Category: Ethereum

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Crypto Art Crypto News Ethereum Investing Markets NFTs

Gary Vee: NFT Winter Is Coming

Gary Vaynerchuk, affectionately known as Gary Vee, anticipates a bear market ahead for non-fungible tokens (NFTs) but still believes that “NFTs are going to be here for the rest of everybody’s life”.

Too Much Short-Term Greed Will Cause a Bear Market

In an interview with Decrypt, Vee said he believed that “winter is coming” for NFTs. While the creator of Ethereum-based VeeFriends, and a collector of CryptoPunks and other NFTs, remains very bullish on the future of NFTs, he still believes a significant pullback in valuation is coming.

When discussing why he believed people were investing in the market boom, Vee said:

The conversation is about to get very interesting when we hit an NFT winter, because there’s way too much short-term greed, and supply and demand issues.  

Gary Vee, crypto entrepreneur

Vee has pocketed a pretty penny during the NFT craze with his hand-drawn doodles netting US$1.2 million, outselling similar works by Andy Warhol and Jackson Pollock.

In early 2021, the NFT market exploded and generated US$2.5 billion during the first half of the year but seemed to fade in the second half, leading some to suggest the NFT market frenzy was just a short-term fad. However, the market surged to new heights in August and DappRadar reported a trading volume of US$10.67 billion for Q3 alone – a 700 percent increase over Q2 2021.

Vee did not say he thinks a pullback per se is coming, but rather believes that a potential drop in the valuation of NFTs might occur in the future. He has previously predicted that the majority of NFT projects would lose significant value over time, but that blue-chip projects might come out even higher at the other end.

Vaynerchuk made specific reference to NFT projects such as CryptoPunks and Bored Ape Yacht Club, as well as certain pieces from the XCOPY collection, which have seen numerous sales above the million-dollar mark. He added: “XCOPY shows all the nuances of potentially becoming a Warhol, a Banksy, or a Pollock.”

NFTs Will Be Here for the Foreseeable

I do believe firmly that 90 percent of the NFT projects right now, [their] values will be less than that when it’s all said and done … The problem is the 2 percent that are going to be so much more extraordinarily high … that one is required to do the homework to see the opportunity.

Gary Vee

On the current state of NFTs, Vaynerchuk has said that many people are spending money they cannot afford on things they do not understand:

Regardless of his views on the current state of NFTs, Vee predicts: “NFTs are going to be here for the rest of everybody’s life – and [they are] going to get more meaningful, not less.”

Agree with Vee? You Can Now Short the NFT Market

If you agree with Vee that the NFT market is currently overheated, SynFutures is launching NFTures, a product that will allow users to short the future prices of NFTs. As many continue to question the value of NFTs, and with many tokens serving no purpose other than being able to be bought or sold, SynFutures is looking to change the way we derive profit from NFTs.

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Bitcoin Crypto News Ethereum Markets Trading

Crypto Market Exceeds $3 Trillion for the First Time

The cryptocurrency market has hit a new milestone in topping a record high of US$3 trillion market cap, according to analytics website CoinGecko.

Bitcoin and Ethereum Reach New ATHs

The crypto market hit an all-time high (ATH) of US$3 trillion on November 8, thanks to the combined efforts of two of the most traded cryptocurrencies, Ether (ETH) and Bitcoin (BTC). The two assets smashed records in both price and trading volumes. 

Bitcoin broke slightly above its previous ATH of US$67,000 by hitting $$68,641.57, as per data from CoinGecko. Ethereum saw substantial gains as well, seeing an ATH of US$4,857.25 the same day.

Main drivers for the ETH price surge include the burning mechanism, which is eliminating circulating coins, the transition to a PoS system with the advent of ETH 2.0, the NFT investing frenzy, along with speculations of its involvement in the metaverse.

The rumours started circulating when Vitalik Buterin predicted that Ethereum could be the network running the metaverse within 10 years.

Bitcoin Futures ETFs Drive Markets

With Bitcoin, we’ve seen a revived interest from institutional clients with the launch of Bitcoin futures ETFs. Two Bitcoin ETFs broke records on their first days. ProShares’ BITO recorded over US$550 million in trading volume from crypto-hungry investors, and Australia’s BetaShares crypto ETF smashed Australian Securities Exchange (ASX) trading records on its debut – over A$40 million on the first day, with A$5.2 million traded in five minutes.

The crypto market currently has a 24-hour trading volume of US$138 billion – this equates to the total market cap in March 2019.

Despite the new Bitcoin ATH, its dominance is still below 50 percent, now marked at 42.8 percent. Back on September 6, 2019, BTC was the undisputed leader of the market with 70.8 percent dominance.

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Blockchain Crypto News Ethereum NFTs Tezos

The Grammy Awards in January 2022 Will Use NFTs as Awards

The 64th annual Grammy Awards are set to take place in January 2022, and it has been announced that NFT collectibles will be awarded as prizes.

The digital tokens will be produced in a collaboration between the US Recording Academy and NFT platform OneOf, backed by famed music producer Quincy Jones.

Grammys Goes Green for NFTs

Built on the Tezos blockchain, OneOf is hailed as an environmentally friendly NFT platform specifically designed with the music industry in mind. The platform does not charge artists and creator partners any minting fees to create NFTs, and claims to use 2 million times less energy than other blockchains such as Ethereum, which is the network utilised by most NFTs.

The platform also lowers the barrier to entry for fans by accepting debit and credit cards.

At the moment, NFTs do not offer the best user experience in that they are expensive and the only scaling solutions available compromise on security. This is the reason why more environmentally friendly initiatives are needed. Last month, Sydney-based tech business Immutable raised US$60 million for an eco-friendly NFT games platform.

Academy Scholarship Fund

According to the Recording Academy, the collection will include digital collectibles in a similar concept to what World Wrestling Entertainment (WWE) now offers its fans. The Academy added that a portion of the proceeds from NFT sales will go towards its scholarship fund.

According to Recording Academy co-president Panos Panay:

As an academy, we are always looking for ways to help artists discover new forms of creative expression while also creating new ways of income generation and ways for fans to interact with the artists that they love. OneOf shares that vision, and we are proud to work with a sustainable NFT company.

Panos Panay, co-president, Recording Academy
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Ethereum Industries Loopring Markets NFTs Tokens

Loopring Token Soars Over 100% on Rumour of GameStop NFT Marketplace Collaboration

GameStop, the American video game, consumer electronics and gaming merchandise retailer, is rumoured to be working with Loopring (LRC), an Ethereum Layer 2 scaling solution, to build an NFT marketplace, causing its native token to make sizeable gains.

As speculation about GameStop’s NFT marketplace increases, Loopring’s LRC token has climbed over 100 percent in the past seven days, following various signs pointing to an unnamed partnership to help develop blockchain technology with the gaming giant.

According to a post on GameStop Due Diligence (GMEdd), a website focused on the corporation, a leak in the Loopring GitHub public repository appears to indicate a possible collaboration with GameStop Corporation (GME) for a non-fungible token (NFT) marketplace. The code posted on GitHib reveals that GameStop NFT is built on EIP-1155, which allows the creation of fungible, non-fungible, and semi-fungible tokens in one single token standard.

Additionally, the amended code in the branch “NFT-DEV” under the GitHub commit titled ‘NFT feature’ makes reference to ‘gameStopMeta’ and an IPFS URL, a well-known distributed system for storing and accessing files, websites, applications and data.

Loopring’s ‘NFT feature’ code reveals several references to GameStop.

Nobody knows for certain what GameStop’s NFT division has been working on. Loopring is keeping secrets as well, with CEO Daniel Wang disclosing that the Ethereum-based technology company is “working with a premium partner who demands they keep quiet”.

Loopring Solving the Gas Problem

According to Loopring’s official website, it boasts the industry’s most secure scaling method, which is independent of external validators, consensus, or crypto-economic assumptions.

High Ethereum gas prices make it difficult for ERC-20 projects to run any microtransaction payments, defeating the idea of using the Ethereum network for GameStop’s primary use cases – forcing it to consider Layer 2 solutions or other blockchains.

Additionally, Loopring announced it will be enabling NFT support, “allowing anyone to mint and trade NFTs instantly and gas-free”, adding that the functionality is being used as the foundation of a new NFT marketplace launching soon.

Loopring Price Skyrockets

Following breadcrumbs picked up by GMEdd, and the progress of the project, the price of Loopring has shot up. Since the beginning of October, Loopring LRC/USD has risen from US$0.36 to $0.58, and is now trading at $1.58, smashing its previous all-time high in a matter of days.

LRC/USDT price: Tradingview
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Australia Bitcoin Ethereum Institutions Regulation

ASIC Gives Green Light to BTC and ETH Spot ETFs, First Expected Next Week

The Australian Securities and Investments Commission (ASIC) has finally given the green light to Bitcoin and Ethereum exchange-traded funds (ETF), allowing investment funds to launch their crypto ETFs by next week.

After a long period of industry consultation, ASIC released a set of guidelines for institutions keen to launch crypto exchange-traded products (ETPs). The paper also published guidelines that allow fund managers to launch ETFs under certain regulatory requirements.

Australian fund manager BetaShares will be the first to list an ETF on the Australian Securities Exchange on November 4. The fund will have the ticker “CRYP” and will allow investors to access a mixed set of crypto ventures, most of them focused on companies whose revenue is derived mainly from the cryptocurrency market.

We know there are millions of people around the world [invested in crypto], and close to 2 million Australians that have actually invested in cryptocurrency directly.

Alex Vynokur , CEO and co-founder, BetaShares

Among the regulatory requirements are that fund managers must appoint a custodian with expertise on cryptocurrencies and blockchain technology, and hold at least A$10 million in net tangible assets. They are also responsible and must compensate for any custodial assets lost.

As Crypto News Australia reported in August, one of the reasons crypto ETFs in Australia have been delayed so long is that ASIC was trying to solve how arrangements with custodians would work.

ASIC Recognises Institutional Interest in Australia But Leaves Altcoins Out

ASIC has signalled its intention to “recognise the interest in, and demand for, ETPs and other investment products that hold crypto-assets in Australia”. The new fund is expected to give the Australian crypto space a big boost as institutional adoption expands rapidly across the globe. The first US Bitcoin ETF debuted in mid-October, breaking record trading volumes of US$1 billion in just 24 hours, turning it into the country’s second-largest traded ETF fund.

However, altcoins were left out, with only Bitcoin and Ethereum ETFs permitted. These funds will allow investors to purchase contracts that track the price of both currencies without having direct exposure to either asset.

Talking about the benefits and risks of cryptocurrencies, ASIC commissioner Cathie Armour said:

Crypto-assets have unique characteristics and risks that must be considered by product issuers and market operators in meeting their existing regulatory obligations. The good practices we published provide practical examples of how these obligations may be met, in a way that maintains investor protections and Australia’s fair, orderly and transparent markets.

Cathie Armour, commissioner, ASIC
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Australia Blockchain Ethereum Gaming NFTs

Australia’s ‘Immutable X’ Inks Esports Deal to Enable Gasless NFTs

Immutable X, the Australian Ethereum Layer 2 scaling solution for non-fungible tokens (NFTs), has partnered with a leading esports company, ESL Gaming, to provide gas-free trading of ESL Pro Tour NFTs on its platform.

ESL Gaming has been a giant in the gaming industry since 2000, raising more than A$10.76 million in prizemoney for gamers and helping to push the industry forward to where it is today.

ESL Gaming NFT Platform

The partnership will result in ESL getting its own NFT platform running on Immutable X technology, giving Counter-Strike enthusiasts around the world the opportunity to buy, sell and exchange NFT assets within the CS:GO ESL Pro Tour.

The platform has 11 million members and in 2020 alone, content from the ecosystem’s tournaments was broadcast for a cumulative total of 265 million hours across the world, generating over 675 million social media impressions and 52 million social media views through ESL Pro Tour CS:GO events. With fans in more than 190 countries, all tournaments from ESL Pro Tour CS:GO combined generated over 905 million video plays in 17 languages, not including China.

The Immutable team has gaming in their DNA and we share the same vision for the future of NFTs. In combination with a deep passion for the community, this is the only way to forge meaningful innovation in the space.

Bernhard Mogk, SVP, global business development, ESL Gaming

Carbon-Neutral, Gasless NFTs

The partnership with Immutable X will ensure ESL is provided with the required scaling infrastructure, granting access to esports fans to carbon-neutral and gas-free minting and trading of NFTs. Users will also be able to trade on the platform with their minds at ease, since Immutable X’s secure protocol directly inherits the Layer 1 security of Ethereum. The solution is powered by StarkWare‘s innovative technology, offering instant trade confirmation and massive scalability of up to 9,000 transactions per second.

Immutable X has committed to offset any carbon footprint with its certified climate-conscious partners, Trace and Cool Effect, making every NFT on its Layer 2 100 percent carbon-neutral.

The future is full of NFTs and drops that unlock exclusive perks for their owners. Players and enthusiasts can look at ESL Gaming’s previous NFT drops here. With the increasing amount of NFTs being produced across the globe, Adobe Photoshop has added a new feature to help verify the authenticity of digital art pieces.

Immutable’s solution to carbon-neutral and gas-free trading of NFTs fits our needs perfectly, and we can’t wait to show fans what we’re building …

David Hiltscher, VP, fan value management and analytics, ESL Gaming
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Blockchain Crypto News Ethereum

What is the Significance of the Latest ETH Altair Upgrade?

On October 27, Ethereum developers will release another crucial update to the mainnet known as “Altair”, precisely at epoch 74,240. The London Hardfork upgrade in August introduced some changes to the current Ethereum network, most notably the restructuring of transaction fees. However, the Altair upgrade targets the Ethereum 2.0 Beacon chain and will ready the network for the long-awaited merge. 

What Difference Does Altair Make?

Danny Ryan, lead coordinator for the Ethereum 2.0 rollout, revealed the Altair upgrade would introduce a lot of changes for the Beacon chain, one of which includes light client support. This will enable low-capacity devices to participate in the chain.

Altair is an upgrade to the beacon chain that brings light client support, minor patches to incentives, per-validator inactivity leak accounting, an increase in slashing severity, and cleanups to validator rewards accounting for simplified state management.

Danny Ryan, lead coordinator, Ethereum 2.0 rollout

Ultimately, Altair is considered the “warm-up upgrade” for the Beacon chain and the clients towards the high-stakes merge – the unification of the current Ethereum application layer with the proof-of-stake Beacon chain. This might be the first and only upgrade to the Ethereum Beacon chain before the final transition to Ethereum 2.0, according to Pooja Ranjan, herder-in-chief at Ethereum Cat Herders. 

Although the Beacon chain was launched last year, its functionality is still limited to the deposit contract for staking. With the network merge scheduled to happen in the next year or two, all decentralised applications, smart contracts and accounts will be migrated from proof-of-work to proof-of-stake chain, which is deemed more scalable and greener for the environment.

Funds Are Safe

The Altair upgrade should not constitute any loss of users’ funds, given it only applies to the Beacon chain. No action is required by Ethereum users regarding the upgrade. However, Beacon node clients are urged to update to the latest version of their software, which is compatible with the upcoming upgrade. This process should take about eight to 10 minutes to complete, according to Ryan.

Failure to update before the Altair upgrade gets clients “stuck on an incompatible chain following the old rules”, which can result in downtime penalties.

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DeFi Ethereum Tokens

THORChain Token RUNE Up 70% Following Update Enabling ETH Trading

RUNE, THORChain’s native token, has been thriving in the DeFi market, up 70 percent following a network update that enabled Ether (ETH) trading.

As per a blog post from RUNEBase, THORChain has updated its network nodes and now allows ETH and ERC20 token trading. The update comes a few months after THORChain fell victim to several exploits, the most recent being an attack on the ETH router, which halted ETH trading and withdrawals.

The update has significantly boosted RUNE’s price, now trading at US$13.10 and with a 24-hour trading volume up to 85.91 percent as per data from Binance.

The price is the highest maximum reached by the token, surpassing last week’s maximum of $11.28 early on October 25.

Difficult Year For THORChain

THORChain suffered heavy losses after being attacked three times in Q2 2021, losses that amounted to around US$100 million.

Since then the protocol has been working behind closed curtains, developing new safety measures to avoid further attacks. Last week, THORChain announced the released of “two new critical features for node operators”.

The first feature, Make Pause, will allow node operators to pause the network for a period of one hour in the event of an attack. Trading and outbunds are halted, trapping attack transactions.

The second feature, called Make Relay, is a verified anonymous broadcasting service for nodes, broadcasting signed and verified messages into public channels.

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Crypto News Ethereum Market Analysis Trading

Top 3 Coins To Watch Today: ETH, CSPR, NWC – October 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. Ethereum (ETH)

Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.

ETH Price Analysis

At the time of writing, ETH is ranked the 2nd cryptocurrency globally and the current price is A$5,624.16. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH‘s long-term range from May’s high to May’s low could be coming to an end.

The 9, 18 and 40 EMAs flipped bullish at the beginning of October after late September’s retracement, showing strength as BTC rallied. Currently, the price is hovering just under the all-time high as bulls take some profits.

Two swing highs and the 9 EMA could mark A$5380.87 to A$5276.72 as an area of possible support. However, a sell-the-news run on stops triggered by Wednesday’s news could reach A$5136.53, near the 18 EMA, or even A$4908.21, near the 40 EMA. A deeper retracement will likely find some buyers around the 61.8% retracement near A$4467.59.

The all-time high will likely see some profit-taking, but the area near the 27% extension, at A$6214.03, could also provide some resistance. The 61.8% extensions of the last two swings converge near A$7223.45, which could be the target for an all-time high break before a new setup emerges.

2. Casper (CSPR)

Casper CSPR is the first live proof-of-stake (PoS) blockchain built off the Casper CBC specification. The Casper platform is designed to boost the adoption of blockchain technology, smart contracts, and DApps on a global scale. Casper is optimised to suit both enterprise and developer needs. Casper’s mission is to usher in a new era for Web3, as demand for intuitive, interconnected services continues to grow across the board. Casper does so by solving the adoption trilemma: offering enterprise-grade security, scalability, and decentralisation, all within the same blockchain protocol.

CSPR Price Analysis

At the time of writing, CSPR is ranked the 190th cryptocurrency globally and the current price is A$0.1493. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in mid-July, CSPR‘s 260% spike in early August turned into a nearly three-month-long consolidation. The 9, 18 and 40 EMAs are still compressing and technically show a bearish trend. However, this most likely indicates long-term accumulation, given the current market environment.

The range low established in mid-August could provide support again near A$0.1426. The price is hovering just above this level as Thursday’s mainnet upgrade approaches. This area has confluence with the current leg’s 61.8% retracement and the larger range’s 78.6% retracement.

If this level fails, bulls might also step in near the July lows at around A$0.09470. If this move occurs, it could be to run stops below the range low before starting a more significant bullish trend.

While the ultimate target might be waiting much further above, A$0.1823 has provided stiff resistance since late August. Bulls will likely take some profits here and near the 61.8% extension. The 127% extension could also see some profit-taking, along with the upper portion of the consolidation near A$0.3627.

3. NewsCrypto (NWC)

The NewsCrypto token NWC is the native token of the NewsCrypto ecosystem, which offers a comprehensive set of indicators, educational resources, and entertainment for everyone from novice traders to experts in crypto. The project aims to offer everything that a crypto trader needs in one place, while also creating a community-focused ecosystem where users can learn from each other and earn NWC for posting quality content. The NWC token is used to unlock access to the online platform, which is focused on interactive education on blockchain technology and cryptocurrency trading.

NWC Price Analysis

At the time of writing, NWC is ranked the 340th cryptocurrency globally and the current price is A$1.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

NWC‘s stunning 1,592% run during the first two quarters of 2021 retraced over 80% by mid-July, making the current range a reasonable area to suspect accumulation.

The price has ranged under the 61.8% retracement of the summer’s bullish trend. This retracement and the 9, 18 and 40 EMAs give some confluence to A$1.26 as an area of possible support for aggressive bulls.

While the EMAs are currently showing a bullish trend, a dip below the last month’s stops could reach possible support near A$0.9581. If traders aggressively sell the news of Friday’s bridge, the price might also find support near A$0.8125 as it retests range lows established in early May.

An area between A$1.60 and A$1.83 is likely to provide some resistance until a more significant move is under way. If this resistance breaks, bulls might take some profits near May’s breakdown, around A$2.23, and near the 127% extension of the summer’s bull trend, near A$2.67.

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. You can also buy these coins from different exchanges listed on Coinmarketcap.

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Bitcoin Crypto News Ethereum Investing Regulation

US Firefighter Fund Invests $25 Million in Crypto, Sparking a New Trend?

An American firefighters’ pension fund has invested US$25 million in bitcoin and ether, marking the first time a US public pension plan has invested in digital currencies, according to an October 21 announcement. This bold move is leading many to reconsider their stance on cryptos.

Houston Firefighters’ Relief and Retirement Fund (HFRRF) announced its crypto purchase through NYDIG, a digital assets manager and subsidiary of Stone Ridge Assets Management. The investment was made through a customised private fund that will be managed by NYDIG.

Taking the First Step into the World of Cryptos

In the context of the announcement, HFRRF’s chief investment officer Ajit Singh spoke of the importance of investing in cryptos:

This investment expresses our belief in the disruptive potential of distributed ledger technology for the development and democratisation of value accumulation through disintermediation.

Ajit Singh, CIO, HFRRF

Singh went on to say:

We have been studying digital assets’ transformative potential for some time, and we are pleased to have a partner of NYDIG’s calibre to ensure secure, robust and efficient execution, and enhanced compliance, as we enter this new market.

Ajit Singh, CIO, HFRRF

HFRRF’s benefactors include more than 6,600 active and retired firefighters and survivors of firefighters, and the fund holds over US$4 billion in total assets. Since 2004, HFRRF members have been contributing 9 percent of their salaries to the fund.

This purchase marks an important milestone for cryptos and their potential role in public pensions and superannuation funds. Nate Conrad, NYDIG’s global head of asset management, said the investment represented a watershed moment for bitcoin.

Entrepreneur and crypto investor Anthony Pompliano took to Twitter to share his opinion and make a bold prediction:

As crypto adoption becomes more widespread, many institutional investors are realising the importance of crypto exposure. Specifically, Australian superannuation funds are being urged to rethink their stance on cryptos or risk falling behind.

Accessing cryptos remains one of the biggest obstacles. To this end, Vault International Bitcoin Fund has established the first bitcoin-only fund in New Zealand. One of the main reasons for launching the fund is to remove the hassle and risk of direct crypto ownership.