Bitcoin Crypto News

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Christine Lagarde, president of the European Central Bank, has warned that cryptocurrencies are worthless and should be regulated. The ECB boss believes that regulating the sector will prevent people from gambling their life savings on cryptocurrencies. “My extremely modest opinion is that cryptocurrency is worthless. It is founded on nothing, and there are no underlying […]

Altcoins

Bitcoin (BTC) Bull Mike Novogratz Warns Crypto Traders, Says Altcoins at Risk of Another 70% Decline

Galaxy Digital CEO and Bitcoin (BTC) bull Mike Novogratz is issuing a warning to crypto traders, saying that altcoins could still see massive devaluations.  Novogratz tells his 463,600 Twitter followers that altcoins are at still risk of losing more than half of their value even if they are already down big from their all-time highs.  […]

The post Bitcoin (BTC) Bull Mike Novogratz Warns Crypto Traders, Says Altcoins at Risk of Another 70% Decline appeared first on The Daily Hodl.

Bitcoin Crypto News

MicroStrategy Stock Rallies 10% As CEO Saylor Predicts Bitcoin Will ‘Go Into The Millions’

According to Thursday’s reports, the recent decline in bitcoin’s value has not altered the investment tactics of MicroStrategy. MicroStrategy surged more than 10 percent on Thursday alongside Bitcoin, which was trading about 5 percent higher despite the S&P 500 struggling to trade flat. Saylor is evidently still optimistic about bitcoin despite the recent market decline. […]

Crypto News Ethereum

Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

The Ethereum 2.0 update is generating a lot of buzz and interest, and we’re getting closer to its launch than ever before. Ethereum 2.0 Goes To Testnet Testing for Ethereum’s long-awaited Merge is progressing, though not at the rate that many had hoped. Testing on Ropsten, Ethereum’s largest and primary testnet, which has the closest similarity to the mainnet, is the next key milestone in the Merge testing process. Ropsten testing will be merged on June 8, according to Ethereum client developers. Although there is no official indication on when the Merge will take place on mainnet, it is expected to happen in the second part of this year. On Monday, Ethereum DevOps developer Parathi Jayanathi submitted a pull request for the Ropsten testnet Merge configuration code, indicating that it is ready for implementation. The Merge is Ethereum’s long-awaited upgrade, in which the current Ethereum Mainnet and the beacon chain PoS system will merge. Because it has a comparable network structure to the Ethereum Mainnet, this testnet is considered the best replication. Developers may now perform realistic deployment testing before making changes to the mainnet. The Ropsten testnet Merge will combine the proof-of-work (PoW) network with a new proof-of-stake (PoS) consensus layer testnet, with a May 30 launch date. It will simulate what will happen when Ethereum and the Beacon Chain merge and the network becomes a PoS network. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Testing how the merge would work on Ethereum’s main public testnet would be one of the final assessments. As a result, the Ropsten public testnet is regarded as the most accurate clone of the Ethereum Mainnet, as it uses a similar network structure and allows developers to test their work in a live environment. Online, community developers have expressed their enthusiasm for the testnet announcement. According to Preston Van Loon, an Ethereum core engineer at Prysmatic Labs: Ropsten testnet is getting merged on June 8! Merging Ropsten is a huge testing milestone towards Ethereum's mainnet merge later this year. 🎉 https://t.co/X7eLIMA72g — prestonvanloon.eth @ Permissionless (@preston_vanloon) May 18, 2022 Price Fails To Hold $2K ETH is dropping inside a falling wedge on a daily time frame (in yellow). It’s worth noting that the wedge bottom is lined with the $1700 horizontal support level (in green), which could signal a trend reversal. As a result, if the bulls can hold the green zone, the price will be more likely to rise towards the $2450 level of static resistance. The price is more likely to begin a protracted regression phase if the bears continue to suppress the market and breach below the green support zone. ETH is trading on dynamic support (in green) against Bitcoin, which has blocked additional price decreases four times in the past. The world’s second-largest cryptocurrency, down 4.1 percent in the last 24 hours to US$1,974, has lost 48% of its value since 2022. ETH/USD trades below $2k. Source: TradingView And crypto investors who bought on November 16, 2017, when the Ethereum price was at an all-time high of US$4,892, will have lost just over 60% of their investment. Ethereum’s market cap has decreased to US$236 billion from well over half a trillion dollars at its height, despite maintaining its number two position. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Crypto News

Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

The next bull market in Bitcoin is now building a bottom. As a result, bears continue to rule the market, sending the price of bitcoin below $29,000 in the last 24 hours. Traders expecting the bear market to conclude may have to wait longer due to unfavorable conditions. Will Bitcoin Retrace? Bitcoin is no stranger to retracements of higher than 20%. More substantial corrections have occurred in Bitcoin’s history than this current one. Those who have been around long enough to recall previous meltdowns of more than 50% in less than a month can attest that this is just another hiccup. Since Bitcoin’s inception, there have been around seven price corrections, with the price dropping by half. Bitcoin has always bounced back after each of these corrections. Bitcoin fell by 83% in a short period of time in April 2013. When China first outlawed Bitcoin in December of that year, it dropped another 50%. BTC/USD slides below $30k. Source: TradingView 2018 was a difficult year. Although it reached an all-time high of about $20,000 in December 2017, it was only worth about $3,000 in December 2018. More recent investors will recall the March 2020 meltdown, when Bitcoin dropped 50% in a few of days. In May of 2021, the same event happened. Related reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Despite this, markets are in chaos today, with Bitcoin down more than 20% in the previous week and more than 50% from its all-time high in November 2021. The 200 week moving average(WMA) is probably the most dependable and straightforward chart to provide some information on Bitcoin’s present position . It usually rebounds back rapidly from the 200 WMA. Only twice in history has Bitcoin fallen below the 200 WMA, and both times it was only for a short time. For more than a month, it has never been below the 200 WMA. Bitcoin’s 200 WMA is now about $22,000. With a current price of roughly $29,000, it may probably go lower or even trade sideways for a while, but the worst is likely behind it. Bloomberg Analyst Believes BTC Will Plummet Despite a recent 15% rally from the lows reached last week, Bloomberg analysts believe the flagship cryptocurrency will continue to fall. BTC now appears to be more fragile than previously. According to the article, Bitcoin’s recent rally has resulted in the formation of a “saucer-top” pattern on an hourly BTC chart. A Head and Shoulders pattern has emerged within it, indicating a trend change from bullish to bearish. Source: Bloomberg After BTC dipped beneath the formation’s neckline, the pattern was activated. In order to avoid a further drop, the Bitcoin price must now surge over $30,800. Santiment’s Bitcoin statistics shows a lackluster market sentiment as traders remain indifferent. On May 18, the S&P 500 fell more than 3%, dragging Bitcoin down with it. Indeed, since the beginning of 2022, the correlation between Nasdaq-100 and Bitcoin has remained tight, making it a good indication for anticipating Bitcoin price movement. Bitcoin-U.S. Equity Market Correlation. Source: Santiment Nasdaq-100 futures and other U.S. index futures are down about 1.5 percent at the time of writing. It suggests that the Bitcoin price may continue to fall. In fact, Asian and European stock markets are down more than 2% today. Whales, on the other hand, appear to be anticipating a bottom in order to continue accumulating. According to Rekt Capital, Bitcoin’s RSI has now reached the level where long-term investors have historically gained the most. Related reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 Featured Image by Pixabay | Charts by TradingView

Crypto News

Taki Enters The Indian Market with First of its Kind Engage-to-Earn Crypto Economy

Taki, a blockchain-based social media platform that rewards users for their engagement with quality content, has announced a milestone of reaching approximately 600K users on the product waitlist. With the IEO launch of the $TAKI token, TAKI DAO raised $360K USD from individuals around the world. This, along with the fact that trading started at 10x the IEO-price of $0.04, is a strong indicator of community excitement. Trading volume peaked at $58M before settling down with three exchanges adding the token by the IEO day’s end. Earlier this month, Taki raised $3.45MM USD through 11 marquee global web3 investors, including Solana Ventures, CoinDCX, OKX Blockdream Ventures, Alameda Research, Formless Capital, Gemini Frontier Fund, and Coinbase Ventures. While expressing excitement over the achieved milestones, Taki’s co-founder Sakina Arsiwala said, “Taki wants to empower creators and give them a platform to bring forward their content and earn an income. With this IEO launch, users can better  understand our vision and gain more confidence in Taki’s future growth.” The success of Taki’s IEO is a testament to the growing interest in cryptocurrency and blockchain in India. What is Taki? Taki’s rapid growth and adoption can be attributed to its unique value proposition, which is to establish a first-of-its-kind engage-to-earn crypto economy. Users can engage with their favorite content creators, create their own content, and earn TAKI tokens along the way. Taki was founded to be easily accessible and serve as a gateway into Web3 while addressing the fast-growing demand for alternative social media engagement channels, especially given the rise of censorship across centralized social media platforms. With Taki, users not only have the freedom to engage with the content they love, but they also get cryptocurrency rewards for producing their own content. Powered by the RLY protocol and built on Solana’s blockchain, Taki can get accessed through a mobile app that is capable of some of the fastest transaction throughputs in Web3. Taking into account the interest shown by the over 600,000 users on its waitlist, Taki is already proving to be more than just an alternative, but a next-generation social media platform for all. According to the platform’s co-founder Arsiwala, “The platform is designed in a way that anyone can use it, even those who are not well versed with crypto. This is where the $TAKI token will play its charm.” Arsiwala added that, “With $TAKI token, creators, users, and crypto-enthusiasts will be able to monetize their engagement and content on the platform.” Moving towards web3 Social Media Over the years, there has been a growing shift towards decentralization as users become more aware of the benefits of web3 applications. At its core, web3 products such as Taki enable users to both have more control over the content they produce and also get rewarded for engagement. This is in stark contrast to the current web2 social media landscape, which is dominated by a handful of centralized platforms that have been known to censor content and throttle user growth. The Taki team believes that now is the time for a shift in how social media platforms operate. Taki is governed by a DAO (Decentralized Autonomous Organization), which ensures that decisions are made swiftly and in a decentralized manner. This decreases the chances of centralized censorship taking place. According to the team, creators will see their content distributed across multiple platforms instantly, with rewards going directly into their wallets within minutes. As noted by Arsiwala, “Taki wants to empower creators and give them a platform to bring forward their content and earn an income.” Conclusion Despite regulatory uncertainty concerning crypto by the Indian government, the Indian population remains one of the most crypto-savvy demographics in crypto and blockchain worldwide. After the ICO boom of 2017, India’s government has refrained from terming crypto as legal. Even so, the country has moved forward to introduce a 30% tax on cryptocurrency transactions, which could be a sign of good things to come for the overall crypto community in India. Given the growing demand for web3 applications in the country, Taki is progressing on its mission to be a gateway for crypto-enthusiasts in India and around the world.

Altcoins Analysis Bitcoin Blockchain

Michael Saylor Says The Market Crash Will Speed Up Regulation Around Stablecoins

Stablecoins Are Great For Payment But Bitcoin Is The Best Answer For Inflation, Says Facebook’s Crypto Chief

It has been a rollercoaster month for the crypto markets that saw the shocking crash of Terra’s native coin and stablecoin offerings wiping billions from the crypto markets. However, in a recent interview, Bitcoin evangelist Michael Saylor said that recent happenings would be good for Bitcoin and push stablecoin regulations. Michael Saylor Believes The Recent […]

Crypto News

How to Get Fit and Earn Crypto with MoveZ

Tokenomics emerged as a popular concept in the crypto space in 2017 as a way to incentivize certain behaviors on blockchains through the use of tokens. The idea is that by aligning the economic incentives of a project with its users, you can more effectively drive adoption and usage. One area where tokenomics have been applied is in the realm of fitness and exercise. The theory goes that if you can reward people for getting in shape and staying active, you can help address the global obesity epidemic. Recent years have seen a number of “move-to-earn” apps emerge, including Sweatcoin and STEPN. MoveZ is the latest entrant into this space, and it’s powered by BlueZilla, a platform that has launched a third of the best performing IDOs. MoveZ has set out to resolve the challenges faced by earlier options with an array of unique features – including the “burn to earn” concept where doing exercise results in the users’ favorite tokens being burnt, and them being rewarded in their favorite tokens. It’s also deflationary, which will help to balance supply with demand. How Much Users can Earn The amount you can earn using MoveZ will depend on your activity level and the quality of your NFTs. The higher your activity level, the more you can earn. And if you have a high-quality NFT, you’ll be able to earn more as well. In practice, this means earnings range from a few bucks to several hundred dollars per day – depending on how active you are and what kind of NFTs you have. On MoveZ, ALL forms of exercise can be rewarded, giving the platform a massive advantage over established platforms who provide limited forms of exercise for users. That could be swimming, cycling, jogging, running, being at the gym, or more. The Potential for Growth With a market cap of just $55,000, MoveZ has a lot of room for potential growth. This is especially true when you consider that BlueZilla has launched one-third of the best performing IDOs of all time – indicating that MoveZ has a lot of potential. Some May Call Them Lucky Some May Call Them Geniuses! 🤓 These Are the Best Performing #IDOs of 2021 🔥 https://t.co/2xfcNuDvuw pic.twitter.com/TrJBoyh8cg — CoinMarketCap (@CoinMarketCap) December 7, 2021 Further, MoveZ’s Twitter and Telegram accounts have ballooned to over 100,000 combined users in just a few days. This demonstrates the strong demand for the app. What’s more, MoveZ has a number of unique selling points that should help it gain traction with users. These include boost zones, organizational accounts, as well as NFT lending and revenue sharing. All of this makes MoveZ an app to watch in the coming months. With its strong team, growing user base, and innovative features, MoveZ is poised to take the move-to-earn space by storm. MoveZ’s IDO will launch on BSCPad, MetaVPad, GameZone, and PolyPad.   Image: Pixabay