Crypto news
Cardano price chart paints ‘Burj Khalifa’ with 7-month losing streak — More losses ahead?
Cardano (ADA) price is in the process of painting its seventh red monthly candle in a row as the token fell to its lowest level since February 2021. The trend saw ADA’s price rising nearly 800% to $3.16 between February 2021 and September 2021, followed by a complete wipeout of those gains entering October 2022. Amusingly, the entire price action took the shape of the “Burj Khalifa,” the world’s tallest skyscraper in Dubai. Ada Khalifa pic.twitter.com/KE2SxTO3bN — Trader_J (@Trader_Jibon) October 19, 2022 ADA price eyes 35% price crash The ADA price correction began primarily in the wake of a similar downtrend across the cryptocurrency market, led by the Federal Reserve’s aggressive interest rate hikes to tame rising inflation. Even an optimistic Cardano netwo...
UK Law Commission expects ‘substantial impact’ from digital asset law review
The Law Commission of England and Wales hopes to establish the United Kingdom as a leading jurisdiction for grappling with legal disputes involving emerging technologies like cryptocurrencies, digital assets and electronic documentation. The project, dubbed “Digital Assets: Which Law, Which Court?” was announced on Oct. 18 with the aim of reviewing international legal challenges involving cryptocurrencies and providing recommendations for legal reform in the United Kingdom. Cointelegraph reached out to Professor Sarah Green, Law Commissioner for Commercial and Common Law, to unpack the driving force behind the authority’s latest law reform project. The U.K.’s legal review body has previously conducted projects aimed at smart contracts, digital assets and decentralized aut...
Here’s what could spark a ‘huge BTC rally’ as Bitcoin clings to $19K
Bitcoin (BTC) sagged with United States equities at the Oct. 19 Wall Street open as markets awaited tech earnings. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Eurozone sees fresh all-time high inflation Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $19,000 after falling steadily overnight. Still trapped in a tight range, the pair offered few cues to traders seeking advantageous short-term plays, while some sources argued that overall, current levels represented solid buy levels. “With little calendar events till the next FOMC in early November, crypto continuing to lag behind equities, and skews near flat, protective downside structures are the cheapest levels they have been since June,” trading firm QCP Capital concluded to Telegram channel su...
UK inflation rate hits 10.1%, British Bitcoin community responds
Prices in the United Kingdom continue to rise, hitting another 40-year high of 10.1%. According to figures from the U.K’s Office for National Statistics, the Consumer Prices Index (CPI) rose by 10.1% in the 12 months to September 2022, up from 9.9% in August. The 10.1% figure mirrors July’s recent high. The Bank of England is 8% off the inflation target, while interest rates are 2.25%. Source: Bankofengland.co.uk According to ONS data, “Rising food prices made the largest upward contribution to the change in both the CPIH and CPI annual inflation rates between August and September 2022.” The BBC reported that the Ukraine war led to an increase in grain prices, also sharing that dairy products have risen by over 30% in cost in one year. But what do incessant price rises mean for the British...
Dragonfly Fintech Wins G20 TechSprint CBDC Challenge
Singapore, Singpore, 19th October, 2022, Chainwire The Bank for International Settlements (BIS) Innovation Hub and Bank Indonesia under the Indonesian G20 Presidency announced the winners of their jointly organized G20 TechSprint competition last week during a live award ceremony in Jakarta. This third edition of the TechSprint aims to catalyze the development of central bank digital currency (CBDC). Twenty-one finalists from more than 100 applicants worldwide developed and submitted innovative best-in-class CBDC solutions. Dragonfly Fintech Pte. Ltd. from Singapore won the coveted “Effective and robust means to issue, distribute and transfer CBDCs” category ahead of about 100 participants globally, including some Fortune 500 companies. The other finalists for this category included BitMin...
RhinoX Soulbound NFT Launches Roadmap Detailing New ‘Soul Breeding’ Mechanism on Web3
Singapore, Singapore, 19th October, 2022, Chainwire BinaryX, a GameFi development platform, today announced the launch of their official RhinoX roadmap which unlocks new and exciting use cases for soulbound tokens in the Web3 space. The roadmap reveals RhinoX’s ambitious plans to develop a ‘soul breeding’ mechanism that gives existing RhinoX token holders the ability to breed 2nd generation NFTs from their existing NFTs. RhinoX Soulbound tokens The concept of Soulbound tokens was first introduced by Ethereum founder Vitalik Buterin. He envisioned a blockchain-backed, non-transferable NFT that could be used to represent an individual’s identity in the metaverse. RhinoX is inspired by that concept. Earlier this year, the RhinoX team launched the first iteration of RhinoX NFT, now known as th...
Report: India ranks third in the world in terms of Web 3.0 workforce size
According to a new study published by the National Association of Software and Services Companies (NASSCOM), a non-profit organization in India with over 3,000 members, the country currently possesses 11% of the world’s Web 3.0 talent. The figure makes India the world’s third largest regarding its Web 3.0 workforce, employing nearly 75,000 blockchain professionals today. Furthermore, the industry group expects the talent pool to grow by over 120% within the next two years. India is also home to 450 Web 3.0 startups, four of which are unicorn companies. Through April 2022, the Indian Web 3.0 ecosystem has raised $1.3 billion in funding. Moreover, over 60% of Indian Web 3.0 startups have expanded their footprints outside of the country. The vast majority of firms listed in the st...
Turkey taps blockchain for e-Human project, President Erdoğan announced
Turkish President Recep Tayyip Erdoğan unveiled new details about the e-Human project powered by blockchain ahead of Turkey’s national blockchain summit. Cointelegraph Turkey reported the e-Human project will be based on blockchain tech to keep all services, data and capabilities used by the system under protection. While it has a sci-fi name, Turkey’s e-Human project acts as a digital service point where the Turkish Presidency can share data related to its services and tools related to career, remote education and talent acquisition. Students, new graduates and public employees can access job and internship opportunities in the public and private sectors, certified training for public employees, career fairs held in Turkey, events and educational content from the e-Human portal. The...
3 reasons why Quant Network’s QNT token may have topped after 450% gains since June
The price of Quant Network (QNT) eyes a sharp reversal after an impressive 450% rally in the past four months. QNT’s downside outlook takes cues from a flurry of technical and on-chain indicators, all suggesting that investors who backed its price rally have likely reached the point of exhaustion. QNT/USD daily price chart. Source: TradingView Here are three reasons why it could be happening. Quant’s daily active addresses drop Interestingly, the period of QNT’s massive uptrend coincided with similar upticks in its number of daily active addresses (DAA). This metric represents the number of unique addresses active on the network as a sender or receiver. As of Oct. 17, the Quant Network’s DAA reached an all-time high of 10,949, up from around 5,850 four months a...
IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year
American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue Service features a well-defined Digital Assets section that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins and NFTs. Page 16 of the draft defines Digital Assets as any digital representations of the value recorded on a ‘cryptographically secured distributed ledger or any similar technology.’ 2021’s tax form required taxpayers to indicate whether they had received, sold or exchanged in ‘virtual currency’ – with this term changing in the yet-to-issued 1040 tax form for 2022. Taxpayers are required to answer the Digital Assets s...
Here’s why Bitcoin price could tap $21K before Friday’s $510M BTC options expiry
Bitcoin (BTC) has been trying to break above the $20,500 resistance for the past 35 days, with the latest failed attempt on Oct. 6. Meanwhile, bears have displayed strength on four different occasions after BTC tested levels below $18,500 during that period. Bitcoin/USD price index, 12-hour chart. Source: TradingView Investors are still unsure whether $18,200 was really the bottom because the support level weakens each time it is tested. That is why it’s important for bulls to keep the momentum during this week’s $510 million options expiry. The Oct. 21 options expiry is especially relevant because Bitcoin bears can profit $80 million by suppressing BTC below $19,000. Bears placed their bets at $19,000 and lower The open interest for the Oct. 21 options expiry is $510 million, but the actu...
Ethereum launches testnet for Shanghai upgrade: Here’s what is next
Staked ETH withdrawal and lower gas fees are some of the developments expected with the next critical improvements for the Ethereum network, the Shanghai upgrade. The testnet version, dubbed Shandong, is now live. Developers can now begin working on the implementations; a process expected to continue until September 2023. This is the first major update since Ethereum’s consensus switched to Proof-of-Stake (PoS) in September after the Mainnet and Beacon Chains merged. Moreover, the coming upgrade introduces an elemental change to Ethereum Virtual Machine (EVM), the technology that powers the network smart contracts. EIP-3540, or EVM object format, is one of the community’s most-anticipated updates since it separates coding from data, which could be beneficial for on-...
