The Rolling Stones lead singer Mick Jagger is jumping into the nonfungible token craze to help independent music venues that have been adversely affected by the pandemic.
In an announcement from the music legend on Thursday, Jagger said he had started a 24-hour auction on Nifty Gateway featuring a nonfungible token, or NFT, based on a new song with Foo Fighters frontman Dave Grohl. The digital piece designed by artist Oliver Latta, also known as Extraweg, features a loop of a figure running through two human heads, with Grohl and Jagger’s “Eazy Sleazy” song playing in the background.
“The 30-second audio visual piece evokes a surreal essence of breaking through the barriers of the human mind and pushing forward on the brink of social collapse to provide a much needed moment of artistic relief as the world slowly transitions out of lockdown,” said the announcement.
There’s a 24hr charity auction on @niftygateway at 6pm BST today for a piece of Eazy Sleazy digital art, created by 3D artist @extraweg – proceeds from this will be going to a few charities picked by myself and Dave Grohl @foofighters – find out more at https://t.co/fmNxlrVjcD pic.twitter.com/CoZEukn5cb
— Mick Jagger (@MickJagger) April 15, 2021
According to the NFT’s description on Nifty, the proceeds from the auction will help raise money for independent music venues in the United States and the United Kingdom through local charity groups Music Venue Trust and the National Independent Venue Association. A portion of the proceeds will also go to environmental causes. At the time of publication, the highest bid is for $8,988, with 12 people having made an offer for the NFT.
Many musical artists have become involved in NFTs in the past year. Last month, Crypto.com announced it would be launching an NFT platform featuring work from Snoop Dogg, Boy George, Lionel Richie and others. Major institutions have also been using NFTs to raise money for charity — New York Times columnist Kevin Roose auctioned off one of his articles for more than $550,000, which was donated to the publication’s The Neediest Cases Fund.
Reminder: Correlation does not imply causation. Unless, of course, you run the world’s most famous electric car company, have 50 million Twitter followers, and can’t help but make optimistic statements about the world’s best-known memecoin.
Yes, Elon Musk is tweeting about Dogecoin. Again. And now the price of DOGE is going up.Again.
Late Wednesday evening, the Tesla CEO tweeted artwork of a dog and a moon captioned “Doge Barking at the Moon.” In crypto parlance, “moon” refers to a rapidly rising price.
The tweet came right around when Dogecoin reached a new all-time high of slightly more than 14 cents. Immediately after Musk’s tweet, Doge mellowed to a downright chilly $0.13 then shot back up this morning to over $0.18. (Some people start their day with a latte while checkingThe Wall Street Journalfor financial advice; others read Elon tweets and chug a Red Bull.)
Dogecoin, created as a joke, now has a market cap of more than $21 billion,per data from Nomics, more than fellow coins EOS and TRON combined.
Among the top 10 coins by market cap, none has risen faster than Doge across the past year. If you bought $1 worth of Doge at this time last year, it would now be worth nearly $85.
Musk, who does not need the money (unless Tesla isn’t telling us something), has long been infatuated with the token. He first began tweeting about it in April 2019. “Dogecoin might be my fav cryptocurrency,” he replied to a tweet. “It’s pretty cool.”
While Musk has stated that his Dogecoin tweets are intended as “jokes,” they’ve been shown to move the market. A Blockchain Research Lab studyfoundthat a December tweet helped push up the price by 8% in five minutes.
Of course, Dogecoin was already doing fine before Musk logged onto Twitter yesterday. Mark CubanannouncedTuesday that his Dallas Mavericks basketball team would keep the Dogecoin it collects from merchandise sales. “We will never sell 1 single DOGE ever,” tweeted Cuban to his eight million followers. “So keep buying.”
Laugh all you want. Dogecoin is now the world’s eighth-largest cryptocurrency by market capitalization
Wyoming is now adopting the LAO, a Limited liability autonomous organization. LAO bill believes that smart contracts managing LAOs need to have the ability to be modified, upgraded, or updated. Wyoming, the state in the United States, was the star to create the LLC, bringing about ease, ubiquity, and benefits of the LLC structure.
Cryptocurrency’s Foreseeable Future
In 1977, Wyomingfirst passedlegislation allowing a new type of company called a Limited Liability Company (LLC), and hardly anyone noticed. Today, over 2/3 of all new companies formed are LLCs.
Traditional operating agreements or smart contracts can back membership interests of LAO. The latter is the most interesting since it recognizes smart contracts as a systematic process to decide a Smart Company’s Ownership.
LAO bill should be excellent for crypto personalities in the U.S., as it recognizes governance’s future. It draws the comparison to how LLCs enabled small businesses to boom across the U.S. over the past 40yrs, and the LAO could be the next big thing in the blockchain era.
Decentralized Autonomous Organizations Supplement
Wyoming recently introduced legislation to create crypto regulations On March 17, 2021, after a few attempts to introduce incentives to make cryptocurrency and digital assets exempt from the U.S. Securities regulations in 2018 and 2019.
The bill was namedDecentralized Autonomous Organizations Supplement, backed by Wyoming’s Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology. The new law would exclude digital tokens from being considered securities and grant Crypto DAOs legal approval, thus shaping future legislation.
They would be allowed to form as limited liability companies or LLCs, with the term DAO, LAO, or DAO LLC appearing in their official registry. Current LLCs in the state can become DAOs within the terms of the measure. Wyoming will be the first state in the United States to clarify a decentralized autonomous organization’s legal status if it becomes official law.
Gary Gensler’s Confirmation
Gary Genslerhas a full agenda as he gets a confirmation as SEC chair. Gensler’s confirmation will impact the crypto industry massively. With Coinbase just listed on the Nasdaq, the controversial SEC v. Ripple lawsuit placing the agency on the legal defensive, and eight Bitcoin ETFs now pending the SEC’s approval, industry players are monitoring what Gensler and his leadership team bring forth.
At hisnomination hearingbefore the Senate Banking Committee on March 2, Gensler said that Bitcoin and other cryptocurrencies had brought new thinking to payments and financial inclusion. However, they’ve also raised new issues of investor protection that they still need attention.
A few weeks ago, Texas Representative Tan Parker established the Uniform Commercial Code(UCC), an amendment bill (House Bill 4474), to better adapt commercial law to blockchain innovation and digital asset regulations. Soon Texas could follow in Wyoming’s path to become the next crypto-friendly U.S state.
Texas would build a foundation for its leadership position alongside states like Wyoming that have already blazed a trail towards regulatory clarity if the UCC amendment Bill passes.
Google Cloud is incorporating core technology from Band Protocol, a decentralized oracle service, to enable “immediate and accurate analysis of financial time series data,” according to Kevin Lu, head of business development at Band.
Lu announced Thursday that Band’s Standard Dataset is now live on Google BigQuery, an enterprise data warehouse powering ultra-fast SQL queries. Lu described the partnership as “one of the direct collaborations with the Google Cloud team to enable traditional, hybrid blockchain and cloud applications to be built which use decentralized oracles.”
“Our teams are empowering researchers and developers to use decentralized oracles for any external data source or type, regardless if the application is natively built on the blockchain or Web 2, through the flexible design of Band Protocol oracles.”
Google Cloud has figured out how to translate financial time series data into real-time analytics using machine learning. That data will come directly from Band’s public dataset via BigQuery.
Band launched in September 2019 as an ERC-20 token before migrating over to the Cosmos chain in June 2020. The protocol has quickly emerged as one of the major competitors to Chainlink, the blockchain industry’s leading oracle service provider. The protocol’s native BAND token has enjoyed tremendous success as of late as cross-chain interoperability and new developments surrounding DeFi continue to lure investors.
With respect to DeFi, oracles play an important role in securely transmitting financial data, such as price and trading volume, to various blockchain networks. DeFi remains one of the biggest growth stories in all of crypto, with more than $121 billion locked into various decentralized finance protocols at the time of writing.
Purpose Investments Fund launched a bitcoin exchange-traded fund (ETF) earlier this year, the first-such product to receive regulatory approval in North America. Since then, it has demonstrated an incredible appetite for such a product, breaking records in its first few weeks and now accruing $1 billion in assets.
“Less than two months after launching, the first North American Bitcoin ETF already reached $1 billion … in assets,” Bloomberg reported. “The product from Toronto-based Purpose Investments, ticket BTCC, has seen massive interest as investors clamor for crypto exposure, especially in an exchange-traded fund wrapper.”
In its first day of trading, the bitcoin ETF traded $200 million worth of shares — success that grew in the following days as the bitcoin ETF would eventually accumulate more than $500 million in assets as its first week ended.
The Purpose Bitcoin ETF cannot be traded on American stock exchanges due to U.S. Securities and Exchange (SEC) regulations. Several investment companies, including VanEck, Skybridge Capital, Galaxy Digital and Valkyrie Digital Assets, have submitted proposals to the SEC to offer bitcoin ETFs and are currently awaiting approval.
Speculators and experts continue to use the performance of the Purpose Bitcoin ETF on the Canadian market to predict how the American market will react whenever the SEC allows bitcoin ETFs to trade. Its performance, along with other recent developments in the space, promise a strong appetite for such a product in the U.S.
Three of Cathie Wood’s ARK exchange-traded funds bought nearly $246 million worth of Coinbase Global Inc. (COIN) shares on its listing day. Another fund, Amplify Transformational Data Sharing ETF (BLOK) also purchased COIN stock. These purchases show that ETFs are eager to buy into the crypto growth story.
However, Blackrock CEO Larry Fink has a different point of view. Fink said that institutional investors were fascinated by crypto but that did not translate into demand from institutions worldwide.
One of the reasons for the fascination not turning into demand could be the sharp rally in Bitcoin and other cryptocurrencies. A new survey of professional investors by Bank of America shows that 74% of the respondents believe Bitcoin (BTC) is in a bubble.
Such criticisms are not new to cryptocurrencies. Traders who ignore the noise and purchase fundamentally strong coins generally tend to make huge returns in the long term.
Let’s retouch on three tokens which Cointelegraph analyzed earlier this year to see if they have continued their upward trajectory.
Horizen (ZEN) was featured on Cointelegraph on Jan. 12 when the price of the token was at $28. The token sustained its momentum and has hit an intraday high at $108.77 today, a gain of 288% in just three months. Let’s look at some of the important developments that have taken place with Horizen in the past few weeks.
Recently Horizen said that development on the Zendoo mainnet release, which is due in the third quarter, is on track. The team claims Zendoo will offer improved scalability and flexibility suitable for commercial applications.
Decentralized finance has also opened a plethora of opportunities to investors. Horizen’s partnership with liquid staking platform StakeHound allows ZEN investors to participate and benefit from the Ethereum-based DeFi ecosystem.
Additionally, a string of partnerships with APIS, IOTA, DIA and Copper were announced in the past few weeks to expand the Horizen sidechain ecosystem. These developments seem to have attracted users as the company said its community had grown 13.2% in Q1 2021.
ZEN rallied from $52.54 on April 4 to an intraday high at $108.77 on April 15, a 107% rally in 12 days. Although the bears offered a stiff resistance at $86, the bulls have cleared the hurdle with force today. The first target objective on the upside is $119.45 and then $162.
The sharp rally of the past few days has pushed the relative strength index (RSI) above 83, indicating the ZEN/USDT pair is overbought in the near term. This could result in a minor correction or consolidation within the next few days.
If the bulls can flip the $86 level into support during the next correction, it will suggest that sentiment remains positive and traders are accumulating on dips. The bulls will then make another attempt to resume the uptrend.
This positive view will invalidate if the bears sink the price below $86. In such a case, the pair could drop to the 20-day exponential moving average ($71). A break below this support will signal the start of a deeper correction.
Hedget (HGET) was at $3.20 when it was highlighted by Cointelegraph on Jan. 14. Since then, the token rallied to an intraday high at $11.25 on March 31, a 251% return in about two and a half months.
The protocol has been forging partnerships to increase its user base. Hedget announced a tie-up with Fire Protocol on March 8 to issue HGET tokens on the HECO chain and integrate Hedget options within the Fire Protocol ecosystem. This will open the possibility for Hedget to provide options-based insurance mechanisms for the lending protocols on the HECO chain.
On March 9, Hedget announced a partnership with Clover Finance to build and test a two-way bridge between Binance Smart Chain and the Polkadot blockchain. Hedget said it will deploy its platform on the Clover Ecosystem, which will make it the first options trading platform in the Polkadot ecosystem.
On March 17, Hedget partnered with APYSwap to offer Vault token holders an opportunity to use options to reduce their impermanent loss.
These partnerships by Hedget show that the protocol is widening its user base, which is a long-term fundamental positive.
HGET has been in a corrective phase for the past few days. The token slipped from an all-time high at $10.95 on March 31 to $8.51 on April 11, a 22.28% correction in 12 days. In an uptrend, corrections to strong support levels offer a low-risk buying opportunity to traders.
The HGET/USDT pair has twice taken support on the 50-day simple moving average ($8.17) in the past few weeks. This suggests that the bulls are buying the dips to the 50-day SMA aggressively.
The pair has been trading just below the 20-day EMA ($8.93) for the past few days. However, the bears have not been able to capitalize on this weakness and challenge the 50-day SMA. This suggests that selling dries up at lower levels.
Both moving averages have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand.
This equilibrium is unlikely to remain for long. If the bulls can drive the price above the 20-day EMA with force, the pair could retest the all-time high. A breakout of this resistance could start the next leg of the uptrend that could reach $12.39 and then $15.
This bullish view will invalidate if the bears sink and sustain the price below the 50-day SMA. Such a move could pull the price down to $7 and then to $5.18.
Zcash (ZEC) was one of the tokens that was covered by Cointelegraph on Jan. 14 when it was trading at $109.93. Since then, the token has continued its northward march and hit an intraday high at $252.89 today, a 130% return in about three months.
Electric Coin Co., the company behind Zcash, announced the next set of upgrades dubbed Harlo Arc, set to release on Oct. 1 of this year, in conjunction with the activation of Network Upgrade 5 (NU5) and unified addresses.
Halo Arc will include updates to Zcashd, the ECC Reference Wallet apps and the ECC wallet SDKs. NU5 will move Zcash from zk-SNARKs to the Halo proving system and unified addresses will improve usability, increase the ease of interoperability and support shielding Zcash by default.
ZEC price has been in a strong uptrend. It has risen from $162.52 on April 7 to an intraday high at $252.89 today, a rise of 55% in nine days. The sharp rally of the past few days has pushed the RSI into the overbought zone, indicating the possibility of a minor correction or consolidation.
The first major support on the downside is the 20-day EMA ($194). The bulls are defending this support in the current leg of the rally as seen from the strong bounce on April 8.
If the ZEC/USDT pair again rebounds off the 20-day EMA, the bulls will try to resume the uptrend. If they succeed, the pair could start its journey toward $350.
Contrary to this assumption, if the bears sink the price below the 20-day EMA and the $190 support, it will suggest the start of a deeper correction to the 50-day SMA ($155) and then $120.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
It should be no surprise that more traditional corporations join the crypto fever by investing in bitcoin or adopting blockchain technology. Brevan Howard, a European hedge fund, is the latest asset manager to join the movement.
Bloomberg reported that the asset manager is preparing to invest $84,000,000 in digital assets, representing 1.5% of its $5.6 billion hedge fund. Jonny Steindorff and Tucker Waterman, co-founders of crypto investment firm Distributed Global, will oversee the initial allocation.
Betting on Several Cryptos
According to a person familiar with the matter, the fund will have a diverse portfolio by focusing on several crypto assets besides bitcoin and ether. Its co-founder, Alan Howard, has vast experience in the field, investing in cryptocurrencies and backing the crypto funds of US-based One River Asset Management.
Howard is now expanding his investments following a year of record gains. He now joins the likes of Paul Tudor Jones and Stanley Druckenmiller, well-known hedge fund managers who have turned into prominent bitcoin supporters, calling BTC a better store of value against declining fiat than gold.
A Hedge Against Fiat
The US government has taken measures to fight the pandemic with a 1.9 trillion COVID-19 relief package – the most recent one. Several analysts in the field have warned about a possible state of inflation for the US Dollar as the Federal Reserve is printing large sums of paper money.
As reported, Druckenmiller joined Jones by investing in Bitcoin. During an interview on CNBC, he admitted that he’s long on BTC, adding that the crypto could become a better store of value against that scenario.
“I’m a bit of a dinosaur, but I have warmed up to the fact that Bitcoin could be an asset class that has a lot of attraction as a store of value,” — said Druckenmiller
Last year, Jones started buying bitcoin when the COVID-19 hit the global markets in March. His hedge fund, the Tudor Investment Corporation, has been investing part of its capital in bitcoin futures.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Not all NFT platforms are for newly-rich crypto investors to flaunt their wealth, as one project is proving.
As the calls from artists and activists grow louder to reduce the carbon footprint of NFTs, one indie platform on environmentally-friendly proof-of-stake blockchain Tezos has seen a surge in activity and is currently hosting a World Art Day event to raise money for the open-sources liscensing organization Creative Commons.
Hic et Nunc, or H=N, announced the event via a short press release from TQ Tezos, a Tezos ecosystem development foundation not formally associated with H=N. Centered on a theme of “#NFTsforall,” the fundraiser features work from artists representing over 11 countries.
The H=N website is notably sparse on the usual self-promotional explainers, but one resource that shines some light on the platform is artist M Plummer-Fernández’s essay explaining H=N and the broader opportunities NFT tech can offer artists, titled “Not another JPEG.”
In the essay, he describes the surreal experience of seeing dozens of his pieces sell on the platform — earning him more than his monthly teaching salary — and seeing a “global community” of artists convene and support one another. It’s a platform, he argues, that combines the cost-effective utility working artists need and the eco-friendly characteristics they care about:
“For creatives on a budget, and not wanting their experimental works to be a financial risk, a low-cost-to-participate NFT marketplace is very appealing. It’s unsurprising then that H=N comes not from the art establishment nor crypto-millionaires, but from a cryptopunk technologist in Brazil named Rafael Lima, and an emerging Brazilian CriptoArte scene.”
However, in addition to not founding H=N, crypto-millionaires may not be migrating to the platform anytime soon. The app might be charitably described as “user ambivalent,” featuring little more than a seemingly endless scroll of images and offering the barest UI/UX guidance (“ah, so cryptic” jokes Plummer-Fernández in his essay). Independent browsing tools offer an alternative experience, if not one any kinder on the eyes.
While these features (or lack of them) stand in relief against the many slick, Ethereum-based marketplaces catering to crypto’s elite, H=N can claim self-evident success in attracting a far more diverse range of artists and buyers. Plummer-Fernández points to an initiative started by artists Amelie Maia and Tais Koshino, “DiverseNFTArt,” that aims to “support and amplify the voices of Women, BIPOC and LGBTQIA+ artists,” as well as the new income streams cost-effective listing and exchanging of work offers artists in the global South.
This “artists supporting artists” ethos is baked into the fundraiser as well. According to TQ Tezos communications director Reid Yager, the fundraiser is centered on art “swaps” that will generate fees to be donated, incentivizing artists to also become collectors — a point Plummer-Fernández also touched on.
Yager says that so far the platform has generated 640,556 XTZ in sales and fees, representing a market value of $5 million. It’s also attracted support from Pak, the enigmatic and hugely popular NFT artist, as well as Joanie Lamercier, the French artist whose blog on his NFT-backed art energy consumption may have kicked off the climate hysteria that overtook NFTs amid their push into mainstream consciousness.
Eventually, the bull market will fade and the money sloshing around will dry up. At that point, the cheaper, durable, and diverse communities like H=N might well be the ones left standing.
Bitcoin price (BTC) is down $2,000 from yesterday’s high set right around the time that Coinbase Global (COIN) went live on Nasdaq.
The price action frighteningly mimics a fractal flashback from the CME futures launch that put the top in around late 2017 and started the bear market in cryptocurrencies. Is this just crypto winter PTSD, or is a launch of this magnitude the perfect sell the news event?
Then And Now: CME Futures Versus Coinbase Global Debut On Nasdaq
Rewind back to 2017. Few then knew what a cryptocurrency even was, and were caught off guard when something called Bitcoin became taking over mainstream media, eventually reaching prices of $20,000 per coin.
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
The FOMO storm that year was driven by a variety of factors. BTC holders would get BCH when the hard fork took place, the halving was in the past, and big name speculating platforms began looking to launch Bitcoin-based futures contracts.
Related Reading | Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains
The first to get involved was CBOE, but the bigger deal and the one still trading today is the Chicago Mercantile Exchange otherwise known as CME. The only problem was, its debut was the exact top of the bull market.
Unfortunately for the current bull run, that same price action is back with an almost flawless fractal. At the same time, a cycle top signal has appeared.
An initial plunge, followed by a controlled sideways period before peaking around launch | Source: BTCUSD on TradingView.com
Bitcoin Price Fractal Could Indicate A Bear Market Is Brewing
Things are very different now in the crypto market fundamentally that many would argue changes things. However, the mindset “this time is different” is considered one of the biggest mistakes in investing.
With a transcendent technology like Bitcoin, however, anything is possible. But so is a scenario where the top is in, and is brought about by a “sell the news” event in the same vein as the debut of CME futures.
Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See
Granted, CME was the most dominant institutional focused platform that allowed short positions on Bitcoin, and Coinbase does nothing of the sort. However, it could cause some speculative capital that was once in Bitcoin to flow its way into COIN and the sudden abundance of companies and products offering crypto exposure without actually owning it.
Aside from the much larger initial impulse and correction, the curve has been the same | Source: BTCUSD on TradingView.com
But could it be enough to bring forth a bear market? After CME’s big crypto debut, Bitcoin fell by 84%. A similar fall, which is typical for assets that have lost their parabolic curve, would take the top cryptocurrency back under $10,000.
Even if a crash happens, bulls still have Elliott Wave Theory to hold onto. The 2019 peak which, also coincidentally happened around the launch of Bakkt and the introduction of Facebook Libra – two more sell the news events – would have acted as wave one of five.
The corrective wave down to the Black Thursday bottom completed wave two, and wave three could be concluding now. According to the study, wave four should never retrace into wave one, which means that so long as Bitcoin never passes below $14,000, the bull market is intact even with as much as an 70% selloff.
The fall to Black Thursday lows was about as sharp, and corrections have been slim during this bull run. Is this the top, a correction, or none of the above?
Featured image from Deposit Photos, Charts from TradingView.com