Tuesday 27 September 2022
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Minecraft ban ‘hypocritical’ and NFTs are inclusive — Animoca’s Yat Siu

Yat Siu, the co-founder of crypto/NFT venture fund giant Animoca Brands, labeled the recent Minecraft NFT ban as “hypocritical” and emphasized that nonfungible tokens (NFT) can be inclusive, despite arguments to the contrary. As previously reported, Minecraft developers Mojang Studios announced a ban on all NFT integrations in the game on Wednesday. The firm stated that NFTs were against its values, as they foster price speculation, scarcity, exclusion and potential rug pulls. Speaking with Cointelegraph, Siu expressed his frustration at Mojang Studios, given the context in which NFTs were being integrated with Minecraft before the ban. Projects such as NFT Worlds were utilizing Minecraft’s open source servers to host a metaverse platform that had crypto and NFT ecosystems built around it. The project appeared to be relatively popular, given that it has generated more than $80 million worth of NFT trading volume and claims to have around 100,000 players. The Animoca Brands co-founde..

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Bitcoin network difficulty drops to 27.693T as hash rate eyes recovery

The difficulty in mining a block of Bitcoin (BTC) was reduced further by 5% to 27.693 trillion as network difficulty maintains its three-month-long downward streak ever since reaching an all-time high of 31.251 trillion back in May 2022. Network difficulty is a means devised by Bitcoin creator Satoshi Nakamoto to ensure the legitimacy of all transactions using raw computing power. The reduced difficulty allows Bitcoin miners to confirm transactions using lower resources, enabling smaller miners a fighting chance to earn the mining rewards. Despite the minor setback, zooming out on blockchain.com’s data reveals that Bitcoin continues to operate as the most resilient and immutable blockchain network. While the difficulty adjustment is directly proportional to the hashing power of miners, the total hash rate (TH/s) recovered 3.2% along similar timelines, as shown below. At its peak, the Bitcoin hash rate reached an all-time high of 231.428 exahashes per second (EH/s) when BTC prices fel..

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Board urges Bank of Central African States to introduce common digital currency: Report

The Bank of Central African States, or Banque des États de l'Afrique, which serves Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of the Congo, could be closer to releasing a central bank digital currency (CBDC) reportedly at the urging of its board. According to a Friday report from Bloomberg, the board sent an email calling for the regional bank to introduce a digital currency in an effort to modernize payment structures and promote regional financial inclusion. The Central African Republic, or CAR, passed legislation adopting Bitcoin (BTC) as legal tender in the country in April but has not recognized a central bank digital currency. Nigeria’s central bank was one of the first in the region to launch a CBDC called the eNaira in October 2021, while South Africa’s Reserve Bank continues to explore the possible use of a CBDC through its Project Khokha initiative. The Bank of Central African States also criticized the CAR for accepting BTC a..

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FTX proposes a way to give Voyager Digital clients some of their digital assets back early

FTX and Alameda Ventures want to offer Voyager Digital customers a chance to start a new FTX account with an opening cash balance funded by an early distribution on a portion of their bankruptcy claims, FTX announced in a statement Friday. To accomplish this, Alameda Ventures said it would like to buy all Voyager digital assets and digital asset loans, with the exception of loans to Three Arrows Capital (3AC). A letter from an FTX and Alameda Ventures legal representative explained that Voyager Digital customers who did not choose to create an FTX account would retain their rights in the bankruptcy proceedings, but would not receive early reimbursement. Accepting the offer would protect Voyager Digital clients from the depreciation of the crypto assets they currently do not have access to, as reimbursement for their digital assets will be based on their value on July 5. After setting up an FX account, Voyager Digital clients would be able to continue trading their crypto or cash out t..

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Play-to-own, NFTs and Web3: Crypto Raiders drops knowledge with NFT Steez

Blockchain gaming and the play-to-earn model were all the rage in 2021, but over time, the model declined as a few kinks were revealed and the wider nonfungible token (NFT) and crypto market hit a few speed bumps. It’s safe to say, the sector is “down, but not out” and it’s entirely possible that blockchain gaming could see another 2021-style surge once the market regains its momentum. On Friday, NFT Steez, a bi-weekly Twitter Space hosted by Alyssa Exposito and Ray Salmond, met with the founders of Crypto Raiders to discuss the state of blockchain gaming, and the future of play-to-earn-based projects. According to the founders, Crypto Raiders is an NFT-based dungeon crawler and in the episode, each agreed that the current blockchain gaming landscape should focus on sustainability and “fun” first. Can the play-and-earn model work in Web3 gaming? During the interview founder Nick Kreupner spoke about the adoption of “hybrid-models” for play-and-earn gaming and Kreupner stated that the ..

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Bitcoin dips to $22.6K, risking further losses if it fails to hold above 200-week MA

The mood across the cryptocurrency ecosystem is noticeably brighter on July 22 after a week of gains helped traders put the events of the past two months behind them and look toward a positive future. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has been oscillating around support at $23,000 over the past couple of days and continues to hold slightly above its 200-week moving average (MA), which has been a reliable indicator of bear market bottoms in the past. BTC/USDT 1-day chart. Source: TradingViewAs the debate about the market's direction continues to rage, here are the important levels to watch heading into the weekend, according to analysts. Bitcoin needs weekly close above $22,800The significance of Bitcoin trading above its 200-week MA was noted by independent market analyst Michaël van de Poppe, who posted the following chart highlighting the major support and resistance zones: BTC/USDT 1-hour chart. Source: TwitterAccording ..

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Finance Redefined: DeFi’s downturn deepens, but protocols with revenue could thrive

Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights — a newsletter crafted to bring you some of the major developments over the last week. This past week, the DeFi ecosystem saw several new developments related to the DeFi lending crisis as Celsius filed for bankruptcy. At a time when bears are more dominant in the current market, DeFi protocols with a revenue system can thrive. Lido Finance has announced plans to offer its Ether (ETH) staking services across the entire L2 system. Aave plans to leverage Pocket’s distributed network of 44,000 nodes to access on-chain data from various blockchains, and gamers are plugging in DeFi through the Razer reward partnership. The majority of the top 100 DeFi tokens traded in green, with many registering double-digit gains over the past week. DeFi downturn deepens, but protocols with revenue and fee sharing could thriveAs the crypto winter drags on, savvy crypto investors have realized that one of the reliab..

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Inflation got you down? 5 ways to accumulate crypto with little to no cost

Experienced crypto traders know that bull markets are for selling and bear markets are for accumulation, but the latter can be difficult amid a backdrop of surging inflation that saps the purchasing power of fiat currencies. As the crypto market heads deeper into crypto winter, with prices in the gutter and developers focused on creating the next popular protocol or breakout token, some crypto fans have begun to explore new ways of increasing their stack in preparation for the next bull market. Here’s a look at the top five ways hodlers can increase the size of their crypto portfolio without breaking the bank so that the money they earn can go toward combating the rising cost of living. StakingStaking is perhaps the most tested and proven way to increase the number of tokens held, as the vast majority of proof-of-stake (PoS) networks offer a steady yield for locking up coins. In addition to helping with transaction validation and network security, staking tokens in a smart contract r..

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Crypto Biz: The 3AC saga takes another bizarre twist

About eight months ago, I vouched pretty strongly for Su Zhu to be included in the prestigious Cointelegraph Top 100. My reasoning was pretty straightforward: Zhu was not only an influential figure on social media, but he ran arguably the most revered hedge fund in crypto — Three Arrows Capital, also known as 3AC. Then, the bear market of 2022 exposed 3AC as a house of cards run by founders who believed their own hype — and made reckless business decisions along the way. With the 3AC saga still unfolding, we received privileged information this week about the company’s remaining assets. The revelations aren’t good if you’re a 3AC creditor looking to be made whole again. Source claims 3AC’s Deribit exposure is worth much less than reportedAn anonymous source close to the 3AC debacle reached out to Cointelegraph this week to reveal startling details about the failed hedge fund’s remaining assets. According to the source, 3AC’s holdings of Deribit shares are worth much less than reporte..

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Price analysis 7/22: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

In a downtrend, when markets do not respond negatively to bearish news, it is a sign that the selling may have reached exhaustion. Reports of electric vehicle maker Tesla dumping 75% of its Bitcoin (BTC) holdings in the second quarter only caused a minor blip as lower levels attracted strong buying from the bulls. Tesla was not the only institution that sold its Bitcoin. Arcane Research analyst Vetle Lunde highlighted in a Twitter thread that large institutions have sold 236,237 BTC since May 10. It is encouraging to note that even after huge selling by institutions and the unfavorable macro environment, Bitcoin has held up quite well. Daily cryptocurrency market performance. Source: Coin360The current bear market allows an opportunity for new traders to enter at lower levels. A report published by Boston Consulting Group, Bitget and Foresight Ventures shows that only 0.3% of individual wealth is parked in crypto compared to 25% in equities. This shows that crypto is still in the earl..

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