Crypto
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Scams in GameFi: How to identify toxic NFT gaming projects
Over the last couple of years, games using blockchain technology have been actively developing and attracting new players, and the decentralized games market — broadly referred to as GameFi — has gained great popularity. The GameFi industry started back in 2013, and since then, the sphere has been slowly developing, but in 2021 the popularity of decentralized games exploded along with the boom in nonfungible tokens (NFT). According to the DappRadar analytical service, the total value of one of the most popular blockchain-based games, Axie Infinity, exceeds $550 million. But the GameFi industry has its issues. Many projects often “launch” regardless of the game’s development stage. And while Bitcoin’s (BTC) price trend can enhance or weaken the success of GameFi projects, there isn’t ...
BTC price recovers to 3-day highs as new whale support forms at $19.2K
Bitcoin (BTC) held steady at the June 20 Wall Street open as nervous traders waited for a short-term trend decision. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader flags Bitcoin “macro bottoming period” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to just shy of $21,000 at the time of writing, a three-day high. The weekend had spooked the majority of the market and liquidated speculators with a trip to $17,600, marking Bitcoin’s lowest levels since November 2020. Now, with United States equities cool at the start of the week, comparative calm characterized the largest cryptocurrency. “Nice reaction off of the bottom of our 16K–20K demand zone,” popular trading account Credible Crypto commented on the weekend’s price action. “12...
‘Bitcoin dead’ Google searches hit new all-time high
Collapsing Bitcoin (BTC) prices are reviving renewed speculation about the demise of the leading cryptocurrency, according to Google search trends. Google searches for “Bitcoin dead” spiked in the week ending Friday, June 18, and likely reached the highest level on record. Google Trends tracks interest in search terms over time, assigning scores of 1 to 100 based on the total number of user queries. The data are anonymized, categorized by topic and aggregated based on location. Google searches for “bitcoin dead” hit all time highs over the weekend. pic.twitter.com/oDXNqGEeIL — Alex Krüger (@krugermacro) June 20, 2022 “Bitcoin dead” achieved a score of 100 for the period between June 12–18 based on preliminary data that is reflected by the dotted line. The last time the se...
Best decentralized finance tokens to get on June 20
Synthetix Network (SNX)and Convex Finance (CVX) are some of the best tokens to get on June 20. In the last 24 hours, SNX increased by 74% and CVX increased by 23%. Each of these tokens has a solid potential for growth in the near future. If you are looking to diversify your portfolio with some of the best decentralized finance (DeFi) tokens, Synthetix Network (SNX) and Convex Finance (CVX) are solid picks. On June 19, 2022, Synthetix announced that they hit 200 million in daily volume due to the Atomic Swaps on 1ich and CurveFinance and due to the Optimism Futures among other things. Convex Finance is a platform for CRV token holders and Curve liquidity providers to earn additional interest rewards, alongside Curve Trading fees. Its recent growth can be attributed to the fact t...
Marathon Digital keeps on mining despite BTC price slump
Despite data showing that the Bitcoin (BTC) price may have fallen to the point of being unprofitable for the average miner, Marathon Digital Holdings says it will continue working to accumulate the leading crypto asset. Charlie Schumacher, vice president of corporate communications at Marathon Digital, told Cointelegraph on Wednesday that while the company “isn’t immune to the macro environment,” it is “fairly well insulated and well-positioned” to weather the current downturn, due to the low cost of operations and fixed pricing for power “For reference, in Q1 2022, our cost to produce a Bitcoin was approximately $6,200. We also have fixed pricing for power, so we are not subject to changes in the energy markets.” Schumacher added that the company has been more focused on its Bitcoin...
Solend invalidates Solana whale wallet takeover plan with second governance vote
Solana-based decentralized finance (DeFi) lending protocol Solend has created another governance vote to invalidate the recently-approved proposal that gives Solend Labs “emergency powers” to access a whale’s wallet to avoid liquidation. On Sunday, the crypto lending platform launched a governance vote titled “SLND1 : Mitigate Risk From Whale.” This allows Solend to reduce the risk that the whale’s liquidation poses to the market by letting the lending platform access the whale’s wallet and letting the liquidations happen over-the-counter (OTC). According to Solend, if Solana (SOL) drops in price and the whale gets liquidated, the lending platform may “end up with bad debt” and strain the Solana network. The proposal was approved, triggering criticism from members of the community. A...
‘Worst quarter ever’ for stocks — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week still battling for $20,000 support as the market takes in a week of severe losses. What felt all but impossible just weeks ago is now a reality as $20,000 — the all-time high from 2017 to 2020 — returns to give investors a grim sense of deja vu. Bitcoin dipped as low as $17,600 over the weekend, and tensions are running high ahead of the June 20 Wall Street open. While BTC price losses have statistically been here before — and even lower — concerns are mounting for network stability at current levels, with attention particularly focused on miners. Add to that the consensus that macro markets have likely not bottomed, and it becomes understandable why sentiment around Bitcoin and crypto is at record low levels. Cointelegraph takes a look at some major areas o...
Synthetix racks up over $1M in daily fees as SNX token value surges 100%
Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC, & sUSD/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH). Given the investors’ willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees — overshadowing Bitcoin’s (BTC) daily performance by five times. Synthetix, Ethereum-based decentralized finance (DeFi) protocol, created a buzz across the crypto ecosystem after witnessing a sudden increase in trading activities and an unprecedented comeback of its in-house token, SNX, during an unforgiving bear market. Crypto fees of popular projects. Source: cryptofees.info As a direct result of the massive trading volumes, the SNX...
What decentralization? Solend approves whale wallet takeover to avoid DeFi implosion
On Sunday, the decentralized finance (DeFi) sector came under scrutiny again after DeFi protocol Solend put together a spur-of-the-moment governance proposal related to one of the whale wallets at risk of liquidation. The proposal, dubbed “SLND1 : Mitigate Risk From Whale,” was abruptly launched on Sunday without announcement and the vote closed with a 97% approval rating. The scandal comes on the heels of last week’s sudden layoffs from Coinbase and BlockFi, and the liquidation debacle of Three Arrows Capital. Adding to the melee of unexpected volatility and market sell-offs, the spur-of-the-moment alterations of a supposed decentralized autonomous organization, or DAO, show that crypto is not as “decentralized” as its users may have thought. Details of the proposal include the...
From games to piggy banks: Educating the Bitcoin ‘minors’ of the future
The crypto winter is here. It’s a trying time as prices grind down, but it’s the best moment to build and learn. For some Bitcoiners, the bear market is a time to plant trees or create memes. For those with kids, it’s a welcome recess used to broaden the minds’ of Bitcoin (BTC) minors. Cointelegraph spoke to the creators of popular Bitcoin-related games and educational tools to understand why teaching kids about sound money is critical, and some of the best ways of doing so. SHAmory, a portmanteau of SHA-256 (the cryptographic function that hashes inputs in Bitcoin) and memory, is among the best-selling Bitcoin games. Targeted at kids aged four and over, creator Scott Sibley shared that he had his “toddler in mind for both the creation of the game and book.” The Bitcoin mining g...
Top 5 cryptocurrencies to watch this week: BTC, SOL, LTC, LINK, BSV
Bitcoin (BTC) plummeted to $17,622 on June 18. This marked the first time in Bitcoin’s history that it has fallen below its previous cycle high. The United States Federal Reserve’s aggressive monetary tightening, a crisis at crypto lending platform Celsius and liquidity issues at investment fund Three Arrows Capital are creating a sense of panic among traders. Markets commentator Holger Zschaepitz said that Bitcoin has crashed more than 80% four times in history. That puts the current fall of about 74% within historical standards. Previous bear markets have bottomed out just below the 200-week moving average, according to market analyst Rekt Capital. If history repeats itself, Bitcoin is unlikely to stay at the current depressed levels for a long time. Crypto market data daily view. Source...
El Salvador president addresses bear market concerns with Bitcoin hopium
El Salvador introduced BTC as legal tender on September 7, 2021, when its market price was around $50,000. Ever since, Bukele’s government made significant returns on their initial BTC investments as Bitcoin rallied to its all-time high of $69,000, which was redirected to the country’s various infrastructure development initiatives. However, as tensions rise amid falling BTC prices, Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the prolonged bear market. Nayib Bukele, the president who helped Bitcoin (BTC) gain legal tender status in El Salvador, addressed the rising concerns of investors as BTC began trading for under $20,000 for the first time in 18 months. I see that some people are worried or anxious about the #Bitcoin market price. My advice: ...
