Category: Cryptocurrency News

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Payments giant Mastercard has partnered with cryptocurrency exchange Coinbase to make non-fungible tokens (NFTs) more accessible to everyone. Mastercards can be used to make purchases on Coinbase’s upcoming NFT marketplace. Mastercard Partners With Coinbase Payments giant Mastercard and cryptocurrency exchange Coinbase independently announced their partnership Tuesday. Mastercard stated that the company is “Making it easier […]

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Welcome to the Daily Discussion. Please read the disclaimer and rules before participating.   Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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A debate arose about the possibility of Ethereum becoming hard money and ended up highlighting more downsides to the digital asset than anything else. The founder of a Bitcoin investments managing platform, Charles Edwards, shared a chart that showed the circulating supply activity of Ethereum and Bitcoin and argued that “Ethereum has entered the hard money game. For the past 3 months, Ethereum’s inflation rate has been lower than Bitcoin.” “Hard money is not only about low inflation of supply, it is also about immutability of inflation – oil is not suddely hard money even when OPEC decides that supply rates are throttled.” -Twitter user @alpha_authority Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block Hard Cash Or Hard Fees? In the short history of the cryptocurrency boom, many have debated the possibility for cryptocurrencies to surpass fiat currencies at some point. It is a feasible future scenario for Bitcoin, but other digital coins can only dream of it. As Investopedia explains, “Hard money maintains a stable market value relative to real goods and services and a strong exchange rate relative to foreign currencies,” and its uses involve “lower transaction costs and risks” In the case of cryptocurrencies, hard money would mean that a certain coin could not be subject to arbitrary modification. Opposite to Bitcoin, Ethereum’s rules can be –and have been– changed. Its supply schedule has been modified more than once, which indicates it can keep changing. The burnings of ETH make it temporarily deflationary, seeking a higher market cap. But as the protocol and issuance schedule of Ethereum are malleable, the chart above does not prove that the digital coin can even get close to being hard money. Furthermore, there are the inescapable high gas fees, expected to lower significantly by 2023 with layer 2, but most likely not low enough for consumer spending, commerce, and mainstream adoption. The rates can incentivize holding ETH, but not transacting, and other centralized blockchains like Cardano are already proving to be more economical. Even though Ethereum shows a lower inflation rate than Bitcoin, the supply also sets the digital coin below Bitcoin’s standards. Bitcoin has a finite supply of 21 million BTC. 80% of all coins have already been mined, but it would take the new supply of coins over 100 years to be exhausted. This is said to create digital scarcity. On Ethereum’s end, the circulating supply is unknown, it doesn’t have an overall cap. Some users also believe that “a deflationary base asset is not good for Ethereum apps” and that it will actually become a problem for its growth in the future.   Related Reading | TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $3.2K Ethereum In The DeFi Space Recently, Analysts at JPMorgan, who have favored Ethereum over Bitcoin before, claimed that ETH is losing its dominance in the Decentralized Finance (DeFi) space due to emerging strong competitors like Terra, Avalanche, and Solana. Its share of total value locked in DeFi lowered from almost 100% in 2021 to 70% by the end of it and could continue to drop. The analysts from the Wall Street banking giant think the necessary scaling of the network “might arrive too late,” Bloomberg reported. “In other words, Ethereum is currently in an intense race to maintain its dominance in the application space with the outcome of that race far from given, in our opinion,” The experts think that this loss of dominance could bring a downtrend for ETH’s price. Ethereum Price Ethereum trades at $3120 at the time of writing, down 1.75% in the last 24 hours.

Hey guys, looking for a bit of guidance. I'd like to "start with the user needs and work backwards to the tech". This is the experience I'm trying to deliver: ​ You get a wallet with $50 in it You can send and receive money without worrying about transaction fees, at all One approach is…
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CityCoins presented an overview of MiamiCoin technology on the third day of The North American Bitcoin Conference in Miami, Florida.

Bitcoin has sharply declined in the past month which has dragged it down to the $40K price point. The digital asset’s downtrend had then promptly dragged their metrics like implied volatility down with it. This decline has been even sharper as bears have gotten a tighter grip on the market. For some, this could be bad news. However, for others, it could mean a period of opportunity. Bitcoin Implied Volatility Crumbles Bitcoin’s implied volatility is a metric that is used to illustrate investor expectations of future price volatility of the digital asset going forward. This metric is not only prominent in the crypto space but is used across a number of actives to map out investor expectations over time when it comes to volatility. If this metric is high, then investors are clearly expecting price volatility to be on the high side going forward, which is why this is an important metric for investors, especially those invested for the short term. Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think? For bitcoin, implied volatility has been on a steady downtrend since the end of 2021. This follows the price movements which have also recorded a similar downtrend in its value. The implied volatile downtrend however ramped up even more at the beginning of this year. It is important to note that low implied volatility (IV) for bitcoin is uncharacteristic, hence why it is important. BTC implied volatility declines | Source: Arcane Research With such low levels, volatility bets become a more attractive venture for bitcoin where they can buy call and put options. One thing about low IV levels for bitcoin is that they tend to extend for a Lon time. An example of this is the low IV levels recorded in June 2020 that lasted for six months into December 2020. Bitcoin’s IV is being impacted by a number of factors, including decentralized finance (DeFi) innovations that are popping up around the corner. BTC Price Movements Bitcoin has been moving more or less erratically over the past few months. After hitting its peak of $69K, the digital asset had gone a consistent descent that saw it lose over 30% of the all-time high value. Additionally, the digital asset high is known to be a market mover has dragged the market down with it, losing about $300 billion off its own market cap in the process. Related Reading | What’s In Store For MicroStrategy Going Forward? CEO Michael Saylor Reveals Bitcoin has however held strong above the $40K point. The digital asset continues to show strong support at this point, suggesting that this is the point for bulls to hold and for bears to beat. BTC at $42K | Source: BTCUSD on TradingView.com In the last 24 hours, the price of BTC has grown from the low $41,000 to above $42,000, adding about $1,000 to its value just as the markets begin to open for midweek trading. The price of the digital asset is currently trending at $42,300, with indicators pointing towards a retest of the $42,500 resistance point. Featured image from Binaryx, charts from Arcane Research and TradingView.com

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