According to an announcement from Palm NFT Studio, Microsoft has led the startup’s Series B funding program with a cool $27Million.
Crypto startup firm, Palm NFT recently conducted a Series B funding event for their future expansions, in which many funds including, RRE, Third Kind, The LAO, Investor Sfermion and Microsoft’s venture fund M12 participated, with Microsoft alone contributing a massive $27Million in funds.
Future Expansion Projects
Palm NFT also released information about their future expansions, highlighting that the funds would contribute towards expanding the firm’s services in different media related fields that include, entertainment, fine art, gaming and other creative cultural traditions. The company also mentioned about the development of their tech platform, which assists users in the development and release of wide-ranging NFT drops to be available on the Palm Network.
Free NFTs
CEO of Palm NFT Studio, Dan Heyman stated that the firm has started to shift its focus and overall structure towards the development and expansion of the NFT world. Dan Heyman stated that in a couple of years, many NFTs will be available for free, and that the world will experience a major “shift away from NFTs as exclusive collectibles and Palm Studio will be leading” to that new advancement. Dan also mentioned that there will be many new programs working on the large-scale minting of NFTs.
Palm Studios Contributions
As they entered the market, Palm Studios has also been working on the development of many compliance spaces, as many agencies have started to give importance towards bringing regulations into the crypto world. Palm Studios have come up with a variety of projects since their launch back in February that include, the Palm Network, MLB NFT platform from Candy Digital, NFTPro and a couple others.
Growth of Startups in the Crypto World
This new funding event from Palm Studios has highlights yet another seed that has started growing on the Cryptocurrency space. According to statistical data released by PitchBook, investment firms have spent more than $21.4Billion in Cryptocurrency companies. Reports released in the past have mentioned that around 129 blockchain startup firms managed to compile around $2.6Billion in only the first quarter of this year, which was already a higher value in comparison to the complete amount gathered last year.
The latest drop in Swipe price saw the alt back to the support floor of $1.37. AXP presented lucrative sustainability beyond this mark and now seems ready to launch upswings. One of the latest developments for Swipe enthusiasts is that the leading crypto exchange Binance declared acquiring the outstanding SXP shares.
SXP Vital Technical Points
Swipe bulls regained the 20- and 50-day exponential moving average.
SXP tokens had their intraday trading volume at $877.6 billion, sowing a 1066.5% surge.
On 16 November, the Swipe token attempted to overcome the challenge at $2.9 with a double bottom formation. Nevertheless, a confluence of the horizontal area with a falling trend-line offered a massive price resistance, pushing SXP towards lower levels.
Meanwhile, the 4 December massive selling momentum had the asset losing the support at $1.95. That resulted in extended corrections, and SXP dropped towards $1.37. The crypto is maintained beyond this lower support and creates an inverted head-shoulder formation. SXP ensured a significant breakout from the neckline at $1.71, authorizing bullish reversals.
According to the critical Exponential Moving Average, Swipe token trades beneath the 100EMA and 200EMA, signaling a bearish trend. Nevertheless, the bullish reversals crossed past the 20- and 50-Exponential Moving Average.
The Relative Strength Index (RSI) displayed a swift recovery from the oversold region.
Swipe Struggles to Overpower Resistance at $0.197
For now, the SXP token hovers around the $1.97 resistance’s doorstep. If the asset encounter rejection in this area, cryptocurrency trades may still have bullish recovery hopes as the token remains beyond $1.74.
Nevertheless, the primary daily chart presents a descending triangle setup, and a significant upward break from the pattern can translate to a lucrative upward move. Meanwhile, the traditional pivot mark shows SXP’s overhead hurdle at $2.02, then $2.2. On the other hand, the asset’s support stood at $18.6, then $17.5.
Swipe can receive a further boost from the overall crypto market with the emerging bullishness. Most tokens appear to join 2022 heading up. Furthermore, cryptocurrency analysts had predicted massive bullish actions in the crypto space in the coming year. Has the party started? You can share your opinions in the reply section below.
from CryptocyNews.com https://www.cryptocynews.com/swipe-sxp-ready-to-escape-descending-triangle-setup-price-analysis/
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Bitcoin and Ethereum gained 65% and 408%, respectively, in 2021.
Binance Coin (BNB) is the native coin by Binance Smart Chain.
Analysts believe crypto tokens associated with metaverse and GameFi will boom in 2022.
Of the top three leading cryptocurrencies by market value, Binance Coin (BNB) outperformed its rivals, Bitcoin (BTC) and Ethereum (ETH). The previous dominant assets appear to give way to alts with lucrative gains this year in what trend researchers forecast will remain in the coming years. That is according to reports by Bloomberg.
BNB Grew 20 Times as Much as Bitcoin
Binance Coin, issued by the leading cryptocurrency exchange globally, Binance Holdings, surged about 1,300% in 2021 (data from Arcane Research). Bitcoin, the first crypto coin to arrive in the marketplace, gained only 65% at the same time. Ethereum, the 2nd-largest token, saw somehow lucrative moves, surging 408%. While publishing this content, BNB ranked 3rd in the crypto-list, exchanging hands at $524.83.
The world’s leading cryptocurrency exchange by volume utilized BNB as Binance Smart Chain’s native coin. BSC is Binance firm’s blockchain network, supporting smart contracts capabilities, supporting different apps, including DeFi. Arcane Research revealed that Binance Smart Char is expanding as a competitor to ETH Mainnet, and BNB’s performance seems to reflect the same.
Altcoins Exploded in 2021
Though the success, BNB was not the top-performing digital coin of the year. Most assets saw staggering percentage gains as interest from digital assets and crypto heightened amid the growing crypto atmosphere. For instance, Solana (SOL) and Fantom (FTM) outshined Binance Coin. Solana and Fantom utilized other blockchain networks supporting ‘smart’ contracts.
Analysts at the research companies predict a massive momentum in currencies connected to metaverse and GameFi. The innovations appear to boast multiple opportunities to market players. For instance, GameFi allows online players to earn crypto while enjoying video games. Also, Ethereum killers such as Solana and Avalanche show promise, progressing to solve issues related to ETH blockchain.
With such actions, 2022 appears to be a fascinating year for crypto participants. Nevertheless, nothing is a guarantee in this industry. Will we see new assets rising to the top? You can share your thoughts in the comment area below.
from CryptocyNews.com https://www.cryptocynews.com/binance-coin-outperforms-bitcoin-and-ethereum-in-value-growth-gaining-1300/
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In a new published article, Shiba Inu devs released DAO 1, a beta edition of the Doggy DAO. The DAO would restrict devs from exercising jurisdiction over particular regions, ceding sovereignty to the public, as the moderator of Shiba Inu’s Discord moderator noted throughout a latest AMA discussion that it limits our capacity to exercise power and control over specific areas.
Liquidity Pair Selection
In the capital markets, the phrase liquidity refers to the simplicity at which an investment could be turned into money without difficulties. Liquidity in the context of cryptocurrency refers to an asset’s capacity to be quickly exchanged into money or different cryptocurrencies.
Every marketable asset, like cryptocurrency, requires liquidity. Low liquidity indicates that economic instability is evident, resulting in value surges in cryptocurrencies. Also , high liquidity indicates a balanced economy with low value changes.
The purpose of DAO 1 is for allowing the public to determine what cryptocurrency pairs would be included in the ShibaSwap decentralized exchange’s liquidity pools. Initiatives would be encouraged to be competing in this way, that would help the Shiba Inu environment.
The working prototype is intended to evaluate #ShibArmy opinion and get comments prior to the release of DAO 2, a far more comprehensive variant which would let users produce a diverse variety of recommendations.
Customers would be allowed to participate on every specific pair starting today by getting the BONE token staked as well as getting BONE tokens in exchange for electing rights. Hodlers would as well be having the option of determining the amount BONE liquidity providers would get paid.
Users could choose approximately thirty pairs that would be included in the liquidity pool over a 2 weeks time-frame. The public would then need to choose a fresh batch of trade pairs as everything would go on, and the cycle would start all over again.
Taking Care of Whales
Whales always try to seize the chance to stockpile a token whenever the value of the token drops to a good level. Whales tend to take advantage of reduced trend weeks to boost their investments, with huge amounts of money streaming into Shiba Inu in a week.
Given the massive impact whales tend to have, they continue to pose a danger to decentralization throughout most cryptocurrency initiatives. The Shiba Inu devs recognize that huge hodlers may distort the voting procedure, but they plan to create a technique in the days ahead that would be responsible for making the network more equitable.
Indeed, whale interest has only bolstered Shiba Inu’s position in the market over the last few months. SHIB was first listed on eToro, an Israeli-based worldwide social trades platform, in late June, and had since gone on to be listed on CoinBase Pro and WeBull in early August, all fueled by whales purchasing billions of tokens. September was comparable, and SHIB was added to Binance’s holdings as well. Shiba Inu developers would shortly publish another staking contract for the purpose of locking BONE tokens for a prolonged time-frame.
from CryptocyNews.com https://www.cryptocynews.com/doggy-daos-preliminary-stage-is-announced-by-shiba-inu-developers/
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The crypto market crashed more Wednesday, entering another red wave after Tuesday’s recovery signs. That way, Bitcoin saw its price plummeting beneath $46,000, momentarily recording a minor surge past $46.5K. On the other side, Ether declined under $3,600 before surging past the support level. Most of the alternative coins in the top-20 lost from 2 – 10% of their price. Nevertheless, crypto analysts await a recovery in the coming sessions.
While publishing this blog, Bitcoin traded at $46,831, following a 2.15% drop within the past day. BTC recorded another ATH in October at $68,789. That came amid massive moves despite bears dominating Q2. Nonetheless, the top crypto has dropped towards similar levels as witnessed during the May-June bears’ cycle.
Retail crypto-interest appears to fade, and crypto pundits think whales and institutions will matter moving forward. BTC analyst Will Clemente posted multiple on-chain charts, showing that retail interest in the BTC began fading after spring. Most institutions stayed at the fences during 2017’s bullish run. Nevertheless, they took charge this time with multiple public companies investing in BTC massively.
Bitcoin’s crash also failed multiple price forecasts. Though absurd predictions in the crypto market aren’t new, Plan B’s S2F failure grabbed attention. The model forecasted $95K as Bitcoin’s Christmas price. The analyst trusts failure did not mean a bullish run end.
Ethereum Nears the ETH2.0 Upgrade
Ether trades with a 3% 24-hours loss around the $3,692 value area. However, the alt has seen lucrative price movements this year, recording its all-time high at $4,892. However, Ether has presented great market depth and lucrative recoveries during market liquidations.
The crypto nears one among its top upgrades, moving its mainnet to PoS by 2022 Q2. The transition will unlock more than 8 million Ether tokens staked on Beacon Chain. ETH 2.0 is ready, and developers urge the community to test the upgrade before the official release to the public.
Negative outlook by the BTC and ETH had altcoins suffering. The assets require steady upside movements for a bullish market.
In the wake of approval by Arab country Bahrain’s government, Binance has achieved a common ground with Canada’s regulatory bodies.
World-leading exchange, Binance, has revealed that it can now continue its operations in Canada’s central province Ontario. The exchange had reportedly come to a nascent form of agreement that had seen the country’s regulator give it the go-ahead.
Canada In The Crypto Ecosystem
The country of Canada is one of the most crypto-friendly countries globally, ranking behind only Bitcoin City, El Salvador, and a select few. It is home to some of the world’s largest crypto mining firms. The nation’s policy is comprehensively streamlined to attract investing entities and individuals in the crypto community globally.
Earlier this year, the country announced its intention to offer zero-taxation fees for green crypto manufacturers in its borders, saying that the step is a part of its plan to increase its relevance in the global crypto space.
Canada has enjoyed significant economic growth, fuelled by its booming crypto sector. The growth of the country’s crypto sector was rapid, developing from its virtual zero presence in 2020 to its critically relevant nature as of now.
Cryptocurrency and the innovations that accompanied the sector saw global acceptance during the Covid 19 pandemic in 2020. The cold north American country hasn’t seen much economic growth in pre-crypto saturation; however, post crypto saturation, it has seen its economy grow more than it has in previous years.
The country is now hole to at least ten international crypto exchanges and more than five other DeFi setups that operate locally and internationally.
Cryptocurrency Globally and Canada’s Crypto Attitude
Like every other country that fields a significant presence of cryptocurrency, Canada has stumbled on roadblocks regarding its regulation and the protection of citizens’ interests. With or without adoption, most countries whose citizens have a certain level of awareness about cryptocurrencies struggle to regulate the security of and compliance in the industry.
Phishing scams, system exploits, and anti-AML maneuvers are part of the security issues that internationally plague the industry. The lack of a working reference and the novelty of the technology has challenged nations worldwide, as every country is only doing what it perceives is the best for it and its citizens.
Therefore, different countries worldwide utilize different mechanisms to tackle the issue of regulations, compliance, and protection of interests in their countries. These mechanisms range from outright outlawing the digital assets class to total adoption and integration.
In light of obscured rules of engagement regarding the digital assets class, the Financial Action Task Force (FATF), a global regulator, issued what is perceived as generalized regulations and compliance guidelines that nations can abide by to assimilate into the industry effectively.
Canada, however, has targeted the industry corporations within its borders, recently announcing a series of regulations and guidelines that must be followed with some mirroring FSTF’s guidelines for nations.
In general, the country is very welcoming to the concept of crypto Integration and adoption after previously announced plans to launch its Central Bank Digital Currency (CBDC).
Binance’s Breakthrough In The Country
Earlier this June, the crypto exchange had previously announced to its users that it would close up its operations in the country’s central province by the end of the year. However, in the latest developments that came from announcements, the exchange has revealed to users that it will continue its operations in the country.
The revelation came in emails sent to their customers explaining that it had resolved its differences with Canada’s Ontario Securities Commission (OSC).
The breakthrough comes after the exchange obtained licensing in Middle Asia’s Arab country of Bahrain earlier this week.
from CryptocyNews.com https://www.cryptocynews.com/binance-gets-through-to-canadian-regulators-post-bahrain-licensing/
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Consolidation in the crypto spectrum after the volatility phase is a usual case. Most alternative coins traded sideways today as others struggled with muted price actions. Moreover, some digital tokens decoupled from the broad markets sentiments, trading green.
The technical crypto picture presents mixed signals. For instance, IOTA saw increases in its respective chart while Filecoin witnessed lateral price movements within the past few days. Let us check levels to watch as far as these altcoins are concerned.
IOTA/USD 4Hr Timeframe
IOTA retained bullishness for the last week. That came after the alternative token saw price plunges as this month started. Remember, the currency recorded a 40% increase in December’s first week. Nevertheless, IOTA recovered from the crash it experienced, trading near $1.45 at this publication.
The past 24hrs had the alt securing a 7% upturn. Moreover, IOTA can register another leg up to $1.51 as technicals suggest a bullish outlook for the coin. However, $1.51 is also the altcoin’s closest price ceiling. On the other part, losing momentum can see the MIOTA trading around the $1.40 level. Failure to stabilize above this area might have the crypto sliding to $1.23.
The RSI supported bullish action and displayed an optimistic buying momentum in the marketplace. Awesome Oscillator also printed green, corresponding with other price indicators. Finally, the DMI showed bulls’ preference, the +DI line standing beyond the –DI.
FIL/USD 4Hr Timeframe
Filecoin (FIL) had flashed minor actions on its price charts within the past few weeks, and it started struggling to rise beyond the price level of $41.98. The area has served as a massive price ceiling, and failure to crack it might see FIL dipping towards $34.97.
Filecoin gained 2% within the past 24hrs. Nevertheless, bears can erase the slight gain any time from now. As the alt hasn’t shown volatility over the past few weeks, it may be the time for investors to cash out. Nevertheless, FIL brought some ROI in the last seven days.
While writing this article, Filecoin technicals show bears favoritism. The Relative Strength Index (RSI) flashed sellers’ dominance. The DMI also confirmed selling pressure as the Aroon indicator displays a bearish attitude.
from CryptocyNews.com https://www.cryptocynews.com/filecoin-fights-to-stabilize-above-40-while-iota-gains-7-price-analysis/
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Ethereum is now trading below $4,000 for the first time in weeks; analysts have revealed that this might be an indication for a possible bearish run by the cryptocurrency before a bullish correction.
Ethereum addresses holding more than 1,000 ETH tokens have dropped to a four-year all-time low this week. Wealthy Ethereum owners are selling off their digital assets rapidly on the network; this might be another indication of a bearish run in the short term.
ETH Whales Are Dumping Their Ethereum
On-chain days analytics service provider, Glassnode has pointed out that the number of Ethereum addresses holding a substantial number of ETH tokens- at least 1,000 units- has reduced by over 900 units. The numbers dropped from a peak value of 7,239 in January to 6,292, an eight-month all-time low.
Blockchain analyst services work by critically observing ETH distribution among holding wallets to classify transactions and portfolios into retail and institutional classes.
Wallets holding more than 1,000 ETHs are coined as Whales due to the significant influence their every action has on the tokens short and medium-term price movement, either by selling or buying in bulk.
The number of Whales in a network house reflects the strength of the project. However, a significant and continuous decrease in the number of Whales indicates a selling trend amidst the wealthy crypto owners.
This scenario is reflected in Ethereum’s surprising dump by wealthy investors, as not only 1k ETH owners are dumping, more significant assets owners owning at least 10k ETHs are similarly dumping. The number of ETH owners that own at least 10,000 ETHs have reduced from 1,208 individuals to 1,156 individuals, an approximately 4.5% reduction in the number of mega whales.
Comparing the cryptocurrency’s growth in a year-to-date time period, there is a notable increase in the number of Whales this time last year compared to now, an increase from 1,065 individuals to 1,156 individuals. ETH’s price has increased by more than 450% since last year despite the recent downward pull its price is experiencing.
Small And Retail Investors Are Pulling Their Weight
Ironically, this year, the ETH price rally has been majorly influenced by retail investors rather than Whales.
Data shared by Glassnode analytics service reveals that the number of Ethereum addresses with ETH in their holding reached an all-time high on Monday. In the report, Over 71.23 million addresses now hold ETH in varying quantities across the globe.
The shared data revealed the growth of retail wallets through the year; wallets that hold ETH in the range of 0.01($40) ETH have increased by over 10 million from its year start value of 10.66 million. Meanwhile, wallets that own at least 0.1 ETH($400) have increased by over 3 million from its year value of 3.62 million.
In both cases, an almost two-fold increase in stats is noticed; this indicates a high relevance of the crypto token in the industry’s retail investors community. ETH currently trades at $3,914 according to Coinmarketcap price at press time.
from CryptocyNews.com https://www.cryptocynews.com/ethereum-eyes-bearish-trend-as-whales-continue-to-dump-their-coins/
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Tezos price shows bulls secured a dependable support floor at $4.5, backing buyers for an upward move past $4.600. Meanwhile, the altcoin’s sentiment remains bullish, indicating surges in the near term. The momentum suggests XTZ can test the resistance at $0.70. Nevertheless, the alt depict a positive outlook.
The Moving Average Convergence Divergence affirms the same, sitting in the bullish region. The Relative Strength Index also shows the surging buying momentum, confirming bullish control. Therefore, market players might consider going long after a break past $0.616. Meanwhile, the stop loss is under the $0.50 mark.
However, technical indicators suggest bearish sentiments for the altcoin. For instance, MACD has a reddish histogram. Meanwhile, Exponential Moving Averages had a bullish cross as the 12-EMA stays above the 26-Exponential Moving Average. The Relative Strength Index suggests an oversold situation at 30-mark. That can translate to a bounce, continuing the uptrend.
Meanwhile, XTZ price analysis shows bulls established a reliable support barrier at $4.50, allowing buyers to target levels past $4.600. However, the alt indicates possibilities of near-term surges amid bullish sentiment.
XTZ/USD 4Hr Chart – What to Wait?
Tezos bulls took advantage of the massive footing at $4.50 to launch trend reversals, covering the $4.600 zone at this publication. Meanwhile, the altcoin meets a near-term resistance of around $6.650. The hurdle might lead to bulls stumbling. Nevertheless, buyers have to withstand considerable bearish momentum under $5.00 for the upward case to materialize.
Bollinger Bands contracts, indicating low volatility and potential breakouts. Stochastic oscillator crossed from the oversold territory and eyes up, confirming bulls’ dominance in the XTZ marketplace.
Final Thought
For now, Tezos swims on bullish waves, and it might test the resistance around $0.7 soon. The MACD in bullish territory authorizes the positive market sentiment. Also, the Relative Strength Index suggests increased buying momentum, authorizing bullishness. Therefore, altcoin enthusiasts might consider long positions after XTZ breaks past $0.616, with stop-loss beneath $0.50. However, beware of massive volatility when interacting with cryptos.
from CryptocyNews.com https://www.cryptocynews.com/tezos-xtz-usd-bullish-in-the-upcoming-24-hours-price-analysis/
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The NTS (National Tax Service) recently initiated a thorough tax investigation over Hashed – a venue for venture capital and blockchain – although the company’s CEO has refuted the allegations for being involved in the collection of slush fund or else the evasion of tax, as per the reports of local media. It was confirmed by Hashed to have had a cooperation with the Seoul Regional Tax Office’ 4th Bureau of Investigation.
The agents of the bureau reportedly gathered tax accounting documents out of the main office of Hashed situated in Seoul during November’s early phase. Hashed CEO – Kim Seo-Joon – recently informed native media that each crypto investment was taken from the independent fund of the company’s co-founders because the local regulations prohibit collaborations for the crypto investments.
That is why, as Kim pointed out, it was not obligatory for Hashed to recompense taxes for being a corporation, which would dismiss any allegations for the involvement of the firm in tax evasion or slush funds. The latest South Korean tax being implemented on the personal digital asset profits has not even now taken effect, after a delay in its implementation date to 2023’s start – which was previously the start of 2022.
It was clarified by Kim that the venue is not an organization to invest in cryptocurrency, instead, it is a research institution to review projects at the time of taking individual capital for conducting investments. The 4th Bureau of Investigation under South Korea performs sporadic investigation of the probable tax evasion via intentional illegitimate operations including fraud.
Nonetheless, as per the reports of local media, it is unlikely that the platform will be given into criminal investigations’ hands. The companies of virtual assets have not been capable of controlling the assets adequately due to the ambiguousness existing in the accounting standards specified for cryptocurrencies. Many other crypto and blockchain companies have been investigated by the NTS during this year such as HN Group, Korea Digital Exchange (the HDCA token’s issuer), Ground X (the blockchain subsidiary of Kakao), and Terra.
An official from the industry states that by investigating such blockchain companies, some methods are being figured out by the NTS to implement taxation over the digital assets and regulate the cryptocurrency within the country. Hashed has formerly contributed to the ICOs (initial coin offerings) of the projects of blockchain that afterward turned out to be considered successful, like LUNA of Terra, The Sandbox, Axie Infinity, and Klaytn.
Lately, there have been diverse concerns regarding the Decentralized Finance industry from different financial organizations and authorities especially from those who are required to regulate the space.
Agustin Carstens, the General Secretary of the Bank for International Settlement (BIS), when speaking with Julianna Tatelbaum of CNBC News discussed the review of the quarterly report of the Bank for International Settlement as it has to do with the increasing concerns and risks that come with the Decentralized Finance space.
Particularly, Agustin Carstens mentioned the outbreak of financial intermediations that are independent of the banking sector and in his own opinion, DeFi is nothing but illusive given the conclusions drawn in from the pages of the quarterly report from the Bank.
When asked specifically if the DeFi space is troubling him, the BIS General Secretary said it is essential to visit the origin of Decentralized Finance and judge if the intended decentralization matches the expectation built around it.
Adding to his comment, he said what we have currently is not the real definition of true decentralization which means the decentralization itself is illusive. At some point, you still have a person or an agent playing an intermediary role without having the best interests of users and financial stability at heart.
Examining DeFi More Deeper
Based on his thoughts, Agustin Carsten believes it is important that we look deep into the concept of decentralization and see if the incentives promised are appropriate or not. The General Secretary of the Bank for International Settlement said that on their part, there are a whole lot of questions to be answered and authorities should not just be satisfied with the notion that if it is decentralized, it is safe.
“It is indeed safe in some aspects, but when considered from another perspective, it is not. And the fact that it is not safe in some aspects should not be taken lightly,” Carstens said.
More specifically, Julianna asked Agustin Carsten about the confusion and question that will come with the infiltration of government structures on Decentralized Finance which is not in alignment with the idea of decentralization in the first place.
Speaking on that, he said the issue is basically on the fact that government structures do exist, and DeFi enthusiasts want to believe it concealed.
from CryptocyNews.com https://www.cryptocynews.com/bis-general-secretary-considers-decentralized-finance-illusive/
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ADA price has displayed an optimistic formation as Cardano bulls aim for a 20% surge.
The alt might be preparing to reverse its underperformances with an upswing to the value area at $1.78.
However, the ETH-Killer has to overcome the crucial pattern’s neckline at $1.48.
Cardano (ADA) reveals a lucrative setup after an extended phase of sluggish performance. The altcoin might be contemplating a 20% surge to explore the price zone of $1.78. However, the Ethereum killer has to conquer the last obstacle for the optimistic narrative to play out.
ADA Price Targets Bullish Reversal
ADA price had printed a cup-handle setup on its 12hr chart, indicating a 20% surge from the pattern’s neckline. With that, the alternative coin will rise to navigate the price zone at $1.78. Though the primary technical formation shows a bullish picture for Cardano, the altcoin has to crack above the neckline hurdle at $1.48 to validate the optimistic chart.
Cardano’s first resistance sat around the 50% retracement area at $1.47. If the crypto overpowers the hurdle highlighted above, ADA bulls might encounter confrontation at 61.8% FIB retracement mark at $1.54, then 100 12Hr SMA at $1.59.
An additional obstacle might emerge at the 78.6% FIB retracement mark near $1.63. After that, Cardano’s price can sail to the optimistic target without hassles. If the digital coin sees increased buying momentum, it might hit the target by the cup-handle formation at $1.78.
Higher aspirations have Cardano targeting the 200 12Hr Simple Moving Average near $1.87, matching the Momentum Reversal Indicator’s resistance level.
As the altcoin appears ready for bullish moves, surged sell order might witness ADA declining to the initial defense level at 38.2% FIB retracement at 41.40, then 50 12Hr Simple Moving Average around $1.35.
The 21 12Hr Simple Moving Average would also serve as ADA’s dependable support at $1.33. Failure to keep this mark will mean Cardano’s price plunging to the 23.6% FIB retracement area of $1.32. However, that presumes continued selling momentum for the coin.
For now, ADA eyes upswings, recovering from the recent downbeat in the crypto industry. The altcoin might rely on broad market sentiment to achieve its higher levels.
Bitcoin had its price rallying by over 2021 despite bearish attacks from China, and market participants might expect more gains in the upcoming year.
The broad crypto market has had an excellent year in price actions and adoption. Though the recent bearish move, most digital tokens saw their value soaring massive since January 2021.
Bitcoin Gains Over 70% in 2021
Bitcoin remains the dominant digital coin globally as 2021 nears an end. The digital currency recorded a massive value increase within the last 52 weeks, outshining several top financial assets like Gold in the period.
Bitcoin has surged 72% over the past year. The coin started 2021 at $32K after challenging the 2017 ATH of $20K as 2020 approached an end. BTC extended its last year’s run in 2021, attaining an ATH past $64K during April sessions.
The rally came as cryptos saw continued adoption. The prices rallied higher as corporate entities entered the space. Tesla introduced Bitcoin payments; MicroStrategy extended its BTC accumulation, while El Salvador prepared the bill to legalize $BTC as legal tender.
The surged adoption by retail and institutional investors had BTC hitting the $64K ATH. However, BTC underperformed from May to September. China largely contributed to the downtrends as it cracked down on crypto-related undertakings.
The crypto ban by China saw BTC losing over 50% of its price, plummeting beneath $30K in July. Also, Elon Musk attacked BTC, citing massive electricity usage and banned crypto payments, contributing to the bearish performance.
However, BTC bounced again in November as crypto miners settled to regions with ‘friendly’ policies. Moreover, El Salvador’s BTC adoption added a positive sentiment to Bitcoin. The crypto rose gradually to touch an ATH of $69K in November as the crypto market cap explored a new peak of $3.0 trillion. Nevertheless, the alt dropped, trading around the $50K mark at this writing.
BTC 2022 Technical Forecast
BTC’s technical indicators remain negative for now because of the underperformances Bitcoin had over the past few weeks. MACD remained in the bearish territory as the RSI depicts selling momentum at the 46-level.
However, BTC is performing well in a long-term perspective. The coin trades beyond the 200-day SMA at $47,270. Meanwhile, technical indicators might improve in the weeks or months to come as everything seems to point to remarkable surges in 2022.
Analysts expect China’s impact to end in the coming year, booting mining hash rate and BTC price. That will see the RSI and MACD in a positive area. WalletInvestor sees Bitcoin ending 2022 beyond the $80,000 mark.
It was reported that two Bitmart hot wallets were hacked earlier today. one of the hot wallets is a BSC wallet, while the other is an ETH wallet. How the attack was carried out has not been deciphered yet but the crypto exchange has estimated the amount of loss to the attack at around $150 million.
In the report, it was stated that other hot wallets on Bitmart are intact. On the part of the crypto exchange, an immediate security review is underway, and currently, it has suspended withdrawals from the exchange until further notice.
The exchange had earlier reported on its official telegram channel that the withdrawals from those wallets are nothing to be bothered about. But the CEO took to Twitter to admit the attack. After the incident, the native token of the exchange recorded a 9.7% fall in 24 hours and is currently trading at $0.323248.
Peckshield Believes the Losses Were Understated
Peckshield Inc., a blockchain security company in its review estimated the total losses from the attack to be around $196 million. The report stated that $100 million were stolen from the ETH wallet and $96 Million from the BSC wallet. Tokens under the BSC – Binance Smart Chain wallets are BNB, BUSD, EnergyX, X2P, SAFEMOON, BabyDoge, STACK, MOONSHOT, ZOE, HERO, FLOKI, FLNS, STARSHIP, JULb GMEX, CMCX, BETU, GMR, and SPE.
After the private investigation from Peckshield on the attack, the security firm concludes that the hacker has already withdrawn the funds, and he used the 1inch DEX aggregator to swap them for ETH. After which he routed the funds through a privacy mixing protocol for the ETH network called Tornado Cash which breaks the on-chain link between the destination and the source addresses via smart contracts that act as a pool for ETH deposits to one address and allow withdrawal to another.
This privacy mixer will pool funds from multiple users before funding the destination addresses. Once this is done, it is relatively impossible to know where the funds went or how much was involved in the transaction.
Bitmart to Receives Help from Huobi
One of the ways out for Bitmart is to collaborate with other crypto exchanges to flag every hot wallet that receives huge deposits from the Tornado Cash protocol. With this understanding, Huobi took to Twitter to announce that they will be willing to help Bitmart identify any transactions that involved huge deposits.
The Tornado Cash platform was developed by the ZCash – an open-source research team. The protocol is also used as an anonymizer in the attack on the MonoX Finance protocol earlier this week.
FTX (a crypto exchange) has published a paper to recommend some alterations to the United States regulations for the provision of enhanced flexibility. The respective document suggested ten principles.
FTX wishes for the option of Primary regulator
The exchange has emphasized the crypto regulation, by the publication of a document that provides some changes for the regulatory policy of the United States. Fundamentally, FTX recommends that the provision of choosing a single chief regulator should be made available to the exchanges. It added that many people know that the CFTC is considered to be the commodity derivative-related marketplaces’ foremost regulator, while the U.S.-based SEC (Securities and Exchanges Commission) deals with the marketplaces of cash securities.
Though a few exchanges incorporate both derivatives trading as well as spot trading, it is suggested by FTX that a framework should be developed to permit an exchange to specify a single market regulator to function as its main regulator.
The current method would certainly be beneficial to the exchange itself, having its operations incorporating both the derivatives exchange as well as the spot exchange. The remaining of the exchange’s principles is related to the subjects like assets’ custody, KYC/AML, customer protection, and risk assessment along with the other trivial matters linked to the compliance of regulations.
It is noteworthy that a section in the document is devoted to the regulation of stablecoins, a subject that has been commented on by FTX previously. The exchange recommends for the regulators to maintain a record of the stablecoins that are registered and make sure the regular audit of the respective stablecoins through an accounting company.
Coinbase presents an analogous request
A competitor exchange of cryptocurrency named Coinbase presented an analogous document during October. The exchange, in this respect, suggested a collective method for the regulators, nonetheless, it recommended that the government of the United States should construct just one regulator instead of permitting the exchanges to move towards their favorite one. The respective news is witnessed because both Coinbase and FTX are ordered to testify in front of Congress in the next week.
Currently, it is not yet confirmed whether the regulatory reforms’ subject will be pondered over in the respective meeting. Presently, FTX is known as the fifth biggest exchange of cryptocurrency with a volume of up to $4 billion during the recent 24 hours. The derivatives exchange thereof is considered to be the 2nd biggest among the others with having $8B in the public interest.
from CryptocyNews.com https://www.cryptocynews.com/ftx-suggests-changes-to-united-states-cryptocurrency-regulations/
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As Bitcoin reclaims the $51,000 territory, Ethereum surged past $4,000. Also, Dogecoin overpowered the 23.6% FIB resistance, while MANA touched the $3.65 mark. Nevertheless, the global crypto trend still needs higher volumes to confirm a dependable reversal.
Ethereum (ETH)
The four-hour price chart shows Ethereum breaking out following a monthly sinking wedge as the alt reversed trend with an upward channel last week. The 2nd largest coin witnessed an anticipated correction with the bearish divergence between price actions and the RSI.
Ethereum’s lower channel and the demand territory supported the surges. With that, ETH gained 6.3% on December 23, and bulls overtook the $4,000 level. They succeeded in keeping the price beyond this market after five times retest in the past ten days.
For now, Ether’s immediate resistance sat at $4,156, matching the 200-Simple Moving Average and the upper channel. While publishing this post, Ethereum trades around $4,079.79. The Relative Strength Index broke the 59-level before encountering a sharp drop following loosening signals. Nevertheless, OBV appeared against the uptrends as it remained higher near $4,150.
Dogecoin (DOGE)
The past day’s actions had Dogecoin crossing the 23.6% FIB retracement following a 6.24% jump from December 22 lows. Bulls seemed to gain additional strength after Tesla’s CEO favored the token in a tweet.
However, the rally stopped around the immediate resistance of $0.182, protecting the previous range in $0.162 – $0.182. With the increase in Volume Oscillator, the meme crypto might secure support around the trend-line. Nevertheless, the latest decline volumes remained higher than surging volumes. Further breakdowns might see DOGE at the 20SMA support.
While publishing this blog, Dogecoin trades at $0.1817. The RSI dipped from the overbought area, standing at 61-level. The Squeeze Momentum Indicator (SMI) displayed grey dots, suggesting high volatility.
Decentraland (MANA)
MANA paused its downtrends around its month-long support at around $3.02. The altcoins witnessed continuous fall after hitting their all-time high on November 25. The bounce from this mark has the alt on an upward channel within the last week.
On December 23, MANA saw a 19.49% surge, breaching the 2-week support at $3.64. After that, it encountered correction as the top channel corresponded with the 200SMA, translating to massive resistance.
While writing this news, MANA exchanged hands around $3.682. The RSI noted a 20-point increase to the overbought area and showed reversal signals.
It has been reported that the White House has started interviews regarding the possible candidates to occupy the vacant posts on the Federal Reserve System’s governors’ board during 2022. As per a report published on Wednesday by Bloomberg which refers to the people knowing the event, Jo Biden (the president of the United States) is moving towards incorporating eligible candidates including Raphael Bostic (the president of the Federal Reserve Bank of Atlanta), Richard Corday (the ex-director of Consumer Financial Protection Bureau, and Sarah Bloom Raskin (a law professor at Duke University) to occupy the positions as the board members of the Fed on the place of those who are leaving it in the early phase of 2022.
Other people being thought about include Karen Dyan (a former official of the Treasury Department during the government of Barak Obama along with Valarie Wilson (the Economic Policy Institute’s director for its PREE (Program on Race, Ethnicity, and Economy). The President of the United States has in advance declared to nominate Jerome Powell to function during the second four-year tenure as the chairman of the Fed from February with Lael Brainard being selected for the vice-chair following the exit of Richard Clarida. Brainard and Powell took the respective positions at Fed in the session in 2014 and 2012 respectively.
In November, Biden declared intensions to nominate the respective replacement having a focus on enhancing the variety in the composition of the Board. Presently, one position is vacant in seven governors’ groups serving under Federal Reserve, however, Randal Quarles left his post effective at December’s end, while January 2022 is the expected time for Clarida’s departure. On getting nominated by Biden, Raskin, Cordray, and Bastic would require to be approved by the Senate as well as would possibly serve for the terms of up to 14 years.
A noteworthy alteration in the structure of the prominent U.S. financial regulators could create a significant impact on the government’s perception regarding cryptocurrencies. During this time, in the case of the Fed, Powell has an inclination toward a digital dollar’s launch whereas Quarles stated that there is a requirement for the federal institutions to consider selecting the suitable regulatory approach in advance of developing a framework for the regulation of the market of cryptocurrency.
from CryptocyNews.com https://www.cryptocynews.com/biden-is-looking-to-fill-3-seats-of-federal-reserve-with-qualified-candidates/
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Kraken, a leading digital assets firm and cryptocurrency exchange platform, has announced its acquisition of crypto-enabled staking platform, Staked.
In a press conference it hosted, Kraken announced earlier this week that it had purchased Staked crypto stakers for an undisclosed amount of money. Although the purchase details remain under wraps, Kraken, in its statement, indicated that it cost the exchange quite a fortune when a spokesperson said the acquisition deal could be considered as one of the most significant corporate buys in the crypto industry to date.
Kraken’s Latest Buy
Staked, a crypto-based company specializing in providing cryptocurrency staking services for crypto users, has been acquired by Kraken crypto exchange platform and digital labs.
Staked facilitates staking by providing its users with front-end gateways that enable asses to proof-of-stake (POS) networks.
Kraken, which is one of the world’s largest centralized cryptocurrency exchanges, has added the acquisition of Staked to its catalog of corporate purchases in 2021.
What Is Crypto Staking
Cryptocurrency staking is the act of utilizing one’s funds to actively participate in a blockchain network’s transaction validation process by leveraging proof-of-stake network protocols.
Liquid funds staked by investors can return up to 30% profit per annum, and investors can incur no loss during the process.
The improbability of suffering a loss in the system is because the funds provided by investors are utilized by the Blockchain platforms, effectively making the investor a master node in the blockchain system.
Therefore, as the Blockchain network remains relevant, there will always be returned profit on individual investments, although said profit might vary according to the network’s performance for that year.
Benefits Of The Partnership
Based on the value of crypto assets that it holds, Kraken ranks the fourth in the global ranking systems put up jointly by Bituniverse, Peckshield, Chain.info, and Etherscan.
Kraken currently has a reserve pool home to over 102,000 BTCs and 2.27 million ETH, equivalent to approximately $15.81 billion. The relevant stats were sourced from Coimnmetrics.com.
The resultant coalition with stake aims to see the exchange become a significant player in the staking sector of the crypto industry, which has been gaining increasing traction lately.
The exchange excitedly announced the acquisition through its CEO and co-founder, Jesse Powell. Powell highlights the advantage that the partnership with the staking platform will bring to the company. He said that adopting the staking policies will provide a wider avenue for its global customers and effectively expand the customer base. Customers can choose to actively transact or trade their assets or stake said investments for marginal profit.
The purchase of Staked is now Kraken’s fifth major acquisition in 2021, albeit ones that were made public. According to its annual progress report, Kraken has revealed its trade volume across all trading services it provides grew by over 430% in 2021.
The massive increase in trade volume can partly be attributed to its insightful and relevant acquisitions through the year, which has increased the firm’s relevance in the crypto community globally.
Cardano CEO trusts that the ‘ETH Killer’ network will attract billions.
ADA’s sees surged on-chain activity amid risen social dominance.
Analysts remain bullish on ADA price, saying that the downswing has ended, and the altcoin will eye $2.50 retest.
The ETH-killer Cardano has seen increased adoption as the altcoin’s on-chain activity surged. With that, analysts predict a rally in ADA price, targeting the value areas of $2.50. Moreover, the crypto project saw heightened social dominance.
ADA Ready for a Bullish Run amid Growing Adoption
Charles Hoskinson, Cardano’s CEO, trusts that projects such as ADA blockchain will eventually be pervasive like the internet, allowing usage by billions of people in the future.
Moreover, the executive remains optimistic about Cardano’s adoption. The founder stated that the blockchain progressed regardless of the slow ecosystem upgrades. Hoskinson believes the blockchain sees more platform upgrades and less hype.
Also, crypto analysts remain bullish as far as Cardano’s future price reactions are concerned. A pseudonymous crypto expert @Ezy_Bitcoin analyzed ADA price movements and observed another drop. The analysts trust Cardano is printing a head-shoulder formation with its price movements, a bullish structure.
Though offered negative 3-month profits to enthusiasts, ADA price appears ready to rally higher. Crypto Krystian, a YouTube cryptocurrency analyst, remained optimistic about Cardano. He trusts that Cardano overpowered the vital level at $1.33. Crypto Krystian predicted uptrends for Cardano. Meanwhile, FXStreet financial experts vie ADA on an upward explosive journey until Cardano cracks $1.50.
ADA/USD 4Hr chart
The 4hr chart shows Cardano’s price forming a reliable base past $1.30. With that, market players may expect a new push to higher levels. Meanwhile, ADA has suffered steady drops over the past few weeks. The crypto tested its support multiple times, setting lower highs to confirm an increasingly constricted trading range.
ADA retested the support at $1.20 after printing a lower high at $1.30 before breaking to higher levels yesterday. Cardano attained the $1.37 peak, suggesting a massive higher high. With that, the market structure turned bullish again.
Maintaining the bullish momentum will see ADA conquering the $1.40 hurdle to clear the road towards the optimistic aim at $2.50. Also, the increased adoption will boost the altcoin in its upward journey.
Another value decline made its way into the global crypto economy on 20th December, 2021 which reduced the economy by approximately 2.9%. But for the individual economies of top-10 digital currencies of the world, which include Bitcoin and Ethereum, they saw value decrease by 3 to 7%. Bitcoin goes below US$ 46,000 while Ethereum goes below US$ 3,787, which further strengthens the argument that the market will continue to remain “bullish” at least for the rest of the days of 2021.
At least 3.7% of the Bitcoin’s value slipped away when the change appeared in the global digital currency market on 20th December, 2021. However, the sliding of value wasn’t just for Bitcoin only. In fact, the slide impacted upon the entire crypto-economy which resulted in the reduction of the global crypto economy by 2.9% approximately.
Bitcoin was trading above US$ 26,000 threshold when the decline took place. Resultantly, Bitcoin’s value instantaneously went down from 26k level to US$ 45,738. Still Bitcoin is retaining 90% of value increase since 1st January, 2021 to date. The declines are however apparent in Bitcoin’s weekly and monthly performances. For instance, since 10th November, 2021, Bitcoin’s value has reduced roughly by 22%. On the other hand, after crossing US$ 1 Trillion, the existing Bitcoin market cap is reduced to US$ 864 Billion.
But being the major player within the entire crypto economy, Bitcoin’s reductions impacted upon other digital currencies as well. For the time being, Bitcoin is dominating global crypto economy with its share of 38.6%.
The recent crypto market change heavily impacted especially upon the top 20 digital currencies of the world. Such was the situation being faced by Ethereum as well, which is world’s second largest digital currency by value and market cap. Ethereum has had to witness its value sliding down at least by 8.7% in the past 24 hours. After the slide, Ehtereum started to trade at the price of US$ 3,787. Similarly, Ethereum’s market cap too was reduced by 4.4%.
As of today, however, the market is showing some positive aspects. In the past 4 hours, Bitcoin has been gaining price surges and is nearing US$ 50k threshold. However, at the present moment it is swapping hands at the price of US$ 48,973. Similarly, Ethereum too has been gaining upward momentum and has already gone past US$ 4k and currently trading at US$ 4,030.
It seems that an instant surge has taken over the crypto economy, which is a thing prior to entering into 2022. But there are only 10 days left and people have too much expectations attached with Bitcoin and the entire crypto economy. They want the crypto market to welcome 2022 with Bullish rather than ending the year on the bearish side.
from CryptocyNews.com https://www.cryptocynews.com/dingdong-effect-continues-in-crypto-market-as-economy-reduced-by-3-more/
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Shiba Inu has suffered corrections in its journey to one of the best meme coins. SHIB lost around 66% of its price and plummeted towards the support of $0.000031. Nevertheless, the dog coin collects lucrative demand momentum from bottom support, indicating an imminent rally. The coin enjoys positive news. That’s after Australia’s renowned exchange, CoinJar, declared listing six digital currencies, including Shiba Inu.
Vital Technical Points
Shiba Inu witnesses its price crossing beyond the 20- and 100-EMA.
The daily Relative Strength Index nears the neutral level from below.
Shiba Inu (SHIB) has witnessed downtrends towards the $0.00031 crucial support and entered a constricted consolidation. The meme crypto has resonated within this bottom support and %0.0000375 for over 21 days.
The coin’s price saw massive selling momentum on 20 December, translating to the $0.00002885 low. Nevertheless, bulls stepped up and registered a Doji-type candlestick before the day ended. Moreover, the dog crypto displays a massive follow-up candlestick heading towards upward resistance at $0.00003775.
Shiba Inu’s price retrains bullishness as it maintains beyond the 20 exponential moving average. Furthermore, the new upsurge reclaims the 20 EMA and 100 EMA. The daily RSI (46) indicates a lucrative recovery like price actions. The Relative Strength Index might touch the midline soon while hoping for a bullish cross.
SHIB/USD 4Hr Chart
Shiba Inu’s price flashes a V-shaped price recovery on the low time frame chart. For now, the altcoin trades at $0.0000348, reflecting a 14% increase from the bottom support. Nevertheless, SHIB requires an upward break and stabilization above the resistance of $0.00003775, confirming a bullish rally.
According to the 4hr Chart’s Moving Average Convergence Divergence, signal lines and the MACD crossed past the neutral territory recently, confirming a bullish strength in Shiba Inu’s price.
The New Year seems to ring a price recovery bell for SHIB. The coin will witness steady upsurges by keeping its current momentum. Meanwhile, support from the overall crypto market is essential for the canine-themed token rally. SHIB’s upcoming sessions might depend on sentiments in the global marketplace. For now, the crypto atmosphere displays bullish waves after positive price actions since yesterday. Maintaining such developments will support Shiba Inu’s uptrend.
A fresh research-based report from Grayscale Investment highlights that the Metaverse can achieve a trillion-dollar yearly review, which will enable it to compete with other major players in the Web 2.0 sector.
Just recently, Grayscale Investments released a detailed research-based report, consisting of 19 pages and given the title of “The Metaverse: Web 3.0 Virtual Cloud Economies”. The report was written by their head of research, David Grider and market analyst, Matt Maximo.
About Metaverse
The report started off with an overall explanation of the term metaverse, stating that as crypto based “cloud economies” start to become the pinnacle for upcoming newly emerging market, the Metaverse basically stands at the frontline of this new “evolution” coming to internet with Web 3.0. The Metaverse is basically a collection of interconnected three-dimensional virtual environments, where different people from around the world can come together to “socialize”, work together and trade in real time.
Current major projects such as Decentraland are working to construct these virtual open world environments, where users can roam around, enjoy, play video games, socialize, host meetings, earn MANA or even come up with their own set of NFTs, providing “them with real world interoperability”, as they spend their time and progress within the virtual world. MANA is basically a native token of Decentraland that can be utilized to buy NFTs, LAND, rare collector items and “vote on economy governance”.
Web 2.0 Metaverse vs Web 3.0 Metaverse
The report then focused on the difference between a Web 2.0 Metaverse and a Web 3.0 Crypto-based metaverse. The report highlighted that as of now, gamers from all around the world have been spending real money on buying different unique virtual collectibles in game and have been building their own inventories, but that is mainly on the closed Web 2.0 metaverse, as some developers do not allow digital items to become sellable.
Web 3.0 metaverse solves this issue by taking care of “the capital controls” that are restricting such abilities. Players in the Web 3.0 metaverse can utilize their own NFTs, by selling them off to other players, this creating this huge new digital item market.
Other Sectors
The report also mentioned that gaming isn’t the only sector that is need of addressing, the report also gave light to different segments of the virtual economy working on blockchain including, DeFi, NFTs and a few others.
from CryptocyNews.com https://www.cryptocynews.com/grayscale-report-metaverse-has-the-potential-to-record-1m-in-annual-revenue/
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The metaverse and NFT market have for another time obtained euphoria with just the sale of one plot in the digital land present on the prominent NFT game in the space of cryptocurrency named Axie Infinity in return for 550 ETH.
$2.3 million for the plot of Axie Infinity
The respective digital land plot is counted among Axie Infinity’s Genesis plots, which are categorized being tremendously rare because their number is only 220 presently. As per the current prices of ETH, one land piece would cost more than $2.3M, because the ETH token is moving near $4,100.
After being introduced in 2018, a significant position has been secured by Axie Infinity in the crypto industry as it has turned out to be the well-known play-to-earn NFT-based game. The play-to-earn model of business permits the players to make income as they play their favorite games as well as participate in the development and the growth of the ecosystem of gaming.
Presently, Axie Infinity incorporates more than 2 million every day, and the per-day trading volumes thereof have up till now touched $40 million. The respective game is famous in the Philippines to an extent that a few households even left their regular jobs to concentrate on full-time playing.
With small furry beings that resemble Pokemon, known as Axies, the players of the game are permitted to gather, breed, as well as make their Axies fight with the other players’ Axies to receive a local ERC-20 based utility token of Axie Infinity called SLP (Smooth Love Potion). Remaining in-game assets like land parcels, as well as Axies, are provided in the form of NFTs which can be traded in the open marketplaces of NFTs.
Grayscale to place metaverse’s value at $1T
During the previous months, the metaverse (known as a general term for the persistent digital atmosphere where the consumers can freely create avatars thereof and have interaction with one another all around the world) has seen enormous progress.
While the industry of gaming is frequently contemplated whenever there is a mention of the metaverse, the field has gone far beyond incorporating digital events, hardware, advertising, and so on. After the huge upsurge in the interest regarding this quickly escalating industry, the biggest manager of digital assets across the globe, Grayscale, recently mentioned that the field of metaverse will increase above $1 trillion during the coming two years.
from CryptocyNews.com https://www.cryptocynews.com/someone-purchases-a-plot-of-land-on-axie-infinity-for-2-3m-worth-of-ether/
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In the face of continual cyber-attacks on the DeFi space, Visor Finance has been added to the list of victims.
The active liquidity decentralized management protocol has suffered an attack for the second time this year. A total of $8 million was carted away by the attack’s perpetrators.
The revelation came in an announcement that the DeFi protocol team released on Dec 21 on Twitter social media. The tweet informed the general public that its staking contract had been breached and exploited by hackers but that the Protocol would refund users’ losses.
About an hour after the initial announcement, the team released another statement promising the implementation of token migration to mitigate losses suffered by its users. The migration will be based on the system’s records before the hack.
Not The First Time
After initial investigations had been completed, the Protocol revealed its initial results. It stated that a nefarious scheme targeted its smart contracts with the aid of a flaw in its staking contract. The malicious smart contract stole approximately 8,812,958 VISR tokens worth of staking contracts. This was equivalent to about $8.1 million as at the time of the attack.
The presence of a previously unknown loophole in the staking contract’s framework facilitated the user-created trojan contract to manipulate the framework’s transfer policies and subsequently empty the staking pool.
Even though it seems like administering medicine after death, the Protocol has revealed that it is auditing its contract, and its new and upgraded contracts will be rolled out shortly.
According to info from the team’s spokesperson, the Protocol will now be replacing its old VISR token with a new one. The replacement has begun, and the Protocol will compensate users 1:1 with the new token. The new token has already been listed on some exchanges by the Protocol, and it is working to extend further the number of exchange sites that will list it, the blog post revealed.
This attack is not the first attack that the Protocol’s staking contract has experienced. Earlier this year in June, a hacker obtained access to some of its admin functions, resulting in a $500,000 loss of liquid funds.
Effect Of Exploit On The VISR Token
In a similar fashion to its post-attack behavior in June, the VIST token has lost almost all of its price value and currently trades at multiple decimals zeroed value.
Hours before the attack, the VISR token was trading buoyantly at $0.93, according to Coinmatketcap. It has since lost over 97% of its price value and now trades at approximately $0.02, which is a far cry from its all-time high price of $4.11.
The attack on the DeFi protocol is the second high-profile attack that the DeFi sector in the crypto industry has seen in this month alone.
In December, attacks on Pizza DeFi, Badger DAO, MonoX DeFi, and Grim Finance all suffered attacks. A total of $171 million have been lost by the DeFi organizations, a testimony to the fierce battle that DeFi firms fight against targeted exploitations in the cryptocurrency DeFi backspace.
from CryptocyNews.com https://www.cryptocynews.com/visor-finance-emerges-as-crypto-defi-space-latest-hack-victim/
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Crypto interest is being partly driven by the highly-low interest rates, as stated by Michele Bullock (the assistant governor of the Reserve Bank of Australia, while signaling that some consideration is being done by the RBI regarding the creation of a CBDC (central bank digital currency) to be utilized in the wholesale markets, in the words of the Australian Financial Review.
Talking about an event conducted by Women in Payments recently this week, Bullock mentioned that the CBDCs could minimize the charges of cross-border payments, as well as that the institutional interest regarding the technology is surging to a great extent, due to customer-led innovation in searching for the alternative products of finance to make them higher profits, as well as a decline in the utilization of banknotes. She further revealed that this began with Bitcoin, however, something like an extremely low interest-rate atmosphere is involved at its back that they experienced after the worldwide financial crisis. She said people are pursuing ways of earning.
The RBA is in advance included in the international team of central banks, and the Bank for International Settlements, contributing to a pilot project of CBDC named the Project Dunbar which targeted at minimizing the cross-border payments among several CBDCs. Collaboration has been made among South Africa, Singapore, Malaysia, and Australia to construct technical prototypes for various venues of distributed ledger technology, and examine different governance as well as operating designs to permit several CBDC infrastructures’ sharing.
Natively, the work has also been done by the RBA in association with Commonwealth Bank and National Australia Bank on a program allowing the transfer of an asset to a purchaser at the very moment the payment is carried out (an idea known as atomic settlement).
The appropriately titled Project Atom got introduced in the latter part of the previous year with utilizing the currency backed by RBA to control the costs and risks involved in the transactions on a wholesale level. Bullock disclosed that the wholesale field, at the moment, is grasping a lot of attention. The idea of being capable of doing atomic settlement along with devising the method for the things to happen is significant in the scenario of that market. She pointed out that, in her opinion, it did not have much importance for the retail sector.
from CryptocyNews.com https://www.cryptocynews.com/reserve-bank-of-australia-is-considering-the-development-of-a-cbdc-for-use-in-wholesale-makets/
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Having an Easy Crypto4U account will make you more confident that you are making the right choice because of their excellent customer support. Customers can contact their customer service department, which is staffed by real humans who will help you with any questions, fill out contact forms, and offer solutions to your problems. Traders, regardless of their location, have access to a 24-hour contact center so that they can ask any questions they may have.
They will receive prompt and efficient customer service from the organization every time. As long as you are using the Easy Crypto4U platform, you will be able to contact the company directly. Additionally, they offer a help desk as well as a forum where users can get answers to their questions from traders and market experts. It is the mission of Easy Crypto4U to respond to any of its traders, no matter where they are located in the world. Therefore, you can be confident that if you have any problems while using Easy Crypto4U’s platform, you will be informed of the problem in a timely manner.
A platform that does not provide good client support can cause a lot of headaches for you in the long run. However, if you use the Easy Crypto4U platform to sell or buy cryptos, this will never cause a problem for you. The reason is that their customer support is absolutely top-notch and that they will be there to help you along the way, no matter where you are in your journey with crypto. They have trained agents, and this means you can be sure that they will provide you with the best assistance possible. Whether you require assistance with one of their crypto services or some other form of help, you can get that assistance from their support team.
They can be contacted by email, or you can send them a message through their website’s contact form if you wish. In the fields below, you will be able to contact a representative who will contact you shortly. During the week, their agents are available round the clock from Monday to Friday, so you can get in touch with them whenever you like during this timeframe.
Easy Crypto4U has one of the most attractive features you’ll find when you visit the site, and that is the possibility of opening a demo account. With virtual currency, you can practice trading your strategy with no risk of actual money being at risk. On top of that, you even get a chance to test the trading conditions and system provided with the virtual currency. It can be seen that there are three choices to select from in terms of having a live account.
We have three levels of trading accounts, Standard, Premium, and VIP, and each of them offers traders different conditions and features. Standard and Premium accounts come with floating spreads, while VIP accounts come with spreads starting from 1.4 pips. Throughout all three accounts at Easy Crypto4U, you will have access to customer support and an assigned account manager.
Unlike the Standard account that charges commissions and has a leverage of 1:30, the two other accounts do not charge commissions and have variable leverage.
A Wide Range Of Trading Assets
The Easy Crypto4U platform is a great option if you want a quick and easy way to trade a wide array of assets. By adding to the crypto exchange’s list of 200+ assets, investors are able to expand their portfolios in a way that allows them to earn huge profits.
Easy Crypto4U provides its customers a chance to trade famous digital assets, including BTC, ETH, which is the second-largest crypto of the world, and various other cryptocurrencies present in the crypto market.
Education
It might be necessary at some point for you to brush up on your expertise in the field of internet trading when it comes to the sector. You will find Easy Crypto4U’s resources to be extremely helpful because of this. The website provides up-to-the-minute news, tutorials, and informative guides, as well as open access to several seminars and webinar recordings, video courses, and eBooks. Users have the opportunity to participate in several seminars and webinars.
Security at Easy Crypto4U
If Easy Crypto4U has instruments that meet your expectations, you must also ensure that security is adequate. This aspect is also something I believe you won’t be disappointed with as they guarantee the safety of funds by segregating customer accounts and ensuring negative balance protection along with protecting sensitive data with SSL (Secure Sockets Layer) encryption and a Privacy Policy.
AML (Anti-Money Laundering) and KYC (Know Your Customer) policies are also in place, ensuring their customers’ safety.
The platform of Easy Crypto4U stands out for its tight security features. All your data is encrypted using very strong encryption. In this way, your personal information is shielded from unauthorized access. Furthermore, there is a firewall in place so that hackers cannot hack your account and steal your personal data. Trading crypto doesn’t require you to worry about anything. A dual-factor authentication adds an additional level of security to the process. You will always remain protected with this feature, and nobody else will be able to access your crypto account besides you.
As one of the greatest features of Easy Crypto4U’s platform, tight security stands out among its grandiose features. Our system uses the very best encryption to protect all of your data, ensuring your privacy remains undisturbed.
If that happens, your personal information cannot be accessed by anyone. Additionally, there is a firewall in place to protect your personal data against hackers and cybercriminals who seek to break into your account. The platform takes care of all of these things for you so that you do not need to worry about them. In addition to this, by using double-factor authorization, you can also benefit from an extra layer of security. This particular feature ensures that your crypto account will remain protected at all times, and no one else will be able to access it except for you.
Compatibility with All Devices
To get the most out of your engagement, you can only use a platform that you can access from all the standard devices people are using nowadays. Easy Crypto4U stands out for the fact that it has such a wide range of functionality that you can access it from a variety of devices, including tablets, smartphones, desktop computers, and mobile phones. Having said that, there is something that should be made clear about Easy Crypto4U. You are able to sign into this platform using any of the devices mentioned above via your account and purchase or sell crypto.
Furthermore, you should be aware of the fact that the interface of this crypto exchange is very easy to use, and even if you are new to crypto trading or buying and have never worked with an interface of such complexity before, you will not have any issues with this crypto exchange at all. Moreover, even in the event that an issue occurs, all you need to do is send a quick message to their technical support team, who will fix the issue as soon as they are notified about it.
Customer Support
Contacting the customer support service of this digital currency exchange can be accomplished either by sending them an email or sending them a message through the contact form on their website. By filling in your details, you will be able to get in touch with one of the agents within a short period. You can reach out to their agents during this time period 24/7, so if you need help in the middle of the week, they will be available round the clock.
You can get a solution to each and every problem of yours within the duration of no time as the team of this exchange is always ready to assist the clients whenever they face issues while trading on the platform of this exchange. So, do not worry if you are stuck in a difficult situation. Just reach out to these professionals and tell them about the situation you are in, and they will suggest you the solution within no time.
Summary
At this point in the discussion, I think that it is reasonably apparent that Easy Crypto4U is an excellent choice because it has the advantage of being very secure and reliable and incredibly affordable. There are many features and services that traders will appreciate, designed to meet their specific needs and requirements. The customer support at Easy Crypto4U is excellent and timely. Customers are always treated with friendliness and kindness. Training resources provided by Easy Crypto4U are clear and easy to follow.
The asset index provided by Easy Crypto4U is comprehensive and robust. In conclusion, it was evident that Easy Crypto4U is one of the top digital asset exchanges in the industry when all factors are considered. The crypto exchange at the time of writing has a large number of cryptos available for its users to choose from. This exchange allows users to buy, sell as well as exchange cryptos easily. In order to make your cryptocurrency exchange as smooth as possible, you can use the platform’s many features.
If you are ready to start your trading venture into the world of cryptocurrency, then you should start it with this trustworthy digital currency exchange, as it can provide you the comfort and confidence that you need at the beginning of your career.
While the year-end is nearing fast, yet there is no expected surge for the global crypto economy. However, one thing is for sure i.e. meme coins such as Dogecoin and Shiba Inu had performed outstandingly in 2021. They both represent almost 3% of the entire crypto economy.
The year 2021 would never be forgotten at least for the meme-themed cryptocurrencies i.e. Dogecoin (DOGE) and Shiba Inu (SHIB). Both of these cryptocurrencies were developed on the basis of inspiration from the globally renowned meme-dog. Interestingly, both these meme-themed crypto coins are amongst the top 10 leading cryptocurrencies of the world. In terms of popularity as well, they both enjoy the same level of fame amongst the crypto community. But Doge has a slight edge over SHIB when it comes to global fame and adoption.
At the individual levels, Doge and SHIB, both performed extremely well in 2021. For Doge alone, the value of this meme-themed cryptocurrency surged by almost 4,376% from 1st January to 19th December 2021. With this phenomenal growth in less than 12 months, Doge is now the biggest crypto coin amongst meme-based cryptocurrencies. As a matter of fact, there are numerous cryptocurrencies that are either based on inspiration or developed on meme themes. Amongst the meme-themed coins, again Dogecoin is the biggest digital currency having the highest market capitalization of US$ 23 Billion.
At the number two spot of the world of meme-themed cryptocurrencies, then comes SHIB and its year-to-date growth were higher than any other cryptocurrency. From 1st January till 19th December 2021, SHIB saw an exponential increase in its value up to 46,961,505.7%.
Because of the exponential growth of these two coins, other meme-themed cryptocurrencies too saw price hikes. For instance, there is this meme-themed cryptocurrency called “Dogelon mars (ELON)”. ELON’s market capital has gone past US$ 590 Million, making it the fifth-biggest meme-themed digital currency. Similarly, there is another meme coin namely BABYDOGE whose market capital has jumped to US$ 258 Million. BABYDOGE is now the 6th largest meme coin after ELON.
There are literally more than 10 cryptocurrencies currently in the market which are inspired by the dog breed “Shiba Inu”. On the other hand, there are more than dozen tokenized digital assets which too are dog-inspired tokens. However, amongst all Shiba Inu-inspired cryptocurrencies and tokens, Doge and SHIB share more than 85% of the dog-inspired economies.
Doge is also one of the favorite cryptocurrencies of Elon Musk, who is the head of Tesla Inc. Musk has been seen very often supporting Dogecoin. In one of his latest comments, he regarded Doge better than Bitcoin in terms of Doge’s convenience for transactions. Even his company has announced the integration of a Dogecoin-based payment mechanism.
Similarly, there was a public petition filed by SHIB supporters insisting upon Robinhood to provide for SHIB trading. Robinhood has accepted the public view and is in the process of SHIB’s incorporation at its crypto trading platform.
