Crypto
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NFT pics are the funhouse mirror high-end art deserves
The funny thing about many of the absolutely insane things happening in the world today is that from a certain perspective, they actually make perfect sense. Take the famous brands buying metaverse real estate, for example. At first glance, it makes no sense at all. At second glance, assuming the user base of the respective projects grows over time, it’s like buying an ad banner on a website, just at a higher markup. Considering how many headlines you get on the purchase, the purchase becomes quite sensible even if you do nothing with your plot of virtual land. It’s quite possible to make the same case for nonfungible token (NFT) art, another major trend in the blockchain space, at least in how much buzz it has generated. Just a few months ago, Paris Hilton and Jimmy Fallon checked how dee...
Blockchain for sustainable development: The case of Ghana
In modern times of rapid globalization and digitization, technological developments have now reached such proportions that the usage of cryptocurrencies is no new phenomenon. The technology behind blockchain opens the internet for financial services by replacing trust, a fundamental component of the financial system for centuries, with transparency integrated into a decentralized network. Thereby, blockchain bears the potential to help achieve the United Nations’ Sustainable Development Goals (SDG) by empowering the unbanked, predominantly women, reducing transaction fees as well as creating an alternative source of liquidity. Only 57.7% of adults in Ghana in 2021 had a bank account. Unable to afford participation in the formal financial system, the poor find themselves paying the most for...
Bitcoin ecosystem makes a U-turn recovery in global ATM installations
Bitcoin (BTC) ATM installations have marked a new comeback as June 2022 saw the reversal of the five-month-long downward trajectory for the first time this year. The global ATM installations worldwide fell consistently throughout the year, with May reporting the lowest number of 205 ATM installations. However, June saw the installation of over 882 ATM installations in just the first ten days. Chart showing the net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar As evidenced by the above graph, May 2022’s drop reached a range that was last seen three years ago in 2019. Over the last two years, in 2020 and 2021, Bitcoin ATM installations grew consistently owing to friendlier regulatory landscapes amid a rewarding market when numerous crypt...
Jack Dorsey is building ‘Web5’ powered by Bitcoin
Block subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey’s belief that the largest blockchain network will play a major role in the internet’s evolution. The new project, called “Web5,” represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO of Twitter in November 2021. Whereas Web3 incorporates blockchain technology and tokenization to decentralize the internet, Web5 is being envisioned as an identity-based system that only utilizes one blockchain: Bitcoin. Twitter user Namcios broke down the concept of Web5 in a series of tweets that described several software components working together to enhance the user’s experience and enable decentralized identity m...
Do Kwon’s alleged $80 million withdrawals before Terra fallout triggers mixed reactions
Reports that Terra (the new LUNA orLUNA2) founder Do Kwon allegedly withdrew $80 million monthly before the project crashed surfaced Friday, leading members of the community to voice their opinions on the matter. In a tweet, crypto trader and analyst Michaël van de Poppe said that Kwon deserves imprisonment. He compared the Terraform Labs CEO to the infamous fraudster Bernie Madoff. “Honestly, he deserves jail,” Van de Poppe wrote. Twitter user DaisiObanla also agreed with Van de Poppe. According to DaisiObanla, he wants to hear the news that Kwon is sentenced to 150 years in prison without any parole. Moreover, football player Nicolas Boulay also chimed in, writing that the Terra executive “needs to feel the wrath of the community.” #DoKwon isnt #lunc and will never be able to...
Crypto Biz: Stablecoins are paving the way for mass adoption of crypto, June 2–8
Stablecoins are a controversial subject in crypto. Questioning the legitimacy and backing of Tether (USDT) is a right of passage for many entering the crypto market for the first time. The meltdown of the Terra (LUNC; or the old LUNA) ecosystem left little doubt that algorithmic stablecoins don’t have a future beyond Do Kwon’s fantasies. Pesky regulators are constantly poking and prodding at dollar-pegged assets to carve out firmer rules on their usage. But, if you look beyond all the fear, uncertainty and doubt, stablecoins are providing liquidity to millions of people who don’t have access to dollars because of capital controls or sanctions, or because hyperinflation is destroying their local currency. This week’s Crypto Biz newsletter looks at the role of stablecoins in fueling e-...
Here’s how blockchains are helping to advance the global energy grid
The blockchain industry’s impact on the energy sector has been a major source of controversy over the past five years. Governments and environmental protection advocates have routinely expressed concerns about the amount of energy required to keep the Bitcoin network secure. Data shows the network’s energy consumption now rivals the yearly energy consumed by some small countries. Historical Bitcoin network power demand. Source: CCAF While much of the debate has centered around the negative environmental impacts of Bitcoin (BTC) mining, the drive to maximize earnings from mining and integrate blockchain technology with the energy grid has also introduced new developments that have the potential to be beneficial in the long term. Here’s a look at several developments that have arisen out of ...
KuCoin continues to expand, chasing down Binance and Coinbase
KuCoin continues to expand and close gap to the top exchanges, such as Coinbase and Binance, as evidenced by increased utility of KCS token KuCoin Token (KCS) is the native token of KuCoin exchange, with which holders can earn daily passive income. Daily KCS bonuses are also available. Paying trading fees with KCS gets users a 20% discount on KuCoin. Also,other use cases of KCS include participating in Spotlight (IEO) , Burningdrop (a new launchpool product) and more. KuCoin’s goal to chase down the major crypto brokers remains in progress as the exchange, launched only five years ago, continues to expand its product offering and range of services. This is clearly evidenced by the push of the KCS token into more and more areas, which opens up a whole new opportunity for both the exchange a...
Ethereum eyes fresh yearly lows vs. Bitcoin as bulls snub successful ‘Merge’ rehearsal
Ethereum’s native token Ether (ETH) resumed its decline against Bitcoin (BTC) two days after a successful rehearsal of its proof-of-stake (PoS) algorithm on its longest-running testnet “Ropsten.” The ETH/BTC fell by 2.5% to 0.0586 on June 10. The pair’s downside move came as a part of a correction that had started a day before when it reached a local peak of 0.0598, hinting at weaker bullish sentiment despite the optimistic “Merge” update. ETH/BTC four-hour price chart. Source: TradingView Interestingly, the selloff occurred near ETH/BTC’s 50-4H exponential moving average (50-4H EMA; the red wave) around 0.06. This technical resistance has been capping the pair’s bullish attempts since May 12, as shown in the chart above. Staked Ether behind ...
Huobi Global launches $1B investment arm focused on DeFi and Web3
Digital asset exchange Huobi Global has spun out a new investment arm focused on decentralized finance (DeFi) and Web3 projects, further highlighting venture capital interest in the blockchain economy. Dubbed Ivy Blocks, the new investment arm has over $1 billion in crypto assets under management to deploy, a spokesperson for Huobi confirmed. These funds have been earmarked for “identifying and investing in promising blockchain projects,” the company said. In addition to financing, Ivy Blocks will offer various services to selected projects, including an asset management platform, a new blockchain incubator and a dedicated research arm. The firm’s asset management department will provide “liquidity investments” to help DeFi and Web3 projects get up and running, according to Lily Zhan...
CZ visits Palau to kick off BNB Chain-supported ID NFTs for digital residency program
The Republic of Palau announced Friday that it will issue identification cards to its digital residents in the form of nonfungible tokens (NFTs) on Binance’s BNB Chain blockchain. Binance founder and CEO Changpeng Zhao (CZ) was on hand in the Pacific Island nation for the unveiling of the NFTs and to meet with Palauan President Surangel S. Whipps, Jr. Palau introduced its Root Name System (RNS) Digital Residency program in January. California-based Cryptic Labs took part in the development of the program, which provides global citizens with identity cards issued by the government of Palau. Physical cards already exist. Planned uses for the new RNS ID NFTs include Know Your Customer (KYC) functions, access to digital banking, verified on-chain signatures and accessing services requiring gov...
Price analysis 6/10: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB
The United States equities markets tumbled on June 10 after the Consumer Price Index (CPI) report showed inflation soaring 8.6% from a year ago, the highest increase since 1981. The latest figures show that talks of inflation having peaked were premature and according to Bloomberg, investors are pricing in the key interest rate of 3% by the end of the year. Continuing its tight correlation with the S&P 500, Bitcoin (BTC) dipped below $30,000 on June 10. Analysts are still divided about the near-term price action but Fundstrat co-founder Tom Lee said in an interview with CNBC that Bitcoin may have already bottomed. However, Lee seems to have toned down his expectations as he said that Bitcoin could “remain flat for the year, possibly up.” Daily cryptocurrency market performance. So...
