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Cardano (ADA) Creator Predicts More Will Happen in Crypto Over the Next 12 Months Than in the Past 14 Years

Cardano (ADA) creator Charles Hoskinson says the next year will be crucial for crypto as the government makes groundbreaking decisions for the industry. During the Cardano Community event, Hoskinson told attendees how the crypto space has significantly evolved since the inception of Bitcoin (BTC). “In 2009, Bitcoin had no value. No one cared about it. […]

The post Cardano (ADA) Creator Predicts More Will Happen in Crypto Over the Next 12 Months Than in the Past 14 Years appeared first on The Daily Hodl.

Crypto News

Mark Cuban Claims Bear Market Will End After Crypto-Apps Become Handy

The declining crypto market has raised lots of concerns among investors. Through several analyses, this prevailing price fall seems to be the worst in history. The crisis keeps raging with numerous losses recorded and more panic sell-off from traders. As a result, many people present ideas that could yield solutions to the situation. One of the trending reports is the statement of billionaire entrepreneur Mark Cuban concerning the bear market. Cuban, popularly known as the top investor in Shark Tank, a reality TV show, believes in the role of applications. He mentioned that proper focus on applications with utility is the solution. Related Reading | Extreme Fear Remains: Recapping What’s Behind The Crypto Market Panic The billionaire is convinced that applications with utility would create a turnaround in the prevailing market stance. Currently, most of the applications are geared toward collectibles and financial technology. But in Cuban’s opinion, the market needs a different spark that business-focused apps could bring. Cuban cited an instance with the decentralized brand of QuickBooks. According to him, such an accounting management software that is business based created a difference. Hence, he argued that a similar projection in the crypto market would lift the bearish trend. The Bankless Podcast episode on June 23 featured Cuban. While answering the question on the lasting period for the crypto bear market, the billionaire stated it would continue till the emergence of a catalyst. According to Cuban, that catalyst has to be an application; otherwise, prices would get even lower. In his past statement, Cuban had kept up to 80% of his non-Shark Tank funds in cryptocurrency. Cuban Said Crypto Market Is Still Not Cheap In Cuban’s opinion, the crypto market is yet to reach its low price. This contradicts most of the predictions for BTC and other crypto tokens. Many analysts have already concluded that digital assets have reached the bottom line. Cuban x-rays the high market cap for most crypto protocols while stating they are still not cheap. To him, having market caps worth billions of dollars is not cheap. He mentioned that during DeFi Summer, most protocols recorded market caps within the cycles of hundreds of millions of dollars. Related Reading | Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community Also, their token prices were just around a few pennies. But he still complained about the lack of utility even with low market caps. In further explanation, Cuban anticipates a robust crypto industry through mergers of blockchains and protocols. To him, it’s a great consolidating move that could occur in any industry. When it comes to making a choice based on his optimism in different tokens, Cuban went for carbon offset DeFi tokens. According to him, it’s a measure to offset his carbon footprint when he burns them. Featured image from BBC, chart from TradingView.com

Crypto News

Stratis (STRAX) Soars 200% From June Low On Sky Dream Mall Launch

After the news of the launch of the Sky Dream Mall metaverse and Stratis GBP stablecoin, the price of STRAX increased by 200% from its low of $0.365 on June 15 to its high of $1.20 on June 29, according to data from coinmarketcap. The price dropped the next day and is currently trading at $1.09, although it is still up from its low. The record high for STRAX was $22.77 on January 8, 2018, more than four years ago. However, the coin’s record low was $0.011 on August 12, 2016, approximately six years ago. Related Reading | Bitcoin Slides Under $20K – Another Collapse In The Offing? In spite of the overall market downturn, per the CoinGecko information, Stratis, a blockchain-as-a-service platform, witnessed a notable gain in volume. And among STRAX, Numeraire (NMR) is another coin that shows a notable gain of 201.1% in the seven-day chart. NMR is an Ethereum token that fuels Numerai (a San Francisco-based hedge fund).  Since Stratis has a comparatively strong growth momentum and increased by more than 140.9% over seven days, it is defying expectations in the current bear market. The term “bear market” so refers to a market where commodities or securities’ values are consistently decreasing. Reasons Behind STRAX Price Spike This Week Currently, two of the factors are driving the increase in STRAX’s price this week. The first is the Stratis GBP stablecoin announcement, and the second is the Sky Dream Mall metaverse launch. In a blog post published three days ago, Stratis said that it is making progress in its attempts to introduce the Stratis GBP stablecoin: Plans to launch a Great British Pound Token (GBPT) stable coin using Stratis technology are progressing with ‘Stratis Investment Group Limited,’ a new entity created that will be used for the Stratis GBP stablecoin. However, Price Waterhouse Coopers (PwC), according to the company, is assisting it in obtaining the necessary licenses from the Financial Conduct Authority (FCA). The post also stated that blockchain technology offers a significant chance to streamline cross-border and wholesale payments as organizations like Visa are becoming more open to accepting stable coin payments. Polycarbon Games announced on Twitter on June 25: Sky Dream Mall, a metaverse powered by Stratis Blockchain Coming soon!  The idea of Stratis launching the metaverse front could also be a major motivator behind widespread acceptance in the cryptocurrency industry. Related Reading | Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community While a few individuals concentrate on the benefit this metaverse will offer, a far more significant number is intrigued by the possibility of financial gain from a metaverse investment. Investors cannot ignore the fact that Stratis is establishing itself with Sky Dream Mall as a major player who will be important in the developing Web3.0 world.   Featured image from Pixabay, chart from Tradingview.com

Crypto News

Ethereum Rising Gas Fees are Still Concerning But Presents Opportunity For Decentralized Exchanges

Paying gas fees is a crucial component of exchanging crypto and mining digital assets yet remains a significant cost barrier for transactions. A prime example is the major cryptocurrency Ethereum, whose network incurs inherently high gas fees due to its high volume of transactions and token evaluation. The term gas is used to define the amount of Ether (ETH) needed to perform a specific transaction allowing users to interact with the network. These fees are used to compensate miners for the energy required to verify a transaction. The gas price is highly volatile and dependent on a multitude of factors. The primary factor that represents gas fee price fluctuation is transaction congestion. As stated by Coin Market Cap, “There is so much movement on the Ethereum chain that the blocks are full, and transaction fees shoot up with each rise in demand.” According to specialists, the transaction volume can raise the gas fee from $5 to 50$ in seconds. Also, another critical driven force is the token market price. Ethereum investments have risen significantly since its inception in 2015. Within an astonishing period, its value grew from around US$0.31 to around US$4,800 (ATH) in November 2021. With the imminent release of ETH 2.0, which will replace the Proof Of Work model with the Proof Of Stake mechanism, Ethereum may have a prosperous future, but investors are still skeptical about further investing in Ethereum after the recent crash. The rise in gas fees has made it one of the most expensive blockchains to trade on, and Ethereum-based projects are experiencing a decrease in transaction volume because of the expenses. This situation represents a considerable opportunity for decentralized exchanges, which are focusing their mission on breaking down these cost barriers and on optimizing transaction speed. Providing ecosystems that foster the growth and prosperity of new incumbent projects. Xodex, with its features, is decentralizing and eliminating cumbersome, slow, and restrictive means, CEX, banks, and exchanging old rules. The platform is committed to finding balance, innovation, and equity building. Its upcoming main net blockchain launch aims to offer high transaction throughput, reporting remarkable transactions per second (TPS) speed of up to 100k, 50x faster than Ethereum, and zero fees. Its Proof of Authority (POA) consensus will combine decentralization with streamlined, scalable, and environment-friendly transaction processing. According to its whitepaper, the Xodex wants to “solve the problems that exist in the current blockchain-based projects” through its anonymous ecosystem. One of its solutions is providing decentralized and P2P services with no middlemen, providing more security for users and direct access to funds. Within the world of cryptocurrency and DeFi, gas fees and scalability have become a significant cause of concern. Newcomers to the space like Xodex provide revolutionary new alternatives to these pressing issues.