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The latest news from the world of cryptocurrencies. Paid promotion: @gqsoul
Sam Bankman-Fried Finally Agrees to Testify Before House Committee Next Week – This is What Happened
Sam Bankman-Fried, founder and former CEO of FTX, has eventually agreed to participate in the upcoming U.S. House committee’s hearing and testify on the collapse of his crypto empire.
In a Friday tweet, Bankman-Fried said he still does not have access to much data regarding his crypto empire and what led to the collapse, but would participate in the hearing on December 13 as the committee believes it would be useful.
"I still do not have access to much of my data -- professional or personal. So there is a limit to what I will be able to say, and I won't be as helpful as I'd like. But as the committee still thinks it would be useful, I am willing to testify on the 13th," he said.
As reported, the US House Financial Services Committee announced last month that it plans to hold a hearing to investigate the collapse of the crypto exchange FTX. The committee said they expected to hear from the companies and individuals involved, including FTX founder Sam Bankman-Fried, Alameda Research, Binance, and more.
However, SBF said he might not appear as he is still not finished with “learning and reviewing" what happened. "Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain," he said.
The response ostensibly drew the ire of the Financial Services Committee Chair Maxine Waters, who demanded Sam Bankman-Fried participate in the upcoming hearing in a rather unfriendly tweet.
Crypto Traders Call New Trading Platform a 'Game-Changer' in Wake of FTX Collapse – Presale Enters Final Stage
Crypto traders and investors are extremely excited by new trading protocol Dash 2 Trade after it was announced the project will launch much sooner than expected.
In the wake of the FTX collapse, the Dash 2 Trade developers revealed they would bring their platform to market in the coming weeks and cut the presale short.
Originally, the plan was to sell 665 million D2T tokens over 9 presale stages, but the presale has now been cut to 4 with only 262.5 million tokens allocated to the presale.
With investors rushing to secure tokens, more than $9 million of investment has already been secured, with fewer than 85 million of that token allocation still available – priced at $0.0533 each – and the presale is in its final stage, making it the best new crypto to buy now.
D2T tokens power the Dash 2 Trade platform - which offers a variety of tools, metrics and insights to help traders and investors maximize profits - through a three-tiered monthly subscription service.
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🔥Health and Fitness industry revolution is here - The Bitcoin of Healthcare🔥
💹Epillo Health Systems OÜ is a health and fitness company founded in 2020 which helps consumers manage their health, medicines, physical activity & lifestyle by making disruptive health & fitness products and services. To further spread its ideology of consumerization of healthcare, the company constantly uses cutting-edge blockchain technology and the various utilities it offers.
💹The company has developed an entire ecosystem comprising of Blockchain based smart wearable range with features like storing health & fitness data on the chain, NFT authentication, move to earn, NFT gaming and marketplace, health and wellness product marketplace, staking and swapping, Digital Therapeutics software to reduce Adverse Drug Effects based on WIPO-gazetted patent on blockchain-based drug-drug and drug-food interactions and much more.
The company aims to govern this entire ecosystem through its project token - EPILLO.
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Crypto Experts Are Loading Up on These 4 Altcoins While They’re Still Cheap – Here’s Why
Top cryptocurrency news today includes Huobi's HT token price jump, Justin Sun's involvement in the first nation-backed cryptocurrecy, and a slight rally in the cryptocurrency markets. At the same time as the wider markets rally, some crypto presales are gaining huge attention from investors as well, raising millions of dollars even in overall tepid market conditions. More on this below.
The HT token price has increased by 15% over the last day due to Huobi's announcement that they will be airdropping the Dominica coin (DMC). This new digital token will be issued by the Caribbean island nation of Dominica and can be used to complete identity verification on Huobi with Dominica digital identification documents.
Meanwhile, the cryptocurrency markets recovered slightly from Monday's mild downturn, with BTC trading up 1.4% to $16,466 on the day, ETH gaining 4.1% to $1,219, and most other crypto assets also in the green. The global crypto market cap sits at $834.82 billion, a 1.80% increase in the past 24 hours.
Despite most assets recovering from Monday’s dip, markets are still relatively subdued as traders are scrambling to figure out “which parts of the cryptoverse are about to break,” as Edward Moya, senior market analyst for foreign exchange market maker Oanda, put it today in a note to investors.
Bear markets are, however, considered a time to carefully choose a diverse portfolio of assets that are well-positioned for the next bull market and potentially think about buying in at attractive price points. Token presales are one such place investors can find well-priced tokens on the ground floor before they hit the market.
One must be careful to select top presale tokens that have a proven use case, proven investor backing, and top-notch development teams, however. Tokens to consider currently in presale that meet this criteria include D2T, TARO, IMPT, and RIA.
Remember Syntropy that we covered a few days ago?
We are glad to announce that Syntropy will be partnering with Zenlayer! A world leader in edge cloud, Zenlayer has the most distributed and hyperconnected infrastructure in the world’s fastest-growing economic regions.
Zenlayer will join Syntropy Open Bandwidth Exchange (OBX) on the supply side and bring its edge infrastructure. It will give Syntropy’s users access to instantly scalable, high-performing network services in emerging global markets across Asia, South America, the Middle East, and Africa.
Syntropy’s native NOIA token will be used as a medium of exchange on the OBX marketplace, allowing Zenlayer to tokenize its networking infrastructure. These guys are pioneering a concept of tokenized bandwidth in the Web3 industry.
Find more details on this collab:
http://bit.ly/3EH3DUR
Harvard Research Paper Urges Governments and Central Banks to Add Bitcoin to Reserves to Hedge ‘Sanction Risk
Central banks in countries that face a risk of being sanctioned by the US could shift their international reserves to include bitcoin (BTC), a new Harvard University research paper has argued.
The research paper based the idea of central bank risk hedging with bitcoin on the fact that many central banks – and in particular those facing a higher risk of US sanctions – in recent years have increased the share of their reserves made up by gold, a traditional central bank reserve asset.
According to the author, adding a BTC allocation in addition to gold would further increase the resilience against sanctions for these countries. This is especially true in cases where the country struggles to acquire enough physical gold, the author argued.
Titled Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves, the newly published research paper is written by Matthew Ferranti, a PhD candidate in economics at Harvard University.
“The ability of fiat reserve issuers to freeze transactions, which constitutes a form of de facto default on the underlying obligations, calls into question fiat reserve currencies’ status as ‘safe haven’ assets,” Ferranti wrote.
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Genesis Has $2.8 Billion in Outstanding Loans, Parent Company DCG Was Lent Substantial Amounts - Here’s What You Need to Know
Troubled crypto trading and lending firm Genesis Global has lent out some $2.8bn to various crypto firms, including large loans to its parent company, Barry Silbert’s Digital Currency Group (DCG).
The outstanding loans on Genesis’ balance sheet also consisted of intercompany loans, such as one from lending subsidiary Genesis Global Capital to the crypto brokerage Genesis Global Trading. The latter subsidiary is a key player in the crypto industry, acting as an important counterpart for many of the largest crypto firms.
The news was reported by Bloomberg on Tuesday, with the article citing people “familiar with the matter.”
The report also cited a letter by Digital Currency Group CEO Barry Silbert to shareholders, where Silbert revealed that DCG owes $575m to Genesis, with payment due in May of 2023.
The letter further described a so-called promissory note owed by Genesis to DCG worth $1.1bn, which will come due in June 2032. The loan was reportedly set up when DCG assumed some of Genesis’ liabilities following the collapse of crypto hedge fund Three Arrows Capital in early July this year.
Media reports at the time indicated that Genesis had exposure to Three Arrows Capital and the troubled crypto lender Babel Finance worth “hundreds of millions” of dollars.
Genesis Global Capital suspended redemptions for clients on November 16, sending shockwaves through the industry and markets.
Ethereum Price Prediction – ETH Bounces 12% From Recent Lows, How High Can it Go?
The ethereum price has risen to $1,216.65, marking a 12% increase from lows recorded on Thursday, when the FTX collapse caused a major market selloff. Its current price also represents a 2% rise in the past 24 hours, although the second-biggest cryptocurrency has fallen by 20% in the last 14 days as its ongoing upgrades struggle to counteract ongoing pessimism.
Despite the negativity of the past few months, ETH holders have plenty of reason to be optimistic. Ethereum remains the biggest layer-one blockchain in terms of total value locked in, while the positive effects of its shift to proof-of-stake have only really just begun to make themselves felt, with ETH recently becoming deflationary.
ETH's 30-day moving average (red) also remains below its 200-day average (blue), suggesting that the coin remains in a downswing. That said, the fact that both indicators are low suggests ETH is due a rebound rally sooner or later.
Of course, with the market still reeling from the FTX bankruptcy, this may be later rather than sooner. This is largely because the collapse of the second-biggest exchange in the world is still likely to have contagion effects, with crypto-based lender BlockFi reportedly preparing for bankruptcy after it paused activities and admitted "significant exposure" to FTX.
With other exchanges suffering apparent runs on withdrawals, it remains highly possible that further dominoes could fall in the coming days and weeks. This would imply further market losses, something which certainly wouldn't spare ETH and its price.
That said, the industry is well aware of the risk of contagion, with certain players taking steps to head off such a possibility. For instance, Binance CEO Changpeng Zhao recently announced the creation of an industry recovery fund, which would serve to help platforms facing liquidity crises.
Cheelee: GameFi short video platform. Watch. Play. Earn.
Cheelee is the first GameFi short video platform where the user can make money while viewing the feed. Upon registration of your in-app wallet, you receive special NFT glasses, and you can start making money.
The mechanics are based on the Attention Economy model, where user’s attention is treated as a commodity for which social networks begin to pay. I looked into WP and got to the point.
Let’s take a look at some of the highlights:
1. A sustainable financial model. An extremely important indicator in the current market.
Cheelee is a social network, whose revenue is by 30% provided by advertising, in-game purchases and collaborations with brands, while for most m2e projects this figure is no more than just 1%.
2. The project is focused on a wide audience of social networks, it is 4.6 billion people, and plans to reach the 1st billion in the next 4 years.
3. The Cheelee social network was not created from scratch. There are almost three years of development behind it, 100+ team members, experience and continuity in the form of NUTSon social network with more than 1.5M uploads.
4. Free project entry. You do not need to spend hundreds and thousands of dollars to become a member of Cheelee, you just need to sign-up and start using the app.
5. You can earn without changing any of your habits. Just scroll through the feed, watch videos and get tokens.
All this sounds cool, but what about the prospects for the token price?
The emission of tokens is limited. There is a deflationary economic model, while the complexity of the mining will increase.
To support the token rates (there will be two CHEEL and LEE), the project has a Stability Fund, where up to 100% of profits from NFT sales and in-app transactions and 70% of advertising revenue, in-game purchases and collaboration with brands will be donated.
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Bitcoin Mining Difficulty Set For Sharp Drop This Weekend
Bitcoin (BTC) mining difficulty may be knocked out of its just recently gained all-time high this weekend, back to a March level.
If this adjustment goes as currently (16:00 UTC) estimated by mining pool BTC.com, mining difficulty - which is the measure of how hard it is to compete for mining rewards - will drop 13.58%. This will land it to 21.64 T, the lowest it's been since mid-March.
This would be only the third drop in the mining difficulty this year, and the largest one.
Additionally, it comes after the latest all-time high (ATH) of 25.05 T, hit during the last adjustment two weeks ago. This was the strongest move upwards since October 2017.
All of this is happening amidst the latest selloff seen in the crypto markets, which pulled BTC down by 43% from its April 14 ATH of USD 64,804 (per CoinGecko) to USD 36,813 at the time of writing.
Meanwhile, according to BitInfoCharts.com, hashrate, or the computational power of the network, had dropped around 21% between the previous adjustment and May 24. In the three days after that, the 7-day simple moving average hashrate went up 3% to nearly 130 Eh/s.
The mining difficulty of Bitcoin is adjusted around every two weeks (that is, every 2016 blocks) to maintain the normal 10-minute block time. The 7-day simple moving average block time on May 27 was just above 12 minutes.
Looking at the data provided by ByteTree, miners have spent more coins than they held in the past several weeks. In the past day, however, they held BTC 38.
Knowledge of Crypto on the Rise, Encouraging Investment - Survey
Consumer understanding of cryptocurrencies appears to be trending higher, as 29% of respondents to a recent survey, conducted by payments platform Paysafe's digital wallet Skrill, declared they now knew more about cryptocurrencies than they had the same time a year ago. Moreover, some 26% said they were more likely to invest in cryptocurrencies now compared with 12 months ago.
The online poll was carried out between last March and April by consumer market research agency Sapio Research, collecting answers from 8,111 respondents based in the US, UK, Canada, Germany, Italy, Austria, and Bulgaria.
38% of respondents said they had either invested in or purchased a cryptocurrency, while 84% heard of at least one cryptocurrency, with 64% pointing to bitcoin (BTC), Skrill said in a statement shared with Cryptonews.com.
It seems to suggest that the more people know about crypto, the more likely they are to buy it, speaking volumes about the importance of education in crypto.
“Consumers’ knowledge and understanding of cryptocurrencies as a financial asset appear sharply divided, with 47% agreeing or strongly agreeing that they don’t know enough about them for use or investment, while 38% considered them too risky for investment overall," Skrill found, adding that 28% already "believe that cryptocurrencies are a good investment for the future."
The survey’s findings are in line with the results of the 2020 Edelman Trust Barometer which garnered data from 34,000 people in 26 regions, with 1,150 respondents in each market, pointing to a correlation between knowledge, trust, and investment decisions.
While just under half of those surveyed last year said they trusted cryptocurrencies, almost half of the respondents (47%) stated that “communicating crypto’s downsides” may increase trust more than any other measure, more so even than the second-placed “communicating crypto’s benefits” (46%).
Furthermore, a recent research by Motley Fool service The Ascent found that interest in cryptocurrency continues to grow in the US, but that lack of understanding is a barrier for new investors.
From 2,000 Americans surveyed, more than 51% who own cryptocurrency bought some for the first time within the last 12 months, while 22% of those who have never purchased crypto are likely to buy in the next year.
However, 29% of people who had never bought crypto say not knowing what to do with it prevents them from buying; 20% say they don’t understand how to buy it, and 24% don’t understand how crypto works at all.
"There was no clear opinion on what makes cryptocurrency useful," said Skrill's statement: 27% considered them the future of payments, 26% considered crypto a good store of value, 26% said they are the future of banking, but overall, only 17% said they used crypto for anything other than investment or speculation.
Besides bitcoin, the most known cryptoassets among respondents include bitcoin cash (BCH) with 31% of recognitions and 9% ownership, ethereum (ETH) at 22% and 8%, and litecoin (LTC) with 19% and 7%, respectively, as indicated by data from the survey.
“Up to 9% of respondents had used crypto as a payment method in the past month, with almost all (97%) of these trying it for the first time in the last year; 59% of those that had done so in the past month say they are now using crypto to pay frequently, and 44% claim this is now their preferred payment method,” the digital wallet brand said.
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Maximize Your Trading Success and Join the Elite: Upgrade to the Leading Crypto Signals, Bot & Analytics Platform Today – Presale Enters Final Stage
The Dash 2 Trade presale shows no signs of slowing down having sold another $400k of tokens in the last 24 hours and $2 million in December alone.
The D2T token presale has now seen a total of $9.25 million of investment and fewer than 80 million tokens are remain on sale and are being bought up fast.
The protocol is uniquely positioned to help traders and investors maximize their profit-earning potential and avoid nefarious projects and outright scams, making it one of the best cryptos to invest in.
Originally set to run for 9 presale rounds, Dash 2 Trade's developers opted to bring the product to market sooner than first anticipated, compelled by the fallout from the collapse of FTX and spotting a gaping hole in the market for reliable crypto intelligence.
Accessed through a monthly subscription of D2T tokens, users will receive a variety of intel, data and analytics and access a number of tools to help them expand their crypto holdings.
FTX Founder Sam Bankman-Fried Publicly Refuses to Testify in US House Committee – Here’s What Happened
Sam Bankman-Fried, former CEO and founder of collapsed crypto exchange FTX, has publicly suggested that he might not appear in the upcoming U.S. House committee’s hearing to testify on the collapse of his crypto empire.
In a tweet to the Financial Services Committee Chair Maxine Waters and the committee, Bankman-Fried said he is still not finished with “learning and reviewing what happened,” thus he might not be ready to participate in the hearing.
"Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I'm not sure that will happen by the 13th. But when it does, I will testify," he said.
The statement came in response to a tweet by Current Chair and Congresswoman Maxine Waters and the committee that asked him to appear in the hearing on December 13 and talk about the collapse of FTX.
As reported, the US House Financial Services Committee announced last month that it plans to hold a hearing to investigate the collapse of the crypto exchange FTX. The committee said they expected to hear from the companies and individuals involved, including FTX founder Sam Bankman-Fried, Alameda Research, Binance, and more.
At the time, Waters said that the collapse of FTX hurt over one million users, many of whom were retail traders who invested their "hard-earned" savings into the platform, only to watch it all disappear within a matter of seconds.
US Senator John Boozman Says Bitcoin is a Commodity, No Doubt About It – Here’s Why
U.S. Senator John Boozman (R-AR) has revealed that federal courts and the Securities and Exchange Commission (SEC) chairman view Bitcoin as a commodity.
In his opening remarks at the hearing entitled “Why Congress Needs to Act: Lessons Learned from the FTX Collapse” on Thursday, Boozman said Bitcoin is a commodity in the eyes of prosecutors. He added that exchanges that allow the trading of BTC should be regulated by the Commodity Futures Trading Commission (CFTC).
"Bitcoin, although a cryptocurrency, is a commodity. It is a commodity in the eyes of the federal courts and in the opinion of the Securities and Exchange Commission (SEC) chairman. There is no dispute about this," he said, adding:
"If there are exchanges where commodities are traded—be it wheat, oil, or Bitcoin—then they must be regulated. It is that simple. The choice not to regulate leaves consumers at the mercy of those who would prey upon them."
The Senator mentioned the collapse of FTX, once the third largest cryptocurrency exchange in the world, saying that despite being a foreign company it delivered losses to US customers.
He added that the CFTC is the right agency to regulate digital commodities, which includes Bitcoin and thus any crypto exchange that offers BTC trading. He claimed the CFTC could help protect customers by building and implementing constructive, workable regulatory structures for markets to function in.
"There is no better example of this than the CFTC’s regulation of the futures market, which has proven to be one of the more resilient markets, in large part because of the CFTC’s tried and trusted principles-based regulatory regime."
Created in 1974, the CFTC is an independent agency of the US government that regulates the derivatives markets, which include futures, swaps, and certain kinds of options. Rostin Behnam currently serves as Chairman of the CFTC.
During the first congressional oversight hearing on Thursday, Behnam said cryptocurrency was “potentially a threat to national security” after Senators grilled him on the lack of regulation in space.
Behnam also noted that regulating crypto would not be an easy task. He said that cryptocurrencies will exist even if the U.S. government wanted to completely ban them. He said that despite regulations and restrictions known as geofencing, 2% of FTX customers were from the U.S.
Miami Nightclub Owners Mourn The Lack of Crypto Rich Customers as Market Prices Crash
Miami nightclub owners are facing slumping sales and dwindling revenue as the crypto rich are veer away from entertainment venues amid the recent collapse of FTX and the broader crypto market downturn.
According to a new report from the Financial Times, crypto entrepreneurs who spent big at Miami nightclubs by renting an entire venue for a whole evening have gone quiet.
“Out of the blue, all these kids from crypto started coming down and spending a lot of money — like, an insane amount of money,” said Andrea Vimercati, director of food and beverage at Moxy Hotel group. “They were booking tables for $50,000, and it was like, who the hell are these people."
At the time, crypto prices were near all-time highs. The flagship cryptocurrency was trading at around $60,000 while Ethereum was near $4,000.
However, following the recent collapse of FTX, once the third-largest cryptocurrency exchange in the world, crypto prices went into a free fall. Bitcoin has plunged to below $16,000, down by 75% compared to its all-time high of around $70,000.
According to the club owners, the crypto kids, who were “95 per cent men, young . . . with a kind of nerdy style,” have “completely disappeared.”
“They wanted to show that they didn’t have any limits,” recalled Vimercati. “They were ordering 12 or 24 bottles of the most expensive champagne and just showering themselves without even drinking.”
As per the report, E11even, a famous nightclub in Miami, started accepting payments in cryptocurrency in April 2021. The club processed more than $6 million worth of transactions last year, but less than $10,000 over the past three months.
Aside from spending money in nightclubs and entertainment venues, the crypto rich kids also flooded their money into other parts of Miami’s luxury scene, namely real estate, cards, and even big yachts.
💹Squaddy is a Free-to-Play, Move-to-Earn NFT mobile platform that makes it fun and rewarding to live an active lifestyle and meet new people. It is an inclusive lifestyle Web3 app with built-in Game-Fi and Social-Fi elements.
The SQUADDY team is open to communication and will always be happy to answer all questions, you can write to them.
🔥Join the project's IEO on P2B: https://p2pb2b.com/token-sale/SQDY-473/🔥
🌐 More info
🌐 Twitter
🌐 Telegram
Binance Founder CZ Says Crypto Adoption Will Happen ‘Regardless’ of Government Decision on Regulation
Binance CEO Changpeng Zhao has said countries better regulate crypto rather than fight it, claiming that crypto adoption will happen no matter what.
During a Binance event in Athens, Greece on Friday, CZ noted that crypto regulation has once again become a hot topic amid the recent fallout of cryptocurrency exchange FTX. He advised countries to propose regulations rather than opposition to the crypto sector.
"I think most governments now understand that adoption will happen regardless. It's better to regulate the industry instead of trying to fight against it," Zhao said.
As reported, FTX announced that it had filed for Chapter 11 bankruptcy in Delaware a couple of weeks earlier. The exchange had lent as much as $10 billion worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, a move that has attracted the ire of FTX users.
An estimated 1 million creditors are facing losses totaling billions of dollars. Furthermore, the FTX contagion has kept spreading over the past couple of weeks, most recently affecting crypto exchange Liquid, BlockFi, Genesis, and Gemini.
Meanwhile, CZ compared the collapse of FTX to the 2008 financial crisis but claimed the industry will be able to recover.
"(This year) was a very nasty year, the last two months too much has happened. I think now we see the industry is healthier... just because FTX happened it does not mean that every other business is bad," he said.
The CEO also remained bullish on Bitcoin adoption. When asked whether he thinks countries might start adding cryptocurrencies such as Bitcoin to their reserves in the future, Zhao said he expected countries to start, particularly those which did not have their own currency.
Syntropy is building the first fully-distributed routing protocol for the Internet. Their mission is to increase internet performance so it can be Web3-ready! ⚡️
Their team has created and patented a Distributed Autonomous Routing Protocol (DARP) that connects nodes across the globe and allows routing data around congestions to travel through the fast and the most optimal path.
Recent events in crypto show that every attempt to centralize something people own is designed to fail. These guys are working on a vision where the Web3 community owns the Internet, and their native $NOIA token represents the tradable bandwidth on their OBX marketplace. 🔥
Open Bandwidth Exchange (OBX) is ultimately a blockchain-based bandwidth marketplace that allows suppliers (regular people, businesses, ISPs) to monetize unused bandwidth resources.
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💹 MegaToken was developed to provide the general public with easy access to Bitcoin mining. Through MegaToken, anyone can gain lifelong ownership of a specific capacity of the available electricity and access the support, maintenance, and upgrading of equipment necessary to mine Bitcoin, all through green energy solutions.
💹 Each token will equal 1 watt of low-cost electricity from the power of bitcoin mining farms and can provide the holder a real daily reward in bitcoin.
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Kraken Crypto Exchange Founder Jesse Powell Says This One Thing Can Trigger the Next Bull Market
Jesse Powell, co-founder and former CEO of cryptocurrency exchange Kraken, has predicted that the upcoming Bitcoin halving can trigger the start of the next bull market.
Powell, who appeared in an episode of the Bankless podcast, talked about the overall state of the crypto industry following the unprecedented collapse of FTX and speculated what could propel the space out of the ongoing bear market.
"It’s just a massive hit to lose $10 billion in capital from this industry. To have that just stolen away, that could’ve gone to great stuff and moved this industry forward. So that’s going to take some time to recover from," he said.
Powell added that the fallout of FTX delivered billions in losses to many retail users as well as institutions, leaving the crypto industry with a reputation to repair, which will ultimately take some time. However, he said the next Bitcoin halving, which is expected to take place in the first half of 2024, could be the next bullish catalyst for the market.
Bitcoin halving is when the rate of new Bitcoin entering circulation is cut in half, which occurs approximately every four years. Halvings also cut the reward for mining Bitcoin transactions in half and thus lower the available amount of new supply, even as demand increases.
Historically, Bitcoin halvings have led to the start of a bull market because of typical supply and demand mechanisms. And since the broader crypto market and altcoins simply follow Bitcoin, the entire crypto market rallies when Bitcoin surges higher.
The last halving took place in May 2020, and in 2021, Bitcoin topped an all-time high above $68,000. A similar occurrence happened when halving took place in 2016. The following year, Bitcoin hit what was, at the time a record high.
The Newest Metaverse Project in Crypto is Currently Raising Funds to Build its Ecosystem – Here’s How You Can Buy Early
Hot new metaverse and NFT project RobotEra has now raced past $100,000 in funding as investors flock to buy its native TARO token during the early presale phase.
TARO only launched last week but has already seen six figures of investment with the price of each token just $0.02, and is one of our best crypto launches of 2022.
In three presale phases, the price will increase by a total of 60% - from $0.02 to $0.025 and then $0.032 - with 270 million tokens on sale and no vesting period for presale tokens.
RobotEra, which is an LBank Labs project and comes from a doxxed and KYC-verified team, is a play-to-earn ecosystem similar to The Sandbox that allows players to earn active and passive income from the game in a variety of ways.
Monetize the Metaverse with RobotEra
In RobotEra, players take the form of Robot NFTs to help rebuild the planet Taro which was destroyed by a cataclysmic event.
While robots grant access to the metaverse, players can buy virtual plots of land - spread across seven continents - and rebuild and monetize it.
Players will need no prior coding knowledge to build upon their metaverse plots, with RobotEra featuring custom tools designed for the game.
🚀ALERT I ALERT🔥
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🔻Current price of CTN is € 0.07 / $ 0.085 (which is according to many opinions undervalued with a huge potential for a +10x increase due to natural high demand in the Core Ecosystem and third party use case integrations)
💡Take a look at recent Livestreams and understand the potential of CTN:
▶️ Showcase with the founders of the Core Ecosystem
🔹https://youtu.be/Um3hTjSvDPI
🔥Ting and Meeting
🔸https://youtu.be/hcXhv5pcCsU
〽️Ping Exchange🔹https://youtu.be/W_0CYAFRHEA
➡️❗️Read the article to understand the potential of Core Token, which is technically perfect and also highly demanded: https://medium.com/core-group/a-brief-and-technical-introduction-of-core-token-2dbacddbcc98
✅👥COMMUNITY
INFO: /channel/coregroupcc
CHAT: /channel/coregroupchat
TWITTER: https://twitter.com/CoreGroupCC
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Bitcoin and Ethereum Inch Higher, MATIC Reclaims USD 2
☄️Bitcoin price might accelerate higher if it settles above the USD 40,000 resistance.
☄️Ethereum could revisit the USD 3,000 resistance, XRP is back above USD 1.00.
☄️MATIC rallied over 35% and it broke the USD 2.20 resistance.
Bitcoin price remained well supported above the USD 36,500 and USD 37,000 levels. BTC started a fresh increase above the USD 38,000 resistance. It is currently (04:30 UTC) approaching the USD 40,000 resistance, above which the bulls might gain strength.
Similarly, most major altcoins are showing positive signs. ETH broke the USD 2,750 resistance and it might test the USD 3,000 resistance. XRP/USD is back above USD 1.00, but it lacks bullish momentum.
Bitcoin price
After a short-term downside correction, bitcoin price formed a base above the USD 37,000 level. As a result, BTC climbed above the USD 38,000 and USD 39,000 levels. An immediate resistance is near the USD 40,000 level. A daily close above USD 40,000 could start a steady increase towards USD 42,000 or even USD 45,000.
On the downside, an initial support is near the USD 38,000 level. The first key support is now forming near the USD 36,500 level.
Ethereum price
Ethereum price also followed bitcoin and it gained pace above the USD 2,750 resistance level. ETH even broke the USD 2,800 level. The first key resistance is near the USD 2,880 level, above which the price could test the USD 3,000 level.
If there is a fresh decline, the USD 2,750 level might provide support. The next major support could be USD 2,650, below which the bulls might struggle in the short-term.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) remained well bid above the USD 300 pivot level. BNB started a fresh increase and it cleared the USD 350 resistance. The price could test the USD 375 and USD 380 resistance levels. The main hurdle is still near the USD 400 level.
Litecoin (LTC) is gaining pace and it is trading above USD 180. LTC could test the key USD 200 resistance. A clear break and close above USD 200 may possibly start a strong increase. The next major stop for the bulls could be USD 250. On the downside, the USD 165 level is a decent support.
Dogecoin (DOGE) remained strong above USD 0.300 and it climbed above the USD 0.350 zone. It is now consolidating gains and it could attempt a move towards the USD 0.380 level. The next major breakout zone is near the USD 0.400 level.
XRP price stayed above USD 0.900 and it started a fresh increase. There was a break above the USD 0.98 and USD 1.00 resistance levels. If the price remains stable, it could rise towards the USD 1.10 resistance zone in the near term.
Other altcoins market today
Many altcoins gained over 10%, including MATIC, HOT, CHSB, LUNA, RUNE, TEL, CELO, SUSHI, OMG, LINK, SC, RVN, BAKE, HNT, and CAKE. Out of these, MATIC, HOT, and CHSB are up over 30%.
Overall, bitcoin price is showing positive signs above USD 38,000 and USD 39,000. If BTC clears the USD 40,000 barrier, it could accelerate higher in the near term. Conversely, it could drop towards USD 36,500.
Total market capitalization:
Navigating a New Digital Era Means Changing the World Economic Order
COVID-19 has accelerated the growth in the digital economy through a dramatic increase in working from home, online shopping, digital entertainment, online services, among other areas. Ideas such as telemigration in which people from different parts of the world work in virtual offices might once have sounded outrageous. Today, many are already working from home through video streaming.
A completely virtual future is perhaps unlikely, but such shifts are a fundamental challenge to how we organize societies. Laws and regulations governing trade, taxation, labor, and social security, among other areas, are largely based on geographically-defined states that contain and regulate our economic and social activities.
This applies to the global economic order which consists of agreements between states to manage interactions between them. For example, an international regime regulates services based on how the service is supplied, in turn determined by where the buyer and seller are. For trade in goods, borders are used to implement rules such as tariffs and standards.
In taxation, the shift from physical to digital has resulted in a major challenge to taxation law. Similarly, living in one country and working in another remains a bureaucratic challenge even in some of the most integrated economies in the world.
Over recent years, there have been debates on how to deal with these changes amid ongoing technological shifts. At a fundamental level, we face two options. Is the task facing us is how we adapt our existing rules and regulations to accommodate these new technologies? Or do we need to think of completely new modes of regulations that govern our economic and social relations in a new technological age?
So far, the focus has been on the former. In trade, for example, discussions have focused, often with little success, on issues such as deciding if data flows are trade, how we impose tariffs on goods that are traded electronically, or whether an e-book is a good or a service.
Alternatively, we might want to think of the ongoing technological shift as a start of an entirely new world. A world that needs a radical rethink and new laws and regulations that accommodate the new technological era. But what would that look like?
Altcoins Take The Strongest Hit Again Amid China Crackdown News
As China is sending more negative news to the crypto market, altcoins are once again suffering the most.
Bitcoin (BTC) dropped from USD 41,760 to below USD 37,000 in half an hour and continued correcting lower. At 19:53 UTC, it trades at USD 36,082 and is down by 10% in a day. Meanwhile, ethereum (ETH) dropped by 16%, reaching USD 2,355, while multiple altcoins are bleeding even more.
USD 253m worth of trading positions in the crypto derivatives market were liquidated in the crypto derivatives market in the past four hours, per Bybt.com data.
China will crack down on bitcoin mining and trading activities as part of efforts to fend off financial risks, Reuters reported, citing the State Council's Financial Stability and Development Committee.
“The new guidance issued from the regulatory agencies – they’re taking it more seriously, they want more enforcement,” Bobby Lee, Founder and CEO of crypto storage provider Ballet, told Bloomberg. “But in terms of the rules, it’s the same in terms of what’s allowed and not allowed. There’s talk about going after miners. The question is, can they catch all the miners.”
However, per Matt Maley, Chief Market Strategist for Miller Tabak + Co, it’s not really the mining issue that is the problem.
"They say they’re doing this as part of an effort to control risk taking in their markets, but it’s really a signal that China is not going to be a big market for cryptos unless it’s a PBOC-controlled one," he told Bloomberg.
