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2022-11-26 16:37:30 ​Litecoin’s latest decline could have everything to do with these LTC holders

Last week we saw Litecoin achieve an upside as most of the top coins failed remained struggled to bounce back. As a result, Litecoin was receiving a lot of attention, aided by a favorable mention by Michael Saylor during an interview. But can it sustain its upside now that the market is showing some signs of a slight recovery?

The Litecoin Magazine took note of Saylor’s recent statements wherein he described LTC as a store of value. Saylor has been one of the leading authorities in the crypto segment, hence his statement carried a lot of weight.

Saylor’s brief mention and categorization of Litecoin alongside Bitcoin was not taken lightly. Hours after his statement, the cryptocurrency experienced a surge in its social dominance metric. Fast forward to the present and Litecoin was among the top trending cryptocurrencies.

The renewed interest in Litecoin had a favorable outcome in LTC’s price action. However, LTC’s momentum has notably slowed down in the last 24 hours, indicating that the bulls might be running out of huff.

Why Litecoin’s demand may be slowing down
A look at Litecoin supply distribution revealed the reason for LTC to overcome the general market direction. Addresses in the 10,000 to 100,000 category and those holding more than 1 million coins have been accumulating since the first week of November. This explained why LTC continued to rally last week.

However, buying activity from these addresses witnessed a noticeable slowdown in their accumulation. Meanwhile, addresses holding between 100,000 and 1 million coins have been selling, thus contributing to some sell pressure. These top addresses have leveled out their selling activities in the last two days.

The slowdown in LTC’s upside was accompanied by a shift in sentiment. Its weighted sentiment metric dropped substantially in the last two days. This indicated that investors might be expecting some downside.

This observation also confirmed why demand had notably tanked in the last couple of days. Litecoin’s 90-day mean coin age registered an uptick in the last three days. This was a sign that investors have been holding on to their coins during the rally.

Furthermore, its Market Value to Realized Value (MVRV) ratio also achieved a sizable uptick in the last three days. This indicated that the traders that bought at recent November lows stood in profitable zones at the time of writing.

Why was this important? Well, short-term traders who bought the recent dip might be looking to cash out some profits. If that was the case, then we should expect to see a resurgence of sell pressure.

On the other hand, a return of bullish demand may help cultivate and sustain a bullish sentiment among Litecoin investors. Open / Comment

2022-10-18 08:30:38 ​​Shark Tank Superstar Believes Crypto Bull Market Will Start After This One Event

Famous Canadian businessman and television personality Kevin O'Leary, aka Mr. Wonderful, argues that once a specific stablecoin bill is passed and “institutions smell policy, then you’ve got a real move up,” and that’s when Bitcoin (BTC) breaks out of the $19,000-$22,000 trading range.

The Shark Tank star appeared on the Crypto Banter YouTube channel, where he discussed the Stablecoin Transparency Act, which he says has a chance of getting passed by the US Congress “very quickly” after November 8, the date of the midterm elections.

As reported, the push for stablecoin regulation follows the massive collapse of Terra, which is a protocol that powered the algorithmic stablecoin UST.

While it doesn’t concern Bitcoin directly, O'Leary argued, the “tone of the regulation” is relevant, adding:

“This Act is very simple in nature, which is why it may pass. It’s being supported by both parties, and the reason that’s the case is that it makes, effectively, the US dollar the default payment system worldwide – which everybody could get behind.”

The USD-backed stablecoin issuers would be able to get a license in the US if they are willing to go through the accompanying “scrutiny.”

O'Leary argued that,

“Even though it has nothing to do with Bitcoin, that will be the first regulation passed by US regulators, and I would argue you want to be long Bitcoin going into that outcome.”

He said that there would be “a lot of interest in institutional capital coming into” stablecoins, such as USD coin (USDC). The coin’s issuer, Circle, O'Leary noted, has received millions in investment already. Back in April, it said that it entered into an agreement for a $400M funding round with investments from BlackRock, Inc., Fidelity Management and Research, Marshall Wace LLP, and Fin Capital. It also announced a $9bn valuation in February this year, up from the $4.5 billion seen in July 2021.

The Shark Tank star concluded that,

“So, end of the day, regulations come, Bitcoin goes up. […] “If institutions smell policy, then you’ve got a real move up, and that’s when you break out of this $19,000-$22,000 trading range against the US dollar. I think it goes right through that very quickly.”

When it comes to the upcoming elections, should there be gridlock between the House and the Senate, it would result in “nothing done in Washington” including “no more spending bills” – which is good for equity markets but "indifferent" for Bitcoin and crypto in general, O'Leary argued.

The reason is that the bills floating around that do concern crypto are all bipartisan, he said – both the Democrats and the Republicans support some form of crypto regulation. Hence, which party controls which chamber becomes less relevant, he suggested. The regulations are coming.

At 10 UTC on Monday morning, BTC was trading at USD 19,342, down 0.5% in a day and up 1.5% in a week. It was down 2% in a month and 68% in a year. Open / Comment

2022-09-16 00:50:15 ​While the banks were closed, Bitcoin reached 5,000 days online.

Bitcoin celebrates a milestone of 5,000 days online on Sept. 12, 2022, as miners continue to solve valid blocks on average every 10 minutes.

The world's largest cryptocurrency reached a milestone on Monday, Sept. 12 — Bitcoin (BTC) celebrated 5,000 days of uptime. The network has functioned almost without a hiccup for 13.69 years.

In Bitcoin speak, the blockchain has been online, confirming a valid block of transactions every 10 minutes, on average, for 753,782 blocks (5,000 days). Plus, 3,464 days have passed since the last downtime incident.

The first Bitcoin block was mined by Satoshi Nakamoto on Jan. 3, 2009. Bitcoin spent 99.9% of the year online, confirming valid blocks on average every 10 minutes until what is known as the Value Overflow Incident. The incident refers to the creation of a “strange block,” block 74,638, which resulted in the creation of billions more Bitcoin. Five hours later, during block 74,691, the blockchain was soft-forked, and nodes reached consensus.

In 2013, Bitcoin software split, and the chain forked into two. The blockchain was down for 6 hours and 20 minutes causing a price drop of more than 23%, hitting lows of $37. Combining the downtime of the Bitcoin network between 2010 and 2013 creates roughly 0.01% of the total time.

Bitcoin influencers (Bitfluencers?) were quick to honor the occasion with celebratory boating accidents, events in which Bitcoiners lose their private keys. Others expressed their gratitude for the anonymous creator of the protocol:

Popular cryptocurrencies such as Solana (SOL) or Ether (ETH) cannot currently compete with the uptime nor decentralization for which Bitcoin is known. Solana regularly experiences outages, labeled a "curse" to the network by its cofounder, while Ethereum’s creation was the result of a hard fork.

Vitalik Buterin, Ethereum’s cofounder, boasted in 2020 that “You can be net profitable with as little as 60% uptime.” Nonetheless, Bitcoin is still some way from reaching Nakamoto’s promise of a peer-to-peer cash system that removes third parties: Scaling payments on layer-2 are an uphill battle. Open / Comment

2022-06-26 21:00:03 ​Spanish Government Wants Crypto Holders to Report their Transactions & Holdings from 2023

Spanish authorities will force crypto owners to declare their crypto-related operations and coin holdings. The nation’s finance chief also stated that crypto exchanges will be forced to report on their customers’ activities from next year – and warned that similar European Union-wide measures were now in the pipelines.

According to the media outlet La Vanguardia, Spain’s Minister of Finance and Public Function María Jesús Montero stated that government organs were now working on regulations that will “force cryptocurrency holders to submit” an annual declaration of their token purchase and sale operations to the Treasury.

The measures will need to be put to a vote in parliament, but will likely be bundled with other measures, such as laws pertaining to tax rates on electricity providers. They will likely also be tacked onto anti-fraud laws, making their passage through parliament a virtual shoo-in.

The minister claimed that the new crypto regulations would likely come into force on January 1, 2023.

Montero further stated that Spain was acting in “anticipation” of regulations that would soon “be carried out throughout the European Union,” adding that other countries were “already working along the same lines.”

Montero was quoted as calling crypto “a new [form of] currency” that the government “must be able to regulate” to ensure that “no type of fraud or undesirable effects” impacted the Spanish economy.

The finance chief went on to add that the regulations would also seek to force crypto “platforms and companies that facilitate the purchase or exchange of cryptocurrencies” to “submit an annual document” containing “information on crypto movements on their platforms.” Exchanges will also be obliged to provide details on the owners of all the coins on their platforms.

The Treasury will be hoping to avoid another embarrassment on the crypto tax declaration front, however. Earlier this year, tax authorities and government bodies, including the Ministry of Finance, were forced into a humiliating climbdown after an effort to make Spaniards who hold coins on overseas platforms declare their holdings ran into difficulties.

The tax body had previously told citizens who hold tokens on overseas platforms that they should disclose their crypto holdings on annual overseas assets tax declarations in March (at the end of FY2021).

The body had told crypto owners with coins held on non-Spanish platforms to add details of their holdings to an assets declaration form. But this drive was blighted by apparent clerical errors: crypto holders complained that there were no fields on the aforementioned form for crypto holdings. This eventually forced the Ministry of Finance to make an eleventh-hour U-turn and tell crypto holders they did not need to submit details of their overseas crypto holdings after all. Open / Comment

2022-06-16 19:00:07 ​Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

Danny Yuan said that their team detected that $1 million was missing from their company's funds at Three Arrows Capital (3AC).

Danny Yuan, the CEO of trading firm 8 Blocks Capital, called out to platforms that are holding funds owned by 3AC to freeze the assets, as rumors of 3AC’s insolvency stay afloat.

In a Twitter thread, Yuan explained their company’s involvement with 3AC, noting that they are paying the company to use the trading accounts that they own. The agreement included the ability to withdraw funds at any given time. He explained that:

“We had known them since 2018, thought they were competent and didn’t think they were degen enough to lose billions and not employ basic risk management.”

According to Yuan, there were no problems until June 13, when 8 Blocks Capital requested a big withdrawal because of the market’s conditions. The trading firm's CEO said that there was no response from 3AC. “After a while, the market stabilized so we no longer needed the funds. We thought maybe they were just busy,” he wrote.

However, things started to turn sour when 8 Blocks Capital detected through a script that $1 million was missing from their accounts with 3AC. Yuan said that reached out to 3AC's co-founder Kyle Davies and their team to inquire about the missing funds. However, they did not get a response.

Related: DeFi contagion fears and rumors of Celsius and 3AC insolvency could weigh on NEXO price

Because rumors of 3AC's insolvency are circulating online, Yuan noted that they announced what they know about the issue to gauge the extent of the situation. After that, Yuan said that they were contacted by those who have relationships with 3AC like their firm. Through this, Yuan claims that they found out more about 3AC's situation. Yuan tweeted:

11) What we learned is that they were leveraged long everywhere and were getting margin-called. Instead of answering the margin calls, they ghosted everyone. The platforms had no choice but to liquidate their positions, causing the markets to further dump.

— Danny (Danny8BC) June 16, 2022

Yuan also highlighted that 3AC still has many assets held on various platforms, which he did not name. Because of this, Yuan publicly asked those platforms to freeze the funds of 3AC so that the firm can pay back its debts after legal proceedings in the future. Open / Comment

2022-06-12 18:00:05 ​Chainlink brings Keepers and VRF to the Avalanche blockchain

Ava Labs CEO Emin Gün Sirer said that this will simplify the experiences of Avalanche developers and users.

Blockchain oracle platform Chainlink (LINK) launched two of its services, Chainlink Keepers and Chainlink Verifiable Random Function (VRF) and integrated them into the Avalanche Primary Network, a special subnet within the Avalanche (AVAX) platform.

In the announcement sent to Cointelegraph on Thursday, the Chainlink team highlighted that the integration with Avalanche is done to support developers within the platform. Chainlink Keepers will enable developers to automate smart contract functions in a decentralized manner. On the other hand, Chainlink VRF will provide a random number generator (RNG) that can be used in many decentralized applications (DApps) that require randomness.

Emin Gün Sirer, the founder and CEO of Ava Labs, expressed his belief that integration is a big milestone for those who are building in Avalanche. According to Sirer, this will "simplify both the developer and user experiences." Apart from this, the Avalanche executive noted that this will also improve functionalities and designs within DApps. He stated that:

“The Avalanche Community is full of tireless builders, and their ability to rapidly build and ship applications at scale just became even easier."
Chainlink Co-Founder Sergey Nazarov also expressed his sentiments over the new development. He explained that the integration will allow developers to make smart contract apps with end-to-end automation and apply a verified RNG to any application within the platform.

Related: DeFi protocols declare losses as attackers exploit LUNA price feed discrepancy

Back in February, Chainlink launched the second version of its VRF function. With the function, the Chainlink platform provides random numbers and presents cryptographic proof that the number was determined by combining block data and an oracle's private key.

Earlier in June, Chainlink also launched its price feeds feature on the Solana (SOL) blockchain. This function enables developers within the Solana platform to use the BTC/USD, ETH/USD and USDC/USD price feeds within their applications. Open / Comment

2022-06-07 20:00:53 ​Crypto com's Cronos launches $100M accelerator for DeFi and Web3

The Cronos Accelerator Program is backed by $100 million to help crypto projects seeking mentorship, funding and growth in the seed and pre-seed stages.

Cronos, a blockchain ecosystem built by major crypto exchange Crypto.com, announced the launch of an accelerator program to fast-track advancements across the decentralized finance (DeFi), Web3 and Metaverse space, among others.

Driving the initiative, the Cronos Accelerator Program is backed by $100 million to help crypto projects in the seed and pre-seed stages seeking mentorship, funding and growth. According to the announcement, projects shortlisted for the accelerator program will be matched with compatible mentors.

Some of the prominent investment partners backing the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and Dorahacks. Cronos plans to onboard other partners in the future. Providing further clarity into the program, Cronos managing director Ken Timsit added:

“In the current climate, it is more important than ever to put our heads down and start building aggressively.”
Timsit aims to enhance the potential of projects by providing end-to-end support across the project’s operations. As part of this initiative, Cronos' Web3 startup accelerator arm Cronos Labs conducts weekly workshops that cover various aspects of building crypto projects.

Aspiring projects get the opportunity to procure between $100,000–$300,000 seed investment in addition to having the option for additional grant funding. In addition to mentorship and other marketing initiatives, projects will be able to integrate into Crypto com’s ecosystem including a DeFi wallet, crypto exchange and nonfungible token marketplace.

Related: Philippines to explore blockchain use cases, launches training program

The Department of Science and Technology (DOST) in the Philippines recently launched a training program for researchers to check the feasibility of blockchain technology within the healthcare, financial support and emergency aid industries.

Enrico Paringit, a DOST official, highlighted the department’s intent to “build non-cryptocurrency applications” and simultaneously produce blockchain development specialists for ramping up the government’s in-house initiatives. Open / Comment

2022-06-02 22:00:03 ​Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption

Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth.

Binance Labs, the investment arm of crypto giant Binance, launched a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation across the crypto, Web3 and blockchain landscape.

Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth.

Sharing his take on accelerating the adoption of the crypto ecosystem, Changpeng “CZ” Zhao, CEO of Binance, revealed the importance of a connection between values, people and economies:

“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, metaverse, social, and more.”
Binance Labs was established in 2018 and has since invested in and incubated more than 100 projects globally. Some of the prominent companies in its portfolio include 1inch, Axie Infinity, Dune Analytics, Elrond, Polygon and The Sandbox.

Fun fact, Binance Labs had also invested $3 million in Terra’s layer-0 blockchain back in 2018.

Related: Binance gets approval to operate in Italy, will open office in Milan

Speaking to Cointelegraph, Binance Labs' executive director of investments and M&A Ken Li said that there are 14 projects that are participating in the Season 4 of the Incubation Program and they will receive the first funding from the new fund.

The eligible startups are Grindery, NuLink Network, FilSwan and Starton from the infrastructure sector; CODA and OpenLeverage from the DeFi sector; CoralApp, AlterVerse Inc, ChapterX and Gamic Guild from the gaming and metaverse sector; Qwestive and Reveel from the SocialFi sector; Playbux (MyCashBack) and Ambrosia Finance from the crypto fintech sector.

Several former Binance executives led funding rounds in helping multi-strategy blockchain investment fund Old Fashion Research (OFR) invest in over 50 blockchain projects in just one year.

As Cointelegraph recently reported, the fund was founded by Ling Zhang, the former vice president of mergers and acquisitions and investments at Binance and Wayne Fu, former Binace head of corporate development. Open / Comment

2022-05-27 21:00:04 ​Wohlstand token IEO Buyers' Giveaway

1000+ WT buyers to get 10% capped reward

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Join before June 04! Open / Comment

2022-05-25 22:00:04 ​Uniswap breaks $1T in volume — but has only been used by 3.9M addresses

Decentralized exchange (DEX) Uniswap has topped $1 trillion in total trading volume since launching on Ethereum in late 2018.

That comes from a relatively small user base, however, indicating that there is a lot of potential growth to come. According to data from Uniswap Labs, which are major contributors to the development of the protocol and ecosystem, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years.

The data was posted via Twitter on Tuesday, with the Uniswap Labs team noting that: “Over the past three years, the Protocol has Onboarded millions of users to the world of decentralized finance (DeFi), Introduced fair and permissionless trading, Lowered the barrier to liquidity provision.”

Uniswap is currently supported on Ethereum and layer-2 scaling solutions Polygon, Optimism and Arbitrum. Uniswap Labs also revealed earlier this month that the DEX will be expanding out to two Ethereum Virtual Machine- (EVM)-compatible chains in Gnosis Chain, and Polkadot-based para-chain Moonbeam Network.

In terms of trade volume, Uniswap ranks well ahead of its competition in the DEX market. Data from CoinGecko shows that Uniswap’s v3 protocol generated $938 million worth of volume over the past 24 hours, representing 33% of the total market share.

In comparison, Binance Smart Chain-based PancakeSwap (v2) ranks second with $491 million and 17.3% of the market share.

When comparing Uniswaps’s 24 data with centralized exchanges (CEXs), its $938 million worth of volume places it well behind platforms such as Binance, FTX and Coinbase, which generated $12.2 billion, $1.95 billion and $1.79 billion, respectively.

Notably, however, the DEX is well ahead of some big players in the crypto sector such as "Crypto com" and Kraken, which generated $724.9 million and $597.4 million each.

Uniswap has also amassed roughly $5.93 billion worth of total value locked (TVL), the fifth-largest sum in the DeFi sector, according to DefiLlama, while PancakeSwap ranks seventh with $4.27 billion worth of TVL. MakerDAO represents the largest platform with $9.82 billion in TVL.

Related: Uniswap launches venture capital wing for Web3 investments

Despite Uniswap’s ability to attract strong demand and liquidity, it hasn’t done much to sway the price of its native asset Uniswap (UNI) in 2022. Since the start of January, UNI has dropped around 67% to sit at $5.59 at the time of writing.

UNI’s all-time high of $44.92 was also back in early May 2021, and is down 87.5% since then. Open / Comment