Category: Cryptocurrency News

submitted by /u/ancientaddict [link] [comments]

For real, this whole space is absolutely ridiculous. Twitter and Telegram are the biggest echochambers ever. Its always "DYOR" but when someone does it and is bringing up flaws he gets ridiculed as FUDster and called "I bet you bought the top and are down bad". FUD means "Fear, Uncertainity and Doubt" and not "blatant…
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Celsius has halted withdrawals. Notice from Celsius: https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6 Twitter: https://twitter.com/CelsiusNetwork/status/1536169010877739009 Article on Bloomberg: https://www.bloomberg.com/news/articles/2022-06-13/crypto-lender-celsius-freezes-withdrawals-fueling-market-rout Article on FT: https://www.ft.com/content/61334d19-fb25-4492-83d0-78c3cfec4df8 Other crypto lending firms like Nexo have offered to bail Celsius out: https://twitter.com/Nexo/status/1536217856815374337 Use this Megathread for discussions on this topic. Updates: Nexo has announced a formal letter of intent. https://www.coindesk.com/business/2022/06/13/nexo-proposes-celsius-buyout-as-rival-halts-withdrawals/ Document: https://drive.google.com/file/d/1PlxlCKn2Ro0PDAco-Fjlsi0hWU8gwgBE/view submitted by …
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Web3 venture Krew Studios has released further details about its much-hyped NFT avatar project Pastel World, both in a lengthy Twitter thread and freshly-updated litepaper. The startup, which was behind the smash-hit NFT collection MASKS from actor/artist Jordi Mollà, describes Pastel World as the “most ambitious project released by the Krew Universe to date,” one whose multi-chain model will “pave the way for future collaborations” with emerging crypto communities. Manga Meets Metaverse Pastel World is the brainchild of singer-songwriter JVCKJ, formerly one half of multi-platinum pop pair Jack & Jack, and London-based illustrator Uriah Barrett-Thomas. An NFT/PFP collection in the mould of CryptoPunks, but with more utility, the series features authentic manga art and follows a fantastical storyline which ostensibly doubles as the project’s roadmap. In a nutshell, each tokenized avatar is a “Prophet” journeying through space and time equipped only with a magical backpack, an enchanted item that must be nurtured to ensure survival in Pastel World. In due course, the metadata for each NFT will refresh, causing a gem to appear on Prophets’ backpacks – a precious stone that determines which ‘zone’ each character must inhabit. Moreover, each customizable element of the NFTs will play a part in the continued narrative. To quote the aforementioned tweet thread, “The creativity that infuses the lore filters down to the planetary environment, divided into painstakingly mapped zones such as Cloud9, Fairy Kingdom, and The Grounded where the undead roam.” Although Pastel World came about as a result of the aforementioned artistic collaboration, Krew Studios has been heavily involved in the creative and technical process via its web3 launch studio, Krew Labs. The company’s eponymous creative agency will also handle marketing and community management going forward. “Anyone can create 10,000 PFPs and slap a theme on top, but it takes skill to craft an entire universe around an NFT collection,” says Rambino, Krew Studios’ co-founder. “One of the things that impressed us most about Pastel World was the lore.” In all, 8,800 Pastel World NFTs have been minted on Ethereum and the team intends to pursue various integrations with other web3 communities, including those that have been incubated by the platform’s launchpad, Krew Universe. With the upcoming introduction of special traits and accessories concealed in Prophets’ backpacks, and the evolution of the planet’s various zones, it is thought that Pastel World will transition into a full-blown metaverse. Staying Bullish in a Bear Market Like several other projects in the web3 space, Krew Studios is at pains to stress that it’s business as usual despite bearish market sentiment. The recent downturn has seen a sharp decline in NFT floor prices, with the industry still struggling to shrug off the reputational damage it suffered as a result of Terra’s spectacular crash. In fairness, Krew’s optimism for the success of Pastel World isn’t delusory. As well as leveraging the talent and profile of both JVCKJ and Barrett-Thomas, the company is banking on its considerable production experience: prior to switching its attention to web3 in 2021, Krew Studios had worked on projects for clients such as Universal Music, Boohoo and Epic Records. Over the past year, the studio has expanded its team to ensure it possesses the necessary experience to make a mark in web3. In-house creatives include experts in blockchain, digital art and gaming, while an experienced advisory team has been brought on board to help guide promising NFT artists and brands determined to make a splash in the crypto world. In the near term, Krew’s goal with Pastel World is to nurture a passionate and engaged community of token-holders and traders, the better to cement the project’s status in the growing metaverse economy. The firm is also building infrastructure for upcoming web3 ventures and creating a private club for art collectors, Mask World, featuring curated NFTs.  

Bitcoin sheds 12% in 24 hours as a fresh altcoin meltdown combines with macro pressures to offer nothing but misery for hodlers.

Ether fell to its lowest level in more than a year as altcoins took a greater beating. The second-largest cryptocurrency by market capitalization recently traded for approximately $1,450, a decline of more than 15 percent since the weekend. At the time of writing, Ethereum is trading at $1,327.40, a decrease of 26.5 percent over the previous week. Monday’s Coingecko statistics shows that ETH has lost over $200 in the last 24 hours and over $500 in the last week. Ether Market Cap Sheds $38 Billion In Three Days Throughout most of the last 30 days, the price of ether hovered around $1,800. The second part of the week was a miserable one for Ethereum, with its market capitalization falling by almost $38 billion in the last three days. Suggested Reading | Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion The overall market capitalization of cryptocurrencies has been trading in a downward trajectory for the past month and is currently supported at $1.17 trillion. The cryptocurrency market lost more than $100 billion over the weekend after Treasury Secretary Janet Yellen offered a gloomy crypto forecast. Friday, crypto prices fell in tandem with the S&P 500 and Nasdaq, both of which were down 2.9% and 3.5%, respectively. Next week’s two-day Federal Reserve meeting is anticipated to result in additional interest rate increases. The losses of cryptocurrencies mirrored those of the equities markets, which dropped on Friday after the latest Consumer Price Index increased to 8.6 percent yearly, a more than 40-year high that showed rising prices will persist for some time. ETH total market cap at $161 billion on the daily chart | Source: TradingView.com Suggested Reading | Dogecoin Mining Revenue Massively Fell In Past 12 Months ‘Difficulty Bomb’ Drags Down ETH The announcement that core developers have delayed the implementation of the so-called “difficulty bomb” resulted in a further decline of about 8.0 percent for Ethereum on Saturday, following a decline of roughly 7.0 percent on Friday. Despite this week’s successful deployment of the merging on the Ropsten Testnet, Ethereum developers have opted to delay the bomb. The Ethereum difficulty bomb is a unique piece of code that makes it significantly more difficult for miners to validate transactions on the blockchain and earn a reward via the proof-of-work consensus mechanism. It has been incorporated into Ethereum in order to gradually eliminate mining on the chain as it switches to PoS. According to technical indicators, the Ethereum price is exhibiting a falling triangle pattern, which might result in a near-term decline to as low as $1,200. Featured image from Chemistry World, chart from TradingView.com

There’s suddenly a lot of chatter on social media and YouTube about ethereum de pegging and going to zero. My understanding of ethereum is there is no pegging so I got nfi what they are on about. Frankly, It seems like it’s a huge coordinated attack on ethereum to prevent / delay decentralized finance. But…
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You’ve been considering it for a while, but is $100 for a ledger really worth it? Plus the hassle of getting your seed phrase on a metal plate stored somewhere between earth and the nether realm for extra security? Yes it is. Go do it. Celsius closing withdrawals is just the tip of the ice…
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Though a majority are down on their NFT purchases, there are signs which point to a healthy and robust market in the long term.

The difficulty bomb is designed to make mining profitability plummet in order to disincentivize miners ahead of the long-awaited Merge.