Crypto News

ApeCoin Performance Could Attract The Whales – How About The Bulls?

ApeCoin has recently made it to the top 10 in terms of trading volume from over 100 of the largest ETH whales as seen in the past 24 hours. APE made it to the top 10 in terms of trading volume ApeCoin’s MRV has been seeing sustained growth APE price up by 1.46% The Bored Ape Yacht Club isn’t running out of cards to play with the integration of a new staking rewards program that caught the attention of many ETH whales. The developments surrounding the BAYC token could be the main culprit for its recent popularity. The buoyancy experienced with the increase in whale interest is just one of the many impressive developments happening for APE. Related Reading: QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally ApeCoin Bullish Technical Indicators For one, ApeCoin’s MRV has been seeing sustained growth and doing tremendously well over the past month. With all of these positive indicators flashing, investors will see this as a bullish streak for APE. Additionally, APE’s market capitalization has also surged from $1.46 billion to as much as $1.65 billion as of this writing. According to CoinMarketCap, the APE price has skyrocketed by 1.46% or trading at $5.40 as of this writing. However, APE’s trading volume has seen a massive reduction from 590.45 million to 141.08 million. ApeCoin also registered a drop in terms of activity which shows the limited wallet transactions. Based on this scenario, the APE price could sink below the $5.135 key support line in the coming days. Moreover, the altcoin’s RSI at 39.64 and CMF at -0.03 also demonstrate a bearish movement. Based on the APE chart, there really isn’t much traction noted since its launch in March. Notably, APE has plunged by as much as 80% from its ATH with NFT demand going down; the demand for APE also dwindled down. There is really so much going on in the NFT market that is causing the sideways motion of ApeCoin. BAYC Innovates With Rewards Staking Program If there’s one thing really impressive about the BAYC, it is the creators who continuously reinvent themselves and innovate their brand to be more relevant to their target market. Its staking rewards program is one of its huge developments so far. With a rewards staking program, the crypto is locked up for a certain period at which you’re not allowed to trade it but it generates passive income for you as the owner. By letting someone gain access to your crypto for a prescribed time, you earn rewards. Staking rewards are extremely popular with investors because you gain more revenue by staking your altcoin especially if it’s relatively going up in value. The sneak peeks of the ApeCoin rewards staking program were rolled out on September 3. Recently, on September 22, Apecoin revealed that the rewards staking program will go live on October 31. Related Reading: Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows APE total market cap at $1.65 billion on the daily chart | Source: TradingView.com Featured image from MakeUseOf, Chart: TradingView.com

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China Reports GPU Price Fall To All-Time Low Post Ethereum Merge

The successful Ethereum upgrade to proof-of-stake consensus is receiving more backlashes from the market. Therefore, the Ethereum upgrade should produce only positive feedback, but where there are merits, demerits must exist. One of the aftermath challenges the industry faced since the Ethereum upgrade was the drop in GPU prices. Graphic Processing Units (GPUs) in crypto mining increased over the years because they proved very efficient. Related Reading: TA: Ethereum Price Needs To Clear $1,400 For Hopes of a Fresh Rally GPU companies were earning huge profits due to the increased demand from ETH miners. However, it is no longer so, as the price of GPUs has dropped drastically over the past three months. Furthermore, the prices of GPUs dropped further after the upgrade. Is Ethereum Merge Major Cause Of GPU price Crash? South China Morning Post (SCMP) reported that GPU prices in China dropped to the lowest due to the Ethereum merge. ETH mining has reduced. So miners’ demand for GPU went low. Miners’ demands for expensive cards such as GeForce RTX 3080 and RTX 3090 became low and caused a reduction in price to trice the factory prices. Also, due to the China mining ban and COVID lockdown, the demand for costly GPUs fell and worsened during the bear market. A Shanghai trader, Peng, told SCMP that RTX 3080 dropped by over 37% in the last three months. According to Peng, the price of RTX 3080 went from 8000 yuan ($1,140) to less than 5000 yuan (%712). Peng attributed the drop in the price of GPUs to the poor condition of the crypto market. Ethereum mining was one of the highest contributors to the high demand for GPUs in the past years. Traders noticed a slump in GPU prices as the Ethereum merge drew near. SCMP reported that retailers at ‘Buy Now,’ a large electronics market in Shanghai, are experiencing low GPU demand. Retailers Lower GPU Prices Chinese retailers reduced factory-suggested GPU prices by over 33% in a few weeks to sell their equipment. The reason for this is the crypto bear market and GPU correction market. According to data from Baidu, traders are losing the selling price compared to the factory cost of GPUs. Analysts estimated that the average price drop of GPUs per week is about 10%. Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners. This report is still unconfirmed, but it would likely cause further reduction in the coming weeks. Although the crash in GPU prices may adversely affect many businesses, others think it marks the end of two years of nightmare. Many GPU retailers would previously raise the prices as high as possible because of the high demand by miners. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit The crash in GPU prices could prove beneficial to AI coders, gamers, and other users because Crypto miners caused an unnecessary increase in GPU prices. Featured Image From Pixabay, Charts From Tradingview

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Element and Fundamental Labs supporting the Era7 World Cup Tournament, building the first EsportsFi Ecosystem on Web3

Element and Fundamental Labs supporting the Era7 World Cup Tournament, building the first EsportsFi Ecosystem on Web3

Era7: Game of Truth, a BNB Chain TOP gamefi project, launched the first NFT TCG World Cup Tournament on September 11. The tournament has attracted continuous attention from partners in multiple fields of the blockchain industry. Fundamental Labs, a globally renowned crypto venture capital firm in the web3.0 field, and Element, the world’s first multi-chain […]

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How Crypto is Evolving Luxury Real Estate in the USA

What if buying a piece of real estate wasn’t a complex and time-intensive process? Dealing in real estate typically involves interacting with an intermediary, swimming through paperwork, and paying steep fees and commissions. Even with the latest advancements in technology, many jurisdictions still require real estate buyers and sellers to show up in person to execute their documents. Most often, this is due to notaries being required to see people physically sign documents, and while some notaries can do this task virtually, not all have the same capabilities. Now, with the help of cryptocurrency (specifically NFTs and smart contracts), the trajectory of real estate transactions is rapidly changing. We’re talking about taking out the middleman and obtaining and transferring ownership with ease. Sales can even be made through sites similar to eBay, but with a new level of added security. In this writing, we will be specifically focusing on crypto’s effect on the luxury real estate market. But first, let’s start with the basics—how NFTs and smart contracts work. What is an NFT? NFTs, short for non-fungible tokens, are cryptographic tokens that can come in the form of many things (e.g., music, drawings, videos).  Each NFT is 100% unique and cannot be replicated or replaced. Many times, NFTs represent digital ownership of something, such as a piece of digital art. In other instances, they can be representative of a physical item, such as real estate property and memberships. NFTs use blockchain technology to maintain their verifiability and proof of ownership. Theoretically, the actual digital file that an NFT lies on can, in fact, be copied, but this does not mean that someone has taken over ownership. The culprit would need access to the smart contract that’s attached to the NFT as well. Moreover, they would have to be able to alter the smart contract that has been recorded on the blockchain, which is virtually impossible to do. What is a smart contract? Smart contracts are self-executing pieces of code built to facilitate a transaction. The transaction automatically resolves after pre-defined conditions have been met. The contracts are coded into the blockchain and maintained by regulators after recording them. They are binding contracts that do not require the interference of a central authority or legal system. Because of this, they’re much more cost-efficient. After all, attorneys, realtors, and appraisers are never cheap. How are the two transforming luxury real estate? As previously mentioned, the two above elements are changing the luxury real estate industry by cutting out intermediaries, but another way is by innovating the use of memberships. If you’ve ever owned a timeshare or had a country club membership, you probably know that ownership is not easily transferred. Moreover, your package typically includes an annual renewal process and membership dues. Now, with promising memberships such as the Aspen Lakes Membership by RHUE Resorts, assets can be owned in perpetuity without the need for annual renewal. Said assets can even be passed down through family members and friends if desired. Conversely, memberships can be sold in secondary markets such as OpenSea, an NFT marketplace that’s similar to eBay. Through the NFT membership model, Aspen Lakes Membership purchasers can enjoy: Little to no application process or fees No annual recurring dues Transferability with ease (no middleman required) Existing amenities, such as the world-class 18-hole golf course, pro-shop, restaurant, wedding and event center. Most NFTs are restricted to being purchased with cryptocurrency only which can ostracize certain investors. RHUE Resorts is combating this by allowing the purchase of memberships through cryptocurrency or debit/credit cards. This allows them to appeal to the traditional market while also engaging crypto-enthusiasts. City DAO Another example is the crypto project City DAO. The idea here is that a person can purchase a piece of land in Wyoming and sell rights of governance to interested parties. Those who want to be a piece of the government structure must obtain a certificate of citizenship via NFT. It’s important to note that citizens are not the owners of the land. They only make decisions regarding it, which includes policy changes and regulations. Of course, in this kind of “government” structure, there are only so many memberships that can be purchased. FlyFish Club FlyFish Club (FFC) brings an interesting spin to the food industry. The private dining club hosts the world’s very first NFT restaurant that requires an NFT membership for dining access. Said restaurant will feature over 10,000 square feet and be in an “iconic location” in New York City. In addition, FFC NFT purchasers can enjoy “various culinary, cultural, and social experiences,” according to the FlyFish Club website. The project makes several big promises, however, it’s still in its infancy. Great offerings and optimistic ideas While NFTs and blockchain are opening doors in several industries, it’s still hard to tell which ventures are going to “stick.” Projects like City DAO have interesting ideas but have yet to provide anything concrete. On the other hand, companies such as RHUE Resorts are established and flourishing, providing luxury in real life immediately. The blockchain looks to revolutionize numerous industries with the many efficiencies and advantages it has over traditional alternatives. Real estate has shown that it’s ripe for improvement and looks to be the perfect candidate to enter the world of cryptocurrency and NFTs.