• Markets

    Australian Taxation Office to Focus on Capital Gains From Crypto Assets – Taxes Bitcoin News

    The Australian tax agency has listed crypto-related profits among several priority areas where more efforts are needed to ensure correct reporting. The authority has reminded taxpayers they need to calculate any capital gain or loss from the sale of digital coins and tokens and record it in their tax returns. Australian Taxpayers Warned They Should Report Crypto Gains The Australian Taxation Office (ATO) has announced four key areas where it will focus…

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  • Markets

    Highlights: Major cryptos down, KNC and Chiliz lead the way

    The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing.  Top cryptos Most major cryptos registered small losses of up to 2% over the past 24 hours including Ethereum, BNB, XRP, and Solana. Bitcoin was down more than 1.5% over the past 24 hours and trading just under $30,000 at time of writing.  Standing out were Polkadot, down almost 5%, and…

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  • Markets

    Axie Infinity’s Discord bot compromised, hackers issue fake minting message

    Axie Infinity, the popular play-to-earn nonfungible token game, faced another attack on its Discord server earlier on Wednesday, leading to a compromise of its MEE6 bot. MEE6 is a popular discord bot mainly used for automating roles and messages and is used by numerous crypto projects. The attackers used the compromised bot to add permissions to a fake Jiho account, and later issued a fake announcement regarding a mint. The developers managed…

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  • Markets

    The Lightning Network Lunch: A Bitcoin contactless payment story

    The Lightning Network (LN) just got a bit faster, as the suitably named Bolt Card now enables Bitcoin (BTC) enthusiasts to pay for goods and services using contactless technology.  A data analyst at the company behind the card, CoinCorner, took the Bolt card on a trial run on the Isle of Man, a British Crown dependency in the Irish Sea. “MSW” — as he is known — tapped to pay at more…

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  • Markets

    Aave price risks a 25% plunge as a classic bearish reversal pattern emerges

    Technical analysis suggests that a recent uptrend in the price of Aave (AAVE) is showing signs of exhaustion based on early development of a classic bearish reversal pattern. Is AAVE headed to $70? Dubbed a “rising wedge,” the pattern surfaces when the price rises inside a range defined by two ascending, converging trendlines. As it happens, the trading volume declines, pointing to a lack of conviction among traders when additional buying is…

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  • Markets

    Bitcoin shakes of Fed volatility as analysts remain split on return under $24K

    Bitcoin (BTC) circled $30,000 on May 18 after fresh comments from the United States Federal Reserve sparked n volatility. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst: Extra Fed rate hikes “biggest risk” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating within a range in place since May 12. The pair had come unstuck as Fed Chair Jerome Powell delivered economic policy insights during the Wall Street Journal’s Future of Everything…

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  • Markets

    FTX Founder Sam Bankman-Fried Thinks Bitcoin Has No Future as a Payments Network – Bitcoin News

    Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, has given his take regarding the future of Bitcoin’s usage. Bankman-Fried stated he doesn’t believe that Bitcoin will work as a payments network, due to its limited capability for scaling to fulfill this task. However, he believes it might become “an asset, a commodity, and a store of value.” Sam Bankman-Fried on Bitcoin as a Payments Network FTX founder Sam Bankman-Fried…

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  • Markets

    You can buy KNC, which gained 33%: best places to buy KNC

    The token of Kyber Network gained 22% yesterday and added another third to its value today, retesting highs from last week. How will its price move? Look no further than this short article for all the details about KNC: what it is, is it worth investing in, and the best places to buy KNC now.  Top places to buy KNC now Bitstamp World’s longest-standing crypto exchange. Since 2011 Bitstamp has been providing…

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  • Markets

    IDEX is up 56% in 24 hours: here’s where to buy IDEX

    IDEX is soaring due to limited coin supply among other reasons. It ranked first in a chart released by the prominent Hoo Exchange on May 17 with a growth rate of 66.87%.  The pledger uses the IDEX token and runs Idexd pledge software to operate the node. Pledgers earn 50% of the transaction fees charged by the network as a reward for their work.  If you are attracted to unique features and…

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  • Markets

    Chinese Authorities Prosecute Alleged Masterminds Behind MDC Pyramid Scheme – Regulation Bitcoin News

    Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being the masterminds behind the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to have handled transactions with a total value of over $147 million. Virtual Currency Pyramid Scheme Authorities in China’s Rong County, Zigong City, recently prosecuted eight people accused of orchestrating the MDC virtual currency pyramid scheme, a local report has said. According to…

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  • Markets

    Algoracle Announces $1․5 Million Seed Round – Press release Bitcoin News

    press release PRESS RELEASE. Algoracle has recently announced the close of its seed round for $1.5 million (USD) to help accelerate the development and launch of Algorand’s native decentralized oracle network. Algoracle’s seed round was led by Borderless Capital, with major contributions from the Algorand Foundation, Valhalla Capital, and Big Brain Holdings, and rounded out by strategic investors Xpand Capital, Parea Capital, OrcaDAO, GMI Capital, and EXA Finance. Thanks to the support…

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  • Markets

    Analysts note parallels with March 2020: Will this time be different?

    Analysts in both crypto and traditional markets have noted some startling similarities between the recent downturn and the one caused by a pandemic panic in March, 2020. The real question is whether it’s the start of a larger downturn or if there will be a significant bounce-back as in 2020 that led to an extended bull run in both crypto and stocks markets. Podcaster and author of The Pomp Letter, Anthony “Pomp”…

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  • Markets

    DOJ Files First Criminal Complaint Against US Citizen Allegedly Using Cryptocurrency to Evade Sanctions – Featured Bitcoin News

    The Department of Justice (DOJ) has filed its first criminal complaint against an American who allegedly used cryptocurrency to circumvent U.S. sanctions. “The payments platform advertised its services as designed to evade U.S. sanctions, including through purportedly untraceable virtual currency transactions.” DOJ Charges US Citizen in Crypto Sanctions Evasion Case The U.S. Justice Department has filed its first criminal complaint against a U.S. citizen who allegedly tried to evade American sanctions using…

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  • Markets

    Elon Musk: US Economy Is Probably in Recession That Could Last 18 Months — Warns It ‘Will Get Worse’ – Economics Bitcoin News

    Tesla and Spacex CEO Elon Musk says that the U.S. economy is probably in a recession and it could be “tough going” for 12 to 18 months. He added: “The honest reason for inflation is that the government printed a zillion more money than it had.” Elon Musk on U.S. Recession and Inflation Elon Musk, the CEO of Tesla and Spacex, talked about the U.S. economy on the All-In podcast, published Monday.…

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  • Markets

    LimeWire signs partnership with Universal Music

    LimeWire, the new NFTs marketplace that sprung from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG). The partnership with UMG, a world leader in the booming music and entertainment sector, adds to LimeWire’s steady return into the limelight. Per a press announcement released on Tuesday, the deal with Universal Music allows the firm to offer its digital collectibles marketplace to several iconic…

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  • Markets

    Smart Token Labs supports Carla Chan and La Prairie in First NFT Drop – Coin Journal

    Manly, Australia, 17th May, 2022, Chainwire Bringing Art and Beauty Lovers Into Web3 The first NFT art collection from the world’s leading luxury skincare brand La Prairie in collaboration with world renowned digital artist Carla Chan – is notable for more than the innovative and inspiring art that it represents. “Space Beyond” by Carla Chan involves 365 + 1 editions of unique, forever-changing artworks generated in real-time with weather and demographic data.…

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  • Markets

    Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

    United States Commodity Futures Trading Commission (CFTC) commissioner Kristin N. Johnson was named the sponsor of the agency’s Market Risk Advisory Committee (MRAC) on Tuesday. She replaced CFTC chair Rostin Behnam in that role. Johnson was nominated to be a CFTC commissioner by U.S. President Joe Biden in September 2021, concurrent to the nominations of commissioner Christy Goldsmith Romero and acting chairman Behnam as the permanent chair. Johnson was sworn in on…

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  • Markets

    Bitcoin on-chain signal signals bear market not over

    On-chain analysis is fascinating to me. Exclusive to the blockchain, it doesn’t exist outside of crypto. But in jumping on-chain, we can often get intriguing insights into market sentiment, and specific indicators have even been predictive of future price action.   Of course, given Bitcoin’s short history of just over a decade, it’s not yet clear which indicators are merely coincidences and which carry actual value. But that’s part of the fun,…

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  • Markets

    Crypto users react to Terraform Labs legal team purportedly leaving company

    The ongoing saga with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn following a supposed change in employment status for many on the firm’s legal team. According to their LinkedIn profiles, Terraform Labs general counsel Marc Goldich, chief litigation and regulatory counsel Noah Axler and chief corporate counsel Lawrence Florio have all stopped working for the blockchain firm as of May 2022. Goldich started at Terraform Labs in August…

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  • Markets

    China is second behind USA in global Bitcoin mining hashrate

    Bitcoin mining has picked up again in China, a new report suggests. According to a study by Cambridge University, Bitcoin mining activity in China has slowly surged to currently account for 21% of the total global hashrate. The report released on Tuesday comes nearly a year after a massive Chinese crackdown on crypto mining and trading drove miners out of the country. As the exodus of miners found its way into the…

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  • Markets

    Terra Community Plans to Vote on Forking the Chain — Launch May Airdrop a Billion New Tokens to Network Participants – Bitcoin News

    Following the aftermath of Terra’s UST implosion, the blockchain project’s founder Do Kwon has been actively discussing the Terra ecosystem revival plans and one specific proposal will be voted on May 18. The plan is to fork the blockchain into a new chain that does not include an algorithmic stablecoin, and the newly minted tokens from the network will be airdropped to Terra ecosystem participants and holders. Terra Community Members Plan to…

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  • Markets

    Cointelegraph Research Terminal launches, home to critical crypto data reports

    Cointelegraph — one of the oldest crypto media companies, founded in 2013 — has launched the Cointelegraph Research Terminal. The Research Terminal will be a convenient one-stop location to find past industry analysis, premium research reports and access to exclusive databases. The website is live, and subscriptions to the premium features are active. Cointelegraph Research has produced some of the best in-depth analyses on the blockchain and crypto industry, hitting on trends…

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  • Markets

    Coinshift Closes $15 Million Series A Led by Tiger Global, Sequoia Capital India, Alameda Ventures – Coin Journal

    Sheridan, United States, 17th May, 2022, Chainwire Cash management company announces roadmap to build cutting-edge multichain treasury infrastructure for Web3 Coinshift, leading treasury management and infrastructure platform that enables DAOs and crypto businesses to manage cash reserves, announced its $15 million series A funding round and its roadmap for building a novel full-service treasury management solution in the industry. The series A funding round is led by Tiger Global and joined by…

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  • Markets

    India’s Central Bank RBI Warns Crypto Could Lead to Dollarization of Economy – Economics Bitcoin News

    India’s central bank, the Reserve Bank of India (RBI), has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.” RBI’s Crypto Warnings and Dollarization of Economy The Reserve Bank of India (RBI), the country’s central bank, has warned that cryptocurrencies could lead to the dollarization of…

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  • Markets

    Madeira ‘embraces’ Bitcoin and how the president met Michael Saylor

    The tiny Portuguese island of Madeira has “adopted” Bitcoin (BTC) — but what does that mean? The announcement made during the Bitcoin Miami Conference in 2022 has spurned confusion and misinformation. The President of the Regional Government of Madeira, Miguel Albuquerque, hopped onto the stage in April to announce that he believes in the “future of Bitcoin,” and that he would work to “create a fantastic environment for Bitcoin.” However, the details…

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  • Markets

    Square Enix to Reinforce Blockchain Bet, According to Latest Earnings Report – Bitcoin News

    Square Enix has announced its new mid-term business plan, reinforcing its blockchain pivot according to the documents presented. The company will continue to invest in key companies in the blockchain arena, including Animoca Brands and The Sandbox, and will also consider other investments in the area. Square Enix recently sold its Western studios for $300 million, but will reportedly not use the funds to pursue these new Web3 investments. Square Enix…

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  • Markets

    Spotify reportedly tests NFT galleries on musician profiles

    Major music streaming platform Spotify is reportedly testing the option of nonfungible tokens (NFTs) galleries on musicians’ profiles. Should the tests appear successful, the embedment of NFTs would serve to improve artist and fan experiences.  Reports surfaced on Friday that Spotify is running a test for select users of the platform’s Android app in the United States. These users can see the NFT previews on the artists’ profiles. Currently, there are only two…

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  • Markets

    Do Kwon summoned to parliamentary hearing following UST and LUNA crash

    The dramatic fall of Terra (LUNA) along with the algorithmic stablecoin UST has been a major talking point among the crypto industry. And now South Korean conservative party has requested a parliamentary hearing on the matter. Korea’s conservative party requested to have a hearing about the Terra incident. The politician noted Korean exchanges each reacted differently to the crash. He wanted to invite both Do and the exchanges to learn more details.…

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  • Markets

    SkillzVault and ESE Entertainment Win Gold at Muse Creative Awards 2022 – Press release Bitcoin News

    press release PRESS RELEASE. At Bitcoin Vault (BTCV), the team pride itself on solving security issues that no one else can, which requires a great deal of creative thinking. But when a team can think outside the box, anything is possible. Now, it has been proven that creativity drives projects forward. BTCV is incredibly happy to announce that BTCV has been awarded the Gold Prize at the Muse Creative Awards for work…

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  • Markets

    MATIC is up by nearly 7% today

    The cryptocurrency market has performed well over the past 24 hours as it slowly recovers from its recent slump. The broader crypto market has added more than 2.5% to its value over the last 24 hours. This comes despite a poor start to the week.  Thanks to the positive performance recorded over the past 24 hours, the total cryptocurrency market cap now stands above $1.3 trillion. Bitcoin remains the dominant cryptocurrency and…

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  • Markets

    Bitcoin, Bukele and a bevy of central bankers meet in El Salvador

    This week, 44 central bankers from developing countries around the world are attending a conference in El Salvador to discuss financial inclusion, financing for small and medium-sized businesses, and Bitcoin (BTC).  Central bank delegates from Ghana to Burundi, Jordan to the Maldives and Pakistan to Costa Rica arrived in San Salvador for the conference upon President Nayib Bukele’s invitation. Delegates’ countries marked in orange. Source: Twitter Organized by the Alliance for Financial…

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  • Markets

    Portugal becoming its own enemy with 28% tax on bitcoin and crypto

    Portugal’s finance minister has announced that cryptocurrency enthusiasts must take into account a 28 percent capital gains tax. A date for this new tax to come into effect has not yet been declared. When is the party over? For a long time, the crypto community saw Portugal as the promised land because the government was lenient with cryptocurrency. Many have therefore moved with their cryptos to the warm places of the southern…

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  • Markets

    Highlights May 17: Cryptos continue to rally

    The crypto market as a whole is bullish today. Most top 100 coins were in the green at the time of writing.  Top cryptos Bitcoin registered minor gains, trading above $30,000 at the time of writing. Ethereum was seen up 3%, and BNB and XRP were also up around 3% each. The biggest gainer in the top 10 is Solana. It’s up almost 5%, trading for $56.  Cryptos outside the top 10…

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  • Markets

    Bitcoin․com Exchange Market Insights Report for May 2022 – Promoted Bitcoin News

    This is the May 2022 monthly market insights report by Bitcoin.com Exchange. In this and subsequent reports, expect to find a summary of crypto market performance, a macro recap, market structure analysis, and more. Crypto Market Performance May got off to a rough start as the Federal Reserve confirmed a hawkish bias on the back of lingering inflation. Markets reacted by going risk-off. The collapse of LUNA and UST added fuel to…

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  • Markets

    Legislators could hasten crypto regulation

    Terra’s recent collapse could hasten cryptocurrency regulation by legislators, according to Jeremy Allaire. Terra’s UST was the third-largest stablecoin in the market a few weeks ago, behind the USDT and USDC. However, UST is now unpegged from the US Dollar and has lost its position as one of the top stablecoins in the market. Jeremy Allaire, the CEO of Circle, said Terra’s collapse could acclerate cryptocurrency regulation by legislators in various parts…

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  • Markets

    Luna Foundation Guard Discloses Usage of Bitcoin Reserves – Bitcoin News

    The Luna Foundation Guard, the entity in charge of safeguarding the peg of UST, the stablecoin of the Terra ecosystem, has revealed how it used the available Bitcoin reserve before the recent debacle involving the Terra ecosystem. The organization sold part of the bitcoins owned directly, while another part was traded on different dates to try and stabilize the value of UST. The reserve was comprised of more than 80,000 BTC. …

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  • Markets

    Fear & Greed Index hits lowest since March 2020 even as Bitcoin price hits $30.5K

    Bitcoin (BTC) returned to $30,500 on May 17 amid hopes that a retest of 2017 highs could be avoided. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $20,000 retest ‘highly unlikely’ Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing after the daily close to tentatively build on $30,000. Still, in a multi-day range, the pair was yet to decide on a meaningful upward or downward trajectory, while volatility ebbed into the…

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  • Markets

    Boom to burst: Will Terra (LUNA) ever return to $120 again?

    The crypto news cycle over the last two weeks has largely been dominated by Terra (LUNA). The coin went from being one of the top ten most valuable crypto assets to ranking below 200. It all happened in days. So, will the stablecoin platform ever return to its heyday? Here are some highlights: Terra has literally gone bust over the last week or so. The coin has hit all-time lows albeit we…

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  • Markets

    DeFi Dips: Top coins to buy while the price is low

    As crypto starts to see some recovery after major losses last week, keen investors will be scanning the market for the best dips to buy. Well, one area where such opportunities are is in DeFi. Most DeFi coins have sharply fallen. Here is why this is the best time to buy: DeFi will almost certainly bounce back in the near term Decentralized Finance is the future of blockchain technology Current dips offer…

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  • Markets

    Grayscale Launches European ETF While Urging SEC to Approve GBTC Conversion Into Spot Bitcoin ETF – Finance Bitcoin News

    Grayscale Investments has announced the launch of an exchange-traded fund (ETF) in Europe. The company’s Future of Finance UCITS ETF will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra. Grayscale Launches ETF in Europe Grayscale Investments, the world’s largest digital asset manager, announced Monday the launch of its first European exchange-traded fund (ETF) called Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will list on the…

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  • Markets

    US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

    The United States Department of Justice may move forward on a criminal prosecution case against a U.S. citizen who allegedly violated sanctions through cryptocurrency. According to a Friday opinion filing in U.S. District Court for the District of Columbia, the unnamed individual who is the subject of a criminal investigation by the Justice Department allegedly sent more than $10 million in Bitcoin (BTC) from a U.S.-based crypto exchange to an exchange in…

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  • Markets

    China Backed Publication: Terra LUNA Crash Vindicates Country’s Ban on Crypto-Related Activities – Featured Bitcoin News

    An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain’s LUNA and the de-pegging of the UST stablecoin vindicate the Asian country’s decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the buying and selling of crypto assets by several investment giants as the causes of the recent market…

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  • Markets

    Do Kwon proposes Terra hard fork to save ecosystem

    On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).  However, the new chain…

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  • Markets

    Sandbox price prediction as a bearish pennant pattern forms

    The Sandbox price remained in a tight range as investors reacted to the new roadmap plan for LAND holders. SAND is trading at $1.3225, which is significantly above last week’s low of $0.9272. As a result of this rebound, the coin’s market cap has risen to over $1.65 billion. Sandbox roadmap The Sandbox is a leading blockchain project that is in the metaverse and gaming industry. The network helps people and companies…

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  • Markets

    Finder’s Poll Conducted Weeks Before Terra’s Fallout Predicted LUNA Would Tap $143 This Year – Bitcoin News

    Just recently, the product comparison platform finder․com polled 36 fintech specialists about the cryptocurrency terra (LUNA) before terrausd (UST) lost its parity with the U.S. dollar. According to the poll, Finder’s experts predicted LUNA would be $143 before the end of the year. Currently, LUNA is worth far less than a U.S. penny and while it has gained over 23,000% in the last three days from the all-time low, LUNA would need…

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  • Markets

    Analysts flag Bitcoin price levels to watch after LFG sells 80K BTC

    Bitcoin (BTC) needs to hold current levels and work to reclaim higher ones to avoid a crash in the $20,000 range, the latest analysis warns.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Is $20,000 incoming? Data from Cointelegraph Markets Pro and TradingView showed BTC/USD still failing to cement $30,000 as support on the May 16 Wall Street open. The pair had seen fresh losses after the weekly close at $31,300, this in itself…

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  • Markets

    Niftables announces the launch of its NFT marketplace

    Niftables has launched its nonfungible token (NFT) platform in a bid to make it easier for brands and content creators to monetise their work. Niftable has announced the launch of its NFT platform. According to the press release shared with Coinjournal today, the company said the NFT platform is designed for content creators and brands.  The company added that its NFT technology gives brands and creators the fastest path from vision to…

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  • Markets

    Circle Says USDC Reserve Backed Entirely in Cash and Short-Dated US Treasuries – Bitcoin News

    On May 13, Circle’s chief financial officer Jeremy Fox-Geen published a blog post called “How to Be Stable,” following the aftermath of Terra’s stablecoin implosion. Circle’s CFO explained that since usd coin’s inception, the stablecoin aims to be “the most transparent and trusted dollar digital currency.” Terra’s Stablecoin De-Pegging Incident Has Cast a Spotlight on the Entire Stablecoin Economy For a few years now, stablecoin assets have been a popular hedging vehicle…

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  • Markets

    Deus Finance’s dollar-pegged stablecoin DEI falls below 60 cents

    As the market continues to mourn over losses on the Terra UST and LUNA debacle, DEI, a stablecoin used as a collateral mechanism for third-party instruments built on the Fantom-based decentralized finance (DeFi) protocol DEUS Finance (DEUS), has failed to maintain its dollar peg, falling below 60 cents on Monday.  As the price of DEI hit an all-time low of $0.52, its market capitalization also followed, dropping from almost $100 million to…

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  • Markets

    Anonymous Turns to CultDAO for Support Against Unjust Government Actions – Coin Journal

    London, UK, 12th May, 2022, Chainwire Anonymous, the international activist group responsible for white-hat hackings, announced that it intensifies its fight against Russia and other unjust national governments. To this end, it will source funds from crypto projects with “similar conceptions,” such as CultDAO. The announcement comes in the wake of the cyber warfare between Anonymous and Russia, which started shortly after the Russian invasion of Ukraine, on March 15th. The hacktivist…

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  • Markets

    David Marcus Launches Bitcoin Payments Startup Lightspark – Bitcoin News

    David Marcus, former cryptocurrency head at Meta, is launching Lightspark, another payments company that will use crypto as its central payment tool. The startup, which will have Marcus at the helm as CEO, also features some of Meta’s former employees and will explore the possibilities of using the layer 2 Lightning Network (LN) as a vehicle for bitcoin payments. Meta’s Former Crypto Boss Kickstarts Lightspark David Marcus, former cryptocurrency project…

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  • Markets

    FTX CEO sees no future in Bitcoin payments, community fires back

    Sam Bankman-Fried, the founder of crypto exchange FTX, has criticized the efficiency of Bitcoin (BTC) as a payment network, only to meet heavy backlash from the crypto community. During an interview with the Financial Times, Bankman-Fried fueled environmental concerns associated with the Bitcoin network’s mining consensus, proof-of-work (PoW), and claimed it’s not scalable enough to accommodate millions of transactions. He advocated for the use of proof-of-stake mining consensus instead and claimed it…

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  • Markets

    Bitcoin is not suited to be a payments network

    Many consider Bitcoin to be a payments network, but Sam Bankman-Fried doesn’t think so. The CEO of FTX cryptocurrency exchange Sam Bankman-Fried has told the Financial Times that he doesn’t think Bitcoin has a future as a payments network.  According to the FTX CEO, the inefficiency and high environmental costs of Bitcoin make it not ideal to serve as a payments network. He said; “The Bitcoin network is not a payments network,…

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  • Markets

    First 7-week losing streak in history ― 5 things to know in Bitcoin this week

    Bitcoin (BTC) starts a new week under $30,000 as the battle to save the market from fresh lows grinds on. After hitting its highest since the Terra LUNA crash last week, the largest cryptocurrency nonetheless continues to fail to reclaim $30,000 as support. What could be in store this week? The potential for major upheaval from macro players, notably the United States Federal Reserve, is shapeshifting this week ahead of the World Economic Forum.…

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  • Markets

    Tezos Foundation Launches Fund to Collect NFT Creations by African and Asian Artists – Metaverse Bitcoin News

    The Tezos Foundation recently said it has committed $1.23 million to a fund that will be used to collect non-fungible tokens (NFTs) created by African and Asian artists. Photographer Misan Harriman has been selected as the curator of the foundation’s permanent art collection. Supporting a New Generation of Artists The Swiss non-profit organization, Tezos Foundation, recently said it has committed about $1.23 million (£1 million) to a fund, which will be used…

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  • Markets

    UK Treasury en route to legalizing stablecoins amid Terra’s UST crash

    United Kingdom’s Department of Treasury, or Her Majesty’s Treasury, has reportedly decided to go ahead with regulating stablecoins as legal tender. While welcomed by the crypto community, the decision comes as a shocker due to its proximity to the recent fall of one of the most popular algorithmic stablecoin, TerraUSD (UST). A local report from The Telegraph highlighted the Treasury’s intent to regulate stablecoins across Britain, which was revealed during the Queen’s Speech.…

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  • Markets

    Highlights: Cryptos mixed, Bitcoin comeback expected?

    The crypto market as a whole was mixed at the time of writing. Bitcoin is showing signs of a comeback.   Top cryptos It is not much as comebacks go, but it’s still something for Bitcoin. Like all major cryptos, it was hammered last week by the toxic mix of rising interest rates, geopolitical unrest, the LUNA disaster, and recessionary fears. Bitcoin was trading around $30,000, relatively flat over the past 24 hours and roughly 16% from Friday’s $26,600 depth.   Ether, the second biggest crypto, is…

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  • Markets

    Will Terra recover? Expert analysis, where to buy Terra

    The price of Terra’s token LUNA was as $100 per 1 LUNA in April, but it crashed to near zero last week. TerraUSD (UST), Terra’s algorithmic stablecoin, lost its peg to the US dollar.  This occurred against the backdrop of a significant crypto market decline, which sent Bitcoin’s price down by over 20%. Now that Terra has lost 99% of its value, is there any hope for recovery? Its founders are making…

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  • Markets

    Turkish Referee Flips Bitcoin at Istanbul Derby Kick-Off, Soccer Authority Launches Probe – Bitcoin News

    A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when that role should have been reserved for the Turkish lira. Bitcoin Coin Toss at Soccer Game Under Investigation in Turkey The latest clash between Istanbul soccer clubs Beşiktaş…

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  • Markets

    Crypto capital gains one of four key areas for Australian Tax Office

    The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022. A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months. The…

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  • Markets

    Square Enix plans to issue tokens and invest heavily in Web3 gaming

    Gaming giant Square Enix has revealed in its Q1 earnings report that it will expand nonfungible tokens (NFT) into more game products as part of its medium-term business strategy in 2022. Square Enix (SE) is a Japanese game developer with $3 billion in assets under management according to its latest earnings report. The firm owns the Final Fantasy property and sold the Tomb Raider franchise for $300 million on May 3. The…

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  • Markets

    UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown – Regulation Bitcoin News

    The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson. Regulation of Stablecoins in the UK HM Treasury, the U.K. Treasury Department, is moving forward with plans to regulate payment stablecoins despite…

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  • Markets

    Goldman Sachs and Barclays invest in UK crypto trading platform Elwood

    Banking giants Goldman Sachs and the United Kingdom’s Barclays have joined a $70 million Series A funding round for the institutional crypto trading platform Elwood Technologies, founded by billionaire British hedge fund manager Alan Howard. Joining the round was crypto-friendly German bank Commerzbank, crypto investment manager Galaxy Digital and Dawn Capital, as reported by the Financial Times on Sunday. The fundraising round valued the company at around $500 million, according to the…

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  • Markets

    Vitalik: Terra should protect the smallholders, not the whales

    Ethereum co-founder Vitalik Buterin thinks that the beleaguered Terra (LUNA) project should prioritize small hodlers as part of any proposed reimbursement plan. As widely reported, the Terra eco-system suffered a death spiral around May 9 which resulted in LUNA tanking 100% and the Terra USD (UST) stablecoin losing its USD peg (priced at $0.16 at time of writing). With LUNA and UST investors reeling from substantial losses, the community is now looking…

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  • Markets

    Major validator calls for ‘completely new chain’ to replace Terra

    As the dust settles from the Terra ecosystem crash, and the community decides what the next steps should be, the CEO of a validator runner in South Korea thinks the old Terra chain should be shut down permanently. Jiyun Kim, CEO of blockchain solutions company DSRV, wrote an opinion post on his own behalf, detailing how the Terra team tip-toed around the idea of halting block production while LUNA prices crashed and…

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  • Markets

    Veteran Investor Bill Miller Remains Bullish on Bitcoin — Confirms He Has a Lot of BTC – Markets and Prices Bitcoin News

    Famed value investor and fund manager Bill Miller says he has “a lot” of bitcoin and has not sold any despite the recent crypto sell-off. He insisted that investors should put some of their liquid net worth in the cryptocurrency. Bill Miller Shares His Bitcoin Outlook Famed value investor Bill Miller is still bullish about bitcoin despite recent price declines. He confirmed in an interview with CNBC Thursday that he owns “a…

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  • Markets

    Utility tokens vs. equity tokens: Key differences explained

    Investors familiar with the concept of equity investing will find equity tokens to be an extension of the same thought process as initial public offerings while those with a riskier appetite can venture into plonking their capital on the utility tokens in which they believe. One glaring difference between utility and equity tokens is the fact that the former is not regulated as they provide access to a service rather than a…

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  • Markets

    Goldman Sachs’ Blankfein Advises Companies and Consumers to Prepare for US Recession — Says It’s a ‘Very, Very High Risk’ – Economics Bitcoin News

    Goldman Sachs Senior Chairman and former CEO Lloyd Blankfein has warned that companies and consumers should prepare for a recession in the U.S. He stressed that it’s a “very, very, high risk.” Goldman’s Blankfein Warns About a Recession Lloyd Blankfein, a former Goldman Sachs CEO who is now the firm’s senior chairman, warned about an impending recession in the U.S. in an interview with CBS News, aired Sunday. He stressed that companies…

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  • Markets

    Tron DAO Reserve Acquires Millions in TRX, Bitcoin, and Tether to Safeguard USDD – Bitcoin News

    Seven days ago, Bitcoin.com News reported on the Tron DAO Reserve purchasing $38 million in tron to safeguard the network’s stablecoin USDD. Since then and since the terrausd (UST) de-pegging event, the Tron DAO Reserve has continued to purchase large quantities of digital assets to bolster the project’s reserves. In addition to the tron purchases, the organization has been adding stablecoins and bitcoin into the mix as well. While Terra’s Stablecoin Imploded,…

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  • Markets

    Onchain Analysis Report Says Terra’s Bitcoin Reserves Were Sent to Binance and Gemini – Bitcoin News

    After the collapse of Terra’s once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard’s (LFG) bitcoin went, as the funds were supposed to be used to defend the UST’s $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was sent, according to the firm’s network surveillance tools. LFG Bitcoin Stash Deposited Into 2 Digital Currency Exchanges…

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  • Markets

    Ethereum Hashrate Taps an All-Time High Amid This Week’s Crypto Market Meltdown – Mining Bitcoin News

    Amid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum’s hashrate tapped an all-time high on May 13, at block height 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in terms of market capitalization. Ethereum’s Hashrate Continues to Climb Higher Proof-of-work (PoW) ethereum miners are working harder than ever before to…

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  • Markets

    Authorities Seize Over 1,500 Crypto Mining Rigs in Dagestan Crackdown – Mining Bitcoin News

    Law enforcement and other authorities in Dagestan have closed down two illegal crypto farms, confiscating more than 1,500 mining machines. Government agencies in the republic, considered one of Russia’s capitals of underground coin minting, carry out regular raids against such facilities. Cryptocurrency Miners in Dagestan Accused of ‘Illegal Entrepreneurship’ Officers from the Ministry of Internal Affairs of Dagestan and the Federal Security Service have uncovered a large crypto mining farm in the…

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  • Markets

    How the Metaverse could impact the lives of kids

    Advantages The Metaverse has many advantages for kids, especially from an education perspective. With the help of such technology, learners can grasp abstract concepts easily in a more engaging way. The Metaverse also offers almost actual, hands-on experience that can be very beneficial for children and help them to better understand the world around them and how things work. In addition, the Metaverse can improve social skills in children. Social media has…

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  • Markets

    Trust in Decentralized Finance Rattled After $100 Billion Left the Defi Economy – Defi Bitcoin News

    The effect of Terra’s demise continues to shine a light on the fragility surrounding the decentralized finance (defi) ecosystem. Things have changed a great deal following Terra’s aftermath, as the total value locked (TVL) in defi has plummeted from $231 billion to today’s $112.29 billion, losing 51.38% in 42 days. Defi TVL Plunges More Than 50% Since April 3, Terra Implosion Impacts Defi Economy the Most The total value locked in defi…

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  • Markets

    6 Questions for Dominik Schiener of the Iota Foundation – Cointelegraph Magazine

    We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!   This week, our 6 Questions go to Dominik Schiener, a co-founder of the Iota Foundation, a nonprofit organization, and the creator of the Tangle, a permissionless, multi-dimensional distributed ledger designed as a foundation of a global protocol for all things connected.   …

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  • Markets

    Ethereum in danger of 25% crash as ETH price forms classic bearish technical pattern

    Ethereum’s native token Ether (ETH) looks ready to undergo a breakdown move in May as it forms a convincing “bear pennant” structure. ETH price to $1,500? ETH’s price has been consolidating since May 11 inside a range defined by two converging trendlines. Its sideways move coincides with a drop in trading volumes, underscoring the possibility that ETH/USD is painting a bear pennant. Bear pennants are bearish continuation patterns, meaning they resolve after…

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  • Markets

    Welcome to Mars: I own everything, have total privacy and life has never been better

    This is a parody of the article published by the World Economic Forum titled “Welcome to 2030. I Own Nothing, Have No Privacy And Life Has Never Been Better.” Welcome to Mars. Welcome to my city, or should I say “our city” because I, like every other inhabitant, is a stakeholder in it. No, I don’t mean “shareholder,” as this isn’t a dystopian future run by private companies. My city on Mars…

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  • Markets

    Terra’s Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes — Bitcoin.com News Week in Review – The Weekly Bitcoin News

    With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the week’s hottest crypto…

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  • Markets

    Binance CEO CZ to support Terra community but expects more transparency

    Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means to revive the once-thriving LUNA and UST ecosystems. Following up on the same, CZ revealed his perspective on the appropriate course of action for falling projects across the crypto community. “This won’t work,” said CZ while dismissing the validators’ idea of a hard forking to TERRA2, which would involve providing…

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  • Markets

    Top Video Game Artists Adopt NFTs to Help Ukraine, Collection to Release on Official MetaHistory Museum – Metaverse Bitcoin News

    Since the outbroke of the Russian-Ukrainian war, many celebrities, social activities, and visual artists joined the league of supporting Ukraine by cryptocurrency and NFT artworks. And the trend just doesn’t stop. Now, a group of top-notch artists bring the support and devotion to a brand-new level with long-lasting impact – the avatar NFT series. The absolutely stunning visuals, the breathtakingly painful images, the suffocatingly realistic resemblance of the ongoing cruelty, and the…

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  • Markets

    The meaningful shift from Bitcoin maximalism to Bitcoin realism

    There was a time when all cryptocurrencies traded against Bitcoin (BTC). Speculators ventured into other coins when they saw assuring tokenomics or promising hype, but Bitcoin was their settlement coin of choice. Things have changed. Stablecoins now constitute a critical $150 billion pillar in the cryptocurrency market. Perpetual futures over-amplify market sentiment and, more often than not, dominate price action. Much more capital, including from institutional funds, has come into the market…

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  • Markets

    Report: Central African Banking Regulator Says Crypto Ban Still Effective – Featured Bitcoin News

    An African regulator has told members of the six-nation Economic and Monetary Community of Central Africa (CEMAC) that a ban on cryptocurrencies is still effective. The regulator said the prohibition is designed to ensure financial stability is maintained within the economic bloc. COBAC to Set Up System to Identify Crypto Transactions An African regulator, the Banking Commission of Central Africa (COBAC), has reminded members of a regional economic bloc that includes the…

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  • Markets

    $1.9T wipeout in crypto risks spilling over to stocks, bonds — stablecoin Tether in focus

    The cryptocurrency market has lost $1.9 trillion six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007’s subprime mortgage market crisis — around $1.3 trillion, which has prompted fears that creaking crypto market risk will spill over across traditional markets, hurting stocks and bonds alike. Crypto market capitalization weekly chart. Source: TradingView Stablecoins not very stable A massive move lower from $69,000…

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  • Markets

    NFT visionaries are doubling down on community ethos amid a bearish cycle

    The fever-pitch euphoria of nonfungible tokens (NFT) reached its proverbial all-time highs in the hours preceding the calamitous gas wars of the Otherside metaverse land sale.  But by most reputable accounts, following almost a year of frantic exponential growth, rife speculation and cultural spotlighting, the market was long overdue a respite. A hiatus from minting drama. It has now subsided and officially entered its inaugural bearish cycle. Statistical data from OpenSea paints a…

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  • Markets

    UK Court recognizes NFTs as ‘private property’ — What now?

    At the beginning of May, the British Web3 community celebrated an important legal precedent — the High Court of Justice in London, the closest analog to the United States Supreme Court, has ruled that nonfungible tokens (NFT) represent “private property.” There is a caveat, though: In the court’s ruling, this private property status does not extend to the actual underlying content that NFT represents. Cointelegraph reached out to legal experts to understand…

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  • Markets

    Seaside Resort in Slovenia Promotes Itself With NFTs – Bitcoin News

    The tourism organization in Portorož, a summer resort on the Adriatic coast of Slovenia, has decided to promote the destination using non-fungible tokens (NFTs). The project represents the digital component of this year’s campaign to attract visitors to the region. Tourists in Portorož to Collect NFTs and Win Prizes Shortly after the Slovenian Tourist Board (STB) issued a “sLOVEnia NFT” last month, Portorož, in the southwestern municipality of Piran, has now become…

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  • Markets

    Terra (LUNA) trading volume surge 200% as market adjusts to death spiral

    It took just seven days for the Terra (LUNA) ecosystem to spiral down as prices came crashing from $85 on May 5 to nearly $0 on May 12. As the market slowly gained clarity on what transpired, the trading volume of LUNA saw a steep recovery of over 200% over the weekend. As a result of UST de-pegging, which crashed the LUNA market, LUNA investors mirrored the price dip as CoinGecko recorded…

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  • Markets

    Accessibility is the main barrier to crypto adoption — Here are the solutions

    Accessibility is a pain point for cryptocurrency adoption that has been discussed for years, yet still, it is pertinent as ever. This issue was most recently recognized by the United States government as we’ve seen Treasury Secretary Janet Yellen discuss during her remarks on digital assets policy and regulation. There are barriers that are limiting accessibility to cryptocurrencies, such as financial education and technological resources, and it is our duty as developers…

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  • Markets

    Nigerian SEC Announces New Rules Governing Issuance of Digital Assets – Regulation Bitcoin News

    The Nigerian securities regulator has announced new rules that govern the issuing of digital assets. The new rules also include registration requirements for platforms that offer digital assets. Initial Assessment Filing The Nigerian Securities and Exchange Commission (SEC) has announced new rules that govern the issuing of digital assets as securities. The regulations also include rules on the registration requirements for digital assets offering platforms (DAOPs). Virtual asset service providers (VASPs) and…

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  • Markets

    Global Regulators Consider Launching a Joint Body to Coordinate Crypto Rules – Regulation Bitcoin News

    Global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency regulations, said a top executive of the International Organization of Securities Commissions (IOSCO). A Global Body to Coordinate Crypto Rules Top executives at the International Organization of Securities Commissions (IOSCO) discussed cryptocurrency regulation this week. Members of the global organization regulate more than 95% of the world’s securities markets in more than 130 jurisdictions.…

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  • Markets

    DAOs, DEXs and whales? How Web3 organizations became the new crypto beasts

    Web3 has brought a lot of excitement into the industry, as evidenced by the nearly $50 billion market capitalization Web3 tokens have grown in recent years. The very ethos of Web3 is one of its most attractive traits. It is an ecosystem free from barriers or intermediaries, welcoming to anyone from anywhere and open anytime.  However, there is one massive problem: There is no infrastructure within decentralized finance (DeFi) robust enough to…

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  • Markets

    NFT scams: How to avoid becoming a victim

    When you’re an active NFT trader, you can’t avoid all the scams in the world of nonfungible tokens. The most common NFT scams are phishing, counterfeit NFTs and pump-and-dumps.  The year 2021 was a breakthrough for nonfungible tokens (NFTs). But when something gets popular like decentralized finance (DeFi) and the newest version of the Web called Web3, there are also risks involved.  Follow the money is advice you don’t have to give…

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  • Markets

    SEC Commissioner Expects Tighter Stablecoin Regulation — Yellen Says Stablecoins Not Real Threat to Financial Stability – Regulation Bitcoin News

    A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco which saw UST losing its U.S. dollar peg and LUNA plunging to near zero. A commissioner with…

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  • Markets

    US, UK, Canada, Australia, Netherlands Share Crypto Criminal Leads, Including a Potential $1B Ponzi Scheme – Regulation Bitcoin News

    Officials from the U.S., U.K., Canada, Australia, and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including one case that could be a $1 billion Ponzi scheme. Officials Share Data on Global Crypto Crime The heads of tax enforcement from the Joint Chiefs of Global Tax Enforcement (J5) countries met in London this week to share intelligence and data to identify sources of illegal cross-border crypto activity,…

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  • Markets

    Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock, and crypto trader receives jail sentence for a ponzi scheme: Hodler’s Digest, May 8-14

    Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Breaking: Terra blockchain officially halted following LUNA price collapse This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg…

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  • Markets

    Number of Busted Illegal Crypto Mining Farms in Iran Nears 7,000 – Mining Bitcoin News

    Authorities in Iran have shut down close to 7,000 unauthorized facilities for cryptocurrency mining in the past two years, local media revealed. According to a report, most of the illegal bitcoin farms were concentrated in five provinces of the Islamic Republic, including Tehran. Iran Continues Crackdown on Unlicensed Cryptocurrency Mining Iranian officials have unplugged and disbanded a total of 6,914 crypto farms operating without a mining license. This since authorities started clamping…

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  • Markets

    Crypto Market Rout Pulls the Floor out From Blue-Chip NFTs, Weekly Sales Down 64% – Bitcoin News

    Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Source link

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  • Markets

    Will the Ethereum 2.0 update reduce high gas fees?

    Purpose of Ethereum 2.0 The primary goal of the Ethereum 2.0 update is to improve scalability so that the network can handle more transactions without delays or high fees.  While the full effects of the update will not be felt until it is fully rolled out, some of the possible use cases for Ethereum 2.0 include: Supporting the large-scale enterprise adoption of blockchain technology in private corporations and businesses; Creating more decentralized…

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  • Markets

    Germany Declares Crypto Gains Tax-Free After 1 Year — Even if Used for Staking, Lending – Taxes Bitcoin News

    The German Ministry of Finance has published a letter officially confirming that the sale of crypto assets is tax-free after one year even if the coins are used for staking and lending. How Crypto Gains Are Taxed in Germany The German Ministry of Finance announced Wednesday that it has published a letter on the income taxation of cryptocurrency, stating: This is the first time that there is a nationwide uniform administrative instruction…

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  • Markets

    Biggest Movers: LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday – Market Updates Bitcoin News

    Following tweets from Terra founder Do Kwon, LUNA surged by over 1,500% on Saturday. However, with several exchanges halting deposits, only those who entered at the very bottom have seen these gains. This comes as AVAX and NEAR both fell by over 20%. Avalanche (AVAX) Although LUNA was undoubtedly today’s biggest gainer, recent volatility and price action makes it almost impossible to truly analyze. However, another relative big mover in today’s session…

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