Category: Cryptocurrency News

The legislation would oblige the DFA managers to withhold any deals, implicating the usage of crypto as a monetary surrogate

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Cardalonia, a Cardano Metaverse project has announced the launch of their Staking platform and according to the roadmap, a user playable NFT clan of Cardalonia Blockchain is scheduled to be released by late 2022. Cardalonia when fully launched will allow users to customize their experiences in the Cardano virtual world where players can build, own Lands and personalize their Metaverse experiences on the Cardano Blockchain. Cardalonia Flexible Staking The team at Cardalonia recently released the project’s flexible staking vault. The vault allows token holders to stake their $LONIA to enjoy a wide range of benefits, including early pre-sale land sale tickets, DAO governance, and compounded monthly rewards. Have some Lonia token? You can start staking immediately https://vault.cardalonia.io/ The auto-compounding and flexible staking protocol function the same as the Cardano Stake Pools. When you stake your $LONIA tokens, you stand a chance to earn continuous passive income at an interest rate as high as 20%. Users looking to get $LONIA tokens before it gets listed on exchanges can do so by participating in the Lonia token sale page. Cardalonia Features Cardalonia is an exciting metaverse where you are free to create NFTs and earn from your efforts and commitment. Here are some of the things that make Cardano different from other metaverses: Immersive & Captivating Experiences: All actors within the Cardalonia metaverse will enjoy immersive and captivating experiences. Players will be able to interact with each other and their virtual characters. Players will also enjoy human-like experiences. Decentralization: Cardalonia is highly decentralized. All assets in the game are represented by NFTs. This means you can buy, sell, or trade assets for monetary gains. Governance: Cardalonia will evolve into a DAO where decisions about the future of the project are decided. Only token holders will have a chance to participate in the governance decision process. Land: To enjoy playing Cardalonia, you must first purchase land using your $Lonia token. As a landowner, you can freely deploy your Avatar and assets to the land. How To Buy $LONIA Token Lonia token sale is live, interested investors can visit the token sale page to Acquire some Lonia tokens at the cheapest price here https://cardalonia.io/buy/ Here are the token stats: 1 ADA = 13 $LONIA Tokens Sales duration= 6 Epochs Seed sales allocation: 15,000,000 tokens Minimum buy: 250 ADA $Lonia operates like other metaverse tokens and has different use cases, including: Access To The Cardalonia Platform The $Lonia token gives you access to the Cardalonia platform. Access means the ability to buy Land and other in-game assets. Staking $Lonia is a stake-able token. You can stake your tokens and earn up to 25% APR as passive income. Staking your $Lonia will keep increasing your asset value. Want To Make Money As a Creator? Creators looking to make money can do so on Cardalonia. There are two ways to make money as a creator on Cardalonia: Game Assets: The first method is to create game assets, represented by NFTs, and import them onto the marketplace to sell for profits. Land Ownership: Secondly, you can acquire land, develop it, build your metaverse on the land, or lease your property out to earn rental income. Visit http://Cardalonia.io for more information.  

The broader crypto market has been in a state of a downward price swing, with Bitcoin going lower almost daily. Before now, Bitcoin miners have put away some BTC tokens waiting for their sunny days to reap. However, the continuous price drop of virtual assets has set a constant downtrend for the most significant crypto token. Hence, miners are selling out their holdings to flatten the rising costs of operations and other activities as Bitcoin makes some rebounding steps. As per reports, there is an increase in the transfer of BTC tokens from miners to exchanges. The record shows a progressive rise from January, with the highest value for May at 195,663 BTC. With BTC’s average price of $32K in May, the total value is $6.3 billion for the sold tokens. Related Reading | Bitcoin Bullish Signal: 1k-10k BTC Holders Have Been Buying Recently The high value could not possibly be just a sell-off from miners. Some of them could move their holding for other transactions in exchanges. Also, some prominent firms might have transferred vast amounts of the BTC tokens for sale through exchanges. With Bitcoin’s price having dropped about 35% this year, different categories of sellers are emerging in the market. Some small-scale miners encountered enormous liquidation challenges. Riot Blockchain Inc. is part of the sellers. The public trading miners were involved in BTC stockpiling through price bets for token appreciation. In addition, equity investors have been using the firm as a proxy to receive cryptocurrency exposure that cuts absolute ownership of the assets. Reasons For The Increased Bitcoin Sell-Off From Miners With the trend of events within the bear market, holding on to cash for large-scale miners is becoming more complex. This is due to the inability to raise funds through stock sales or debts. Hence, they are placing their hunts for more profit through possible expansions. An example is the recent Riot’s ongoing mining facility which they are building in Texas with a 1-gigawatt capacity. This new move was a project kick-off after they finished their mining farm of 750 megawatt, which remains among the largest ones in the US. While reacting to the situation, Will Foxley, Compass Mining’s content director, offers his opinion on the BTC sales. He stated that miners might be focusing on a larger crypto environment. Hence, they see it as a wise opportunity to sell their BTC holdings to retain the safety of their operations. The entire saga falls back on the challenges miners face during the low-price drop in the market. Some miners have ordered machines in the BTC bullish trend for months. So, even with the price drop, they are still expected to complete the payment. Related Reading | Bullish: Bitcoin Marks First Green Weekly Close After Two Months In The Red Matthew Schultz, CleanSpark executive chairman, reports that some miners will have no option of weathering the storm but to liquidate their holdings. Featured image from Pexels, charts from TradingView.com

The National Bank of Ethiopia (NBE) has said it does not recognize cryptocurrencies as a legitimate method of payment and that residents must avoid using them. The bank insists the local birr currency is the only lawful means of settling transactions in Ethiopia. Illegal Transactions The Ethiopian central bank has warned citizens against engaging in […]

Did Celsius set off the domino effect? Almost a month ago, The Block Crypto reported that Celsius pulled at least $500M from the Anchor protocol before the collapse. Two weeks ago, blockchain analytics firm Nansen identified Celsius among the seven big wallets that allegedly triggered the bank run on Anchor. Recently, Celsius responded.  Is this the explanation for the Terra/ LUNA collapse? Was this whole situation not a deliberate attack? Were natural market forces responsible instead? The estimation is that 75% of all UST in existence was locked in the Anchor Protocol, a service that offered a suspiciously high 19.5% yield. That number was one of the main drivers behind UST and LUNA’s success. It’s only logical that the bleeding started there.  According to this theory, how did all of this happen? Let’s explore the facts and explanations provided by all parties involved. Nansen Identifies Celsius When the Terra/ LUNA crash happened, a deliberate attack on a perceived vulnerability was the first and main theory. According to Nansen’s “On-Chain Forensics: Demystifying TerraUSD De-peg” report, “This on-chain study refutes the narrative of one “attacker” or “hacker” working to destabilize UST.” How did it happen, then? Well, the natural market forces unraveled the poorly designed algorithmic stablecoin. Back to Nansen: “Our analysis leveraged on-chain data to demystify what happened before and during the UST de-peg. Through the examination of on-chain activities, we found that a small number of wallets and a likely even smaller number of entities behind these wallets led to imbalances in the Curve liquidity protocols that were regulating the parity between UST  and other stablecoins.” One of those wallets belonged to Celsius. Did they know a collapse was incoming? Or did they just react first to a dangerous situation? UST price chart on Coinbase | Source: UST/USD on TradingView.com Celsius ’ Explanation Puts Things In Perspective The Terra/ LUNA collapse began on May 9th. Two days later, Celsius tweeted this cryptic message: “As part of our responsibility to serve our community, Celsius Network implemented and abides by robust risk management frameworks to ensure the safety and security of assets on our platform. All user funds are safe. We continue to be open for business as usual.” As part of our responsibility to serve our community, @CelsiusNetwork implemented and abides by robust risk management frameworks to ensure the safety and security of assets on our platform. All user funds are safe. We continue to be open for business as usual. — Celsius (@CelsiusNetwork) May 11, 2022 What did Celsius mean? The circumstances forced them to explain themselves. In the article “Search Continues for Source of TerraUSD Crypto Bank Run,” the Wall Street Journal paraphrases them: “Celsius said that its risk-management group recognized “shifts in the stability” of the platform that prompted it to remove its assets only for the sake of protecting its customers’ money. The company didn’t profit from the instability, it said.” It also confirms that one of Celsius ‘ business models was to simply accept deposits from their customers, lock the funds in Anchor at a 19.5% yield, offer their clients a 14% yield, and pocket the difference. However, “it wasn’t clear to investors that their money in a Celsius account might have been invested in the Anchor platform. Celsius, Voyager and others in the industry don’t usually disclose their counterparties.” Where Does The Money Come From? The Wall Street Journal article went deeper than the Terra/ LUNA collapse. It pointed a magnifying glass at DeFi in general.  “In DeFi, it isn’t easy to understand who provides money for loans, where the money flows or how easy it is to trigger currency meltdowns. This is one reason regulators are concerned about the impact of DeFi on investors and the broader financial system.” As an example of that, check out The Block Crypto’s explanation of how Celsius staked its money in the Anchor Platform. Apparently, doing all of this instead of buying UST directly is what saved the company: “The process of depositing funds to Anchor Protocol was convoluted. Igamberdiev explained that it involved first staking ETH using Lido to receive Staked ETH (stETH); then sending stETH to Anchor vault on Ethereum in order to mint and send bETH (a token representation of stETH) to Wormhole, a crypto bridge; minting bETH on Terra using Wormhole; before finally depositing bETH to Anchor Protocol.” We gave Celsius the right to reply. It’s only fair that we end this with Cory Klippsten’s criticism of the service, Swan Bitcoin’s CEO said:  “It’s being marketed as a better savings account and it’s not. What you really are doing is, you’re an unsecured lender. They’re gathering retail loans and investing it out the back end in lightly regulated activities.” Do what you will with all of the information in this article. Plus, do your own research. Featured Image de Bradyn Trollip en Unsplash | Charts by TradingView

$4M MC DeFi as a sevice Empire Capital Coin is launching its Roundify app in the next months or so. Initially it's gonna beta in US, CA, NZ and AU. The team is fully doxxed (available on LinkedIn), ECC is also a legaly registered company in NZ. Their CeFi partners Sanem Digital come from Delloite…
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The worsening condition of the crypto market has seeped through Ethereum. The market cap of Ethereum was purged by more than $100 billion last month. Ethereum was trading at $1,809.49, down -6.9% Wednesday, chart by Coingecko shows. The bearish market stance is getting more consistent as Ethereum appears to settle at its comfort zone and trade below $4,000 this year. Being second in line to the top crypto Bitcoin, Ethereum remains unassailable, with it maintaining its ranking as the second-biggest cryptocurrency in terms of market cap. ETH closed May with a market cap of more than $235 billion. The price action revealed a staggering 31% plunge compared to its market value on an opening day. May 1 gave ETH that hint of hope when its trading volume hovered over $15.33 billion with a whopping market cap of $341.05 billion. Suggested Reading | Axie Infinity Revenue Continues To Collapse – Here’s Why ETH Price On A Downward Trend Investor confidence waned in 2022, which propelled a massive sell-off of crypto assets. The panic worsened from May 9 to 13 because of Ethereum’s market cap drop. The negative market sentiment was brought about by the dwindling economic situation, inflation, Russia’s invasion of Ukraine, and increase in interest rates. ETH transactions in May reached over 16,950 at $1,947. This was followed by a humongous transaction amounting to 12.25 million ETH or equivalent to roughly $23.86 billion. ETH opened at a price action of $2,072 and had a $1,748 intraday low. Trading volume registered at $42.46 billion, which signifies a market cap of $236.88 billion. ETH total market cap at $218 billion on the daily chart | Source: TradingView.com The figures show a collapse of 30% in ETH’s opening day market value. And experts say the lowest point of ETH can extend to July 2021. What Triggered ETH’s Price Drop? Ether has been down for the past few weeks. The following are the factors that could have attributed to its price drop: Ethereum is getting ready for its Merge upgrade, wherein it will transform from PoW to PoS. However, developers see a security risk on its launch. Its PoS chain could get involved in a reorg issue in which the PoS Chain could split two transactions into two versions as well. Ethereum also suffered a reduction in user activity and demand, which could have aggravated its downward movement. A lowered NFT interest and DeFi profitability resulted in a drop in trading volumes. Suggested Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose? Ethereum advocates still continuously devour this digital asset despite the market remaining bearish. ETH’s opening day on May 1 had its trading values at $2,730, which maneuvered to a monthly high of $2,957 come May 5. It tested on May 27 at a monthly low of $1,721 and then closed the month of May at $1,942. The values ultimately show a reduction of 28% when comparing the values from the opening to the closing price of Ethereum in May. Featured image from Daily Express, chart from TradingView.com

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