Bitcoin Breaches Psychological Level of $30K amid Dollar Index Slipping

After printing nine consecutive weekly red candles, a scenario not seen in its 13-year journey, Bitcoin (BTC) is back to winning ways after topping the psychological price of $30,000.

The leading cryptocurrency was up by 5.42% in the last 24 hours to hit $30,648 during intraday trading, according to CoinMarketCap


This price increase is experienced amid the falling US Dollar Index (DXY). Market analyst Lark Davis pointed out:

“The Dollar Index DXY is falling. Historically this is good for Bitcoin in the opposite way that Dollar rallies are bad for BTC price.”




With market analysis showing an inverse relationship between the DXY and Bitcoin, it remains to be seen whether this will trigger the much-needed momentum in the BTC market for a further price surge.


For instance, as Bitcoin soared by more than 295% in 2020, the DXY hit a 32-month low. 


Bitcoin’s daily Bollinger Bands tighten

On-chain analyst Matthew Hyland believes the Bitcoin market might be experiencing the calm before the storm because the daily Bollinger Bands (BB) have squeezed to levels not seen in a year. He explained:

“Bitcoin daily Bollinger Bands are the tightest they have been in the past year. The Bollinger Bands Width (BBW) displays this. Buckle up, everyone.”


Source:Matthew Hyland


Bollinger Bands are a popular technical indicator developed by John Bollinger, which shows a market’s volatility. They are also used to indicate overbought and oversold conditions in the market.


With Bitcoin currently experiencing its 4th longest downtrend in its entire history, Hyland believes a reversal is imminent. 





A crypto analyst under the pseudonym PlanB recently echoed similar sentiments, given that the moving average (RPMA) and relative strength index (RSI) indicators were at extremely low levels. 

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LUNA 2.0 Debut Experiences Hiccups as Price Plummets, Will Trust Remain Robust?

LUNA 2.0 has been on a rocky start based on a sharp price decline after Terra 2.0 successfully went live on May 28.

The price hit highs of $18.87 but later nosedived to lows of $5, according to CoinGecko. In the first 30 minutes of trading, LUNA 2.0 shot up to $30 from $0.30 on crypto exchange ByBit, but this peak was short-lived because it nosedived to $5.30 in a span of three hours.


With a total supply of 1 billion coins, the price was hovering around $6.28 during intraday trading, according to CoinGecko.


Terra 2.0 came to the limelight as a revival plan of the troubled Terra ecosystem after its native tokens LUNA and UST crashed. 


Mid-last week, the Terra community passed the Terra 2.0 proposal because it was deemed the genesis of a new blockchain that could see the continuation of the ecosystem despite the drawdowns experienced.


How will trust play out? 

With various crypto exchanges like Kraken, KuCoin, Nexo, Bitrue, ByBit, and Bitfinex already listing the LUNA 2.0 token, it remains to be seen how trust plays out in the network despite a rocky start.


Market analyst under the pseudonym Tajo Crypto explained:

“The people who have actually made money from LUNA 2.0  are those that received airdrops and sold. But I won’t call it gains because the majority of the supply is still vested. Then lots of exchanges have made lots of money from trading fees. LUNA 2.0 will be profitable if it succeeds.”

Therefore, Tajo Crypto noted that the selling pressure experienced in LUNA 2.0 was driven by the urge of some investors to recover losses made when the ecosystem crashed.


With the old chain renamed Terra Classic (LUNC) and the new one Terra (LUNA), Tajo Crypto believes a wait-and-see approach is playing out. The analyst added:

“Some people are holding the Luna Airdrop hoping that Terra 2.0 will go to the moon. While some people had to sell to recover some of their losses from Luna classic. There are also those not sure of what to do yet. Whatever you decide, you might be right. No one knows tomorrow.”

Therefore, time will tell how the Terra network progresses, given that the proposal to burn 1.3 billion UST tokens was recently approved. 


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Hong Kong to Host One of Asia’s Largest NFT Exhibitions in June

One of Asia’s largest non-fungible tokens (NFTs) exhibitions titled “ARTAVERSE” will be hosted in Hong Kong starting on June 3. - 2022-05-30T151630.227.jpg

NFT marketplace has become more dynamic in this global financial hub, and more online and on-site virtual exhibitions have been hosted amid the COVID-19 pandemic.

The exhibition will be held at Central Harbourfront and over 100 exhibitors will be joining this event, including blockchain and gamification giant Animoca Brands, Taiwanese NFT project Alpacadabraz and RAZE – NFT Fi platform provider. 

Daniel Chang, Chief Marketing Officer and organizer of ARTAVERSE, shared his motivation for organising the event, saying that the team aims to provide more platforms for artists to promote their artworks. He believes the project will potentially lay a subversive foundation for the future development of the Metaverse, and further expand the sustainable development of the digital art and cultural industry:

“With Hong Kong being a central hub of the international art technology market, and we hope to take advantage of this to make “ARTAVERSE” a bridge to connect with the international counterparts. It gathers experts from different industries from all over the world, with the aim of thrusting ahead the popularization of blockchain technology from Asia to the globe,”

The exhibition will be divided into three main areas for the public to participate. One of the areas will have over 20 unique exhibition spaces, where the public can enjoy NFT art collections worth over $300 million US dollars, including an example of  “Shocked Doge” – one of the most expensive NFT collections in the world.

According to the official statement, the organising team has invested an 8-figure sum into this event.

The organiser said it has invited a Chinese-language music NFT artist to join as the expert consultant and art technology ambassador to “inspire local art enthusiasts to create diversified artworks by leveraging new technologies and to promote local arts to the world.”

“With the rapid expansion of the digital universe of art under Web 3.0, ARTAVERSE represents one of Asia’s largest NFT art exhibitions. I wish to leverage my past experience in listed companies and in investment to synergize with the expertise of Yin Wing Live in organizing performance and entertainment events, to create a platform to push forward Asian art technology development,” said Rocky Wong,  CEO of Right Grace Entertainment.

The organiser is promoting VIP tickets and early booking discounts by offering an opportunity to win a limited exclusive NFT.

Image source: ARTAVERSE


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Musk Says SpaceX will Follow Tesla’s Lead in Adding DOGE Payments

Tesla CEO Elon Musk tweeted that in the near future his space venture company SpaceX plans to introduce payments with his favourite crypto asset, dogecoin (DOGE).

He tweeted:

“Tesla merch can be bought with Doge, soon SpaceX merch too”

Musk has also previously mentioned that Tesla’s goods will be available for purchase with dogecoin.

Historically, Musk’s tweets in support of DOGE have had a direct and positive impact on DOGE’s market price.

As a strong advocate of Dogecoin (DOGE) and other Shiba Inu-themed meme coins, his post propelled Dogecoin to an all-time high of 67 cents last May.

Musk tweeted “Dog Daddy on SNL on May 8” and announced that he would be hosting “The Saturday Night Show” as “Dog Daddy.” The tweet rekindled positive investor sentiment towards Dogecoin, and the meme-based cryptocurrency quickly surged by more than 30%.

Musk’s Tesla is also one of the largest corporate buyers of Bitcoin, and Musk has hinted at the possibility of continuing to accept Bitcoin payments for its electric automobiles in the near future.

According to data from CoinMarketCap, the meme cryptocurrency has gained about 5.79% over the past 24 hours at the time of writing and is currently ranked 10th by market cap with a market cap of $ $11,379,882,764.

Dogecoin is now trading at around $0.0857.

In the future, Musk revealed that DOGE may be added as a new form of payment for Starlink subscription payments.

In total, Musk is the founder, CEO, and Chief Engineer at SpaceX; angel investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.

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Accounting Firm Wolf & Company Pairs with Bitpay to Accept Crypto Payments

Leading regional CPA firm providing insightful financial accounting and audit services Wolf & Company partners with cryptocurrency payment processor BitPay to accept cryptocurrency payments.

In its official announcement, the company stated that it will now accept payments in various digital assets, including Bitcoin ($BTC), Wrapped Bitcoin (WBTC) Ethereum ($ETH), Litecoin ($LTC), Ripple (XRP) popular meme coins, Shiba Inu ($SHIB) and Dogecoin ($DOGE) and several other USD-pegged stablecoins including Gemini Dollar (GUSD), Pax Dollar (USDP), Binance Dollar (BUSD).

The company officially writes: “As a firm that embraces digital innovation, our team is already working on the cutting edge of cryptocurrency services. By partnering with BitPay to accept crypto payments, we’re truly embracing crypto and its growing role in the economy.”

Wolf & Company is an accounting company specializing in audit, tax, IT audit, and consulting services.

This accounting firm has been around for over 110 years. They deliver assurance, tax, risk management and business consulting services.

Last month, Payments platform Nium launched an API-based solution called “Crypto Accept”, which aims to provide crypto payments to businesses worldwide.

The company said that Crypto Accept currently supports (BTC) and Ethereum (ETH) cryptocurrencies for payment and will launch more cryptocurrencies in 2023.

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MoneyGram CEO Sees Stablecoin As Future of Payments as Service Needs Grow

Alex Holmes, the CEO of traditional cross-border payments giant MoneyGram, admitted that stablecoins are likely to be the future of payments because of their growing market demands. 

In an interview with Bloomberg media, the executive said that he sees stablecoins might become a major medium of exchange.

The growth of the total supply of stablecoins in the previous year has shown stability, which some market participants like Holmes and his MoneyGram believe signals a long-term path for more success and innovation of existing crypto-collateralized Stablecoins.

As a result, MoneyGram disclosed on Sunday its plans to widen the adoption of digital currencies. The popular International money transfer services company said that it is making preparations to launch a service, through a partnership with the Stellar blockchain, which would allow users to send stablecoins and easily convert them to hard currency.

During the interview, Holmes said: “The world of crypto and the world of fiat are not really compatible today. We’re trying to be a bridge from the crypto world to the fiat world.”

Holmes further stated that once the service is fully launched, users with digital wallets on the Stellar blockchain would be able to convert their holdings into USDC stablecoin, which can then be cashed out through MoneyGram’s network.

Stablecoins are a type of digital currency with values pegged to traditional assets such as the U.S. dollar or commodities. Their increase in demand has accelerated discussion by central banks across the globe about digital versions of their national currencies.

However, stablecoins, which are designed to maintain a 1-to-1 relationship with a commodity or currency like the US dollar, have recently come under heightened scrutiny. This month’s plunge of the TerraUSD stablecoin has put an unfavourable light on such kinds of digital currencies and triggered market instability.

As reported by Blockchain.News, in October last year, MoneyGram started working with the Stellar blockchain network to create instant money transfers using Circle’s USDC stablecoin.

The two companies began with a pilot in the fourth quarter of last year. They expect to gradually roll out the ledger-based stablecoin bridge between cryptocurrencies and local currencies this year with a view toward connecting MoneyGram’s 150 million customers.

The news came as a slap in the face for Ripple, the crypto payments network whose long-standing relationship with MoneyGram terminated after the U.S. Securities and Exchange Commission (SEC) filed suit against Ripple in December 2020. The SEC said that Ripple violated federal securities laws in selling $1.3 billion in XRP in the past.

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Footballer De Bruyne Becomes Crypto Exchange Phemex Brand Ambassador

Belgian professional footballer Kevin De Bruyne has been appointed as a brand ambassador for Singapore-based cryptocurrency platform Phemex.

Phemex operates as a crypto trading derivatives platform. Phemex is a professional and trustworthy global cryptocurrency derivatives exchange, offering Bitcoin, Ethereum, Ripple, and Chainlink perpetual contracts, with up to 100x leverage.

In addition to his role as a global ambassador, Kevin De Bruyne has shown a keen interest in cryptocurrencies, and he will also teach football fans about cryptocurrencies.

Kevin De Bruyne, who plays in the midfield position, is currently playing for Premier League club Manchester City and the Belgium national team. He is widely regarded as one of the world’s best players, and pundits have often described him as a “complete footballer”.

Last year, Argentinian football superstar Lionel Messi accepted cryptocurrency PSG tokens as part of the payment after signing a new contract with the Paris Saint-Germain (PSG) team.

Famous football star and entrepreneur David Beckham was also appointed as a global brand ambassador for the DigitalBits blockchain. 

In March, Four-time tennis star Naomi Osaka became FTX’s global ambassador, becoming one of the first major female professional athletes to partner with FTX.

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Entertainment Platform CHILI Partners with Coinbar to Accept Crypto Payments

European entertainment video-on-demand platform CHILI has announced a partnership with blockchain fintech firm Coinbar to accept Bitcoin, XRP, DigitalBits and Tether for purchases.

Chili is a European entertainment company and a comprehensive entertainment-centred marketplace for movie and TV fans, providing information and reviews about cinema previews, a geo-localized cinema ticket booking service, all the new releases in digital form, months before pay-TV, a catalogue of thousands of digital films, TV series, DVDs, and Blu-Ray, the possibility to buy together original merchandising of a character and choose gadgets from the films, and lots more.

Chili developed its proprietary over-the-top (OTT) platform to distribute its video and film platforms, and thanks to its success in Italy, has expanded to the UK, Germany, Poland and Austria.

Its OTT platform registered users have reached 5 million by the end of 2021.

Giorgio Tacchia, the CEO and Founder of CHILI, said that:

 “We will be the first OTT platform in Europe to accept crypto payments. Whether the Web 3.0 technology revolution will indeed be a paradigm shift for our society is perhaps too early to say; however, it is a phenomenon that cannot be overlooked. Many users, business customers and investors today need to pay with this new currency, and CHILI has always been a pioneer in offering its customers a glimpse of the future.”

Chili said that through the partnership with the Coinbar exchange, customers can also pay instantly using all supported chains without transaction costs. Customers can choose to buy in multiple currencies and offer merchants the option to settle in euros.

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Dubai-Based Startup to Raise $1.2M NFT Fund to Clean Up Ocean Plastics Globally

Oceans & Us announced on Sunday that it plans to raise $1.2 million in funding to clean up oceans worldwide. The Dubai based non-profit organization wants to raise funds by selling 10,000 generative non-fungible tokens (NFTs) and launching a new cryptocurrency.

The green startup plans to launch its token as a way to raise funds by crowdsourcing.

The company seeks to partner with 100 brands across the UAE and the Middle East with a sustainable product or solution. Whoever buys or owns the NFT would have discounts or benefits with these firms.

The aim of the company is to raise awareness and funds to build boats that clean up the oceans.

Oceans & Us has progressed in talks to partner with various firms including the team behind the Qatar World Cup, the top UAE-based retailer Landmark Group, coffee brands that already have a mission to promote green practices, solar home solutions companies, and sustainable fashion brands, among others.

The startup said that it is closely working with Marakeb Technologies, a major tech firm based in the United Arab Emirates, to design autonomous, self-driven boats powered by AI that will clear plastic from oceans and rivers.

Marakeb Technologies is 30% owned by the Abu Dhabi government. The launch of the AI self-driven boats is scheduled to take place in July this year.

Joel Michael, the founder of Oceans & Us, talked about the development and said that the partnership is mainly to bring together the community and bring art as a means of communication.

The executive stated: “Sustainability is an ecosystem, and NFTs work as a gateway. Buying an NFT enables people to invest and participate in a hands-on way. The idea is for all of this to sit on the blockchain that is transparent so every single dollar invested can be seen clearly where it goes.”

“The biggest thing we want to solve is transporting plastic we collect back to land so it can be repurposed.” Michael elaborated further.

He disclosed that since the government supports such initiatives, firms in the private markets are seen joining hands. Michael said: “We have seen tremendous support from the UAE and think it’s the epicentre of sustainability in the region.”

Blockchain Paving the Way

The concept of blockchain was born out of the need to create something that was decentralized, immutable, transparent, and completely secure. Such characteristics echo what people look for when they hear the term “social good.”

This explains the reason why many firms are now looking at how they can use this technology to improve themselves while also helping others at the same time.

Overfishing and pollution have adversely affected marine biodiversity, while climate change threatens to increase the severity of diseases, storms, and other impacts.

Oceans & Us is working with various partners to develop and scale blockchain projects to rid millions of tons of plastic that enter the world’s oceans.

By supporting the firm, consumers help it progress towards its goal of cleaning up 90% of floating ocean plastic pollution.

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FTX CEO Says Company Set to Spend Billions on Acquisitions: Bloomberg

Sam Bankman-Fried said his company is awash with excess liquidity and drawing on this, FTX Derivatives exchange is set to make a number of strategic acquisitions moving forward.


As contained in an interview with Bloomberg, Bankman-Fried said the company, now valued at over $32 billion following a $400 million funding round in January this year, has excess liquidity through which it is choosing to say it can be viewed from an acquisition angle.

“FTX is a profitable company,” he said in the interview. “You can look at the amount that we’ve raised over the last year or two — it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.”


As is the deal or trend with many crypto trading platforms around today, acquisitions of smaller firms are not uncommon. These acquisitions are financed by money, and Bankman Fried is both a co-founder and the exchange’s Chief Executive Officer. By putting funds where his mouth is, Bankman Fried recently took a 7.6% position in the commission-free stock trading platform, Robinhood Markets Inc.


The Robinhood backing complements the acquisition of LedgerX, a fully regulated and licensed startup by the US Commodity Futures Trading Commission (CFTC) to offer derivative products. While FTX will still pursue the age-long style of building out its most coveted products, it believes adding new offshoots can help its massive growth push faster.


“It’s always something that we’re going to be open to and keeping our ears to the ground on,” Bankman-Fried.


Beyond acquisitions, FTX is making a whole lot of bold moves in the global arena as it is inking several partnerships and sponsorship deals that are largely helping to bolster its business optics across the board. While FTX’s acquisition spree has been confirmed, it will come as no surprise if other mainstream competitors follow suit.

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