Bitcoin Crypto News

Cardano Price Up And Down Amidst SundaeSwap Launch

The price of Cardano (ADA) surged and plunged on the same day, starting with the excitement around the launch of its first decentralized exchange, the DEX SundaeSwap, then following the downtrend of Bitcoin. SundaeSwap’s Wins And Failures ADA’s price had been up around 10% in the last week tied to the launch of Cardano’s beta version of its first decentralized app (DApp) SundaeSwap, a decentralized exchange (DEX) that allows token staking and aims to “decentralize not just the access to financial services, but also the core business model itself.” “We are launching with a Beta label because, while the DEX’s smart contracts have been fully audited and the DEX will meet all industry standards for security, the implementation of fully decentralized governance will not be immediately possible due to existing transaction size limits on the Cardano blockchain.” SundaeSwap’s launch entails the inclusion of its utility token SUNDAE, which offers holders the availability to vote on the governance protocol, plus trade, strake and lend coins. The token’s price will be determined by the community as prove of its goals towards decentralization. “The Sundae Token is a utility token central to the healthy operation of the SundaeSwap DEX. We are focused on building the most useful decentralized exchange protocol we can, in line with the decentralized ethos that we all believe in. As part of that, we strongly believe that this protocol doesn’t belong to us, the company who wrote the software, but to us, the whole SundaeSwap community.” They explained that at the protocol’s launch, 7% of the community supply of the token would be “locked by the DAO into a smart contract called The Taste Test,” and added that at the end ten days, “all of these tokens will be used to create the ADA/Sundae liquidity pool, establishing the initial price for the token.” Not long after trading on the DEX started, users were dissatisfied about congestion on the net, orders pending over hours, and failing transactions. SundaeSwap’s team had already warned about this possibility ahead of the launch. CEO Mateen Motavaf addressed the complaints in a bolds and cap message that said “IF YOUR ORDER IS ON-CHAIN, IT WILL BE PROCESSED ORDERS ARE FAILING DUE TO CONGESTION, PLEASE BE PATIENT”. The team had written on January 8 “We want to inform you all that while orders may take days to process, everybody’s orders will be processed fairly and in the order they were received.” They remain confident that “the protocol can meet the normal day-to-day load once things settle down.” Cardano’s Scalability The Cardano roadmap is currently focusing on several updates to optimize and scale the network, hoping to achieve faster transaction and adopt the layer 2 Hydra solution. Its partner company Input Output just announced a promising scaling update that is supposed to increase Plutus script memory units per transaction to 12,5 million. The first change is supposed to take effect on January 25. “Improvements in Memory/CPU parameters for Plutus remain one of 11 ways that Cardano intends to scale in 2022. Other paths include block size increase, Pipelining, Input Endorsers, Node enhancements, on-disk storage, sidechains, Layer 2 Hydra scaling solution, Offloading computation and the Mithril solution.” – Input Output Issues aside, Cardano has already grown stronger in its competition with Ethereum, recording a higher trading volume at times and lower fees. Related Reading | Cardano Enters The Basho Stage: How It Improves Performance Bitcoin Behind Cardano Crash? Today, Bitcoin fell around 10% to under $38,000. At the same time, the total market cap fell bellow $2 trillion. Analysts have alleged before that Bitcoin rules over the health of the crypto market, thus its downtrend could affect other coins like ADA. Many enthusiasts were expecting a bullish trend for the Cardano coin hoping for its price to reach $2 amidst future optimizations and SundaeSwap’s launch, but this setup has been spoiled. The SundaeSwap launch pushed Cardano toward a surge of 7.5% from its day-low price of $1.32 to $1.42, then stabilizing at $1,40. Then, following the crypto market’s downtrend, ADA decreased to around $1,20. The general downtrend of the market followed the general worry over a more hawkish Federal Reserve, expecting higher interest rates. It also happened in parallel to Russia’s announce of a crypto ban. Related Reading | Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA

Bitcoin Crypto News Ethereum

Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst

Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary. Mike McGlone On Bitcoin And Ethereum Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market. Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum. BTC down to $38K | Source: BTCUSD on TradingView.com The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction. “Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.” This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this. Other Cryptos May Not Fare Well Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback. Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming? McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst. “The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said. Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added. Featured image from Bitcoin news, chart from TradingView.com

Blockchain Crypto News

Opera’s new launch Web3 Crypto Broswer Is All Set For Your Device

Opera, the famous email browser, has introduced a beta version of its web3 crypto browser. The new beta version is more than just your average internet surfer. Along with features such as a built-in cryptocurrency wallet and shortcut for quickly switching between different crypto exchanges. They have also added decentralized apps support. Web3 Crypto Browser Opera Web3 crypto browser supports both cryptocurrency and blockchain technology. It can function in an environment where digital currencies are accepted and store your funds securely for use on the web or when making transactions through NFC templates (Sony). Blockchain is a decentralized solution that reduces the need for third-party verification by providing trust in transactions through digital signatures. Furthermore, the blocks of this network are spread all over the internet, so it’s tough to hack. Related Reading | TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term Blockchain is the future. It’s been implemented and tested against major corporations that have seen its potential for revolutionizing their industry. The blockchain is like a security system to store and transmit data. It’s challenging for anyone else to view what you’re doing on this decentralized platform because all copies are identical, making it super safe. Nowadays, blockchain technology finds itself being used not only by those seeking anonymity but also transparency. Whether you’re an artist wanting domestic creatives’ rights protected. Web3 Browser Features The new Opera Web3 Crypto Browser allows you to explore the emerging world of decentralized web apps. Right now, it’s mostly an online home for crypto enthusiasts and strange blockchain applications with sometimes interesting tokens on them. The future of Web3 is here! With the Opera browser, you can now enjoy a decentralized internet where everything you do will be rewarded with tokens. This foundation for mass adoption has been developed by an innovative company that understands how important security and privacy are in today’s world-a place without those two essentials would surely lead us into chaos.” In an official announcement, Opera stated: “Too few of the web browsing experiences offered today have been built with the intention of putting Web3 centerstage and making blockchain technologies understandable and easy to use. With the Crypto Browser Project, we have set out to change this and starting today, we are inviting the blockchain community to join this mission. If we are to take Web3 beyond great ideas, we need to craft products that embrace both crypto enthusiasts who understand the space and those who are only starting and want to explore it. Our belief is that the world of blockchain needs a fully dedicated browsing experience.” The crypto browser is a new way to make trading cryptocurrency easy and seamless. It allows users who don’t want the hassle of third-party solutions like Coinbase or Bitstamp to trade their coins right from within opera without worrying about losing private keys on babysitting Platforms that are known for security holes. Crypto Corner is a unique browser extension in the Web3 crypto browser that contains the most topical and essential crypto news.So you never miss an update on new decentralized applications again. Blockchain Technology Future The Web3 project is not new. Do you remember The HTC Exodus 1 phone? It was an ambitious collaboration between many companies, including the well-known crypto wallet and Opera browser, but never saw completion. The future seems bright for blockchain and cryptocurrency. Some people think it will be one of the most critical networks in our digital world. Related Reading | TA: Ethereum Nosedives, Indicators Show Signs Of Larger Downtrend In contrast, others worry about its environmental impact or how quickly these technologies grow saturated with data storage capacity as they are currently doing now due to their popularity among users worldwide. It is too early to say that blockchain will never succeed. Technology still has many developing stages. We need time for its full potential to unfold before making any conclusions about whether or not this new invention can revolutionize the way we live our lives entirely. Web3 Crypto Browser Available Versions Try out this new browser that is so far available for Mac, Android, and Windows. The iOS version will be released soon. Featured image from Pixabay, chart from TradingView.com

Crypto News

Cardano Backed Metaverse Project Pavia’s Land Price Skyrockets

Last week, Cardano network launched Pavia, a gaming application on the Metaverse. This stands as the first metaverse project operated on the Cardano blockchain. The use of non-fungible tokens (NFTs), which operate with the same blockchain technology as cryptocurrencies, is increasing. They enable investors to get tokenized assets of their favorite art items, idols, places, etc. NFTs create representations of both tangible and non-tangible items. According to its design, Pavia has about 100,000 land parcels issued. Each land parcel’s minting is a non-fungible token, NFT, that possesses individual coordinates. Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think? The pre-selling of the parcels kick-off since 2021 with more than 60% done between October and November. Also, there is a rush for the remaining portions which will be on sale within the first quarter of 2022. The functionality of Pavia’s native token is as an in-game asset. An airdrop of Pavia’s native token was made to NFT landholders. This was after the blockchain’s snapshot in December 2021. According to data from MuesliSwap, a Cardano-based exchange, Pavia tokens are selling around 20 cents per coin at the press time. Also, it has a market cap of more than $107 million. Furthermore, Pavia landowners are more than 8,300. The data has it that the users were unable to deploy assets over their land on Monday. Caution documents from Pavia have warned customers that they can neither visit nor deploy content to the plots. This was due to the development stage of the land parcels. More Craving For Metaverse Projects On Cardano The emergence of Pavia on Cardano is during the period of incredible carvings for virtual parcels of land. Presently, the sale of virtual plots of land runs into millions of dollars on several blockchains such as Ethereum. The value for land plats on Pavia runs as huge as 30,000 Cardano on CNFT, the Cardano NFT marketplace. This amount is equivalent to about $45,600 at the press time. The Metaverse is recently getting more attention. It is a virtual world that provides people with unrestricted interactions like the real world. This distinguishing factor is its digitalization of operations. The functionality of the Metaverse is attracting several firms as they intend to create their appearance on the platform. One of the companies interested in the Metaverse includes Binance.US, developing on Portals, an office. Portals is a Solana-based metaverse project. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means Also, Samsung, a global electronics maker, launched a metaverse brand of its New York City flagship store. This launching took place this January on Decentraland. Featured Image From Britannica and chart from TradingView.Com

Bitcoin Crypto News

Bitcoin Diamond Hands: Despite Recent Fear, Coins Aged 12-18 Months Rise To 2-Year High

Despite the recent fearful market, Bitcoin hodlers show diamond hands as coins aged 12-18 months touch a 2-year high. Coins Matured To 12-18 Months Revisit A High Not Seen Since 2 Years As pointed out by an analyst in a CryptoQuant post, BTC hodlers have held strong recently as coins aged 12-18 months have seen a sharp spike recently. The relevant on-chain indicator here is the Bitcoin Sum Coin Age (SCA) Distribution that shows the distribution of coins among the different holders in the market. The metric works by looking at each coin on the chain and measuring how many days it has been since it was last moved. Based on the age, these coins are put into different categories. For instance, if a coin has been sitting still since 12-18 months ago, it is included in the 12-18 months holder group. When the distribution of the long-term holders goes up, it means accumulation has been strong recently. Such a trend has usually been bullish for the price of Bitcoin as it shows a large number of holders refuse to sell at the current levels. On the other hand, when coins belonging to short-term holders move up, it means some long-term holders have decided to sell. This trend may be bearish for the price of the crypto. Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think? Now, here is a chart that shows the trend in the supply of coins that have matured to 12-18 months (one of the long-term holder groups): Looks like the value of the indicator has shot up recently | Source: CryptoQuant As you can see in the above graph, the coins aged 12-18 months have sharply rose recently, reaching a 2-year high. The highlighted region in the chart is around when these holders bought these coins. This means that these Bitcoin holders have now held strong through multiple all-time highs, the mini-bear period between May-July, as well as the recent fearful market. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means Hodlers showing such diamond hands behavior can prove to be quite bullish for the price of the coin in the long term. Bitcoin Price Earlier today, Bitcoin’s price crashed below $40k, touching as low as $38k. Since then, the coin hasn’t recovered much yet. At the time of writing the crypto’s price floats around $38.8k, down 7% in the last seven days. Over the past month, the coin has lost 17% in value. The below chart shows the trend in the price of BTC over the last five days. After weeks of consolidation, BTC’s price seems to have finally crashed below the $40k level | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Bitcoin Crypto News

How To Add Bitcoin To The Balance Sheet For Corporations, With Saylor & Dorsey

Is your company ready to buy the Bitcoin dip? Saylor and Dorsey will give you the 411 for free.99. The MicroStrategy World annual conference goes live on February 1st. Learn directly from these two titans of the industry, who have definitely been among Bitcoin’s main proponents and promoters over the last few years.  Michael Saylor has led by example, buying every dip, and is a constant presence in mainstream media. His interviews are more like classes and the attention they get is outstanding. Jack Dorsey, for his part, left Twitter to focus on Bitcoin. Since then, his Block company announced several projects that’ll definitely strengthen the Bitcoin network. About the MicroStrategy World conference, the press release promises it’ll be “focused on Enterprise Analytics and Bitcoin for Corporations. World 2022 is 100% virtual, and—for the first time ever—access to all sections of the conference is free of charge.” That’s an unbeatable price. What Will Saylor And Dorsey Talk About? The conference has two sides, two different events that showcase MicroStrategy’s duality: “The Enterprise Analytics event will introduce bold new ways to think about analytics and business intelligence, and showcase organizations who’ve used data as a strategic differentiator. The Bitcoin for Corporations event will explore the various benefits of incorporating Bitcoin into corporate initiatives.” Join me and Keynote Presenter @jack at the 2nd Annual Bitcoin for Corporations Feb 1 & 2. This free, virtual conference is a must for any corporation considering integrating #Bitcoin with their products & services, or adding #BTC to their balance sheet.https://t.co/V9fIkv633q — Michael Saylor⚡️ (@saylor) January 20, 2022 As you might expect, NewsBTC will focus on the second event. It’s important to say that both Dorsey and Saylor’s companies have Bitcoin on their balance sheet. These two put their money where their mouth is, and then some. In any case, what does MicroStrategy World promise? “An in-depth discussion on Bitcoin between two visionary voices: Jack Dorsey, CEO of Block, Inc., and Michael Saylor, CEO of MicroStrategy Inc. This session will be followed by a discussion on Bitcoin Treasury with Phong Le (President and CFO, MicroStrategy). Bitcoin for Corporations will also feature live interviews with industry experts from Coinbase, Deloitte, Fidelity Digital Assets, Genesis, Jefferies, NYDIG, Paxos, and Silvergate Bank.” It’s noteworthy that Fidelity Digital Assets recently shocked the world by predicting more countries and probably a Central Bank or two would add Bitcoin to their balance sheet in the next few years. Christine Sandler, Fidelity’s Head of Sales & Marketing, will represent the company at the conference.  Saylor ’s Recent Bitcoin History Since MicroStrategy first added Bitcoin to its balance sheet in August 2020, the company has increased the bet every few months. They issued common stock. They sold stocks. They bought, and bought, and bought, and bought. In a recent interview, Saylor explained the strategy and NewsBTC reported: “Look, our long term strategy is kind of like Harvard University. We’re running a university but we have an endowment. MicroStrategy is selling enterprise software. We generate $100 million in cash flow a year – in a good year – and we are reinvesting that cash in our endowment. Our endowment is 100% bitcoin.” Saylor adds that MicroStrategy plans to acquire and hold bitcoin as a balance sheet. As for the operations, the company will continue to sell its enterprise software everywhere in the world.” Related to this, about MicroStrategy’s free conference, Saylor said: “We have gained a wealth of experience and expertise innovating our treasury strategy and evolving our corporate bitcoin acquisition strategy. And we’re pleased to be in a position to share our knowledge—via this curated event—for corporations looking to pursue similar strategies and bold initiatives.” Dorsey’s Recent Bitcoin History For his part, Dorsey’s strategy is much different than Saylor’s. He’s working in infrastructure. Dorsey’s fortifying the network’s weak parts. Among other things, Block announced they’re building a decentralized Bitcoin exchange called tbDEX. Released the Lightning Development Kit. And announced they’re working in an open-source ASIC miner.  On a personal level, Dorsey and rapper Jay-Z put 500 BTC in a blind trust to promote Bitcoin development in Africa and India. And created the Bitcoin Defense Legal Fund to protect developers from all kinds of lawsuits. BTC price chart for 01/21/2022 on Gemini | Source: BTC/USD on TradingView.com The Price Of Bitcoin Despite Saylor’s and Dorsey’s efforts, Bitcoin is bleeding. On one hand, Proof-Of-Stake proponents straight up lied before U.S. Congress in a hearing about Proof-Of-Work’s environmental risks. On the other, there’s a rumor that Russia is considering banning Bitcoin in some capacity. Both of those situations caused panic in the market, and Bitcoin’s price is currently 40% lower than the ATH of $69K.  Will Michael Saylor buy the dip?  Featured Image: screenshot from the conference’s website | Charts by TradingView

Analysis Bitcoin Crypto News

Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely

Bitcoin has now broken down past $38,000 for the first time in over four months. This is a crucial point for the digital asset given that it has successfully maintained its position above this level throughout all of the crashes and dips of the previous month. While most would like to think that this is only a temporary setback that will soon be resolved, analyst Nicholas Merten has warned investors to brace for even more volatility. Prepare For Further Downside In a recent video on his YouTube channel, Merten shared with his over 87K subscribers some gloomy analysis surrounding bitcoin. The analyst starts out by acknowledging what most have experienced in the market, believing that the recent rebound was a telltale sign of more upside to come. However, this could not have been more wrong as the digital asset has suffered even more dips following that. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means Merten pointed out the fact that the gains realized from when bitcoin jumped from $41k to $44k have quickly faded and that there is not a lot of significant support ranges as the digital asset makes its way down with the downtrend. He predicts some major volatility that will drag the price down to levels not seen in about a year. Comparing the market to that of May 2020, which would see the price fall to the $29,000 range. “It’s just likely at this point that we repeat what we saw back in May to some degree,” he said. “Having a correction down to this range [$29,000 to $30,000], getting people towards what I would define as max pain It basically defines the point of peak fear when everyone, even the bulls are convinced that we’re in a bear market.” The analysts expect more downside to the tune of 20% to 30%, which would put the price of bitcoin at the range he predicts. BTC crumbles below $37k for first time in four months | Source: BTCUSD on TradingView.com Still Bullish On Bitcoin The fact that Merten relayed such a gloomy diagnosis for bitcoin in the short term does not mean that the analyst is particularly bearish in the long term. He explained that despite the market showing bearish trends, he remains a bitcoin bull. “We’ve been bearish in the short term over the past couple of weeks and we believe that there is still more downside to go, [but] I’m still a long-term bull.” Related Reading | I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals Additionally, Merten reiterates the fact that the market is still in a bull trend. Usually when prices start declining as fast as they are now, panic spreads across the space as most believe the bull market is over. For Mertern, this is not the case. He explains that just as a downward correction is likely, bitcoin could very well switch up and head towards the $150K to $200K range. “I believe that we’re still in a bull market, not a bear market. It’s very likely that we could see this correction, but at the same time, it could be the catalyst to finally set ourselves up on the next uptrend and charter towards the $150k range, $200k range for Bitcoin.” At the time of writing, bitcoin’s price is down 9.61% to be trading at $37,945. Featured image from Medium, chart from TradingView.com

Analysis Bitcoin Crypto News

$200 Billion Exits The Market As Bitcoin Plummets To A Multi-Month Low

Bitcoin, the top asset in the industry has noted a sharp fall in prices over the last 24 hours. At press time, the king-coin depreciated by almost over 9.7%. Bitcoin dropped its value by almost $7,000 and was exchanging hands at $38,233.95. This marked an almost six-month low for the coin. This price level is the lowest ever since the first week of August last year. Following Bitcoin’s price action, altcoins followed suit as a majority of them were seen trading in the red at the time of writing. The global cryptocurrency market cap was at $1.95 trillion after a considerable fall of about 7.7% over the past day. The global crypto cap hadn’t dipped below the $2.11 Trillion mark in over 3 months now. This major plunge in value across the broader cryptocurrency market had caused roughly $200 Billion to leave the market. Ethereum, which is the second-largest cryptocurrency in regards to market capitalisation also registered a tumble of about 8% in the last 24 hours. Related Reading |TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term What Could Have Potentially Caused This Big Dump The bears had taken over the market, however, it isn’t safe to assume that the market would continue with a bearish outlook just yet. This could also be a price correction from which Bitcoin and major altcoins might recover over the upcoming trading sessions. This retracement in Bitcoin’s prices from $43,000 could have happened for a number of reasons. Needless to say, crypto markets are volatile, however, current price movements of the major cryptocurrencies can be tied to a couple of recent developments in the crypto space. This sudden substantial sell-off in prices could have been caused due to stock market weakness after the US Federal Reserve introduced high-interest rates and tapered the stimulus. The Fed hiking the interest rates in the form of tightening the overall monetary policy has, in turn, affected the unregulated market of cryptocurrencies. The cryptocurrency industry has also suffered the pangs of other recent regulatory measures. The most recent one is Russia’s blanket ban which has rocked the global cryptocurrency market. Other regulatory measures which have been set in motion to curb the rapid growth of digital asset has also had negative effects on the prices. Securities and Exchange Commission has signaled at scrutinising cryptocurrency exchanges. Environmental factors have also raised eyebrows of regulatory bodies, European Securities and Markets Authority (ESMA) wishes for the EU to ban the proof-of-work model. All of the above-cited reasons have sent shock waves across the crypto industry causing the fear index to point at 19, a number that corresponds to “Extreme Fear” in the market. Related Reading | TA: Ethereum Nosedives, Indicators Show Signs of Larger Downtrend Bitcoin Price Analysis: Crucial Trading Levels to Watch Out For Bitcoin was priced at $38,233.95 after the coin nosedived close to 9% at press time. The asset flashed a death cross, which is considered to be extremely bearish in nature. The prices were beneath the 20-SMA line, indicating that sellers were responsible for driving the price momentum in the market. Source: BTCUSD on TradingView.com The Relative Strength Index hurtled as it reflected the excessive selling pressure in the market. Currently, Bitcoin’s RSI was hovering beneath the 25-mark which meant that the asset was oversold and undervalued. The support level for the coin stood at $37,982.40 and a push from the bears could make BTC trade at that aforementioned level. The Average Directional Index was near the 50-mark, implying a strengthening of the current price trend in the market. The resistance price level for the coin was $39,829.16. Featured image from The Motley Fool, chart from TradingView.com

Crypto News

SIDUS HEROES: Merging NFTs, DeFi, and Gaming Into a Play-To-Earn Metaverse

The race to set up the building blocks of the metaverse is on and many companies are hard at work establishing the world’s first open-source, decentralized virtual universe. This race has in part been galvanized by the rise of NFTs (Non-Fungible Tokens), whose values have shot up in price in direct correlation with rising cryptocurrency prices. One of the biggest initiatives out there currently working to establish a metaverse with a play-to-earn gaming model is the SIDUS HEROES project. This is a first-of-its-kind Web Graphics Library (WebGL) and massively multiplayer online role-playing game (MMORPG) platform set in an outer space metaverse scenario at a time when machines have merged with living things. Inside the SIDUS HEROES universe, life, as we know it, has changed beyond anything we’d recognize today, and the technology, having permeated everyday life, has passed the point of no return. The game provides players with the adventure of interstellar exploration and a battle royale experience, as well as the opportunity to build social, political, and economic partnerships within the game’s ecosystem. In this metaverse with its play-to-earn economy, players fight for scarce resources that are scattered throughout its universe. The platform’s economy is supported by a two-token system – one that is used in payment for work or services rendered and the other to enable voting as members of the platform’s decentralized autonomous organization (DAO). What Exactly is SIDUS HEROES? At its core, SIDUS HEROES is an MMORPG that’s built using the play-to-earn model, which means it incorporates aspects of decentralized finance, NFTs, and blockchain connectivity. By doing so, it hopes to establish a thriving metaverse economy. SIDUS HEROES is a new type of video game where players get to earn real rewards for their efforts or actions in the game. Thanks to the incorporation of NFTs into its blockchain, each player gets ownership rights over the in-game assets they either earn as rewards or purchase using the platform’s native tokens. The game’s internal economy is built with tangible value in mind, thereby making a substantial contribution to the leisure economy in which players can earn a living from simply playing games and interacting on the platform. What’s more, SIDUS HEROES takes the entire concept to an entirely different level owing to an infrastructure that allows players to engage with the platform, without having to download sophisticated applications onto their PC, Android, iOS or Mac devices. With a simple click of a button, players can begin experiencing the SIDUS HEROES universe using any browser, since the platform comes with a Web Graphics Library (WebGL). How the SIDUS HEROES Game Works As mentioned earlier, the game is set in a futuristic universe inhabited by 12 races. There are different communities within the game’s metaverse based on the different races. The features that come with a player’s avatar are determined by the race it belongs to. Due to the different races, the gameplay involves clashes and battles between the races. Players can form groups with other individuals from different backgrounds to push a common agenda within the SIDUS HEROES game. Players can build fighting legions, do battles with other players in the Arena or challenge other players to a duel. Other players may instead choose to explore the SIDUS HEROES metaverse and seek out adventures or become outer space pirates who plunder the virtual seas. Explorers traveling through the SIDUS HEROES universe also get to discover hidden gems in the form of monsters and other space creatures that can be tamed, bred, and used in battles. These in-game space creatures are bought as NFTs and can be traded for other digital assets within the platform’s ecosystem. What’s more, players with a creative bent can become farmers, builders, and creators using the platform’s NFTs infrastructure to mint new in-game assets that can be sold within the platform’s ecosystem. SIDUS HEROES Tokenomics The platform’s economic model influences the gaming experience and is tied to its play-to-earn model, which is designed to incentivize players to keep coming back to the platform. The team behind the platform believes that the incentives built into the metaverse are enough to keep each player engaged for at least 3 years, thanks to the earning opportunities they’ve incorporated into it. Players don’t just earn from fighting, there are rewards to be had from contributing to the labor market through the platform’s supported professions, which depend on where the player prefers to operate. Each profession has an important role in the game’s ecosystem. For this reason, the SIDUS HEROES platform features a dual-token economy. Its two native tokens are the SIDUS and the SENATE. Both tokens act as the platform’s internal currency and can be used to make purchases. However, only the SENATE token can be used to buy premium assets such as virtual plots of land and spaceships or station modules within the game. The SIDUS token, on the other hand, is primarily used to purchase wearable NFTs for a player’s avatar, as well as other enhancements and equipment within the game. When it comes to the platform’s governance and decision-making through the DAO, players holding the SENATE token get to vote on various changes to the SIDUS HEROES universe. Payments for other internal services and platform commissions are made with the SIDUS token. Both tokens benefit from a deflationary process, which creates positive pressure on the demand for the platform’s in-game assets. The maximum supply of SENATE tokens stands at 300 million and 30 billion for SIDUS tokens. NFTs in the SIDUS HEROES Metaverse Non-fungible tokens are a key aspect of building any metaverse and the team behind the SIDUS HEROES project has brought together numerous artists and developers to design a unique NFT concept. Within the SIDUS HEROES metaverse, every in-game asset, whether it be a spaceship, a character, or a piece of equipment, is an NFT. The platform uses a proprietary blockchain network in addition to WebGL technology, allowing every player to have easy access without the need for additional sophisticated devices or software. WebGL makes it possible for each player to dive into the game and experience the incredible 3D graphics that make up the SIDUS HEROES metaverse, using only a simple browser. This makes access to the platform’s NFTs very easy, especially for a global audience who is eager for a simplified way to own and trade NFTs. Not only can NFTs be bought and sold on the platform’s marketplace, but there are also special edition NFTs. Overall, the platform features 3 NFT collections which include the SIDUS NFT HEROES, the SIDUS GENESIS NFTs, and the SIDUS ACADEMY NFTs. The SIDUS NFT HEROES features a collection of 6,000 unique characters and ownership of each NFT from the collection can get a holder an in-game character or a ticket to the SIDUS GENESIS game. The SIDUS GENESIS NFT collection originates from the SIDUS NFT HEROES collection. This set features a new collection of NFT cards with 3 levels of rarity. Each rare card can give a holder entrance to the game. Then there is the SIDUS ACADEMY NFTs which are a set of NFTS that will transform into in-game characters giving owners access to the SIDUS HEROES metaverse and game. SIDUS HEROES Partnerships and Future Outlook Going forward, the SIDUS HEROES team plans to continue its partner-building strategy with high-profile investors and the most popular YouTube creators. In this way, the project can drum up support with the help of social media influencers and prominent crypto and blockchain VC firms. So far, the team has partnered with quite a number of notable figures in the blockchain industry, including the fast-growing VC fund Anti Fund, founded by Geoffrey Woo and Jake Paul (the famous YouTuber and entrepreneur). Apart from Jake Paul’s contribution, the SIDUS HEROES project will also benefit from influencers such as Alex Becker, MrBeast, and EllioTrade, who collectively bring with them an audience of over 120 million. In the second quarter of 2022, SIDUS HEROES will expand its universe with the addition of new star systems, the launch of a mobile web version, and the launch of a reputation reward system for those loyal to the SIDUS token. Developments are also underway to establish a launchpad for players, giving them away to raise capital and support for their own in-game projects. Overall, the SIDUS HEROES team is busy at work building the platform and ensuring that the tokenomics model is stable. The platform’s roadmap envisions a future where NFTs will be used in various ways, including for the purchase of virtual garments, land, avatars, homes, and other items within the game. The intention is to introduce a type of gameplay that’s designed to incentivize players to go beyond seeking entertainment, one that empowers them to become investors and entrepreneurs in their own right.  

Crypto News

Terra Announces Non-Profit ‘Luna Foundation Guard’

Terra Luna’s ‘lunatics’ have had their sights set on a multi-part announcement that is set to unveil, and this week the first piece of the puzzle has come to life. This week, Terra announced the formation of a new non-profit organization, the Luna Foundation Guard (LFG), that is “dedicated to supporting the advancement of open-source technology, facilitating the growth of the Terra ecosystem, and improving the sustainability and stability of Terra’s algorithmic stablecoins.” Terra Says “LFG” Terra has launched a dedicated landing page, lfg.org, outlining the team, mission, and funding & grants around LFG. The new non-profit will emphasize a number of major pillars that they see as core in advancing the ecosystem. Founder and CEO of Terraform Labs, Do Kwon, also released a recent tweet thread highlighting the major pillars behind LFG: 1/ 1 out of 3 💎 https://t.co/PcxKtGhpeT is born: – a non-profit foundation – governed by top builders in @terra_money eco– dedicated to $UST stability and adoption– decentralizing core teams behind @terra_money https://t.co/p6PkN4cWE0 — Do Kwon 🌕 (@stablekwon) January 20, 2022 In all, the Foundation will serve as a mechanism to continue driving engagement and adoption of Terraform Lab’s growing stablecoin, UST. Adoption of UST has continued to grow as the token, seen broadly as one of the most decentralized yet mainstream stablecoin options currently available, approaches an $11B market cap. The aforementioned Do Kwon will lead the charge for the Luna Foundation Guard, alongside founding member Nicholas Platias and several governing council members. The team will deploy foundation grants, starting at the end of the month, to blockchain projects in the ecosystem that address open-source development, research and education, and community growth within the Terra network. Related Reading | TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term Luna, the tradable token that arguably serves as the ‘backbone’ of the Terra ecosystem, has performed exceptionally well over the past year. | Source: LUNA-USD on TradingView.com One Of Three… What’s To Come? As mentioned previously, this announcement is slated to be the first of three, from what started as a teaser image of the cover photo used here. That photo led many ‘lunatics’ to speculate on what could be coming – the two intersecting circles led many to believe that an incoming MasterCard partnership could be coming, and many Terra fanatics believed that some sort of Bitcoin-related support could be brought to life as well. Speculation aside, the Terraform Labs-created blockchain continues to shine, recently becoming the first decentralized stablecoin to achieve a $10B market cap as well as launching a new automated market maker (AMM), Astroport. For now, the LFG webpage still has a “{redacted}” section, so don’t be surprised if the coming two announcements, which could likely be unveiled over the weeks to come, are extensions or supplementary pieces of the non-profit. Related Reading | TA: Ethereum Nosedives, Indicators Show Signs Of Larger Downtrend Featured image from medium.com/terra-money, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

Crypto News

Canadian bitcoin exchange and transfer service Shakepay raises $44M in Series A

Shakepay, a Canadian-based exchange platform for bitcoin (BTC) and ether (ETH), announced it closed $44 million in Series A funding. The round was led by QED Investors, a US-based venture capital firm. “We love our devoted community of shakers, and this funding is going right to work to bring you more products and services to […]

The post Canadian bitcoin exchange and transfer service Shakepay raises $44M in Series A appeared first on CryptoNinjas.

Crypto News

UnionBank of the Philippines to utilize METACO and IBM for its crypto custody operations

METACO, a provider of security software and infrastructure to the crypto-asset ecosystem, has announced that Union Bank of the Philippines will deploy its digital asset management solution. Moreover, UnionBank is deploying services on IBM Cloud, in order to leverage the confidential computing capabilities of IBM’s digital asset infrastructure which are fully integrated with METACO’s software. […]

The post UnionBank of the Philippines to utilize METACO and IBM for its crypto custody operations appeared first on CryptoNinjas.

Crypto News

Crypto staking protocol pSTAKE raises $10M in public token sale on CoinList

pSTAKE, a protocol for unlocking liquidity for staked assets, has closed its public token sale hosted on CoinList, successfully raising $10 million. selling out a tranche of its native $PSTAKE token. The sale started on December 16, and sold out in 45 minutes, with 5% of the total supply of PSTAKE tokens listed at a […]

The post Crypto staking protocol pSTAKE raises $10M in public token sale on CoinList appeared first on CryptoNinjas.