Bitcoin

Veritaseum Sued Coinbase Over Patent Infringement, Seeks $350 M For Settlement

Coinbase gets into trouble with another lawsuit of patent infringement, among its other legal issues. A blockchain-based fintech software company in New York, Varitaseum Capital LLC, sued the crypto exchange for infringing its patent transfer technology for several exchange services. Reggie Middleton, the founder of Veritaseum, filed the patent infringement case against Coinbase in Delaware […]

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Ripple Defendants File Motion to Block SEC From Delaying its Response to Amici Curiae Briefs

SEC Clinches Victory Judge Orders Ripple To Produce Video And Audio Recordings Of Its Internal Meetings

In another twist of the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the U.S. blockchain company has filed a motion objecting to the SEC’s suggestion that it will need more time or pages to respond to briefs submitted by amici curiae.  The latest dispute is arising from a motion filed […]

Bitcoin Crypto News

Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why

There has been a massive sell-off in the cryptocurrency market, and during this period, whales have been focusing on Dogecoin (DOGE) and the general negative attitude in the cryptocurrency industry. There was a 5.34 percent increase in the number of addresses owning between 100 million and 1 billion DOGE, as revealed by @bull bnb. For Dogecoin, the percentage of wallets with between 100 million and one billion Dogecoin has grown by 5.13 percent in the last week. About six additional whales have joined the network, bringing in an additional 620 million DOGE. Dogecoin | The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M DOGE. Considering this I will scoop a fresh brand new bag of #DOGE pic.twitter.com/0TaysaPIog — Bull.BnB (@bull_bnb) September 23, 2022 In light of this, @bull bnb recently tweeted, “I’m about to scoop a fresh brand new bag of #DOGE.” Recent whale activity has come as a huge surprise to DOGE holders and investors. What, then, compelled the whales to seek out DOGE? Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? Is This The Time To Purchase The dip? As you may be aware, the present market climate is extremely negative for cryptocurrencies. Fear sparked by the CPI report’s release and the U.S. Federal Reserve’s interest rate hike triggered a widespread selling off in the stock and cryptocurrency markets. The USD followed this decline. At the time of publication, the memecoin has fallen 9.94 percent from its September 12 peak. Even if DOGE showed signals of bullishness, it was not enough to prevent a 9.56 percent decline on September 18. This decline may have prompted whales to seek accumulation rather than selling their DOGE supply. Now that whale activity has increased, what does this signify for DOGE? Dogecoin Bullish Behavior  DOGE’s bullishness came as a surprise as the cryptocurrency market continues to decline, particularly Bitcoin and Ethereum. This increase in price can be ascribed to the whales’ recent buying binge in DOGE. A As at the time of writing, DOGE was trading at $0.066041, up 9.4% in the last seven days, data from Coingecko show. This implies that the memecoin is leading the crypto market, giving the entire crypto market hope that respite is on the horizon. But investors and traders must ask whether this is really a flash in the pan or a persistent bull trend. As of the time of writing, the token’s resistance level was tested at the 0% Fib level. This was answered with a lengthy wick of rejection, followed by a red candle. This could be the beginning of a short corrective period for DOGE, which will result in a slight price decline. In the coming days, we can anticipate receiving additional information. Related Reading: How XRP Pulled Off A 33% Rally Over The Past 7 Days DOGE total market cap at $8.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptory, Chart: TradingView.com

Bitcoin Crypto News

GEM Digital Invests $50 Million In ParallelChain Lab’s Mainnet Development

Ahead of ParallelChain mainnet launch, GEM Digital Limited, a digital asset investment, has reportedly invested $50 million into the firm. The investment is targeted at the ParallelChain Lab Layer-1 protocol development project. The blockchain industry keeps growing in strength as more funds enter the industry. The DeFi community is one part of the blockchain industry […]

Bitcoin Crypto News

Bitcoin Open Interest, Funding Rates Point To Growing Bullish Sentiment

Bitcoin has seen fluctuating sentiment lately. With numerous dips and recoveries, it is no surprise that investors have had a hard time deciding on which side of the fence to sit on. However, while retail investors seem to be uncertain about the market, there has been some growth in both the funding rates and the open interest over the last week, showing that positive sentiment may be stabilizing. Funding Rates Recover Over the last couple of weeks, bitcoin funding rates have been consistently below neutral. This coincided with the times when the market was struggling, ushering in a new bear trend. But with the last week’s events, there has been a remarkable recovery in the funding rates. Related Reading: Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin Toward the end of last week, the funding rates had returned to neutral levels for the first time in one month. It followed the recovery in bitcoin’s price last Friday before it slid back down. The bitcoin funding rates have since lost their footing at the neutral territory but continue to maintain higher levels before the BTC recovery on Friday. Funding rates return to neutral | Source: Arcane Research What this shows is that there is still demand for both bitcoin longs and shorts. This means that while it does look to be swinging in the favor of the bulls due to the elevated levels, it is still an uncertain market. Additionally, last week’s recovery to neutral levels did not really change much about the current trend, as funding rates have now spent nine consecutive months at or below neutral levels. Bitcoin Open Interest Say ‘Short Squeeze’ Despite the decline in the bitcoin price, the open interest has not had a hard time of it like the rest of the market. Instead, BTC-denominated open interest has hit multiple new all-time highs this year, leading to various short squeezes in the market. Open interest continued to see favorable market conditions as it hit a new all-time high of 421,000 BTC last Wednesday. Even the short squeeze that was recorded on Friday did not do much to bring down the open interest, which remained elevated at 418,000 BTC at the start of this week.  Related Reading: Ethereum Merge Fails To Move ETH Price, $2,000 Remains Elusive The depressed market sentiment suggests that this elevated trend is unlikely to continue for very long. Bitcoin’s price decline also points to this, given that the elevated open interest coincided with a period of price recovery. It also means that bears have been in control of the market for the period where the open interest has been high. Bitcoin’s fall below $20,000 is a testament that short traders continue to control the market.  Featured image from PYMNTS, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Bitcoin Crypto News Ethereum

Ethereum Price Stalls While Bitcoin Dips Below $20,000 Post Merge

Finally, the Ethereum Merge long-awaited Merge has occurred. As the most hyped historic event in the crypto space, many people projected different sentiments about the upgrade. Parts of the pre-merge reactions were negative. With the official conclusion of the Paris upgrade, popularly known as the Merge, the Ethereum network transited from PoW to PoS. This marked the consolidation of the two separate layers, the execution layer (PoW chain) and consensus layer (Beacon Chain). Related Reading: Ethereum Merge Fails To Move ETH Price, $2,000 Remains Elusive No Immediate Volatility With The Ethereum Merge While many people in the crypto industry had expected the Ethereum transition to create volatility, the outcome is different. The upgrade has not distorted the price of the Ethereum coin. All the Ether community was hoping that ETH merge would bolster Ethereum growth; rather, it has fallen below. It’s pretty unclear if Ethereum could sustain its value in the post-merge period as the price of ETH gradually drops. At the time of press, Ether is trading at $1,428, depicting about a 3% decrease within the past 24 hours. The performance of Ethereum Classic after a few hours of Merge also tanked. ETC went north and even reached the $40 mark. But the token has started dropping through the trading hours today. At the press time, ETC is hovering around $33.19, dipping by 9.39% over the past 24 hours. Other altcoins were seen to be gradually reclaiming their values. Some of the larger-cap altcoins in the green include ADA, XRP, MATIC, TRX, and DOGE. Some large-cap altcoins like DOT and BNB were already in the red with a slight drop. However, BNB is also trending sideways. Bitcoin Dropped Below $20,000 While Ethereum stalls on its value after the Merge, the case is different for Bitcoin. The price of BTC is battling and has gradually plummeted below the $20k region again. After claiming $22,800 over the past few days, the primary cryptocurrency was progressively gaining market dominance. As a result, its recovery became better than most of the altcoins. But the sustainability quickly retracted with the release of the US CPI data for August recently. Related Reading: Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin Within hours following the announcement, BTC’s price dropped by over $2,000. Unfortunately, the return to the $20,000 has remained a struggle for Bitcoin. Gradually BTC dropped to $19,600, depicting a 5-day low for the token. This triggered several liquidations worth $200 million in the market. At the time of writing, Bitcoin is trading at $19,620, showing a drop of0.63% over the past few hours. Featured image from Pixabay, chart from TradingView.com

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SEC Chair Gensler Says He Supports CFTC Having Oversight Over BTC, Ether

SEC Boss Gary Gensler Declares He's Neither For Nor Against Bitcoin And Its Kind

The U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler says he supports the proposal to give oversight of Bitcoin (BTC) and Ethereum (ETH) to fellow watchdog, the Commodity Futures Trading Commission (CFTC). This statement comes at a time when both financial regulators are fighting for supremacy over cryptocurrency surveillance.

Crypto News

Is the Rise of Digital Real Estate Worth the Hype? Insights into 3 of the biggest Metaverse Projects

Picture this! It’s the mid-1980s. The internet, which was going to connect everyone around the world and revolutionize how they communicated, had just started, and everyone wanted a part of it. Fast forward to the early-mid 2000s, Facebook, Twitter, Flickr, and Tumblr had just arrived on the scene, and social media was born. Today, the Metaverse is the new kid on the block, and it just seems like people can’t stop talking about how it is redefining the digital real estate landscape and how it will change how we interact with the internet, and each other, forever. But wait, “Metaverse,” “Digital Estate”, what do those mean, and more importantly, what’s the hype all about? What Is Digital Real Estate, and How Does It Relate to the Metaverse? Digital real estate is, simply put, property that exists on the internet. Traditionally, this used to be in the form of websites, social media accounts, or even email lists. However, today, digital real estate includes virtual spaces and assets in the Metaverse which you can own, lease, or develop, just like in the physical world. The Metaverse is a term used to describe the virtual world where people can interact with each other and with digital content in an immersive experience. This virtual world can take many forms, but it typically includes some combination of 3D avatars, virtual spaces, and other virtual assets such as in-world tokens. So, from having meetings with employees in a virtual office to selling digital art or fashion in a virtual gallery to exploring exotic virtual worlds with fantastic avatars and breath-taking creatures, the Metaverse provides opportunities for businesses to do things that were once impossible, or at least impractical. Now that we know what digital real estate is and what the Metaverse is, let’s take a look at some specific Metaverse projects that are helping to shape the digital real estate landscape. Projects That Show Why Digital Real Estate is Worth the Hype There are many different Metaverse projects out there, but here are three that show the potential of digital real estate and the Metaverse. SIDUS HEROES A major upcoming project that is set to make waves and leverage digital real estate potential in Metaverse gaming is SIDUS HEROES. The brainchild of a massive collaboration between some of the best minds in blockchain tech and gaming, with a large supporter base, SIDUS HEROES is set in a virtual universe inhabited by NFT characters from twelve technological races with unique traits and features. The game is notably listed as one of New Zoo’s top 10 gaming projects to look out for and one of Coin Market Cap’s top NFT games for 2022. Conceived as a game where players can travel to all corners of the Metaverse and seek out various adventures, SIDUS HEROES has also forayed into adding digital real estate value into its gameplay. SIDUS HEROES metaverse apartments are the form of digital real estate in the game that can be bought, sold, or rented out to other players. The apartments are located in the capital city of the in-game universe and provide private space quarters where players can store virtual household items within the game. With only 6000 apartments of different rarity, i.e., Common, Epic, and Legendary, in the game, they have been designed with various features and amenities that make them worth investing in for players. These include robots, which provide bonuses for investment activities within the game; plants, which produce the fruits that upgrade the in-game heroes and pets; and workbenches, which are used to create new pharmaceutical items. Of course, players can use these assets to develop different industries within the game, which can translate into actual revenue for whoever is holding them. Apartments in the SIDUS HEROES metaverse will soon be out for sale, and early investors can start to get their hands on these valuable in-game assets. With the digital real estate landscape getting heated up and projects like SIDUS HEROES leading the charge, it’s advisable to keep your eyes peeled, follow updates on its Opensea, Twitter, and Discord channels,  watch out for its upcoming release, and keep your crypto wallet ready. The successful precedent set by similar projects with established communities, innovative gaming marketplace, and ecosystems like SIDUS HEROES highlights that players have every reason to invest in digital real estate for their game-play value and investment potential. Let’s check out two of these similar projects below. Otherside BAYC The Otherside BAYC is an offshoot of the successful Bored Ape Yacht Club NFT project. Yuga Labs, BAYC Creator, announced the project in March 2022 and was launched on 30th April 2022. Although the Otherside Metaverse is currently in development, it is already one of the most talked about projects in the Metaverse space. The world will feature playable characters will feature up to 10,000 playable characters in a massively multiplayer online role-playing game. Its in-world natural voice chat also takes in-world communication to its next level. With the awe-inspiring tour that Bored Ape and Mutant Ape owners participated in during July, it’s easy to see why 55,000 Otherdeed–plots of land in the Otherside sales were sold for more than $300 million when the project’s first round of land selling concluded; and why the value of Otherdeeds has grown over time, enabling it to scale over $1 billion in sales in the secondary market, becoming the fastest NFT collection to do so. Illuvium Illuvium is another upcoming Ethereum-based MMORPG, set to be officially released in 2022 on Mac and PC. With 100,000 land plots available in the game, 22,000 were put up for sale for early investors and prospective sellers, making over $72 million in sales. Like in real life, the owners can use these plots in various ways to make money. These include mining fuel to sell to game players, generating NFT blueprints, renting space to other players, etc. These possibilities have made many enthusiasts eagerly anticipate the game’s official launch and a possible future land sale. Key Takeaway Digital real estate is worth the hype, and Metaverse projects are a big part of why. While the three projects discussed above lend credence to the explosive potential of digital real estate, it happens that SIDUS HEROES is the only one with a launch coming up soon for interested players. Although it is in its early adoption phase, placing a cap on how much it can multiply in value is impossible. Like NFTs and actual real estate, the primary driver of digital real estate’s value is scarcity. With a limited supply of apartments, coupled with an ever-growing demand for them, the value of digital real estate will only increase with time. For example, while the BAYC project minted at 0.08 ETH, just a little over a year later, its floor price on the Open Sea is 72.6 ETH. These projects are changing the way we think about virtual worlds and asset ownership, and they have the potential to revolutionize the gaming industry. With so much potential, it’s no wonder that more value is increasingly being attached and generated by digital real estate.