- 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 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.
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 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.
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 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.
London – The global conference, themed “HyperNation” was launched in a grand event on May 23, 2022. The conference was officially hosted by HyperNation, with the cooperation of nearly 100 global mainstream media and websites that carried reports across the globe.
The effects are 400,000 users watching the conference online with tens of millions of viewers browsing online. This has created the industry’s first, novel and impressive summit with tens of thousands of people live-streaming the whole event.
It is worth noting that this conference has realized the real-time virtual live broadcast of the metaverse scene, allowing everyone to travel through time and space in one second. They are given an interactive experience, as though they are in the metaverse space, experiencing the immersive conference throughout the whole event.
At the forum, the world’s top experts and scholars shared and introduced the wonderful design, gameplay, development prospects, and value of HyperNation, H. O. S as well as technical support with online users, strengthening their deep understanding regarding the project as well as the future and charm of HyperNation.
The premier guests of the conference joined hands with experts, scholars, entrepreneurs, mainstream media from global scientific research institutions, well-known universities, business institutions, and mainstream media.
Based on an international perspective, they carried out global dialogues across industries, time, and space, and jointly discussed major opportunities for HyperNation’s future development in the metaverse era.
The leadership of the top expert team provides a real “metaverse” experience for many enterprises and individuals who are concerned about the development of HyperNation. HyperNation is the gray rhino of this era, the result of the comprehensive digitalization and informatization of society.
Just like the realization of the prophecies of submarines and airplanes written by Verne, we are witnessing a new world that has gradually entered our lives through the novelist’s conception.
HyperNation, with the world’s top technology, provides global participants with a truly decentralized, free, and equal digital financial country in the public chain, and supports a system of transparency through the use of superb blockchain technology.
Through a decentralized autonomous organization, an efficient value resource exchange business kingdom is built. Here, not only can everyone exchange more wealth with their resources, they can also maximize the value of their resources.
HyperNation can solve the contradiction between the demand for decentralization and the current information lag of blockchain projects, break through the barriers of independent blockchains, and reach a consensus on wealth, speech, innovation, network, and even ideological progress.
HyperNation shall provide a foundation to build a blockchain world-ecology, relying on the wisdom of all people to realize the freedom of the entire human society.
HyperNation not only focuses on wealth. It pursues the freedom behind wealth and represents the pinnacles of liberal democracy. It uses decentralized technology, encryption technology, quantum technology, and more to launch a revolutionary movement of wealth ideas, strive to break the traditional, rigid class society, and create a centralized, free, and democratic new world for users.
HyperNation can be described as a comprehensive digital world, a complete ecosystem with pledged mining, NFT, DAO, GameFi, SocialFi, investment and financing of high-quality blue-chip projects, and more.
With HyperNation, everyone can experience great joy. In this prime gathering place full of high-quality project parties and elite investors, even if their own value is rich or meager, HyperNation shall elevate their value.
At the same time, the conference also announced the official release of the first NFT, Hitchhiker of Star, in cooperation with the HyperNation platform in the form of a mystery box. H.O.S NFT is composed of dolls of various shapes and has extremely high practical value.
Being the first NFT with the identity certificate of HyperNation, holders can enter this metaverse platform. They are able to participate in various activities and projects in HyperNation, and obtain long-term sustainable high-value returns.
Background of the project:
HyperNation, a comprehensive new digital financial wealth management platform that requires NFT as a ticket for participation.
Company Name: HyperNation
The post The first free and equal digital country – HyperNation global theme conference was held appeared first on Live Bitcoin News.
The U.S. Treasury Department has announced it is sanctioning an online crypto tool known as Blender. Allegedly, the tool is being used by North Korea to steal and launder digital currency funds.
Blender Is Being Targeted by U.S. Regulators
North Korea has long been the subject of crypto speculation amongst U.S. regulators. The country was recently labeled the guilty party behind the Axie Infinity hack – a crypto gaming system – that saw more than $600 million in digital funds disappear overnight. In addition, the country is also home to hacking groups such as Lazarus, which are amongst the deadliest hacking organizations across the globe. Thus far, Lazarus has carried out attacks on countries in North America, Europe, and Asia.
Blender – or Blender.io, as it’s also called – is a tool that’s known as a “mixer.” In other words, it is digital currency software designed to anonymize the source of any crypto funds that cross its path. The tool is allegedly being used to hide stolen funds or swap stolen crypto units out for “cleaner” or washed money.
Brian E. Nelson – undersecretary of the Treasury for Terrorism and Financial Intelligence – explained in a statement:
Today, for the first time ever, [the] Treasury is sanctioning a virtual currency mixer. Virtual currency mixers that assist illicit transactions pose a threat to U.S. national security interests. We are taking [necessary] action against illicit financial activity by the DPRK and will not allow state-sponsored thievery and its money-laundering enablers to go unanswered.
On the Blender website, the tool is described as something that “breaks the connection” between transactions. It is also advertised as something that will make authorities “unaware” of where the crypto in question comes from and who owns it. The website reads:
You send bitcoins from your address to the mixer address. After that, the mixer sends you bitcoins from its premixed reserve. Bitcoins in this reserve have no connection to your addresses [sic]. An observer analyzing the chain of transactions [sic] in the blockchain is unaware of the change in ownership of bitcoins. Therefore, any following bitcoins passed through the mixer is no longer practical. This way, the mixer ensures the anonymity of your transaction in blockchain.
The U.S. Is Focusing on North Korea and Russia
The Treasury concluded its statement by mentioning:
While the purported purpose is to increase privacy, mixers like Blender are commonly used by illicit actors… OFAC [Office of Foreign Asset Control] is identifying four additional virtual currency wallet addresses used by the Lazarus Group to launder the remainder of stolen proceeds from the March 2022 Axie Infinity heist.
North Korea has long been the subject of U.S. sanctions, though now American regulators appear to be focusing their sights more on Russia, which recently invaded its neighbor Ukraine and is alleged to be using cryptocurrency to avoid U.S.-based financial rules.
The post U.S. Sanctions Blender, a Crypto Tool Utilized by North Korea appeared first on Live Bitcoin News.
Bitcoin has been struggling to hold on to the $30,000 level for the better part of this week, failing more often than not. While there have been various reactions from different parts of the market such as the ETFs, perpetual traders seem to have taken this as a sign to hold off on their activities. What this has led to is a continuation of the neutral or below-neutral funding rates that have been recorded in the past couple of weeks.Bitcoin Funding Rates Unmoved
For the past few months, bitcoin funding rates have been tethering around the neutral and below neutral levels. This has been the case through both market recoveries and downtrends, although there have been periods of slight deviations where funding rates have recovered into the positive but even these have been short-lived.
Related Reading | Institutional Investors Seek Safe Haven In Crypto Products Amid Market Uncertainty
The last time that the funding rate saw a sharp recovery had been May 12th on the Binance exchange, after which funding rates had once more returned to trending at the neutral and below neutral line. This is interesting given that open interest in perpetual had surged to new all-time highs during this time.Funding rates fall below neutral | Source: Arcane Research
The 21 bitcoin funding rate intervals on the Binance and Bybit exchanges have been dominated by below-neutral funding rates. A total of 16 funding rates have been neural while 5 have been neutral funding rates. All this while, the perps have continued to trade at a reasonable discount to the spot.Leverage Still Surging
Even though bitcoin funding rates have been straggling, it has not affected the performance of open interest (OI). OI had declined significantly in the previous week but last week saw BTC denominated open interest retrace its steps and add 41,000 BTC. This brought the total denominated OI to touch new all-time highs of 290,000BTC, beating the previous May 4th high of 282,000 BTC. Just a week after open interest had dived more than 35,000 BTC.
Mostly, the surge in open interest has followed the times when the funding rates have been below neutral. At times where funding rates have been neutral or above neutral, open interest has usually been down.BTC fails to hold above $30,000 | Source: BTCUSD on TradingView.com
What this suggests is that there will likely be more volatility coming into the market. This could happen regardless of whether the price recovers or continues to decline. However, the growth in open interest usually precedes a large recovery trend such as the one recorded during the July 26th short squeeze. So more than likely, it will be a recovery in price that will follow this surge in volatility.
Related Reading | Bitcoin On-Chain Activity Throttled After LUNA Collapse
Bitcoin remains the largest cryptocurrency in the space with a market cap of $552 billion. It is up 5.10% in the last 24 hours to be trading at $29,200 at the time of this writing.Featured image from CoinDesk, charts from Arcane Research and TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
PRESS RELEASE. Miami, FL – VAST, the multimedia NFT marketplace that dropped the first-ever NFT sitcom featuring Snoop Dogg and The Harlem Globetrotters, has announced the completion of their strategic private investment round with leading blockchain venture capital firms: GHAF Capital, NGC Ventures, Skyman Ventures, Infinity Ventures Crypto, and Spartan Protocol.
The VAST backers are made up of leading visionaries in the blockchain space whose portfolios form much of the backbone of blockchain infrastructure and innovation. Initial seed investors include: Huobi Ventures, Polygon Studios, HyperEdge Capital, GHAF Capital, SL2 Capital, PrimeBlock Ventures, GBV Capital, NGC, Spartan, IVC, Skyman Ventures, LD Capital and Quantstamp. “We are incredibly grateful to our investors for supporting the future of VAST,” says Michael Jurkovac, VAST co-founder and CEO. “With their help, we are providing amazing opportunities and experiences for creators and the millison of fans who support them.”
“As the metaverse phenomenon grows, the potential for VAST – and the celebrity metaverse it is creating, is huge,” Sandeep Nailwal, Co-Founder and COO of Polygon says.
The exciting news about this private round comes on the heels of VAST, built on leading decentralized blockchain Polygon, securing a credit card integration onto their platform, the first for any platform on Polygon. With this new integration, VAST users can easily purchase MATIC, Polygon’s digital currency, directly with their credit card to purchase NFTs.
The completion of this raise enables VAST to put the finishing touches on their next product, VAST EngageFi, the first-ever “Engage to Earn” decentralized NFT platform,. With VAST EngageFi, creators can drop NFTs that will deliver direct value to fans who engage with their content. Details about VAST EngageFi will be announced in the coming weeks.
“VAST is one of the most exciting investments I’ve made in the past three years,” says Hubertus Thonhauser, partner at GHAF Capital, “I can’t wait to see this platform, which cares so much about creating a better economy for artists, build a new rewards-ecosystem including creators, collectors and media.”
VAST is the first premium multimedia delivery platform for buying and selling highly collectible NFTs. VAST was developed to help Creators, Influencers, and Brands build deeper engagement with their social network by launching NFT-Enhanced Content through online channels they own and control. To date, VAST has generated over 5 billion audited media impressions for content on their platform from some of the top media sites around the world – including ESPN, Vogue, Vanity Fair, GQ, Architectural Digest, and Harper’s Bazaar.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
This May, Hitchhiker of Star became the most valuable NFT collectible in history in conjunction with the official entry of HyperNation in the Metaverse.
On May 23, after the full, orderly preparations and joint efforts of many parties, the online conference officially organized by HyperNation was successfully held in a grand fashion.
This conference not only invited industry leaders and community KOLs to share about HyperNation. Members of HyperNation, industry guests, various media, and investors also participated enthusiastically.
The event officially opened with the broadcast of NFT videos. The wonderful videos vividly explained how the value of NFT is reflected as well as provide an in-depth exploration of NFT. Afterward, the host of the conference solemnly introduced the distinguished guests and announced the official opening of the conference.
In the video of HyperNation, Mr.H introduced the wonderful design, gameplay, development prospects and value, and technical support of HyperNation, HyperNFT, and H.O.S NFT from multiple perspectives, strengthening users’ deep understanding of the project.
After the video was played, the host of the conference announced the official sale of HOS NFT. This is followed by a display of the NFT alongside a detailed video introduction.
Then, the premier guests of the conference launched a lively AMA interaction around the theme of HyperNation.
The guests introduced the applications of HyperNation, HyperNFT, and H.O.S respectively, and conducted a multi-level analysis on the pain points of the development of the NFT industry and how to expand the Metaverse.
While actively exploring the NFT industry, they seek a more holistic ecology and more fusion between fields, and to create values that belong to HyperNation.
They also pointed out that the H.O.S project is a boutique industry, truly valuable, unique, and original NFT with financial attributes. Its future prospects and long-term value should not be underestimated. Finally, HyperNation conducted a lucky draw session, which pushed the conference to its climax. In this lucky draw, a total of 3 users were randomly selected by the official Twitter draw and they won prizes worth $120,000.
That day, the first NFT project of HyperNation, Hitchhiker of Star was released, and they were completely sold out within 40 minutes. The reason why this NFT product has attracted much attention is inseparable from the influence of HyperNation. On the day of the release, HyperNation users waited early in front of the computer, and a large number of users poured into the sales channel as soon as the platform was opened.
It is understood that the NFT project Hitchhiker of Star is a collection of 10,000 digital collectibles generated by algorithms, which can double as a HyperNation pass. In addition to its artistic value, this NFT has multiple empowering values and enjoys other online and offline rights and interests.
This conference provides HyperNation users with a private and meaningful opportunity to gather and experience the ecology of HyperNation in the metaverse, where they can participate and enjoy the latest information. It is not just a grand conference. It is the communication, experience, thought, and efficient empowerment of HyperNation for the entire industry.
Brief background information:
HyperNation: A new digital ecological field that enables NFT to empower mining.
HyperNFT: HyperNFT is a comprehensive first-level NFT platform for NFT digital assets on-chain, issuance, exposure, whitelist casting, and acquisition. HyperNFT has a rich whitelist of NFT minting types, and users can mint NFT directly from the project side.
Creators usually experience a high barrier of entry into the NFT market, hence HyperNFT lowers this by acting as a gathering place for high-quality blue-chip projects.
The distribution platform gives exposure to high-quality projects, at the same time, accumulates users for the early stage of the projects and reduces the operational burden. It also provides a selection of high-quality projects and serves as a place of early participation for Web3 users. Compared to other NFT issuance platforms, HyperNFT focuses more on whitelist minting.
Hitchhiker of Star:
Hitchhiker of Star is the first NFT to work with the HyperNFT platform. The NFT project will be sold on HyperNFT in the form of a mystery box.
The various doll designs of HOS NFT incorporate the image of the world’s most popular animation, IP Minions.
At the same time, these have extremely high practical value and can be integrated with other metaverse platforms, enabling the NFT holder to obtain long-term, sustainable, and high-value returns.
This value is reflected in the sales of the HOS NFT which were completely sold out. Hence an additional 5000 Whitelist has been opened to cater to the rising demand. Hitchhiker of Star has good prospects and long-term value, supported by its popularity and predictable high returns.
The post HyperNation’s event launch sales on HITCHHIKER OF STAR (H.O.S) went out like wildfire appeared first on Live Bitcoin News.
A top official at the U.S. Securities and Exchange Commission (SEC) anticipates stablecoin regulation will accelerate after two large-cap crypto assets lost tens of billions of dollars earlier this month.
In an interview with CNBC at the DC Blockchain Summit in Washington DC, SEC Commissioner Hester Peirce says that after the collapse of the TerraUSD (UST) algorithmic stablecoin and the affiliated Terra (LUNA), she hopes any forthcoming regulation doesn’t strangle the entire crypto space.
“I think it is likely that we’re going to have regulation happen faster because of the events of recent weeks. But stablecoin legislation was already on the docket, and so it’s possible that will move forward more quickly.
I think what we have to make sure to do though is preserve the ability of people to experiment with different models and do so in a way that fits within regulatory guard rails.”
When it comes to what roles the federal government ought to play regarding crypto regulation, Peirce hopes Congress will lay out guidelines for both the SEC and the Commodity Futures Trading Commission (CFTC).
“The SEC is already acting and using the authority that it has, but I do think it would be helpful if Congress came in and said, ‘SEC, here’s the role we think you should be playing, CFTC here’s the role for you.’
One could argue that the SEC would be a good regulator of retail exchanges if we decide to have a federal regulator, but again that’s really up to Congress to make that call.
But there’s a lot of work to be done even within our existing authorities because traditional financial institutions want to get involved in crypto and they need guidance from us. They need regulatory clarity from us in order to do that.”
Peirce says she’d like to see a balance between innovation and regulation where both parties meet and communicate in good faith, adding that so far the government’s efforts to do so have been lacking.
“We talk a lot about responsible innovation, but I think we have to also talk about responsible regulation alongside that, and that means that as regulators we have to be willing to engage with the innovators and figure out, ‘Here are our regulatory objectives that we’re trying to achieve, how can we achieve those and still allow you to try out this new product or service and see whether the market likes it?’
That means that it requires work on our part and we have to be willing to do that work, and I haven’t seen us willing to do that work so far. I’m hopeful that the next phase is going to be us sitting down and thinking realistically about the potential for this technology, the challenges and the opportunities from a regulatory standpoint, but also from an innovation standpoint.”
ICheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/Ongky Ady Widyanto/Nikelser Kate
TCG World recently announced an exciting new strategic partnership with Curzio Research Inc who have acquired 19 commercial real estate properties inside TCG World Metaverse for $5,000,000. The acquisition will mark one of the largest real estate purchases to date for virtual property inside the metaverse. Curzio Research plans on building its headquarters in the Asia region of TCG World, near WallStreetBets. This is where Curzio VIP members can meet with other investors, attend live events, educational seminars and conferences, listen to exclusive Wall Street Unplugged podcasts, and build an investment community.
Curzio Research, Inc. is a financial publishing company specializing in independent investment research and analysis. Curzio Research will initiate a capital raise of up to $4,000,000, which will be used to fund a portion of this TCG real estate acquisition and for general corporate purposes. This may include, but not be limited to, capital expenditures, acquisitions, infrastructure and personnel, development of products and services, and legal and accounting expenses.
“The metaverse is what the internet was supposed to be,” says Curzio Research founder, Frank Curzio. “A decentralized, permissionless place where individuals have the freedom to create and own their digital content.
“When researching the options, TCG World had all the elements — gamification, entertainment, social, and commerce — to create a true open metaverse. And its low fee structure incentivizes innovation for users and developers. We’re happy to be part of this pro-growth model in an industry that has incredible upside potential.”
The Curzio Research headquarters is expected to be completed before the TCG World official launch, or before September 2022. For additional information on this deal, visit www.curzioresearch.com
TCG World, is one of the largest open world metaverse projects currently in development on the blockchain and has recently started to roll out Alpha access to some of their users and investors. Everything inside TCG World is owned as an NFT – virtual land, cars, pets and even player avatars.
TCG World will be co-hosting The Metaverse Expo 2022, a 3 day event held at the Las Vegas Convention Center on 8th – 10th July 2022. The event will bring over 6000 visitors from around the world and will cover topics within the Metaverse, NFT, Gaming and Blockchain space.
• Introduction to Blockchain • Introduction to Cryptocurrencies and Digital Assets • Artificial Intelligence • Introduction to the Metaverse • Metaverse Architecture • Digital Fashion and Technology • Business and Web3 Economics • Metaverse Entrepreneurship • Decentralized Finance • eSports and Blockchain Gaming • Understanding the power of the Metaverse • Reinventing Education in the Metaverse • Metaverse applications powered by blockchain
Tickets for The Metaverse Expo 22 are on sale now and can be purchased through their official website.
What is TCG World?
TCG World is an online open world virtual gaming experience where players can earn TCG Coin 2.0, gather NFT collectibles, own virtual real estate, create, explore the game world, control their own online businesses, or just have fun. TCG World introduces a new approach to NFTs making it more than just a piece of art — now players can take their NFTs into the gaming world and play. Everything a player owns in the metaverse is an NFT — real estate, vehicles, pets, trophies and even player avatars.
- Terra proposal 1623 to birth a new chain was not the only proposal undergoing a community vote.
- The Terra community was also voting on Proposal 1747, suggesting the burn of 1.38 billion UST from the community pool.
- Terra Proposal 1747 will reduce the outstanding bad debt of the Terra economy and help restore the UST Peg.
As the crypto community focuses its attention on the birth of Terra 2.0 due to a successful community vote on proposal 1623, another Terra proposal passed the voting stage unnoticed.
Earlier today, Terra Proposal 1747 sailed through without as much fanfare as its counterpart to introduce the new Terra 2.0 chain. Terra proposal 1747 received a total of 154.579 million votes, with 99.39% of participants voting for the proposal.
What Exactly is Terra Proposal 1747
To begin with, the existence of Terra Proposal 1747 was brought to the attention of the crypto Twitter community by @FatManTerra through the following tweet.
Just in: Terra's governance proposal to burn 1.38B UST from the Community Pool has officially reached quorum and will pass in 18 hours. This burn will reduce the total UST debt overhang by 11%. https://t.co/vWRFLkumXd
— FatMan (@FatManTerra) May 26, 2022
Terra Proposal 1747 main objective is ‘to reduce the outstanding bad debt of the Terra economy and help restore the UST peg by burning the remainder of the Community Pool’s UST.’
The proposal suggests that 1,017,233,195 UST from the Community Pool will be sent to the community burn address to be immediately destroyed. After the voting is complete, another 371 million cross-chain UST will then be bridged back to Terra and burned by TerraForm Labs.
The proposal goes on to explain the motivation for the burn as follows:
Eliminating a significant chunk of the excess UST supply at once will alleviate much of the peg pressure on UST. This is advantageous relative to the slow burn rate and type of downstream effects that inflated on-chain swap spreads induce on the Terra economy over an extended period.
Binance, FTX, and Other Major Exchanges Will Support Terra 2.0
As earlier mentioned, the voting and passing of Terra Proposal 1747 to burn 1.388 billion UST was overshadowed by the passing of Terra proposal 1623, which greenlights the creation of a new chain to co-exist with the old one that has the entire history of UST’s depegging and LUNA’s massive inflation.
At the time of writing, several major exchanges have announced their support for Terra 2.0.
They include Binance, Huobi, Bitrue, Bybit, Crypto.com, FTX, Gate.io, Huobi, and KuCoin. All the participating exchanges have expressed commitment to the Terra Airdrop plans for the new tokens and possibly supporting the trading of both Terra Classic (LUNC) and the new Terra (LUNA).
Recently the technology company RadioShack emerged from the foundations announcing its foray into the cryptocurrency market. The company advanced in the technological field in 1920, and its productivity was excellent until new technologies, such as computers, mobile phones, and laptops, arrived.
The 1980s were filled with RadioShack stores, which is remembered as a leader in technology. But with the industry boom by 2015, the company went bankrupt. Now, over 7 years after its exit from the market, the firm developed by Lopez Tai and Alex Mehr seeks to stand out as a crypto exchange.
The crypto market is open to everyone
With more than a decade since its development, the crypto market has shown that it is open to everyone, especially to those technology companies that seek to redeem themselves. On this occasion, RadioShack, the technology retailer from the US and Mexico, seeks to become present in the industry as a crypto exchange, thus increasing its popularity and navigating a new landscape.
According to the manager, the “RadioShack Swap” extension has shown a range in negotiations of over $40,000,000. RadioShack seeks to be the solution for new crypto trading fans by allowing them to trade the tokens under a complete system.
Mehr Alex, who would be one of the technology company’s founders, said that the Exchange creation has succeeded due to the range of transactions it reports and the comments left by its followers. Mehr indicates that the crypto platform includes two weekly tokens to increase its fans’ interest.
RadioShack shows advances in the crypto-market
According to Mehr, the crypto trading-based extension has tallied 10,000 users attracted to the system for its fast transactions and low gas fees.
The crypto exchange is not only notable for its number of tokens but also for allowing access to the NFT market. The company would be promoting virtual auctions that the most renowned digital artists.
Lopez Tai, co-creator, said that the crypto industry is creative, so they are happy to participate. Lopez believes the technology company has a great future if it adapts to the crypto scheme.
Meanwhile, the virtual industry continues in recession, dropping 0.90 percent in the Bitcoin price in the last 24 hours. Today, the token with the largest market capitalization is trading below $30,000, which is highly affected by the regulations imposed in previous months. However, decentralized market fans believe this crypto crash will end before 2022.
After a temporary halt to Elon Musk Twitter purchase, things seem to unfolding for a long battle before dust settles. The billionaire’s Twitter purchase could just have met with a stumbling block thanks to investors approaching courts.
Lawsuit Against Elon Musk
According to Reuters, Elon Musk was sued by Twitter investors over delayed disclosure of his stake in the company. This was mentioned in a complaint filed on Wednesday in California federal court.
The main contention is that Musk saved himself $156 million by failing to disclose his total stake in the social media company as of March 14. They contend that he had purchased more than 5% of Twitter by the said date.
They alleged that the billionaire resorted to market manipulation in purchasing the company’s stock at ‘an artificially low price’. The group of investors, represented by William Heresniak from Virginia, argued about Musk Twitter purchase,
“Musk continued to buy stock after that, and ultimately disclosed in early April that he owned 9.2% of the company. By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought Twitter stock at an artificially low price.”
The development comes in the backdrop of Musk’s recent decision to temporarily halt the Twitter deal. The halt was about confirming details of calculating the share of spam and fake accounts of all the Twitter accounts. Earlier, Musk confirmed the $44 billion deal with Twitter’s board.
On Wednesday, Twitter co-founder Jack Dorsey stepped down from his role as one of Twitter’s board of directors. The move was already imminent following his stepping down from the chief executive officer role last year. An announcement was made in this regard when he stepped down from the role of CEO, effectively distancing himself from the company’s activities.
Earlier today, the social media giant revealed in an SEC filing that Musk was adding another $6.25 billion of equity for the Twitter deal.
The post Breaking: Twitter Investors Sue Elon Musk, Here’s Why appeared first on CoinGape.
In many places around the world, schools cannot provide children with a sufficient supply of books due to poor financial conditions, nor can parents afford books. Meanwhile, the reading ability of children who have been raised in an environment without books is inferior to the average level, which negatively affects their life prospects.
Focusing on education for young children worldwide, CoinEx Charity will kick off Book Donation Worldwide on May 26, 2022, to improve children’s reading environment. The campaign will begin in Turkey and take CoinEx Charity to schools in poor regions across 11 countries, including Syria, Thailand, Vietnam, Indonesia, Nigeria, Malaysia, India, Brazil, Germany, and South Korea. CoinEx Charity will help schools build charitable reading corners and donate books to provide more reading opportunities for local children.
Find out more about the campaign at: https://mobile.twitter.com/CoinExCharityA book that helps children succeed
Books are a treasure house that’s full of information and wisdom — they help children succeed. However, most schools around the world do not have a library, making it difficult for children to explore the vast breadth of knowledge. Even in the US, which is the world’s wealthiest country, one in every 4 children grows up without learning how to read.
CoinEx Charity’s Multi-Million-Dollar Charity Fund is a charitable foundation dedicated to alleviating the “learning poverty” across the world. As International Children’s Day is around the corner, the fund will launch a charity campaign to build reading corners for and donate books to poor schools around the world.
CoinEx Charity’s first 3 book donation events will take place in Antakya (Turkey), Damascus (Syria), and Bangkok (Thailand) on May 26, May 28, and May 30, respectively, and about 4,000 books will be donated to 7 local schools. Moreover, CoinEx Charity has also purchased bookshelves to build reading corners for each school. In June, the campaign will arrive in 8 countries, covering Vietnam, Indonesia, Nigeria, Malaysia, India, Brazil, Germany, and South Korea, with a total of about 9,000 books to be donated. During the campaign, it is expected that 13,000 books will be donated and charitable reading rooms will be built to provide more and better learning spaces for poor children, allowing them to read and learn with passion anytime, anywhere. Powered by an ocean of books, children will be inspired to find their dreams and strive for a better future.
CoinEx Charity has partnered up with the Syrian children’s aid organization Youth Association and the Malaysian charity MUDA Cheras, and will jointly host the campaign in Syria and Malaysia with its partners. This is the first cooperation between CoinEx Charity and an international charity organization. These new partners will expand the influence of the campaign and encourage more caring individuals and charitable organizations worldwide to join hands in improving children’s learning environment with the power of charity. CoinEx Charity also looks forward to building long-term, sustainable partnerships with more charitable organizations in the future. Together with its partners, CoinEx Charity will gather more momentum to convey the message of love and warmth and help more children grow up healthily and happily.Respond to the international call & venture into charitable education
Books open up an unexplored continent of imagination, and the increased access to books allows children to become more competent, which creates level playing fields across the planet. UNESCO, the World Bank, and the International Commission on Financing Global Education Opportunity are all calling for expanding the supply of books in schools around the world to improve learning conditions. CoinEx Charity actively responds to the international call and devoted more resources to charitable education to help poor schools improve the learning environment for children. Though they might seem small, books serve as a window on a broader world for children and help them realize their dreams.
During the campaign of Book Donation Worldwide, CoinEx Charity will donate over 10,000 books to impoverished schools in 11 countries to pass on love and knowledge. It also hopes to encourage more governments and charities around the world to help more schools build libraries and provide students with a decent learning environment via the power of charity. Education can transform children’s futures, thus making the world a better place.
BTC mining has evolved from CPU to GPU and finally to ASIC, setting off a hardware “arms race”. Since more advanced mining chips are introduced, the hashrate of mining rigs has been on the rise, making mining extremely difficult. Meanwhile, hashrates are centralized by big mining farms and large institutions, and retail miners now struggle to gain the right of block updating solely relying on their own hashrates. To stay in the game, more and more miners choose to join a mining pool for stable mining revenue.
Before choosing one from many mining pools out there, miners should think about the following factors. First, brand recognition. In general, famous pools are more reliable because they are often highly recognized by the miner community. Second, user experience in both the products and the services the pool provided. A pool with a full range of products, in most cases, enables efficient and convenient mining experiences. All in all, brand recognition, and user experience in products and services are all backed by the tech capacity of the team behind the pool. Strong tech capacity allows a pool to offer a sound mining environment, so as to better safeguard the interests of miners.6 years of solid steps: ViaBTC is reliable and trustworthy
In March 2016, Haipo Yang, the founder of ViaBTC, developed and deployed ViaBTC Pool on his own. Only two months later, ViaBTC Pool was officially launched. In June of that year, the BTC pool was introduced. To improve the mining revenue, ViaBTC Pool revolutionized the payment methods and invented PPS+, which was the first of its kind in the mining industry. Apart from the block reward, under the model of PPS+, miners will also receive the daily mining fee according to their contribution. This invention was widely approved by miners and mining institutions. By doing so, the pool became one of the world’s top 5 by BTC hashrate in less than 5 months since it was launched.
As a comprehensive crypto mining pool serving the world, ViaBTC has always adhered to the principles of security, transparency, fairness, and freedom. Through 6 years of dedicated efforts, the pool has introduced mining services for dozens of cryptos, including BTC, ETH, and LTC, and the invention of PPS+ has greatly improved the brand awareness of ViaBTC in the miner community. It is now the preferred choice among miners.6 years of concrete actions: ViaBTC insists on innovation
How to provide better mining experiences to attract more miners has always been a challenge facing mining pools. Always offering new products and services, ViaBTC has committed to innovation and illustrated what the proverb “good wine needs no bush” means through concrete actions.
For instance, ViaBTC Pool offers multiple channels, free and paid, to meet the demand of different groups of miners by upgrading Transaction Acceleration; launches ViaBTC’s Hashrate Fluctuation Notification to free miners from keeping checking the hashrate since they will be notified when the figure drops to the set threshold; introduces Hedging Service and Crypto Loans to help miners mitigate the difficulty in turnover of capitals, more flexibly dealing with their funds, especially under extreme market conditions.
Always starting from miners’ rights and interests, ViaBTC has insisted on innovating products and offering a full set of products and supporting services, so as to provide miners with more efficient and convenient mining experiences.6 years of pioneering efforts: ViaBTC is backed by a strong team
A company’s success depends on its team. ViaBTC has always upheld the principle of “the team is a company’s most important product”, and seen its team as its core competitiveness and the most iconic product. Through 6 six years of talent hunting, ViaBTC has built a strong and globalized team with group members having rich working experience in world-renowned Internet and financial enterprises. It is noteworthy that some of the pioneers in the crypto industry have joined the ViaBTC.
As a technical expert himself, Haipo Yang has attached great importance to code security due to his keen insights into security and auditing. Since its inception, ViaBTC Pool has never experienced any major security accidents. Backed by a strong team, ViaBTC Pool provides miners with a secure and stable mining environment to make them feel at ease every time they mine.
Although the mining industry is highly cyclical, ViaBTC will not stop forging ahead in spite of wild market swings. Even though the road ahead might be beset with thorns, ViaBTC will never give up. This is the best of times; this is the worst of times. ViaBTC will join hands with miners to embrace a new crypto age and create new glory in the next 6 years.
Do you want to make money on cloud mining, but do not understand which provider is the best? Are you afraid of scammers or hidden fees that appear when withdrawing funds? We are here to tell you all about the companies that help you make money with cryptocurrencies. Today we will compare two top cloud mining providers ECOS and ChickenFast. Let’s find out who is the best of the best!
ChickenFast was established in 2015 and is one of the oldest cloud mining providers on the market. This confirms its legality because scammers usually do not work for 7 years. ChickenFast allows customers to mine bitcoin with their gamified platform.
ECOS started working two years later, in 2017 but has already entered the top of the market. This is the first 100% legal company in the world because it is registered in the Free Economic Zone of Armenia in accordance with the legislation of the country. Clients bear virtually no political risk and are exempt from taxes, which is why the company has more than two hundred thousand users from all over the world.
Who pays more?
Profitability calculators are available on both sites, but what numbers are the platforms promising us? Let’s say you want to invest $1,000. It’s good to start! The ECOS calculator shows that with this amount and a $150,000 bitcoin price forecast, you will earn $6.05 per day and receive $2,208 per year. X2 per year is a high yield!
The ChickenFast Calculator does not allow us to set up anything other than the amount of the deposit. It is difficult to call it a full-fledged calculator. With a $1,000 deposit, ChickenFast is promising you $2,440. This is slightly more than ECOS, but ChickenFast does not show what these calculations are based on, so it is not clear how real they are.
Functionality and interface
ECOS has a simple, clear, and strict interface. There is nothing superfluous here, only the necessary information – balance, income statistics, power, and withdrawal of money. In addition, mobile applications for the AppStore and Google Play are available to users, which allows them to mine cryptocurrencies from their smartphone (technically impossible, but it also sounds simple). ECOS platform also provides a free mining contract for new users to test the platform.
The interface of ChickenFast is very colorful but very complex. We couldn’t figure out if we logged in or not. The first page of the site and personal account is almost the same. A large number of animations are impressive on first viewing, but it’s hard to use every day. Yes, it looks like a game, but we use providers to make money, don’t we?
ECOS is registered in the Free Economic Zone of Armenia at Armenia, Hrazdan, Gortsaranayin str. 1 and there are documents on the Internet confirming the legality of this company. You can also find news from local publications that talk about the conclusion of a contract between the Hrazdan TPP and ECOS, photos of the data center, and statements by the Armenian government to support this initiative.
ChickenFast is registered in Hong Kong at Unit 1017, 12/F, Wing On Plaza, 62 Mody Road. Unfortunately, there are no supporting documents in the public domain, so it is difficult to talk about the legality of this company and the safety of your funds.
Despite the same goal and similar functionality, these are two completely different products aimed at different audiences. ChickenFast is more like a hype project with a bright but low-functional design, while ECOS is more like a tool that allows you to earn money. Therefore, ECOS wins this comparison with its serious approach to work.
May 26, 2022 – San Francisco, California
Ankr, one of the world’s fastest-growing Web 3.0 infrastructure providers, officially announces its partnership with Pocket Network, a blockchain data ecosystem for Web 3.0 DApps. This partnership is a major push toward a fully decentralized infrastructure for the betterment of the entire Web 3.0 ecosystem.
Given that Ankr and Pocket Network are among the biggest advocates for creating a decentralized node infrastructure to align with the truest ethos of Web 3.0, it was only a matter of time before they joined hands. Pocket Network has become a node provider on the Ankr Protocol, allowing its node runners to earn revenue by supplying nodes to the Ankr Protocol network.
Ankr and Pocket Network have combined their strengths to enable the thousands of builders, wallets and DApps interacting with blockchains via their RPC services to reach a high performance and fully decentralized pool of nodes. The Ankr Protocol allows whitelisted providers to supply nodes to its network, with Pocket Network being the most decentralized and largest provider added yet.
Greg Gopman, chief marketing officer at Ankr, said,
“Bringing Pocket onto the Ankr Protocol marks a new era of coverage and decentralization for Ankr and our clients. We love what Pocket has started and the passionate community they’ve fostered. We’re thrilled to have them join [us] on our journey to create the best Web 3.0 infrastructure solutions.”
Pocket Network boasts a globally distributed network of 44,000 nodes. Now it has become one of the go-to node providers serving blockchain requests coming through Ankr Protocol to both the Harmony and IoTeX chains. The more traffic that Pocket Network serves, the better it is for their native token POKT. It gives a strong incentive to Pocket Network’s developers, token holders and node providers.
In the very first week of the partnership, Pocket Network has seen a 30% jump in usage in its Harmony and IoTeX nodes.
Ankr Protocol serves an average of six billion blockchain requests per day across more than 50 chains. Following the partnership, Ankr Protocol will become more distributed than ever before, giving users anywhere the lowest latency connections. It will result in developers and DApps connecting to the most popular blockchains in the fastest and most decentralized manner possible.
As Ankr continues to decentralize its infrastructure and diversify node providers, this collaboration allows it to serve Web 3.0 as a more collaborative protocol versus a centralized entity.
About Pocket Network
Pocket Network is a blockchain data ecosystem for Web 3.0 applications that uses cost-efficient economics to coordinate and distribute data at scale. With Pocket, the use of blockchains can be simply integrated into websites, mobile apps, IoT and more, giving developers the freedom to put blockchain-enabled applications into the ‘pocket’ of every mainstream consumer.
For more information, visit the following links.
Ankr is building the future of decentralized infrastructure, servicing over 50 proof-of-stake chains with an industry-leading global node delivery system and developer toolkit. Ankr serves over two trillion transactions per year across Web 3.0 and is the RPC partner of choice for 17 blockchains, making it the dominant leader in RPC.
For more information, visit the following links.
Greg Gopman, chief marketing officer at Ankr
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.
When speaking of Web3 coins, some may automatically think of cryptocurrency tokens such as Bitcoin and Ethereum – but it’s much more than that. In fact, Web3 coins form part of a much larger ecosystem which many believe is the future of both the internet and finance as we know it. Expanding further than just being an online currency, digital coins also give investors the power to vote on issues concerning the relevant protocols.Starting With the Basics
Web3 (also known as Web3.0) is the next generation of the internet, an ecosystem that is decentralized in nature, integrating the power of blockchains, Non-Fungible Tokens (NFTs), cryptocurrency and Decentralized Autonomous Organizations (DAOs). Although these concepts have been floating around the web for quite some time – some still find it difficult to fully understand what all of them mean. Blockchains are online ledgers that store information across a number of locations on a network, which makes hacking and data leaks a thing of the past. NFTs are one-of-a-kind, digital assets, which live on a blockchain, can be purchased and sold freely, or be held as an investment. DAOs are the next generation of organizations, which function on rules that are encoded on blockchains, ensuring full transparency and decentralized, democratic governing bodies.
What brings the Web3 ecosystem to life is Web3 coins, which will allow for all transactions to take place, through the use of crypto wallets. On top of this, many coins give investors voting power when it comes to important decisions and changes regarding the protocol. Seeing as so many different Web3 coins exist, some may find it confusing to decide which one/s to invest in. Whether a beginner or expert in the crypto universe, a vast number of Web3 coins exist which facilitate different uses across a number of industries, all focusing on different functions. Coins such as GAL, HNT and FIL are certainly the top Web3 coins to look out for in 2022, as they are making strides in bringing Web3 to life.1, Project Galaxy (GAL)
Having launched at the beginning of 2022, the Project Galaxy ecosystem aims to provide users with an open, collaborative credential network. Being the largest Web3 credential data network in the world, Project Galaxy helps developers and DAOs to leverage NFTs and digital credential data. This is done through curators utilizing their native GAL token and signaling a credential data set’s value, which is then incentivized through the split of revenue amongst credential stakeholders. The main goal of the Project Galaxy team is to build better products and communities via the credential data network they’ve built.2. Helium (HNT)
Often being labeled as “The People’s Network”, Helium allows for low-power devices to communicate with one another and transmit data over a network of nodes, called hotspots. This decentralized network focuses on powering IoT devices, which are physical devices with the capability of connecting to the internet, such as light bulbs and thermostats. Think smart home devices – which you control from your phone. Through the Helium network, users know that their data is less likely to get hacked. The native token used on this network is HNT, which is used for all data and transactions.3. Filecoin (FIL)
Time and again, global corporations have failed their users through poor data protection, leading to private data being hacked, spread and misused without their consent. Filecoin is here to save the day, offering a decentralized storage solution that allows users to rent unused hard drive space through blockchain mechanisms. The native currency coin, FIL, is used to record and make transactions on the platform. Made by Protocol Labs and being built on top of InterPlanetary File System, this blockchain technology ensures top of the range, secure storage solutions.Conclusion
Whether a newbie or a fanatic of the crypto universe, Web3 does not limit itself to one interest or industry. Through Web3 coins, not only can users explore the future of the internet, but also ensure full protection of their data, while investing in the different ecosystems that are on offer. There is certainly no better time to get involved and invest than the present.
It’s now 4.33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31.25 trillion to today’s 29.85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4.81% at block height 691,488.
Bitcoin Mining Difficulty Dips 4.33% — The Largest Drop Since July 2021
- Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4.33% reduction in difficulty.
- Prior to the drop, Bitcoin’s difficulty was approximately 31.25 trillion and today, it’s approximately 29.85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday.
- Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4.33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9.24 per day in BTC profits.
- Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577.
- Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs.
- Bitcoin’s current difficulty, the USD value, and a cost of $0.12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0.12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0.21 per day in BTC profits if electricity costs $0.12 per kWh.
- Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Approximately 1.44% of the global hashrate is operated by unknown or stealth miners with roughly 3.04 EH/s of hashpower.
- Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24.28% of Bitcoin’s global hashrate or 51.10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days.
- Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30.86 EH/s of hashrate equates to 14.66% of the global aggregate.
- With BTC’s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. At the time of writing, the DAA is estimated to reduce roughly 0.16% lower.
What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Let us know what you think about this subject in the comments section below.
The crypto world is constantly evolving and introducing new concepts across the industry, with the DAOfication of games being the new talk of the town. The concept brings together the world of DAOs as well as GameFi. Understanding both concepts separately is the core to grasping the integration of these two worlds.The Basics of DAOs
You might have heard the concept of Decentralised Autonomous Organisations (DAOs) floating around on the internet as of late, but what is it all about? DAOs are the new age of organisations, which decentralises its structures and processes – steering away from traditional, hierarchical organisational structures. The decentralisation of organisations means that there is not one single governing party (such as a CEO), but rather providing multiple stakeholders the opportunity to have a say in major company decisions, ultimately providing a flat organisational structure.
DAOs are made possible with advanced blockchain technology, where specific rules set up by the DAO are automated through codes, also known as smart contracts. This means that as long as the rules are followed by involved parties within the group/organisation – the funds and processes will be available. The premise of choosing DAOs over traditional organisational structures is based on eliminating human error, cutting out singular decision making, and focusing on building a truly democratic organisation. Gaining voting rights can depend on the DAO, but generally speaking, voting rights are granted through the ownership of tokens specific to the organisation.
A major driving factor to lean towards DAO structures is transparency. All stakeholders of a DAO, including customers and employees, are able to access financial information to make informed decisions about their inputs in the DAO. Additionally, due to the public nature of DAOs, gaining capital is most certainly an easier and faster task than in traditional markets.The Marriage between DAOs and Gaming
With the growth of the GameFi (Decentralised Finance) industry, the concept of “play-to-earn” aims to push the consensus of redistributing ownership of games to the users, instead of being controlled by one entity. DAO’s are based on a similar concept, which makes the integration of the two concepts a no-brainer, taking the world of blockchain gaming to a new level.
An exceptional example of bringing these two worlds together is that of Project Hive. Project Hive is a cyberpunk-inspired blockchain game that is based on a “play-to-earn” approach, allowing gamers to earn through a number of in-game revenue-making opportunities. This will be made possible through the local governance token of Project Hive, Hive Governance Token (HGT), which can be earned through in-game tasks, competitions and through NFT trading on the marketplace. With the ownership of HGT tokens, players will be able to use them in the NFT marketplace, to purchase in-game additions and of course, it will give them the power to vote on major decisions when it comes to changes within the Project Hive gaming ecosystem.
In addition to building a democratic environment for all players, partners and investors, Project Hive promises an exhilarating cyberpunk gaming experience. Cyberpunk is both a genre and a culture, embracing a sci-fi-fueled dystopian future, amidst the dark underworld of illegal trade, gangs, drugs and vice. The growth and popularity of the cyberpunk genre have taken the blockchain gaming industry by storm and Project Hive is certainly continuing to put the exciting genre into the spotlight.Looking to the Future
DAOs are certainly an exciting concept that will allow for decentralisation and democracy within organisations, bringing together stakeholders through shared voting power. With the combination of blockchain gaming, the DOAfication of games will ensure to bring together communities within the crypto and gaming world. This new step into the future of both gaming and the crypto world is certainly something to look out for.
- JP Morgan is experimenting with blockchain technology in trading traditional financial assets.
- JP Morgan plans to expand to tokenized equities, fixed income collaterals, and other asset types.
- The bank could also dip its feet into DeFi.
- Earlier this week, JP Morgan’s strategists had said Bitcoin could hit $38k in the near future and that digital assets were a better alternative to real estate.
The Wall Street investment bank of JP Morgan is using blockchain technology for collateral settlements, particularly in the trading of traditional financial assets.
According to a report by Bloomberg, JP Morgan carried out its first blockchain transactions of this type on May 20th when ‘two of its entities transferred the token representation of BlackRock Inc. money market fund shares as collateral on its private blockchain.’
Furthermore, representatives from the bank stated that blockchain-based collateral settlement could find real-life use cases in derivatives, repo trading, and securities lending. JP Morgan is also considering using blockchain technology for the tokenization of equities, fixed income collaterals, and other asset types.
JPMorgan Could Also Venture into DeFi
The head of JP Morgan’s Blockchain Launch and Onyx Digital Assets, Tyrone Lobban, further told Bloomberg that the potential of blockchain technology could see the bank using it as ‘a bridge that connects institutional investors with decentralized finance platforms in the crypto economy.’
Mr. Lobban went on to add that with time, public blockchain networks will host an increasing amount of financial services, and JP Morgan would ‘want to make sure that [they] are able to not only support that but also be ready to provide related-services.’
Bitcoin Could Hit $38k, and Digital Assets Are an Alternative to Real Estate.
Earlier this week, investment strategists at JP Morgan forecasted that Bitcoin could hit $38k despite the last few weeks of continued downside. According to their analysis, Bitcoin could increase in value by roughly 29% from the current level of around $29,430.
In addition, the team at JP Morgan went on to state that the bank now sees digital assets and hedge funds as a preferred alternative asset class, moving real estate to the sidelines as a result of surging mortgage rates.
Pocket Network, a blockchain data ecosystem for Web3 dApps, has formally announced its cooperation with Ankr, one of the world’s fastest-growing Web3 infrastructure providers. This collaboration is a significant step toward a completely decentralized infrastructure that will benefit the entire Web3 ecosystem.
Given that Ankr and Pocket Network are both strong proponents of a decentralized node infrastructure that adheres to the Web3 ethos, it was only a matter of time until they teamed together. Pocket Network has joined the Ankr Protocol as a node supplier, allowing its node runners to make money by supplying nodes to the network.
Ankr and Pocket Network have combined their capabilities to provide a high-performance and fully decentralized pool of nodes for the thousands of builders, wallets, and dApps communicating with blockchains via their RPC services. The Ankr Protocol permits whitelisted providers to provide nodes to its network, with Pocket Network being the most decentralized and largest thus far.
Chief Marketing Officer at Ankr, Greg Gopman said: “Bringing Pocket onto the Ankr Protocol marks a new era of coverage and decentralization for Ankr and our clients. We love what Pocket has started and the passionate community they’ve fostered. We’re thrilled to have them join on our journey to create the best Web3 Infrastructure solutions.”
Pocket Network has a 44,000-node global dispersed network. It’s now one of the most popular nodes for serving blockchain queries to both the Harmony and IoTeX chains using the Ankr Protocol. The better for Pocket Network’s native token, POKT, the more traffic they provide. It gives Pocket Network’s developers, token holders, and node providers a tremendous incentive.
Pocket Network’s Harmony and IoTeX nodes saw a 30 percent increase in usage in the first week of the cooperation.
Ankr Protocol processes over 50 chains and delivers an average of six billion blockchain requests every day. Ankr Protocol will become more spread than ever before as a result of the cooperation, providing users with the lowest latency connections no matter where they are. Developers and dApps will be able to connect to the most popular blockchains in the quickest and most decentralised way possible.
This agreement allows Ankr to serve Web3 as a more collaborative protocol rather than a centralised organisation as it continues to decentralise its infrastructure and diversify node providers.
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
Read More: Inflation Might Bring New Crypto Users, Tethered Peso, the Price of Zuckerberg's Meta Ambitions + More News
SOL price can preserve the bullish bias, however, as its two multi-month support levels converge for the first time.
SOL price pennant breakdown underway
SOL price fell by over 13% to around $41.60, its lowest level in almost two weeks. Notably, the SOL/USD pair also broke out of what appears to be like a "bear pennant," a classic technical pattern whose occurrences typically precede additional downside moves in a market.
In detail, bear pennants appear when the price trades inside a range defined by a falling trendline resistance and rising trendline support.
These patterns resolve after the price breaks below the lower trendline, accompanied by higher volumes. As a rule of technical analysis, traders decide the pennant's profit target after adding the length of the prior's leg lower (called "flagpole") to the breakdown point.
SOL has been undergoing a similar breakdown after closing below its pennant's lower trendline on May 25, as shown below. In theory, Solana's profit target comes to be near $23, down about 45% from May 26's price.
Nonetheless, SOL's bear pennant breakdown appears without a spike in trading volumes, suggesting that traders are not fully convinced with the move. That could prompt the token to retest the pennant's lower trendline as resistance.
Moreover, a successful retaking of the trendline as support risks invalidating the bear pennant setup while bringing the 20-day exponential moving average (20-day EMA; the green wave) near $57.59 in proximity as the next upside target.
Conversely, a pullback could keep SOL's near-$23 profit target in view, with $35.50—the May 12 price floor that preceded a sharp rebound—serving as interim support.
Solana price support confluence
SOL also trades near a support confluence, comprising multi-month horizontal and rising trendlines.
The horizontal trendline near $45.75 served as resistance during the April–August 2021 session and later flipped to become support between January 2022 and March 2022. Simultaneously, the rising trendline has been capping SOL's extended bearish attempts since March 2021.
As the two trendlines converge, they could become a psychological entry point for investors with a long-term upside outlook. That would mean SOL rebounding towards its next upside target near $79, which also coincides with a multi-month falling trendline resistance.
On the other hand, a continued selloff in the Solana market would have SOL risk another massive decline, as discussed in the bear pennant setup above.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Tether, the firm behind the most popular stablecoin linked to the US dollar, USDT, has debuted a new stablecoin pegged to the Mexican peso. The launch has marked the company’s entrance into the Latin American crypto market. The press release dated 26 May 2022 announced that the new stablecoin would get added to Tether’s expanding product range, which now includes four fiat currency-backed assets.
Tether launches Mexican Peso-backed stablecoin
Tether is entering the Latin American market with the introduction of a new stablecoin. Tether announced the launch of its fourth fiat-pegged asset on Thursday, this time linked to the Mexican Peso’s exchange rate.
The new cryptocurrency will trade under the ticker symbol MXNT. This follows on from the firm’s previous stablecoins USDT, EURT, and CNHT, which got pegged to the US dollar, Euro, and Chinese Yuan, respectively. MXNT has support for multiple blockchain networks, including Ethereum, Tron, and Polygon. MXN₮ was built by the same team of developers who created Tether USD₮. The currency is backed by the tether.to.
Tether has both Euro and Yuan-pegged stablecoins, but its USD-pegged stablecoin, USDT, is more popular. The present total quantity of USDT is greater than 77 billion dollars. However, Tether’s supply has decreased by over 15 billion during the LUNA crash over the last month.
The entrance into Mexico has been met with enthusiasm and support from cryptocurrency investors. The news provides some comfort in a market that currently holds a negative view of stablecoins. When the crypto market panicked over LUNA and UST, Tether broke below its $1 peg. While explaining the company’s decision to start offering a Peso-pegged token, Tether CTO Paolo Ardoino said:
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. MXN₮ 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.Paolo Ardoino.
While Tether is capitalizing on the demand for crypto infrastructure in Latin America, it is also battling controversy surrounding its dollar-pegged USDT stablecoin. Earlier in May, USDT briefly lost its peg amid market-wide volatility caused by the fall of UST, an algorithmic stablecoin native to the Terra network. Although USDT quickly regained its parity with the dollar, the brief depeg resurrected fears about whether or not stablecoin backing is a secure investment.
Regulators have long criticized Tether for its lack of transparency in regards to the assets it holds to back USDT. However, recent attestation reports and Tether’s commitment to reducing commercial paper usage have reassured dollar holders regarding USDT stability. Whether or not Latin Americans will accept the new MXNT token, despite the recent scandal, is yet to be seen.
Maintaining its position, Tether remains optimistic. Ardoino noted that market investors and analysts should emphasize the fact that Tether did not lose its peg during the crypto downturn rollercoasters. Traders should also keep in mind how simple it is to use Tether to execute redemptions.
Crypto adoption surges in LATAM
According to data from crypto payments firm TripleA, 40 percent of Mexican businesses are interested in adopting blockchain technology in some capacity, with over 3.1 million people currently owning cryptocurrencies. In April, Sen. Indira Kempis of Mexico stated that his country was drafting legislation to make Bitcoin a legal tender, further emphasizing the popularity of digital currencies in Latin America.
With crypto’s price volatility and high fees, the need for a stable cryptocurrency has never been greater. Mexico is an emerging market in terms of cryptocurrency adoption, which is why the firm chose to utilize the national currency as its next stablecoin.
The multibillion-dollar flows of remittances into Mexico and the difficulties associated with money transfers have created a unique chance for stablecoin usage and adoption. The entity designed MXN₮ to enable faster, less costly asset transactions by putting the Mexican peso on blockchains.
MXN₮’s launch will provide an opportunity for new consumers in Latin America to onboard and lay the groundwork for future fiat-pegged currencies in the region to get created.
According to experts, Latin America is seeing a flood of investors entering the crypto market. People in Latin America use this technology for remittances and other purposes. The foundations are solid.
In Latin America, cryptocurrency adoption is on the rise, with more people now knowing about the advantages of digital currencies. Bitcoin and Ethereum are seeing bigger use as consumers turn to them for payments and investment opportunities.
This is partly because many Latin American nations suffer from high inflation rates, which Latinos see as a means to escape. There are also a number of start-up companies operating out of Latin America that is trying to make cryptocurrency usage easier.
With more and more people embracing cryptocurrencies in Latin America, it’s clear that they’re here to stay. It’ll be fascinating to watch how this trend develops in the future years.
Crypto has enjoyed its journey without any strict regulation across the world. The recent changes in the value of the global crypto market and its increasing size have led to crypto regulation worldwide. Various states have imposed taxes and taken other measures to ensure that crypto remains in control of state authorities.
The recent calls for crypto regulation have come amid the faltering market as it has faced severe backlash because of the continuing losses. The biggest event in the market that shook its foundations was the collapse of a stablecoin, Terra UST. The mentioned change affected various coins in the market as the investors began to pull out their capital.
The recent changes in the global economy have led to speedy depreciation in the market value. It has concerned regulators worldwide because of the losses it might incur to the users. Here is a brief overview of the calls from EU regulators regarding crypto regulation.
The collapse of Terra UST and calls for crypto regulation
The collapse of Terra UST proved to be an event that shook the market, and similarly, it came as a shock to investors and regulators. Previously, investors had almost no fears about the collapse of a stablecoin. The recent event has caused fears, and the following situation led to an efflux of capital.
Verena Ross, the European Securities, and Markets Authority chair, has expressed her concerns regarding this issue as the investments might be risky for the investors. She opined that a formal legal framework would help protect investors’ capital across the bloc. She has expressed her impatience with this issue as it has already affected the investors greatly.
Ross expressed these views in an interview on Wednesday and expressed her strong support for crypto regulation using a formal legal framework. She said that investors are looking to crypto to increase their profits amid the ongoing inflation. Instead, the situation for crypto increases the risk for investors.
She said that they are monitoring the situation closely and would be looking for solutions to these problems. The changing situation has brought Bitcoin’s value a loss of 58%, while Ethereum has lowered its value by 62%.
Imbalance in the markets and the resulting changes
The imbalance in the situation has led to calls for crypto regulation from European Central Bank, which has called for tighter regulations. Though currently, various countries in Europe have applied local laws to crypto. Binance Holdings Ltd., a giant in crypto, sought regulations from the French government to pursue its activities. The same organization has plans for expansion as it is courting the German regulator.
If the European Union adopts a crypto regulation framework, the member countries would have to follow these. A common regulatory framework would help these countries adopt a joint strategy to tackle this issue. They have drafted a framework, the Markets in Crypto-Assets Regulation — or “MiCA,” which was proposed in September 2020 but hasn’t been pursued yet.
The European Parliament Council has plans to review it, and Ross believes that the mentioned crypto regulation framework will be implemented by 2023 or 2024. The skepticism regarding crypto has grown as various authority figures have expressed their distrust. A crypto regulation framework might help solve this issue as it would benefit all stakeholders.
Crypto’s risks to individuals have led to suspicions from regulators who want secure investments for citizens, thus leading to regulations. These regulations will help prevent happenings that affected crypto investors recently.
The constant decline of the global crypto market has led to calls for crypto regulation from European authorities. Verena Ross, the head of EU securities, called for a proper crypto regulation framework that would help secure investors’ funds. Though there is little chance that these regulations will be implemented soon, the initiation will help give hope.