The crypto bear market has been brutal, but it has not stopped development in the Cardano ecosystem in any way. The network recently celebrated the completion of its Vasil hard fork, and even though the price of its native token ADA has failed to move in tandem with the development, Cardano developer Emurgo is not […]
It’s been a busy month for Epic Games when it comes to blockchain engagement. The Epic Games Store launched it’s first supported blockchain-based title, Blankos Block Party, earlier this month – and now it’s adding a second title to it’s slate of offerings. Let’s take a look at the title and what we can expect […]
Analyzing bitcoin derivatives gives a window into the state of the market conditions and can provide clues for when bitcoin has reached an absolute bottom.
The Bitcoin price is stuck in a tight range following yesterday’s U.S. Federal Reserve (Fed) announcement on monetary policy. Macro forces have taken over global markets increasing the correlation across all asset classes. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? For a deep dive into how the Fed 75 basis point hike affected the Bitcoin price, and a look into the crypto market’s internal dynamics, check out the analysis from our Editorial Director Tony Spilotro. Link below: At the time of writing, the Bitcoin price trades at $18,900 with a 2% and 7% loss in the last 24 hours and 7 days, respectively. The entire crypto top ten by market cap is recording losses on similar time periods with the exception of XRP which continues to trend to the upside with a 29% gain over the past week. Why The Bitcoin Price Needs To See More Capitulation As NewsBTC reported yesterday, the crypto market has completed every major price catalyzer in the short term with the Ethereum “Merge”. Now, the market is moving in tandem with macroeconomic factors and with traditional markets. This might provide room for a relief rally or for more downside if major financial indexes trend in one direction or the other. According to Jurrien Timmer, Director of Macro for investment firm Fidelity, there has been “little capitulation” for the S&P 500. Despite the fact that the equity index has been on a downtrend since reaching an all-time high at 4,819 into its current levels at 3,837, Timmer believes the market has been resilient and might need to see more capitulation before forming a bottom. Via Twitter, the expert said the following sharing the chart below: It’s surprising how little capitulation there has been in the market. Yes, the sentiment surveys are all negative, but actual flows have not been. This seems consistent with the lack of volatility in the market (…). The above coincides with analyst Dylan LeClair look into previous Bitcoin cycles. The analyst believes BTC forms a bottom following a “final capitulation” of the mining sector. This event might lead to a crash in the network hashrate, which is yet to be seen. LeClair said: I believe with macroeconomic conditions as the catalyst, something similar will repeat. We’re not there yet. Will Bitcoin Re-Test Its 2020 Lows? But how low can the Bitcoin price and the crypto market crash? The benchmark cryptocurrency is already trading 80% lower than its all-time high, $69,000. This has historically marked a bottom for BTC’s price and has formed a barrier against further downside. In that sense, rather than a fresh leg down, the cryptocurrency might see more sideways movement across 2022 as the Fed continues to hike interest rates and traditional markets trend to the downside. This thesis might be supported by a potential downside pressure for the U.S. dollar (DXY). Related Reading: Bitcoin Taps $18,100, Why This Is Dangerous For The Market? The currency has been trending higher, moving opposite to the Bitcoin price and risk-on assets, but seems to be at a critical resistance area. This might provide the crypto market with room for a relief rally. As seen in the chart below, the DXY Index could be above to see a spike in selling pressure.
The much-anticipated Fed rate hike is now out and, as expected, dealt a heavy blow to the broader crypto market on Wednesday. The U.S. Federal Reserve increased its policy interest rate by three-quarters of a percentage point, extending it to a range of 3 to 3.25 percent. This number represents a huge increase from March, when […]
This promising development comes at a time when Ripple recently entered into a partnership with…
The entire crypto landscape has been struggling throughout most of last year and 2022. However, the industry’s expansion has not slowed in the least. Recently, approximately 4,000 trademark applications connected to the crypto and metaverse businesses have been filed. Michael Kondoudis, a trademark and patent attorney, stated in recent tweets that the number of crypto-related […]
With more good news is bad news jobs data, the world’s inflationary bear market is spelling trouble ahead.
Notwithstanding, despite the recent blows the asset has suffered of late, it appears BTC accumulation trends are looking favourable.
As equity markets begin to teeter and volatility in the legacy system increases through deleveraging, it seems that more pain is imminent for the bitcoin price.
MetaSolare is a new Web3 startup for “Music Fi”, “Anime Fi”, and “Game Fi” whose co-founders include DJ Steve Aoki and Masato Matsuura, founder of Japanese Entertainment Company Avex. Today the project made its official launch, releasing details of its upcoming Web3 project, which are available on its official website. The world is on the verge of a paradigm shift from Web2 to Web3, and new genres of entertainment that make full use of NFTs and tokens are beginning to see wide adoption. But this new era needs a new type of thinking, and a new open architecture where users have the power, and are involved in making the decisions. To adapt to this revolution requires more than just knowledge of the entertainment industry: it requires knowledge from the blockchain and financial worlds as well. MetaSolare has brought together experts from all these industries to form an entirely new type of Web3 entertainment project. These experts include co-founder DJ Steve Aoki, one of the most well known members of the crypto community, as well as Masato Matsuura, the founder of Avex, one of Japan’s biggest media and entertainment companies. Together, they are proud to work on the MetaSolare Blockchain Ecosystem. Project Vision Building a new entertainment ecosystem takes three things: blockchain technology that allows users to own digital content, financial elements to allow for a sustainable content-centered economy, and game technology that allows for large-scale interactive communication. MetaSolare isn’t a project that uses content and IP simply as instruments for financial investment. Instead, it fuses these three elements in a way that allows for entirely new entertainment experiences in the fields of anime, gaming, and music, where everyone involved can create them together. ■Game Fi The words “Play to Earn” and “Play and Earn” are commonly used when talking about Blockchain games. MetaSolare looks to go a step further, to a society where games are part of everyday life. In this world, everyone around the world can become a “co-creator”, helping to build a new future for gaming in any number of ways and from any number of places. Their passion for the game can become assets both tangible and intangible. To make this possible, MetaSolare is working with a team of developers who have experience making some of the biggest video gaming titles in the world. Together, they’ll build a better world empowered by gaming, a dream that everyone can work towards together. ■Anime Fi Combining anime and blockchain opens up new possibilities for users to get involved with animation in any number of ways. The MetaSolare project combined NFTs, tokens, and technology to create an entirely new form of animation in tandem with users and creators. The experience of digitally owning part of your favorite anime can offer any number of new experiences and open the door to an entirely new funding model. And MetaSolare will be there to offer you that world. ■Music Fi NFTs and tokens are a powerful tool to connect artists and fans, which allow for new types of ownership and ways to support creators. These new tools will change how music is made, and how stars are born. MetaSolare will be creating crypto-native music artists, backed by DAOs and NFTs. MetaSolare token and NFT holders will be given the opportunity to be directly involved in the artists future: for example, token and NFT holders will help hold auditions to pick new artists and talents and help them get ready for their big debut, with livestreams being held at regular intervals to help show how far they’ve come. MetaSolare’s team has deep connections in the global music scene, and in Asia particularly. MetaSolare Co-Founder Steve Aoki is one of the most well-known DJs in the world, and Co-Founder Masato Matsuura is the founder of Avex, one of Asia’s largest entertainment companies. These deep connections make them uniquely positioned to make the next generation of crypto-native music a reality. Core Members MetaSolare’s core members are a group of leading experts from the entertainment, blockchain, and financial industries, who’ve come together as individuals to create a way to provide entirely new forms of entertainment, and build a new economy together with users and creators. KENTARO BEPPU （CEO / Co-Founder） After working as the national general manager of a major restaurant company, Kentaro Beppu started his own business in the field of IT marketing. He became fascinated with the world of blockchain through his cryptocurrency investments that began in 2016. In addition to his roles as an entrepreneur and investor, he posts on YouTube and other social media under the name “Ken Jinguji”, where he educates Japanese people about blockchain-related issues and financial/investment literacy. Kentaro has also been a huge video game enthusiast since childhood, and he spends many of his free hours gaming. In the blockchain gaming world, he’s been both a manager and a player, and his past experiences include managing a guild of over 500 people. As CEO at MetaSolare, he is involved in key decision making throughout the project. ASAHI IWANAGA（COO / Co-Founder） Asahi is the Chief Operating Officer for MetaSolare, and former President & CEO of Avex Technologies. Previously, he spent three years publishing games on Steam at an international game publisher. He worked as a product manager in the broadcast/VOD entertainment industry at a NASDAQ-listed company. Asahi also attended college at the University of Wisconsin-Madison before helping found an e-commerce service at a Silicon Valley startup in 1999. As of 6/24/2022, in order to focus full-time on the MetaSolare project, Asahi left his role as President of Avex Technologies and now serves as Avex’s Web3/Blockchain Technology advisor. As COO of the project, he will be involved in all important decisions. MASATO MATSUURA （Co-Founder） Masato is the founder and current chairman of Avex, Inc. one of Japan’s leading music and entertainment companies. He has been active in the entertainment industry for more than 30 years, not only as a business owner, but also as a producer under the stage name Masato ‘Max’ Matsuura. He is a widely recognized leader in the industry for his fearless, ground-breaking approaches and willingness to try new things. Being one of the first to introduce dance music to Japan, Masato has extensive relationships with famous DJs from around the world. Now he’s ready to find the next generation of entertainment in the world of blockchain and the metaverse. STEVE AOKI（Co-Founder） With 77 million monthly average users across all platforms, 2x GRAMMY nominated music producer, artist, fashion designer, entrepreneur and Web3/NFT visionary Steve Aoki is one of the most successful cross-genre artists in the world. From his genesis NFT collection “Dream Catcher” first launched in 2021 and “Dominion X” (the first episodic series to launch on the blockchain, created with Stoopid Buddy Stoodios) and the creation of his NFT membership community A0K1VERSE, to the inception of NFT marketplace OddKey (with Venom and Spawn creator Todd McFarlane), Aoki has cemented himself as one of the most successful yet boundary-breaking figures in the metaverse. Additionally, Aoki continues to create cultural touchpoints through projects such as his partnership with Sandbox for the sale of Aoki’s Avatars, and collaboration with Snoop Dogg on the release of the “Da Da” EP dropped exclusively on blockchain-based Gala Music. TSUBASA MURAKAMI （CLO / Co-Founder） Tsubasa is a certified M&A Senior Expert and a certified Business Succession Senior Expert with the Kinzai Institute for Financial Affairs. He worked at a government agency for six years, where he participated in over 200 projects including cross-border energy asset purchases and sales, business investment reviews, and financing. In 2016, he began angel investing and building investment funds, participating in financing projects worth more than two billion USD in total. He now puts his experience to good use working with lawyers and tax accountants both in Japan and abroad to enhance corporate value through business development studies and M&A advisory services. Tsubasa majored in finance and management at UCLA and graduated from the Keio University School of Economics. SEIHAKU YOSHIDA (Co-Founder) Seihaku Yoshida founded HashPort, Inc. in 2018 and ran the company as President. He has helped support numerous projects such as IOST, Enjin, Qtum, Tron, Tezos, and others in their efforts to expand into Japan. In 2020, he founded and ran HashPalette, Inc. as an NFT subsidiary of HashPort. HashPalette conducted Japan’s first IEO in 2021, attracting 22.4 billion yen for a billion yen offering. He is a co-chair of the ICOIEO committee of the Japan Crypto Asset Business Association (JCBA), the largest crypto asset industry organization in Japan, a co-researcher at the School of Engineering of the University of Tokyo, and a co-member of the Crypto Asset Research Project by the Global Research Institute of Keio University. Prior to founding HashPort, he worked for Boston Consulting Group. At BCG Digital Ventures, the company’s digital business development arm, he was the youngest Venture Architect in the Tokyo office and worked on projects in Japan and China. He graduated from the Keio University School of Law. ROBERT TRAN (Co-Founder) Graduated with a Bachelor of Science in Manufacturing Engineering from Boston University in 1992. In 2004, Robert Tran joined Experian (listed on the London Stock Exchange), a leading global information services company, where he served as VP and Branch Manager after the launch of Experian Asia Pacific. Since 2009, he has served as Executive Director and co-founder of iClick Interactive (NASDAQ listed), the largest digital marketing automation platform and SaaS solution provider in Asia, where he has been involved in the company’s management. In 2015, he founded UNDONE in Hong Kong, an industry-leading D2C company for customized watches. The company operates in two locations, Hong Kong and Tokyo. In March 2021, UCOLLEX INTERNATIONAL, a next-generation creator platform using blockchain NFT technology, was established. Robert serves as its CEO. He is also a Director and Executive Director of Animoca Brands Japan. TAKASHI HATANAKA (Co-Founder) Takashi started his career at Goldman Sachs in 1993. After working in the IT department developing trading systems, he joined the company’s New York quant department in 1996, and then its proprietary trading department in 2002, where he was involved in modeling, risk management, and equity derivatives trading. After returning to Japan in 2004, he led the establishment of a quant team in Asia as the Managing Director and was transferred to Hong Kong, the base of the Asian division in 2011. He then led the Equity Derivatives and Quantitative Trading Division, which utilized state-of-the-art technology. After leaving the company in 2016, he worked as an investor and advisor for venture and investment companies in Japan and Southeast Asia, participating in business startups primarily in the areas of machine learning and management and capital strategy. After returning to Japan in 2019, he came to realize the significance and possibilities of not just the IT field, but the medical field as well. He now serves as full-time director and CFO at a bio-venture company, helping society and expanding strategic business opportunities in the field of private practice. SHINICHI HISAMATSU (CTO) After earning a master’s degree in Media and governance from Keio University, Shinichi Hisamatsu studied computer science and man-machine interfaces as a researcher at the Interfaculty Initiative in Information Studies at the Graduate School of Interdisciplinary Information Studies (University of Tokyo), as well as at the MIT Media Lab and Keio University School of Nursing and Medical Care. A passionate supporter of start-ups and pioneering thinkers, Shinichi has used his technical expertise to help multiple companies to launch with success. He is an expert in a wide range of digital technology, including web development, mobile applications and blockchain. In his previous role as CTO of Zen Global Limited, Shinichi built a blockchain-based donation platform and auditing service for charitable foundations, NPOs and NGOs in Malaysia, Britain, and multiple other countries. He is currently CTO of Theo Design and Aipro Inc, and is researching methods of using digital technology to support entrepreneurs at Aoyama Gakuin University. TERUAKI ASANO (CFO) Teruaki joined Goldman Sachs’ finance division in 2005. Over the next 15 years he was responsible for monitoring P&L, balance sheets, and valuations of financial products in fixed income, equity derivatives, real estate and private equity. After leaving Goldman Sachs in 2020, he moved on to serve as the CFO of a real estate venture company. There he gained experience in debt financing, monitoring performance of proprietary investments in real estate and private equities, and managing back-office functions. Currently, he is a venture capitalist, giving financial advice to a wide variety of start-up companies. Teruaki has a bachelor’s degree in Economics from Rikkyo University and an MBA from Waseda Graduate School of Finance, Accounting and Law. He is a CFA Charterholder and has also passed the US CPA exam in the state of Washington. Partners In an age of individual excellence, MetaSolare is building a Web3 world with partners across industry boundaries. Partner Companies (As of July 2022) ABEJA, Inc. Avex Creative Factory Inc. Avex Technologies Inc. HashPort Group (HashPort Inc. HashPalette Inc. HashBank Inc.) Ucollex International Limited More partners to be announced.
Ethereum has been met with strong resistance at its current levels and might potentially re-test support. The cryptocurrency still preserves some of its profit from the past weeks but has been losing momentum over today’s trading session. Related Reading: TA- Price Of Ethereum Faces Rejection At $2,000: Are bulls Still In Control? At the time of writing, Ethereum trades at $1,860 with a 2% loss and 5% profit over the last 24 hours and 7 days, respectively. ETH’s price was pushing the sector’s bullish momentum on the back of the narrative around the upcoming “Merge” event, as it will complete Ethereum migration to a Proof-of-Stake consensus. However, the second crypto by market cap has been lagging meme coins, such as Dogecoin and Shiba Inu. These cryptocurrencies record a 20% and 30% rally, respectively, and seem poised for further gains before returning to previous support levels. Ethereum has seen losses at technical resistance levels, and other assets contribute to the downside price action in the crypto industry. According to analyst Justin Bennett, the S&P 500 is approaching the top of a major channel that might operate as critical resistance. Ethereum and digital assets have been moving in tandem with equities. Therefore, the price action of major indexes in the legacy financial system has been exercising an influence on cryptocurrencies’ price action. As seen below, the S&P 500 recorded some gains after bouncing off support at the bottom of the channel and now seems on track to re-test those levels as it has done over the past few months. Bennett told his followers: “This is not where you want to get bullish”. In addition, Bennett pointed out that the U.S. dollar (as measured by the DXY Index) has been reclaiming major support and could potentially reclaim previously lost territory. The latter might translate into further losses for risk-on assets, like Ethereum. As cryptocurrencies move in tandem with stocks, they have negatively reacted to upside momentum in the U.S. dollar. The analyst added: I was “cautiously” bullish in the “short term” last week. Bearish patterns have since developed, and the $DXY reclaimed significant support on Monday. Ethereum At Critical Levels, Will History Repeat? Furthermore, a new report from research firm Arcane Research acknowledges the importance of “The Merge”. This has pushed ETH to its 2022 highs when compared to Bitcoin (BTC) for the ETHBTC trading pair. “The Merge” hype and narrative pushed ETH to peaked at 0.0881 BTC, last week. These levels represent another major line of resistance for the cryptocurrency as it approaches the 2021 high at 0.0886. Arcane Research noted the following on the importance of these levels: Ethereum has only traded at higher levels compared to BTC for 196 days since May 2016, or 8.62% of all days since May 2016. Since Jan 1st 2021, ETH has only closed at higher levels than today’s 39 times, or 6.59% of all days (…). Related Reading: Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn In that sense, ETH’s price bullish momentum might not be “sustainable”, as Arcane Research noted. However, the research firm didn’t rule out “The Merge” potential to drive ETH into price discovery on the ETHBTC pair.
The Ethereum community has been anticipating the move from the Proof-of-Work (PoW) to the Proof-of-Stake mechanism. Luckily for everyone, the Merge will soon occur, and reports show that the developers are approaching the final test phase before the significant event. Tim Beiko, the lead developer on Ethereum, disclosed these details on July 28. According to him, the testnet transition will take place on the Goerli testnet, a close simulation of the Ethereum mainnet. 📢📢📢 Goerli/Prater Merge Announcement 📢 📢📢 Prater will run through the Bellatrix upgrade on August 4th, and merge with Goerli between August 6-12th: if you run a node or validator, this is your last chance to go through the process before mainnet 🚨https://t.co/JAz5AJe12B — Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) July 27, 2022 This version is known as Prator, and the date will be between August 6 and 12. The network upgrade will be called Paris, but another upgrade, Bellatrix, will position Prater well for the Goerl Merge. According to Beiko, the date for the Bellatrix upgrade will be on August 4. However, the lead developer also stated that validators and those who run nodes on Ethereum should pass through the process to prepare thoroughly for the mainnet move to PoS. Final Preparations Before Moving To PoS According to the information released, the network has to complete one more testnet. The developers have completed many devnets, merges, and shadow forks on deprecated testnets. For instance, early in July, the developers ended the ninth shadow fork testing the MEV boost feature. In the announcement, the lead developer stated that node operators must update their execution and consensus layer clients in tandem. But for stakers and holders of Ethereum, there’s nothing to do now. Those to take action are the testnet participants and node operators. Related Reading: Ethereum Barrels Past $1,700 – Next Target: $2,000 Regarding the significant Merge, the community already knows it will take place on September 19, as the developers previously announced. But if there is an issue with the Goerli testing phase, the date might be pushed forward again. Merge Becomes The Most Significant Ethereum Upgrade Since Ethereum started operating on July 30, 2015, this is the highest upgrade on the network. But the plans to migrate to the Poof-of-Work mechanism have been ongoing for some years. Unfortunately, the developers have had many delays, which haven’t been okay with the community. Thankfully, September 2022 will mark the end of the frustrations. For instance, traders have staked 13.1 million ETH on Beacon Chain, worth $21.5 billion. Even though these stakers earn 4.6% APY in Ether, withdrawing the gains will only occur many months after the Merge. Related Reading: Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying The announcement also brought another price surge for ETH as it gained by 15% on July 28 to sell at $1,667 during the morning hours of the Asian trading session. This position shows a 47% increase over two weeks, even though it has yet to reach its 2021 highest price point. Featured image from Pexels, chart from TradingView.com
The Federal Reserve hiked 75 basis points as expected and markets across the board rallied higher with no surprising or unanticipated bad news.
The crypto market is trending to the upside and recovering some of its last week’s gains with Polygon (MATIC), and other altcoins following the general trend. Digital assets seem to be positively reacting to the earnings reports from legacy companies. Related Reading | Why The IMF Thinks The Crypto Market Could See “Further Selloffs” At the time of writing, Amazon (AMZN) beat earnings expectations generating over $130 billion in net sales. Apple (AAPL) also beat expectations with $83 billion reported in earnings. Amazon +10% 👀 pic.twitter.com/T4twX73AKG — TradingView (@tradingview) July 28, 2022 As a result, the S&P 500 recorded a 1.23% increase at the U.S. close with the Nasdaq and the Dow Jones trading in the green. The crypto market benefited from these reports, as it continues to move in tandem with legacy financial markets. Top crypto analyst Michaël van de Poppe celebrated AMZN and AAPL’s positive price moves. The analyst believes the price action in equities will continue to spill into the crypto market. Via Twitter, van de Poppe said: we’re definitely ready for fireworks (…). The entire market looks ready to continue moving heavily. Many altcoins & Bitcoin breaking above 50-Day Moving Average. Bitcoin breaking above 200-Week Moving Average. Looks to me to see a continuation on those altcoins for 100-200%. The analyst singled out Solana (SOL), Polygon (MATIC), Cosmos (ATOM), Avalanche (AVAX), and others with the best potential to benefit from a long-term bullish trend. These cryptocurrencies have the potential to record 60x returns “in the next bull cycle”, van de Poppe said. In the short term, as mentioned above, these altcoins could register as much as 100% to 200% gains if the bullish momentum extends. The analyst claims most of these altcoins have broken above key moving averages and might find little resistance as they reclaim previously lost territory. According to this analyst, Avalanche (AVAX) alone could hit a target of $37 to $41. Solana on the other hand might hit $62 to $84 and Polygon beyond the $1 mark. Can Polygon (MATIC) Benefit From A Crypto Summer Rally? The analyst claims the crypto market stands to benefit from a relief rally on the back of a dovish U.S. Federal Reserve (Fed). The financial institution has been trying to mitigate inflation by hiking interest rates, and according to market expectations, this metric should trend lower in its July print. In addition, the Ethereum “Merge” was set for September 2022. This event is considered highly bullish for the cryptocurrency which has provided ETH bulls with enough strength to push the market to the upside. Related Reading | Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump Polygon (MATIC), Avalanche (AVAX), Solana (SOL), and Cosmos (ATOM) might prove good bets in the long run due to the upcoming products, their partnerships with major players in and outside the crypto industry, and their development teams. Ideal ingredients for a Summer Relief Rally are there: ▫️ Powell becoming dovish on policy and more data-dependent. ▫️ $ETH merge coming up in September. ▫️ Heavy impact on 3AC, Celsius, and more already priced in. I’m seeing $ETH to $2,400 and $BTC to $28,000-30,000. — Michaël van de Poppe (@CryptoMichNL) July 27, 2022