Bitcoin should surpass $100000 by the end of 2021

TL;DR Breakdown

• The BTC popularity plays a key role in its rise.
• It is believed that old traders block 20% of Bitcoin.

Bitcoin has remained volatile in recent weeks, prompting traders to change the way they invest in cryptocurrency. With this trend in Bitcoin, you can take a long-term and non-speculative approach day-to-day .

Cryptocurrencies are going through an incredible growth stage. While some people see Bitcoin and want to discredit it, you may need to see the graph. BTC has performed quite well in the last 12 months.

The BTC price soared in that period, although its capitalization fell after reaching its all-time high. In such a way, this fall in Bitcoin can be an investment opportunity because the cryptocurrency is gaining momentum. After this negative trend, BTC may hit $100000, leaving traders dumbfounded.

Bitcoin acceptance goes up

Bitcoin

Globally, BTC continues to gain ground, increasing its success as a decentralized currency. The Bitcoin acceptance has crossed borders, used as a form of payment in shops, physical stores, and online. This new use of cryptocurrency expands its value because many companies and freelance investors would join the game.

Several companies have bought thousands of dollars in BTC for a short-term investment. These transactions positively affect the cryptocurrency, giving it more credibility and trust.

Entrepreneurs like Elon Musk have also strengthened BTC by accepting payment methods with the token and buying a part of its shares. However, even without these companies, Bitcoin would maintain a good capitalization today.

Years ago, people did not understand crypto technology. Talking about “cryptocurrencies” was strange; even many believed that it was part of a scam. Now, with more than a decade since the creation of Bitcoin, the first cryptocurrency, many people are grateful for the technology.

It was not until recently that BTC was also taken as the digital currency for illegal businesses. It wasn’t easy to buy the cryptocurrency because the platforms with it were constantly hacked.

BTC has changed; today, it is used by various platforms that allow you to invest safely. Robinhood, Cash App, and Venmo dominate the market for their investment security for BTC.

Bitcoin and its long-term evolution

Pushing the BTC price is a simple method in supply and demand. As the BTC base is limited in its supply, it increases its demand for it eventually. The mining design also influences the BTC price by allowing a certain amount of tokens to be kept online.

At the beginning of the year, a news item became a trend; it was about a trader who invested a quarter of a trillion dollars at the beginning of Bitcoin. This person had neglected his Wallet, which prevented him from accessing the cryptocurrency tokens. What is impressive is that a good amount of BTC was held in that client’s Wallet.

All of these held BTC tokens also help in the current demand surge. According to analysis, at least 20% of Bitcoin tokens are blocked by investors.

Overall, BTC has hovered between $58500 and $60000 in recent weeks. The current trend is stable, although it has also experienced reputations in its graph. Crypto experts qualify these spikes as signs that BTC will hit a new all-time high, breaking the $60000 cycle.

But that $52600 drop that occurred recently worried traders. But there is no reason to panic because the uptrend in Bitcoin is back to the game.

The Bank of England Is the “Victim” of Various Bitcoin-Related Slogans

Someone has a serious attitude against the Bank of England. Either that or they just hate banks in general and happen to live in England. Thus, they are taking their anger out on the nearest centralized financial institution. This week saw the Bank of England repeatedly hit with laser messages that bashed traditional monetary systems while praising bitcoin.

The Bank of England Served as a BTC Billboard

Some of the messages read, “Fiat is the bubble, and bitcoin is the pin” and “Bitcoin fixes this,” implying that there are simply too many problems occurring in today’s monetary institutions and that bitcoin is the answer we have potentially been looking for. In addition to the Bank of England, messages were flashed across several other notable landmarks in the area such as the House of Parliament. Some of the other messages featured were, “Printing money is stealing from the poor” and “Money printer go brrrrr.”

As of late, there has been a great deal of hostility and anger towards how banks and political parties have been handling the coronavirus pandemic. While they may allegedly have their hearts in the right place by printing money constantly as a way of providing stimulus measures for suffering residents, many agree that the constant printing of fiat currency is only a short-term answer and could lead to even larger problems down the line.

For example, the constant printing of money could cause further inflation. In addition, the more stimulus measures are produced, the higher taxes go up in the future, which means many children – as they get older – will be stuck with the tax burdens these stimulus measures are likely to cause. While their parents are likely benefiting, it is their children that will wind up with the problem later, causing many people to ask the question, “Is this fair?”

Stimulus Measures Called Into Question

Furthermore, many of these stimulus measures are simply being produced on the front of trying to help residents who are suffering financially, though many of the stimulus bills passed in America, for example, are filled with superficial elements that serve no benefit to the country. Seriously… Why is the American Congress devoting tens of millions of dollars to gender studies in Pakistan? Especially when so many of the country’s businesses have shut down and people cannot pay their mortgages? Does this make any sense whatsoever?

The stimulus measures have been criticized by many leading financial experts including South African entrepreneur Elon Musk and billionaire investor Mike Novogratz, who says that Congress acts like money “grows on trees.” Either way, the person flashing the messages across the bank has yet to be identified, but it is clear they have great respect for bitcoin and seem to believe that the world’s number one digital currency by market cap can solve a lot more than even leading financial experts seem to give it credit for.

The post The Bank of England Is the “Victim” of Various Bitcoin-Related Slogans appeared first on Live Bitcoin News.

Another U.S. public listed company just bought $7 million in Bitcoin

MercadoLibre (Nasdaq: MELI), Latin America’s leading e-commerce technology company, has purchased a small amount of Bitcoin, as per a filing yesterday with the US Securities and Exchange Commission (SEC).

Saving grace

“A South American company protecting itself in terms of currency,” noted MacroScope, a pseudonymous trader popular in crypto circles on Twitter.

The Argentine company is incorporated and publicly traded in the United States and operates online marketplaces dedicated to e-commerce and online auctions. It did report losses in South America stemming from an overall poor economy but did not directly appropriate the losses with its purchase of Bitcoin.

MercadoLibre said it had purchased Bitcoin, the world’s largest cryptocurrency by market cap, as part of its treasury strategy. 

“As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets,” it said in the filing.

“We had foreign currency losses of $15.1 million, mainly attributable to the additional cost of accessing US dollars through an indirect mechanism in Argentina due to restrictions imposed by the Argentine government for buying US dollars at the official exchange rate,” the firm added in another part,

Argentina, fiat, disappointment, and Bitcoin

Argentinians have, in the past few months, turned to Bitcoin in huge numbers as their nation reels under an economic crisis. As CryptoSlate reported earlier this week, local residents look for new ways to offset inflation, and crypto exchange account signups are said to have increased tenfold.

The country’s GDP has declined by roughly 10% in 2020 while the economy has been in recession since 2018. Citizens are said to have historically invested their money in U.S. dollars in a bid to offset the inflation, but the latter has been spurring inflation fears of its own and Bitcoin has emerged as the safe choice.

As such, MercadoLibre joins the likes of business analytics firm MicroStrategy, electric carmaker Tesla, Chinese photo-editing app Meitu, and a few other publicly listed companies who have chosen to invest in Bitcoin over the past year.

A common narrative among the above—they have picked up billions of dollars worth of Bitcoin—is that of protecting against the inflation of fiat currency and choosing a deflationary asset to park funds instead.

The post Another U.S. public listed company just bought $7 million in Bitcoin appeared first on CryptoSlate.

BakerySwap, Syscoin and Utrust rally as altcoin season kicks into high gear

BAKE, SYS and UTC have secured triple-digit gains as large and small-cap altcoins capitalize on Bitcoin’s range-bound price action.

Bitcoin’s (BTC) institutional adoption shows no signs of slowing down. This week Latin America’s largest e-commerce company, Mercado Libre, disclosed that it had purchased $7.8 million worth of Bitcoin as part of its treasury strategy. 

Mercado Libre was not only in this decision, as Metromile Inc., a Nasdaq-listed digital insurer also said it plans to buy $10 million worth of Bitcoin in the second quarter of this year. Additionally, Metromile will soon start accepting premiums and paying out insurance claims in Bitcoin.

Crypto market data daily view. Source: Coin360

Data from Glassnode suggests that investors who purchased Bitcoin in late 2020 are HODLing their positions. This shows that investors have not hurried to book profits on their positions after the sharp rally and that they are not dumping their positions on every minor correction.

As Bitcoin attempts to stage a strong comeback, several altcoins continue to rally. Let’s focus on three such tokens that have been short-term outperformers.

BAKE/BUSD

The BakerySwap (BAKE) ecosystem caters to both the decentralized finance participants and the nonfungible token clientele. With over $28 million in NFT trading volume, BakerySwap is the leading NFT marketplace on the Binance Smart Chain.

The protocol announced the launch of Bakery Gallery on April 27 to attract artists and collectors to compete with the NFT platforms on the Ethereum network. The gallery was opened with an exclusive 3D event where 16 artists dropped their artwork. According to the protocol, most of the artwork was sold between $2,400 and $20,000.

BakerySwap launched the CAR initial decentralized exchange offering on May 5. The owners of the CAR token can convert it into a car NFT design and a lucky winner will get an opportunity to win a real Tesla. The token will be listed on BakerySwap AMM after the IDO and can be used for liquidity farming or trading on the NFT supermarket.

BAKE soared from $1.12 on April 25 to $8.49 on May 2, a 658% rally in eight days. Usually, such strong rallies are not sustainable. The relative strength index (RSI) above 88 on May 2 could have attracted profit-booking from traders.

BAKE/BUSD daily chart. Source: TradingView

The first support on the downside is the 38.2% Fibonacci retracement level at $5.67. If this support cracks, the BAKE/BUSD pair could drop to the 50% retracement level at $4.80 and then to the 20-day exponential moving average ($4.14). The deeper the fall, the longer it will take for the next leg of the uptrend to begin.

If the price rebounds off the current level, the bulls will try to push the price above $8.49. If they succeed, the pair could start its journey to $13.04.

Contrary to this assumption, if the bears sink the price below the 20-day EMA, it will signal that supply exceeds demand. The pair could then make a bottoming formation before starting a new uptrend.

SYS/BUSD

Syscoin (SYS) rolled out its Syscoin LUX release on April 30, which is a platform that supports fungible and NFTs including fractionalized NFTs, payments and non-custodial compliance. The protocol claims to support fast transactions at ultra-low costs and with the security of Bitcoin merge-mining.

Syscoin’s Notary feature enables token issuers to build smart contracts using external data sources to ensure the transactions are compliant with the built-in rules before they settle on the blockchain. According to Syscoin, this feature could be used to integrate tokens with existing financial markets.

On April 5, Syscoin announced a partnership with Quan and Elint, the largest blockchain development group in South America. This alliance will focus on business development and regional marketing. Syscoin also announced a collaboration with Klever on April 20, making it the chief mobile wallet of the Syscoin Ecosystem

In addition, the protocol had teased that a major announcement was due on May 6, which could have ignited investor’s interest. The announcement turned out to be an NFT marketplace on Syscoin.

SYS surged from $0.26 on April 25 to $0.90 on May 5, rising 246% in eleven days. The strong rally of the past few days had pushed the RSI above 79, indicating the rally was overextended in the short term.

SYS/BUSD daily chart. Source: TradingView

The bulls tried to resume the uptrend today but could not clear the overhead resistance at $0.90. This could have attracted profit-booking, resulting in a drop to the 50% Fibonacci retracement level at $0.58.

The bulls are currently trying to defend this support. A strong bounce-off it will suggest the sentiment remains positive and the buyers are accumulating on dips. If the bulls thrust the price above $0.90, the SYS/BUSD pair could start its journey to the next possible target at $1.22.

Contrary to this assumption, if the bears sink the price below $0.58, the pair could extend its decline to the 20-day EMA ($0.48). Generally, deep falls like these delay the start of the next leg of the up-move.

UTK/USDT

Cryptocurrencies have gone mainstream with the influx of institutional investors in the past few months. However, the use of cryptocurrencies for paying for goods and services is still limited as merchants are skeptical of the volatility.

Utrust (UTK) has made it attractive for the merchants to accept crypto payments by introducing reverse staking and compound yield, which is expected to go live soon. Uturst will use part of the fees paid by the merchant to buy UTK tokens and lock it up in a staking pool for a year. At the end of the period, whatever is in the pool will be given to the merchant.

If the merchant leaves their earnings with Utrust instead of converting them into fiat and keeping in a bank, they will get a 10% annual percentage yield on the value, which will be bumped to 12% if they opt to get paid in UTK tokens.

Utrust announced on April 20 that it has tied with SwissBorg to be the main partner for the compound yield program. In the past few days, the payment platform has onboarded Belgium-based Independent Tesla dealer Nikola Brussels and travel company Arburton to the Utrust ecosystem.

UTK rallied from $0.33 on April 25 to $1.06 on May 5, a 221% rally in eleven days. Traders seem to be booking profits near the psychological level at $1 as seen from the long wick on the candlestick on May 5 and today.

UTK/USDT daily chart. Source: TradingView

The bears will now try to pull the price down to the breakout level at $0.74. A strong rebound off this level will suggest the bulls have successfully flipped it into support. The buyers will then make one more attempt to resume the uptrend.

If the bulls drive the price above $1.06, the UTK/USDT pair could start the next leg of the up-move that could reach $1.47. The rising 20-day EMA ($0.63) and the RSI near the overbought territory suggest the bulls have the upper hand.

This positive view will invalidate if the bears sink the price below $0.74. Such a move will suggest that traders are no longer buying the dips. That could result in a drop to the 20-day EMA.

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.

SEC chair hints at greater regulatory oversight for US crypto exchanges

Gary Gensler said a regulatory framework for digital assets from the SEC or CFTC "could instill great confidence" for investors.

Recently confirmed U.S. Securities and Exchange Commission chair Gary Gensler punted to congress on providing more regulatory oversight to the crypto space, but also said the commission would act within its purview. 

In a virtual hearing held by the House Financial Services Committee today, North Carolina Representative Patrick McHenry asked Gensler what the regulatory body would be doing to ensure a “vibrant digital asset marketplace with legitimate money and the rule of law.” McHenry highlighted collaborations across regulatory agencies regarding digital assets and cryptocurrencies.

Gensler said the crypto market could benefit from “greater investor protector” within the Securities and Exchange Commission’s, or SEC’s, current authority around securities and other financial products. He added that he believed only the U.S. Congress had the power to address such regulatory oversight rather than having the commission overreaching its authority under his leadership.

“Right now, the exchanges, trading in these crypto assets, do not have a regulatory framework either at the SEC or our sister agency, the Commodity Futures Trading Commission,” said Gensler. “That could instill great confidence. Right now, there's not a market regulator around these crypto exchanges, and thus there's really not protection against fraud or manipulation.”

The hearing today was the third held regarding the controversy over GameStop stock shorts earlier this year. Lawmakers have been exploring allegations of market manipulation from Robinhood and major hedge funds in response to Redditors’ short squeeze of GameStop stock and others. The price of GME has been volatile since peaking at $469.49 on Jan. 28, falling to under $50, and since fluctuating between $100 and $300.

Senate members officially voted on Gensler’s nomination last month, meaning this was his first hearing on the GameStop controversy as SEC chair. During his confirmation hearings with the Senate Banking Committee, Gensler said he supported the SEC excluding Bitcoin (BTC) from its regulatory purview.

Dogecoin to go blank after hitting $1 – Mark Cuban

TL;DR Breakdown;

  • Doge to become stablecoin when it hits $1
  • Cuban sends message to Robinhood
  • How much Doge Cuban holds

Amidst the recent success and price surge experienced by meme crypto, Dogecoin billionaire investor Mark Cuban does not think too highly of the crypto.

In the past seven days, Dogecoin enjoyed an 81 percent surge making it climb from number six to number four largest crypto by market cap. The coin also hit a new all-time high price during the rise. However, Mark Cuban is not convinced.

The Dallas Mavericks owner and billionaire investor who spoke about Doge to his 8.3 million Twitter followers think the coin is headed straight for $1. Once it gets there, he says it’ll stay there.

“I kind of think that it might level off at $1 and become somewhat like a stablecoin, where you can use it, you can save it, it’s going to stay pegged,” Cuban said at a staple of the crypto community on Thursday.

Cuban’s reason why Dogecoin would peg at $1

The billionaire said that his prediction is based on the fact that he thinks Doge is easier to transact in, so it could behave more like a currency than Bitcoin. He also spoke about the fact that the eventual supply of the meme coin is not capped like Bitcoin.

Cuban emphasizes that so long Doge is used for something becomes more of utility as a currency.

Cuban’s message for Robinhood

The investor said regarding the meme coin to Robinhood that crashed after Doge’s rise that if they make Doge so easy to spend, they will crush it, and the coin would have a spectacular future, he notes.

Cuban, after addressing Robinhood, then spoke about his crypto holding, revealing that he owns just thousands in Doge and not millions like people think.

“People think that I own millions of dollars worth of Dogecoin, I don’t,” he said. “I own what was spent with the Mavs and some I bought with my son.

Ethereum marks a new milestone in its price rising to $3600

TL;DR Breakdown

• Ether has increased in value by 385% in 2020.
• Ethereum is gearing up for an update in July that will mark a new milestone.

Ethereum is the second most valuable decentralized currency on the market. This cryptocurrency once again set a record in its value reaching $3616.10, which increased its speculation. This new milestone caused many merchants to turn their gaze to its technology which is on the rise.

In the Bitstamp Exchange cold wallet, the cryptocurrency rose 4.0%, achieving a value of $3568.92. While Ether rose, other cryptocurrencies such as Bitcoin fell 0.3%, capitalizing at $57353.03. This new decline in Bitcoin would mark 11% in total from its all-time high when it reached $64895.22 in mid-April.

Ether goes up in spite of market decline

Ethereum

The Ether rise occurs due to the decline of other cryptocurrencies and the statements of its investors. From Elon Musk, Tesla’s SEO, to Stanley Druckenmiller, creator of Wall Street, they have talked about ETH These potential investors bring the cryptocurrency to life, encouraging other traders to invest in it.

Konstantin Anissimov, Director of CEX.IO, said: “Ethereum has maintained that positive momentum, showing a phenomenal series of all-time highs these weeks.”

However, Ethereum’s update with EIP 1559 has also helped in its capitalization. This proposal attempts to improve the ether token by reducing supply and improving its overall functionality. This improvement would be included by the end of July, and although it has not arrived, it has positively affected its value.

Many cryptographers have weighed in on the EIP 1559 update and agree to say it “will bring a wave of gains in cryptocurrency.” With these abrupt changes, Ethereum technology can reach new levels in its value, which will attract more investors. Without a doubt, July will be the month of mystery for Ethereum and everything points to an upwards trend.

Ether follows the Dogecoin uptrend

However, there is an uptrend in various classes of decentralized currencies. Dogecoin meme has also shown a good reputation in its value this week. Dogecoin marked a milestone in its category by rising 24,000% less than a year when it became popular. Something that associates Doge with Ether is that they share a similar investor, Elon Musk, which has increased their value.

The current rally of cryptocurrencies points to three favorites, Bitcoin, Ethereum, and Dogecoin, that reached a significant position. Although what will happen to decentralized currencies in the coming months is subjective, they may attract many investors.

Both Ethereum and Dogecoin have the strength to increase in value before the year is out. Bitcoin retains its position as the number one currency in the crypto market.

This is news that could encourage you to invest in Ethereum due to its most recent streak on the chart. In the next few hours, Ether could continue to consolidate or even have a higher rise in value.

Number of Bitcoin ATMs Explode Worldwide in New Sign of Adoption

Bitcoin ATMs are exploding worldwide, new data from Coin ATM Radar shows.

From just 7,756 in May 2020, teller machines supporting cryptocurrencies balloons to 19,452 as of May 2021.

The majority of the machines are located in the US. The number of crypto ATMs installed in the country is now 16,378, up from just 5,635 in May 2020.

According to Bitcoin Depot it has already installed over 2,500 crypto ATMs worldwide, most of which are located in the US. Last month alone, it launched 355 new machines in the US and now expects growth of 200% this year.

The Atlanta-based company credits the surge of crypto ATMs to the increasing popularity of cryptocurrency transactions and digital assets going mainstream.

In Canada, Coin ATM Radar says Bitcoin ATMs increased from just 718 last year to 1,362. Europe also saw an increase in installations from 1,142 to 1,306 over the same one-year period.

Source: Coin ATM Radar

Installations in the UK are declining, though. From 274 in May 2020, the country now has only 181 crypto teller machines.

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The post Number of Bitcoin ATMs Explode Worldwide in New Sign of Adoption appeared first on The Daily Hodl.

Cardano (ADA) Staking Live on the US-Based Kraken Exchange

The veteran US exchange Kraken has added Cardano (ADA) staking as of May 4th. This comes amid the growing interest in the cryptocurrency, the price of which has been on a roll since the start of the year.

  • Staking in the cryptocurrency world requires the token holders to lock a certain amount of coins based on the proof of stake algorithm or any of its varieties. As such, they receive the right to vote and participate in the governance of the network and get rewards in new coins.
  • The trend has been gradually increasing in popularity among investors, and numerous crypto exchanges started offering such services.
  • The San Francisco-based veteran trading venue Kraken announced the addition of Cardano (ADA) on its staking platform yesterday. The firm said, “by staking ADA through Kraken’s market-leading staking service, you will take your place among the decentralized community of supporters helping to secure the Cardano network.”
  • As previously reported, Cardano reached full decentralization at the end of March when the entire community consisting of over 1,800 pools became responsible for 100% of the block production.
  • Kraken users would have to add the ADA tokens into the exchange’s staking wallet as the service went live at 21:00 UTC on May 4th. According to the statement, the rewards will be paid out on a regular schedule – weekly – with “no waiting or lockup period.”
  • The rewards will be between 4% and 6%, which Kraken described as “one of the highest returns in the industry.”
  • Users will also be able to “quickly” exit from the staking position by transferring tokens from the staking wallet back to the spot address.

Why DogeCoin Flipping XRP Is Extremely Alarming

Why DogeCoin Flipping XRP Is Extremely Alarming

When DOGE bulls put on their seat belts and drove bullishly to new levels, XRP had to give way for the meme coin to take the 4th position. At the time of this report, Dogecoin is valued at a market price of $0.58, having gained by 95% in 7 days.

Dogecoin is still very much in the green zone, but only a while back, the market was way more heated. DOGE rose over 37% in the last 48hrs, bringing a weekly price increase to 147%.

Why DogeCoin Flipping XRP Is Extremely Alarming
DOGEUSD Chart By TradingView

This makes Dogecoin one of the highest gainers within the last fourteen days. For the first time ever, the crypto asset hit $0.69, before declining slightly to $0.67. DOGE’s market cap also hit $87 billion, making it larger than FedEx and many other stocks.

DOGE overtaking XRP is a huge deal

Dogecoin overtaking XRP is quite alarming to analysts whose sentiments are equally mixed. The meme coin has been one of this year’s best performers. With this speed, DOGE could very easily hit $1 this year; a price mark that the community has been anticipating since last year.

For some Bitcoiners, DOGE overthrowing XRP is a sign that the altcoin season has reached its peak and that Bitcoin could retrace its step back to the limelight.

Meanwhile, the CEO of Binance has been quite bullish on Doge. He took to Twitter recently to say he underestimated DOGE.

Edward Moya, a senior market analyst at Oanda is suspecting that institutional players are to be credited in part for the asset’s upsurge.

“The Dogecoin bubble should have popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher,” Edward noted.

As we predicted in our last report, Moya opines that it is likely that the asset will jump, following Elon Musk’s SNL price performance and market players are hoping to tap from this price pump. 

“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.” he added.

FBC Fund Has Tripled Investors’ Earnings Thanks to RJVX13 Algorithm

Within several months the FBC Fund has significantly increased its parameters, and thereafter, the profit of investors. There are 2 reasons for that. The first one is a significant growth of almost all cryptocurrencies’ rates over the past few months.

The second reason is that the Fund has updated and optimized its famous stock market prediction algorithm – RJVX13.

FBC (Finance and Business Capital LTD) is best known for its unique proprietary algorithm that allows you to predict the short-term behavior of the stock market and cryptocurrency quotes. The Fund is also known for its early investments in Defi sector projects. FBC has brought its investors more than 1,000% over the past year.

And last but not least – just recently the Fund has removed any restrictions on the deposit and withdrawal of funds for citizens of any country. The company is planning to open offline representative offices not only in its home country – the UK but also in other countries.

 

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of NewsBTC. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, NewsBTC does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

Coinbase stock plunges to record low, further decoupling from crypto

The stock was down by as much as 6.5%, even as the overall cryptocurrency market reached new all-time highs.

Shares of Coinbase Global Inc. tumbled to fresh lows on Thursday, as Wall Street investors continued to cycle out of high-flying tech stocks. The cryptocurrency market, meanwhile, reached a record valuation over $2.4 trillion. 

COIN stock bottomed at $255.15, where it was in danger of breaching the $250 reference price on the eve of its public listing on Apr. 14. After an explosive debut, COIN has been on a downward trajectory. The company now has a total market capitalization of $48.7 billion, which is roughly half of the $100 billion top it achieved last month.

Coinbase's volatile post-IPO journey. | Chart: TradingView

Mike Bailey, director of research at FBB Capital Partners, told Bloomberg that the selloff of Coinbase was largely due to the formation of a “mini-bubble” that is now in the process of bursting. He explained:

“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers.”

However, Bailey’s assertion that crypto is nursing a ‘bad hangover’ is misplaced, given the relative outperformance of the asset class this year. Since January 1, the cryptocurrency market has more than tripled, with the likes of Bitcoin (BTC), Ethereum (ETH) and many other leading altcoins hitting fresh records.

Of course, crypto is not without extreme price volatility. The market shed hundreds of billions of dollars between Apr. 17-23 as Bitcoin slipped to around $47,000, a key level of support. A swift recovery brought Bitcoin back above $50,000 and eventually $57,000, where it currently resides.

COIN’s selloff in recent days mirrors a similar decline in the technology-heavy Nasdaq Composite Index. The Wall Street benchmark index has recorded five consecutive declines and is down in seven of the last eight trading sessions. After closing at a record high of 14,138.78 on Apr. 26, the Nasdaq Composite has declined over 4%.

Solana-based NFT raises $3 million in seed funding

TL;D Breakdown

  • Burnt Finance raises $3 million in seed finance
  • What Burnt Finance aims to do with raised funds
  • Solana success last week

Solana-based NFT Project minting and auction protocol, Burnt Finance has raised $3 million in a seed funding round. 1Burnt Finance raised the money via a private token sale round, Burnt Banksy, the pseudonymous founder of the project, revealed to The Block.

Alameda Research led the round. Multicoin Capital, Mechanism Capital, DeFiance Capital, Vessel Capital, HashKey, Spartan, Polygon COO Sandeep Nailwal, Terra CEO Do Kwo, and others also were participants at the funding round.

What Solana-based NFT, Burnt Finance aims to do with funding

The Solana-based NFT firm (Burnt Finance) revealed that the $3 million raised in the funding round would accelerate the protocol development and launch new NFT collaborations “with several prominent artists, Burnt Banksy an artist said.

The artist is popularly known for burning and creating an NFT of an original Banksy piece. He sold a piece, “Morons,” earlier this year for around $400,000on the OpenSea platform. His other painting, “Love Is In The Air,” is going on an auction next week at Sotheby’s, and the auction house will accept bitcoin and ether for a physical artwork for the first time.

The Solana-based NFT firm also intends to support synthetic assets through its Solana-powered minting and auction protocol. The protocol is currently in the beta phase and is anticipated to launch in Q3 2021.

Solana,’s massive success last week

Last week, the entire Solana ecosystem enjoyed massive success as the project continued to record a rise in the number of DeFi and dApp projects built on the platform.

It also experienced an increase in the price of its native token (SOL), which rallied by 13.8 percent over the week. Solana also announced a global hackathon that would focus on DeFi (decentralized Finance), NFTs (non-fungible tokens), and Web3 solutions.

The event, which Solana says was launched after the success of their DeFi Hackathon, will feature top personalities in the blockchain space as judges. These personalities include Sam Bankman-Fried (CEO of FTX), Jeremy Allaire (founder of Circle), Bobby Ong (COO of CoinGecko), Unica Yin (investment director at Huobi DeFi Labs), and many others.

They see ETH rollin’: Why did Ether price reach $3.5K, and what’s next?

Attention is firmly on the short-term future of Ether after Ethereum's native cryptocurrency surged to new all-time highs above $3,500.

The next few months promise to be exhilarating and decisive for Ether (ETH), as its recent all-time highs above $3,500 put an even bigger spotlight on the cryptocurrency and its smart contract blockchain, Ethereum.

As the cryptocurrency markets continue to grow five months into 2021, both the preeminent Bitcoin (BTC) and a host of other blockchain projects and tokens have soared in value, chief among them being Ether. The second-biggest cryptocurrency by market capitalization has enjoyed a buoyant fortnight that has seen it rise to new heights.

Indeed, ETH went on a late-April surge, backed by several key factors that have led to a rapid price appreciation across cryptocurrency markets. The booming decentralized finance sector coupled with the burgeoning nonfungible token, or NFT, space have been attributed as major reasons for ETH’s price boom, as these technologies are mostly based on the Ethereum blockchain. However, the importance of the recently implemented Berlin upgrade and bullish ETH options traders has helped push the price of the network’s token even higher.

The booming price of ETH has also led to renewed talk of a fabled ETH–BTC “flippening,” which would see Ether overtake Bitcoin as the most valuable cryptocurrency by market capitalization. While that is still a long way off, as Ether's $411-billion market cap is worth just 39% of Bitcoin’s $1.06-trillion market cap, ETH is increasingly catching up.

This is evident in the sheer amount of capital that is being poured into Ether by investors. CoinShares recently estimated that institutional investment managers and firms hold around $13.9 billion in ETH, with $30 million worth of ETH purchased in the last week of April and around $170 million bought over the past calendar month.

The question on the minds of cryptocurrency traders, “hodlers,” Ethereum proponents, DeFi and NFT users, and the wider community is fairly obvious: What lies in store for ETH over the next few months, and can the network keep up with the demand?

Speculatively bullish?

Maria Paula Fernandez, adviser to the board of directors of Golem Network — a protocol built on Ethereum’s second layer that facilitates computational resource sharing — told Cointelegraph that the next few months promise to be exciting given the growth up until this point.

While she was cautious to give an outright price prediction for ETH, Fernandez believes that the upcoming changes to the network will pave the way for further growth in value across the Ethereum ecosystem: “I’m in as much awe as everybody else, so out of abundance of caution, I’m having a hard time making predictions, but I can definitely say that $10k ETH is no longer a pipe dream but something that’s likely to happen.”

Fernandez agreed that the price of ETH could certainly go higher in the next two months leading up to the deployment of the hotly debated Ethereum Improvement Proposal 1559, which will form part of the London hard fork.

While the looming EIP-1559 will play an integral role, Fernandez said that Ethereum’s utility has already been proved as a better solution for various financial tools and that this is a key driver of the price of ETH. “The NFT fever coupled with 2020’s DeFi summer brought in swathes of new users and they are here to stay.” She added further:

“Now, 2021 has been proving to be the year of Layer 2 solutions, which alleviated the challenges with Ethereum’s scalability, and that, together with the incredible improvements on UX on the application layer which makes it easier to use an Ethereum-based app than, say, online banking, clearly proves ETH as fuel and as hard money for the open finance ecosystem.”

Nikhil Shamapant, a retail investor and medical resident, recently published a research report titled “Ethereum, The Triple Halving” in which he presented arguments for why he thinks ETH could see a meteoric rise in value to around $150,000 by 2023.

When asked by where ETH could be headed in the next couple of months leading up to the London hard fork, Shamapant provided Cointelegraph with an extremely bullish, and admittedly speculative, prediction for the smart contract blockchain’s native token:

“It definitely can go much higher, I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits. I think we’ll head up to that $10-25k range, hit a lot of supply and could see some big drawdowns and consolidation at that point.”

Shamapant’s lofty long-term price prediction for ETH does need to be put into context. If the price of ETH were to hit $150,000, the market cap of the cryptocurrency would be around $17 trillion, considering that there is 115,764,316 ETH in circulation. Unlike Bitcoin’s finite supply of 21 million BTC, there is no supply cap for Ether, which is part of the reason that the network is looking to implement EIPs that introduce some sort of deflationary mechanism, like EIP-1559 — but more on that later.

As Shamapant unpacks in his report, things may well be ramping up as of May, but the current price of ETH and the burgeoning use of NFTs and DeFi could well be the catalyst of some serious growth for an ecosystem that he believes is still undervalued:

“NFTs and DeFi have shown a clear use case, but we’re still in the early innings. NFT quality is going to go up dramatically, DeFi usability will improve with scalability improvements to ETH2.0 — and yes, ETH is dramatically undervalued in this context.”

Fernandez gave a more subtle take on the current valuation of the Ethereum ecosystem and its native token, admitting that the network is finally realizing its potential, which is reflected in the price of ETH: “I don’t feel the network is undervalued. It was definitely undervalued before, and throughout the bear market — but I think right now it’s getting the recognition and visibility that it deserves.”

London looming on the horizon

The London hard fork of the Ethereum blockchain is expected to take place in July and will introduce EIP-1559. The upgrade has been both contentious and highly anticipated due to the changes it’s set to make to the structure of fees paid by users and earned by miners.

As Nick Johnson, lead developer of Ethereum Naming Service — a naming service for Ethereum wallets — explained to Cointelegraph, EIP-1559 will make some important changes to how fees are calculated and paid for on the blockchain:

“It [the London hard fork] will include EIP-1559, the much-anticipated rework of the transaction fee market, which will have a huge impact on user-experience sending transactions on a congested network. It will also make it possible for smart contracts to fetch the ‘base fee’ — effectively, the gas cost of the current block — which will make projects such as gas-price-derivatives and tokens possible.”

The major reason that EIP-1559 has also been labeled contentious is the built-in ETH burn mechanism that will destroy some of the Ether used to pay the associated transaction fee. This has had Ethereum miners up in arms, as receiving transaction fees has traditionally been an important incentive for miners to maintain the network by confirming transactions and bundling them into blocks.

Although EIP-1559 has met some opposition from miners, the upside promised by the reduction in fees will likely positively impact the price of and raise even more interest in Ether, which have both been nothing short of astronomical with DeFi platforms and decentralized application usage exploding in recent months.

Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa’s Inter-Regional Trade

Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa's Inter-Regional Trade

South African venture capitalist, Michael Jordaan, recently suggested that a single decentralized cryptocurrency may be the solution that brings great benefits to inter-regional trade and investment in Africa. According to Jordaan, who is also the former CEO of one of South Africa’s leading banks, FNB, such a single African currency “would go a long way to make borders matter less.”

Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa's Inter-Regional Trade

A Decentralized Currency for Africa

However, in his tweet on April 27, Jordaan offers his take on why he sees crypto (and not fiat) as the solution that unlocks the “most under-penetrated payments market in the world.” Jordaan tweeted:

Imagine a day when Africa has only one currency. (Such a currency) will make it so much easier to trade with each other and invest across the continent. Cannot see all/ most of the countries agreeing on a central bank or a monetary policy. More likely to be a decentralised cryptocurrency. But which one?

Nevertheless, the venture capitalist concedes that such a decentralized cryptocurrency has to be an “African or global stablecoin, which is not as volatile as say bitcoin or ethereum.”

Benefits of a Single Currency

Meanwhile, a local report quotes the venture capitalist further expanding on this idea and how countries benefit. For instance, Jordaan states that since the 55 African countries have 41 different currencies, it means that payments are slow, expensive and that both importers, as well as exporters, face exchange rate risk. However, when African countries adopt a single decentralized currency, such problems are eliminated.

In addition to boosting inter-regional trade and investment, a decentralized currency will stop individual states from “raiding their own central banks by printing money and causing inflation.”

While it is seemingly unlikely that African governments will embrace Jordaan’s plan any time soon, the venture capitalist, however, says he will keep dreaming of an Africa that trades with itself – like Europe and Asia – instead of relying on foreign aid.

Do you agree with Jordaan’s sentiments that Africa needs a single decentralized cryptocurrency? You can share your views in the comments section below.

Bitcoin exchange Kraken to probe user accounts after U.S. court dictum

The U.S. Internal Revenue Services, the country’s main body responsible for collecting taxes and administering the Internal Revenue Code, will probe users of crypto exchange Kraken after a court order, news outlet Reuters said this morning.

The IRS is seeking information about taxpayers who conducted at least $20,000 worth of transactions in cryptocurrency from 2016 to 2020, the Department of Justice said in a statement. A federal court passed the order on Wednesday.

“Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer”, acting Assistant Attorney General David Hubbert of the Justice Department’s Tax Division said in the statement.

Kraken slapped by John Doe

The so-called “John Doe Summons” has been imposed and would seek identities of U.S. taxpayers who have used cryptocurrencies on Kraken. The exchange is one of the largest in the country and processes over $4 billion worth of crypto trades daily.

The summons is used by the IRS to obtain personal information about all taxpayers from a specified description, which in this case, means all those who traded over $20,000 worth of cryptocurrency on Kraken.

As such, Kraken’s not the only crypto business to have received such an order. Back in 2016, fellow US exchange Coinbase was served with a John Doe Summons — with the IRS obtaining information of 13,000 Coinbase users.

In another recent incident, crypto exchange Circle was targeted by the IRS to identify the U.S. taxpayers who transferred $20,000 or more via transactions that involved cryptocurrencies between 2016 and 2020.

“Tools like the John Doe summons authorized today send the clear message to U.S. taxpayers that the IRS is working to ensure that they are fully compliant in their use of virtual currency,” said IRS Commissioner Chuck Rettig at the time.

Hard on crypto

Meanwhile, the moves come on the back of the IRS announcing a special task force to identify hidden cryptocurrency transactions earlier last year in a special project called “Operation Hidden Treasure.”

As per earlier reports, the IRS claims to have employed individuals trained in blockchain analytics and identifying crypto transactions to determine whether a certain address has engaged in tax evasion or not. Talk about decentralization.

The post Bitcoin exchange Kraken to probe user accounts after U.S. court dictum appeared first on CryptoSlate.

Kimchi Premium on the Rise Again, Can it Pull BTC Out of Consolidation ?

Bitcoin price is currently consolidating just above $57,000 with its market dominance on a continuous decline, currently at 44.41%. Bitcoin registered a sharp correction of over $17k, falling from an ATH of $64,863 to a monthly low of $47,159. The price of the top cryptocurrency has recovered nearly half of the losses, currently 12% short from testing its previous ATH.

Kimchi premium and Coinbase premium have proven to be important market indicators this bull season, where the price of Bitcoin starts selling at a premium price in Korean markets amid growing demand. This creates a price difference between US markets and the Korean market known as Kimchi premium. Kimchi premium registered a significant drop during the last sell-off dropping to negative, but it is on the rise again as it rose to a monthly high of 11%.

Bitcoin this year has set a price pattern where it has risen to an all-time-high (ATH) every month for the past five months, followed by a sharp correction ranging between 12%-27% and then 2-3 weeks of consolidation before starting the next leg. The consolidation phase has gotten longer with each new ATH as we are entering into the fourth week of consolidation since the last ATH.

Can Rise Kimchi Premium Pull BTC Out of Price Slumber?

With every new price correction, many have declared Bitcoin price top, but most of them overlook the on-chain fundamentals and growing adoption which doesn’t seem to stop for now. The on-chain suggest that exchange outflows have continued despite the consolidation phase, at the same time more public listed companies keep buying Bitcoin that is only going to deplete the already acute market supply of the top cryptocurrency.

Bitcoin has risen to a new ATH proving those predictions wrong. The rising kimchi premium could be the first bullish indicator for the next leg of the bull run.

The post Kimchi Premium on the Rise Again, Can it Pull BTC Out of Consolidation ? appeared first on Coingape.

Flippening? Record $10B Ethereum futures volume briefly outpaces Bitcoin’s

The volume on Ethereum futures flipped Bitcoin's after hitting a new record at $10 billion, and derivatives data suggests further upside for Ether price.

In the past 30 days, Ether (ETH) price decoupled from Bitcoin (BTC) to post a 67.5% gain, while the leading cryptocurrency price has barely moved. Ether's $3,605 all-time high on May 5 was responsible for boosting the asset's futures open interest to $10 billion.

This movement brings up some crucial questions as the dominance of Bitcoin's derivatives markets appears to be challenged at the moment. On May 4, Ether's aggregate futures volumes surpassed Bitcoin's for the first time in history.

Ether and Bitcoin aggregate futures volume, USD. Source: Coinalyze

Volume data from Coinalyze shows that $2.6 billion CME Bitcoin futures traded, along with $1.1 billion in CME Ether futures on May 4. However, Ether's aggregate volumes led by $87 billion versus Bitcoin's $81 billion.

Some might argue that volumes aren't as relevant as open interest, which is a fair assessment. Open interest represents the total number of contracts in play, regardless if they have been traded on a specific date. In that sense, Bitcoin still has double Ether's $10 billion futures open interest.

Ether futures aggregate open interest, USD. Source: Bybt

The above chart shows Ether futures mind-blowing 117% increase in two months. It is also worth noticing CME's contracts reaching a $460 million open interest, a seven-fold increase since March.

Ether's soaring futures volume signals increasing interest from traders

To assess whether the market is leaning bullish, one should analyze its premium. The premium measures the price gap between futures contract prices and the regular spot market. This indicator is commonly referred to as basis and should indicate a 10% to 20% annualized premium.

The stablecoin lending rate is the main reason behind this discrepancy, as futures participants are withholding settlement by opting for derivatives contracts.

OKEx 3-months ETH futures basis. Source: Skew

The chart above shows that Ether's futures premium peaked at 45% in mid-April and has since normalized near 25%. This data is very encouraging as it signals that there is not extreme optimism despite the Ether price reaching back-to-back all-time highs.

While some analysts will interpret this data as a 'glass half full,' others might say it represents a lack of conviction from professional traders. Regardless of the viewpoint, it is important to account for the impact of the carry trade, which negatively pressures the basis indicator.

Investors aiming for a fixed-income trade will short Ether futures contracts while simultaneously buying spot Ether.

Overall, there seems to be healthy growth in Ether's futures markets, regardless of how one interprets the data.

As for an eventual Bitcoin open interest 'flippening,' this seems a long way from happening. Either way, the overall increase in cryptocurrency derivatives is beneficial for the market.

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.

Federal Reserve Bank Publication Says DeFi Has Unleashed ‘Wave of Innovation’

The Federal Reserve Bank of St. Louis says decentralized finance (DeFi) has “unleashed a wave of innovation” that could create a more transparent financial infrastructure in the future.

DeFi is an umbrella term for a broad push to create crypto-based projects that automate and remove middlemen from traditional financial services like borrowing and lending, derivatives, margin trading, and insurance.

In the reserve bank’s quarterly review, Fabian Schär, a professor of distributed ledger technologies and fintech at the University of Basel in Switzerland, highlights both the potential and risks of DeFi.

Schär argues that DeFi smart contracts decrease counterparty credit risk and increase the efficiency of financial transactions. He also says the transparency of DeFi applications could provide easily accessible data that could help thwart undesirable financial events in the future.

Additionally, the professor notes that DeFi could open up the financial system to the world at large.

“By default, DeFi protocols can be used by anyone. As such, DeFi may potentially create a genuinely open and accessible financial system. In particular, the infrastructure requirements are relatively low and the risk of discrimination is almost inexistent due to the lack of identities.

If regulation demands access restrictions, for example, for security tokens, such restrictions can be implemented in the token contracts without compromising the settlement layer’s integrity and decentralization properties.”

Despite DeFi’s potential, Schär also argues that the sector is vulnerable to several risks that people should be aware of. Smart contracts can contain errors that put funds at risk of attack, compromised admin keys can cause the smart contracts to be compromised and high transaction fees and long confirmation times can favor wealthy individuals and hurt the DeFi ecosystem, according to the professor.

Schär also says the term “decentralized” can be deceptive.

“Many protocols and applications use external data sources and special admin keys to manage the system, conduct smart contract upgrades, or even perform emergency shutdowns. While this does not necessarily constitute a problem, users should be aware that, in many cases, there is much trust involved.

However, if these issues can be solved, DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure.”  

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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 Federal Reserve Bank Publication Says DeFi Has Unleashed ‘Wave of Innovation’ appeared first on The Daily Hodl.

South America’s Largest E-Commerce Company Adds $7.8M Worth of Bitcoin to its Balance Sheet

Mercado Libre – the leading fintech and e-commerce company in Argentina – has joined other large corporations in holding BTC on its balance sheet. The institution revealed it purchased $7.8M worth of the cryptocurrency.

Another Company to Buy BTC

Purchasing the primary cryptocurrency and adding it to their balance sheets seems like a growing trend for many of the world’s largest companies lately. As revealed earlier this year, the electric vehicle giant Tesla, the payment firm Square, and the software company MicroStrategy were among the most recognizable names to enter the Bitcoin community by buying considerable amounts.

The latest to join the BTC bandwagon is the leading e-commerce organization in Latin America – Mercado Libre. The company filed a document with the SEC showing it has bought bitcoin worth $7.8 million in the first quarter of 2021. Mercado Libre, which trades under the initial of MEDI on Nasdaq, has a market capitalization of more than $76 billion.

The company revealed that buying portions of the primary cryptocurrency is part of its treasury strategy:

”As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets.”

Interestingly enough, soon after the firm revealed the BTC purchase, its stocks increased by more than 1%.

Mercado Libre’s BTC Endeavors

Mercado Libre’s investment marks the second pro-bitcoin approach undertaken by the company in recent weeks. As CryptoPotato reported last week, the company enabled people to buy numerous properties, apartments, houses, townhouses, lots, land, and other estates in the capital Buenos Aires alongside major cities such as Cordoba and Santa Fe using the primary cryptocurrency.

Moreover, the e-commerce institution outlined the growing role of digital assets and especially in the Latin America region where crypto adoption still falls behind compared to other areas. Mercado Libre also organized a webinar in which it educated viewers on how to efficiently interact with cryptocurrencies. Another mission of the conference was to create a crypto inspiration effect on the local residents.

eBay Says It Is Considering Accepting Crypto Payments

Popular bidding and auction website eBay has announced that it is “open” to the idea of utilizing bitcoin payments in the future. This does not mean that eBay has said yes right away. Rather, it is only considering the prospects of crypto payments for goods and services and will ultimately decide down the line.

eBay Says It Is “Open” to BTC Payments

Either way, considering how large eBay really is, this is a massive step forward, and bitcoin and its altcoin cousins are now even closer to potentially achieving mainstream and legitimate status. During a recent interview, Jamie Lannone – the CEO of eBay – explained:

You know one of the great things about our managed payments is we are expanding the types of payments that we take, so we now take Apple pay and Google pay, more choice for buyers. We will continue to look at more options like cryptocurrency. One of the great things about eBay is that when there is a new trend, it just shows up on eBay. That is what we are seeing in areas like NFT, which we are looking at how we can explore that better.

Initially, bitcoin and cryptocurrencies were designed to be utilized as payment methods. They were created to officially knock credit cards and fiat currencies to the side one day, but unfortunately, this dream has not been realized in a timely manner largely due to the volatility of crypto assets. These currencies go up and down faster and more often than the sun, and to say that retailers and store owners are scared to accept crypto payments would be an understatement.

If you buy $50 worth of merchandise with bitcoin for example, and then the price of bitcoin goes down and turns that $50 into $30, you still walk away with everything while the store loses money.

However, we are now seeing a wide array of largescale companies – such as Tesla – begin to open the door to crypto payments for goods and services, and we can only hope that this trend continues so crypto can achieve the mainstream status it has always longed for.

Won’t Happen Right Away

A spokesperson for eBay made it clear that the plans to integrate crypto payments will not happen in the immediate future. Right now, executives are currently in the early stages of deciding, but that the public will be made aware should anything change. The spokesperson said:

We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but [cryptocurrency] is something we are keeping an eye on… We are currently looking at a number of ways to innovate in this space and we are excited about the underlying capabilities and how blockchain-driven collectibles bring trust and authenticity, key components of a marketplace, to the digital space.

The post eBay Says It Is Considering Accepting Crypto Payments appeared first on Live Bitcoin News.

Crypto on the casino floor? Las Vegas resort partners with Gemini

Some Las Vegas casinos have only been allowed to return to full capacity this week.

A Las Vegas casino-resort which aims to open for business next month has just partnered with major cryptocurrency exchange Gemini.

In an announcement today, Resorts World Las Vegas said it would be allowing customers to use their Gemini wallets “to enhance the integrated resort experience.” President Scott Sibella said the move was part of an effort to integrate “innovative technology conveniences” across the resort.

Gemini co-founder and CEO Tyler Winklevoss hinted that patrons would be able to convert fiat into crypto at the resort, meaning that some may have the ability to win at a casino game, then invest those funds into digital currency. Major slot machine manufacturer International Game Technology received a patent earlier this year for a system that would enable gamblers to transfer crypto from their accounts into a “gaming establishment account.”

Online activity on gambling websites significantly surged during the pandemic as many casinos were forced to reduce capacity or shut down entirely — only this week have some Las Vegas resorts been allowed to return to 100% capacity after a significant number of employees had received the COVID-19 vaccine. Cointelegraph reported in November that the Winning Poker Network had seen an increase in demand from players to be paid in Bitcoin (BTC) prior to the crypto asset surpassing $20,000.

The Chinese-themed casino-hotel — built at a cost of more than $4 billion — is expected to open to the public on June 24.

Moma Protocol Announces $2.25M Funding Round to Create Infinite Liquidity for DeFi Lending Markets

Moma Protocol Announces $2.25M Funding Round to Create Infinite Liquidity for DeFi Lending Markets

Moma Protocol, a proprietary solution designed to meet the growing demand for speculation in Defi lending markets and liquidity scalability, has announced the completion of a $2.25 million round of funding led by Fundamental Labs and SevenX Ventures.

According to the firm, other investors that took part in the round of funding include Waterdrip Capital, AU21 Capital, BuildingBlocks, Consensus Investment, Blocksync Ventures, Magnus Capital, FBG Capital, Coins Group, Spark Digital Capital, Zee Prime Capital, Lotus Capital, Moonwhale Ventures, DFG Capital, Finlink Capital, Moonrock Capital, Oasis Capital, and X21 Digital.

In a press release, Moma Protocol’s Founder and CEO, Ocean Liao said that the company is working towards expanding and scaling the Defi infrastructure in the next decade. “I believe that the goal that Moma Protocol wants to achieve is to create an expandable, scalable, and flexible infrastructure for the DeFi world in 5-10 years, in a way that everyone can freely participate. I am optimistic about the DeFi ecology and the lending scenario, and I am happy to be able to drive Moma Protocol to explore the future with the infinite liquidity-generating factory model that fascinates me the most. We are ready to set sail!” Liao indicated.

Notably, FBG’s founder Shuji Zhou who is one of the investors in the just-completed $2.25 million round of funding said that Moma has the goal of scaling the Defi market beyond the current single entity. “The DeFi market has seen explosive growth over the past year, with more and more assets being swept up in the DeFi wave. Moma Protocol meets the lending needs of long-tail assets by providing a proprietary smart contract factory that combines the strengths of Uniswap and Compound, to produce an unlimited number of customizable lending pools, thereby bringing more assets into the current lending market to increase the liquidity, diversity, and scalability of the DeFi ecosystem, which is something to look forward to,” Zhou noted.

Moma protocol was created and designed by Lichang, which is a community App with over a million registered users. The community app members have been laser-focused on how to scale the decentralized financial ecosystem particularly the lending sector.

Mainly because many lending projects provide lending services but lack the ability to scale due to lack of liquidity. By combining forces in the existing market, the Defi lending market is poised to scale immensely in the near future.

Moma Protocol Completes a $2.25 Million Round to Create Infinite Liquidity for Long-Tail DeFi Lending Markets

May 6, 2021 – Singapore, Singapore


Moma Protocol, an innovative solution to solve scalability, liquidity and speculation needs in the current DeFi lending market, has completed a $2.25 million round of funding led by Fundamental Labs and SevenX Ventures.

Moma Protocol creates, manages, accelerates and aggregates lending markets through a proprietary smart contract factory, creating an ecosystem that allows for the infinite expansion of lending liquidity and market diversity. Moma Protocol was incubated and supported by Lichang, a community app with over a million registered users. Since the protocol’s concept inception, the concept of “improving the scalability of the DeFi lending market” has been favored by the crypto market and recognized by the community.

The investors in this round include Fundamental Labs, a highly reputable blockchain fund that has invested in Coinbase, and also SevenX Ventures, which has over 100 successful investments in its portfolio.

Additional Investors in alphabetical order
  • AU21 Capital
  • Blocksync Ventures
  • BuildingBlocks
  • Coins Group
  • Consensus Investment
  • DFG Capital
  • FBG Capital
  • Finlink Capital
  • Lotus Capital
  • Magnus Capital
  • Moonrock Capital
  • Moonwhale Ventures
  • Oasis Capital
  • Spark Digital Capital
  • Waterdrip Capital
  • X21 Digital
  • Zee Prime Capital

As an ecosystem with unlimited expansion of lending liquidity and market diversity, Moma Protocol can enrich the DeFi lending market by opening up new lending markets for long-tail digital assets.

SevenX’s spokesperson points out the reason for his bullish view on the Moma Protocol.

“As the most important foundation pillar of DeFi architecture – the lending agreement, Moma has made a unique and permissionless innovation here, which greatly enriches the diversity of the market. It has huge potential to become a scalable platform covering both the mainstream and long-tail digital assets.”

Commenting on the investment in Moma Protocol, FBG’s founder Shuji Zhou said,

“The DeFi market has seen explosive growth over the past year, with more and more assets being swept up in the DeFi wave. Moma Protocol meets the lending needs of long-tail assets by providing a proprietary smart contract factory that combines the strengths of Uniswap and Compound, to produce an unlimited number of customizable lending pools, thereby bringing more assets into the current lending market to increase the liquidity, diversity and scalability of the DeFi ecosystem, which is something to look forward to.”

Moma Protocol’s founder and CEO Ocean Liao said,

“I believe that the goal that Moma Protocol wants to achieve is to create an expandable, scalable and flexible infrastructure for the DeFi world in five to 10 years, in a way that allows everyone to freely participate. I am optimistic about the DeFi ecology and the lending scenario, and I am happy to be able to drive Moma Protocol to explore the future with the infinite liquidity-generating factory model that fascinates me the most. We are ready to set sail.”

About Moma Protocol

As a solution to meet users’ demand for liquidity, scalability and speculation needs in the DeFi lending markets, Moma Protocol produces, manages, accelerates and aggregates the lending market through a proprietary smart contract factory, creating an ecosystem that can expand infinitely in lending liquidity and market diversity. The beta version of the product has currently been online, and the official version of the product will be live in Q2 2021.

Team
  • CEO Ocean – Has a master’s degree at Fudan University. A senior programmer and serial entrepreneur in the blockchain industry with solid experience in initiating projects such as Gravity (300,000 users), Lichang (1 million users), TokenUp wallet (100,000 users). Respected veteran in the Chinese community.
  • CTO V.C – Has a master’s degree at Fudan University. A senior blockchain developer, who independently led the development, testing and deployment of two Ethereum-based DeFi projects, and was involved in the launch of the mainnet and application development of blockchain projects such as EOS, Platon and Worbli.
  • CMO Virginia – Co-founder of Coins Group, a crypto fund based in Hong Kong. Has 12 years of experience in digital marketing and internet startup building, and four years of experience in blockchain investment and project incubation. Has invested in over 30 blockchain projects.
Contact

Press

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




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The post Moma Protocol Completes a $2.25 Million Round to Create Infinite Liquidity for Long-Tail DeFi Lending Markets appeared first on The Daily Hodl.

MoonSmart – One of the hottest token on Binance Smart Chain

What is MoonSmart?

MoonSmart © is a DeFi launchpad project, which assists a novel DeFi token launching their product to the community. MoonSmart owns outstanding features that bring profits to users and holders such as smart deflationary prevention mechanism, no rugpull and other strategies aimed to ensure transparency and liquidity.

SMART token

Name : MoonSmart Token
Symbol : SMART
Contract : 0x8057de2afc2169f99f88c0939ed0be113f9db939
Chain : Binance Smart Chain (BEP-20)
Total Supply : 1,000,000,000,000,000 SMART Tokens

Tokenomics

For every transaction, these things will happen:

  • 5% – of every transaction contributes toward the automatically generating LP, which is further added to the SMART-BNB liquidity pool on PancakeSwap.
  • 3% – of every transaction is then taken and re-distributed to all SMART holders in the form of SMART token.
  • 5% – of every transaction will be sent to zero address to burn forever.

This will keep the stability of the token price, meaning that the SMART price may exponentially increase. The sustainability of the liquidity pool will create more trust to the community and especially, SMART holders.

MoonSmart – LET’S GO TO THE MOON IN A SMART WAY!

Website: https://moonsmart.org/
Telegram: https://t.me/moonsmart_chat

 

The post MoonSmart – One of the hottest token on Binance Smart Chain appeared first on Live Bitcoin News.

New York Considering Lengthy Ban on Bitcoin and Crypto Mining – Here’s Why

A new bill in New York could threaten the growing Bitcoin mining industry in upstate New York.

New York Senate Bill 6486 seeks to halt Bitcoin mining for three years until its environmental impact can be assessed, particularly in regards to the amount of greenhouse gas emitted by the practice.

“Cryptocurrency mining centers are an expanding industry in the State of New York, often, but not exclusively, located in retired or converted fossil fuel power stations, including dormant peaker plants,” states the bill.

The bill also cites concerns that, “a single cryptocurrency transaction uses the same amount of energy that an average American household uses in one month.”

In upstate New York, the power for Bitcoin mining is more affordable.

It is also a hospitable spot for the process, because of its  cooler climate which helps to prevent the equipment from overheating.

The assessment will look into the effects of Bitcoin mining on water, air, and wildlife to produce a report, which will then face a 120-day public comment period.

The bill also mentions New York State’s greater goal of outputting net zero emissions in all economic sectors by 2050 under the Climate Leadership and Community Protection Act.

Bitcoin mining, with its heavy energy use and environmental impact, has faced heavy criticism. A study from Cambridge University, shows that Bitcoin mining around the world uses more energy each year than some whole nations.

Meanwhile, Tech titans Jack Dorsey and Elon Musk believe Bitcoin could be a force for good when it comes to the environment, incentivizing renewable energy.

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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 New York Considering Lengthy Ban on Bitcoin and Crypto Mining – Here’s Why appeared first on The Daily Hodl.

Democratizing Defi Data- Dechart DAO Launches Version 1.0 Trading Platform

Democratizing Defi Data- Dechart DAO Launches Version 1.0 Trading Platform

On May 6, 2021, the total locked value (TVL) held by decentralized finance (defi) is more than $77 billion. Much of this money is used by decentralized exchange (dex) platforms and liquidity pools. With dex platforms capturing over $2 billion in trade volume daily and $18 billion during the last seven days, a project called the Dechart DAO aims to provide traders with the ability to make “the most informed, efficient trades.”

Dechart – Decentralizing Defi Data

The cryptocurrency ecosystem has swelled this year and defi platforms and Web3 applications make up quite a bit of the value. Moreover, participants have been able to find a lot more value with concepts like oracles, automated market makers (AMMs), decentralized exchange (dex) platforms, liquidity pools, decentralized stablecoins, and more. With all the trading action happening in real-time, traders find that it’s hard to get insight into all the markets in one place.

Democratizing Defi Data- Dechart DAO Launches Version 1.0 Trading Platform
Dechart recently launched the 1.0 version of its trading platform and dashboard. This means Dechart participants can trade all of Pancakeswap pairs in one place, with Uniswap and Sushiswap coming to Dechart soon.

However, a decentralized autonomous organization (DAO) called Dechart aims to fix this problem and democratize the process of accessing reliable defi data. Moreover, Dechart is removing the need for expensive institutional-grade trading platforms. For instance, the Dechart team explains that popular dex platforms like Uniswap, Pancakeswap, and Sushiswap have seen massive growth. But solutions for people who want real-time trading data for these dex platforms are practically non-existent.

“Most [dex platforms] were not built to perform sophisticated financial analysis,” the Dechart litepaper notes. “They provide very simple insight into the tokens that trade on their platforms. Due to this, there are a number of platforms in the space currently providing third-party tools to aggregate these broad data sets in a scattered and disorganized way.”

The litepaper adds:

Dechart aims to be the world leader in the aggregation of data from decentralized exchanges and the most concentrated, advanced data solution for users seeking trading resources.

Dechart App Version 1 Launches

Dechart is a community governed DAO and has released the first iteration of the project’s version 1.0 trading platform and dashboard. The protocol allows any user to easily connect and consume diverse data sets within an intuitive user interface. “Traders can utilize an enormous set of data that has immense aggregative value existing in an even more fragmented scatter all across the various data outlets of Web 3.0,” the Dechart team says. “Within this are major opportunities to enhance data consumption.”

The team adds:

Dechart exists to fulfill the simple vision of facilitating a truly transparent global digital marketplace where information is unbounded and freely available, and barriers for exchange are non-existent.

Democratizing Defi Data- Dechart DAO Launches Version 1.0 Trading Platform

The team’s litepaper stresses that Dechart is focused on becoming a world leader in the aggregation of data from decentralized exchanges and the most concentrated, advanced data solution for users seeking trading resources. Defi and dex users can leverage Dechart’s 1.0 application here and get updates from the project coordinators on Dechart’s official Telegram channel. Dechart’s DAO will also utilize a native token in order to bolster the autonomy and security of the project.

Furthermore, as a DAO, Dechart is designed to function independently of traditional trust schemes and centralized governance models. Stakeholders of Dechart’s DCH token will be able to participate in governance decisions, from deciding on new features to rewarding the community to controlling the revenue model for premium features.

What do you think about the Dechart DAO? Let us know what you think about this subject in the comments section below.