Crypto News

Why Are GameFi Projects Crucial Contributors To Crypto Adoption?

The gaming industry is pegged to hit the $200 billion mark by 2024 and is constantly outperforming expectations. Play-to-Earn (P2E) is trending in GameFi, besides being a significant catalyst for crypto adoption. According to Triple-A, the total revenue from blockchain gaming has risen from $321 million in 2020 to $1.5 billion in 2021. Blockchain-based games have attracted 1.22 million unique active wallets (UAW) in Q1 2022. Popular titles like Axie Infinity and Decentraland accounted for 22,000 of those. The promise of decentralized ownership, inclusive decision-making procedures, and attractive financial incentives are the primary factors drawing gamers to P2E. GameFi’s success has been a massive push for crypto and blockchain’s acceptance and legitimacy, propelling adoption. GameFi — Gaming That Pays for Real GameFi combines gaming and finance, as the name suggests. It is the financialization of video games using blockchain-based methods to let users monetize their gaming experiences. Play-to-Earn (P2E) is a primary feature of this model. Traditional games have centralized business models where producers retain the maximum profit share, whereas in-game assets aren’t interoperable. Gamers thus have little or no way to monetize grinding or in-game achievements. Moreover, gaming studios have the final say over the game’s development trajectory, the supply of in-game assets, and their use cases. On the other hand, P2E games adopt the principle of decentralization, letting gamers receive crypto-based rewards for achieving in-game goals. Gamers also retain their in-game items—like avatars, modifications, weapons, pets, and land—in non-fungible tokens (NFTs).  GameFi thus ensures genuine ownership of in-game assets while making them interoperable and tradable in secondary markets. Crypto Community’s Response to GameFi Projects There is a growing recognition that GameFi boosts engagement in the entertainment sector by integrating gaming and financial processes as giants like Epic Games and Ubisoft are diversifying their ventures to develop blockchain games that support crypto and blockchain-based assets. Games like Fights of the Ages (FOTA) are on a quest to provide more immersive blockchain gaming experiences. FOTA is a AAA multiplayer online battle game with a fantasy universe inhabited by various races. The game utilizes NFTs to allow digital property ownership and let users own valuable assets, collectable through the gameplay. The in-game economy enables players to earn by competing in tournaments and races. FOTA’s metaverse integrates Microsoft Mesh, the world’s first platform supporting Mixed Reality (MR). This provides players with a highly immersive experience, blurring the virtual and real worlds. Final Thoughts GameFi creates an environment where gamers can use their skills to earn crypto while playing. This provides an incentive for gamers and educates them on the benefits of using cryptocurrencies. Gamers also benefit from faster and more secure crypto transactions. This makes gaming a more enjoyable experience since players no longer worry about waiting long durations for their payments. Though blockchain games are still in the nascent stages of development, they are positioned to compete with traditional pay-to-play and free-to-play games while disrupting the gaming sector. The economic incentives they carry will push the adoption of cryptocurrencies, blockchain, and digital assets forward.

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Blockchain Payments Protocol PumaPay V3.0 Goes Live On Testnet

Blockchain Payments Protocol PumaPay V3.0 Goes Live On Testnet

Blockchain payments protocol PumaPay is upgrading to V3.0. The new platform incorporates advanced and adaptable features to provide users with a seamless and efficient experience. For starters, the whole protocol has migrated to BNB Smart Chain (BSC). Users will therefore experience higher transaction speeds, in addition to lower gas fees. The protocol has also been […]

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

LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday

Panic struck the crypto market last week when Bitcoin broke below support, stablecoins unpegged from the dollar, and LUNA dropped to zero. The bloody aftermath has left cryptocurrencies as a whole more oversold than the Black Thursday COVID collapse. Here is a closer look at the historically oversold conditions in crypto. Total Crypto Market More Oversold Than Black Thursday It was a bloodbath in Bitcoin, apocalypse in altcoins. Even stablecoins pegged to the price of the almighty dollar were completely shaken. A nefarious actor or group of actors strategically attacked the dollar-peg of the UST stablecoin, causing a domino effect of algorithmically driven liquidation of reserve assets that included BTC. Related Reading | This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls Bitcoin plunged through support and many altcoins reached a total drawdown of 80 to 90% or more. LUNA, an asset tied to UST, fell all the way to zero. Billions were wiped out from the total crypto market cap. If there was ever a time to be doubtful about the future of crypto, it might be now. However, market veterans recommend when things become doubtful, you zoom out. The weekly RSI is more oversold than on Black Thursday | Source: CRYPTOCAP-TOTAL on TradingView.com “When in doubt, zoom out,” holds true in this case. Comparing the recent crypto selloff with Black Thursday, the weekly RSI has reached even more extreme oversold levels. Meanwhile, the Black Thursday candle recorded a 50% drawdown, and the latest correction by contrast barely produced 30%. By definition, a hidden bullish divergence occurs when an asset’s price sets a higher low, yet the indicator sets a lower low. This often indicates continuation ahead.   Elliott Wave Theory suggest the cycle isn’t complete  | Source: CRYPTOCAP-TOTAL on TradingView.com Could Another 45% Collapse Still Be Ahead? Elliott Wave Theory could provide clues as to what continuation might look like ahead. The total crypto market cap is also trading within a parallel channel, of which it just touched the bottom of. The upper boundary of the channel is roughly $10 trillion USD. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season While that fact might be the hope bulls need right now, bears still could have the last laugh. The weekly RSI has now reached the lowest level since the bear market bottom and the fourth lowest in its history on TradingView. Only three other times has the total crypto market cap been more oversold  | Source: CRYPTOCAP-TOTAL on TradingView.com Of the three previous lows set on the weekly RSI, two were bear market bottoms. The remaining low, however, was followed by another 45% plunge to the final bottom. Another 45% drop from here would take the total crypto market cap back to around $600 billion, or below the January 2018 cycle peak. Simply put, risk is still extremely high, but as oversold conditions increase, so does the potential for reward. Act accordingly. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Crypto News

This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

Bitcoin broke through support and plunged to the lowest prices seen since 2020. However, despite all the fear the drop has caused, it could be the last low before the top cryptocurrency continues its bull run. Here is why an extremely rare Elliott Wave expanding triangle pattern could be the last hope Bitcoin bulls have for new highs before a bear market. Ralph Nelson Elliott And His Theory On How Markets Move Ask most crypto investors and they would probably agree: we are in a bear market. However, based on the guidelines of Elliott Wave Theory, the last year and a half of mostly sideways could be part of one powerful, confusing, and rare corrective pattern. Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up Elliott Wave Principle was first discovered by Ralph Nelson Elliott in the 1930s. The theory believes all markets move in the direction of the primary trend in the same five-wave pattern. Odd-numbered waves move up with the primary trend as well, while even-numbered waves are corrective in nature that move against the trend. Is Bitcoin trading in an expanding triangle? | Source: BTCUSD on TradingView.com In the chart above, BTCUSD could potentially be trading in an expanding triangle. In Elliott Wave Theory, triangles of any kind only appear immediately preceding the final move of a sequence. During the bear market, a triangle appeared in place of the B wave before breaking down to the bear market bottom. Identifying A Bullish Expanding Triangle Pattern Triangles can contract, expand, descend, ascend, and even take on some “irregular” shapes. The expanding triangle pictured above and below should in theory only occur before the final wave five impulse up. If that’s the case, the bull run could continue once the bottom of the E wave is put in. Each subwave is a Zig-zag similar to wave two  | Source: BTCUSD on TradingView.com An expanding triangle is characterized as having five waves that sub-divide into ABCDE corrections. Waves A, C, and E are against the primary trend, while B and D waves are with the primary trend. Each sub-wave further sub-divides into three-wave patterns called a Zig-zag. Zig-zag patterns are sharper, and more commonly appear in wave two corrections. The fact that an expanding triangle has five of these brutal corrections in two different directions makes it especially confusing and frustrating. Expanding triangles only form under the most unusual market conditions. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season Extreme uncertainty drives expansive volatility in both directions. Both sides of the trade are repeatedly stopped out of trades, adding to frustration. By the end of the pattern, order books are thin and easily overpowered. Decidedly bearish sentiment squeezes prices up quickly causing an upward breakout of the pattern and continuation of the bull run. The chase and FOMO creates the conditions necessary for wave five. Why Bitcoin Could Still Have Wave Five Ahead The only problem is that there is no telling if this is the correct pattern, or if Bitcoin is in (or possibly just completed) a wave four according to Elliott Wave Theory. Knowing that triangles only appear before the final move of a sequence helps improve the changes of this expanding triangle being valid. However, it is more important to understand the characteristics of each wave. Corrective waves result in ABC or ABCDE corrections (along with some more complex corrections) that move against the primary trend. Between corrections is an impulse wave up, in a five-wave stair-stepping pattern. After the bear market bottom, a new trend emerges starting with wave one. Wave two is often a sharp, Zig-zag style correction that retraces most of wave one. A bear market will move below the zero line on the MACD  | Source: BTCUSD on TradingView.com The lack of a new low creates the confidence for more market participants to join, making wave three the most powerful and extended of all. Wave four typically moves sideways and lacks the same severity of the wave two correction. Elliott said that wave four represents hesitancy in the market before finishing the trend. Both wave two and wave four tend to bring the MACD back down to the zero line before reversing higher – a setup clearly depicted above. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 When the hesitancy ends, wave five typically matches the length and magnitude of wave one. But after such a long and nasty wave four correction, any wave five has the potential to extend similar to wave three. If this were the case, the expanding triangle pattern created the perfect shakeout of both sides of the market. Here is a 🧵 on my full Elliott Wave analysis on #Bitcoin and why I don’t believe there is a bear market – and why I expect the last leg up any day now. — Tony "The Bull" Spilotro (@tonyspilotroBTC) May 15, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Crypto News

Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

Pseudonymous crypto trader and analyst Capo tweets that Cardano (ADA) is bound to go on a massive downward trend. This popular crypto trader with over 307,500 followers on Twitter predicted a massive plunge before the coin finishes its five-waved downward trajectory following the Elliott Wave Theory. The Elliott Wave Theory pertains to a technical analysis that can predict price action by looking into mind psychology or crowd behavior that can be seen in waves. Based on the theory, the crypto asset would always go through a predictive five-wave cycle before it makes that pivot or reversal. Suggested Reading | NFT Prices Take A Beating After Crypto Market Chaos    Before the coin completes its five-wave downward course, Capo anticipates a catastrophic crash (Coingape). Capo Predictions On ADA, BTC, Terra, STEPN According to Capo, ADA is on its way to completing the fourth wave which means it’s ready for that final wave. Cardano is currently trading at $0.55 which is categorically 45% above the target price point of $0.30. Cryptocurrencies recovered quite a bit on Friday but crashed today which appeared to be a roller-coaster ride of sorts. The erratic market moves have been worrisome for many crypto traders and investors alike. Bitcoin (BTC) has fallen by 3.6% and Cardano (ADA) went down by 6.65%. Suggested Reading | LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In Crypto Crash With the Federal Reserve pulling a tight rein on monetary policy, there isn’t a hint of a bullish trend. With the way things are going, many traders are looking for safer crypto assets compared to riskier ones. Meanwhile, Capo is also keeping a steady eye on STEPN, a move-to-earn app built on the Solana blockchain. Capo says that he is looking at a significantly low trading value of $0.60. Looks like GMT is heading down the basement, as he describes. GMT is currently trading at $1.52. ADA total market cap at $18.42 billion on the weekend chart | Source: TradingView.com Bitcoin Still Better Than Cardano? Outlook for Bitcoin looks good as it continues to correct after going over the key support locked in at $30,000. The $30,000 support supposedly jarred it. A two-day candle has closed right below it and currently tapping that zone as support. At this point, this spot is still not good for buying. Adding salt to the wound is the miserable turnout in the market value of TerraUSD that is pegged to USD. It’s now priced at $0.18 this week. Meanwhile, TerraUSD is mapping out a recovery plan this week. Overall, Cardano is more volatile compared to Bitcoin although it appeals greatly to the broader market, in general. Bitcoin has more promise to be bullish for the long term compared to other coins, including ADA. Featured image from Forkast News, chart from TradingView.com

Altcoins Bitcoin

Top Crypto Analyst Predicts Massive Price Dive for Cardano, Says One Solana-Based Altcoin Will ‘Go Down to the Basement’

A widely followed crypto trader is predicting further corrective moves smart contract platform Cardano (ADA) and one of this year’s trending altcoins. Pseudonymous crypto analyst Capo tells his 307,500 Twitter followers ADA is poised for another leg down before it completes its five-wave downtrend, based on the Elliott Wave theory. “ADA Fifth wave missing. Main […]

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EU Parliament Pushes For Restriction Of Services From Crypto Firms Operating From Tax Haven Countries

EU Is Set To Vote On Whether Or Not It Intends To Ban Bitcoin And Ethereum

For most lawmakers, the crypto markets are uncharted territories, and as such, it is not surprising that they often choose to err on the side of caution. Consequently, The journey to comprehensive crypto regulation has been a bumpy ride. New information has revealed that the European Commission has reservations against a ban on crypto firms […]