CRYPTOGALACTIC

2023-04-20 15:04:00 ​Lamina1 Is Building for the Open Metaverse

The metaverse industry may be large but it’s certainly not open. As figures such as Animoca Brands founder and CEO Yat Siu or pseudonymous non-fungible token (NFT) collector Punk6529 tout, Web3 should aim to build the “Open Metaverse,” an interoperable space across all, or at least most, platforms. A Web3 ethos points towards breaking down “walled gardens,” or data silos, allowing users to take full ownership of their digital experiences that they can carry from metaverse to metaverse.

Lamina1 is a layer one blockchain ecosystem that’s set on providing the infrastructure for Web3 developers to build the “Open Metaverse.” With its user-friendly tooling, onboarding strategies and environmentally friendly approach, Lamina1 aims to help the metaverse hold true to a Web3 ethos. The project was founded in June 2022 by Neal Stephenson, author of the famed science fiction novel “Snow Crash,” for which he coined the word “metaverse,” and Peter Vessenes, an early cryptocurrency adopter and experienced Web3 venture capitalist.

The two metaverse architects wrote a white paper that sets out to solve the interoperability issue of the decentralized virtual world. Open / Comment

2023-04-19 15:25:38 Shiba Inu's 178 Trillion Support Taking Hit, What's Happening?

As the cryptocurrency market experiences a resurgence in meme tokens, Shiba Inu (SHIB) is currently testing a critical support level of 178 trillion tokens, according to IntoTheBlock's In/Out of the Money (IOM) indicator. This significant support level is based on the distribution of nearly 200 trillion SHIB tokens at a price close to the current market value.

The In/Out of the Money indicator from IntoTheBlock provides insights into the distribution of tokens among holders by comparing the current price with the average cost of tokens held in each address. If the current price is higher than the average cost, the address is considered "in the money." Conversely, if the current price is lower than the average cost, the address is "out of the money."

Despite the ongoing rally on the meme token market, Shiba Inu's price performance has been rather lackluster, with a minimal increase in volatility. This could be attributed to the fact that SHIB has evolved from being a mere meme token to encompassing a more comprehensive ecosystem, complete with decentralized finance (DeFi) features. As a result, the asset may no longer benefit as much from the rally on other meme tokens as it would from growth in the broader DeFi space.

The support level of 178 trillion SHIB tokens is an important milestone for the cryptocurrency, as it indicates a strong base of holders who have acquired the asset at or around its current price. If this support level holds, it could signal that investor confidence in Shiba Inu remains steadfast, despite the relatively modest price performance compared to other meme tokens.

Should the support level fail to hold, a potential downturn in the market may ensue, which could put pressure on SHIB holders to sell, resulting in a further drop in price. As such, it is crucial for investors to closely monitor the 178 trillion support level and assess overall market sentiment for Shiba Inu. Open / Comment

2023-04-18 14:41:50 ChatGPT Can Accurately Predict Stock Movements Based On Article Headlines

According to a report from Bloomberg, ChatGPT can now foretell the fate of stocks based on article headlines. This has led to two studies to determine if it can determine whether stock-related headlines were favorable or unfavorable and if Federal Reserve pronouncements were aggressive or meek. The Chatbot passed both tests, highlighting how much text from news articles, tweets, and even speeches can be converted into trading signals.

The University of Florida’s Alejandro Lopez-Lira and Yuehua Tang prompted ChatGPT to pose as a financial professional in one of the studies. They then asked the chatbot to analyze business news articles from late 2021 since the chatbot’s training data didn’t cover the time after that. The study discovered a statistical relationship between the stock’s future movements and the replies provided by ChatGPT. This further indicates that the technology was able to comprehend the significance of the news accurately.

While it’s not new on Wall Street to use language models that underpin chatbots to guide several strategies, the results suggest that OpenAI’s technology can now understand subtlety and context at a higher degree than ever before. Slavi Marinov, head of machine learning at Man AHL, addressed the same and said, “It’s one of the rare cases where the hype is real.” Open / Comment

2023-04-17 17:42:06 Kyber Network Advises Liquidity Providers to Withdraw Funds Amid Vulnerability, Token Drops 2%

Decentralized finance (DeFi) protocol Kyber Network has advised liquidity providers on its Elastic product to withdraw funds after finding a potential vulnerability.

The protocol confirmed the potential vulnerability in a tweet while noting that no funds had been lost and that the KyberSwap Classic product is unaffected. The protocol's native token, KNC, dropped by 2% following the tweet.

The Elastic product had $108 million in total value locked (TVL) on Sunday, but that figure has now slumped to $61 million according to DefiLlama.

Vulnerabilities and exploits have been rife across the DeFi ecosystem this year, with Euler Finance losing almost $200 million in an attack last month.

Kyber Network was hit with a $265,000 exploit in 2022.

The protocol confirmed that investigations are ongoing. Open / Comment

2023-04-16 15:31:11 XRP's Large and Unexpected 5.8% Price Spike Led to Nothing, Here's Why

XRP experienced a surprising 5.8% price spike recently, a move that most investors did not anticipate. Despite the initial excitement, XRP was unable to sustain this rally as its price quickly reversed from the $0.5 mark and returned to its pre-pump price range. Currently, XRP is following an uptrend guided by the 21-day moving average. However, the widening gap between moving averages is a cause for concern as it typically precedes a market correction.

When analyzing the XRP price movement, it is essential to understand the role of moving averages in identifying trends and potential market reversals. Moving averages smooth out price data over a specific period, providing a clearer picture of an asset's price direction. In the case of XRP, the 21-day moving average has been acting as a support level, helping the digital asset maintain its uptrend.

Nonetheless, the widening gap between different moving averages, such as the 50-day and 200-day moving averages, raises concerns about the sustainability of XRP's uptrend. An expanding gap between these averages can be a worrying sign for several reasons.

First, an expanding distance between moving averages implies heightened price fluctuations. In an upward market, an increasing separation between short-term and long-term moving averages might indicate that the asset's price is escalating too rapidly, resulting in an overstretched market. Such swift expansion is frequently unsustainable and can cause abrupt price pullbacks as traders begin to cash in their profits or engage in panic selling.

Second, the growing gap might also denote a waning momentum driving the price changes. As the short-term moving average starts to approach the long-term moving average, it could imply that the ongoing uptrend is losing its vigor, making a trend reversal increasingly likely. Open / Comment

2023-04-15 14:27:24 $10,000,000,000,000 Market Cap for Bitcoin Can Absolutely Happen, Says Macro Guru Dan Tapiero – Here’s Why

Macro guru and fund manager Dan Tapiero is expressing bullish sentiment on Bitcoin (BTC) with a prediction that the market cap of the flagship crypto asset could hit 14 figures.

In a new interview with Anthony Pompliano, Tapiero says that he sees the market cap of Bitcoin reaching up to $10 trillion from just under $600 billion currently.

“Somewhere between $5 – $8 trillion. Do I think it could go to $10 trillion? Sure, absolutely. It absolutely can go to $10 trillion.”

According to the macro guru and fund manager, Bitcoin is likely to hit a price of up to half a million dollars under the current global economic circumstances.

“I’ve been saying the same thing for a while, and I think $300,000 to $500,000 is a good solid place you know given the value of other assets sort in the world.”

Bitcoin is trading at $30,838 at time of writing.

As for the combined value of all crypto assets, Tapiero says the total market cap will soar by over 600% from the current levels.

“My original thought was the space was going to go to $10 trillion in value. That’s from $300 billion, it was a 30x in 10 years.

I think that’s going to be wrong now. I think the space is probably going to go much higher than $10 trillion because it’s starting to encompass everything, right?

It’s not just money, store of value, programmable contracts, DeFi (decentralized finance), NFTs (non-fungible tokens), stablecoins it’s everything.”

The total crypto market cap is approximately $1.34 trillion at time of writing. Open / Comment

2023-04-14 16:44:12 World's Most Influential Central Banks' Balance Sheets Look to Have Troughed

The world's leading central banks appear to have stopped shrinking their balance sheets, a tactic they adopted last year to control inflation in a program that destabilized risk assets, including cryptocurrencies.

The so-called quantitative tightening ended recently and the cumulative balance sheet of major central banks – the U.S. Federal Reserve (Fed), European Central Bank (ECB), Bank of England (BOE) and Bank of Japan (BOJ) – has troughed, according to data tracked by macroeconomic research firm TS Lombard and sourced from The Market Ear newsletter.

"The 'delta of the delta' has reversed lately. Possible tailwind for markets," Thursday's edition of The Market Ear said, referring to the dip in the size of the banks' balance sheets.

Expansion of central banks' balance sheets is widely considered bullish for risk assets, including bitcoin.

That's because entities involved in financial markets are often the first recipients of the money newly created through balance sheet expansion, according to a theory proposed by 18th-century Irish-French economist Richard Cantillon. These entities use the money received to drive asset prices higher.

The jury is still out on whether the Fed's recent extension of loans to local lenders will result in fresh money creation. Meanwhile the BOJ continues to print money through bond purchases, compensating for the ECB and BOE's shrinkage. The Chinese credit impulse has recently bottomed out in a sign of renewed credit expansion relative to the size of the economy. Open / Comment

2023-04-13 21:35:17 Bloomberg Analyst Issues Warning on Dogecoin (DOGE) and Shiba Inu (SHIB) Amid Oncoming Economic ‘Hurricane’

Bloomberg Intelligence’s senior commodity strategist Mike McGlone is issuing a warning on the two largest meme coins by market cap amid approaching economic headwinds.

In a new Wolf of All Streets roundtable discussion, McGlone says that while he expects Bitcoin (BTC) to keep outperforming other crypto assets, Dogecoin (DOGE) and Shiba Inu (SHIB) are “pure speculation machines” that should be eliminated.

“The Federal Reserve is tightening, the economy’s going to recession… what are you supposed to do? Sell! My indication is just sell…

If I see a hurricane, I’m supposed to say it. But the thing is I fully expect Bitcoin to continue outperforming all cryptos.

But 22,000 cryptos and things like Dogecoin, and Shiba Inu… It shows the inflation in the system that needs to be purged.

That’s just indicative of what happened in almost every major pump and liquidity we’ve had in the past, up to the 1929 crash that ended in the 30s, up to what happened to 2000, the internet bubble.

You got to get rid of that excess of liquidity and risk assets and excess of speculation. And Dogecoin and Shiba Inu are just nothing but pure speculation machines… there are a hundred cryptos that matter and the number one is Bitcoin.”

McGlone further says that a severe stock market correction will negatively impact Bitcoin and to a greater extent, the speculative crypto assets. According to Bloomberg Intelligence’s senior commodity strategist, getting rid of the speculative digital assets would help the crypto industry earn legitimacy.

“When the stock market, the S&P 500 goes down with high velocity, which I think it will, everything’s correlated to one…

When that starts, Bitcoin will probably see pretty significant pressures. But we should see a lot more pressure in all the other cryptos, the ones that are just silly speculation. Open / Comment

2023-04-12 14:46:58 ADA Price Takes Dip After Cardano Founder Unveils Bear Statue

Cryptocurrency markets are known for their unpredictability, and the latest twist involves the founder of Cardano, Charles Hoskinson, and his recent unveiling of a bear statue. After Hoskinson posted a photo of the statue, which he dubbed "Mr. Claws," the price of Cardano's native token, ADA, took a sharp dip, losing important support at $0.4.

The timing of the drop in ADA's price coinciding with the unveiling of the bear statue is undoubtedly amusing, though it is likely a mere coincidence. This latest drop in ADA's price is the fourth time in a year that the token has failed to move outside the $0.3-$0.4 range, despite attempts to do so. The crypto market is notoriously volatile, and the failure to consolidate above this key level is likely due to overall market conditions.


Despite this latest setback, many investors remain optimistic about the future of Cardano and its cryptocurrency, ADA. The blockchain platform has gained a reputation for being technologically advanced and sustainable, and its growing community of developers and supporters are committed to advancing its goals.

The development team at Cardano is now working on a number of important projects, including the transition to the Voltaire Era, which should become the benchmark for decentralized blockchain governance. As Hoskinson himself said earlier, the innovation from Cardano will set the bar in the crypto industry, as "Cardano did with staking." Open / Comment

2023-04-11 14:32:43 Bitcoin to Reach $10 Million, Forecasts Investment Firm Founder Larry Lepard

According to Larry Lepard, managing partner at Boston-based investment management firm Equity Management Associates, the end of the dollar era might be the beginning of Bitcoin’s golden age.

On April 10, Lepard predicted during an interview with Kitco News that the U.S. dollar would collapse within the next decade. This collapse, he believes, will significantly boost the price of Bitcoin.

Lepard mentioned that as people become more aware of the dollar’s depreciation, they’ll gravitate toward assets like Bitcoin, gold, and property. He pointed out a key advantage Bitcoin has over gold—its limited supply of 21 million coins. According to Lepard, this scarcity will be central to Bitcoin’s long-term price increase.

He elaborated, “If Bitcoin goes to $100,000 tomorrow, there’s not going to be any more Bitcoin created.” As more people choose Bitcoin as a means of saving, Lepard believes the price will continue to climb, potentially hitting $100,000, then $1 million, and eventually reaching an astounding $10 million per coin.

While Lepard acknowledges that Bitcoin’s journey will be volatile, with significant downturns along the way, he remains confident in the technology and its long-term success.

However, he identifies governments as potential roadblocks. They may slow down Bitcoin’s progress by making it more challenging to enter and exit crypto markets and imposing higher capital gains taxes.

Despite these challenges, Lepard believes such moves would ultimately signal that Bitcoin is the future and is here to stay. Open / Comment