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Nobel Prize-winning economist Paul Krugman has compared the current state of cryptocurrency to the housing bubble and the subprime mortgage crisis. Noting that crypto lacks any real value, he said: “it is a house built not on sand, but on nothing at all.” Paul Krugman on Crypto, Housing Bubble, and Subprime Mortgage Crash Nobel laureate Paul Krugman discussed the current state of cryptocurrency in an opinion piece published in the New York Times Monday. Krugman won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 “for his analysis of trade patterns and location of economic activity,” the Nobel Prize website details. He began by referencing The Big Short, a book and a movie that tell the story of investors betting on “the proposition that the huge rise in housing prices in the years before the [2008 global financial] crisis was a bubble, and that many of the seemingly sophisticated financial instruments that helped inflate housing would eventually be revealed as worthless junk,” the economist described, adding: It just didn’t seem plausible that markets, and the conventional wisdom saying that markets were OK, could be that wrong. But they were. Proceeding to discuss “the current state of crypto,” he cited the Federal Trade Commission (FTC) stating that cryptocurrency is becoming the payment of choice for many scammers. He also mentioned the collapse of algorithmic stablecoin terrausd (UST), stating that the “stablecoin” was “neither stable nor a coin.” Krugman then pointed out that at their peak in November, cryptocurrencies’ total market value was almost $3 trillion. He added that early investors made huge profits, renowned business schools offer blockchain courses, and several cities are competing to become the most crypto-friendly. The Nobel Prize-winning economist opined: It sounds extreme and implausible to suggest that an asset class that has become so large, whose promoters have acquired so much political influence, could lack any real value — that it is a house built not on sand, but on nothing at all. “But I remember the housing bubble and the subprime crisis. And if you ask me, it looks as if we’ve gone from the Big Short to the Big Scam,” he concluded. What do you think about Paul Krugman’s comments? Let us know in the comments section below. View the full article

PRESS RELEASE. SpartaCats, a novel meme-coin project based on BNB and the Everscale blockchain network, put up a digital billboard advertisement in Hawthorne, California, near the headquarters of Tesla and SpaceX. In the ad, you can see an image of cats taking off in a rocket, leaving behind a smoking dog. Next comes an image where cats drive dogs off the Moon in the style of the 300 Spartans. In the third image, the cats install their flag on the Moon, and finally, cats surround a dog, referencing the Piper Perri meme. The bold advertising campaign positions SpartaCats as a strong rival to Doge that will cancel the latter’s dominance. The message reflects that SpartaCats, apart from being an amazing cat meme in itself, brings something that its dog-based competitors don’t really have – utility. SpartaCats – more than a meme coin SpartaCats is building a comprehensive ecosystem for the meme coin community and NFT users, which will be fully decentralized and governed on the DAO principle. PURR, the SpartaCats token, is distributed among the community and NFT owners to provide them with voting rights and the ability to create dedicated groups and clans. From the very beginning, SpartaCats is actively supporting humanitarian organizations that provide help to cats all over the world. The project’s ecosystem includes shelters, charities, and various other projects dedicated to helping cats. Improving cat’s lives in the human world is a core value of SpartaCats. Unlike many other meme coins, the PURR token is not intended for pump-and-dump market manipulation. As the PURR token will be backed by real value – for the first time in the meme coin domain, it will be used to develop the ecosystem and benefit members of the community. SpartaCats Bounty Program The SpartaCats Bounty program gives everyone an opportunity to join the community and spread information about the project. Active participants of the program are rewarded with PURR tokens, and they will be able to claim cat NFTs. There is also a referral program which gives a 10% reward for invited friends. PURR listing Recently, liquidity pools with farming programs on BNB Chain and Everscale have been launched by SpartaCats. In the first couple days after being listed, the coin has made an eightfold increase in price. Trading is being conducted on two decentralized exchanges: PancakeSwap and FlatQube. Those who manage to get PURR tokens during the Bounty program will get the maximum benefit, as the early bird catches the worm! 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

The Brazilian central bank digital currency (CBDC), the digital real, will be more of a wholesale asset instead of a public retail-focused token, according to statements from the president of the Central Bank of Brazil, Roberto Campos Neto. Campos Neto indicated that private banks in the country will be able to issue their own stablecoins that will be collateralized with digital real deposits. Digital Real Will Not Be Retail Oriented Brazil is planning to issue a CBDC that has a very different design when compared to other CBDCs like the digital renminbi, known also as Digital Currency Electronic Payment. The digital real, the Brazilian CBDC, will have a wholesale purpose, and will not be used for retail purposes. This information was revealed by Roberto Campos Neto, president of the Central Bank of Brazil, at a crypto summit hosted in Rio. About the projected uses of the digital real, Campos Neto stated: Banks will be able to issue stablecoins on their deposits and will develop a technology for that, they will have to invest, because they can make gains. And once they have that developed, the protocols for issuing stablecoins on deposits will basically be the same thing as for monetizing various other digital assets. Furthermore, Campos Neto explained that the digital real will have a very unique focus, with the goal of monetizing assets without harming the credit functions of private banks, using it as collateral. Tokenization and CBDC Disarray Campos Neto also included tokenization as one of the possible processes where a CBDC can improve the state of things. Campos Neto referred to mortgages and said that the implementation of a tokenization model could make paying or getting a reverse mortgage an easier task, reducing fees and also waiting times, and simplifying the paperwork involved in the task. In this sense, Brazil recently launched the Brazilian Blockchain Network, a project that aims to build a common base for other institutions in the country to build their projects on top of it. This project might also use tokenized assets and the digital real in the future to achieve the aforementioned goals. To conclude, Campos Neto criticized the disorder and lack of coordination that central banks have experienced in the process of designing their respective CBDCs. He explained: When I meet with other central banks, I see that one is trying to develop a decentralized system, and another talks about automating a multi-tiered payment system… If you have development in this uncoordinated way, it will never be better than a crypto platform that is centralized. What do you think about the design of the digital real? Tell us in the comments section below. View the full article

Another digital currency firm is making moves into the sports world as the Philippines crypto wallet service provider Coins.ph announced the company has partnered with the Philippine Basketball Association (PBA). The deal is the PBA’s first crypto partnership during its 47th season and the Coins.ph brand will be showcased at the premier tournament during the Philippine Cup. Philippine Basketball Association Partners With Crypto Firm Coins.ph Over the last year, well known digital currency companies like FTX, Crypto.com, Grayscale Investments, and Blockchain.com have integrated the firms into the sports world through various partnerships and endeavors. On June 3, the regulated fiat and crypto service provider Coins.ph announced it has partnered with the Philippine Basketball Association (PBA). The PBA was initiated in 1975 and is the second-oldest professional basketball league in the world following the National Basketball Association (NBA). The league is composed of 12 franchised teams and the PBA season’s most prestigious tournament is the Philippine Cup. PBA teams include Barangay Ginebra San Miguel, Meralco Bolts, Converge Fiberxers, Magnolia Hotshots, Blackwater Bossing, Phoenix Super LPG Fuel Masters, Terrafirma Dyip, TNT Tropang Giga, Rain or Shine Elasto Painters, San Miguel Beermen, NLEX Road Warriors, and Northport Batang Pier. The upcoming 2022 Philippine Cup will be the first time since 2019 that fans can experience the full-arena experience at 100% capacity. Coins.ph detailed in its announcement that the company’s “brand presence [will be] featured throughout the Philippine Cup.” Coins.ph plans to engage with fans by offering “interactive experiences” and promoting cryptocurrency awareness. PBA fans will be able to win cryptocurrencies and Coins.ph will also be highlighted in television ads during the 2022 PBA season. “Basketball plays a very important part in the Filipino culture and that makes it a perfect match for Coins.ph, a proudly home-grown fintech brand in the Philippines,” Wei Zhou, the CEO of Coins.ph explained in a statement sent to Bitcoin.com News. Zhou added that in recent times, the firm has seen interest in Web3 and digital currencies grow and the PBA’s prominence can help bolster crypto awareness. Zhou added: We have seen a surge in engagement with Web3 in the Philippines and we believe that more and more Filipinos are joining the crypto community. The PBA is a great platform to educate Filipinos on the crypto-economy and we value this opportunity to expand crypto market adoption. PBA Commissioner Says Coins.ph Gives ‘Fans the Opportunity to Engage in a New Way’ Founded in 2014, Coins.ph has raised roughly $40 million in capital funding and the most recent Series C saw a $30 million investment round led by Ribbit Capital. In addition to the partnership with the PBA, executives from Coins.ph and Xendit launched a non-fungible token (NFT) platform with $2 million in seed funding. Coins.ph was once owned by the Indonesian tech company Gojek which purchased the startup for $95 million. According to a report published by Ka Kay Lum, the deputy editor and business journalist at the-ken.com’s SEA edition, several regional investors associated with Gojek and Coins.ph confirmed that the former CFO of Binance, Wei Zhou, purchased the company. Ka Kay Lum details that Coins.ph was sold “for double the amount” Gojek paid for the startup in 2019. During the last year, celebrity athletes and the sports industry have been leveraged by crypto companies to gather more exposure. For instance, FTX obtained the name of the Miami Heat’s arena and Crypto.com acquired the name of the Los Angeles Lakers arena. Well known sports stars like LeBron James, Tom Brady, Francis Ngannou, and Kevin Durant have become partners with crypto firms. In terms of the deal between the PBA and Coins.ph, Willie O. Marcial, the PBA’s league commissioner, believes the partnership with Coins.ph will enhance the PBA’s growth. “The PBA is the 1st professional basketball league in Asia and is already an institution in the country,” Marcial remarked during the partnership announcement. “It is still unparalleled when it comes to professional sports entertainment. And partnering with Coins.ph will surely take the PBA a step further as it continues to improve and strengthen its position as one of the best leagues in the region. Further, the PBA is all about growth and improvement. Having Coins.ph will give fans the opportunity to engage in a new way and at the same time learn about the crypto community.” What do you think about Coins.ph partnering with the Philippine Basketball Association (PBA)? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. ATLANTA, June 7, 2022 – Ledgible, the leading professional-first crypto tax and accounting platform, today announced $20 million in funding for its Series A Round led by EJF Capital LLC (“EJF”) through its affiliate, the EJF Silvergate Ventures Fund. Joining the round are JAM FINTOP, Thomson Reuters Ventures, TTV Capital, Fenbushi US, Commerce VC, Nathan McCauley, and Perkins Coie. Ledgible now stands at the forefront of the professional-focused crypto tax & accounting industry. This investment will be used to expand Ledgible’s product offerings as well as significantly grow its teams to meet the growing demand for its offerings. “For any individuals, institutions, or enterprises that hold or deal with crypto assets, the ability to properly account for them and realize the appropriate gain and loss for tax and accounting purposes is essential,” said Kell Canty, CEO of Ledgible. “At Ledgible, we provide the platform to bridge the gap between digital assets and traditional finance.” The investment will be used to expand the teams within their two core lines – Professional Tax and Enterprise Accounting, including further expansion to support their growing number of institutional partners and accounting firms. “We see crypto as both a transformative application of novel technology and the next large investible asset class. Individuals and institutional investors need to be able to integrate and account for this investment and report that to the IRS and certain other regulatory agencies, where applicable,” said Jonathan Bresler, Managing Director at EJF. “We invested in Ledgible because we see them as the preferred solution to account for digital assets on the blockchain.” This investment also marks a significant milestone in the professional tax space, underscoring the need for and importance of cryptocurrency support in the industry. “As leaders in tax and accounting technology, Thomson Reuters has direct insight into the complexity our customers face as crypto continues to grow as an asset class. Ledgible is the leading crypto tax software for professionals and our investment reflects Thomson Reuters Ventures’ commitment to serve our customers through investments in emerging technology,” said Tamara Steffens, Managing Director, Thomson Reuters Ventures. The Ledgible Crypto Tax & Accounting Platform supports integrations across major blockchains, cryptocurrency exchanges, wallets, and professional accounting tools. As the bridge between cryptoassets and traditional financial accounting, Ledgible determines crypto tax liabilities and delivers that data to all professional tax filing systems as well as general ledger accounting systems. The platform features client management, collaboration driven workflow, team management, and is in use by tax and accounting professionals around the world. About Ledgible Ledgible is an AICPA SOC 1 & 2 assured tax reporting and portfolio tracking platform for crypto assets for professionals, enterprises, and consumers. The Ledgible Crypto Platform is the proven crypto asset solution for tax and accounting professionals with leading accounting firms, institutions, and major crypto companies globally. Ledgible Crypto Tax Pro is used by thousands of firms to make tax reporting easy for their professionals and clients. For more information, visit ledgible.io. About EJF EJF is a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China. As of March 31, 2022, EJF manages approximately $5.1 billion across a diverse group of alternative asset strategies. EJF has approximately 80 employees, including a seasoned investment team of approximately 30 professionals with significant experience in banks, financials, fintech, and real estate. The firm was founded in 2005 by Manny Friedman and Neal Wilson and has focused on regulatory event-driven investment themes since inception. Contact: Jan Jahosky jan@ledgible.io 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

On June 4, 2022, the Bored Ape Yacht Club (BAYC) Discord server was compromised and a phishing scam targeted non-fungible token (NFT) collectors holding BAYC, Mutant Ape Yacht Club (MAYC), and Otherside NFTs. According to an analysis by the Web3 and blockchain auditing and security firm Certik, the BAYC Discord server attacker may have been involved in previous phishing attacks. Blockchain Security Firm Certik Analyzes the BAYC Discord Phishing Attack While many NFTs are very expensive, it makes them all the more worthwhile for malicious attackers to steal them. This week the Bored Ape Yacht Club (BAYC) Discord server was breached and an attacker used a phishing scam to lure victims. Certik, the Web3 and blockchain auditing and security firm, published an analysis of the attack and from the company’s account, the attacker may have been involved with previous phishing attempts. The attack occurred on Saturday and a total of 32 NFTs valued at roughly $360K were stolen from blue-chip NFT holders. The NFTs stolen stemmed from the Bored Ape Yacht Club (BAYC), the Bored Ape Kennel Club (BAKC), Mutant Ape Yacht Club (MAYC), and NFTs from the Otherdeed collection. Certik’s report says the phishing site was a “carbon copy of the official projects website, yet with subtle differences.” There were no social media links on the site and there was a tab added titled “claim free land.” After some victims were hooked by the phony phishing ad, the attacker received a number of NFTs and then proceeded to sell them. The attackers managed to acquire 142 ether and Certik notes that it is likely 100 ETH was sent to the mixing application Tornado Cash. Certik summarizes why the researchers believe some evidence shows that a fraction of ether the hacker acquired was sent to Tornado Cash and possibly sent to one address. “Whilst it’s impossible to be certain that the 99.5 ETH redeemed by 0x2917… are the funds associated with today’s attack, it is certainly probable that these are the stolen funds post mixer due to the 20.5 ETH being sent to the depositor address,” Certik’s report notes. The Certik researcher’s analysis adds: The majority of the funds were sent to [Externally Owned Account (EOA)] 0x5bC1…, which is where they remain at the time of writing. The blockchain security firm says that links indicate that 0x5bC1 is likely “not only associated with the BAYC phishing attack today, but also previous phishing attacks.” The company mentioned the fact that BAYC was targeted on April 25, 2022, when an attacker compromised the NFT collection’s Instagram account. At that time, the hacker got away with 888 ether worth of non-fungible tokens by posting a scam link to a fake airdrop. “Users were prompted to sign a ‘safeTransferFrom’ transaction,” Certik’s report concludes. Prior to the Instagram exploit at the end of April, on the first day of April, Mutant Ape Yacht Club #8,662 was stolen via a phishing scam posted to the Discord channel. The celebrity Seth Green recently fell victim to a phishing attack and lost his Bored Ape to the scam. Bored Ape #8,398 called “Fred” was supposed to play a role in Green’s new series called “White Horse Tavern.” What do you think about the recent BAYC phishing scam? Let us know what you think about this subject in the comments section below. View the full article

SOL neared a ten-month low on Tuesday, as bears returned to crypto markets during the session. Following a strong start to the week, markets turned red, with AVAX being another token to fall victim to the latest red wave. Solana (SOL) SOL was back in the red on Tuesday, as today’s sell-off pushed prices closer to their lowest point since August last year. Following a peak of $42.99 to start the week, SOL/USD slipped to an intraday low of $37.78 earlier today, which is roughly 11.50% lower than yesterday’s high. Tuesday’s drop sent SOL back towards its long-term support point of $38.10, and slightly closer to its ten-month low below this floor at $35.50. Looking at the chart, the sell-off took place following a failed breakout attempt of the 39 level on the 14-day RSI indicator. As seen from the index, this point has acted as a resistance level in recent weeks, and has not moved beyond that mark since May 5. So far, SOL bulls have fought off bears to prevent a full-on break of the $38.10 floor, however should relative strength continue to decline, then a breakout will likely occur. Avalanche (AVAX) AVAX was another notable mover on Tuesday, as bearish pressure sent the world’s fourteenth-largest crypto token lower. Less than 24 hours after hitting a high of $26.58, AVAX dropped by $3 in today’s session, falling to a low of $23.24 in the process. Like SOL, today’s drop in price saw AVAX/USD move to a support level, in this instance the $22.70 point. This level is also slightly above a ten-month low, which for AVAX is at $21.11, a low which came just over two weeks ago. Despite being so close to this position, prices continue to consolidate, however it is likely that traders have already placed orders, should they receive any further bearish signals. This could occur if the Relative Strength Index falls below 36.80, which appears to be a point of support. Will we likely see new multi-month lows in both AVAX and SOL this week? Let us know your thoughts in the comments. View the full article

Bitcoin miners may catch another break this week as the network’s mining difficulty is estimated to see a reduction tomorrow. Every two weeks Bitcoin’s difficulty adjustment algorithm (DAA) changes, and during the last DAA change, the difficulty dipped by 4.33%. Currently, at 235 exahash per second (EH/s), the network is expected to see a DAA reduction of 0.51% from today’s metric. This Week’s Bitcoin Mining Difficulty Change Is Expected to Drop Lower On June 7, 2022, there’s one more day until the next DAA change and it’s expected to drop lower when the shift commences. The DAA changes every 2,016 blocks or roughly every two weeks, and after block height 735,840, it was the highest difficulty rating ever recorded at 31.35 trillion. Essentially, if blocks are mined quicker than expected, the DAA increases and if the blocks mined were slower during the two-week period, the difficulty decreases. After the all-time high (ATH) at 31.35 trillion, the last DAA shift at block height 737,856 dropped by 4.33%, bringing the current difficulty parameter down to 29.90 trillion. When the difficulty drops, it is a lot easier to find bitcoin block rewards, and when the DAA metric increases, it is a lot harder for bitcoin miners to find BTC block rewards. The DAA retarget is more than 160 blocks away and is expected to change tomorrow, June 8, 2022. If the expected 0.51% drop comes to fruition, the difficulty will be 29.75 trillion for two weeks following the DAA change. Bitcoin’s hashrate has been running at a fast pace after reaching an ATH of 275 EH/s on May 2, but since then it has not run higher than the lifetime record. In fact, as the price slipped lower toward the end of May, the hashrate had temporarily dipped under the 200 EH/s zone. While a DAA shift downward is expected, during the last three days, 445 BTC block rewards were mined into existence. Foundry USA captured the most blocks during the past three days, as it found 105 out of the 445 BTC block subsidy rewards. Foundry’s hashrate represents 23.6% of the global hashrate or 49.70 EH/s of processing power. Antpool is the second largest mining pool in terms of hashrate as the pool snagged 78 block rewards during the 72-hour period. Antpool has 36.92 EH/s dedicated to the BTC blockchain, which equates to 17.53% of the global hashrate. There are 14 known pools dedicating hashrate to the BTC chain and 0.45% of the global hashrate or 946.74 petahash per second (PH/s) belongs to unknown or stealth miners. Profits have dropped a great deal, as the most powerful ASIC mining device, Bitmain’s Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s), gets an estimated $9.80 per day. That figure includes paying $0.12 per kilowatt-hour (kWh) and the current difficulty at 29.90 trillion. The Microbt Whatsminer M50S with 126 TH/s and electrical costs at $0.12 per kWh, can make an estimated $6.78 per day in BTC profits. Many of the ASIC mining devices manufactured before 2021 are making $5 or less per day in profits, at current BTC exchange rates. What do you think about the current state of bitcoin mining and the upcoming difficulty adjustment algorithm change expected this week? Let us know what you think about this subject in the comments section below. View the full article

Following a move towards $32,000 to start the week, BTC was fighting to stay above $29,000 during Tuesday’s session. The red wave which captured bitcoin bulls, also overcame ETH, pushing prices nearly 8% lower, as of writing. Bitcoin Following a strong start to the week, bitcoin was once again trading lower, as prices dropped below the $30,000 mark. Tuesday’s selloff saw BTC/USD slip to an intraday low of $29,311.68, which is over 7% lower than yesterday’s peak at $31,693.29. After breaking out of its $30,500 ceiling on Monday, prices were unable to penetrate the higher resistance point of $31,550, which was an entry point for bears. Looking at the chart, today’s candlestick appears to be a bearish engulfing candlestick, which has wiped out the precious three days of gains. Although prices are still trading above $29,000, should this floor break, then the target will likely be the $28,800 support level. As of writing, the 14-day RSI is tracking at 44.20, with its own support point fast approaching at the 43.30 mark. Should this be broken, the bears will likely reach their price target. Ethereum ETH continues to hover lower to start the week, with prices today dropping to their lowest point in almost a fortnight. The world’s second largest crypto token fell by nearly $2,000 in the last 24 hours, hitting its lowest point since May 28. Tuesday’s intraday low in ETH/USD saw it drop to a bottom of $1,729.41, breaking below its floor of $1,750 in the process. Since hitting this floor, prices of the token have since rebounded, and as of writing the asset is trading marginally above support at $1,761.81. Overall, prices are 6.71% lower than Monday’s high, with bearish momentum going from strength to strength. Should we see this pressure extend, it is likely that ETH will be trading into the $1,600 range in the next few sessions. Will ETH fall below its $1,750 floor this week? Leave your thoughts in the comments below. View the full article

A Chinese prosecutor is reported to have given a thumbs up to the arrest of a listed big data company director accused of embezzling $8 million and using the funds to buy bitcoin mining rigs. Although Li Qunnan has denied the allegations, executives insist their evidence implicates him. Director’s Unsanctioned Use of Funds Discovered in November 2021 A prosecutor in Beijing, China, has reportedly approved the arrest of a former director of a listed big data firm who is accused of using fraudulently acquired funds to purchase bitcoin mining rigs. According to the company’s filings with Shanghai Stock Exchange, the director, Li Qunnan, is alleged to have embezzled about $8 million (55.53 million yuan) from Zhongchang Big Data. As per one Chinese language report, Qunnan, a former chairman of Zhongchang Big Data, is thought to have misappropriated funds during his tenure as a senior executive of the company. Zhongchang Big Data claimed it only became aware of the director’s unsanctioned activities in November 2021 when the company’s new management carried out an “inspection of the subsidiary companies to standardize the corporate governance.” After the inspection outed Qunnan as the culprit that had been misappropriating funds, the former director is reported to have sent a statement to Zhongchang executives in which he denied the allegations. Company Funds Used to Pay for Hosting Fees However, despite Qunnan’s denial, Zhongchang executives have insisted that he is the culprit and have produced evidence to support their assertion. For instance, the executives allege that between January to September 2021, their company paid for “servers” worth $4.1 million, but these do not appear in its books. Upon inspection, the servers were found to be “Whatsminer mining machine (model: M31S-76T44W), supercomputing server (model S10Pro),” the report said. Besides paying for the bitcoin mining machines, Zhongchang claimed the former director also used the company’s funds to pay for the hosting fees which totalled $3.8 million. Meanwhile, the report said Qunnan has refused to cooperate with investigators and is currently thought to be out of the country. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Bitso, the Mexico-based cryptocurrency exchange, has announced a new partnership with Addem Capital, a debt fund that provides startups and other companies with financing options. The cryptocurrency exchange will process payments for the fund and provide conversion functions, allowing it to accept cryptocurrency as part of its payment options. Bitso Partners Addem Capital to Allow Latam Users to Invest With Crypto Cryptocurrencies are starting to be included more and more in traditional financial structures in the world and also in Latam. Bitso, a Latam-based exchange, announced a partnership with Addem Capital, a Mexican debt fund that allows startups to get access to financing structures. On the importance of these decentralized finance methods, Pedro Cetina, co-founder and managing partner of Addem Capital, stated: Cryptocurrencies and DeFi protocols have the potential to become a driver for financial inclusion in Latin America. Our model intrinsically has some operational complexity, cryptocurrencies come to revolutionize the model through which we operate. According to Addem Capital’s vision, cryptocurrencies can make the VC funding market for tech companies in Latam grow more — a market that reached $15 billion in 2021, according to a joint statement. Bitso’s Function Bitso, as a crypto exchange, will perform the function of a payments provider, receiving the cryptocurrencies from investors, and allowing Addem to convert them to fiat currencies depending on its needs. This will ease the tasks that Addem needs to fulfill related to compliance, with the exchange taking care of KYC (Know Your Customer) and other related procedures. On the vision that Bitso has regarding the use of crypto for these purposes, Carlos Lovera, business development leader at Bitso, stated: We understand the great opportunity that cryptocurrencies offer us to revolutionize various sectors, giving entrepreneurs access to investment tools and capital in a faster, simpler and more transparent way, allowing their local development to prosper in a global economy. Even during the current market downturn, Bitso has announced new yield products that allow its customers to receive an income with their stablecoin and bitcoin deposits, seeking to offer more opportunities for customers to increase their wealth during these high inflation times. However, the company has also been affected by the situation, laying off 80 employees of its 600-employee workforce as part of its long-term business strategy. What do you think about the partnership between Bitso and Addem capital? Tell us in the comments section below. View the full article

Citigroup CEO Jane Fraser warns that a recession is more likely in Europe than in the U.S. Nonetheless, she stressed that it is not easy for the U.S. to avoid a recession. Citigroup’s CEO on Global Recession Citigroup CEO Jane Fraser warned about the health of the global economy Friday, Reuters reported. Citi is the third-largest and most globally-focused U.S. bank. Speaking at an investor conference in New York, she talked about how “the three Rs” are affecting the global economy, stating: “It’s rates, it’s Russia, and it’s recession.” Fraser explained that Europe’s energy problems are “really having an impact on a number of companies in certain industries that are not even competitive right now.” She added that “some of them are shutting down operations … because of the cost of electricity and the cost of energy.” The Citi executive opined: Europe definitely felt more likely to be heading into a recession than you see in the U.S. Major central banks are already planning interest rate hikes to fight against inflation, preparing for the first round of global quantitative tightening. The move is expected to restrict credit and add stress to an already-slowing world economy. Commenting on the European Central Bank (ECB) action, Fraser said: “It feels like the ECB is a few months behind where the Fed has been in getting its arms around inflation and without quite the same flexibility that U.S. has.” In the U.S., Fraser said the question is more about interest rates than recession. However, she noted that it will be difficult for the U.S. to avoid a recession, stating: It’s certainly not our base case that it will be, but it’s not easy to avoid either. On Wednesday, JPMorgan & Chase CEO Jamie Dimon said an economic “hurricane” is coming our way, advising investors to brace for impact. Goldman Sachs President and Chief Operating Officer John Waldron warned of unprecedented economic shocks and tougher times ahead. Furthermore, Tesla CEO Elon Musk said he has a “super bad feeling” about the economy, prompting President Joe Biden to respond. Musk also said we are likely in a recession that could last 12 to 18 months. What do you think about this the comments by Citigroup’s CEO? Let us know in the comments section below. View the full article

The U.S. Department of Labor has been sued by a 401(k) plan administrator over its cryptocurrency guidance. “This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts.” U.S. Labor Department Sued Over Crypto Guidance The U.S. Department of Labor (DOL) and Secretary of Labor Martin J. Walsh have been sued over the department’s Compliance Assistance Release No. 2022-01. The guidance, titled “401(k) Plan Investments in ‘Cryptocurrencies,'” was issued on March 10. The lawsuit alleges that the Labor Department breached its statutory purview by threatening “an investigative program” aimed at plan sponsors that offer digital assets. According to the court document: This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts. The plaintiff is Forusall Inc., which provides administrative and other services to retirement plans. The company claims to be “the first company to announce that it would make cryptocurrency available to 401(k) plan participants through a self-directed window,” the lawsuit details. The complaint states: DOL’s issuance of the Release was arbitrary, capricious, and otherwise not in accordance with law, and in excess of DOL’s statutory jurisdiction, authority, or limitations, and is therefore ‘unlawful and [shall be] set aside.’ Following the Labor Department’s crypto guidance, Fidelity Investments Inc. announced that it will allow bitcoin in 401(k) accounts. Fidelity’s decision troubled the Labor Department. “We have grave concerns with what Fidelity has done,” said Ali Khawar, Acting Assistant Secretary of the Labor Department’s Employee Benefits Security Administration. The financial services firm’s decision to allow bitcoin in 401(k) retirement accounts also raised concerns among some lawmakers, including U.S. Senator Elizabeth Warren (D-MA). She subsequently sent a letter to Abigail Johnson, the CEO of Fidelity Investments, questioning the financial services giant’s plan to allow bitcoin investments in 401(k) accounts. Some lawmakers, on the other hand, are worried about the Labor Department’s attempt to prevent Americans from investing in crypto assets for retirement. Responding to the DOL’s crypto guidance, U.S. Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act. The lawmaker described the bill as “legislation to prohibit the U.S. Department of Labor (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.” What do you think about this lawsuit against the Labor Department? Let us know in the comments section below. View the full article

Tesla and Spacex CEO Elon Musk believes that Twitter is in material breach of the merger agreement with him, so he has the right to terminate the deal. The social media giant has refused to provide critical information relating to spam and fake accounts on its platform, Musk’s legal team explained. Elon Musk Could Terminate His $44 Billion Twitter Buyout Offer In a letter sent to Twitter Inc. Monday, which was also filed with the U.S. Securities and Exchange Commission (SEC), Elon Musk’s legal team wrote: Twitter has … refused to provide the information that Mr. Musk has repeatedly requested since May 9, 2022 to facilitate his evaluation of spam and fake accounts on the company’s platform. “Mr. Musk has made it clear that he does not believe the company’s lax testing methodologies are adequate so he must conduct his own analysis,” Musk’s lawyer added. The letter notes that Twitter is required to provide the data Musk asked for under the merger agreement. Musk’s legal team further argued that the requested data is necessary to form a complete and accurate understanding of Twitter’s active user base, which is “the very core of Twitter’s business model.” The Tesla CEO suspects that Twitter’s refusal to comply with the merger agreement obligations could mean “the company is withholding the requested data due to concern for what Mr. Musk’s own analysis of that data will uncover,” the lawyer detailed. Furthermore, the Spacex boss believes that Twitter is “actively resisting and thwarting his information rights … under the merger agreement,” the letter describes, adding: This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement. According to Twitter’s proxy statement in April, Musk rushed to give his “best and final” offer of $44 billion without carrying out any due diligence. “Mr. Musk did not ask to enter into a confidentiality agreement or seek from Twitter any non-public info regarding Twitter,” the social media company said in its proxy. Twitter has used this reason to refuse Musk’s request for data. On Monday, a Twitter user explained that the social media giant can be liable for the omission of or misleading material facts. He clarified that waving due diligence does not mean you have to accept fraudulent disclosure, such as an understated number of spam bots. Musk concurred, tweeting: “Correct.” Musk has been complaining about spam bots on Twitter for quite some time. He called it the “single most annoying problem” on Twitter, promising to solve the problem if he is successful in taking over the platform. “If our Twitter bid succeeds, we will defeat the spam bots or die trying!” he affirmed. Since his offer was accepted by Twitter, Musk has been discussing how to solve the spam bot problem on the platform, including using the meme cryptocurrency dogecoin. However, he announced last month that his Twitter buyout deal has now been put on hold, tweeting: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” Musk believes that 20% or more of users are bogus. According to the merger agreement, Musk will have to pay Twitter a $1 billion fee if he terminates his $44 billion cash deal for the social media company. However, this changes if Twitter is in breach of the agreement. Wedbush analyst Dan Ives believes that Musk is looking to terminate the deal with the social media company. Noting that Twitter will fight the accusation, he tweeted Monday: Our view: Musk looking to walk away from deal. Do you think Twitter is hiding something? And, do you think Elon Musk should walk away from the deal? Let us know in the comments section below. View the full article

On June 6, the Web3 entertainment company Gala Games announced that the Wild West-focused battle royale blockchain game Grit will soon be available via the Epic Games Store and accessible to 194 million users. The well known company Epic Games is the producer of the Unreal Engine and the popular online video games Fortnite and Gears of War. Blockchain-Powered Grit Gets Added to the Epic Games Store — Gala Games Exec Says Epic Listing Brings Legitimacy to This New Genre of Gaming The Epic Games Store currently hosts a blockchain video game called Grit, a Wild West-based battle royale game built using the Unreal Engine. Grit players face a gang of gunslingers “in epic showdowns and shootouts” and the game features over 400 types of old-school guns. The game crafted by the Web3 entertainment firm Gala Games is listed on the Epic Games Store but the description notes that Grit is “coming soon.” Gala Games is also behind the Web3 first-person-shooter (FPS) Last Expedition, and the Gala Music platform. The Web3 business also has plans to launch a non-fungible token (NFT) esports game called Spider Tanks. Epic adding a blockchain-based game to its popular gaming store is a milestone according to John Osvald, the president of games at Gala Games. “Epic is a pioneer and visionary in the video game industry. Gala Games’ titles being available on the Epic Game Store brings legitimacy to this new genre of gaming,” Osvald said in a statement published on Monday. Osvald added: Easy access to Web3 games is a turning point for those players who have not yet seen how digital ownership can enrich the gaming experience. Gala Games Launches ‘The Gunslinger Box’ Sale for Grit at Galaverse Event in Malta Additionally, Gala Games is currently hosting the Galaverse event in Malta from June 6-9, 2022. The company is offering a sale called “The Gunslinger Box,” which unlocks one of the 10,000 Grit avatars. Each Grit avatar features in-game perks and generative attributes, the announcement on Monday discloses. The Galaverse event will also disclose a number of other Grit announcements during the three days. “Here at Team Grit we are invested in this new ecosystem and see all the value that Web3 can bring to the gameplay experience,” Jon Mavor, the chief technical officer at Team Grit remarked. “We are excited to be working with Gala Games and by our presence on the Epic Games Store. Web3 will make players’ experiences in the Wild West even better.” What do you think about a blockchain game being listed on the Epic Games Store? Let us know what you think about this subject in the comments section below. View the full article

After climbing to $11.33 per unit seven days ago on May 30, Terra’s new LUNA 2.0 token has lost more than 56% in value against the U.S. dollar. Amid the market performance, a number of former Terra-based decentralized finance (defi) projects are transitioning over to the new Phoenix-1 blockchain. 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. Fatman alleges Kwon and TFL have access to shadow wallets with 42 million new LUNA tokens. LUNA 2.0 Token Sheds 56% Since Last Week’s Price High, Terra Defi Apps Join the New Phoenix Blockchain Last week, the price of Terra’s LUNA 2.0 token was in better standings as the value crept up to $11.33 per unit last Monday. Since then, however, LUNA is down 56.92% since the high on May 30, 2022. Today, 24-hour price range statistics indicate that LUNA has ranged between $4.84 to $5.46 per coin. Out of more than 13,400+ cryptocurrencies in existence today, LUNA’s market capitalization is ranked 2,806 and it has seen $380 million in global trade volume during the last 24 hours. The top five trading pairs with LUNA on June 6, 2022, includes USDT, USD, EUR, USDC, and ETH respectively. Amid the market performance during the last week, a number of defi applications that were once very prominent apps on Terra are prepping to re-join or have already joined the new 2.0 system. This includes Terra defi apps like Valkerie Protocol, Leap Wallet, and Astroport. The Terra Twitter page recently explained that the Terra Bridge Version 2 is now live and with the latest version, “users can transfer assets to [and] from Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, [and] Juno.” The Terraform Labs co-founder Do Kwon tweeted about the decentralized exchange (dex) Phoenix and the staking derivative application Stader launching on Terra 2.0. Terra Whistleblower Accuses Do Kwon and Terraform Labs of Owning Shadow Wallets While Terra community members rebuild the obliterated blockchain ecosystem, the whistleblower Fatman continues to accuse Terraform Labs and Do Kwon of manipulation. On June 6, Fatman said that Terraform Labs and Do Kwon allegedly have shadow wallets, even though the team promised specific wallets like the Luna Foundation Guard’s and TFL’s wallet would be blacklisted from the LUNA 2.0 airdrop. “Do Kwon has stated numerous times that TFL has zero new LUNA tokens, making Terra 2 ‘community-owned,’” Fatman tweeted. “This is an outright lie that nobody seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200m, and they’re lying through their teeth.” Fatman also disclosed five wallets he suspects are shadow wallets which include 1, 2, 3, 4, and 5 Terra-based addresses. The five wallets hold 42.81 million LUNA 2.0 tokens and Fatman claims there are many other wallets. Three out of the five wallets have moved LUNA while the other two have remained inactive. “[Do Kwon] used his shadow wallet to approve *his own proposal* through governance manipulation (TFL is not supposed to vote), told everyone it would be a community-owned chain, and then gave himself a nine-figure score. These are just the verified wallets – there are many others,” the whistleblower wrote. However, in another Twitter thread, Fatman detailed that there’s a possibility Terra 2.0 could become a community-owned blockchain. But Fatman wholeheartedly believes Terraform Labs (TFL) is not letting this concept come to fruition. “Terra 2 may succeed as a truly community-owned chain, but it appears TFL is hell-bent on making sure this doesn’t happen,” Fatman said. “I hope things change, but multiple builders are reporting that the chat is in complete disarray and there is a lot of pent-up resentment towards [Do Kwon].” What do you think about LUNA’s market performance this week and the accusations tied to Do Kwon, TFL and alleged shadow wallets? Let us know what you think about this subject in the comments section below. View the full article

15 months ago the price of one ounce of fine gold was $1,790 per ounce and since then, it has increased in value 3.51% to today’s $1,853 per ounce exchange rate. While gold has risen in value, the top two tokenized gold coins have grown significantly since then. Pax gold (PAXG), for instance, has seen its market capitalization grow 407% since February 26, 2021, and Tether’s XAUT market valuation swelled by 248% since that day. Presently, PAXG’s and XAUT’s market capitalizations combined equate to just over $1 billion in value. Pax Gold Today, there’s just over $1 billion in tokenized gold coins between the top two gold token blockchain projects. The first project, with the largest market capitalization, is pax gold (PAXG) with its $620 billion valuation. The asset-backed coin called PAXG is an ERC20 token built on Ethereum and a single PAXG equates to one fine troy ounce (t oz) London Good Delivery gold (LBMA). PAXG is issued by Paxos and owners can redeem PAXG “for LBMA-accredited Good Delivery gold bullion bars” with a minimum redemption amount of 1 t oz. Archive.org statistics indicate that PAXG was the second largest tokenized gold coin at the end of February 2021, with a $122 million market capitalization. Today, PAXG holds the number one position in terms of tokenized gold coins by market capitalization and it has grown 407% during the last 15 months. The price of gold has only increased 3.51% since that day from $1,790 to $1,853 per t oz. This means most of PAXG’s growth stems from coins minted into circulation. On February 26, 2021, PAXG’s valuation was only $122 billion and that day saw $16.9 million in 24 hour global trade volume. PAXG’s $620 billion valuation today saw $11 million in 24-hour global trade volume. PAXG’s most popular trading pair is tether (USDT) as the token captures 69% of all pax gold swaps. The tokenized gold coin issued by Paxos has also seen 12.67% of all trades with the stablecoin BUSD, and bitcoin (BTC) is PAXG’s third most traded pair with 12.05% of all trades during the past 24 hours. Other notable PAXG pairs include WETH (3.09%), BNB (1.21%), USD (1.08%), and EUR (0.79%). The top exchanges recording the most PAXG trading volume include Binance, Kucoin, Crypto.com, Binance USA, Gemini, Bybit, Bithumb Global, FTX and Coinex. While PAXG is now the top tokenized gold coin by market valuation, Tether’s XAUT is not too far behind. Tether Gold Everyone knows that Tether issues the stablecoin USDT and it’s widely known the stablecoin is the largest by market capitalization. However, its not commonly known that Tether issues other asset-backed coins that hold the redemption value for a few fiat currencies. Tether also issues a token called tether gold (XAUT) and currently it is the second largest tokenized gold coin by market capitalization. At the time of writing, XAUT’s overall valuation is $458 million and it has seen $1.45 million in global trade volume during the past 24 hours. Tether’s XAUT website states that a single XAUT is equal to 1 t oz that meets LBMA standards. Tether says it offers “multiple redemption options” and notes that “holders of XAUT can make a redemption request in the form of physical gold so long as holders have completed TG Commodities Limited’s verification process and hold the required minimum number of XAUT.” On February 26, 2021, Tether’s tokenized gold coin XAUT had a market valuation of around $131 million and 24-hour global trade volume that day was $1.6 million. Since then, XAUT’s market valuation grew by 248% to today’s $458 million market cap. PAXG and XAUT Have a Combined Value of $1 Billion There are a few more asset-backed tokens that leverage the values and backing of precious metals held in vaults, but PAXG’s and XAUT’s market caps are giants in comparison. The two of them combined are valued at just over $1 billion based on the number of coins issued and the current value of gold. According to data, there are 333,601 PAXG tokens in circulation today and 246,524 XAUT. In terms of gold’s overall market valuation of $11.795 trillion, PAXG’s and XAUT’s market caps are specks of sand in comparison. Among the crypto economy’s 13,400+ cryptocurrencies, PAXG’s valuation is ranked 86, while XAUT’s market cap is ranked 112. What do you think about the top gold tokens capturing a market valuation of just over $1 billion and the growth they have seen in 15 months? Let us know what you think about this subject in the comments section below. View the full article

Kalush Orchestra, the winners of the Eurovision Song Contest 2022, have successfully auctioned off an NFT for charity. The auction was held on MetaHistory — the official Ukrainian charitable NFT museum – and raised $900,000 in cryptocurrency for Ukraine. MetaHistory and Kalush Orchestra’s NFT Charity Auction The largest European crypto exchange originating from Ukraine, WhiteBIT took home the iconic crystal microphone trophy. The auction on the MetaHistory platform raised $900,000 with the Eurovision Song Contest 2022 prize sale. WhiteBIT simultaneously broke two Ukrainian records. They made the most expensive (500 ETH) purchase of NFT and it’s the largest amount of donation during the live stream. The company has a goal to spread blockchain technology and expand the cryptocurrency community, and perhaps it was this that inspired them to establish a record and give the largest donation to support their country with cryptocurrency. “WhiteBIT is grateful to the global community for supporting our country during this difficult time. As Ukrainians, we want our Western partners to know that Ukrainian businesses and entrepreneurs are also investing all their resources to maintain the fighting ability of our brave soldiers. The decision to donate in this auction, organized by the Kalush Orchestra, was completely conscious and thought-through. Indeed, $900,000, even for a crystal microphone, is a lot. But $900,000 to help the Armed Forces is only a small portion of the full contribution of all Ukrainians towards our common victory,” – said Volodymyr Nosov, CEO of WhiteBIT. At the same time, Kalush and MetaHistory’s ambitious collaboration does not end there. Co-founders of the Kalush Orchestra, the Ukrainian music label ENKO has begun production of a music NFT album with invited famous Ukrainian and foreign artists. All funds raised also will go to support Ukraine. “Enko always tries to be ahead of others, this determines the leader. Therefore, I am very glad that we became an co-creator in such a historic event and record in the form of a result. I am grateful to the crypto-community and personally to Vladimir Nosov of Whitebit for such a strong gesture. I especially want to mention MetaHistory, because I express my gratitude to VK for his proposal to do this event together. I can only add that Enko, MetaHistory and OhMyGod agency are planning something that will break all the patterns and limits. Stay tuned,” – said Kateryna Dmytrenko, CEO Enko music label (Kalush Orchestra label). The team of the community agency OhMyGod helped with the marketing of this event and supported the charitable initiative. We have no words, but we have 900 000$ for support of Ukraine! Auction is closed, crystal trophy of the Eurovision 2022 go to @whitebit. Congratulations!🎉 Kalush, it’s your second victory! All funds will be given to the Charitable Foundation of @serhiyprytula 🇺🇦 pic.twitter.com/6bLfdPsaMs — Meta History: Museum of War (@Meta_History_UA) May 29, 2022 With this latest move Ukrainians are once again demonstrating the benefits of NFT. In March, MetaHistory successfully launched its NFT collection of artworks, raising $800,000 in donations for Ukraine. The unique MetaHistory platform dispels stereotypes about NFTs and promotes them as timeless and significant modes of communication with the world. The platform shows an example to the whole world that NFTs can be useful, and their momentum to become a national NFT platform is increasing. “As the founder, I am happy about the historic event that took place on the MetaHistory platform, because so far no one has minted the Eurovision trophy before. I am grateful to the crypto-community and personally Volodymyr Nosov CEO of Whitebit, for their participation and passion to win. The money raised will definitely be part of a joint effort to help our homeland in this terrible aggression. MetaHistory will continue to develop its work to show the world that NFT can be more than a speculative asset,” – said VK, the CEO of MetaHistory. View the full article

Non-fungible token (NFT) sales are down a great deal, as 30-day statistics show NFT sales recorded last month saw just over $4.6 billion settled but today, sales are down 65.43% to $1.59 billion. Furthermore, Google Trends data indicates that interest in NFTs has dropped to the lowest point since the first week of October 2021. From $4.6 Billion to $1.5 Billion — NFT Sales Slide More Than 65% Lower Than the Month Before Over the last two years, non-fungible tokens (NFTs) have become very popular and a billion-dollar industry in a relatively short period of time. However, in recent times NFT interest and sales have been slashed significantly, and monthly NFT sales metrics show a gradual decline during the past few months. For example, 30-day NFT sales statistics from the analytics web portal cryptoslam.io reveal that NFT sales have dropped 65.43% since last month. The month prior, $4.6 billion in NFT sales were recorded across 17 different blockchains, but over the last 30 days, only $1.59 billion in NFT sales were settled. NFT sales stemming from the Ethereum blockchain were the most dominant, capturing $1.31 billion out of the $1.59 billion settled. However, ETH-based NFT sales are down 67.99% among 250,925 buyers and 1,047,363 transactions. Many other blockchains have seen massive NFT sales declines over the last 30 days, as Polygon NFT sales dipped 70.86%, Ronin’s non-fungible token sales dropped by 70.26%, Wax blockchain NFT sales saw a decline of around 43.89%, and Avalanche’s non-fungible token sales are down 91.43%. Palm-based NFT sales are down 60.59%, Cronos has lost 76.09% in non-fungible token sales, and Arbitrum NFT sales have slid 66.74% since last month. The top NFT collection last month in terms of overall sales volume was Otherdeed’s $143,562,582 in sales, but that metric is down 82.25% lower than the month prior. Bored Ape Yacht Club (BAYC) was the second largest collection in terms of NFT sales with $119 million recorded. But BAYC’s overall NFT sales have dropped 62.44% lower than the month before. Out of the top five, the Azuki and Goblintown NFT collections were the only projects that saw 30-day gains. Goblintown sales were not recorded the month prior and Azuki sales climbed 31.56% higher. Mutant Ape Yacht Club was also a top-five contender but the $74.5 million in sales are down 76.77% lower than the month before. Otherdeed, Bored Apes Dominate Last Month’s Most Expensive NFT Sales — Google Trends Data Shows NFT Interest at Lowest Point Since October 2021 Google Trends (GT) data worldwide indicates that this week the search term “NFT” has slid to its lowest point since the first week of October 2021. Weekly statistics for the week of May 29 through June 4 show the search term “NFT” has dropped down to a score of 23 out of 100. The last time NFT interest was this low, at least according to GT query metrics, was during the week of October 3 through October 9. The search term “NFT” tapped a high score of 100 during the week of January 16 through January 22, 2022, but search interest has been dropping lower ever since that day. Out of the top-five most expensive NFT sales during the past 30 days, three of the sales stemmed from the Otherdeed collection. The sales include Otherdeed #17,164 which sold for 601 ether or $1.14 million, Otherdeed #66,813 which sold for 303 ether or $776K, and Otherdeed #55,197 which sold for 214 ether or $563K. Other NFTs included in the most expensive NFT sales during the last month include Ken Hicks (Token ID: 6,908) that sold for 332.52 ether or $849K, and Bored Ape #1,725 which sold for 250 ether or $584K. Out of the top-20 most expensive NFTs sold in 30 days, other collections include Clonex and Ken Hicks, but 18 of the 20 most expensive NFTs sold come from the Otherdeed and BAYC NFT compilations. What do you think about the last 30 days of NFT sales declining more than 65% lower from the month prior? Let us know what you think about this subject in the comments section below. View the full article

Crypto markets were mainly in the green to start the week, with several assets climbing by double digits on Monday. One of these was ADA, which rose by as much as 13% today. THETA also climbed higher, gaining nearly 15%. Cardano (ADA) ADA was one of the most notable movers on Monday, as prices surged back towards a long-term resistance level. Monday saw ADA/USD rally to an intraday high of $0.6435, which is the highest point it has reached since May 31. This move, which started at support of $0.5560, saw prices climb all the way to resistance at $0.6430 to start the week. The surge comes as price strength has rapidly increased, with the 14-day RSI now trading above a ceiling of its own at 54. As of writing, the index is at 55.33, which is its highest reading since April 6, and a positive sign that momentum in ADA could finally be changing. Overall, ADA is still down nearly 85% from its all-time high in September last year. Theta Network (THETA) THETA was also trading higher to start the week, climbing by as much as 15% during Monday’s session. Monday’s rally saw prices reach an intraday peak of $1.38, which comes less than 24-hours since price was at a low of $1.20. This move saw THETA continue to climb away from support around $1.15, and instead move closer to resistance at $1.40. As seen from the chart, this ceiling hasn’t been broken in almost one month, however after today’s gain, bulls look set to test this point. Price strength is also at a resistance point of 44.40, which is the most it has traded in over two months. Should it finally break above this point, then we could potentially see bulls attempting to push prices towards the $1.50 level. Will we see any further rallies in THETA this week? Let us know your thoughts in the comments. View the full article

Following a weekend which saw bitcoin trading mainly in the red, prices rebounded to start the week. BTC was once again above $30,000 on Monday, while ETH climbed by over 5%. Bitcoin The world’s largest cryptocurrency was trading higher on Monday, as prices once again rose above the $30,000 level. Following a low of $29,574.45 on Sunday, BTC/USD rallied to a peak of $31,342.18 earlier in today’s session. This move comes after the interim support level of $29,500 held firm over the weekend, with bulls using this as a point of re-entry. Looking at the chart, prices have gone from this short-term support, to now breaking out of resistance at $30,600. Overall, BTC is now trading at a six-day high, with many now hoping to see prices climb above the next hurdle, which is the $32,500 point. As of writing, the 14-day RSI is trading at its highest level since April 6, which is also a resistance point, and unless broken, we may see today’s gains ease as the week progresses. Ethereum ETH also rebounded to start the week. However, prices continue to trade below $2,000 following last week’s sell-off. Last week saw ETH/USD fall below $2,000, hitting a low of $1,742 in the process, but it has since strung together back-to-back sessions of gains. As of writing, ETH has risen to an intraday peak of $1,903.99, which comes following a bottom of $1,777.13 the day prior. The move comes as the 14-day RSI has marginally broken out of its recent ceiling at 43.70, and is trading at 44.30 as of writing. Should price strength continue to increase, then we will likely see bulls making a run for the next resistance point at $1,950. Although it has not yet occurred, the potential for an upwards cross of moving averages still exists, and this could be the catalyst that takes prices back above $2,000. Do you expect ETH to climb back above $2,000 this week? Leave your thoughts in the comments below. View the full article

A recent survey has offered some insight into the real opinions Salvadorans have about the implementation of the Bitcoin Law in the country. The survey, carried out by the University Institute of Public Opinion of the José Simeón Cañas Central American University, found that most Salvadorans believe the inclusion of bitcoin as legal tender, through the approval of the Bitcoin Law last year, has not improved their personal economic situation. Salvadorans Disregard Bitcoin’s Importance to Their Finances The inclusion of bitcoin as legal tender in their country and all the changes that the Bitcoin Law has brought about are still not seen as beneficial by most Salvadorans according to a recent survey. The study, carried out by the Institute of Public Opinion of the José Simeón Cañas Central American University, published on July 2, has revealed some facts about the negative vision that citizens of the country have on this subject. When asked about which benefits the Bitcoin Law, which approved the use of bitcoin as legal tender in the country, had brought to the familiar economy of Salvadorans, 71.1% of the 1,272 citizens surveyed answered that it had brought no benefits at all for them. 12.8% believed that this measure had brought few benefits to their economic situation, while 8.9% are sure that the Bitcoin Law brought at least some benefits to their personal finances. Only 6.1% answered that bitcoin had brought a lot of benefits to them. More Bitcoin Data The survey also delved into the opinion that the Salvadoran people have about the relationship between the management of President Nayib Bukele and bitcoin in the country. The appreciation of Bukele in the country is still very good, with 68 of each 100 Salvadorans stating that the government has been managing things well in the third year of its mandate. While most Salvadorans did not identify any failure in the government of Bukele, the approval of the Bitcoin Law and the investments that President Bukele has made purchasing bitcoin were second in the items identified as failures, with 3.9% of the surveyed identifying them negatively. Another completely different survey carried out by the Center for Citizen Studies of the Francisco Gavidia University reported similar results last month, with more than half of the Salvadorans surveyed disagreeing with the approval of bitcoin as legal tender and having a preference for the dollar. What do you think about the opinion that Salvadorans have on bitcoin and the Bitcoin Law? Tell us in the comments section below. View the full article

Gate.io is building on its success and evolving to become a remarkable crypto ecological landscape for its users, its ecosystem encompassing a vast variety of digital assets that collectively offer a feature rich experience to its users. With the 9th anniversary celebrations now kicked off, Gate.io is bringing even more innovative features to its users and updating its brand to continue to deliver quality and offer excellence. Read on to know more about Gate’s ecological map and what is in-store for users as part of its 9th anniversary! The Ecological Map of Gate.io One of the several secrets to Gate.io’s success is that it was one of the first to build a comprehensive solution for users on one platform – an ecosystem of digital assets. To date, Gate.io has grown and gone through a developmental curve, updating itself and gaining several achievements based on courageous innovation, being user-centric, and focused on global market improvement. Its wide range of product and service offerings has also led to the rise of the platform’s popularity, with the platform surpassing 10 million users and exceeding $10 billion in daily trading volume. Founded in 2013, Gate.io is one of the longest-running secure exchanges in the world. Subsequently, it has grown to offer over 1400 cryptocurrencies and become a platform that provides a wealth of trading services to its users. Its portfolio of products includes Startup that allows users to invest in projects early, NFT Magic Box that allows the creation and trading of NFTs – something trendy right now, GateChain, its native blockchain system, and Gate Ventures, the venture capital investment division. There are many key features of the remarkable Gate.io ecosystem that makes it such a success in today’s market. Along with 1400 cryptocurrencies, it is also available in 400 different crypto markets. The functionality of the platform is something that makes it such a rich user-friendly experience, Gate.io is ripe with features, users can do multiple things on one platform with ease; trade-in cryptocurrency markets, margin trade with 10x leverage, margin lend or borrow funds, participate in period investment plans, invest in Blockchain Projects Discounts via Gate’s Startup platform, perpetual swap contracts and much more. Gate.io is one of the oldest exchanges and has continued to grow in an increasingly competitive and saturated market and built a reputation for quality deliverance. Gate.io has also successfully positioned itself to be a trading platform for users to trade securely. With the maturity of GateChain – Gate.io’s native blockchain system, the ecological map of Gate.io is becoming more and more complete. Along with the services mentioned earlier, Gate.io also offers other products based on GateChain, including GT, HipoDeFi, Gate Labs, Gate Grants, and others. 9th Anniversary Upgrade Gate.io’s 9th-anniversary celebrations kicked off in mid-May. To give back to its users, the Gate.io team will be launching exciting new features to reel in more users and retain its existing userbase, including the official Gate.io Lite APP, Mini APP and GameFi, along with upgrading its branding. Gate.io will launch a notable update to its mobile app that will allow users to opt for a “Lite App” version within its flagship app, offering streamlined and simplified in-app transactions for crypto trading of more than 1,400 coins and other digital assets. In addition, the Lite App’s cleaner, more user-friendly interface makes it even easier for new and existing users to invest and trade quickly and efficiently as they can access a suite of features for different crypto assets on the go. Gate.io has revealed a revamped brand identity for its logo, slogan, and color scheme, reflecting the culmination of nine years of digital asset innovation since founded in 2013. Gate.io has matured to offer a more inclusive, integrated, and unique experience with a wealth of digital asset services for over 10 million users. The rebranding also marks the beginning of a new chapter for Gate.io in the rapidly evolving and growing crypto economy, which frequently sees the platform reach the second-largest daily trading volume in the world. Say Hello to the New Logo Say hello to Gate.io’s new logo unveiled as part of the 9th anniversary celebrations. The blue and green colour combination represents integrity, reliability, and vitality. The colours reflect the brand’s nine year heritage and depict the transformational journey, demonstrating the brand’s progress in technical strength and financial experience. The logo features a 3/4 circle symbol, representing Gate.io‘s open and inclusive attitude with it’s security and stability. It consists of the circle symbol and a creative block element symbolising blockchains that form the initial G standing for Gate.io. This G is the closure of upgrade and the beginning of breakthrough, realising the dream of linking worldwide. Gate.io believes that the future of the digital world comes from innovation and progress with faith in security. The new brand logo signifies that Gate.io will embrace the booming blockchain era with a new brand image and services. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Nigerian blockchain and crypto advocacy group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) recently announced the introduction of a code of conduct for Nigerian virtual assets service providers. The code of conduct, which was initiated by the office of the President of Nigeria, applies to all Nigerian VASPs. Making the Nigerian Blockchain Industry a Safe Space The Nigerian blockchain group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has introduced what it called a code of conduct for virtual asset service providers (VASPs). The objective of the code is to help “transform Nigeria into the world’s safest and biggest blockchain space with the largest blockchain solutions, investments, and adoption.” According to a press statement released by the lobby group, when preparing the code SIBAN had considered the principles and codes that are usually applicable to VASPs such as the Cayman Islands’ Statement of Principles: Conduct of Virtual Asset Services. Also considered were the Global Digital Asset & Cryptocurrency Association’s (Global DCA) Code of Conduct as well as the recently announced guidelines for Nigerian VASPs. Collaborating With Both Regulators and Innovators In his remarks to stakeholders, the SIBAN president Senator Ihenyen said: As a pro-innovation and pro-regulation association, we must ensure that the market is not only rid of bad actors but also conducive for innovation to thrive and regulation to work. In the SiBAN community, we are more than ever before committed to collaborating with both innovators and regulators, thus ensuring that Nigeria maximizes the immense opportunities this emerging sector has in store for us all. The code of conduct, which was initiated by the office of the President of Nigeria, will be applicable to all VASPs both members and non-members of SIBAN, the statement said. Meanwhile, the head of SIBAN’s membership registration unit, Mosun Omotunde, said the introduction of the code of conduct demonstrated that the lobby group is “for an industry that balances innovation with consumer protection and investor safety.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Bitfarms, a global bitcoin mining company, has told that the price of bitcoin, above all other elements, is one of the most important factors for the future of the industry. Damián Polla, Bitfarm’s Latam General Manager, stated that countries like Argentina, where Bitfarms is currency building a bitcoin mega-mining center, were a very good destiny for bitcoin mining companies due to different factors. Falling Bitcoin Prices Constitute a Challenge Bitcoin mining companies are starting to feel the effects of the deceleration of the price of bitcoin in crypto markets. The company has declared that the fall of bitcoin prices, above all elements, is the most important problem that miners are facing right now. This has affected the company directly due to its holdings, taking its valuation from a unicorn status to a sub $500 million currently. In an interview given to local media, Damian Polla, Bitfarm’s Latam General Manager, stated: The biggest challenge facing the sector in the short term, both in Argentina and globally, is the fall in the price of bitcoin, which reduces revenues and increases operating costs. Polla also considered this fall in prices as proof of the advance of the cryptocurrency market, which he qualified as being “mainstream” in global markets due to its correlation with other traditional equity indexes. Bitfarms in Argentina The company, which has a quota of 1.5% of the global Bitcoin hashrate, has made important investments in Argentina and Paraguay. The company is currently building a Bitcoin mega farm in Argentina, that will be designed to host 55K miners with a power capacity of 210 megawatts. While other companies in the country are executing layoffs as a plan to resist the announced upcoming economic phase, Bitfarms is currently generating 200 jobs with the construction of the mentioned mining facility. Polla revealed the factors that had made Bitfarms put its investment in the country instead of taking them elsewhere. He explained: Argentina is a very good destination for an investment of this type because it offers competitive energy prices, quality human resources, and a very active cryptocurrency ecosystem. Despite the economic ups and downs, the crypto ecosystem in Argentina is a leader in the region. While the company is not currently planning new investments in the area, Polla explained that Bitfarms is always evaluating new opportunities in Argentina, Latam, and even the U.S. What do you think about Bitfarms’ opinion on the challenges of the mining sector? Tell us in the comments section below. View the full article