Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Proofi by LTO Network to bring its KYC solution to DeFi and blockchains via Chainlink

Dutch blockchain LTO Network, today announced that Proofi by LTO Network will make its identity data available to the multi-chain DeFi ecosystem via Chainlink, the leading blockchain oracle solution. Chainlink is integral to this process, as it will help make identity attestations on the LTO Network available to the wider blockchain ecosystem. By enabling seamless…
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While the New LUNA Records Gains, Do Kwon’s Terraform Labs Is Plagued by Controversy and Accusations

It’s been two days since the Terra development team launched the new Phoenix-1 blockchain with the network’s native token LUNA. While the token dropped significantly in value during the first day of trading, the new LUNA has jumped 8.8% in value during the last 24 hours. Amid the token’s 24-hour rise, controversy continues to plague […]

Why TRON Has Seen a 45% Hike in Total Value Locked (TVL)

According to Wu Blockchain, the TRON network has seen a hike in its total value locked (TVL) over the past 30-days. This increase seems to be related to the launch of this network’s native algorithmic stablecoin USDD. Related Reading | Tether CTO Says, USDT-Dollar Remains Strong Amid Stablecoin Crises As reported by NewsBTC a month ago, TRON’s founder Justin Sun announced the deployment of USDD for May 5, 2022. This digital asset operates similarly to LUNA CLASSIC network’s Anchor Protocol. USDD allows users to earn a 30% annual percentage yield (APY) for staking it on the JustLend platform. TRON launched its own algo stablecoin to capitalize on the popularity of this product. However, May has seen a massive LUNA-UST (Terra Classic’s algo stablecoin) which has impacted the crypto industry. The crash in the price of LUNA and the UST deppeged appears to have little impact on TRON. Data from DeFi Llama supports the increase in TVL. This number stands at $6 billion with a 14% increase in the past week alone. TRON’s TVL has grown beyond that of Polygon, Avalanche, Solana, and Fantom. If the trend continues, the metric could surpass the TVL on Binance Smart Chain which currently sits at almost $9 billion. Further data provided by DeFi Llama indicates JustLend is the protocol with the percentage of TVL. The platform records $2.8 billion in TVL followed by JustStables’s $1.4 billion. In a short period of time, JustLend and the algo stablecoin seem to have taken over the TRON ecosystem pushing it to the top 3 in TVL across the DeFi sector. This seems to suggest that algo stablecoin still are very popular in the crypto space, despite the events on the Terra Classic network. Can TRON’s USDD Survive After The Events On Terra Classic Last week, a pseudonym analyst looked into USDD and the TRON ecosystem to determine if the new digital asset can withstand current market conditions. The analyst pointed at the collapse in the old Terra Classic network and its implications for all-algo stablecoins. However, the analyst believes USDD and its network are in a different state. Right now, the TRON-based algo stablecoin, the analyst claims, is mainly supported by insiders. Therefore, there could be room for retail and other investor classes to adopt USDD. This could benefit TRX and its ecosystem, as it seems to have recently. The analyst said: (USDD) It is in its fairly early stages, with only insiders in. There is room for latecomers and eventually even retail to enter before it carries the same risks as Luna. Timing is everything in musical chairs. USDD mcap is at only 2.5% of UST’s peak. In addition, the analyst believes that USDD doesn’t operate exactly like UST but “is actually more like Maker” with a different collateralization mechanism but with the buying pressure for TRX. The altcoin has been performing well compared to other assets. Related Reading | TRON Joins Stablecoin Wars Will Launch USDD With 30% APY, Here Is When TRX’s trades at $0.08 with sideways movement in 24-hours. Despite the downside price action in larger cryptocurrencies, TRX has been able to rally on the back of its algo stablecoin.

Paraguay paves the way for crypto regulation despite internal opposition

A new bill for crypto regulation has been approved by Paraguayan Congress despite the central bank and budget commission’s rejection of the project.

DeFi Saver is now live on Arbitrum and Optimism

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I’ve read the 496 pages of “The Cryptopians” by Laura Shin so you don’t have to

The Cryptopians is one of the first books to take a deep dive into the early history of Ethereum. And when I say "in depth", I'm not kidding: journalist Laura Shin gives an almost daily description of the days of Vitalik Buterin and other developers for the period 2013-2018. She interviewed hundreds of people and…
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Cardano founder talks US legislative reform following visit to Washington DC

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Conferences, triangles and crosses: making sense of the BTC bear market with StormGain

The latest market information shows BTC/USD continuing to hover around $29,000 after failing to hold the crucial $30,000 support. BTC price movements, 15-25 May 2022. / Source: StormGain As the original cryptocurrency stalls, traders and analysts are chiming in with observations about what the next price movement could be. Some are looking for positive signs from the ongoing World Economic Forum (WEF) Annual Meeting at Davos, while others are pointing to historical chart patterns or highlighting cryptocurrency’s correlations with the wider stock market. Whether Bitcoin is set to plunge below pre-2020 levels or not, there are useful strategies that traders can employ to stay profitable even during a crypto winter. BTC at the world economic forum Cryptocurrency was a significant topic at the WEF summit, with multiple panels concerning crypto, DeFi, and CBDCs featuring a mix of thought leaders from the traditional finance, fintech and crypto sectors. Miami mayor Francis Suarez spoke in support of crypto’s innovative uses amidst the bear market: “We live in a world where investors only look at things from a return perspective, but Bitcoin should be seen from an innovative and technology perspective”. Jeremy Allaire, chairman and CEO at Circle Pay, and Brad Garlinghouse, CEO of Ripple, were also present, exploring crypto’s potential for cross-border payments and national stablecoins. Despite crypto being a hot topic, however, Bitcoin’s market price does not appear to have been meaningfully affected by discussions at the conference this week. Nonetheless, it is a sign that cryptocurrency’s outsider status in the global economic system is a thing of the past. For the moment, if crypto is still being treated mainly as an investment asset, could the wider stock market hold a clue to the next move? Relation with US stocks Bitcoin’s market behaviour recently has been closely correlated with US stocks, especially tech stocks. The latter sector, in particular, is struggling to cope with the post-pandemic market adjustment, but the stock market is showing positive signs of life. The S&P 500, Dow and Nasdaq have all started to rise up after a heavy rout, which is a positive indicator for crypto, too. One indicator being watched is the CME futures gap. BTC futures are not traded 24/7 on the CME, so the price there will often move to fill the gap between CME trading close and open. BTC/USD did manage to close the CME futures gap on the downside, so the expectation is that it will rebound to fill it. However, it does not always do so swiftly. Crypto is still seen as more of a risk asset than a safe haven, and even the current weakness of the US dollar is not enough to send investors flocking to Bitcoin. One factor is surely the US Federal Reserve, which is raising dollar interest rates in an attempt to stave off inflation. Given crypto’s famous volatility compared to the stock market, a breakout for Bitcoin and Co. could be more sudden and dramatic than anything occurring on Wall Street. Looking at the BTC charts, we can see a few interesting patterns that serve as a basis for price analysis. The triangle: where will we see the breakout? Over the last two weeks, Bitcoin’s price chart has formed a symmetrical triangle in the narrow range of $28,900 to $30,900. It is likely that this pattern will continue for another fortnight before breaking out in either direction. BTC/USD chart showing symmetrical triangle pattern. / Source: TradingView The symmetrical triangle represents a pattern of lower peaks and higher lows as the triangle narrows. Typically, the pattern ends in a bullish or bearish breakout when the price moves beyond the support or resistance threshold. The current investor mood is bearish, with most betting on a downturn, but this increases the potential rewards for a bullish position if developing economic trends catch bears by surprise. This can happen if geopolitical events give an unexpected boost to the economy. The Crypto Fear & Greed Index has been locked into “extreme fear” all month, with a small recovery this week that suggests that the bearish offensive may be relaxing slightly, especially if BTC recovers above $30,000. As we near the triangle’s breakout point, the adage of being brave when all others are fearful may encourage bulls to take a risk for a correspondingly high reward.  The death cross prediction Analysts have been discussing the so-called “death cross” patterns on the Bitcoin chart. This phenomenon occurs when the declining 50-period moving average (50MA) crosses under the 200MA. Historically, the death cross signifies a significant price downturn, and the current situation with BTC/USD indicates that a death cross is imminent. 1hr BTC/USD chart showing MA cross indicator / Source: StormGain Based on historical precedent, BTC will drop following a death cross, usually by a percentage matching the pre-cross drop. The current pre-cross drop was 43%, so we could expect a price drop down to around $22K if this pattern holds. However, during previous death crosses in 2020 and 2021, the cross itself marked the bottom of the price action and the beginning of an extraordinary rebound. Traders should watch the action around the cross closely. If it appears to follow the previous two years, then it would be a good time to buy before the recovery. If it behaves like pre-2020 crosses, then we could roughly predict the price will drop further. A two-year trough? What to know before buying the dip Crypto market crashes have historically proven to be good opportunities to buy up coins for cheap before selling them for profit in the next bull run. For example, buying Bitcoin for around $6K in 2020 and selling for $60K before 2022. Bitcoin is currently expected to pull below $24K, and altcoins will follow the first mover’s pattern. So, if anyone is picking up discount BTC, when should they expect new highs? The long-term outlook for Bitcoin will certainly test the patience of some traders. Popular crypto Twitter commentator, Il Capo of Crypto (@CryptoCapo), set a credible target: hodlers should only expect BTC to breach new all-time highs in 2024. Why? Bitcoin’s next block halving is scheduled for that year, and the reward given to miners will drop from 6.25 BTC to 3.125 BTC per block, slowing the supply and making buying more attractive. At that point, Bitcoin has the potential to surpass $70K and reach new heights. Historically, the bear market periods for Bitcoin have been where retail traders buy into the crypto market, and on-chain data shows that things are no different now. But new traders must be patient and also prepare strategies to survive the winter. Fortunately, the best crypto exchanges offer a range of options to profit in both rising and falling markets. Trading strategies to weather the winter StormGain is an all-in-one crypto platform designed to enable profitable trading strategies regardless of market conditions. Not only does it feature built-in crypto wallets with bonuses for trading and holding in the long term, but also low, low fees to help you seize those exciting market opportunities as soon as they arise. This allows new traders to buy the dip, enter the market at a discount price, and accumulate crypto until the next bull run. For traders concerned with risk management, StormGain also offers crypto indices. They are asset bundles of different tokens to diversify your portfolio to avoid being too exposed to the performance of any one asset while being positioned to benefit from the market recovery overall. In addition, traders can purchase call and put options to short the price. If you believe the consensus that the market is likely to fall in the short term, then shorting the price of crypto is a viable strategy for profit in the bear market. Whatever strategy you choose, StormGain rewards all traders with free BTC simply for actively trading on the platform, thanks to its built-in Bitcoin cloud miner. All of these features are available on StormGain’s easy-to-use mobile app or web platform. Not a StormGain member yet? To sweeten the pot, new StormGain clients who register by 31 May 2022 will receive a 20% bonus for their first deposit of 10 USDT or more. Register in just a few seconds to join the crypto platform with the best perks in the business!    

The Ethereum Hunter – Shortfilm I made that fits the current bear market

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Esports Powerhouse Galaxy Racer Invests US$25M to Partner With $QUINT

PRESS RELEASE. 30th May 2022, Dubai, United Arab Emirates: Galaxy Racer (GXR), a transmedia powerhouse focused on e-sports, content creators, music, and sports, headquartered in Dubai, is excited to reveal its partnership with, and investment in, the Quint ecosystem’s token, QUINT. Galaxy Racer invested US$25 million into QUINT, making it the first e-sports and lifestyle […]