crypto blog
5 metrics to monitor before investing in crypto during a bear market
Cryptocurrency bear markets destroy portfolio value and they have a dangerous tendency to drag on for longer than anyone expects. Fortunately, one of the silver linings of market-wide pullbacks is that it gives investors time to re-focus and spend time researching projects that could thrive when the trend turns bullish again. Here’s five areas to focus on when deciding whether to invest in a crypto project during a bear market. Is there a use case? The cryptocurrency sector has no shortage of flashy promises and gimmicky protocols, but when it comes down to it there are only a handful of projects that have delivered a product that has demand and utility. When it comes down to determining if a token should continue to be held, one of the main questions to ask is “Why does this project ...
Global Web3 metaverse and tax initiatives continue in the face of a market meltdown
In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain. In 2021, nonfungible tokens became the biggest disrupter in art, with artists minting, exhibiting and auctioning them and investors buying, selling and trading them. But by May 2022, NFT sales had dropped 92% from the market peak. According to data aggregator Layoffs.fyi, more than 17,000 technology laborers lost their jobs in May. The recent downturn is similar to 2018, when leading cryptocurrencies like Bitcoin (BTC) and Ether (ETH) fell by 80% or more. Related: 2021 ends with a question: Are NFTs here to stay...
Bitcoin ATM installations record low in May, biggest drop since 2019
Bitcoin (BTC) ATM installations across the globe have seen a steep decline throughout the year 2022, with May recording just 202 new BTC ATMs, a range last seen three ago in 2019. Over the past five months since January, Bitcoin ATM installations saw a gradual slowdown, eventually falling down 89.75% from December 2021’s 1971 new installations. However, data from Coin ATM Radar reveal an evident comeback in the installation numbers as the world saw 817 Bitcoin ATMs getting installed in June — in just the first five days. Net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar Some of the key factors contributing to the slowdown of crypto ATM installations include geopolitical tensions across the world, unclear or anti-crypto regulations, market sa...
JPMorgan secures DeFi partnership in Singapore as crypto giants leave for Dubai
The Monetary Authority of Singapore is partnering with JPMorgan Chase to lead a pilot program exploring the DeFi niche The move is an initiative to explore the economic potential and value-adding use cases of crypto by the central bank of Singapore The project involves creation of tokenised bonds and deposits in a liquidity pool for DeFi applications The Monetary Authority of Singapore recently announced Project Guardian, a pilot digital asset program to examine the potential of tokenisation of bonds on public blockchains. The project intends to establish a liquidity pool of tokenised bonds and deposits. Involved would be trusted financial players who will serve as trust anchors, including JP Morgan Chase & Co, DBS Bank Ltd, and digital asset venture Marketnode. Project Guardian ...
Kenyan-based energy company offers bitcoin miners reserve geothermal power
The country’s biggest energy producer is luring bitcoin miners as it seeks to be a trailblazer in the continent’s growing crypto space The company also hopes to capture the attention of top mining firms in Europe and America that could tap the massive reserves within the country Crypto mining has come under harsh criticism for the massive electricity used to generate new coins and verify blockchain transactions. The annual energy consumption in the crypto mining industry is estimated to be nearly 119 Terawatt hours. This, if quantified, exceeds the energy consumption of the Netherlands, with only about 30 other countries having a higher consumption, according to data from the Cambridge Bitcoin Energy Consumption Index (CBECI). KenGen, an energy producer in Kenya, has seen an opportun...
Central African Republic to tokenize the nation’s natural resources
The Central African Republic (CAR) has announced plans to proceed with its ambitious Sango Project by tokenizing access to the country’s abundant natural resources. President Faustin-Archange Touadéra posted a photograph of a statement on his official Twitter account Thursday detailing the next steps in the project. The statement, signed by Minister of State and cabinet chief of staff Obed Namsio, read, in part: “We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.” It went on to say that Touadéra has asked the parliament to prepare a new strategy to create investment opportunities in the country’s economy. The next s...
WEF 2022: Miami mayor says that Bitcoin can be a global currency
Kristina Cornèr, Cointelegraph’s editor-in-chief, sat down with Miami Mayor Francis Suarez at the recent World Economic Forum held at Davos, Switzerland, to discuss topics like the role the mayor played at the WEF, Bitcoin being a global currency and what the mayor does with his BTC. According to Suarez, his role at the WEF is different from what he did at the Bitcoin Miami event. At Davos, the mayor noted that he played an “evangelist role” where he’s teaching people about Bitcoin. He explained that he is trying to get people to understand that this technology is going to impact “the lives of many.” [embedded content] Apart from this, Suarez also discussed the potential of Bitcoin as a global currency. The mayor highlighted that Bitcoin presents various ...
Beyond the hype: NFTs can lead the way in transforming business experiences
Many businesses and big brands have already jumped on the nonfungible token (NFT) bandwagon, including Nike, the National Basketball Association, Pepsi and even Taco Bell. But are these just for the show, or are these NFTs creating value? Much like digital services have become essential for every business in and outside of the technology sector, I believe that tokens — and, specifically, NFTs — are likely to become equally crucial in the emerging Web3 economy for at least two reasons. First, my view is that NFTs tokenize ideas at the atomistic level, creating rivalry and exclusivity around goods or services. Markets cannot form when goods and services are non-rival — when one person’s consumption does not trade off with another’s — or when they are non-excludable — when it is prohibitively...
Yuga Labs’ BAYC, OtherSide Discord groups breached, over 145 ETH stolen
Yuga Labs, the creator of two of the most popular ape-themed nonfungible token (NFT) offerings — Bored Ape Yacht Club (BAYC) and OtherSide — witnessed yet another orchestrated phishing attack with investors losing over 145 Ether (ETH) or nearly $260,000 at the time of writing. OKHotshot, a blockchain detective and a member of the Crypto Twitter community, alerted crypto investors about the compromise of two official Discord groups linked to BAYC and OtherSide NFTs. BAYC & OtherSide discords got compromised‼️ Seems because Community Manager @BorisVagner got his account breached, which let the scammers execute their phishing attack. Over 145E in was stolen Proper permissions could prevent this pic.twitter.com/lCl2DfZQ0W — OKHotshot (@NFTherder) June 4, 2022 According to OKH...
Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower
Between May 23 and 27, the equities markets had an impressive run, with the tech-heavy NASDAQ (NASDAQ: QQQ) ETF up over 7% and the S&P 500 (NYSE: SPY) up over 6.50%. However, this week’ whipsaws in price action occurred throughout the week and while the J trade session is not yet over, the weekly candlesticks suggest a close near last week’s open. QQQ weekly chart (NYSE). Source: TradingView Currently, all major indexes face significant technical resistance levels above their present traded levels. Throw in thegrowing economic uncertainty and fears of a recession; the bounce may be limited. Cryptocurrencies down again The crypto market may close relatively flat but down for the week, extending its losing streak to an all-time high of nine consecutive weekly losses. So...
Bitcoin long-term hodlers begin ‘distribution’ which preceded BTC price bottoms
Bitcoin (BTC) stayed wedged in a tight range on June 4 as traders’ demands for a new macro low persisted. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Long-term holders begin ‘distribution’ Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stuck between $29,000 and $30,000 into the weekend. The pair had managed a revival to near $31,000 the previous day, but the last Wall Street trading session of the week put pay to bulls’ efforts. As “out-of-hours” markets offered thin volumes but little volatility, eyes were on the potential direction of what would be an inevitable breakout. “The weekly chart on Bitcoin looks nothing short of horrific and so the trend continuation remains. I do think we consolidate a little l...
Is Solana a ‘buy’ with SOL price at 10-month lows and down 85% from its peak?
Solana’s (SOL) price dropped on June 3, bringing its net paper losses down to 85% seven months after topping out above $260. SOL price fell by more than 6.5% intraday to $35.68, after failing to rebound with conviction from 10-month lows. Now sitting on a historically significant support level, the SOL/USD pair could see an upside retracement in June, eyeing the $40-$45 area next, up around 25% from today’s price. SOL/USD daily price chart. Source: TradingView 60% SOL price decline ahead? However, a rebound scenario is far from guaranteed and Solana faces headwinds from trading in lockstep with Bitcoin (BTC), the top cryptocurrency (by market cap) that typically influences trends across the top altcoins. Notably, the weekly correlation coefficient between BTC and SO...
