Blockchain-based gaming, also known as GameFi, is an up-and-coming sector that could potentially be one of the primary catalysts for kickstarting the mass adoption of blockchain technology. WEMIX, a gaming protocol that operates on the Klaytn network, aims to get in on the GameFi revolution and this week, the project’s native token (WEMIX) rallied even
Every Bitcoin investor is searching for signals that the market is approaching a bottom, but the price action of this week suggests that we’re just not there yet. Evidence of this can be found by looking at the monthly return for Bitcoin (BTC), which was hit with a rapid decline that “translated to one of
Quick take: Tether (USDT) has launched on the Polygon (MATIC) network. Polygon’s DeFi ecosystem is set to benefit from Tether’s availability on the network. USDT issued on Tron continues to be higher than that issued on Ethereum. A total of $72.537 billion Tether is in circulation with the stablecoin remaining at the number three spot
The whereabouts of Alexander Altunbashev, a Bulgarian entrepreneur and crypto trader, are unknown since Monday. Law enforcement officials are now investigating his possible abduction while some in the local crypto community speculate he might be hiding from disgruntled investors. Bulgarian Authorities Investigate Possible Kidnapping of Alleged Crypto Millionaire Police in Bulgaria are trying to locate
Bitcoin (BTC) clung to $29,000 at the May 27 Wall Street open as crucial support levels lay just hundreds of dollars from spot price. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Trader demands higher low above $28,000 Data from Cointelegraph Markets Pro and TradingView confirmed volatility once again waning in a frustrating week’s price action. BTC/USD
Equities markets in the United States rallied sharply on May 25 and May 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and
The collapse of the Terra ecosystem, which subsequently depegged its algorithmic stablecoin TerraUSD (UST) value and crashed it to an all-time low of $0.30, has cast doubt over the future of not just algorithmic stablecoins but all stablecoins in general. UST’s success and stability were intertwined with its sibling, LUNA, which creates arbitrage opportunities that,
In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool. Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of
Solana (SOL) dropped on May 26, continuing its decline from the previous day amid a broader retreat across the crypto market. SOL price pennant breakdown underway SOL price fell by over 13% to around $41.60, its lowest level in almost two weeks. Notably, the SOL/USD pair also broke out of what appears to be like
STEPN will stop serving all users in China to comply with the country’s policies on cryptocurrencies. The GMT token tanked following the news, dropping nearly 20% over the past 24 hours. Play-to-earn games and similar services are starting to get the attention of lawmakers. Web3 app STEPN has announced that it will ban all of
Bitcoin (BTC) could still see a major price capitulation, but more whales need to start selling first, data suggests. In one of its daily QuickTake market updates on May 27, on-chain analytics platform CryptoQuant highlighted increasingly bearish whale behavior. Small whale selling should spark “absolute capitulation” Amid widespread consensus that BTC/USD should put in a
Ethereum co-founder Vitalik Buterin has shared two thought experiments on how to evaluate whether an algorithmic (algo) stablecoin is sustainable. Buterin’s comments were sparked by the multi-billion dollar losses caused by the collapse of the Terra (LUNA) ecosystem and its algo-stablecoin TerraUSD (UST). In a May 25 blog post, Buterin noted that the increased amount
Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency. Three Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on May 25, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States.
JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.” JPMorgan’s Blockchain Plans JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and
ARK Investment Management, an investment firm founded by veteran investor Cathie Wood, is taking another try to launch a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States. ARK Invest submitted on May 13 yet another application for its physical Bitcoin ETF, the ARK 21Shares Bitcoin ETF, according to a filing with the U.S.
United States Federal Reserve vice chair Lael Brainard submitted a written statement in advance to the Financial Services Committee virtual hearing on the benefits and risks of a U.S. central bank digital currency (CBDC) that took place Thursday. That was a sound strategic move considering that more than 25 legislators lined up to ask questions.