Crypto
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Billionaire Bill Miller calls Bitcoin ‘insurance’ against financial catastrophe
Bill Miller the billionaire founder and Chief Investment Officer of investment firm Miller Value Partners, has said he considers Bitcoin (BTC) an “insurance policy against financial catastrophe.” Appearing on an episode of the “Richer, Wiser, Happier” podcast on May 24 Miller backed the cryptocurrency as a means for those caught in conflict to still access financial products. He used the collapse of financial infrastructure in Afghanistan after the US withdrawal in August 2021 as an example. “When the US pulled out of Afghanistan, Western Union stopped sending remittances there or taking them from Afghanistan, but if you had Bitcoin, you were fine. Your Bitcoin is there. You can send it to anybody in the world if you have a phone.” Miller said examples of how the crypto can function as ins...
Crypto spam increases 4000% in two years: LunarCrush
Spam and bots have been the bane of anyone that uses the internet for years, but recently this digital scourge has ramped up activity in the crypto sector in a big way. Crypto intelligence provider LunarCrush has revealed spam in the cryptosphere has increased by an astonishing 3,894%. The firm has been collecting crypto-specific social data since 2019, and says not only is spam at an all-time high, it’s also “the fastest growing metric on social media.” The findings were published in a May 25 report, stating that “more spam accounts than you would think are actually people.” For this reason, it is often a challenge for software to detect and flag spam. Spam Volume collected by LunarCrush over the previous 2 years Twitter is the social media platform of choice for the crypto industry...
Ethereum price dips below the $1.8K support as bears prepare for Friday’s $1B options expiry
Ether’s (ETH) performance over the past three months has been less than satisfying for holders and the 50% correction since April 3 caused the altcoin to test the $1,800 support for the first time since July 2021. Ether/USD 1-day chart at Kraken. Source: TradingView Due to the volatility in stocks, investors had been seeking shelter in the United States dollar and on May 13, the DXY index reached its highest level in 20 years. DXY measures the USD against a basket of major foreign currencies, including the British pound (GBP), the euro (EUR) and the Japanese yen (JPY). Moreover, the five-year U.S. Treasury yield reached its highest level since August 2018, trading at 3.10% on May 9 and signaling that investors demand larger returns to compensate for inflation. In a nutshell, macroeco...
‘Other flavors of Tether’ will bridge users to USDT: Paolo Ardoino
Tether’s decision to launch a new digital asset pegged to the Mexican peso will be a boon to crypto adoption in the Latin American country by providing more onramps to the USDT stablecoin, according to Paolo Ardoino. In an exclusive interview with Cointelegraph on the sidelines of the World Economic Forum summit, the Tether and Bitfinex chief technology officer said the reason he came to Davos was to showcase the utility of cryptocurrencies. “I didn’t participate in Davos to meet CEOs of big banks,” he said. “We are here to send our message [that] there is a big world out there that needs crypto in a safe way.” Tether CTO Paolo Ardoino said that the increase in crypto demand in the Latin America region pushed their decision to expand. https://t.co/Ig7Y524VT2 — Cointelegraph (@Cointel...
Brainard tells House committee about potential role of CBDC, future of stablecoins
United States Federal Reserve vice chair Lael Brainard submitted a written statement in advance to the Financial Services Committee’s virtual hearing, “On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC),” that took place Thursday. That was a sound strategic move, considering that more than 25 legislators lined up to ask questions. Brainard’s appearance before the committee came just after the close of the comment period for the Fed’s discussion paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” However, recent events on the stablecoin market played a preemptive role in the framing of her statement. Brainard acknowledged the position of stablecoins in the economy, saying in her written statement. She said: “In som...
Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first
The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC) price dropped to $28,000 and Ether (ETH) briefly fell under $1,800. The ETH/BTC pair also dropped below what traders deem to be an important ascending trendline, a move that traders say could result in Ether price correcting to new lows. ETH/USDT 1-day chart. Source: TradingView Here’s a rundown of what several analysts in the market are saying about the move lower for Ethereum and what it could mean for its price in the near term. Price consolidation will eventually result in a sharp move A brief check-in on what levels of support and resistance to keep an eye on was provided by independent market analyst Michaël van de Poppe, who posted the following chart showing Ether trading near its range ...
Play-to-Earn (P2E) tokens worth your time on May 26
Gala Games is giving away 4 million in prizes, which sparked hype surrounding the project. Immutable X announced a $40 million developer fund with Kongregate. Illuvium also made an announcement that they included Chainlink Price feeds. Gala (GALA), Immutable X (IMX), and Illuvium (ILV) are some of the best Play-to-Earn (P2E) tokens that you can get on May 26. On May 25, 2022, Gala Games announced week 3 of MayMayhem. Throughout this event, Gala Games is giving away 4 million in prizes. On May 26, 2022, Immutable X announced a launch of a $40 million developer fund with Kongregate. Illuvium also announced that they had expanded their Chainlink integration to include Chainlink Price feeds. Should you buy Gala (GALA)? On May 26, 2022, Gala (GALA) had a value of $0.0743. When we look at its al...
Ankr and Pocket Network partner to promote full decentralization
Ankr, one of the most dynamically growing Web3 infrastructure providers, and Web3 blockchain data ecosystem Pocket Network have partnered to promote a fully decentralized infrastructure and improve the whole Web3 ecosystem, Coin Text learned from a press release. Pocket Network is now a node provider on Ankr Pocket Network enables node runners to generate income by supplying Ankr protocol with nodes. By combining their strengths, Ankr and Pocket Network will enable thousands of wallets, builders, and dApps interacting through RPC services with blockchains to benefit from a top-performance, fully decentralized node pool. Whitelisted providers can supply Ankr Protocol with nodes, with Pocket Network being the biggest and most decentralized provider ever added to the ecosystem. Gr...
Fashion brand Balenciaga follows Gucci in accepting crypto payments
Balenciaga is going after Gucci. The brand revealed that it now accepts payment in cryptocurrency. They are starting this in the US, and will then roll out this option to other countries. “Other regions will follow” Balenciaga will initially only accept crypto in its flagship stores, including on Madison Avenue in New York and Rodeo Drive in Beverly Hills. In addition, you may already be able to pay with crypto in the US on the website: balenciaga.com. Other regions and e-commerce will follow, the company said, according to WWD. The fashion house is going after Tag Heuer and Gucci, who recently also started accepting crypto for their products. The latter brand will also first start a pilot in the US, before focusing on other countries. The fashion house is still deciding which payment solu...
Central bank of Sweden won’t consider Bitcoin as a currency
Sweden’s central bank, otherwise known as Sveriges Riksbank, has recently delved deeper into Bitcoin (BTC) to determine whether the king’s coin can be classified as a currency. It stated that it must meet three criteria to be considered a currency, namely: store of value, means of payment and unit of account. No reliable store of value The central bank indicated that Bitcoin is not a reliable store of value due to its volatile nature. It said the following: “If an asset acts as a store of value, you have to be confident that you can buy about as much today for, say, 100 Swedish kronor as tomorrow. Bitcoin’s price has had a high level of volatility and so is a relatively poor protector.” The Riksbank also indicated that despite being accepted as a means of payment in a small number of place...
NAGAX introduces crypto staking feature
NAGAX, the decentralized social trading platform, has introduced a crypto staking feature for some of the biggest cryptocurrencies by market cap, including Bitcoin, Ethereum, and Polkadot, Coin Text learned from a press release. Stake native NAGA coin to generate high returns You can also stake the platform’s native NAGA Coin (NGC) for high returns on the crypto you hold. This is aimed at helping investors in the crypto space regardless of their level of experience earn passive income on their idle tokens. Competitive APR rates The staking feature will offer highly competitive APR staking rates and greater returns through the VIP program. Staking time ranges from 24 hours to an unlimited maximum term, which remains flexible. Investors and traders also benefit from zero s...
Finance tokens that should be in anyone’s cryptocurrency wallet in May
NEXO (NEXO), Kava (KAVA), and XDC Network (XDC) are the best finance tokens you can get in May. NEXO announced an investment in Enhanced Digital Group, Kava 10 launched, and the XDC dApp Summer hackathon was announced. Each token has showcased a high level of growth and will likely do so going forward. NEXO (NEXO), Kava (KAVA), and XDC Network (XDC) are some of the best finance tokens that you can get in April. Each token has showcased developments and has potential for growth moving forward. On May 25, 2022, NEXO made an announcement that they invested in Enhanced Digital Group. On the same day, Kava Network also announced that Kava 10 officially went live. When it comes to XinFin, they announced the XDC dApp Summer hackathon NEXO (NEXO), Kava (KAVA), and XDC Ne...
