Category: Cryptocurrency News

The UAE Ministry of Economy continues its push into the Metaverse with the announcement of a “third address” located in a virtual world.

A spokesperson for the company behind Terra said it believes prosecutors heeled to public pressure and expanded the definition of a security after its associated cryptocurrencies collapsed.

Kalin Metodiev emphasized that Nexo has been navigating through conversations with regulators for the past couple of years to ensure compliance, and was surprised that this news was “thrown out there in public.”

The controversial Taro protocol is ready for testing. The initial version of the code is available on GitHub, and it enables “developers to mint, send, and receive assets on the bitcoin blockchain.” Notice that the company isn’t talking about the Lightning Network yet. In a blog post announcing the Taro launch, Lightning Labs promised, “once the on-chain functionality is complete, we’ll work towards integrating the Taro protocol into lnd, bringing Taro assets to the Lightning Network.” Related Reading: An Interview with Ben Caselin on AAX- Lightning Network Integration and TARO Protocol Implementation This is the first step of many and it’s mainly aimed at developers. According to Lightning Labs, “this initial release is only designed for testnet usage as a way for developers to start using the code.” That means, no real value is flowing through Taro at the moment. But… what is Taro anyway? The blog post defines it as a “Taproot-powered protocol for issuing assets that can be transferred over bitcoin and in the future, the Lightning Network for instant, high volume, low fee transactions.” Taro Will Enable Stablecoins To Travel Through Lightning This is a multifaceted protocol that allows many things, but the feature everyone is excited about is the fusion of stablecoins with the Lightning Network. It’s controversial because you have to trust the issuer of stablecoins, which means they come with counterparty risk. Bitcoin doesn’t have that problem. In any case, in the subsection titled “The First Step Towards Bitcoinizing the Dollar,” Lightning Labs tries to convince us that stablecoins over Lightning are a good idea: “With Taro and the incredible developer community, we can build a world where users have USD-denominated balances and BTC-denominated balances (or other assets) in the same wallet, trivially sending value across the Lightning Network just as they do today. This leap forward will accelerate the path to bringing bitcoin to billions.” If that sounds too much like Galoy’s stablesats, it’s because both implementations are trying to solve the same problem. They use vastly different methods, though. And place the counterparty risk in different places. BTC price chart for 09/29/2022 on Fx | Source: BTC/USD on TradingView.com How Does Taro Work And What Else Does It Do? Don’t worry, these brand-new protocols are hard to master, or even understand. Luckily for us, Lightning Labs gave us a technical-but-easy-to-follow explanation as a refresher: “Taro assets are embedded within existing bitcoin outputs, or UTXOs. Think of these assets as “UTXOs within a UTXO.” A developer mints a new Taro asset by making an on-chain transaction that commits to special metadata in a Tapoot output. When minting a new asset, the Taro daemon will generate the relevant witness data, assign the asset to a private key held by the minter, and broadcast the newly created bitcoin UTXO to the bitcoin network. This new outpoint becomes the genesis point of the newly minted asset, acting as its unique identifier.”  When Lightning Speed first tackled the Taro subject, we explained what a Taro asset can be: “What is a “Taro asset”? Whatever you want, your BTC can be “converted into different assets such as USD to EUR or USD to BTC.” Or, as Bitrefil’s Sergej Kotliar puts it, “Pay in currency of sender’s choice, receive in currency of recipient’s choice. This means that every wallet can now have native Strike-type “USD balance” functionality for example. With no need to trust the wallet, the only trust lies in the issuer of the token.” How To Get Started With The Novel Protocol As previously stated, this Alpha release is mainly for developers. If you’re one or know of one, here are the protocol’s coordinates:  “To get started exploring Taro, download the daemon, check out the API documentation, and read the getting started guide. And for a more extensive explanation on how Taro works, take a deep dive into the Taro BIPs and our documentation.” Related Reading: Lightning Speed: Taproot And The Lightning Network, A Match Made In Heaven Have a blast, developers. And please report back to us with your findings. Featured Image by Jennyrang from Pixabay | Charts by TradingView

https://cryptonewsland.com/bill-hinmans-calendar-reveal-may-spell-trouble-for-ethereum/ submitted by /u/ViMooney [link] [comments]

Humans have sought to preserve memories since prehistoric times, etching images into cave walls and tying knots into a crudely fashioned cord. Tribes and clans gave birth to language that could preserve the past in words, and words found their way into print forms, thereby conceiving history. In the information age, the Internet has become […]

Ethereum recovered losses and climbed above the $1,320 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350. Ethereum found support near the $1,250 level and recovered losses. The price is now trading above $1,300 and the 100 hourly simple moving average. There is a short-term contracting triangle forming with support at $1,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone. Ethereum Price Remains Strong Ethereum found support near the $1,250 level after a strong decline. ETH traded as low as $1,253 and started a fresh increase. There was a steady increase and the price was able to clear the $1,300 resistance. The bulls were active above the $1,300 level. There was a clear move above the 50% Fib retracement level of the downward move from the $1,399 swing high to $1,253 low. The price is now trading above $1,320 and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with support at $1,340 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,350 and $1,355 levels. The next major resistance is near $1,365 level. It is near the 76.4% Fib retracement level of the downward move from the $1,399 swing high to $1,253 low. A clear break above $1,365 might start a decent increase towards the $1,400 level. Source: ETHUSD on TradingView.com Any more gains may perhaps open the doors for a move towards the $1,450 resistance, above which the bulls could aim a move to $1,500. Fresh Decline in ETH? If ethereum fails to climb above the $1,355 resistance, it could start a fresh decline. An initial support on the downside is near the $1,340 level and the triangle lower trend line. The next major support is near the $1,315 level. A downside break below the $1,315 level might send the price towards the $1,280 support in the near term.  Any more losses could increase selling and the price might drop to $1,250. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,315 Major Resistance Level – $1,355

Litecoin price had been staggering too, just like other major altcoins in the market. Over the last 24 hours, however, LTC moved up on its chart by 2.4%. The bulls have yet to steady themselves on the one-day chart. Over the last week, LTC gained almost 3%. This indicated that the coin has not made any such considerable movement on its chart. The bears were in charge of the altcoin, as indicated by the technical indicators. There is a significant immediate resistance for the Litecoin price to overcome. The buyers were low in the market, and that has tired the bulls out consistently. At the moment, the coin has found support near the $51 price mark. Because selling strength was greater than buyer strength in the market, the Litecoin price may not stay above that level for long. On the other hand, if buying strength stabilises slightly, then there is a chance for LTC to move above $56. Broader market strength will be crucial for Litecoin over the next trading sessions. Litecoin Price Analysis: One Day Chart LTC was trading at $53 at the time of writing. Litecoin price will witness tough resistance at the $56 price mark. The bulls have moved closer to that price mark each time, but it has met with selling strength. Moving above the $56 price mark could help Litecoin price invalidate the bearish thesis. The coin could experience a price ceiling at the $61 price mark. On the other hand, the support line rested at $51 and then at $43, respectively. The amount of Litecoin traded in the last session declined, which indicated that buying strength remained low on the 24-hour chart. Technical Analysis LTC’s indicators continued to display that the coin was in a downtrend. The sellers remained in control of the charts, which could potentially bring the coin down to $51. If buying strength doesn’t recover soon, LTC could move to $51 before it recovers on the chart again. The Relative Strength Index was below the half-line, which meant that sellers were more compared to buyers. Litecoin price was below the half-line, which meant less demand for the coin. It also meant that sellers were driving the price momentum in the market. Related Reading: Bitcoin & The Global Currency Meltdown | BTCUSD September 28, 2022 The altcoin continued to paint a bearish picture, with sellers taking over on the one-day chart. The Moving Average Convergence Divergence indicates the price momentum and action. MACD displayed red histograms, which were a sell signal for the coin. The Chaikin Money Flow measures the capital inflows and outflows in the market. CMF was below the half-line, which meant that capital inflows were lower than outflows on the one-day chart. Related Reading: Bitcoin Price Rejected $20,000, Have The Bulls Lost Steam Again? Featured image from Freepik, Charts from TradingView.com