Crypto.com has announced that Shopify merchants can now use the exchange to make and receive cryptocurrency payments in their stores.
In a recent blog post, Crypto.com said it would allow all Shopify merchants to accept up to 20 cryptocurrencies as payment using Crypto.com’s Pay feature. These currencies include Bitcoin, Ethereum, Doge, CRO (Crypto.com’s native token), and more:
Merchants using e-commerce platform @Shopify now have access to @cryptocom as another way for accepting cryptocurrency payments. Sellers using the https://t.co/EhGN3VhesG Pay feature can allow customers to settle their accounts with over 20 tokens!
The exchange will charge zero settlement fees to merchants one month after signing up. After that, only 0.5 percent settlement fees will be applied, much lower compared to 2.5 percent using credit cards. Additionally, Crypto.com’s Pay users can receive up to 10 percent CRO cashback on transactions.
We’re happy to welcome Crypto.com to help Shopify merchants provide an additional fast and convenient way for customers to pay for their online orders. Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods on their storefronts, helping to further expand what’s possible in commerce.
John S. Lee, lead of Blockchain ecosystem, Shopify
Crypto.com Regaining Ground After Massive Backlash
Crypto.com has been steadily pushing cryptocurrency adoption across the globe, forming new partnerships with companies from different industries so they can enable crypto transactions and payments.
The latest news comes two weeks after the exchange decided to restart its staking rewards program. The company did so after sustained negative feedback from its community after suspending it, causing the CRO token to drop more than 10 percent.
Last month, Crypto News Australiareported that Crypto.com had partnered with South Australia’s Peregrine Corporation to introduce crypto payments in its petrol stations.In January, the global exchange also signed an A$25 million sponsorship deal with the Australian Football League.
Last Sunday marked 12 years since bitcoin was first traded for real-world goods when on May 22, 2010, pioneering Bitcoin developer Laszlo Hanyecz paid 10,000 BTC for two pizzas.
That remarkable moment led to May 22 becoming known as Bitcoin Pizza Day by crypto enthusiasts around the world, many of whom celebrate by ordering pizza with friends and paying with bitcoin if possible:
First BTC Transaction Reminds Us How Far Crypto Has Come
The transaction, which is preserved on the Bitcoin Talk forum, makes for interesting reading. On May 18, 2010, programmer Laszlo Hanyecz asks if anyone is interested in receiving bitcoin for bringing him two pizzas, which he says could be either home-made or store-bought. He goes on to articulate his tastes:
I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc … just standard stuff, no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire. If you’re interested, please let me know and we can work out a deal.
Laszlo Hanyecz, programmer and bitcoin trader/developer
One fellow forum member named ender_x made the now almost comical observation: “10,000 … that’s quite a bit … you could sell those on bitcoinmarket.com for $41USD right now … good luck on getting your free pizza.”
That 10,000 BTC is worth around US$300 million today – not quite what most people would describe as “free pizza”.
After a lack of interest in his initial post, a few days later Laszlo asked: “So nobody wants to buy me pizza? Is the bitcoin amount I’m offering too low?”
Eventually, on May 22, 2010, Laszlo did get his pizzas, going on to say the offer was open. In total, he paid 40,000 BTC for eight pizzas over a period of a few months. He finally stopped offering bitcoin for pizzas on August 4, 2010 when he posted to say he couldn’t afford it anymore as he could no longer generate thousands of coins a day.
Transaction Key Part of Bitcoin’s ‘Ethical Launch’
The 2010 transaction is widely seen as a huge milestone in bitcoin’s journey from obscure internet curiosity to genuine store of value, as it marks the first time it was used in a real-world sense where it functioned to transfer actual economic value.
According to high-profile investor Michael Saylor, this transaction was also a crucial part of Bitcoin’s “ethical launch”, which he considers to have been completed when the currency’s pseudonymous “inventor” Satoshi Nakamoto disappeared on December 13, 2010:
On Jan 3, 2009 #Bitcoin was born, operating without economic value for 504 days until May 22, 2010 ("Pizza Day") when two pizzas traded for 10,000 BTC. Satoshi disappeared Dec 13, 2010 without profiting in any way, completing the ethical launch of the world's first digital money.
OpenSea has announced the launch of a new marketplace protocol dubbed ‘Seaport’ that will allow its users to barter for NFTs, adding additional payment methods beyond just paying for the tokens with cryptocurrencies:
Introducing Seaport, a brand new web3 marketplace protocol for safely and efficiently buying and selling NFTs.
With an emphasis on flexibility and optimizations, Seaport has been built to support new and evolving use-cases for where NFTs are heading.https://t.co/3lUQIQm0km
‘Seaport’ allows users to acquire NFTs in a range of new ways. For example, they can bundle different assets in exchange for NFTs, extending payment methods beyond just crypto:
Seaport is a web3 marketplace protocol for buying and selling NFTs, and is not just for OpenSea. This is an open source smart contract which allows customized NFT markets. This seems very consequential to the NFT ecosystem! https://t.co/bBiZvy3iDu
SudoSwap already allows users to barter for NFTs, but this feature is now becoming native to OpenSea. According to the platform, a user “can agree to supply a number of ETH/ERC20/ERC721/ERC1155 items” in exchange for NFTs.
Tipping Support Also Offered Via Seaport
Adding to its new features, Seaport users can now also specify which criteria, such as certain traits on NFT artwork, or pieces of a collection they want when making offers. OpenSea will also support tipping if the amount does not exceed that of the original offer made:
Opensea announced something MAJOR today – they created a protocol for NFT marketplaces called Seaport
Here's what it means, why it's big for decentralization and how this radically changes how we buy/sell/trade NFTs
The NFT marketplace stated that “OpenSea does not control or operate Seaport protocol – we will just be one, among many, building on top of this shared protocol”.
As adoption grows and developers create new evolving use-cases, we are all responsible for keeping each other safe.
OpenSea blog post
OpenSea Rolls Out Wave of New Features
OpenSea continues to evolve and improve its users’ experience. Last month a leak was made public that reveals users will soon be able to trade NFTs on OpenSea using credit cards. Most recently, in an attempt to prevent fraud and plagiarism that hinders the NFT space, OpenSea announced it would be putting measures in place to reduce fraud while improving authenticity.
In a series of blog posts, OpenSea revealed it would be making two changes to the platform: an updated verification and collection badging system, and an automated system to aid in identifying, removing, and preventing instances of “copymints”.
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. Kava.io (KAVA)
KAVA is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield. The Kava DeFi hub operates as a decentralised bank for digital assets, allowing users to access a range of decentralised financial services, including its native USD-pegged stablecoin, USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto-assets.
KAVA Price Analysis
At the time of writing, KAVA is ranked the 85th cryptocurrency globally and the current price is US$2.83. Let’s take a look at the chart below for price analysis:
KAVA dropped 75% during the May crash, running bulls’ stops below a significant swing low at $2.109 and almost reaching bulls’ stops near $1.123.
The price has bounced and might have created support near $2.611. This level is near the upper portion of last week’s consolidation and the 9 EMA.
If this level breaks, bulls might look to $2.039 as the next possible support. The monthly chart shows inefficient trading at this level, which is at the base of the recent rally and could require another test.
An inefficiently traded area on the daily chart from $3.020 to $3.342 may offer some resistance. This area overlaps with the February and March consolidation low and contains the 40 EMA.
If bulls break through this level, $3.528 to $4.066 may be the next target. This zone is inefficiently traded on the weekly chart, overlaps with the 2022 yearly open, and borders the bottom of April’s last rally before the price plunged.
A more bullish market might target bears’ stops at relatively equal swing highs and an old area of monthly rejection near $5.655.
However, the market is currently bearish. This bearishness increases the odds that the price could first visit possible support near $1.292. Here, bulls have stops under a significant swing low, and the monthly chart shows inefficient trading.
2. UFO Gaming (UFO)
UFO Gaming UFO is a decentralised gaming platform with play-to-earn elements, NFTs, and DeFi functionality such as staking. Its first game is Super Galactic, an RPG/arcade action game with its own NFT collection combined with an auto battler. UFO Gaming is built on Ethereum, but its games are integrated with Immutable X, a layer-two scaling solution for NFT projects on Ethereum. UFO Gaming has sealed several high-impact partnerships with projects such as Kadena, Merit Circle, Citizen X, Polygon and ShibaSwap.
UFO Price Analysis
At the time of writing, UFO is ranked the 350th cryptocurrency globally and the current price is US$0.000002829. Let’s take a look at the chart below for price analysis:
UFO has dropped 84% from its April high, running bulls’ stops below relatively equal lows near $0.000002088.
An inefficiently traded area on the daily chart, from $0.000002458 to $0.000002178, might provide support during a retest. Bulls may see a retest of this level around May 25’s staking dApp launch as traders take profits with the news.
However, the strong bearish trend might make bulls wary of a run under the recent swing low. Bulls could watch for signs of support down to approximately $0.000001557, which saw accumulation before a strong rally in August 2021.
Below this level, $0.000001030 may provide the next notable support. This level saw significant buying in June before 2021’s bull run.
The price might find its first high probability resistance between $0.000003775 and $0.000004023. This area is in the upper half of the most recent swing and shows inefficient trading on the daily chart.
Above this resistance, April’s fast drop may require re-trading. Price action varies across exchanges, making accurate prices impossible to determine. Traders could watch for resistance in an area that shows inefficient trading from near the $0.000007120 swing low up to approximately $0.000008786.
3. Victoria VR (VR)
Victoria VR is a blockchain-based MMORPG in Virtual Reality with Realistic Graphics built on Unreal Engine, created and owned by its users. The whole world is built to be a universal platform for all virtual realities, games, and decentralised applications, collectively creating a Metaverse – a shared virtual realm, the 3D internet. In the Victoria VR World, there will be games, quests, never-ending adventure, virtual galleries, and The Big Market VR where you can exchange NFTs in 3D! In addition, users will be rewarded for each of their activities in the VR world.
VR Price Analysis
At the time of writing, VR is ranked the 443rd cryptocurrency globally and the current price is US$0.05974. Let’s take a look at the chart below for price analysis:
VR has dropped 91% from its March high as it searches for a bottom.
A test of $0.02232 led to a sharp 308% rally over two days. This rally may have created support between $0.05500 and $0.03990, where the daily chart shows inefficient trading.
However, the chart shows a strong bearish bias on higher timeframes. Bulls might be cautious, concerned about a run under the recent swing low at $0.02232. Under this low, there is no historical price action to give precise support levels.
An inefficiently traded area on the daily chart near $0.08764 rejected the price and might provide resistance again. This level has confluence with the 40 EMA.
A rally through this high may reach the next inefficiently traded area, near $0.10109. This level is near the May monthly open.
If the market turns significantly more bullish, the price could reach the late-April consolidation near $0.14148. A rally to this level might try to test inefficient trading on the weekly chart, near $0.16752. The upper portion of this zone has confluence with March-to-May’s 61.8% retracement.
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. Verge (XVG)
Verge XVG is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralised payments network that improves on the original Bitcoin blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called Verge Pay, and providing the option of sending transactions to stealth addresses. The project describes itself as community-driven, relying on volunteers and priding itself on being open-source.
XVG Price Analysis
At the time of writing, XVG is ranked the 302nd cryptocurrency globally and the current price is US$0.005272. Let’s take a look at the chart below for price analysis:
XVG has retraced nearly 80% from its Q1 highs and appears poised to continue its downtrend. If Monday’s trading fails to reach $0.006071, resistance might begin just above the current price at $0.005635.
Just above this level rests higher-timeframe resistance from $0.006399 to $0.007132. Inside this broad zone, $0.007509 is an inefficiently traded area, and $0.007817, the monthly open, might offer the most sensitivity.
A more significant rally would likely find resistance between $0.008050 and $0.008355, where the monthly chart shows inefficient trading. However, the current bear market decreases the probability of a rally reaching this far.
The quarterly chart shows a broad zone of possible support near $0.005107. Inside this zone, $0.004856 – near the 90% extension of the last retracement upward – offers a higher probability for a bounce or bottom. This level is near the midpoint of Q4 2021’s massive rally.
However, the swing low at $0.004352 and an inefficiently traded area below, inside late 2019’s consolidation, offers an attractive target for bears. Bulls should be cautious with entries until the trend flips bullish.
2. Ankr (ANKR)
ANKR originated as a solution that utilises shared resources in order to provide easy and affordable blockchain node hosting solutions, and has since built a marketplace for container-based cloud services through the usage of shared resources. It is a platform that enables the sharing economy, where any customer can access resources at a more affordable rate, while also providing enterprises with the ability to monetise their spare computing power. It is unique in the way that it is the first to use trusted hardware, and this ensures a high level of security.
ANKR Price Analysis
At the time of writing, ANKR is ranked the 14th cryptocurrency globally and the current price is US$0.04024. Let’s take a look at the chart below for price analysis:
ANKR continues to set monthly lows in its downward trend. Support might be found in the daily gap above the monthly open near $0.03695, though a deeper retracement is likely to target the relatively equal lows into support near $0.03225.
The daily gap near $0.03066 could also provide support. However, another gap inside the down candles, around $0.02732, provides the highest chances of solid support while offering a high risk-reward entry.
There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around $0.04995 and $0.05463 as reasonable take-profit zones.
3. Curve DAO Token (CRV)
Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.
CRV Price Analysis
At the time of writing, CRV is ranked the 80th cryptocurrency globally and the current price is US$1.24. Let’s take a look at the chart below for price analysis:
Last week, traders enjoyed 20% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $1.30.
The 1-Day chart shows that support may be forming between $1.15 and $1.05, near the weekly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $1.00 and $0.9781 after a sweep of the current consolidation’s swing lows.
The last swing high near $1.38 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $1.47 and the 2.0 extension near $1.60 and $1.72 may provide the next major targets.
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.
The Commonwealth Bank of Australia (CBA) announced this week that it will be halting its rollout of the upcoming in-app crypto trading facility, due to the current market turmoil.
For those who were trialling the pilot, trading has been put on hold with no mention of when it might be set to restart.
CBA pauses in-app crypto trading trial.
CBA’s chief executive, Matt Comyn, has described the crypto market as “a very volatile sector that remains an enormous amount of interest [for CBA]”. However, the company’s focus seems to be on ensuring customer wellbeing and aligning itself with the proper regulations.
We want to continue to play a leading role in providing input into that and shaping the most appropriate regulatory outcome … Our intention at this stage is to restart the pilot, but there are still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate.
Matt Comyn, chief executive, Commonwealth Bank of Australia
Australia’s Federal Treasury is currently meeting to discuss these matters, with submissions remaining open until May 27. The result of this weekend’s election will also hold sway over how this regulation might look.
Earlier last month, CBA was experiencing delays with its upcoming crypto app due to regulatory speed bumps. This came as the Australian Securities and Investments Commission worked to ensure that CBA’s offering would comply with design and distribution rules. Plans for the app were announced in November last year, and CBA has met multiple challenges in bringing it to fruition.
CommBank’s Scam Alert
Just a month ago, the Commonwealth Bank issued a scam alert on the discovery of a false crypto platform partnership report. The fake article had been doing the rounds on social media platforms, misrepresenting the CBA brand and trying to entice Aussies to engage with the scammer’s website. CBA was a logical target for the scammers considering the bank’s prior engagement with the crypto industry.
The woes continue to pile on for Terraform Labs following LUNA’s unceremonious collapse and UST completely depegging from the US dollar. Now, a local report suggests that South Korean tax authorities are slapping the firm with a US$78 million fine for tax evasion.
Lol he rugged the government too
— Faster Than Jackie Chan {313} (@BtcKing3) May 18, 2022
Bad to Worse
Amid the LUNA debacle, the South Korean government is turning up the heat on Terraform Labs as an estimated 200,000 South Koreans lost much of their net wealth, not to mention at least eight people who reportedly committed suicide as a result.
As a class action lawsuit looms in the background, local tax authorities have claimed that Terraform Labs sent LUNA from its Singapore-based entity to the Luna Financial Guard (LFG) in order to avoid taxes. Furthermore, it is alleged that additional taxes are owed in relation to the bitcoin that was acquired and later sold by LFG.
The firm’s controversial co-founder, Do Kwon, is said to hold around 92 percent in Terra Singapore, with the balance belonging to another South Korean national. Authorities relied on South Korean corporate tax laws, which provide that foreign-registered companies are treated as domestic if decision-making and operations are carried out locally:
Do Kwon regularly called critics poor. Source: Twitter
Terraform Labs Used Complex Legal Structures
Terraform Labs reportedly first piqued tax authorities’ interest in June last year on suspicions of income and corporate tax evasion. The investigation into the firm and its subsidiaries revealed that the company was registered in the Virgin Islands, as well as Singapore. Since decisions were being made from South Korea, the firm was fined US$3.6 million in income tax and US$34 million in corporate tax.
Kwon was therefore reportedly unhappy with local crypto taxation laws and since December had been trying to close down Terra’s domestic operations. Sadly for him, as LFG sought to recover losses on the Anchor protocol and defend the UST peg, tax authorities were once again alerted.
Limited Remedies Available
With a congressional hearing on the cards, a lawsuit and a massive tax bill, the future is looking dim for Terraform Labs. For all the talk of decentralisation and building communities, it’s difficult to avoid the conclusion that Terraform was a company centrally controlled by its founder.
While government has the tools at its disposal to collect what is owed, users caught up in the fiasco are left with few remedies, if any:
You can always get away with rugging your users and play the “I’m sorry my invention has caused so much pain”
Ethereum’s public testnet, known as Ropsten, is in the final stages of preparation to merge its existing proof-of-work (PoW) chain with the new proof-of-stake (PoS) chain, as revealed by a pull request submitted to the Ethereum GitHub depository on May 18.
The test merge, expected to take place next month, is regarded as a major milestone in Ethereum’s migration from a PoW chain to a PoS chain. This news comes after a delay to the mainnet merge, which was pushed back to some time in Q3 of this year, having previously been expected to happen in June.
Code Updates Prepare Testnet For Merge
The pull request, which was merged into the code base on May 19 by Ethereum Foundation DevOps engineer Parithosh Jayanthi, added the configuration files required by Ropsten testnet clients to create a genesis version of the consensus layer, the first step in merging the PoW execution layer and the PoS consensus layer.
A tweet from Ethereum researcher Terence Tsao indicates the genesis version of the consensus layer will be created on May 30, with the full merge expected to take place around June 8:
Ropsten-beacon-chain config has been merged! Expect client releases 🔜
As the Ethereum merge has neared, the original PoW execution layer codebase and the new PoS consensus layer codebase – once two largely separate projects – have become increasingly interconnected, prompting the Ethereum Foundation to merge its two bug bounty programs into a single unified program.
This move reflects the reality that the two codebases are close to becoming a single entity and also incentivises bug hunters to identify bugs relating to the integration of the two codebases, as Ethereum Foundation developer Fredrik Svantes explained:
As the Execution Layer and Consensus Layer become more and more interconnected, it is increasingly valuable to combine the security efforts of these layers. There are already multiple efforts being organised by client teams and the community to further increase knowledge and expertise across the two layers. Unifying the Bounty Program will further increase visibility and coordination efforts on identifying and mitigating vulnerabilities.
Fredrik Svantes, developer, Ethereum Foundation
The Foundation has also significantly increased the rewards on offer, including a maximum US$500,000 paid in ETH or DAI. That’s a tenfold increase over the previous maximum reward for bugs identified on the consensus layer, and double that for bugs found on the execution layer.
The merging of the Ropsten public testnet follows the implementation of the mainnet ‘shadow fork’ last month, suggesting the mainnet merge may be coming in the next few months.
Retail investors are deserting the crypto market, with just over three-quarters of Q1 2022 trading volume at Coinbase coming from institutional investors, according to the exchange’s most recent letter to shareholders.
Retail investors are leaving the crypto market.
Not bad for accumulating #Bitcoin with institutions, but still worried about overall volume which is significantly decreased compared to last year. pic.twitter.com/0XtRwc3eNp
Support for BTC, ETH Holds Up Amid Terra Bloodbath
In spite of the past week’s crypto market downturn precipitated by the collapse of Terra’s $LUNA and its UST stablecoin, institutional investors are banking on the flagship cryptocurrency Bitcoin (BTC) and Ethereum rival Solana (SOL).
Latest analysis as per Bitcoin’s Fear & Greed Index. Source: alternative.me
According to CoinShares, BTC investment products saw US$45 million in inflows over seven days as assets under management fell to levels “seen during the lows in sentiment at the beginning of the year”.
Negative sentiment towards Ethereum contributed to outflows of US$12.5 million in the same period, bringing ETH outflows year-to-date to US$207 million, or 0.8 percent of assets under management.
Solana’s SOL the Sole Altcoin with ‘Substantial Inflows’
Last week, Ethereum rival Solana’s SOL was the “sole altcoin to see any substantial inflows”, totalling US$1.9 million.
With the price of bitcoin having shrunk more than one-third and the overall crypto market cap down by 38 percent, falling prices have led to unrealised losses for at least 40 percent of bitcoin investors.
Flying in the face of market gloom, the richest bitcoin whale splurged US$90 million on BTC in less than a month. Last week, blockchain intelligence platform IntoTheBlock disclosed that bitcoin whales collectively added to their holdings amid the crypto sell-off, with just over 50 percent of BTC holders still in profit.
The listing of French football superpower Paris Saint-Germain’s fan token $PSG on BitPanda and Socios gives fans the power to vote on club decisions and access VIP events, leading to the token surging 124 percent overnight.
BitPanda Announces Listing of Seven Socios Fan Tokens
$PSG has grabbed the limelight this week supported by BitPanda, but movement across the 40 Socios fan tokens has over the past few weeks reflected fan sentiment toward team performance and the club itself. According to data from CoinCecko, PSG has leapfrogged Manchester City Fan Token to top the Fan Token table this week. In seven days, PSG surged 132.5 percent to a market capitalisation of US$33.08 million, with 82 percent of that coming in the past 24 hours.
Other coins listed on BitPanda include Juventus Fan Token, Atletico De Madrid Fan Token, Santos FC Fan Token, FC Porto Fan Token, FC Barcelona Fan Token and Manchester City Fan Token.
PSG Affirms Its Spot in the NFT Market
PSG has affirmed its spot in the NFT market, making multiple deals. Last year PSG signed a deal worth US$35 million with Crypto.com, a significant portion of which was paid in CRO tokens. The PSG Fan Token has seen similarly massive growth, surging 52 percent on the day Lionel Messi departed FC Barcelona to join the French club.
