crypto blog
3 reasons why Ethereum price is pinned below $2,000
Ether’s (ETH) market structure continues to be bearish despite the failed attempt to break the descending channel resistance at $2,000 on May 31. This three-week-long price formation could mean that an eventual retest of the $1,700 support is underway. Ether/USD 4-hour price at Bitstamp. Source: TradingView On the non-crypto side, a number of equities-related factors are translating to negative sentiment in the crypto market. This week Microsoft (MSFT) lowered its profit and revenue outlook, citing challenging macroeconomic conditions. The U.S. Federal Reserve signalled in its periodic “Beige Book” that economic activity may have cooled in some parts of the country and the Fed is about to reduce its $9 trillion asset portfolio to combat persistent inflation. On the bright ...
OpenSea ‘insider trading’ could see NFTs labeled securities: Former SEC lawyer
Former Securities and Exchange Commission lawyer Alma Angotti says this week’s news about an OpenSea employee being charged with insider trading could open the doors to non-fungible tokens being labeled as securities. On Wednesday, in a first for the industry, prosecutors in Manhattan charged former OpenSea product manager Nathaniel Chastain with insider trading. The U.S. Attorney’s Office for the Southern District of New York said the exact charges were “wire fraud and money laundering in connection with a scheme to commit insider trading.” Until now, the phrase “insider trading” has not been used in regard to cryptocurrency and typically refers to insider trading of securities. Related: EU commissioner calls for global coordination on crypto regulation Angotti was once an enforceme...
Terra’s collapse prompts UK regulation of stablecoins
The collapse of UST and LUNC has made it a matter of urgency for the United Kingdom as well as other jurisdictions to have proper regulatory frameworks for digital assets The, the UK hope will ensure economic and financial stability as well as safeguard investors from losing out on their investments by oversighting stablecoin issuers. The United Kingdom has become the latest country to express concern on the stability of stablecoins and call for their regulation. This echoes the sentiments of the European Union as well as the United States Consumer Financial Protection Bureau – both having raised questions on the long-term stability of these digital assets. The authorities, in the consultation paper they released, hope that proper regulation will create a conducive environment for investor...
Tesla chief Elon Musk and Doge co-founder Jackson Palmer have a spat
Jackson Palmer questioned Musk’s coding skills over a past Python script designed to automatically report crypto bots Musk, in response, termed Palmer’s script worse than a 12-year-old’s code Tesla CEO Elon Musk and Dogecoin co-founder Jackson Palmer have in the past pitted against each other, and they are back at it again. This time the conversation is over coding skills. Palmer’s interview with Crikey Jackson Palmer, who co-founded popular meme coin Doge alongside Billy Markus, recently spoke to Australian news outlet Crikey, in which he went on an offensive against Elon Musk. Palmer ran down back the memory lane and recalled a time when he created a script to automatically report crypto bots and scams on Twitter, which he says he ran by the Twitter team, Musk, and other crypto influence...
CEX vs DEX tokens, which ones to get and why
Both CEX and DEX tokens have found their place within the crypto sphere. Each type of cryptocurrency plays a role in the overall development, progression, and value of its ecosystem. We are going to go over why BNB, CRO, UNI, and CAKE are some of the best CEX and DEX tokens you can get. There’s a centralized exchange (CEX), and then there’s a decentralized exchange (DEX). A centralized exchange typically has its own order book, and each order is recorded and validated. CEXs operate under regulatory supervision and have know-your-customer policies built in. A decentralized exchange offers core functionalities found in a CEX, such as order books or automated market maker (AMM) models, a trading venue, a matching system, and security functions. However, in all DEXs, ea...
Pride in the Metaverse: Blockchain tech creates new opportunities for LGBTQ+ people
A number of social gatherings have started to take place in the Metaverse as companies across the globe begin to understand the value that virtual interactive environments can have for consumers. It shouldn’t come as a surprise then that Pride Month — a month-long celebration held in June to commemorate the 1969 Stonewall Riots — will be celebrated in various metaverse environments this year. Pride in the Metaverse creates open access Akbar Hamid, co-founder of People of Crypto Lab (POC) — an innovation hub dedicated to increasing diversity and representation in Web3 — told Cointelegraph that the Metaverse is an incredible way to allow people around the world to partake in events they may not be allowed to participate in otherwise. “We want Pride Month 2022 to be an event anyone can ...
Major crypto firms reportedly cut up to 10% of staff amid bear market
Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions. Winklevoss’ crypto business Gemini Trust reportedly cut 10% of its employees amid the ongoing bear crypto market, the founders wrote in a notice to employees on June 2, as Bloomberg reported. As part of its first major headcount cut, Gemini will refocus on products that are “critical” to the firm’s mission, the brothers said, adding that “turbulent market conditions” are “likely to persist for some time.” The notice reportedly reads: “This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as “crypto winter. […] Thi...
These are the least ‘stable’ stablecoins not named TerraUSD
The recent collapse of the once third-largest stablecoin, TerraUSD (UST), has raised questions about other fiat-pegged tokens and their ability to maintain their pegs. Stablecoins’ stability in question Stablecoin firms claim that each of their issued tokens is backed by real-world and/or crypto assets, so they behave as a vital component in the crypto market, providing traders with an alternative in which to park their cash between placing bets on volatile coins. They include stablecoins that are supposedly 100% backed by cash or cash equivalents (bank deposits, Treasury bills, commercial paper, etc.), such as Tether (USDT) and Circle USD (USDC). At the other end of the spectrum are algorithmic stablecoins. They are not necessarily backed by real assets but depend on financial engin...
Balancer launches on Ethereum L2 network Optimism
Automated market maker and decentralized finance (DeFi) protocol Balancer has officially deployed on Optimism, the highly touted Ethereum layer-2 scaling solution, in a move designed to enhance user functionality by increasing scalability and reducing fees. Balancer’s Optimism deployment was carried out in conjunction with Beethoven X, a decentralized investment platform on the Fantom Network that forked from Balancer v2. Together, both teams are said to have developed a decentralized exchange that is set to compete in the Optimism ecosystem. Balancer Labs CEO Fernando Martinelli said his project’s Optimism deployment reflects the belief that layer-2 scaling solutions will be effective in reducing transaction fees and network congestion. Optimism is a layer-2 scaling solu...
Sharknado Co-Creator and Snowpiercer Producer Launch New Token $FLIX to Revolutionize Indie Film
Los Angeles, United States, 1st June, 2022, Chainwire Veteran Hollywood filmmakers Ben Rosenblatt and Micho Rutare launch $FLIX, a novel crypto-token, in order to reinvent how independent films are financed, produced, and distributed. Their company American Meme will leverage $FLIX to raise capital for a slate of indie films that appeal to both film and crypto enthusiasts. A fee on each transaction goes directly to a “film wallet,” and the team has committed to investing 75% of film wallet funds in production and only 25% in marketing and publicity. Profits from film sales, distribution, and licensing will be used to buy back $FLIX, which will make the token deflationary, in order for its relative value to continually increase. [embedded content] In addition, token holders will receive exc...
United Nations agency boss sees a great deal of potential in blockchain
The agency head in charge of the United Nations International Computing Center (UNICC) expressed a positive outlook on crypto at the World Economic Forum in Davos Bank of America head claims they are not missing out on cryptocurrencies during the Davos Forum In an interview with CoinTelegraph, Sameer Chauhan, a former mainstream finance executive and the current head of the United Nations International Computing Center since 2018, expressed a pro-crypto view. Explaining how it is just like any other technology, Chauhan claimed that blockchain could be used to bear either positive or negative outcomes. The use of crypto for good presents’ massive opportunities’ The UNICC boss noted how crypto could be used to bridge the digital divide already present as well as promote transparency if well ...
Performance issues set back Ethereum scaler Optimism during token airdrop
Ethereum layer-two scaling solution Optimism faced delayed transactions on OP token launch The network, however, stabilised after more than five hours of continuous work Ethereum layer two scaling solution Optimism has recently been a victim of downgraded performance with increased user activity after launching its anticipated token airdrop. Earlier in April, it came out that the L2 planned to launch an OP governance token, alongside which a new decentralised autonomous organisation (DAO) would be formed – the Optimism Collective. However, the launch didn’t go exactly as planned. “Sup sleuths—as you might have guessed, OP Drop #1 launches today. We have NOT officially announced yet, but we’re already experiencing an all-time high demand. We knew everyone would be excited, but holy cow...
