Crypto
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Shiba Inu founder deletes social media posts, steps down from community
Pseudonymous Shiba Inu (SHIB) founder ‘Ryoshi’ has walked away from the community after deleting all of their Tweets and blog posts this week. Much like Bitcoin (BTC) founder Satoshi Nakamoto, Ryoshi’s identity has remained unknown since the project launched in August 2020. Additionally, they have also held a hands-off approach to the memecoin much like Dogecoin (DOGE) founders Billy Markus and Jackson Palmer. Lead developers such as ‘Shytoshi Kusama’ have stated that the project will carry on and continue to “actualize Ryoshi’s vision and plan for this grand experiment” of building a decentralized memecoin ecosystem. Ryoshi has hinted on several occasions that they would eventually walk away, as they often played down their significance and role in Shiba Inu. In a since-deleted Medium pos...
Price analysis 5/30: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
After creating the dubious record of nine successive red weekly closes, Bitcoin (BTC) is attempting to make amends by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not fear a bear market because it is one of the best times to invest in fundamentally strong projects in preparation for the next bull phase. CryptoQuant CEO Ki Young Ju highlighted that unspent transaction outputs (UTXOs) that are older than six months reflect 62% of the realized cap, which is similar to the level seen during the March 2020 crash. Hence, Ki said that Bitcoin may be close to forming a cyclic bottom. Daily cryptocurrency market performance. Source: Coin360 In the current bearish environment, it is difficult to fathom a Bitcoin rally to $250,000 ...
Ethereum price moves toward $2,000, but analysts say it’s just another ‘relief rally’
On May 30, the cryptocurrency market experienced a much-needed bounce that saw Bitcoin (BTC) climb above $30,900 and Ether (ETH) rally 5.84% to $1,930, but analysts warn that it could be too early to expect a reversal. ETH/USDT 1-day chart. Source: TradingView Here’s a look at what several analysts are saying about the outlook for Ether moving forward and the major support and resistance levels to keep an eye on. A bounce off of major support The May 30 bounce in Ether came as “no surprise” to market analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart, stating that “It’s more about how much #ETH will move from here.” ETH/USD 1-month chart. Source: Twitter Rekt Capital said: “Technically, #Ethereum could rally to as high as ~$2269 to flip it into new res...
Argentines turn to Bitcoin amid inflation worries: Report
Since 2016, Argentina has been engaged in a war against inflation. Caused by multiple factors, like a lack of trust in the central bank or government overspending, the depreciation of the Argentinean peso has negatively impacted citizens’ purchasing power. This has brought 37.3% of the population under the poverty line, and many others have had their savings vanish into thin air. Against this backdrop, many Argentines have turned to Bitcoin (BTC) and crypto as a way to hedge against 60% inflation, despite the market being in the red for several months and the central bank forbidding financial institutions from operating with digital assets. Related: Argentina’s central bank steps in to block new crypto offerings from banks In an Americas Market Intelligence report cited by Reute...
On-chain data shows Bitcoin long-term holders continuing to ‘soak up supply’ around $30K
Bear markets are typically marked by a capitulation event where discouraged investors finally abandon their positions and asset prices either consolidate as inflows to the sector taper off or a bottoming process begins. According to a recent report from Glassnode, Bitcoin hodlers are now “the only ones left” and they appear to be “doubling down as prices correct below $30K.” Evidence of the lack of new buyers can be found looking at the number of wallets with non-zero balances, which has plateaued over the past month, a process that was seen after the crypto market sell-off in May of 2021. Number of Bitcoin addresses with a non-zero balance. Source: Glassnode Unlike the sell-offs that occurred in March 2020 and November 2018, which were followed by an upswing in on-chain activity tha...
Gate.io Announces Launch of Mirror World NFTs on NFT Box
Majuro, Marshall Islands, 30th May, 2022, Chainwire Gate.io, one of the world’s leading cryptocurrency exchanges with over 10 million users worldwide and a wide range of tradable assets has announced the upcoming listing of Mirror World NFTs, on its NFT marketplace, set to launch in June 1st, 2022. About Mirror World Mirror World is a game matrix with AI-powered virtual beings (the Mirrors), fighting along with the players in the game universe. Mirrors are fully interoperable with all the Play-to-Earn games in our matrix. This means that anyone with a pass can use it to access any of them. Among the existing game world designs, Mirror World includes [Mirrama], an ARPG that combines Roguelike gameplay, [Brawl of Mirror], a casual PVP-based arena dueling game; and [Beacon], an SLG-base...
Crypto’s youngest investors hold firm against headwinds — and headlines
These can be anxious times for holders of cryptocurrencies, especially those who entered the market in late 2021 when prices were cresting. Bitcoin (BTC), Ether (ETH) and especially altcoins now appear to be undergoing a major reset, down 50% or more from November highs. Some worry that a whole generation of crypto adopters could be lost if things crumble further. “If the market decline continues, it will become too painful and retail investors will bail,” Eben Burr, president of Toews Asset Management, told Reuters earlier this month. “Everyone has a breaking point.” But, all the gloom and doom could be overdone. It’s “unnerving,” acknowledged Callie Cox, United States investment analyst at eToro, but it’s only par for the course for a market that scarcely existed a decade ago. Bitcoin, a...
Here’s how much Kazakh gov’t made off crypto mining in Q1 2022
The government of Kazakhstan, one of the world’s largest countries by the Bitcoin (BTC) mining hash rate distribution, has reported budget earnings derived from cryptocurrency mining. On May 30, Kazakhstan’s state revenue committee of the Ministry of Finance released a report on the amount of total energy fees paid by local crypto miners in the first quarter of 2022. According to the report, Kazakhstan’s budget added 652 million Kazakhstani tenge ($1.5 million) in energy fees from crypto mining in Q1 2022 after the government introduced a digital mining fee on Jan. 1, 2022. The committee stressed that a significant amount of the expected sum of fees has not been received by the budget as the government has shut down a wide number of crypto mining firms in order to “ensure energy security.”...
VC Roundup: The rise of blockchain gaming, DAO management and asset tokenization
Bitcoin (BTC) and the broader cryptocurrency market have provided very little comfort in recent weeks, as macroeconomic headwinds and the implosion of the Terra ecosystem continue to reverberate. But, if we look beyond the immediate price action, we observe an industry that continues to grow and evolve, as well as attract sizable capital investments from major funders. The latest edition of venture capital (VC) Roundup highlights the continued growth of Web3 gaming, metaverse applications and even decentralized finance (DeFi) protocols. Related: Crypto Biz: Smart Money is betting big on Web3, layer 2, May 19-25 Andreessen Horowitz backs Irreverent Labs Blockchain video game developer Irreverent Labs has raised $40 million from venture capital firm Andreessen Horowitz (a16z) to f...
Bitcoin ‘ready’ for $32.8K after consolidation as BTC price gains 6.3%
Bitcoin (BTC) stayed higher on May 30 as early week gains saw BTC/USD retain $30,500. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView $32,000, $35,000 flagged as lines in the sand Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency consolidating near $30,600 at the time of writing after hitting highs of $30,900 on Bistamp. Its best performance since May 16, the return to relative strength was welcomed by analysts, some of whom began to discuss the possibility of a range breakout. “Finally, Bitcoin is making the run upwards,” Cointelegraph contributor Michaël van de Poppe told Twitter followers. “Some more consolidation here and we’re ready to break further upwards in which $32.8K and $35K are the resistances. The moment that the market gets...
Huobi Global acquires Latin American crypto exchange Bitex
Late last week, Huobi Global announced that it completed an acquisition of digital currency trading platform Bitex with the terms of the agreement remaining undisclosed. Bitex, founded in 2014, operates primarily in the Latin American countries of Argentina, Chile, Paraguay, and Uruguay – a stage Huobi is keen to take root in. The former will retain its branding and management as part of the arrangement with the leading crypto global crypto entity. Huobi reported a growth in crypto and adoption rate in Latin America of 1,370% rise between 2019, when it launched Huobi Argentina, and 2021. The Bitex website shows that the exchange supported more than 15 stablecoins and several fiat currencies. “Since Huobi Group first entered the Latin American market, we have seen rema...
Fed vice chair inclined toward the coexistence of a CBDC and stablecoins in future
Leal Brainard floated a potential future of coexistence of stablecoins and CBDC She said that UST’s recent de-peg calls for a robust regulatory framework It has been just over four weeks since the Senate approved Biden’s nominated pick for Federal Reserve vice-chair Leal Brainard. Following her confirmation Leal Brainard, who sits alongside chair Jerome Powell in regulating monetary policy, last Thursday gave her opinion on CBDCs and stable coins. In an appearance before the House Committee on Financial Services, the economist explored the various risks and potential benefits of a central bank digital currency (CBDC) and stable coins. Coexistence is an option Brainard defined that in the coming days, money will potentially coexist in a fragmented payment system in the US. She said th...
