Coinbase Announces San Francisco HQ Shutdown by 2022

coinbase

Coinbase, the most prolific U.S.-based cryptocurrency exchange, has announced it will close the doors of its former San Francisco HQ by 2022, in its push to go 100% remote. Earlier the company had announced its intention of ditching the traditional office-based model to decentralize its operations and instead impulse work from home politics as part of its response to Covid-19.

Coinbase to Shutdown Former San Francisco HQ Office by 2022

Coinbase has announced today it would shut down its former San Francisco HQ office via its official Coinbase News Twitter account. The company is transitioning from a traditional work model to a remote-first company since the Covid-19 epidemic last year. This move is yet another action that the exchange is taking to show its compromise with decentralization, stating that no location is more important than the others. Coinbase stated:

Closing our SF office is an important step in ensuring no office becomes an unofficial HQ and will mean career outcomes are based on capability and output rather than location.

However, the company will not leave its workers stranded, offering to open a smaller subset of offices that can be leveraged by their workers around the world to be used as bases if they choose to do so.

This seems to mimic what Binance, the biggest cryptocurrency exchange, has also been doing since time ago, with its CEO Changpeng Zhao declaring they had no headquarter because bitcoin didn’t.

Coinbase Remote First Work Policy Explained

While this decision can be seen as revolutionary by some for a company that just had a direct listing on NASDAQ with a valuation of $100 billion at its launch, it is just a continuation of a policy it had defined last year as a consequence of the Covid-19 epidemic.

Brian Armstrong, CEO of the exchange, declared this new approach had interesting advantages, including the possibility of hiring employees in cities and countries where they didn’t have a real foothold, getting interesting talent from all over the world instead of just in San Francisco.

Armstrong and Coinbase’s top brass are leading by example, as none of them actually reside in the city or commute there to the former San Francisco HQ offices. According to him:

This is one of the most powerful things we can do to keep Coinbase from inadvertently returning to an in-office culture.

In the future, we might see other exchanges and cryptocurrency-related companies go decentralized and remote-first after the Covid-19, even when this presents a new debate about how disputes will be solved with a headquarters-less company.

What do you think of Coinbase’s decentralized location policies? Let us know in the comments section below.

Implications of Lack of Liquidity of a Crypto Exchange

Benefits of liquidity and how Aurix Is implementing a highly sophisticated and liquid digital currencies ecosystem

Orders will go through quickly on an exchange with high liquidity. Liquidity is the ease of converting an asset into liquid cash, or one digital currency to another.

This is a very significant aspect of the cryptocurrency market. And as the market has kept on growing, the scale and traffic of transactions have guaranteed digital currency traders with high liquidity.

But a big problem exists among upcoming exchanges with low usage numbers, and those trying to gain traction.

It turns out these new exchanges are unlikely to command a followup because new users are likely to exit immediately when they come in due to these exchanges’ associated low liquidity level.

There are three major liquidity challenges Aurix Chain Ecosystem seeks to solve: Market, asset, and exchange liquidity.  

Majed Mohsen, with a strong background in computer science, embarked on a journey to solve the world’s toughest problems in Fintech.

A journey that gave birth to the Aurix Chain Ecosystem; a blockchain meant to deploy various Fintech solutions under one package.

Lack of liquidity affects cryptocurrency exchange and so, we look at how Aurix intends to solve the problem of liquidity and cashless transactions. 

Implications of lack of liquidity on exchanges

  1. Lack of market stability — The lower the liquidity, the higher the volatility of a market. This also means traders have to wait around the order book for their trades to be fulfilled. Sometimes, a trader has to raise/lower a digital asset’s overall price and also the bid-ask spread.
  2. Control by Whales — An exchange’s market could be controlled by a single act, conducting a large transaction where the market lacks liquidity. 
  3. Slow transactions —Transactions take more time in an illiquid market. This is a limiting factor that could lead to loss. Traders require a highly liquid exchange and market to open and exit from trading positions, quickly and frequently.
  4. Tough to conduct technical analysis — a highly liquid market is easy to analyze both technically and fundamentally. Charts for illiquid markets are slow and boring, while more liquid markets have highly precise and developed charts. 
  5. Loss during big market swings — Low liquidity is detrimental to a trader’s profits. Traders have to wait for long  periods in a less liquid market, which could make dips, devastating than in a highly liquid market. 

Liquidity solution as proposed on the Aurix chain whitepaper

The Aurix Chain Ecosystem intends to solve the problem of liquidity by admitting a large user base into its exchange. 

Unlike other exchanges which charge transaction fees and have high hidden fees/commissions, Aurix is based on the premise that Fintech solutions should be cheap, easy, and efficient.

For this reason, the exchange employs a cashback strategy, which pays back a particular percentage of a trader’s bid, depending on the trader’s membership tier. 

This ecosystem also has its native token, the Aurix Token (AUR). The token can be exchanged for other cryptocurrencies, cutting down transaction fees for committed users, providing discounts, and finally for staking among investors. 

Aurix will be the go-to system for seamless trading activities

You will find an intuitive user experience that takes into consideration both, the starting trader and pro trader. This is a platform you can use on the go because it comes with the flexibility of a web version and a mobile version.

Besides, you can use a debit/credit card ( from Visa or Mastercard) to make payments on the exchange, on the go.

Charted: Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

Ripple started a fresh rally above the $1.50 barrier against the US Dollar. XRP price is likely to surge further if it clears the $1.75 and $1.80 resistance levels.

  • Ripple is gaining bullish momentum above the $1.55 and $1.60 resistance levels against the US dollar.
  • The price is now trading well above $1.50 and the 100 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue higher if it clears the $1.75 resistance zone.

Ripple’s XRP Price Extends Rally

In the past few sessions, ripple’s XRP traded with a positive bias above the $1.40 support. XRP formed a support base above $1.40 and started a fresh increase, similar to bitcoin and ethereum.

The price broke many important barriers near the $1.50 level. There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair. The pair cleared the 61.8% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low.

It is now trading well above $1.50 and the 100 simple moving average (4-hours). XRP is now facing hurdles near the $1.73 and $1.75 levels.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

It seems like the price is struggling to clear the 76.4% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low. A successful break above the $1.73 and $1.75 resistance levels could spark another rally.

The next key resistance is near the $1.80 level, above which the bulls are likely to aim a test of the $2.0 level in the coming sessions.

Dips Limited in XRP?

If ripple fails to clear the $1.75 resistance or $1.80, it could correct lower. An initial support on the downside is near the $1.52 level.

The next major support is near the $1.50 and $1.48 levels. If there is a downside break and close below the $1.48 level, the price could start a major downside correction. In the stated case, the price is likely to drop towards the $1.25 support.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.

Major Support Levels – $1.52, $1.50 and $1.48.

Major Resistance Levels – $1.65, $1.75 and $1.80.

Zapping Out High Trading Fees In Crypto Exchanges

The limitations of high transaction fees

The efficiency of a typical economic setting prevails once transaction fees are low or nil. Costs of transacting on the blockchain have been rising as a result of more  users that are joining the crypto wagon. Scalability issues, coupled with fees charged on digital asset exchanges, have rimmed down the amount of profits generated by cryptocurrency traders. 

Today, transaction fees remain a key determinant of a cryptocurrency trader’s net returns.

For this reason, Mahjed Mohsen set out to build a digital currency exchange, to eliminate the problem of high trading fees. His efforts gave birth to the Aurix Chain Ecosystem, which rose into existence in 2016.

Presently, the exchange is a Fintech powerhouse that deploys multiple financial solutions under one roof. Majed, who serves as the CEO of the ecosystem, believes financial solutions in this age should be simple, affordable, and efficient.

In comparison with other cryptocurrency exchanges, Aurix Chain employs a simple trading fee structure with no hidden fees. The system puts transparency and efficiency first and ensures newbies can easily navigate the crypto industry. 

Fees structures across leading exchanges and the Aurix Chain

The Aurix Whitepaper acknowledges that over 1.7 million transactions occur daily, commanding an estimated market capitalization of $10 billion. The involved parties in these transactions need a platform that offers them cheap conversion rates with no hidden fees/commissions. Aurix does that, and in this section, we’ll discuss the fee structure of Aurix and compare it with the existing exchange platforms.

Here are key facts to note about transaction fees on Coinbase: one of the leading cryptocurrency exchanges in the world.

  1. When buying Bitcoins (BTC) through Coinbase, fees are deducted automatically from the total ordering amount.
  2. Selling Bitcoins (BTC) through Coinbase will have the trading fees automatically deducted from the entered amount. 
  3. It doesn’t matter, whether you are buying or selling cryptocurrencies through Coinbase, the platform will always deduct fees. Here are the flat fees for transacting on the exchange:
  4. Trading crypto of less than $10.99, the fee is $0.99.
  5. Trading crypto of $11 – $26.49, the fee is $1.49
  6. Trading crypto of $26.50 – $51.99, the fee is $1.99.
  7. Trading crypto of $52 – $78.05, the trading fee is $2.99.

Aurix cashbacks, transaction costs, and membership tiers

Aurix aims at providing its users with the best user experience to the extent of even paying users for trading on the platform. In this section, I will dissect the various cashbacks and how they apply to every tier of users, and the reward for each tier. 

There are 7 membership tiers on Aurix exchange that define the user experience of each site user. These memberships are labeled from VIP 0 to VIP 6. Each member is awarded membership to a particular tier, depending on their volume of trades in the past 30 days. Here is a table outlining the membership tiers, their requirements, and their inherent benefits.

Zapping Out High Trading Fees In Crypto Exchanges 1

(Source: Aurix Official Whitepaper)

Bottom Line

The Aurix Chain Ecosystem will help users navigate the complicated features of on-chain payments, simply and affordably. It’s a platform anyone can use on the go, for it comes with a mobile version of a debit/credit card issued by either Visa or Mastercard.

TimeCoin(TMCN) Is a DeFi and NFT Project With Esports, VTuber, Sharing and Gig Economies

TimeCoin (TMCN) Offers New DeFi and NFT Opportunities to Content Creators and Fans

PRESS RELEASE. TimeCoinProtocol is a blockchain project operated by TimeTicket GmbH, a company based in Switzerland and fully owned by TimeTicket Inc. Japan. The project issued its crypto currency called TimeCoin(TMCN) which is traded at more than 250 USD per TMCN on several exchanges such as BitForex, BitMart, and BiKi.

The TimeCoinProtocol is the sharing economy protocol which aims to replace the centralized sharing economy systems, such as YouTube and Twitch video streaming systems.

The project operates several applications including TimeTicket, a skill sharing economy service with more than 500,000 users and generates more than several million dollars in annual revenue and is growing its business at a rapid pace. It also operates eSportStars, the esports gamer matching service which can add more than 4,000 games and 30 languages.

eSportStars plans to add a lot of attractive features like DeFi and NFT this year.

The project was initially financed by a few investors who invested around $4 million, and only a very limited number of tokens were placed on the market. The Special Token Sale of TimeCoin (TMCN) was launched on February 15th, 2021, with a 90% discount on the token’s current market value and offers a total of 4.5 Million USD worth of bonus tokens to investors.

The Special Token Sale serves specifically to raise funds for the development and enhancement of the project, and in particular for eSportStars which requires further development, as well as the implementation of DeFi and NFT functionalities in the TimeCoinProtocol and other dApps, and new funds to support development and marketing costs. The project has started a VTuber business and the VTubers are active, particularly Shirahari Uni, and more VTubers will be ready soon. The project is also planning to create an NFT marketplace where the VTubers and other creators in the world can trade NFT items.

It can offer an innovative DeFi system which is called Creator Sponsor Staking (CSS) along with the NFT marketplace. Fans can increase their TimeCoin holding by 12% after 6 months of staking and 24% after 12 months of staking. The increased portion will be split 50/50 between the fans and the creators. In return for sponsoring, creators will provide memberships with exclusive services, NFT digital items, services and discount coupons.

TimeTicket GmbH CEO, Masato Kakamu, explained in a recent AMA: “We want to create a place where professional players, creators, and fans can easily earn money which also helps them to better engage with their fans. To extend the eSportStars service, we want to offer esports gambling as well. We offer eSports mining for eSportStars participants to earn TimeCoin. The more TimeCoin participants own, the better service they can get.”

For this reason, the decision has been made to launch two special, off-market token sales in order to enable the implementation of DeFi and NFT functionalities in the dApps and NFT marketplace, so that fans can support creators such as eSports players, streamers, VTubers, etc. This will allow both creators and fans to receive additional tokens, as well as in-game items, art and anime characters traded using NFTs. Investors of TMCN can earn additional income by supporting creators as well.

Out of a total of 100,000,000 existing TMCN tokens, 10,000,000 tokens will be sold during the special token sales with more than 90% discount on the current market value and special bonus tokens.

The total amount expected to be raised is approximately $20 million.

It will be possible to purchase in BTC, USDT or ETH via the TimeCoinProtocol.com/sale page, where it is also possible to consult the table of the token release periods.

To purchase TMCN, an investor is STRONGLY RECOMMENDED to prepare a private wallet like MetaMask. (An investor is NOT recommended to purchase TMCN using a crypto exchange account.)

Subscribe to the TimeCoinProtocol Telegram to earn TMCN Free Rewards and buy TMCN.

 


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.

Ripple Reports Double the XRP Sales For Q1, 2021

Ripple has stated that for the first three months of 2021, its total sales of XRP were $150.34 million, 97% higher than the $76.27 million reported for Q4, 2020.

The company stated that the increase in sales figures was led by the growing demand for RippleNet’s On-Demand Liquidity or ODL service.

 “Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments.”

Ripple Token Volumes Increasing

Ripple, which is rumored to be planning an IPO, stated that in order to meet the growing demand for ODL, it agreed to acquire 40% of Asia’s leading cross-border payments specialist, Tranglo. The partnership will help Ripple expand the reach of its services to the Asia Pacific region, it added.

The report added that total XRP volume for Q1 also eclipsed the previous quarter by 37.7% with $204 billion for the period compared to $148 billion in XRP volume for Q4, 2020. The figures were compiled using CryptoCompare TopTier (CCTT) volumes.

“CCTT’s reported daily volume for XRP increased significantly in Q1 2021 from Q4 2020. The average daily volume reported was $2.26B in Q1 vs. $1.61B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded.”

On the subject of escrow, it stated that 3 billion XRP were released in line with prior quarters, and the official escrow arrangement. 2.7 billion XRP were returned and subsequently put into new escrow contracts throughout the quarter, it added.

GoinGecko is currently reporting that there are 46 billion XRP tokens circulating out of a maximum supply of 100 billion so the company still controls around 54% of the supply.

XRP Price Update

The report stated that Q1 has been a period of XRP accumulation with the number of whale accounts holding between 1 and 10 million tokens increasing 6.3%. This has been reflected in XRP token prices which have gained 154% over the three-month period.

At the time of writing, XRP was trading down 11% on the day at $1.53 according to CoinGecko. The cross-border exchange asset is still cooling from its 2021 high of $1.92 on April 14, but it has yet to get anywhere near its ATH of $3.40 in early January 2018.

Ripple prices were boosted in April as the company made some progress in its ongoing battle with the U.S. SEC.

Bitcoin and Ethereum Correct Lower, QTUM, ETC Rally

Bitcoin price struggled to extend gains above the USD 58,500 resistance. BTC started a fresh decline and traded below the USD 56,500 support. It is currently (04:45 UTC) trading below USD 56,000 and it might continue to move down. Besides, most major altcoins are holding important supports. ETH is correcting lower below the USD 3,450 support zone. XRP/USD also trimmed gains and it is now

Dogecoin Price Forecast: DOGE holds onto $0.5 key support; how soon will the uptrend to $1 resume?

Dogecoin [DOGE] Price On Leap As Largest Exchange Bid To Support DOGE on Official Wallet

Dogecoin recently achieved the wish of April’s failed “Doge day” as users and speculators pumped the price to $0.7. The primary mission was to pull DOGE above $1. However, it appears that profit-taking took precedence, adding weight to the overhead pressure.

A retreat came into the picture with Dogecoin diving under $0.6. Support seems to have been established at $0.55, and if it is strong enough, the potentially massive correction will be avoided altogether.

Dogecoin technical picture flipping bearish

The Moving Average Convergence Divergence (MACD) has also started to drop from the recent high of 0.075. As the indicator closes the mean line (0.00) gap, bearish pressure intensifies. Moreover, the MACD line (blue) has crossed beneath the signal line and is currently widening the gap. A more extensive divergence also implies that the sellers’ influence in the market is growing.

Simultaneously, the Relative Strength Index (RSI) has been ejected from the overbought area and is fast approaching the midline. The sharp drop reflects the increase in seller dominance. A continued movement toward the oversold could trigger massive losses.

DOGE/USD four-hour chart

DOGE/USD price chart
DOGE/USD price chart by Tradingview

Note that support at $0.5 must hold to avert the potential losses and perhaps mark the resumption of the uptrend. Bulls must focus on settling above $0.6 to allow the focus to shift to $0.7 and $1, respectively.

Dogecoin intraday levels

Spot rate: $0.59

Trend: Bearish

Volatility: Low

Support: $0.5, the 50 SMA and $0.4

Resistance: $0.7

The post Dogecoin Price Forecast: DOGE holds onto $0.5 key support; how soon will the uptrend to $1 resume? appeared first on Coingape.

BSCTrades: All-in-one trading platform to enhance trading performance on BSC Network

Patna, India / 4 May 2021 / All-in-one trading platform BSCTrades launches two very important tools in the form of the limit order tool and token launch snipper. BSCTrades is the all-in-one trading platform that integrates the best trading practices and tools to help the traders on its platform to make the most of the current bull run.

BSCTrades will be adding the token launch Snipper to enable users and holders of the $BSCTD to stay informed and get into new listings on pancakeswap first to enable them to profit maximally. Getting to keep track of new tokens listed on pancakeswap may be difficult due to the number of new tokens listed daily. To be able to access this feature a user would need to hold a minimum of 5 $BSCTD.

The platform has also added the limit order tool to the BSCTrades platform. To be able to use this feature, one need to hold a minimum of 5 $BSCTD. Users and traders can enjoy the platform as they utilize the limit orders on pancakeswap as it is fast, effective, and scalable. These will be active and useable on Launch.

BSCTrades: The all-in-one trading platform

This bull season Binance’s native chain called Binance Smart Chain has emerged as one of the fastest-growing blockchains with millions of customers base. In light of growing gas fee on the Ethereum network BSC chain emerged as the sole alternative for many traders and defi protocols which were barely usable at the peak of the high transaction fee. As a result, BSC became the choice of bothering the spot ERC-20 traders as well as different Defi protocols. The surging popularity of the BSC chain could be understood from the fact that at its peak its was processing nearly 4X the volume of the Ethereum network. The popularity of Defi protocols on BSC can also be understood from the fact that the TVL on BSC has grown over $45 billion over the past couple of months.

As BSC continues to make new historical highs, the BSCTrades platform has come in to offer the much-needed assistance to traders to make the most of the ongoing bull run. As has been the case with this bull season most of the Defi tokens within hours of launch on the BSC have gained millions worth of liquidity and its price has skyrocketed in a matter of days as well. Thus, it becomes very important for anyone to keep an eye on new listings on the chain, the earlier a trader is to discover a new token, the better chances they have to make the best profit.

Why Choose BSCTrades?

Amid the growing popularity of the BSC network as the go-to trading network, BSCTrades has come up with a comprehensive platform comprising of several tools and services to enhance ones trading experience as well as performance. Some of the key features that would enable traders using the platform to make the most would include

●      The addition of the token launch Snipper to enable users and holders of the $BSCTD to stay informed and get into new listings on pancakeswap first to enable them to profit maximally. To be able to access this feature users would need to hold a minimum of 5 $BSCTD.

●      The platform has also added the limit order tool to the BSCTrades platform. Users and traders can enjoy the platform as they utilize the limit orders on pancakeswap as it is fast, effective, and scalable.

One of its kind platform designed to ensure traders are given a perfect trading interface and tools to maximize profitably. On the BSC trading platform, traders can analyze trades, develop strategies and utilize trading bots for effective trading.

Some of the key features of the platform include,

●      Real-time chart.

●      Multiple device compatibility

●      Modern Comprehensive trading tools

●      Launchpad for upcoming projects on the BSC space

BSCTrades seeks to create value and provide a sustainable ecosystem for its stakeholders. Investors and community members rest assured that all projects launched are strictly evaluated by the team to avoid scam projects and projects going rug at an early stage. All projects and transactions are safe and secured as the team makes sure the investors maximize profits.

BSCTrades, a Platform cum Launchpad For New Projects 

The platform is not just limited to BSC traders in fact with a launchpad and IDO integrated into the system it also becomes quite a prominent attraction for investors in different decentralized projects as well. Investors and projects accepted profit extensively from the ecosystem’s services and benefits. BCS Trades is devoted to creating value for all stakeholders, and this commitment manifests through exclusive services and rewards.

Some of the key investor benefits of the platform include an exclusive initial private offering round for every accepted project on BSCTrades and every IDO holder must airdrop 5% of the total BNB raised to $BSCTD token which in turn guarantees that BSCTrades accepted projects undergo strict identity-proofing and auditing requirements.

Two streams of passive income exposure to potentially profitable projects with minimized risk. Projects accepted to be launched on the BSCTrades launchpad will gain access to exclusive resources to ensure IDO success. 

Media Contact :

Company Name : BSCTrades

Contact Person : Himayu

Email : Support@bsctrades.app

Phone Number : +91 9835470747

City : Patna

Country : India

Website : https://bsctrades.app/

Twitter : https://twitter.com/BSC_trades

Telegram : https://t.me/bsctrades

Medium : https://medium.com/@bsctradenow Github : https://github.com/bsctrades/web

Plethori: The World’s First Crypto ETF Creation and Trading Platform — Powered by Polkadot

It is Q2 2021, and the true era of decentralized finance has now begun. It is safe to say that the rough terrain has been chartered and that DeFi is here to stay.

With a solid foundation formed, the time has come for serious investors to enter the realm of decentralized finance. And with them comes the increase in demand for bona fide financial products and services.

Complex traditional investment structures will soon begin to enter the crypto space. With incredible foresight, PLETHORI has risen to meet these demands, and will soon be launching cryptocurrency’s premier ETF Creation and Trading Platform.

ETFs

Exchange-traded funds (ETFs) are investment funds made up of multiple assets within a particular industry. Their value is derived from the index value of the group of assets contained within it. Advantages include lower fees, diversification of one’s portfolio, and the ability to invest in the strength of a sector, rather than relying on the success of individual projects.

The current value of all ETFs worldwide is over $7.7 trillion, and as traditional financial markets begin to feel the pressure of a declining global economy, investors all over the world are turning their attention to the rapidly expanding decentralized alternative. This increase in demand has opened the market to the idea of accommodating some of the more complex instruments that have previously only existed within the traditional financial industry.

Plethori’s Platforms

V1 Platform

Plethori’s debut product, the V1 Platform, will offer investors the opportunity to buy and sell a wide range of crypto-based exchange-traded funds (ETFs).

How will it work?

The V1 Platform will provide a variety of ETFs, each made up of a select portfolio of tokens from different cryptocurrency sectors, for example — NFTs, Polkadot projects, Layer 2s, Insurance projects, Oracles, high market caps, low market caps, etc. Full details on each available ETF will be provided before the platform’s launch.

Users will be able to buy and sell Plethori’s ETFs on the exchange platform. The sole market will be ETH initially and a DOT market will be integrated later in 2021. Holding the PLE token will be the only pre-requisite to gaining access to the platform.

No user account is necessary. Simply connect your wallet containing PLE and you will gain full access to all of the platform’s features.

Platform Features

  • The Exchange : The V1 Platform is essentially a decentralized exchange where users will be able to buy and sell the wide range of ETFs available.

    After connecting one’s wallet, users will be able to: place market orders; place limit orders; view their portfolio; check out their P&L and trade history; and follow all of their favourite ETFs closely, enjoying the full range of available statistical data for each.

    Users will also be able to chart all listed pairs on the 1m, 5m, 15m, 30m, 1hr, 4hr, 12hr and 24hr time frames. The platform, available in both Day and Night modes, will have a range of charting tools and indicators and users will be able to select either bars, lines or candlesticks to suit their preference.
  • Low Fees : Rather than paying 10 transaction fees (for example) to purchase 10 different tokens, ETFs allow investors to purchase all 10 different tokens for just 1 transaction fee. With the increasingly high fees on various networks (not mentioning any names!), traders often have to allocate inordinate quantities of their available capital toward fees. Plethori’s ETF structure means that more of your money will be actively invested, rather than disappearing into network miners’ wallets.
  • Diversification : ETFs facilitate portfolio diversification with a single purchase. Rather than relying on the success of an individual project, ETFs spread the risk by indexing the value of multiple tokens across a sector or industry.

ETFs are an essential component of any strong investment portfolio. Their ability to provide instant diversification with minimal exposure to trading fees is a great way of hedging risk whilst simultaneously freeing up capital.

Bringing ETFs to crypto like never before, Plethori’s V1 Platform delivers a unique product to a market hungry for such innovation. And with its very well thought out UI and clean and professional design, investing has never been easier on the eye than it is with Plethori.

V2 Platform

Plethori’s V2 Private Funds Platform is set for launch later in Q2 2021. For the first time, investors will be able to create and manage their own decentralized exchange traded funds. Tradeable on the V2 exchange, these unique ETFs will not only provide creators with a passive income, but introduce gamification through leadership boards and rewards, with NFTs playing a key role.

How will it work?

The V2 Platform will allow users to stake collateral in exchange for the ability to create personalized ETFs with their own unique portfolio of tokens. Once created, these unique ETFs can be published and made available for purchase by other potential investors. Fund creators will earn a percentage of all transaction fees associated with the purchase and sale of their unique ETFs. The better the performance of the ETF, the higher up the leader board the fund manager ranks and the more likely other users are to purchase their ETFs.

“Gosh, I wish I did. If I had a tenth of a basis point of the ETF business, believe me I’d be out there sailing a yacht.” — Nathan Most, commenting on the fact that he never received a dime in royalties for creating ETFs.

Platform Features

The V2 Platform boasts all of the same elegant features as the V1 platform, with the addition of the ability to create and trade custom-made ETFs.

  • The Exchange : As with Plethori’s V1 Platform, the V2 will also act as a decentralized exchange. Once users connect their wallets via the Web3 app they will be able to place market orders, limit orders and set stop losses, engage in margin trading and leverage trading, view their portfolio and check their trade history.
  • ETF Creation : All platform users will have the ability to create their very own customized ETFs and release them onto the exchange. All projects that are built on Ethereum or Polkadot will be offered for inclusion in the ETFs, with Cardano and Bitcoin in the pipeline.
  • Passive Income : Whenever an ETF is bought or sold on the V2 platform, the creator of that ETF will receive a percentage of the transaction fees. The more popular your ETF, the more transactions are likely to occur.
  • Leader Boards : The highest ranked ETFs and their creators will be displayed on the V2 leader boards. NFTs will be awarded for “levelling up” as the fund managers achieve certain milestones.

NFT Integration and Gamification

Plethori’s V2 Platform will integrate ERC-721 Non-Fungible Tokens (NFTs) which will take on a very important function — the gamification of Plethori.

NFTs will play a variety of roles within the Plethori ecosystem. They will be:

  • Awarded as badges to top performing fund managers based on achievements and rankings;
  • Given as perks that provide benefits within the platform and other partner projects’ platforms; and
  • Traded within the platform as a value-holding asset.

The much awaited V2 platform will be Plethori’s defining product. The opportunity to create customized cryptocurrency ETFs is an industry first, and Plethori have found a way to make this not only accessible but actively enjoyable. With a ground-breaking platform, reward incentives and gamification, this really is a project to get excited about.

Plethori Key Features:

  1. Cross-Chain Functionality

The need to build a cross-chain project has never been more crucial. This is due to the recent surge of unaffordable fees charged by networks such as Ethereum which can make trading and investment opportunities seemingly unprofitable to small-scale investors. Despite the high network fees, Ethereum maintains its title as the home of DeFi, due primarily to its scalability and developer saturation. Eth Layer 2 Optimism provides a solution to the fee dilemma, and Plethori will be amongst the first who will be using the new technology.

Polkadot was chosen primarily because of its aim to build on top of Ethereum, as well as the fact that it boasts smart contract functionality and compatibility via the Ethereum Virtual Machine (EVM), where the bulk of traded DeFi assets are native.

One of the most striking advantages of Plethori’s cross-chain protocol is the cheap cost to users, allowing users to invest additional funds that would otherwise be used on transaction fees. Functionality is maintained at a near optimum level as service lag caused by singular network congestion using their cross-chain protocol is mitigated.

  1. Non-Fungible Tokens (NFTs)

Gamification will be another important key feature of the Plethori ecosystem. Its role within the crypto space has grown exponentially in recent times. ERC-721 integration will provide for the delivery of NFTs to reward fund managers as they “level-up” through the ranks.

  1. Layer 2 Solution

Ethereum is the undisputed home of DeFi, but due to the recent sharp rise in network fees, Plethori will be employing the ETH Layer 2 solution, Optimism.

  1. Fiat Gateway

Plethori’s fiat gateway integration will allow users to easily invest in crypto funds via the platform, facilitating fiat to token investing and creating a bridge to the world of traditional finance. This will be achieved quickly and seamlessly within the platform.

Governance

Their PLE token will also be used as a governance token, giving the community the power to directly influence the development and advancement of the project. PLE token holders will be able to submit proposals and vote on platform changes which will be vetted and executed by governance contracts.

Plethori’s community will be able to communicate with other equally dedicated members in the tiered groups on the platform and coordinate and propose changes to the ecosystem. There will be a weighting system in place to ensure that voting power is dependent upon level of involvement within the ecosystem, and not based merely on holding a large quantity of tokens.

Conclusion

Plethori CCO, Callum Mitchell-Clark, commented: “Up until now, the world of decentralized finance has been rudimentary. The more complex investment structures are now ready for adoption. We at Plethori have chosen to lead the next wave as we single-handedly bring ETFs to crypto. Utilizing the trustless immutability of the blockchain, we will develop a secure ETF Creation and Trading Platform, the likes of which have never before existed. The strategic decision to build on the Polkadot network will allow us near limitless scalability, providing us with access to tokens across multiple blockchains. Through our platform we will be providing a proven and very successful investment structure. And we will be providing it to a completely untapped market.”

To learn more about Plethori, visit Plethori.com

Twitter : https://twitter.com/plethori

Telegram : https://t.me/plethori

Medium : https://medium.com/plethori

TeraBlock’s Exchange Onboards Newcomers to the Cryptoconomy

Everyone’s crypto journey has to start somewhere. Where did yours begin, and how did you fare in those initial weeks and months? The answer is probably “falteringly,” as you took one step forward only to take two backward, realizing how much you still had to learn. Like ascending a vertiginous mountain peak, the higher you climb in crypto, the more you discover the distance you still have to go.

No sooner have you learned how to send and receive cryptocurrency than you are having to familiarize yourself with crypto exchanges, order books and all manner of bewildering phenomena, from TA to FA. It is a lot to learn, especially for casual crypto fans who just want to explore the digital landscape and hopefully make some money along the way.

To lend these intrepid souls a helping hand and guide them on their maiden journey, TeraBlock has created a gateway for newcomers who are unsure of where to start. Using some clever tech, which we will get to in a moment, it manages crypto assets on the user’s behalf, helping to grow their portfolio with no manual adjustment required.

The idea is that while your crypto education is in its nascent stages, TeraBlock will implement the best strategy for growing your wealth and granting you exposure to the leading crypto asset classes. In the process, you will expand your knowledge while gaining an appreciation of how the pieces that make up the crypto landscape fit together.

Automation for beginners

The automated component of TeraBlock’s crypto gateway entails machine learning (ML) to manage a portfolio of assets on the user’s behalf. Normally, it falls to the end-user to weigh the pros and cons of various cryptocurrencies and determine which ones to buy. TeraBlock aims to take the guesswork out of this process by enabling anyone to select from simple—yet highly effective—pre-built strategies that optimize for specific outcomes.

This is done via four crypto indexes that are based on total market cap, asset performance, project overview and statistical data. Real-time and historic trading data for each of these indexes can be viewed at a glance before allocating your assets to your preferred index in a couple of clicks. Once you have selected your desired index, the assets it contains will be purchased on your behalf, proportional to the amount you have invested.

Through owning a weighted portfolio of assets, the reasoning goes, you will gain exposure to a basket of cryptos while being spared the complexity and costs associated with purchasing and monitoring each one individually. But the automated investment strategy does not end there: the moment market conditions take a downturn, the algorithm will exit the index and wait for the opportune moment to buy back in. This system promises to save novice users from much of the volatility that is inherent in crypto, minimizing the downside risk while maximizing the upside.

Crypto does not have to be complex

TeraBlock has additional products catered to intermediary cryptocurrency holders, including drag-and-drop portfolio trading. This enables users to select an existing trading strategy or to create rules of their own that will dictate when particular assets are bought and sold in line with market conditions.

It is the crypto indexes that are likely to be TeraBlock’s primary driver of new users, enticed by the proposition of an automated strategy that takes the guesswork out of trading. No system is 100 percent foolproof, and an algorithm will not make you stupendously rich overnight—or even over the course of many nights when initiated with a modest principal investment.

However, if TeraBlock can save beginners from the sort of mistakes that every crypto rookie makes—overtrading, panic selling, FOMO, over-exposure to high-risk assets—it will have proved its worth.

Collaborative NFT Art Project dCanvas Opens Limited Allocation Of 256 NFTs To The Public

dCanvas, the largest collaborative NFT art project, is finally opening its gates to the public. The company will be allocating 256 public release NFTs in its huge community pixel board. Each NFT gives its owner full control over pixel colors at a specific location on the canvas board. Moreover, NFT holders may participate in community-based, NFT-backed art piece creations through an independent DAO, giving the community control over the project and its future.

Please Note: This is a Press Release

As the NFT industry continues to grow by leaps and bounds, the time has come to focus on community-oriented features. dCanvas, the world’s largest NFT collaborative art project, enters the next stage of its evolution.

dCanvas has already seen tremendous adoption, having distributed roughly $500,000 in NFTs to numerous strategic investors, brands, and early adopters.Participating private investors include Leia from Unic.ly, Kyle from NeptuneDAO, Joyce from Global Coin Research, and Queen Mei the number one NFT collector on Quidd. Sebastien Borget, COO and Co-Founder of The Sandbox, has also joined as a project advisor.

A limited allocation of 256 public release NFTs will be made available to users on May 6, 2021. Every NFT consists of 16 pixels which can be filled in with the owner’s artistic vision.It is the second time dCanvas opens NFTs for sale and allocation to the public. Previously, 1024 NFTs were made accessible, all of which were sold out in less than 5 days. With a much smaller sample size to go around this time, time is of the essence for those who want to get in on the action.

The NFT sale can be accessed on the dCanvas app and transactions will occur via OpenSea, in order to minimize gas fees for all users to have the optimal experience. Only a one time authorization fee for OpenSea is required. After that, everyone can purchase NFTs through the app and use their new acquisitions immediately after receiving them without further gas costs.

All NFT owners can create a public profile to show off their ownership. Additionally, owners can message one another to have meaningful discussions and collaborate. Projects like these need to fuel community-based activities and engagement.

dCanvas prioritizes three crucial pillars to shape the future of its NFT collaborative art project; community, value, and social good.

By allowing NFT holders to shape and influence their NFT and redefine the limits of collaborative art for social good, dCanvas goes in a very different direction from most NFT projects and brings unique value to the space. Moreover, dCanvas plans to donate a significant portion of all proceeds to charity organizations, further strengthening the appeal and potential of the Non-Fungible Token industry as well as the historic significance of the project.

About dCanvas

dCanvas is building the largest collaborative art project in the world in the name of social good. Inspired by the Reddit Place experiment, the dCanvas project leverages the Ethereum blockchain to connect online communities through the world’s largest, decentralized digital art canvas. Built by two doctors, the central mission of dCanvas is to redefine the limits of collaborative art while acting as a powerful catalyst for social good. Join the hundreds who have already signed up to make digital art history happen.

Contacts

  • Andrew Chen
  • team@dcanvas.co

Tezos ‘Florence’ upgrade is coming—here’s what you should know

Tezos is bringing on Florence, its sixth consecutive network upgrade that is scheduled to go live Monday night.

It marks the second upgrade in just 3 months, in a move that is seen by industry players as warp speed development for this powerhouse blockchain network.

Florence features a range of bug fixes and other improvements; developers can look at the change log here.  

Tezos improvements

Increased Maximum Operation Size: Operation size has jumped from 16kB to 32kB which allows for smart contracts that are double the size and a good solution for more complicated apps.

Gas Optimizations:  Tezos have managed to reduce gas consumption in the execution of smart contracts. This enables more complicated smart contracts to work more economically.

Baking Accounts: Some developers use baking accounts, Tezos is now compatible with all new code. 

Depth First Execution: Order: A feature to help simplify the lives of smart contract developers, as it is now much more simple to deal with inter-contract calls.

No More Test Chain: This makes the test chain activation process obsolete; the testing period is now known as the “cool-down period.” The protocol is now tested using external test chains that work outside of the mainnet voting process.

With Florence now complete developers are being encouraged to test their own Tezos related apps to check for compatibility problems. 

Killer?

The last upgrade before Florence was Edo, which rolled out three months ago, and offered up some excellent features including Tickets, the Adoption Period, and Sapling. Florence now builds on Edo to enhance the ever-evolving protocol.

Tezos’s growth has been impressive, with some calling the protocol the “Ethereum Killer,” as the number of transactions draws closer to that of Ethereum’s. Activity has now passed 1 million contract calls in a single month, which shows an increased user engagement across the Tezos ecosystem. 

One area to highlight is that of NFTs, with marketplaces like Hic et Nunc and Kalamint helping to propel activity for the network. Couple that with the native token behind the protocol, XTZ and analysts predicting strong growth for the coin going into 2022, all of which celebrate this high-performing, low carbon emission alternative to Ethereum.

The post Tezos ‘Florence’ upgrade is coming—here’s what you should know appeared first on CryptoSlate.

Earn bitcoins per day by mining

Sign up and get free $30 coupon and $5 bonus with Nhash Cloud Mining services 

Earn bitcoins per day by mining 1

Nhash has emerged as one of the top cloud mining platforms with years of experience providing top-notch cryptocurrency mining systems. The platform offers computer power to users to mine bitcoin, litecoin, ethereum, and other cryptocurrencies. 

Nhash has an entire team of engineers, developers, and specialists that ensure that all runs properly and investors are offered the best possible mining pools to reap sustainable rewards. Nhash website is user-friendly and easy to use for the average crypto enthusiast. 

The cloud mining platform offers some of the most affordable pricing plans that ensure users can begin mining without a huge capital. With as low as $70 you can purchase a mining plan that offers a 1-day contract with no maintenance fee and fixed income of up to 3% on investment. 

Earn bitcoins per day by mining 2

Other plans include the $200 plan, a 7-day contract with returns of $12. The mega plan costs $2000 with a 30-day contract and returns of $2000+500, and the 5000$ plan offers a 45-day contract with no maintenance fee and expected returns of $5000+2000.

What is unique about NHash is that it offers cloud mining services without charging maintenance fees that is the norm on other platforms. It also provides a higher return on investment than other platforms, and investors are guaranteed their funds, you’ll get 2% of the quantity of hashpower purchased by your referral. For example, if someone purchases a $100 contract using your referral code, you’ll get $2 for free. It’s a win-win situation!

Nhash has an active customer support system available on live chat and email to resolve problems, while the FAQ section helps users fix common issues. The process of registration on NHash is also quick, and it only takes a few minutes to register. 

If you want to enjoy quick, affordable cloud mining,earn a fixed return every day,you can take advantage of the current promotion offered by Nhash. New users that signup are granted a free $30 coupon and $5 bonus when they purchase any cloud mining plans. To learn more about NHash and purchase cloud mining plans, please click the PRICING button on the top right of the website to learn more about investment details.

Bitcoin Price Analysis: BTC treading on shaky ground as hope for $60,000 diminishes

bitcoin

Bitcoin shot up from support established at $53,000. The approached to $60,000 was gradual but steady. Bulls took down several resistance levels, including the 100 Simple Moving Average (SMA), the 50 SMA, and the 200 SMA. However, an immense seller congestion zone at $58,000 became a hard nut to crack.

According to data by CoinGecko, the flagship cryptocurrency has lost 2.4% of its value in the last 24 hours. It has sustained a 4% growth in seven days but lost nearly 4% in the previous 30 days. Bitcoin’s trading volume across numerous platforms averaged at $66 billion and boasted of a $1 trillion market cap.

Bitcoin price correction could extend to $50,000

The bellwether cryptocurrency has corrected from the resistance at $58,000 and currently teeters at $55,630. Two tentative support levels have been lost, including the 200 SMA and the 50 SMA.

Note that the slightest resistance path appears to be downward based on the Moving Average Convergence Divergence (MACD) bearish impulse. The indicator is almost crossing into the negative region. Simultaneously, bearish pressure soar as the MACD line (blue) strikes under the signal line.

BTC/USD four-hour chart

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

Similarly, the Relative Strength Index (RSI) reinforces the bearish outlook while dropping toward the midline. It also features a bearish divergence from the price.

Therefore, support at the 100 SMA is crucial to the resumption of the uptrend. If push comes to shove, $53,000 must hold to avert the potential losses to $50,000.

Bitcoin intraday levels

Spot rate: $55,630

Trend: Bearish

Volatility: Growing

Support: $55,000 and $53,000

Resistance: $56,000 and $58,000

The post Bitcoin Price Analysis: BTC treading on shaky ground as hope for $60,000 diminishes appeared first on Coingape.

Bitcoin (BTC) Realized Cap Shows Steep Increase Against Market Cap, Bull Run to Continue

Bitcoin

Bitcoin (BTC) hasn’t participated much in the recent market as it has been an altcoin-driven rally off lately led by Ethereum (ETH) and Dogecoin (DOGE). The BTC price has been consolidating for a long time around $55,000 and holding its market cap just above $1 trillion.

However, if we look at the steep increase in the Bitcoin (BTC) realized cap, the picture is very much clear suggesting that the Bitcoin bull run will continue here onwards. While the market cap considers total BTCs that have been minted, the realized cap takes a more nuanced approach.

The realized cap eliminates the impact of lost or dormant coins that haven’t been moved for long. As opposed to the current Bitcoin value, it measures each unspent transaction output (UTXO) based on the value moved last.

Glassnode CTO and co-founder Rafael Schultze-Kraft show that there has been an unprecedented capital inflow into Bitcoin (BTC) based on its realized cap. Over the last 6 months, the realized cap has jumped a massive 200% by another $250 billion.

Fall In the Bitcoin MVRV (Market Value/Realized Value) Ratio

Over the last month, BTC price has seen solid consolidation and its market cap has remained stable or “flat”. At the same, the BTC realized cap has increased steeper which has led to a fall in Bitcoin’s MVRV value. This is a bullish indicator suggesting strong fundamental build-up for Bitcoin (BTC). Let’s take a look at the chart here.

  • BTC’s MVRV-Z score at the same price in Feb 2021 was 7.6.
  • The current MVRV-Z score is 4.4.
  • Bitcoin’s MVRV during its previous price tops has reached above 10.
Courtesy: Glassnode

Well, it is clear that the BTC realized cap has completely replaced what was Bitcoin’s “market cap” six months back. Although Bitcoin has been consolidating over the last few weeks, GoinGape reported how its on-chain fundamentals continued to improve. Some of the positive pointers:

  • Bitcoin (BTC) whale accumulation was strong during this consolidation period.
  • Bitcoin’s NVT ratio suggests undervaluation at the current price point.
  • Bitcoin’s funding rate at exchanges remains low suggesting a slowdown in profit-booking.

The post Bitcoin (BTC) Realized Cap Shows Steep Increase Against Market Cap, Bull Run to Continue appeared first on Coingape.

Latam Based Exchange Bitso Gets Unicorn Status After $250 Million Funding Round

unicorn

Bitso, one of the biggest cryptocurrency exchanges in Latam, has reached unicorn status after a funding round that managed to raise $250 million with the participation of some big names in the cryptocurrency world. The company announced it would use these resources to expand its operations and keep growing in its core markets, including remittances.

Bitso Reaches Unicorn Valuation After Series C Funding Round

Mexico-based exchange Bitso has become the first LATAM cryptocurrency unicorn, after getting a valuation of $2.2 billion on its Series C funding round. The round got participation from important names in the investing sphere, being led by New York-based privately-owned hedge fund Coatue Management LLC and Tiger Global, another top investment firm. The round managed to raise $250 million and included other investors like Pantera Capital and Paradigm.

The company declared that it would use these resources to strengthen its core business in Latam and expand to other markets. Bitso is in a very comfortable position in Latam, where it is very popular in certain countries. While making inroads to Argentina during the last cryptocurrency boom in that country, Bitso is especially strong in its home country, Mexico, where it is looking to take a significant part of the business of remittances in the area.

How Bitso Got Here

Bitso, founded in 2014, has gone through a long and winding road to get here. The company carried its early founding round circa 2016, getting an early investment of $2.5 million by Digital Currency Group, the company that owns Coindesk and Grayscale Investments. Its next influx came in its Series A funding round, which raised $15 million during October 2019, followed by another influx of $62 million in December 2020, which was led by Kaszek Ventures and QED Investors.

Bitso also stamped a partnership with Ripple, the cryptocurrency company, that allowed them to leverage Ripple’s liquidity for doing quick remittances. This made Bitso is the biggest exchange partner of MoneyGram for Mexican pesos-based remittances. The advantage of Bitso is that the percentage of banking users in the region is very low, so this has allowed them to grow pretty fast, taking advantage of how cryptocurrency works and its cheap costs for remittances.

But Bitso is not only about remittances in Mexico. The exchange is focusing to expand its reach to other Latam countries, and it has been elected as one of the approved crypto companies to conduct tests in Colombia while also recently launching operations in Brazil.

What do you think about Bitso reaching unicorn status? Let us know in the comments section below.

The fees sting but Uniswap v3 sees more volume on launch day than v2’s first month

Several users have aired complaints about the new version, especially its higher gas fees.

The founder of Uniswap, Hayden Adams, has reported that the launch day of Uniswap’s v3 iteration was more successful than its predecessor in terms of volume, but not everyone in the DeFi community concurs.

In a tweet on May 6th, Adams declared the launch of Uniswap v3 the day before a resounding success. He noted that over its first 24 hours of going live v3 had already processed more than twice the volume that v2 saw in its first month.

Dividing Uniswap’s volume by total value locked, or TVL, Adams asserted the platform is operating with greater efficiency than its v2 form. While v2 saw $1.1 billion in volume and $8.1 billion in TVL during its first day for an efficiency ratio of 13%, v3 hosted $150 million in volume and $300 million in TVL for an efficiency ratio of 50%, according to Adams.

At the time of writing, the Uniswap dashboard was reporting a daily volume of $214 million with a TVL of $350 million for v3. Over the same period the version 2 stats of $1.1 billion in daily volume and of course it's built up around $8 billion in TVL over the time it's been operational.

Gas guzzler?

Not all have been as enamored with the latest iteration of the world’s most popular DEX, with users complaining about the costs associated with using v3. One respondent to Adams stated:

“Even more expensive to make mistakes now. Tried to migrate my UNI/ETH liquidity to V3, failed and paid 108.09 usd worth of gas.”

Dragonfly Capital Managing Partner, Haseeb Qureshi, also asserted that v3 is more expensive to use than its predecessor, noting an example transaction in which he attempted to swap 3 Ether for DAI.

“Looks like Uniswap v3 is more gas expensive than v2, roughly as expected. Specifically, it's about 28% more expensive for single-hop transactions it looks like. For larger transactions that cross multiple ticks/buckets, the gas costs should be slightly larger.”

Others complained of the cost incurred by creating a pool and adding liquidity on the new platform, with one claiming to have paid 0.2 ETH worth roughly $750.

DeFiPrime commented on the complexities of using the new interface via its Telegram feed, stating:

“Add liquidity UI now requires a master's degree to figure out how to price your liquidity position. It's a huge step backward from the simplicity we had in v2.”

Fees still seem to be the major drawback of using the platform and Uniswap needs to wait for the launch of Optimism to bring layer two scaling to v3. On March 29, Cointelegraph reported that Uniswap’s daily fee generation had topped Bitcoin’s by $1.7 million.

TA: Bitcoin Holds Key Support, Here’s What Could Trigger A Sharp Decline

Bitcoin price failed to clear the $58,500 resistance against the US Dollar. BTC is correcting lower and it could decline heavily if there is a break below $55,500

  • Bitcoin struggled to clear the $58,500 resistance and started a fresh decline.
  • The price is now trading below the $57,000 level and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $56,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if there is a close below $56,000 and $55,500.

Bitcoin Price is Testing Key Support

Bitcoin climbed again above the $58,000 level, but the bulls struggled to remain in action. BTC formed a short-term top near the $58,500 level and it recently started a downward move.

There was a break below the $57,000 and $56,000 levels. The price even spiked below the $55,500 support level and a low is formed near $55,294. It is now trading below the $57,000 level and the 100 hourly simple moving average.

Bitcoin is attempting a recovery above the $56,000 level. It broke the 23.6% Fib retracement level of the recent decline from the $58,418 high to $55,294 low. There is also a key rising channel forming with support near $56,000 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is now facing resistance near the $56,500 level and the 100 hourly simple moving average. The next resistance sits near the $56,800 level. It is close to the 50% Fib retracement level of the recent decline from the $58,418 high to $55,294 low.

If there is an upside break above the $56,800 and $57,000 levels, the price could rise further. The next key resistance is near the $58,500 level.

More Losses in BTC?

If bitcoin fails to clear the $56,500 resistance or $56,800, it could continue to move down. An initial support on the downside is near the $56,000 level and the channel zone.

The first key support is near the $55,250 level, below which the price might test $55,000. Any more losses could open the doors for a drop towards the $52,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is struggling to move into the bullish zone.

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

Major Support Levels – $56,000, followed by $55,250.

Major Resistance Levels – $56,800, $58,500 and $60,000.

Ivanka Trump’s luxury Miami apartment block accepting crypto for condos

With the cheapest condo listed for more than $10 million, Miami’s Arte Surfside luxury apartments are now aimed at crypto millionaires and billionaires.

Luxury Miami apartment Arte Surfside will now accept cryptocurrency as a form of payment for its remaining luxury residences — including the Villa Nove penthouse, currently listed for $38 million.

The firm has partnered with trading platform SolidBlock, allowing potential buyers to pay in multiple cryptocurrencies, including Bitcoin and Ether.

The region’s "most exclusive" condominium is already home to Ivanka Trump and Jared Kushner, as well as fashion blogger Arielle Charnas from Something Navy. It’s now attempting to appeal towards crypto millionaires and billionaires attracted by Miami's Bitcoin-friendly reputation. 

According to the announcement, the cheapest condo available starts at $10.3 million with spaces ranging from three to five bedrooms, with access to a 75-foot indoor pool, meditation pond, rooftop tennis court, and private temperature-controlled parking spaces. The highest sale to date was $33M for the penthouse condo — the same one that has just been relisted at $38 million.

Developers Sapir Corp noted that a number of top Silicon Valley companies and venture capital firms had moved to the city and this played a role in the decision to accept cryptocurrencies.

Miami Mayer Francis Suarez has already met with 'Dogecoin CEO' Elon Musk, Twitter CEO Jack Dorsey, and Google CEO Eric Schmidt in an effort to convince them to move operation to the sunny state. Cryptofinance firm XBTO Group has a new office there, Scott Minerd from global investment firm Guggenheim Partners and Peter Thiel-associate Keith Rabois have bought property, and VC Delian Asparouhov joked on social media about moving Silicon Valley to Miami. 

Chairman of Sapir Corp Alex Sapir said the company supported Mayor Francis Suarez’s vision to make Miami a cryptocurrency and technology hub.

"As the most exclusive luxury building in the city, we're positioning ourselves for a future where half the world's billionaires are crypto billionaires, which will happen once Bitcoin reaches $200,000. With cryptocurrencies already creating incredible worldwide wealth, it's real estate that will sustain that wealth and provide buyers with a legacy.”

Over the last year, Suarez has made it clear that he wants to landmark Miami as the country’s crypto center and he hailed Arte's announcement as the first of many.

"The embrace of cryptocurrency and emerging technologies across all sectors of industry is precisely how Miami will become the city of the century," said Mayor Francis Suarez. "Arte is setting an important precedent and I won't be surprised to hear similar stories in the near future."

A resolution for a new cryptocurrency task force passed on May 6, looking at the feasibility of allowing the Miami-Dade county to accept cryptocurrencies as a form of payment for taxes, fees, and services.

Next month, Miami will host the world’s largest Bitcoin conference, Bitcoin 2021 conference.

Ripple sold twice as much XRP this quarter, as demand grows for its ODL service

Ripple’s XRP sales are up 97% in Q1, with the firm attributing the growth to its focus on RipplesNet’s On-Demand Liquidity service.

Despite the ongoing legal battle with the Securities Exchange Commission, Ripple reported a 97% increase in sales of XRP for Q1.

Ripple posted its Q1 markets report on May 6th and revealed that total sales net of purchases had gone from $76.27 million in Q4 2020, to $150.34 million in Q1 this year.

Ripple noted the surge in sales was led by the growing demand for RippleNet’s working capital service On-Demand Liquidity or ODL:

“The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For well over a year, Ripple has not sold programmatically.”

The firm added: “Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments.”

According to CryptoCompare, total sales by Ripple accounted for just 0.07% of global XRP volume.

According to Ripple, ODL enables RippleNet clients to source instant liquidity in XRP that can be converted into international currencies within three seconds, removing the need to hold pre-funded accounts for international payments.

The company also reported that over the quarter, three billion XRP had been released from its massive escrow holdings — however 2.7 billion XRP had been returned to new escrow contracts.

Some have attributed XRP’s recent resurgence in part to Ripple labs’ purchase of a 40% stake in cross-border payments firm Tranglo, which was acquired to expand its ODL service into Southeast Asia.

Sheraz Ahmed, the host of the Crypto Valley Association podcast and managing partner at Storm Partners, a crypto and blockchain solutions provider, told Cointelegraph on April 9th that:

“XRP’s upward momentum is fueled by Ripple’s newly announced 40% stake in Asia’s leading cross-border payment processor, Tranglo. The partnership will undoubtedly increase Ripple’s exposure to the Asian market.”

Additionally, wallets holding between 1 million to 10 million XRP grew by 6.3%, up from 1,125 in Q4 to 1,196 in Q1.

The SEC case alleging Ripple Labs of selling unregistered securities worth $1.3 billion, does not appear to be preventing big players from increasing their holdings. The report revealed that the number of XRP whales had increased 3.5% in Q1. The firm posted data via Santiment, which showed “whale wallets'' holding 10 million XRP or more increased from 308 in Q4 2020, to 319 in Q1 2021.

According to data from CoinGecko, the price of XRP is up 648% in the past 12 months. John Wagster, an attorney at Frost Brown Todd spoke with Cointelegraph on April 18th and attributed XRP’s mammoth gains to the bullishness in crypto markets in general, rather than to the firm's recent set of legal wins in its defense of the SEC case.

In the past 24 hours more than $14 billion XRP changed hands and currently sits at a price of $1.59, with a market cap of $73 billion.

FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

The Federal Bureau of Investigation (FBI) is putting up warning signs on bitcoin ATMs in Cuyahoga County of the U.S. state of Ohio to warn residents not to fall for scams asking victims to send money to scammers via bitcoin ATMs.

FBI Putting Warning Signs on Bitcoin ATMs

The Cuyahoga County Scam Squad in Cleveland and the FBI are collaborating to alert the public about scams involving bitcoin, News 5 Cleveland reported this week. Old scams ranging from grandparent’s scam, explained Sheryl Harris, Director of the Cuyahoga County Department of Consumer Affairs.

FBI Special Agent Vicki Anderson warned that once the victims sent bitcoin, “it’s almost impossible to get it back so the best we can do is prevention and that’s why we’re trying to get the word out.”

The news outlet described that “Signs will soon be put up on bitcoin ATMs across the county,” noting that “The signs are intended to make people think twice before going through with a transaction because they could be caught in a scam.”

Harris elaborated:

The point of the signs is to just give people a chance to pause, like wait a minute … The government isn’t going to ask you for bitcoin, they just won’t, the jail won’t ask you to pay in bitcoin and your utility company doesn’t accept bitcoin payments.

The FBI and the Cuyahoga County Department of Consumer Affairs issued last week an alert to local businesses to be on the lookout for bitcoin ATM scams. The authorities are asking for businesses to display these warning signs in a “noticeable place or near the ATM.”

A man who almost became a victim of a scam asking for bitcoin told the news outlet that he got a call from someone who sounded just like his son, who said he was hurt in a car accident, got thrown in jail, and needed bond money.

The man and his wife were instructed to withdraw $9,000 in cash, go to a bitcoin ATM, then use the QR code the scammer provided to deposit the cash. The man said that the shopkeeper where the ATM resided came up and said “can I help you?” When he explained that he needed to send money to an attorney with the bitcoin ATM, the shopkeeper told him that he was getting scammed. The couple then called their son and confirmed it was a scam.

Bryan P. Smith, the FBI’s assistant special agent in charge, cautioned: “Education and prevention are the best tools to avoid being a victim of a financial scam … It is imperative for consumers to verify financial transactions prior to sending money in any form, including virtual currency. Be financially safe, learn more before sending.”

What do you think about the FBI putting warning notices on Bitcoin ATMs? Let us know in the comments section below.

Square’s earnings 2.5X expectations, Bitcoin revenue up 1000% in 12 months

Square’s quarterly earnings beat out expectations by more than double thanks to Bitcoin’s dramatic rally.

U.S.-based financial services firm, Square Inc, reports that its quarterly earnings doubled analyst expectations amid booming demand for crypto assets.

Global financial data provider Refinitiv had predicted Square would see earnings of 16 cents per share in Q1 2021, but the firm ended up earning 41 cents per share. Square saw $5.06 billion in revenue, dwarfing Refinitiv's prediction of $3.36 billion.

Bitcoin alone drove $3.5 billion in revenue, an astonishing increase of 1,000% in just 12 months.

Square’s quarterly gross profit also surged 79% year-over-year to tag $964 million. More than half of the firm's profits can be attributed to its crypto-friendly payment application, Cash App, which drove $495 million in gross profits — a 171% increase when compared to Q1 2020.

While Bitcoin turnover was in the billions, the cryptocurrency represented 2% of the firm’s total gross profit with $75 million.

“Bitcoin revenue and gross profit benefited from a year-over-year increase in the price of Bitcoin, Bitcoin activities, and growth in customer demand,” noted the firm.

During an earnings call, Square CEO, Jack Dorsey, emphasized the firm’s mission of supporting BTC to become the native currency of the internet, stating:

“Our focus, first and foremost, is on enabling [...] Bitcoin to be the native currency. It removes a bunch of friction for our business. And we believe fully that it creates more opportunities for economic empowerment around the world.”

Despite predicting Cash App will continue to see triple-figure growth year-over-year in 2021, Square’s CFO, Amrita Ahuja, noted that government stimulus likely bolstered the recent performance of its payments application.

“We believe our customers had greater spending power from government funds, which drove an uplift in inflows in March,” he said, adding: “We have since seen a normalization with inflows down 16% in April, compared to March.”

Square became one of the first firms to invest a portion of its treasury into Bitcoin when the firm purchased 4,709 BTC for $50 million in October.

While the company’s first BTC buy is now worth $263.7 million, the firm is down $20 million on a further 3,318 BTC it bought in February for $170 million. The firm currently holds $472 million worth of BTC in total.

Square Reports Record-Breaking Revenue, Driven by Bitcoin Purchases

The electronic payments fintech Square Inc. proved with numbers that Bitcoin is good for business, and its financial results are the best evidence.

Square Inc.’s quarterly sales more than tripled, thanks mainly to the recent interest in cryptocurrencies by the general public.

Bitcoin Means Business

In a letter to its shareholders published this week, Square Inc. revealed that in the first quarter of 2021, it achieved a gross profit of $964 million, representing a 79% increase year over year. The company also reported that sales processing revenues totaled $468 million, up 32% year over year and that Cash App generated a gross profit of $495 million, which was 171% more year over year.

Square Financial Report
Square Financial Results. Image: Square

The company revealed that much of its revenue is due to the growing attractiveness – and price – of Bitcoin:

In the first quarter of 2021, total net revenue was $5.06 billion, up 266% year over year, and, excluding bitcoin revenue, total net revenue was $1.55 billion, up 44% year over year.

The financial results show that Square’s bet was successful, and the risk taken was worth it, considering that it managed to generate in one year what would be expected for 3 continuous years of activity.

Square’s Bitcoin gross profit was only $75 million, mainly due to the profits obtained from payment processing:

During the first quarter of 2021, we saw significant growth in bitcoin revenue year over year. While bitcoin revenue was $3.51 billion in the first quarter of 2021, up approximately 11x year over year, bitcoin gross profit was only $75 million, or approximately 2% of bitcoin revenue.

However, Square Inc. recognized that such results are not always replicable. As a result, what it earns from its bitcoin trading activities will depend mainly on its users’ price, interest, and habits.

The Love Story of Square and Bitcoin

Square is an openly pro-bitcoin company. Its CEO, Jack Dorsey, who is also CEO of Twitter (the leading social network in the crypto-verse), is a confessed bitcoiner who has assured on several occasions that Bitcoin could eventually be a globally adopted cryptocurrency in the internet of the future.

In October 2020, Square announced the purchase of 4,709 bitcoins for a total of $50 million. This decision was crucial for Bitcoin’s historic bull run that took it to new highs.

Other major companies like PayPal -which announced support for the purchase and sale of cryptocurrencies— soon replicated this move. MicroStrategy and Tesla sealed Bitcoin’s fate shortly thereafter, fueling a surge of unique dimensions in Bitcoin’s history.

Later on, in february of 2021 Square purchased an additional $170 million in Bitcoin, increasing its holdings to over 8.000 BTC —which is over $450 million today.

Pretty good eye for business opportunities.

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

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

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

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

Doge today, Doge tomorrow

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

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

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

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

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

Get rich

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

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

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

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

 

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

 

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

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

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

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

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

Paypal Sees ‘Really Great Results’ in Its Crypto Efforts

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

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

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

Schulman opined:

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

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

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

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

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

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

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

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

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

Kraken adds Cardano staking

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

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

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

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

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

What’s next for ADA?

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

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

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

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

Cardano TA
ADA/USD via TradingView

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

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

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

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

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

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

Is Bitcoin Becoming The MySpace of Crypto?

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

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

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

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

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

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

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

Taproot Upgrade Already In-Play

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

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

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

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

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

Bitcoin daily chart

Source: BTCUSD on TradingView.com

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

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

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

Will DOGEmania ever stop?

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

Hacking attempt fails, but causes a major ruckus

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

Shenzhen-based HOO launches Smart Chain contender

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

VeChain on national TV

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

Rising salaries for blockchain devs

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

Miners back up and running... away?

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