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2021-10-08 18:09:23 ​​Cryptocurrency prices today: Bitcoin, dogecoin slip while ether, cardano gain

Bitcoin is up about 25% in the past seven days and trading in the mid-$50,000s, whereas second largest crypto Ether has been gaining as well

In cryptocurrencies, Bitcoin prices today were trading marginally lower after rallying above the $55,000 mark on Thursday. The most popular and world's largest cryptocurrency by market capitalization slipped over 1% to $54,364. Though, Bitcoin has advanced 24% in a week.

Other cryptocurrencies were performing mixed over the last 24 hours. Ether, the second largest crypto by market capitalization, was hovering around $3,619, up over 2%. Cardano gained 5% to $2.29 whereas dogecoin prices tumbled marginally to $0.24. XRP, Litecoin, Uniswap gained while Stellar and Shiba Inu slipped.

Shiba Inu plunged 25% in the last 24 hours after soaring over 300% in a week as Elon Musk tweeted about his puppy, Floki, a Shiba Inu breed. The jump comes at the same time the wider crypto market is surging as well. Bitcoin is up about 30% in the past seven days and trading in the mid-$50,000s, and second-ranked Ether has been gaining as well.

“Crossing the $50,000 threshold and Bitcoin's rally to the $55,000 level is something of a historic event. Total Crypto's market cap could soon reach $2.5 trillion based on the Cup and Handle pattern seen forming on the chart. However, for the Total Crypto limit to reach that level, BTC and other tokens need to be increased further. Bitcoin's performance over the last few days has been quite remarkable as the price of BTC has soared by almost 27%, nearly outperforming most, if not all, other major cryptocurrencies," said Siddharth Menon, COO of WazirX.
The Bitcoin rally has come after digital tokens remained under pressure post China’s ban on cryptocurrency transactions and turbulence around El Salvador’s troubled rollout of the digital coin as legal tender. 

“After that overwhelming bullish rally, COTI's performance over the past week has been quite dismal. The RSI indicator clearly shows that the token has been overbought and has started its decline after crossing 75 bringing it below 55. It is still in the buy zone and we can expect COTI to recover at any time," Menon added. Open / Comment

2021-10-03 08:51:23 ​​Exit, Voice and Bitcoin

An iconic talk from Balaji Srinivasan kicks off a wide-ranging discussion about power dynamics and alternatives to consensus in our changing world.

On this episode
Blockchain technology presents opportunities for dissonant opinions, fractionalization and internal reform unmatched in the fiat world.
Distribution for this episode on the CoinDesk Podcast Network is brought to you by CrystalBlockchaincom
Join hosts Jonathan Mohan, Stephanie Murphy and Andreas M. Antonopoulos as they dissect “Voice and Exit,” or the power and necessity of being able to impact a system, whether financial, social or governmental, and if necessary, leave altogether. “Voice and Exit”  was popularized by Balaji Srinivasan  in 2013, where Srinivasan outlined how voice is attempting to change a system from within, while exit is leaving to create a new one.
Crypto has provided new methods to exercise voice and exit. Forks, software or protocol changes that users can choose to upgrade to, are an example of exit inherent to blockchain technology. Forks give the community a chance to decide whether to continue with the upgrade or remain in the old rules; forks have created spin-off currencies like Bitcoin Cash and Bitcoin SV.

As opportunities for voice and exit seem to be gradually disappearing, can crypto help those who need them most? Open / Comment

2021-09-29 13:53:35 DO YOU KNOW WHY WE TRADE WITH BITCOIN?

Bitcoin is the most volatile asset, which continues to lead the pack of cryptocurrencies, in terms of market capitalization, user base, and popularity.

High Liquidity makes a great investment when you look for short-term profits.

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2021-09-25 20:11:29 ​​DeFi gaming: A catalyst to mainstream adoption of decentralized finance

Gaming is on track to boost the adoption of DeFi platforms. Here is a look at the latest developments that are pushing the play-to-earn business model.

The past few months have seen decentralized finance (DeFi) platforms gain a cult-like following on the backdrop of a bullish cryptocurrency market. That revolution of digital money is now moving into the gaming industry, creating an intersection between DeFi and the gaming experience that experts now predict will play a huge role in the next generation of games.

DeFi-focused tokens such as Polkadot (DOT), Solana (SOL) and Chainlink (INK), to mention a few, have had euphoric moments in the markets, gaining major traction as major developments continue.

Investors and speculators should expect even more going forward, given the bold move made by the likes of Solana Foundation and Houbi Ventures to invest in early-stage blockchain-based gaming platforms that incorporate DeFi into their system.

The emerging play-to-earn model is primed to highlight the benefits of blockchain technology in the gaming industry and beyond. In this article, we look at some of the latest developments in the DeFi gaming space with a discussion on what the future holds for this emerging sector.

Games simplifying DeFi

DeFi Land, a game designed as a multi-chain agriculture simulation aimed at enabling a gamified decentralized finance experience, just raised $4.1 million in a funding round that saw the participation of over 40 investors.

Founded in 2021, DeFi Land is privately held by a company whose headquarters are in India with a primary focus on creating educational and entertaining solutions for users looking to explore the DeFi space.

DeFi Land's agriculture simulation is designed with all the features you would find on a conventional DeFi platform. Unlike most DeFi platforms, however, DeFi Land features an interoperable ecosystem that is capable of running on other established platforms such as Uniswap or even Binance Smart Chain's PancakeSwap.

This approach is set to help DeFi Land avoid reinventing the wheel, thus allowing its users to access automated market-making protocols, decentralized exchanges and leading protocols on other blockchain networks. On DeFi Land, each digital asset is represented in the form of a plant. For instance, Solana's SOL token is a sunflower and the USDC stablecoin is a corn plant. Users can farm these tokens and earn an annual percentage yield that comes in the form of a bountiful harvest.

To make it even easier for users to learn the ins and outs of DeFi, DeFi Land features a practice mode where users can learn all about DeFi using fake assets while playing within a guided version of the game.

Brian Lee, a senior executive at Alameda Research — one of the firms that participated in DeFi Land’s investment round — said that DeFi Land blends “two of the most interesting things happening in crypto right now — gaming and DeFi.”

Huobi Ventures betting big on DeFi gaming

With an increasing wave of institutional capital flowing into the DeFi space, more companies are starting to pay serious attention to the sector, and Huobi Ventures is one of them.

The investment arm of Huobi cryptocurrency exchange, Huobi Ventures, just recently announced a $10 million fund that will invest in early-stage projects that combine a gaming experience with decentralized finance features, i.e., GameFi.

In addition to the financial support from Huobi Ventures, startups that take up the challenge will also receive Huobi's backing in terms of legal and technical support for their project, not to mention PR and commercial assistance.

Huobi Ventures director Unica Yin said, “blockchain technology has the potential to revolutionize the gaming business model and will play a core role in the next generation of games.” Open / Comment

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2021-09-18 12:40:20 ​​Binance Delisting The Latest Chapter In Cover Protocol’s Troubled Saga

Binance has just announced that it is delisting the Cover Protocol token (COVER) and its associated trading pairs COVER/ETH and COVER/BUSD. The announcement comes as part of an ongoing troubled phase for Cover Protocol.

Cover Protocol has had a troubled time recently, with the protocol being hacked in 2020, Yearn Finance canceling their partnership, and several important devs and team members leaving the protocol.

The Binance Announcement
Binance announced on its website that it would be delisting and ceasing trading on all trading pairs for the Cover Protocol’s COVER token from 2021-09-24 08:00 (UTC).

Binance will also be removing the trading pairs COVER/ETH and COVER/BUSD. Binance will carry out an automatic settlement, following which it will cancel all pending orders before delisting the COVER/BUSD isolated trading pair on 2021-09-22 08:00 (UTC).

Binance also stated in their announcement that withdrawals of COVER from Binance will be supported until 2021-12-24 at 08:00 (UTC), and any deposits of COVER made after 2021-12-24 08:00 (UTC) will not be credited into trading accounts.

Binance regularly conducts reviews of each digital asset that they list on their exchange. If a token does not meet the required standard, then Binance delists the token in question for the safety of its users. The team at COVER had announced the shutdown of the COVER and RULER protocol projects on 2021-09-05.

Core Developers Abandon Project
Core contributor DeFi Ted announced that the Cover Protocol is stopping all support and development after core developers parted ways with the protocol. The COVER token plunged by 16% following the announcement as COVER token holders scrambled to sell their tokens and exit. At the time of making the announcement, COVER had a market capitalization of $21 million, and within hours of the announcement, the token value fell from $269 to $220.

The Yearn Break-Up
Back in March, Yearn Finance had announced that it was ending its partnership with Cover Protocol. Yearn Finance announced the termination on Twitter, with Andre Cronje from Yearn Finance publicly expressing his disappointment. Yearn Finance and Cover protocol had partnered back in November, with the Cover protocol becoming Yearn’s backstop coverage provider, offering users reduced risk. While no official reason was given for the termination, it is highly speculated that it was due to the 2020 hack. Speaking of which...

The 2020 Hack Of Cover Protocol
The Cover protocol suffered a significant hack in 2020 when an unknown hacker tricked the protocol into minting 40 quintillion tokens. The hacker then cashed out the tokens before unexpectedly returning them and leaving a message for the Cover team. The Cover team back then immediately acknowledged the attack and set about with their investigation while also warning investors against buying the token. Open / Comment

2021-09-13 14:03:20 ​​South Korean Crypto Exchange Closures Could Leave Investors Empty-Handed

As two-thirds of South Korea’s cryptocurrency exchanges brace for closure due to regulatory overhaul, investors could lose up to KRW 3 trillion ($2.6 billion).
Foreign and local exchanges in South Korea have until Sept 24 to register as legal platforms, according to South Korea’s Financial Services Commission. However, most local exchanges struggle to meet the necessary conditions. As a consequence, almost 40 of South Korea’s roughly 60 crypto operators anticipate having to shut down.

“Huge investor losses are expected with trading suspended and assets frozen at many small exchanges as customer protection will not likely be the priority of those exchanges facing an imminent closure,” said Cho Yeon-Haeng, president of Korea Finance Consumer Federation.

Difficult requirements for crypto exchanges
One requirement necessary for a cryptocurrency exchange to become licensed as a legal trading platform is to partner with a local bank. They must do so in order to open real-name bank accounts for their customers. However, local lenders have been hesitant to do so over fears of exposure to money laundering.

Exchanges in other countries have also faced similar difficulties maintaining relationships with their financial institutions. For instance, in Australia, many cryptocurrency traders and exchanges have struggled to find new lenders after being dropped by their banks. Earlier this year, the Reserve Bank of India’s informal request for banks to sever ties with crypto companies led to payment processing issues for several of the country’s most prominent exchanges.

Kimchi coin killer
So far, about 20 exchanges have met some of the regulatory conditions by creating security systems for personal information. These include South Korea’s four biggest exchanges, Upbit, Bithumb, Korbit, and Coinone, which account for more than 90% of the country’s total trading volume. However, industry insiders say many will still struggle for survival, due to the limited size of their business.

The pervasive closure of smaller exchanges could also eliminate 42 “kimchi” coins, according to estimates by Kim Hyoung-Joong, head of the Cryptocurrency Research Center at Korea University. These alternative digital currencies are listed on local exchanges and traded mostly in Korean won. One expert anticipates a situation similar to a bank run up until the deadline, as investors rush to cash out their holdings of these locally traded altcoins.

According to the FSC, exchanges that do not expect to meet the regulatory conditions should notify their customers of any possible closure by Sept 17. Open / Comment

2021-09-10 18:06:43 ​​The automotive industry is yet another with its sights set on a crypto-filled future.

NASCAR, one of the world’s premiere auto racing and operating companies, is the latest example. The company is known for its extensive relationship with collectibles and NASCAR fans are all about them.

However, the next step for NASCAR is collectibles in the metaverse.

Recently, Speedway Motorsports, the corporation which owns 8 NASCAR tracks, partnered with GigLabs on a new NFT marketplace.The first NASCAR-centric NFT marketplace. It launches on Monday at 1 p.m. ET a week prior to the Cup Series playoff race at Bristol Motor Speedway.

The chief strategy officer for Speedway Motorsports, Mike Burch, commented on the new development. “Collecting has always been a big part of NASCAR fandom, whether it’s die casts or people who have collected our event programs — all kinds of things,” he said. “So [we were] thinking, ‘How can we bring that over into our side of the world, our business?’”

Depending on the reaction from fans, Burch calls future opportunities “limitless”. This may include NFTs with other NASCAR entities, such as the IndyCar Series or NHRA.

When the new RaceDayNFT marketplace opens, 10,000 commemorative ticket NFTs for the following Bristol race will be available for free. Of those, 500 will randomly include golden tickets. The NFTs feature audio or sound effects according to Burch.

There are four races and therefore four components to the digital collectibles, with the commemorative ticket as one. Any attendees of the event can scan a QR code, which opens up more NFT possibilities.

Crypto and Cars
Already, NASCAR experienced crypto infusions into the industry. Earlier this year NASCAR driver Landon Cassill was the first in the company paid entirely with crypto. The company introduced digital tickets and race programs which garnered positive responses from fans.

Cassill himself commented on the impact of non-fungible tokens in the industry. “If NASCAR entities can create a way that’s understandable and is not intimidating and makes sense and gives those fans ownership over the things that they love — the drivers, the teams, the tracks that they love — I think it could definitely succeed, as long as it strengthens the community and empowers those race fans.”

In fact, these NFTs play a large role in connecting fans with the race and drivers like never before. The rarest NFT available in this series are two Winner’s Edition NFTs as digital coins. One goes to the winner of the race, the other to the highest bidder.

According to Douglas Dimola, GigLabs CEO and co-founder, “The coin has the track on one side and the winner and date on the other side. So the person who wins the auction will essentially have an NFT that they share with the winning driver.”

This past summer another automotive industry giant, BMW, launched its own NFT series. It focuses on digital collectibles of iconic models of their cars. Now with NASCAR’s own marketplace and NFTs, the industry continues its crypto acceptance. Open / Comment

2021-09-07 12:16:36 Bitcoin pinned a photo Open / Comment

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