crypto blog
Ethereum eyes fresh yearly lows vs. Bitcoin as bulls snub successful ‘Merge’ rehearsal
Ethereum’s native token Ether (ETH) resumed its decline against Bitcoin (BTC) two days after a successful rehearsal of its proof-of-stake (PoS) algorithm on its longest-running testnet “Ropsten.” The ETH/BTC fell by 2.5% to 0.0586 on June 10. The pair’s downside move came as a part of a correction that had started a day before when it reached a local peak of 0.0598, hinting at weaker bullish sentiment despite the optimistic “Merge” update. ETH/BTC four-hour price chart. Source: TradingView Interestingly, the selloff occurred near ETH/BTC’s 50-4H exponential moving average (50-4H EMA; the red wave) around 0.06. This technical resistance has been capping the pair’s bullish attempts since May 12, as shown in the chart above. Staked Ether behind ...
Huobi Global launches $1B investment arm focused on DeFi and Web3
Digital asset exchange Huobi Global has spun out a new investment arm focused on decentralized finance (DeFi) and Web3 projects, further highlighting venture capital interest in the blockchain economy. Dubbed Ivy Blocks, the new investment arm has over $1 billion in crypto assets under management to deploy, a spokesperson for Huobi confirmed. These funds have been earmarked for “identifying and investing in promising blockchain projects,” the company said. In addition to financing, Ivy Blocks will offer various services to selected projects, including an asset management platform, a new blockchain incubator and a dedicated research arm. The firm’s asset management department will provide “liquidity investments” to help DeFi and Web3 projects get up and running, according to Lily Zhan...
CZ visits Palau to kick off BNB Chain-supported ID NFTs for digital residency program
The Republic of Palau announced Friday that it will issue identification cards to its digital residents in the form of nonfungible tokens (NFTs) on Binance’s BNB Chain blockchain. Binance founder and CEO Changpeng Zhao (CZ) was on hand in the Pacific Island nation for the unveiling of the NFTs and to meet with Palauan President Surangel S. Whipps, Jr. Palau introduced its Root Name System (RNS) Digital Residency program in January. California-based Cryptic Labs took part in the development of the program, which provides global citizens with identity cards issued by the government of Palau. Physical cards already exist. Planned uses for the new RNS ID NFTs include Know Your Customer (KYC) functions, access to digital banking, verified on-chain signatures and accessing services requiring gov...
Price analysis 6/10: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB
The United States equities markets tumbled on June 10 after the Consumer Price Index (CPI) report showed inflation soaring 8.6% from a year ago, the highest increase since 1981. The latest figures show that talks of inflation having peaked were premature and according to Bloomberg, investors are pricing in the key interest rate of 3% by the end of the year. Continuing its tight correlation with the S&P 500, Bitcoin (BTC) dipped below $30,000 on June 10. Analysts are still divided about the near-term price action but Fundstrat co-founder Tom Lee said in an interview with CNBC that Bitcoin may have already bottomed. However, Lee seems to have toned down his expectations as he said that Bitcoin could “remain flat for the year, possibly up.” Daily cryptocurrency market performance. So...
Trending tokens you should not miss on June 10
Helium (HNT), Chainlink (LINK), and Theta Network (THETA) are some of the best trending tokens to get on June 10. Helium increased in value by 35% in the last seven days, Chainlink by 23%, and Theta Network by 11%. Each project has undergone numerous developments and updates. Helium (HNT), Chainlink (LINK), and Theta Network (THETA) are some of the best cryptocurrency tokens that you can get on June 10. On June 9, 2022, Helium announced that Helium House ATX would open at Consensus 2022 with a stacked lineup of speakers. Helium also posted their daily wrap-up, where they announced integrations on Avalanche (AVAX) and BNB Chain (BNB), among other updates. Theta Network introduced Livestream support for the Theta Video API, which enables decentralized live streaming in any application o...
dotmoovs’ MOOV.CLUB Launches NFT Sneakers for Tik-Tok Dance Battles
Tallinn, Estonia, 10th June, 2022, Chainwire Move2earn app dotmoovs has launched an NFT sneaker collection that rewards Tik-Tokers, hip-hoppers, movers, and shakers. 4,444 SNKRS have been released as NFTs under the MOOV.CLUB brand, powered by dotmooovs’ social-fi and metaverse technology. Move2earn is the fastest growing crypto vertical and dotmoovs taps directly into it, enabling SNKR wearers to participate in epic Tik-Tok dance-offs and earn crypto prizes for their fancy footwork. Armed with the dotmoovs app, participants simply require their smartphone camera and a SNKR NFT to get started. Avid dancers and movers will earn MOOV tokens for their efforts, while those who are camera-shy can rent their virtual sneakers out and generate a passive income. On June 8, the MOOV token was listed ...
Samsung Asset Management to launch blockchain ETF in Hong Kong
Hong Kong-based Samsung Asset Management (SAMHK), a local subsidiary of Samsung’s investment arm, is moving forward with a blockchain-themed exchange-traded fund (ETF). The firm expects to launch its Samsung Blockchain Technologies ETF on the Hong Kong Stock Exchange on June 23, SAMHK announced on Thursday. The ETF seeks to achieve long-term capital growth by investing in stocks of companies actively involved in the development and adoption of blockchain technologies, the fund prospectus reads. The fund will invest in blockchain-related research and development firms, data providers, industry investment firms and others. The ETF’s composition will be managed by SAMHK’s portfolio management team, responsible for filtering out firms with “small market capitalization or low trading volume.”&n...
Bitcoin’s real energy use questioned as Ethereum founder criticizes BTC
The ever-raging debate around Bitcoin’s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using “way too much” energy. According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating: If bitcoin is really using nearly 1% of the energy on earth that is way too much for a pet rock. https://t.co/CDL32jk5FF — Texture, PhD (@iamtexture) June 9, 2022 Ethereum proponents are attempting to take shots at Bitcoin while simultaneously promoting Ethereum’s upcoming transition to proof-of-stake, Drake added another tweet moments later that read: “Ethereum post-m...
Mastercard to allow 2.9B cardholders to make direct NFT purchases
International payment processing giant Mastercard is expanding its payment network for nonfungible token (NFT) markets and Web3. The financial service provider announced that it has been working on expanding their payment networks to NFTs over the past year. The firm has partnered with a number of leading NFT marketplaces to allow 2.9 billion cardholders to directly make NFT purchases without buying crypto first. Currently, users need to buy crypto to bid on and buy NFTs. However, with the latest Mastercard partnership, billions of cardholders can now bypass the process of buying a transferring crypto to NFT marketplaces. The firm said: “These integrations are designed to make crypto more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans.” Mastercard ...
Solana price just one breakdown away from a 40% slide in June — here’s why
Solana (SOL) is nearing a decisive breakdown moment as it inches towards the apex of its prevailing “descending triangle” pattern. SOL’s 40% price decline setup Notably, SOL’s price has been consolidating inside a range defined by a falling trendline resistance and horizontal trendline support, which appears like a descending triangle—a trend continuation pattern. Therefore, since SOL has been trending lower, down about 85% from its November 2021 peak of $267, its likelihood of breaking below the triangle range is higher. As a rule of technical analysis, a breakdown move followed by the formation of a descending triangle could last until the price has fallen by as much as the triangle’s maximum height. This puts SOL’s bearish price target at $22.50 ...
Supply chain thwacking: VeChain’s $100M sponsorship deal with UFC
Blockchain logistics firm the VeChain Foundation has signed a multi-year marketing partnership with the Ultimate Fighting Championship (UFC) worth nearly $100 million, becoming the UFC’s first-ever Layer 1 blockchain partner. The UFC is the largest promoter and event organizer for Mixed Martial Arts (MMA) and VeChain’s marketing assets and brand will be integrated across the UFC in live events, in-arena promotion, social media and other areas. The deal is reportedly worth almost $100 million over a minimum five-year partnership according to an anonymous source quoted by Sports Business Journal. The UFC’s Senior Vice President of Global Partnerships Paul Asencio said the UFC’s sponsorship revenues are up 30% from an already record-breaking 2021 as a result of the deal. The partnership kicks...
Bitcoin miners say NY ban will be ineffective and ‘isolate’ the state
Two Bitcoin miners have told Cointelegraph that if the bill banning Proof-of-Work mining for two years in New York becomes law, it would end up triggering an exodus of mining companies from the state and do little to address the intended goals of the moratorium. GEM Mining CEO John Warren told Cointelegraph on June 8 that he and other miners now view New York as an unfriendly place where they likely would not want to open up shop. “Miners won’t consider going there after the ban became part of the discussion.” Environmental sustainability has been at the heart of the New York state government’s argument against Proof-of-Work (PoW) mining. The controversial mining ban bill would prohibit any new mining operations in the state for the next two years. It would also refuse the renewal of ...
