Day: April 22, 2021

How to make hodling worthwhile, explained

by Cointelegraph

Working with a licensed crypto company offers clients legal rights and helps ensure that they don’t run into regulatory trouble.

Financial regulators and international banking bodies around the world are cracking down harder and harder on crypto companies that do not follow regulations, and it’s not just securities law violations they’re looking for anymore. Most notably, any firm dealing with crypto could face serious consequences if it doesn’t have Know Your Customer and anti-money laundering standards in place. 

One of the best ways to ensure that your cryptocurrency is in the hands of a company that won’t run into legal trouble is to choose one that is licensed by an internationally respected financial regulator. In addition, entrusting your crypto to a regulated entity can afford you some protections in the event that something goes wrong.

Holdnaut has been certified by the Singapore Fintech Association, an accreditation that in turn has been recognized by the Monetary Authority of Singapore. Executives at the business are now seeking to become the first licensed and regulated entity within the crypto borrowing and lending space in Singapore.

The company has now been in operation for two years, and it has entered into a number of partnerships to enhance its offering further. A new collaboration with Jumio, which provides AI-powered, end-to-end identity verification and KYC solutions, ensures that Hodlnaut customers can quickly and easily get onboarded on the platform. 

Hodling takes patience, nerves of steel, and discipline. Saving it safely can create a powerful incentive for staying on the rollercoaster.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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DeFi Index Provider Phuture Raises $1.5 Million In Seed Funding Round

by Decrypt

In brief

  • Phuture, a decentralised protocol, has just completed a funding round that raised $1.5 million.

  • The funding round was led by investment firm Ascensive Assets.

Decentralized protocol Phuture has today announced that it has completed a private seed round, led by private investment firm Ascensive Assets. The funding round has raised a total of $1.5 million. 

Phuture allows users to build, create and invest into indexes in a Web 3 environment. Once Phuture is live, it intends to provide an “open design” philosophy for creating decentralized finance (DeFi) investment strategies. The protocol will include unique, scalable, and aggregated index architecture that will allow the protocol to rebalance across multiple price indices in real-time. 

“The permissionless nature is what excites us the most, anyone can create any type of index,” Charles Story, head of growth at Phuture, told Decrypt. 

The funding round, while led by Ascensive Assets, also included crypto investment firms like SevenX, Moonrock Capital, and Origin Capital. Danish Chaudry, the CEO of Bitcoin.com, also participated in the funding round.

“We’ll be working in unison to redefine the role of an index within a Web 3.0 environment,” said Storry, adding, “The capital raised will be used to fund the continued development of Phuture as it moves towards its upcoming version one launch.” 

In addition, Storry suggested the funding round will also be used to build out the Phuture team, and early user base. 

“We’re proud to be backing Phuture as its lead investor,” said Oliver Blakey, managing partner at Ascensive Assets,” adding “We believe that indices are going to have a huge role to play within crypto, just as they have in traditional finance.”

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Is This The Perfect Moment To Buy Ethereum? Top Analyst Weighs in

by NEWSBTC

The market has been struck by the bears, but Ethereum (ETH) has managed to maintain side movement in the 24-hour chart. Trading at $2.404,36, ETH moved towards a new all-time high before the crash. Investors looking for a good entry for a long position could benefit from the current dip.

Ethereum ETH ETHUSD

Analyst Ben Lilly has been keeping a close eye on the trading pair ETH/USD. Predicting the recent bullish price action, the analyst claimed increased volatility for the pair as it moved near a low point on its gamma curve.

Used as a metric to measure how fast the price of an asset can change in relation with each one-point increase, the gamma on this trading pair also hinted at a “more explosive” price action to the upside and further volatility towards the weekend, as Ben Lily said:

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(…) back at max negative gamma, about $1.5mn per $10 moves. (Volatility) still high until the weekly close tomorrow.

Ethereum ETH ETHUSD

At the time of writing, Bitcoin’s (BTC) price is sinking on the lower and high timeframes. On the other hand, ETH holds key support at the aforementioned levels. This price action coincides with a drop in Bitcoin’s dominance to similar levels not seen since the 2017 bull market.

During this period, “altcoins went bananas”, as the analyst stated while sharing the chart below showing two-moment when ETH’s price has exceeded “in expectations”. Ben Lilly added:

The initial break higher resulted in nearly 800% returns while the second, over 400%. These types of “effects” are what I consider breaking the norm (…) . And for now I see the potential of one altseason beginning to take form.

Ethereum ETH ETHUSD

Ethereum’s Most Bullish Factor

Two additional events could operate as catalyzers for ETH’s price. As the analyst said in a previous analysis, at the end of April investment firm Grayscale will begin acquiring assets for its product.

At first, this could have favored Bitcoin’s price as the Grayscale Bitcoin Trust (GBTC) represented much of the demand for this cryptocurrency in the past months. The situation now could be different, as Ben Lilly stated:

One thing I’d like to add is the flow of capital from GBTC effect might not re-enter. But nter ETHE or the other trusts. The other Trusts have less circulating supply and creating premiums in those vehicles is less capital intensive. Grayscale Effect 2.0 – Altcoin version?

However, ETH’s price biggest catalyst could be implemented with Hard Fork London and EIP-1559. To be deployed in July, this update will change Ethereum’s fee model and will make ETH an asset with deflationary pressure and a supply in continuous reduction. Co-Founder of Ethhub.eth, Anthony Sassano, explained it as follow:

Once EIP-1559 is implemented, every single transaction on Ethereum will burn $ETH. Every liquidation, every ETH transfer, every layer 2 proof, every DEX trade, and even every rug pull – it doesn’t matter what the transaction is – ETH will continue being burned. Forever.

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Ethereum ETFs Get Off to $138 Million Start So Far

by Decrypt

In brief

  • Three Ethereum exchange-traded funds (ETFs) launched in Canada Tuesday.

  • Available on the Toronto Stock Exchange, they have a combined trading volume of $138 million already.

The world’s first Ethereum exchange-traded funds (ETFs) began trading this week—and got off to an explosive start. All in all, the trio of Canadian ETFs have racked up $138 million in trading volume so far. 

The Ethereum ETFs, run by Purpose Investments, Evolve ETFs, and CI Global Asset Management, started trading on Toronto’s stock exchange (TSX) Tuesday. The ETFs are products that allow investors to buy shares that represent the second biggest cryptocurrency by market cap, Ethereum. Investors can trade them continually throughout the day but don’t have to worry about the tricky stuff that comes with holding crypto, like storage.

And they got off to an impressive start for an ETF launch in Canada. CI Global Asset Management (which is partnered with Galaxy Digital) traded over $22 million, according to figures shared with Decrypt. Since then, that number has risen to $79 million. 

While Purpose traded $20 million on its first day and Evolve, $3 million. They both currently stand at $54 million and $5 million respectively. 

But while that may sound like a lot, it’s still a fraction of what the Bitcoin ETFs traded when they kicked off earlier this year in Canada: Purpose’s Bitcoin ETF traded $80 million in its first hour and Evolve raised $421 million in just two days. 

What this does show, however, is that there is indeed a market demand for crypto ETFs—despite the US Securities and Exchange Commission (SEC) taking the position that US markets aren’t yet prepared for one. The SEC has repeatedly rejected applications from companies that want to set up a Bitcoin ETF in the US, partly because it claims that the Bitcoin market can still be easily manipulated. 

Though, since Canada led the North American charge, with six crypto ETFs approved this year alone, analysts think it won’t be long before the SEC finally does approve one. Bloomberg ETF research analyst James Seyffart last week told Decrypt that it’s likely the US will have a Bitcoin ETF this year. 

And right now, the SEC is currently considering eight high-profile applications for Bitcoin ETFs. 

If the US market’s hunger for crypto is anything like Canada’s, more records may soon be broken. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Overlooked Sector of Crypto Markets Is Ready for Lift-Off, Says Trader Tyler Swope

by Dailyhodl

Crypto influencer Tyler Swope is shining a spotlight on three projects that are attempting to solve a crucial issue plaguing the Ethereum network.

Miner extractable value (MEV) is a hot topic among Ethereum developers, Swope tells his 228,000 subscribers. MEV is the value a miner, validator, sequencer or any privileged protocol user can garner from arbitrarily manipulating the settlement of transaction blocks on the blockchain.

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MEV profits can be scooped up by the trader or miner, but when the blocks are manipulated unconventionally, it can cause inefficiencies on the blockchain.

Swope points out that last Friday, during the ongoing Scaling Ethereum summit, MEV was mentioned several times as developers attempted to hash out solutions to the puzzling problem.

While Ethereum researchers have launched the Flashbots initiative to tackle the issue, Swope outlines some tokenized crypto projects that are also addressing the MEV crisis.

KeeperDao (ROOK) is the largest market cap play in the sector, sitting at just below a $200 million evaluation.

“KeeperDao is a protocol that economically incentives pool participation in Keeper strategies which manage liquidations, rebalances, and arbitrages on decentralized finance (DeFi) applications spanning trading, exchange and lending… The goal of this Dao is to align the goal of the Keepers and the users to maximize profits rather than that value being captured by the miners.

MEV is a big piece of KeeperDao, but the big development regarding MEV from them is their HidingBook. In their Github post they describe it, ‘The HidingBook is a backend infrastructure component of the Hiding Game which hosts hidden orders only fillable by KeeperDAO keepers. It also supports client friendly APIs which enable a smooth front end user experience.

Integrating a client with the HidingBook enables the client’s users to coordinate with KeeperDAO keepers for the capture of MEV (miner extractable value). This is a win-win because both users and keepers are working together to maximize profit generation from a trade the user was going to perform anyways.’”

The analyst and trader also notes that KeeperDao does not appear to be in direct competition with Flashbots and may in fact integrate with them in the future.

Next on Swope’s list is StakeDAO (SDT), which is currently sitting at around a $50 million market cap.

“StakeDao is a piece of staked capital. Their revenue sharing Dao tokenizes their services and distributes the value back to the holders. Their application, which houses the services just went live into version two and TVL (total value locked) was over $121 million as of yesterday.”

Swope notes that StakeDao may also be introducing v2 arbitrage solutions shortly, but it’s unclear when. The project may also be in direct competition with Flashbots, because Stake is partnered with the third project Swope mentions, ArcherDao (ARCH).

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Archer is a protocol for MEV extraction “just like Flashbots,” says Swope, noting that the project forked Flashbots, according to their Github.

ArcherDao is the smallest project by market cap that Swope mentions, resting at around a $34 million evaluation.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

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Bitcoin Price Threatens to Drop Below $50,000

by Decrypt

Bitcoin‘s price dropped sharply in Thursday trading, scraping the $51,000 mark and threatening a dip below $50,000 for the first time since March 5.

After hitting as low as $50,500 on some exchanges, the world’s largest cryptocurrency by market cap is now down 17% for the week and nearly 5% in the last 24 hours, according to data from Nomics.

It’s not just Bitcoin. Fellow top-10 tokens Cardano and Polkadot have fallen 4-5% in the last day. Meanwhile, Binance Coin and Ripple are each down 8-10%, while Dogecoin has dipped 15%.

Bitcoin peaked at an all-time high of $63,520 on April 12. In the past 10 days, it has shaved over $11,000 of its price.

BTC has done this before. On February 20, the coin cost $57,000 before dropping back down to $45,000 a week later. Two weeks after that, it was above $60,000 for the first time. The market plummeted again over the weekend, contributing to a backlog of transactions.

On the other hand, Bitcoin’s rapid rise—it was below $10,000 as recently as last July—has fueled concern of a steep correction.

It’s not necessarily bearish for crypto traders, however, as the crypto market is slightly more diversified than it once was.

Bitcoin’s market dominance has fallen below the 50% mark for the first time since 2018, meaning altcoins comprise most of crypto’s total market capitalization.

And some of them are still doing quite well. Ethereum, the second-largest cryptocurrency, is up nearly 3% on the day. And a handful of Ethereum-based tokens are beating the bad day, among them Maker and Uniswap‘s governance token.

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Hollywood elite will receive NFTs in recognition of upcoming awards ceremony

by Cointelegraph

A project will be distributing nonfungible tokens, or NFTs, in the gift bags of 25 actors, actresses, and directors nominated for their roles in feature films. 

According to Nomine(eth), a project formed in partnership with online marketplace Rarible, Metaversal, and AdVenture Media, 25 people from the 115 nominated in this year’s Academy Awards ceremony will receive three nonfungible tokens, or NFTs, in unofficial gift bags. The project will gift the NFTs to Hollywood insiders nominated in the best actor, best actress, best supporting actor, best supporting actress, and best director categories.

All the digital pieces designed by artists Jon Noorlander, Shaylin Wallace, Rocco DiSpirito, and others will be minted with the names of those nominated in their respective categories. The winner of each category will receive an additional NFT auctioned off on Rarible. Some or all of the proceeds will reportedly go to a charity of their choice. Because NFTs do not exist in the physical world, the project will add a ticket to each bag allowing nominees to claim their gift through a Portis wallet.

NFT from artist Shaylin Wallace

“The motivation to distribute NFTs in the gift bags was to show what can be done with NFTs, raise awareness for the charitable causes that we’re supporting and pay tribute to the tremendous achievement that these nominees have achieved,” said Yossi Hasson, co-curator of the project. “[We’re] inviting them to co-own that moment with some of the most inspirational digital artists and the public that purchase their works.”

Among the NFTs is a piece created by 3D animator Andre O’Shea as a tribute to famous actor Chadwick Boseman, best known for his role as King T’Challa in the 2018 film Black Panther. Boseman passed in August from colon cancer but is still nominated this year for his part in Ma Rainey’s Black Bottom. The proceeds from this NFT auction will benefit the Colon Cancer Foundation.

Some experts believe the Hollywood film industry should move to the blockchain, allowing new creators to bypass the traditional “exclusive” route for projects by decentralizing power within the space. A number of film and TV projects related to the crypto industry have popped up as the space becomes more mainstream, including a 10-part crypto-comedy series expected to start filming later this year. 

Please note that the gift bags mentioned above are not directly affiliated in any way with the Oscars or the Academy of Motion Pictures Arts & Sciences.