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BNB Chain cools off after 24% surge, but strong fundamentals could back the next BNB rally
After an impressive 23.7% rally between Oct. 25 and Oct. 31, Binance’s BNB (BNB) coin has faced a strong rejection from the $330 resistance. Is it possible that the two-day 6% sell-off from the $337.80 peak could indicate that further trouble is ahead? Let’s take a look at what the data shows. BNB 12-hour chart on Binance, USD. Source: TradingView Analysts pinned the recent rally to the Oct. 28 news that Binance invested $500 million in Twitter. However, the network’s deposits and decentralized application (DApp) metrics have not accompanied the improvement in sentiment. The strong upward movement was largely based on reports that Binance was preparing to assist Twitter in eradicating bots. The speculation emerged after billionaire Elon Musk raised the $44 billion required to complete...
Fidelity offers retail investors commission-free BTC and ETH trading
Fidelity Investments is expanding retail access to commission-free cryptocurrency trading services — a move designed to recognize growing mainstream interest in digital assets. According to CNBC, Fidelity’s new crypto offering will be powered by its subsidiary, Fidelity Digital Assets. Dubbed Fidelity Crypto, the new service will give retail investors the ability to buy and sell Bitcoin (BTC) and Ether (ETH) with minimal fees. Instead of a commission, Fidelity Crypto will incorporate a 1% spread into every trade. In financial markets, a spread represents the difference between the buy and sell prices quoted for an asset. Although Fidelity didn’t specify a launch date for the new offering, it has opened up an early-access waitlist to users. The brokerage said it is targeting retail in...
Japan’s Digital Agency launches DAO to explore DAOs and Web3
The Digital Agency of Japan, aimed at harmonizing nationwide initiatives related to digital transformation, has launched a research decentralized autonomous organization, or DAO, targeting Web3. In a Nov. 2 meeting, the Digital Agency said it had established a DAO in an effort to explore the “functions and roles” of DAOs. The group added it would consider the benefits and challenges of granting the DAO legal status in Japan, citing the U.S. state of Wyoming approving similar legislation in July 2021. According to the Digital Agency, it planned to investigate aspects of digital assets and DAOs which could potentially be used for “cross-border crimes that exploit blockchain technology” and threaten user protection. The announcement suggested the agency could conduct a blockchain analysis of ...
Bitcoin holds $20K post-Fed as rising dollar sparks BTC price warning
Bitcoin (BTC) lingered lower on Nov. 3 as the aftermath of the Federal Reserve interest rate hike subsided. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trading range forms with $20,000 at center Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering just above $20,000 on the day. The pair had seen flash volatility as the Fed hiked 0.75%, fakeout moves up and down triggering liquidations both long and short. Cross-crypto liquidations for the 24 hours to the time of writing totaled $165 million, data from Coinglass confirmed. Bitcoin ultimately finished slightly lower than its pre-Fed level, an area which continued to hold on the day as analysts awaited fresh cues. For popular Twitter trader Crypto Tony, there was little need to adjust an existing forecas...
NFTs bridge music communities across genres and blockchain ecosystems
Nonfungible tokens (NFTs) are stepping into the next wave of Web3 with utility capabilities and community building at the forefront. A new collection from the Mint NFT marketplace and metaverse entertainment platform Animal Concerts does this across the musical genre spectrum, as well as blockchain networks. The collection, “A Hard Working Man,” features the crypto-savvy hip-hop star Snoop Dogg in combination with country music icons Billy Ray Cyrus and the Avila Brothers. The collection features highlight physi-digital experiences with digital artwork, as well as in-person concert perks. Unbothered, building, and trudging through the NFT bear market like: pic.twitter.com/nPNLNswYG8 — A Hard Working Man NFT Collection (@AHWM_NFT) October 29, 2022 Colin Fitzpatrick, the founder and CE...
Bitcoin seller exhaustion hits 4-year low in ‘typical’ bear market move
Bitcoin (BTC) sellers may not have capitulated enough, but current trends are “typical” of the end of bear markets. According to data from on-chain analytics firm Glassnode, seller behavior suggests that a macro price bottom is forming. Analyst: Seller exhaustion “near” bear market lows In the latest hint that Bitcoin’s latest bear market is nearing its end, Glassnode has revealed that the network is currently weathering a “perfect storm” of low volatility and high on-chain losses. The Seller Exhaustion Constant, calculated from one-month rolling volatility and on-chain transaction profitability, is thus at long-term lows of its own. As a Twitter post explains, such lows are rare, having only appeared seven times before. Six of those times, upside volatility resulted, implying ...
Litecoin pre-halving fractal hints at 200% LTC price rally by July 2023
The price of Litecoin (LTC) could skyrocket by up to 200% by July 2023, coinciding with its halving event, reducing miner block rewards by 50%. Litecoin has bottomed out? Litecoin has undergone two halvings since its launch in October 2011. The first one occurred in August 2015, which reduced its block reward from 50 LTC to 25 LTC. The second happened in August 2019, which slashed the 25 LTC reward to 12.5 LTC. Interestingly, each Litecoin halving event occurred after a volatile LTC price cycle, namely an enormous price pump, followed by a similarly massive correction, a price bottom, and recovery to a local top. After the Litecoin halvings, LTCs’ price corrected from its local top, established another bottom, and followed it with another massive price rally to a new record...
Web Summit Lisbon, Nov. 3: Latest updates from Cointelegraph ground team
Welcome back to the day two coverage of Web Summit, one of the leading tech conferences in the world, with over 71,000 attendees on day two. The summit is live in person in Lisbon, Portugal after two years. The summit is known to bring together some of the most prolific personalities from the tech world together and in 2022 it’s no different. Web3 has increasingly become the most talked about topic in the tech world and Web Summit is no different as leading tech giants such as Apple or Microsoft continue to explore ways to integrate and transition to the Web3 ecosystem. After an eventful first day that saw some major Web3 announcements, including the Web3 alliance to prevent malicious phishing attacks, bad actors and Web3 domain collisions. Binance CEO Changpeng Zhao ...
Skyward finance exploit allegedly results in $3 million loss
Skyward finance, an IDO platform enabling fair token distribution for projects on the NEAR Protocol, has reportedly been exploited for 1.1M NEAR tokens, worth an estimated $3 million USD at time of publication. The news was shared on Twitter by Aurora Lab’s community moderator Sanket Naikwadi, who stated that the exploit was first noticed by a member of the NEAR protocol community, who goes by the handle @Nearscout. The @skywardfinance was just exploited for ~1.1M $NEAR Tokens (Worth ~3M) . Thnx to @NearScout for noticing the treasury drain, he pinged me asking if something is wrong with skyward… then we looked into contract txns and found out about the exploit and sus txns. smol — SankΞt Ⓝ⚡️| sanketn81.near ,sanketn81.lens (@sanket_naikwadi) November 2, 202...
Saying ‘not financial advice’ won’t keep you out of jail: Crypto lawyers
Crypto influencers may need to practice what they preach and “do their own research” when it comes to sharing their crypto tips. According to several digital asset lawyers, the popular disclaimer “this is not financial advice” — may not actually protect them in the eyes of the law. United-States-based securities lawyer Matthew Nielsen from Bracewell LLP told Cointelegraph that while its “best practice” for influencers to disclose that “this is not financial advice,” simply saying the term will not protect them from the law as the “federal and state securities laws heavily regulate who can offer investment advice.” Australian financial regulatory lawyer Liam Hennessy, a partner at Gadens, explained that “advice warnings” are “by and large pretty useless,” while Australian digital lawyer Mic...
JP Morgan executes first DeFi trade on public blockchain
Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain. The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2 — which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.” In other words, the pilot was another step into examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases. Singapore’s largest bank — DBS Bank, Tokyo-based banking firm SBI Digital Asset Holdings and business leadership platform Oliver Wyman Forum also took part in the pilot program. The...
Come one, come all! Meta to bring NFT minting and trading to Instagram
Social media platform Instagram is set to introduce a number of nonfungible token (NFT)-related tools that will allow creators to mint, show and sel NFTs. Instagram parent company Meta said on Nov. 2 during its Creator Week 2022 event that the platform would allow its creators to make “digital collectibles” and sell them “both on and off Instagram.” Meta says creators will have an “end-to-end toolkit” from creating, showing, then selling NFTs within the platform and has chosen the Polygon (MATIC) blockchain as an initial partner for this functionality. Concept images of Meta’s NFT interface for Instagram. Image: Meta It says a “small group” of United States-based creators will be eligible to test the new features and expansion to other countries will follow, but provided no information on ...
