Category: Crypto News

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Crypto News Dash Market Analysis Stellar Trading Uniswap

Top 3 Coins to Watch Today: XLM, DASH, UNI – May 26 Trading Analysis

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. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 27th cryptocurrency globally and the current price is US$0.1340. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2457 in Q1 before retracing nearly 65% to find a low near $0.1258. The price consolidated around this level before the strong bullish impulse over the past several days.

Probable resistance near $0.1570 is slowing the bullish advance down. However, another leg might target the last swing high at $0.1624 and relatively equal highs at $0.1750. Resistance near $0.1859 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.2156.

A retracement before a move higher might find support in the daily gap near $0.1210, just above the weekly open. Relatively equal lows near $0.1165 could also provide support. Run-on stops at $0.1100 and $0.1074 might find support in the gap beginning near $0.1012.

2. Dash (DASH)

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralised in nature. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.

DASH Price Analysis

At the time of writing, DASH is ranked the 70th cryptocurrency globally and the current price is US$62.03. Let’s take a look at the chart below for price analysis:

Source: TradingView

During April, DASH retraced over 40% before finding support near $53.13. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins. 

In the shorter term, the price might establish support near $60.50 before running the swing high at $73.88. If this bullish move occurs, the price could reach resistance near the weekly open around $79.43, and may even sweep the swing high near $84.22.

Some support might exist at the daily gap near $55.12. A move this low would also fill the monthly gap and set the stage for a possible bullish reversal.

3. Uniswap (UNI)

Uniswap UNI is a popular decentralised trading protocol known for its role in facilitating the automated trading of decentralised finance (DeFi) tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems that plagued the first decentralised exchanges.

UNI Price Analysis

At the time of writing, UNI is ranked the 23rd cryptocurrency globally and the current price is US$5.50. Let’s take a look at the chart below for price analysis:

Source: TradingView

UNI‘s 70% retracement from its March highs set a low near $4.87 during its consolidation that began in early May.

Relatively equal highs near $7.56 could be the current target if the price breaks through resistance beginning near $8.87. Bullish continuation might reach through the next significant swing high near $9.26 into the daily gap near $10.59.

If bullish strength continues, the zones just below the monthly open near $11.88 and $12.45 could halt any retracement. 

A bearish shift in the market might seek the relatively equal lows near $5.33 into possible support near $5.00. If this down move occurs, the swing low near $4.90 and possible support near $4.32 may be the primary objective.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.

Categories
Crypto News Ethereum Loopring NFTs

GameStop Launches its Own ETH-Based Wallet for NFTs and Crypto

Electronics retail giant GameStop has launched a cryptocurrency and NFT wallet to pivot into the digital assets world. The wallet is an Ethereum-based browser extension – similar to MetaMask – and is available for download at the Chrome Web Store.

Gamestop NFT Wallet

NFT Marketplace to Launch in July

The wallet is self-custodial, allowing users to store and transfer several cryptocurrencies. It will also support NFT trading on GameStop’s upcoming NFT marketplace, expected to launch in early July.

As Ethereum transactions are synonymous with expensive gas fees, GameStop has opted to integrate an ETH layer-2 protocol called Loopring, which leverages ZK (zero-knowledge) technology to make transactions cheaper and faster:

Crypto News Australia reported in March that Loopring had surged over 50 percent after GameStop launched a beta version of its Loopring-powered NFT marketplace.

GameStop Sales Improve Year-on-Year

Despite the overall bearish sentiment in the crypto market, GameStop is still planning to offer crypto products for its gamers. The company’s Q4 financial results revealed it had generated net sales of just over US$6 billion for the fiscal year, compared to $5.090 billion for fiscal year 2020.

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Crypto News Cryptocurrency Law TerraUSD

Terraform Labs Update: South Korean Police Move to Freeze Foundation’s Assets

The Terraform Labs debacle has taken on a new twist as South Korean law enforcement authorities are reportedly moving to seize the remaining assets of the Luna Foundation Guard (LFG).

Since depegging from the US dollar, both UST and LUNA have collapsed in spectacular fashion, despite injections of capital and failed revival plans that were dead on arrival. With a class action lawsuit looming, things appear to be going from bad to worse for Terraform Labs and its formerly outspoken founder, Do Kwon.

The Saga Continues

According to a local report, law enforcement officials in South Korea are taking action to freeze assets tied to the non-profit group LFG (Luna Foundation Guard). The report suggests that the Seoul Metropolitan Police Agency has asked multiple exchanges to block LFG from withdrawing any corporate funds.

Police indicated that their interest was piqued upon hearing that LFG may have embezzled funds, however it is interesting to note that per the report, the exchanges have no obligation to comply with law enforcement officials’ request.

Simultaneously, it was also reported that following the Terra ecosystem collapse, Korean legislators had been meeting with the five biggest crypto exchanges to establish the extent of loss and who should be held accountable.

We will request a quality investor protection policy to be implemented amongst exchanges.

Yoon Chang-hyeon, chairman, People Power Party’s Virtual Assets Special Committee, Facebook post

Worst Yet to Come for Terraform

A few exchanges have elected to delist LUNA, while others have placed an “investment warning” on the now virtually worthless token. From its high of close to US$120 it is now trading at US$0.0001626.

Although it’s still early days, current indications suggest that the worst is yet to come for Terraform Labs and its founders. After mocking detractors for being “poor”, it may ironically be Do Kwon who suffers that fate, or even worse.

Categories
Crypto News Data Filecoin

Filecoin and Lockheed Martin Set to Bring Decentralised Storage into Space

Filecoin Foundation and the aerospace corporation Lockheed Martin (LMT) announced on May 24 that they’re working together to deploy Filecoin’s Interplanetary File System (IPFS) in space. 

The companies claim existing networking protocols that are adequate for terrestrial communication, such as HTTP, will not be suitable for space-based services due to their centralisation and significant latency when transferring data over vast distances.

Following the announcement, Filecoin’s (FIL) price briefly spiked about 10 percent before retracing the gains and returning to its pre-announcement price range.

Modern Problems Require Modern Solutions

According to Lockheed Martin’s vice president of advanced programs development, Joe Landon, the space economy is rapidly developing and requires new communications and data storage infrastructure to allow businesses and governments to take full advantage. 

Landon says Lockheed Martin’s collaboration with Filecoin will be an important next step in creating this new space-based infrastructure:

Soon, space will no longer just be a destination. It will be home to the new space economy, independent of Earth, [and] the work we’re doing with Filecoin reinforces an investment in building space infrastructure. We need to develop the technology to support a long-term presence in space. 

Joe Landon, vice president, advanced programs development, Lockheed Martin

Collaboration Begins with Pilot Study

The Filecoin-Lockheed Martin collaboration starts with a study, to be completed by the end of August, which has three primary goals:

  • identify a spacecraft platform that can house the first space-based IPFS node;
  • define “mutual compatibility requirements” for the spacecraft and the IPFS node; and
  • identify demonstration missions to show off IPFS’s utility in space.

The early demonstration missions are planned to be low-Earth orbit missions, with long-term plans to conduct missions on the moon and eventually other planets.

IPFS Always Intended for Space Use

As its name suggests, Filecoin’s Interplanetary File System was always intended to be used in space. IPFS is a decentralised protocol for storing and sharing data, which uses content-addressing to uniquely identify files and then access them from the nearest available source, rather than from a centralised server. 

IPFS to reduce latency. Source: Filecoin Foundation

According to Filecoin Foundation’s president, Marta Belcher, IPFS has the potential to drastically reduce loading times and latency when used over the vast distances of space:

Today’s centralised internet model doesn’t work in space. On today’s internet, every time you click something, that data has to be retrieved from a centralised server; if you’re on the Moon, there will be a multi-second delay with every click, as content is retrieved from Earth. Using IPFS, data does not need to go back and forth from Earth with every click; instead, when you put in an IPFS ‘content ID’, that content is retrieved from wherever is closest, rather than being retrieved from a particular server in a particular place. That means if someone else nearby on the Moon has already retrieved that data, the data only has to travel a short distance and can get to you quickly instead of travelling back and forth from Earth with every click.

Marta Belcher, president and chair, Filecoin Foundation

In other Filecoin news, last month its price surged over 52 percent in a single day following the announcement of its partnership with a new NFT ecosystem.

Categories
Australia Blockchain Crypto News DeFi Education Real Estate

Western Australia Real Estate Body Introduces Mandatory Blockchain Training

The Real Estate Institute of Western Australia (REIWA) is set to introduce mandatory blockchain training to WA real estate agents in an Australian-first move designed to help the sector adapt and evolve as cryptocurrency becomes more mainstream.

This week's property round-up | Business News https://www.businessnews.com.au/article/This-weeks-property-round-up-77
Real Estate Institute of WA (REIWA) to offer mandatory blockchain training.

Real Estate to Adopt Tokenisation and Smart Contracts

This training will allow the industry to broaden its service offerings and utilise blockchain applications such as tokenisation and smart contracts. Partnering with Perth-based blockchain consulting firm TecStack for the delivery of the training, REIWA will educate its industry on how crypto can affect sellers, buyers, tenants and property managers.

TecStack’s director, Abheeti Pass, has described crypto as “fast-moving technology”, noting that the first to adapt are most likely to have the best chance to capitalise on growth opportunities in the field:

https://www.startupgrind.com/events/details/startup-grind-florence-presents-la-tecnologia-blockchain-e-limpatto-sulla-formazione-reinventing-the-future-w-tecstack/

We are seeing whole new DeFi markets and technology-enhanced property online services opening up, and it is vitally important that today’s real estate professionals know how to understand and cater to these emerging customers’ needs so they can build ongoing relationships based on trust and expertise.

Abheeti Pass, director, TecStack

With an influx of DeFi newcomers in the market who are not using traditional finance methods, there is an opportunity for real estate agents to take on new types of clients.

Crypto Pops in on Property

The real estate sector has been moving slowly but steadily in its adoption of crypto, with increments of progress such as this one cropping up across the globe. September 2021 saw multinational commercial real estate company Jones Lang LaSalle Incorporated (JLL) make a deal with blockchain platform VeChain in a push to promote sustainable practices in the sector.

And January 2022 was a big month for blockchain tech in real estate as Propy, the real estate smart token, shot up by 227 percent following its Coinbase listing. Propy is one of the leaders in buying and selling homes via smart contracts.

In other related news, US fintech company Milo is now offering its customers zero deposit, Bitcoin-backed real estate loans. This is a world-first bitcoin mortgage offering, yet it will only be usable for US property.

Categories
Crypto Art Crypto News Hackers NFTs Scams

NFT Artist Beeple’s Twitter Account Hacked, $438k Lost in Phishing Scam

Digital artist and NFT creator Mike Winkelmann, better known as Beeple, has been targeted in a serial phishing expedition that netted scammers a total of US$438,000.

Hackers Railroad Louis Vuitton Raffle

In a series of tweets over the weekend, purportedly from Beeple, links posted to a fake Louis Vuitton NFT raffle were made to capitalise on a recent real collaboration between Beeple and the luxury fashion brand.

Earlier this month, Beeple designed 30 NFTs for LV’s ‘Louis The Game’ mobile game, embedded as rewards to players. Scammers posted phishing links from Beeple’s Twitter account to fake Beeple collections that seduced unsuspecting users with the promise of a free mint for unique NFTs.

The phishing links were up on Beeple’s Twitter for several hours, with the first netting the scammers 36 ETH, or roughly US$73,000 at the time. The second link snared US$365,000 worth of ETH and NFTs, bumping the total value of the scam to about US$438,000.

Beeple later tweeted that he had regained control of his account and reminded his followers that “anything too good to be true IS A F*CKING SCAM”:

Beeple Makes Himself a Scam Magnet

Having created three of the top 10 most expensive NFTs released to date, including one that sold for US$69 million, Beeple has made himself a prime target for hacks. Last November, his installation artwork Human One, paired with an NFT, sold for almost US$29 million at auction. That same month, an admin account on the artist’s Discord channel was hacked, with users losing 38 ETH to a fake NFT drop remarkably similar to the latest exploit.

Earlier this month, Beeple made the news for an entirely different reason, partnering with pop icon Madonna on an explicit NFT collection that possibly raised more eyebrows than it did money.

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Cardano Crypto News Fantom Market Analysis Tezos Trading

Top 3 Coins to Watch Today: ADA, FTM, XTZ – May 25 Trading Analysis

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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 8th cryptocurrency globally and the current price is US$0.5086. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 60% drop after Q1 found a low near $0.4635 during mid-May before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.6015. A sustained bullish move may target the swing high at $0.6422. If this stop run occurs, a run beyond the high into probable resistance near $0.7110 and $0.7519 is possible.

Bulls could buy a retracement to possible support near $0.4845, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.4425. 

However, relatively equal lows near $0.4157 and $0.4022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.3847 and $0.3752.

2. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 50th cryptocurrency globally and the current price is US$0.4108. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q1 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.62, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.4011. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.3834 to $0.3530 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of early August’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.3230, might mark an area of possible support as well as a bearish target.

3. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 37th cryptocurrency globally and the current price is US$2.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 70% drop since late March saw a second leg after last month’s market-wide drop ran the previous consolidation’s stops.

The level near $2.50 is providing some resistance. However, continuation through the monthly high at $2.32 is not out of the question. Aggressive bulls might bid in the current region near $2.00. 

If the price runs the recent swing low, bulls might bid in the gap near $1.92. A deeper retracement could reach near the early monthly level and a gap near $1.86. The region near $1.80 and $1.73 may also provide some support during a deeper retracement.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.

Categories
Australia Coinstash Crypto News Investing

Own a Piece of an Australian Crypto Exchange with Coinstash in its Crowdfunding Round

Fancy owning a piece of a rapidly growing and trusted Australian crypto exchange? Brisbane-based digital asset platform Coinstash is growing at a rapid rate and now presents Australian retail investors with the opportunity to own a piece of the action:

Public Crowdfunding Round

AUSTRAC-registered Coinstash is officially offering prospective investors to register interest in an opportunity to participate in its second equity crowdfunding round.

At Coinstash, we believe cryptocurrency is one of the biggest and most transformative inventions of the 21st century. Our mission is to financially empower our clients by bridging the gap between traditional finance and the world of crypto.

Ting Wang – CEO & Co-Founder

This follows an enormously successful A$2.8 million crowdfunding raise in 2021. In fact, last year proved to be an enormously successful one for Coinstash, which demonstrated exponential growth across a number of key metrics. In particular, customer growth exceeded 500 percent, while trade volume increased by 322 percent.

Currently, the exchange has more than 20,000 registered users who trade more than 340 cryptocurrencies. Part of the company’s success is no doubt attributable to recently launched Coinstash Earn, a loyalty program where customers can earn rewards of up to 24 percent on their crypto assets.

Coinstash Earn program. Source: Coinstash

Exciting Future For Brisbane and Crypto

According to its website, Coinstash has a number of exciting plans scheduled for launch prior to the end of 2023, subject to regulatory approval. These include:

  • Coinstash Borrow – where customers can borrow Australian dollars (or crypto) using their crypto holdings as collateral.
  • Coinstash Spend – a crypto credit card where customers’ crypto holdings would be a factor in determining their credit limit.

These exciting initiatives offer additional evidence that Coinstash is much more than an exchange. As crypto investors increasingly demand yields on their crypto, not to mention the capacity to borrow against it, Coinstash appears well-positioned to capitalise on these trends.

Prospective investors can register their interest directly here and find out more by attending an upcoming webinar on May 27 at 12pm AEST.

For more information on Coinstash, please see our Coinstash review.

Disclaimer: Always consider the general CSF risk warning and offer document before investing.

Categories
Bitcoin Crypto News Cryptocurrencies Investing

Why Bill Gates Won’t Invest in Crypto: ‘It Has No Valuable Output’

Bill Gates, co-founder of Microsoft and the world’s fourth-richest man, has told a Reddit AMA (Ask Me Anything) session why he doesn’t see any point in investing in cryptocurrency.

“The value of companies is based on how they make great products,” Gates said. “The value of crypto is just what some other person decides someone else will pay for it, so it’s not adding to society like other investments.” He prefaced his comments on crypto by saying:

I don’t own any. I like investing in things that have valuable output.

Bill Gates, Microsoft co-founder and co-chair of the Bill & Melinda Gates Foundation

Gates has previously described crypto as one tech innovation the world would be better off without. As he noted in February last year: “The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that.”

Gates Echoes Warren Buffett

Gates is certainly not the first of the world’s super-rich to shun cryptocurrency. Billionaire Warren Buffett, CEO of American multinational Berkshire Hathaway, told the company’s annual meeting of shareholders in late April:

“Whether [crypto] goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”

Berkshire Hathaway vice-chairman Charlie Munger was more scathing, about bitcoin in particular, telling the same meeting: “In my life, I try to avoid things that are stupid and evil and make me look bad … and bitcoin does all three.”

Munger didn’t stop there, either: “In the first place, it’s stupid because it’s still likely to go to zero. It’s evil because it undermines the [US] Federal Reserve System … and third, it makes us look foolish compared to the Communist leader in China [Xi Jinping]. He was smart enough to ban bitcoin in China.”

Never one to hold back, Munger told CNN earlier this year that bitcoin was “akin to a venereal disease”. And not to be outdone, Buffett has previously described crypto as “rat poison squared”.

Other Billionaires Are Bitcoin Fans

Not all billionaires share these extreme opinions, evidently. Several, including Tesla CEO Elon Musk and MicroStrategy’s Michael Saylor, regularly tweet their support of virtual currencies. And last year, Mexico’s third-richest man, Ricardo B. Salinas, invested 10 percent of his personal wealth – a staggering US$1.5 billion – into bitcoin.

As founder and chairman of Grupo Salinas, a group of companies with interests in telecommunications, media, financial services and retail stores, Salinas said bitcoin was “the best thing to put your money into”.

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Bitcoin Crypto News Markets

Bitcoin Enters Record 8th Week in the Red

To the disappointment of investors, Bitcoin has logged its eighth red candle, setting a record for the currency. According to data graphed by YCharts, Bitcoin has now been on a downward trend since March 30:

https://ycharts.com/indicators/bitcoin_price
Bitcoin’s downward trend from March 30. Source: YCharts

However, investors are starting to hold out some hope for the beginning of a rebound:

‘If in Doubt, Zoom Out’

With Bitcoin breaking records for its eighth consecutive week in the red, things are seeming dire for investors thanks to an absence of volatility. The price point has managed to hold just above the US$30k mark, with investors showing bearish sentiments. Regardless, the adage remains, if in doubt – zoom out.

Bitcoin’s performance over the past twelve months. Source: CoinMarketCap

The fall of Terra and its LUNA token induced mass sell-offs last week, with Bitcoin dropping almost as low as US$24k. However, Bitcoin’s correlation with the stock market is decreasing in comparison to previous months, a shift that many investors are perceiving positively with increasingly hopeful chatter circulating on social media regarding Bitcoin’s outlook for the weeks to come.

2022: Bad for Bitcoin

Only a week ago, Bitcoin had reportedly slipped below US$29k, its (at the time) lowest level since 2020. As that drop was perceived to be the result of the latest US Consumer Price Index figures, investors were left unsure as to which way the coin might go next.

Not only has the price of Bitcoin itself had a rough start to 2022, but Bitcoin mining stocks have mirrored this sharp decrease in value. Where Bitcoin had been recording losses around the 30 percent mark, mining stocks had doubled this figure in some cases.