DeFI, Digital Assets, Cryptocurrency and Distributed Ledger TechnologyWed, 02 Nov 2022 17:18:47 +0000en-GB
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https://www.the-blockchain.com/2022/11/02/indias-finance-minister-takes-different-stance-on-crypto-says-regulation-should-be-indias-priority/#commentsWed, 02 Nov 2022 17:18:47 +0000https://www.the-blockchain.com/?p=76485by Wieke Beenen
This week India’s Finance Minister Nirmala Sitharaman announced at the Indian Council for Research on International Economic Relations that the people of India had taken to digital technology ‘like a fish to water’, and regulating cryptocurrency would likely be one of India’s priorities in its upcoming leadership of the G20. Sitharaman also said that India […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Wieke Beenen
This week India’s Finance Minister Nirmala Sitharaman announced at the Indian Council for Research on International Economic Relations that the people of India had taken to digital technology ‘like a fish to water’, and regulating cryptocurrency would likely be one of India’s priorities in its upcoming leadership of the G20.
Sitharaman also said that India needed to start working with organizations including the International Monetary Fund, Financial Stability Board and Organization for Economic Co-operation and Development to ensure crypto “can be regulated with all countries being on board.” India is expected to assume the presidency of the G20 taking over from the current position holder, Indonesia, in December.
Sitharaman’s comments were surprising because she had previously called for global collaboration to decide on crypto’s future and had been quite cautious about mainstream crypto adoption, citing risks to financial stability.
Anto Paroian, the CEO and Executive Director at the cryptocurrency hedge fund ARK36, commented the following on the announcement Sitharaman made,
”India’s finance minister is likely right when saying that introducing cryptocurrency regulation must be a globally coordinated effort if it is to be effective. A more uniform set of rules may also help investors, as well as players in the crypto industry, obtain access to a more diverse range of markets and customers. And if cryptocurrencies are to achieve the status of a universal, worldwide financial asset, some degree of unification of their legal status and a consistent regulatory approach across jurisdictions will likely be needed in the long term.
Whether India is the best country to lead a global effort to regulate digital assets, though, is a completely different question. One can’t help but notice that so far, India has treated cryptocurrencies more as a threat than an opportunity. This is especially disappointing in the case of a country where as much as 20% population is unbanked. If embraced, crypto could offer India’s population easier access to financial services and make the whole financial system more efficient and egalitarian.
Instead, the Indian government sees cryptocurrencies as a tool for “drug funding, terror funding or just gaming the system.” Such ideas are obsolete and paint a false picture of a massive and incredibly innovative global industry which at its core is driven by the ideals of a fairer financial system. If India wants to succeed in its mission to lead a global effort to regulate cryptocurrencies, it seems that it must first make an honest effort to better understand this space and its goals.”
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/29/can-the-declining-eci-spark-a-bitcoin-rally/#commentsFri, 28 Oct 2022 22:38:05 +0000https://www.the-blockchain.com/?p=76456by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Bitcoin found resistance yesterday at the 100 daily moving average yesterday and pulled back to $20,000. As mentioned as a possibility in yesterday’s commentary, the strong economic data, coupled with weak earnings for big tech companies such as Amazon, led to a decline in crypto […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Bitcoin found resistance yesterday at the 100 daily moving average yesterday and pulled back to $20,000. As mentioned as a possibility in yesterday’s commentary, the strong economic data, coupled with weak earnings for big tech companies such as Amazon, led to a decline in crypto last night.
However, Bitcoin is rallying today after we received Employment Cost Index data (ECI), which came in as expected at 1.2%. This number continues the declining trend in ECI. However, when we look at the ECI chart relative to where it has been over the past 12-14 years, it is almost three times as high as its average of around 0.4. This means the Federal Reserve cannot risk reversing their aggressive policy just yet.
Therefore, when November 2nd comes around, the next FOMC meeting, we are unlikely to see Federal Reserve Chairman Jerome Powell discuss a potential pivot on the horizon. Although, there is a declining trend over the past few months, so we could hear talk of 50 basis point hikes instead of 75 basis points.
Nevertheless, the question remains about where the terminal rate will be, which is when the Federal Funds rate peaks.
The world’s biggest Bitcoin miner, Core Scientific, is now going bust. This is due to Bitcoin trading below its production cost for too long, meaning many miners have been unable to sustain themselves. This could force miners to transition to renewable energy that is cheaper, as Aspen Creek Digital Corp has cleverly done. They have started mining at a six-megawatts solar-powered facility in the western part of Colorado. We can expect more Bitcoin miners to follow in this path, especially if more stringent regulation arrives with Bitcoin miners’ energy consumption.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/27/u-s-gdp-grows-by-2-6-what-does-this-mean-for-crypto/#commentsThu, 27 Oct 2022 15:03:19 +0000https://www.the-blockchain.com/?p=76445by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Bitcoin remains above $20k, as U.S. GDP for Q3 is recorded as 2.6%, beating the expected 2.4% and coming in significantly higher than the previous decline of 0.6%. So far, the market has responded positively to this news, potentially due to the decreased chances of an […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Bitcoin remains above $20k, as U.S. GDP for Q3 is recorded as 2.6%, beating the expected 2.4% and coming in significantly higher than the previous decline of 0.6%.
So far, the market has responded positively to this news, potentially due to the decreased chances of an economic recession. However, this positive reaction to the news could be short-lived, as it infers that the Federal Reserve have been given the green light to carry on with their aggressive policy measures and continue to hike rates.
This argument is backed up by Core PCE inflation which was 4.5%, which although it came in lower than the previous month of 4.7%, it remains persistently high.
If the Federal Reserve sees these figures as a sign that inflation is the biggest issue to deal with currently, hence resulting in continued aggressive policy then risk assets, like crypto, could react badly after the short-term volatility is out of the way. This is because an aggressive Federal Reserve policy removes liquidity from the market, which causes the most liquid assets like crypto and stocks to be sold off.
Despite the macroeconomy being bearish for risk assets currently, more governments are trying to become the next global hub for crypto. The UK has recently recognised Bitcoin and Ethereum as official regulated financial instruments. Furthermore, Hong Kong are now trying to entice crypto firms with a retail trading allowance, permitting the listing of Bitcoin and Ethereum on trading platforms. I think government regulation could be a key catalyst for crypto adoption in the coming years.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/21/investment-giant-fidelity-plans-crypto-expansion/#commentsFri, 21 Oct 2022 15:33:41 +0000https://www.the-blockchain.com/?p=76406by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). As Bitcoin continues to crab sideways, Fidelity Digital Assets prove their optimism about the long term prospects of the crypto industry. The Digital Assets unit of the investment giant unit is doubling down on hiring, as they plan to add another 100 new staff over […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
As Bitcoin continues to crab sideways, Fidelity Digital Assets prove their optimism about the long term prospects of the crypto industry. The Digital Assets unit of the investment giant unit is doubling down on hiring, as they plan to add another 100 new staff over the next six months.
Chris Tyrer, head of Fidelity Digital Assets Europe and head of Fidelity Digital Asset Management, said during a panel at the Blockworks Digital Asset Summit in London this week:
“We’ve gone through a fairly aggressive hiring spree over the last 12 months and we probably, in excess, doubled the size of our organization. We’re probably looking at adding another 100 over the next three to six months.”
This would make the unit’s headcount come to around 600.
Fidelity manages around $9.9 trillion and has been immersed in the crypto industry for years. Their recent actions show they are becoming more bullish on the sector, as they have recently launched an Ethereum index fund (that will allow institutional clients access to ETH by the end of this month) and a digital asset exchange alongside Charles Schwab and Citadel securities.
This action from Fidelity defies the bearish trend of significant layoffs seen amongst many crypto firms. Coinbase, BlockFi, Crypto.com and market maker GSR, among others, have mostly had to cut at least 20% of staff in recent months. This suggests that the bigger companies with larger balance sheets, who are able to weather through the storm, will capitalise on the downfall of others.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/19/19000-holds-firm-for-bitcoin-are-we-bottoming-out/#commentsWed, 19 Oct 2022 16:47:11 +0000https://www.the-blockchain.com/?p=76395by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Bitcoin remains above $19,000, as it could be establishing a floor from $17,600 to around $19,000, before a significant relief rally to the upside. Sell pressure continues to be absorbed, despite the negative macroeconomic news. The report released yesterday by the Bitcoin Mining Council (BMC) […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Bitcoin remains above $19,000, as it could be establishing a floor from $17,600 to around $19,000, before a significant relief rally to the upside. Sell pressure continues to be absorbed, despite the negative macroeconomic news.
The report released yesterday by the Bitcoin Mining Council (BMC) has raised some eyebrows, however, as it showed that Bitcoin has seen a 41% increase in energy consumption year-over-year (YoY). This has raised some concerns that regulators could clamp down on crypto mining.
Nonetheless, mining efficiency increased 23% YoY, and sustainable power mix was 59.4%, above 50% for the 6th quarter in a row.
Despite the dramatic improvements in energy efficiency and a more diverse and sustainable energy mix, the increase in energy consumption could draw the attention of regulators.
Bitcoin’s hashrate increased 8.34% in Q3 2022 and 73% YoY, even though Bitcoin has been in a downtrend.
Glassnode, a leading data analytics firm, claims that the “hashrate rise is due to more efficient mining hardware coming online and/or miners with superior balance sheets having a larger share of the hash power network.”
After rejecting a proposal to ban crypto mining in March, the EU released documentation yesterday that outlined an action plan to implement the European Green Deal and the REPowerEU Plan — These plans are in place to keep a close eye on crypto mining activities and their environmental effects.
The U.S. is moving slower than the EU in terms of regulatory movements. In September, the White House Science Office published a 46-page document that investigated the climate and energy implications of crypto-assets. An actual plan has yet to be laid out, however this new mining report could instigate action from both the EU and U.S. regulators soon.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/14/primex-finance-launches-its-beta-version-letting-users-experience-its-cross-dex-trading-features/#commentsFri, 14 Oct 2022 00:17:19 +0000https://www.the-blockchain.com/?p=76367by chainwire
Primex Finance, the first-ever cross-chain prime brokerage protocol, launches the Primex Beta on the Ethereum Goerli testnet. The Beta version allows users to experiment with the protocol’s cross-DEX spot margin trading. With the Beta launch, Primex also introduces the new Referral Program for early users, offering benefits to early registrants and referral-based rewards. DeFi holds […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by chainwire
Primex Finance, the first-ever cross-chain prime brokerage protocol, launches the Primex Beta on the Ethereum Goerli testnet. The Beta version allows users to experiment with the protocol’s cross-DEX spot margin trading. With the Beta launch, Primex also introduces the new Referral Program for early users, offering benefits to early registrants and referral-based rewards.
DeFi holds the potential to financially empower investors and traders in ways that were previously unimaginable in the traditional financial world. Despite that, most of the existing DEXs with margin trading features still use centralized trade execution mechanisms and feature a limited number of assets available for margin trading as derivatives.
Primex decentralizes the trade-execution mechanism to enable a wider variety of actions on DEXs. Instead of centralized order books, all automated trade executions on Primex are carried out by a network of Keepers. Consequently, decentralization can be maintained throughout the entire trading process, from creating an order to closing the position.
The Beta version of Primex’s protocol introduces key features, such as:
- Spot trading without leverage: Primex Traders will now be able to use different types of orders—stop loss, take profit, and limit orders—for non-leveraged spot trades in a decentralized manner, facilitating the trade of cryptocurrency pairs without leverage.
- Primex Splitter: A new mechanism that functions as an aggregation solution that splits up swaps across multiple DEXs and helps users make their trades more efficiently by reducing slippage and finding the best swap rates, without any additional fees.
- Open Position and Order Modification: Introducing the ability for users to modify the deposit, Take Profit/Stop Loss (TP/SL), limit price, and leverage of open orders.
- Partial Position Close: Traders now have the ability to partially close an open position. When a position is partially closed, the returned funds are distributed between the Credit Bucket and the Trader, depending on debt size.
- Spot Orders and Positions Data: Expanded data display to include information about each Trader’s spot orders and positions.
- WalletConnect Integration: In addition to MetaMask, users can now use WalletConnect, widening the variety of crypto wallets connected to Primex.
- New DEX Integrations: Primex Beta supports two new DEXs (Curve and Balancer), as well as Uniswap v3 pools with different fees.
- Bucket Reserves: A new mechanism that automatically moves part of the traders’ fees to the Reserve Pool of each Credit Bucket to insure them against potential losses.
- Multi-Language Support: The Primex platform is now available in seven more languages to provide access to a more localized and user-friendly experience.
In addition to the new mechanisms introduced with Primex Beta, the Referral Program offers rewards in exchange for inviting new users to the platform. Connections and referral contributions are automatically tracked utilizing smart contracts to store the data transparently on-chain. Furthermore, the Early User Program grants participation in private challenges for a chance to earn exclusive prizes and access to the Primex private Discord channels. Ultimately, early users can also participate in the Ambassador Program to earn exclusive ambassador-only rewards.
“We are right on track to fulfilling our mission of defragmenting the DeFi markets via the new prime brokerage protocol that offers users open access to a truly decentralized spot margin trading experience across numerous DEXs and blockchains,” says Vlad Kostanda, Co-Founder and CEO of Primex. ”This new upgrade will enhance how the protocol works while bringing our team one step closer to Primex’s mainnet launch.”
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/11/coinbase-backed-deso-disrupts-telegram-whatsapp-and-signal/#commentsTue, 11 Oct 2022 18:12:27 +0000https://www.the-blockchain.com/?p=76360by chainwire
DeSo, a new layer-1 blockchain built from the ground up to decentralize social media, just launched decentralized on-chain end-to-end encrypted group chats, a first-of-its-kind innovation. On-chain messages are resistant to censorship and can be used pseudonymously without supplying personal information, just like Bitcoin or Ethereum. DeSo is the only blockchain that supports seamless end-to-end encrypted […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by chainwire
DeSo, a new layer-1 blockchain built from the ground up to decentralize social media, just launched decentralized on-chain end-to-end encrypted group chats, a first-of-its-kind innovation. On-chain messages are resistant to censorship and can be used pseudonymously without supplying personal information, just like Bitcoin or Ethereum.
DeSo is the only blockchain that supports seamless end-to-end encrypted on-chain messaging today, and the extension to group chats is a first-of-its-kind breakthrough. The platform recently raised $200 million from Coinbase, Sequoia, and Andreessen Horowitz. $DESO, the native currency of the DeSo blockchain and is listed on Coinbase.
At the moment, Signal is the most popular private messaging app, and yet users can’t use it without entering a personally-identifying piece of information: their phone number. This makes it so that anyone with access to Signal’s database gets full information about who the user messaging and when. Additionally, because Signal is a centralized service, it has been blocked in major countries like China.
Imagine if creating a Bitcoin wallet required users to give up their phone numbers. Why can’t users have the same level of privacy and censorship resistance that they have with Bitcoin but applied to their communications?
Today, the DeSo blockchain brings Bitcoin’s pseudonymity and censorship resistance to messaging with the launch of decentralized end-to-end encrypted on-chain direct messages and group chats.
Thanks to a recent integration with MetaMask, users of DeSo apps like Diamond can sign up without entering any personal information. Additionally, because DeSo is a decentralized layer-1 blockchain, all messages are censorship resistant, meaning that nothing can stop the users recipient from getting their message, even if they’re in a country with limited free speech.
“DeSo is the only blockchain that could support something like this today,” says Nader Al-Naji, the creator of DeSo. “It costs about $75 to store a 200-character message on Ethereum, and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like iMessage, WhatsApp, and Signal,” Al-Naji adds.
This is the latest in a recent string of successes for DeSo. The platform listed on Coinbase earlier this year announced a groundbreaking MetaMask integration last week that caused a significant price surge. Many new social apps like Diamond, a web3 social network built on DeSo, have launched and are growing rapidly with a recent surge in user numbers. Recently, the platform announced a USDC integration that has attracted many new builders to the ecosystem.
With the launch of decentralized messaging, DeSo’s true disruptive power becomes apparent. It is a platform that can not only disrupt social media but a platform that can ensure open communication and free speech for all citizens of the world.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/11/supraoracles-goes-live-on-ethereum-polygon-aptos-and-four-other-l1-blockchain-testnets/#commentsTue, 11 Oct 2022 17:30:14 +0000https://www.the-blockchain.com/?p=76356by chainwire
Continuing to unveil their growing technology stack, today SupraOracles announces the official launch of its Alpha Testnet. SupraOracles provides a next-generation cross-chain solution so smart contracts and blockchain apps work better and is elevating a new standard for the Oracle industry, deploying fully auditable and accurate streaming data feeds with 2-5 second finality. In preparation […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by chainwire
Continuing to unveil their growing technology stack, today SupraOracles announces the official launch of its Alpha Testnet. SupraOracles provides a next-generation cross-chain solution so smart contracts and blockchain apps work better and is elevating a new standard for the Oracle industry, deploying fully auditable and accurate streaming data feeds with 2-5 second finality.
In preparation of this Alpha Testnet, SupraOracles has graciously received gas subsidies and support from seven leading chains. SupraOracles Alpha Testnet is now publishing Oracle data to seven different major blockchains’ testing environments, including various Layer 1s and Layer 2s each minute.
Following their Oracle service will be their Confidential VRF (Verifiable Random Function) service, which utilizes novel cryptography to ensure unbiased, privacy-preserving, fair randomness generation to power NFTs, GameFi, and more. Node operators interested in participating in the Incentivized Beta Testnet should reach out on Discord.
To utilize SupraOracles today, developers can review deployments on seven prominent blockchains: Aptos, Arbitrum, Avalanche, Binance, Ethereum, Optimism, and Polygon. Additional ecosystems will be serviced in the months to come; including, but not limited to: Algorand, Fantom, Harmony, ImmutableX, Moonbeam, Solana, StarkWare, and Sui.
SupraOracles welcomes developers from any of these ecosystems to dive into the latest documentation in order to start integrating today. Bug bounties await the most eager participants.
The road to Supra Mainnet is upon us. SupraOracles is working with accelerators such as Brinc and Plug and Play to award cutting-edge blockchain projects its exclusive SNAP (Supra Network Activation Program) credits. SNAP Partners will receive up to two years’ worth of oracle and VRF/RNG expenses complimentarily once SupraOracles goes live on Mainnet.
SNAP aims to help promising Web3 projects more easily achieve scale. There are also other beneficial incentive packages following the initial discount window. As SNAP is in high demand, apply here before all the slots are booked (acceptance into the program is not guaranteed).
To get the latest updates first, and to speak directly with the team, join Supra’s Discord today to watch for new drops coming frequently — as the build-up to the Mainnet’s crescendo continues.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/06/number-of-active-ethereum-users-increased-by-over-36-in-third-quarter-of-2022/#commentsThu, 06 Oct 2022 13:36:09 +0000https://www.the-blockchain.com/?p=76142by Staff
In times of fear of a WWIII, inflation, recession and energy shortage most of the investment instruments suffer substantial losses. Stocks, gold and mostly cryptocurrencies are greatly affected by the troublesome atmosphere around the world. With Ether down approximately 64% year-to-date, followed by Bitcoin down approximately 58% year-to-date, BestBrokers analyst team decided to look into blockchain transaction […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
In times of fear of a WWIII, inflation, recession and energy shortage most of the investment instruments suffer substantial losses. Stocks, gold and mostly cryptocurrencies are greatly affected by the troublesome atmosphere around the world.
With Ether down approximately 64% year-to-date, followed by Bitcoin down approximately 58% year-to-date, BestBrokers analyst team decided to look into blockchain transaction data and find out how this drop affects crypto users in actuality.
The raw data, queried from Dune Analytics clearly shows a great increase in interest in Ether as the number of active Ethereum users rose over 36% in Q3 2022, compared to Q2. Actually, this is the first positive quarter since Q4 2021 when Ether’s price rose to a record all time high of just over $4,890.
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Alan Goldberg, analyst at BestBrokers comments:
“The Ethereum 2.0 update went live just three weeks ago. It surely brought more interest in the Ethereum network but it cannot justify such a great rise. Other factors have to be taken into account, including the fact that people actually find cryptocurrencies as an investment option and the record lows of Q3 2022 seemed like a bargain to a lot of individual investors.”
The long-awaited Ethereum 2.0 update undeniably had a positive impact on Еthereum user count. However, it was completed so late in Q3 2022 that it is definitely not the only reason for the uptrend. The expectation and the news in mid July, confirming the final update date definitely contributed to the inreased trade, but we also have to take into account the fact that Ether price dropped below the $900 mark in late Q2 2022 and that low price must have looked like a bargain discount to optimistic investors. Since then the price went steady up with a few times touching the $1,000 resistance but made over 100% rise to just over $2,000 in August 2022.
Despite the current price sitting at around $1,360 or somehow around 33% lower than the August heights, Ether had great price swings, typical to most of the cryptocurrencies. After all, the price volatility and high volume are among the factors which drive investor interest into the crypto markets and that is exactly what Ethereum delivered in Q3, clearly showing that the markets have potential to get back on a positive trend.
Alan also adds that the 36% increase in the active users within just 3 months may very well be interpreted as a sign that the crypto markets are getting back on the positive trend. He says, ”The fact that the number of active users is over 14% higher than Q4 2021, when both Bitcoin and Ether prices were at an all time high, only reinforces crypto analysts’ expectations that the markets have a great potential to rise again.”
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/04/can-increased-odds-of-a-recession-cause-crypto-to-rise/#commentsTue, 04 Oct 2022 18:54:40 +0000https://www.the-blockchain.com/?p=75939by Wieke Beenen
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). After a painful week for the stock market in the U.S., the S&P 500 had its best day since July, growing by 2.59%. S&P 500 futures are also up over 1.8%. This has led Bitcoin to rise over 4% overnight. This rise in the stock […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Wieke Beenen
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
After a painful week for the stock market in the U.S., the S&P 500 had its best day since July, growing by 2.59%. S&P 500 futures are also up over 1.8%. This has led Bitcoin to rise over 4% overnight. This rise in the stock market was a result of weak manufacturing data that came in yesterday. The U.S. September manufacturing ISM was weaker than the expected 52 and dropped by 1.9pts to 50.9. Furthermore, employment & new orders fell below 50. Prices paid dropped by 1.9pts to 50.9 in addition to supplier deliveries and order backlogs falling These indicators are pointing to less inflation pressure, hence resulting in positive sentiment in global markets yesterday, including Bitcoin.
This does raise the concern, however, that the Federal Reserve could overtighten. Famous investor, and one of Wall Street’s most respected minds, Stan Druckenmiller, said last week, “I will be stunned if we don’t have a recession in ‘23. I don’t know the timing but certainly by the end of ‘23. I will not be surprised if it’s not larger than the so-called average garden variety. I don’t rule out something really bad.” The United Nations calls on the Fed and other central banks to halt interest rate increases, due to fears of extreme tightening conditions causing a global recession.
Based on the last two major stock market drawdowns, shown above by ecoinometrics, we could expect further downside for the stock market if a recession does occur. The dotcom bubble and Great Recession took many months to reach their ultimate bottom and markets took years to recover. However, the fact that the U.S. stock market rallied yesterday after weaker manufacturing data showed that the market is currently fearing persistently high inflation over the danger of a recession. This means that a wider relief rally could be on the cards in the coming months if we continue to see similar data this month regarding slowing inflation.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/10/04/deso-is-elon-musk-and-jack-dorseys-answer-for-decentralized-social-blockchain/#commentsTue, 04 Oct 2022 00:51:13 +0000https://www.the-blockchain.com/?p=75875by chainwire
As Jack Dorsey and Elon Musk’s Messages call for a decentralized social media blockchain, DeSo could be the answer. The DeSo Foundation, a new layer-1 blockchain built from the ground up to decentralize social media, just announced the release of their ambitious roadmap to do so, and build The Social Layer of Web3. Milestones on […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by chainwire
As Jack Dorsey and Elon Musk’s Messages call for a decentralized social media blockchain, DeSo could be the answer. The DeSo Foundation, a new layer-1 blockchain built from the ground up to decentralize social media, just announced the release of their ambitious roadmap to do so, and build The Social Layer of Web3.
Milestones on the roadmap will be executed over the next 2 quarters to solve the major problem with social media today.
“Most people don’t realize that social media is more centralized than the financial system was when Bitcoin was invented. Only a handful of companies currently control what we see and do online. We can solve this problem by decentralizing social media and storing all content on a blockchain.” said Nader Al-Naji, the founder of DeSo.
The roadmap release comes as new messages emerge between Elon Musk and Jack Dorsey, showing his idea for a blockchain-based social media protocol that does payments and short text messages.
The two billionaire entrepreneurs discussed how Twitter would be better off as an open-source protocol funded by a foundation instead of a company. Dorsey expressed regret over making Twitter a company calling it an “original sin.”
The foundation’s role in an open-source blockchain-based social network would be to finance and advance its development. Elon Musk called it a “super interesting idea” and offered to help. However, once Dorsey failed in his attempt to get Musk on the Twitter board, he eventually left the company.
Additionally, there was a conversation between Elon Musk and Sam Bankman-Fried, founder of FTX, about making a blockchain Twitter or buying Twitter outright. However, this may not be necessary anymore, considering the DeSo foundations roadmap and the apps emerging from its ecosystem.
DeSo released the first milestone on their roadmap with their MetaMask integration, which went live last week. It allows millions of Ethereum users to log in to DeSo with one click. They also plan to add more cross-chain communication bridges between ecosystems, including Solanas Phantom wallet. Other potential integrations include Cardano and NEAR.
A move from Proof-of-Work to “Infinite Proof-of-Stake” is also in the works. Like Ethereum’s switch to Proof-of-Stake, DeSo Proof-of-Stake will reduce consumption and become more energy efficient.
A hackathon at a major Ivy League Institution where students can compete to build the next great decentralized social network is also in the works. This is expected to be completed by Q4, along with a critical COO hire to help scale business and marketing operations.
Many experts expect decentralized social media to be the next huge market opportunity, which top crypto research firms have assessed. DeSo ranked first in Messari’s seven other crypto trends analysis due to the overall addressable market.
In the next decade, social media is predicted to attract 6 billion users and be worth trillions. A blockchain-based social network would highly appeal to the 50 million creators in today’s economy who are always looking for new platforms; the creator economy is currently valued at $100 billion.
DeSo has several social media apps emerging from its ecosystem that appeal directly to the creator economy, including a blockchain-based Twitter app where people can monetize with diamonds.
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>https://www.the-blockchain.com/2022/10/04/deso-is-elon-musk-and-jack-dorseys-answer-for-decentralized-social-blockchain/feed/73
https://www.the-blockchain.com/2022/09/29/bank-of-england-uncertainty-what-does-this-mean-for-crypto/#commentsWed, 28 Sep 2022 22:41:32 +0000https://www.the-blockchain.com/?p=75534by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). As markets experienced some relief yesterday from the persistent sell pressure we have seen, the sea of green across crypto lasted very briefly. Fear around the Pound’s instability and lack of certainty over the UK government’s stance on monetary policy has taken headlines by storm. […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
As markets experienced some relief yesterday from the persistent sell pressure we have seen, the sea of green across crypto lasted very briefly.
Fear around the Pound’s instability and lack of certainty over the UK government’s stance on monetary policy has taken headlines by storm. This topic has caused extreme fear around whether the UK government have control over their own currency.
However, the Pound’s major sell off was mainly a technical move caused by traders dumping their positions in illiquid hours, as opposed to representing broad economic components.
Many are comparing this phase of the bear market a 2008 style crash, but in actuality, banks are well capitalised compared to 2008, so although we may need prices to correct, a crash may not be necessary.
When looking at the situation holistically, I think it is important to not form an opinion over just one day’s worth of data and the UK macroeconomic picture will probably look a lot better in the coming months.
Currently, though, the Bank of England are not helping themselves by today’s announcement regarding a restart of QE on September 28th, which provides the market with even more uncertainty.
They are simultaneously carrying out QE, which accommodates the market, whilst raising interest rates, which tightens the market. The tightening conditions is further juxtaposed by the actions of the Treasury Secretary who have recently announced a heft budget including tax reliefs.
How does crypto fit into all of this?
There is clearly a lack of confidence in the Bank of England and UK Treasury currently, as the market has demonstrated with volatile currency moves. This raises the notion that cryptocurrencies can provide a solution to this mess, a way out of depending on a small selection of individuals to provide economic stability.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/09/28/sushi-deploys-to-kava-debuting-major-ui-overhaul/#commentsWed, 28 Sep 2022 13:26:39 +0000https://www.the-blockchain.com/?p=75474by chainwire
Earlier this year, Kava shook up the L1 industry with its Ethereum Co-Chain launch, sparking the fastest growth of protocols on any blockchain in 2022. Today, tier-1 DeFi protocol Sushi combines its deployment to Kava with an up to $7M matching rewards plan alongside their elegantly redesigned Sushi 2.0 user interface. Providing liquidity to Sushi’s […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by chainwire
Earlier this year, Kava shook up the L1 industry with its Ethereum Co-Chain launch, sparking the fastest growth of protocols on any blockchain in 2022. Today, tier-1 DeFi protocol Sushi combines its deployment to Kava with an up to $7M matching rewards plan alongside their elegantly redesigned Sushi 2.0 user interface.
Providing liquidity to Sushi’s wKAVA/USDC pool deployed to the Kava EVM will be eligible for KAVA and SUSHI token rewards. Sushi’s deployment also enables users to create new pools with other asset pairs, especially after the Kava 11 upgrade and the Ethereum bridge later this year. These actions position Sushi as the primary decentralized exchange (DEX) on the Kava EVM.
“Kava is a 100% growth-oriented blockchain fueled by the Kava Rise incentives program. Sushi has believed in this program from the start and was an early pioneer. Today, I’m excited to announce that Sushi also chose Kava to premier a one-of-a-kind DeFi user experience. Kava aims to onboard and engage more protocols than all the other L1 networks. Kava will reach that goal with visionary partners like Sushi.” – Scott Stuart, CEO of Kava Labs.
“We are grateful to be a part of what we consider an exciting new blockchain infrastructure. We are humbled to be included as one of the first DEXes on the Kava chain. We believe Kava’s focus on growth and connecting with all kinds of projects to help them grow through the Kava Rise program is the best approach. Unveiling our new UI at the moment of this deployment is a testament to the importance of combining our forces.” – The Sushi team.
Sushi and Kava’s partnership milestone is made possible by Kava Rise, a $750M rewards program designed to push 10x growth on the Kava blockchain. Being a part of Kava Rise means all Sushi pools on Kava will accumulate programmatic, on-chain rewards for the Sushi protocol.
Alongside its deployment to Kava and introduction to the Kava Rise program, Sushi implements a new UI designed to improve the user experience, improving the user experience for Sushi’s most-used apps — Trident, Furo, and BentoBox. All of these dApps will be accessible from the Kava EVM and eligible for accumulating Kava Rise incentives for the Sushi protocol.
Sushi is an Ethereum-based decentralized protocol that delivers a robust suite of DeFi applications. The Sushi ecosystem currently holds over $1.5B in Total Liquidity with more than 150K Sushi token holders and 15.68K asset trading pairs. Users can interact with Sushi on 20+ wallets and 15 supported blockchains.
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>https://www.the-blockchain.com/2022/09/28/sushi-deploys-to-kava-debuting-major-ui-overhaul/feed/69
https://www.the-blockchain.com/2022/09/20/investors-remain-cautious-before-the-fed-make-their-move/#commentsTue, 20 Sep 2022 13:44:31 +0000https://www.the-blockchain.com/?p=74993by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Bitcoin and the crypto market saw a significant bounce yesterday, before finding resistance at $19,666 – the 2017 bull market top, a key resistance. Bitcoin remains below $20,000 for now as investors are very cautious ahead of the Federal Reserve decision tomorrow, followed by a news […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Bitcoin and the crypto market saw a significant bounce yesterday, before finding resistance at $19,666 – the 2017 bull market top, a key resistance. Bitcoin remains below $20,000 for now as investors are very cautious ahead of the Federal Reserve decision tomorrow, followed by a news conference with Chair Jerome Powell.
The market is currently pricing in a probability of an 82% chance of a 75 basis point rate hike, and a 18% chance of a 100 basis point rate hike. As the chance of at least a 75 basis point rate hike has been fully priced in by investors, I think a 75 basis point rate hike could be priced in, in the short-term. However, central banks are very aggressive so a short-term rally may be short-lived.
In addition to the Federal Reserve decision tomorrow, there is the Bank of Japan monetary policy decision and Bank of England interest rate decision on Thursday, as well as the US Conference Board leading index – initial jobless claims. We are therefore set up for a very volatile week as investors gain clarity on the decisions of central banks.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/09/20/grngrid-secures-50-million-usd-investment-commitment-from-gem-digital/#commentsMon, 19 Sep 2022 23:14:23 +0000https://www.the-blockchain.com/?p=74895by chainwire
The GRN Association, a Swiss-based NPO (non-profit organization), announced today that it has secured an investment totaling $50M for the GRNGrid project from GEM Digital Limited, a venture capital focused on digital currencies. On GRNGrid, an environmentally friendly, scalable, and stable Layer 1 blockchain, with novel DeFi features, users have the choice to only use […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by chainwire
The GRN Association, a Swiss-based NPO (non-profit organization), announced today that it has secured an investment totaling $50M for the GRNGrid project from GEM Digital Limited, a venture capital focused on digital currencies.
On GRNGrid, an environmentally friendly, scalable, and stable Layer 1 blockchain, with novel DeFi features, users have the choice to only use nodes running exclusively on renewable energy for their transactions.
GRNGrid’s renewable energy partners, who specialize in data center and hosting facilities, have shown keen interest in running Grid’s nodes as validators. With their help, the company can kickstart the availability, speed, and sustainability of GRNGrid in Q2 2023. GRNGrid’s novel features as GRNPay and Exnode will also encourage developers and consumers to connect on GRNGrid.
Introducing Proof-of-Stake V2 (PoS2), GRNGrid is the first blockchain with a consensus method specifically designed to tackle whales and achieve fairer distribution. This consensus method will deliver increased security, enhanced decentralization, and better financial sustainability.
GRN ($G), the native token of GRNGRid will govern the blockchain by staking to validate and earn validation rewards. Consumers are able to provide liquidity to the inbuilt DEX called Exnode.
The GRN Association protects the sustainable vision of GRNGrid, as well as providing funding to environmental projects. The association also handles the ReCharge program, which enables GRNGrid validators to repurpose their hardware and cut back on electronic waste.
The new funding from GEM Digital Limited, a digital asset investment firm, will be invested in further connectivity with top crypto Exchanges, adding new global professional partnerships, and building out its blockchain technology and infrastructure.
Frederik Vyncke: “The GRN Association is confident that with the support of GEM investment and the community, it can bring GRN Grid to fruition and be setting the tone for a renewable blockchain with innovative features and create a sustainable development”
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/09/14/the-merge-is-coming-what-are-the-green-benefits/#commentsWed, 14 Sep 2022 16:38:20 +0000https://www.the-blockchain.com/?p=74564by Wieke Beenen
The Merge, which will see Ethereum move into a new era, leaving behind one consensus mechanism and beginning another, could not have come at a better time. Energy prices are soaring, the news about a warming earth is alarming, and the calls for energy reduction and greener solutions are growing louder each day. The stakes […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Wieke Beenen
The Merge, which will see Ethereum move into a new era, leaving behind one consensus mechanism and beginning another, could not have come at a better time. Energy prices are soaring, the news about a warming earth is alarming, and the calls for energy reduction and greener solutions are growing louder each day. The stakes for the planet and its inhabitants are huge.
Ethereum was an energy inefficient network from day one, due to the old security system called proof-of-work, a system in which so called ”miners” gain the right to update the next block of transactions. This right was given by providing proof through solving challenging computational puzzles, after which miners earned new tokens in return. But there was a catch, in order to avoid too many new tokens from flooding the market, the puzzle solving got harder over time and subsequently also required more energy.
Digiconomist estimates that Ethereum miners have consumed 44.49 TWh per year which works out to 5.13 gigawatt on a continuing basis. This means that PoS (Proof-of-Stake), the mechanism Ethereum will be running on after the Merge, is ~2000x more energy efficient based on the estimates above – and this number might still be on the conservative side.
After the Merge a reduction of at least 99.95% in total energy use is expected. Proof of stake only requires appointed validators to agree that a transaction is accurate, and once enough nodes verify the transaction, it simply goes through. There is no more need for solving challenging and energy consuming computational puzzles.
Junnu Salovaara, Head of Platform Development at regenerative finance (ReFi) company Likvidi, commented,
“The merge to proof of stake dramatically reduces Ethereum’s power consumption by 99.95%. In terms of energy consumption, it will now sit alongside other protocols that are considered sustainable, such as Tezos, Solana and Algorand. Given it’s still the second biggest blockchain in the world by a big margin, it presents an opportunity for sustainable blockchain projects looking for a home.
Previously, a single transaction consumed enough energy to power an average US household for a whole week. Post-merge, it will be closer to boiling a kettle.”
So, after Ethereum will be transitioning to a new process for validating transactions, which should be done around the end of September, the environmental footprint should shrink significantly. No more puzzle solving altogether, and therefore eliminating the need for powerful hardware and massive amounts of electricity to keep the blockchain going. That is, if it all goes well. So, what could possibly go wrong?
Developers say there’s nothing to worry about—they’re confident the merge will have no impact on asset security or app functionality.
But there is always a but. Digital assets currently built on Ethereum could be duplicated during the Merge onto a forked proof-of work network. While the real versions of NFTs and Stablecoins will exist on the post-merge, proof-of-stake network, copies could therefore exist. Owners of these assets could sell these surplus tokens to make a buck.
But overall, the Merge should become a positive transition. The new Ethereum network will appeal to institutions that have concerns with the current environmental impact of proof-of-work. Smaller computers requiring less power will be able to use the new network. Ethereum’s security will also improve. An attack on the network will become a much more costly matter. But the planet will be the biggest winner with the 99,95% reduction of energy use.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/09/13/eth-merge-underrated-or-priced-in/#commentsMon, 12 Sep 2022 22:02:46 +0000https://www.the-blockchain.com/?p=74488by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Bitcoin started trading above $22,000 on Monday morning, ahead of the critical U.S. CPI release on Tuesday, as well as the highly anticipated Ethereum merge, which is due to take place in the coming days. The Merge is, by far, the most […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Bitcoin started trading above $22,000 on Monday morning, ahead of the critical U.S. CPI release on Tuesday, as well as the highly anticipated Ethereum merge, which is due to take place in the coming days.
The Merge is, by far, the most impactful event that has happened in the crypto industry thus far and is seen as a very positive event by most crypto investors. It will bring notable changes to Ethereum, as it will result in a transition from Proof of Work to Proof of Stake, which leads to a reduction in the network’s energy usage and new token issuance.
However, there are significant risks involved that could make the event messy in the short term. For example, many people in the ecosystem may not be ready to process the new chain, as they have not updated their software. Also, some of the APIs could break in ways which many people cannot predict. Furthermore, there could be another delay which would frustrate investors who have been waiting years for this transition to occur.
The Merge is such a complex technical event, which is not surrounding just one big company, but a whole decentralised network, so there are reasons why it may not play out so smoothly.
Nevertheless, the long-term implications, in my opinion, will be hugely beneficial for Ethereum the wider crypto space.
This is because the merge will reportedly reduce Ethereum’s energy consumption by around 99.95%. ESG narratives are one of the biggest hurdles for institutional investors entering the crypto industry, and so the Merge could alleviate this concern and improve the reputation of the whole asset class.
ETH investors will also receive a yield of somewhere around 5%. This means that the whole DeFi sector will have a benchmark yield to base yield off, so it could allow the DeFi space to flourish as investors now have a method to price risk. In addition, institutional investors love cash flow, so being able to receive a lucrative yield is another enticing benefit which could make ETH more investable for them.
The reduction in energy usage and yield after the Merge occurs could be a significant catalyst for institutions to enter the crypto space in mass over the next 5 years, but the short-term risks with the transition could mean we have a rocky week ahead.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/09/08/bitcoin-fundamentals-grow-despite-market-downturn/#commentsThu, 08 Sep 2022 13:40:41 +0000https://www.the-blockchain.com/?p=74302by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Bitcoin reclaimed $19,000 last night, as a key technical indicator suggests we may have some upside in the coming days. The RSI (Relative Strength Index) is showing a bullish divergence on the daily time frame, as shown below. This occurs when price makes a lower […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Bitcoin reclaimed $19,000 last night, as a key technical indicator suggests we may have some upside in the coming days.
The RSI (Relative Strength Index) is showing a bullish divergence on the daily time frame, as shown below. This occurs when price makes a lower low and RSI indicator makes a higher high, which typically results in a future bullish trend.
The macroeconomic environment continues to cause fear for investors, as the European energy crisis dominates headlines. Germany’s sanctions against Russia have led to the shutdown of the NordStream pipeline, which has resulted in gas prices soaring – Germans have been lining the streets in protest against their country’s sanctions which have caused Russia’s reaction.
However, the threat of action may have more sustainable price impact than the action itself. With no more threats of significant Russian pipeline flow cuts, the supply side balance could start to even out in the coming months.
Amongst the bearish macroeconomic factors, Bitcoin’s fundamentals grow by the day, as the number of Bitcoin on the Lightning Network continues to make all-time highs. There are almost 4,700 Bitcoin on the Lightning Network. Also, MicroStrategy announced on Tuesday they are working on solutions to onboard millions of people onto the Lightning Network.
The Lightning Network is a scalability solution built on top of Bitcoin, that allows users to rapidly send and receive BTC with virtually no fees, so if this becomes adopted globally, Bitcoin will have a strong utility with a payments network.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/09/08/bitcoin-seasonality-provides-hope-for-bitcoin-bulls/#commentsThu, 08 Sep 2022 12:26:13 +0000https://www.the-blockchain.com/?p=74238by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). The crypto market has dropped below $1 trillion again this week, as Bitcoin neared towards the local bottom of $17,600. On chain analytics have also demonstrated a bearish sentiment among market participants. An example of this is the Bitcoin adjusted SOPR chart, provided by Glassnode, […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
The crypto market has dropped below $1 trillion again this week, as Bitcoin neared towards the local bottom of $17,600. On chain analytics have also demonstrated a bearish sentiment among market participants.
An example of this is the Bitcoin adjusted SOPR chart, provided by Glassnode, which shows that investors are cashing out during bear market rallies. This indicator suggests that investors are selling to “get their money back” at their cost basis, as there is a huge resistance at 1, which is the breakeven threshold. I think the mainstream narrative of a recession and high inflation has caused fear among market participants.
The seasonality of Bitcoin’s monthly price change is congruent with September being a negative month, shown by the chart above, as 7 of the past 9 Septembers have been red.
However, Bitcoin is already down by over 5% this month and 7 of the past Octobers have been green. Therefore, if Bitcoin’s seasonality over the past 9 years is anything to go by, then this fear could be resulting in a great buying opportunity.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/09/06/lazy-lions-passes-100-million-usd-volume-traded-and-celebrates-first-birthday/#commentsTue, 06 Sep 2022 13:40:22 +0000https://www.the-blockchain.com/?p=74206by Staff
Lazy Lions has just passed the $100 million USD volume traded mark. With this achievement, it is now in the top 58 of all-time when it comes to NFT collections by trading volume, and in the top 30 for PFPs. Moreover, this veritable accomplishment coincided with the generative NFT project’s first birthday. It is important […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
Lazy Lions has just passed the $100 million USD volume traded mark. With this achievement, it is now in the top 58 of all-time when it comes to NFT collections by trading volume, and in the top 30 for PFPs. Moreover, this veritable accomplishment coincided with the generative NFT project’s first birthday.
It is important to note that the Lazy Lions OG collection, which minted at 0.05 ETH in August, sold out in just 5 hours. From then on, Lazy Lions built a strong community of over 140,000 Discord, 100,000 on Twitter and over 5,000 holders. Clearly, the Lazy Lions community is the opposite of lazy IRL!
To celebrate these milestones, Lazy Lions co-founder and CEO Ashur tweeted: “30,000 ETH traded. What a milestone. 59th on the OpenSea all-time top list (that includes every NFT created, even games)… and we’re just getting started. #LazyLions.” Lazy Lions also celebrated this milestone on Instagram: “It’s been one hell of a year #LazyLions #Roar.” @ashurnft added: “Love seeing @lazylionsnft IRL. So cool 
#nfts #web3,” alongside photos of Lazy Lions-inspired street art in Los Angeles, Melbourne and Austin – cementing Lazy Lions’ growing popularity in popular culture.
Additionally, NFT influencers such as @BrendanBald and @iSocialFanz have repeatedly praised Lazy Lions on Twitter: “Best NFT Community????” tweeted @BrendanBald, “Gotta be the @LazyLionsNFT – HANDS DOWN the most active and positive community on social media. Bull market, bear market, doesn’t matter – the kings and queens are roaring. #LazyLions #roar #RoaringAugust.” “What can we learn from an NFT project that generated 100mil USD in sales in the first year?? A s*ton!” tweeted @iSocialFanz.
In addition to these shoutouts and endorsements, LazyLions has also been recognised as a seminal NFT project by press outlets such as The Guardian, Yahoo Finance, Kraken, NFTevening and DappRadar, the name but a few. “Far more affordable than many other top collections by daily trading volume, Ashur pointed to “validation and cultural relevance” as the drivers of Lazy Lions’ success in the attention-based market, citing partnerships with larger name brands like Coinbase, the Sacramento Kings, and Puma,” commented DappRadar.
“As one of few projects that have been around for nearly a year, Lazy Lions could be considered an OG NFT collection when it comes to the PFP avatar craze that emerged in 2021. This 10K collection boasts a respectable track record, as well as one of the strongest NFT communities out there,” wrote NFTevening.
With key brand partnerships, a strong and thriving community, and an engaging roadmap, there is no way of stopping the Lazy Lions community from being one of the loudest and active voices on Twitter and Instagram! #Roar 
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/08/31/bitcoin-and-the-environment-friends-or-enemies/#commentsWed, 31 Aug 2022 12:39:34 +0000https://www.the-blockchain.com/?p=73944by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Whilst Bitcoin hovers around $20,000, Bitcoin mining is becoming more and more sustainable. It has been reported that around half a dozen Colorado-based gas and oil companies are teaming up with bitcoin miners in order to implement gas-to-Bitcoin flare mitigation solutions. This is after Colorado […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Whilst Bitcoin hovers around $20,000, Bitcoin mining is becoming more and more sustainable. It has been reported that around half a dozen Colorado-based gas and oil companies are teaming up with bitcoin miners in order to implement gas-to-Bitcoin flare mitigation solutions. This is after Colorado banned gas flaring, venting, and the release of raw gas into the atmosphere in November 2020.
It has also been reported that the technology used reduces 99.8% of methane compared to 93% for traditional flaring, all whilst the gas and oil companies are being rewarded with a significant amount of Bitcoin.
In addition, crypto farms in Russia are being supplied with electricity generated by small power plants, which burn associated petroleum gas (APG). APG is a by-product of the extraction of black gold. This does not cost anything for oil companies, as they are required to dispose of APG anyway, but now they can earn extra revenue from APG.
The ability for oil and gas companies to power Bitcoin miners with by-products of their operations, consequently leading to more revenue whilst benefiting the environment, is a great advert for Bitcoin’s future.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/08/30/have-bitcoin-whales-started-buying-again/#commentsTue, 30 Aug 2022 13:11:57 +0000https://www.the-blockchain.com/?p=73890by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock The crypto market cap fell back below $1 trillion over the weekend, after the Jackson Hole symposium where Federal Reserve chairman Powell reaffirmed the hawkish stance of the U.S. central bank. Meanwhile, the Securities and Exchange Commission has delayed yet another decision on VanEck’s latest bid […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock
The crypto market cap fell back below $1 trillion over the weekend, after the Jackson Hole symposium where Federal Reserve chairman Powell reaffirmed the hawkish stance of the U.S. central bank.
Meanwhile, the Securities and Exchange Commission has delayed yet another decision on VanEck’s latest bid to launch a spot Bitcoin exchange-traded fund (ETF). VanEck was previously denied a spot Bitcoin ETF in November last year. The date which the SEC will make their decision has been changed from August 27th to October 11th, which coincides with when many predict the Ethereum Merge will occur. If the application gets approved and we do actually see the Ethereum Merge come to fruition, this could lead to renewed interest in the crypto market, at a time when retail sentiment is at yearly lows.
Despite retail interest and liquidity in the crypto market being low, Bitcoin whales may have started to accumulate again. Data from Coinmetrics shows that the 30-day change in Bitcoin held by Bitcoin whales (addresses with 1k-10k Bitcoin) has turned from negative to positive in the past week or so. Bitcoin whales could be deciding that $20,000 is a great deal with a long-term outlook.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/08/30/bitcoin-takes-hit-after-powell-says-u-s-central-bank-may-well-keep-raising-interest-rates/#commentsTue, 30 Aug 2022 12:39:09 +0000https://www.the-blockchain.com/?p=73865by Wieke Beenen
The price of Bitcoin fell again on Monday, nearing $20,000, after Federal Reserve Chair Jerome Powell signalled that the U.S. central bank may well continue to raise interest rates in the coming months. At the time of writing (11.00 UTC), bitcoin is trading at roughly $20,382,40. The total crypto market cap fell below $1 trillion […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Wieke Beenen
The US Fed has been raising interest rates multiple times this year in order curb inflation, which currently is at a four-decade high.
The global stock markets reacted sharply to the announcement, but the impact was more pronounced in the crypto market. Solana and Avalanche, other major cryptocurrencies, were also down 13 and 20 per cent in the last seven days.
The market dominance of Bitcoin has however stayed rather constant. It continues to hold over 39 percent share in the total crypto market, while Ethereum holds nearly 19 percent of the total market share.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/08/24/mastercard-aims-to-unlock-full-potential-of-blockchain-technology/#commentsWed, 24 Aug 2022 15:33:06 +0000https://www.the-blockchain.com/?p=73653by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK). Whilst Bitcoin lacks volatility so far this week, remaining around $21,300, institutional interest is ‘massive’ according to BitStamp. In an interview published on Monday, Bitstamp’s global CEO, Jean-Baptiste Graftieaux, said “Many institutional companies are looking to make their first move into crypto,” whilst referring to […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Whilst Bitcoin lacks volatility so far this week, remaining around $21,300, institutional interest is ‘massive’ according to BitStamp. In an interview published on Monday, Bitstamp’s global CEO, Jean-Baptiste Graftieaux, said “Many institutional companies are looking to make their first move into crypto,” whilst referring to their own institutional clients.
The CEO also commented on regulation, claiming, “Most regions and countries are looking into regulating crypto. The key risk here is around ensuring regulations are smart and they foster a level playing field.”
He noted how a crypto service provider wanting to do business in Europe must register with each country separately as a virtual asset service provider (VASP), and that each country has its own requirements.
However, the introduction of the European Comission’s MiCA (Markets in Crypto-Assets) proposal, which will come into effect over the next 1-2 years, will mean that there will be one country where you can establish your activities as MiCA-compliant, and then carry out these activities across other European countries. This will help provide a holistic framework for the crypto industry in Europe.
Mastercard is working on how it can be part of crypto’s race to global mass adoption, as they have partnered with Binance to launch a crypto prepaid card in Argentina. Mastercard CEO says this will let people spend crypto at more than 90,000,000 stores. When using this card, crypto will be converted to fiat currency in real-time at the point of purchase, and cardholders will earn 8% crypto cashback on all eligible purchases.
MasterCard’s plan to integrate crypto could be an eye-opener for its competition like Visa, who may follow in MasterCard’s’ footsteps, in order to lead the payments industry in this sector.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/08/11/could-todays-cpi-data-be-bullish/#commentsWed, 10 Aug 2022 22:23:39 +0000https://www.the-blockchain.com/?p=73098by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock After Bitcoin slumped just under 5% on Tuesday, it hovers above $23,000 at time of writing, after Coinbase’s Q2 earnings were released. They reported a 63% decline in revenue in the second quarter, hence leading to a $1.1 billion loss from a year ago, despite its […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock
After Bitcoin slumped just under 5% on Tuesday, it hovers above $23,000 at time of writing, after Coinbase’s Q2 earnings were released. They reported a 63% decline in revenue in the second quarter, hence leading to a $1.1 billion loss from a year ago, despite its monthly customer rising from 8.8 million to 9 million. This demonstrates further how impactful the macroeconomy has been have been for many crypto exchanges during the past few months.
Coinbase also predicted that over the next 3 months its userbase will continue to fall. U.S. CPI data (which were released Wednesday at 1.30pm UK time) will be playing a huge part in determining whether we will continue to see crypto users indeed decline or not over the coming months.
CPI is expected to be 8.7% – if the released number is lower than this figure, I expect a rally for crypto and equities to ensue. I think any figure below 9.1% is promising though, as this was las month’s CPI figure, and it would signal the start of a plateau with inflation. In this case, the Federal Reserve would be inclined to become less aggressive in its next FOMC meeting in September, which the market would be excited about.
Hacks have become more prevalent in the crypto space over the past 2 years, as the industry has grown tremendously. Yesterday, Curve Finance, an established DeFi protocol, was hacked with $570,000 stolen.
In this instance, Curve Finance’s domain name system, DNS, was hijacked (DNS maps readable website names to IP addresses). The hackers modified the IP address translated by the DNS for http://curve.fi. They provided the IP address of their own server, and they created an identical web application. They then created new smart contracts to steal money, so users were then approving transactions that were stealing their funds.
This is an example of how important it is for users within DeFi to be fully educated on the protocols they use. People could have protected themselves if they checked all the smart contracts they interact with.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/08/08/will-a-bitcoin-etf-be-launched-this-month/#commentsMon, 08 Aug 2022 17:00:38 +0000https://www.the-blockchain.com/?p=73006by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock . Bitcoin has broken the $24,000 level again this morning and is now up 37% in 8 weeks. It seems clear that the first 4 rate hikes and a technical recession were priced into risk-on assets, as there was huge and persistent sell pressure in anticipation […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock .
Bitcoin has broken the $24,000 level again this morning and is now up 37% in 8 weeks. It seems clear that the first 4 rate hikes and a technical recession were priced into risk-on assets, as there was huge and persistent sell pressure in anticipation of the events/news.
Giants like BlackRock and Wells Fargo demonstrated their bullish stance on Bitcoin last week, with Wells Fargo saying cryptocurrencies have evolved into a valid portfolio option.
ARK Invest, a U.S. investment management firm with $50 billion of assets under management, has remained incredibly bullish on Bitcoin throughout this downtrend. ARK CEO, Cathie Wood, said last month she believes that Bitcoin mining will “turbocharge” solar and wind energy. ARK’s recent report showed that the U.S. was Bitcoin’s biggest buyer in July, and that a recovery path has been paved for Bitcoin as leverage is unwinding.
This month is particularly interesting for ARK, as the SEC has pushed its decision on ARK’s Bitcoin ETF application from July to August. If this ETF application is accepted by the SEC (which seems unlikely given the number of rejections so far) this would be a remarkable tailwind for Bitcoin.
There are some signs that can tell us whether it is likely that the SEC will approve an application soon. Firms usually update their proposals when they everything is set to launch. We can see that there is an Ark Invest filing for a Bitcoin futures ETF with an assigned ticker, and Valkyrie have updated its own ETF prospectus with a ticker. This gives us an indication that another Bitcoin Futures ETF may be approved soon.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/07/29/if-a-recession-fell-over-in-the-woods-would-it-make-a-sound/#commentsFri, 29 Jul 2022 21:55:17 +0000https://www.the-blockchain.com/?p=72568by Staff
By Adrian Kenny, Senior Sales Trader at the publicly listed digital asset broker GlobalBlock The week has continued a very welcomed up trend, at the time of writing, with Bitcoin sitting at a price of $23,911.13. After briefly hitting the 24k mark earlier this week, the digital asset continues to consolidate within this range comfortably for now, […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Adrian Kenny, Senior Sales Trader at the publicly listed digital asset broker GlobalBlock
The week has continued a very welcomed up trend, at the time of writing, with Bitcoin sitting at a price of $23,911.13. After briefly hitting the 24k mark earlier this week, the digital asset continues to consolidate within this range comfortably for now, at least in the short term.
The Crypto, and wider markets in general, have seen somewhat of a relief rally in the last few days. This uptick is off the back of the news the Fed has raised rates .75bps this week. All eyes have recently been looking to the response of FED and its reaction to the ever-present threat of inflation as well as a predicted, and now looming recession (the Fed has assured us has not yet happened). The reaction has been very positive this week and the cryptocurrency markets once again tipped over the 1t Market cap once again.
In perspective, while this week has for the first time in over a month seen some markets recover the losses of previous weeks, there is still an undoubtably considerable mountain to climb in terms of “normality” or the hopes of a return to the highs of 2021 anytime soon.
Ethereum also continued its upward trend this week, currently trading at $1718 at the time of writing. Ethereum saw a much more aggressive draw down recently, with the price of the second most popular cryptocurrency dipping to around the $800 mark and rallying nearly 100% from its low in early June to its current levels. While many are beginning to see some short-term bullish sentiment, many are warning we are not yet out of the woods from a macro perspective and a cautious thesis is a more logical stance to take in the current conditions.
In another wider move in mass adoption, Spanish tradfi banking institution, Santander, will soon offer crypto trading services to its Brazilian customers. Santander Brasil CEO, Mario Leao said that it would begin the service in the coming months. This follows on from Barclays plans to have an imprint in the crypto space.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/07/28/is-there-such-a-thing-as-a-bullish-rate-hike/#commentsThu, 28 Jul 2022 16:31:00 +0000https://www.the-blockchain.com/?p=72514by Staff
By Ben Small, Analyst at the publicly listed digital asset broker GlobalBlock The crypto market has started the second half of this week on the front foot on the back of the latest interest rate decision in the US. Despite starting the week under plenty of pressure in the build-up to the decision, a sea of green is […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by Staff
By Ben Small, Analyst at the publicly listed digital asset broker GlobalBlock
The crypto market has started the second half of this week on the front foot on the back of the latest interest rate decision in the US.
Despite starting the week under plenty of pressure in the build-up to the decision, a sea of green is showing across digital assets since.
BTC rebounded back above the $23.840k mark placing the market leader comfortably within its higher ranges of the last 6 weeks. ETH has jumped by as much as 13% since the announcement hitting $1.729k, a level it has struggled to break since early June too. DeFi tokens have also responded strongly, with Aave establishing its price above the $92 mark (almost a 40% rise in the month of June) and Uniswap climbing by 21%.
You could argue this show of optimism reflects the view among investors that a more aggressive plan of action from the Federal Reserve was expected, particularly given the amount of political pressure that is building on governments to tackle inflation (not that the two should be linked!).
So will crypto assets manage to maintain this momentum?
Eyes will now be turning towards any economic data that could conflict with the Fed’s targets. Not only does the FOMC have to be willing to seriously harm growth prospects in the states, but also come to terms with the realities of a looming recession and a jobs market under serious pressure.
The US’ latest GDP release will be keenly watched as well as the initial jobless claim data due this afternoon. It will be interesting to see how Germany’s inflation readings also come out today given Russia’s latest power play forcing gas prices to sky rocket in Europe.
UK crypto news: Law commission pushes for a specific property category for crypto
Advisors to investors up and down the country will have been campaigning for this push for a long time. The constant battle of trying to fit innovative digital products into traditional categories has proven ineffective at best.
The proposal to create a distinct label under personal property law would certainly make their lives easier and could make the process of regulating digital much more efficient too. It will be interesting to see what kind of feedback is provided by the wider industry on these proposals and most importantly how the government responds.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/07/27/polkafantasys-new-nft-marketplace-aimee-features-exclusive-collection-from-mega-mans-beastroid/#commentsWed, 27 Jul 2022 17:37:49 +0000https://www.the-blockchain.com/?p=72447by chainwire
PolkaFantasy, the world’s first Japanese ACG-dedicated blockchain ecosystem, announced the launch of their rebranded NFT marketplace, aimée, on a quest to bring people from all over the world together for their love of NFTs on August 4th and 7th. As part of the launch, aimée is featuring an exclusive NFT collection with legendary artist, Keiji Inafune-san, […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by chainwire
PolkaFantasy, the world’s first Japanese ACG-dedicated blockchain ecosystem, announced the launch of their rebranded NFT marketplace, aimée, on a quest to bring people from all over the world together for their love of NFTs on August 4th and 7th.
As part of the launch, aimée is featuring an exclusive NFT collection with legendary artist, Keiji Inafune-san, known as ‘Beastroid.’ Regarded for his prolific art career and contributions to Mega Men and Street Fighter, Inafune-san has lent his fantastical genius to the creation of a robot-futuristic world where Beastroid fights to save mankind from extinction.
“This is a rare opportunity to collect futuristic and robotic art pieces with Keiji Inafune,” said Alex Hui, CEO of PolkaFantasy. “Joining this robo-revolution will enable users to not only collect a piece of Inafune-san’s handcrafted characters in an exclusive community, but it will also provide premium access for users to interact with Inafune-san in upcoming social events.”
The “Beastroid” collection tells a futuristic tale of humans facing extinction as a result of climate change. The surviving members of the human race are struggling to reach the last few refuges on Earth while elite rulers attempt to block access to these safe havens. Beastroid’s mission is to protect the human race. Its unique characters: Hyenas, Cats, Lizards, and Hippos are thoughtfully made with distinctive qualities and characteristics.
aimée aspires to integrate a Metaverse concept into their brand new NFT marketplace, where the world’s best artists and anime creators can come together to revolutionize the virtual and immersive art space.
To discover the exclusive collection, visit https://aimée-beastroid.polkafantasy.com/#home.
#blockchain #crypto, #decentralized, #distributed, #ledger
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https://www.the-blockchain.com/2022/07/27/mytopsportsbooks-journalist-investigates-profitability-of-move-to-earn-sneakers/#commentsTue, 26 Jul 2022 22:57:57 +0000https://www.the-blockchain.com/?p=72394by chainwire
A journalist has spent a month tracking his movements via a popular move-to-earn app to answer the question “Can you make money walking with NFTs?”. Ashton Miller, a journalist with MyTopSportsbooks, a website providing reviews of the best the best sports betting sites on the web, spent a month walking in non-fungible sneakers. The virtual […]
#blockchain #crypto, #decentralized, #distributed, #ledger
]]>by chainwire
A journalist has spent a month tracking his movements via a popular move-to-earn app to answer the question “Can you make money walking with NFTs?”. Ashton Miller, a journalist with MyTopSportsbooks, a website providing reviews of the best the best sports betting sites on the web, spent a month walking in non-fungible sneakers. The virtual shoes, represented in move-to-earn (M2E) app STEPN, award their “wearer” with cryptocurrency for every step they take.
Miller’s investigative journalism entailed using the STEPN app every day for a month and recording his progress and profitability. Along the way, he uncovered the M2E application’s mechanisms and tricks to keep players hooked.
In order to start earning cryptocurrency with STEPN, users must make an initial investment which they then aim to make back through walking or running. The STEPN app enables users to earn its native tokens, GST and GMT, by exercising after purchasing an NFT digital sneaker. Recovering this investment is made difficult by the game’s mechanics, which include fluctuations in the price of the token used to purchase the sneaker.
Another mechanism that can make it difficult to earn a return on investment, Miller discovered, is the way the game encourages players to spend the cryptocurrencies they earn. Users must repair their sneakers every time they “wear” them. They can also level their sneakers up in the hope of earning more cryptocurrencies in the future.
One key finding from the MyTopSportsbooks journalist’s investigation is that STEPN makes and adjusts the rules seemingly on a whim, with no accountability. App updates are frequent and often make recovering the initial investment even more difficult. Bugs frequently cost users cryptos, Miller found, with no means of holding STEPN responsible.
#blockchain #crypto, #decentralized, #distributed, #ledger
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