Crypto Currency

What will happen to the crypto markets when quantitative tightening takes full effect and the Federal Reserve shelves the money printer? The Federal Reserve is starting the process of paring back its $9 trillion balance sheet that ballooned in recent years in a move called Quantitative Tightening (QT).  Analysts from a crypto exchange and financial investment firm have conflicting opinions about whether QT, starting on June 1, will put an end to a decade of unprecedented growth across crypto markets. The worst part about this is that I would imagine ~80% of Americans have no idea what QUANTITIVE TIGHTENING is Why would we, this wasn’t taught in public school The SEC should worry about educating Americans on these terms as I believe that’s part of “PROTECTING” us https://t.co/Z8RwUNPJwF — WendyO.eth ✨ (@CryptoWendyO) May 31, 2022 Laypeople can consider QT the opposite of Quantitative Easing (QE) or money printing which the Fed has been engaged in since the start of ...

The platform has already raised more than half of its target and still has another 21 days to go before the NFT funding campaign ends. So called “no-loss lottery” DeFi platform PoolTogether has raised 470.90 Ether (ETH) via NFT sales to fund its legal defense against a putative class action lawsuit. That means PoolTogether is more than halfway to its goal to raise at least 769 ETH worth roughly $1.5 million to fight what it calls a lawsuit that has “no merit”. The platform has another 21 days to go before the NFT funding campaign ends. It noted on its NFT minting page that: “PoolTogether Inc. is a defendant in a putative class action lawsuit. A person deposited the equivalent value of $12.00 into the protocol and is now suing PoolTogether Inc. and others for substantial damages.” The class-action lawsuit is led by the former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign, Joseph Kent, who after depositing roughly $12 worth of stablecoins into the protoc...

The world’s richest man and the co-founder of Dogecoin are sparring over whether the latter actually has a Python script that could put a huge dent in Twitter bot activity. Billionaire Elon Musk and Dogecoin (DOGE) co-founder Jackson Palmer are locked in battle on social media over Palmer’s claim that he could remove Twitter bots with a simple Python script. Australian Palmer said in an interview that his script was capable of automatically tweeting replies to scam tweets as a way of indicating that users should beware of the danger. He told news outlet Crikey on May 30 that Musk had reached out to get the script, but claimed the billionaire's technical knowledge was so deficient that he didn’t know how to run it. “Elon reached out to me to get hold of that script and it became apparent very quickly that he didn’t understand coding as well as he made out.” Adding insult to injury, Palmer recounted a year ago calling the SpaceX founder, a “grifter” who “sells a vision in hopes...

Over 9,500 people around the world were surveyed for Block’s 2022 Bitcoin report which showed that more optimistic individuals possessed a greater self-reported knowledge level of the crypto. A survey from digital payment company Block Inc. has found that the higher respondents rated their own level of cryptocurrency knowledge, the more optimistic they are about the future of Bitcoin ( BTC ). Block surveyed more than 9,500 people from the Americas (2,375), EMEA (4,360) and APAC (2,860) regions in January, ensuring to include 100 Bitcoin owners in each region for its 2022 Bitcoin Knowledge and Perceptions Report. The report, released on May 31, shows a correlation between optimism and the likelihood of purchasing and compared the result with the respondent's self identified level of knowledge. Of those who identified as having fair to expert knowledge of crypto 41% say they’re “very likely” to purchase Bitcoin in the next 12 months, compared to just 7.9% of those with “limite...

“Wow, what a day. OP Drop #1 had a turbulent launch which we finally stabilized after more than five hours of non-stop work,” Optimism stated. Ethereum Layer-2 scaling solution Optimism has been overwhelmed with “all-time high demand” following the launch of its highly anticipated airdrop today. Users racing to collect their tokens were greeted with failed or delayed transactions as the Optimism team raced in the background to add additional capacity to the network. As previously reported in April, Optimism is airdropping the new OP governance token —over multiple phases — alongside the launch of a decentralized autonomous organization dubbed “The Optimism Collective.” Nearly 250,000 addresses are able to receive the airdrop, with the eligibility set for Optimism early adopters and regular Ethereum users such as DAO voters, multi-sig signers and bridge users. According to Optimism Status, the mainnet experienced degraded performance for roughly three and half hours, with the t...

Executives from two of Australia’s “big four” banks have said they won’t allow their retail customers to trade crypto with ANZ adding its happy it didn’t “go head long” into a cryptocurrency offering. Executives at two of Australia’s “big four” banks have ruled out allowing retail customers to trade cryptocurrency on their platforms, with one reasoning that customers don’t understand “basic financial well-being.” Speaking at the Australian Financial Review Banking Summit on May 31 Maile Carnegie, executive for retail banking at Australia and New Zealand Banking Group (ANZ) said that from speaking to retail customers she believed “the vast majority of them don’t understand really basic financial well-being concepts.” “Are we really going to make it easier and less friction and implicitly endorse speculating on crypto when they don’t understand basic financial well-being? The answer was no.” Carnegie said ANZ had considered a cryptocurrency product from as early as 2017 adding she w...

At least three blockchains have publicly announced that their teams’ arms are open wide, ready to accept any stray former Terra developers following the collapse of its ecosystem. The collapse of the Terra ecosystem, which included most of its apps and protocols, has created a diaspora of developers from which opportunistic blockchain companies are hoping to snap up talent. Polygon, one of the largest blockchains by total value locked (TVL), is actively seeking out Terra developers to add valuable expertise and support to their efforts. Polygon launched a “relatively uncapped multimillion-dollar fund” designed to entice Terra developers to migrate over to the Ethereum sidechain scaling solution, according to Polygon Studios CEO Ryan Wyatt speaking to TechCrunch at the weekend. Wyatt added that he wanted the fund to be big enough to ensure that it could accommodate any developers from the failed blockchain ecosystem. The developer fund will be supported by the $450 million Polyg...

China has used its Economic Daily media outlet to signal that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra’s algorithmic stablecoin. The China state-owned media outlet, the Economic Daily, has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem. In an article published May 31, the outlet detailed the collapse of TerraUSD (UST) and Luna ( LUNA ), explaining the workings of the algorithmic stablecoin. It used the so-called black swan event to praise the Chinese government’s decision to ban cryptocurrency. “My country has been cracking down on virtual currency trading speculation and a large number of trading platforms,” reporter Li Hualin wrote before adding, “this has effectively blocked the transmission of this risk in China and avoided investment risks to the greatest extent possible.” Hualin explained that “many other countri...

“I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi,” the Shiba Inu founder previously stated. Pseudonymous Shiba Inu ( SHIB ) founder ‘Ryoshi’ has walked away from the community after deleting all of their Tweets and blog posts this week. Much like Bitcoin (BTC) founder Satoshi Nakamoto, Ryoshi’s identity has remained unknown since the project launched in August 2020. Additionally, they have also held a hands-off approach to the memecoin much like Dogecoin ( DOGE ) founders Billy Markus and Jackson Palmer. Lead developers such as ‘Shytoshi Kusama’ have stated that the project will carry on and continue to “actualize Ryoshi’s vision and plan for this grand experiment” of building a decentralized memecoin ecosystem . Ryoshi has hinted on several occasions that they would eventually walk away, as they often played down their significance and role in Shiba Inu. In a since-deleted Medium post, the founder reportedly said: “I have said from ...

The Merge on Ethereum is closer than ever as the Ropsten testnet is set to execute its own Merge to give developers a look at what to expect for the real thing. The Ropsten testnet on the Ethereum network is ready to set the stage for the “first dress rehearsal” of the Merge to adopt the Proof-of-Stake (PoS) consensus mechanism. Core Ethereum developer Tim Beiko announced on May 31 that a new Beacon Chain for Ropsten has been launched. It will serve as the precursor for the final test Merge, which is expected to be “around June 8th.” Ropsten Merge Announcement Ethereum's longest lived PoW testnet is moving to Proof of Stake! A new beacon chain has been launched today, and The Merge is expected around June 8th on the network. Node Operators: this is the first dress rehearsal https://t.co/0fDHObLOmn — Tim Beiko | timbeiko.eth (@TimBeiko) May 30, 2022 The Ropsten testnet is one of many testing grounds for Ethereum clients. It mimics aspects of the Ethereum mainnet includi...

Australian consumer group CHOICE outlined its crypto regulatory framework in a submission to the country’s Treasury calling for the new federal government to prioritize crypto in its financial services reforms. Australian consumer advocacy group CHOICE has called on the federal government to provide better protection for crypto investors while submitting a proposed regulatory framework for cryptocurrency exchanges operating in the country. The regulatory framework was submitted in response to the federal Treasury's consultation paper for “crypto asset secondary service providers” (CASSPs) defined as firms providing custodial crypto wallets and exchange services. CHOICE commented: “As it stands, enforceable protections in the unregulated cryptocurrency market are somewhere between negligible and non-existent.” Outlining four main areas in its framework, the group called for a single definition of crypto for better regulation, a license for exchanges in line with current financ...

An error on the pricing oracle software for Terra Classic validators opened the door for an exploiter to drain four synthetic asset pools from the Mirror Protocol. A mismatch in the reported price of underlying assets on synthetic assets DeFi platform Mirror Protocol has caused an ongoing exploit that has the potential to drain all of its funds. The exploit was observed on May 29 by governance participant ‘Mirroruser’ on the protocol’s forum. As of the time of writing, the mBTC, mDOT, mETH, and mGLXY synthetic asset pools on the protocol have lost almost all of their assets valued at over $2 million. Mirror allows trading of synthetic assets, such as stocks and cryptocurrency on the Terra and Terra Classic layer-1 blockchains , BNB Chain ( BNB ), and Ethereum ( ETH ). A pricing error for Luna Classic (LUNC) made the exploit possible. The remaining validators on Terra Classic reported that the price of LUNC ($0.000122) was the same as the newly launched LUNA ($9.32) even though th...

Bear market advice from Youtuber NasDaily, whose “once in a generation” bet on Bitcoin is down roughly $200,000. Youtuber NasDaily endured a Bitcoin ( BTC ) baptism by fire. The entrepreneur and influencer with over 50 million followers invested $500,000 in Bitcoin —right before the bear market kicked in .  Cointelegraph spoke to NasDaily (whose real name is Nuseir Yassin) during the World Economic Forum (WEF) in Davos, Switzerland. Yassin told Cointelegraph that the half a million dollars he saved in Bitcoin is now worth $300,000, adding with a smile that “it’s a great test of conviction.” Despite the paper loss, he’s more convinced than ever that crypto is the future: “Even if it goes down to zero, I think I do believe there needs to be a way to capture value on the Internet. And I'm taking a bet that Bitcoin is a once in a generation thing.” Yassin smash  bought over 10 BTC ($500,000) at the tail end of March when the price was around $40,000. Gripped by the “revolu...

A bullish reversal into the new week rapidly gains attention, but sober analysts predict that this is just another relief bounce. Bitcoin ( BTC ) is bouncing back this week as a sudden surge challenges weekly highs. In what should provide some desperately needed confidence to bulls, BTC/USD is back at weekly highs on May 30, gaining several percent overnight. In contrast to recent weekly closes, the May 29 candle managed to limit the downside and reverse course immediately as the new week began. Nonetheless, Bitcoin has now sealed nine red weekly candles in a row , something never seen before in its history. Just how bearish is the largest cryptocurrency going into June? The macroenvironment remains troubled, while retail interest is nowhere to be seen and calls for a deeper capitulation remain. That said, should it continue its latest strength, Bitcoin still stands a chance of breaking out of its current trading corridor. Cointelegraph takes a look at the factors primed t...

Famed crypto and tech investor Tim Draper believes the retail purchasing power of women, paired with Bitcoin acceptance at merchant stores, could send the asset to new highs above $250K. Renowned billionaire investor Tim Draper insists that a time will come when women begin driving up the price of Bitcoin as more retailers start offering it as a more cost-effective payment option at shops. Draper, a Bitcoin ( BTC ) investor himself, told host Scott Melker on the Wolf of All Streets YouTube show last week that women could be key in pushing the largest crypto by market cap up to $250,000 per coin. He reasons that as store owners begin to accept BTC as payment more widely, “all of a sudden, all the women will have Bitcoin wallets and they will be buying things with Bitcoin:” “Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate.” Draper believes it is in retailers’ best interest to begin accepting Bitcoin sooner than later. He acknowled...

Data on the most well recognized nonfungible token projects show that key metrics have fallen with floor prices and market capitalization over the past month. “Blue-chip” nonfungible token (NFT) collections have seen their floor prices and market capitalization slide over the past 30 days, with some of the most well-recognized projects halving in value for these key metrics. Data collected on key Ethereum NFT projects by DappRadar shows  the floor prices of established collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Moonbirds are at most down around 55% over 30 days. The MAYC is the worst off of the four, with the floor price diving 55% to 16.7 Ether ( ETH ), or $31,300 at the time of writing. The more popular BAYC has fallen over 47% to 86.7 ETH, or $163,000, and CryptoPunks by almost 49% to 45 ETH, $85,000. The only collection to gain in the month was Moonbirds, up 22% with a 19.6 ETH floor price, roughly $37,000 at the ti...