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What Is Expected For The Two Main Cryptocurrencies During The Week?
Many researchers and big players have noticed that lately, the market has been very quiet. Not because the previous aspect is something negative but something that makes us think that we are about to reach the end.However, and as a summary, we want to have what is really happening with the two main cryptocurrencies on the market in their various scenarios.To begin with, we have Bitcoin going on a meaningless side road for some but boring for others. On the other, we see Ethereum, which, thanks to its latest updates, is shaping up towards the touch of the historical maximum little by little.Weekly for Bitcoin, we see that the volumes are going down little by little. We recognize that for the latter, it is something gradually normal, but we must be careful if this period of progressive and doubtful accumulation is extended.We do not have an absolute truth, but we do recognize that we are within a symmetric triangle (just being built), which would identify the cumulative prices between 59734.51 and 50110.07, and with support closer to 3640748. It really is a meaningless lateral trend.In the same logic, other indicators show a progressive sell signal towards wave 4 but continuation with wave 3. This pluralism of the indicators going from one side to the other is what is causing that feeling slow to breathe and doubtful.We believe that this period can be extended for a few months until the exact recovery of the dominance of Bitcoin, which currently marks between 40 and 50% of the total market capitalization.Really a low dominance in Bitcoin makes many give up and begin their period of sale and realization of profits. But on the other hand it can be good for altcoins that are really experiencing exponential growth.However, it is very important to remember…
The Driving Thesis for the NFT Movement: Instantly Liquid IP
With all of the negative news that continues to come out, trying to pan the NFT space as simply “JPEGs” traded as crypto, it’s time to set the record straight. First and foremost, though $2 billion in revenue was generated from NFT trading in the first quarter of this year, “non-fungible tokens” are still a fraction of what they could be. Yes, most of them are digital art placed on top of a cryptocurrency, in the sense that they can be traded just as easily, and their underlying structure is really just a hash. Still, just because most NFTs exist in this fashion now doesn’t mean that all of them should be simply defined in the same way for all eternity.Furthermore, just because the picture that gives detail to a piece of NFT-art can be copied doesn’t mean it has no value or that the copy is the same work as the original. That’s why provenance exists, i.e., proof that the work involves actually comes from the artist that created it. In the end, I understand the criticisms of NFTs as they’re really just rough caricatures of what they could be at this point. Down the road, as excellent systems for tracking provenance like the InterPlanetary File System become truly widely and properly used, it will be easier for the masses to grasp the true value of NFTs as a whole.Imagine, for example, that each NFT painting was actually tied to the option of having its’ identical physical work shipped to you. Systems like CACHE Gold already do this with gold, giving you a cryptocurrency that’s perpetually redeemable for “its weight” in physical gold. If you’re wondering how it all comes down to the fact that each CGT token is pegged to 1 gram of verifiably pure gold(with a minimum…
Binance enabled CFX and BAKE on Binance Isolated Margin
How good is it to invest in BAKE and CFX?On May 7th, 2021, Binance announced the enabling of the two new isolated margin assets, namely, BAKE and CFX, on the Binance Isolated Margin. The new isolated margin pairs that are now available for trading on Binance are CFX/BTC, CFX/BUSD, BAKE/USDT, and CFX/USDT.CFX (Conflux Network)CFX is the native utility token of the Conflux network, and its current price is $0.8731. The currency is decreased by nearly 7.11% in a week and has the market ranking of #112 according to CoinMarketCap. Conflux Network is a public blockchain that aims to bridge the western and Asian communities for enabling the secure flow of data and assets through applications and protocols. The Network is entirely scalable, fast, and with zero congestion.Looking at the all-time graph of CFX, the trend is upward since its launch. But, the seven-day graph is decreasing. It has its all-time high on March 27th, 2021, and since then, it is having many highs and lows.Based upon the trend, a long-term increase can be expected for CFX, and it can give good returns if invested for an extended period.BAKE (Bakery Token)BAKE is the native cryptocurrency of BakerySwap. Bakeryswap is an automated market-making protocol based on Binance Smart Chain. Users can potentially earn BAKE tokens by giving liquidity on BakerySwap, and these tokens are helpful in receiving transaction fee dividends and governance voting.The market price of BAKE, at the time of writing, is $6.18 and is decreased by almost 6.52% in a day. Its price is reduced by more than 17% over a week and has a market capitalization of more than $1.16 billion as of May 9th, 2021.If we look at its all-time graph, it is evident that the price of the Bakery Token has increased since its launch, facing some…
LCC is up by more than 600%
Should we start talking about Litecoin Cash?Litecoin Cash is crypto forked from the Litecoin Blockchain, having the trading symbol LCC. It aims to be a payment system with low fees of the transaction so that people can easily send money across the world.The current market price of Litecoin Cash (LCC) is $0.0772, and it has increased by more than 87% within a day. Even being at #566 in terms of market capitalization, it managed to rise by 605.19% within a week.Litecoin Cash is often considered more relatable to Bitcoin compared to Litecoin. LCC runs with the SHA256 algorithm, while Litecoin runs with Litecoin’s Scrypt algorithm. Notably, using the SHA256 algorithm, the miners can mine the litecoin cash with the SHA256 algorithm that allows LCC mining using the Application Specific Integrated Circuits. However, users can mine using both SHA256 and Hive mining. Hive Mining is agent-based mining and doesn’t require any specialized hardware.What features of LCC should one consider while investing?· It offers lower transaction fees and a better difficulty adjustment.· LCC has swift block times and supports Segwit.· It is significantly cheaper, faster, and has a better difficulty retargeting when compared to Bitcoin.Recently, Litecoin Cash on Twitter has announced the coming of MintotaurX to testnet by next week. It claims that the arrival of MintotaurX to Litecoin Cash will make the cryptocurrency available to anyone having a CPU.MintotaurX is coming to #LitecoinCash next week to testnet. This is yet another big step for #Litecoincash adoption and #cryptocurrency democratization. This will make #LCC available to anyone with a CPU!Litecoin Cash (@LitecoinCash), May 9, 2021.After its creation in 2018, Litecoin Cash faced much criticism from the community. It was even called a scam by the founder of Litecoin. However, it still managed to emerge successfully. Despite all the criticism back then, Litecoin…
The U.S court approved IRS to look for data on clients of the cryptographic money exchange Kraken
The IRS has been approved to look for data on clients of the cryptographic money trade Kraken to guarantee they are settling their expenses.In the most recent strike focused on cryptographic money exchanging, which isn’t accounted for expense and pay purposes, the IRS has been allowed consent by a government court in the Northern District of California to promulgate a John Doe writ on Payward Ventures Inc. furthermore, Kraken, its US-confronting arm.The U.S. Branch of Justice (DOJ) declared Wednesday that a government court in the Northern District of California had approved the IRS to serve a John Doe summons on Payward Ventures Inc. and auxiliaries d/b/a Kraken.The IRS is looking for data about U.S. citizens who led at any rate what could be compared to $20,000 in exchanges in cryptographic money during the years 2016 to 2020 on Kraken digital currency trade, the DOJ portrayed. IRS Commissioner Chuck Rettig remarked that This John Doe summons is essential for our push to uncover the individuals who are attempting to skirt detailing and try not to pay something reasonable.The court record clarifies that the request looks for data identified with the IRS examination of an ascertainable gathering or class of people that the assessment office has a sensible premise to accept may have neglected to follow inward income laws.The IRS has appealed client information from other crypto exchanges already. In April, a government court in the District of Massachusetts conceded a request approving the IRS to serve a comparable John Doe summons on Circle and Poloniex. Likewise, Coinbase was served a similar request, which the trade battled for over a year before going along and gave over the information of around 14,000 clients. As indicated by Coinbase, that number addressed a 97% decrease in the number of clients affected by request.Assessment direction…
What awaits us after the next Bitcoin Halving?
Hardly anything is so deeply anchored in Bitcoin’s source code as the halving of the block subsidy every four years. Because after exactly 210,000 blocks, the rate of inflation in the Bitcoin network drops drastically. This makes BTC a disinflationary currency; the supply remains inflationary because the bottom line is that it increases, but it is becoming increasingly smaller. In the year 2140, the growth in supply finally comes to a standstill.The Subsidy block was last halved in May 2020. A lot has happened since then: over 50,000 blocks have moved into the country, 89 percent of all BTC ever circulating are mined, and the №1 cryptocurrency is in its third historic bull run. But after the halving is before the halving. Time to take a look back after Halving # 4.First things first: The exact date of the Bitcoin Halvings can only be estimated. After all, the Bitcoin source code only specifies the block height at which the consensus rules of the network will change. Next time this will be the case at block height 840,000. Based on an average block time of 10 minutes, the Bitcoin inflation rate should halve around March 2024 — almost exactly in three years.Bitcoin’s declining inflation rate makes the asset arguably the hardest money in the world. Up to the upcoming halving, 986,350 BTC will come into the system by the editorial deadline, which will raise the supply to 19.68 million. In other words: even before the inflation rate halves the next time, 93.75 percent of all coins ever circulating are in the system.With halving number 4, the inflation rate will then also fall below 1 percent pa for the first time. It is currently 1.77 percent, from March 2024 it will then only be 0.84 percent.Halvings typically fall into the consolidation phase…
NKN Price Prediction by SwapSpace
The New Kind of Network (NKN) is a decentralized open-source blockchain platform that aims to solve a series of limitations of the peer-to-peer networks that have been arising over the years. Centralization, barriers to access with authorization processes, scalability constraints, and financial motivations are all existing problems that limit the possibilities of next-generation blockchain systems. Together with the present inefficiencies of the Internet, NKN was created to provide a new type of unrestricted Internet network that can be globally accessible. Just like Bitcoin does not depend on banks or institutions to validate financial transactions, NKN wants to allow the global transfer of data without relying on big telecommunication monopolies. The development team mentions several problems that can be solved through the network — namely, inefficient use of bandwidth, rampant censorship by governments, and invasion of user privacy. NKN uses its own consensus mechanism called “Proof of Relay” (PoR). PoR encourages participants to contribute to the blockchain network by sharing their connectivity and bandwidth in exchange for rewards. Mining is essentially achieved by contributing to the data transfer layer. Participants receive rewards by providing more network resources than they consume. The NKN cryptocurrency represents the future of cryptocurrencies, due to its security, connection speed, and the great wonders of fast connectivity that it has on its website, with improvements, practically daily. Unlike other projects that use buzzwords like “innovation” to promote their projects, NKN is truly doing something remarkable in its field. It slowly but surely climbs up the ladder.The project was launched in January 2018, soon after the removal of Net Neutrality had been approved by the Federal Communications Commission. With enough obstacles in the state of the Internet at the time, NKN came up with the idea to provide a worldwide network of nodes that could be connected to…
Brock Pierce on New Potential SEC Guidelines for NFTs
A recent petition to the Security & Exchange Commission (SEC) asked for some clarification around Non-Fungible Tokens (NFTs), hoping to resolve any uncertainty the might hinder the juggernaut bullet train of NFT projects, art, collectibles, media, gaming, and so on barreling toward a bright future with a new form of digital ownership.The petition notes a securities law from the 1930s that could possibly “provide a crude mechanism for the regulation of NFTs.” The petition then refers to the SEC’s Howey guidance to address the issue of whether NFTs should be considered securities — which would cause all platforms selling and trading NFTs to be classified as exchanges or broker-dealers by the SEC.The petition suggests a compromise, suggesting that NFTs that relate to an existing asset “…should not be deemed a security.”That compromise would still bring some rain to the NFT parade. It would make platforms that include tokenization like Bitclout effectively unlicensed dealers of unregulated securities. It could also impact fractional ownership of real-world assets, such as ARTCEL’s recent share-based sale of a blue-chip art portfolio, which includes Banksy & Nina Chanel and will be exhibited in the HOFA gallery.The hype around NFTs has brought them mainstream awareness that rivals the mighty Bitcoin. Now we wait for the new SEC Chairman Gary Gensler, who is reputed to have considerable understanding of blockchain and digital assets, to consider this request for regulatory clarification.Ex-Presidential candidate, entrepreneur, and star investor and promoter, Brock Pierce has an unparalleled track record in the crypto world, having raised more than $5 billion for the companies he has founded. He is currently Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (the first ICO).Pierce took some time to share his thoughts on NFT regulation in an exclusive interview with Benzinga.…
Uniswap v3: Introducing Concentrated Liquidity Providing and Maximizing your Capital’s Efficiency
This past Wednesday, May 5th, Uniswap released version 3 of their automated market maker protocol. This highly anticipated release comes almost exactly one year after the release of v2, which introduced ERC20-ERC20 token swaps, avoiding the need to convert to Eth, and is largely considered one of the main catalysts to last year’s DeFi summer. Uniswap quickly became the most popular decentralized exchange with millions of users and billions of dollars in total locked value and influenced a whole host of copy-cat projects. Let’s take a look at the biggest upgrade with this release, Concentrated Liquidity.This latest release, Uniswap v3, focuses on improving capital efficiency when compared to v2. To accomplish this, Uniswap has implemented concentrated liquidity ranges to which liquidity providers (LPs) can allocate their assets to custom price ranges. For example, Nearly 99% of all USDC/DAI trades occur in the $0.99-$1.01 range, yet in v2, liquidity would be reserved for all prices from $0 — infinity, meaning most of the liquidity in this pair is sitting unused. This change allows LPs to provide their coins where they are most needed and most useful. With v3, an LP can devote 100% of their assets to earning fees in that $0.99-$1.01 range.For asset pairs with less predictable trading prices, such as the USDC-ETH pool, an LP could concentrate their assets in the $3,500-$4,000 range allowing LPs to earn higher returns on their capital as long as the assets stay in that chosen price range. If the price ratio drops out of the range, by going higher or lower, the LP will stop collecting fees from trades, and their assets will be entirely composed of the less valuable asset until the price re-enters the LPs price range.So what does this look like in practice? Let’s use the above USDC-ETH example of…