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E-Commerce Platform become first blockchain hardware to be approved for tier 4 at BitPay. – World News Report

123Miners - BitPay

123Miners – BitPay

123Miners improves its payment service to its customers.

LELYSTAD, FLEVOLAND, THE NETHERLANDS, August 8, 2022 /EINPresswire.com/ — FOR IMMEDIATE RELEASE

E-Commerce Platform first blockchain hardware to be approved for tier 4 at BitPay. 123Miners improves its payment service to its customers.

Bitpay is the market leader in blockchain payment technology. They provide its merchants and their end-user with secure, user-friendly, AML and KYC compliant payment solutions.

“We are proud to accomplish tier 4 in our partnership with BitPay. Currently we are the only blockchain hardware company with this status. Both from a compliance and user friendly perspective we are very thankful for Bitpay tier 4 acceptance as well as their merchant collaboration” said the Founder of 123Miners, Harvey Blom

Our aim is to continue to serve the industry the best way possible with a strong focus on value creation and waste reduction. And we will be launching new insurance and finance solutions.

About BitPay

BitPay was founded in 2011, while Bitcoin was still in its infancy. We saw the potential for bitcoin to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale.

BitPay is a pioneer building blockchain payment technology to transform how businesses and people send, receive, and store money around the world.

About 123Miners

123Miners is the first E-commerce company that focuses on refurbishing Bitcoin and other crypto miners, combating E-waste and unutilised digital capital. Due to the crypto mining ban currently being enforced in China, Kazakhstan and now Russia, many “old” crypto miners are not being utilized. In addition to E-waste, miners shutting down production have halted the creation of new digital capital.

Refurbished Bitcoin miners can be obtained at a lower cost. Bitcoin mining is now incredibly competitive, no longer being mined on single laptops. It would be extremely hard to earn Bitcoin by solo mining with just one miner. That is why people commonly join cloud mining pools, sharing multiple machines, to turn Bitcoin mining into a collective process.

Learn more about 123Miners at https://123miners.com.

Harvey Blom
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Galaxy Digital Loses $555 Million Amid Crypto Bear Market

  • Galaxy Digital’s net losses deepened to $554.7 million in the second quarter. 
  • The losses are more than triple those of last year for the same time period. 
  • The financial services company cited the broad crypto downturn as the main reason for its downbeat earnings report. 

Galaxy Digital reported a $554.7 million net loss for the second quarter, roughly triple its losses for the same stretch in 2021. 

The company said in a press release Monday that the downbeat crypto bear market dragged on earnings. However, CEO Mike Novogratz, who is a vocal crypto bull, said the company remains in a strong financial position. 

“I am proud of Galaxy’s outperformance during a challenging market and macroeconomic environment,” Novogratz said in the statement. “Prudent risk management, along with our commitment to exacting credit standards, allowed us to maintain over $1.5 billion in liquidity, including over $1.0 billion in cash.” 

Galaxy Digital reported preliminary assets under management of almost $1.7 billion for the end of the second quarter, which marks a 40% decrease compared to the first quarter. 

The company’s investments dropped about 25% sequentially to $753.9 million due to declining valuations of some investments. 

The broader cryptocurrency market, meanwhile, has tumbled through 2022. The so-called crypto winter has dragged the entire market’s valuation down from over $3 trillion to about $1.1 trillion in about nine months. 

MicroStrategy’s Michael Saylor, another executive bullish and enthusiastic on digital assets, announced last week he would step down from his role as CEO and transition to become the executive chairman. 

His job change followed a digital-asset impairment charge of $917.8 million that stemmed from the company’s massive bet on bitcoin, which has plunged from its highs above $68,000 to about $24,198.  


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RIT Certified and Foundry collaborate on cryptocurrency course

Underserved students from the city of Rochester with a strong interest in cryptocurrency and blockchain technology recently participated in an immersive, weeklong course at RIT to learn the latest about digital currency.

A mystery to many people, cryptocurrency is a type of currency that’s stored exclusively in a digital format—not issued or maintained by a central authority like a government or bank. It’s “issued with cryptography, distributed consensus mechanisms, and economic incentive alignment,” according to Jonathan S. Weissman, a senior lecturer in computing security in RIT’s Golisano College of Computing and Information Services and teacher of the class.

“Digital currency is interesting to me because it’s fun learning about how it was created and all aspects related to it,” said Teresa Spivey, a Rochester, N.Y., resident who participated in Weissman’s class inside Eastman Hall. “My future plans are to learn everything I can and really find my passion for what I want to do forever. I will figure that out by learning and experiencing other classes and opportunities like this one.”

That’s exactly the mission of RIT Certified, which launched in June and aims to provide a wide range of alternative education courses, certificate programs, and skill-based learning experiences targeting people beginning their careers, changing roles, maintaining their existing job, or advancing in the workplace. RIT Certified offered the class collaboratively with Foundry, a Rochester, N.Y.-headquartered and wholly-owned subsidiary of Digital Currency Group (DCG) focused on digital asset mining and staking.

The class was the outcome of discussions between RIT Certified, Foundry, and University Advancement on how they might partner in supporting alternative pathways to training in the space of cryptocurrency and mining. The Foundry Scholars program resulted in a gift by the company to support seven underserved students this summer and 13 more next year to experience weeklong, industry-focused classes focused on the field of cryptocurrency and blockchain.

Both Foundry and RIT Certified are actively invested in career and technical education, not only for K-12 students, but for traditionally underserved populations—for whom the scholarships are targeted.

“We believe that employer-driven educational experiences for high school students will only improve their ability to be successful,” said Dennis Di Lorenzo, chief business officer for RIT Certified. “A program like this brings students from communities with limited opportunities to a college campus, provides them with a college experience, and industry exposure. It’s about changing their perspective on the future of work.”

Foundry Academy Executive Director Craig Ross ’06 (telecommunications engineering technology) said the class fit “Foundry CEO Mike Colyer’s vision of Western New York becoming the center for innovation in blockchain technology.” Ross heads up the company’s new initiative to train and develop top technicians for the fast-growing bitcoin mining industry.

“Considering RIT’s reputation of academic excellence and prominence in Western New York, Foundry and RIT are a natural partnership,” Ross said. “The goal of this course was to provide an overview of bitcoin mining and cryptocurrencies to historically marginalized groups in Rochester, ultimately working to break down barriers to employment in the industry.”

“We believe that the Bitcoin and cryptocurrency industry is a hotbed for innovation, just like the Internet and mobile revolutions,” he added. “It is Foundry’s goal to ensure that all interested members of our community—no matter their socioeconomic status—can capitalize on this exciting technology and be contributing members of the blockchain revolution.”  

Weissman said his course’s objectives included “students walking away with a granular understanding of cryptocurrencies and blockchains and the ability to reason about newfangled technologies.”

“I wanted to provide them the familiarity with trends and notable projects in the field and industry,” he noted, “along with the confidence to pursue opportunities for participation and contribution in the future.”

During the weeklong class, Weissman asked his students questions such as what problems do cryptocurrencies and decentralized applications help solve; where do they see themselves in this industry; and how are blockchain entrepreneurs disrupting industries now—and how might they do so in the future?

“Blockchains can be used in many different ways besides cryptocurrencies,” Weissman said. “Blockchain is often listed as one of the leading cutting-edge technologies of the future.”

Adrian Hale, director of Economic and Community Development at Foundry, said he hopes that programming like the one at RIT “provides the necessary groundwork for people interested in our industry to become familiar with the fundamentals that will enable them to grow into fully functional contributing members of a work team and the broader blockchain community.”

About RIT Certified

RIT Certified provides alternative education-to-employment pathways, offering applied training which serves both individuals in and out of the workforce and working professionals. Committed to promoting economic mobility and sustainability for individuals from all sectors of the workforce across the region, nation, and globe, RIT Certified is a partner to employers, helping organizations develop potential, fill core and specialized skills gaps, provide outcomes-based training and development to nurture and promote talent, and improve the models by which employers evaluate and assess talent. RIT Certified will begin offering a diverse portfolio of workforce development and professional training courses and certificate programs late this fall.

About Foundry LLC

A subsidiary of DCG, Foundry LLC was created to meet the institutional demand for better capital access, efficiency, and transparency in the digital asset mining and staking industry. Headquartered in Rochester, N.Y., Foundry leverages its institutional expertise, capital, and market intelligence to empower participants within the crypto ecosystem by providing the tools they need to build tomorrow’s decentralized infrastructure. For more information, go to Foundry’s website.


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How to create cash flow with bitcoin

This digital money is one of the most traded and popular cryptocurrencies, and many experts believe it is the absolute future of money. Despite Bitcoin being extremely volatile, it is a perfect investment for long-term investors who believe that its value will increase over time. So, here are practical ways one can create a steady income with this virtual currency.

Buying and Holding Bitcoin

Long-term investors apply this strategy whereby they buy this virtual money when the price is low and hold it for a long so they can sell it when the price increases. And this is an effective strategy because, in the end, they earn huge profits. However, the price of Bitcoin might decrease, leading to uncommon losses.

Long-term investing is not similar to short-term investing because one has to hold their investments for a long and know the right time to sell.

Affiliate marketing is whereby a person promotes this digital currency to increase the number of clients and, in the end, earn some commission. The commission one makes entirely based on expanding the customer reach and sales.

On the other hand, to successfully promote this digital asset, they should have a broad customer base to target and convince a wider audience. So, to earn through affiliate marketing, you must sign up with a reliable affiliate program. After signing up, you share the links and websites of this virtual currency while promoting Bitcoin.

Bitcoin transactions do not involve third parties who should validate transactions. Blockchain technology validates transactions. Hence, one can send this digital currency freely. Therefore, lending this virtual currency at an interest rate is a wise way of earning some income with Bitcoin. Ultimately, your digital currency will make money for you rather than sitting idle in your wallet.

Some genuine websites help people with their lending services; one should conduct some background research when choosing a reliable one.

Lately, most people are making a lot of money trading this electronic currency. These traders analyze the trading charts, study the market, and are ready to take risks. People in underdeveloped countries can also trade this virtual money as long as they have access to the internet and own smartphones. There are reputable platforms like the quantum ai that facilitate the trading of Bitcoin.

Traders have a few trading options they can apply, including day trading, where investors buy and sell this digital money within one day. There is also the option of Bitcoin hedging.

Mining is one of the most popular and best ways to earn money with this virtual currency. Mining involves solving complex cryptographic problems, after which the network rewards them with new blocks.

There are two main types of mining: personal and cloud mining. Private mining is where one solely mines this electronic currency. Cloud mining is a process that does not involve any recurring electricity charges or rising electricity bills.

However, before one starts mining this electronic currency, they do some research about the asset before risking their money.

Staking involves one locking their Bitcoin holdings in exchange for rewards or interest from the platform. Many crypto exchanges and websites offer stakes with both regulated and unregulated options. However, when staking with venues that provide lockup periods. Also, the least risky option of betting on this virtual currency is betting stablecoins. That is because when one stakes stablecoins, they eliminate risks associated with decreasing the price of Bitcoin.

There are endless ways through which people can earn an income from this digital currency. So, one has to research and identify which method of making money works for them.

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Protecting cryptocurrency assets in wake of the Solana Wallet hack

The incident has brought up numerous concerns regarding the security provided by both the Solana network and “hot” wallets, which are fairly popular with the typical crypto investor, with cryptocurrency assets worth more than $8 million taken from about 8,000 people.

Cause of Solana attack unknown

While Solana’s Twitter account was quick to point out that the attack was not caused by a software compromise on the network, it also stated that its team of engineers was assiduously working with security researchers and ecosystem teams to determine the cause of this wallet attack.

According to preliminary investigations, hardware wallets used by Slope were safe from this issue because they only affected the Slope wallet on the Solana ecosystem.

According to Solana, impacted wallet addresses had their private key information sent to an application monitoring service at some point when they were generated, imported, or used in Slope mobile wallet programs.

Solana has already urged investors affected by the attack to abandon the affected wallets as they could still be compromised even after revoking wallet approvals. While the exact modus operandi employed is still unknown, crypto industry leaders have highlighted that the suspect transactions were properly signed, further indicating that it could be a supply chain attack with a specific focus on Slope ‘hot’ wallet users.

Applications, and devices can be hacked

Applications (software) and devices can be hacked. Since private keys are stored in application and device wallets, hackers can access them and steal your cryptocurrency and that sums up the Solana hack.

And if your wallet has been compromised, it’s paramount that you transfer any existing funds from your compromised wallet to another wallet.

Hackers will wipe your account of funds immediately, but if you’re lucky and they have not done this yet, it’s time for investors to take immediate action.

Investors should opt for cold wallets

Most hacks happen to hit hot wallets and investors should therefore opt for cold wallets instead

While investors may need some of it online for transactions, they should keep what they need in the short term and store most of it offline. A cold crypto wallet, which is similar in size to a USB device, holds a private key that can be used to access your funds. Investors can set their own private keys as well.

Investors should also use Multi-Factor Authentication (MFA) as this creates a layered defense on their account with independent credentials based on a password, security token, and/or biometrics.

Phishing is another danger and to avoid phishing, investors should never log in to their cryptocurrency exchange unless they are sure they are on the correct site.

Do not trust texts, emails

Additionally, investors should not trust texts, emails or chats that ask for your personal information. Avoiding public WiFi is also a great idea as is updating your software from time to time. Regularly changing the passwords is great as well. Change the password regularly and use a password manager like LastPass or 1Password.”

As Solana continues to work with Slope Finance in conjunction with their partners OtterSec and SlowMist to restore normalcy, this incident again serves to highlight the vulnerability of ‘hot’ wallets to cyber-attacks, despite the faster transaction times offered by them.

Comprising the entire collection of web-based, mobile, and desktop wallets available today, ‘hot’ wallets should be used in conjunction with ‘cold’ or hardware wallets to strike the perfect balance between speed, functionality, and security.

For those actively trading in crypto tokens and other crypto assets, it is recommended to hold trading funds in a ‘hot’ wallet, while the bulk of their crypto holdings remain secure in a ‘cold’ or hardware wallet.

Stealing from hardware wallets near impossible

Designed to be immune to hacking, hardware wallets need to be plugged into a computer or accessed via Bluetooth and the signing of transactions is done “in-device”. Since a user’s private keys never leave the device, stealing funds from a hardware wallet is an almost impossible task for malicious cyber entities.

Costing between $50 to a few hundred dollars, the security offered by these hardware wallets more than compensates for the one-time costs involved and is highly recommended for all crypto investors out there.

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Klaytn Spearheads World’s Largest Blockchain Research Center…

(MENAFN– PR Newswire)

SINGAPORE, Aug. 8, 2022 /PRNewswire/ — Klaytn, the leading Layer-1 blockchain in Asia, has announced its selection of Korea Advanced Institute of Science and Technology (KAIST) and the National University of Singapore (NUS) to host and operate its Blockchain Research Center (BRC) Program. The announcement was unveiled at Korea Blockchain Week by Dr Sangmin Seo, Representative Director, Klaytn Foundation during his 8 August keynote ‘The Technology Layer for Tomorrow’s Metaverse’.

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Klaytn Spearheads World’s Largest Blockchain Research Center Program in Collaboration with Top-Ranking Universities NUS and KAIST.

BRC is a virtual research institute that aims to advance cutting-edge research for blockchain technology, deepen blockchain capabilities, and support industry growth. With a US$20m funding commitment from Klaytn over the next four years, BRC is to date the world’s largest blockchain research center program in terms of known funding size.

With day-to-day operations run by a global research team, headed by KAIST and NUS researchers as Directors, BRC will operate in an open-source manner, where research conducted will be publicly disclosed as research papers or open-source software. External researchers will also be able to participate in ongoing research projects or submit their own proposals. The BRC will share knowledge and research results through community outreach efforts – from conferences to workshops – to carry forward Klaytn’s vision to contribute to the blockchain community.

Dr Sangmin Seo, Representative Director, Klaytn Foundation, said, ‘In line with Klaytn’s vision to be the bridge from Web2.0 to Web3.0, bridging the latest findings in blockchain between the research community and industry leaders is key for successful real-world applications in DeFi or the metaverse. Through our BRC program, in collaboration with leading minds from KAIST and NUS, we are delighted to take the next step in bringing our vision to life.’

As part of the selection process, interested research institutes and consortiums were required to submit a proposal, outlining the intended operation model and organizational structure for BRC, detailed plans on research and outreach activities, as well as the suggestion evaluation model to measure BRC’s progress.

7 proposals from 62 research institutes from 11 countries were received. Through a three-round selection process, proposals were evaluated and scored by the Klaytn Governance Council and third party experts based on their operational competence, as well as research execution and community engagement plans. With the highest score, the research consortium from KAIST and NUS was selected to lead BRC operations.

Dr Neo Yiu, Head of Technology Advocacy at Klaytn Foundation, said, ‘We look forward to seeing the Blockchain Research Center develop novel research capabilities for blockchains, foster global collaboration, and expand Klaytn’s research contribution back to the web3 community and blockchain/distributed ledger technology (DLT) industry.’

According to Coindesk’s 2021 University Rankings for Blockchain , NUS and KAIST are among the top 30 out of 230 universities worldwide, ranking in 1st and 26th places respectively. Overall, NUS clinched the top ranking due to its multiple blockchain research centers, societies, partnerships, and conferences, as well as its masters program in digital financial technology.The KAIST/NUS research consortium is led by Dr Min Suk Kang, Assistant Professor, School of Computing, KAIST and Dr Prateek Saxena, Associate Professor, School of Computing, NUS, both of whom hold extensive blockchain research experience. They will work closely with an international team of principal investigators from six other universities – UC Berkeley, Princeton University, Georgia Institute of Technology, Northern Arizona University, Yonsei University, and Carnegie Mellon University – to conduct BRC’s research and outreach activities.Dr Saxena said, ‘The BRC will deepen the research foundations of blockchain designs and applications. Together with Klaytn, we are delighted to be collectively creating an international platform for impactful research and to advance the global discourse on blockchains. We are excited that researchers from 8 leading international universities have come together towards this shared purpose, creating a unique initiative in the blockchain space.’

Dr Kang said, ‘Our world-class blockchain researchers at the Blockchain Research Center will contribute to the seven pillars of blockchain research: consensus, privacy, network, smart contracts, DeFi, economics/ethics, and metaverse. To further the mass adoption of blockchain technology, the cross-pollination of ideas is key. Through the BRC, we look forward to fostering research and industry collaborations with like-minded participants around the world.’

More information about the Blockchain Research Center can be found here .

For media enquiries, please contact:

Kimberley KokCorporate Communications Manager, Klaytn Foundation+65 9189 4648[email protected]

About Klaytn Foundation

Klaytn Foundation is an entity established in Singapore for the decentralization and growth of the Klaytn network. It is responsible for the stable operation of the Klaytn network and various implementations for the development of the Klaytn ecosystem.

For more information, please click here .

About Korea Advanced Institute of Science and Technology (KAIST)

KAIST is the first and top science and technology university in Korea. It was established in 1971 by the Korean government to educate scientists and engineers committed to industrialization and economic growth in Korea. Since then, KAIST and its graduates have been the gateway to advanced science and technology, innovation, and entrepreneurship. On the heels of its phenomenal growth over the past 50 years, KAIST has been recognised as the most innovative University in Asia (2016-2018) and Top-4 Young Universities in the World (2019). At KAIST, five colleges, seven schools, 13 graduate schools, and 27 departments offer a breadth of highly-regarded degree programs as well as interdisciplinary majors.

KAIST is leading innovation by identifying pressing global problems and taking on challenges to address those issues. Currently, there are 152 research institutes and centers at KAIST. Cutting-edge research covering a broad base from AI to sustainability are translating their inventions to address pressing issues around the globe. KAIST has committed to a wide range of science and technology R&D projects since its foundation. KAIST has become an R&D powerhouse in Korea, operating 340 million USD research funds (both from government and industry) in 2020.

Accelerating the journey from idea to impact, KAIST has been the cradle of startups in Korea. KAIST has produced the first generation of venture startup pioneers, beginning in the 1980s. From the 1990s, KAIST alumni have taken the helm, leading the IT industry in Korea and beyond. As of 2019, 1,892 KAIST alumni companies have been founded with their net worth more than 20 billion USD.

For more information, please visit here .

About National University of Singapore

The National University of Singapore (NUS) is Singapore’s flagship university, which offers a global approach to education, research and entrepreneurship, with a focus on Asian perspectives and expertise. We have 16 colleges, faculties and schools across three campuses in Singapore, with more than 40,000 students from 100 countries enriching our vibrant and diverse campus community. We have also established our NUS Overseas Colleges programme in more than 15 cities around the world.

Our multidisciplinary and real-world approach to education, research and entrepreneurship enables us to work closely with industry, governments and academia to address crucial and complex issues relevant to Asia and the world. Researchers in our faculties, 30 university- level research institutes, research centres of excellence and corporate labs focus on themes that include energy; environmental and urban sustainability; treatment and prevention of diseases; active ageing; advanced materials; risk management and resilience of financial systems; Asian studies; and Smart Nation capabilities such as artificial intelligence, data science, operations research and cybersecurity.

For more information on NUS, please visit here .

SOURCE Klaytn Foundation

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Cryptocurrency Price Today In India August 8 Check Market Cap Bitcoin Ethereum Dogecoin Litecoin Ripple Rose Prices Gainer Loser Coinmarketcap Wazirx

Bitcoin (BTC) and Ethereum (ETH), the world’s two most-valued cryptocurrencies managed to remain steady over the weekend, not showing much change in price as BTC saw a 24-hour gain of 1.34 percent while ETH registered a 24-hour gain of 1.62 percent. Other popular altcoins, including the likes of Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) managed to land in the greens as well. Among lesser-known cryptocurrencies, the Oasis Network (ROSE) token turned out to be the biggest gainer over the last 24 hours, while Decred (DCR) turned out to be the biggest loser on Monday despite being the top gainer late last week. 

At the time of writing, the global crypto market cap stood at $1.10 trillion as per CoinMarketCap data, registering a 24-hour gain of 1.52 percent. 

Bitcoin (BTC) price today

At the time of writing, BTC was priced at $23,308.63. As per CoinMarketCap, Bitcoin saw a 24-hour gain of 1.35 percent. As per Indian exchange WazirX, BTC price stood at Rs 18.66 lakhs.

Ethereum (ETH) price today

With a 24-hour gain of 1.40 percent, ETH price stood at $1,709.98. As per WazirX, Ethereum price in India stood at Rs 1.35 lakhs.

Dogecoin (DOGE) price today

DOGE saw a 24-hour gain of 2.46 percent as per CoinMarketCap data, currently priced at $0.06994. As per WazirX, Dogecoin price in India stood at Rs 5.35.

Litecoin (LTC) price today

Litecoin registered a gain of 1.36 percent over the past 24 hours. At the time of writing, it was priced at $61.33. LTC price in India stood at Rs 4,785.10.

Ripple (XRP) price today

XRP price stood at $0.3734, seeing a 24-hour gain of 0.38 percent. As per WazirX, Ripple price stood at Rs 28.81.

Solana (SOL) price today

Solana price stood at $41.90, marking a 24-hour gain of 5.02 percent. As per WazirX, SOL price in India stood at Rs 3,230.99.

Top crypto gainers today (August 8)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Oasis Network (ROSE)

Price: $0.1052
24-hour gain: 23.91 percent

Flow (FLOW)

Price: $2.90
24-hour gain: 10.49 percent

PancakeSwap (CAKE)

Price: $4.51
24-hour gain: 9.25 percent

Chainlink (LINK)

Price: $8.44
24-hour gain: 8.72 percent

Loopring (LRC)

Price: $0.4788
24-hour gain: 7.22 percent

Top crypto losers today (August 8)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Decred (DCR)

Price: $37.30
24-hour loss: 8.40 percent

Lido DAO (LDO)

Price: $2.49
24-hour loss: 3.88 percent

Optimism (OP)

Price: $1.92
24-hour loss: 2.65 percent

Compound (COMP)

Price: $63.85
24-hour loss: 1.86 percent

UNUS SED LEO (LEO)

Price: $4.90
24-hour loss: 1.56 percent

Edul Patel, the CEO and Co-Founder of Mudrex, told ABP Live, “The largest cryptocurrency by market cap, Bitcoin, remained largely consolidated. ETH, too, barely moved out of the $1,700 range. Although the top cryptos did not move much, we did witness some movement across crypto sectors. Web3, for example, performed better than others. As institutional participants flock to the market for scouting directional trades, we might keep an eye out for trend line breakouts this week.”

Commenting on the crypto market scenario, Sathvik Vishwanath, CEO and Co-Founder of Unocoin told ABP Live, “The mixed market reactions continued during Friday and weekend. The ups and downs existed all across the time for close to generally no net gain by the end of Sunday. The only sector that saw some gain was alternates of Ethereum blockchain. There was a confusion between the founders of Binance and WazirX about who owns WazirX that created slight panic during the weekend in India and it seems to have subsided by end of the day on Sunday.”

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.


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Bitcoin stays above $23,000; BNB & Polkadot add up to 4%

New Delhi: Despite thin trading over the weekend, the crypto market was able to hold gains on Monday as investors seemed mostly recovered from Friday’s surprisingly strong jobs report.

However, the gains were capped. Investors will be eyeing Coinbase’s earnings report.

All the top crypto tokens were trading with decent gains on Monday. Avalanche rallied over 9 per cent, while Solana rose 7 per cent. BNB gained 6 per cent, followed by a 5 per cent rise in Cardano and Polkadot each.

The global cryptocurrency market cap was trading higher at the $1.12 trillion mark, rising higher by 3 per cent in the last 24 hours. However, the total trading volume jumped more than 4 per cent, close to $44.63 billion.

What’s cooking in India
A public spat between global cryptocurrency platform Binance CEO Changpeng Zhao (known as CZ) and WazirX cofounder Nischal Shetty has hit about 15 million of the registered users (as of August) of the Indian crypto exchange.

Meanwhile, Zanmai Labs, which operates WazirX in India, is exploring the legal route amid an ownership dispute with the world’s largest exchange by volume, according to sources.

The Enforcement Directorate (ED) said that it recently conducted searches on one of the directors of M/s Zanmai Lab Pvt Ltd which owns the popular cryptocurrency exchange WazirX.

Expert take
The overall crypto market was going sideways throughout the week, without any significant price changes, said WazirX Trade Desk. “Bitcoin-backed US dollar went live in El Salvador via lightning.”

Shivam Thakral, CEO of BuyUcoin said Ether is outperforming most of the crypto assets with its impressive rally and is poised to become the best-performing crypto asset of 2022.

“It will be interesting to see the impact of Coinbase’s Q2 earnings report on the overall crypto market, which is lined up for Tuesday,” he added.

Global updates

  • The victim of an email-based cyberattack, cross-chain protocol deBridge Finance says its investigation shows the action likely came from the North Korea-associated Lazarus Group.

  • Crypto data website DeFiLlama has changed the way it presents a key decentralized finance (DeFi) metric in response to a recent CoinDesk article.

  • The leading smart-contract blockchain Ethereum‘s supposedly bullish ‘Merge’ – a key milestone in its historic shift to a more environmentally friendly system – will likely happen in September.

  • There is speculation about moving to Ethereum Classic once proof-of-work is gone from the main chain, but mining pools remain split on where they will turn in a post-Merge world.

Tech View by Proassetz Exchange
After having a sharp downtrend in the primary trend and making a low of 0.2751 on 18 July Algo is trading sideways and giving choppy moves inside a flag pattern. Currently, it is trading in a range-bound zone.

Chart-Algo (2)ET CONTRIBUTORS

Though the support level of $0.2575 is quite strong and the movement will be likely upwards until or unless it doesn’t break its support level.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)


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How one investor applied the lessons of the meme stocks frenzy to blockchain and NFTs

Almost two years ago, during the first winter of the COVID pandemic, Roman Tirone was introduced to the world of meme stocks.

“I think I had a couple of friends reach out about them to me and I took a look,” the New York City-based investor told MarketWatch. “There was a strong community that was pretty convinced that they were going to send the stocks up.”

These were indeed heady days for meme stock darling AMC Entertainment Holdings Inc.
AMC,
+18.86%

as investors drove the stock to a high of $72.62 on June 2, 2021. AMC closed at $18.21 on Wednesday, well below its 52-week high of $52.79, which it reached on Sep. 13, 2021. Fellow meme stock star Game Stop Corp.
GME,
+4.33%

climbed to a 52-week high of $63.92 on Nov. 3, 2021 but ended Wednesday’s session at $37.93.

Caught up in the momentum of the meme stocks community, Tirone made significant investments in AMC and Game Stop. “Initially it went really well and then things began to deteriorate,” he told MarketWatch.

See Now: AMC may have been a meme-stock darling, but weakness in some key areas has the company on shaky ground

However, he was able to apply what he learned elsewhere. “I ended up taking what I learned about digital communities, investing online and new speculative assets, and I applied that to investing in blockchain and NFT,” he said.

An NFT, or non-fungible token, is a unique digital asset that harnesses blockchain technology to verify ownership or trade tokens. A growing number of companies are getting involved in NFTs. eBay Inc.
EBAY,
-1.23%
,
for example, recently launched its first collection of NFTs, which features animations of athletes from Sports Illustrated covers.

Blockchain, which has grown in popularity in recent years, is a decentralized digital ledger of transactions. The technology is used to underpin cryptocurrencies such as bitcoin.

“I learned a lot about how to read the momentum, understand how and when a community is a signal, both good and bad, and how, typically, there are tiers within a community … whether it is someone who is a lifelong investor or someone just passing through,” Tirone added. “You can’t get swept up in the inner fervor of other people’s ideas when it comes to investing.”

After applying what he saw in the meme stocks world, Tirone now describes himself as an NFT collector. Specifically, Tirone is focused on NFT collectibles, art, and Play-2-Earn gaming, where players are rewarded with NFTs or cryptocurrency.

The market for NFTs, or non-fungible tokens, has boomed in recent years but has cooled somewhat this year amid the crypto crash.

See Now: ‘Squeezable’ AMC, GameStop stocks break out to multi-month highs

Nonetheless, Tirone says that his transition to blockchain and NFT investing has been “life changing.”

Despite his pivot to a new investment strategy, the investor maintains a small position in AMC. “I still have a little bit of AMC – it’s a small fraction of what I originally owned,” he told MarketWatch. “It’s more of a symbol for the cause at this point.”

The cause, Tirone explained, is all about the little guy. “At the high level, it’s an underdog story where people that typically lose have a chance to win,” he said.

George Pearkes, an analyst at Bespoke Investment Group, told MarketWatch that the massive upside volatility in meme stocks is clearly played out. However, he characterized meme stocks as “stickier in the outflow,” with some investors unwilling to relinquish the stock. “The inflows come in very big and very fast, then the outflows trickle out,” Pearkes said.

See Now: Here’s the little-known reason why Cathie Wood’s ARK Innovation ETF is having such a bad year

To illustrate his point Pearkes pointed to the “rough run” that the ARK Innovation ETF
ARKK,
-0.20%

has been on since its peak in 2021, noting that some investors are still committed to holding the ETF. “That’s pretty classic investor behavior and I think it applies to the meme stocks too,” he said.

The ARK Innovation ETF is down 48.7% year-to-date. AMC shares have declined 33% in 2022 and Game Stop is up 2.2%. The S&P 500 index
SPX,
-0.16%

is down 12.8% over the same period.

AMC reports its second-quarter results after market close on Thursday.


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