Category: Cryptocurrency News

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Solana (SOL) has created a $100Million fund to support cryptocurrency projects in the country. The main sectors to benefit from the fund are DeFi, gaming, and Non-fungible tokens (NFTs). Also, the fund is to support some projects built on the Terra network after the terrible crash. The Terra Network crash caused a lot of pain in the crypto community. One of its results was that the South Korean government suddenly set up measures to examine crypto exchanges. According to a report, up to 280,000 crypto investors in South Korea lost fortunes in the UST & LUNA plunge. But, many retail investors are trying to hold down the fort even though it’s difficult. Related Reading | Bitcoin Miner Revenues Stay Low As Price Decline Continues The two players to seed grants and investments across Web 3 verticals are Solana Foundation and Solana Ventures. They will focus mostly on South Korean game development projects. This funding attempt will place Solana side by side with competitors such as Avalanche, smart contract platforms, and Polygon. These competitors are also interested in winning Korean crypto developers. No one knows the number of Terra developers that will return, given the recent crash. But as the Solana Foundation noted, the developers shouldn’t be blamed for the Terra network crash. This opinion came from Jonny B. Lee, the general manager of the foundation. Solana Seeks To solidify Its position in Gaming Sector One thing Solana aims to achieve is to become a top gaming blockchain, and this fund will make it happen. The company has invested multiple times into gaming since last year. One of such investments was its collaboration with Lightspeed Ventures and FTX to launch a $100M gaming fund. Another collaboration also exists between Solana, Griffin, and Forte gaming firms. The three companies created a $150M fund to facilitate blockchain gaming. Solana and others anticipate that South Korea stems might soon become a hub for metaverse and NFT developments. The reason is that the government of the country supports the operations of the sector. It pledged $187 Million for building a Metaverse ecosystem to facilitate digital content and corporations in the country. So Solana Foundation plans to increase interest in GameFi and DeFi in South Korea through the new fund. Also, by funding ecosystem growth, Solana might address the continuous network instability that has stopped its network operation since 2021. Currently, many companies are competing to become the best platform in South Korea. Many of the platforms offer access to NFTs and DeFi. Such platforms include Upbit exchange and Klaytn Layer-one blockchain. Upbit is the largest exchange in South Korea with an NFT marketplace. Klaytn also owns KLAYswap, a DeFi platform with $274 million in TVL. Related Reading | Bitcoin Decline Sees Funding Rates Plunge To Three-Month Lows But the South Korean law prohibiting crypto and monetary rewards from games might prevent domestic companies from launching blockchain-based games in the country. Featured image from Pexels, chart from TradingView.com

The past week in DeFi saw the launch of another $100M fund by Solana and the number of DAOs surged over 8X with increased protocol activity.

Global financial markets and crypto sold off after June 10’s 8.6% CPI print showed inflation remains a persistent challenge.

Circle and CYBAVO intend to further promote the adoption of USD Coin and Web3 applications while integrating technology deeply into their core product suite.

I've not seen a lot of discussion around how Ethereum's move to PoS will impact miners and am curious to know. As someone ignorant to the inner workings of the migration (and ethereum, honestly), it seems miners have the most to lose? For example, is there a risk of a network that remains PoW? …
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Took out 98ish percent of my crypto around 2 months ago or so cause I figured the market is likely gonna continue to go to shit and I'm glad I did cause my portfolio would literally be losing more and more money week after week. I also believe we probably havent even hit neae the…
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On-chain data shows the Bitcoin flow from spot exchanges to derivatives exchanges is currently painting a trend that has historically been bullish for the crypto’s price. Bitcoin Spot To Derivatives Exchanges Flow Starts Sharp Decline As pointed out by an analyst in a CryptoQuant post, the BTC spot to derivatives flow may be hinting at a bullish outcome for the crypto. The “spot exchanges to derivatives exchanges flow” is an indicator that measures the total amount of Bitcoin moving from spot wallets to derivatives wallets. When the value of this metric rises, it means a higher number of coins are now being transferred to derivatives exchanges from spot as investors look to open futures positions. In the past, the indicator’s value has usually moved faster whenever the price of the crypto has observed a large decrease. Now, here is a chart that shows the trend in the Bitcoin spot exchanges to derivatives exchanges flow over the last few years: The value of the metric seems to have been observing a sharp decrease in recent weeks | Source: CryptoQuant As you can see in the above graph, the quant has marked the relevant portions of trend of the Bitcoin spot to derivatives flow. It looks like whenever the indicator has observed a sharp increase to high values followed by a plunge, the value of the crypto has started climbing up. Related Reading | When Greed? Bitcoin Market Crushed Under One Full Month Of Fear During 2018, 2020, and 2021, this pattern formed shortly after the coin’s price had a sharp decrease and hit a bottom. This trend may show that as Bitcoin approaches a bottom, whales start sending large amounts of the crypto to derivatives exchanges for opening long positions, hence creating a large spike on the chart. Just recently, the spot to derivatives flow’s value sharply rose up, and now it seems to be plunging back downwards. Related Reading | Bitcoin Bullish Signal: Exchange Reserves Hit New 4-Year Lows This could mean that the metric has once again started to form the same pattern, and if history is anything to go by, this can prove to be bullish for the crypto’s price, at least in the short term. BTC Price At the time of writing, Bitcoin’s price floats around $29.5k, up 1% in the last seven days. Over the past month, the crypto has lost 2% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been going down over the last few days | Source: BTCUSD on TradingView Bitcoin seemed to be gaining some footing over the $30k level recently, but today the coin has once again slumped back below the mark. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com