Category: Cryptocurrency News

According to data from WhaleStats, the 1,000 largest ETH wallets hold $2.35 billion worth of SHIB combined, representing around 9% of the total market cap.

South Koreas will be immersed in the Metaverse sooner than later, as industries and public services begin rolling out virtual avatars and applications across the country.

Manta Network, the privacy protocol for Polkadot, sold 80 million of its governance MANTA tokens to raise $28.8 million. The project sold 8% of its 1 billion fixed supply at its Squad Game token generation event hosted by Tokensoft, which saw widespread participation from the Manta community. This latest funding round comes after the $5.5 million funding round that took place last month, which was led by CoinFund and ParaFi Capital. Before this, it had a $1.1 million round led by Polychain Capital in 2021 itself. After winning the parachain network on Polkadot’s canary network Kusama, Manta Network is now preparing for the next stage of its development with the forthcoming Polkadot parachain auctions, which officially began on November 11. $130 million have already been pledged by users to its crowdloan initiative as parachain auctions commence. But the holders of Polkadot’s native DOT tokens can still contribute to the crowdloan with MANTA rewards. Manta’s utility tokens grant its holders rewards for MantaPay and MantaSwap usage fees in addition to on-chain community-governance rights. Building a Private Smart Contract Platform The privacy layer for the Polkadot ecosystem, Manta Network, is working to make on-chain privacy a utility through scalability and interoperability. And it has developed several platforms to improve the privacy and security of the decentralized finance (DeFi) ecosystem. For users, this means on-chain privacy in transacting and swapping any parachain assets. These DeFi-oriented privacy protocols include the automated market maker DEX MataSwap and payment protocol Mantapay, which has embedded privacy. Here, Manta basically adds a layer of anonymity to DeFi transactions by obfuscating user addresses through the application of zk-SNARKS and Groth16 proofs. It is particularly helpful for those transacting in large amounts as it can help mask their portfolio management activities. Manta Network is also building a private smart contract platform. Leveraging zero-knowledge proofs for privacy, this platform will deploy privatized decentralized applications and allow developers to build their own DApps on it to expand the Manta ecosystem. The project has a long line of prominent crypto industry backers, including Alameda Research, Polychain Capital, DeFiance Capital, CoinFund, ParaFi Capital, The Spartan Group, LongHash Ventures, Divergence Capital, Zee Prime Capital, CMS Holdings, ConSensys, Digital Currency Group (DCG), and more. Manta Network is also bringing its privacy features to the metaverse by partnering with Bit.Country. “Many other individualized worlds will be able to utilize their privacy features for their people,” says the Manta team.  

As cryptocurrency continues to permeate the everyday lives of the masses, it brings convenience and newly found freedom to places and economies ravaged by mass inflation. Contrastingly, those sitting somewhat comfortably at Capitol Hill seem to have had their feathers ruffled by the ever-growing presence of Decentralised Finance and cryptographic tokens. Increasing concerns about the lack of oversight and policy within the expanding $110 billion stablecoin market have led to the possibility of stablecoin issuers such as Tether and Circle being soon subjected to bank-like regulations. According to a report from the Wall Street Journal, the proposal is part of an upcoming stablecoin report from a Treasury-led presidential advisory group, expected to be released late this month of October. So how could these regulations potentially affect stablecoins? One way the market could change is more transparency. In a recent speech discussing the potential for the USA to have its own central bank digital currency, pro-crypto Senator Cynthia Lummis expressed concern for the authenticity of stablecoins’ financial backing, saying that they “must be 100 percent backed by cash … and this should be audited regularly.” However, not all stablecoin initiatives are created equal. Stablecoins such as EURST set themselves apart through the execution of proper auditing and possession of transparent financial reserves. OCC banking charters have already been conditionally issued to crypto custodian company Anchorage and stablecoin issuer Paxos. National charters for crypto companies will allow them to operate throughout the US without being thwarted by bureaucratic hurdles across 50 states. As a result, these regulations could even expand use-cases for stablecoins – crypto services such as lending and staking will now be connected with the mainstream financial system. Stablecoin issuers and custodians, under such a charter, could legally become Qualified Custodians, thus removing any doubts around the management of cryptographic keys and making way for the most cautious investors such as those in pension funds to enter into the space. Despite having potential, not all of these ideas may send stablecoins in a positive direction. The unregulated approach that has made crypto and stablecoins attractive in the first place, if tampered with, could turn away many from wanting to use stablecoins. Enthusiasts of the decentralized way of doing things could easily sell their stablecoin holdings and move them elsewhere – perhaps massively tanking the use of stablecoins. Then what will happen? Will their asset pegs leave them remaining valuable whilst largely untouched by the doubtful masses? Or will new kinds of use-cases and investors keep the stablecoin initiatives of the modern economy afloat? Time will tell.

Ethereum found support near $4,065 and started a recovery against the US Dollar. ETH could continue higher if there is a clear break above $4,350. Ethereum started a recovery wave from the $4,065 support zone. The price is now trading above $4,250 and the 100 hourly simple moving average. There is a key rising channel forming with support near $4,240 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if there is a break below $4,240 and $4,200. Ethereum Price Eyes More Downsides Ethereum found support above $4,050 and started an upside correction, similar to bitcoin. ETH price climbed above the $4,150 and $4,200 resistance levels to start a short-term recovery wave. There was a break above the 23.6% Fib retracement level of the key decline from the $4,730 high to $4,067 low. Ether price is now trading above $4,250 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $4,240 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,300 level. The first major resistance is near the $4,350 level. The breakout zone could be near the $4,400 level and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the key decline from the $4,730 high to $4,067 low is also near the $4,420 zone. A close above the $4,400 and $4,420 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,550 level. Any more gains could lift the price towards the next key hurdle at $4,650. Fresh Decline in ETH? If ethereum fails to continue higher above the $4,350 and $4,400 resistance levels, it could start a fresh decline. An initial support on the downside is near the $4,250 level. The first key support is now forming near the $4,240 level. A downside break below the $4,240 support and the channel trend line might push the price further lower. The next key support is near $4,150, below which the price might slide towards the $4,065 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level. Major Support Level – $4,240 Major Resistance Level – $4,350

A successful beta ahead of its launch in November. 25,000 people registered for Warena’s closed beta on October 18th, and in that short amount of time, 15,284 gamers participated. This marks another win for blockchain gaming and the play-to-earn model. The Warena beta lived up to the hype and proved their innovative gaming experiment is a success  —  Warena is the first play-to-earn game utilizing NFTs, metaverses, and personalization. The Warena beta has been received very well from its users as 3500 players left feedback. Plus their Twitter followers have surged to over 160,000. The positive social responses from communities across multiple continents suggest Warena could onboard a large number of players when it launches. The personal aspect of Warena gets users to feel more involved as they get to upload and customize their character before heading into a zombie-survival world where they can complete missions and engage in PvE or PvP. Players are rewarded with in-game tokens and cryptos for their involvement. But what’s getting people’s attention is Warena’s phase 2 rollout — 3D metaverses. Warena has taken metaverse gaming to the next level by introducing a 3D experience and crossovers from different virtual universes. Users can meet, interact, and wage war with characters from Axie Infinity, Cat Gunner, and My DeFi pet. Play-to-earn gaming is a fast-growing sector in the gaming industry as its total market cap has grown to over $10 billion. The NFT gaming area is booming and Warena looks to take the lead with its unique approach to GameFi. The native token powering Warena ($RENA) has exceeded a $10 million market cap which indicates a strong interest from users. Warena is among the top metaverse projects that have performed successfully since their IDOs. The RENA token has a 23x all-time high ROI. Warena has a solid team that’s growing to meet its global demands and has secured strong financial backing to ensure the project’s ongoing future success. Backers and partners include Polygon, Binance, DoraFactory, DAO Maker, and Infinite Market Cap. Warena will launch in late November 2021.

The Prosecutor General’s Office of Russia has proposed to define cryptocurrency as property in the country’s Criminal Code. Decentralized digital money has already been qualified as such in the provisions of several other laws although various aspects of cryptocurrencies remain unregulated. Prosecutors in Russia Draft Legislation Granting Cryptocurrency Property Status The Prosecutor General’s Office of […]

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