Bitcoin Crypto News

Bitcoin Sees Worst Quarter In 11 Years

The leading cryptocurrency in the world, Bitcoin (BTC), saw its worst quarter-over-quarter drop in 11 years. According to data from CoinGecko, BTC has lost over 57.43% in the second quarter of 2022. Additionally, by selling below $19,000 on the final day of Q2, Bitcoin had its most significant quarterly loss in more than a decade. The current state of the Bitcoin market is not good. The position was favorable even at the end of Q1 when it was approaching close to $50,000. But after that, things became more complex, and the price kept dropping. Related Reading | TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100 From $45,524 at the beginning of the year, bitcoin slid to a low of $17,593.2 on June 18. It recorded its worst-performing quarter as a result of its persistently negative price moves, which have seen it drop below $20,000 several times in June. According to CoinGecko data, BTC dropped by 38% over the month of June and is currently trading at $19,447.62. Since its launch in January 2009, the price of bitcoin has been on an up-and-down Ferris wheel. Like Q2 2021, the second quarter of 2022 will be referred to as the “Bloodiest Quarter In Crypto. Quarter 2 of last year lost more than 40% of its value.  Concerns About Risks Due To Market’s Downturn Situation After the news that the Federal Reserve is preparing to reduce liquidity in the financial markets, Bitcoin fell precipitously and the downturn continued. Investors avoided riskier assets because of rising inflation and interest rates. As a result, the market lost huge profits.  Throughout the quarter, several significant problems have surfaced. For example, Celsius; recently, the firm decided to halt all account withdrawals, raising concerns that the business would soon go bankrupt. Cryptocurrency exchange CoinFlex also stopped customer withdrawals on June 23, due to the harsh market conditions. CEO of CoinFlex, Mark Lamb stated: Due to extreme market conditions last week & continued uncertainty involving a counterparty, today we are announcing that we are pausing all withdrawals. Moreover, on the other hand, regulators have become ever more concerned about cryptocurrencies’ hazards. Everyone is terrified due to the recent failure of TerraUSD (UST) and the issues experienced by crypto lenders, including Celsius. In order to address the possible threat that crypto-assets can bring to the financial system, the European Systemic Risk Board (ESRB) urged urgent regulation to solve the situation.  Related Reading | Avalanche Might Continue Its Downtrend As Price Slips To $16  In a report on June 30, the EU stated: While potential systemic implications stemming from these market segments currently seem limited, systemic risks could materialise quickly and suddenly. Europe is not the only one. There are 103 countries listed in November 2021 whose governments urged their financial regulatory agencies to set legislation and policies for financial institutions concerning cryptocurrency. Including France, Germany, Japan, Mexico, and many others.   Featured image from Flickr, chart from Tradingview.com

Bitcoin Crypto News

Bitcoin Records Worst Performance For June, Will It Get Better From Here?

Bitcoin performance for the month of June has been nothing short of unremarkable so far. Being a market leader, the other cryptocurrencies in the market have mirrored its movements for the month, leading to massive losses across the board. However, the numbers for June are in and it shows that bitcoin’s performance for the month has been worse in comparison to its altcoin counterparts. Bitcoin Performance Staggers Performance all across the board has been terrible. So far, all of the indexes have come back with double-digits in losses for the month of June, and that is in addition to the subpar performance the market had seen in the prior month. But instead of the expected small cap altcoins returning the worst of the losses, bitcoin has barreled to the forefront to register more losses than any other index. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? The pioneer cryptocurrency saw losses touch as high as -35% as the month draws to an end. This has resulted in a decline in the dominance of bitcoin over the broader market after recovering to 48% in early June. BTC dominance is now sitting at 43.69% according to data from TradingView.com. BTC records wost performance for June | Source: Arcane Research Mostly the losses have stemmed from the liquidations of large players in the space. The losses recorded in bitcoin can however be attributed to the fact that creditors focus their efforts on more liquid coins like bitcoin. Thus the losses are more pronounced in the digital asset. Altcoins Suffer In Tandem Although the altcoins in the space have not recorded as many losses as bitcoin, they have seen high losses too. The large cap index is one that follows bitcoin very closely. Hence, the decline in BTC’s price tends to be more pronounced in these digital assets. It is also due to creditors liquidating these coins first due to their high liquidity. So far, the large cap index is down -33% in the same time period. BTC drops to low $20,000s | Source: BTCUSD on TradingView.com The mid and small cap indexes have done much better compared to their larger counterparts. Their losses still range into double-digits but creditors have held off on liquidating these cryptocurrencies. This is because they tend to be more illiquid and are therefore pushed to the back burner in favor of larger ones such as Bitcoin and Ethereum. The mid and small cap indexes have recorded losses of -24% and -22% for the month of June alone. Related Reading | Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet However, it is not a good prognosis for these small cap altcoins. Given that sell-offs in coins such as bitcoin and Ethereum are nearing an exhaustion point, creditors will turn their attention to smaller altcoins too. And given the fact that they possess less liquidity, liquidations in these digital assets will lead to larger declines in price. Featured image from Film Daily, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News

REV3AL – NFT and Digital Asset Authentication Technology Launches on KuCoin June 30th

REV3AL, a new and innovative cryptocurrency project, comes at a critical time in the crypto sector when scams and fraud are on the rise. As a solution to the hindering growth of the digital media market, REV3AL offers digital copyright protection and anti-counterfeiting solutions for artists, creators, and intellectual property owners. With its multi-layer authentication and anti-counterfeiting protocol, REV3AL hopes to play a major role in protecting digital media, on platforms such as NFT market places, gaming platforms and the metaverse. Venture capital firms and private investors have invested in REV3AL, including Alphabit Fund, NFT Technologies, Uplift, IBC, Moonstarter, and Launchpool. NEAR Protocol & Hedera Hashgraph are just two of the industry’s leading blockchain & distributed ledger technology partners REV3AL is partnering with along with major metaverse and infrastructure partners such as MetaVRse, TCG World, Utherverse, Forward Protocol, and over 50 others. The REV3AL token will be listed on the KuCoin cryptocurrency exchange, one of a select few projects to launch directly on this top-tier exchange. Among the top three crypto exchanges in the world, KuCoin boasts over 10 million registered users as well as 24/7 world-class services in investors’ preferred languages and channels. The token will go live on the Kucoin platform on June 30th. The REV3AL technology ecosystem REV3AL uses multiple dynamic authentication levels on and off-chain to deter fraudsters and prevent digital assets from being counterfeited or abused. REV3AL`s technology strategy is to develop an agnostic ecosystem and product offering for the blockchain and metaverse space and its mission is threefold. To begin with, it aims to authenticate digital media assets both on and off the blockchain. Verifying assets in the digital world, preventing counterfeit attacks, and safeguarding intellectual property. By providing simple and intuitive methods of verification, it enables creators, collectors, and marketplaces to verify the authenticity and originality of their collections, and preserves the value of the original work. Secondly, REV3AL is working on developing a secure NFT marketplace to provide NFTS and digital assets in a curated experience that includes both established and new creators, brands, and partners. Finally, through a unique and easy-to-use API, REV3AL will integrate and provide authentication to 3rd party NFT or digital media marketplaces, gaming platforms, and the metaverse. REV3AL’s security protocols and best practices will be applied to Web3 and the metaverse in a standardized and interoperable manner. REV3AL tokenomics Through a sustainable model of digital asset protection, the project utilizes the token component as a foundation for establishing and verifying the REV3AL security layers. As a result, it has methodically arranged its token metrics to achieve this objective using a deflationary model. In addition, a portion of the token allocation will support charitable projects that support the environment, youth and our community. REV3AL maintains a one billion token hard cap and the ticker for the token will be $REV3L. The token will be listed on KuCoin on June 30th. About REV3AL REV3AL has received widespread support, with a strong organic following on Twitter and Telegram and the project aims to establish itself in the ecosystem as an industry standard for digital asset media authentication tools by quality and value. The team and advisory network comprise of a broad and deep range of experts in various disciplines, such as system architecture, visual arts, cybersecurity, cryptocurrencies, software engineering, anti-counterfeiting, and graphics security. Mo Kumarsi, the CEO of REV3AL, has been integral to some of crypto’s most successful projects, such as CoinPayments and Power Ledger. Adam Russell, the project’s CRO, has over 20 years of experience in cyber safety, blockchain and XR, CPO Eric Prouty specializes in producing and launching mobile and Internet-based technologies, including those in the Web3 space, CMO Georgina Woolams-Edwards is the founder of an international marketing and PR agency with offices in London and Dubai, and CTO Bernard O’Flynn has spent most of his 26 year career building and managing product and engineering teams in the tech/fintech space. Members of the advisory board include notable figures in the blockchain industry, such as Karnika E. Yashwant, the founder of Forward Protocol and Key Difference Media, Mario Nawfal who is the CEO of NFT Technologies. As well as Alan Smithson, known as the godfather of XR, founder of MetaVRse, and Liam Robertson, founder of Alphabit Fund, a premier blockchain fund. Bottom line REV3AL users and token holders can participate in building an ecosystem of complementary technologies and partners that will play a key role in the security, and success of the web3 economy. Addressing a clear market need, giving users confidence, and supporting the rights of creators to control and profit from their original work. REV3AL community members will also have access to exclusive content on the secure marketplace as well as in future metaverse environments. They will have the option of participating in staking and purchasing tokens that can be traded on KuCoin.

Crypto News

What Is Play-and-Earn by BeaRex and Why It Is Revolutionary for GameFi

BeaRex has kicked off a new era for GameFi fans: the Play-and-Earn era (P&E). This approach takes into account the interests of all participants in the blockchain gaming ecosystem: those who want to play for money, as well as those who just play for fun. After all, the cheerful 2D runner was primarily created so that players could enjoy themselves in its universe, and if they can earn money from their skills and acquire resources in the process, all the better! In this article, we explain why making money in games is a revolutionary concept, what obstacles Play-to-Earn players currently face, and why BeaRex is absolutely the last word in blockchain gaming. The secret to the success of the world’s most popular games is having simple rules and the ability to play on mobile devices. BeaRex combines both of these in a game with a plot that echoes the famous Mario. The game’s main character is a bear who runs along an endless obstacle course, collects berries and other resources, and tries to escape from a dinosaur. The berries are needed to make smoothies, and what happens after the bear drinks it is really worth seeing! Depending on the ingredients, the world around him changes in the most unexpected way, and to predict the metamorphosis is quite impossible. The Main Ingredient of Success: Play-and-Earn GameFi, or monetized blockchain games, can prove to be a constant source of income for players. It has evolved into a surging technological trend over the past year, just as fresh and booming as decentralized finance (DeFi) was a couple of years ago. And this is no surprise, as GameFi combines three key ingredients — game mechanics, NFT, and DeFi — to attract millions of potential users. The GameFi phenomenon appeared at the junction of gaming and cryptocurrencies. DappRadar, which tracks blockchain industry activity, reported in November 2021 that games are responsible for about half of blockchain use cases. At the same time, about 2.5 million unique active wallets (UAW) are connected to decentralized applications (DApps) daily! The essence of Play-and-Earn boils down to the following: users receive tangible, and not purely virtual, money for developing within the game. This is a huge step forward for the entire gaming industry, since now ordinary players can reap profits by taking part in gameplay, and not just celebrity streamers. This significantly increases the number of people who want to play. And it’s precisely thanks to blockchain technology and cryptocurrencies that all this has become possible. BeaRex Eliminates the High GameFi Entry Threshold Despite the abundance of incentives to enter GameFi, there are still restraining factors. The main obstacle is the cost of entry. In order to get on board, you need to shell out hundreds, if not thousands, of dollars. It is clear that this isn’t affordable for everyone, especially considering that many of the players flocking to Play-to-Earn are from poorer countries. In fact, in some places, playing a P2E game can bring in more money than working! Many players with respectable incomes cannot afford the exorbitant start-up costs either, even if they know they’ll be able to earn back their investment in the future. Moreover, people usually want to try out a number of different games and aren’t ready to immediately slap down several thousand dollars to be able to play something once in a while that they may not even end up liking. BeaRex’s Solution: Combining Free-to-Play and Play-to-Earn Original It is precisely due to the demand for an easy and flexible way to enter GameFi that BeaRex has developed a new, more advanced version dubbed Play-and-Earn. P&E is a hybrid model that includes both Play2Earn and Free2Play capabilities. This combination allows gamers not only to earn money but also play for free while increasing their skills and having fun along the way. Players can try their hand at short tasks to earn ‘karma’ so that they can take on more profitable tasks and grow their income later. BeaRex solves the problems of GameFi participants’ two main groups: investors and players. Investors want to put money into GameFi but often don’t have the time to play. In fact, they may not be interested in gaming at all! Players have the opposite problem: they love games and want to play but often don’t have the money to buy expensive game NFTs. BeaRex offers a solution: a player who doesn’t want to play for some reason can pay an experienced player a fixed price in tokens to pass through the levels for them. Thus, the investor receives passive income, while the player can enter the game and start earning with the investor’s character without buying an expensive NFT, which they may not be able to afford. But that’s not all! BeaRex is first and foremost a universe created for the pure enjoyment of playing the game. The main philosophy of the project is that everyone should be able to play, and when players are ready to make money, they can buy NFT Bears and switch to Play-to-Earn mode. Four BeaRex Game Modes Play-for-Fun: A completely free mode in which you can train and enjoy the game on a smartphone. All game progress can be saved and used in Play-to-Earn mode later. In order to start earning, the player must buy an NFT bear. Investor Mode: This is ideal for people who want to earn money from P2E but don’t know how to play or don’t want to. With the help of the order board, you can rent your Bear out to a more experienced player who will play it to pass through levels, collect gaming resources, and earn profits, which can be split between you. Play-and-Earn: This regime is for gamers who want to play the game and pass through its levels with their own bear. Everything is simple here: all the profits of your hard labor are completely yours to keep. Order Execution Mode: This is for players that have their own bear but see the benefit of taking a more powerful animal from an investor to earn more. The greater the player’s skill, the cooler and more profitable the tasks they can take on. Animated Series and the BeaRex Metaverse BeaRex is not just a game, but also an animated series! Work on an animated series based on the game has already begun. The first episode will be released at the end of 2022, and the entire first season will be available in 2023. The series will follow the adventures of bears from the very first NFT collection, which will be sold in mid-July of this year. Owners of the bears portrayed in the cartoon will receive royalties from series rentals. BeaRex Beta Launch BeaRex has already launched a beta version in an Instagram mask. A bright and absolutely mind-blowing universe awaits you here: collect berries, prepare smoothies, and save the world from dinosaurs, while earning money along the way or just playing for fun. There is currently a special offer for all game participants on Instagram: play the game in an Insta mask and earn 500 TRIP tokens. And all players will participate in a $5,000 NFT draw. Good luck in the game!   Image: Original

Crypto News

Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

Top financier and banker Hussein Al Meeza has joined Islamic Coin – the Shariah-compliant cryptocurrency launched in the UAE. Having been named Best Islamic Banking Personality in 2006, Mr. Al Meeza is an acclaimed award-winning expert with over 40 years of experience spanning the Islamic banking, finance and insurance sectors, and has been one of the key personalities involved in establishing Dubai Islamic Bank. Among his many accolades and executive roles are some of the Region’s top institutions. Mr. Al Meeza is the founder of Al Salam Banks in Sudan, Bahrain and Algeria, as well as a founding member of Emaar properties, Amlak Finance, Emaar Industries & Investments and Emaar Financial Services. He served as CEO and Managing Director of Dubai Islamic Insurance and Reinsurance Company (AMAN), Chairman of LMC Bahrain and many other leading players. By adding his leadership skills, professionalism and expertise, the Islamic Coin team has reaffirmed its mission to deliver Shariah-compliant, industry-grade financial instruments ready for the Digital Age. Working in tandem with its Fatwa committee and for the world’s Muslim community as a whole, Islamic Coin is building value and delivering future-proof solutions, that offer seamless transactions while supporting innovation and philanthropy. “It is a pleasure to be part of this amazing team and I look forward to building ethics-first financial instruments that will empower Muslims throughout the world,” commented Mr. Al Meeza. Islamic Coin’s Shariah Board, as Fatwa issuer, boasts leading names in Shariah compliance, including Dr. Nizam Saleh Yakuby, Dr. Mohamed Zoeir and Dr. Essam Khalaf Al-Enezi, among others. Together, the Board Members have advised on Shariah-compliant practices in some of the top financial institutions in the world, including Standard Chartered, Dubai Islamic Bank, and BNP Paribas. Islamic Coin has a finite supply and 10% of each issuance is automatically dedicated to philanthropy. The digital money includes an Evergreen Fund dedicated to funding ethical, Shariah-compliant startups throughout the World.

Altcoins

U.S. Federal Reserve Raises Concerns About the ‘Fragility’ of Stablecoins Amid Crypto Market Crash

The U.S. Federal Reserve is issuing another warning about stablecoins amid the current crypto market crash. In a monetary policy report sent to Congress, the Fed’s Board of Governors say recent strains in the crypto market have “highlighted the structural fragilities” of stablecoins and other digital assets. The Fed also argues that stablecoins present a […]

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