Crypto
Wazupnaija – Naija Entertainment blogs & Forums – Business – Crypto
NY Fed president urges colleagues to prepare for coming digital payment transformation
Get ready for a fundamental change in money and payments, John Williams, president and CEO of the Federal Reserve Bank of New York, told central bank officials, academics and financial industry leaders from around the world on Wednesday. Williams delivered the opening remarks at an invitation-only workshop on monetary policy implementation co-hosted by the New York Fed and Columbia University. The central banker dismissed much of the digital asset space with a single-sentence observation that not all cryptocurrencies are backed by non-crypto assets. Central bank digital currencies (CBDCs) and stablecoins backed by safe, liquid assets have the potential for innovation, he continued. Related: The United States turns its attention to stablecoin regulation Williams did not elaborate on the pos...
Here are 3 altcoins that could surge once Bitcoin flips $35K to support
Bitcoin (BTC) and the wider cryptocurrency market are taking a breather after the rally on May 31. Meanwhile, most altcoins remain severely oversold, with most between 70% and 90% below their all-time highs. Total altcoin index capitalization What is clear is that fear is everywhere and blood is in the water. Risk-on markets are suffering worldwide, but it is exactly these kinds of conditions that create opportunities where professional money accumulates and adds to positions. Let’s take a look at three altcoins that could be positioned for a rebound if the broader market enters a new uptrend. ADA could be setting up for an 80% surge Cardano (ADA) has a significantly bullish update coming very soon. The much anticipated Vasil hard fork, which increases performance and adds more Plutu...
11% of US insurers invest — or are interested in investing — in crypto
United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios. The investment banking giant recently released its annual global insurance investment survey, which included responses regarding cryptocurrencies for the first time, finding that 11% of U.S. insurance firms indicated either an interest in investing or a current investment in crypto. Speaking on the company’s Exchanges at Goldman Sachs podcast on Tuesday, Goldman Sachs global head of insurance asset management Mike Siegel said he was surprised to get any result: “We surveyed for the first time on crypto, which I thought would get no respondents, but I was surp...
Reliably unreliable: Solana price dives after latest network outage
The Solana network is not having a good year, having suffered full or partial outages at least seven separate times over the past 12 months. A bug has knocked the Solana blockchain offline again as block production halted at 16:55 UTC on June 1. This latest outage lasted around four and a half hours as validator operators managed to restart the mainnet at around 21:00 UTC, according to the incident report. Validator operators successfully completed a cluster restart of Mainnet Beta at 9:00 PM UTC, following a roughly 4 and a half hour outage after the network failed to reach consensus. Network operators an dapps will continue to restore client services over the next several hours. — Solana Status (@SolanaStatus) June 1, 2022 Solana Labs co-founder Anatoly Yakovenko explained what happened ...
Bitcoin price risks $29K ‘nosedive’ as Wall Street opens with fresh losses
Bitcoin (BTC) lost bullish momentum at the June 1 Wall Street open as United States equities faced another day of retracement. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Zooming out, “nothing” has changed Data from Cointelegraph Markets Pro and TradingView captured a sharp U-turn for BTC/USD at the start of trading, $1,600 in three hours. At the time of writing, the pair traded at around $30,400, giving back the past days’ gains. For Cointelegraph contributor Michaël van de Poppe, $29,000 was now on the radar after support levels refused to cushion Bitcoin’s initial fall. “Very simple, Bitcoin needs to hold here to have a test at $33K area possible,” he tweeted as BTC/USD reached $31,150. “If not, this is going to nosedive qui...
Bitcoin price broke to the upside, but where are all the leveraged long traders?
This week’s Bitcoin (BTC) chart leaves little doubt that the symmetrical triangle pattern is breaking to the upside after constricting the price for nearly 20 days. However, derivatives metrics tell a completely different story because professional traders are unwilling to add leveraged positions and are overcharging for downside protection. BTC-USD 12-hour price at Kraken. Source: TradingView Will BTC reverse course even as macroeconomic conditions crumble? Whether BTC turns the $30,000 to $31,000 level into support depends to some degree on how global markets perform. The last time U.S. stock markets faced a seven-week consecutive downtrend was over a decade ago. New home sales in the U.S. declined for the fourth straight month, which is also the longest streak since October 2010. ...
Binance’s CZ says he is ‘skeptical’ about the Terra relaunch
Binance CEO Changpeng Zhao, also known as CZ, expressed skepticism around the revival plan for the Terra ecosystem and the launch of the new LUNA token. “I try not to predict what the community will do. […] Many are skeptical. I’m one of those guys,” said CZ in an exclusive interview with Cointelegraph. Following the collapse of TerraUSD (USD), the Terra ecosystem’s stablecoin, CZ criticized its team for not handling the crisis properly and pointed at the project’s flaws that led to the crash. Still, Binance is now actively participating in Terra’s revival plan by hosting the airdrop of its new LUNA token. As CZ pointed out, despite the widespread skepticism around the Terra relaunch, Binance has a responsibility to help users affected by the crash of LUNA. “We still need to ensure c...
Nifty News: Prada launches new fashion NFT, P2E games witness growth in India
Following its initial foray into the nonfungible token (NFT) space with the Adidas for Prada re-source project in partnership with digital artist Zach Lieberman and SuperRare, iconic fashion brand Prada has now announced its first independent NFT collection accompanying the Prada Timecapsule. An online event hosted on the first Thursday of every month, Prada Timecapsule has, since December 2019, opened up exclusive access to clothing items on its website for 24 hours. Drop #30 in this series will be coupled with an NFT. According to Prada, the asset’s design will be “decorated with Cassius Hirst’s signature mask and brain scan designs, both symbolizing unity and togetherness.” From June 2nd #PradaTimecapsule customers will have the chance to become the first owners of Prada NFT by purchasi...
British government looking to limit risk of stablecoins
The British government wants to tackle the risks of, among other things, stablecoins. That’s not surprising, given the chaos that Terra’s stablecoin (UST) has caused. A document issued by the UK Treasury Department states that existing ‘regulatory regimes’ can be applied to unregulated digital payment instruments. Managing risks In the new document, released Tuesday, the ministry proposed using existing regulatory regimes to mitigate the risks posed by stablecoins and other crypto. The document started on a positive note. Namely, by reiterating the UK government’s commitment to crypto innovation. In addition, it was also highlighted that stablecoins must be recognized by law. While the collapse of UST probably played a large part in the creation of this document, it is not mentioned anywhe...
ADA, AVAX, and SOL: why these altcoins have huge potential for growth
Avalanche (AVAX), Cardano (ADA) and Solana (SOL) are the best altcoins you can get at the start of June, 2022. Each crypto project has undergone numerous developments, all of which can contribute to the growth. AVAX announces TheDeFimons, Lagon launches USDC Ethereum-Cardano bridge, Big Dapper for Solana Mainnet-Beta. Avalanche, Cardano, and Solana are some of the best altcoins that you can get with huge potential for growth. On May 31, 2022, Avalanche announced that Moon Studios would bring TheDeFimons, which is a play-to-earn (P2E) pixel-art MMORPG, to Avalanche. On May 25, 2022, Lagon launched its Ethereum-Cardano bridge for the second-largest stablecoin, USDC. On May 27, 2022, the Big Dipper for Solana Mainnet-Beta went live. Users were given the opportunity to start explor...
Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption
Binance Labs, the investment arm of crypto giant Binance, launched a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation across the crypto, Web3 and blockchain landscape. Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth. Sharing his take on accelerating the adoption of the crypto ecosystem, Changpeng “CZ” Zhao, CEO of Binance, revealed the importance of a connection between values, people and economies: “The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, metaverse, social, and more.” Binance Labs was established in...
Goldman Sachs reportedly eyes crypto derivatives markets with FTX integration
Goldman Sachs, one of the leading investment banks in the United States is reportedly trying to onboard some of its derivatives products into FTX.US crypto derivatives offerings. Goldman Sachs has been in talks with FTX over regulatory and public listing help, and aims to expand into crypto derivatives offering by leveraging some of its own derivatives tools and services, reported Barron’s. FTX.US, the U.S. subsidiary of global cryptocurrency exchange FTX is currently seeking to offer brokerage services for its derivatives offerings. This would allow the crypto exchange to handle the collateral and margin requirements internally rather than depending on “futures commission merchants” (FCMs). FTX.US president Brett Harrison said: “We have multiple FCMs already committed to integrating ...
