roadrunner

The government of Ukraine has sold a Cryptopunk NFT donated in support of the war-torn country a few months ago. The token has been purchased by an unidentified buyer who spent more than $100,000 in ethereum for the collectible, the country’s digital transformation ministry said. Ukraine Government Sells Donated Cryptopunk Token for 90 ETH Ukrainian authorities have raised over $100,000 from the sale of a Cryptopunk non-fungible token (NFT), Minister of Digital Transformation Mykhailo Fedorov and his deputy, Alexander Bornyakov, announced on social media. The unique collectible was acquired by an unknown investor for 90 ethers (ETH). Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It’s over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine. — Alex Bornyakov (@abornyakov) June 20, 2022 The NFT, Cryptopunk #5364, was donated to the Aid for Ukraine crypto fundraising campaign in early March. At the time, Bornyakov tweeted it was worth 56 ETH but the price of ethereum and other cryptocurrencies was significantly higher before the latest crypto market slump. The East European nation, a former Soviet republic, was invaded by its much larger neighbor, Russia, in the early hours of Feb. 24. The government in Kyiv and a number of volunteer organizations have since increasingly relied on crypto donations, including NFTs. The country has already collected millions of dollars to fund its defense and humanitarian efforts. A few months ago someone donated #CryptoPunk #5364 for @_AidForUkraine. And now we sold it for 90 ETH/ over $100K. Just wanted to thank crypto community for such generous donations. With your help we are able to support our defenders. — Mykhailo Fedorov (@FedorovMykhailo) June 21, 2022 The global crypto community continues to support Ukraine, Alex Bornyakov noted in a tweet on Monday, announcing the sale of the token from the Cryptopunk collection. “Just wanted to thank crypto community for such generous donations,” Mykhailo Fedorov, who also serves as Ukraine’s Vice Prime Minister, tweeted on Tuesday. Cryptopunks is an NFT collection on the Ethereum blockchain. Launched in 2017, the project offered some of the first crypto collectibles. Cryptopunk #5364 is not the first non-fungible token used to collect funds for Ukraine. In March, the sale of an NFT of the Ukrainian flag raised over $6.7 million in ethereum. You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund. What do you think about Ukraine’s decision to sell the Cryptopunk NFT now? Tell us in the comments section below. View the full article

In an apparent message to critics of the Central African Republic’s bitcoin decision, the country’s president, Faustin-Archange Touadéra, recently argued that understanding the crypto’s disruptive power is crucial and that “mathematics don’t account for human emotions.” According to Touadéra, the country’s future generations are likely to applaud his government for “choosing the right path during hard times.” Bitcoin Adoption Beneficial for Future Generations In remarks that appear to be directed at critics of the Central African Republic (CAR)’s decision to adopt bitcoin as its currency of reference, President Faustin-Archange Touadéra, recently reiterated his country’s unwavering belief in the top cryptocurrency. He suggested to his followers that the CAR’s adoption of bitcoin is set to benefit the country’s future generations. These latest remarks by Touadéra came as the crypto market continued with its downward momentum, initially sparked by the Terra Luna crash but later exacerbated by the speculation surrounding the U.S. Federal Reserve’s interest rate policy. During this period, bitcoin and other top cryptocurrencies have lost more than a third of their value. Using the crypto market’s recent crash to drive home their point, critics have pilloried El Salvador and the CAR over their supposedly ill-advised decision to designate bitcoin as legal tender. However, in a tweet that appears to rebuke the country’s critics, Touadéra explained why he is unfazed by BTC’s recent fall. He said: Understanding bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity. Mathematics don’t account for human emotions. Future generations will look behind at these very moments to our strength & unity in choosing the right path during hard times. Pressure on the CAR and El Salvador While critics have pointed to the country’s lagging telecommunications infrastructure as one reason why the decision to declare bitcoin legal tender is ill-advised, the CAR president’s stance suggests his government is unlikely to be swayed. Touadéra’s stance is also similar to that of Nayib Bukele, the president of El Salvador, whose government is similarly being criticized for making bitcoin legal tender. As reported by Bitcoin.com News, Bukele recently told worried Salvadorans that their BTC investment is safe and that they should “stop looking at the graph and enjoy life.” Meanwhile, in response to the CAR president’s tweet, a user named Richard Penner told Touadéra that BTC’s value, just like the value of a fiat currency, is determined entirely by human emotions which are “fickle.” What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Popular messaging platform Telegram has announced it is launching a new premium tier of its services as it seeks to monetize a part of its userbase. Reaching more than 700 million active users monthly, the new tier answers to the need of these users for more bandwidth and storage capacity, according to Pavel Durov, CEO of the company. Telegram’s New Premium Tier to Expand User Functionality Telegram, one of the most popular messaging apps in cryptocurrency circles, has announced it will introduce a paid premium tier of its services that will allow its users to access new features and expand upon some that are already available. The move comes as the company seeks to monetize a good part of its userbase, which recently reached a milestone of 700 million monthly active users. The premium tier is an answer to the requirements of a set of users that wanted to upgrade their bandwidth and storage from within the app, according to CEO Pavel Durov. He stated: After giving it some thought, we realized that the only way to let our most demanding fans get more while keeping our existing features free is to make those raised limits a paid option. Among the new features available for paid users are the extension of the number of channels that they can follow — 1,000, up from the 500 that the free tier offers — and also the creation of 20 chat folders with 200 chats in each folder. The pricing for this new service tier has not been disclosed as of writing, but according to Techcrunch, estimates are close to the six-dollar mark. Road to Monetization This is not the first attempt from Telegram to monetize services on the platform, which provides messaging and content management systems to thousands of individuals and companies at a worldwide level. The company introduced the feature of sponsored messages last year, allowing advertisers to put such messages in large channels with more than 1,000 subscribers. However, the biggest attempt at monetization was the launch of Telegram’s own token, called gram. The initiative managed to gather more than $1 billion from investors all over the world but was ultimately shut down by the U.S. SEC, which issued a temporary restraining order against the company back in 2019. This led Telegram to drop the launch of the token, and to return the money to investors, also paying a fine to the institution. What do you think about the new premium user tier to be launched by Telegram? Tell us in the comments section below. View the full article

President Joe Biden and Treasury Secretary Janet Yellen say that a U.S. recession is not inevitable, dismissing the concerns of many economists who have predicted an upcoming recession. In addition, Biden insisted that the U.S. will “overcome this inflation” while Yellen admitted that “inflation is unacceptably high.” Biden: U.S. Recession Isn’t Inevitable President Joe Biden reiterated to reporters Monday in Rehoboth Beach, Delaware, that a U.S. recession is not “inevitable.” Asking Biden about a potential recession, a reporter said, “Economists are saying that a recession is more likely than ever.” The president quickly interrupted the reporter by saying: “Not the majority. Come on, don’t make things up.” Biden added: “Now you sound like a Republican politician. I’m joking. That was a joke, that was a joke.” Stating that “all kidding aside,” the president continued: No, I don’t think it is. I was talking to Larry Summers this morning, there’s nothing inevitable about a recession. Biden referenced the conversation he claimed to have had with former Treasury Secretary Lawrence Summers, who said on NBC Sunday: “My best guess is a recession is ahead.” Summers explained his recession forecast: “I base that on the fact that we haven’t had a situation like the present, with inflation above 4% and unemployment beyond 4% without a recession following within a year or two. And so, I think the likelihood is that in order to do what’s necessary to stop inflation, the Fed is going to raise interest rates enough that the economy will slip into a recession.” This was not the first time Biden dismissed concerns that a U.S. recession is coming. In an interview with the Associated Press after the Federal Reserve announced the biggest rate hike since 1994 last week, he opined: First of all, it’s not inevitable. Secondly, we’re in a stronger position than any nation in the world to overcome this inflation. Yellen Expects U.S. Economy to Slow but Claims Recession Is Not at All Inevitable Sharing Biden’s optimism about the U.S. economy is Treasury Secretary Janet Yellen. She told ABC News on Sunday that the recession which many Americans fear is not “at all imminent.” “I expect the economy to slow, it’s been growing at a very rapid rate as the economy, as the labor market has recovered and we have reached full employment. It’s natural now that we expect to transition to steady and stable growth,” Yellen said, emphasizing: But I don’t think a recession is at all inevitable. Nonetheless, the treasury secretary stressed: “Clearly, inflation is unacceptably high.” Yellen also said at The Times’ Dealbook D.C. policy forum early this month that “There’s nothing to suggest a recession is in the works.” What do you think about the comments by President Joe Biden and Treasury Secretary Janet Yellen about a U.S. recession? Let us know in the comments section below. View the full article

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned the public about crypto investments that seem “too good to be true.” Meanwhile, the U.S. Treasury Department says that the recent crypto market turmoil underscores the urgent need for regulatory frameworks that mitigate the risks posed by digital assets. SEC Chair Gensler’s Crypto Warning SEC Chairman Gary Gensler cautioned investors last week about crypto lending platforms offering products that seem too good to be true, Reuters reported. The securities regulator’s warning followed crypto lender Celsius Network’s withdrawal freeze early last week. “We’ve seen again that lending platforms are operating a little like banks. They’re saying to investors ‘Give us your crypto. We’ll give you a big return 7% or 4.5% return,'” Gensler was quoted as saying. “How does somebody offer (such large percentage of returns) in the market today and not give a lot of disclosure?” The SEC chair stressed: I caution the public. If it seems too good to be true, it just may well be too good to be true. The SEC and several state securities regulators are currently investigating Celsius Network’s decision to freeze withdrawals. According to reports, the company subsequently hired Citigroup as an advisor and sought help from Akin Gump Strauss Hauer & Feld, a law firm that specializes in financial restructuring. Following Celsius, Hong Kong-based Babel Finance temporarily suspended withdrawals and redemptions of its crypto products. Treasury Official Stresses Urgent Need for Crypto Regulatory Frameworks The collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST) in early May and troubles at crypto lending platforms have shaken the crypto market. Bitcoin fell below $20K for the first time since 2020 this weekend as the overall crypto market shed over a trillion dollars in market capitalization since mid-April. Following the crypto market sell-off, an official with the U.S. Treasury Department highlighted the urgent need for cryptocurrency regulation last week. Nothing that the Treasury Department is “monitoring activity in the crypto market,” the official told Reuters: We believe the recent turmoil only underscores the urgent need for regulatory frameworks that mitigate the risks that digital assets pose. “We continue to work closely with our regulatory partners, as they take action under their existing authorities, and offer guidance and expertise as Congress considers legislation to further address these risks,” the official detailed. What do you think about SEC Chair Gensler’s warning? Let us know in the comments section below. View the full article

Cleveland Federal Reserve Bank president Loretta Mester doesn’t think a recession will take place in the United States but believes it will take two years to get inflation back down to 2%. While speaking during an interview on Sunday, Mester explained that while it will take two years, inflation “will be moving down.” A 2% Inflation Rate Will Take 2 Years to Achieve, Says Cleveland Fed President Loretta Mester The president and CEO of the Federal Reserve Bank of Cleveland, Loretta Mester, spoke to CNBC in an interview on Sunday to discuss America’s issues with inflation and a slowing economy. Mester says growth is “slowing to a little bit below-trend growth” but she does not believe the United States will fall into a recession. “It isn’t going to be immediate that we see 2% inflation. It will take a couple of years, but it will be moving down,” Mester said during her interview. Mester explained that the Federal Reserve will be looking for evidence that inflation is being tamed by the central bank’s policy. “We’re going to be looking for the month-to-month changes in inflation rates to get some really good evidence on whether we’ve seen inflation first stabilize and then begin to move back down,” Mester explained. “It is going to take a while to get inflation back down to 2%. But what we’re looking for is that we can see some moderation in demand, which has been incredibly strong.” The Federal Reserve Bank of Cleveland president added: Bringing it back in alignment with the supply side, which of course, as you know, has been constrained, alleviating some of that price pressures, getting inflation moving back down and on a sustainable path back to 2%, which is our inflation goal. While Mester Is ‘Not Predicting a Recession,’ She Believes ‘Recession Risks Are Going Up’ When asked if the U.S. would head into a recession, Mester said she is “not predicting a recession.” The Cleveland Fed branch president said that growth was slowing, the unemployment rate was moving up “a little bit,” and the Fed is seeing American “households really shifting some of their spending.” The rate hikes the Fed has been implementing have already had an effect on the housing market, Mester noted. However, Mester said that the Fed needs to be cautious about tapering back the central bank’s policy. Mester stressed: We’re going to have to be very careful and nimble in how we approach this pulling back of this very accommodative monetary policy. That’s something more appropriate to the economy. Of course, Mester’s commentary was criticized on social media and some people compared her statements to when the 14th chair of the Federal Reserve, Ben Bernanke, said he did not see a recession coming in February 2008, and then the 2008-2010 recession came to fruition after his statements. While Mester doesn’t predict a coming recession, she says that “recession risks are going up.” The Cleveland Fed branch president detailed that besides the Fed’s monetary policy and interest rate hikes, “there’s a lot of other things going on as well.” “The Ukraine situation, which is a tragedy, has really, you know, led to that high oil prices that everyone’s feeling the brunt of and high gasoline prices,” Mester insisted. Still, the Fed member believes the U.S. central bank has what it takes to tame the economy and get inflation back down to the 2% rate. “We at the Fed are very committed to using the tools at our disposal to bring this inflation under control and getting it back to 2%. It is the number one challenge in the economy now,” Mester concluded. What do you think about Cleveland Fed president Loretta Mester’s opinion on the U.S. economy? Do you think Mester is correct or do you expect a recession in the U.S.? Let us know what you think in the comments section below. View the full article

According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit. The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD denominated Realized Loss in bitcoin history,” Glassnode detailed. “Over $7.325B in BTC losses have been locked in by investors spending coins that were accumulated at higher prices.” Meanwhile, two days ago, the Bitcoin Obituaries list hosted on 99bitcoins.com indicates that bitcoin has recorded its 15th death of the year. The obituary statement was written by the gold bug and economist Peter Schiff via Twitter. Schiff has always thought bitcoin is worthless and he has said multiple times that BTC’s price is headed to zero. Schiff’s recent bitcoin obituary called “Bitcoin Will Not Recover,” says the current crypto crash is just the beginning. Schiff’s obituary statement says: Long-term bitcoin HOLDers aren’t worried as they’ve been through 73% declines before. But previous declines didn’t involve anywhere near the total market cap lost during this decline, nor did they involve massive leverage. This crash is just beginning. Bitcoin will not recover. ‘Bitcoin Is Dead’ Google Searches Estimated to Rise Significantly This Week Bitcoin.com News recently reported on Schiff’s bitcoin opinion last week when he said crypto advocates’ “need to sell bitcoin to pay the bills will only get worse as the recession deepens.” Google Trends data shows that there’s been an awful lot of “bitcoin is dead” searches and this week’s GT data score for the phrase “bitcoin is dead” is expected to hit an all-time high at 100. The last time GT data had shown the search phrase reach a high was during the Terra blockchain fiasco, and during the week of May 8-14, the search phrase “bitcoin is dead” reached a 38 out of 100. So far, according to the Bitcoin Obituaries list hosted on 99bitcoins.com, 2022’s list beats 2020, 2012, 2011, and 2010. 2021 saw approximately 47 obituaries and 2020 saw only 14. The lowest number of deaths was in 2010 with a single obituary called “Why Bitcoin can’t be a currency,” which was published on December 15 that year. To date, bitcoin has died 455 times so far according to the Bitcoin Obituaries list. What do you think about the ‘bitcoin is dead’ statement and the Bitcoin Obituaries list? Let us know what you think about this subject in the comments section below. View the full article

MKR was up by nearly 20% to start the week, as prices continued to move away from recent lows. AVAX was also in the green, as it climbed by over 10% on Monday, after hitting a ten-month low during the weekend. Maker (MKR) MKR was a notable mover to start the week, as prices climbed nearly 20% on Monday, following recent declines. Following an intraday bottom of $789.20 on Sunday, MKR/USD raced to a peak of $948.50, as prices neared a key resistance point. This level is the $1,000 mark, which was broken last week, for the first time since December 2020. However, bulls seem to have re-entered following this multi-year low, and using this as an opportunity to “buy the dip”. As of writing, earlier gains have somewhat eased, with MKR trading around $40 lower than today’s previous peak. This comes as the 14-day RSI hit a resistance point of its own, at the 43 level, which likely triggered bulls into selling. Avalanche (AVAX) AVAX was also higher for a second consecutive session, moving away from a ten-month low in the process. Following a drop to $13.91, which is its lowest point since August 2021 over the weekend, AVAX/USD rebounded to start the week. This surge saw prices hit an intraday high of $17.82, which is over 15% higher than the low during the weekend. Bulls now seem set on taking prices back towards a key resistance level of $22, and this might be a realistic target, following another breakout. This breakout is of the ceiling on the 14-day RSI of 34.75, which was broken earlier today, with the indicator now tracking at 36.70. Should we hit $22, some bulls will likely exit at this point, choosing to secure profits, rather than attempt to maintain momentum. Could we hit $22 in the next few days? Let us know your thoughts in the comments. View the full article

While digital currencies suffered this past month, non-fungible token (NFT) sales dropped by 74.44% during the last 30 days. Data shows that during the last seven days, NFT sales have slipped 17.33% lower than the sales recorded the week prior. NFT floor values for popular collections have rebounded this week in terms of ethereum value, but with ether’s exchange rate so low, blue chip NFTs are selling for a lot less than they did last month. Data Shows NFT Sales Continue to Sink Lower Coinciding with the crypto bear market, NFT sales and interest have been dragging. Google Trends (GT) worldwide data shows that this week the search term “NFT” has a score of 21 out of 100. The last time the search term “NFT” saw a GT score of 100 was the week of January 16-22, 2022. The past month has been brutal for NFT sales as the month prior saw $4.18 billion and 30 days later, $1.07 billion in sales has been recorded by cryptoslam.io metrics. This past week’s NFT sales across 18 different blockchains saw approximately $184,417,851 in sales, but that’s 17.33% lower than the $223,085,710 recorded the week prior. $151 million of the NFTs sold this past week stemmed from the Ethereum blockchain network but ETH-based NFT sales slipped over 18% this week. Monthly ETH-based NFT sales are down 76.38%. Solana took the second largest number of sales this past week with $22.31 million sold, up 3.56% higher than the week before. Binance Smart Chain (BSC) was the third largest in terms of sales with $3.16 million, but BSC-based NFT sales slipped 32.45% lower this past week. Meanwhile, the NFT collection with the highest floor value is Bored Ape Yacht Club (BAYC) as the floor value is currently 90 ETH. 30 days ago, the BAYC floor value was 95.5 ETH, which is relatively the same amount in terms of ether price. However, 95.5 ether was $204K last month and 90 ETH today is worth roughly $97K. The floor value of the Cryptopunks NFT collection jumped 40% during the past 24 hours to 66.65 ETH. The Cryptopunks floor value 30 days ago was 51.9 ETH worth $111K and today’s 66.65 ETH floor is worth $71K. The most expensive NFT sale this past month was BAYC 7,537 which sold for 1,024 ETH five days ago. BAYC 7,537 was followed by Otherdeed 90,209 which sold for 235 ETH or $465K. The top 40 most expensive NFTs sold this past month stemmed from only three collections which include BAYC, Cryptopunks, and Otherdeed. While BAYC 7,537 took the top position this week as well as the entire month, the second most expensive NFT sale during the last seven days was Cryptopunk 2,964 for 444 ETH or $440K. What do you think about the NFT market sales this past month and how the crypto bear market has been affecting the NFT industry? Let us know what you think about this subject in the comments section below. View the full article

Following a weekend trading below $20,000, bitcoin rallied by over 10% on Monday to recapture this level. Cryptocurrencies were mainly in the green to start the week, as bulls seemingly bought the weekend’s dip. ETH was almost 15% higher in today’s session. Bitcoin Bitcoin rebounded from recent drops to start the week, as prices were once again trading above the $20,000 level. Following a low of $19,232.30 during Sunday’s session, BTC/USD has rallied to an intraday high of $20,913.32 on Monday. This rally saw the world’s largest crypto token regain momentum, after falling to its lowest level since December 2020 over the weekend. Despite today’s gains in price, BTC still remains in a downward slope, and is down 15% from its value at the same point last week. As of writing, prices are now trading close to a recent support point of $20,500, as bulls chose to secure gains, rather than hold onto positions following earlier highs. This coincided with the 14-day RSI hitting its own resistance level at 29, which has historically stifled attempted rallies in price. Ethereum ETH was trading below a key level over the weekend, however it also managed to surge in today’s session. Monday saw ethereum rise by nearly 15% at its peak, hitting an intraday high of $1,159.99 in the process. ETH fell to a low of $885 during the weekend, which is the lowest point prices have hit since January 2021. Similar to BTC, ethereum encountered a stumbling block in today’s session, as bulls fled their positions as the RSI reached a point of resistance. This is the 30.20 ceiling, and this coincided with another resistance around the $1,150 point, which has seemingly acted as an exit zone. As of writing, prices are currently trading at $1,130, which comes as bulls avoided remaining in trades close to these areas of uncertainty. Will ETH fall below $1,000 at any point this week? Leave your thoughts in the comments below. View the full article

The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry of Finance Says Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries. The clarification was made by the head of the finance ministry’s Financial Policy Department, Ivan Chebeskov, who recently spoke with reporters on the matter. The ministry proposes to employ cryptocurrency as an asset, not as a means of payment, the high-ranking official remarked. That means digital currencies can be used in barter transactions — when a buyer formally exchanges bitcoins, or other cryptocurrencies, for a product or service, he explained. Quoted by RTVI, Chebeskov elaborated: The task is to provide an alternative, and not to say that Russia is now paying for everything with crypto. This is not about state settlements but private business only. The Minfin representative pointed out that oil would hardly be sold for bitcoins due to large volumes of these exports. And while not all of Russia’s partners would be able to transition to national currencies despite the increasing difficulties with U.S. dollar and euro payments, he believes crypto settlements are only possible under relatively small contracts and with friendly countries open to accepting coins. Chebeskov’s comments come after an earlier statement by the head of the parliamentary Energy Committee, Pavel Zavalny, who mentioned bitcoin as a possible substitute for western currencies in Russian energy exports, those of natural gas in particular. Meanwhile, the Central Bank of Russia has softened its stance on crypto payments within the context of foreign trade relations. In May, a provision allowing Russian companies to make such transactions for import and export purposes was added to the new bill “On Digital Currency” drafted by the Ministry of Finance. Recognizing cryptocurrency as property in Russia’s Civil Code and amending an article on barter exchanges in the legislation governing foreign economic activities of Russian entities are also necessary to fully open the door for this type of deal, the report details. The United States and its allies have been trying to prevent the Russian Federation from utilizing cryptocurrencies to circumvent sanctions imposed over its ongoing military invasion of neighboring Ukraine. Some global crypto platforms have already blocked Russian accounts, RTVI notes. Do you think Russia may change its mind about crypto payments in oil trade? Share your expectations in the comments section below. View the full article

PRESS RELEASE. Seychelles, June 20, 2022 – Bitflex Inc. (the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced that the Company will commence BETA testing of its cryptocurrency exchange and plans to officially launch the exchange by October this year. The Bitflex exchange offers an aesthetically pleasing interface built-in with news, notifications, and charting tools to create a superior environment for users to make the most educated trades. The BETA platform will offer up to 8 trading pairs for linear perpetual swaps. BETA versions are immediately available on https://www.bitflex.com. “We are so excited to finally be opening up beta testing after a long road of development,” states CEO Ee Wui Yang, “we are confident the platform we have built will provide a safe and enjoyable trading environment for our users.” “In addition, we are also providing zero-fee trades in our platform for the first month from our BETA testing launch which means anyone who signed up during the BETA testing does not need to pay any trading fees when they trade here. We are one of the few, if not the only crypto exchange in the world that is currently giving out this benefit.” “We are doing this for a good reason as we understand that our platform is still in the works and there may be many areas of improvement needed for it to eventually compete with other crypto exchanges like Binance and ByBit and we want to provide an incentive for traders to come into our platform and help us build it through constructive feedback. Hence, we are more than happy to absorb the costs of their trading fees first.” Bitflex Public BETA Testing Bitflex encourages users to engage with the app’s beta version and discover potential issues and bugs. The development team relies on the testers’ feedback to identify and solve flaws. In return, testers can access exciting reward opportunities for their work. To this end, the team announced the necessary steps for participating in the public testing: Interested users can follow our Twitter page for the latest updates on the exchange. Join our BETA testing via a link. Bitflex designed this space for fellow testers to interact and discuss individual experiences on the app. The team provided tutorial videos to help users understand the app’s features and navigate through its environment. In exchange for their public testing activity, Bitflex will be announcing a “Bug Bounty Campaign” soon to reward users handsomely with USDT giveaways! Bitflex hopes that the beta testing will help it achieve the highest quality standards and deliver the best results. Bitflex’s team includes highly skilled professionals with backgrounds in investment banking, blockchain, data, and fintech. Learn more at: https://www.bitflex.com Email: hello@bitflex.com Social Media Platforms: Twitter: https://twitter.com/bitflex Facebook: https://facebook.com/bitflex.global LinkedIn: https://www.linkedin.com/company/bitflex Instagram: https://www.instagram.com/bitflex Telegram Channel: https://t.me/bitflex_announcements About Bitflex Bitflex is a cryptocurrency exchange trading platform that puts control back into the hands of traders while maintaining a scalable, secure, and performant exchange. Users can enjoy zero-free trades while trading perpetual swaps during our Beta Phase while having the opportunity to participate in numerous campaigns with highly attractive rewards. Media Queries: Nicholas Jack, Public Relations Lead Mobile: +6017-2880051 E-mail: n.jack@bitflex.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

Coinmena, the Bahrain-headquartered and sharia-compliant digital asset exchange, announced recently that it had secured a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Coinmena to not only expand its activities but to “further strengthen [its] banking relationships within the UAE.” Expanding Coinmena’s Activities in the UAE A Bahrain-headquartered digital asset exchange, Coinmena, has been granted a provisional virtual assets license by Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional license allows Coinmena to continue its operations in Dubai while “it undertakes the in-depth process” of acquiring a license, the digital asset exchange has said. According to a statement released by the sharia-compliant exchange, the provisional license allows Coinmena to expand its activities within the United Arab Emirates (UAE). In their joint statement, the digital asset exchange’s co-founders, Talal Tabbaa and Dina Sam’an, said: VARA has developed a progressive framework within which businesses can work innovatively and securely. As a result of the provisional license issued to CoinMENA by the authority, we will be able to expand our activities and further strengthen our banking relationships within the UAE. Prior to receiving its latest license, Coinmena had secured two digital assets licenses, one from the Central Bank of Bahrain (CBB) and the other one in the European Union, the statement added. Growing Dubai’s Virtual Asset Ecosystem Meanwhile, Helal Saeed Almarri, director general at the Dubai World Trade Centre Authority — the body that houses VARA — commended the digital asset exchange’s move. “We are pleased to welcome CoinMENA to the growing virtual asset ecosystem in Dubai. VARA is committed to supporting leading regional enterprises dedicated to building strong foundations for this future economy,” the director general said. Almarri added that the regulator appreciates the “knowledge and experience” that the digital asset exchange brings and is looking forward to its “active participation as VARA builds a best-in-class virtual assets regulatory environment in the UAE, for the world.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Meta announced that it was launching a designer digital clothing store that will allow users to purchase pieces of clothing for their avatars in its metaverse. The company believes that clothing and other accessories will become an important part of the users’ identity expression and that this will entice them to spend money on digital clothes that will be wearable on all Meta’s apps, including Facebook and Instagram. Meta to Sell Metaverse Clothing With the rise of the metaverse, an alternative and digital take of our world, companies have begun to include industries like clothing to capitalize on the earnings that the need for expression of metaverse users can produce. One of these companies is Meta, which has recently announced the launch of a digital clothing store, named the “Meta Avatars Store,” that will allow users to purchase clothing of different brands to dress their metaverse avatars. The store, which will be rolling to different markets this week, will feature digital designs created by Balenciaga, Prada, and Thom Browne, and will be available for Meta’s avatars on Facebook, Instagram, and Messenger. The pricing for each one of the pieces of clothes available has still not been revealed. Meta’s Digital Bet Meta’s bet is simple: the company believes that the metaverse will grow so big in the coming years that the need for these digital items will also grow with it. That is why the company pivoted to a metaverse-driven business earlier this year. About the relevance of these items, Mark Zuckerberg, founder and CEO of Meta, stated: Digital goods will be an important way to express yourself in the metaverse and a big driver of the creative economy. I’m excited to add more brands and bring this to VR soon too. With VR, Zuckerberg is likely referring to Horizon Worlds, Meta’s flagship metaverse app, that can only be enjoyed by owners of Meta’s Quest, a line of VR headsets. it is likely that users of the platform will also be able to wear these digital items in Horizon World. However, according to experts, Meta’s voyage to entice users to step into the metaverse will not be an easy one. Zuckerberg has already recognized that this early pivot to metaverse will cost them. In May he stated that this change will make the company lose a “significant amount of money” during the next three to five years. What do you think about Meta’s launch of its digital clothing store? Tell us in the comments section above. View the full article

Global consulting firm McKinsey & Company has forecasted that the metaverse may generate up to $5 trillion by 2030. In addition, more than 80% of commerce could be impacted by activities in the metaverse. Metaverse Could Generate $5 Trillion by 2030 Global management consulting firm McKinsey & Company published a report last week titled “Value creation in the metaverse.” The report details: “Our work began by surveying more than 3,400 consumers and executives on metaverse adoption, its potential, and how it may shift behaviors. We also interviewed 13 senior leaders and metaverse experts.” According to McKinsey: By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse. In addition, more than 80% of commerce could be impacted by activities in the metaverse, the firm described, adding that most learning, development, and collaboration could happen in the metaverse. Furthermore, McKinsey said, “We expect the average internet user to spend up to six hours a day in metaverse experiences by 2030.” More than $120 billion has already flowed into the metaverse space in 2022 — more than double the $57 million in 2021, the report notes. “While estimates vary widely, we forecast it [the metaverse] may generate up to $5 trillion by 2030,” the firm described. “Our estimate of the metaverse’s potential impact by 2030 is based on a bottom-up view of consumer and enterprise use cases, derived from discussions with around 20 internal and external experts … In short, our forecast is our best estimate given the very high levels of technical, regulatory, and societal uncertainty.” Noting that the metaverse “will have a major impact” on people’s commercial and personal lives, the report concludes: With its potential to generate up to $5 trillion in value by 2030, the metaverse is simply too big to be ignored. Several major banks and investment houses now have a presence in the metaverse, including JPMorgan, HSBC, Standard Chartered Bank, and Fidelity Investments. In addition, a survey conducted in April showed that the metaverse will be the most popular place for crypto, with 70% of respondents agreeing that “cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.” Besides McKinsey, there are other estimates of the size of the metaverse. Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Goldman Sachs sees the metaverse as an $8 trillion opportunity. What do you think about the metaverse? Let us know in the comments section below. View the full article

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he is not selling any of his cryptocurrencies despite the crypto market downturn. “Long term, you just have to stomach it. You have to understand you’ll get volatility,” he stressed. Kevin O’Leary: I’m Not Selling Anything Shark Tank star Kevin O’Leary talked about bitcoin and other cryptocurrencies in an interview with the Insider, published Saturday. Commenting on the crypto market turmoil, O’Leary said: I’m not selling anything … Long term you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work. O’Leary currently holds 32 positions in the digital asset space, the publication conveyed. He is also a strategic investor of Wonderfi Technologies. The crypto platform received conditional approval to list its shares on the Toronto Stock Exchange (TSX) last week. In an interview with Bankless, published last week, O’Leary said that his largest holdings right now are ethereum and bitcoin. However, he added, “I also have a big position in USDC [and] a big position in FTX as an equity.” He additionally mentioned polygon and solana. Emphasizing the importance of diversification, he said about eight weeks ago his crypto holdings were approximately 21% of his portfolio. Now, it’s down to about 18%, he said, elaborating: There’s been a big correction in the market but you’ve got to hold your nose and get used to the volatility. The Shark Tank star explained that the recent crypto collapses, such as the implosion of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST), provide valuable lessons to investors. The demise of UST “educated everybody that this isn’t the way to build a stablecoin,” he said, emphasizing that “It’s important for the education and the maturation of the market.” O’Leary added that the collapse of a crypto token does not have a big impact on global financial markets. He opined: It’s nothing, a rounding error in the context of a sovereign wealth. It’s bad for investors, but they’ve educated the market on what not to do. It’s a good thing. Mr. Wonderful has been saying that trillions of dollars will flood into crypto “when we get policy and the regulator regulates.” He also believes that crypto will be the 12th sector of the U.S. economy within 10 years. What do you think about the comments by Kevin O’Leary? Let us know in the comments section below. View the full article

Tesla and Spacex CEO Elon Musk has reaffirmed his commitment to dogecoin (DOGE). He confirms that he will keep buying and supporting the meme cryptocurrency. The price of dogecoin climbed following his statements amid a crypto market downturn. Elon Musk Reaffirms Commitment to Dogecoin Tesla CEO Elon Musk reaffirmed his support for the meme cryptocurrency dogecoin a few times this weekend. On Sunday, Musk tweeted that he will keep supporting DOGE. He also indicated that he will keep buying the meme coin. On Saturday, the Tesla boss also mentioned DOGE on Twitter in response to a tweet by Dogecoin co-creator Billy Markus stating his “desire” for people to use DOGE “for something beyond pump and dump … so it has a reason to exist.” Musk tweeted that dogecoin can be used to purchase merchandise at his companies, Tesla and Spacex, hinting that more could be offered “down the road.” Tesla began accepting dogecoin for some merchandise in January. Last month, Musk said Spacex will soon accept DOGE for merchandise and Starlink subscriptions could soon follow suit. At the time of writing, DOGE is trading at $0.062662, up 25% in the past 24 hours but down 30% over the last 30 days. Musk has long been a supporter of dogecoin. He is known in the crypto community as the Dogefather. He believes that DOGE is the people’s crypto and has potential as a currency. In contrast, he said bitcoin is more suitable as a store of value. The Tesla chief also previously revealed that he personally owns some DOGE in addition to BTC and ETH. Last week, a dogecoin investor sued Musk, Tesla, and Spacex for promoting the meme crypto. The $258 billion class-action lawsuit alleges that Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.” The plaintiff claims that Musk, Tesla, and Spacex “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.” Musk also hinted last week that cryptocurrency payments will be integrated into Twitter if his bid to buy the social media company is successful. However, the 444 billion deal is currently on hold, and Musk has accused Twitter of a material breach of their merger agreement. What do you think about Elon Musk saying he will keep buying and supporting dogecoin? Let us know in the comments section below. View the full article

The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market. El Salvador’s President on Bitcoin Investments The president of El Salvador, Nayib Bukele, has spoken up about bitcoin investments amid BTC’s heavy sell-off. El Salvador has purchased 2,301 bitcoins since the country made BTC legal tender alongside the U.S. dollar in September last year. With the price of bitcoin plunging, El Salvador’s BTC investment has reportedly lost 50% of its value, or over $50 million. “I see that some people are worried or anxious about the bitcoin market price,” Bukele tweeted Saturday, elaborating: My advice: stop looking at the graph and enjoy life. If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key. Many people have voiced concerns about El Salvador’s fiscal health due to a large bitcoin position on the country’s balance sheet. The Salvadoran finance minister, Alejandro Zelaya, dismissed concerns last week, stating that the “fiscal risk is extremely minimal.” He added: “When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.” Bitcoin fell to a level not seen since 2020 early this weekend. At the time of writing, BTC is trading at $20,141, up 12% over the past 24 hours and 33% over the last seven days. Some people share Bukeke’s optimism, including bitcoin bull Michael Saylor and Skybridge Capital founder Anthony Scaramucci. However, some others are less optimistic about where bitcoin is headed. Mad Money host Jim Cramer expects BTC to fall to $12K. Doubleline Capital Jeffrey Gundlach said he wouldn’t be surprised at all if bitcoin drops to $10K. Rich Dad Poor Dad author Robert Kiyosaki said bitcoin could bottom out at $9K. Guggenheim CIO Scott Minerd said bitcoin could plunge to $8K. Do you agree with El Salvador’s president? Let us know in the comments section below. View the full article

It’s been a week of polarizing opinion in crypto news. Whether it’s cryptocurrency fund managers predicting $100K bitcoin by the end of the year, Peter Schiff saying things “will only get worse as the recession deepens,” or Bill Gates slamming crypto and NFTs, citing the Greater Fool Theory, there’s been no shortage of spicy debate and notable economic forecasting going on. Read about it all right here, in this week’s Bitcoin.com News Week in Review. PWC: Majority of Crypto Fund Managers Surveyed Predict Bitcoin Could Reach $100K by Year-End Major financial services firm PWC has conducted a study and found that the majority of crypto fund managers surveyed believe that the price of bitcoin would be between $75K and $100K by the end of this year. Read More US Central Bank Hikes Benchmark Rate by 75 bps, Fed’s Largest Increase Since 1994 The U.S. Federal Reserve raised the federal funds rate by 75 basis points (bps) on Wednesday, and it was the largest increase since 1994. According to the Fed members’ expectations, the central bank will likely add another 1.5 percentage points by the year’s end. Read More Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as Recession Deepens — Warns ‘Don’t Buy This Dip’ Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that “The need to sell bitcoin to pay the bills will only get worse as the recession deepens.” Read More Bill Gates: Crypto Is 100% Based on Greater Fool Theory — ‘I’m Not Involved in That’ Microsoft co-founder Bill Gates says crypto is an asset class that is 100% based on the Greater Fool Theory. The billionaire also mocked Bored Ape NFTs, stating: “Obviously, expensive digital images of monkeys are going to improve the world immensely.” Read More What are your thoughts about the conflicting views on bitcoin and crypto from Bitcoin.com News’ hottest stories this week? Let us know in the comments section below. View the full article

Blockchain and crypto enthusiasts have for years preached about the much envisioned mass adoption of this fintech and why this is an important goal that must be achieved sooner than later. However, many factors like ignorance, a lack of information, and poor telecommunication infrastructure have made the attainment of this objective difficult. A Book of ‘Immeasurable’ Importance In Africa, where proponents of cryptocurrencies believe the technology has a better chance of succeeding, the task of convincing the continent’s citizens is made even more difficult by scammers. The number of people losing money to crypto scams remains very high, and this works against adoption efforts. To overcome this challenge, one Namibian educator and author, Gurvy Kavei, decided to publish a book that shares what he has learned. Kavei, who is also a tutor at the University of Namibia, told Bitcoin.com News that he expects the book to help practitioners, policymakers, as well as educators like himself, become acquainted with the technology’s basics. In addition to sharing his reasons for publishing the book, Kavei explained to Bitcoin.com News in written responses why thinks education is the key. Below are Kavei’s responses to questions sent to him via Whatsapp. Bitcoin.com News (BCN): What made you decide to write this book? Gurvy Kavei (GK): I am an educationist. With the low level of crypto and blockchain adoptions in Africa and Namibia in particular, it becomes a duty of care to create and share knowledge with future generations of many digital economy hopefuls. So this is to help those that want to help themselves in the crypto/blockchain space. Neo-economics is no longer about monopoly accumulation of wealth, but about shared prosperity. So I decided to write this book to share the prosperity of both wealth and knowledge. BCN: How important is this book or any other book that seeks to raise awareness with the public about bitcoin and the blockchain? GK: The importance of this book is immeasurable. It covers nearly 360 degrees of the entire crypto ecology. It outlines the scope of the 4th Industrial revolution and how it connects to blockchain technology. The book further takes a deep dive into crypto mining and crypto trading. The third and most important aspects the book covers are the geographical footprints, regulatory permutations and fintech enablers that enable practitioners and entrepreneurs to lay a solid hand on the new digital economy. So this book comes in handy for practitioners, policymakers as well as educators. BCN: What is your assessment of the level of interest in cryptocurrencies in Namibia? GK: The level of interest is progressively growing larger and almost everywhere. Five years ago the crypto space could only be characterized by isolated pockets of multi-level marketing Bitcoin mining networks now and then. Although most of these like Bitclub Network, Mining City, or Crowd1 have had their inherent structural failures, crypto entrepreneurship remains buoyant with new entrants entering the crypto ecology in different ways and for different reasons. With large numbers of young entrepreneurs entering this space, crypto trading is one particular niche where young people are finding answers to the out-of-control (30%) unemployment and a solution to improving their own livelihood. Others like the Digital Wealth Economy of Namibia are now running Crypto Automated Machine (ATMs) where one can buy or sell crypto in Windhoek. This trend is growing in size and space with time. With increased training in the use of Web3, AI and other coding practices, young people are now strongly hatching new solutions in the fintech space. Other Blockchain derivative solutions are emerging. I and other Blockchain enthusiasts have designed blockchain solutions for public and private enterprises to resolve many problems including land and property registrations, Identity Management. On the academic and research front, my new book and others slated for the future are indications of how Namibia’s interest in crypto is changing. Finally, the Bank of Namibia has officially expressed interest that it has intentions to explore the possibilities of launching a Central Bank Digital Currency (CBDC) any time soon. All these things have enticed the University of Namibia to be the first high institution of learning to consider introducing academic programs in blockchain technology. BCN: Are you able to give us any preliminary results or feedback about your book since its launch? GK: Since the launch, some new opportunities have started showing up. First, the number of orders from individuals has started to pick up. Also, three higher education institutions have considered using the book in their training on the blockchain. These include the University of Namibia and the Digital Wealth Academy, while others are on the horizon. While the number of books sales at international distributors like Grin Verlag, Lehmanns Media, Barnes and Noble Store, and Amazon Books, is increasing, there are efforts to secure local distribution rights in Namibia and a few other African countries where the need for crypto/blockchain education is growing rapidly. Two projects on developing blockchain solutions in insurance, and property registration have started in full earnest in Namibia since the book launch. One believes this is not the end. There will be many more to follow. What are your thoughts on this story? Let us know your thoughts in the comments section below. View the full article

Ukraine has been granted observer status in the European Blockchain Partnership (EBP). Officials in Kyiv hope the move will facilitate the implementation of blockchain technologies by the Ukrainian government and lead to the adoption of more efficient crypto regulations. Ukraine Advances Toward Membership of European Blockchain Partnership Ukraine has been accepted as an observer in the European Blockchain Partnership (EBP), an initiative to develop an EU strategy on blockchain and build blockchain infrastructure for public services. The observer status is a step towards full membership, for which Ukrainian officials and members of the crypto community have been lobbying. The push for the country’s accession to the EBP was initiated by Oleksii Zhmerenetskyi, chairman of the Blockchain4Ukraine inter-factional association of Ukrainian lawmakers, and Konstantin Yarmolenko, who chairs the “Virtual Assets of Ukraine” non-government organization. In March this year, they sent letters to the President of the European Commission Ursula von der Leyen and other EU representatives, urging for the establishment of a common European blockchain infrastructure based on the EBP. In response to their call, the head of the executive body in Brussels confirmed the prospects of Ukraine’s accession as an observer. The country has now become the third non-EU nation participating in the initiative, besides Norway and Liechtenstein. “Ukraine’s integration into the European Blockchain Partnership will strengthen joint work on the introduction of blockchain technology in government registries and services,” Ukraine’s deputy minister of digital transformation Alexander Bornyakov was quoted by his department as stating. Bornyakov, who represents the Eastern European nation in the EBP, recently took part in an online meeting of all members. He added that the accession will also promote “a highly efficient regulatory environment, including for the virtual assets market” in the country. According to the head of Blockchain4Ukraine, Zhmerenetskyi, by joining the blockchain partnership, Ukraine will be in a better position to push for recognition of its higher education diplomas and the driver’s licenses of millions of Ukrainian refugees in Europe. In what other ways do you think Ukraine can benefit from its accession to the European Blockchain Partnership? Tell us in the comments section below. View the full article

The governor of the Jamaican central bank has warned people using or who have plans to use cryptocurrencies to be mindful of the associated risks. The governor added that cryptocurrencies’ unpredictability means they cannot function as a medium of exchange. Not Stable Enough to Be Good Means of Payment The governor of the Bank of Jamaica, Richard Byles, has cautioned those using or planning to use cryptocurrencies to be mindful of the unpredictable nature of the assets. Byles also said he considers cryptocurrency an investment instrument rather than a medium of exchange because its value is “not sufficiently stable to be a good means of payment.” In remarks published by Jamaica Information Service (JIS), Byles, who spoke at a digital and cryptocurrency conference, said the Jamaican central bank takes time to warn people about the volatility of privately issued digital currencies. He also said his institution does not see crypto as a good means of settling transactions. He added: So, if you’re, hopefully, a sophisticated investor [who] can understand cryptocurrency, go ahead and use it. But we don’t see it as a currency that is good for transactions and for making payments. Central Bank to Issue More Cautionary Statements According to the governor, the Jamaican central bank only backs its central bank digital currency (CBDC). He also emphasized that, unlike cryptocurrencies whose value can either go up or down, “a dollar that you have in your pocket today is the dollar that you have in your pocket tomorrow.” As previously reported by Bitcoin.com News, the Bank of Jamaica announced on December 31, 2021, that it completed testing of its CBDC. Following the completion of this phase, the bank is now spearheading the implementation of Jamaica’s CBDC, the JIS report said. Meanwhile, Mario Griffiths, the bank’s director for payment systems and policy, is quoted in the same report stating that the Bank of Jamaica plans to continue issuing cautionary statements that warn people of the risks that are associated with cryptocurrencies. What are your thoughts on this story? Let us know your thoughts in the comments section below. View the full article

Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) failure and USDD’s recent volatility last week. Stablecoin Magic Internet Money Loses $1 Parity But Regains Strength After the Fall to $0.91 In mid-May 2022, the entire world witnessed an algorithmic stablecoin called terrausd (UST) depeg from its $1 parity and slide below a U.S. penny in value. In fact, UST’s failure obliterated the entire Terra blockchain ecosystem of tokens until they were near worthless. Last week, Bitcoin.com News reported on Tron’s algorithmic stablecoin USDD and how it dropped to a low of $0.95 per unit. The Tron Reserve DAO has been adding significant amounts of reserves like USDC and TRX to keep the token overcollaterized. Despite the funds being added, on June 18, USDD slipped to a low of $0.948 per unit and the crypto token is currently exchanging hands for $0.964 at the time of writing at 6:05 p.m. (ET). On the same day, the Abracadabra-issued stablecoin magic internet money (MIM) also slipped below the asset’s $1 parity, dropping to a low of $0.914 per unit. By using the protocol Abracadabra.money, users create MIM by adding collateral and today, there’s 197,674,194 MIM in circulation. MIM is leveraged on various blockchains like Ethereum, Fantom, BSC, and Avalanche. Despite the slide to $0.91, MIM did rebound on Saturday and at 6:05 p.m. (ET), it was trading for $0.992 per unit. The fall below the $1 parity brought MIM a lot of attention during the day, as the “MIM depeg” was a trending subject on social media. The day prior, one Twitter account said that MIM was “about to depeg (yet again) with a 95.8% liquidity imbalance. There’s only $6m of liquidity left in the pool.” Abracadabra Dispells Insolvency Rumors and Addresses Depegging Incident Furthermore, Abracadabra published a blog post that addresses “a large number of false Twitter threads.” Abracadabra said that the false information “created extreme volatility that has affected the MIM peg and the MIM-3pool liquidity on Curve Finance.” “One of the central pieces to the FUD revolves around Abracadabra’s treasury composition,” Abracadabra’s blog post notes. “Our operational treasury, which does not include SPELL tokens, currently owns more than $13.2M in assets (at the time of writing). Roughly half of the treasury is in MIM stablecoin, and the other half is in CRV tokens which are fundamental assets for us to hold.” The decentralized finance (defi) project’s blog post adds: If you are looking for the exact amounts, the treasury holds 6,619,923.5 MIM and 10,380,153.06 CRV tokens. Abracadabra’s blog post also asks people with outstanding loans to repay the balance while the peg is low in order to rebalance the MIM-3pool. “As we write this post, the health of the Curve pool continues to improve and we fully expect the MIM peg to be restored shortly. In addition, we plan to share a more detailed set of dates around when and how repayment will occur,” Abracadabra’s blog post concludes. In addition to USDD and MIM, the stablecoin neutrino usd (USDN) has been volatile in recent times dropping below $1 parity. While it was trading for $1 at 6:05 p.m. (ET), earlier on Saturday USDN slipped to $0.931 per unit. What do you think about the stablecoin magic internet money (MIM) depegging on Saturday? What do you think about Abracadabra’s blog post statement? Let us know what you think about this subject in the comments section below. View the full article

The host of Mad Money, Jim Cramer, has predicted that bitcoin’s price will fall to $12,000. Nonetheless, he has recommended bitcoin and ether for people wanting to invest in crypto. Jim Cramer’s Bitcoin Price Prediction Jim Cramer, the host of Mad Money, talked about the future outlook for bitcoin on CNBC Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He was asked whether he thinks bitcoin is going to bounce from the current level, or whether BTC will go down another 50% or more. Sharing his bitcoin price prediction, he replied: I think it goes to $12,000, where it was before this whole fiasco began. “I think the people involved with bitcoin have to take another stand,” the Mad Money host stressed. “We need some guys to just say, ‘Look this is the level.’ That’s typical of what happens when it’s about to really drop big.” He emphasized, “They can’t let it go down anymore.” Cramer on Margin Calls and Microstrategy Cramer proceeded to talk about Microstrategy, the Nasdaq-listed software company that has amassed 129,218 BTC on its balance sheet. Its CEO, Michael Saylor, is a bitcoin bull. He was recently on CNBC talking about bitcoin being the best investment for his company and it is a good time to buy BTC at the current level. Microstrategy recently debunked the rumor that it is facing a margin call for a bitcoin-backed loan from Silvergate Bank and will need to liquidate some BTC. Saylor explained that the company has more bitcoin to pledge and other collateral to post for the loan. However, Cramer said if the lender changed the margin rates on crypto, Saylor “would be out in a second.” Bitcoin plummeted early Saturday morning, falling below $20K for the first time since 2020. At the time of writing, BTC is trading at $17,983, down 13% over the past 24 hours and almost 40% over the last seven days. The Mad Money host tweeted Saturday: Ten percent down for bitcoin and you get some nasty margin calls over the weekend … Amazing that there are no big institutions propping this up. He added in a follow-up tweet: “I wonder what rabbit Michael Saylor can pull out of a hat with his Microstrategy gameplan. I wonder when he first raised money if he had this in mind.” Earlier this month, Cramer gave some advice on cryptocurrency investing. He admitted that he owns ethereum, adding: “I would never discourage you from buying crypto.” However, he said: “I would prefer that you would do it in ethereum or bitcoin, which have the largest followings.” In October last year, he said: “The whole investment case for crypto rests on the Greater Fool Theory.” Microsoft co-founder Bill Gates made a similar comment this week that crypto is 100% based on the Greater Fool Theory, emphasizing that he is not involved in it. Cramer is not the only one predicting a massive fall in the price of bitcoin. Billionaire fund manager Jeff Gundlach said this week that he wouldn’t be surprised at all if BTC falls to $10K. Rich Dad Poor Dad author Robert Kiyosaki indicated that BTC could bottom out at $9K. Guggenheim Chief Investment Officer Scott Minerd said last month that BTC could fall to $8K. What do you think about Jim Cramer’s prediction? Let us know in the comments section below. View the full article

Tesla CEO Elon Musk has suggested integrating crypto payments into Twitter. “My goal would be to maximize the usefulness of the service,” he told Twitter’s employees in his first all-hands meeting with them. Twitter’s First All-Hands Meeting With Elon Musk, Integrating Crypto Payments Tesla and Spacex CEO Elon Musk, who may become the new owner of Twitter Inc., had his first all-hands meeting with Twitter’s employees Thursday. Musk answered many questions about how he plans to run the social media company if his bid to buy Twitter is successful. However, the $44 billion deal is currently on hold, and Musk has accused Twitter of a material breach of the merger agreement. During the meeting, Musk mentioned crypto a few times, according to a leaked transcript of the meeting and a leaked video posted by Project Veritas. Leslie Berland, Twitter’s chief marketing officer, asked Musk: “Can you talk a little bit about Twitter and payments?” The Tesla boss began by stating that “money is essentially a form of information,” adding that it is “fundamentally digital.” He added: I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and fiat currency as well as crypto — essentially, whatever somebody would find useful. “So my goal would be to maximize the usefulness of the service — the more useful it is, the better. And if one can use it to make convenient payments, that’s an increase in usefulness,” he clarified. Crypto Scams and Spam Accounts Berland also asked Musk about some problems he sees with Twitter. The Tesla CEO replied: There’s definitely an ongoing challenge with Twitter with bot accounts and spam accounts. There’s quite a lot of crypto scams on Twitter. “It’s gotten better, but there’s still a fair bit of that,” he continued. “There are also people where they’re not necessarily bots, but they might be operating. You know, one person’s operating hundreds of accounts and trying to make them look like individuals, but they’re not.” Musk previously said that the spam bot is the single most annoying problem on Twitter and he vowed to defeat it “or die trying,” if his bid to buy the social media platform succeeds. Transparency, Trust, and Free Speech Musk further explained to Twitter’s employees: “I think it’s extremely important that there be transparency. So that’s why I’m an advocate of having the algorithm be open source so that people can critique it, improve it, identify bugs, potentially, or bias.” Noting that “transparency obviously increases trust,” the Spacex boss emphasized: I think that trust is extremely important, and then just the usefulness of the system — getting rid of sort of troll farms and bots and spam is incredibly important. Regarding free speech, Musk said: “I think it’s essential to have free speech and to be able to communicate freely … It’s free speech within the context of the law. So I’m not talking about suggesting that we just flout the law, because we’ll just get shut down in that case.” What do you think about how Elon Musk will run Twitter? Let us know in the comments section below. View the full article