This Metaverse Crypto Coin Gained 46% This Week (OpenWorld)

As Bitcoin and Ethereum continue to trade sideways, with BTC holding above $29k and ETH struggling at $1,700, a Metaverse Crypto Coin called OpenWorld (OPEN) gained over 46% in the past week and over 11% in the past 24 hours. OpenWorld was recently added to the Metaverse category of CoinMarketCap, and with a $2.2 million market capitalization, it is currently an underrated low cap project worth exploring. Let’s look at OpenWorld and its token OPEN and see why the price is rising.

What Is OpenWorld (OPEN)?

Launched in October 2021, OpenWorld (OPEN) is a BEP-20 BNB Smart Chain project describing itself as a blockchain-enabled open Metaverse with a circular economy based on genuine monetary flow. OpenWorld’s vision is to open a new dimension for users to connect, express, and play in the digital realm.

The project’s three pillars include finance with a balance circular economy, a digital experience with value created with digital interactions, and beautiful visual and sound art.

openworld metaverse

According to a recent Medium post published on May 24th:

“OpenWorld focuses on building a digital world with the combination 3 aspects: Finance, Digital Experience, and Art.

It will be an open world to other metaverse projects and work toward achieving technical interoperability: If you buy an NFT yacht somewhere and it is interoperable to our world, you can bring it on and chill on its deck.”

OpenWorld looks to build a casual and distinct game, Metaverse focusing on mobile devices and playable across all platforms, supporting multiple blockchains.

While initially started as a play-to-earn project, OpenWorld transitioned to a Metaverse NFT project focusing on the Web3 economy.

It’s worth noting that OpenWorld has recently rebranded from their original Play-to-Earn project CryptoWar to OpenWorld, as the team is looking to tackle a wider audience and expand its vision for their open Metaverse.

The project recently released its fourth news update, where it covered the developments for its token.

The team is gearing up for a prototype of its Metaverse to release in June and is starting to develop a Wiki tutorial for OpenWorld. In addition, the project is planning on launching an OpenWorld Academy and is in the process of its seed round of fundraising.

OpenWorld Price & Tokenomics

OPEN is the primary utility asset and native game currency for the OpenWorld Metaverse. Players can leverage the digital asset to acquire characters, forge and reforge weapons in the Metaverse, and trade NFTs on the marketplace.

OPEN is one of the most underrated low market cap Metaverse crypto coins on the market right now, with a market capitalization of $2.2 million. Its 24-hour trading volume is relatively low at $77k, with a circulating supply of 51.6 million tokens.

The token is currently trading on PancakeSwap with total liquidity at roughly $80k, $66k at the OPEN/BUSD pair, and $14k at the OPEN/BNB pair.

With a relatively low market cap and an active development team, OpenWorld is worth keeping a close eye on in May 2022 if you’re in the market for low marketcap coins. As the team gears up to showcase its prototype in June, OPEN could show significant bullish momentum if the cryptocurrency market turns bullish or even if Bitcoin and Ethereum manage to hold current support and continue trading sideways.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coin.

Follow us on Twitter @nulltxnews to stay updated with the latest Metaverse news!

Image Source: ismagilov/123RF

The post This Metaverse Crypto Coin Gained 46% This Week (OpenWorld) appeared first on NullTX.

Bitcoin Is Consolidating But Is A Rally Near?

Bitcoin has been laterally trading for almost a week now. The coin has continued to remain under the $30,000 price level. The technical outlook of Bitcoin could be pointing at a turnaround in prices on the long term price chart.

On the short term price chart however, king coin’s price action remains quite bearish. At the time of writing, BTC has seemed to settle a slightly above the $28,000 support line. In the past 24 hours, the coin lost 1.2% of its value and in the last week, the coin posted some recovery.

After Bitcoin traded for $28,000, the bulls came to its rescue and have defended that level. This could be accounted to a positive change in price at the time of writing. The $28,000 support line is crucial for Bitcoin as a drop from that level could push the coin to $24,000 or even lower.

Bitcoin Price Analysis: One Day Chart Bitcoin was trading at $29,000 on the one day chart | Source: BTCUSD on TradingView

The cryptocurrency was trading at $29,600 at the time of writing. Over the past week, the coin has been touching the $30,000 mark and dipping below it.

King coin’s crucial support line stood at $28,000. Overhead resistance for the coin was at $31,000. Volume of Bitcoin was green in colour which meant that the bulls were still struggling to defend the coin in the market.

If the bulls slowly start to enter the market, BTC might re-attempt to move above the $31,000 price level. A move above the $31,000 price mark will make buyers re-enter the market and strengthen the positive price action in the market.

Technical Analysis Bitcoin registered a slight improvement in the number of buyers on the one week chart | Source: BTCUSD on TradingView

Bitcoin’s technical outlook has painted a bearish picture on the one-week chart. Even with slight improvements over the last 24 hours, the coin’s price action was still weak. The Relative Strength Index was near the oversold zone but the coin was slightly better than being oversold.

Despite the small uptick, it can barely to referred to as a positive development. Moving Average Convergence Divergence underwent a bearish crossover. After the bearish crossover, MACD flashed red histograms which are tied to sell signal in the market.

Although the technical outlook was bearish, an interesting point can be noted from the above chart. At the time of writing, BTC was near the $29,000-$28,000 price range and that’s positive because this price mark has previously acted as a mark that has fuelled rallies before (blue).

Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

Bitcoin’s Relative Strength Index displays chances of price reversal on the one month chart | Source: BTCUSD on TradingView

On the one-month chart, Bitcoin has showed a chance of positive price turnaround. The Relative Strength Index of Bitcoin formed a falling wedge pattern. A falling wedge pattern is bullish. It signifies a trend reversal. A move above the $31,000 price mark will push BTC near $36,000.

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

McLaren’s Daniel Ricciardo Becomes Global Ambassador of OKX

Daniel Ricciardo – an Italian-Australian driver who races for McLaren Formula 1 team – teamed up with the Seychelles-based digital asset exchange – OKX. The pilot will serve as an ambassador of the company during the 2022/23 season and lead an educational campaign for F1 fans focused on crypto’s merits.

OKX Extends its Partnership With McLaren Racing

At the beginning of May, OKX inked a deal with the Formula 1 squad becoming its Official Primary Partner, thus becoming the team’s largest sponsor.

According to a recent press release, OKX took the collaboration one step further by joining forces with Daniel Ricciardo – one of the two leading pilots of McLaren Racing. Apart from serving as an ambassador, the driver will support a global campaign that will aim to popularize cryptocurrencies among F1 fans and educate them on how to enter the digital asset universe.

In addition, designers will create a special edition racing helmet with OKX’s logo, which Ricciardo will wear during the ongoing racing season. The 2022 Monaco Grand Prix on May 29 will be the first track where the driver will display his new outfit.

McLaren’s pilot said he’s “honored” to collaborate with the crypto platform, describing it as a leader in the industry.

“The fan experience is going to be at the center of everything we do together, so expect big things from us this year. Game on,” he added.

Daniel Ricciardo
Daniel Ricciardo, Source: Insider

Commenting on the move was also Haider Rafique – Chief Marketing Officer at OKX. He said Ricciardo’s “passion” for crypto makes him a perfect fit for the company’s vision. The time of the deal is also spot-on since the Monaco Grand Prix is a race “so special to Daniel,” the executive concluded.

McLaren and NFTs

The F1 team has also dipped its toes into the non-fungible token universe. Last year, it launched its NFT platform on the Tezos blockchain. The feature was called “McLaren Racing Collective,” and it gave supporters a chance “to own a piece” of their favorite brand by purchasing digital collectibles.

It is worth mentioning that the first NFT drop depicted different digital parts of the MCL35M 2021 Formula 1 race car built from the official McLaren Racing CAD.

To celebrate the move, the company decided to gift collectibles featuring the iconic vehicle to the first 5,000 people who joined the platform.

SEC Drops the Ball on Crypto Regulation and There Are Long-Term Consequences, Says Commissioner

SEC Has Dropped the Ball on Crypto Regulation and 'There Are Long-Term Consequences,' Says Commissioner

A commissioner with the U.S. Securities and Exchange Commission (SEC) has warned that the securities market regulator has dropped the ball on crypto regulation. “We’re not allowing innovation to develop and experimentation to happen in a healthy way, and there are long-term consequences of that failure,” said the commissioner.

SEC Commissioner Warns About the ‘Failure’ of Crypto Regulation

SEC Commissioner Hester Peirce expressed concerns that the U.S. has dropped the ball on the regulation of cryptocurrencies in an interview with CNBC on the sidelines of the DC Blockchain Summit this week.

Peirce, who is also known in the crypto community as “crypto mom” for her support of the industry, discussed challenges in the crypto ecosystem from a regulatory standpoint. Firstly, the commissioner mentioned fraud, stating that “There’s a lot of fraud in this space because it’s the hot area of the moment.”

However, she stressed that what concerns her more is that the SEC has dropped the ball on crypto regulation. Peirce stated:

The other piece that does concern me is the way that we’ve sort of dropped the regulatory ball.

“We’re not allowing innovation to develop and experimentation to happen in a healthy way, and there are long-term consequences of that failure,” the commissioner warned.

The crypto market has suffered a massive loss over the recent weeks, shedding about $500 billion since the beginning of the month.

The market downturn was exacerbated by the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST). The two cryptocurrencies lost almost all value within days. The catastrophe has prompted Congress to call for the urgent regulation of stablecoins.

Following the implosion of the two cryptocurrencies, SEC Chairman Gary Gensler warned that a lot of crypto tokens will fail and investors will get hurt. He has repeatedly said that a lot of coins listed on crypto exchanges are securities and should be registered with his agency. However, Gensler also emphasized that the SEC does not have enough resources to adequately police financial markets, stating that the regulator is really “outpersonned.” He also said that crypto exchanges are trading against their customers often.

The SEC under Gensler has so far been enforcement-centric. Since the securities watchdog launched a unit dedicated to crypto asset oversight in 2017, it has brought more than 80 enforcement actions against crypto companies. The agency recently announced that it will almost double the size of its Enforcement Division’s crypto unit.

Peirce emphasized the need for regulatory clarity from the SEC, adding that there is a lot of work to be done within existing authorities. Citing that traditional financial institutions want to get involved in crypto, she stressed: “They need regulatory clarity from us in order to do that.”

The commissioner opined:

We can go after fraud and we can play a more positive role on the innovation side, but we have to get to it, we’ve got to get working … I haven’t seen us willing to do that work so far.

What do you think about SEC Commissioner Peirce’s comments? Let us know in the comments section below.

Portugal a crypto tax-free nation, again – At least for now

A proposal to tax Bitcoin and other cryptocurrencies was rejected by Portugal’s parliament today. Left-wing parties Bloco de Esquerda and Livre advocated taxing digital assets during a Wednesday evening budget discussion, but the motion was rejected, according to online daily ECO’s live blog. The suggestion requested that the government explore taxing cryptocurrency revenues over €5,000 […]

RACA on CoinMarketCap’s Top 10 Among All Play-To-Earn Projects and Announced Exclusive Deal With Johannes Ludwig

The three-time Olympic Gold Medalist, Johannes Ludwig, has entered an exclusive ambassador partnership with Radio Caca (RACA). Later this year, he will build a Luge Stadium inside RACA’s USM Metaverse and have a crossover NFT collection.

Ludwig is a German luge athlete who comes from a sports family. His father, Jörg-Dieter Ludwig, was also a luger. Johannes achieved 13 medals, including the Luge Gold singles and Gold team relay at the Olympics Winter Games 2022 with teammates Natalie Geisenberger, Tobias Wendl, and Tobias Arlt.

Recently, RACA, which has Moroccan-American Rapper French Montana as its co-founder, announced a collaboration with the Vietnamese Singer Son Tung M-TP in May, who will join its USM Metaverse.

Along with Son Tung M-TP, Olympic Gold Medalists Walter Wallberg, Francesco Friedrich, and Kaylin Whitney were also announced as RACA Ambassadors.

RACA Continues to Grow Despite Bear Market

RACA and its ecosystem continue to grow despite the bear market that the broader cryptocurrency market has been experiencing. According to data from Coinmarketcap, $RACA trades in the last 24 hours have placed it among the top 10 cryptocurrencies by market cap among all linked to play-to-earn project tokens.

In the last 24 hours alone, investors moved more than $17 million, taking $ RACA’s market cap to over $153 million in the previous 24 hours.

radio caca coinmarketcap

In addition, investor movements and trading by RACA ecosystem participants boosted RACA’s NFT marketplace to the top position by volume in the last seven days among all marketplaces built on BNBChain, moving more than $1.5 million, according to data from DaapRadar.

A similar boost also occurred with RACA’s play-to-earn game, Metamon World, which, according to DaapRadar, is among the Top 10 biggest games built on the BNBChain in terms of the number of users, with more than 8,000 users in seven days.

The rise in RACA was felt by influencers in the cryptocurrency market such as Michael.eth (Javis Ventures), who indicated in a Twitter post that investors should be aware of RACA due to its excellent potential and creation of valuable projects for the community.

In another post, Michael highlighted that “smart people will buy some land” in the RACA metaverse as the team has “high capacity,” “expertise,” and “a long-term and sustainable ecosystem.”

The post RACA on CoinMarketCap’s Top 10 Among All Play-To-Earn Projects and Announced Exclusive Deal With Johannes Ludwig appeared first on NullTX.

Crypto Company Babel Finance Raises $80 Million, Valuation Hits $2 Billion (Report)

Babel Finance – a cryptocurrency service provider that offers digital asset lending – reportedly secured $80 million in a Series B financing round. The investment boosted the company’s valuation to $2 billion.

Babel Focuses on the Long Run

As reported by Reuters, the fundraiser was led by leading venture capital firms, including Circle Ventures, 10T Holdings, Jenerations Capital, BAI Capital, and Dragonfly Capital. Family offices from the Asia-Pacific region were also among the investors.

The $80 million is not Babel Finance’s first closed financing round. Last year, it raised $40 million from major institutional investors like Tiger Global Management, Sequoia Capital China, Zoo Capital, and others.

Speaking on the move, Del Wang – Chief Executive Officer of the company – noted that the crypto market is “full of opportunity and hidden risks.” However, Babel Finance remains engaged with the sector as it believes in its success in the long-term:

“From the perspective of short-term profits, the retail market and altcoins may have higher profit margins, but we pay more attention to the long-term development of the industry and aim to lead in institutional financial services and innovation.”

The executives further argued that the digital asset sector has become more “institutionalized.” As such, the firm will aim to “explore and participate in the building of the fundamental financial order and rules for the industry,” Wang concluded.

Based in Hong Kong, Babel Finance has already applied for business licenses in other countries such as Luxembourg and the United Kingdom. The cryptocurrency lender has around 500 clients and finished 2021 with a loan balance of over $3 billion and an average monthly trading volume of $800 million in derivatives.

What’s new With Crypto in Hong Kong?

In January, the authorities of China’s special administrative region presented plans to introduce a regulatory framework for cryptocurrencies by July this year. The legislation will aim to establish Hong Kong as a digital asset hub for the East Asian region.

The Hong Kong Monetary Authority (HKMA), though, has a different vision for stablecoins, opining they could harm financial stability. As such, those might face enhanced scrutiny.

In March this year, the blockchain platform Huobi Technology displayed its intentions to launch ETFs that track cryptocurrencies for retail investors in Hong Kong. Specifically, the financial product will be suitable for those with less than $1 million in assets.

A few weeks ago, Samsung Asset Management said it is willing to list a blockchain-focused ETF in Hong Kong before July. If the product goes live, it will become the first of its kind in Asia that includes actual cryptocurrency exposure.

Why the Crypto Industry in Indonesia Is Set to Leapfrog Competing Markets

With over 270 million people, Indonesia is the fourth-most populous country in the world and its economy is one of the largest markets in Asia. It also has a large unbanked population, a receptive regulatory environment and additional factors making it stand out for crypto adoption. In the latest episode of the News Podcast we talk to a local expert that explains all about the Indonesian crypto community.

David is the CEO of the Indonesia-based research platform, Republik Rupiah. He recently joined the Bitcoin.com News Podcast to talk about the local crypto market:

Among the topics discussed in this episode are the importance of crypto education, people making a living from play-to-earn blockchain games, the growing crypto industry in Indonesia and much more.

Republik Rupiah is an Indonesia-based research platform, designed to help investors understand and navigate the world of general finance, with a focus on crypto assets. This is done through community, research, and education.


The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.


This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.

 

Bitcoin Dominance Remains High As Market Sell-Offs Settle

Bitcoin dominance over the market has still not receded even as the price has fallen below $30,000. Just as BTC had taken a hit, so had the altcoins. This had given the pioneer cryptocurrency more leeway to eat back into the market dominance. Even though the market has been brutal to investors in the past week, it is starting to level out and as the end of the month draws closer, indicators are starting to point towards better forecasts.

Bitcoin Still On The High Side

With Bitcoin, there has never been a dispute regarding its dominance in the crypto space. However, this dominance has since been declining as more digital assets gain ground. It was expected that cryptocurrencies such as Ethereum would continue to win more market share but that has not proven to be the case.

Related Reading | Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

Instead what has happened has been that bitcoin dominance has climbed back up towards seven-month highs. It is currently sitting above 46% and the last time the dominance was this high was back in October 2021 following the September crash.

This dominance is also evident in the performance of the digital asset compared to the other indexes in the space. The month of May had hit all of the indexes hard, resulting in double-digit losses across the board but BTC has held up better in comparison to its counterparts.

BTC dominance recovers above 45% | Source: Market Cap BTC Dominance on TradingView.com

For the month of May, Bitcoin’s price is down 24%, a huge fall. But the small, mid, and large cap indexes have all done worse. The Large Cap Index is down 27% since the month began and the Mid Cap Index is down 31%. In true Small Cap Index fashion when the market is in a downtrend, it has recorded the most losses with a 37% decline since the month began.

Altcoins Not Looking Too Hot

The altcoins market is one that attracts investors due to the fact that it holds high promise for maximum returns. This has seen the market bloom throughout the bull rallies. But just as they are likely to run high during bull markets, they are also likely to incur the most losses during market sell-offs. This has been true so far in recent months. Whereas bitcoin has been able to retain above 40% of its all-time high value, a lot of altcoins cannot say the same. 

BTC outperforms other indexes | Source: Arcane Research

An example of this is Cardano. ADA had recorded one of the largest rallies during the 2021 bull market but it has also been one of the worse-hit cryptocurrencies in the bear market. Since hitting its all-time high of $3.10 in September, it has since lost over 84% of its value.

Related Reading | Bitcoin On-Chain Activity Throttled After LUNA Collapse

Dogecoin, an investor meme coin favorite, is down more than 89% from its all-time high. Solana is down more than 80%. In comparison to these, bitcoin has been one of the best performers in the market, which explains why its dominance has continued to grow.

Featured image from The Washington Independent, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Huobi Global Acquires Latin American Crypto Exchange Bitex

Huobi Global Acquires Latin American Crypto Exchange Bitex

The digital currency exchange Huobi Global has revealed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America as it believes the region will be one of the most active crypto adoption areas worldwide.

Huobi Aims to Step Up Its Presence in Latin America, Acquires Local Bitex Exchange

On Thursday, the leading crypto asset exchange Huobi Global announced the company has acquired the Latin American cryptocurrency exchange Bitex. According to the announcement sent to Bitcoin.com News, the terms of the deal between Huobi and Bitex have not been disclosed.

Bitex is an exchange that was founded in 2014 and while Huobi will be the parent company, the trading platform will retain its current branding and management team. Bitex offers digital currency services to residents located in Argentina, Uruguay, Paraguay, and Chile.

“Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region,” Jeffrey Ma, the global head of mergers and acquisitions at Huobi Group said in a statement. “We are pleased to partner with an established player like Bitex, as we look to grow our footprint in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity, and stability.”

Bitex to Keep Branding and Management, CEO Believes Huobi Will Help Expansion

While Bitex will keep its team and branding, Huobi will integrate the company’s platform with the Bitex system. The integration will give all Bitex customers access to the digital currencies offered by Huobi’s Global’s trading engine.

Huobi has been interested in stepping up its Latin American presence since 2019, when it launched Huobi Argentina. The company notes that from 2019 to 2021, Latin America saw crypto usage rise by 1,370%.

Today, Huobi Global is the fourth largest exchange by crypto trade volume, and in terms of crypto reserves, Huobi is the third largest with $11.7 billion in assets under management (AUM). Bitex CEO Francisco Buero believes Huobi will help the company’s expansion efforts.

“Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America. Having grown rapidly after eight years of successful operations, we believe our partnership with Huobi Global will not only support our expansion but also help us better serve our customers, enabling them to access a broader range of digital assets on Huobi Global’s platform,” Buero detailed on Thursday.

What do you think about Huobi Global acquiring the Latin American exchange Bitex? Let us know what you think about this subject in the comments section below.

Portugal’s Congress Rejected 2 Crypto Tax Proposals

Assembleia da República – Portugal’s Congress – dismissed two separate bill proposals focused on the taxation of cryptocurrency transactions. The suggestions were introduced by the left-wing parties – Livre and Bloco de Esquerda.

Crypto Transactions in Portugal Remain Nontaxable

A few weeks ago, the country’s Finance Minister – Fernando Medina – revealed the government’s plans to start applying capital gains taxes on digital asset profits. While not putting a deadline, the politician argued that the tax legislation should be “adequate” and establish “justice” and “efficiency.” He also opined that Portugal should take an example from other nations where such policies are already live:

“It is an area in which there is a lot more knowledge and a lot more progress so that Portugal can drink from international experiences.”

Two of the political groups in the country have already suggested what the taxation framework should look like. According to the left-wing parties, taxes should be imposed on individuals who earn profits of more than €5,000 ($5,300) per year from crypto.

Nonetheless, during this week’s budget voting session for 2022, Assembleia da República (Portugal’s Congress) rejected both proposals.

Portugal is considered a cryptocurrency hub due to its friendly stance on the sector. Bitcoin and the altcoins are regarded as currencies, while individual investors are exempt from taxation when profiting from the asset class. Nonetheless, people who deal with crypto as a professional or business activity are still subject to some tax.

Ukrainians Flock to Portugal

The crypto-welcoming ecosystem in the Iberian country has also turned it into an attractive destination for numerous Ukrainians seeking refuge after Russia’s invasion.

Two months ago, CryptoPotato reported the journey of the 35-year-old Maria Yarotska, who traveled all the way from Ukraine to Portugal in six days together with her family. It is worth noting that she is employed by NEAR Protocol (the Co-Founder of the company Illia Polosukhin is also Ukrainian). By moving to Portugal, she could continue working in the blockchain sector as the dApp platform has strong positions in Lisbon.

Another reason why many Ukrainians are flocking to the Western European nation is that they are the fifth-largest group of foreign nationals there. Ever since the war with Russia, their number has almost doubled, reaching over 52,000 people.

Binance Coin (BNB) and These Two Altcoins Are Flashing Short-Term Bullish Signals: Analytics Firm

A leading crypto analytics firm says three altcoins could be on the verge of short-term price bounces, starting with Binance Coin (BNB).

BNB is in its fifth consecutive week of having a higher volume of transactions at a loss compared to transactions in profit.

That metric indicates BNB has a higher likelihood of a short-term price surge, according to the analytics firm.

“With a rather impressive price bounce compared to other assets, it’s actually quite surprising to see how little profit taking is going on. This is another case where this metric indicates there could be more room for a further rise.”

Source: Santiment

BNB is trading for $326.41 at time of writing.

Maker (MKR), a governance token that supports the Ethereum (ETH)-based stablecoin DAI, also hasn’t seen much evidence of profit-taking despite “decoupling” from the rest of the crypto market and displaying less bearish price action in the past two weeks.

“This is a good sign, and we’re continuing to see most network action occurring when transactions are occurring at a lower price than the address’s entry.”

Source: Santiment

Maker is trading for $1,263.00 at time of writing.

The governance token of decentralized derivatives exchange Serum (SRM) could also be primed for a bounce, according to Santiment.

“Serum’s ratio in profit vs. loss is only mildly showing capitulation right now, but this is now the 5th week in a row where traders are dropping out of the asset while at a loss. This is a good sign for patient investors who can take advantage of the weak hands bailing on their negative investments.”

Source: Santiment

Serum is trading for $1.13 at time of writing.

On the flip side, Santiment says OKB Token (OKB), as well as Ethereum-based Axie Infinity (AXS) and Chiliz (CHZ), are all showing signs of retracing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Binance Coin (BNB) and These Two Altcoins Are Flashing Short-Term Bullish Signals: Analytics Firm appeared first on The Daily Hodl.

Banking Giant JPMorgan Says Crypto Has Replaced Real Estate As ‘Preferred Alternative Asset Class’: Report

Financial services giant JPMorgan says crypto assets have now surpassed real estate in terms of growth potential.

According to a new report by Fortune, JPMorgan strategists guided by Nikolaos Panigirtzoglou say leading digital asset Bitcoin (BTC) has room to grow while also forecasting a slump in the real estate market due to rising mortgage interest rates.

The strategists’ target price for Bitcoin is around the $38,000 mark, a near 30% increase from the top crypto asset by market cap’s valuation of $29,359 at time of writing.

“The past month’s crypto market correction looks more like capitulation relative to last January/February, and going forward, we see upside for Bitcoin and crypto markets more generally.”

Though the banking giant’s strategists recently downgraded alternative asset classes from “overweight” to “underweight” due to persistent macroeconomic challenges, they now classify crypto assets as their preferred alternative asset class over real estate.

The strategists further say that the most recent crypto market pullback, which saw the digital assets industry shed over $1 trillion in market cap, has had little to no impact on the rate at which venture capital firms are pouring their funds into virtual assets.

Recently, venture capital firm Andreessen Horowitz announced the launch of two new crypto funds – one with a massive $6.5 billion for digital assets in general and another with $600 million for metaverse games.

In April, prominent crypto skeptic and JPMorgan CEO Jamie Dimon, who once referred to BTC as “useless,” said that blockchain and decentralized finance (DeFi) technologies have valid use cases.

“Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not. JPMorgan Chase is at the forefront of this innovation.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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FTX US Aims to Be an All-in-One Investment Platform, Said the Pesident

The US arm of the cryptocurrency exchange, FTX, has experienced exponential growth since its launch at the end of 2020. In less than 18 months, its user base has increased from 10,000 to 1.2 million.

FTX US president outlined the company’s long-term plan at World Economic Forum, including seeking approvals from the Commodity Futures Trading Commission (CFTC) for offering futures options to its users and identifying what types of firms the company aims to acquire.

BTC & ETH Futures

Only days after announcing the launch of its stock trading services, FTX US unveiled its new plan of offering BTC and ETH futures. In an interview with CNBC, the exchange’s president Brett Harrison said the company has applied to offer BTC and ETH futures to US customers.

Harrison was confident that the plan to offer the first real-time 24/7 margin for futures would significantly improve the exchange’s potential profits.

“For most clearinghouses today, margin is done once per day, five days per week. We’re proposing to do this real-time, every 30 seconds, 24/7, and that is a novel aspect of our application.”

Harrison praised the watchdog as a “principle-based” regulator that understands cryptocurrencies, adding that the conversation has been positive so far, and he is hopeful about the outcome. Earlier, the company had acquired LedgerX, which has the CFTC licenses for running a futures exchange.

When asked about the company’s upcoming growth, the president commented on the recent push to enable users to trade and invest in hundreds of US exchange-listed securities, including ETFs. Seeing Robinhood as a successful example that channels equity retail investors to digital assets, Harrison said FTX aims to be an all-in-one investment platform for retail investors

Expansion via Acquisitions

Harrison said FTX US currently sits at the valuation of $8 billion, with good cash flow and sufficient capital to support its operations. He did not disclose plans for additional fundraising in 2022.

He noted that the exchange aims to utilize such resources to strengthen its existing business, fund its clearinghouse for derivatives-related services, and ramp up efforts for potential merger and acquisition opportunities.

Regarding the company’s plan for expansion, Harisson further noted that it remains open for acquisitions and mergers from multiple sectors. In particular, acquisitions that could bring in a new user base and obtain regulatory licenses will be what the company goes after.

Beth Saradarian Initiates Crypto Donations for Rutland County Humane Society

The Rutland County Humane Society has agreed to accept crypto as a donation method. In an interview, Beth Saradarian – executive director of the organization – says that while she doesn’t expect a lot of people to take advantage of the option, it pleases her to know that the non-profit is moving forward in the world of digitization and technology, and that the method is there for anyone who wants to use it.

Saradarian: The Method Is There for Whoever Wants It

The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.

It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.

Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.

That’s what makes enterprises like the Rutland County Humane Society so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.

Things Are Off to a Good Start

Saradarian says the donation page was launched in mid-May. Not long after that, the organization got its first crypto donation of roughly $39, so perhaps the option will prove to be more popular than she initially imagined. Saradarian commented:

For me, it started with a better understanding of our donors in terms of how they like to communicate. Some people like regular U.S. mail, some people like e-newsletters, some people like text messaging, you’ve got to figure out what’s the best way to communicate with your donors of all different kinds of age groups, and how they like to donate… I’m happy we’re able to offer it, and it’s there. If somebody chooses not to use it, that’s fine. They can donate online, they can send us a check, whatever, but at least it’s there for somebody who wants to donate through that avenue.

The post Beth Saradarian Initiates Crypto Donations for Rutland County Humane Society appeared first on Live Bitcoin News.

Top Crypto Quant Reveals Why Bitcoin’s Next Bull Run Will Be Driven By Energy Companies

Top Crypto Quant Reveals Why Bitcoin's Next Bull Run Will Be Driven By Energy Companies

Ki Young Ju, CEO of CryptoQuant, a community-driven blockchain data analytics platform has stated that the next Bitcoin bull run will be driven by energy companies alongside traditional finance institutions.

In a thread of Tweets, the analyst broke down how his predictions were going to unfold even as regulators around the globe continue to leapfrog rules that seek to regulate the crypto mining sector.

“The first change we’ll see is that the bitcoin network will be run by solar and wind which became the most cost-effective electricity source lately.” Young wrote on Monday.

Today, 62% of crypto miners globally use hydroelectric energy with only about 15%-17% of Bitcoin miners using solar. This has caused strains between various governments and local miners. According to Statista, as of May 2021, Bitcoin was using more energy than Switzerland, Norway, Bangladesh, and many more countries. Young however believes this could be remedied with miners increasingly committing to green energy. This he notes will in turn help keep BTC’s hash rate surge and by extension, buoy up the asset’s price.

“While Btc price drops -56 since November 2021, hash rate increased +75%. The market is cold but the fundamentals are full of heat from mining rigs,” he added.

According to Nic Carter, co-founder of Coin Metrics, the global ESG ideas are broken. He recently wrote that the global carbon footprint situation can be effectively salvaged by bitcoin miners using renewables.

According to a recent report, the US government plans to expand its energy production as it aims to achieve 80% renewable energy use by 2030. Given that U.S. bitcoin miners consume about 40% of the 15 gigawatts used globally, Carter argued that “the U.S. should pursue a decarbonized power grid” by partnering with bitcoin miners as they could help in smoothing out demand peaks and power prices surge.

“Adding bitcoin mining as an offtake dramatically improves the economics of new wind and solar installations.” Carter wrote

With talk of Bitcoin’s carbon footprint taking center stage, it has remained to be seen who will lead the de-carbonization efforts between regulators and crypto miners. Crypto miners are nonetheless already pivoting towards transitioning to fully using clean energy, showing that the blockchain industry isn’t obtuse or ignorant of the environment.

Just last month, Blockstream and Jack Dorsey’s Block teamed up with Tesla in setting up a solar and battery-powered Bitcoin mining farm in Texas. The facility is set to power bitcoin mining using 100% renewable energy, a move that is expected to accelerate BTC’s synergy with renewables. Firms like Houston-based tech company Lancium are already building facilities that seek to harness renewable energy for their bitcoin mining operations.

Dogecoin price analysis: DOGE falls into another bearish pit after declining to lowest level since May 12, 2022

Dogecoin price analysis shows price moving into a newfound bearish pit, as price reached the lowest level since the market crash on May 12, 2022. DOGE price lowered to $0.07 during the day, undergoing a 5 percent decline from yesterday’s trade. After a week-long spell moving sideways, Dogecoin price finally fell into the bearish trap set around $0.08.

The warning signs of a continued bearish spell had been there since price fell below the $0.1 mark on May 9, 2022, but the latest downtrend could bring some positivity for traders in the market for DOGE. Bulls are expected to pick up interest in the meme token at discounted prices, and trading volume over the past 24 hours shows exactly that with a 50 percent rise.

The larger cryptocurrency market suffered declines similar to that of Dogecoin over the past 24 hours, as Bitcoin failed to consolidate meaningful momentum around the $29,500 mark. Ethereum endured a significant 6 percent downfall do distance away below the $2,000 mark, while leading Altcoins showed similar reading. Cardano lowered 6 percent to $0.48, and Ripple 3 percent to $0.39. The Binance coin dropped 5 percent to move down to $310.22, whereas Solana suffered a massive 8 percent drop to move as low as $44.38. A similar downtrend was echoed by Polkadot, dropping 7 percent to $9.21.

Screenshot 2022 05 27 at 1.44.13 AM
Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: Continued movement below moving averages downs price on daily chart

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen finding a new downtrend to move to the lowest level since May 12, 2022. The current price correction comes after continues sideways movement, which was capped at the $0.08 mark. When DOGE could not break past this point after facing multiple rejections, the bearish momentum took over over the past 24 hours with excessive sell offs. As a result, price moved further below the crucial 50-day exponential moving average (EMA) which is set at $0.084.

DOGEUSDT 2022 05 27 01 54 59
Dogecoin price analysis: 24-hour chart. Source: Trading View

The horizontal trend coupled with today’s dip can also be verified in the daily relative strength index (RSI) which sits within the oversold region at 31.40 and could move further downwards before picking up. In addition, the moving average convergence divergence (MACD) curve can be seen forming higher lows above the neutral zone. Over the next 24 hours, DOGE price could move down to the bottom floor at $0.06 before buying momentum is expected.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first

ETH dropped below a key support in its USD and BTC pair, but analysts say a bullish trading pattern could eventually spark a sharp trend reversal.

The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC) price dropped to $28,000 and Ether (ETH) briefly fell under $1,800. The ETH/BTC pair also dropped below what traders deem to be an important ascending trendline, a move that traders say could result in Ether price correcting to new lows.

ETH/USDT 1-day chart. Source: TradingView

Here’s a rundown of what several analysts in the market are saying about the move lower for Ethereum and what it could mean for its price in the near term.

Price consolidation will eventually result in a sharp move

A brief check-in on what levels of support and resistance to keep an eye on was provided by independent market analyst Michaël van de Poppe, who posted the following chart showing Ether trading near its range low.

ETH/USD 1-hour chart. Source: Twitter

Van de Poppe said,

“The question will be whether we can bounce from here and break the $1,940 level. If that happens, I'm assuming we'll continue $2,050. If it doesn't, then the markets are looking at

ETH could make new lows into a bullish falling wedge

According to Twitter analyst Crypto Tony, Ether price is “still looking for that leg down to load up on.”

ETH/USDT 4-hour chart. Source: Twitter

While it might look negative, this development is actually a positive sign, according to Cointelegraph contributor Jon Morgan, who noted that the pattern outlined on this chart is a falling wedge, a “bullish standard candlestick/bar chart pattern that is indicative of a market that has moved to an extreme and is likely to reverse."

Morgan said,

“Very high expectancy rate of creating either a violent corrective move higher or an entirely new uptrend.”

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

Bitcoin dominance rises

ETH/BTC 1-day chart. Source: Twitter

According to economist Caleb Franzen, the ETH/BTC pair lost a key support and this is notable because:

“This means that at least one of these statements will be true: $ETH is weakening relative to $BTC; $BTC will outperform $ETH; Alts will underperform $BTC.”

Adding to the ETH/BTC discussion, Twitter user CrediBULL Crypto  noted that the price is “starting to take some of our local lows.”

ETH/BTC 3-day chart. Source: Twitter

The analyst said,

“Any relief here is temporary until we traverse to the bottom of this range, imo. In fact, we may head even lower than pictured here before staging a recovery, but will assess once we hit my target.”

In general, continued weakness with the ETH/BTC pair has the potential to result in the price of Ether and altcoins trending lower while BTC could hold at its current price or even head higher as traders rotate out of underperforming positions into Bitcoin.

The overall cryptocurrency market cap now stands at $1.235 trillion and Bitcoin’s dominance rate is 46.2%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate

Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate

Two proposals to tax crypto assets have failed to gain support from Portuguese lawmakers who are now discussing the state budget. The bids came from minority left-wing parties, while the ruling majority is yet to put forward its own draft to regulate the matter.

Portuguese Lawmakers Stop Motions to Tax Crypto Gains

Members of the Assembly of the Republic, Portugal’s legislature, have rejected two separate proposals to tax profits from crypto investments. They came from the leftist parties Bloco de Esquerda (Left Bloc) and Livre, and were turned down by the majority of the ruling Socialist Party.

The attempts to adopt rules for the taxation of capital gains from crypto assets were made during the ongoing discussions on the country’s 2022 budget, Eco reported. The Portuguese news portal has been following the parliamentary debate.

The development comes after a recent statement by Finance Minister Fernando Medina, who revealed that the government is working on a legal framework allowing the taxation of crypto-related income. He indicated that it’s unacceptable to have tax loopholes for any capital gains, signaling Portugal is preparing to change its tax policy regarding cryptocurrencies.

Portugal established itself as a crypto-friendly destination by maintaining a zero-percent tax rate on profits from private crypto investments. When these gains are not resulting from professional activities, they are not subject to income tax.

Livre’s proposal envisages taxing capital gains from crypto exceeding a threshold of €5,000 ($5,400). The eco-socialist party insisted that the executive power in Lisbon should take the necessary steps to introduce an obligation to declare crypto assets for the purpose of their taxation.

Portugal’s favorable crypto tax regime and relatively affordable costs of living have turned the country into a hub for tech innovations, attracting digital nomads and bitcoin enthusiasts from around the world, including Ukrainians working in the crypto space more recently.

What’s your explanation for Portugal’s decision to change its crypto taxation policy? Tell us in the comments section below.

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

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

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

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

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

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

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

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

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

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

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

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