Terra Development Team Reveals Some Users ‘Received Less LUNA From the Airdrop Than Expected’

The new Terra blockchain Phoenix-1 has been operating since Saturday morning May 28, 2022, and on that day, millions of new LUNA tokens were dispersed to luna classic (LUNC) and terrausd classic (USTC) holders. However, on Tuesday the Terra development team revealed that some Terra token owners “received less LUNA from the airdrop than expected,” and developers are “actively working on a solution.”

Terra LUNA Airdrop Suffers From Miscalculation Error — Devs Plan to Offer a Solution

On Monday, May 30, 2022, Bitcoin.com News reported on the new Phoenix-1 blockchain and the native token called LUNA. The old chain has been rebranded and is now known as Terra Classic, and the old chain’s native tokens have also been renamed with the term “classic.” Luna classic (LUNC) and terrausd classic (USTC) are still listed on a number of exchanges as tradeable crypto assets. The new LUNA token jumped more than 85% in value on Monday, reaching a high of $11.45 per unit but on Tuesday, LUNA is trading for under $10 per unit.

LUNA is still up over 40% during the past 24 hours and there’s $941 million in daily trade volume today. LUNA has a market valuation of around $2.037 billion at the time of writing and bitcoin (BTC) is the coin’s top trading pair with 55.22% of LUNA’s 24-hour trades. BTC is followed by USDT (32.98%), USD (5.82%), EUR (4.12%), and USDC (1.42%). Terrausd classic (USTC) is up 32.1% on Tuesday, but luna classic (LUNC) is down 17.4%. Furthermore, on Tuesday morning (ET), Terra developers revealed that the airdrop didn’t go as planned. It seems some users received less LUNA during the distribution.

The Terra team’s official Twitter page says:

We are aware that some have received less LUNA from the airdrop than expected & are actively working on a solution. More information will be provided when we have gathered all of the data, so stay tuned.

Terra Token Owners Are Not Happy With the Phoenix-1 Distribution Plan, Many Confirm Receiving Less Than Expected and Some Claim They Received Nothing at All

The Terra developers’ social media post on Twitter is littered with user complaints and people confirming the fact that they had not received what they expected. Some Terra users complained they received nothing, while other Terra token owners revealed their public addresses to prove confirmation that they had received less than what they should have been airdropped based on the Phoenix-1 distribution plan. Some individuals criticized the airdrop distribution plan and snapshot date.

“This airdrop should have been done in 3 stages,” one individual wrote on Tuesday. “Between the 7th and 12th of May, the money of the buyers was reset and the airdrop did not work because the number of lunas they received was low. Those who trusted Do kwon’s tweets bought it at a high price.”

Other users complained about third parties and popular crypto exchanges holding their new LUNA tokens hostage and some people asked the developers to contact certain exchanges. Additionally, some users on social media made a fuss about non-custodial wallets that do not support the Phoenix-1 chain at the moment. It’s safe to say that a great number of Terra token owners are not happy with how the airdrop was deployed. Since the Terra developers disclosed there was an issue with the airdrop, the team has not yet produced a solution to the problem.

What do you think about the LUNA airdrop not going well and people receiving less than expected or nothing at all? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: WAVES Nearly 60% Higher, as AXS Surges Close to 25% in Today’s Session

WAVES prices surged by almost 60% on Tuesday, leading gainers in crypto markets during today’s session. This move took prices to a 20-day high, and came as AXS also rallied, climbing by over 25% earlier in the day.

WAVES

WAVES was one of Tuesday’s biggest gainers, as prices rose by nearly 60% earlier in today’s trading session.

Following recent lows, and a bottom of $6.00 to start the week, WAVES/USD rose to an intraday peak of $10.15 today.

Tuesday’s surge comes after prices continued to rise from last week’s floor of $3.86, which was WAVES’ lowest level since January 2021.

From trading at support, WAVES now looks set to hit resistance which is at $12.30, and has not been reached since May 11.

Despite gains fading throughout the session, prices are still currently trading at their highest point since this date, and as of writing sit at $8.69.

The 14-day RSI is hovering at a two-month high, and is slightly below its own ceiling at 53.80, which must be broken for WAVES bulls to reach the $12 mark.

Axie Infinity (AXS)

Although there were multiple tokens to climb by over 20% on Tuesday, as crypto bulls maintain recent sentiment, it was AXS that was the second biggest mover.

The token, which derives from blockchain gaming ecosystem Axie Infinity, rose to an intraday peak of $27.82 on Tuesday.

This surge comes as it was announced that game developer, Sky Mavis, had revealed its first round of games to be hosted on the Axie Infinity blockchain.

Looking at the chart, today’s gains have since eased, as AXS hit its long-term resistance level of $28.00.

Prices have not passed this point since May 9, and it seems that bears used this as an ideal time to re-enter the market, as bulls began to exit, securing profits in the process.

Despite this, the 10-day and 25-day moving averages have moved closer to one another, further increasing the chances of an upwards cross.

Should this happen, this ceiling will be broken, with traders targeting a higher level ceiling at $35.

Will bulls be able to break above the $28 ceiling this week? Let us know your thoughts in the comments.

via Eliman Dambell

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Vybe Pre-Launches a Social Media Mining App

PRESS RELEASE. Miami, Florida. – Vybe, LLC announced today that they are building an app that lets people mine their social media for cryptocurrency.

“What if you earned crypto for every like you earned on social media?” Vybe Business Development Manager Blake Marum said, “That’s what Vybe does. It connects your content creator sites to a cryptocurrency wallet and automatically deposits VYBE into your wallet for every like you get on social media.”

VYBE is a token, or Algorand Standard Asset (ASA), on the Algorand blockchain. It operates like Algo, and has been verified by Algorand’s official wallet, Pera.

“The app disperses 222,603 VYBE every six hours for 20 years,” Vybe Lead Developer, Ravi Dhar, explained, “It calculates the total number of likes, posts, followers and other metrics that each user gets in six hours and awards them a proportion of this mining pool. So it measures content quality. The more likes you get from the world, the more VYBE you get from the app. Users are miners who get paid to post.”

Once downloaded, the app runs in the background and automatically deposits VYBE in your Algorand wallet. “It’s like a bank account,” Marum said, “or a slot machine,” he laughed. “Ching, ching, ching… You don’t have to do anything else. The app quantifies and rewards content quality. If you’re posting anyway, why not get paid for it?”

So how much are VYBE worth?

“Nothing,” Vybe Project Manager Armaan Kapoor said, frankly, “right now they’re worth absolutely almost nothing. Almost zero. But the plan is to change that.” Kapoor, however, said that they’re building quality products with real use cases that have value over time, and he explained why he and his team think this code creates substantive value,

“Instagram made over $20 billion dollars in ad revenue last year. How much of that did they generate from their own content? Hardly anything. Their users made their content for them. You did. And how much did they pay you for this content? Nothing. You produced their content, and they paid you in heart emojis.” Kapoor added, “Your content has value. That’s why over half the world’s population uses social media and spends an average of three hours a day on it. That’s why people follow you, and that’s why Twitter is worth $44 billion dollars. Vybe tokenizes likes. This isn’t possible with credit cards and centralized systems. It is with blockchains and cryptocurrency. This makes it possible for creators to extract these likes, and some of this value, off your social media sites and put it in an Algorand wallet, where you can convert it to other assets.”

Kapoor added that Vybe also makes it as easy as possible for anyone to mine cryptocurrency. Instead of using expensive processors that consume a lot of electricity to solve arbitrary math problems that are discarded once solved, like BTC, Vybe uses likes. “This is our mining mechanism,” Kapoor said, “this is how we distribute VYBE to the world.” Vybe is also building a geolocation gaming app to add additional value to the Vybe ecosystem over time.

Vybe launched their Early Adopter program on 20 May. It runs until 1 August, when they plan to release the mining app. You can learn more about it on their webpage, and pre-register to be an Early Adopter. “We’re in this,” Marum said, “to build useful apps and have fun.”

For more information about Vybe, follow them on Instagram, Twitter, Reddit and their other social media sites. You can also read more about the Vybe project and team here.

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

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Tron Now Commands the Third-Largest TVL in Defi — Network’s Stablecoin USDD Confronted by Skepticism

This week the Tron blockchain has become the third-largest network in terms of total value locked (TVL) in decentralized finance (defi) protocols. Interestingly, 48.19% of the TVL is held by the defi protocol Justlend, an application that’s similar to Anchor Protocol as it offers more than 20% APY for USDD deposits. Amid Tron’s TVL rising, the network’s stablecoin USDD has been confronted by skeptics over the similarities USDD holds with Terra’s UST.

Tron Takes the Third-Largest Position in Terms of Total Value Locked in Decentralized Finance Protocols

On May 30, 2022, Tron managed to become the third-largest defi blockchain in terms of total value locked. At the time of writing, Tron’s TVL in defi is $5.94 billion, which is just below the Binance Smart Chain (BSC) TVL and above the Avalanche (AVAX) TVL.

Amid the Terra LUNA and UST fallout, on May 12, 2022, Tron’s TVL was $3.97 billion and the blockchain was ranked number five in terms of TVL size by chains. On that day, Tron’s TVL was down 16.16% lower than it was on May 5, but after the Terra fiasco subsided, Tron claimed the third position in terms of TVL in defi.

This month, Tron’s defi TVL increased 45.22% and over the last seven days, as it has risen by 13.73%. Tron’s TVL is dominated by a defi protocol called Justlend, as 48.19% of Tron’s aggregate held in defi is hosted on the Justlend application. Justlend has $2.86 billion total value locked and it has increased a great deal since May 21.

$1.08 billion was added to Justlend since May 21, as the protocol’s TVL increased by 58% since then. Furthermore, Justlend was audited by the blockchain security company Certik. Similar to Anchor, USDD deposits on Justlend offer 23.55% APY at the time of writing.

Other notable defi applications on Tron, in terms of TVL balances, include Juststables and Sunswap. Juststables has a TVL balance of $1.41 billion and Sunswap has just under a billion in total value locked. USDD has also managed to become the ninth-largest stablecoin among all the fiat-pegged tokens in existence.

The Tron stablecoin’s market valuation today is $603 million and it has seen $179.6 million in 24-hour global trade volume. Statistics from Cryptocompare indicate that USDT and USDC are USDD’s top two trading pairs. Tron’s new algorithmic stablecoin USDD and the APY on Justlend is arguably eerily similar to the products once offered by Do Kwon, Terraform Labs (TFL), and Anchor team.

Tron’s USDD Stablecoin Faces Numerous Critics and Skeptics

A number of critics have said “USDD is doomed to fail,” and there’s a litany of criticism about the project being so similar to UST. Data scientist Bennett Tomlin has gone as far to say that USDD is not an algorithmic fiat-pegged token concept.

“As far as I can tell USDD is not an algorithmic stablecoin,” Tomlin said. “The only interaction that the TRD members can do is to burn TRX to get USDD. I see no contract to go the other way, and no algorithm adjusting either mechanism, except that minting depends on oracle price of TRX.” Tomlin added:

Like nominally the algorithm in Terra was the mechanism which refilled the AMM in the market module (they lied about this a bunch). This doesn’t seem to have an algorithm at all.

Despite the criticism and speculation, Tron has managed to be a top contender in the world of decentralized finance. Furthermore, Tron’s native token tron (TRX) has managed to climb to the 14th position in terms of the largest market caps in the crypto economy.

This is because while bitcoin (BTC), ethereum (ETH), and many others printed weekly losses for nine weeks in a row, Tron managed to stave off most of the market carnage. TRX is up 14.7% during the last two weeks and 30.5% against the U.S. dollar over the last month.

What do you think about Tron becoming the third-largest in decentralized finance today in terms of TVL? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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While the New LUNA Records Gains, Do Kwon’s Terraform Labs Is Plagued by Controversy and Accusations

It’s been two days since the Terra development team launched the new Phoenix-1 blockchain with the network’s native token LUNA. While the token dropped significantly in value during the first day of trading, the new LUNA has jumped 8.8% in value during the last 24 hours. Amid the token’s 24-hour rise, controversy continues to plague Do Kwon and Terraform Labs. Moreover, the old token, luna classic (LUNC), has been climbing in value as the crypto asset has gained more than 70% during the last day.

New LUNA Coin Jumps Over 8% Higher on Monday, Token Is Still Down More Than 64% From the Recent Price High

It’s been roughly more than 48 hours since the birth of the new Terra blockchain and crypto asset LUNA. During the first couple of hours of trading, the new LUNA changed hands at an all-time high (ATH) at $18.87 per coin. Presently, the price is 64% lower than the ATH, even with today’s gains. According to coinmarketcap.com stats, there’s 210,000,000 LUNA tokens in circulation, but the web portal notes the number is not 100% verified.

The number of coins in circulation times LUNA’s current value shows that the coin’s market capitalization is around $1.35 billion today. The coin’s 24-hour trading range has been between $5.51 and $6.74 per unit on May 30, 2022. Currently, LUNA has around $145 million in global trade volume over the last 24 hours, but that’s down 48.6% since yesterday. The most active exchanges trading LUNA today include Gate.io, Okx, Bybit, Mexc, and Kucoin, respectively.

A great majority of LUNA is vested and this was explained prior to the airdrop. While many people were airdropped the new LUNA, a majority of people’s stake was airdropped bonded and the coins cannot be spent for a specified amount of time. The new Terra chain does not have an algorithmic stablecoin anymore, and many of the defi protocols that were once operational are now broken. In fact, the purpose of the new Terra coin is unknown because without UST and defi applications like Anchor, there are arguably very few use cases for the new LUNA.

Terraform Labs Summoned, Company K, and Accusations of Funneling a Premine Through CHAI

In addition to launching the new Phoenix-1 blockchain, Terraform Labs co-founder Do Kwon and the company have been slammed with significant criticism and controversy. On May 17, Bitcoin.com News reported on South Korean law enforcement officials investigating the Terra blockchain project and the company Terraform Labs. Local media is now reporting that the entire Terraform Labs staff has been summoned by South Korean officials. Bitcoin.com News also reported on Do Kwon dissolving Terraform Labs before the UST de-pegging incident and LUNC’s death spiral.

This tweet did not age well.

The guy who wrote this? His buggy code was committed into Mirror Protocol in June 2021, creating a hole that allowed an attacker to drain $88m from users just a few months later. https://t.co/NaFDvYnUZo https://t.co/wdjMUtZZC3

— FatMan (@FatManTerra) May 29, 2022

Furthermore, there’s the Twitter account called “@fatmanterra (Fatman)” that has explained a lawsuit is being planned in order to compensate Terra victims. Furthermore, Fatman has been accusing the team behind Terra of rigging things like Mirror Protocol, a decentralized and synthetic stock exchange. Fatman detailed that the application was “really just a farce designed to enrich Do Kwon/VCs.” Just recently, Fatman published another thread that discusses a Terra-related organization called “company K.” Fatman claims that company K was a “’blockchain consultancy firm’ they spun up in order to launder money and evade taxes.”

Company K was also covered by the South Korean local news outlet KBS. “Employees from company K had great overlap with employees from Terra and often shared the same spaces,” Fatman wrote on Twitter. “Both were incorporated in 2018. Most in company K’s employ were straight-up Terra developers. Company K’s CEO, Mo Kim, vehemently denied any major affiliations.” Fatman added:

Why is this interesting? Well, Korea’s tax authorities reported that last year, Terra sent 6 billion won ($4.8m) to company K’s CEO. This was reported on the books as ‘other expenses.’

Fatman has also published a thread about Do Kwon being involved in a premine project that allegedly worked in unison with Daniel Shin’s CHAI. According to Fatman’s claims, Do Kwon and Terrform Labs (TFL) premined a coin called SDT and the team was reportedly able to cash out the coin using Terra’s KRW stablecoin.

This chart perplexes me. The CHAI x Terra partnership that settled real world transactions on-chain with $KRT ended in 2020 yet there is no corresponding hiccup in $KRT transaction volumes. Why? pic.twitter.com/iLaVr27OsU

— FreddieRaynolds (@FreddieRaynolds) May 28, 2022

“A cheeky little system was set up: when SDT is burned, Terra’s KRT (a KRW stablecoin) can then be issued to stores through CHAI,” Fatman said. “This can now be cashed out off-platform via an exchange. As long as there’s enough retail volume to mask it, it’ll go unnoticed.” Fatman continued:

While there was some genuine CHAI usage, the vast majority of it was simply TFL cashing out tens of millions of dollars through the SDT/KRT scheme, hoping nobody would notice. It was a way of turning their printed internet money into real money – retail demand.

LUNC Pumps 70%, Supporters Hope It Will Hit $1

In addition to the accusations and controversy surrounding Do Kwon and his team, luna classic (LUNC) has jumped 70% higher in the last 24 hours. Vertical trends on Twitter show a lot of people trying to shill and pump the classic coin, and a few of them seem to believe the token — that trades well below a U.S. penny — will someday be $1 per unit. LUNC trading has been very active during the last 24 hours as numerous crypto exchanges have resumed luna classic trading after suspending the coin since the second week of May.

What do you think about the new LUNA token and recent LUNC gains? What do you think about the accusations concerning Do Kwon’s Terraform Labs? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Esports Powerhouse Galaxy Racer Invests US$25M to Partner With $QUINT

PRESS RELEASE.

30th May 2022, Dubai, United Arab Emirates: Galaxy Racer (GXR), a transmedia powerhouse focused on e-sports, content creators, music, and sports, headquartered in Dubai, is excited to reveal its partnership with, and investment in, the Quint ecosystem’s token, QUINT. Galaxy Racer invested US$25 million into QUINT, making it the first e-sports and lifestyle organisation to invest a significant sum into a cryptocurrency ecosystem. The partnership will also see Quint become GXR’s ‘Native Ecosystem Token Partner’.

The e-sports industry has seen a considerable rise in cryptocurrency partnerships, where the majority only include category exclusivity, branded segments, and media placements. In an industry-first, Galaxy Racer will integrate $QUINT into its website’s payment system and explore ways the token can be used across the organisation’s numerous divisions.

Quint is the first ecosystem to bridge the metaverse with the real world, creating a real-world utility to boost adoption and investment interest. Investors are rewarded with real-world benefits such as luxury raffle gifts like Bored Ape NFTs and limited-edition Hublot Big-Bang timepieces, as well as fractional ownership of high-yield real-world assets – all while earning class-leading crypto returns.

Commissioned by a team of investors who wanted to overcome the limitations of traditional crypto ventures while furthering the mass-adoption aims of the UAE Blockchain Strategy 2050, Quint is headed by industry veteran entrepreneurs, businesspeople, and investors. Quint’s CEO Rahul, is the Managing Director of CG Corp Global, Nepal’s multi-billion-dollar multinational conglomerate. The COO of Etihad Aviation, Mohammed Al Bulooki, recently joined as the Chairman of Quint’s Board of Directors.

The Quint ecosystem comprises a Boutique NFT Marketplace that connects creators with collectors, a Merchandise Shop for Quint-branded apparel, accessories, and an e-sports element accelerated by the GXR partnership. $Quint, the BSC token anchoring the ecosystem, will be bridging onto other networks like ETH, FTM, SOL and AVAX.

Galaxy Racer has five separate business offerings; content creators, e-sports teams, tournament management, merchandising, lifestyle, and its own record label, with over 500M+ followers worldwide, and over 100+ content creators generating over 2.5 billion monthly views. Boasting some of the top content creators with a 600M global reach, GXR is home to YouTube sensations Noor Stars, Naji and Ahmad Aburob.

Galaxy Racer expanded into North America with its new headquarters in Los Angeles, cementing its status as one of the largest names in e-sports, gaming, lifestyle, and music worldwide. The Girl Gamer Festival, the first and only e-sports festival dedicated to celebrating women’s competitiveness in video games, and GAMERS GALAXY: Dota 2 Invitational Series Dubai 2022, the largest e-sports tournament in the MENA region with a 1M AED prize pool, have both been hosted by the organization. The organization just unveiled its HER Galaxy program, a championship series for women-identified gamers in North America.

Founder and CEO of Galaxy Racer, Paul Roy stated, “We are thrilled to announce our investment and partnership with The Quint Ecosystem’s revolutionary token, QUINT. We have been approached by many crypto projects all hoping to partner with us as we continue to grow and expand globally. However, it was our main priority to make sure we took our time to study the ecosystem to ensure we partnered with the best project for our community and investors. We wanted to partner with an industry-leading company, team, and technology behind them – which we strongly believe is Quint.”

Quint’s CEO & Managing Partner, Rahul Chaudhary said, “Quint is thrilled to partner with Transmedia powerhouse and Middle Eastern e-sports pioneer Galaxy Racer. Our entire roadmap is predicated on linking the virtual and real worlds while creating value for diverse communities, including the global e-sports audience. Since launch, the QUINT token has posted exceptional returns powered by real-world conviction from investors, global community interest and uptake, rigorous audits, full transparency, and a utility framework bolstered by exceptional partnerships, including the one with transmedia powerhouse GXR.”

About Galaxy Racer:

Galaxy Racer (GXR) was founded in 2019 by Paul Roy and is a transmedia powerhouse focused on e-sports, content Creators, music and sports, with a competitive e-sports division. Galaxy Racer has over 100 content creators across North America, MENA, South Asia, Europe and Southeast Asia (SEA), amassing over 500 million followers and generating over 2.5 billion monthly views.  For more about Galaxy Racer, visit: https://galaxyracer.gg

About Quint:

Quint is a revolutionary utility-rich ecosystem that unlocks unique real-world rewards and incentives through physical asset creation and backing — along with class-leading crypto returns accelerated through auto-compounding. By merging the metaverse and cryptocurrencies with real-life opportunities, Quint is championing mass crypto adoption while sparking brand new ways of creating enduring value. For more about Quint, visit: https://quint.io/

Media Contact:
Courtney Raine

Account Manager

Swipe Right PR

courtney@swiperightpr.com

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

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Biggest Movers: ADA Hits 1-Week High, HNT Nearly 20% Higher on Monday

Cardano was nearly 15% higher on Monday, as crypto markets were mainly in the green to start the week. Despite gains from ADA, HNT was one of the biggest movers today, as it rose by over 20%, hitting its highest point in over a week.

Cardano (ADA)

ADA rallied on Monday, as it rose by nearly 15% on the day, following three back-to-back sessions of gains.

Today’s rally was the most notable from the past two days, and resulted in prices surging to their highest level since May 23.

This recent run began following a false breakout of support at $0.4600, with prices now rallying to an intraday high of $0.5449 earlier today.

Looking at the chart, today’s peak has taken ADA/USD near its resistance point of $0.5580, which hasn’t been broken since May 18.

The 14-day RSI is also hovering around its own ceiling at 44.60, and it is unlikely there will be any further rallies, unless this obstacle is overcome.

Helium (HNT)

Whilst ADA was one of the most notable movers on Monday, due to its top 10 status, HNT was arguably the biggest in crypto markets.

HNT rose by nearly 24% to start the week, with prices hitting an intraday peak of $8.90 in the process.

This recent run of form from HNT also was birthed at its price floor of $6.70, and has gone on to break an interim resistance point of $8.50.

Bulls now look to be attempting to recapture a high of $9.90, which is the only remaining obstacle before HNT returns to the $10 mark.

Looking at the chart, the RSI will potentially also pose a threat to the hopes of bulls, as HNT is on the cusp of hitting a ceiling at 44.50.

Should this happen, then we will likely see $9.90 hit in the coming days, with an influx of new bulls likely to help get prices back into double digits.

Will today’s bullish sentiment continue into June? Let us know your thoughts in the comments.

via Eliman Dambell

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Survey: Most Salvadorans Still Not Convinced About Bitcoin as Legal Tender

A survey conducted recently by the Center for Citizen Studies of the Francisco Gavidia University, a private institution in El Salvador, has found that more than half of the Salvadorans surveyed still prefer the dollar over bitcoin as legal tender. Bitcoin, which has been pushed by Salvadoran president Nayib Bukele, has in large part not been received positively by the population eight months after its approval as legal tender.

Salvadorans Still Unsure About Bitcoin as Legal Tender

Citizens of El Salvador are still not sure about the use and adoption of bitcoin as legal tender in the country. A new survey conducted by the Center for Citizen Studies of the Francisco Gavidia University has found that more than half of the Salvadorans (62.3%) surveyed disagree with the approval of bitcoin as legal tender, having a preference for the dollar.

The survey involved 1,306 interviews across the country, and sought to evaluate the people’s perception of the management of the nation by Salvadoran president Nayib Bukele. It revealed also that only 23.7% supported bitcoin adoption and the cryptocurrency movement in the country, while a little more than 11% had doubts about one or the other.

To some experts, the bitcoin adoption issue has been one of the biggest problems that Bukele has experienced, with people often having doubts about receiving bitcoin as payment. Doris Ponce, a 43-year-old juice vendor, told Politico earlier this month that:

People don’t want that money yet. Maybe when the dollar disappears.

Bitcoin and Bukele

El Salvador has also been investing in bitcoin, with Bukele having purchased more than 2,300 BTC since the Bitcoin Law was approved last year. However, these investments have not turned out well for the country, with agencies like Moody’s reducing the credit score of the country due to the lack of transparency of these purchases, as there have been no public announcements about them other than Bukele’s tweets.

The International Monetary Fund (IMF) is working with the country, providing technical help in matters regarding bitcoin adoption, even when the organization has repeatedly told government officials to drop bitcoin’s new status as legal tender.

However, according to the same survey, Salvadorans still regard the image of the president in a very positive light. Bukele’s management of the country got 8.34 points out of 10, showing that Salvadorans separate the bitcoin issue from other actions that Bukele is taking in other matters.

What do you think about the latest survey regarding bitcoin adoption in El Salvador? Tell us in the comments section below.

via Sergio Goschenko

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Bitcoin, Ethereum Technical Analysis: BTC up to $30,000 to Start the Week

Bitcoin rose above $30,000 to start the week, with bearish sentiment marginally fading as we head into June. ETH also rallied on Monday, however the world’s second largest cryptocurrency continued to hover below $1,900.

Bitcoin

Following almost five days trading below $30,000, BTC finally surged, with prices climbing to their highest point in over two weeks.

So far today, we have seen BTC/USD hit a high of $30,806.86, which is its highest level since May 16.

Today’s peak comes following three consecutive days of gains, which began near the recent support point of $28,800.

As a result of this bullish momentum, bitcoin broke out of its ceiling of $30,500, and as of writing is just marginally below this point.

Bulls who entered in the last few days are likely securing profits at this resistance point, which has often been a point of contention.

The 14-day RSI is also currently tracking at a multi-week high of 46, and may move higher until it finds the next ceiling at 49.

Ethereum

Ethereum also rose by almost 5% to start the week, however these gains were not enough to send prices over $2,000.

Following a low of $1,787.47 on Sunday, ETH/USD raced to an intraday high of $1,909.92 earlier today.

These gains came as bulls held the recent support point at $1,750, and pushed prices back towards the $1,950 former floor.

Similar to BTC, some of today’s earlier gains have faded, and as of writing, ETH is trading at $1,888.73, which is marginally below today’s high.

However, unlike bitcoin, where the RSI is still heading towards a ceiling, ETH has already found one, and this could potentially entice bears to re-enter.

Will ETH climb above $2,000 this week? Leave your thoughts in the comments below.

via Eliman Dambell

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‘Big Short’ Investor Michael Burry Warns of Looming Consumer Recession, More Earnings Trouble

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of a looming consumer recession and more earnings trouble. He cited falling U.S. personal savings and record-setting revolving credit card debt despite trillions of dollars in stimulus money.

Michael Burry’s Recession Warning

Famous investor and founder of investment firm Scion Asset Management, Michael Burry, warned on Friday about a looming consumer recession and more earnings trouble ahead.

He is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.

Burry explained on Twitter Friday:

US Personal Savings fell to 2013 levels, the savings rate to 2008 levels – while revolving credit card debt grew at a record-setting pace back to the pre-Covid peak despite all those trillions of cash dropped in their laps. Looming: a consumer recession and more earnings trouble.

His tweet includes two images. The first shows a sharp decline in U.S. personal savings. The other shows a steep rise in consumer credit outstanding.

At the time of writing, there were 476 comments on Burry’s tweet, which has been liked 11K times and retweeted almost 2.5K times. Many people agreed with Burry on Twitter, thanking him for raising the issue and telling others to heed his warning.

One commented: “This is wild. We airdropped helicopter money on people and yet personal savings went down and credit card debt went right back to where it was.”

Another wrote: “Exactly what I said- inflation is not a problem. Consumer debt IS a problem. Demand-side monetary policy is faulty. Rate manipulation fails to correct the market. Americans flushed with cash. Divert into long-term savings instead of focusing on expenditure. Kill imports.”

A different user opined:

While the media wants the narrative to be that the consumer is strong, the numbers say otherwise. Decreased savings, increased debt, and inflation metrics that are still rising MoM, with energy prices near highs we haven’t seen since 2008.

Several people agreed that “numbers don’t lie,” and the U.S. economy is looking as grim as Burry suggested or even worse.

A growing number of people have recently warned that a recession is either here or is imminent, including Tesla CEO Elon Musk, Rich Dad Poor Dad Author Robert Kiyosaki, and Goldman Sachs’ senior chairman and former CEO, Lloyd Blankfein.

What do you think about Michael Burry’s warning? Let us know in the comments section below.

via Kevin Helms

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Recession or Prolonged Inflation: The Fed Must Decide Between Two Policy Mistakes, Says Economist

Allianz Chief Economic Advisor Mohamed El-Erian says the Federal Reserve will have to “decide between two policy mistakes.” One risks triggering a recession and the other could prolong inflation well into 2023. “I think the time has passed for a soft landing,” the economist stressed.

Mohamed El-Erian on Inflation, Recession, and the U.S. Economy

Economist Mohamed El-Erian discussed where the U.S. economy is headed and the Federal Reserve’s plan to bring inflation under control in an interview with Bloomberg Friday.

El-Erian is Chief Economic Advisor at Allianz, the corporate parent of PIMCO, one of the largest investment managers, where he was CEO and co-chief investment officer. He is also the president of Queens’ College, Cambridge University.

He was asked what’s feasible for Federal Reserve Chairman Jerome Powell under the current economic environment. The economist replied that “at best,” it is “what Chair Powell called a ‘softish’ landing, and the ‘ish’ is really important.” He elaborated:

I think the time has passed for a soft landing.

He continued: “We could have done it but that would have implied the Fed moving nine months ago. It should have. It didn’t. So, instead of tightening into a growing and dynamic economy, it is tightening into a slowing economy.”

Noting that “it is very difficult to get a soft landing,” the economist stated that “the best you can hope for right now is a soft-ish landing.” However, he said the probability of that happening is “Not as high as [he] would like it to be.”

El-Erian further opined:

The Fed is going to have to decide between two policy mistakes. Hit the brakes too hard and risk a recession or tap the brakes in a stop-go pattern … and risk having inflation well into 2023.

The Allianz economist is not the only one warning that the U.S. economy could be headed towards a recession. Tesla CEO Elon Musk said last week that we are either already in a recession or approaching it. However, he sees it as a good thing.

Blackrock, the world’s largest asset manager with nearly $10 trillion under management, similarly said last week:

If they [the Fed] hike interest rates too much, they risk triggering a recession. If they tighten not enough, the risk becomes runaway inflation.

What do you think about El-Erian’s comments? Let us know in the comments section below.

via Kevin Helms

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Provision Allowing Cryptocurrency Payments in Foreign Trade Added to Russian Bill

A proposal to permit companies to use cryptocurrency in cross-border settlements has made its way to a draft law designed to regulate Russia’s crypto space this year. According to a press report, the finance ministry has introduced a number of revisions to the legislation it has been working on in the past few months.

Changes to Cryptocurrency Bill Can Make International Coin Payments Possible in Russia

The Russian Ministry of Finance has revised its draft law “On Digital Currency” to reflect various suggestions by other government departments and agencies, the business daily Vedomosti unveiled, quoting government sources. The amendments have been coordinated with the ministries of economy, digital development, internal affairs, the Federal Tax Service, and Russia’s financial watchdog, Rosfinmonitoring.

The one major institution missing from that list is the Central Bank of Russia, which remains opposed to any legalization of cryptocurrencies like bitcoin and respectively disagrees with the Minfin’s regulatory concept which aims to establish a legal market for digital assets. The ministry’s legislation was first submitted to the federal government in February.

There is a wider consensus among Russian authorities that cryptocurrency should not be accepted as legal tender in the country. The law “On Digital Currencies” bans the use of crypto assets as a means of payment but suggests recognizing them as an investment tool.

Nevertheless, a provision introduced with the latest revisions would allow Russian legal entities and individual entrepreneurs to use cryptocurrencies for payments with foreign counterparties, Vedomosti revealed. The news comes after the Interfax news agency reported earlier that the finance ministry is considering this option as Russia’s access to the traditional payment channels is limited by western sanctions imposed over the war in Ukraine.

Among the other proposals incorporated in the revised bill is a ban on the advertising of crypto trading platforms that are not licensed to operate in Russia. At the same time, authorized exchanges may be obliged to store information about cryptocurrency holders and their transactions for a period of three years and share the data with Russian law enforcement. Only customers that have passed identity verification will be able to buy and sell cryptocurrencies and only through Russian bank accounts.

Do you expect Moscow to allow Russian companies to use cryptocurrencies in their foreign trade activities? Tell us in the comments section below.

via Lubomir Tassev

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Free-to-Mint NFT Collection Goblintown Is Now Worth Over $50 Million

A non-fungible token (NFT) collection called Goblintown is capturing millions in sales, as the NFT project has recorded $22.85 million in sales this week surpassing Otherdeed’s $20.73 million. At the time of writing, Goblintown obtained $2.26 million in sales during the past 24 hours, and the collection’s floor value jumped 103.2% higher today, to a daily high of 2.79 ether.

Mysterious Free-to-Mint Goblintown NFT Collection Captures Millions

The latest NFT collection turning heads this week is a project called Goblintown, an NFT compilation consisting of 9,999 goblins. One reason the project getting noticed is because the NFTs were minted for free and then they gained significant real-world value over time.

Without any frills, major promotions, or commercial hype, by May 23, 2022, Goblintown’s floor value was 0.5 ethereum (ETH), and its increased 458% to 2.79 ETH by Sunday evening on May 28. The project officially launched on May 22 and the only way people heard about it was through word of mouth. By the time the word got around the crypto campfire, Goblintown NFTs were getting pricey.

Goblintown’s Twitter account currently has 37,400 followers today and current metrics show 4,725 owners hold at least one Goblintown NFT. When a visitor arrives at the website called goblintown.wtf, there is a tab at the top of the page that says: “F***ing enter,” and after entering it says “sold out f***ers.”

At the time of writing, weekly NFT sales metrics show that Goblintown recorded $22.85 million in sales volume since May 22, and Goblintown is currently the top-selling NFT project this week. While the project is the hottest today, no one is really sure where the compilation came from and who exactly is behind the new digital collectibles.

GoblinTown holding the whole NFT market right now…

…👀 @goblintownwtf #goblintown #goblintownwtf #goblin #nft #nfts #bayc #crypto #mayc pic.twitter.com/oDjtmzSunY

— John Savage 🦇🔊 (@johnsavage_eth) May 28, 2022

There’s been a slew of unfounded rumors that the American DJ Steve Aoki or Yuga Labs are behind the NFT collection. Because the project has gathered significant value in a week’s time, Goblintown sellers have profited a great deal.

One Goblintown trader during the past seven days profited by 5,039% and another trader made a 264% profit in five days. The most expensive NFT sold from the collection during the past seven days is Goblintown 8,995, which sold for 69.42 ether or $136K. Goblintown 5,948 sold for 26 ether or $51K and Goblintown 7,944 exchanged hands for 27 ether or $46K.

The Goblintown collection’s sales this week have been helpful to the NFT industry’s sales, in general, as the NFT economy has been dealing with its first crypto bear market.

What do you think about the mysterious Goblintown NFT project that has been capturing a significant number of sales during the past seven days? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Belarus Has Seized Millions of Dollars in Crypto, Chief Investigator Claims

Authorities in Belarus have mastered the seizure of cryptocurrencies, the head of the country’s Investigative Committee revealed in a recent interview. The high-ranking law enforcement official claims the state has already confiscated crypto assets worth millions of dollars.

Companies Allegedly Help Belarus Government With Crypto Seizure

Belarus had to deal with the challenge of how to seize cryptocurrencies when they were first used in drug trade and later economic crimes, Dmitry Gora, who heads the nation’s Investigative Committee, told the state-run ONT channel. He added that law enforcement agencies had to find a way to confiscate such digital assets and have already seized crypto worth hundreds of millions of Belarusian rubles (millions of U.S. dollars).

The former Soviet republic, a close ally of Russia, legalized various crypto activities with a presidential decree which went into force in May 2018. The document introduced tax breaks and other incentives for crypto businesses operating as residents of the Hi-Tech Park (HTP) in Minsk within efforts to develop the country’s digital economy.

In March 2021, President Alexander Lukashenko hinted at a possible tightening of the country’s crypto regulations, referring to China’s example. However, HTP officials later insisted Belarusian authorities had no intention to adopt stricter rules for the industry. What’s more, the finance ministry proposed amendments to allow investment funds to acquire digital assets.

In April of this year, the Ministry of Justice adopted a legal procedure allowing the seizure of crypto funds as part of enforcement proceedings. It implements another decree by Lukashenko from February who ordered the establishment of a special register for crypto wallets used for illicit purposes.

Dmitry Gora went on to quote his “advanced subordinates,” saying that cryptocurrency was just “digital trash.” “Based on this, I set the task: our state needs money to compensate for the damage caused. Let’s think about how to make money out of trash. I will not go into details, but we have learned how to do it… There are mechanisms that allow us to deal with these issues, and quite successfully,” he elaborated.

The law enforcement executive pointed out that both government agencies and commercial organizations are involved in the process. As a result, “the amounts that are already in the form of good, normal money are on the accounts of the Investigative Committee,” Gora stated.

Do you expect Belarus to change its policies regarding cryptocurrencies? Let us know in the comments section below.

via Lubomir Tassev

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DAI Takes the Reigns as the Leading Decentralized Stablecoin by Market Capitalization

Following the demise of the Terra-based stablecoin UST, the fiat-pegged token DAI has become the largest decentralized stablecoin in existence today. Moreover, Makerdao has regained the decentralized finance (defi) protocol’s position as the top defi protocol in terms of total value locked (TVL).

Makerdao’s DAI Regains the Top Decentralized Stablecoin Position

This month, it’s quite clear that the Terra LUNA and UST fallout has rippled across defi and the crypto ecosystem in general. Furthermore, the Terra implosion has allowed the stablecoin DAI to regain its position as the largest decentralized stablecoin in terms of market capitalization.

DAI is the fourth largest stablecoin but the top three (USDT, USDC, BUSD) are centralized stablecoin products. DAI is issued by the Makerdao (MKR) project and unlike an algorithmic stablecoin like UST, DAI leverages an overcollateralized loan and repayment process.

Today, DAI’s market valuation is $6.24 billion but the stablecoin’s market cap is down 27.3% over the last 30 days. While DAI remained stable, Terra’s implosion sent shockwaves through the crypto community which in turn cut the TVL in defi in half. More than $2.6 billion worth of DAI was removed from circulation since May 1, 2022.

On May 28, DAI’s largest trading pair is the U.S. dollar as it captures 30.96% of all DAI trades. Other large DAI trading pairs include USDC (21.18%), TUSD (17.71%), USDT (17.46%), WETH (8.17%), and EUR (2.31%).

DAI has seen $159,99 million in global trade volume during the past 24 hours and Kraken is the currently most active DAI exchange. DAI trade volume is also high on FTX, Okex, Bittrex, and Crypto.com.

While the stablecoins USDT, USDC, and BUSD are in the top ten in terms of market cap, DAI is ranked 16 today. Additionally, Makerdao has a native token called MKR which is exchanging hands for $1,178 per unit. MKR is the 58th largest cryptocurrency today in terms of market capitalization.

Defillama.com statistics show that Makerdao is the most dominant defi protocol as far as TVL is concerned. Makerdao has $9.38 billion total value locked which has a dominance rating of around 8.77% out of the aggregate $106 billion TVL in defi today. Despite being on top, Makerdao’s TVL has shed 28.59% during the past month. The defi protocol Makerdao has lost roughly 2.53% of the 28.59% during the last seven days.

What do you think about DAI regaining its position as the top decentralized stablecoin asset today? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bored Ape and Cryptopunk Values Wobble — During the Last Month, Blue-Chip NFT Floor Values Dropped Over 50%

While the crypto economy has dropped considerably in value during the last few weeks, seven-day statistics indicate non-fungible token (NFT) sales are down 17.32% lower than last week. Data also shows NFT floor values have tumbled a great deal during the past month as some of the most popular NFTs are selling for a lot less these days.

The Once Bubbly NFT Industry Faces Its First Crypto Bear Market, Non-Fungible Token Interest Is Down and Sales Slide

NFTs have made their mark over the last 12 months raking in billions of dollars in sales, but the NFT trend is currently experiencing its first crypto bear market. The market carnage during the past few weeks has taken a toll on NFT sales and the top floor prices stemming from some of the most popular collections.

Interest in non-fungible tokens has waned as the search query “NFT” has dropped significantly according to Google Trends (GT) data. During the week of January 16-22, worldwide GT data for the search term “NFT” hit the top score of 100, but this week the search query term is 25.

While NFTs are still selling, weekly sales are down 17.32% lower than the week prior and NFT sales measured last week were down 64% lower than the week before. It’s safe to say by looking at market metrics, that the Terra LUNA and UST fiasco impacted the NFT space as well.

Last week a great number of blue-chip NFT collections saw floor values drop and today the values are much lower. Moreover, a few popular NFT collections reached all-time highs in terms of floor values just 34 days ago, and current statistics show they now sell for a lot less.

Bored Apes, Proof Collective, and Cryptopunks Are Selling for Less Than Half of What They Sold for Last Month

On April 23, 2022, the NFT collection called Proof Collective had a floor value of around 129 ether and at that time, a single ethereum was exchanging hands for $2,950 per unit. This means that 34 days ago, the least expensive Proof Collective NFT was around $380K.

On that same day, Bored Ape Yacht Club’s (BAYC) floor value was approximately 123 ETH or $362K using ether exchange rates that day. The least expensive Cryptopunks NFT had a price tag of around 59 ether on April 23, which was around $174K back then.

Today, the Proof Collective NFT collection has a floor value of around 75 ether, and using ETH values recorded on May 27, the least expensive Proof Collective NFT today is selling for $130K. The floor value of the BAYC collection is $153K on Friday or 87.98 ETH and Cryptopunks’ NFT floor is 46.5 ETH or $80K.

34 days ago, Bored Ape Chemistry Club NFTs had a floor of around 45 ether and today, the lowest value is 39.5 ether. Similarly, Mutant Ape Yacht Club (MAYC) NFTs had a floor value of 33 ETH a month ago and today the lowest is 17.2 ether.

The Otherdeed NFT collection currently commands the top sales in terms of all the NFT collection sales this past week. Otherdeed sales amounted to $23 million during the last seven days but sales are down 14.52% lower than last week. One particular NFT collection called Goblintown, recorded $21.9 million in sales and jumped a whopping 1,744,444% higher than last week in terms of sales volume.

The top three most expensive NFTs sold this week stemmed from the Otherdeed NFT collection. Bored Ape #2664 was the fourth most expensive NFT sold at 199.99 ether ($390K) two days ago, and Cryptopunk #3764 was the fifth most expensive as it sold for 190 ether ($389K) four days ago.

In addition to the top three most expensive NFT collections in terms of floor value, non-fungible token collections like Clonex, Doodles, Azuki, Veefriends, Bored Ape Kennel Club, and more have all seen floor values drop much lower than the values recorded 34 days ago on April 23.

What do you think about the NFT sales dropping and blue-chip NFT collections seeing their floor values drop lower? How do you envision the NFT industry faring in a crypto bear market? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Terra Launches New Chain Airdropping LUNA 2.0 Coins — Token Value Slides Over 70% From Price High

On Saturday, May 28, 2022, LUNA classic and UST classic holders received an airdrop consisting of new LUNA 2.0 tokens based on two blockchain snapshots. The crypto asset’s first recorded value at 5 a.m. (ET), was $14.31 per unit and it hit an all-time high (ATH) roughly 20 minutes later at $18.87 per LUNA. LUNA has dropped more than 70% as it traded for $4.20 per unit at 11:00 a.m. on Saturday.

LUNA 2.0 Launches

The new LUNA token is now trading as the crypto asset was airdropped to LUNA classic (LUNC) and UST classic (USTC) holders. Presently, there’s a maximum supply of 1,000,000,000 LUNA coins but the current amount of tokens in circulation is unknown.

LUNA is currently seeing the most activity on the trading platform Okx and 24-hour metrics indicate LUNA has seen a price range between $18.87 and $4.20 per unit. Other exchanges seeing LUNA trading activity include Gate.io, and MEXC Global.

“Luna2” and “Luna 2.0” have been trending on social media during the past 24 hours as holders have been receiving their airdrops. A number of people have been asking where they can trade the new LUNA token.

Terra’s co-founder Do Kwon tweeted about the launch on Saturday and said: “Phoenix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly.” Kwon also said: “To view your LUNA (or LUNA2 as some exchanges call them) token balances, you only need to log into [Terra Station] and refresh the page.”

A number of exchanges have been adding support for the new LUNA such as Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget. Cryptocompare data indicates that tether USDT commands a great majority of LUNA trades followed by ETH. The crypto asset is also paired with the fiat currencies USD, CAD, EUR, PHP, INR, and IDR.

Terra’s new LUNA coin has been a topical conversation on crypto forums and social media. ”If you liked losing all your money with LUNA 1.0, you’re going to love losing all your money with LUNA 2.0,” one individual on Twitter said on Saturday mocking the 2.0 launch. “LUNA 2.0” is ancient Egyptian for “we still need that McNugget meal at table #5,” another person tweeted.

A number of individuals talked about the Terra blockchain founder. “Do Kwon sticking around whilst he gets tarred and feathered daily is the most alpha thing I’ve ever seen,” an individual wrote on Saturday. “Literally just buying luna 2.0 out of respect LMAO,” the person added. Others were not so kind to the new Terra blockchain project. “Buying Luna 2.0 is the equivalent of calling back your ex knowing she cheated on you. Have some self-respect,” another person opined.

What do you think about the new LUNA blockchain project and the crypto asset shedding 70% hours after the genesis launch? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: DOGE Climbs Following Spacex News, XTZ Rebounds From Recent Losses

DOGE rose on Saturday, following yesterday’s tweets from Elon Musk confirming that Spacex could soon accept the memecoin as a payment option for merch. Tezos was also higher to start the weekend, as it rose by nearly 5%.

Dogecoin (DOGE)

DOGE was one of the most notable movers in crypto markets on Saturday, coming as traders continued to buy the memecoin following a recent tweet from Elon Musk.

As we covered yesterday, Musk stated that Spacex merch will soon be available to purchase using DOGE.

DOGE/USD hit an intraday peak of $0.08538 on the news, pushing prices to an 11-day high in the process.

This move saw the memecoin hover marginally below its resistance of $0.08500, however as traders moved in to secure profits, some of these earlier gains were lost.

As of writing this, DOGE is now trading at $0.08124, which is close to its recent support level of $0.08080.

Price strength still remains elevated despite the surge easing, with the RSI hovering above its resistance at 35.5.

Tezos (XTZ)

Following two consecutive sessions of declines, XTZ rebounded on Saturday, as prices moved towards a short-term resistance point.

XTZ went from trading above $2.25 on Thursday, to falling to $1.75 during yesterday’s session. However, bulls have since re-entered, with prices now consolidating.

On Saturday, XTZ/USD hit an intraday peak of $1.94, which is marginally below an interim resistance level at $1.95.

Bulls are likely looking to recapture the $2.00 level, however in order to do so, there are some obstacles to overcome.

One of the main ones being the 44.80 ceiling on the 14-day RSI, which has been broken once in the last two months.

However, should this break, we will likely see an influx of bulls taking prices back to the $2.25 level, but if such a breakout fails, we could see a move closer to support of $1.65.

Could Tezos break into the $2.00 level this weekend? Let us know your thoughts in the comments.

via Eliman Dambell

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Bitcoin, Ethereum Technical Analysis: BTC Drops Below $29,000 to Start the Weekend

Bitcoin bears re-entered the marketplace on Saturday, as prices moved closer to a multi-week low to start the weekend. BTC once again fell below $29,000, whilst ETH continues to move lower, and now hovers around $1,750.

Bitcoin

Following a brief rebound on Friday, BTC once again moved lower, with prices falling under the $29,000 mark to start the weekend.

Yesterday saw BTC/USD hit an intraday peak of $29,335.03, however with bears re-entering the market, prices fell to a low of $28,326.61 earlier today.

Today’s move sees bitcoin fall below its current support level of $28,800, and push price closer to a 16-day low below $27,700.

Overall, BTC is down over 1% in the last seven days, with markets mainly consolidating during that period.

Many now believe that after bearish stints in April and May, we might have seen the worst of the selling in crypto, with a potential for a slight rebound in June.

The 14-day RSI is currently tracking at a floor of 35. Should this break we could see some more downward declines until bulls decide to really recapture the market sentiment.

Ethereum

ETH dropped for a fourth consecutive session, as bears refused to give way to any incoming bulls, who attempted to stabilize prices.

So far on Saturday, ETH has dropped to a low of $1,721.26, which is its weakest point since May 12, and comes as yet another floor is broken.

Despite recent declines, it appeared as though the $1,750 level on ETH/USD was acting as a support point, however that floor was tested earlier today.

Although it failed the initial test, we have seen somewhat of a fight back, with prices now trading at $1,776.19.

Overall, ETH is now down close to 10% in the last seven days, with some expecting moves towards $1,600 in the next few weeks.

Will June be another bearish month for crypto? Leave your thoughts in the comments below.

via Eliman Dambell

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Dvision Network Announces Binance Custody as Its Custodian With DVI Token Supported

PRESS RELEASE. In another groundbreaking achievement, the blockchain-based metaverse platform Dvision Network has just announced its official onboarding on Binance Custody. As such, Binance’s custody services arm will support deposits and withdrawals of Dvision’s native token, DVI, on its platform. The support for DVI token on Binance Custody will be provided in a cross-chain manner, adding support for both ERC-20 and BEP-20 versions of the Dvision’s native token.

What is there to know?

Through the Binance Custody’s official Twitter account, it has been announced that it is currently accepting DVI token deposits and withdrawals for Dvision Network on its custody service. Binance Custody’s platform is undergoing an independent SOC 2 audit to validate its operational security. With that in mind, Binance employs safe MPC (multi party computation) to disperse control over client funds, thereby significantly reducing the dangers associated with centralization.

Moreover, Dvision Network has established itself as an initiative that values security and transparency in token administration, having previously offered cold storage services using Coinbase Custody early last year. With the latest announcement concerning Binance Custody, the network looks to expand its global influence and continue to offer safe and exciting products, features, and services.

What benefits do DVI holders get?

Thanks to the aforementioned onboarding, DVI token holders may now safely store their DVI tokens in Binance Custody’s offline, cold storage facility. Furthermore, Binance Custody provides institutional investors with the capability to run a completely compatible storage service that can safely store virtual currencies through the use of cutting-edge technology, security breakthroughs, and innovative procedures.

In addition, Binance Custody announced it had secured cold storage insurance in March. This insurance protects cryptocurrency stored in cold storage against named peril. It is underwritten by Arch Syndicate 2012 at Lloyd’s of London and brokered by the world’s largest independent insurance brokerage Lockton Companies’ specialist team LEAP (Lockton’s Emerging Asset Protection)

About Dvision

Based on blockchain technology, Dvision Network is an NFT metaverse network that aspires to be the greatest in the entire industry. Dvision Network uses its own virtual reality technology to build a cutting-edge metaverse environment, decreasing entry barriers for all types of users globally. As a result, designers, companies, and general users may partake in a truly dynamic and memorable metaverse experience. Visit Dvision’s website, Telegram, Medium, and Twitter channels for additional information and frequent updates.

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

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Russia Considers Using Cryptocurrencies for International Settlements

Authorities in Russia are mulling over the possible use of digital currencies for international payments, a high-ranking official from the finance ministry has indicated. If recognized as property, he noted, cryptocurrency can be utilized in barter deals with foreign partners.

Finance Ministry Suggests Russia May Employ Crypto in International Trade

The possibility of using cryptocurrencies in international settlements is under consideration at the Ministry of Finance of Russia since the country’s access to the traditional payment channels is limited, Ivan Chebeskov, director of the ministry’s Financial Policy Department announced, quoted by the Interfax news agency.

Speaking at a forum organized by the ruling United Russia party, Chebeskov revealed that the Minfin is actively discussing the employment of digital currency in barter transactions, if it is recognized as property in the Russian Federation.

The topic deserves attention, the official emphasized, as Russia is restricted in its ability to use the traditional payment infrastructure for settlements in its international economic activity. His comments come as Russian authorities are preparing to adopt a new law “On Digital Currency” that may legalize this type of cross-border payment and other crypto transactions.

Russian Prime Minister Mikhail Mishustin stated earlier that the federal government is considering transitioning to settlements in national currencies with “friendly countries.” Interfax also quotes the Head of the Russian Republic of Buryatia, Alexey Tsydenov, who unveiled that Russia will soon offer Mongolia the option to switch to payments in rubles and tugriks.

Moscow has been dealing with mounting western sanctions over its military intervention in Ukraine that have seriously restricted its access to global finances and has been seeking to replace U.S. dollars and euros in international payments, even before it launched the latest invasion in February.

In mid-April, the President of the Russian Chamber of Commerce Sergey Katyrin suggested using cryptocurrencies in settlements with African nations and in late March, the head of the parliamentary Energy Committee Pavel Zavalny said that Russia may start accepting bitcoin for its gas exports in the future.

Do you expect Russia to begin using cryptocurrencies in its international trade? Tell us in the comments section below.

via Lubomir Tassev

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Economist David Dodge Says Gold Is an ‘Antique Instrument,’ Thinks Digitizing the Canadian Dollar Is Interesting

The economist David Dodge, the former seventh governor of the Bank of Canada, says gold is an “antique instrument,” and he believes Canada’s central bank got rid of its gold reserves for this very reason. Despite saying gold is an outdated financial tool, Dodge said that the leading crypto asset bitcoin (BTC) has no place in the Bank of Canada’s reserves.

David Dodge: The Bank of Canada ‘Holding This Antique Instrument of Stability Called Gold Really Didn’t Make Any Sense’

David Dodge, the former seventh governor of the Bank of Canada (BofC), thinks gold is an antiquated payment tool and that it’s costly to store. Dodge spoke with Kitco News correspondent David Lin on Thursday and discussed the shiny yellow precious metal.

According to Dodge, gold is an archaic instrument and Canada’s central bank was correct to get rid of it all. Canada is the only G7 nation that does not hold any gold reserves. The Canadian central bank’s gold-selling trend started in the early 2000s and by 2016, Ottawa had sold most of its gold reserves.

“[The] issue is quite clear, that it costs to hold gold, whereas holding U.S. or Chinese or Euro bonds yields you a return,” Dodge told Lin on Thursday afternoon. “…That was a strong view. And a view that our international monetary system was in a place that was sufficiently robust, that holding this antique instrument of stability called ‘gold’ really didn’t make any sense.”

Dodge Believes in Reducing Transaction Costs, Says the Issue of Digital Currencies ‘Is a Very Important Issue’

Canada followed in the footsteps of the United Kingdom when the region sold half of its gold holdings, or 395 tonnes of gold, between 1999 and 2002. U.K. citizens called the event “Brown’s Bottom,” named after the Chancellor of the Exchequer from 1997 to 2007, Gordon Brown. Canada getting rid of gold was dubbed “Poloz’s Bottom,” named after the ninth BofC governor, Stephen Poloz. Dodge also touched upon digital currencies like bitcoin during his discussion with Kitco News on Thursday.

Dodge doesn’t believe bitcoin (BTC) deserves a spot in the BofC’s reserves, but the former central bank governor did not dismiss crypto assets. “The issue of digital currencies is a very important issue,” Dodge said. “[What] we would like to do, globally and [in Canada], is to reduce transaction costs… [The] Bank and the Department of Finance are working hard… on this issue of digitalizing our financial system to reduce transaction costs… The financial system is interested in digitizing the Canadian dollar.”

What do you think about David Dodge speaking about gold and digital currencies? Do you agree with his opinions? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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