Category: Cryptocurrency News

Increasing volume in Chiliz intraday trades pointed to a likely bullish comeback in the coin’s price. Since the start of trading today, the volume of Chiliz has increased from $395,564,490 to $694,854,345. Market capitalization rose from $1,203,242,510 to $1,222,317,487 as trading volume rose. Increases in both trading activity and market capitalization of this magnitude suggest that a turnaround may be in the works. This could be the case if we believe real-time data. A cup-and-handle pattern appears on the chart, suggesting a possible or current upswing. As a whole, the cryptocurrency market has been seeking to rebound from the unfavorable market conditions that have dominated the financial sphere, so the recovery should come as no surprise for Chiliz. Related Reading: AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data The ensuing crashes in April–August further reinforced the consensus that the crypto winter would last for some time. Chiliz Bulls Facing $0.2505 Resistance The bulls in this market are currently testing the $0.2505 resistance level. Resistance at the 38.20 Fibonacci level sits at $0.2615, thus this price range is below that. Any price action for Chiliz above these levels would signal a continuation of the bullish trend that began at $0.2505 and is currently in play. Indicators provide a similar positive rebound narrative. The momentum indicator maintains a V-shaped pattern, indicating that the present market trend is rising. The Awesome oscillator indicates a major bullish reversal at the 4-hour tick level. At the level of 5.78, the price oscillator indicates a strong buy signal for investors and traders. Related Reading: AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data The $0.2505 Barrier Poses Major Challenge To sustain current upward trend, it is necessary to overcome the barrier at $0.2505. This is the immediate resistance the bulls will encounter before a possible push towards the 38.20 Fibonacci level. Currently, though, the bulls may have overextended and lost some impetus. The price has failed to consolidate above the 50.00 Fib level, according to current data. This failure to surpass the 50.00 Fibonacci barrier and the following lack of momentum can transform the bullish price reversal into a bearish trend. A short examination of the 4-hour clock reveals the formation of a double triangular pattern that may influence the recovery of the coin. The base of the formation rests directly on the 78.60 Fib level. It is vital for bulls not to be swayed by this emerging pattern, as the CHZ coin’s recovery hinges on the larger price fluctuations at the 1-day tick mark. If the bulls maintain their pace, we may finally witness a net price increase in the coming days. CHZ total market cap at $1.4 billion on the daily chart | Source: TradingView.com Featured image from Somag News, Chart: TradingView.com

Online crypto casinos are beginning to gain ground in the gambling industry. Just as crypto has been able to penetrate other sectors, it has wormed its way into the heart of the online gambling industry, where players are looking towards crypto betting due to its unique advantages. Despite the growing popularity of online crypto casinos, there is still the question of whether these platforms will be able to stand the test of time. Since they are directly tied to the crypto market’s performance, their longevity can be determined by taking a look at the crypto market and its ability to endure. Online Crypto Casinos Are Better Online crypto gambling is beginning to garner favor among players, but it is still far behind in this industry that dates back more than 400 years. However, online casinos are able to provide users with important features they would not get from traditional exchanges. One of the leading advantages of online crypto casinos is the privacy that it provides users. When it comes to traditional casinos, users generally have to give easily identifying personal information, credit or debit card details, and bank information to gambling platforms. These leave a paper trail that shows the players’ activities across these casinos even when they do not wish for this information to be known. Photo by regularguy.eth on Unsplash The privacy provided by crypto casinos also ties in directly to the security issue; since traditional casinos have to collect bank and credit or debit card information, they have to store it somewhere. When these platforms succumb to hacking attempts, some or all of their user data are often compromised. This information is frequently sold on the dark web to other bad actors, which puts users at financial and sometimes physical risk. With cryptocurrencies, these risks are eliminated since users do not need identifying personal information to operate crypto wallets. As such, casinos do not need banking information to process deposits or withdrawals. Furthermore, the difference in ease of use between online crypto casinos and traditional casinos can be pretty stark. Where the latter often has convoluted processes to navigate their platforms, crypto casinos are designed for users’ ease and satisfaction. Add in the use of cryptocurrencies as a method of deposit and withdrawals, and it is a much faster, easier, and more efficient process for all parties. Some online casinos have been known to process crypto withdrawals in a matter of minutes. Another important advantage of crypto casinos over traditional casinos is that users can play no matter what part of the world they are from. Where players can often be restricted by banking and financial institutions from funding gambling accounts, crypto does not discriminate and works anywhere. Photo by Kaysha on Unsplash   Beating The Odds The unique advantages of online crypto casinos over traditional casinos have put them on a path to becoming formidable competitors in the space. It is even more evident in the fact that some well-known platforms are offering cryptocurrency deposits and withdrawals for online gambling. These platforms prioritize safety and user comfort while providing them with a wide variety of games to choose from, ranging from slots to casino table games and sports betting. It allows a broader user base of players to participate online in their favorite games without risking their privacy. Crypto online casinos are also affordable, with lower deposit minimums and the ability of users to handle their winnings how they choose. Crypto transactions also promote transparency on the part of the casinos since every transaction is stored on the blockchain and available to the public. Couple this with faster transactions, and online crypto casinos have got a recipe for success. Additionally, the growing mainstream acceptance of crypto payments will also drive the adoption of online crypto casinos. Players will no longer have to worry about restrictions or hidden fees/charges. A general distrust of banking institutions also plays into this mainstream adoption, and players are flocking to platforms that enable them to bypass dealing with these institutions. Given this, it is no longer a question of if online crypto casinos will be able to survive in the long run but rather a question of when crypto casinos will become the norm. With the growing acceptance of crypto payments, traditional casinos will have to switch to accepting crypto payments or risk getting left behind as the world moves forward with crypto.   Image by besteonlinecasinos from Pixabay

NFT gaming, while probably a novelty aspect in blockchain gaming, can no longer be considered a niche but an established part of games built on blockchain. With the ability to earn being a major pull for gamers, NFT gaming has attracted a large number of new players. At some point in 2021, there were game streamers who were posting earnings in the thousands of dollars every week due to their participation in these NFT games. Naturally, given that most of these games had been launched during the bull market, their token prices had soared, and so did the earnings of gamers. But these NFT games are now being put to the test as the crypto market has entered another inevitable bear market. As prices have collapsed, so has the interest from gamers. A large number of games that had been popular due to their growing token prices are now suffering in the bear market. Even large players such as Axie Infinity have seen interest plummet significantly during this time. This has called for more innovation and less focus on token prices when it comes to NFT gaming. That is if these games plan to survive the current bear market. Token Price Should Not Be The Focus A problem with existing blockchain games is the fact that the value of the entire gaming ecosystem depends solely on how their token prices are doing. When the price of their tokens is rising, they see a lot of interest, but any decline sees players leave in large numbers. It is evident that such a model is unsustainable, and some industry experts have even referred to the current models as being akin to Ponzi schemes that need a steady flow of new entrants to keep it going. Using such models only attract gamers who only care about the price of the tokens they earn. The result of this is the mass exodus that has taken place in the gaming sector as crypto has welcomed another bear market. A new entrant into the space has taken the initiative to tackle the problems that currently plague the NFT gaming space. Cradles: Origin of Species is a blockchain game that focuses on innovation and its community rather than on token price. This game promises to bring never-before-seen capabilities to NFT gaming in a bid to transcend beyond the questionable models employed by existing blockchain games. How Cradles Differentiates Itself Cradles: Origin of Species focuses on innovation to keep its community engaged and interested rather than token price. Taking a gamer-first approach, the creators introduce new metaverse gaming experiences. These range from popular aspects of the play-2-earn ecosystem to new metaverse features that make it more than just a virtual reality gaming experience. One of the innovations from the Cradles: Origin of Species team has been the introduction of the EIP-3664 proposal for a new type of NFT. It follows in the footsteps of the ERC-20 by introducing revolutionary features when it comes to how tokens are created. Unlike ERC-721 or other token standards currently used for NFTs, EIP-3664 contains several new attributes that permit various types of fungible and non-fungible aspects. Players can add and remove components to and from their NFTs, as well as give them new traits, which will enable continuous and dynamic gameplay, unlike traditional NFTs, whose traits are pre-set and unable to change. Props, characters and operation modes of games using EIP-3664 can be fully represented as smart contracts. This promotes different gameplay and expands the types of NFTs on the Ethereum network to bring about a stronger and more diverse gaming experience. Play And Earn, Not Play To Earn Cradles’ gamer-first strategy has seen it move away from the traditional play-to-earn model and bring players towards the new world of play and earn. This helps shift the focus of players from the price of the token being earned in the game to playing the game for pure enjoyment. This way, the tokens earned by gamers become just an added incentive for playing as they progress through the game, not the core motivator for playing. It is also the first subscription-based game to grace the blockchain gaming space. This allows all players to immediately access the game without having to purchase expensive NFTs upfront. By buying a monthly card, users can play and earn in Cradles for the whole of that month. The game also has zero transaction fees for small transactions. These are transactions that happen between players and peer-to-peer transactions. For transactions involving more valuable items, there is a small tax. Staking Into NFTs As mentioned already, Cradles: Origin of Species players do not have to make a significant initial investment before playing Cradles. Another invention that makes this possible is the Staking Into NFTs (SIN) feature in the game. This allows users to stake into the NFTs already held by their favorite steamer or professional player. So if a player does not have access to a powerful weapon in the game and a streamer does, they can stake their tokens into the streamer’s NFT to help boost the power of the weapon. This gives the streamer an edge over their opponents to help them claim victory and win the prizes, which are distributed between the streamer and those who staked into their NFT. All of the in-game items in Cradles: Origin of Species are also created by the players. There are no external NFTs being sold before entering the game, and players can freely move and trade items with each other thanks to a completely decentralized item supply. Cradles recently raised $5 million in a private funding round to build out its metaverse. The game is backed by some of the largest players in the space, including Animoca Brands, Signum Capital, and Huobi Global, among others. The innovation behind Cradles: Origin of Species is what puts it ahead of all other blockchain games. By successfully detaching the value of the game from the token price, it makes sure that its community is always involved regardless of whether the price of the token goes up or down. A complete game that kickstarts the evolution of the metaverse.    

Miners in Vietnam have expressed grievances over the loss of business following Ethereum’s transition to a consensus mechanism that does not require the energy-intensive computing they were providing. Many are in trouble, local media reported, quoting entrepreneurs and mining enthusiasts. Cryptocurrency Miners Hit by The Merge, Vietnam Report Reveals Vietnam’s crypto miners have suffered heavy […]

Bitcoin (BTC) price has had turbulent times against tether (USDT) as more pain increases for bulls. Despite showing so much strength, the price of Bitcoin (BTC) bounced off from $19,000 in the past weeks to a region of $25,000 as many hoped for more relief to rally to a region of $30,000. The price of BTC faced rejection and has continued to fall with no sign of bears giving up. (Data from Binance) Related Reading: TA: Ethereum Price Nosedives, Why ETH Could Soon Test $1,200 Bitcoin (BTC) Price Analysis On The Weekly Chart  BTC saw a decline in its price from $69,000 to around $18,500, with an over 70% drop from its all-time high. The price of BTC bounced off after touching a weekly low of $19,000, and the price rallied to $25,000, showing some great strength as many set prices and expectations for a rally back to $30,000, but the price was faced with rejection. The price of BTC on the weekly chart formed a downtrend line as the price continued to respect this resistance line bouncing off to maintain its bearish run. Still, the price of BTC could not break this trendline after a while, with the price being rejected from the trendline resistance. BTC’s price is trading above the key support of $18,000; the price of BTC needs to hold above this support to avoid the price going lower to $16,000-$15,000. With the price of BTC holding this support, we could have the chance of trading higher to a region of $20,000. A break below $18,000 would mean retesting lower demand zones and reluctance for bulls to step into buy orders as there would be more agitation for lower prices.  For BTC’s price to restore its bullish move, the price needs to break and hold above the trendline resistance preventing the price of BTC from trending higher. If the price of BTC keeps rejecting the trendline resistance, we could see the price going lower as there are more sell orders than buy orders.  Weekly resistance for the price of BTC – $21,000. Weekly support for the price of BTC – $18,000. Price Analysis Of BTC On The Daily (1D) Chart The daily timeframe for BTC prices continues to weaken as prices break to the downside, finding prices in the daily range of June 2022, with prices ranging in a channel having $20,700 as resistance and $18,400 as support. The price of BTC needs to break out of this range channel with good volume as this will restore a bit of hope and relief for most investors. A break and close below $18,000 would not be good for the structure of BTC as the price would be faced with more sell orders and panic. If the price of BTC breaks and closes above $20,700, we could have a minor relief bounce across the market. On the daily timeframe, the price of BTC is currently trading at $18,400 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $21,000 and $28,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC. Daily resistance for the BTC price – $21,000. Daily support for the BTC price – $18,000. Related Reading: TA: Bitcoin Price Makes U-Turn, Why BTC Could Tumble to $18K Featured Image From zipmex, Charts From Tradingview

The Financial Conduct Authority claims that the company “may be providing financial services or products without authorization.”

The proof-of-work fork of the Ethereum blockchain was targeted by a cross-chain contract exploit.

The current market downturn is being attributed to a number of macroeconomic factors, such as higher-than-expected CPI data and a possible biggest Fed rate hike in 40 years.

Crypto industry experts have formed a working group to draft a standard for energy-efficient and profitable cryptocurrency mining in Russia. The rules will aim to help developers and data center operators offer investors increased hardware uptime. Russia Prepares to Improve Efficiency of Mining Facilities in 2023 A group of crypto specialists have teamed up to […]