Business

The Chinese government-backed blockchain project, the Blockchain-based Service Network (BSN), continues expanding its global presence by setting up two new portals in Turkey and Uzbekistan. Red Date Technology, the architect behind the BSN project, has signed an agreement with Turkish consultancy firm, Turkish Chinese Business Matching Center (TUCEM), to launch two international BSN portals in Turkey and Uzbekistan in late December 2021. Established in 2006, TUSEM became a major economic cooperation hub between Turkey and China. The company will be the exclusive operator of the two new BSN portals offering blockchain-as-a-service (BaaS) in Turkey and Uzbekistan. The new portals will allow blockchain developers in Turkey and Uzbekistan to build BaaS applications using the global BSN portal ...

Bitcoin (BTC) is on top form — almost literally — as it heads into a new week less than 15% from all-time highs. A classic cocktail of factors has laid the foundation for a Q4 finale which analysts are now confidently comparing to the bull runs of 2013 and 2017. Decoupling from macro market movements and the U.S. dollar, Bitcoin is once again looking like the gold alternative that investors want — all while altcoins slip away. With “Uptober” still only in its second full week, Cointelegraph takes a look at what might lie in store for BTC price action over the coming days. Altcoins lag ahead of “Bitcoin season” Things are looking rosy as the week begins for Bitcoin traders — last week’s four-month highs are back and beaten. With the exception of a curious anomaly on exchange Bitstamp, which...

Bitcoin (BTC) has continued to trade near the $55,000 level. The sharp rally in Bitcoin has pushed its market dominance from 40.70% on Sep. 12 to about 45% today. This shows that the strong recovery in cryptocurrencies has largely been led by Bitcoin.  This sharp run-up in Bitcoin has pushed the Fear and Greed indicator into the Greed zone. Although this indicator suggests that markets may have run up quickly in a short time, it does not necessarily signal a confirmed short-term top. Crypto market data daily view. Source: Coin360 History suggests that traders who sold their Bitcoin positions on this metric alone could have missed strong gains before the correction set in, as highlighted by Cointelegraph Marke analyst Marcel Pechman. Could bulls extend the up-move and push the price cl...

The gaming industry, which has always been synonymous with fun, has grown massively in recent times, and a lot of money is now being mentioned when gaming comes up. Since the introduction of Web 3.0, there has been immense growth in the industry. At the end of 2019, the global gaming market was reportedly worth $152 billion. This growth has meant that, since the introduction of Web 3.0, there has been a consistent rate at which Web 3.0 games are growing and garnering increased adoption. A lot of money is being made, and this has, in turn, attracted a lot of new developers to the space. Related: Is a new decentralized internet, or Web 3.0, possible? Gaming in the past has always been a one-sided relationship, where only the developers or owners of a game get the financial gains while player...

The regulators are closing in. It’s one thing to unbundle market functions to their parts ― custody, aggregators and Prime Brokerage ― to satisfy institutional compliance departments. It’s another to keep regulators happy. From the Financial Action Task Force pushing forward with its guidance for Travel Rule compliance to the still-evolving European Markets in Crypto-Assets regulatory framework, and the somewhat clumsily-handed U.S. infrastructure bill, the regulators are slowly tightening their noose, and I fear this may be the start of a multi-year staring match ― with the decentralized finance (DeFi) market now firmly in their sights, too. Related: DeFi: Who, what and how to regulate in a borderless, code-governed world? Could digital identity help? Whenever I’ve been asked what Bitcoin...

Fast-food giant McDonald’s China released a set of 188 nonfungible tokens (NFT) on Oct. 8 to celebrate its 31st anniversary in the Chinese market. Branded as “Big Mac Rubik’s Cube,” the NFTs will be distributed among employees and consumers as a part of the giveaway.  The Big Mac Rubik’s Cube NFTs are designed based on the three-dimensional structure of McDonald’s China’s new office headquarters, which was inaugurated along with the launch of the NFTs.  The NFTs are built on the Confluux public blockchain and are created in partnership with Cocafe, a digital asset creation agency, ensuring that “each work is unique, indivisible and can not be tampered with.” .@McDonalds launches #bigmac Rubik’s cube #NFT collectible on #CONFLUX in ultimate exam...

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Olga Kupchevskaya, vice president of research and development for MyEtherWallet. Olga is vice president of research and development for MyEtherWallet. She has a strong passion for learning, which brought her to blockchain technology and led her to complete a master’s in computer science, with research emphasis on blockchain scalability solutions. In her role with MyEtherWallet, she oversees the research, development and production of software products ranging from the Ethereum Blockchain data tools (EthVM) to wallet management.  1 — What kind of consolidation do you expect to see in the cry...

XRP has a good chance of hitting $1.50 in the fourth quarter of 2021 after painting a bullish crossover between its 20-day and 50-day exponential moving averages (EMA). The so-called Golden Cross has appeared multiple times on XRP charts in history. Its last occurrence was on Aug. 10, which followed up with a circa 80% price rally later, with XRP topping out seasonally at $1.43 before pulling back to the downside.  Similarly, a close of XRP’s 20-day EMA above 50-day EMA on Feb. 4, coincided with an approximately 400% price rally afterward. In doing so, XRP reached a year-to-date high of $1.98, further attesting that the latest Golden Cross could prompt a similar bullish response from traders. XRP/USD daily price chart featuring Golden Cross. Source: TradingView.com More cues for...

The year 2021 seems to be a big year for the blockchain world as several projects, such as nonfungible tokens (NFTs) and centralized decentralized finance exchanges (CeDeFis), are taking the central stage. Also at the forefront is Facebook’s Libra. Not too long ago, the media was rife with the news that the world’s largest social media network was developing plans for a global digital currency. Then, after a while, it looked like Facebook shelved plans for it. Disputes with regulators around the globe had a hand in delaying and redirecting Facebook’s plans a bit. Instead of backing out, Facebook decided to strategize and launch a “different” global digital currency later in 2021, after rebranding the project to Diem. Related: New name, old problems? Libra’s rebrand to Diem stil...

Bitcoin (BTC) returned to beat the week’s four-month highs on Oct. 8, climbing $2,000 in two hours. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC’s price beats Wednesday’s high Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting just over $56,150 on Bitstamp in a fresh show of bullish momentum. Wednesday’s dramatic uptick had topped out at $55,800, this remaining the level to beat as the pair then spent Thursday consolidating. I think we have another $BTC pump coming right away. A brutal one, if I must say. — Galaxy (@galaxyBTC) October 7, 2021 Amid anticipation of fresh upside from traders, talk beyond price action continued to focus on the likelihood of an exchange-traded fund (ETF) approval from United States regulator — and its implications...