crypto blog
Bitfinex Bitcoin longs hit a record-high, but does that mean BTC has bottomed?
Bitcoin (BTC) has been unable to close above $32,000 for the past 28 days, frustrating bulls and pushing the Fear and Greed index to bearish levels below 10. Even with June 6’s small boost, the tech-heavy Nasdaq stock market index is down 24% year-to-date. Investors who keep a close eye on regulatory development were possibly scared after New York state made clear its intention to regulate the crypto industry, including Bitcoin mining. On June 2, New York Attorney General Attorney Letitia James issued an investor alert against “risky cryptocurrency investments,” citing the assets’ volatility. According to Cointelegraph, the attorney general is convinced that crypto investments create “more pain than gain” for investors. The New York State Senate approved a pro...
Traders think Bitcoin bottomed, but on-chain metrics point to one more capitulation event
The bull market euphoria that carried prices to new highs throughout 2021 has given way to bear market doldrums for any Bitcoin (BTC) buyer who made a purchase since Jan. 1, 2021. Data from Glassnode shows these buyers “are now underwater” and the market is gearing up for a final capitulation event. Bitcoin net unrealized profit/loss. Source: Glassnode As seen in the graphic above, the NUPL, a metric tha is a measure of the overall unrealized profit and loss of the network as a proportion of the market cap, indicates that “less than 25% of the market cap is held in profit,” which “resembles a market structure equivalent to pre-capitulation phases in previous bear markets.” Based on previous capitulation events, if a similar move were to occur at the current levels, t...
Reserve Rights (RSR) builds momentum ahead of its long-awaited mainnet launch
Bitcoin was created to give the average person a peer-to-peer economic system and a store of wealth asset that could provide financial autonomy and access to banking, especially for people living in places where financial services are sparse or non-existent. In the last five years, there have been a number of blockchain projects that aim to mirror Bitcoin’s original mission and the growing popularity of stablecoins further highlights the need for alternative financial models. One project that is beginning to see a bit of momentum is Reserve Rights (RSR), a dual-token stablecoin platform comprised of the asset-backed Reserve Stablecoin (RSV) and the RSR token which helps to keep the price of RSV stable through a system of arbitrage opportunities. Data from Cointelegraph Markets Pro an...
Bad day for Binance with SEC investigation and Reuters exposé
The United States Securities and Exchange Commission (SEC) is investigating whether Binance Holdings broke securities rules when it launched its BNB token in an initial coin offering (ICO) five years ago, Bloomberg reported on June 6. Binance is the world’s largest crypto exchange, and BNB is the fifth largest cryptocurrency. The BNB ICO took place in July 2017 on several platforms, during the height of the so-called ICO boom, and the Binance exchange opened just days afterward. According to Bloomberg, citing unnamed people familiar with the matter, at least one U.S. resident claimed to have taken part in the ICO, which could be a crucial fact for an SEC case, if the agency chose to pursue one. The SEC has claimed most cryptocurrencies are securities and brought cases against a number of I...
Revoland Interview: What exactly does blockchain gaming offer compared to conventional gaming?
Blockchain gaming is quite an exciting space, with new innovations cropping up all the time. With the meteoric rise of both e-gaming and cryptocurrency in recent years, and the various potential use cases that incorporating blockchain into gaming could offer, it makes sense that we are seeing an exciting sector pop up which merges these two dynamic industries. Revoland is one such firm operating in this space. As the first blockchain-based multiplayer online battle arena (MOBA) game, it recently raised $10.6 million during seed and pre-sale rounds. The project calls on gamers to team up with colleagues, family, and friends to compete with other players for rewards in $LAND, a native token of the platform. The title was developed by Chain X Game (CXG): a London-based metaverse g...
Corporate evolution: How adoption is changing crypto company structures
Crypto-focused companies have come a long way since their beginnings in terms of corporate structure, employee motivation, decision-making systems, compliance and other aspects of their operations. While the early 2010s saw startups founded by small groups of crypto enthusiasts, the space has since grown to become home to large institutional businesses. Still, crypto companies are engaged in business, and business is alien to anarchy. The rapid growth of the cryptocurrency industry in the 2010s transformed small, independent businesses into huge conglomerates with thousands of employees and offices worldwide. Investment funds and professional investors own shares of them, many have functioning boards of directors, and their corporate structures have dozens of departments and divisions. But...
Hong Kong’s Securities and Futures Commission warn of nonfungible token risks
On Monday, Hong Kong’s Securities and Futures Commission (SFC) released a statement warning investors about the risks of nonfungible tokens, or NFTs, which have soared in popularity in recent years. The regulatory body wrote: “As with other virtual assets, NFTs are exposed to heightened risks, including illiquid secondary markets, volatility, opaque pricing, hacking and fraud. Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs.” However, it appears that the SFC’s specific concern lies in the securitization of NFTs. “The majority of NFTs observed by the SFC are intended to represent a unique copy of an underlying asset such as a digital image, artwork, music or...
CertiK shares security tips following third BAYC security compromise in six months
On June 4, the popular nonfungible token, or NFT, project Bored Ape Yacht Club (BAYC) suffered its third security compromise this year. Nearly 142 Ether (ETH) ($250,000) worth of NFTs was stolen after hackers gained access to the Discord account of a BAYC community manager and posted a message with a link to a fake website. The link advertised a limited-time free-NFT giveaway to users who connected their wallets, which were then drained of NFTs. During two prior occasions in April, hackers breached BAYC’s Discord and Instagram pages and managed to siphon 91 NFTs, worth over $1.3 million at the time of the second attempt, via a phishing link. As told by blockchain security firm CertiK, hackers quickly moved stolen funds to obfuscation platform Tornado Cash, making it imposs...
Avalanche price eyes 30% jump in June with AVAX’s classic bullish reversal pattern
Avalanche (AVAX) shows signs of continuing its ongoing rebound move as it paints a classic bullish reversal pattern. AVAX price to $35? Dubbed as “double bottom,” the pattern appears when the price establishes a support level, rebounds, corrects after finding a resistance level, pulls back toward the previous support and bounces back toward the resistance level to pursue a breakout. Since May 27, AVAX’s price trends appear like those typically witnessed during the double bottom formation. Specifically, the AVAX/USD pair on the four-hour chart has bounced twice after testing the same support level near $22.25, and now eyes a breakout above its resistance level — also called “neckline” — near $27.50. AVAX/USD four-hour price chart with “double bottom'...
Top internet of things (IoT) tokens not to miss in June
Helium (HNT), IOTA (MIOTA), and IoTeX (IOTX) are some of the best IoT tokens to get in June. HNT increased by 15%, MIOTA by 8%, and IOTX by 6% in the last 24 hours. Each of these tokens has huge potential for growth in the near future. Helium (HNT), IOTA (MIOTA), and IoTeX (IOTX) are some of the best Internet of Things (IoT) tokens that you can get on June 6, 2022. On June 5, 2022, Helium announced that the community voting for HIP 51 closes on June 7 and reminded users to cast their vote for the evolving network through the DAO. On June 6, 2022, IOTA made a recap video of some of the biggest news, where they announced the Stardust protocol upgrade on Shimmer. IoTeX also announced that the RoninX Foundation joined forces with SPROCKIT, which is an accelerator that brings new tech...
‘WeCryptoEco’ Opens the World’s Largest Solar Powered Farm to NFT Holders
Essex, United Kingdom, 6th June, 2022, Chainwire WeCryptoEco, the brainchild of business visionaries James Ross and Roderick Chisholm, is exploding onto the scene. Founded in 2022, WeCryptoEco, the environmentally friendly crypto mining project, is changing the process by lessening the impact on the earth’s resources. At WeCryptoEco, the team is building the world’s largest solar-powered blockchain, AI, and bitcoin mining farm, instead of mining at all costs. Environmentalists around the world have grave concerns about the regular mining process. Studies show bitcoin mining emits over 37 megatons of carbon dioxide each year. The New Yorker reports that “according to the Cambridge Bitcoin Electricity Consumption Index, bitcoin-mining operations worldwide now use energy at the rate...
DeFi community rallies behind PoolTogether to hit $1.4M NFT defense funding target
No-loss lottery decentralized finance (DeFi) platform PoolTogether has reached 100% of its legal defense funding goal via the sale of NFTs. It has taken the project just ten days to reach its funding goal of 769 Ether (ETH) or $1.4 million, signaling strong support from the DeFi community who are rallying against a lawsuit that some feel is an attack on the greater sector as a whole. the community has spoken @PoolyNFT https://t.co/pJSRUfjk3f — francom.eth (@francom619) June 5, 2022 PoolTogther is currently selling three tiers of NFTs as part of a funding campaign dubbed “PoolyNFT” to fight a class-action lawsuit that it feels has “no merit.” The NFTs are priced at 0.1 ETH, 1 ETH and 75 ETH a pop, and vary in the number of total minted tokens, and the project will eventually roll out ...
