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Traders expect Ethereum price to drop further ahead of Friday’s $550M options expiry
Ether’s (ETH) 330% year-to-date gain has been largely fueled by the growth of decentralized finance and the explosion of non-fungible tokens. Proof of this comes from OpenSea, the largest NFT marketplace, surpassing the impressive mark of $10 billion in accumulated trading volume. However, traders worry that the 15% correction that followed the $4,870 all-time high on Nov. 10 could indicate that a larger bearish movement is in place. The rupture of the 55-day ascending channel reinforces this thesis and Nov. 19’s $550 million Ether options expiry will likely favor bears. Ether/USD price on Bitstamp. Source: TradingView Ethereum’s $86 billion total value locked in smart contract contracts, represents 70% of the market and this metric has increased by 25% over the last two ...
‘We want to build Minterest as a fairer financial system,’ says CEO Josh Rogers
Decentralized finance (DeFi) protocols have gained significant traction in the cryptocurrency sector, with a total value locked surpassing $271 billion, based on data from DefiLlama. One exceptionally popular category of DeFi services is that of decentralized borrowing and lending, where users can pledge their crypto as collateral and take out stablecoin loans (or vice versa) to pay for everyday expenses while their investment continues to grow. Total value locked in DeFi. Source: DefiLlama Such protocols typically charge a spread or difference between deposit and lending rates as a service fee. But then there are protocols like Minterest that seek to distribute a vast majority, if not all, of their profits back to users. Earlier this month, Minterest launched on Moonbeam, an Ethereum...
US lawmakers introduce bill to ‘fix’ crypto reporting requirement from infrastructure law
A bipartisan group of United States lawmakers has introduced legislation to change the tax reporting requirements that will go into effect due to the recently signed infrastructure bill. House Representatives Patrick McHenry and Tim Ryan introduced the Keep Innovation in America Act which would change the definition of broker as defined in HR 3684, the bipartisan infrastructure bill signed into law by President Joe Biden on Nov. 15. The bill proposes pushing back the mandated reporting requirements — which includes digital asset transactions worth more than $10,000 to be declared to the Internal Revenue Service — from 2024 to 2026. I introduced this bipartisan bill w/ @RepTimRyan to fix the new poorly constructed #digitalasset reporting requirements. The Keep Innovation in America Act will...
Airdrop rumors result in a swarm of activity on MetaMask Swap and Polygon
Five to six-figure-size airdrops have become the new norm in the crypto sector and a growing number of analysts believe there are more to come. In September dYdX distributed a massive airdrop to early users and last week the Ethereum Name Service gave out roughly $17,000 to $30,000 in ENS tokens to platform users. Anticipation of additional “helicopter money” has also led to a flurry of airdrop hunters seeking out the next big score. The mad dash to engage with protocols and qualify for possible token drops led to an uptick in activity on Polygon, a popular layer-2 platform, and MetaMask. Since last week rumors that MetaMask may release its own token have been circulating and this is reflected in the increased engagement on MetaMask Swap. According to data from ...
How One of Live Nation’s Core Business Strategies Backfired at Astroworld
Travis Scott encourages his concert audiences to “rage,” so his Astroworld festival, which this year drew 50,000 fans on Nov. 5 to NRG Park in Houston, needs to be organized in a way that keeps attendees safe. But ScoreMore Shows, which produces and promotes the event, set it up in a way that several concert business sources say may have inadvertently contributed to the crowd surge that resulted in 10 deaths and hundreds of injuries, and that parent company Live Nation rarely exercises the kind of oversight over events organized by its subsidiaries that might have flagged these problems before it was too late. Explore See latest videos, charts and news The hands-off approach is by design. Live Nation CEO Michael Rapino runs the company with a decentralized management strategy that encourag...
The Canadian energy company in the way of Whitmer’s campaign
A new ad that aired on Detroit’s ABC station this month featured an Anishinaabe narrator, kayaking along the Detroit River, attesting to the safety of pipelines over transporting crude oil and natural gas liquids by truck and rail. Line 5 is the source of 65 percent of propane in the state’s upper peninsula and provides 55 percent of Michigan’s supply of the fossil fuel. At its terminus point in Sarnia, Ontario, the crude oil delivered via Line 5 diverts into three other Enbridge pipelines. These channels supply Ontario, Canada’s most populous province, with 53 percent of its crude. The pipeline supplies 66 percent of the crude in neighboring Quebec. “It powers our economy,” said the unnamed narrator who only reveals himself as an Enbridge employee. “And building the Great Lakes Tunnel is ...
Opinion | Don’t Learn the Wrong Lesson on Inflation
So, what would the U.S. economy look like if an ambitious fiscal response to the pandemic recession had not been implemented? First of all, in that alternative, the U.S. would almost certainly still face higher inflation, with global supply chains impaired by the virus. Notably, we still see high inflation readings in countries that didn’t pursue aggressive fiscal policy: 5.5 percent in Spain and 4.6 percent in Germany, for instance. Without ambitious fiscal action from Congress, the pandemic recovery for American workers would have looked far more like past “recoveries:” a multiyear period of stagnating — or even declining — employment rates despite a return to positive GDP growth. These miserable “jobless recoveries” are all too familiar for American workers. In the six quarters followin...
Opinion | Inflation Is Bad. Killing Jobs Is Worse.
So, what would the U.S. economy look like if an ambitious fiscal response to the pandemic recession had not been implemented? First of all, in that alternative, the U.S. would almost certainly still face higher inflation, with global supply chains impaired by the virus. Notably, we still see high inflation readings in countries that didn’t pursue aggressive fiscal policy: 5.5 percent in Spain and 4.6 percent in Germany, for instance. Without ambitious fiscal action from Congress, the pandemic recovery for American workers would have looked far more like past “recoveries:” a multiyear period of stagnating — or even declining — employment rates despite a return to positive GDP growth. These miserable “jobless recoveries” are all too familiar for American workers. In the six quarters followin...
Cointelegraph Consulting: Is OpenSea an undervalued NFT marketplace?
Without a doubt, 2021 has been a momentous year for nonfungible tokens (NFT). The nascent market has seen unprecedented growth as sales volume from January to date nears $10 billion — a 14,500% surge from 2020. The NFT marketplace OpenSea is responsible for processing a great chunk of that. OpenSea controls a majority of NFT sales and has processed more than $10 billion worth of transactions since launching in December 2017. Its 2021 volume alone even topped the revenue earned by Etsy and is comparable to the revenue generated by eBay. But despite this, it appears as though OpenSea and the entire NFT space are just getting started. In the past 30 days, OpenSea processed more than $1.6 billion in transactions, leading all other marketplaces by a wide margin. NFT game Axie Infinity com...
Bitcoin price seesaws beneath $60K as anticipation builds for fresh BTC ‘short squeeze’
Bitcoin (BTC) chopped and changed on Nov. 18 but held a critical support level to preserve the chance of new all-time highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $90,000 remains on the table Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged between $59,000 and $60,000 Thursday, seeing $1,000 swings in minutes. With the pair’s overall range becoming ever narrower, talk turned to a potential “short squeeze” entering to push its spot price to new, higher levels. “Based on the Futures Market structure, the funding rate and OI momentum trends are forming a perfect setting for a ‘Short-Squeeze’ scenario,” one contributor to on-chain analytics firm CryptoQuant argued Wednesday. “Then the question is, what price range would act as a supp...
CRO price hits new high after Crypto.com wins Los Angeles’ Staples Center naming rights
Crypto.com’s native cryptocurrency, CRO, hit an all-time high of $0.593 on Nov. 18 after the company won the naming rights to Los Angeles’ Staples Center. The cryptocurrency trading platform announced Tuesday night that it had paid $700 million to the Anschutz Entertainment Group to rename Staples Center to Crypto.com for the next 20 years. In doing so, it gained links with the downtown arena’s native sports franchises, including the National Basketball Association’s Los Angeles Lakers and Clippers, and the National Hockey League’s Kings franchise. The deal should boost Crypto.coms public awareness, and this prompted traders to raise their bids for CRO, an intermediary settlement token across various assets inside the Crypto.com ecosystem. CRO faces interim sell-of...
Bitso and Circle work on crypto payments between Mexico and US
Bitso, a major Latin American cryptocurrency exchange, is collaborating with the USD Coin (USDC) stablecoin operator Circle to launch a new cross-border payment tool between Mexico and the United States. The company announced on Thursday that the integration with payment solutions from Circle aims to provide Mexican people with a new option to send and receive payments to or from the U.S. Called Bitso Shift, the new tool uses cryptocurrency to enable low-cost and instant cross-border payments available 24/7, allowing users to instantly exchange between Mexican pesos and the United States dollar (USD)-backed stablecoins. The new offering intends to unlock easier and more affordable access to the USD for individuals in Mexico, also aiming to increase the transparency of USD transactions in t...
