Leading Dubai-based crypto exchange, Bybit is getting set to launch its services in Argentina, according to a report by CriptoNoticias, due to the rising adoption of cryptocurrencies in the Latin American country. “Taking into account the level of penetration and the rapid growth in the adoption of cryptocurrencies in Argentina, Bybit has made this decision, […]
Mercury Wallet, a Layer 2 scaling solution for Bitcoin, plans to integrate with the Lightning Network and blind its server.
As the large cap coins have continued to suffer losses, Ethereum whales have now turned their focus to smaller cap altcoins in a bid to try to squeeze out some profit from the bear market. These coins are previously unknown outside of their community niches but these large investors are bringing them to the forefront. […]
Analytics firm Santiment is looking at crypto’s richest wallets to identify possible entry points amid a long-term downtrend in the markets. First on the firm’s radar is decentralized virtual world The Sandbox (SAND), which Santiment says experienced “eye-opening supply accumulation” despite recent price struggles. “The Sandbox, one of the altcoin darlings from late 2021, has […]
CoinFLEX faced a lot of criticism online following its announcement stopping all withdrawals abruptly for an unspecified period. The organization’s followers on social media were […]
Bitcoin remains in the red with a 10% loss over the past week. The number one crypto by market cap has been consolidating at its current levels after a massive crash too it to a multi-year low of $17,500. Related Reading | Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning? At the time of writing, BTC’s price trades at $20,400 with sideways movement in the last 24 hours. As many outlets have been reporting, Bitcoin miners have been reducing their BTC holdings. This has contributed to the selling pressure and to BTC’s price plunging to its current levels from the $30,000 area. A recent report by analytics firm Coin Metrics looked into BTC miners’ addresses, and funds flow to pin down Bitcoin’s crash real impact on the sector. As the firm claims, the process of tracking down BTC miners’ addresses can be difficult, despite the transparency of the blockchain. In order to get a clear picture of current miners’ BTC holdings, Coin Metrics labeled the addresses which have come in contact with mining pools. These miners combined their resources and split the rewards for including a block in the blockchain. Miners pool their resources because they have a bigger chance of receiving the rewards. These pools interact with BTC addresses which Coin Metrics called 0 Hop miners and then the split rewards go to 1 Hop address or miners. As seen below, the firm was able to discover that there are 2.9 million 1-hop miners, but this is the total number of addresses for every entity that has ever mined 1 BTC. The number has been on a decline since January 2021 when the sector became more industrialized. In that sense, active Bitcoin miner addresses interacting with the mining pools total 34,000 in 2022. A much smaller number when compared to its all-time high, and with 2021 when these addresses stood at 92,000. Bitcoin Miners Reduce Holdings, But Remain Bullish The total number of 1-hop BTC addresses have been dumping their Bitcoin since July 2020. This metric inversely correlates with the price of BTC. While the cryptocurrency rose, the BTC supply held by these addresses trended to the downside. These entities have sold at least 500,000 BTC from that period until June 2022 impacted by price volatility. As seen below, active miners have been reducing their supply as well but only sold around 25,000 BTC. Coin Metrics analyst Parker Merritt added the following to the recent findings: While most miners prefer HODLing, last week’s market turbulence threw many miners for a loop. With the wick down below $18K, several companies became forced sellers, liquidating their BTC treasuries to minimize the impacts of a margin call. Related Reading | Controlling The Chaos: Alameda Ventures Bails Out Voyager With $200M & 15K BTC There is an uptick on the chart above, which could translate into a new period of BTC accumulation from miners. Overall, less leverage in the crypto market could contribute to healthier price action.
As KYC requirements and censorship grow across the world, Bitcoin will return power to the people to move and live as they want.
The first cinematographic NFT project “The Future Is Now Film” shows what blockchain leaders think of future governance systems: will there be even tighter centralization, a symbiosis of traditional and new methods of control or do we need a totally new governance system to replace the old one? Answers to these questions can be found in the two latest episodes, “Transforming The Future” and “Aligning The Future”, which were filmed at the AIBC Summit UAE 2021 in Dubai and Blockchance EU conference in Hamburg. Let’s dive deeper and see what futurists think. Blockchain Is Getting Closer to Traditional Institutions Several years ago, it would have been a bombshell to see government officials at a blockchain conference. Now, in both the AIBC Summit in Dubai and Blockchance EU conference in Hamburg, government officials are among honorable guests for two reasons. First of all, the scale of the change made them notice the inevitable. Secondly, some of the “decentralized futurists” have joined the ranks of centralized organizations in hopes of making a difference. For example, H.E. Justin Sun, the founder of TRON, recently became an ambassador to the World Trade Organization on behalf of Grenada, a country in the Caribbean. In his view, cryptocurrency projects today are “way more efficient than the financial infrastructure that we have today” and now he plans to pave the way for mass adoption. According to Fabian Friedrich, the founder of Blockchance Group, one of the reasons for the Blockchance EU conference to exist is the need to bring together different market players especially the decision-makers who currently govern traditional systems “to take the fear away and show them how positive this movement is, how many chances are in the movement for a better future”. Some have already achieved tangible progress in establishing the dialogue. Fabian Vogelsteller, co-founder of ERC20 Protocol, shared that negotiations with regulators despite the “back and forth” nature of the process, have already brought positive results because “everybody sees the benefits of this technology” while of course the “old has always had the interest to survive”. Will Governments Have a Saying? According to His Excellency Justin Sun, decentralized currencies are more advanced not only on the technological side but also on the philosophical side as they drive the inclusion of smaller countries. That is why it will be only natural for countries to “start to diversify the countries’ reserves” also by building the central bank digital currencies but “the philosophy behind CBDC’s will determine their results”: they could either join a competitive system or “undermine the reputation and the influence in the market in the first place” if they are made to be an appealing asset to use next to cryptocurrencies, for example by simply functioning as a financial tracking tool. Justin Sun believes that when the barriers of the traditional financial system go down, everyone benefits. But according to Brock Pierce, the 2020 US Presidential candidate from the Bitcoin Foundation, there will be beneficiaries and losers. In his view, Dubai, for example, will be the beneficiary of change because it “is doing a good job recognizing the change and adapting to it” but those who resist the change will suffer: “Look at Florida and Miami, they are doing a good job… They are the beneficiary of the change. That is what happens when you embrace the future. You get to be part of it. Resist it and it runs you over. The future is coming” Prominent venture capitalist Tim Draper whose Dad fought in the Korean War has shared a vision of what resistance to change could look like by giving a historical example of North and South Korea as a full government control system versus a “free and open society with democracy” 70 years later: “Average South Korean now makes 430 times what the average North Korean makes in a year, and that is when you adjust for purchasing power. And the average South Korean is 4 inches taller than an average North Korean. It is pretty clear to me which system works better” Dubai: Safe Harbor for Innovations One of the biggest gatherings in the blockchain community held by Eman Pulis & SIGMA Group AIBC Summit UAE 2021 has been held in Dubai a few months prior to Blockchance EU. Dubai is among the first cities that are “taking a tangible stand into abundance and allowing decentralization to flourish” as it is stated by Miguel Francis-Santiago, the Founder of The Future is Now DAO and the mastermind behind #TheFutureisNowFilm, with initiatives like the UAE Crypto Map. Dubai is “on its way to becoming self-sustainable” by leveraging the power of innovative-based ecosystems. Under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, with a plethora of initiatives headed by Dubai Blockchain Center and the work of its CEO Dr. Marwan Alzarouni, creating a safe harbor of innovation. And the safe harbor has already brought some fresh fruits. Matthias Mende has launched an innovative celebrity marketplace Bonuz Market just after a couple of years of residency in Dubai and now the project allows celebrities around the world to engage with fans within an NFT and Metaverse platform. Sergej Kunz with 1inch Network bridges the crypto world with traditional banking by working with such regulated institutions like Sygnum Bank. The 1inch Network solution became the deepest liquidity aggregator in the DeFi space: the platform reached over $120 billion in transaction volume since its inception by solving the problem of high entry point and barrier to use cryptocurrencies. Salim Ismail of OpenExO, former CEO of Singularity University, by creating pilots with such traditional businesses like Procter & Gamble, Gucci and KPMG, created a space where new transformational methods of running a company between exponential organization structure and traditional businesses can now pave the way for preserving synapses of the human brain. The US Presidency: to the “Belly of the Beast” According to Ilya Churakov of the decentralized ecosystem Global Digital Club, such bridges need to be built in the “right way” so big opportunities could scale fast and reach mass adoption. But to learn the “right way” we need to study the old one, believes Brock Pierce, the 2020 US Presidential candidate from the Bitcoin Foundation. He dedicated his utmost energy to running the US presidential campaign during the 2020 Year of COVID, in order to understand the mechanics of the political system better and get ready for the next stage in making actionable change: “Why would I subject myself to such a thing [as a Presidential Campaign] if I was not committed to following all the way through… Let’s say it was an exploratory mission. To understand the mechanics of the system, you need to go inside the belly of the beast, to learn how to run a national campaign without any of the existing infrastructure… without any of the funding mechanisms that allow politicians to run for office, without a political platform… and to do it in the midst of COVID. My basic training is complete” According to Crystal Rose Pierce of Sense.Chat, only by “creating the bridge” between traditional systems and the decentralized world can we explore how the interests of different people can be put together for mutually beneficial growth. For the Pierce couple, there is no goal to simply replace the old with the new, there has to be a dialogue. El Salvador: Dreamland for All Nations El Salvador has been creating this bridge perhaps like no one else in the current political system, while becoming the first country to make this brave step towards economic freedom. As a country, they seek to voice their opinion, and make their opinion visible despite the pandemic crisis that was happening in the world at the time and a very clear recommendation from the International Monetary Fund in November of 2021 – not to adopt Bitcoin as a legal tender. Nevertheless, they are going forward with the Bitcoin infrastructure in the country as they are seeking economic freedom, the dream of all nations. William Soriano, a congressman from El Salvador and a prominent Bitcoin advocate, explained how Bitcoin can help other countries by sharing how his homeland plans to “achieve the next level of prosperity”. The first benefit is cutting the unnecessary costs: “Civil war led to 3 million people leaving the country to the US. Those people send 7000 million dollars yearly of remittances. That makes them pay 400 million dollars in fees to companies such as… Moneygram… Ria etc. And this is just El Salvador, a small country…” The second step is financial inclusion. In just 3 months, financial inclusion reached 80% in El Salvador, rising from 1.2 million to 3.8 million people having access to a financial system. Finally, the country set up a plan to use natural resources like volcanoes and geothermal energy with the use of “volcano bonds”, a decentralized financial UBI-type instrument. According to an SDG advocate at the United Nations and the World Economic Forum, Marc Buckley, all countries should follow the example to “stop recreating” a cycle of insanity that leads to financial bubbles following a downturn, on constant repeat – a model Marc believes the world has been viciously revolving around. His Excellency Justin Sun is confident that countries in the Caribbean region will certainly follow the El Salvador example. But we can hardly expect all governments to act and follow this example, so what are the alternatives? Dying Animal vs. Autonomous Private Cities Dr Wolfgang Pinegger, founder of GLBRAIN and CEO of GAMB, believes that “centralization is everywhere”: from social media to banking and governments, the only light at the end of the tunnel being cryptocurrencies which might be “the only way to escape the centralization step by step” with a proper use-case. That is why GAMB Power To The Merchants has developed a solution that solves a major issue in the crypto space – high transaction fees for day-to-day operations. The company has presented a coin with zero transaction fees that will work also in countries where 1$ is a substantial sum for a crypto transaction. This will consequently bring cryptocurrencies closer to mass adoption, and therefore reduce the centralization. In Wolfgang’s view the change might happen quite naturally with a mindshift that is already happening in the younger generation: “But the young generation has already realized that they do not want to be part of this game… (ed. centralization) and the young generation in itself will just change it. Many people from the centralized world will not even realize until it has happened” Veronika Kuett, who works on autonomous systems with Tripolis Corp., thinks that centralized money is “the most powerful tool” that the government would not wish to lose, since it allows them to “inflate” and “debase the money of everyone else”. Governments might react with tightening centralization and they might even succeed in the short term. Of course, printing money helps governments pull resources together which means attracting people “to set up control structures”. But in the end, “this animal has cancer and therefore it will die”. That is why there is no need to waste energy on reforming central banking when “we need to rethink governance” to set up new systems instead: “The strategy is to spend the least amount of energy focusing on old systems but rather build the future, educate people and make them join the new system” One of the solutions according to Veronika is “to have many thousands of smaller entities where we have bonded communities, where we know each other, we trust each other” to “get rid of this anonymity that we have as residents in a very large nation”. The demand for autonomous private cities is already there with many innovative libertarian thinkers facing the limitations of “government’s ever-changing rules”. Irina Litchfield of the Global Autonomous Network also shares an opinion that we need to “create new models of living through autonomous lands, agrotech and regenerative farming, blockchain, new space and beyond”. If Mars colonization would make us rethink governance, why should we not start now? What’s Next? What does the future hold? What sort of future can help humanity reach sustainable goals and how? Follow new episodes of #TheFutureisNowFilm and don’t miss the future through the thoughts and accomplishments of the most innovative minds in the industry. TFIN DAO team and the show’s creator Miguel Francis-Santiago are already working on new episodes filmed in Dubai surrounding the WoW Summit and a 2nd edition of AIBC Summit Dubai 2022 with the support of the NFT-vehicle that will allow for this roving crypto documentary to be featured on such platforms as Netflix, Amazon Prime, and Hulu. To see the retrospective of the blockchain world’s progress, watch the film series 5 year trailer that sums up the last 5 years with over 20 gatherings around the world that Miguel Francis-Santiago and the team have attended, over 19 episodes have been filmed so far and over 15 countries explored through the lens of The Future is Now Film. Join the conversation and become a part of the community by supporting TFIN DAO. Be part of the #TheFutureisNowFilm movement – Website | Telegram | Twitter
The crypto market just saw some slight recovery, but the performances are upside down. Opposite to the way sellouts usually play out, the Bitcoin dominance dropped dramatically as the asset is underperforming the Small Cap index. From last November’s $3 trillion market cap, the crypto market is now down to around $800 billion: Smaller Altcoins Make A Strong Comeback Last week the crypto market saw its bottom, followed now by some slight recovery. As per Arcane Research’s latest weekly report, the smaller altcoins have also been seeing red numbers with the Small Cap index shedding 27%, but it has been the best performer overall. In contrast, Bitcoin had dropped 35%. Through this small window of relief during June, we have seen the blue-chip coin underperform all other indexes. As a result, BTC’s dominance in the market fell -1,51% this week to 43,5% while Ether fell -0,31. The latter has been declining since May from 19.5% to 15%. What’s Making This Crypto Winter Colder The report notes that the primary driver of this crypto crash has been the hedge fund Three Arrow Capital (3AC) collapse. Having invested over $200 million in Luna Foundation Guard’s token sale, 3AC’s liquidity ended up being wiped out and its margin call was the last straw for the already pressured market. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers As per the Wall Street Journal, the crypto hedge fund hired legal and financial advisers to help work out a solution for its investors and lenders. The firm is looking for a way out, “including asset sales and a rescue by another firm”. The prognostic is not very positive at the moment, seeing the wave of liquidations and mitigations of losses by crypto exchanges that have followed the collapse. “We were not the first to get hit…This has been all part of the same contagion that has affected many other firms,” Kyle Davies, 3AC’s co-founder, said in an interview. Arcane Research explained that “In periods of insolvency, creditors unwind the most liquid assets first, which is likely the root cause of BTC and ETH’s relative underperformance in the last week.” The report adds that “illiquid altcoins are more challenging to sell at size, particularly during pressuring times, which explains why smaller coins have experienced less excessive selling pressure in the last week”. Meanwhile, Microstrategy CEO Michael Saylor described the events around this winter as a “parade of horribles” in which the consequences of lack of regulation in the crypto field have made it possible for wash trading and cross-collateralized altcoins to weigh down on Bitcoin. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin.” “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday,” Saylor added, slamming at the recent collapses and suggesting that future actions by regulators could prevent the level of volatility that BTC is now experiencing. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse
The current market conditions have proved difficult for several small cryptocurrency firms to sustain their enterprise. Companies like Three Arrows Capital and Celsius have confessed […]
The largest Bitcoin whales are extending the distance between them and other smaller whales.
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Litecoin Shows Recovery Signs – June 19The present trading situation of the LTC/USD market operation reveals the crypto’s price shows recovery signs, having fallen to […]
To many, Web 3.0 can be intimidating to enter. G-Link makes blockchain mobile gaming accessible and brings Web 2.0 gamers into Web 3.0 through fun F2P P2E games. Nascent potential for P2E gaming Once a golden investment opportunity, the traditional gaming industry has slowed down and become crowded. Meanwhile, blockchain gaming is a sunrise industry with exponential growth potential. The revenue from gaming-related NFTs was US$4.8 billion in 2021, or around 20% of total NFT sales. In the same period, venture capital firms invested over US$4 billion in blockchain gaming to capture market share from traditional gaming, which is projected to have a value of US$268 billion by 2025. Accessible gateway to Web 3.0 games Designed to be beginner-friendly, G-Link’s mobile blockchain gaming platform will allow gamers, game developers and investors to interact directly, and together create a better Web 3.0 gaming community that surpasses the limits of traditional gaming. Newcomers need no knowledge of Web 3.0 and only have to register for a simple account like in Web 2.0, making it easy to get started in Web 3.0 and access any games on G-Link’s platform. To begin with, G-Link will be releasing 4 casual to mid-core mobile P2E games in 2022: Kartopia, a racing game; Card Master, a strategic collectible card game; SPE Colony, a simulation kingdom-building game; Coin Fishing Frenzy, an arcade-type fishing game. At the same time, G-Link is in talks with over 10 developers to onboard and publish more varieties of games on the platform. With an ever-expanding gameverse where mobile gamers will be spoilt for choice, the G-Link platform is designed to support exploring new games to enjoy. Activities on the G-Link platform are underpinned by the GLINK token, which functions as a layer 2 solution for overcoming low throughput and high gas fees. By handling the interfacing with ETH and BSC blockchains, GLINK tokens allow blockchain gameplay mechanics to improve to the level of traditional games, in terms of interactivity and fun. GLINK tokens also provide the platform liquidity to support interoperable cross-game asset trading. Through the GSwap feature, gamers can exchange between in-game currencies and securely transact items with others. Essentially, GSwap means that gamers are free to jump from game to game whenever they want, and still retain their earnings and effort. To empower smaller game developers to create their dream blockchain game, the G-Link platform includes a GameFi incubator that provides funds from community crowdfunding and G-Link’s own allocated funds for driving innovation. Through the incubator, gamers can be directly involved in making the games they want to play, while investors are immediately able to back diverse projects with assurance that the investments are used as intended. Chief Toad NFT: VIP perks on G-Link platform G-Link’s genesis NFT collection, Chief Toad, will allow holders to have VIP privileges on the gameverse platform. As a utility-first GameFi NFT, Chief Toad’s benefits include being able to create guilds in the gameverse, enjoy early access to games in beta and virtual land sales, and higher in-game earnings. The Chief Toad NFT collection will be minted from 5-7 July 2022. The total supply is 10,000, and the pricing will be 0.08-0.1ETH. Check for mint details through the official website: https://www.chieftoad.com/ IDO for GLINK token G-Link will be holding the Initial Dex Offering (IDO) of its GLINK platform token in August 2022. The GLINK token uses the ERC-20 standard, and the supply stands at a total of 1 billion tokens. Every transaction on the G-Link platform will be enabled by GLINK tokens: GSwap – Seamlessly trade between in-game currencies Provide seed investment to back your dream game DAO voting rights Staking in liquidity pool Purchase of in-game assets, NFTs and virtual lands Holders of the Chief Toad NFT can enjoy extra benefits leading up to the IDO, namely a higher percentage of airdrops and guaranteed whitelist for the pre-sale. For updates and announcements about the GLINK IDO: https://t.me/glinkgroup