roadrunner

Bitcoin climbed above the $28,000 level on Monday, as U.S. President Joe Biden confirmed that a deal was agreed in principle. Biden labeled the agreement a “compromise,” with Republican Kevin McCarthy calling it “historic.” Ethereum was also higher on the news, hitting a three-week peak. Bitcoin Bitcoin (BTC) rose above the $28,000 to start the week, as crypto markets reacted to an apparent agreement to increase the U.S. debt ceiling. Following a low of $27,125.53 on Sunday, BTC/USD raced to a peak of $28,432.04 earlier in today’s session. As a result of today’s rally, bitcoin moved to its highest point since May 8, when price reached a high of $28,676. Bitcoin chart by TradingView Overall, it appears that the latest move took place once the relative strength index (RSI) broke out of a ceiling at 53.00. Price strength has since climbed, and the index is currently tracking at 54.92, with the next point of resistance at 57.00. Should this momentum continue to increase, there is a good chance that BTC will move above the $29,000 mark. Ethereum In addition to BTC, ethereum (ETH) also moved higher on Monday, climbing above the $1,900 level. ETH/USD jumped to an intraday high of $1,926.42 earlier in the day, following a low of $1,839.13 the day prior. This surge led to the world’s second largest cryptocurrency hitting a three-week high in the process. Ethereum chart by TradingView Looking at the chart, today’s surge came as the 10-day (red) moving average crossed over its 25-day (blue) counterpart. If this trend continues, there is a strong chance that ethereum could move closer to $2,000 in the upcoming week. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ETH to move above $2,000 this week? Leave your thoughts in the comments below. View the full article

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic development news during the last week. In this issue, Venezuela tries to regain control of the gold stash held in London again; Argentina seeks to expand the Chinese yuan swap line; and Azteco enables bitcoin purchases in more than 55,000 stores in Colombia and Costa Rica. Venezuela Appeals to Regain Control of Gold Held in England The Venezuelan government has introduced a new appeal to try and regain control of the Venezuelan gold held in the vaults of the Bank of England. According to the appeal presented before the London Court of Appeals by the party representing the Central Bank of Venezuela board controlled by President Nicolas Maduro, the disbandment of the interim government of Juan Guaido on January 2022 changes the case’s background. The board named by the Venezuelan assembly, elected back in 2015 to protect the country’s foreign assets, has no official recognition from the U.K. government, which accepted the dissolution of Venezuela’s interim government in January. Richard Lissack, appointed by Maduro to handle the appeal, believes this should allow the court to acknowledge the decisions that dissolved the “ad hoc” board of the Central Bank of Venezuela, appointed by the interim government. Argentina Seeks Extension of Chinese Swap Line The government of Argentina will seek an extension of the available amount of a swap line established by the Chinese government to continue financing its imports. According to local sources, Economy Minister Sergio Massa and Central Bank of Argentina President Miguel Pesce will travel to China to double the access to the Chinese yuan-based swap line from $5 billion to $10 billion. The extension would help Argentina maintain foreign reserves held in U.S. dollars, which have touched their lowest level in the last seven years, while the government continues negotiating upcoming disbursements with the International Monetary Fund (IMF). Azteco Enables Bitcoin Purchases in 55,000 Latam Stores Azteco, a Bitcoin startup, announced the sale of bitcoin vouchers in Colombia and Costa Rica. Through social networks, the company announced these vouchers would be available in 52,000 stores in Colombia, and 3,000 in Costa Rica. The vouchers can be purchased with cash or bank transfer. Azteco had previously raised $6 million in a funding round led by former Twitter and Block CEO Jack Dorsey. Azteco co-founder Paul Ferguson declares these funds will allow the company to increase its market activation and reach customers more effectively. To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below. What do you think about this week’s Latam Insights report? Tell us in the comment section below. View the full article

In the cryptocurrency realm, there are thousands of projects born every year – each with aspirations to set the bar higher. The harsh reality is that most fail somewhere along the way, not for lack of passion or trying, but rather they lack the full list of ingredients required to create something truly great. So what exactly are those ingredients? The truth is – no one determines this except the investors or the user base – So then the real question becomes, what do investors want to see, and what value can a project bring to users in the space? One project, SquidGrow, co-founded by notorious crypto billionaire – Shibtoshi, and renowned trader – AreDub, looks to have discovered these answers through the heart of the bear market. So let’s dive in, what is SquidGrow doing so well where others are struggling? For starters, investors want to see other investors joining them for a common goal. If the sectors where investors communicate and share their thoughts about a project are not populated by a loud collective, then this is often their demise. A project must captivate and motivate their holders to both amplify and multiply over time. In less than one year SquidGrow and the team have managed to do just that. They champion a passionate crypto community of over 17,000 holders that continues to multiply exponentially and can be seen spreading their story across social media. Another key for successful growth is availability. Investors need to be able to buy and find SquidGrow where they are familiar. And that is another factor that makes SquidGrow’s run thus far so special. Although it is listed on over ten centralized exchanges already, it is still primarily a DeFi based token, and its token up until this point has been solely on the Binance Smart Chain (BSC). This is worth noting as the BSC space has been very quiet since 2021, with very few projects having success in this sector alone over the last year. This is a stark contrast to the Ethereum (ETH) blockchain, where most projects with a higher degree of success have been built upon. At this time of writing SquidGrow is launching their Ethereum token supply, which will bring it to a much more vast investor base. SquidGrow will become multi-chain as it launches on ETH, and it will allow its investors to bridge across the blockchains in a secure manner to buy SquidGrow in whichever network they desire. Aside from availability and a large collective, there must be a usage for the token that excites these investors about its future, otherwise known as utility. This is where SquidGrow shines as it is rich with utility and rollouts in this regard. Diving into these we can see that SquidGrow already has a lot: It has boasted sustainable and high APR staking pools throughout its history, which continues to encourage its users to hold. It has its own swap service, named SGS, which allows traders to swap between carefully selected tokens in a highly secure platform. It is being adopted by numerous platforms for integration through various partnerships. Additionally, it has the ability to absorb and integrate other projects into its own system through a customized contract that streamlines this process, hence the name SquidGROW. With that said, what really stands out is what SquidGrow fans have to look forward to in the coming year: The developers will be launching a fully functioning NFT ecosystem and marketplace, working hand in hand with legendary Marvel and DC artist – Mike S. Miller. The NFTs are unique in that the Ultra-Rare NFTs from Mike S. Miller’s first collection will automatically mint another, rare Blue-Chip NFT. These range from high value collections such as Mutant Apes, Moonbirds, Doodles, Bored ape Kennel Club, Cool Cats, Angry Cats, Alien Frens, FunkyMonkeys, and a bullish selection of metaverse land. Most notably, it will be launching SGX. This will be SquidGrow’s flagship utility and is a decentralized perpetual exchange, which will bring the best of the centralized exchange world into the DeFi sector. In particular, there is a growing need for this as governments increase regulation in the cryptocurrency space. SGX will outshine its competition by being rich in features that make traders feel at home, and additionally a generous portion of the profits from the exchange fees will go back into SquidGrow’s ETH and BSC charts as buybacks and liquidity. A noteworthy factor in getting users to trust and actually use the utility behind a project is security. The DeFi realm in particular is riddled with bad actors, and finding a project to trust should largely depend on the competency of its developers and the willingness of the project to audit the code of its utility in the most elaborate manner. SquidGrow does this at an elite level by utilizing Certik, the top auditing firm in the industry, for each of its codebases, where it already has 6 published audits at the time of writing. Additionally, a new class of tokens known as meme tokens have been thriving in this cycle’s bear market. However the vast majority of these meme tokens, have had nothing to offer outside of their chart pumping, and they fall swiftly into irrelevance once their respective pump period ends. SquidGrow has the meme element to it of course, but as mentioned above, it puts utility before the meme which will give it increased sustainability. In doing this, SquidGrow has essentially patented a revolutionary type of a token it has dubbed the “utility-meme” token, where its two pronged approach is set to attract these different investor bases. With that said, arguably the most important component to a cryptocurrency project is its innate ability to show itself to the world through tactful and powerful marketing campaigns. To put it lightly, SquidGrow dominates in this area. Where most projects fail is quite simply in this area alone, as the budget required to awe new investors becomes extremely expensive, which quickly dampers their ability to forge ahead in tough or volatile market conditions. However, with Shibtoshi at the helm personally funding all marketing expenditures, SquidGrow is in an advantageous position where its marketing arm is not dependent on trading volume for its expenditure to facilitate growth. The team at SquidGrow has come from all corners of the industry to combine networking forces that will enable it to be a constant marketing powerhouse, the likes of which the space has never before seen. A perfect example of this prowess will be SquidGrow’s premier sponsorship of “The Next Crypto Gem” this season, which will be the first ever mainstream crypto tv show to air. Moves like these are slated to continue to roll out over the coming months and years, ensuring that the project becomes a staple of the crypto industry. When you factor all of these elements together, what you have is an anomaly riddled with X-Factors that continually inspire flames deep within investor hearts. Community, veteran leadership, utility, security, and marketability – All of which SquidGrow has in abundance. It is no wonder why so many investors are watching and buying into its ecosystem, and what these investors may be witnessing is the evolution of a token that is the true masterclass of its category in every capacity. Check out SquidGrow at the following places: Website: http://squidgrow.wtf Twitter: https://twitter.com/Squid_Grow Instagram: https://www.instagram.com/squidgrow.wtf/?hl=en Telegram: https://twitter.com/Squid_Grow Discord: https://discord.gg/HgsgryRpwB Reddit: https://www.reddit.com/r/SquidGrow/ Medium: https://medium.com/@SquidGrow TikTok: https://www.tiktok.com/@squidgrow/ Audits: https://skynet.certik.com/projects/squidgrow CMC: https://coinmarketcap.com/currencies/squid-grow/ CG: https://www.coingecko.com/en/coins/squidgrow This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Nigerian gift card and crypto trading platform, Patricia, announced on May 26 that one of its trading applications had been breached and that BTC as well as naira assets were compromised. The crypto exchange platform said it has since suspended withdrawals and is presently “undergoing internal restructuring.” Patricia Says Customer and Merchant Assets ‘Secure’ The Nigerian gift card and crypto exchange platform, Patricia, revealed on May 26 that hackers had breached its retail trading application leaving an undisclosed amount of BTC and naira assets compromised. According to an update issued by the firm, other crypto balances were not affected by the breach. Patricia also reassured the public that the assets belonging to its customers and merchants were still secure. Hello Chief, We have a much needed update for you. #patriciatechnologies #cryptocurrencies pic.twitter.com/AcOIdIE8Vu — Patricia (@PatriciaSwitch) May 26, 2023 However, despite the statement which sought to assuage users of the platform, Patricia said it had stopped processing withdrawals. “In light of this, we are undergoing internal restructuring and temporarily suspending withdrawals on our app (mobile and web). We understand how this has affected our customers and are truly appreciative of your patience through this inconvenience. We assure you we are working to strengthen our security measures,” Patricia said in a statement. According to the update, Patricia’s security team and local law enforcement have since identified an individual who is thought to be a part of a group of hackers behind the breach. The crypto platform also said it will “pursue this lead” and collaborate with security agencies until it recovers the missing assets. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Peter Schiff, the chief economist of Europac and best-selling author, has blasted the recent bipartisan deal regarding the United States debt ceiling. According to Schiff, the proposal fails to address the already inflated budget, allowing rises in several budget areas without supervision, which could increase the U.S. national debt by at least $4 trillion in the next two years. Peter Schiff Criticizes Debt Limit Deal Peter Schiff, gold bug and chief economist at Europac, has blasted the recently reached bipartisan agreement regarding the U.S. national debt limit. Schiff considers the proposed two-year deal, which is said to suspend the debt ceiling, insufficient, as it allows several budget lines to continue increasing, capping only specific expenses. On this, Schiff stated: The deal to raise the debt ceiling allows military and entitlement spending to increase, and only caps discretionary spending at 2023 levels for two years. Schiff, who has criticized the U.S. government’s handling of the debt ceiling issue before, believes the numbers determined for this year, even if frozen, are still excessive. He explains that the debt ceiling deal will allow a rise of at least $4 trillion in the U.S. national debt during the next two years. To Schiff, the real problem is not the debt ceiling but the debt that will continue to increase. Suspension vs. Raise Schiff also has opinions about why Democrats and Republicans approved a debt suspension deal instead of a determined limit raise for the next two years. Schiff explained: The reason [the president] and … McCarthy agreed to suspend the debt ceiling, rather than to raise it, is to ensure the debt doesn’t hit the ceiling during the 2-year period. Achieving this by way an increase would require a record $5 trillion hike, far too embarrassing to vote for. If finally approved, the proposed debt deal would also postpone further debt discussions until after the next U.S. presidential election. Now politicians will face the challenge of approving this debt deal in the U.S. Congress before June 5, signaled by Treasury Secretary Janet Yellen as the date when government funds could be exhausted. However, like Schiff, some have already stated their problems with how the proposal is structured, voicing opposition to passing the bill as is. Texas Representative Chip Roy declared he would try to stop the bill in the House, explaining that it had almost no spending cuts. What do you think about Peter Schiff and the debt limit deal? Tell us in the comments section below. View the full article

The South African fiat currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of 19.7640 per dollar on May 25 just moments after the South African Reserve Bank raised the benchmark interest rate to its highest since 2009. Although the currency has since made some recovery, prediction models show that the rand will soon breach the 20 rand per dollar mark. First Back-to-Back Rate Hike Since 2009 The South African currency — the rand — fell to a new of 19.7640 per dollar on May 25, moments after the country’s central bank raised the key interest rate to 8.25%. The rand’s latest plunge came some two weeks after the currency fell to what was then the new all-time low of 19.51 units of the rand per dollar. As reported by Bitcoin.com News, the rand’s plunge on May 12 followed U.S. allegations that South Africa had supplied weapons to Russia, which invaded Ukraine in February 2022. The allegations have raised fears that the United States might block South Africa’s access to the African Growth and Opportunity Act (AGOA) preferential duty-free market. In addition to the U.S. allegations, the South African economy has been rattled by worsening electricity shortages and rising inflation. In its attempt to halt the economy’s descent, the South African Reserve Bank (SARB), like many of its peers, has adopted an aggressive monetary policy which has now seen it deliver what is being described as its first back-to-back 50-basis-point hikes since 2009. The latest increase brings the cumulative rate hike since Nov. 2021 to 475 basis points. Currency Expected to Breach the 20 Rand per Dollar Mark However, shortly after the latest interest rate increase was announced, the rand fell by as much as 2.6% before recovering and stabilizing at around 19.64 units per dollar. At the time of writing, available data shows the rand has depreciated by as much as 13.5% in 2023. Meanwhile, a Bloomberg report said a prediction model shows that after the rate hike, the chances of the rand breaching the 20 units per dollar mark have gone up to 53%. Before the SARB’s latest rate decision, the same model put the probability of this happening at just 6.8%. According to the data on a website that forecasts the rand’s exchange rate versus the dollar, the South African currency is now expected to breach the 20 units per dollar level sometime in late May or early June. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Global cryptocurrency exchange Binance says it has created a new crypto trading platform for Japan residents that will be available this summer. The new exchange will fully comply with Japanese crypto regulations and will offer trading of a limited number of tokens initially, according to the exchange. Binance Has Created New Crypto Trading Platform for Japan Users Global cryptocurrency exchange Binance has announced that it is launching a local crypto trading platform for residents of Japan this summer. Binance wrote: We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations. “The new platform will be available this summer. We will inform the launch date and provide further details in the coming months,” the global crypto exchange continued. The services offered by Binance’s global platform will be discontinued for Japan residents on Nov. 30, the announcement adds. “Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after August 1, 2023.” From Dec. 1, all Binance.com accounts held by local Japanese resident users will be set to “withdrawal-only mode,” Binance detailed. In addition, Binance noted that its new Japan platform “will not provide derivatives services at the initial stage to comply with local regulations.” Regarding which crypto tokens will be available on the new Binance Japan platform, the crypto firm explained: Binance Japan will have a limited number of tokens available for spot trading at the initial stage, and there are limitations on certain product offerings to comply with local regulations. We will add more products and services when it is possible to do so. Binance further noted: “We aim to provide over 30 tokens as a first step. We will provide updates and more information once new tokens are confirmed.” In November last year, Binance said it had acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by Japan’s top financial regulator, the Financial Services Agency. “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake,” said Takeshi Chino, general manager of Binance Japan. What do you think about Binance launching a local platform for Japan residents to comply with regulations? Let us know in the comments section below. View the full article

Belarus President Alexander Lukashenko says his country’s response to sanctions is to deepen relations with the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). “The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.” Belarus Prioritizes Building Economic Union With ‘No Barriers and No Restrictions at All’ Belarusian President Alexander Lukashenko outlined his country’s priorities and response to sanctions during the Supreme Eurasian Economic Council meeting in Moscow on Thursday. The meeting was chaired by Russian President Vladimir Putin. Lukashenko explained that Belarus’ response to sanctions is to strengthen cooperation within major multinational organizations, such as the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). The BRICS economic bloc comprises Brazil, China, India, Russia, and South Africa. The Belarus leader said (translated by Google): Our response to the sanctions pressure is to intensify cooperation within the SCO, BRICS, and ASEAN, to close new trade agreements, and [engage in] constructive and mutually beneficial cooperation with everybody who is interested in being our friends and partners. “Having said that, I want to note that as a result, we must ensure the balance of interests between all the parties involved. It is not an easy task but I am confident that the commission has the skills and competence required,” he added. Lukashenko continued: “The modern world is undergoing global changes and entering an era of major transition and strategic development. There is increasing awareness of the need to replace the unipolar system of management with new decision-making centers that ensure the consideration of interests of all participants in international relations.” He stressed: The creation of a comprehensive economic union remains our priority … There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible. “Colleagues, I believe that, by taking joint efforts, we can fully realize the potential of this union internally and externally, thus creating one of the full-weight responsible centers of the new multipolar world,” the Belarus leader concluded. The Belarusian leader also spoke at the Eurasian Economic Forum in Moscow Wednesday. “Financial, pandemic, [and] geopolitical crises are replacing each other so quickly that people simply do not have time to take a breath and lose confidence in the future,” Lukashenko opined, elaborating: The world has been recently living in a constant state of tension and uncertainty. This is also natural in the transition period from the old era to the new one, to which we aspire and whose name is multipolarity. While noting that in extraordinary circumstances, a stable economy serves as a strong foundation, he emphasized that in today’s interconnected world with transparent economic borders and intertwined trade relations, it becomes nearly impossible for any nation to achieve economic stability on its own. He added that consequently, countries are increasingly motivated to seek membership in influential regional and international organizations, such as the Eurasian Economic Union (EAEU), SCO, BRICS, and ASEAN. What do you think about the statements by Belarusian President Aleksandr Lukashenko? Let us know in the comments section below. View the full article

The government of Argentina is reportedly seeking to expand its de-dollarization agreement with China due to the lack of dollars that the country is facing. According to reports, Economy Minister Sergio Massa would be in talks to expand the current swap line to double the available amount from $5 to $10 billion, lent in Chinese yuan. Argentina Seeks to Expand Swap Line Agreement With China On De-Dollarization Push The government of Argentina would be seeking to expand the access it has to a Chinese yuan swap line in order to reduce the use of its scarce dollar reserves. According to local reports, Economy Minister Sergio Massa and Central Bank of Argentina President Miguel Pesce will be traveling to China on May 29 with the objective of doubling the free amount of money available in the swap line, taking it to $10 billion in Chinese yuan. China had allowed the Argentine government to freely access $5 billion of the swap line, of which almost $2 billion were used during April and part of May, according to estimations. The total of the credit line amounts to almost $19 billion, or 130 billion yuan. Massa had hinted at this possibility two weeks ago, stating that “if political conditions are met and if the Chinese Central Bank agreed,” this free amount should be expanded. Dollar Reserves and IMF Agreement Argentina has been facing a dangerous decrease in its foreign currency reserves, taking them to their lowest level during the last seven years. According to Bloomberg, dollar-denominated international reserves plunged to $36 billion in May. The situation is further aggravated by the continuous devaluation of the Argentine Peso, and the high inflationary levels of more than 108% year on year calculated in April. The economic team of President Alberto Fernandez has been forced to take several measures to limit the flow of dollars from the local economy, including cutting oil companies from access to official dollars, and having to finance import payments for 90 days. Argentina is also seeking to renegotiate the terms of its debt agreement with the International Money Fund (IMF), to accelerate the disbursements of the institution, which would have to deliver $10.6 billion between June and December. However, the deal is being torpedoed by Vice President Cristina Kirchner, who called to ditch the repayment deal in a rally, risking the delivery of future disbursements of the institution. She stated: If we don’t manage to get this program that the Fund imposes on its debtors thrown aside allowing us to create our own growth and industrialization and technological development, it will be impossible to pay the debt. What do you think about Argentina’s push to de-dollarize imports due to its low dollar reserves? Tell us in the comments section below. View the full article

Three integration unions with Russian participation, BRICS, SCO, and the EAEU, should adopt joint policies on the use of digital currencies, according to a top representative of one of them. He also believes the international organizations should develop a new payment system with its own bank cards. BRICS, SCO, and EAEU May Launch Common Payment Card System BRICS (Brazil, Russia, India, China, and South Africa), the Shanghai Cooperation Organization (SCO) and the Eurasian Economic Union (EAEU) can issue a common payment card, the Chairman of the Board of the Eurasian Economic Commission, Mikhail Myasnikovich, has stated and elaborated: We invite our colleagues from the SCO and BRICS to pool our resources. I am talking about the joint approaches to the use of digital currencies and the launch of the common payment card system. We already have appropriate solutions. Myasnikovich was speaking during the second edition of the Eurasian Economic Forum in Moscow on Wednesday and was quoted by the Belta news agency. The Belarusian heads the EAEU’s executive body since 2020. The Commission is responsible for implementing decisions and upholding the organization’s treaties. The EAEU official also pointed out that the share of settlements in national currencies between its members already stands at around 80%. The estimate comes after Russian Prime Minister Mikhail Mishustin recently revealed that 70% of settlements between Russia and China are already conducted in ruble and yuan. The transition to payments in national fiats, part of Moscow’s ‘de-dollarization’ push, has been a major task for the Russian Federation and its allies amid heightened geopolitical tensions with the West and unprecedented sanctions imposed over Russia’s invasion of neighboring Ukraine. BRICS, which unites five of the largest emerging economies, was formed in 2006 as an alternative to the Group of Seven (G7) format comprising the most advanced economies. According to research published in March, BRICS has already become the world’s largest bloc by share of global gross domestic product (GDP). SCO is the world’s largest regional organization, in terms of territory and population, which functions as an economic, political, and defense alliance. The EAEU was established in 2014 by Belarus, Kazakhstan, and Russia and added two other former Soviet republics, Armenia and Kyrgyzstan, as members in 2015. Do you think the three unions will soon issue a common payment card and coordinate policies on digital currencies? Tell us in the comments section below. View the full article

A recent study by Dappradar discloses the May loan volumes for non-fungible tokens (NFTs) reached a high of $375 million. The findings emphasize the significant influence of Blur within the NFT lending market, as the NFT marketplace platform constitutes 82% of the entire value settled in the NFT lending sector. Blur Emerges as NFT Lending Giant, Capturing 82% of Market Share Not long ago, Blur proclaimed its entry into the NFT lending arena, and since then, it has logged $308 million in NFT loan volume. This information stems from a May 25, 2023, study published by dappradar.com, indicating that 46.2% of the NFT marketplace’s transactions now involve loan activities. The dappradar.com report accentuates how Blur unveiled its lending initiatives on May 1. On the same day, it registered 4,200 ether and has since escalated to 169,000 ether following its inception. Dappradar’s analyst notes that Blur’s weekly loan volume “outperformed other centralized platforms by approximately 2.93 times.” Blur’s NFT loan volume equates to 82% of all NFT lending settlements throughout the industry during a 22-day period. Sara Gherghelas from Dappradar explains that while Blur has monopolized NFT lending volumes across the sector, the trading volume on their platform has diminished. “The trading volume over the past seven days was $104.35 million, a 15.93% decline from the preceding week,” Gherghelas states. “This shift suggests that Blur is currently being primarily used for loans rather than trading. In fact, in the last seven days, nearly half (46.20%) of Blur’s activity originated from NFT loans, transacted by an average of 306 unique daily users.” The fluctuations in trade volume might be ascribed to Ethereum’s overall decrease in NFT sales over the last 30 days, sliding 26% lower than last week. Conversely, Bitcoin-based NFTs have taken center stage, securing roughly $175,084,024 in NFT sales over the previous month, as data from cryptoslam.io suggests. In spite of the surge in Bitcoin-oriented NFT trade volume, 30-day sales across 22 blockchains dipped 10.15% lower than the preceding month’s figures. What are your thoughts on Blur’s dominance in the NFT lending market? Share your opinions and insights in the comments section below. View the full article

Chinese President Xi Jinping and Russian President Vladimir Putin engaged in phone conversations with Brazilian President Luiz Inácio Lula da Silva regarding their joint work within the BRICS group ahead of the economic bloc’s leaders’ summit. Lula has been a vocal advocate of ditching the U.S. dollar in favor of national currencies and a proposed common BRICS currency. Putin and Lula Discuss Various Topics, Including Ukraine War and BRICS Cooperation Brazil’s president, Luiz Inácio Lula da Silva, engaged in a phone conversation with Russian President Vladimir Putin on Friday, following his discussion with Chinese President Xi Jinping earlier this week. Among the topics the leaders discussed was cooperation across major multinational organizations, such as the BRICS. The BRICS economic bloc comprises Brazil, Russia, India, China, and South Africa. In a tweet Friday, Lula wrote (translated from Portuguese by Google): I just spoke by phone with the president of Russia, Vladimir Putin. I thanked him for an invitation to attend the International Economic Forum in Saint Petersburg, and replied that I could not go to Russia at the moment. The Brazilian president added that concerning the war in Ukraine, he “reiterated Brazil’s willingness, along with India, Indonesia, and China, to talk to both sides of the conflict in pursuit of peace.” According to an announcement published by the Kremlin Friday, the Brazilian president shared his impressions of participating in the recent Group of Seven (G7) summit in Hiroshima, Japan, and the two leaders exchanged their assessments of the situation around Ukraine. In addition, Putin and Lula discussed the Russian-Brazilian strategic partnership and expressed mutual interest in deepening cooperation in various fields, the Kremlin detailed, noting: Issues related to joint work within the BRICS and other multilateral platforms were considered. “The conversation was constructive and informative,” the Kremlin concluded. Xi Jinping and Lula Discuss Global Situation, Strategic Partnership, and BRICS Summit Lula also tweeted that he had a conversation on the phone with Chinese President Xi Jinping. The Brazilian leader wrote Thursday: Yesterday I had a telephone conversation with the president of China, Xi Jinping. We talked about the global situation, the need for peace in Ukraine, the participation of our countries in the BRICS summit in August. And about our strategic partnership at the bilateral level. The BRICS group has been pushing for de-dollarization and there is a proposal for a common BRICS currency that is expected to be discussed at the next leaders’ summit in August. Lula has voiced support for the creation of a BRICS currency. “I am in favor of creating, within the BRICS, a trading currency between our countries, just like the Europeans created the euro,” he said in April. In addition, he urged developing countries to abandon the U.S. dollar as a global reserve currency. Putin said this week that Russia is actively working with major international associations, including the BRICS, the Shanghai Cooperation Organization (SCO), the Association of Southeast Asian Nations (ASEAN), the Gulf Cooperation Council (GCC), as well as multilateral organizations in Latin America and Africa. What do you think about Chinese President Xi Jinping and Russian Leader Vladimir Putin discussing BRICS cooperation with Brazilian President Lula? Let us know in the comments section below. View the full article

The government of Brazil views the development bank established by the BRICS bloc as an alternative to traditional financial institutions, the country’s head of state told African diplomats. President Lula da Silva also vowed that the bank will improve cooperation with its African counterpart. Brazil Wants the New Development Bank Under BRICS to Strengthen as Financing Instrument Authorities in Brasilia consider the New Development Bank (NDB), created by the BRICS nations (Brazil, Russia, India, China, and South Africa), as a promising alternative to traditional financial institutions, Brazilian President Luiz Inacio Lula da Silva was quoted as saying by the Tass news agency. Lula made the statement during a meeting with ambassadors from African countries. “We want the BRICS bank to strengthen as an alternative instrument for financing, and we will reinforce our cooperation with the African Development Bank,” he emphasized. Current international financial and banking institutions ignore the needs of developing nations and are not suitable for them, because many of those countries are being “strangled by overwhelming debt burdens,” he elaborated on Thursday. The BRICS countries established the NDB, formerly called the BRICS Development Bank, after signing an agreement in Fortaleza, Brazil, in the summer of 2014, when Dilma Rousseff was President of Brazil. In March 2023, she was elected president of the bank. The BRICS’ development bank funds infrastructure and sustainable development projects in the bloc’s member states and developing countries. In 2021, the NDB admitted Bangladesh, Egypt, the United Arab Emirates, and Uruguay to the scope of its activities. Nearly 100 projects for almost $33 billion have been approved by the bank since its launch in areas such as transport, water supply, clean energy, digital and social infrastructure, and urban construction, the report noted. In April of this year, the Shanghai-headquartered bank announced it has issued its first “green” bonds in U.S. dollars in the amount of $1.25 billion. The proceeds from the placement will be used to finance or refinance eligible “green” projects in participating nations. Do you think the role of the NDB will continue to expand in the coming years? Share your thoughts on subject in the comments section below. View the full article

As calls for the creation of a global alternative to the greenback grow, credit rating agency Moody’s said on May 25 that rival currencies such as the euro and the Chinese yuan do not yet threaten the U.S. dollar’s position as the world’s reserve currency. The agency said a confidence-sapping policy mistake such as the U.S. Congress’s failure to raise the debt limit poses the “greatest near-term danger to the dollar’s position.” Rival Currencies Cannot Match the U.S. Dollar’s Core Traits The global credit rating agency Moody’s has said while the spectre of the U.S. dollar losing its dominance is real, at the moment there are no viable alternatives to take its place. In a note reportedly released on May 25, Moody’s insisted that the current rivals to the greenback such as the euro and the Chinese yuan will not be able to quickly match the core traits that made it the most dominant currency. As has been reported by various media outlets including Bitcoin.com News, the dollar’s longstanding position as the world’s reserve currency is being threatened by countries that are seeking to create an alternative global currency. The calls for the establishment of a rival to the dollar are being propagated by countries that accuse the U.S. of abusing the greenback’s dominance. Led by Russia, these countries have proposed several steps including the creation of a BRICS (Brazil, Russia, India, China, and South Africa) currency. However, according to Moody’s latest note, none of the proposed or current rivals to the dollar are backed by an economy as big as that of the United States. In addition, none of the dollar’s current rivals is anchored by a treasury market that compares to that of the U.S. both in terms of depth and perceived safety. U.S. Default a Near-Term Danger to the Dollar The note nonetheless still warned of factors that pose a real threat to the U.S. dollar’s position. The note said: The greatest near-term danger to the dollar’s position stems from the risk of confidence-sapping policy mistakes by the U.S. authorities themselves, like a U.S. default on its debt for example. As has been reported by Bitcoin.com News, the U.S. Congress’ inability to agree on a deal that raises the debt ceiling to $31.4 trillion could result in the United States government failing to meet its obligations. Treasury Secretary Janet Yellen has warned of an economic catastrophe if the U.S. government defaults. Meanwhile, Kristalina Georgieva, the head of the International Monetary Fund (IMF), warned of a major disruption to the world economy if the United States government defaults. “The US Treasury market is the anchor of stability for the global financial system, you pull the anchor, the world economy — the ship on which we all travel — is in choppy and even worse, unchartered waters,” the IMF chief said on May 26. At the time of writing (May 26, 2023, at 3 p.m. EST), talks between the two U.S. political parties were said to be continuing. However, the prospects for an agreement were reportedly still slim. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Digital Currency Group has revealed its decision to sunset its institutional trading platform, Tradeblock, on May 31, 2023. The company attributes the move to the “challenging regulatory environment” and the enduring effects of the “prolonged crypto winter,” signaling the conclusion of its subsidiary’s operations. DCG to Shut Down Institutional Trading Arm Tradeblock by the Month’s End According to a DCG spokesperson who spoke with Bloomberg, Digital Currency Group (DCG) has decided to close its trading platform, Tradeblock, this month. The Connecticut-based institutional trading platform, founded by Greg and Jeff Schvey in 2013, was acquired by crypto news outlet Coindesk in January 2021. Tradeblock successfully raised $53.1 million across five funding rounds since its inception. In a statement sent to reporters Olga Kharif, Anna Irrera, and Hannah Mille, a DCG spokesperson confirmed that Tradeblock is set to cease operations on May 31. Notably, the trading platform provided trade execution services but also prime brokerage options. Although initially founded by Greg and Jeff Schvey, the company was led by Breanne Madigan, a former Goldman Sachs employee. Tradeblock’s data also served as a reference index for Coindesk’s Defi Index methodology. “Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform side of the business,” a DCG spokesperson told Bloomberg on Thursday. DCG’s latest announcement comes in the wake of its missed payment to creditors for $630 million, a setback experienced during its subsidiary Genesis’s bankruptcy proceedings. Just three days ago, Genesis informed Bitcoin.com News that, “as part of the ongoing mediation process, the parties are discussing potential terms of forbearance, a standalone chapter 11 plan for Genesis and other options to recover assets and maximize value to stakeholders.” Earlier this year, reports surfaced regarding DCG’s closure of its wealth management business operation, HQ Digital, due to similar challenges. What are your thoughts on Digital Currency Group’s decision to sunset its trading platform, Tradeblock? How do you think the challenging regulatory environment and prolonged crypto winter will impact the future of institutional trading in the cryptocurrency industry? Share your insights and opinions about this subject in the comments section below. View the full article

Despite an upswing in mining difficulty on May 18, current data projects Bitcoin’s mining difficulty to see a further escalation on May 31, 2023—potentially jumping between 1.1% and 2.51%. Bitcoin’s Difficulty Nears 50 Trillion Milestone Bitcoin’s mining difficulty, already at an unprecedented level of 49.55 trillion, seems poised to breach the 50 trillion threshold within five days. Although the process of mining bitcoin (BTC) has become increasingly challenging, the hashrate has maintained an average rate of 364 exahash per second (EH/s) during the last 2,016 blocks. As of May 26, 2023, the hashrate hovers around 367.29 EH/s based on a 24-hour analysis. On May 2, 2023—a noteworthy event in Bitcoin’s lifetime—its hashrate reached a historic high at block height 787,895 with an impressive figure of 491.15 EH/s. The network’s hashrate spiked again in mid-May to reach 453 EH/s and today, it achieved a peak of 427 EH/s. Block intervals have hastened, and the most recent block recorded at block height 791,491 had a duration of approximately nine minutes and 53 seconds. The acceleration in block intervals or times outpacing the ten-minute average suggests that another rise in difficulty looms next week. Already, projections reveal a potential increase on May 31 that could range from 1.1% to 2.51%. Should this transpire, Bitcoin’s mining difficulty will land in the vicinity of 50.79 trillion—a milestone for surpassing the 50 trillion mark for the first time in Bitcoin’s lifespan. Currently, Foundry USA leads the pack among mining pools with a 127.93 EH/s hashrate—amounting to 35.54% of the entire network’s total. Antpool, F2pool, Viabtc, and Binance Pool trail closely in the respective rankings of overall hashrate per mining pool. Over the previous month, a total of 4,396 blocks were unearthed by Bitcoin miners, with Foundry discovering 1,373 blocks by May 26. What are your predictions for Bitcoin’s mining difficulty after it crosses the 50 trillion mark? Share your thoughts and opinions in the comments section below. View the full article

PRESS RELEASE. Zaragoza – Open Games is thrilled to announce the appointment of Luke Goss as the Ambassador for Europe’s most prestigious gaming, art, and blockchain event. This four-day extravaganza, Open Game Con, set to take place in Zaragoza, promises to be a unique celebration that highlights the transformative power of art, technology, and community. With a vision to emphasize the essence of art and its profound impact on our lives, infrastructure, and collective spirit, this event aims to bring together art and technology in a quest for innovation, inspiration, and artistic evolution. Luke Goss, a celebrated actor, and musician, will spearhead this immersive experience, fostering a sense of community and boosting morale throughout the event. The government officials of Zaragoza have demonstrated tremendous support for this ambitious event, contributing to its rapid organization and execution. Luke Goss expresses his deep gratitude for the opportunity and trust placed in him to bring this extraordinary celebration to life. He eagerly looks forward to welcoming a diverse array of attendees, urging artists and creatives to join him in filling the streets with their passion, kindness, and love. Luke Goss, a recognized luminary in the entertainment industry, has left an indelible mark in both cinema and music with exceptional talent and versatility. “I am thrilled to join this revolutionary event that merges art, technology, and gaming,” expressed Luke Goss. “Gaming and art are powerful forms of expression that have the ability to bring people together, and blockchain holds immense potential to reshape industries in exciting ways. I eagerly anticipate contributing to this convergence and celebrating creativity and collaboration at this unprecedented gathering.” Open Games will host an esteemed lineup of guests, including Ahmed Bin Sulayem, a visionary leader widely acknowledged in the business and technology sphere. His participation in Open Games underscores DMCC’s dedication to innovation and the advancement of new technologies across various industries. Furthermore, Mr. Michel Temer, former President of Brazil, renowned for extensive experience in public administration, will also grace the event. His presence at Open Games exemplifies his keen interest in technological advancements and support for the growth of the gaming and art industries. Prominent companies participating in the event include Polygon Labs, featuring Sergio Varona as a distinguished speaker. Additionally, the Fantom Foundation, driving the realization of the transition towards Web 3.0, will also be present. Open Games promises an immersive and collaborative gathering, fostering the exchange of ideas and showcasing the latest innovations that shape the future of gaming, art, and blockchain. For further information on Open Games and to stay updated on the event, please visit the official website at https://ogbcon.com. For Business Inquiry Contact: Mauro Blanco CEO Open Games Builders mauroblanco@opengamesbuilders.com 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. View the full article

Polygon climbed to a multi-week high on Friday, as bearish sentiment in cryptocurrency markets began to fade. The global crypto market marginally rose during today’s session, following yesterday’s downturn. XRP was another notable gainer. Polygon (MATIC) Polygon (MATIC) was one of Friday’s big movers, as the token rose to a multi-week high during the day. Following a low of $0.8802 on Thursday, MATIC/USD hit an intraday high of $0.9514 during today’s session. As a result of the move, polygon recorded its strongest point since May 8, breaking out of a key resistance of $0.9500 in the process. From the chart, it appears that this breakout occurred as the 10-day (red) moving average moved closer to an upwards crossover with its 25-day (blue) counterpart. In addition to this, the relative strength index (RSI) moved past its own ceiling at the 49.00 mark. At the time of writing this, price strength is now tracking at 52.93, with an upcoming ceiling of 56.00 a possible hurdle for bulls. XRP XRP (formerly ripple), also saw an increase in bullish momentum, as it rebounded from a recent one-week low. XRP/USD climbed to an intraday peak of $0.4673 earlier in the day, following a low of $0.4472 on Thursday. Today’s peak saw the token move closer to its long-term resistance level of $0.4690, which was last broken in April. Earlier gains in XRP have somewhat eased, as the RSI also moved near a ceiling of its own at 55.00 As of writing this, the index is currently tracking at the 54.80 mark, with the price currently at $0.4673. Should this ceiling at 55.00 be broken, there is a possibility that XRP will hit a one-month high in the upcoming days. Register your email here to get weekly price analysis updates sent to your inbox: What is behind today’s rebound in cryptocurrency markets? Let us know your thoughts in the comments. View the full article

The larger portion of payments between Russia and China are now processed using the currencies of the two countries, Prime Minister Mikhail Mishustin revealed. Moscow and Beijing intend to increase mutual trade beyond the $200-billion target this year, added the head of the Russian government. Mishustin: 70% of Settlements Between Russia and China Conducted in National Currencies Around 70% of cross-border settlements between the Russian Federation and the People’s Republic of China are already carried out in national currencies — the ruble and the yuan, according to Russia’s Prime Minister Mikhail Mishustin. During talks in Beijing with his Chinese counterpart, Li Qiang, he highlighted the positive trends in the trade relations between the two countries in a number of areas, stating, quoted by the RIA Novosti news agency: I am sure that this year we will not only fulfill the task set by the heads of state to increase mutual trade to $200 billion ahead of schedule, but we will also exceed this milestone. Mishustin emphasized the strategic nature of bilateral cooperation in the energy sector. “Russia ranks first in oil supplies to China, exports of natural gas, coal and electricity are growing,” the official detailed while also noting the expanding work “in the field of peaceful atom.” The Russian premier also stressed that “in the new geopolitical conditions, the development of transport and logistics routes passing through the Russian-Chinese border is of particular importance,” pointing out that the two nations are accelerating the development of the necessary infrastructure to increase cargo transportation. Moscow and Beijing have been fostering trade and economic ties amid confrontations with the West on multiple fronts. Considerable efforts have been made towards de-dollarization of mutual settlements and transition to using national currencies within both the BRICS bloc of emerging economies and the regional Shanghai Cooperation Organization (SCO), of which they are members. Do you think Russia and China will completely switch to settlements in national currencies in the future? Share your thoughts on the subject in the comments section below. View the full article

A Montenegrin high court judge has reportedly invalidated the bail application of Do Kwon, the co-founder of Terraform Labs. Kwon was detained for providing false identification while boarding a flight to Dubai alongside a companion on March 23, 2023. Terraform Labs Co-Founder’s Bail Request Invalidated by Montenegrin High Court For the past 62 days, Do Kwon has remained incarcerated in Montenegro’s capital after being apprehended at Podgorica airport. Kwon, along with his accomplice Han Chong-joon, allegedly attempted to depart from Montenegro for Dubai. However, their plans were thwarted when Kwon was discovered carrying forged identification documents. Montenegro’s interior minister, Filip Adzic, confirmed the arrest and subsequent detention of Kwon in Podgorica. Ever since then, Kwon has found himself trapped within the confines of Montenegro’s prisons, and jails with distressing reports about the treatment of inmates and the dire state of prison infrastructure in the country. At the start of May, a glimmer of hope emerged as Kwon and Chong-joon were granted permission by the lower court in Montenegro to secure their release by posting bail amounting to $430,500. However, the optimism was short-lived as news surfaced on Wednesday, May 24, 2023, revealing that a higher court had decisively annulled the lower court’s bail ruling. On Wednesday morning, Bloomberg reporters received the news directly from Marija Rakovic, a court spokeswoman. Apart from Kwon’s ongoing legal woes in Podgorica, the co-founder of Terraform Labs also faces extradition requests from both the United States and South Korea. A report released in late March revealed that Montenegro had allegedly decided to withhold Kwon’s extradition until he had undergone a trial and received proper legal proceedings. “The basic court should now make another decision, taking into account what the high court ruled,” Rakovic informed Bloomberg during their conversation on Wednesday. This development comes in the wake of a Seoul court granting permission for the confiscation of Kwon’s assets, valued at $176 million. Additionally, there are suspicions that the co-founder of Terraform Labs may have stashed away $100 million in a Swiss bank account. Much like Sam Bankman-Fried, the disgraced co-founder of FTX, Kwon appears to have had ample financial resources to fund his costly legal defenses thus far. What are your thoughts on the judicial decisions surrounding Do Kwon’s case and the extradition requests he faces? Share your opinions and perspective in the comments section below. View the full article

In the past month, recent data reveals that sales of non-fungible tokens (NFTs) originating from the Bitcoin blockchain have surged to $173.28 million. Surpassing 20 alternative blockchain networks, Bitcoin-based NFT sales now secure the second position in the realm of blockchain sales, with only Ethereum reigning supreme. Bitcoin-Based NFTs Storm the Market, Surpassing 20 Blockchain Competitors Amidst the fervor surrounding the Ordinal inscription trend, Bitcoin-based NFTs have skyrocketed in popularity. The sales amassed over the past 30 days firmly established the network as the second-largest in terms of sales within this time frame. While Ethereum NFT sales saw $392.23 million, this past month Bitcoin sales tallied up to $173.28 million, up 408.29% from the month prior. However, there has been a significant 47% decline in the number of buyers for Bitcoin-based NFTs, totaling 6,955 over the course of the past 30 days. Insights from cryptoslam.io data highlight that the leading NFT collection, in terms of sales during this period, is the Bored Ape Yacht Club (BAYC). The BAYC collection garnered $39,307,853 in sales over the past month, closely followed by the Ordi BRC20 NFTs, which amassed a slightly lower amount at $38,375,984. Noteworthy sales also transpired within other Bitcoin-centric NFT collections, including uncategorized Ordinals, as well as Space Pepes. Sales from uncategorized Ordinals reached $23,508,299, while Space Pepes accumulated $12,247,480 in sales. Additionally, the Bitcoin Frogs NFT collection hopped its way to $9,849,639, while $NALS NFTs secured around $6,818,592 in sales over the past 30 days. The Bitcoin blockchain took center stage as the birthplace of the top five most expensive NFT transactions during this period. These included a $4.5 million sale of a Space Pepe, as well as three uncategorized Ordinals that fetched prices exceeding a million dollars each. A Bitamigos NFT, for its part, commanded a $1.3 million price tag. It is also worth noting that nine out of the top-priced NFTs sold last month were derived from Bitcoin. As of May 24, 2023, the Bitcoin blockchain has surpassed nine million inscriptions, coinciding with the surge in Bitcoin-based NFT sales. This trend has rewarded miners with an estimated value of approximately 1,495 BTC or $40.27 million since the emergence of inscriptions on the chain. Initially, skepticism surrounded the ability of Bitcoin to generate sufficient NFT activity to rival prominent NFT blockchains such as Solana and Polygon. However, the oldest blockchain network in existence so far has demonstrated its prowess as a formidable competitor. What are your thoughts on the rise in Bitcoin-based NFT sales? Share your opinions and insights in the comments section below. View the full article

Litecoin was a notable mover on Wednesday, as the token dropped by as much as 6% in today’s session. The decline came as a red wave swept through the crypto market, leading to the global cap falling by 2% at the time of writing. Dogecoin also dropped, hitting a two-week low. Litecoin (LTC) Litecoin (LTC) was one of Wednesday’s biggest movers, as the token fell by as much as 6% in today’s session. LTC/USD dropped to a bottom of $85.87 earlier in the day, less than 24 hours after hitting a high of $91.79. The decline in price pushed litecoin to its weakest point since May 15, when it last broke out of a floor at $85.00. From the chart, it appears that today’s move transpired as the relative strength index (RSI) fell below a support level of 50.00. Currently, price strength is now tracking at 46.95, with the next visible floor at the 39.00 mark. Although LTC has rebounded from an earlier low, and is now trading at $86.61, a breakout below $85.00 remains possible. Dogecoin (DOGE) Dogecoin (DOGE) was also in the red on Wednesday, as it fell to a multi-week low of its own. Following a high of $0.07305 on Tuesday, DOGE/USD slipped to a low of $0.07103 in today’s session. This drop in price pushed the meme coin to its lowest point since May 12, which is the last time it traded under $0.07000. Overall, dogecoin has mostly consolidated between the aforementioned low, and a resistance level at $0.0750 for the past few weeks. In order to move away from this current threshold, a ceiling of 43.00, or floor at 36.00 will need to be broken. At the time of writing, the index is at a reading of 37.42. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect dogecoin to rebound this week? Let us know your thoughts in the comments. View the full article

Eight months ago, there was a significant transformation in the realm of lucrative proof-of-work (PoW) mining algorithms when Ethereum made the transition from PoW to proof-of-stake (PoS). During that period, the prevailing consensus algorithms for mining were Kadena, Scrypt, and Cuckatoo32. However, the landscape has evolved, and presently, the most profitable consensus algorithms for mining encompass Kheavyhash, Scrypt, and Eaglesong. The Evolving Landscape of Profitable Proof-of-Work Algorithms While mining bitcoin (BTC) remains a profitable venture, it is not the foremost crypto asset for maximizing profitability in 2023. As of May 23, 2023, bitcoin ranks fifth among the most profitable cryptocurrencies to mine this year, while several other digital assets promise higher returns. At the height of mining profitability stands a lesser-known PoW token named kaspa (KAS). Currently, KAS can be mined employing a graphics processing unit (GPU) utilizing the Kheavyhash algorithm. However, Bitmain has developed an application-specific integrated circuit (ASIC) specifically designed for mining KAS. According to information provided on Bitmain’s website, the availability of Bitmain’s KAS Miner KS3 to the general public is scheduled for August and September 2023. Archived data from asicminervalue.com as of May 23 suggests that if the KS3 were accessible at present, it would generate an estimated daily profit of $2,045, assuming electricity costs of $0.12 per kilowatt hour (kWh). The KS3 boasts a hashpower of 8,300 gigahash per second (GH/s) or 8.3 terahash per second (TH/s) specifically designed for the Kheavyhash algorithm. Upon its release, each unit of the miner will be priced at $49,800, as indicated by Bitmain’s shop. Following KAS, the next noteworthy consensus algorithm in terms of profitability is Scrypt, which enables individuals to mine cryptocurrencies such as dogecoin (DOGE) and litecoin (LTC), along with various other crypto assets, utilizing a Scrypt-compatible ASIC device. Bitmain offers a range of machines that are part of the Antminer L7 series, initially introduced in 2021 and subsequently expanded in 2022. As of May 23, an L7 device boasting a hashpower of 9.5 gigahash per second (GH/s) is estimated to generate a daily profit of $13.66. It’s worth noting that, at the time of writing, Bitmain’s L7 units are priced at $8,550 per device; however, they are currently sold out. Among the highly profitable crypto miners, the Antminer K7, an Eaglesong-compatible ASIC, stands out with hashpower of around 63.5 terahash per second (TH/s). Currently, the K7 miner is sold out, but it is listed with a price of $4,748 per unit on Bitmain’s sold-out filter. This particular Antminer is designed exclusively for mining the relatively lesser-known crypto asset called nervos (CKB). Based on current exchange rates, it is estimated that the K7 miner can generate daily profits of approximately $8.70. Moving forward, the Kadena consensus algorithm is noteworthy, specifically utilized for mining the crypto asset known as kadena (KDA). Once again, Bitmain takes the lead as the manufacturer of the most profitable mining rig for KDA. With a hashpower of 166 terahash per second (TH/s), the Antminer KA3, compatible with Kadena, is a notable mining device. Considering the current exchange rates for KDA, this machine is projected to generate approximately $6.79 per day in profits. Moving on to the fifth most profitable consensus algorithm for ASIC mining, we have the SHA256 algorithm. The Bitmain Antminer S19 XP Hydro model offers hashpower of around 255 TH/s. When factoring in electricity costs of $0.12 per kilowatt hour (kWh) on May 23, the S19 XP Hydro is estimated to yield around $4.79 per day in profits. Currently, it is the most profitable BTC miner on the market, but a rival is on the way. Microbt’s Whatsminer M53S++ claims to produce 320 TH/s, which is 65 TH/s greater than Bitmain’s Antminer S19 XP Hydro. At the time of writing, the Whatsminer M53S++ is currently not available for purchase. The values of crypto assets are subject to constant fluctuations, and the profitability landscape has undergone substantial changes since our news desk last reported on this subject eight months ago. As previously mentioned, a KDA-compatible KA3 miner currently generates an estimated $6.79 per day in profits. However, 248 days ago, this same machine was yielding a much higher profit of $69.41 per day, assuming electricity costs of $0.12 per kilowatt hour (kWh). This exemplifies how the profitability of mining rigs can significantly vary over time. By the time Bitmain’s KAS Miner KS3 is shipped, the daily profit may be considerably lower than the current estimate. This pattern holds true for all mining rigs ever created, as there have been instances when these machines were highly efficient and profitable, only to be rendered obsolete by either superior machines or volatile crypto prices. What are your thoughts on the ever-changing landscape of profitable proof-of-work algorithms and the dominance of ASIC heavyweights in the mining industry? Share your insights and opinions in the comments section below. View the full article

Bitcoin was once again trading below a key resistance level of $27,000 on Wednesday, ahead of today’s U.S. Federal Open Market Committee (FOMC) minutes report. Markets are expecting that the minutes will show the Federal Reserve’s timeline towards a policy pivot. Ethereum was 2% lower today. Bitcoin Bitcoin (BTC) moved below $27,000 on Wednesday, as markets begin to prepare for the release of the upcoming FOMC minutes report. Following a high of $27,386.99 on Tuesday, BTC/USD dropped to a low of $26,671.98 earlier in today’s session. The move comes following two days of consecutive gains, which pushed bitcoin to a one-week high. Bitcoin chart by TradingView Looking at the chart, the decline came as the relative strength index (RSI) of 14 days fell below a support point at 42.00. At the time of writing this, the index is now tracking at 41.356, with a lower floor at 39.00 a possible target for bears. If successful in reaching this level, BTC will likely be at the $26,300 mark. Ethereum Ethereum (ETH) fell by as much as 2% in today’s session, however bulls have so far rejected a breakout below the $1,800 level. ETH/USD dropped to an intraday low of $1,811.79 on Wednesday, which comes a day after trading at a peak of $1,869.34. Similar to bitcoin, today’s slippage sees bearish pressure put a stop to a mini-win streak for the world’s second largest cryptocurrency. Ethereum chart by TradingView Should this downwards pressure continue to gain momentum, there is a good chance that ETH could move below $1,800 shortly. Price strength is currently tracking at 46.09, with a floor at 44.00 a potential landing stop in the event of further declines. Long-term bulls will remain optimistic however, with an upwards crossover of the 10-day (red), and 25-day (blue) moving averages on the cusp of happening. Register your email here to get weekly price analysis updates sent to your inbox: Will today’s FOMC minutes have a positive impact on cryptocurrency prices? Leave your thoughts in the comments below. View the full article

Kenya-headquartered African fintech M-Kopa is reported to have secured $200 million in debt financing and an additional $55 million in equity funding. Financial services group Standard Bank Group led the debt financing round while the investment company Sumitomo Corporation led the equity round with an investment of $36.5 million. Expanding M-Kopa’s Smartphone Service Business M-Kopa, an African fintech startup focused on asset financing, has reportedly secured $200 million in debt financing and an additional $55 million in equity funding. According to a Fintech Futures report, Standard Bank Group led the debt financing round which was also backed by the International Finance Corporation (IFC). The other participants in this round include British International Investment, Mirova Sunfunder, and Nithio as well as the funds that are managed by Lion’s Head Global Partners. On the other hand, M-Kopa’s equity funding round was led by one of its existing backers Sumitomo Corporation which invested $36.5 million. Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude were the other participants in the round. According to the report, M-Kopa will use the latest funding to increase its offerings as well as to grow its smartphone services. The fintech startup’s co-founder and CEO Jesse Moore is quoted in the report stating that his company’s mission is to address and overcome the barriers that block access to digital financial services. “We have already unlocked $1 billion in cumulative credit to over three million customers, and are proud of the thousands of local jobs we’ve created during tough economic times. As we continue to scale we remain committed to building a sustainable business and closing economic and digital gender gaps,” Moore reportedly said. Besides using the recently acquired capital to boost its business, M-Kopa will also seek to boost financial inclusion among women and reduce greenhouse gas emissions in East Africa, the report said. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article