Crypto news
Beyond the NFT hype: The need for reimagining digital art’s value proposition
With cryptocurrency prices wavering this year, nonfungible tokens (NFTs) and other sub-ecosystem investors have also found themselves in the grips of a bear market. However, looking beyond the trading value of Ether (ETH), NFTs were primarily created to represent assets and ownership in the real and virtual world. The bear market, as a result, has reignited discussions around how NFTs can backtrack and focus on attending to use cases while the market recovers. In a conversation with Cointelegraph, Tony Ling, the co-founder of analytics platform NFTGo, shared insights into the NFT ecosystem, revealing the expected trajectory of the ecosystem. Cointelegraph: NFTs’ rise to mainstream popularity is often attributed to the various real-world use cases it can and has solved. What is your take on...
Data challenges the DXY correlation to Bitcoin rallies and corrections ‘thesis’
Presently, there seems to be a general assumption that when the U.S. dollar value increases against other global major currencies, as measured by the DXY index, the impact on Bitcoin (BTC) is negative. Traders and influencers have been issuing alerts about this inverse correlation, and how the eventual reversal of the movement would likely push Bitcoin price higher. Analyst @CryptoBullGems recently reviewed how the DXY index looks overbought after its relative strength index (RSI) passed 78 and could be the start of a retrace for the dollar index. This is literally the only thing you need to look at: The $DXY is crazy overbought right now and due a correction. $BTC is the most oversold it ever has been on the monthly timeframe. BITCOIN AND THE DOLLAR SHARE AN INVERSE CORRELATION. $BTC will...
US Treasury publishes laundry lists of crypto risks for consumers, national security
The United States Treasury Department released three publications related to digital assets Friday, in response to U.S. President Joe Biden’s Executive rder “Ensuring Responsible Development of Digital Assets.” One of them focuses specifically on crypto assets, and a shorter action plan looks at countering illicit finance risks. The discussion of crypto assets in “Crypto-Assets: Implications for Consumers, Investors, and Businesses” takes a cynical tone from the beginning, with the introductory paragraphs of the report stating: “The potential for blockchain technology to transform the provision of financial services, as espoused by developers and proponents, has yet to materialize.” About half of the report is a descriptive survey of crypto assets, after which the authors turn to the...
Binance partners with Ukrainian supermarket chain to accept crypto through Pay Wallet.
Binance announced Friday that it has partnered with the Ukrainian supermarket chain VARUS, saying it will enable cryptocurrency payments for grocery purchases through its Binance Pay Wallet. The grocery store is one of the largest companies in Ukraine with over 111 stores across 28 cities in the country. The company said that this partnership will allow its customers to access instant cryptocurrency payments and fast delivery in 9 cities in Ukraine, namely; Kyiv, Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd. The companies have also announced a “reward fund promotion”, where customers who order anything from the VARUS Delivery program worth over UAH 500 and pay with Binance Pay, will be rewarded with UAH 100. A month ago, a Ukrainian POS...
White House OSTP department analyzes 18 CBDC design choices for the US
As directed by the President of the United States, Joe Biden, the Office of Science and Technology Policy (OSTP) submitted a report analyzing the design choices for 18 central bank digital currency (CBDC) systems for possible implementation in the US. The technical analysis of the 18 CBDC design choices was made across six broad categories — participants, governance, security, transactions, data and adjustments. The OSTP foresees technical complexities and practical limitations when trying to build a permissionless system governed by a central bank, adding: “It is possible that the technology underpinning a permissionless approach will improve significantly over time, which might make it more suitable to be used in a CBDC system.” However, the analysis assumed there is a central authority ...
What’s next for Bitcoin and the crypto market now that the Ethereum Merge is over?
The Ethereum Merge came and went, leaving investors to ponder what the next trending development in the market could look like. In a Cointelegraph Twitter Space with Capriole founder Charles Edwards, the analyst mentioned that excitement over the Ethereum Merge and its bullish price action had somewhat been holding up hope across the market. Now that the event has come and gone, the crypto market has been selling off, with Bitcoin’s (BTC) price trading below $20,000 and Ether’s (ETH) under $1,500. Eventually, new narratives and market trends will emerge, and if the fundamentals are right, traders will rotate funds as these new leaders emerge. Let’s take a look at a few potential trends. Where will the former ETH miners go? The Ethereum network successfully shifted to a proof-of-stake...
Sports Metaverse company secures $200 million funding
Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield, providing the company a share subscription facility of up to $200 million for a 36-month term following an equity exchange listing. The company said that the funding is expected to boost the development of LootMogul’s metaverse focused on sports games, including “building meta (virtual) sports cities around the world with real-world benefits, brands & professional athletes on a true cross metaverse & blockchain (multichain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile & Console,” explained the company in a statement. The deal will allow LootMogul to withdraw funds by issuing equity shares to GEM without a minimum drawdown obligatio...
DOJ publishes second report on EO digital asset crime, announces new expert network
The United States Department of Justice (DOJ) published its latest report in response to President Joe Biden’s March executive order (EO) on the development of digital assets on Sept. 16. At the same time, it announced the formation of a new Digital Asset Coordinator Network (DAC) “in furtherance of the department’s efforts to combat the growing threat posed by the illicit use of digital assets to the American public.” The report, titled “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” complements its June report on international law enforcement cooperation. The new report characterizes digital asset criminal exploitation, with particular attention to nonfungible tokens (NFTs) and decentralized finance (DeFi) and goes o...
Wallets like MetaMask need to become more user-friendly
After Ethereum’s long-awaited Merge, it’s an ideal time to think about how we can also improve smart contracts. Essentially apps that run on blockchains, smart contracts are a vital component of our Web3 applications. But interacting with them remains quite dangerous, especially for non-developers. Many of the incidents where users lose their crypto assets are caused by buggy or malicious smart contracts. As a Web3 app developer, this is a challenge I think about often, especially as waves of new users keep onboarding into various blockchain applications. To fully trust a smart contract, a consumer needs to know exactly what it’s going to do when they make a transaction — because unlike in the Web2 world, there’s no customer support hotline to call and recover funds if something goes wrong...
White House publishes ‘first-ever’ comprehensive framework for crypto
Following President Joe Biden’s executive order on Ensuring Responsible Development of Digital Assets, federal agencies came up with a joint fact sheet on 6 principal directions for crypto regulation in the United States. It sums up the content of 9 separate reports, which have been submitted to the president to “articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad.” The fact sheet was published on the White House official website on Sept. 16, and consists of 7 sections: (1) Protecting Consumers, Investors, and Businesses; (2) Promoting Access to Safe, Affordable Financial Services; (3) Fostering Financial Stability; (4) Advancing Responsible Innovation; (5) Reinforcing Our Global Financial Leadership and Competitiven...
Animoca Brands continues shopping spree with MotoGP mobile dev acquisition
One of Web3’s leading digital property rights developers, Animoca Brands, announced yet another major acquisition to its increasing portfolio of gaming subsidiaries. The company announced the purchase of WePlay Media, which developed the popular blockchain-game MotoGP Championship Quest, on Sept. 16. According to the agreement, the acquisition is ian effort to bolster user engagement in motorsport mobile gaming. Graeme Warring, the co-founder and chief operating o of WePlay Media and co-creator of MotoGP, called the acquisition an exciting development for both parties as they expand their reach to motorcycle fans across the globe. “Animoca Brands has the ability to reach hundreds of millions of users in core growth demographics to expand the sport’s fan base and create engagement opp...
Global inflation mounts: How stablecoins are helping protect savings
Economies around the world are facing a motley of challenges caused by rising inflation. High inflation devalues national currencies, which, in turn, pushes up the cost of living, especially in scenarios where earnings remain unchanged. In the United States, the government has responded aggressivelyto inflation. The nation hit a 9.1% inflation rate in June, prompting the Federal Reserve to implement a series of fiscal countermeasures designed to prevent the economy from overheating. Hiking interest rates was one of them. Soaring Fed interest rates have consequently slowed down consumer spending and business growth in the country. The counter-inflation approach has also strengthened the value of the U.S. dollar against other currencies due to tight dollar liquidity checks. As 79.5% of all i...
