crypto blog
ECB President declaring crypto as “worth nothing” is missing the point
It’s disappointing to see the President of the ECB, Christine Lagarde, declare that cryptocurrencies are “worth nothing” on Dutch television this past Sunday. I thought we were past that point. Sure, a big bulk of the market is likely worth nothing, but to have the head of the central bank publicly declare all cryptocurrencies as worthless in one swift sentence comes across as increasingly out-of-touch. “My very humble assessment is that (cryptocurrency) is worth nothing. It is based on nothing, there is no underlying assets to act as an anchor of safety”, she said. While she may be right that there are no underlying assets to a lot of these currencies, she’s missing the point. Network effects alone can render an asset worth something, even if there is nothing physical of value underneath....
Bitcoin price may bottom at $15.5K if it retests this lifetime historical support level
Bitcoin (BTC) could be in for a return to levels not seen since before its 2020 bull market if history repeats itself. That was according to new analysis released on May 24, which studied Bitcoin’s interaction with its 200-week moving average (WMA). Bitcoin floor target could be between $15,500 and $19,000 In a Twitter thread, popular trader and analyst Rekt Capital explained how BTC/USD could behave should it fall to retest the 200WMA. A lifeline throughout Bitcoin’s history, the 200WMA is a constantly rising line of last support that has never been definitively broken. Currently sitting at around $22,000, data from Cointelegraph Markets Pro and TradingView shows that the level continues to act as a line in the sand when it comes to bear markets. In times past, Rekt Capi...
Enforcement and adoption: What do UK’s recent regulatory aims for crypto mean?
In April, the United Kingdom’s Economic and Finance Ministry, also known as Her Majesty’s Treasury, announced its intention to put the United Kingdom at the forefront of technology by bringing stablecoins under the country’s payments regulation — a bold move that looks especially intriguing in contrast to the recent shock, caused by TerraUSD’s (UST) depegging. Later, in May, during the annual Queen’s Speech, Prince Charles informed the Parliament about two bills that will support “the safe adoption of cryptocurrencies” and “create powers to more quickly and easily seize and recover crypto assets.” Taken together, these initiatives give an impression of the nation’s growing interest in digital assets, which comes as no surprise, given the inevitable competition for innovation with the Europ...
Bitcoin price returns to weekly lows under $29K as Nasdaq leads fresh US stocks dive
Bitcoin (BTC) fell on the May 24 Wall Street open as weakness in stocks saw sell-side pressure return. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Equities give crypto no respite Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it revisited its lowest levels of the past seven days. At the time of writing, BTC/USD traded at around $28,800 amid volatility, having hit $28,614 on Bitstamp — a zone last seen on May 18. The S&P 500 lost 2.4% on the open, while the Nasdaq 100 managed a 3.5% decline. Stocks once again controlling the price of #Bitcoin. What’s surprising is how well it’s holding up relatively though. Most stocks having way larger daily drops than $BTC. — IncomeSharks (@IncomeSharks) May 24, 2022 In a fresh Twitter update, ...
Crypto funds under management drop to a low not seen since July 2021
Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move that reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021. According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600 and $31,430. BTC/USDT 1-day chart. Source: TradingView Despite the sizable outflow, the month-to-date BTC flow for May remain positive at $187.1 million, while the year-to-date figure stands at $307 million. On a more positive note, the multi-asset cat...
Best staking tokens not to miss on May 24
Cardano (ADA), NEAR Protocol (NEAR), and Ankr (ANKR) are some of the best tokens that you can get for staking. Each token can be staked and has experienced some level of growth throughout the past few months. Cardano’s trading volume increased by 50%, while NEAR’s trading volume increased by 27% in the last 24 hours. Cardano (ADA), NEAR Protocol (NEAR), and Ankr (ANKR) are solid staking tokens that you can get. On May 20, 2022, NEAR Protocol announced that Davos is hosting the annual World Economic Forum and in support, the NEAR community and the Sweat Community partnered up to encourage Davos delegates to track their steps and donate to the Free Ukraine Foundation. Then, Ankr introduced advanced APIs for Web3 developers. On May 24, 2022, The Cardano Foundation announced that the...
LongHash Ventures and Protocol Labs unveil the 3rd Accelerator Filecoin Cohort
Asia’s first Web3 Accelerator and leading Asias Web3.o venture fund, LongHash Ventures, has launched its third LongHashX Accelerator Filecoin Cohort in partnership with Protocol Labs, the creator of Filecoin and IPFS. This being the third Filecoin accelerator program by LongHash Ventures and Protocol Labs, it proves a continuation of the collaboration between the two. The current accelerator program is geared toward accelerating the early stage of project development on the Filecoin blockchain. In a nutshell, the LongHashX Accelerator Filecoin Cohort will take 12 weeks and it will provide developers and founders with the network, funding, and knowledge required to effectively develop and launch their blockchain projects on Filecoin. Following the announcement of the accelerator program, th...
Polkadot hub t3rn deploys testnet parachain on Rococo
t3rn, a new cross-chain smart contract hub for Polkadot, has deployed its testnet parachain on the network’s primary testing bed, Rococo, CoinText learned from a press release. The network, called t0rn, is now plugged into the rest of the parachain testnets of the ecosystem. Vital to ensure functionality Deploying Rococo is key to ensure t3rn’s unique technological innovation’s functionality in the Polkadot ecosystem. It aims to solve a critical issue in cross-chain interaction, reaching across various consensus environments: making sure a transaction is validated on both ends. Through t3rn’s atomic cross-chain execution model, it’s guaranteed that both sets of transactions will succeed or roll back in case of failure. The system is based on t3rn’s Circuit, an execution t...
Crypto Derivative Traders Can Access TradingView with Broker Eightcap
Melbourne, Australia, 24th May, 2022, Chainwire Australian FX and CFD provider Eightcap has recently announced that it has partnered with TradingView, allowing crypto derivative traders to trade directly from TradingView’s charts into their Eightcap trading accounts. Crypto derivative traders will have access to Eightcap’s full suite of crypto derivatives, including altcoins, crypto-indices, and crypto-crosses. Eightcap’s integration with TradingView is the next step for the award-winning broker as it continues to build a home for crypto traders. TradingView is a charting platform and social network that attracts over 30 million monthly users and ranks as the number one website for investing. The platform enables crypto traders to identify and analyse trading patterns using TradingView’s c...
Coinbase offers ‘thousands of tokens’ in expanded swap service
America’s largest crypto exchange Coinbase has added the BNB Chain, formerly Binance Smart Chain, and Avalanche to the Coinbase Wallet’s list of supported networks where users can swap and store cryptocurrencies. The Tuesday blog post from the exchange boasts that the added functionality will provide access to “thousands of tokens,” which constitute a “greater variety than most traditional centralized exchanges can offer.” One Wallet. Even more networks. Thousands of tokens. Now supporting token swaps on @avalancheavax and @BNBCHAIN on Coinbase Wallet. Learn more -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8 — Coinbase Wallet (@CoinbaseWallet) May 23, 2022 The added functionality to BNB Chain and Avalanche brings the total supported networks up to four, including Ethereum a...
Law Decoded: The long waves in the aftermath of UST’s crash, May 16-23
It’s been two weeks since the shock of the TerraUSD (UST) depegging, but the long waves of this event are still coming in. The Congressional Research Service described the UST crash as a “run-like” scenario and claimed that the crypto industry has not reached the same level of “adequate regulating” as the traditional finance market. Michael Barr, former advisory board member of Ripple Labs and United States President Joe Biden’s pick for a vice chair for supervision at the Federal Reserve, definitely agrees with that. During the confirmation hearing, he mentioned “some significant risks” that innovative technologies and cryptocurrencies, in particular, bring along. It’s not only in the U.S. where the regulators got concerned about stablecoins. The executive director of markets ...
WEF 2022, May 24: Latest updates from the Cointelegraph Davos team
Disclaimer: This article is being updated all day long. All timestamps are in the UTC time zone, with updates in reverse order (the latest update is placed at the top). WEF 2022, the first in-person World Economic Forum event since the pandemic started, continues to bridge traditional finance with the future of money on its third day. The Cointelegraph ground team, including editor-in-chief Kristina L. Corner, head of video Jackson DuMont and news reporter Joseph Hall, is deployed in Davos, where the event is held, to get the most recent developments from WEF 2022. Check out all the important details from May 23 in one easy-to-read page! The third day of WEF 2022 will see the OECD secretary-general Mathias Cormann share his thoughts on a reimagined global tax system and industry experts di...
