Category: Cryptocurrency News

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Switzerland’s largest online bank, Swissquote, is reportedly launching its own cryptocurrency trading platform. The company sees high demand for cryptocurrency trading. “Our compliance and customer service teams were almost overrun by the crypto rush.” Switzerland’s Largest Online Bank to Launch Its Own Cryptocurrency Trading Platform The largest online bank in Switzerland, Swissquote, is reportedly preparing […]

The project has adopted a deflationary tokenomic model to ensure network sustainability. A new blockchain project called Archethic has become the first project to burn 90% of their total token supply — within just 6 months of launch of their Mainnet Beta.   The unprecedented mass burn of the $UCO token is a decision made in order to ensure the long-term sustainability of the project, based on the analysis of simulations comparing the circulating supply of their token to the future fully diluted supply. The simulation found a divergence from market standards which was affecting investor trust. “Our commitment, first and foremost, is to the self-sustenance of our network without compromising trust,” said Archethic CEO Sebastien Dupont. “We have big goals of seeing this blockchain being real-world use, and we won’t risk anything which might compromise that.” With an initial $UCO token supply of 10 billion, Archethic is left with 1 billion $UCO tokens post-burn, which have been redistributed to ensure a deflationary tokenomic model. Cryptocurrency tokens that have a permanently limited supply, such as Bitcoin, are deflationary by nature. This ensures the token will never be affected by inflation, which is something that plagues all fiat currencies that are repetitively minted by their issuing governments. A look at the tokenomics breakdown The new tokenomics for Archethic ensures a controlled average annual inflation rate of 10.93% until 2030, after which inflation will be reduced to just 0.5% until the year 2080. At this point, no more tokens will be made available. The new token distribution breaks down thus: Network Funding (38.2%): This includes the circulating supply of 216M, remaining will be used to fund the future blockchain development. Adoption Rewards (23.6%): Controlled by DAO, this wallet is dedicated to promote the use of the Archethic Public Blockchain (incentives for core & dapps developers, grants for new services and rewards for end users by using services). Team & Advisors (14.5%): 2 years cliff from TGE (Token Generation Event) with 60 months linear release with holding incentives & 3 years Cliff from TGE + 60 Months linear release. Stacking Rewards (9%): 9M UCO per year distributed amongst people staking. Exchange Liquidity (5.57%): CEX & DEX Liquidity. Dynamic Miner Reward (3.34%): Supplements the transaction fees to pay fixed miner incentives until transactions fees > miners rewards. This pool helps the network through the bootstrap phase leading to equilibrium and deflation. Gamification & Geo Incentives (3.44%): Used to reward nodes in the parts of the world that are not on the network and also reward the network participants for being hooked-on the network. Gamification would be at the heart of achieving both the objectives. Foundation (2.13%): Non-profit in order to manage decentralized governance of the public blockchain. Built for use in day-to-day life The Archethic blockchain is highly scalable and especially suited for use in industries like communications, marketplaces, retail,  that require scale, where most other blockchains struggle to find actual use cases. It achieves this through a unique consensus protocol called ARCH (Atomic Rotating Commitment Heuristic) Consensus capable of up to 1 million transactions per second. The team claims it is capable of handling the current mining power of the Bitcoin network while consuming 3.6 billion times less energy. The blockchain also enables streamlined biometric Decentralized ID (DID) smart contracts authenticated by fingerprint recognition, another key strength they plan to implement in industry use cases. A smart contract is a contract with preset terms programmed to self-execute when run — Archethic has user identification smart contracts hard-coded into it. They back this capability with high safety standards on par with the aviation industry — the Archethic blockchain is capable of functioning without error even when up to 90% of its network is compromised by malicious actors. “Archethic provides an ecosystem that is ready for various industry use-cases,” Nilesh Patankar, COO said. “During the bootstrap period, token inflation will be balanced by deployment of pervasive use-cases leading to mass adoption and hence token usage. The token economics designed now will maintain the fine balance between inflation, equilibrium and deflation.” Further benefits of the Archethic blockchain There are many other reasons that Archethic is an ideal blockchain for real-world use. In addition to being the fastest, most secure and most environmentally-friendly blockchain, Archethic is also very programmer-friendly, cheap to use and ideal for use in NFT, communication, identity verification and other common applications. Archethic’s smart contracts are being touted as the most advanced in the industry but also very easy to program with. They are based on the concept of Unspent Transaction Output (UTXO), an abstraction of cryptocurrency remaining after each transaction, which ensures high accountability. Archethic’s network, biometrics and smart contract architecture is backed by 12 international patents. Transaction fees are also guaranteed to remain low, priced at around 0.1% of each transaction amount and kept in check with both upper and lower thresholds. Users won’t have to worry about running into ridiculously high transaction fees as the UCO token grows in market value, a significant problem that now stymies the Ethereum network. For NFT marketplaces built on Archethic, management of royalty payments, access and exploitation rights is natively integrated. As the blockchain has been specifically built from the ground up to accommodate modern use cases, it is able to make every related process much smoother than other blockchains. The blockchain is also suitable for custom-build applications such as Decentralized Web & Decentralized Mail. In fact, the team boasts it is capable of the most secure email solution possible, with all data being encrypted and stored only once, no matter how many recipients are involved. Communication will also be made more secure through the aforementioned fingerprint DID. Archethic’s biometric DID capabilities will also make it capable of providing instant, unforgeable identity authentication to institutions such as banks, universities and hospitals, or any other third party. DID is made possible across international borders, without any privacy disclosure whatsoever. With Know-Your-Customer (KYC) protocols becoming more and more commonplace as the planet’s governments scramble to keep tabs on an ever-intermixing global economy, DID is set to become very important in the coming years. Archethic is well-positioned to tackle this growing need head-on. The use of Archethic Blockchain is unlimited and there are already more than 25,000 holders of the native UCO token. The team is growing fast and by 2022 the full deployment of the Archethic network, which will allow ERC-20 tokens to be moved to Archethic, will happen. The team also plans to exponentially grow the number of token holders by then and attract tech and R&D talent to further grow its presence across the world. With a talented and experienced team of tech professionals, R&D, marketers and business development personnel, Archethic seems poised to create a new generation of blockchain that is sustainable, scalable, secure and inclusive.  

Bitcoin extended decline below the $47,000 support zone against the US Dollar. BTC could correct lower, but the bears might remain active near $48,000. Bitcoin declined further below the $48,000 and $47,000 support levels. The price is now trading well below $48,000 and the 100 hourly simple moving average. Earlier, there was a break below a major rising channel with support near $49,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is correcting losses, but there are a lot of hurdles on the upside near $48,000. Bitcoin Price Breaks Key Support Bitcoin price failed to stay above the $50,000 support zone. As a result, there was a sharp bearish reaction and BTC settled below the $50,000 pivot level. There was a break below a major rising channel with support near $49,400 on the hourly chart of the BTC/USD pair. The pair even broke the $47,000 support level and settled well below the 100 hourly simple moving average. A low was formed near $45,759 and the price is now correcting losses. Bitcoin price is now trading near the 23.6% Fib retracement level of the downward move from the $50,788 swing high to $45,759 low. An immediate resistance on the upside is near the $47,400 level. Source: BTCUSD on TradingView.com The first major resistance is near the $48,250 level. It is near the 50% Fib retracement level of the downward move from the $50,788 swing high to $45,759 low. A proper break above the $48,250 resistance could open the doors for more upsides. The next key resistance is near the $50,000 level, above which the price may possibly gain momentum. More Losses In BTC? If bitcoin fails to clear the $48,250 resistance zone, it could continue to move down. An immediate support on the downside is near the $46,500 level. The first major support is now forming near the $46,000 level. A downside break below the $46,000 support may perhaps push the price towards the $45,500 support. Any more losses could lead the price towards the $45,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level. Major Support Levels – $46,250, followed by $46,000. Major Resistance Levels – $47,400, $48,000 and $48,250.

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Matrix star Keanu Reeves has revealed that he owns cryptocurrency which a friend bought for him a while back. “Yeah, I have a little hodl,” he said. The famous actor also commented on non-fungible tokens (NFTs) and the metaverse. Keanu Reeves Talks Crypto, Metaverse, and NFTs Famous Hollywood actor Keanu Reeves talked about cryptocurrency, the […]

The second most popular NFT collection, Bored Ape Yacht Club, is back on the news. On the one hand, a deadly mistake cost a pseudonymous user more than $250K. On the other, a feelgood story of a diamond-hand holder that minted a Bored Ape seven months ago and just sold it for over $1M. Or did he? The deal is tainted by a suspect second transaction that the community immediately detected.  Related Reading | The Sandbox Purchase Bored Ape Yacht Club NFT for More Than $2.9 Million Exciting beginning of the week in the Yacht Club, and NewsBTC has all the juicy details on both stories.  A Costly-Costly Mistake In The Bored Ape Yacht Club Maxnaut’s membership to the Yacht Club has been revoked. This person’s distraction while listing his Bored Ape for 75ETH, lead him to actually list it for 0.75ETH. A bot immediately snatched it, paying an extra high transaction fee to ensure the extremely profitable buy. Not only that, the bot listed it for 88 ETH straight away. Forget the Roomba and those goofy Boston Dynamics robots, this is the most useful and effective bot ever created.  The ex-owner, Maxnaut, told Cnet: “I list a lot of items every day and just wasn’t paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 eth [$34,000] of gas fees so it was instantly sniped before I could click cancel, and just like that, $250k was gone.” A horror story if we ever heard one. Multitasking takes another victim.  BTC price chart on Bitbay | Source: BTC/USD on TradingView.com From Diamond Hands To Millionaire, But Wait… Only 10.000 Bored Apes exist. All of them were minted for 0.08ETH each. The photographer John Knopf was one of the lucky people that believed in the project from the get-go and was greatly rewarded. This is his story. “I bought my ape for .08 on minting night and just sold it for 347 ETH. I am at a loss for words right now. I am crying so much. Thank you Bored Ape Yacht Club for completely changing my life and everyone in the community!” https://twitter.com/JohnKnopfPhotos/status/1470101795460419588 The person who told him to buy completes the heartwarming story. “Going from degening into Bored Ape Yacht Club because I liked the art, to telling John Knopf to ape in that fateful Friday night (…) I’m so so so happy for you. Massive. Massive for you, and for the BAYC community.” https://twitter.com/_jeffnicholas_/status/1470100638390374402 But wait, what is this? The Ethereum blockchain shows that John Knopf sent 230 ETH back to the wallet that bought his Bored Ape. https://twitter.com/Eurico_RT/status/1470106148917460996 But wait, what is this? The owner of the wallet did send a message to John Knopf through the blockchain asking him to return the funds. Apparently, he was trying to make a bid and made a million Dollar mistake. https://twitter.com/Jiran_z/status/1470120827878211586 The New Bored Ape Owner Shared His Side Of The Story A few days later, Deepak Thapliyal, the Bored Ape 9452’s new owner, told his story. “I decided I wanted this ape no matter what (…) I knew I wanted it, so originally I moved 655 ETH into my wallet because I was actually prepared to buy it at full ask.” https://twitter.com/dt_chain/status/1470153518514384896 He wasn’t actually making a bid, but checking John Knopf’s wallet activity in Etherscan. However, “After I placed my originally bid, I had to move 230 ETH to another wallet in mobile. I _thought_ the copy button for the address I was sending too was pressed properly. PS: I was multi tasking.” Here we go, multitasking takes another victim.  https://twitter.com/dt_chain/status/1470153538756034563 Deepak found Knopf’s on Twitter, and “I tweeted at him and he followed so I could DM him. I explained my story and told him how I wanted his ape. He quickly informed me he had no intentions to keep my money and would send it back. He asked if I wanted the ape still which I said “yes”.” They agreed on a price and the rest is history. “Funny story to tell my kids one day when I give them this ape.  Thanks to John for being a standup guy and returning my ETH.” https://twitter.com/dt_chain/status/1470153545215315973 Facts And Burning Questions And that’s pretty much it. Do you buy Deepak Thapliyal’s story? Was it an innocent mistake? Or do you think he and Knopf were up to something? The high price buy raises all of the Bored Ape’s prices, and Bored Ape 9452 especially. However, the blockchain doesn’t lie and Knopf ended up with 347 ETH total.  Related Reading | Miramax Sues Quentin Tarantino Over “Pulp Fiction” NFTs. Tarantino Moves Forward You have all the facts and every side of the story. Reach your own conclusions. Featured Image: Screenshot from the Bored Ape’s website | Charts by TradingView

Just an important heads up. JPOW is expected to announce this Wednesday, how quickly the fed might taper, and raise rates. If the announcement is a faster tapper than expected, than expect a major dip in risky assets, so you might want to keep the cash until than if/when a major dip does happen! A…
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