crypto blog
NFT platform tokens to bring your collection to the next level
The Sandbox (SAND), Axie Infinity (AXS), Theta Network (THETA), and Decentraland (MANA) are all tokens that have the potential for growth. Each of these projects specializes in the sphere of non-fungible tokens (NFTs) and has seen numerous updates. All of these tokens will likely see an increase in their value by the end of May 2022, and we are going to go over exactly how much. On May 4, 2022, we saw the announcement of Dubai’s Virtual Assets Regulatory Authority (VARA) into the open Metaverse. Specifically, it was announced that The Sandbox (SAND) would provide a responsible, creative platform that will empower individuals to own their IP and monetize their assets. The United States Treasury Department Office of Foreign Assets Control (OFAC) made an announcement that it would sanct...
Monero avoids crypto market rout, but XMR price still risks 20% drop by June
Monero (XMR) has shown a surprising resilience against the United States Federal Reserve’s hawkish policies that pushed the prices of most of its crypto rivals — including the top dog Bitcoin (BTC) — lower last week. XMR price closed the previous week 2.37% higher at $217, data from Binance shows. In comparison, BTC, which typically influences the broader crypto market, finished the week down 11.55%. The second-largest crypto, Ether (ETH), also plunged 11% in the same period. XMR/USD vs. BTC/USD vs. ETH/USD weekly price chart. Source: TradingView While the crypto market wiped off $163.25 billion from its valuation last week, down nearly 9%, Monero’s market cap increased by $87.7 million, suggesting that many traders decided to seek safety in this privacy-focused coin. XMR near ...
Japanese e-commerce site adopts BTC and XRP payments for used cars
SBI Motor Japan, a subsidiary of SBI Africa Co. Ltd., has announced that its customers can now make payments for used cars using Bitcoin (BTC) and Ripple (XRP). According to the announcement by SBI on Monday, the development marks the first time XRP cryptocurrency will be deployed on a cross-border e-commerce website in Japan. The BTC and XRP transactions will be settled on the SBI VC Trade Co. Ltd, a cryptocurrency exchange owned by the SBI Group. The platform, according to SBI, will use appropriate security methods in order to prevent money laundering and terrorist financing through crypto transactions. Furthermore, SBI revealed that it is presently monitoring and scrutinizing its business partners to verify that they follow Anti-Money Laundering (AML) and corporate regulations. SBI...
Deribit and OKX attract significant traffic from China despite a blanket ban: Report
Data from website traffic metric provider Similarweb shows that Deribit and OKX continue to attract significant traffic sources from China despite a blanket ban on crypto transactions and foreign exchanges last year. China has banned the use of cryptocurrencies more than a dozen times in the last decade. However, the one imposed in September last year was considered the harshest one. Several crypto exchanges including Huobi and Binance had shut doors for the Chinese traders in fear of regulatory action. The strict regulatory reforms ensured that Chinese traders mainly shifted their focus to decentralized exchanges (DEXs) and protocols. Chinese crypto traders have always found a way to bypass strict crypto regulatory measures imposed by the government. While many believed the blanket ban on...
Bitcoin sets news 2022 lows as analyst says trip to $24K realized price ‘entirely possible’
Bitcoin (BTC) set a new record low price for 2022 on May 9 as crypto markets continued selling off prior to the Wall Street opening. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price sinks under $36,700 Data from Cointelegraph Markets Pro and TradingView confirmed the firmly bearish achievement for BTC/USD, which hit $32,637 on Bitstamp. With the latest installment of a string of losses in May, the pair continued to trade under $33,000 at the time of writing, with weekly losses now at 15%. “Bitcoin sweeping the lows here, that’s probably next liquidity,” Cointelegraph contributor Michaël van de Poppe told Twitter followers in one of several posts on the day: “We could go towards $30-31Kish as that’s a daily block, but I’d be looking at longs around these regio...
Understanding staking pools: The pros and cons of staking cryptocurrency
As a suitable option for long-term crypto token holders, staking pools offer the promise of earning yields in addition to the capital gains earned through token value appreciation. One can invest in a stake pool with a fraction of the number of tokens required to become a validator on a PoS blockchain, while the staking pool rewards users on a daily, weekly or quarterly basis, depending on the cryptocurrency being staked. For example, investors can stake their ETH tokens in a staking pool on Coinbase for daily rewards and with no minimum balance requirement. Another popular blockchain to stake tokens is Cosmos, the second largest ecosystem in blockchain. Investors can also stake their tokens through various validators on many chains available in the Cosmos ecosystem. Choosing which staking...
NFT markets slump as weekly sales volume dives 30%
The nonfungible token (NFT) collections by Yuga Labs have experienced a dramatic downturn in transaction volume over the past 24 hours. Otherdeed is down just over 50%, Mutant Ape Yacht Club (MAYC) is down 46%, and Bored Ape Yacht Club (BAYC) is down 25% according to data from NFT market tracker NFTGO. Over the past 24 hours, general NFT market activity has mirrored Yuga’s collections, where volume has dropped 31% to $113 million. However, prices have not yet followed suit as the total NFT market cap has dropped marginally to $19.5 billion in the same period. 24hr market analysis by NFTGO Those collections comprise three of the top five traded collections globally. Each collection except Otherdeeds has seen nearly 50% drop-offs in volume over the past seven days as well, possibly ind...
Mining Capital Coin CEO accused of $62M investment fraud scheme
The CEO and co-founder of crypto mining and investment platform Mining Capital Coin (MCC) Luiz Capuci Jr. has been indicted by the Department of Justice (DOJ) for “allegedly orchestrating a $62 million global investment fraud scheme.” The DOJ is charging Capuci with conspiracy to commit wire fraud, conspiracy to commit securities fraud, and conspiracy to commit international money laundering in relation to several allegedly fraudulent schemes that were run via MCC. If found guilty, he faces a maximum prison sentence of 45 years. According to the DOJ’s indictment, Capuci (alongside unnamed co-conspirators) is accused of misleading investors over the profit-bearing potential of MCC mining packages and a native token dubbed Capital Coin that was backed by the “biggest cryptocurrency mining op...
Plain talk about NFTs: What they have been and what they are becoming
There’s been a tremendous amount of hype and misinformation about nonfungible tokens (NFTs) since they appeared on the scene in 2014, particularly since the total market for them passed $24 billion. You can’t open a news feed without an article about nonfungible tokens popping up. These inevitably contain the obligatory “An NFT is a” paragraph for newcomers… and for readers who’ve consumed a dozen similar articles but still don’t get it. If you’re among the latter, you’ve come to the right place. NFTs really can be important and useful, and they’re evolving to become more so. But NFT evangelists and skeptics alike tend to dumb things down, hype things up and sometimes just get things wrong. Here are a few claims you might have read about NFTs — both pro and con: NFTs are a scam. You ...
Top 5 cryptocurrencies to watch this week: BTC, ALGO, XMR, XTZ, THETA
The S&P 500 and the Nasdaq have declined for five consecutive weeks, indicating that traders continue to reduce exposure to risky assets. Bitcoin’s (BTC) close correlation with United States equity markets has resulted in its price remaining under pressure. Bitcoin has extended its decline during the weekend and is now on track for its sixth successive weekly loss, the first such occurrence since 2014. The weakness in Bitcoin has pulled down the entire crypto markets, whose market capitalization has dipped below $1.6 trillion. Crypto market data daily view. Source: Coin360 When the sentiment is bearish, traders sell on every negative news. The de-peg of Terra’s U. S. dollar stablecoin TerraUSD (UST) also appears to be increasing sell pressure across the crypto market. After Bitcoin’s s...
Weekly Report: BitMEX founders fined, California hunting first-mover advantage in Web3, and more
Here are this week’s top stories from the cryptocurrency space: Pantera Capital aims to boost its presence in India with scaled investments Argo Blockchain’s Helios Facility is now energised and set to start mining next week The three BitMEX co-founders have each been ordered to pay a $10 million civil monetary penalty Rapper Ice Cube supports Dogecoin and spurs the largest commercial transaction of DOGE in an NFTs purchase California aims to establish a comprehensive regulatory framework for Web3 technology Pantera Capital doubles down on crypto firm funding in India Cryptocurrency-focused hedge fund Pantera Capital has divulged that it’s enhancing its investment push in India. According to Paul Veradittakit, a partner at the firm, Pantera has closed around ten deals in India, notably the...
Utah Governor approves of blockchain and digital innovation task force
After nearly a three-year-long discussion about establishing a task force to oversee blockchain and crypto initiatives, the governor of Utah, Spencer Cox, signed a bill to create the Blockchain and Digital Innovation Task Force. The Utah State Legislature first saw the introduction of the house bill (H.B. 335) in early February 2022, which took nearly two months to pass through several senates, house and fiscal actions before finally being signed by Governor Cox on March 24. Some of the primary duties assigned to the task force involve making policy recommendations related to blockchain and related technologies. A part of the bill reads: “[The task force shall] develop and introduce recommendations regarding policy pertaining to the promotion in the state of the adoption of blockchain, fin...
