Crypto
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Falling Bitcoin price doesn’t affect El Salvador’s strategy: ‘Now it’s time to buy more,’ reveals Deputy Dania Gonzalez
Dania Gonzalez, Deputy of the Republic of El Salvador, was recently in Brazil to reveal her country’s experiences with the decision to adopt Bitcoin (BTC) as legal tender. Gonzalez’s invitation to Brazil came from digital influencer Rodrix Digital, who was recently in El Salvador to produce a documentary about cryptocurrencies. Among the lawmaker’s activities in Brazil was attending Bitconf 2022, as well as meeting with Dape Capital CEO Daniele Abdo Philippi and Ana Élle, CEO of Agency ROE. Between her agendas, Gonzalez spoke with Cointelegraph and revealed how Bitcoin has helped to change people’s lives in El Salvador and how the federal government, led by President Nayib Bukele, has been taking advantage of the resources invested in BTC to improve the economy. El Salvador jus...
One River’s spot Bitcoin ETF application rejected by SEC
The United States Securities and Exchange Commission (SEC) maintained its perfect record for rejecting Bitcoin (BTC) spot exchange-traded fund (ETF) applications Friday when it disapproved a rule change to allow cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca. The decision comes somewhat ahead of schedule, as the agency had extended the original deadline to June 2 to allow more time for consideration. The commission wrote that, when considering One River’s proposed rule change, it applied “the same standard used in its orders considering previous proposals to list bitcoin-based commodity trusts.” Specifically, the proposed rule change did not meet the SEC’s rules around fraud...
A beginner’s guide: 3 questions to ask yourself before buying crypto
Are you still unfamiliar with cryptocurrency, and has your curiosity finally caught up with you? The world of crypto is vast and full of terms and practices that might prove a challenge to any beginner in the growing industry that’s crypto investing. But while that can be the case, it does not mean that it is impossible to dive in – or go on to succeed at it. If you’re willing to do the extensive research needed to invest responsibly and ask yourself some important questions, you are good to go. This brief guide provides three key questions that you need to answer before you embark on your investment adventure. Are you willing to risk financial losses? One of the most important things to know about crypto is that they’re an extremely volatile investment. In a matter of days, an otherwise p...
JPMorgan picks out crypto as the preferred alternative asset
JPMorgan analysts chose Bitcoin over real estate, adding that the former’s fair value is 30% above current prices They also observed that VC funding should turn the current bear market and prevent a crypto winter akin to 2018/2019 JPMorgan analysts led by Nikolaos Panigirtzoglou have opined on the current crypto market, finding that the fair price of the world’s leading digital asset, Bitcoin, is 30% higher than current prices. The bank’s analysts said that there’s significant potential that Bitcoin could rise to $38,000 and carry other crypto tokens along with it, despite recent market capitulation. “The past month’s crypto market correction looks more like capitulation relative to last January/February, and going forward, we see upside for Bitcoin and crypto markets more generally,...
MasterCard executive insists crypto adoption will grow, but challenges must be addressed
MasterCard VP Harold Bossé is bullish that crypto adoption will come to build on the millions who are already on board However, issues including cost, speed, and regulatory concerns must be addressed first to pull in the big players MasterCard’s vice president of product and innovation, digital asset and blockchain, Harold Bossé, has predicted that crypto adoption will grow into the future, but key challenges must be handled first. During a recent appearance at an Avalanche webinar – Powering Business with Blockchain, Bossé seemed unfazed by recent changes that have seen crypto markets plunge to the lowest levels all year. The MasterCard VP holds a confident stance that investors, executives and other participants in crypto are looking forwards to better days. Further, Bossé noted th...
The best Ethereum killers you should have in your crypto wallet
Avalanche (AVAX), Solana (SOL), and Cardano (ADA) are some of the best Ethereum (ETH) killers that you can get on May 27. SOL’s trading volume increased by 68%, while ADA’s saw an increase of 55%. Each of these tokens has undergone numerous updates and will likely increase in value moving forward. Avalanche (AVAX), Solana (SOL), and Cardano (ADA) are some of the most popular Ethereum (ETH) killers that you need to be aware of. On May 24, Sad Cat Capital posted an update regarding the launch of Avalanche subnets, where they took a look at why games are launching on that specific subnet, which will lead to the growth of the ecosystem. Brave also launched support for Solana on May 24, which allowed users to buy, store and sell SOL in the Brave Wallet. The Cardano Foundation is also makin...
Terra to burn 1B UST from the community pool as holders vote for it
In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool. Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of the 1 billion TerraUSD (UST) that was stored in Terra’s community pool and the remaining cross-chain UST that’s deployed on the Ethereum blockchain as incentives. According to the proposal, the burn will help “reduce the outstanding bad debt of the Terra economy.” Apart from this, it’s also expected to play a significant part in restoring the UST dollar peg by eliminating a big chunk of excess supply. The proposal was submitted on May 12 and was expected to be finalized aft...
Hacker tastes own medicine as community gets back stolen NFTs
The tales of traders getting scammed out of their nonfungible tokens (NFTs) were quite common at the peak of the NFT boom. However, in an interesting turn of events, the Solana community came together to “scam” a scammer in order to get back some stolen NFTs. It all started with the Discord channel hack of cross-chain gaming development studio Uncharted NFT, where scammers managed to drain out 109 user wallets. The scammers got away with 150+ SOL tokens and 25 World of Solana (WOS) NFTs, including three rare and highly valuable digital collectibles. 2/It all began when @UnchainedNFT_ Discord got hacked two days ago. A hacker drained the wallet of 109 users for a total of 150+ $SOL. The most affected person was a WOS whale with 25 WOS NFTs that got stolen. This whale also owned 3 top ...
Two key takeaways from Nansen’s UST stablecoin depeg report
As the dust settles on the cataclysmic collapse of the Terra ecosystem, an on-chain deep-dive carried out by blockchain analytics firm Nansen highlights two major takeaways. The cryptocurrency ecosystem was awash with varying speculatory theories around the cause of Terra’s algorithmic stablecoin UST’s decoupling from its $1 peg. The who and why seemed a mystery but the outcome was catastrophic, with UST dropping well below $1 while the value of Terra’s stablecoin token plummeting in value as a result. Nansen undertook an investigation leveraging on-chain data from the Terra ecosystem to the Ethereum blockchain in an effort to chart the chain of events that led to the UST depeg. [embedded content] It is worth noting that the report does not include potential off-chain events that cou...
Partying in Davos with Cointelegraph: Crypto card payments accepted
With the World Economic Forum (WEF) Annual Meeting drawing to a close, attendees had the opportunity to join Cointelegraph for a farewell party at Ex Bar in Davos — where they could actually pay for food and drinks using cryptocurrency. The annual meeting of the World Economic Forum is scheduled to take place between May 22–26, with a slew of world leaders expected to attend. What role will blockchain have at the event? https://t.co/wEtEvuVK5I — Cointelegraph (@Cointelegraph) May 20, 2022 Early partygoers had the opportunity to win one of 20 cards loaded with up to 100 Davos Coins, which are pegged one-for-one with the Swiss franc. The winners enjoyed a seamless checkout experience using a new hardware wallet with the look and feel of a regular credit card. Powered by German crypto c...
Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why
Solana (SOL) dropped on May 26, continuing its decline from the previous day amid a broader retreat across the crypto market. SOL price pennant breakdown underway SOL price fell by over 13% to around $41.60, its lowest level in almost two weeks. Notably, the SOL/USD pair also broke out of what appears to be like a “bear pennant,” a classic technical pattern whose occurrences typically precede additional downside moves in a market. In detail, bear pennants appear when the price trades inside a range defined by a falling trendline resistance and rising trendline support. Bear pennant pattern. Source: ThinkMarkets These patterns resolve after the price breaks below the lower trendline, accompanied by higher volumes. As a rule of technical analysis, traders decide the pennant’...
JPMorgan trials blockchain for collateral settlement in after-hours trading
Multinational investment bank JPMorgan Chase & Co is reportedly trialing the use of its own private blockchain for collateral settlements. According to Bloomberg JPMorgan conducted a pilot transaction last Friday which saw two of its entities transfer a tokenized representation of Black Rock Inc. money market fund shares A money market fund is a type of mutual fund that is considered as a low risk investment as it offers exposure to liquid and short term assets such as cash, cash equivalents and debt-securities with high credit ratings. In terms of JPMorgan’s broader vision for its private blockchain, the bank said that it intends to enable investors to put forward a wide range of assets as collateral that can also be used outside of regular market hours. It pointed to equities and fix...
