Crypto
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6 Questions for Annabelle Huang of Amber Group
We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Annabelle Huang, the managing partner at Amber Group, a global leading digital asset platform. Prior to Amber Group, I served as the Asia lead at AirSwap, a decentralized trading platform that enables peer-to-peer trading on the Ethereum blockchain. Before transitioning into digital assets, I advised private equity funds, U.S. corporates and hedge funds on structured solutions and risk management as an FX structurer at Deutsche Bank and Nomura in New York. My background in traditional financial markets, coupled with my experience in institutions and macro markets, has given me a unique vantage poin...
How a DAO for a bank or financial institution will look like
DAOs can provide several services for banks, including asset management, compliance and lending. Banks today are already using blockchain technology for things like payment, clearing and settlement, trade finance, identity and syndicated loans, according to The Financial Times. However, there are still many unexplored areas in banking where a DAO-based model might be useful: Fundraising In the crypto world, initial coin offerings (ICOs) are breaking down the barrier between access to capital and traditional services like capital-raising firms. Likewise, banks can use DAOs to raise capital from a wider pool of investors via ICOs. Loans and Credit Using decentralized technology in banking can eliminate the need for gatekeepers in the lending industry. DAOs provide more secure ways for people...
Bitcoin heads for dismal weekly close as BTC price rejects at $20K
Bitcoin (BTC) attempted to reclaim $20,000 as support on June 19 as bulls faced a $7,000 weekly red candle. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $16,000 eyed for possible next move Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising from lows of $17,592 on Bitstamp before being firmly rejected at $20,000. Low-liquidity trading conditions had made for a grim weekend for hodlers as the largest cryptocurrency fell to levels not seen since November 2020. While recovering some losses, a sense of deja vu pervaded the market on the day. $20,000 had returned as resistance, this having formed an all-time high for Bitcoin for three years from December 2017 to December 2020. It was also the first time that BTC/USD had retreated under a previous halvin...
Russia seems to be preparing to mine Bitcoin with flare gas
The Russian government continues to establish links with major players in the cryptocurrency mining industry despite staying skeptical about legalizing cryptocurrency trading and payments. Russia’s state-owned gas giant Gazprom Neft has entered into a partnership with BitRiver, the largest crypto-mining colocation services supplier in Russia providing hosting services for major crypto mining operations. Gazprom will provide BitRiver’s partner data centers with electricity generated from the associated petroleum gas, the companies officially announced on June 16. As part of the collaboration, BitRiver will be developing a digital infrastructure based on the oil fields that Gazprom provides crypto mining services from the flare gas. Gazprom first deputy CEO Vadim Yakovlev emphasiz...
XRP price technical breakdown boosts chances of a 40% drop by July
Ripple (XRP) price stares at potential losses in the coming weeks as it breaks out of a “descending triangle” pattern, with its bias skewed toward the downside. Major XRP breakdown underway To recap, XRP started forming the technical structure after reaching $1.98 in April 2021, its second-highest level to date. In doing so, the token trended lower inside a range defined by a falling resistance trendline and a horizontal support trendline. On May 16, 2022, XRP broke below the triangle’s support trendline, accompanying a decent increase in trading volumes. The move confirmed the descending triangle as a bearish reversal indicator. Meanwhile, as a rule of technical analysis, XRP now risks extending its downside move by as much as the triangle’s maximum height whe...
BIS to launch market intelligence platform amid stablecoin, DeFi collapse
The Bank for International Settlements (BIS) Innovation Hub announced the launch of a new set of projects targeting various aspects of traditional and crypto payments — including a cryptocurrency market intelligence platform and security for retail central bank digital currency (CBDC). BIS’s cryptocurrency market intelligence platform will be launched under the Eurosystem Centre initiative, which aims to provide vetted data about crypto projects. One of the key drivers for the project’s commencement is the collapse of numerous stablecoins projects and decentralized finance (DeFi) lending platforms such as Terra (LUNA) and Decentralized USD (USDD). As explained in the official announcement: “The project’s goal is to create an open-source market intelligence platform to shed light on m...
Elon Musk’s support for Dogecoin grows stronger following $258B lawsuit
Not even a $258 billion class-action lawsuit alleging a crypto pyramid scheme could stop Elon Musk from publicly displaying his continued support for Dogecoin (DOGE). On June 16, a New York district court received a class action complaint against the world’s richest man Elon Musk and his companies, SpaceX and Tesla, for an alleged Ponzi scheme using DOGE tokens. The lawsuit demanded $258 billion in total monetary damages from Musk while requesting the court to rule DOGE trading as gambling in the United States. I will keep supporting Dogecoin — Elon Musk (@elonmusk) June 19, 2022 The lawsuit, however, did not resonate with the crypto community as entrepreneurs began to ridicule the move. Musk, too, was seemingly unshaken about the allegation as he doubled down on his love for the Dogecoin ...
US lawmakers urge EPA to consider the potential benefits of crypto mining
A group of 14 United States senators and House representatives have signed a letter to the Environmental Protection Agency extolling what they believe are the benefits of crypto mining. In a Thursday letter, many U.S. lawmakers including pro-Bitcoin Senator Cynthia Lummis and Representative Tom Emmer addressed EPA administrator Michael Regan, requesting the government agency analyze the potential impact of crypto mining in an effort to balance innovation with environmental concerns. The group of 14 senators and representatives claimed mining could have a “substantial stabilizing effect on energy grids” and cited examples of mining operations using flared gas and renewable energy sources. “Digital assets, and their related mining activities, are essential to the economic future of the Unite...
Ethereum price risks a drop below $1K if these key price metrics turn bearish
Ether (ETH) price is down 37.5% in the last seven days and recent news reported that developers decided to postpone the network’s migration to a proof-of-stake (PoS) consensus. This upgrade is expected to end the dependency on proof-of-work (PoW) mining and the Merge scalability solution that has been pursued for the past six years. Competing smart contracts like BNB, Cardano (ADA) and Solana (SOL) outperformed Ether by 13% to 17% since June 8 even though there was a market-wide correction in the cryptocurrency sector. This suggests that the Ethereum network’s issues also weighed on the ETH price. The “difficulty bomb,” feature was added to the code in 2016 as plans for the new consensus mechanism (formerly Eth2) were being formed. At the peak of the so-called ̶...
Crypto prices continue to tank, lawsuit takes aim at Binance.US, and Celsius moves $320M worth of digital assets: Hodler’s Digest, June 12-18
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Binance ends support for anonymous Litecoin transactions Binance has decided to ban Litecoin (LTC) transactions sent through the most recent MimbleWimble (MWEB) upgrade from its exchange, noting that such transactions would now result in the loss of the related LTC. Binance isn’t delisting LTC entirely, unlike other exchanges that have decided to remove the cryptocurrency. Among its changes, the latest Litecoin MWEB update ushered in privacy features. Binance’s decision to end support for these transactions co...
What is a bear trap in trading and how to avoid it?
As a difficult proposition for novice traders, a bear trap can be recognized by using charting tools available on most trading platforms and demands caution to be exercised. In most cases, identifying a bear trap requires the use of trading indicators and technical analysis tools such as RSI, Fibonacci levels, and volume indicators, and they are likely to confirm whether the trend reversal after a period of consistent upward price movement is genuine or merely meant to invite shorts. Any downtrend must be driven by high trading volumes to rule out the chances of a bear trap being set up. Generally speaking, a combination of factors, including the retracement of price just below a key support level, failure to close below critical Fibonacci levels and low volumes, are signs of a b...
Emerging Crypto Art Platform Outland Raises $5M Seed Round Led by OKG Ventures
Los Angeles, United States, 18th June, 2022, Chainwire Outland, an emerging crypto art platform based in Los Angeles, CA, has announced that it has raised $5 million in its first seed round in March 2022. Led by OKG Ventures, IMO Ventures, Dragon Roark, and JDAC Capital have all invested in the burgeoning Web3 cultural leader. Launched in February 2022, Outland has received widespread global attention from both crypto tech, and traditional art audiences. The platform’s debut project, Elemental, is a series of NFT works by renowned Chinese contemporary artist Fang Lijun. Regarded as one of the most highly anticipated NFT projects of 2022, Elemental has garnered over 4,000 ETH in primary and secondary sales with an unwavering position in OpenSea’s top charts since its launch. In April 2022, ...
