Melbourne’s Swinburne University of Technology will be uniting Web3 and education by partnering with two Australian fintech firms that will help students attain valuable exposure to the cryptocurrency and fintech business worlds.
Swinburne University to offer a fintech Masters course.
Vital ‘Hands-On’ Experience
Swinburne University will partner with Banxa, a payment service provider that features a fiat-to-crypto platform, and Judo Bank, a fintech loan provider. With Banxa invested in its work within the crypto and blockchain space, and Judo Bank being one of Australia’s very few fintech unicorns, students are guaranteed to get vital hands-on experience as part of their Master of Financial Technology (fintech) degree.
The course director is Dr Dimitrios Salampasis, a 2021 Blockchain Educator of the Year awardee who professes a strong belief in the initiative, stating that students will be “exposed to real-life examples and cases across the spectrum of financial services”.
The whole vision behind this degree is to bring industry in to ensure relevance on the things we teach and to be able to bring these real-life insights for leadership in the classroom. We can ensure that the students get exposed to whatever the latest developments are in the space, because the general fintech space is moving so quickly.
Dimitrios Salampasis, director, Swinburne Master of Fintech
The partnership with Swinburne will allow both fintech firms to host lectures, co-create content, and provide relevant case studies. Students will also receive access to each company’s networks for their learning.
Another Melbourne University Focusing on Crypto
Swinburne isn’t the first Aussie uni to focus on cryptocurrency. Last October, the Royal Melbourne Institute of Technology (RMIT) University called on the federal government to reform the rules around crypto capital gains tax.
RMIT has also launched a ‘green cryptocurrency’ lab. Co-founded with the CloudTech Group, the lab’s focus is on reducing the carbon footprint of crypto.
Following the implosion of LUNA and UST, this past weekend saw the launch of Terra 2.0, albeit without an algorithmic stablecoin which arguably led to Terra Classic’s downfall.
1/ Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) has officially been produced at 06:00 AM UTC on May 28th, 2022!
Congratulations to the #LUNAtic community on this expeditious feat of collaboration 🎉
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 28, 2022
With the new chain operational, the original network has since been renamed to “Terra Classic”, whose tokens are now known as LUNA Classic (LUNC). Interestingly, the new blockchain has elected to steer clear of an algorithmic stablecoin, instead electing to stick with LUNA tokens only.
LUNA apparently has a fixed supply of 1 billion, relative to LUNC’s supply which is over 6.5 trillion. As per an official announcement, holders of LUNC will receive 70 percent of the total supply, with the amount depending on whether the tokens were held before or after UST’s depeg.
Holders can expect to claim their LUNA from a participating centralised exchange or Terra’s own website. Critically, not all of the airdropped tokens will be claimable at launch, as only 30 percent of the initial supply may initially be claimed. The remaining 70 percent will be staked directly with validators to “ensure network security” for a period of up to two years.
Aside from the 70 percent allocation to LUNA Classic holders, the remaining fixed supply will be allocated to Terra’s treasury.
LUNA Off to a Difficult Start
Shortly after going live, LUNA dropped precipitously by some 80 percent. While one could infer that this points to a lack of faith in the new blockchain, others had a more pragmatic outlook:
People had to sell to recover some losses. Lots of people were behind on their bills due to the Luna collapse and so they had to take advantage of the Luna 2.0 launch and grab some money incase Terra 2.0 fails. Investor confidence in Luna is low. No one wants to lose twice.
Still, Terra’s outspoken founder Do Kwon remains a controversial figure and, on announcing the new blockchain going live, has received a swarm of responses questioning his character:
I'm a little confused!!! Is this your second scam or 3rd?
Notwithstanding a successful launch of Terra 2.0, a hefty fine for tax evasion and a class-action lawsuit loom large for Terraform Labs. While the immediate future is uncertain, this saga is certainly far from over.
With exchange sites such as OpenSea registering record numbers of NFT listings and sales, the world has been quick to realise the potential of this new class of digital assets and the many functions they serve.
According to the NFT Club‘s recent survey, “A World of NFT Adoption”, the country ranking second-highest in terms of interest in NFTs is Australia.
Source: NFT Club
Taiwan Tops the List
Australia is second only to Taiwan, which has an average of 9,629 searches per 100,000 people and a population of 23.8 million people. Australia notches 8,198 Google searches per 100,00 people, with a total population of 26 million. According to the NFT Club website:
This interest in NFTs and willingness to accept them as a new part of the digital ecosystem is a testament to Australians’ adaptability and openness to new ideas.
NFT Club website
Canada, Iceland and New Zealand follow Taiwan and Australia in terms of NFT interest.
Australia Goes Big on NFTs
Recently, an Australian investor in the NFT space managed to turn US$300 into a whopping US$5 million. Steve Morlando acquired a particularly rare Bored Ape from the popular NFT series Bored Ape Yacht Club for a mere US$300, and it’s now worth about US$5 million. Although Morlando stands to realise a massive profit should he sell, he has no interest in doing so.
The Australia Zoo has also joined the NFT space by collaborating with Meadow Labs to create a unique Australia-themed NFT collection built atop the carbon-neutral Algorand blockchain. The collection celebrates the 20th anniversary of the zoo’s Wildlife Warriors project, and all proceeds go to the zoo and its associated conservation efforts.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. DefiChain (DFI)
DeFiChain DFI is a blockchain platform built with the mission of maximising the full potential of DeFi within the Bitcoin (BTC) ecosystem. The software platform is supported by a distributed network of computers and is designed to facilitate fast and transparent transactions. The development team positions DeFiChain as an innovative blockchain project and offers solutions to problems like scalability, security, and decentralisation.
DFI Price Analysis
At the time of writing, DFI is ranked the 210th cryptocurrency globally and the current price is US$2.24. Let’s take a look at the chart below for price analysis:
DFI has dropped nearly 60% from its late-March high and is near the bottom of a high-timeframe range extending to the beginning of 2021.
The first high-probability resistance is near $2.3867. This area shows inefficient trading on the daily chart. It’s also near the low of January 2022’s rally. The 9 EMA recently passed through this area, and the 18 EMA will soon arrive.
A more substantial rally could reach up to $3.1593. This area overlaps with the 2022 yearly open, contains the 40 EMA, and shows inefficient trading on the weekly chart.
If the market becomes significantly more bullish, $3.735 to $4.0636 could see profit-taking by bulls. This area shows inefficient trading on the monthly chart and is where distribution occurred before May’s breakdown.
On lower timeframes, the price may have formed support near $2.1561. Traders looking for a short trade on the daily chart may want to watch this area for support. Here, the price created a swing low near an area of buying last September and November.
Bulls might also find support below, near $1.9327. This area has shown chaotic buying in the past, making exact support challenging to pinpoint. However, multiple weekly swing lows have formed in this area near the bottom of the current range. These lows show past demand by bulls while also providing bears with an attractive target.
Below this level, little price action exists to provide precise support. Near $1.0052, a large, inefficiently traded area on the monthly chart was also inefficiently traded on the weekly chart. This zone could provide sensitivity during a retest as bears take profits.
2. Maple (MPL)
Maple MPL is a decentralised corporate credit market offering borrowers transparent and efficient financing completed entirely on-chain. For liquidity providers, Maple offers a sustainable yield source through lending to diversified pools of crypto’s premium institutions. The Pool Delegates that manage these pools perform diligence and set terms with Borrowers. The protocol is governed by the Maple Token (MPL), which enables token holders to participate in governance, share in fee revenues, and stake insurance to Liquidity Pools.
MPL Price Analysis
At the time of writing, MPL is ranked the 267th cryptocurrency globally and the current price is US$22.99. Let’s take a look at the chart below for price analysis:
MPL has retraced most of its 2022 rally, dropping nearly 70% into an area of old accumulation.
If the current early-week rally continues, $21.76 could provide support. This area formed a swing low on May 27 as the price created a triple-sweep formation, which sometimes suggests an incoming reversal.
Aggressive bulls buying at this level will need to be nimble since the closest resistance is just above, near $22.057. This area is inefficiently traded on the daily chart, contains the 9 EMA, and saw accumulation in March before the explosive run to all-time highs. A rally slightly higher might reach $23.64, near the recent consolidation range’s highs.
A much more significant rally could retest an area of inefficient trading on the weekly chart, near $42.28, or slightly higher where bears rejected bulls and May’s trading opened, around $53.01. A rally this high is unlikely until the overall market has a more bullish catalyst.
The price still has a significant distance to drop. The next closest support might exist near $19.76, near the top of an area of inefficient trading on the weekly chart.
Inefficient trading on the weekly chart and accumulation on the monthly chart near the 2022 yearly open, around $17.62, provides a stronger candidate for longer-term support.
3. PlayDapp (PLA)
PlayDapp PLA is an Ethereum token that powers PlayDapp, a blockchain gaming platform and NFT marketplace. PLA acts as the primary token for processing transactions on PlayDapp. Game developers can also receive PLA when users make in-game purchases. A digital asset is used within the PlayDapp Blockchain gaming ecosystem to purchase and trade NFT items within games and with the global C2C marketplace.
PLA Price Analysis
At the time of writing, PLA is ranked the 144th cryptocurrency globally and the current price is US$0.5492. Let’s take a look at the chart below for price analysis:
PLA dropped nearly 77% from its March high, forming a low in early May and retracing near the midpoint of its last impulsive move downward.
The price is testing possible resistance near $0.5422, where the 9 and 18 EMAs converge with an area of distribution on the daily chart.
If this level holds as resistance, aggressive bulls might watch $0.5320 as potential support. This area contains the recent lows and inefficient trading on the daily chart.
However, an old swing low and inefficient trading near $0.4629 has better odds of providing support for a more significant rally.
Below this region, exact support levels are ambiguous due to a lack of historical price action on exchange charts. An area between approximately $0.2500 and $0.2000 could provide support. Here, the price accumulated before a significant rally upward.
If the current resistance breaks, inefficient trading on the weekly chart and old swing lows near $0.6292 might act as a stronger resistance. A rally this high could poke slightly above, near $0.7010, where the monthly chart shows the low end of the range where October’s rally began.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 5th cryptocurrency globally and the current price is US$303.12. Let’s take a look at the chart below for price analysis:
After a 45% decline from early May, BNB has ranged between $280 and $335. The recent price recovery was approaching probable resistance near $340 but could be aiming for stops above the relatively equal highs near $356. Continuation of the trend could target the daily gap near $374.
Aggressive bulls might add to positions near $301 and $294. Price action near $390 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $285 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $273.
2. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$44.86. Let’s take a look at the chart below for price analysis:
SOL has retraced 85% from its April highs and reached possible support last week near $40.34. Resistance might begin near $58.34, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $64.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $67.42 and $70.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $40.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $38.10 and $36.54. If the price reaches this zone, the Q1 2021 swing high near $33.12 might mark a more sensitive level.
3. Loopring (LRC)
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.
LRC Price Analysis
At the time of writing, LRC is ranked the 68th cryptocurrency globally and the current price is US$0.4885. Let’s take a look at the chart below for price analysis:
LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $0.6534.
If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $0.5106 and $0.4650. A deeper retracement that fills the gap down to the monthly level at $0.4460 provides a better entry, with any quick drops near the monthly open at $0.4058 providing the most favourable entries.
Continuation through the current resistance around $0.6419 is likely to explode through the remaining daily highs stacked up to $0.7328. There’s no telling how far the price could go beyond these new monthly high prices.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
In a global survey on the state of new technologies around the world, Ipsos found that people across the planet have different levels of excitement around technology, however almost all agree that it has and will continue to profoundly impact their lives.
Less than half the Australian cohort surveyed (44 percent) expressed familiarity with the metaverse, while only 36 percent expressed positive feelings about engaging with the metaverse in their daily lives.
Zooming out, roughly 50 percent of adults across 29 countries said they were familiar with the metaverse and had positive things to say about engaging with it:
Percentage positive feelings engaging with “extended reality” in daily life. Source: Ipsos
Key Australian Findings
Some of the more interesting findings in relation to Australians surveyed include:
80 percent said they were familiar with virtual reality (VR), compared to 51 percent of those familiar with augmented reality (AR);
males tended to be much more positive toward extended reality relative to females (42 percent vs 29 percent); and
over the next decade, participants surveyed saw the metaverse applications as having the biggest impact to include virtual learning (65 percent), digital health resources (61 percent), and digital entertainment in virtual reality (60 percent):
Metaverse applications in next decade. Source: Ipsos
Developing Nations Ahead of Australia
Unsurprisingly, there were vast differences in both metaverse familiarity and excitement, depending on demographics, nationality and socio-economic factors.
Interestingly, excitement about extended reality is significantly higher in emerging countries than it is in most high-income countries. In addition, levels of familiarity with VR, AR and the metaverse show a similar pattern. Ipsos’ Australian director, David Elliott, noted that:
The findings from this latest global survey show that Australia is well behind a lot of countries around the globe in terms of our familiarity with extended reality and our feelings towards it.
David Elliott, director, Ipsos Australia
Elliott added: “What we know from other research is that as familiarity improves, so too does the potential for trust and positivity. As we hear more about these technologies and learn more about them, it is likely we will become more positive about them and their potential to hopefully have a real impact on our lives.”
Australia-based Immutable X has joined forces with gaming company Kongregate to establish a US$40 million fund giving grants to developers who make blockchain games.
Together w/ @kongregate we're excited to launch a $40M developer fund 🎉
We're on a mission to enable a new generation of games to build on https://t.co/xJjCf8WWyx, making it the most inclusive space for innovation, community interaction & game discoveryhttps://t.co/MzFctPwURM
Immutable X is well-known in the blockchain gaming space and has also developed an ETH-based scaling solution to enable faster in-game transactions. This week, the company announced a US$40 million fund comprising an IMX token pool that will be awarded as grants to blockchain game integrations on Kongregate’s web-based gaming platform.
Developers are said to benefit from Kongregate’s end-to-end integration solution, which is designed to ensure that each game is a “fun and engaging experience for players”. Markus Lipp, Kongregate’s CEO, added:
We want our players to be owners in their personal gaming journeys. Blockchain technology allows us to give them a deeper experience in ways not possible with traditional games, from enabling players to help to shape what comes next in the storylines they love to being able to maintain their unique character across titles.
Markus Lipp, CEO, Kongregate
According to Lipp, the partnership with Immutable X would ensure that “our players have the best NFT experience possible with technology that brings true innovation to gameplay, while also ensuring it’s green and scalable”.
Robbie Ferguson, co-founder and president of Immutable X, saw the partnership as an opportunity “to help power the next generation of blockchain games”, adding:
With today’s launch of our blockchain developer fund, we’re excited to deepen our relationship with Kongregate as we work together to attract the best and brightest developers to build new titles on Kongregate’s relaunched Web3 platform.
Robbie Ferguson, co-founder and president, Immutable X
One Success After the Next
Immutable X is regularly making headlines these days, seemingly enjoying one success after another. After raising US$200 million earlier this year, strategic partnerships appear to be one of the key elements driving the company’s growth.
Sam Bankman-Fried, the billionaire founder and CEO of FTX, has indicated in a recent podcast that he is prepared to donate up to US$1 billion towards the Democratic Party’s 2024 US presidential election campaign.
Some have viewed the move as more of a “calculated investment”:
SBF is spending a billion dollars on political donations because his companies are under investigation, this is simple
In a recent episode of Jacob Goldstein’s podcast What’s Your Problem?, Bankman-Fried (widely known as “SBF”) indicated he would likely donate “somewhere” between US$100 million and US$1 billion during the 2024 US presidential election campaign:
The biggest donor in the 2020 election gave $215 million.@SBF_FTX says it is “eminently possible” he’ll give more than that in 2024.https://t.co/qCrZU4exA4
The 29-year-old, who recently joined the Forbes Rich List, indicated that donations would likely be “north of US$100 million” and that US$1 billion was a “soft ceiling”:
As for how much more than that [$1 billion], I don’t know. It really does depend on what happens. It’s really dependent on exactly who’s running where for what … Yeah, I think that’s a decent thing to look at, as a sort of … I would hate to say hard ceiling, but at least as sort of a soft ceiling, I would say, yeah.
Sam Bankman-Fried, founder and CEO, FTX
Not SBF’s First Rodeo
While SBF’s political contributions are news to some, those paying attention know he is no stranger to the world of electoral politics. Two years ago, he donated US$5.2 million to Joe Biden’s 2020 campaign, making him the second-largest individual donor.
More recently, he contributed US$10 million in a failed campaign to nominate Carrick Flynn in the Oregon Democratic primaries. And that’s not all – some reports suggest SBF has dropped over US$31.5 million in this election cycle alone.
Buying Influence?
While some on Twitter joked that SBF should just “buy Congress”, others viewed his donations as “the oldest trick in the world” and that “doors would be opened” for the crypto executive with subsidies of that size.
Some praised him for his “altruism”, though others viewed the donations as a mechanism to gain political influence or as a tool to avoid regulatory scrutiny:
I honestly think this $1B political donation is a ploy to continue the game even longer. Only in crypto can an exchange and trade desk (owned by same party) manipulate the market so freely
How can anyone believe this phony PR. I remember @SamHarrisOrg asking @SBF_FTX what he had donated to and he couldn't mention one thing even though he touts his great generosity. His biggest donation @POTUS . He is a total gangster with fluffy hair.
Billionaires tend to be polarising, so the pushback is not unexpected. Most placed in a similar position would find it difficult not to use their wealth to curry favours. From a legal perspective, the line between bribery and political donations is clear, and to be sure, SBF is on the right side of that line.
While it is difficult to draw conclusions about the crypto mogul’s intentions, one thing remains clear: SBF is willing to throw some serious capital at blocking Donald Trump’s resurgence.
NFT owners have been urged to remain vigilant after 29 Moonbird tokens were stolen in a phishing attack when a malicious link netted a scammer US$1.5 million worth of Moonbird NFTs from a Proof Collective member:
29 Moonbirds were just stolen in a hack.
~750e (~$1,500,000) in value lost by clicking on a bad link.
Sickening seeing stuff like this. Let this be a reminder to never ever click on links and to bookmark the marketplaces/trading sites that you use. pic.twitter.com/7iWO5LMovL
Dollar, a popular Twitter personality and NFT holder, has claimed that the culprit is already “half doxxed” by the crypto exchange and that Proof Collective and its members are currently working on a full report in collaboration with the Federal Bureau of Investigation (FBI):
.@DVincent_ You're already half doxxed via an exchange and stole $2 million. Better return them now or end up behind bars.
A full report to the FBI already being briefed by Proof Collective and members.
It is still unclear how many victims in total have fallen victim to the scam, but it serves as a harsh reminder that even the savviest of NFT investors need to be on their toes when it comes to scammers.
Recent crypto scams also serve as a harsh wake-up call for NFT owners to exercise caution when dealing with a third-party platform and to double-check anything shared by others.
Billionaire hedge fund manager and crypto advocate Ray Dalio, who claimed to own some Bitcoin, has warned about a 1930s-style currency devaluation phase in relation to goods and services, and that Bitcoin remains a valuable instrument against this scenario.
‘Cash is Trash’
During an interview with CNBC’s Squawk Box, Dalio talked about his current stance on Bitcoin, stating that he still holds a small amount of BTC on his portfolio.
Dalio went on to say that fiat currency is trash, explaining what he meant by this is that major currencies such as the euro or the yen will eventually “go down in relationship to goods and services”:
Dalio added that Bitcoin, given current economic conditions, remains a useful tool for investors looking to protect themselves against fiat hyperinflation.
Bitcoin has made a tremendous achievement over the last 11 years … I think the Bitcoin people get too preoccupied with it … the gold bugs get too preoccupied with it, and … you have to look at the broader set of assets that serve that purpose.
Ray Dalio, hedge fund manager and crypto advocate
However, Dalio wasn’t always a Bitcoin advocate. He changed his mind back in 2020 when the Covid-19 pandemic started bruising global economies, and he now considers BTC a store of value.
The New ‘Digital Gold’
Given the economic scenario that has been developing in the past few years in the US, more American hedge fund billionaires and institutional investors have turned their eyes to cryptocurrencies as the new “digital gold”.
While Dalio holds a “small amount” of BTC, another hedge fund manager, Bill Miller, isn’t quite as diversified. Crypto News Australiareported in January that Miller had gone big on his BTC investment, with half of his portfolio now tied up in the flagship cryptocurrency.
