roadrunner

DOGE and SOL were some notable movers on Monday, as crypto markets were once again hit by a red wave. DOGE dropped to its lowest level since April 2021, whilst SOL was also trading close to a one-year low to start the week. Solana (SOL) SOL’s sell-off saw prices fall to their lowest level since July last year, as crypto markets were down across the board. The world’s ninth-largest crypto token dropped by over 17% on Monday, hitting an intraday low of $26.45 in the process. This drop came less than a day after prices were trading almost $10 higher at $34.12, however with markets tanking, SOL was unable to remain above $30. Overall, solana is now trading lower for the fourth consecutive day, and over $120 lower than at the same point two months ago. Despite this latest sell-off, the 14-day RSI has still yet to reach its floor of 22, and is currently tracking at 26.60. Should this floor be reached, there is a chance we could see SOL trading at or below $20 for the first time since April last year. Dogecoin (DOGE) On the other hand, DOGE is currently trading at its lowest point since last April, as prices dropped by over 17% today. DOGE/USD hit an intraday bottom of $0.05355 to start the week, less than 24 hours after trading at $0.06906. Following a week’s worth of consolidation to start June, DOGE began to sell off from Wednesday last week, as markets prepared for the release of inflation data. Looking at the chart, these recent declines have pushed the Relative Strength Index to its weakest point on record. As of writing, the RSI is tracking at 21.16, which is the most oversold prices have been since DOGE’s inception in 2015. Although many will believe that it could only be up from here, bears will likely continue to liquidate positions, sending prices lower. Will the DOGE rocket ship eventually lift off again? Let us know your thoughts in the comments. View the full article

On Monday, June 13, 2022, the crypto economy dropped below the $1 trillion region, as a great majority of crypto assets have lost between 10% to 25% during the last 24 hours. Meanwhile, the crypto community has been discussing the cryptocurrency lending application Celsius as rumors of insolvency have been swirling. On June 12, around 10:10 p.m. (ET) Celsius announced that it paused “all withdrawals, swaps, and transfers between accounts.” Celsius Pauses Lending Application’s Operations, Crypto Community Talks About a Possible Insolvency and Liquidations On Sunday evening, the lending firm Celsius published a tweet that detailed specific operations on the platform that were paused. “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,” Celsius revealed. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” Celsius added. The firm also published a blog post that explained Celsius was making moves to fix the situation. “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the Celsius blog post notes. “Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.” There are rumors that Celsius may be insolvent and speculation concerning the company’s money issues started well before the company paused operations. The Former CEO of The Block Crypto news publication, Mike Dudas, tweeted about the “demise of Celsius” the day before the firm stopped withdrawals. “I’m saddened by how many people are cheering on the demise of [Celsius Network],” Dudas tweeted. “I, along with many others, counseled people not to put their funds with that risky business. However, many did, and a large number of retail folks look like they are soon to be rekt. We all lose.” However, the founder and CEO of Celsius, Alex Mashinsky, seemed to be offended by Dudas’s tweet and responded. “Mike do you know even one person who has a problem withdrawing from Celsius?” Mashinsky asked. “Why spread FUD and misinformation? If you are paid for this then let everyone know you are picking sides otherwise our job is to fight Tradfi together…” Furthermore, there’s speculation that roughly $500 million of Celsius’ funds are locked into the Maker protocol for leverage. “Celsius Network has 17,919 WBTC leveraged in Maker protocol,” an individual on Twitter wrote. “This position faces liquidation at $22,584/$BTC. $278 mil DAI debt, making it the largest individual debt position on the protocol.” Blockstream’s Adam Back responded to the tweet and said: “I’m assuming this is a defi BTC yield strategy. Can’t [Celsius Network] pull the DAI out of whatever yield/staking it’s in, then unwrap the DAI and get the WBTC out? Hope there’s no term-lockup on the DAI staking,” Back added. Estimates Show Over a Billion Dollars Held in Celsius Wallets, Crypto Lender Nexo Offers to Purchase Celsius’ Assets The Block Crypto’s vice president of research, Larry Cermak, tallied up a database of Celsius wallets and came to the conclusion that there’s $1.5 billion resting in these accounts. “Please keep in mind that there could be mistakes. The list might not be complete and I could have possibly mislabeled some over the years of tracking them,” Cermak added. Another individual tallied up Cermak’s list and came up with roughly $1.3 billion residing on Celsius wallets. In addition to all the rumors and speculation, a Celsius competitor has offered to purchase the company’s assets. Nexo AG has submitted an open letter to the Celsius Network with a formal offer. “After what appears to be the insolvency of [Celsius Network] and mindful of the repercussions for their retail investors [and] the crypto community, Nexo has extended a formal offer to acquire qualifying assets of [Celsius Network] after their withdrawal freeze,” Nexo explained with the letter attached to the tweet. “[We’ve been] operating a sustainable business for 4+ years, based on solid fundamentals and prudent risk management, Nexo is in a strong liquidity and equity position as evidenced by the only real-time reserves attestation of a blockchain finance company,” the firm added. The company concluded that obtaining all or part of Celsius’ assets “will go a long way in providing immediate liquidity to [Celsius Network].” Nexo said it is still waiting to hear back from Celsius Network’s management team concerning the formal offer. What do you think about the situation surrounding Celsius Network? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin fell to its lowest level since December 2020 to start the trading week, as crypto markets continue to plunge. ETH also fell considerably on Monday, as prices declined by over 16%, falling below $1,200 in the process. Bitcoin Bitcoin fell to its lowest level since December 2020 on Monday, as crypto markets plunged to start the week. Markets sold off over the weekend following an unexpected rise in U.S. inflation, with price declines carrying over into the new trading week. BTC/USD fell to an intraday low of $23,607.69 earlier in today’s session, which is its lowest point in over sixteen months. Overall, prices have declined for seven consecutive sessions, falling by over 24% within that time frame. The most recent drop comes as BTC moved past its long-term support point at $25,200, with some expecting prices to fall to as low as $19,000. As of writing, the 14-day RSI is tracking at 27, however it looks as though it could be moving towards a floor of 24.50. Ethereum There was also some bloodshed in ETH on Monday, as prices fell below $1,200 for the first time in over a year. The world’s second-largest cryptocurrency plummeted to an intraday low of $1,190.04 on Monday, falling by over 15% in the process. Monday’s drop saw ethereum’s price hit its lowest level since January 2021, and also comes after seven straight daily declines. As a result of this, prices have dropped by over 35% in the last seven days, with the RSI having its lowest reading in over two years. With price strength so oversold, the hope is that prices could rebound, however some bears are seemingly targeting the $1,100 point. Overall, this recent sell-off comes after days of consolidation, which ended on Friday, following the release of U.S. inflation data, which came in at 8.6%. Will we see crypto prices continue to drop this week? Leave your thoughts in the comments below. View the full article

Renowned billionaire hedge fund manager Stanley Druckenmiller says that in an inflationary bull market, he wants to own bitcoin more than gold “for sure.” However, he explained that in a bear market, he would prefer to have gold. Stanley Druckenmiller on Crypto, Bitcoin, and Blockchain Stan Druckenmiller shared his view on bitcoin and cryptocurrency investing in an interview with the Sohn Conference Foundation, published Saturday. Druckenmiller is chairman and CEO of Duquesne Family Office LLC. He was previously a managing director at Soros Fund Management where he had overall responsibility for funds with a peak asset value of $22 billion. According to Forbes’ list of billionaires, his personal net worth is currently $6.8 billion. “If you believe we are going to have an irresponsible monetary policy and inflation going forward,” he explained, adding that “If it’s in a bull phase, you want to own bitcoin.” In contrast, he noted: “If it’s in a bear phase for other assets, you want to own gold.” He emphasized that he believes this to be true because he has been observing the markets long enough. “I’m starting to believe what I’m observing,” Druckenmiller stressed, adding: For sure, if I think we are going to have an inflationary bull market, I would want to own bitcoin more than gold. “If I thought we are going to have a bear market — you know stagflation-type things — I would want to own gold,” he clarified. The billionaire added, “That is my assumption going forward from this point, ” noting that his assumption is 85% based on what he has observed. Commenting on cryptocurrency investing, the famous hedge fund manager shared that according to the “high-frequency signals” he follows: There certainly seems to be a strong correlation between crypto and the Nasdaq. As for the future of cryptocurrency, he said: “I will be very surprised if blockchain isn’t a real force in our economy — say five years from now to 10 years from now — and not a major disruptor.” He elaborated: “Companies that will have been founded between now and then will do very well, but they will also challenge things like our financial companies and do a lot of disruption.” Druckenmiller concluded: “So, I find crypto interesting.” However, the billionaire pointed out that his 69th birthday is coming up in a couple of weeks, noting: I’m probably too old to compete intellectually with the young people in this space but I’m certainly monitoring it. What do you think about the comments by Stanley Druckenmiller? Let us know in the comments section below. View the full article

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,” adding that bitcoin is poised to crash to $20K while ether will sink to $1K. Peter Schiff Shares Future Outlook for Bitcoin, Ether, Crypto Gold bug Peter Schiff, the chief economist and lead strategist at Euro Pacific Capital and founder of Schiffgold, has made some dire predictions about bitcoin, ether, and the crypto market in general. He tweeted Saturday: Bitcoin looks poised to crash to $20K and ethereum to $1K … Don’t buy this dip. You’ll lose a lot more money. Schiff further explained in several tweets Sunday: “With food and energy prices soaring, many bitcoin Hodlers will be forced to sell to cover the cost. Grocery stores and gas stations don’t accept bitcoin.” The economist noted: “When Bitcoin crashed during Covid no one needed to sell. Consumer prices were much lower and Hodlers got stimulus checks.” Schiff stressed: The need to sell bitcoin to pay the bills will only get worse as the recession deepens and many Hodlers lose their jobs, especially those working for soon to be bankrupt blockchain companies. “If circumstances change, long-term buyers without paychecks will be forced to sell,” he added. Most bitcoin proponents continue to ignore all bitcoin and crypto predictions made by Schiff, with many seeing his gloomy expectations as a buy signal for BTC. “Possibly the most consistently bad investment advice on public record,” one Twitter user wrote. Another asked Schiff: “Check bitcoin or Ethereum 5-year charts, then check gold’s. Which would you rather have held? Which would you rather hold for another 5 years?” At the time of writing, bitcoin is trading at $26,212.07 whereas ether is at $1,373.77. Furthermore, a growing number of grocery stores and gas stations have started accepting bitcoin as well as other cryptocurrencies. Sheetz, a major Mid-Atlantic restaurant and convenience chain, announced in May last year that it had become the “first convenience store chain to accept bitcoin.” Several convenience stores and gas stations have also installed two-way bitcoin ATMs, including a leading convenience and fuel retailer, Circle K. While Schiff is bearish about bitcoin, ether, and the crypto market in general, many people are very bullish about BTC. Venture capitalist Tim Draper recently doubled down on his $250K bitcoin prediction. U.S. Senator Ted Cruz said he is “incredibly bullish” on bitcoin and has a weekly BTC buy. Devere Group CEO Nigel Green said last week that he expects a bull run and a “significant bounce” in the price of bitcoin in the fourth quarter of this year. JPMorgan said last month that the firm sees a “significant upside” to bitcoin. The global investment bank has replaced real estate with crypto as its “preferred alternative asset.” Moreover, a recent Deloitte survey found that 85% of U.S. merchants say enabling crypto payments is a high priority for them. What do you think about Peter Schiff’s warnings? Let us know in the comments section below. View the full article

The CEO of Devere Group, a financial advisory and asset management firm, has predicted a bull run and a significant bounce in the price of bitcoin during the fourth quarter of this year. Devere’s CEO Predicts a Bull Run in Q4 for Bitcoin Financial advisory and asset management firm Devere Group has predicted that the price of bitcoin will bounce significantly in the fourth quarter of this year. Nigel Green, Devere’s founder and CEO, said early last week: I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency. The Devere boss explained: “Bitcoin is currently highly correlated to leading global stock markets, such as Wall Street’s S&P500, and I’m confident that the recent market downturn is close to the bottom and a rally is imminent.” The CEO added: Bitcoin will benefit from a stock market rally as investors move back into riskier assets. Green explained that one of the key factors that will drive the bitcoin rally is that investors are using BTC as a hedge against high inflation. Many people, including famed hedge fund manager Paul Tudor Jones and venture capitalist Tim Draper, believe that the cryptocurrency is a good hedge against inflation. Another factor the Devere chief noted was that bitcoin is increasingly seen as an alternative to fiat currencies. Veteran investor Bill Miller previously explained that the Russia-Ukraine war and subsequent sanctions on Russia have made people think about having an alternative currency to the U.S. dollar. “The U.S. government started feverishly adding digital dollars to its economy during the pandemic, diluting its value, but adding to the long-term prospects of bitcoin,” Green noted, emphasizing: Investors are increasingly seeing bitcoin as an alternative to the dollar. Green further said his predicted bitcoin bull run will be “supported by the growing investment from major institutional investors, who bring with them capital, expertise and reputational pull.” An April survey shows that 80% of institutional investors believe crypto will overtake traditional investments, 70% said crypto was a trustworthy investment, and 68% said they are actively recommending this asset class in investment strategies. Lastly, the Devere CEO pointed out that major regulators are looking to establish a regulatory framework for crypto. He opined: Regulation, which I believe is inevitable, would give more protection and, therefore more confidence, to both retail and institutional investors. Green’s prediction came just days before the weekend market downturn. At the time of writing, BTC is trading at $27,748.30. It has fallen 2.5% in the past 24 hours, more than 7% in the last seven days, and almost 26% over the past year. What do you think about the prediction by Devere CEO Nigel Green? Let us know in the comments section below. View the full article

Huobi, a leading cryptocurrency exchange, has announced the creation of a new investment arm to tackle decentralized finance and Web3 projects. Ivy Blocks, as it was named by the exchange, will focus on finding projects in seed stages to aid them via financing and other supporting services with the objective of making a “better, more inclusive” Web3 ecosystem. Huobi Enters the Web3 Investing Scene With Ivy Blocks Web3 has become a thriving nascent industry with lots of crypto exchanges and VC firms joining the trend. Huobi, a top ten cryptocurrency exchange in volume traded, has announced the launch of its own investment arm to tackle these new markets. Ivy Blocks, as the exchange has named it, will have the task of identifying potentially successful Web3 and decentralized finance projects to incubate and nurture. According to a PR statement issued by the company, Ivy Blocks will have a multi-billion dollar war chest to complete its goal, something that makes it “well-placed to take advantage of unique opportunities in cryptocurrency markets globally.” To support these projects, ideally, in their seed or growing stages, Ivy blocks will launch three core services. These services include an asset management platform for decentralized finance (defi) projects, an innovation-led incubation division, and a more research-driven crypto platform. All of these services will be available to the companies under the wing of Ivy Blocks. Financing Power Financing is a key part of the support that an investment company offers its portfolio companies. Ivy Blocks’ operation is simple and it seeks to offer this economic support to startups, which commonly fail due to finance-related issues. On the relation that the new company will have with its portfolio projects, Huobi CFO Lily Zhang stated: Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which present significant barriers to growth. Our focus on providing such projects with liquidity investments and incubation services will no doubt contribute towards creating a better, more inclusive defi and Web3 blockchain ecosystem. Ivy Blocks already has more than 1 billion assets under management (AUM) from a number of companies already incubated. One of them is Capricorn Finance, an automated market maker (AMM) that is built on top of the Cube blockchain. Other exchanges have also invested in Web3 projects recently. Binance Labs, the investing arm of the exchange, reported that it launched a $500 million fund for Web3 projects on June 3. What do you think about the launch of Huobi’s Web3 investment arm Ivy Blocks? tell us in the comments section below. View the full article

Authorities in the EU are moving closer to a deal on a legislative package tailored to comprehensively regulate the crypto market and related activities in Europe. According a media report, an agreement on the key legislation is likely to be reached as early as this month. Deal on EU Crypto Law Expected by End of June, Sources Say Representatives of relevant institutions in the European Union are approaching consensus on the Markets in Crypto Assets (MiCA) proposal aiming to introduce union-wide rules for the crypto industry, Bloomberg reported, quoting knowledgeable sources. Choosing to remain anonymous, they revealed that the French presidency of the EU Council and the European Parliament (EP) are now optimistic about resolving the issues that are holding up the draft’s advance. Negotiators should do that at two upcoming meetings, on June 14 and June 30. Member states of the 27-strong bloc and the Parliament still disagree on several aspects of MiCA, according to the sources familiar with the matter. These include the supervision of the crypto asset service providers (CASPs), the potential inclusion of non-fungible tokens (NFTs) in the framework and the regulation of stablecoins. Officials are still discussing how to limit the use of stablecoins in payments. For example, there is an idea to introduce a ceiling for transactions that are not denominated in euros. It comes after last month’s collapse of the terrausd (UST) algorithmic stablecoin which affected crypto markets. Ensuring investor protection and gauging the impact of cryptocurrencies on financial stability are two other major considerations. Discussions on Key Crypto Regulatory Aspects Continue MiCA, which was first presented in 2020, was approved by the EP’s Committee on Economic and Monetary Affairs (ECON) in mid-March this year. The package entered the so-called trilogue stage of Europe’s legislative process later that month, during which the final draft must be coordinated between the European Parliament, the European Commission and the Council of the European Union. A key element in the negotiations is also the need to address the environmental impact of crypto assets and some European lawmakers insist that the new legislation should take it into account. Provisions banning the energy-intensive proof-of-work mining sparked reactions from the Old Continent’s crypto community which complained they amounted to a bitcoin ban. The controversial texts were removed from the draft. France, which currently holds the EU presidency, is ready to accept a proposal by the Commission to disclose the energy consumption of CASPs. EU members and the union’s legislature are also arguing about the inclusion of anti-money laundering provisions in the crypto legislation. National governments are pushing for a separate set of rules while the European lawmakers propose the establishment of a list of non-compliant CASPs. Do you expect the EU to agree on the Markets in Crypto Assets draft by the end of June? Tell us in the comments section below. View the full article

Moneygram, a remittance and payments company based in the U.S., has announced the integration of USDC, a dollar-pegged stablecoin, as a settlement asset for its cash to crypto and crypto to cash program. The company will first allow users to exchange USDC for cash and vice versa in certain markets, including Canada, Kenya, the Philippines, and the U.S., with expectations of extending it globally later. Moneygram Implements USDC Ramp Program Traditional remittance companies are now trying to include crypto in their operations and offer more crypto-related services. Moneygram, a remittance and payments company, recently announced it would start allowing its users to include USDC, a dollar-pegged stablecoin, as part of its crypto off and on-ramping program. The company will make use of the Stellar network as a settlement layer to make the needed USDC transactions for the operation of the program. The program established that customers needing to exchange USDC for fiat currencies, or that are selling and looking to acquire crypto with their fiat currencies will be able to use the Moneygram app to arrange an exchange, and they will be able to go to any of the offices of the company in the Canada, Kenya, the Philippines, and the U.S. to complete the operation. Financial Inclusion For Moneygram, this move is all about bringing financial inclusion to people that are still underbanked and underserved in some markets that present difficulties for its citizens to open bank accounts. One of the problems that this program seeks to solve, Denelle Dixon, CEO and executive director of the Stellar Development Foundation stated: Today, almost 2 billion people rely on cash for their livelihood, with no options to access the digital economy. At the same time, a persistent pain point for crypto-native users is off-ramping cryptocurrency quickly and reliably. The groundbreaking nature of this service is how it solves problems for a range of users with varying needs around the world. The service is already available in the selected markets mentioned above, and Moneygram declared that it is aiming for a global cashout functionality by the end of this month. This program is part of the partnership that Moneygram inked with the Stellar Development Foundation last October when the company announced that it would start allowing customers to send USDC-denominated remittances. This kind of crypto alliance is not new for Moneygram, which had established a partnership with Ripple, another cryptocurrency and payments company, to pilot the use of its solutions for remittances back in 2018. What do you think about Moneygram’s new USDC-based crypto-to-cash program? Tell us in the comments section below. View the full article

Roughly two months ago on April 11, the stablecoin economy was valued at $190 billion and was getting closer to surpassing $200 billion in value. However, after the Terra stablecoin fallout, the fiat-pegged token economy lost $16.31 billion in value since then. While that value was erased from the stablecoin market, stablecoins themselves represented 9.35% of the entire crypto economy’s net U.S. dollar value at the time. 61 days later, the crypto economy is worth roughly $1.15 trillion and the stablecoin economy represents 13.8% of that total today. In 61 Days, Stablecoin Dominance Swelled From 9% to 13.8% For the first time in history, three stablecoins were top ten digital currencies in terms of market valuation 36 days ago on May 6, 2022. At the time, it was tether (USDT), usd coin (USDC) and terrausd (UST), but that was before the UST implosion. While terrausd is gone, there’s still three stablecoins in the top ten today, as binance usd (BUSD) is the seventh-largest crypto asset as far as market cap is concerned. Two months ago on April 11, the stablecoin economy was valued at $190 billion but today, the valuation of the stablecoin market is now $159 billion. On that day in April, the entire crypto economy was valued at $2.03 trillion and today it’s worth roughly $1.15 trillion. Even though Terra’s UST fallout saw billions leave the stablecoin economy, it dominates by a lot more than it did when it was nearing $200 billion. Stablecoins account for whole lot of trade volume as well, and at the time of writing, fiat-pegged tokens have seen $46.1 billion in trade volume, while all the crypto assets combined saw $71.6 billion. The data shows that 64.38% of all the digital currency trades today are swapped against stablecoin pairs. For instance, tether (USDT) trades account for 60.26% of bitcoin’s (BTC) global trade volume while BUSD commands 10.05%. USDT and BUSD are BTC’s top two trading pairs at the time of writing, according to cryptocompare.com metrics. Tether (USDT) is still the king of stablecoins with an $72 billion market valuation that represents more than 6% of the entire crypto economy. Usd coin (USDC) is the second-largest stablecoin by market cap with $53.7 billion in value. USDC dominates today by more than 4% of the crypto economy and combined both USDC and USDT make up 76.92% of the entire stablecoin dominance of 13.40%. BUSD meanwhile, represents 1.58% of the entire crypto economy. That leaves a little more than 1% of the crypto economy that stem from stablecoins like DAI, FRAX, TUSD, and USDP. What do you think about the stablecoin economy representing 13.8% of the entire crypto economy? Let us know what you think about this subject in the comments section below. View the full article

After a prominent rise last year, 2022 has not been too kind to the top meme coin asset dogecoin. Currently, the father of the meme coin economy, dogecoin, has lost 91% in value since the crypto asset’s all-time high. Despite the drop, dogecoin is still a top ten contender among the largest crypto market valuations today. The Dogecoin Dog Days — Meme Token King Sheds Significant Value Dogecoin fans have been watching the largest meme coin asset plummet in value week after week. While it is still a top ten cryptocurrency, dogecoin (DOGE) has lost a lot of value since the asset’s all-time high on May 8, 2021. Over a year ago today, DOGE exchanged hands for $0.739 per unit and today the 24-hour price range for DOGE has been between $0.064 to $0.072 per coin. On Sunday, June 12, 2022, there’s $567 million in worldwide DOGE trade volume during the past 24 hours. Dogecoin’s market valuation today is $8.68 billion which equates to 0.755% of the $1.15 trillion crypto economy. While being the tenth largest market cap, DOGE is below solana (SOL) and just above polkadot (DOT) in terms of market positions. While 91% down from the all-time high is pretty significant, DOGE is still up a whopping 75,260% since the asset’s all-time low on May 6, 2015. At that time, seven years ago today, DOGE was trading for $0.00008690 per unit. Dogecoin’s recent market performance has not been so optimistic as 12-month stats show DOGE is down 79.3%. DOGE lost 21% in 30 days, and 19.9% of that percentage was removed during the past two weeks. Today, the entire meme-coin economy is valued at $14.4 billion and DOGE equates to 60.27% of that value. The rest is occupied by shiba inu (SHIB) and the myriad of meme coin cryptos that were born during the past year. Additionally, DOGE mining revenue lost more than 76% last year. Out of 15 different mineable crypto assets, DOGE is the 11th most profitable on the list. DOGE miners reached a hashrate all-time high on April 23, 2022, at block height 4,196,514 when it reached 1.34 petahash per second (PH/s). Today, the DOGE hashrate is coasting along at 362.97 terahash per second (TH/s), which is a 72.91% drop from the 1.34 PH/s high. Both DOGE mining revenue and the overall hashrate plummeted a great deal during the past two months. While DOGE has been down in value a great deal, it’s not the meme coin’s first bear market. DOGE has been through difficult times over the last decade and it will arguably survive longer than some of the newer meme coin assets that were created during the last 12 months. The only other meme coin that comes close to DOGE is shiba inu (SHIB) with its $5.15 billion market valuation. What do you think about DOGE falling in value during the last year and the hashrate dropping since April? Let us know what you think about this subject in the comments section below. View the full article

This week, entrepreneur and activist Kim Dotcom said the “U.S. is beyond bankrupt,” and minced no words about a potential “controlled demolition of global markets.” Meanwhile, American economists are interested in the ruble’s strong performance in spite of sanctions against Russia, a new book emerges claiming to tell the “Real Story Behind Mysterious Bitcoin Creator Satoshi Nakamoto,” and LUNA 2.0 drops in value from last week, while accusations against Do Kwon continue. Without further ado, this is your bite-sized digest of this week’s hottest crypto stories from Bitcoin.com News. Kim Dotcom Says ‘US Is Beyond Bankrupt,’ Digital Entrepreneur Predicts a ‘Controlled Demolition of Global Markets’ On June 5, 2022, the entrepreneur and activist known as Kim Dotcom published a post on Twitter and said it “may be the most important thread” he ever makes concerning a major global collapse. In the thread, Dotcom specifically highlights the American economy and he claims the “U.S. is beyond bankrupt.” Dotcom also talked about the “Great Reset” topic and how a “New World Order” aims to “shift into a new dystopian future where the elites are the masters of the slaves without the cosmetics of democracy.” Read More American Economists Are Baffled by an ‘Unusual Situation’ as Russia’s Ruble Is the World’s Best Performing Fiat Currency Two months after the Russian ruble fell below a U.S. penny, the transcontinental country’s fiat currency is the best performing currency worldwide. American economists are baffled by the “unusual situation,” because a country facing stiff sanctions typically sees its fiat currency decline in value, but Russia’s ruble has done the exact opposite. Read More A Newly Published Book Claims to Tell the ‘Real Story Behind Mysterious Bitcoin Creator’ During the last 13 years, a great number of individuals have claimed to be the inventor of Bitcoin, but no single person has been able to prove this to the greater crypto community. At the end of August 2019, a marketing and public relations (PR) agency published a press release that featured a man from Pakistan who claimed he invented Bitcoin. While the Pakistani Bilal Khalid provided no proof, the public relations agency’s founder recently published a book called “Finding Satoshi: The Real Story Behind Mysterious Bitcoin Creator Satoshi Nakamoto.” Read More LUNA 2.0 Token Loses 56% Since Last Week, Whistleblower Accuses Terraform Labs of Owning Shadow Wallets After climbing to $11.33 per unit on May 30, Terra’s new LUNA 2.0 token has lost more than 56% in value against the U.S. dollar. In related Terra developments, in addition to the defi projects re-joining the Terra ecosystem, the whistleblower known as Fatman continues to accuse Terraform Labs (TFL) and Do Kwon of manipulative tactics such as allegedly lying about making LUNA 2.0 community-owned. Read More What are your thoughts on the topic of the ‘Great Reset’ and the global economic situation as it pertains to fiat money and cryptocurrencies? Let us know in the comments section below. View the full article

Five South Korean cryptocurrency exchanges recently said they will delist litecoin because the crypto asset’s Mimblewimble Extension Blocks (MWEB) upgrade violates the country’s laws. As a result, the exchanges’ users cannot use the Korean won to trade the crypto asset, which has since been named a “dark coin.” Upgrade Violates Specific Financial Information Act Following the recent Mimblewimble Extension Blocks (MWEB) upgrade to litecoin, five of South Korea’s major cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, responded by announcing that they would delist the crypto asset. The exchanges argue that the upgrade has made litecoin transactions anonymous, which is against the country’s laws. According to a News1 report, the anonymity that was brought about by the Mimblewimble upgrade violates a provision in the Specific Financial Information Act which stipulates that cryptocurrency exchanges cannot handle crypto coins that hide transfer records. In a statement, Upbit reportedly said: According to the Special Act, exchanges must check whether the transmission records can be verified for digital assets with anonymous transmission technology, and take appropriate measures if anonymous transmission technology is found. In May, a statement from the Litecoin team said the “highly anticipated” MWEB upgrade had been activated. The statement explained that the upgrade “is a fungibility-improving technology that enhances confidentiality between the senders and receivers in a transaction.” The amount being sent is only known between the sender and receiver, the statement added. However, as a result of this upgrade that has seen LTC being labeled a dark coin, users in South Korea cannot trade the crypto asset using the won currency on these exchanges. Nevertheless, the News1 report said the exchanges have resolved to continue supporting LTC withdrawals for at least a month. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well. Criminal Cases Involving Cryptocurrency in Russia Near 1,000 in 2021 Lawsuits related to cryptocurrency, exchange of digital assets and coin minting have seen a serious increase in Russia over the course of last year, reaching a total of 1,531. The number comes from research conducted by the cybersecurity company RTM Group and quoted by Izvestia this week. The majority of these, 954 cases, have been initiated under various articles of the Russian Criminal Code, the daily wrote on Friday. Another quarter of the proceedings, 365, are civil cases, almost one in 10 (141) is a bankruptcy, and 5% (71) are administrative cases, the article detailed. The authors of the study note that most often cryptocurrency appears in criminal cases related to drug trafficking as those behind such deals would like their payments to remain anonymous — 738 such cases were filed last year. Other criminal proceedings include the laundering of illicit funds using digital coins. Claims against unjust enrichment through crypto transactions form the majority of civil law disputes (42 cases). A common scenario is when a person transfers money to a third party to buy cryptocurrency but later receives a smaller amount than expected or agreed. Meanwhile, the number of bankruptcy cases related to ownership of cryptocurrency has doubled in 2021, the researchers revealed. In these proceedings, the Russian judiciary refers to crypto assets as property and the sides are required to provide documents proving they own the coins. The illegal use of electricity for cryptocurrency mining is considered a civil offense in Russia which entails the collection of debt. During the examined period, Russians running underground mining facilities had to pay 61.5 million rubles (over $1.1 million at current rates) in nine such cases. To prepare its report, RTM analyzed published acts of courts of general jurisdiction and arbitration courts as well as information obtained from the official correspondence of various departments. The results from its study appear as authorities in Moscow continue to debate over the legal status cryptocurrencies should have in Russia. Do you expect court cases involving cryptocurrency in Russia to increase further in the future? Tell us in the comments section below. View the full article

The Indian government’s chief economic adviser has warned about innovations like crypto and decentralized finance (defi) in the absence of regulation. “We may not be fully aware or comprehend the kind of forces we are unleashing ourselves,” he opined. Indian Government’s Chief Economic Adviser Skeptical of Crypto, Defi, Decentralization The Indian government’s chief economic adviser (CEA), V. Anantha Nageswaran, reportedly warned about the danger of crypto and the risks posed by its lack of regulation Thursday at an Assocham event. Referring to cryptocurrency, he was quoted by local media as saying: The more decentralized they become and the absence of a watchdog or a centralized regulatory authority also means that there is a world of Caribbean pirates or a world of ‘winner take all’ in terms of being able to really take it all from somebody else. The government’s economic adviser explained that he agreed with Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar on crypto and decentralized finance (defi). The RBI official has warned that there currently appears to be a case of regulatory arbitrage with regard to crypto and defi rather than true financial innovation. Referring to defi, Nageswaran opined: In my opinion, while it is considered innovation, I would reserve my judgement whether it is truly innovative or truly disruptive in a positive sense or is it something that we will come to regret. Commenting on whether cryptocurrency could be an alternative to fiat currencies, the economic adviser stressed that it has “to satisfy many purposes.” He elaborated: “It has to be a store of value, it has to have widespread acceptability, and it has to be a unit of account … In all these cases the new ‘innovations’ such as crypto or defi are yet to pass the test.” Nageswaran concluded: So I wouldn’t be very excited by them because sometimes we may not be fully aware or comprehend the kind of forces we are unleashing ourselves. “I would be somewhat guarded in my welcome of some of these fintech-based disruptions like defi and crypto etc,” he noted. The Indian government is currently working on the country’s crypto policy. The finance ministry has consulted with the International Monetary Fund (IMF) and the World Bank on crypto regulations. Last week, the Securities and Exchange Board of India (SEBI) said that the decentralized nature of crypto makes regulation challenging. Meanwhile, the Indian central bank remains skeptical of crypto. On Friday, RBI Governor Shaktikanta Das cautioned investors against trading in cryptocurrencies, reiterating that they “pose huge risks to financial stability.” What do you think about the comments by the Indian government’s chief economic adviser? Let us know in the comments section below. View the full article

U.S. Treasury Secretary Janet Yellen warns crypto is a “very risky investment,” adding that she would not recommend it to most people who are saving for retirement. However, Yellen noted that Congress could restrict the type of investments allowed in retirement accounts, including 401(k) plans. Janet Yellen on Investing in Cryptocurrencies for Retirement The topic of whether Americans should be able to put retirement savings in cryptocurrencies continues to be hotly debated. U.S. Treasury Secretary Janet Yellen was asked Thursday at an event organized by the New York Times about Fidelity’s announcement to allow bitcoin as an investment option in 401(k) plans. Yellen replied: It’s not something that I would recommend to most people who are saving for their retirement … To me it’s very risky investment. Fidelity’s announcement followed a guidance issued by the Labor Department (DOL) warning 401(k) plan administrators about allowing cryptocurrencies in retirement plans. Fidelity is one of the biggest 401(k) plan administrators. Ali Khawar, Acting Assistant Secretary of the DOL’s Employee Benefits Security Administration, said the Labor Department has “grave concerns with what Fidelity has done.” He stressed, “cryptocurrencies can present serious risks to retirement savings.” Treasury Secretary Yellen also noted Thursday that Congress could regulate what assets could be included in retirement plans like 401(k). Commenting on whether Congress should take action, Yellen clarified: I’m not saying I recommend it, but that to my mind would be a reasonable thing. The Labor Department’s efforts to restrict Americans from putting crypto in retirement accounts have upset some lawmakers. In response, U.S. Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act to prohibit the DOL “from issuing a regulation or guidance that limits the type of investments that self-directed 401(k) account investors can choose through a brokerage window.” Furthermore, the Labor Department has been sued over its crypto guidance. What do you think about the comments by Treasury Secretary Janet Yellen? Let us know in the comments section below. View the full article

American Express and Abra are launching a new credit card that will allow shoppers to earn cryptocurrency rewards “tradable across over 100 different cryptocurrencies” without annual or foreign transaction fees. American Express and Abra Launching Crypto Rewards Credit Card American Express (Amex) and crypto trading platform and wallet provider Abra announced the upcoming launch of the Abra Crypto Card on the American Express network Friday. Abra described the new card as: The first crypto rewards credit card on the American Express network that will transact in U.S. dollars and offer crypto back on any purchase category and amount. “The crypto rewards will be tradable across over 100 different cryptocurrencies supported by Abra, with no annual or foreign transaction fees,” the crypto company detailed. The Abra Crypto Card will offer several benefits from the American Express Network, including Amex Offers, presale ticket access, global dining benefits, and purchase protections, Abra further noted. Mohammed Badi, president of Global Network Services at American Express, commented: “One of the ways we back the evolution and innovation of commerce is by making it easier for fintechs to develop and scale innovative payment solutions leveraging the American Express global payments network and the Amex/i2c platform.” The Amex executive added: “We have a long-standing relationship with Abra through our Amex Ventures investment portfolio.” Interested customers can now join the waitlist for the card, which Abra expects “to be first available in late 2022.” In addition, the crypto firm announced Friday a new feature to buy and sell non-fungible tokens (NFTs) “with managed custody and [a] full collection gallery in the Abra app that will remove the hassle and minimize the risks of using defi [decentralized finance] wallets.” Will you be applying for this American Express crypto rewards card? Let us know in the comments section below. View the full article

The government in Vilnius has approved amendments introducing more stringent regulations for the country’s growing crypto space. The legislation is aimed at managing risks associated with crypto assets and preventing Russian attempts to circumvent Western sanctions imposed over the war in Ukraine. Lithuanian Authorities to Tighten Rules for Crypto Industry Lithuania is preparing to revise its Law on Prevention of Money Laundering and Terrorist Financing with the stated goal of ensuring greater transparency and sustainable development for its cryptocurrency sector. This week, the government approved amendments that the small Baltic nation plans to adopt before the upcoming EU regulations. The new provisions have been prepared by the Ministry of Finance, the Bank of Lithuania, the Financial Crime Investigation Service, the Ministry of Interior, and the Lithuanian Money Laundering Prevention Competence Center. Their main purpose is to further regulate the operations of crypto service providers. Finance Minister Gintarė Skaistė was quoted by her department as stating that the rapid growth of the crypto market and the emergence of new products require additional attention from the responsible authorities in managing risks, especially those related to money laundering and terrorist financing threats. She elaborated: Against this background, we are taking proactive steps to strengthen regulation at national level in preparation for subsequent decisions at EU level. The draft law, which should be submitted to the Lithuanian parliament during the current session and enforced this year, is expected to introduce more detailed rules for customer identification and impose a ban on the opening of anonymous accounts. It will also increase the authorized capital required from service providers to €125,000. Only permanent residents of Lithuania will be allowed to manage companies dealing with cryptocurrencies. Lithuanian regulators also want to make sure that these entities do not provide services or operate exclusively in other jurisdictions. The full list of registered operators of crypto exchange and custody platforms will be made public from Feb. 1, 2023. Lithuania is also updating its regulations in response to the recent events in the region, in particular, the ongoing military conflict in Ukraine. “The relevance of the proposals is strengthened by today’s geopolitical environment — we must ensure that no attempt is made to circumvent Western sanctions on Russia by using crypto assets,” Minister Skaistė emphasized. Since Estonia tightened its crypto regulations, Lithuania has seen a rapid growth in the number of crypto companies starting business in the country. Only eight such entities were established in the whole of 2020 while in 2021, 188 new firms were registered, followed by another 40 in the first months of this year. Over 250 crypto service providers are currently operating in Lithuania, the finance ministry revealed. Do you expect the upcoming Lithuanian regulations to significantly worsen the business climate for crypto companies? Share your thoughts on the subject in the comments section below. View the full article

The $1.19 trillion crypto economy is now lower in value than the lows recorded in July 2021. During the last week, digital currencies like bitcoin, ethereum, caradano, and xrp, have shed significant value against the U.S. dollar, as the top cryptos have lost 50% to more than 80% from their all-time price highs. How Low Can the Crypto Economy Go? It hasn’t been a great week for crypto assets, as the top ten digital currencies are down between 4% to 15% during the last seven days. Bitcoin (BTC) has lost 4.6% in value this week, while ethereum (ETH) has dropped by more than 14%. BNB is down 9.7% this week and ADA has only dropped by 0.7% during the past seven days. XRP has lost 7.4%, SOL dipped by 11.6%, and the tenth-largest market cap dogecoin (DOGE) has dropped by 13.6% this week. Presently, the crypto economy is valued at $1.19 trillion as it has lost 6.1% during the last day alone. This value is lower than the lows recorded in July 2021, when the market cap tapped a low of $1.32 trillion that month. The last time the entire crypto-economy was valued this low, was the first week of February 2021. At that time on February 6, 2021, BTC was trading for $39,405 per unit, ETH exchanged hands for $1,665 per unit, and XRP traded for $0.43 per coin. Presently, these coin values are lower than they were during the first week of February. Other top coins were lower in value than they are today. For instance, avalanche (AVAX) exchanged hands for $16.42 on February 6, 2021. Today, AVAX is trading for $20.04 per unit. In February 2021, solana (SOL) was $6.05 per unit and today it is changing hands for $33.84. Moreover, terra (LUNA) was trading for $2.74 up 86% during the first week of February 2021, but today it is only worth $0.00006805 per unit. Currently, the Crypto Fear and Greed Index (CFGI) shows “extreme fear” is in the air today, as far as crypto sentiment is concerned. At the time of writing, the CFGI indicates the “extreme fear” score is a “12” compared to yesterday’s score of “13.” Google Trends (GT) data shows search interest for the term “bitcoin” has dropped worldwide by more than half since the search term’s peak. GT data for the search term “cryptocurrency” is even worse, as search interest has lagged to a fresh new low of 3 out of 100. What do you think about the crypto economy dropping lower than the lows recorded last summer? Let us know what you think about this subject in the comments section below. View the full article

While the crypto economy has dropped lower in value against the U.S. dollar, sliding to just under $1.2 trillion, the value of decentralized finance (defi) protocols and smart contract tokens has suffered a great deal. Statistics show that the total value locked in defi has dropped 7.96% since May 18, to roughly $104 billion, and the combined value of all the smart contract tokens lost 8.2% during the last 24 hours. Bear Market Shreds Defi — TVL Down Over 7% This Month, Smart Contracts Coins Lose Significant Value Over the Last Week Defi metrics indicate that the world of decentralized finance has been stagnant since the fall of Terra’s UST and LUNA. 24 days ago on May 18, the total value locked (TVL) in defi was around $113 billion, and today it is 7.96% lower, hovering just above $104 billion. 30-day metrics indicate that out of the top five defi protocols in terms of TVL size, four application TVL metrics have dropped significantly. Makerdao commands the top position in defi in terms of TVL size with $8.82 billion locked. However, Makerdao’s TVL has dropped 13.23% lower during the last 30 days. Curve’s, Aave’s, and Lido’s TVL shed between 7.21% and 19.74% during the past month as well, while Uniswap gained 1.92% during the last 30 days. The defi protocol Nord Finance was the month’s biggest loser, as its TVL dropped by more than 71% last month. Defillama.com metrics show that Ethereum is the top chain in defi with $63.23 billion total value locked. Money held on ETH-based defi protocols represents 60.97% of all the value locked in defi today. Binance Smart Chain (BSC) is the second-largest chain with $7.78 billion TVL, and Tron is the third-largest with $5.95 billion. Additionally, the top five smart contract protocol tokens have lost significant value during the last week, except for cardano (ADA). Ethereum (ETH) lost 12.4% in value this week, binance coin (BNB) shed ​​7.9%, solana (SOL) slipped by 9.1%, polkadot (DOT) lost 12.1%, but cardano (ADA) managed to gain 1.6% this past week. At the time of writing, the top smart contract platform coins by market capitalization are collectively worth $327 billion. One notable smart contract token gainer last week was chainlink (LINK) as it managed to rise like ADA, but jumped 8% higher against the U.S. dollar. A lion’s share of smart contract tokens lost between 2% and more than 30% during the last seven days. What do you think about the bear market gripping defi and smart contract token values? Let us know what you think about this subject in the comments section below. View the full article

Next Earth, the virtual replica of Earth and now the third-largest metaverse, has remained resilient amidst a brutal bear market that has seen the value of almost everything drop precipitiously. Now, Next Earth is putting even more focus on its NXTT token to support a rally against the bear market. The company has announced a new roadmap that includes several key milestones for the end of June, July, August, and beyond. New Roadmap to Strengthen NXTT This month, Next Earth will release the next iteration of its metaverse project launchpad, Launchpad 2.0. The update will include new features and improvements, as well as introduce wallet authentication to the platform, replacing the need for email. Next month, by the end of July, users will be able to login to their wallets using additional authentication methods. This will give them an extra layer of security when accessing their accounts. In August, Next Earth plans to release a number of significant updates, including a new UX/UI for its app, improvements to the marketplace, the ability to merge and split land. Staking capabilities for NXTT holders will be available in October. The application’s UI/UX is a key component for mass adoption and will be a focus for the month of August. The team is also working on making it easier for users to buy and sell land, as well as ensuring that the marketplace is a seamless place to do business. All this is important for the value of NXTT and to grow the economy within Next Earth. By the end of September, Next Earth plans to launch dynamic NFTs and minerals. Dynamic NFTs are a new type of non-fungible token that can change based on factors such as time or user interaction. This will open up new possibilities for games, art, and other applications within the metaverse. In addition to these upcoming features, the team is also working on a number of DAO improvements. These include solving the one tile purchase problem, fixing the value incorrect percentage calculation, resetting landart, and addressing harmful land problems. Takeaways While many other projects are struggling, extra focus on NXTT has set the stage for a rally against the market. Their new roadmap is packed with features and improvements that are sure to attract users and propel the project forward. At the same time, the project’s fundamentals as a platform-as-a-service for the metaverse industry are strong. Finally, for those with an eye for technical analysis, the project’s recent breakout from a descending position is a bullish sign. With all of this, NXTT is positioned for a rally against the bear market. The Next Earth team is listening to its users and community to build out a better metaverse that will continue to grow in value. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

After April’s consumer price index (CPI) report was published, a number of American economists and bureaucrats said that inflation had peaked and it was possible that inflation would subside. However, statistics from the U.S. Labor Department indicate the CPI increased 8.6% from a year earlier, as the month of May’s inflation data reached another lifetime high. CPI Data From May Shows Inflation Has Not Peaked The U.S. economy doesn’t look so hot these days and after shutting down the economy over a respiratory virus and printing trillions of dollars in stimulus, it seems these ideas were huge mistakes. Inflation is the general increase in the cost of goods and services, and currencies like the U.S. dollar can’t buy as many goods and services as they could when inflation was lower. Reports show that nearly everything in the supermarkets now has a higher cost and the prices of things like rent, gasoline, cars, and housing have skyrocketed. Prices of goods and services continued to rise even though politicians told the public inflation would be “transitory.” Maybe creating the Fed was the original policy error. pic.twitter.com/6SRYSLQCPy — Sven Henrich (@NorthmanTrader) June 11, 2022 When April’s CPI data was published, some people even claimed that inflation had “peaked,” but the latest CPI data from May shows this claim did not come to fruition. U.S. inflation data from the Labor Department’s metrics indicate that last month’s CPI hit a 40-year high at 8.6%. Inflation has been so bad in the U.S. that the stimulus checks, expanded child-tax credits, extended unemployment benefits, and even the slight rise in wages have been erased by the rising costs of goods and services. Inflation is NOT transitory. Inflation is NOT caused by Putin. Prices will stay high and increase further. Inflation is always and everywhere a monetary phenomenon. Inflation is caused by central banks debasing currency (money printing). Inflation is why Satoshi created #bitcoin pic.twitter.com/4aFQ68OVUB — PlanB (@100trillionUSD) June 11, 2022 The Labor Department’s metrics show that rising food, gas, and energy prices have pushed the CPI data higher and shelter costs were one of the largest contributors to last month’s inflation data hike. So while a slight rise in wages has taken place for some U.S. workers, real wages dropped 0.6% from April. Economists who noted that April’s data was ‘peak inflation’ are starting to notice that the cost of goods and services keeps peaking. Morning Consult’s chief economist, John Leer said that May’s CPI was upsetting. “It’s hard to look at May’s inflation data and not be disappointed,” Leer explained on June 10. “We’re just not yet seeing any signs that we’re in the clear.” ‘It Might Not Have Been a Good Idea to Shut Down the Economy for a Respiratory Virus’ Meanwhile, U.S. president Joe Biden continues to blame Russia and Vladimir Putin. “Today’s inflation report confirms what Americans already know — Putin’s price hike is hitting America hard,” Biden stressed at a press conference this week. However, many people are saying that shutting down the U.S. economy, the lockdowns, and the Covid-19 stimulus bills were horrible ideas. “I’m beginning to think it might not have been a good idea to shut down the economy for a respiratory virus,” the economist Jeffrey Tucker wrote on Friday. Pres. @JoeBiden keeps lying. He falsely blamed #inflation on #Putin, greedy foreign owned shipping companies and domestic #oil companies. He also falsely claims families have more savings and less debt than when he took office and that the U.S. economy is the world's strongest. — Peter Schiff (@PeterSchiff) June 10, 2022 U.S. representative Thomas Massie, a Republican from Kentucky, has been sharing statements he made back in 2020 when he said it was not the greatest idea to pass the massive stimulus bill. In January, Massie said: “Too many people failed to see the bill being passed would cause massive inflation, its passage without members present would set the tone for nationwide mail-in ballots, the money would enable all of the lockdowns, and paying people not to work would kill productivity in the U.S.” Yet, many critics gave Massie a hard time about his contrarian statements and resorted to ad hominem attacks. “Massie just says whatever stupid thing pops in his head,” one individual wrote in response to Massie’s tweet at the time. The Kentucky representative recently fired back at the individual’s comment and said this “tweet did not age well.” In 2020, Democrat senator John Kerry said “Congressman Massie has tested positive for being an a**hole.” The Kentucky representative also decided to mock Kerry’s tweet and remarked that he predicts “Democrats will sequester John Kerry and his energy-price-hiking dogma in a rock formation until at least November.” Massie added: Here’s his doltish tweet when I opposed the first $2 trillion printing spree on March 27, 2020 – because it was going to cause inflation . Massie was not the only one that opposed the trillion-dollar monetary expansion as the gold bug and economist Peter Schiff was quick to criticize those who supported the stimulus. On the same day as John Kerry’s tweet in March 2020, Schiff wrote: “As the Fed will create all this money out of thin air the people will pay the cost through inflation. Consumer prices are about to soar, wiping out the savings of millions of Americans, and destroying the purchasing power of wages for millions more.” What do you think about the latest CPI data and the contrarian opinions that opposed shutting down the economy and massive spending in 2020? Let us know what you think about this subject in the comments section below. View the full article

NEAR fell to a one-month low to start the weekend, as prices moved below their long-term support point. WAVES was also lower during Saturday’s session, falling by as much as 14%. Overall, crypto markets are down nearly 5% as of writing. Near Protocol (NEAR) NEAR was one of the most notable movers to start the weekend, as prices fell by over 10% on Saturday. Following a peak of $5.03 on Friday, NEAR/USD has so far slipped to an intraday low of $4.38 in today’s session This drop saw prices fall by nearly 13%, and comes as the global crypto market cap is down 4.8% as of writing. Saturday’s decline came as NEAR broke out of its support point at $4.45, on its way to its lowest point since May 11. The 14-day RSI is now also firmly oversold, and is trading at 30.62, which is a two-week low, whilst also acting as a floor. Should this floor be broken, then we may see NEAR move below that one-month low of $3.57, and instead hit an 11-month bottom. WAVES WAVES was also down by double digits on Saturday, as it hit a lower low for the tenth consecutive session. As of writing, WAVES/USD hit an intraday low of $6.30 to start the weekend, which is $1.17 below yesterday’s high. Looking at the chart, today’s move has pushed WAVES closer to its long-term support of $4.40, which is a level that hasn’t been hit since May 30. Overall, prices are down over 15% as of writing, and are trading at their lowest point in almost two weeks. Despite the weakening of the RSI as a result of the sell-off, the indicator has already found another level of support at 36.50. Relative strength is still moving towards this level however, and should it land there, then WAVES will also likely hit $4.40. Is it inevitable that WAVES will decline further as the weekend goes on? Let us know your thoughts in the comments. View the full article

Crypto prices plunged as the weekend commenced, following yesterday’s U.S. inflation report, which came in at a 40-year high of 8.6%. ETH fell to its lowest point in fifteen months, while BTC dropped below $29,000. Bitcoin Following days of consolidation, BTC finally moved late on Friday into Saturday, as crypto prices responded to the latest inflation report. Data from the United States showed that inflation came in at a 40-year high of 8.6%, which is higher than the 8.3% many had expected. As such, investors seem to have panicked, and in turn liquidated some of their positions in crypto markets. BTC/USD fell to an intraday low of $28,911.36 to start the weekend, taking prices to their weakest point in almost two weeks. Despite the drop, prices still remain above support at $28,800, however some expect the sell-off to intensify as the weekend progresses. Should we see the 14-day RSI move below its current support of 40.50, then we could see this expectation come into fruition. Ethereum Saturday saw ETH fall to its lowest point in over a year, as prices of the world’s second-largest crypto token plunged. To start the weekend, ETH/USD fell by nearly $300, hitting a bottom of $1,583.10 earlier in today’s session. This is the lowest level prices have hit since March last year, and comes as prices broke out of support at $1,720. Following days of consolidation, price strength also waned, with the RSI seeing its floor of 36 easily broken. As of writing, the indicator is now tracking at 30.96, which is close to a lower support level of 29.30. Like bitcoin, some expect prices of ETH to fall lower in the coming days, and this floor in the RSI could be a point that bears are targeting. Why does inflation have such an impact on crypto prices? Leave your thoughts in the comments below. View the full article

The cryptocurrency market is stagnant. Investors are cautious and hesitant to make investments. Some initiatives, however, thrive even in such circumstances: Mars4, a play-to-earn project, has seen an upsurge in NFT sales. Mars4 is growing thanks to scheduled releases (such as a game demo) and some help from Japanese KOLs. Mars4, a metaverse game, has been generating increased sales in the first weeks of June. Mars4’s use of a regional marketing strategy has seen the majority of the sales come from Japan. In collaboration with KOLs such as Daisuke and Crypto Train, Mars4 is grabbing the Japanese market. Yuzo Kano, a famous crypto advocate and CEO of BitFlyer, took an interest in Mars4 a year earlier. This inspired the Mars4 team to create a Telegram group for Mars4 Japan, which was quickly followed by other cultural communities such as Turkey, Italy, China, and others. Some cultural channels are available on Mars4 Discord too, as the company tries to be inclusive to everyone, regardless of their native language. Mars4 also plans to expand into other markets in other regions, which will result in greater project exposure and faster growth. Explore and colonize Mars to earn from it Mars4 is a metaverse game that includes survival elements. Users will be able to participate in the Mars experience while also earning money. It was created using two important blockchain assets: cryptocurrency and NFTs. Using Mars4, you can purchase a one-of-a-kind piece of Mars land. In the upcoming video game, you will have complete freedom to explore, grow, and terraform your land to improve your chances of survival. NFTs for a variety of in-game vehicles and other products will also be available soon on Mars4. NFTs are utilized for in-game items and land plots to grant players total control over their possessions. No one, including game developers, can take them away from users since they are kept on the blockchain. As a landowner, you will have complete control over your land governance, from making it public to enlisting other players to aid the process of growing your empire. The greatest thing is that you’ll be compensated with MARS4 dollars for your time and efforts. MARS4 dollars are the in-game currency that can be used for several metaverse activities, including trading. The MARS4 dollar may be acquired both actively (via the game) and passively (through other means, such as from holding NFTs). MARS4 dollars are altcoins, therefore anyone who earns them may use them beyond the game. The integration of cryptocurrencies in computer games provides gamers with the ability to profit from their hobby. Earn passive income from investing in Mars4 NFTs The community pool allows investors to earn from NFTs in a passive manner. Every time you purchase Mars4 NFTs, your productivity score improves. Landowners can choose to open the communal pool to the public and distribute its funds to NFT holders in amounts that depend on their productivity ratings. You’ll get more during the distribution if the score is higher. As Mars4 is intended to be administered by the community, the voting system is the first step toward a DAO where anybody can be a part of the Mars4 governance. The Mars4 community pool is regularly supplied with MARS4 dollars from many sources, including sales (both B2B and B2C) and advertising, with 20% of all earnings being set aside for the community. This strategy enables investors to get regular rewards for NFTs holding without putting in any effort. Conclusion Both the NFT and crypto markets have been slumbering in the past months. Investors are debating whether to buy now or wait for the market to recover. By refocusing its marketing strategy on region-based techniques, Mars4 was able to break the ice with the help of Japanese KOLs. The project is working towards its marketing strategy and is planning to expand further. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article