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Author: BTCLFGTEAM

  • Avalanche aims to accelerate subnet adoption with multiverse incentive program

    Avalanche aims to accelerate subnet adoption with multiverse incentive program

    Blockchain network Avalanche announced the launch of Avalanche Multiverse, an incentive program that will accelerate the adoption of subnets that are app-specific blockchain ecosystems.

    According to the director of Avalanche Foundation, Emin Gün Sirer, subnets are the next big thing on the blockchain. GünSirer said that subnets enable functions that are only possible with “network-level control and open experimentation.” He also mentioned that while smart contracts carried innovations within blockchain in the last five years, he believes subnets are next.

    Avalanche Foundation Director Emin Gün Sirer. Source: cornell.edu

    The program will allocate up to four million Avalanche (AVAX), worth roughly $290 million, to fund blockchain gaming, decentralized finance (DeFi), nonfungible tokens (NFTs) and institutional use cases.

    The Avalanche Multiverse is headlined by many prominent collaborators including DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Securitize.

    The program will be bringing a subnet that’s specific to DeFi Kingdoms with incentives worth $15 million. According to Frisky Fox, a DeFi Kingdoms executive, Avalanche‘s subnet technology is a “perfect fit” for their project. “The entire DeFi Kingdoms universe is written into smart contracts, pushing the envelope of what is possible with blockchain technology,” says Fox.

    Avalanche’s core developer Ava Labs will also be working with the rest of the collaborators to build an integrated blockchain with native Know Your Customer (KYC) functions created specifically for institutional DeFi.

    Wes Cowan, managing director of DeFi at Valkyrie Investments, says that “Avalanche’s subnet with KYC infrastructure, will be a massive step forward for institutional adoption and we are proud to support the implementation.”

    Related: Terra, Avalanche and Osmosis lead the L1 recovery while Bitcoin searches for support

    Meanwhile, crypto exchange platform FTX has also created a fund that aims to support projects that are “massively scalable” and provide long-term solutions for humanity. The FTX Future Fund will deploy up to $2 billion for projects ranging from artificial intelligence, biorisk danger reduction and efficient altruism.

  • Bitcoin returns to $42K as markets await potential 7.9% CPI inflation data

    Bitcoin returns to $42K as markets await potential 7.9% CPI inflation data

    Bitcoin (BTC) hit $42,000 on March 9 as an impressive overnight candle saw bulls reclaim support levels.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

    Trader: Market “still fragile”

    Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly “squeeze” through previous resistance at $39,600, going on to deliver 24-hour gains of 11.3%.

    Amid local highs of $42,438 on Bitstamp, the mood among traders was also improving, but caution remained. 

    Multiple macro factors: The Russia-Ukraine war, inflation and the United States‘ incoming executive order on cryptocurrency all kept commentators wary.

    “I can’t deny that the market is looking a bit better after this move. However, still very fragile, short timeframe and uncertain,” Cointelegraph contributor Michaël van de Poppe said as part of Twitter comments on the day.

    Fellow trader and analyst Pentoshi was similarly cool on the performance, which took Bitcoin back to the upper segment of a range where it had lingered throughout 2022.

    “This was a nice squeeze, but ultimately want to see Bitcoin reclaim 46-47k to feel confident that momentum has been regained,” William Clemente, lead insights analyst at mining firm Blockware, added.

    Bets remained open as to the impact of Thursday‘s consumer price index (CPI) data for February. This is expected to be 7.9% and a key driver of short-term volatility for BTC/USD.

    The data would precede the following week‘s decision on key interest rates from the Federal Reserve, with expectations just as varied as to its scope.

    “IMO BTC‘s first dip from 60k to 30k in 2021 was caused by China‘s mining ban. The second dip from 60k to 30k in 2021 was caused by inflation combined with possible rate hikes & QE ending,” PlanB, creator of the stock-to-flow family of Bitcoin price models, argued.

    “Currently the odds of rate hikes & QE ending seem low.”

    LUNA returns to top major altcoin returns

    Bitcoin thus performed strongly even against many altcoins, with the top ten cryptocurrencies by market cap struggling to keep up.

    Related: Bitcoin stems losses after US bans Russian oil, gold heads to record highs

    Ether (ETH) was up 7.2% on the day at the time of writing, while others were flatter such as Ripple (XRP) on 3.7%.

    The briskest gains belonged to Terra (LUNA) once again with LUNA/USD targeting 20% gains and its highest since mid-January.

    LUNA/USD 1-day candle chart (Binance). Source: TradingView

  • Kava Deploys Ethereum Developer Support on Testnet

    Kava Deploys Ethereum Developer Support on Testnet

    The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

    @2022 CoinDesk

  • Bitcoin Tops $41K as Yellen’s Leaked Comments Signals Friendlier Stance in Biden’s Crypto Order

    Bitcoin Tops $41K as Yellen’s Leaked Comments Signals Friendlier Stance in Biden’s Crypto Order

    Bitcoin (BTC) rallied early on Wednesday, pushing the broader crypto market higher after U.S. Treasury Secretary Janet Yellen’s leaked remarks revealed that President Joe Biden’s impending crypto order would take a constructive approach in regulating the digital assets industry.

  • Bitcoin Tops $41K After Yellen’s Crypto Statement Inadvertently Published Early

    Bitcoin Tops $41K After Yellen’s Crypto Statement Inadvertently Published Early

    Bitcoin (BTC) rallied early on Wednesday, pushing the broader crypto market higher after U.S. Treasury Secretary Janet Yellen’s inadvertently published remarks revealed that President Joe Biden’s impending crypto order would take a constructive approach in regulating the digital asset industry.

  • VanEck Launches Crypto Mining ETF

    VanEck Launches Crypto Mining ETF

    The largest weighting is Riot Blockchain (RIOT) at about 11%, followed by Hut 8 Mining (HUT) at 9.1%, Marathon Digital (MARA) at 8.3%, Iris Energy (IREN) at 7% and Canaan (CAN) at 6.5%. Rounding out the top 10 holdings are Hive Blockchain (HIVE) at 6.3%, Northern Data (NB2.GR) at 5.8%, Block (SQ) at 5.7%, Bitfarms (BITF) at 5.6%, and lender Silvergate Capital (SI) at 4.8%.

  • Janet Yellen: US Treasury, Other Departments Will Publish Report on Money Under Biden Crypto Executive Order

    Janet Yellen: US Treasury, Other Departments Will Publish Report on Money Under Biden Crypto Executive Order

    “Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen said. “… because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.

  • First Mover Asia: Singapore’s Strict Approach to Crypto; Bitcoin Rises Despite Investors’ Jitters About War, US Executive Order

    First Mover Asia: Singapore’s Strict Approach to Crypto; Bitcoin Rises Despite Investors’ Jitters About War, US Executive Order

    Russia continued its campaign to isolate Ukraine’s major Black Sea ports to the south and lay siege to its major cities, bombarding military and, increasingly, civilian targets. More than two million Ukrainians have fled their devastated country. Ukraine President Volodymyr Zelensky vowed to “fight to the end, at sea, in the air,” echoing Winston Churchill, Britain’s prime minister during World War II, in an emotional video address.

  • Senator Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions

    Senator Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions

    The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

    @2022 CoinDesk

  • US Senator Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions

    US Senator Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions

    The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

    @2022 CoinDesk