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OpenSea Trading Volume May Force Ethereum Price Crash, Expert Says

OpenSea Trading Volume May Force Ethereum Price Crash, Expert Says

Ethereum’s latest price decrease was fueled by increased altcoin inflows to cryptocurrency exchanges. Experts attribute the drop in Ethereum’s price to direct transfers from the NFT marketplace OpenSea. OpenSea Transaction Volume Dangerous For Ethereum According to Etherscan data, OpenSea has been unloading thousands of ETH on the market in the last few weeks. Similarly, NFT creators on the platform have profited, according to the statistics. The volume of NFT trading on OpenSea continues to climb in January. Since the start of 2022, OpenSea, the largest NFT marketplace, has seen extraordinary NFT sales. According to Dune Analytics, monthly NFT sales on OpenSea currently exceed $4.5 billion. This sum surpasses their previous monthly sales record of $3.5 billion and is expected to rise further. The volume of Ethereum exiting has steadily climbed over the last two weeks. 21,000 Ethereum were directly transferred from OpenSea’s wallet to Coinbase. Related article | OpenSea Transaction Volume Shows That NFTs Are Not Slowing As the selling of NFTs increases, so do royalties and direct transfers from OpenSea. The precipitous rise of the NFT marketplace may enhance Ethereum inflows to exchanges such as Coinbase. As royalties from OpenSea, an extra 35,300 Ethereum were distributed to NFT issuers. Colin Wu, a Chinese journalist and crypto analyst, argues that the surge of Ethereum inflows from OpenSea to Coinbase spurred the increase in selling pressure. Historically, a surge in selling pressure causes the altcoin’s price to fall. Colin Wu tweeted: “OpenSea and NFT issuers may be one of the pressures for ETH to crash. In the past two weeks, the amount of ETH transferred directly from OpenSea Wallet to Coinbase reached 21,000, and the amount of ETH transferred to royalty distributors reached 35,300.” ​ Analysts have noticed that the net outflow for Ethereum in 2021 was relatively large. The net inflow of Ethereum has increased significantly during the last month. ETH/USD nosedives to $2,200. Source: TradingView IAmCryptoWolf, a pseudonymous cryptocurrency analyst, assessed the Ethereum price trend and forecasted that a bounce in the altcoin’s price around $2,300 would act as strong barrier. $ETH. Working on 78.6fib, monthly 21EMA and horizontal daily and weekly support 2.2-2.3k.Since we lost 3k key support, a bounce in this area will act as strong resistance. In the same area we will also have daily DMA50 curving down together with the WMA50 and WEMA21 resistances pic.twitter.com/ngR2YsCzqC — Wolf 🐺 (@IamCryptoWolf) January 23, 2022 Ethereum Net Position Change – All exchanges. Source: Glassnode However, OpenSea is not the sole cause of the drop in the price of ETH. According to Coinmarketcap data, ether is down more than 35% year to date. Over $746 has been deducted from the value of ETH in the previous 14 days, as it has fallen below $3,000. ETH is presently trading at $2,407, a -3.71% decrease over the previous 24 hours. Other Factors That May Trigger Price Fall Several reasons have contributed to the crypto market crisis, including a broad market selloff in response to a policy shift by the US Federal Reserve Bank. The changing policy direction of Russia toward crypto is among the contributing factors to consider. Market participants, on the other hand, remain bullish on Ether in the long run. Several upgrades that the network intends to roll out this year are fueling these expectations. For starters, the next stage of Ethereum’s journey to becoming a proof-of-stake (PoS) blockchain is planned for this year. Several forecasts claim that the merger will take place in the first half of 2022. This improvement will increase the Ethereum network’s scalability and greatly contribute to making Ether issuance deflationary. As a result, it will encourage adoption and, in the long run, drive up the price of Ethereum. Related article | TA: Ethereum Nosedives, Indicators Show Signs of Larger Downtrend Featured Image from Shutterstock | Charts by Glassnode, and TradingView

The Ultimate DeFi Wallets For 2022

The Ultimate DeFi Wallets For 2022

Decentralized finance aims to revolutionize financial services like nothing before it ever has. It will make financial services available to anyone that wishes to have them and has been denied access due to many reasons ranging from lack of access to being denied by the institutions. Using DeFi, anyone with an internet connection can get their hands on the best DeFi services in the crypto world. The services can range from DeFi loans, lending, flash loans, prediction market, decentralized exchanges, yield farming, NFTs, margin trading, etc.  All one needs to access these services is a device connected to the internet […]

How To Add Bitcoin To The Balance Sheet For Corporations, With Saylor & Dorsey

How To Add Bitcoin To The Balance Sheet For Corporations, With Saylor & Dorsey

Is your company ready to buy the Bitcoin dip? Saylor and Dorsey will give you the 411 for free.99. The MicroStrategy World annual conference goes live on February 1st. Learn directly from these two titans of the industry, who have definitely been among Bitcoin’s main proponents and promoters over the last few years.  Michael Saylor has led by example, buying every dip, and is a constant presence in mainstream media. His interviews are more like classes and the attention they get is outstanding. Jack Dorsey, for his part, left Twitter to focus on Bitcoin. Since then, his Block company announced several projects that’ll definitely strengthen the Bitcoin network. About the MicroStrategy World conference, the press release promises it’ll be “focused on Enterprise Analytics and Bitcoin for Corporations. World 2022 is 100% virtual, and—for the first time ever—access to all sections of the conference is free of charge.” That’s an unbeatable price. What Will Saylor And Dorsey Talk About? The conference has two sides, two different events that showcase MicroStrategy’s duality: “The Enterprise Analytics event will introduce bold new ways to think about analytics and business intelligence, and showcase organizations who’ve used data as a strategic differentiator. The Bitcoin for Corporations event will explore the various benefits of incorporating Bitcoin into corporate initiatives.” Join me and Keynote Presenter @jack at the 2nd Annual Bitcoin for Corporations Feb 1 & 2. This free, virtual conference is a must for any corporation considering integrating #Bitcoin with their products & services, or adding #BTC to their balance sheet.https://t.co/V9fIkv633q — Michael Saylor⚡️ (@saylor) January 20, 2022 As you might expect, NewsBTC will focus on the second event. It’s important to say that both Dorsey and Saylor’s companies have Bitcoin on their balance sheet. These two put their money where their mouth is, and then some. In any case, what does MicroStrategy World promise? “An in-depth discussion on Bitcoin between two visionary voices: Jack Dorsey, CEO of Block, Inc., and Michael Saylor, CEO of MicroStrategy Inc. This session will be followed by a discussion on Bitcoin Treasury with Phong Le (President and CFO, MicroStrategy). Bitcoin for Corporations will also feature live interviews with industry experts from Coinbase, Deloitte, Fidelity Digital Assets, Genesis, Jefferies, NYDIG, Paxos, and Silvergate Bank.” It’s noteworthy that Fidelity Digital Assets recently shocked the world by predicting more countries and probably a Central Bank or two would add Bitcoin to their balance sheet in the next few years. Christine Sandler, Fidelity’s Head of Sales & Marketing, will represent the company at the conference.  Saylor ’s Recent Bitcoin History Since MicroStrategy first added Bitcoin to its balance sheet in August 2020, the company has increased the bet every few months. They issued common stock. They sold stocks. They bought, and bought, and bought, and bought. In a recent interview, Saylor explained the strategy and NewsBTC reported: “Look, our long term strategy is kind of like Harvard University. We’re running a university but we have an endowment. MicroStrategy is selling enterprise software. We generate $100 million in cash flow a year – in a good year – and we are reinvesting that cash in our endowment. Our endowment is 100% bitcoin.” Saylor adds that MicroStrategy plans to acquire and hold bitcoin as a balance sheet. As for the operations, the company will continue to sell its enterprise software everywhere in the world.” Related to this, about MicroStrategy’s free conference, Saylor said: “We have gained a wealth of experience and expertise innovating our treasury strategy and evolving our corporate bitcoin acquisition strategy. And we’re pleased to be in a position to share our knowledge—via this curated event—for corporations looking to pursue similar strategies and bold initiatives.” Dorsey’s Recent Bitcoin History For his part, Dorsey’s strategy is much different than Saylor’s. He’s working in infrastructure. Dorsey’s fortifying the network’s weak parts. Among other things, Block announced they’re building a decentralized Bitcoin exchange called tbDEX. Released the Lightning Development Kit. And announced they’re working in an open-source ASIC miner.  On a personal level, Dorsey and rapper Jay-Z put 500 BTC in a blind trust to promote Bitcoin development in Africa and India. And created the Bitcoin Defense Legal Fund to protect developers from all kinds of lawsuits. BTC price chart for 01/21/2022 on Gemini | Source: BTC/USD on TradingView.com The Price Of Bitcoin Despite Saylor’s and Dorsey’s efforts, Bitcoin is bleeding. On one hand, Proof-Of-Stake proponents straight up lied before U.S. Congress in a hearing about Proof-Of-Work’s environmental risks. On the other, there’s a rumor that Russia is considering banning Bitcoin in some capacity. Both of those situations caused panic in the market, and Bitcoin’s price is currently 40% lower than the ATH of $69K.  Will Michael Saylor buy the dip?  Featured Image: screenshot from the conference’s website | Charts by TradingView

What Is DeFi

What Is DeFi

Decentralized Finance DeFi is one of the biggest trends in the blockchain industry, and many believe it will overtake the traditional finance world. DeFi uses DApps and distributed ledger technology (DLT) to allow for permissionless financial operations to be conducted within a peer-to-peer network. Experts believe that the massive adoption of DeFi will be exponential thanks to DeFi products like efficient stablecoin trading, decentralized lending or Yield Farming, DEX (Decentralized exchanges), DeFi insurance, liquidity mining, etc. Read on for CoinStats ultimate guide to learn everything you need to know about the DeFi space,  popular DeFi protocols, DApps, and download our […]

Terra Announces Non-Profit ‘Luna Foundation Guard’

Terra Announces Non-Profit ‘Luna Foundation Guard’

Terra Luna’s ‘lunatics’ have had their sights set on a multi-part announcement that is set to unveil, and this week the first piece of the puzzle has come to life. This week, Terra announced the formation of a new non-profit organization, the Luna Foundation Guard (LFG), that is “dedicated to supporting the advancement of open-source technology, facilitating the growth of the Terra ecosystem, and improving the sustainability and stability of Terra’s algorithmic stablecoins.” Terra Says “LFG” Terra has launched a dedicated landing page, lfg.org, outlining the team, mission, and funding & grants around LFG. The new non-profit will emphasize a number of major pillars that they see as core in advancing the ecosystem. Founder and CEO of Terraform Labs, Do Kwon, also released a recent tweet thread highlighting the major pillars behind LFG: 1/ 1 out of 3 💎 https://t.co/PcxKtGhpeT is born: – a non-profit foundation – governed by top builders in @terra_money eco– dedicated to $UST stability and adoption– decentralizing core teams behind @terra_money https://t.co/p6PkN4cWE0 — Do Kwon 🌕 (@stablekwon) January 20, 2022 In all, the Foundation will serve as a mechanism to continue driving engagement and adoption of Terraform Lab’s growing stablecoin, UST. Adoption of UST has continued to grow as the token, seen broadly as one of the most decentralized yet mainstream stablecoin options currently available, approaches an $11B market cap. The aforementioned Do Kwon will lead the charge for the Luna Foundation Guard, alongside founding member Nicholas Platias and several governing council members. The team will deploy foundation grants, starting at the end of the month, to blockchain projects in the ecosystem that address open-source development, research and education, and community growth within the Terra network. Related Reading | TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term Luna, the tradable token that arguably serves as the ‘backbone’ of the Terra ecosystem, has performed exceptionally well over the past year. | Source: LUNA-USD on TradingView.com One Of Three… What’s To Come? As mentioned previously, this announcement is slated to be the first of three, from what started as a teaser image of the cover photo used here. That photo led many ‘lunatics’ to speculate on what could be coming – the two intersecting circles led many to believe that an incoming MasterCard partnership could be coming, and many Terra fanatics believed that some sort of Bitcoin-related support could be brought to life as well. Speculation aside, the Terraform Labs-created blockchain continues to shine, recently becoming the first decentralized stablecoin to achieve a $10B market cap as well as launching a new automated market maker (AMM), Astroport. For now, the LFG webpage still has a “{redacted}” section, so don’t be surprised if the coming two announcements, which could likely be unveiled over the weeks to come, are extensions or supplementary pieces of the non-profit. Related Reading | TA: Ethereum Nosedives, Indicators Show Signs Of Larger Downtrend Featured image from medium.com/terra-money, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

Top 10 DeFi Apps in 2022

Top 10 DeFi Apps in 2022

Which DeFi apps will rock our world in 2022? Let’s find out! DeFi (Decentralized Finance) is one of the biggest trends in the blockchain industry, and many believe it will overtake the traditional finance world. While the current financial system works on a centralized platform, controlled by government agencies and other intermediaries, DeFi operates according to a protocol that runs on a decentralized network powered by blockchain. The massive adoption of DeFi became evident in 2021 when the DeFi investments surpassed $100 billion. Experts believe this growth will be exponential thanks to DeFi financial products like efficient stablecoin trading, DeFi […]

Intel To Present Low Voltage, Energy Efficient Bitcoin Mining Chip At Conference

Intel To Present Low Voltage, Energy Efficient Bitcoin Mining Chip At Conference

This could be huge. Intel plans to enter the Bitcoin mining space with a cleverly marketed “ultra-low-voltage energy-efficient” ASIC chip. Considering that the chip shortage severely delayed the next generation of ASIC miners, this is tremendous. And, more importantly, it opens up the door for Bitcoin miners manufacturing in the USA. And in the rest of the Western world, even.  Related Reading | Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories In December, Raja Koduri hinted at Intel’s intention to get into the Bitcoin mining space. Even though he’s the chief architect and senior vice president of Intel’s architecture, graphics and software division, no one expected Intel to deliver so soon.  Intel jumping into the #Bitcoin mining ASIC manufacturing is a huge. We need way more chip fab in the USA. It will result in: – Improved National Security– Supply Chain robustness And it will also result in less reliance on Taiwan, who is being threatened by China aggression. — Dennis Porter (@Dennis_Porter_) January 18, 2022 Details are scarce. There’s nothing on Intel’s official site. A quick search reveals that “Access to additional search results for “bonanza” is restricted”. However, we have the 411 on the project that goes by the code name “Bonanza Mine.” What Do We Know About Intel ’s “Bonanza Mine”? The product will be an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.” According to Tom’s Hardware, the page that broke the news, Intel will reveal their new chip at: “The ISSCC conference is a yearly gathering of the best and brightest minds in the chip industry. This year, Intel has a presentation scheduled in the ‘Highlighted Chip Releases’ category to outline a new “Bonanza Mine” processor, a new chip described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.” Apparently, Intel has been developing the product since at least 2018, when they registered “a patent for a specialized processing system that uses an optimized SHA-256 datapath.”According to Tom’s Hardware, “Intel has a wealth of experience in hardware-assisted SHA-256 algorithms due to the use of these instructions in its CPU products.”  This is huge news! More competition in the hardware mining sector is welcome 🔥 pic.twitter.com/C7I1FQJxH6 — Dan Held (@danheld) January 18, 2022 A more recent indication of the company’s intentions came when the already mentioned Intel executive Raja Koduri “appeared on popular streamer Dr. Lupo’s show.” He told him point-blank: “Being able to do much more efficient blockchain validation at a much lower cost, much lower power, is a pretty solvable problem. And you know, we are working on that, and at some point in time, hopefully not too far into the future, we will kinda share some interesting hardware for that.” BTC price chart for 01/18/2022 on Bitstamp | Source: BTC/USD on TradingView.com Why Is This Development Important? Until now, ASIC Bitcoin miners manufacturing is controlled by Bitmain and Microbt, with Canaan, Strongu, and Ebang handling a minority of the market. All of those companies are Chinese. The chips are all made in Taiwan and South Korea. This poses a centralization problem for the Bitcoin network that seemed unsolvable until Intel’s soft announcement. Now, the open-source Bitcoin miner that Jack Dorsey’s Block is working on makes a lot more sense. Theoretically, the silicon chip is the only part of an ASIC machine that can’t be bought in a hardware store. With that problem solved, by no less than an industry leader with immense manufacturing power, the sky’s the limit. If this whole thing materializes, expect a huge leap forward in the further decentralization of Bitcoin mining.  Intel, a $220 billion industry leader, is preparing to launch ASIC hardware for bitcoin mining. Bitcoin is a computer network. Every technology company will eventually plug themselves into it. https://t.co/pbTFiRqx0B — Pomp 🌪 (@APompliano) January 18, 2022 Also, Intel’s announcement certainly legitimizes Bitcoin mining as a business to watch for the next 100 years. As podcaster Anthony Pompliano said, “Bitcoin is a computer network. Every technology company will eventually plug themselves into it.” With this announcement, Bitcoin not only gets Intel’s seal of approval. The giant company now has skin in the game.  Related Reading | Intel, Microsoft Took 10+ Years to See Gains, Crypto Investors in Good Position To close this off, let’s quote Tom’s Hardware one more time: “For now, it isn’t clear if Intel will release the Bonanza Mine chip as a product for the public or if it remains confined to a research project. However, given that the chip is in the “highlighted Chip Releases: Digital/ML” track and Koduri’s comments, it’s logical to expect that these chips will be offered to customers in the near future.” So, everything we said is not a done deal just yet. It smells good, though. Featured Image by Badar ul islam Majid on Unsplash | Charts by TradingView

How to Buy GALA | Where, How, and Why

How to Buy GALA | Where, How, and Why

Blockchain gaming is already one of the most trending industries in the crypto industry, but the play-to-earn gaming sector is still in its early stages of development. Gala is a game and NFT platform that aims to build an ecosystem dedicated to blockchain games. Its goal is to make blockchain games that users really want to play and truly own what they have won in the game. GALA is the functional token of the platform and can be used to reward network node operators, participate in network governance, and purchase in-game items and NFTs in the Gala store. Gala Games […]

Announcing New Partnership with Unicrypt

Announcing New Partnership with Unicrypt

CoinStats is delighted to announce a brand new partnership with Unicrypt that is sure to benefit both user bases and bring us a step closer to our goals. Wanna learn more about the collaboration? You’ve come to the right place. Let’s dive in! What Is Unicrypt Launched in June of 2020, Unicrypt is a multi-chain decentralized platform with an extensive toolset of decentralized services. Currently, Unicrypt has 20,000 daily users and has over $500 million worth of crypto locked. The six key services offered are liquidity lockers, token minting and vesting, farms and staking as service, and technology for launching […]

Fidelity Says What We’ve Been Thinking: Countries & Central Banks Will Buy BTC

Fidelity Says What We’ve Been Thinking: Countries & Central Banks Will Buy BTC

Surprising the world, Fidelity predicts what Bitcoin’s game theory implies. It’s as Satoshi Nakamoto said, “It might make sense just to get some in case it catches on.” That’s the exact same conclusion that Fidelity reaches in its “Research Round-Up: 2021 Trends And Their Potential Future Impact” report. Take into account that Fidelity is a multinational financial services corporation, it doesn’t get more mainstream than this. I agree with @Fidelity, of course, but still astonishing to read this on Bitcoin adoption game theory in such a mainstream financial report: pic.twitter.com/7zRO9rEele — Alex Gladstein 🌋 ⚡ (@gladstein) January 13, 2022 What did Fidelity say about Bitcoin adoption at the nation-states and central bank level?  They put it very clearly: “We also think there is very high stakes game theory at play here, whereby if bitcoin adoption increases, the countries that secure some bitcoin today will be better off competitively than their peers. Therefore, even if other countries do not believe in the investment thesis or adoption of bitcoin, they will be forced to acquire some as a form of insurance. In other words, a small cost can be paid today as a hedge compared to a potentially much larger cost years in the future.”  In other words, It might make sense just to get some in case it catches on. And, as Stacy Herbert said, “First mover advantage goes to El Salvador”. At least if we’re talking out in the open, because other countries might be accumulating Bitcoin on the down-low. For example, Venezuela seized a lot of ASICs from private miners. Chances are those are active in a warehouse somewhere. And, of course, there are rumors that the USA is already mining. Fidelity is one of the biggest asset managers in the world They see what ID-10ts fail to understand First mover advantage goes to 🇸🇻 Game over for fiat, game on for #bitcoin 🌋🇸🇻 pic.twitter.com/I0Jlp8baVY — Stacy Herbert 🇸🇻 (@stacyherbert) January 13, 2022 In any case, what does Fidelity conclude? “We therefore wouldn’t be surprised to see other sovereign nation states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.” If those players do it in the open, it will probably trigger a race like no other. A race in which it will be too risky not to participate.  Speaking About Bitcoin Mining… Fidelity’s report summarized 2021, it goes through most of the major stories that NewsBTC has covered ad nauseam. The company doesn’t try to figure out why did China ban Bitcoin mining, but it highlights how fast the hashrate recovered.  “The recovery in hash rate this year was truly astounding and one that we think demonstrates several issues that will be important to keep in mind for 2022 and beyond.” The Fidelity report also highlighted how well the network responded. “This has now been tested and bitcoin’s network performed perfectly.” BTC price chart for 01/17/2022 on Eightcap | Source: BTC/USD on TradingView.com What Does Fidelity Say About The Ecosystem In General? The report wasn’t exclusively about Bitcoin, they also identified the biggest trends in the wide crypto sphere. “The biggest non-Bitcoin themes put on display this past year included the massive issuance of stablecoins, the maturation of decentralized finance, and the early days of non-fungible tokens.” And about those trends, Fidelity predicted: “The growth in interconnectivity between siloed blockchains” “Traditional fintech companies partnering or building capabilities to interact with DeFi protocols” “The dawn of decentralized algorithmic stablecoins has officially begun.” Responding to the “growth in demand for more regulated, centralized stablecoins.” “While the long-term value of these NFTs is not known, the impact of increased digital property rights for art, music, and content is likely to be meaningful in some form.” In general, Fidelity thinks that investment in digital assets will keep growing: “Allocating to digital assets has become far more normalized over the past two years for all investors. The Fidelity Digital Assets 2021 Institutional Investor Survey found that 71% of U.S. and European institutional investors surveyed intend to allocate to digital assets in the future. This number has grown across each individual region of the survey for the past three years, and we expect 2022 to show another year of higher current and future asset allocations to digital assets amongst institutions.”  However, something has to happen to catalyze widespread institutional adoption. “The key to allowing traditional allocators to continue to pour capital into the digital asset ecosystem revolves around regulatory clarity and accessibility.” Is 2022 the year of regulatory clarity? What will happen first, institutional adoption of cryptocurrencies or nation-states adoption of Bitcoin? What central bank will earn first-mover advantage? Burning questions for the year ahead. Featured Image by Damir Spanic on Unsplash | Charts by TradingView

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