banking giant HSBC to increase the presence of esports within the metaverse.

The Sandbox also inked a deal with Warner Music Group in January to create the metaverse’s first-ever music-themed world.

News of the Coinbase listing initially sent The Sandbox skyward by 21.7% from $1.24 to $1.51.

After correcting slightly, SAND remains up 8.03% on the day and is trading for $1.45.

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Ontology Price Prediction 2022-2030: How soon will ONT hit $10?

Ontology is a comparatively recent public blockchain that enables businesses with almost no cryptocurrency expertise to incorporate blockchain solutions into their operations. The Ontology network allows users to create public blockchains for various applications, getting the best from blockchain technology. With the capabilities for decentralized applications, the Ontology framework is positioned as a direct rival to Ethereum.

The Ontology framework includes two tokens: the Ontology (ONT) and Gas token (ONG). With the introduction of the Ontology MainNet in2018, the Ontology Token was launched, and it acts as a kind of remuneration for users to the network. More information on ONG may be found as you read this blog. On this Ontology price prediction, you will learn more about the coin’s fundamentals and follow a carefully analyzed ONT price prediction.

Today’s Ontology price is $0.272325 with a 24-hour trading volume of $28,626,380. Ontology is down 4.96% in the last 24 hours. The current CoinMarketCap ranking is #130, with a live market cap of $238,351,927 USD. It has a circulating supply of 875,249,524 ONT coins and a max. supply of 1,000,000,000 ONT coins.

Evolution of Ontology

OnChain, a Chinese startup, developed the ONT network in 2017. The OnChain crew launched the platform led by specialists Erik Zhang, Jun Li, and Da Hongwei. OnChain is also recognized as the developer of the NEO blockchain.

Evolution of Ontology

Ontology Overview

Ontology Overview
CoinSymbolPriceMarketcapChangeLast 24hSupplyVolume (24h)
ontology
Ontology
ONT
ONT$ 0.273030$ 238.93 M5.08%875.25 M$ 26.38 M
Ontology Price Prediction 2022-2030: How soon will ONT hit $10? 1
Source: CoinMarketCap

ONT Price Prediction History

Collaboration with the government

The network was created to allow companies to use blockchain technology without requiring significant modifications to their existing systems. The creators intended to ease the process of incorporating blockchain technology and make blockchain usage accessible to everyone.

No ICO

ICOs are the most popular way for new blockchain companies like Ontology to raise money. This platform, however, did not hold an ICO. Instead, the creators distributed ONT tokens for free (a practice known as “airdropping” in the crypto industry) to anybody who signed up for their weekly newsletters.

Collaboration with NEO

Because the same firm that created Ontology also created the NEO blockchain, they thought it would be good to link the two. They accomplished it by enlisting the assistance of the NEO community to promote Ontology and increase its acceptance. As a result, they distributed free ONT tokens to all NEO holders at the launch.

Collaboration with NEO

Primary applications of Ontology

Because Ontology has a dual-system system, its primary currency is the Ontology Token, abbreviated ONT. The ONT first went up for sale in the cryptocurrency market in the 1st quarter of 2018, and its supply will never exceed one billion coins. The rationale behind the one-billion-dollar limit is unclear. Nevertheless, it is thought that ONT was built primarily for private purposes and that ONT and NEO are intended to operate like slices of a shared tech stack.

Ontology- A Decentralized Identity Framework and its Wide Applications

Furthermore, several properties are reserved for the foundation, innovators, and fintech organizations. Because Ontology collaborated with the far more prominent NEO blockchain, the value of ONT has risen since its original introduction. Its price at the moment of the launch was a bit more than $2.50.

NEO Blockchain is a supporter of this innovation.

What is the ONT Coin?

The web demonstrates that the Ontology framework is targeted at the general public to prevent obstacles between the finance firm and the blockchain. The franchise sector may utilize Ontology and blockchain technologies with no prior understanding of shared networks.

Upon the Chinese’s creation of Ontology in 2017, there are still no methods for companies to incorporate blockchain into initial structures with no significant blockchain expertise.

In addition, the existing trust platforms suffer a lot of challenges. Blockchain capacities: Secured data value, ineffective identification, and inadequate privacy security.

Fundamental analyses

Mainnet was just launched, and work on the NFT platform, and wallet improvements have begun. New collaborations are gaining traction. Staking and coin economy — Provision of 1,000mn ONT and ONG, with an ONT current circulation rate of about 63 percent and a market cap of $800 million. Its current price is $0.914. it has a trading volume of $108million while its circulating supply is 875 million ONT.

A buyback from the open market was just completed. There have been no burning incidents, and the supply is constant. Staking generates the ONG utility coin, which is transferable and then used to pay the gas charge.

Overall, the analyst believes that ONT/BTC has broken through a critical level; a retest is likely to affirm an S/R flip, enabling a retreat entry.

Ontology Technical Analysis

Ontology Price Prediction 2022-2030: How soon will ONT hit $10? 2

The Ontology price analysis has experienced a fluctuating movement in the last few days. However, with the volatility decreasing. Moreover, as the volatility closes, it makes the value of the cryptocurrency less volatile to change. As a result, the upper limit of the Bollinger’s band rests at $0.42, serving as the most substantial resistance for ONT. Contrariwise, the lower limit of the Bollinger’s band rests at $0.18, serving as the strongest support for ONT.

The ONT/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the support and resistance are closing in, indicating decreasing volatility with massive chances of shifting towards a positive trend. Hence, the price moves upwards towards increasing characteristics.

The Relative Strength Index (RSI) score appears to be 39, showing the cryptocurrency’s stability. It falls in the undervalued region. However, the RSI score follows an increasing movement signifying an expanding market and gestures toward stable dynamics. The rising RSI score indicates selling activity inferior to buying activity.

The Ontology price analysis shows bearish momentum with bullish opportunities. Moreover, the bulls have shown their deterrence and might take control of the market soon for the long term as the market shows massive signs of any change. Therefore, according to this analysis, Ontology is expected to have a promising future, with the bulls taking the bears completely out of the picture.

Ontology Price Prediction 2022 – 2030

Digital Coin Price

The Ontology price projection for 2022 is $1.18 at Digitalcoin, while the Ontology price estimate for 2025 is $2.03. These forecasts imply increases of 70% and 193 percent, respectively. When the measures are added up, 13 indicate a sell strategy, six indicate a purchase strategy, and seven indicate neutral.

Trading Beasts

By the end of 2022, the price of Ontology might be as high as $1.14 or as low as $0.72. According to their average Ontology price projections over the next year, the ONT price might be $0.92.

Trading Beasts’ Ontology price prediction forecasters anticipate a 2022 cap of $1.14, which is almost 65 percent higher than the coin’s current trading value.

Price Predictions.net

Taking a longer look, PricePrediction.net now has the Ontology price estimate for 2030 at $23.44. The price objective for 2022 is the same as for Digitalcoin, however, the price forecast for 2025 is higher at $3.53.

Cryptopolitan

Ontology Price Prediction 2022-2030: How soon will ONT hit $10? 3
Ontology Price Prediction 2022-2030: How soon will ONT hit $10? 4

Ontology Price Prediction 2022

According to our in-depth technical analysis of historical ONT price data, the price of Ontology is expected to reach a minimum of $0.29 in 2022. With an average forecast price of $0.30, the ONT price may reach a maximum of $0.34.

Ontology Price Prediction 2023

In 2023, the price of the Ontology forecast is expected to reach a minimum of $0.42. Throughout 2023, the Ontology price might reach a maximum of $0.51, with an average price of $0.43.

Ontology Price Prediction 2024

According to the Ontology price forecast price and technical analysis, the price of Ontology will reach a minimum of $0.60 in 2024. With an average trading price of $0.61, the Ontology price equal to a maximum value of $0.72 is expected.

Ontology Price Prediction 2025

In 2025, the price of one Ontology is predicted to reach a minimum of $0.83. Throughout 2025, the ONT price might reach a maximum of $1.04, with an average price of $0.87.

Ontology Price Prediction 2026

In 2026, the lowest probable price for ontology is expected to be $1.20. According to our research, the ONT price might reach a high of $1.43, with an average anticipated price of $1.23.

Ontology Price Prediction 2027

According to our in-depth technical analysis of historical ONT price data, the price of Ontology is expected to be about $1.80 in 2027. With an average trading value of $1.86 in USD, the Ontology price may reach a maximum of $2.09.

Ontology Price Prediction 2028

According to the Ontology price projection and technical analysis, the ONT price is predicted to cross an average price level of $2.79 in 2028, with a minimum price value of $2.69 expected by the end of this year. Furthermore, ONT has a maximum price of $3.15.

Ontology Price Prediction 2029

According to the Ontology price projection and technical analysis, the ONT price is predicted to pass an average price level of $4.29 in 2029, with a minimum price value of $4.18 expected before the end of this year. Furthermore, ONT has a maximum price of $4.73.

Ontology Price Prediction 2030

According to the Ontology price projection and technical analysis, the ONT price is predicted to pass an average price level of $6.30 in 2030, with a minimum price value of $6.12 expected by the end of the current year. Furthermore, ONT has a maximum price of $7.09.

Ontology Price Predictions by Industry Influencers

Earlier this month, Ontology launched its Ethereum virtual machine into the mainnet. This will enable cross-chain operability between Ontology and Ethereum network. Ontology announced a $10M fund for developers creating dAPPs on ontology during the launch.

Wing Finance congratulated Ontology for the move, which will help Wing finance to extend its lending services into the Ethereum Virtual Machine.

As we migrate to Web3 we have an opportunity to create a safer, fairer, more decentralized internet. By launching our EVM, Ontology is contributing to this vision by increasing cross-chain interoperability, as well as expanding our decentralized identity solutions to mainstream developers within EVM-based ecosystems through our EVM Fund. The fund hopes to contribute to the creation of a decentralized, secure, and fully interoperable metaverse. For this reason, it will put a specific focus on metaverse and Web3 projects. The Ethereum network is an essential connection for Ontology given its extensive support of smart contract creation and decentralized application development, not least its position as a leader within the DeFi space and its extensive portfolio of world-class developers.

LiJun, Ontology Founder

This move will increase the utility of its coins and attract more volume from the EVM integration. This will likely lead to investors consolidating more Ontology tokens, which will push Ontology’s price higher.

Conclusion

As you can see, the Ontology Coin team is pushing forward with advancements like sharding (a popular scalability solution being investigated by other projects like Ethereum to enhance a blockchain’s ability to scale or actually control mass usage), as well as multi and cross-chain blockchain solutions to truly unlock new value for businesses all over the world.

When combining analysts’ ONT price forecasts with chart analysis, the cryptocurrency appears to have relatively moderate returns.

Please keep in mind that this post is just intended to be informative and does not represent financial advice. Before investing, you should always conduct your own research and never invest money that you cannot afford to lose.

FAQs about Ontology

Is ONT worth investing in?

Yes, the Ontology price will rise, and it will be a solid investment, according to our price projection and technical analysis. The Ontology price is now about $0.6, but by December 2022, it will have increased.

What is Ont coin used for?

The staking tool is Ontology Coin (ONT), and the time and cost of staking, as well as the operational costs of the nodes, are considered inputs. Ontology Gas (ONG) is a value-anchoring toll mechanism for on-chain apps that makes on-chain transactions easier.

Where can I sell ONT?

Signing up for an altcoin exchange is the quickest method to sell ONT for Bitcoin or Ethereum, so you can cash out sooner. Due to their large volume and liquidity, Bitcoin and Ethereum are two of the most commonly acknowledged cryptocurrencies, making them simpler to access.

How to buy Ontology

Compare different cryptocurrency exchanges. A cryptocurrency exchange is the most convenient way to purchase Ontology. Create an account, which will need you to authenticate your identity and email address. Purchase Ontology after making a deposit.

How do I exchange Ont?

To begin, open ONTO and go to the “Assets” section. Then, in the token list, touch on ONT.

Step 2: To begin the swapping procedure, tap the swap symbol in the upper right corner.

Step 3: Tap “Swap now” after entering 1-9 integral numbers in the field.

Goblins Flip Bored Apes in 24 Hours to Become the Top Collection

 
The grotesque creature-themed Goblin Town non-fungible tokens (NFT) project has flipped the popular NFT project Bored Ape Yacht Club (BAYC) to become the top collection in terms of sales volume over the past 24 hours.
The project has recorded nearly USD 8.5m in sales over the past day, up by just below 1,000% compared to the day before (by 11:15 UTC on Thursday), according to NFT data aggregator CryptoSlam....
Read More: Goblins Flip Bored Apes in 24 Hours to Become the Top Collection

Ethereum price dips below the $1.8K support as bears prepare for Friday’s $1B options expiry

Looming macroeconomic concerns and this week’s $1B ETH options expiry threaten to pin Ethereum price under the $1,800 support.

Ether's (ETH) performance over the past three months has been less than satisfying for holders and the 50% correction since April 3 caused the altcoin to test the $1,800 support for the first time since July 2021.

Ether/USD 1-day chart at Kraken. Source: TradingView

Due to the volatility in stocks, investors had been seeking shelter in the United States dollar and on May 13, the DXY index reached its highest level in 20 years. DXY measures the USD against a basket of major foreign currencies, including the British pound (GBP), the euro (EUR) and the Japanese yen (JPY).

Moreover, the five-year U.S. Treasury yield reached its highest level since August 2018, trading at 3.10% on May 9 and signaling that investors demand larger returns to compensate for inflation. In a nutshell, macroeconomic data reflects risk-averse sentiment from investors and this partially explains Ether's downturn.

Further creating panic among Ether traders was a seven-block chain reorg on Ethereum's Beacon Chain on May 25. A valid transaction sequence was knocked off the chain due to a competing block getting more support from network participants. Fortunately, this situation is not uncommon and it might have emerged from a miner with high resources or a bug.

The main victims of Ether’s 11% price correction were leverage traders (longs) who saw $160 million in aggregate liquidations at derivatives exchanges, according to data from Coinglass.

Bulls placed their bets at $2,100 and higher

The open interest for the Ether’s May monthly options expiry is $1.04 billion, but the actual figure will be much lower since bulls were overly-optimistic. These traders might have been fooled by the short-lived pump to $2,950 on May 4 because their bets for the May 27 options expiry extend beyond $3,000.

The drop below $1,800 took bulls by surprise because virtually none of the call (buy) options for May 27 have been placed below that price level.

Ether options aggregate open interest for May 27. Source: CoinGlass

The 0.94 call-to-put ratio shows the slight dominance of the $540 million put (sell) open interest against the $505 million call (buy) options. Nevertheless, as Ether stands near $1,800, every bullish bet is likely to become worthless.

If Ether's price remains below $1,800 at 8:00 am UTC on May 27, none of the $505 million call options will be available. This difference happens because a right to buy Ether at $1,800 or higher is worthless if Ether trades below that level on expiry.

Bears aim for a $325 million profit

Below are the three most likely scenarios based on the current price action. The number of options contracts available on May 27 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

  • Between $1,600 and $1,700: 0 calls vs. 230,000 puts. The net result favors the put (bear) instruments by $370 million.
  • Between $1,700 and $1,800: 50 calls vs. 192,300 puts. The net result favors bears by $325 million.
  • Between $1,800 and $2,000: 3,300 calls vs. 150,000 puts. The net result favors the put (bear) instruments by $280 million.

This crude estimate considers the put options used in bearish bets and the call options exclusively in neutral-to-bullish trades. Even so, this oversimplification disregards more complex investment strategies.

For instance, a trader could have sold a put option, effectively gaining positive exposure to Ether above a specific price, but unfortunately, there's no easy way to estimate this effect.

Bulls should throw the towel and focus on the June expiry

Ether bears need to sustain the price below $1,800 on May 27 to secure a $325 million profit. On the other hand, the bulls' best case scenario requires a push above $1,800 to reduce the damage by $45 million.

Ether bulls had $160 million leverage long positions liquidated on May 26, so they should have less margin to drive the price higher. With this said, bears will undoubtedly try to suppress Ether below $1,800 ahead of the May 27 options expiry.

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.

Bitcoin Rapidly Declining to $22k or $20k Seems Probable, Says BTC Analyst

Bitcoin Rapidly Declining to $22k or $20k Seems Probable, Says BTC Analyst 5

Summary:

  • Bitcoin could be gearing up for a rapid drop to $22k or $20k, where macro support lies.
  • Bitcoin options data shows that traders are loading up on hedges in the event of another leg down.
  • Bitcoin has been struggling to maintain its value above $30k.
  • The weekly Bitcoin chart further points to more weakness that could lead to a meltdown to the 200-week moving average around the $22k price area.

Bitcoin (BTC) could experience a rapid decline to $22k or $20k. This is according to an analysis shared by popular BTC analyst, MagicPoopCannon, who also explained that Bitcoin is currently trading below the 61.8% retracement level of the entire bull market. Magic also pointed out that $22k to $20k was an area of macro support for Bitcoin.

He shared his analysis of the likelihood of a Bitcoin drop to the levels mentioned above through the following statement and accompanying chart.

#BTC is falling below the 61.8% [retrace] of the entire bull market, in what may be the beginning of the next major leg lower. I do see a technical case for a rapid decline to $22,000 or $20,000, before new support is found, if a leg down gains steam

Bitcoin Rapidly Declining to $22k or $20k Seems Probable, Says BTC Analyst 3
Bitcoin is trading below the 61.8% retracement of the bull market. Source, @MagicPoopCannon on Twitter

Bitcoin Options Data Suggests Investors are Anticipating Another Leg Down

Similarly, an analysis by the team at Bloomberg concluded that Bitcoin options data suggests that investors are anticipating another leg down for BTC. According to their research, the put-to-call ratio of BTC has hit a one-year high of 0.72, meaning Bitcoin traders are loading up on hedges in the event of another dip to lower levels.

Josh Olszewicz, head of research at Valkyrie Investments, further explained that the global financial macro environment was another reason investors were bearish on Bitcoin. He said:

[It] signals cynicism in the markets with rising bearish sentiment…Given the macro situation globally, and the near uniform risk-off trade currently dominating most asset classes, traders have followed suit with their Bitcoin strategies.

Bitcoin’s Weekly Chart Confirms the Possibility of a Drop to the 200-week MA at Around $22k

Further consulting the weekly Bitcoin chart below, it can be deduced that BTC is in a clear downtrend and looks set to retest the 200-week moving average (green) in the days ahead. The latter moving average also coincides with one of Magic’s targets of $22k.

Bitcoin Rapidly Declining to $22k or $20k Seems Probable, Says BTC Analyst 4

1inch Network Partners With Binance-Backed Travala

1inch Network – the decentralized exchange aggregator platform – has announced a partnership with Travala. As part of the latest step, the Binance-backed travel agency will add the 1INCH token as a payment option on its platform.

  • As per the press release shared with CryptoPotato, the integration will allow 1INCH token holders to book more than 2.2 million hotels and homes, over 600 airlines, and other activities in 230 countries.
  • They will also be able to access various travel products by Travala.
  • Following the development, Sergej Kunz, 1inch Network co-founder, said that mass adoption of the company’s products and solutions is the top-most priority of the aggregator.
  • Kunz expects that the integration would create a new utility for the 1INCH token while offering exposure to many potential users.
  • Juan Otero, Travala.com CEO commented,

“In continuing our commitment towards mass cryptocurrency adoption, we’re very excited to partner with the 1inch Network to champion the growth of the crypto community and to bring a new use case to 1INCH. The team impressed me with their vision for their business, and I have no doubt that we will see them making waves in the crypto community.”

  • 1inch Network recently rolled out a spot price aggregator to extract data for assets traded on decentralized exchanges on the blockchain. The end goal of the tool is to solve information-related tasks and would support DEXs on – Ethereum, Binance Smart Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain.
  • Earlier this year, the protocol also launched a new investment tool dubbed “1inch Earn” that focuses on incentivizing liquidity providers.

Bitcoin price analysis: BTC spikes below $29,000, swiftly returns to the previous consolidation area

Bitcoin price analysis is bullish today as we have seen a strong spike to $28,000 support and a quick reaction back into the previous consolidation area. Therefore, we expect more upside later today, potentially to retest the $30,000 previous local high.

Bitcoin price analysis: BTC spikes below $29,000, swiftly returns to the previous consolidation area 1
Cryptocurrency heat map. Source: Coin360

The market has seen a swift drop over the last 24 hours as the previous support levels could not stand anymore. Bitcoin traded with a small gain of 0.13 percent as a swift recovery followed, while Ethereum is still 3.41 percent in the red.

Bitcoin price movement in the last 24 hours: Bitcoin breaks out of the previous consolidation

BTC/USD traded in a range of $28,261.91 to $29,972.64, indicating strong volatility over the last 24 hours. Trading volume has increased by 36.68 percent, totaling $36.14 billion, while the total market cap trades around $562.825 billion, resulting in market dominance of 45.3 percent.

BTC/USD 4-hour chart: BTC return to $30,000

On the 4-hour chart, we can see bullish momentum regaining control as a strong reaction higher followed the drop that was seen during the middle of the day.

Bitcoin price analysis: BTC spikes below $29,000, quickly returns to the previous consolidation area
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a lot more consolidation over the past ten days as the market was indecisive on where to move next. With clear support formed at $29,000 and resistance at $31,000, BTC/USD retested both during the last days.

However, a slightly lower local high was set yesterday around $30,000, indicating a potential break lower incoming. Overnight, sellers slowly piled in, taking BTC to the critical $29,000 major support.

Break lower did indeed follow as a quick spike to $28,000 was seen during the middle of the day. Over the following hours, a quick reaction higher was seen back above $29,000, potentially indicating that more upside is to come.

Overall, a clear bearish signal has been seen in the market. Once BTC sets another lower local high, we expect more downside to be tested by the end of the month.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen a swift drop to $28,000 being met with a strong reaction higher. Therefore, more upside can be expected, likely to set another lower high.

While waiting for Bitcoin to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.