Crypto News Ethereum

Ethereum May Rally To $3k If Bulls Hold On To Long Position

The price of Ethereum (ETH) was in bad health on Tuesday, falling almost 6% to the south and breaking below $2,800. Bulls, on the other hand, were waiting to jump in and buy ETH at a steep discount. The price of Ethereum is up 2.5% in early trading and appears to be heading back to $3,018.55, recouping Tuesday’s losses. Ethereum May Recover The price of Ethereum was stung by dismal earnings from Alphabet, Wall Street’s favorite tech stock, with Youtube losing market share to Tik Tok. Investors quickly rebalanced and reevaluated the situation, eventually shrugging off the news this morning because earnings are still strong, and no substantial reports on future losses were released. As a result of the spillover fall from Alphabet’s disappointment, the price of Ethereum is ripe for the taking, trading in the ASIA PAC open at a juicy discount just below $2,800.00. Bulls swiftly snatched up pieces of the price action and are poised to recoup all of Tuesday’s losses, putting the price back to $3,018.55. From there, it’s only a short distance to $3,163.35. If earnings reflect excellent news in the coming days, predict a buy-side explosion to $3,391.52, resulting in a 20 percent profit. ETH/USD trades close to $3k. Source: TradingView With Facebook’s numbers expected to be released this evening, a turnaround is possible. Expect a huge decline in the Nasdaq, which will drive cryptocurrencies to new lows, if Facebook surprises on the downside with lower user counts and less income from its publicity earnings. The price of ETH will decrease to $2,695.70 and then $2,574, representing a 10% loss. Related Reading | Will The Ethereum Merge Skyrocket ETH? Ethereum Merge Is A Concern There are a few concerns to be aware of, one of which being the approaching ‘Merge,’ which will see Ethereum switch from a proof-of-work to a proof-of-stake paradigm, resulting in a 99.95 percent reduction in overall energy consumption. Mike McGlone of Bloomberg explained: “The Merge, shifting Ethereum from a proof-of-work model to proof-of-stake, will convert Ether into an equity-like instrument with elegant supply/demand dynamics that could drive significant interest in the asset. Stakers of Ether (owners that validate) will be entitled to a share of future revenue (fees) generated on the network, with EIP-1559 dictating a portion of the fees (about 70%) should be burnt (akin to a buyback) and the rest distributed as a reward (dividend)” But, as McGlone warned, there’s still a lot that may go wrong with the ‘Merge.’ Because of crypto’s present link to risk-on assets like tech stocks, which have been witnessing a major selloff in April, the price prognosis for the immediate term seems bleak. As a result, McGlone does not rule out Ethereum falling to $1,700, its low from last summer. If the stock market declines further and lowers the tide for risk assets, Ethereum could repeat last summer’s performance and revisit about $1,700. Once the weaker, leveraged long positions were purged, Ethereum hit a new high around $4,800 in November. Ethereum faces headwinds along with most risk assets as the Federal Reserve fights the highest inflation in 40 years. We see the potential for stock-market reversion as a primary headwind for Ethereum.” Related Reading | TA: Ethereum Revisits $2.8K, Why Upsides Might Be Limited Featured image from Shutterstock, chart from TradingView.com

Altcoins Bitcoin

One Sector of Altcoin Market Will Get Quashed Once Regulation Arrives, According to Top Crypto Analyst

A popular crypto analyst says that regulation will deter institutional investors from entering one sector of the altcoin space.  In a new interview, the host of financial education YouTube channel InvestAnswers unveils why he is skeptical about investing in privacy coins, which are cryptocurrencies that obscure transaction information, allowing users to maintain anonymity and hide […]

The post One Sector of Altcoin Market Will Get Quashed Once Regulation Arrives, According to Top Crypto Analyst appeared first on The Daily Hodl.

Crypto News

Composable Finance Raises $32 Million in Series A

Composable Finance is pleased to announce that it has raised $32 million in Series A funding. The round included notable investors in the space. GSR, Tendermint Ventures, Fundamental Labs, Coinbase Ventures, LongHash Ventures, Figment VC, New Form Capital, Blockchain Capital, Yunt Capital, Jump Capital, Polytope Capital, NGC Ventures, SOSV, and Spartan Group were among those who participated. This latest round of funding marks another step in Composable’s journey to build and launch what it believes to be the final missing “LEGO” building block in the Web3 and DeFi technical stack: cross-chain composability. Composable argues that despite composability being a defining characteristic of DeFi and Web3, it is, with disappointment, limited to isolated chains and layers in its current form. To that end, Composable Finance is among the first to develop a development and execution environment that aims to deploy orchestration logic that allows for ecosystem – agnostic, cross-blockchain communication in a truly decentralized fashion. The fundraise comes after the successful procurement of two parachains, both on Polkadot (Composable Parachain) and Kusama (Picasso Parachain). Composable has also built out its offering with Mosaic, its transfer-availability layer, Centauri, the IBC Substrate bridge to the Cosmos ecosystem, and Pablo, our next generation decentralized exchange on Picasso. The new capital will be used to expand the team and build products that push the blockchain and Web3 industry further along the continuum of interoperability. Futuristic capabilities like cross-chain computing, with smart contracts that span multiple ecosystems, and developers that spin up protocols that securely handle institutional throughput, are a reality through Composable’s cross-chain virtual machine (XCVM) and Routing Layer. Both sit on our new Composable Parachain, which benefits from Polkadot’s shared security and scale. Composable believes it can achieve a point of absolute blockchain agnosticism, standardizing access for DeFi applications, wherein developers and users enjoy ultimate user accessibility and optimized function across multiple ecosystems. Investors at Figment commented, saying: “We are excited to partner with the team at Composable Finance. Throughout this process, we have seen the team build incredible projects at a particularly amazing rate. We believe the launch of their parachains on Polkadot and Kusama as well as their building a suite of cross-chain DeFi applications, will ultimately lead to greater user adoption of these ecosystems.” Rob Zhuang, Head of Operations, connects product, design, and development to optimize the team’s performance. He believes the new round will enable Composable to deepen its world-class team: “Effectively harnessing the talent, we have to build a world-class team that can execute and solve DeFi’s pressing challenges has been core to what we do at Composable. I am excited for what lies ahead as we empower our team to define the future of DeFi.” Zain Awan, Composable’s Chief Marketing Officer (CMO), acknowledges the significance of this event in scaling their processes and easing adoption barriers: “One of our core strategies has been to lower the barrier of entry into DeFi through effective communication, education, and much-needed thought-leadership in the space. We recognize the nascency of DeFi, and our recent raise will help us scale our processes to fill knowledge gaps and ease adoption barriers. Ultimately, this should help us solidify Composable as the face of DeFi’s future.” Karel Kubat, Composable’s Chief Technical Officer (CTO), brings to light the importance of attracting the best technical talent in order to develop cutting-edge solutions in the DeFi space: “The blockchain and broader Web3 space remain at a point of inception. It has been a little over a decade since the first blockchain. Yet, we are witnessing impressive innovation and user adoption despite the steep learning curves required to navigate the technology. Our Series A reflects the industry’s need to solve the problem of interoperability and its related challenges. Composable will attract the best technical talent most interested in tackling challenges at the forefront of DeFi and help build the future we all want through our technology stack.” 0xbrainjar, Composable’s Founder and Head of Product, spearheads the development of Composable’s novel innovations. He holds deep expertise in the blockchain space and a critical understanding of the challenges plaguing the DeFi sector. He commented: “Our vision of absolute ecosystem agnosticism necessitates a radical approach. We believe functionalities must be integrated across different ecosystems in the most scalable manner possible so that they are not siloed into individual locations. In less than a year, we have already built interoperable solutions that abstract the difficulties of this domain to enable any developer looking to contribute to this sector to build with confidence. I am grateful to our partners and investors who have supported us every step of the way. If you’re interested in building a cross-chain future that DeFi needs to scale, we are happy to have you join our ever-growing team.” The team at Composable Finance is excited to leverage its latest round of investment to grow its team and continue engineering novel interoperability solutions in industry.

Bitcoin Crypto News

Tether & The Swiss City Of Lugano Promise “Europe’s BTC Capital.” Is It, Though?

What’s “Lugano’s Plan B”? The 9th biggest city in Switzerland plans to become Europe’s Bitcoin city. And Tether is there to help. How will the two entities accomplish that?  On March 3rd, Tether’s Paolo Ardoino and Michele Foletti, the Mayor of the city of Lugano, will unveil the plan at a live-streamed conference.  #bitcoin and stablecoins are revolutionizing the financial sector. #tether and The City of Lugano🇨🇭 @luganomycity are teaming up to transform Lugano into the European #bitcoin capital. Every city needs a plan. Join Lugano's Plan ₿ pic.twitter.com/wmhFVePcPo — Tether (@Tether_to) February 21, 2022 Announcing the event, Tether summarized the situation as follows: “bitcoin and stablecoins are revolutionizing the financial sector. Tether and The City of Lugano are teaming up to transform Lugano into the European bitcoin capital.” For their part, the city’s official Twitter said, “The journey of the City of Lugano continues to discover the innovative sector #blockchain #Bitcoin #StableCoin.” Continua il percorso della Città di #Lugano alla scoperta del settore innovativo #blockchain #Bitcoin #StableCoin👉Prossimo incontro il 3 marzo 2022, ore 17 al LAC, su iscrizione, oppure streaming @Tether_to @LuganoLivingLab https://t.co/g3NYTffvAT — Lugano (@luganomycity) February 21, 2022 “We at Tether_to and the Administration of the City of Lugano have been tirelessly working together to prepare Lugano’s Plan ₿!,” completed Tether’s Paolo Ardoino. He was also bold enough to predict, “100% crypto will relocate to Lugano.” We at @Tether_to and the Administration of the City of Lugano 🇨🇭 have been tirelessly working together to prepare Lugano's Plan ₿! 3rd March 2022 , I'll join @MicheleLugano (mayor) in a live conference, to disclose the plan!100% #crypto will relocate to Lugano 🤯#Bitcoin🇨🇭⚡️ https://t.co/dely2sBeNM — Paolo Ardoino (@paoloardoino) February 21, 2022 This all sounds wonderful, but, are they selling smoke? Even though bitcoin is prominently shown in all of the promotional material, a deeper look at the player’s words suggests the Lugano plan is to be a crypto city. Which is very different from a bitcoin city. Related Reading | USDC Leaves Tether Behind In Terms Of Market Cap And Becomes First On Ethereum How Much Bitcoin Will Lugano‘s Plan B Have? In a recent Twitter exchange, Michele Foletti responded to the worst question possible. Someone asked the Mayor of the city of Lugano about the usual bitcoin FUD, that it’s slow and expensive like the Lightning Network doesn’t exist. That it’s bad for the environment like that narrative didn’t collapse a while back. How did Foletti respond? “We focus on our 3Achain, more sustainable, public and open to all with limited costs http://3achain.org Blockchain for us is an opportunity for all those who look to the future with curiosity.” Ma noi puntiamo sulla nostra 3Achain, più sostenibile, pubblica e aperta a tutti con costi limitati https://t.co/r6HS5Fs42a Blockchain per noi è un’opportunità per tutti coloro che guardano al futuro con curiosità https://t.co/EQHtidHgcW — Michele Foletti (@MicheleLugano) February 21, 2022 He basically said “blockchain, not bitcoin.” Why name the program “Plan B” and promise a “European bitcoin capital,” then? And what’s all this about a Proof-of-Authority, completely centralized blockchain that describes itself as “the institutional blockchain platform promoted by the City of Lugano”?  BTC price chart for 02/22/2022 on Bittrex | Source: BTC/USD on TradingView.com Institutional Blockchain Platform Promoted By The City Of Lugano In an article about the recent Lugano NFT Week, an event that also points at crypto, the Europa Press agency quotes Michele Foletti saying:  “We have always followed the development of new technologies very closely and we have identified blockchain as a topic of great interest for both multinational and local companies, citizens and businesses. We believe that a city must be at the service of citizens and with these initiatives we intend to place Lugano as a top-level player on the international scene, for all applications related to this technology.” Does this man even know about bitcoin? Or is Lugano’s Plan B project using bitcoin in an affinity scam? Snow in #lugano pic.twitter.com/G5bFEXuIQ5 — Paolo Ardoino (@paoloardoino) February 15, 2022 Let’s go to 3Achain’s website to find out if “the institutional blockchain platform promoted by the City of Lugano” respects bitcoin. This quote summarizes it all: “It’s not about replacing public (so-called permissionless) blockchains, but about complementing them with a permissioned architecture that guarantees the parties involved not so much through the integrity of the algorithm that validates transactions through computing power, but through the validation of blocks by an independent authority.” What do they mean by “so-called permissionless”? And, in other words, they’re announcing they solved the blockchain trilemma by getting rid of decentralization. By adding a third party.  Have you heard anything more anti-bitcoin? Conclusion And Disappointment Bitcoin is a Proof-Of-Work system. To understand it, you have to put in the work. El Salvador was the first country to adopt bitcoin as legal tender. It’s remarkable, almost a miracle, that President Bukele seems to understand the value proposition. Politicians don’t usually have the time for the necessary deep dive, so the world ends up disappointed. With disasters like MiamiCoin and the NY Mayor saying he’s pro bitcoin, but against bitcoin mining. Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos And here comes the Mayor of the city of Lugano and Tether to sing bitcoin’s praises. A “blockchain not bitcoin” guy and the organization behind the most controversial stablecoin. Even though it’s suspicious, let’s give them the benefit of the doubt and hear what they have to say. They might surprise us at the March 3rd conference. Maybe Lugano has a Plan B after all. Featured Image: Snow In Lugano, By Paolo Ardoino. From this tweet. | Charts by TradingView

Crypto News

ADALend CEO Kaspars Koskins: “ $100M fine for BlockFi, Canada banking freeze highlights the importance of Decentralized Finance”

Welcome to the second installment of our interview series with the ADALend CEO Kaspars Koskins. Recent events in the US and Canada have illustrated that Decentralized Finance is more important than ever before. ADALend is at the vanguard of this revolution in the lending industry by using blockchain technology to disintermediate the traditional middlemen – providing unprecedented access to loans for those ignored by the traditional banking system and providing high yields for investors in a persistent low-interest-rate environment. Moreover, as we have seen dramatic overreach from the SEC in the US and the Canadian government, Decentralized Finance platforms have become more important than ever to protect the wealth of ordinary citizens. We were overwhelmed with positive feedback after the last interview with Kasparas, so without further adieu, let’s begin. Interviewer: Welcome back Kasparas, in our last interview we discussed deeply the value that ADALend provides for the middle classes in the western world as well as emerging markets. For those of our audience that missed it, can you summarize the ADALend value proposition? Koskins:  Certainly, first let me just say it’s great to be back here. The passionate ADALend community loved our last interview and we touched on many topics that resonated with them and attracted many other like-minded folks to join us. Today we are going to go even deeper philosophically into why Cardano and decentralized financial systems are more important than ever, and how recent events in the US, Canada and even Russia are highlighting this. However, first, let me recap the ADALend vision and mission as you wisely suggested. Here at ADALend, we are developing a scalable, trustless, and decentralized lending protocol that protects its users within a self-governed environment. From our earliest inception, we committed to building natively on the Cardano blockchain, which will enable the lending platform to aggregate protocols that support business models that give economic support to billions of users. ADALend will bring back the balance of power between lenders and borrowers. By allowing the use of digital assets as collateral, the use of the platform will be diversified to the benefit of the user. We chose to build on the Cardano blockchain as Ethereum is no longer usable by the majority of people on the planet due to the high transaction costs – with gas fees reaching into the hundreds of dollars per transaction. This is unacceptable to ordinary people in the western world today as well as the millions of unbanked people in the developing countries of Africa and Asia lending and borrowing far smaller amounts. Ethereum is now only usable by the already wealthy, while new platforms like Solana and Avalanche have problems with centralization, security and reliability. Cardano is the only truly decentralized blockchain with the required security, speed and low transaction fees required to provide a truly democratic financial solution that can be used by every human on planet earth. As I mentioned in our last interview – the ADALend vision aligns perfectly with that of Cardano founder Charles Hoskinson who is passionate about improving financial outcomes for people all over the world, regardless of race, nationality, gender or financial status. Interviewer: Thank you for the summary Kaspars, it’s truly impressive what you and your team are building. Offline we were talking about the BlockFi SEC fine and the Canadian government’s actions against the Trucker’s protests.  What do these events have in common and can you share more about how they relate to the ADALend mission? Koskins: Absolutely, in recent weeks we have seen the  SEC fining BlockFi $100 million US dollars for providing a decent interest rate to its users; Canadian Prime Minister Justin Trudeau has taken the unprecedented step of invoking the Emergencies Act to crack down on anti-vaccine mandate protests. by freezing their bank accounts; and Western leaders threaten to cut Russia off from the SWIFT banking system if they invade Ukraine. Now, regardless of your political opinion on these events, they highlight how governments and institutions can, at their convenience, cut ordinary people out from earning interest on their savings,  accessing their savings or transferring money internationally. I am old enough to remember when in 2013 the government of Cyprus decided to unilaterally impose a 10% “haircut” on bank accounts to bail themselves out after the financial crises and literally unlawfully stole the money from people’s accounts. This was my conversion moment that we need to protect individuals hard-earned wealth from overreaching governments and began my journey into Bitcoin, then Cardano and ultimately the desire to build a truly decentralized financial system, With a Decentralized Financial platform like ADAlend, people can earn a good interest rate on their hard-earned savings without worrying about the risks of the Government attacking the platform as they did with a centralized crypto lender like BlockFi or the government trying to freeze your bank account if they don’t agree with your opinions or peaceful protest like they did in Canada. DeFi systems are by their very definition more robust and antifragile than centralized companies like BlockFi. The ADAlend protocol and network is more akin to Bitcoin or Cardano whereas the network scales it will become more robust to attack. In parallel to the completely decentralized ADALend protocol and core platform, we are exploring offering regulated centralized lending services in each jurisdiction that we operate in. These will offer slightly lower interest rates and yields than on the ADALend decentralized staking and liquidity provision platform, but still far far higher than any bank or credit union. This is because we understand that while our crypto-native community members are comfortable investing the time and energy to interact with DeFi protocols, we have mature users as well – business owners, doctors, lawyers, and self-employed tradesmen who simply don’t have time to live online. For these hardworking people, we will provide high-interest rates on stablecoin and crypto savings, in a highly regulated environment. We are working with the regulators on a jurisdiction by jurisdiction basis – beginning with my home market of the European Union with an Estonian entity, followed by the United Kingdom with a London HQ, and then the United Arab Emirates, with a regulated entity in the Dubai International Financial Center (DIFC). Next on the roadmap will be the US and Canada so we are watching and learning from the experiences of BlockFi, Nexo Celsius and others as we plan our market entry.  We believe that to truly revolutionise finance you need to disrupt the system from inside and out,  and this is why we have adopted a two-pronged strategy of rolling out a DeFi protocol and a CeFi business in parallel globally. Interviewer: Thank you Kasparas, it’s tremendously exciting to hear how your mission is evolving over time and how each misstep and overreach by governments only makes the ADALend value proposition more compelling and essential to protect the hard-earned savings of ordinary, hard-working people all over the world. So to move from the philosophical and strategic to the tactical, let’s roll up our sleeves and talk about how you and the guys are executing this mission in the trenches. How is the commercial and technical work progressing?  Koskins: Thank you for the kind words, yes it’s both exciting and frightening to see how the macro events in the news make the ADALend mission ever more vital each time we speak. It truly strengthens our resolve and motivates the team that we have chosen a worthy goal to focus on: providing financial inclusion, security and wealth protection for savers and investors of all sizes. On the technical side, we have strengthened our development team with a new CTO Ali Krynitsky, who brings many years of operational experience leading Enterprise and Consumer Software Development and Technology projects and brings with him a loyal, experienced and hardworking team of developers. Interestingly Ali has very strong research and academic background, making him well suited to the research and peer-reviewed-led process of building on Cardano. He is a true technical genius having worked on super interesting technology like swamm networking so the ADALend team and community are blessed to have him building for us.  Ali shares my opinion on how the macroeconomic and political events of today are accelerating the importance and relevance of ADALend and having been born in the former Soviet Union Ali understands all too well the dangers of government overreach into private individuals’ ability to earn and keep their wealth! Ali and his team have been working around the clock to leverage the latest research and reposts from IOHK and other Cardano knowledge repositories to inform their development roadmap for the Plutus and Haskell powered staking and lending platform back end, while also working on the UX and UI to ensure its a best in class FinTech experience. We have found that one of the barriers to mass adoption of DeFi protocols it the poor frontend user experience that scares off the casual user so we have endeavored to ensure that the user experience of ADALend’s DeFi and DeFi projects will be as slick and user friendly as the latest consumer applications that we expect and demand in the present environment. On the business development and commercial side, we are busy building relationships with the regulators in Europe, the UK and Dubai to ensure we don’t hit any roadblocks like BlockFi did along the way. Obviously, another area that we are hyper-focused on is our upcoming Public IDO launch in early March, where the ADAL token will be offered to the public. Interviewer: I am delighted to hear that Ali and his technical team are delivering the goods and that the technical development road map is speeding along. Interesting developments afoot on the commercial side it seems too! The last time we spoke you were in the private sale, can you tell us more about the ADAL token launch and how our readers can learn more? Koskins: Absolutely – in the world of crypto the public launch or IDO is similar to the Initial Public Offering (IPO) of a tech company. ADALend is currently in the final stage of its private sale so it’s similar to buying Google, Amazon or Apple stock before their IPO. The ADALend private sale ends on the 28th of February so that would be the last date to buy the ADAL tokens at a significant discount. The launch will be in the first week of March and a limited number of ADAL tokens will be sold across several launchpads in parallel and will begin trading on the exchanges shortly afterward. The starting price is one US dollar, but as you know the token price can perform dynamically in the first days of trading so it is very important to register your interest early to avoid disappointment. To learn more about the ADALend mission, and to register interest for the final allocation of discounted private sale tokens, your readers can email: privatesale@adalend.finance with the subject line: CEO INTERVIEW and our team will add them to the priority list, and get back to them ASAP. Interviewer: As always it’s been both educational and inspirational talking to you. Thank you for your time Kaspars. Koskins: The pleasure is mine, wishing you and your readers a profitable month and quarter ahead and I look forward to our next interview after the public launch.  

Bitcoin

JPMorgan Strategist: Crypto Is Like Hydrogen

JPMorgan’s chairman of investment strategy, Michael Cembalest, is wary of bitcoin and other cryptocurrencies. The JPMorgan strategist stated in a column published Feb. 3 that his comments were his own and not those of JPMorgan Chase. JPMorgan Strategist Raises Issues With Crypto Market While much of the United States recovers from last week’s terrible winter […]