crypto blog
Celsius Network is bankrupt, so why is CEL price up 4,000% in two months?
Crypto lending platform Celsius Network has an approximately $1.2 billion gap in its balance sheet, with most liabilities owed to its users. In addition, the firm has filed for bankruptcy protection, so its future looks bleak. Still, Celsius Network’s native utility token CEL has soared in valuation by over 4,100% in the last two months, reaching around $3.93 on Aug. 13 compared to its mid-June bottom of $0.093. In comparison, top coins Bitcoin (BTC) and Ether (ETH) rallied 40% and 130% in the same period. CEL/USD daily price chart. Source: TradingView Takeover rumors behind CEL explosion? Technically, the price rally made CEL an excessively valued token in early August when its relative strength index (RSI) crossed above the 70 threshold. Takeover rumors appear to be behind CEL̵...
Coinbase posts $1.1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Elon Musk: US ’past peak inflation’ after Tesla sells 90% of Bitcoin With Tesla now having sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the U.S. economy is “past peak inflation” and predicts that only a “mild to moderate” recession could be incoming. “We sort of have some insight into where prices are headed over time, and the interesting thing that we’re seeing now is that most of our commodities, most of the things that go into a Tesla — not all, more than half the prices — ar...
Metaverse still not ready for virtual weddings and legal proceedings
As the global Web3 ecosystem continued to evolve at a staggering pace, so have the various use cases associated with this niche. In a striking new development, a high-ranking Singaporean government minister recently noted that legal marriage proceedings, court case disputes, and government services could one day be conducted using Metaverse platforms. While delivering a keynote address at Singapore’s TechLaw Fest 2022 late last month, the country’s second minister for law, Edwin Tong, was quoted as saying that he would not be surprised if, in the future, intimate events such as the solemnization of marriages as well as legal disputes “could take place within the Metaverse,” adding: “It would not be unthinkable that, besides registration of marriages, other government services can soon be a...
Countries where Bitcoin (BTC) is legal
Typically there are macroeconomic factors that a country is looking to manage through the adoption of a currency as legal tender. In order to make Bitcoin legal tender, these factors should coincide with visionary leadership. Despite that, central banks are getting into digital currencies. There are countries with more fundamental problems that just a digital version of a fiat currency may not solve. For instance, countries like Argentina and Venezuela have suffered from hyperinflation for years and can do with a form of currency that derives value from much beyond their own economies. There are also countries like El Salvador, Panama, Guatemala and Honduras, where a big percentage of the GDP is contributed by remittances. This paves the way for a form of value exchange that is not restric...
Ominous Solana technicals hint at SOL price crashing 35% by September
Solana (SOL) risks a significant price correction in the coming weeks owing to a classic bearish reversal setup. A 35% SOL price correction ahead? On the three-day chart, SOL’s price has been painting a rising wedge, confirmed by two ascending, converging trendlines and falling trading volumes in parallel. Rising wedges typically result in breakdown, resolving after the asset’s price break below the lower trendline. If the price follows the breakdown scenario, it could fall by as much as the maximum distance between the wedge’s upper and lower trendline. SOL is far from a breakdown but trades within a falling wedge range, as shown in the chart below. The token eyes an immediate pullback from the wedge’s upper trendline with its interim downside target sitting at the...
Ethereum hits 8-month highs in BTC as money heads for ‘riskier’ altcoins
Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins. ETH/BTC 1-day candle chart (Binance). Source: TradingView Altcoin market cap returns to $700 billio Data from Cointelegraph Markets Pro and TradingView confirms that ETH/BTC has cleared key resistance to pass 0.08 BTC on Aug. 13. The move is impressive for largest altcoin Ethereum, as the area around 0.075 represented a troublesome sell zone which had previously kept bulls in check for since January. At the time of writing, ETH/BTC is working to retain the newly-won level, as traders query how long its strength might last. As Cointelegraph reported earlier, ETH/USD passed $2,000 overnight, a significant psychological boundary in itself unseen since May. Not for l...
Price analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) could not overcome the barrier at $25,000 on Aug. 11 even though it had two catalysts in the form of a “favorable” Consumer Price Index print and news that BlackRock — the world’s largest asset manager, overseeing over $10 trillion in total assets — had launched a spot Bitcoin investment product. In comparison, Ether (ETH) has managed to hold on to its recent gains on news that the Goerli testnet had successfully activated proof-of-stake, clearing the path for Ethereum’s mainnet transition planned for Sept. 15 or 16. Data from Santiment shows that Ether whale transactions have increased along with possible whale accumulation. Daily cryptocurrency market performance. Source: Coin360 However, analysts remain divided about the prospects of the current rec...
Talking with Eva Kaili, VP of the European Parliament, on MiCA regulation
In an article I wrote for Cointelegraph, I commented on how the European Union has moved forward to regulate the crypto-asset market through Markets in Crypto-Assets (MiCA) and Transfer of Funds Regulation (ToFR). With this subject as a background, I had the privilege of interviewing one of the people who knows the most about regulating new technologies: Eva Kaili, vice president of the European Parliament. She has been working hard on promoting innovation as a driving force for the establishment of the European Digital Single Market. Check out the interview below, which covered key points about MiCA, some proposed legislative provisions proving to be more controversial than others, such as decentralized finance (DeFi) remaining out of scope, rules administered through self-executing...
Bitcoin mining revenue jumps 68.6% from the lowest-earning day of 2022
The Bitcoin (BTC) mining industry endured immense financial stress throughout the year 2022 as a prolonged bear market directly impacted their earnings when translated to the U.S. dollar. However, miners resilient to the year’s lowest mining revenue day, June 13, witnessed a 68.63% increase in mining revenue within a month. Over the year, revenue from Bitcoin mining dropped due to a multitude of factors centered around investor sentiment — driven by tensions arising from market crashes, ecosystem collapses and loss-making investments. Cutting through the noise, the Bitcoin ecosystem recovered across numerous determinants, including miners’ revenue in dollars, network difficulty and hash rate. Total miners revenue over time. Source: blockchain.com Data from blockchain.com confirms that BTC ...
Bitcoin traders still favor new $20K lows as Ethereum hits $2K
Bitcoin (BTC) is still due to return to near $20,000, fresh analysis warns as BTC/USD attempts to retest multi-month highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Buy-the-dip set for invalidation at $20,700 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staging a second run-up to near $25,000 on Aug. 13, so far seeing rejection. The pair had gained over $1,300 overnight, but as bulls again ran out of momentum near crucial resistance, few were optimistic over Bitcoin avoiding a deeper comedown. “One last high to rekt early shorts,” popular trading account Il Capo of Crypto told Twitter followers. Similarly cautious was fellow trader Jibon, who said that he would even prefer to wait and “buy higher” than spot price t...
Uzbekistan blocks access to foreign crypto exchanges over unregistered trading
The government of Uzbekistan, which has previously made significant steps toward a moderate approach to crypto, announced Wednesday that it has restricted access to a number of large international crypto exchanges due to accusations of unlicensed activity. In a statement from Aug. 10, the National Agency of Perspective Projects (NAPP) projects informed that “various electronic platforms” provide services for trade and exchange of crypto-assets without obtaining the required license in violation of the existing legislation and thus access to them was restricted. However, the tone of the statement suggested that after obtaining a license and fulfilling the requirement to deploy servers on the territory of the Republic of Uzbekistan, as prescribed by law, there should be no further obst...
Crypto Biz: A Futurist take on crypto
You might not know it, but Canada is quietly becoming a major player in the blockchain and crypto scene: Ethereum has strong Canadian roots, Toronto-based 3iQ launched North America’s first physically-settled Bitcoin (BTC) exchange-traded fund (ETF) and the percentage of active crypto holders in the country has increased steadily over the past two years. Against this backdrop, I had the pleasure of attending this year’s Blockchain Futurist Conference in Toronto, where I got to moderate two panels on rebuilding the financial system through Web3 and onboarding the next wave of crypto users. The event served as another reminder that the industry’s brightest minds are still building amazing products despite current market conditions. Not to sound overly cliche, but it’s hard to be b...
