Crypto

American multinational investment bank JPMorgan has put a price on Bitcoin and it is a lot less than the asset currently trades for. In a report to investors as part of the bank’s inaugural outlook focused on alternative investments, strategists stated that alternative assets which include cryptocurrencies “should continue to outperform into 2022.” They also asserted that Bitcoin’s “fair value” is around $35,000 based on the firm’s price model, which roughly 45% lower than its current trading price of $63,281. Nevertheless a price target of $73,000 seems reasonable should the relative volatility continue into next year, the strategists added, but not the sky high targets many expect. “This challenges the idea that a price target of $100K or above, which appears to be the current consensus ...

AllianceBlock, a blockchain tech firm that seeks to bridge the gap between decentralized finance, or DeFi, and traditional finance, announced a partnership with fellow blockchain tech entity Flare. Flare claims its layer-one, or blockchain protocol improvement, technology can bring smart contracts to cryptocurrencies such as Ripple (XRP), Dogecoin (DOGE), Bitcoin (BTC), Algorand (ALGO) and Stellar Lumens (XLM). In addition, Flare is also a decentralized oracle network that seeks to enable blockchains to access real-world data in smart contract execution. Meanwhile, AllianceBlock brings to the table its cross-chain interoperability solution AllianceBridge, its native decentralized exchange, or DEX, known as AllianceBlock DEX, decentralized peer-to-peer funding protocol AllianceBlock Fundrs,...

The Jungle Freaks nonfungible token (NFT) collection has lost roughly 80% of its trading value overnight after a series of racist cartoons drawn by one of its creators circulated on social media. The project is the brainchild of famed Hustler magazine cartoonist George Trosley and is curated by his son George III Trosley. Many participants from the NFT sale expressed their dismay after Trosley’s offensive illustrations came to light. Even Lord of the Rings actor Elijah Wood, who has recently taken a public interest in collecting various NFTs, responded, saying: “I was made aware of some of the artist’s disturbing prior cartoons. Upon learning this, I immediately sold the NFTs as I wholly denounce any form of racism. I have donated the funds from the sale of the NFT to ...

Francis Suarez, who has served as the mayor of Miami since 2017, has said he’s going to take his next paycheck in Bitcoin. In a Tuesday Twitter post, Suarez said he aimed to be the first United States lawmaker at the state or federal level to accept part of his salary in Bitcoin (BTC). Public records show the Miami mayor’s salary was $97,000 annually between 2016 and 2017, meaning he would receive a monthly paycheck of more than $8,000 or 0.13 BTC at a price of $63,404, assuming residents did not vote to increase his compensation for public service. Suarez said that he would prefer to use an app like Bitwage or Strike rather than have the local government go through the effort to convert his fiat paycheck into crypto. I’m going to take my next paycheck 100% in bitcoin…problem solved! @Sara...

Crypto markets have hit the ground running right from the start of November and as of Nov. 2, a near uncountable number of tokens have rallied to swing highs as Ether (ETH) broke above the $4,500 level and Bitcoin (BTC) recaptured the $64,000 level. Polkadot (DOT) also hit another all-time high as investors accumulated tokens leading into the upcoming parachain auctions. The climbing price of Ether comes following the recent Altair update to the Ethereum beacon chain as part of the protocol’s transition to Eth2 and a proof-of-stake mechanism, which has also seen more than 8 million Ether removed from circulation and staked in the Eth2 contract. Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $2,780 on Sept. 29, the price of Ether has charged 6...

The regulation of cryptocurrencies varies considerably across the globe: China has cracked down on significant amounts of crypto activity in recent months, while Japan only recently allowed specialized cryptocurrency investment funds. El Salvador, on the other hand, has accepted Bitcoin (BTC) as a legal currency. As financial centers throughout the world seek to regulate the sector, Singapore is aiming to establish itself as the globe’s capital for crypto-related enterprises. According to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), the city-state might have been left behind had it not gotten a head start on how to deal with cryptocurrencies. “With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear ...

Video game publisher MetalCore Foundation has unveiled a new open-world game that incorporates nonfungible tokens, or NFTs, into the gaming experience, highlighting the continued innovation underway in the GameFi sector. On Tuesday, the foundation unveiled MetalCore, a massively multiplayer combat game that combines traditional gaming with the GameFi features of blockchain technology. Developed by Studio 369, the game allows players to collect rare weapons, cosmetic meshes and skins that can be used in battle and traded as NFTs in an open market. MetalCore players will have the opportunity to earn in-game rewards and become virtual landowners, through which they’ll be able to mine resources and generate tax revenue. The official trailer for the game depicts players piloting war machines ag...

Blockchain-focused investment firm Sanctor Capital has raised $20 million to fund emerging projects in the cryptocurrency space, offering the latest evidence that venture capital continues to flood the market.  The investment fund will be used to bootstrap projects in some of crypto’s hottest segments, including DeFi, GameFi and cross-chain infrastructure development, Sanctor announced Tuesday. In addition to funding early-stage companies, Sanctor will also provide guidance to blockchain founders on how to launch and scale their products. DeFi, which stands for decentralized finance, has become one of crypto’s most valuable industries with over $245 billion in total value locked. GameFi, meanwhile, refers to the financialization of gaming through DeFi and nonfungible tokens, or NFTs. ...