Category: NEWS

“Stargate Finance” has been trending on Twitter for the past week and while it’s too early to call for a full-blown DeFi bull market, traders have been shoveling funds into the project, which claims to be a “composable omni-chain native asset bridge.”

Data from Cointelegraph Markets Pro and TradingView shows STG was listed on exchanges on March 17 and its price has climbed 438% from a low of $0.665 to a high of $3.58 on March 25.

Here’s a look at some of the developments with the protocol that have attracted DeFi users and boosted the price of STG ahead of its initial community auction.

Cross-chain composability

Interoperability has been a growing theme across the cryptocurrency ecosystem and this theme continues to expand as investors realize that the future Metaverse will be comprised of multiple interconnected blockchains.

While many of the older DeFi protocols have yet to develop a plan to integrate the most popular chains, Stargate was designed with cross-chain composability as its main feature. This allows a cross-chain transfer to be composed with smart contracts on the destination chain.

According to Startgate Finance, this helps to simplify the swap process and maximizes the degree of flexibility by making the process more convenient for users and opening new opportunities for cross-chain applications.

The project also offers instant guaranteed finality, which ensures that any transfer request committed on the course chain will also be committed on the destination chain as well. Unified liquidity eliminates the need for intermediate tokens as each supported chain has a pool of liquidity for the supported native assets.

The networks currently supported by Stargate F include Ethereum (ETH), BNB Smart Chain (BSC), Polygon (MATIC), Avalanche (AVAX), Arbitrum, Optimism and Fantom (FTM).

Hype builds over community auctions

A community auction begins on March 30 and users that obtained pre-approval for their wallets or bonded funds before March 17 are eligible for SGT tokens at a price of $0.25. Tokens bought during the auction include a one-year lock-up, followed by a linear unlock period that lasts six months.

Pre-approved accounts are able to purchase a maximum of 18,657 STG, while those that bonded can obtain up to 4,668 STG. Any tokens that remain after Round 1 will be split equally and made available to buy in Round 2 for those who obtained the maximum eligible amount during Round 1.

Related: Stargate Finance attracts $1.9B in six days

High stablecoin yields

A third factor helping to attract attention and users to Stargate Finance are the attractive stablecoin farming yields across its supported networks.

The high yields on stablecoins have already managed to attract $2.95 billion in liquidity locked on the protocol, according to data from Defi Llama, which makes Stargate Finance the thirteenth largest DeFi protocol by TVL.

While it’s still too early to tell how Stargate Finance will perform in the long term and whether its token price can hold its recent gains, it appears as though interoperability and a focus on stablecoin liquidity are the two key factors required for DeFi protocols looking for longevity in the crypto ecosystem.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) is attempting to notch its second successive weekly gains and end at the highest weekly closing price year-to-date. According to on-chain data from Glassnode, the recovery in Bitcoin’s price was driven by demand in the spot markets. This is likely to cheer the bulls because history suggests that spot market demand leads to sustained upside.

Another positive sign is the strong demand for the ProShares Bitcoin Strategy exchange-traded fund (BITO) in the past two weeks, which pushed its exposure to a record high. Arcane Research said the strong inflows “suggest that Bitcoin appetite through traditional investment vehicles is increasing.”

Along with Bitcoin, the broader crypto space is also attracting investors. According to research firm Fundstrat, venture capital buyers pumped $4 billion into the crypto space in the last three weeks of February.

Could buyers sustain the momentum and extend the relief rally in Bitcoin and altcoins? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the short term.

BTC/USDT

The long wick on Bitcoin’s March 25 candlestick shows that the bears are defending the overhead resistance at $45,400. A minor positive is that the bulls have not given up much ground, suggesting that the traders are not closing their positions in a hurry.

The 20-day exponential moving average ($42,025) has turned up and the relative strength index (RSI) is in the positive territory, indicating that bulls are in command. If buyers drive the price above $45,400, the BTC/USDT pair could rise to the resistance line of the ascending channel.

This level may again act as an obstacle, but if bulls overcome it the pair could rally to the psychological level at $50,000.

Contrary to this assumption, if the price turns down from $45,400, the bears will try to pull the pair to the strong support at $42,594. This is an important level to watch on the downside because if bulls flip it to support, the possibility of a break above $45,400 increases.

The bears will have to pull and sustain the price below the moving averages to signal that the bulls have been pushed to the back foot.

The 4-hour chart shows that the price turned down from the overhead resistance but the bulls did not allow the pair to break below the 20-EMA. This suggests that traders are buying on every minor dip.

The rising moving averages and the RSI near the overbought zone suggest that the path of least resistance is to the upside. This positive view will invalidate in the short term if the price breaks and sustains below the 20-EMA. In that case, the pair may drop to $42,594.

ADA/USDT

Cardano (ADA) has been sustaining above the critical level at $1 for the past few days. This indicates that bulls who may have purchased at lower levels are not booking profits aggressively as they expect the recovery to continue.

The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls have the upper hand. If buyers push and sustain the price above $1.26, the bullish momentum may pick up and the ADA/USDT pair could rally to the next critical resistance at $1.60.

Alternatively, if the price turns down from $1.26 but rebounds off $1, it will suggest that the pair may remain range-bound between the two levels for a few more days. The bears will have to sink and sustain the price below the moving averages to invalidate the bullish view.

The 4-hour chart shows that the bears are aggressively defending the overhead resistance at $1.20 but a minor positive is that the bulls have not allowed the price to sustain below the 20-EMA. If the price rises from the current level, the bulls will again try to clear the hurdle at $1.20 and push the pair to $1.26.

Alternatively, if the price turns down and breaks below the 20-EMA, it will suggest that the bullish momentum has weakened. The pair could then gradually decline toward the strong support at $1.

AXS/USDT

Axie Infinity (AXS) has been trading between $72 and $44 for the past few days. The buyers pushed the price above the overhead resistance on March 25 but could not sustain the higher levels. This indicates that the bears are defending the level with vigor.

The moving averages have completed a bullish crossover and the RSI is in the positive territory, suggesting advantage to buyers.

If the price turns up from the current level or rebounds off the 20-day EMA ($56), the bulls will again try to thrust the AXS/USDT pair above $72. If they manage to do that, the up-move may pick up momentum and the pair may rally to $100.

This positive view will invalidate if the price continues lower and breaks below the 20-day EMA. That could keep the pair range-bound for a few more days.

The 4-hour chart shows that the bulls pushed the price above the overhead resistance at $72 but could not sustain the higher levels. This may have attracted profit-booking by the short-term traders which pulled the price below the 20-EMA.

If the price turns up from the current level and breaks above $68, it will suggest accumulation on dips. The buyers will then try to clear the obstacle at $72 and start a new up-move.

Contrary to this assumption, if the price sustains below the 20-EMA, the correction could extend to the 50-simple moving average.

Related: Dogecoin signals bottoming out as DOGE rebounds 30% in two weeks — What’s next?

LINK/USDT

Chainlink (LINK) has been trading inside a massive range between $13 and $36 for the past several months. Although bears pulled the price below the support of the range, they could not sustain the breakdown. This suggests that the markets rejected the lower levels.

The moving averages have completed a bullish crossover and the RSI is in the positive territory, suggesting that the buyers have the upper hand. The rally may face resistance at the downtrend line but if this barrier is crossed, the LINK/USDT pair could rally to $20.

Alternatively, if the price turns down from the current level, the moving averages are likely to act as strong support. If the price rebounds off it, the possibility of a break above the downtrend line could increase. This positive view will invalidate if the bears pull the price below the moving averages. That could open the doors for a possible drop to $13.

The bears are mounting a strong defense at $16.50 but a minor positive is that the buyers have not allowed the price to slip below the 50-SMA. If the price rises from the current level or rebounds off the moving averages, the bulls will try to propel the pair above $16.50. If they succeed, the pair could rally to $17.50.

Contrary to this assumption, if the price breaks below the 50-SMA, it will suggest that the short-term bulls may be closing their positions. There is a minor support at $15 but if it gives way, the pair could slide to $14.

FTT/USDT

FTX Token (FTT) broke and closed above $49 on March 24, completing an ascending triangle pattern. Although buyers pushed the price above the psychological resistance at $50 on March 25, they could not sustain the higher levels.

This suggests that the bears have not yet given up and they continue to sell at higher levels. The bears will now try to pull and sustain the price back below $49. If they manage to do that, the aggressive bulls who purchased the breakout from the triangle may get trapped. This could sink the FTT/USDT pair to the 20-day EMA ($45).

If the price rebounds off this level, the buyers will again try to clear the overhead resistance zone between $49 to $52 and resume the up-move.

Conversely, if the price slips below the moving averages, it will suggest that bears are attempting a strong comeback. A break and close below the uptrend line of the triangle will invalidate the bullish pattern. The pair may then decline to $39.

The rally above $51 pushed the RSI deep into the overbought territory. Usually, such moves are followed by a sharp correction or consolidation. If bears pull the price below $49, the pair could decline further to the 50-SMA.

If the price rebounds off this level, the buyers will again try to push the pair above $52 and resume the up-move. On the other hand, if bears pull the price below the 50-SMA, the selling could intensify and the pair may drop to $45.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!

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This week, our 6 Questions go to Mitch Liu, co-founder and CEO of Theta Labs — a decentralized video streaming platform powered by users and built on a new blockchain.

Theta Labs is the organization behind the Theta Network — a fast, green blockchain designed from the bottom up for media and entertainment. In 2019, Mitch launched Theta.tv, a decentralized livestreaming platform that makes use of tokenized bandwidth-sharing to make video content delivery faster and cheaper than mainstream alternatives. Most recently, Mitch and his team launched ThetaDrop, an NFT marketplace powered by the Theta Network. 

Mitch has been an investor and entrepreneur in the tech space since 2007. He received a BS in computer science engineering from MIT, conducted research at MIT Media Lab’s “Interactive Cinema” group and received an MBA from the Stanford Graduate School of Business.

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1 — What has been the toughest challenge you’ve faced in our industry so far?

I think convincing stakeholders in legacy industries that blockchain and Web3 technologies have a place in their industry’s future. Understandably, this wasn’t as hard with the tech folks — new technologies and new ideas are kind of their bread and butter. But you’d be surprised at how even people in those spaces can be wedded to an older way of doing things. It’s hard to totally reimagine your industry. I don’t blame anyone for that.

In media and entertainment, it has been a little more difficult. The transition from television, radio and Web1 to social media and Web2 seemed pretty intuitive. We’re traveling from a one-directional kind of media to a shared, more collaborative model. Web3 and distributed ledger technology are the same but turbocharged, and a little harder to wrap your head around. But we’ve started to see a shift in the attitudes of media companies. Once people realize how, for example, sharing computer power and bandwidth to reduce cost and energy consumption in video streaming works, the concept clicks for them pretty quickly. One day, Web3 will seem just as intuitive as the TV. I really believe that.

2 — What does decentralization mean to you, and why is it important?

To me, decentralization means taking back control and sharing power with the people and the broader community. Over the last couple of decades, we have sleepwalked into an internet — a society even — that has placed far too much power in the hands of too few people and organizations. Tech giants like Facebook (or Meta) are starting to realize that, and they’re now trying to innovate and change their narrative to convince users that they are still valued.

3 — When you tell people you’re in the blockchain industry, how do they react?

I’m quite lucky. Most of my contemporaries are familiar with what I do and react really well to our work in the blockchain space. I also have an easier answer I can use if I want because, in so many respects, Theta is in the business of media and entertainment, and it’s easier to understand. Blockchain is just the technology that allows us to add new value to the media industry, not necessarily replacing the entire industry.

4 — Which two superpowers would you most want to have, and how would you combine them for good… or evil?

I would have to pick one for practical reasons and one for fun. As much as I like to sleep, it can be such an inconvenience when you have so many plans. I’d love to be able to spend more time on Theta. We have so many exciting projects in the works, and instead of spending my nights with my head on the pillow, it would be great to turn that into productive time — I’d have no distractions!

My second superpower would have to be the ability to fly. Sure, it has a practical transportation element (is that cheating?), but it would also be the greatest adrenaline rush. 

5 — If you didn’t need sleep, what would you do with the extra time?

I’d like to spend as much time as possible with my friends and family. Life is too short, and it’s only after a hard week at your desk that you realize how little time there is for the good things in life. To relax and unwind with the people you love is one of life’s blessings, and I’d love to spend more quality time doing it.

6 — What should we be teaching our kids?

Things are almost never as hard as they first appear to be.

Unless you’re blessed with unnatural confidence, taking on a new challenge is always difficult. But I have lost track of all the times in my life when a task seemed impossible yet I ended up either doing better than expected or learning from the experience. And this has nothing to do with my natural ability at any given thing. From what I can see, this is universal. Try your best, and it will be infinitely easier the next time.

A wish for the young, ambitious blockchain community:

I would like to wish them the best of luck in this space… and tell them to keep on innovating! It is them who will lead us to global adoption. We’ll get there… it’s just about when.

Whether you consider cryptocurrency trading as art, science or a game of skill, one thing is beyond dispute: Those who excel at it are not the traders who maintain the longest series of lucky one-offs but those who establish sustainable trading processes yielding consistent returns.

Ask a sample of seasoned pros if they would prefer to catch one obscure token’s 300%-in-a-day brush with fame or learn a strategy that systematically generates a 3% return on investment. You will be surprised how many of them (likely close to 100% of the sample) prefer modest yet systematic profits.

How does one make their trading processes more systematic? One way is to rely on automated data analytics tools with a proven track record of consistent performance. One such tool is the VORTECS™ Score, an artificial intelligence (AI)-powered algorithm exclusively available to the subscribers of Cointelegraph Markets Pro. Its job is to compare the current combination of trading and social metrics around each crypto asset to past ones, giving traders a heads-up when historical conditions begin to look ripe for a rally.

Here are some numbers from an average week in the March sideways market. To understand what they mean, you only need to wrap your head around two simple notions. First, the higher the token’s VORTECS™ Score, the more favorable its outlook is, historically speaking. Scores of 80 and above are conventionally considered to be strongly bullish. Meanwhile, Scores above 90 indicate the algorithm’s extreme confidence that, in the past, similar patterns consistently showed up ahead of massive rallies.

Second, the algorithm is designed to detect patterns of trading activity and social sentiment that in the past preceded big upsides by 12 to 72 hours. On average, assets tend to perform better after longer times from hitting high Scores.

The data from this week largely supports this observation. As the table shows, forty coins that hit the VORTECS™ Score of 80 added an average of 2.53% of value 48 hours after reaching the threshold and 3.67% after 72 hours. The average gains generated by the assets that hit the Score of 90 are less reliable because they are based on only three observations: nineties occur way less frequently than eighties. Nevertheless, in most weeks, nineties outperform eighties, as was the case this week.

GET MARKETS PRO RIGHT NOW

This week’s average returns are representative of the broader picture of how the VORTECS™ algorithm performs. Over one year between January 2021-2022, crypto assets that reached the Score of 80 delivered an average gain of 2.45% after 72 hours. The 90-hitters yielded 4.46% after 72 hours.

While these numbers may look modest, more than a year’s worth of observations speak to their consistency. This makes the VORTECS™ Score a sound addition to the arsenal of those who wish to make their trading strategies more systematic.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial adviser before making financial decisions.

A brutal correction witnessed in the Dogecoin (DOGE) market between May 2021 and February 2022, which saw the price dropping by almost 85%, appears to have come to a halt this month.

DOGE/USD rebounds 30% in two weeks

DOGE experienced strong dip-buying when its price crashed to levels around $0.10 two weeks ago, resulting in a 30% rebound move to $0.14 as of March 27. Meanwhile, the coin’s upside retracement originated at a support level that constitutes a “falling wedge” setup, signaling an extended bullish reversal in the weekly sessions ahead.

In detail, a falling wedge pattern occurs when the price trends lower while fluctuating between two downward sloping, converging trendlines. In a perfect scenario, the setup results into the price breaking out of the descending range to the upside, rising by as much as the maximum distance between wedge’s upper and lower trendlines. 

DOGE’s rebound from the wedge’s lower trendline two weeks ago opens up its possibilities to continue the move upside toward the upper trendline — near $0.18. As such, breaking above the upper trendline further exposes Dogecoin’s price rise toward $0.37, up more than 150% from today’s price.

DOGE risks

Veteran investor Tom Bulkowski sees a falling wedge as a “poor performer” when it comes to predicting bullish chart patterns, noting that their “breakeven failure is high and the average price is low.” He cites a study of 800 trades that shows that the possibility of a falling wedge breakout meeting its bullish target is near 62%.

Additionally, Dogecoin’s track of record of showing a period of highly positive correlation with Bitcoin (BTC) — at 0.94 against the perfect score of 1 as of March 27 — could also limit its bullish bias if the latter drops due to ongoing macroeconomic and geopolitical pressures.

Related: Bitcoin sellers keep BTC price action in check amid $45K ‘fakeout’ warning

Mice McGlone, the senior commodity strategist at Bloomberg Intelligence, noted that Bitcoin could drop to as low as $30,000 due to its strong correlation with the U.S. stock market. Nonetheless, he maintained that BTC’s price should recover from its bearish slump to target $100,000 in the long term.

DOGE price levels to watch out next

Dogecoin’s latest rebound move now eyes a quick run-up towards the $0.15-0.19 area, a range encapsulating three psychological resistance levels: the 20-day exponential moving average (20-day EMA; the green wave), the 50-day EMA (the red wave), and the 0.618 Fib line (near $0.19) of the Fibonacci retracement graph — all shown in the chart below.

A strong pullback, accompanied by a rise in volume, from the said resistance area could have DOGE test the 0.786 Fib line near $0.10 as its interim downside target. Conversely, a decisive move above the range could result in an extended upside momentum towards $0.24, with an eye on $0.30 and $0.37 (also the falling wedge target).

Conversely, a decisive move above the range could result in an extended upside momentum toward $0.24, with an eye on $0.30 and $0.37 (also the falling wedge target).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The rapid expansion of cryptocurrencies and the development of crypto infrastructure and vulnerabilities like crypto mixers or tumblers have been a source of concern for government agencies in charge of financial security.

Many people use crypto mixers to keep their cryptocurrency transactions private by mixing potentially identifiable cryptocurrency funds with vast sums of other funds. These services are often used to anonymize fund transfers between services and do not require Know Your Customer (KYC) checks.

As a result, the risk of employing crypto mixers to launder money or conceal earnings is pretty considerable. Mixers and online gambling sites have the most severe money laundering issues, as they process the vast majority of dirty currencies. Mixers, for example, have consistently processed about a quarter of all incoming illicit Bitcoin (BTC) each year, while the proportion laundered through exchanges and gambling has remained relatively steady (66 to 72%).

There are two types of Bitcoin mixers: namely centralized and decentralized mixers. Companies that receive Bitcoin and send back different BTC for a fee are known as centralized mixers, providing a simple solution for tumbling Bitcoin. 

Decentralized mixers use protocols like CoinJoin to obfuscate transactions using either a completely coordinated or peer-to-peer (P2P) approach. Essentially, the protocol allows a big group of users to pool an amount of BTC and then redistribute it such that everyone receives one Bitcoin. Still, no one can know who received what or where it originated from.

Other types of coin mixers include obfuscation-based and zero-knowledge-based mixers. Obfuscation-based mixers, often called decoy-based mixers, employ ways to conceal a user’s transaction graph. An adversary with sufficient resources, on the other hand, can recreate the transaction graph using a variety of ways. 

On the contrary, zero-knowledge-based mixers rely heavily on advanced cryptographic techniques like zero-knowledge proofs to fully erase the transaction graph. The most significant disadvantage of this strategy is that it necessitates extensive cryptography, which may limit scalability.

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

NFT creator Yuga Labs raises $450M, bringing company valuation to $4B

The creators of the wildly popular Bored Ape Yacht Club NFTs, Yuga Labs, raised $450 million in seed funding at a $4 billion valuation. Unsurprisingly, top venture capital firm and cash cow Andreessen Horowitz (a16z) led the round. 

Yuga Labs, which also recently launched ApeCoin and announced an upcoming metaverse platform, intends to use the funds to increase its employee base, attract more creative, engineering and operations talent, as well as support joint ventures and partnerships.

Yuga Labs has been stacking wins over the past 12 months, with CEO Nicole Muniz emphasizing that “there‘s a lot to come” given the “new economy” of intellectual properties in the company’s roster. Yuga Labs recently bought the IP of CryptoPunks and Meebits from Larva Labs and plans to give full commercial rights to NFT holders.

Charles Hoskinson cheekily admits: ‘I was wrong’ about DApp rollout

In a bit of self-aware humor, Cardano founder Charles Hoskinson pointed out that his prediction about there being “thousands of assets and DApps” on the network by 2021 fell short significantly. 

He made the comments on Twitter but appeared to misremember his own words, as he had predicted back in July 2020 that, by 2021, there would be “hundreds of assets and thousands of DApps” on Cardano. 

The number of assets appears to have exceeded expectations thanks to NFT minting platforms; however, DeFi Llama lists a mere seven DApps on the blockchain, accounting for a total of $315.72 million total value locked (TVL).

SEC could approve spot Bitcoin ETFs as early as 2023 — Bloomberg analysts

Bloomberg’s highly clued-in ETF analysts Eric Balchunas and James Seyffart have suggested that a proposed rule change within the U.S. Securities and Exchange Commission (SEC) could result in the regulator approving a BTC spot ETF by mid-2023. 

Balchunas stated on Thursday that crypto platforms could fall under the SEC’s regulatory framework if the commission were to approve the amendment to the Exchange Act proposed in January, which would change the definition of “exchange.” The move would enable crypto platforms “trading any type of security” to be included under the act. 

“Once crypto exchanges are compliant, the SEC’s primary reason for denying spot Bitcoin ETFs would no longer be valid, likely clearing the way for approval,” said the analysts in a joint statement.

Stargate Finance attracts $1.9B in six days

Cross-chain protocol Stargate Finance has attracted more than $1.9 billion worth of TVL in less than a week since launching. 

The platform’s rapidly growing TVL is most likely a result of the cap of 26% APY offered for farming stablecoin deposits. Stargate Finance touts itself as a protocol that enables users to transact native assets across various chains. Users can also stake assets in pools to receive Stargate token (STG) rewards. 

Alameda Research CEO Sam Trabucco announced that the firm had heavily backed the project, snapping up all available Stargate tokens that had been auctioned off during Stargate’s launch on March 17.

Crypto users in Africa grew by 2,500% in 2021: Report

Crypto use in Africa surged a mammoth 2,500% in 2021, according to a report from crypto exchange KuCoin. 

The report cited interesting data, such as “more than 88.5% of cryptocurrency transactions made by Africans” being cross-border transfers. It argued that the low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”

Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions, such as the United States, Europe and Asia.”

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $44,118, Ether (ETH) at $3,136 and XRP at $0.83. The total market cap is at $2 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Ethereum Classic (ETC) at 79.59%, Loopring (LRC) at 57.71% and Bitcoin Gold (BTG) at 53.40%.

The top three altcoin losers of the week are ApeCoin (APE) at 8.09%, UNUS SED LEO (LEO) at 2.85% and Maker (MKR) at 2.02%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here.”

Nayib Bukele, president of El Salvador

“Avoiding scams should always stem from a common history with the requestor — i.e., to determine if they are who they claim they are — to ask for a common reference. (Yesterday, this type of question was the first I asked this scammer, and the response almost confirmed that he’s not John.)”

Felix Crisan, long-time Bitcoiner

“Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #SlowAndSteady.”

Charles Hoskinson, co-founder of Cardano

“You will continue seeing us take that approach as we try to shepherd companies into Web3. A lot of this is driven by ‘how do we accelerate the adoption of Web3?’ because one of the bigger risks as we see it, is that if people don‘t move into the space quickly enough then inadvertently we will perhaps also create another kind of elite.”

Yat Siu, co-founder and chairman of Animoca Brands

“We have seen the statistics about how few women are part of crypto by comparison, which kind of mirrors the inequality we see in other financial markets. […] Cryptocurrencies started with the goal of being accessible to everyone and breaking down barriers to entry.”

Naomi Osaka, pro tennis star

“Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent. Africa is a continent where lightning-fast progression and adoption is common.”

Nourou, founder of Bitcoin Senegal

“If you want to be a pioneer on the virtual frontier of innovation, Australia is open for business. As the Minister for the digital economy and the Minister for financial services, I am backing you.”

Jane Hume, Australian Senator

“You can’t solicit funds for a business opportunity, abandon that business and abscond with money investors provided you. Our team here at IRS-CI and our partners at HSI closely track cryptocurrency transactions in an effort to uncover alleged schemes like this one.”

Thomas Fattorusso, special agent-in-charge at IRS Criminal Investigation

Prediction of the Week 

Internet Computer eyes 50% move as ICP enters ‘falling wedge’ breakout territory

With the price of Internet Computer (ICP) on a surge of late, Cointelegraph’s Yashu Gola has read the charts and outlined a bullish scenario in which ICP reaches the $27 region by next month. The move would mark a hefty 50% gain since it was priced at around $17.75 on Tuesday. 

Gola pointed to a “convincing falling wedge breakout in action” backed by an increase in trading volumes and continual price inclines. 

“In a ‘perfect’ scenario, breaking out of a falling wedge pattern — to the upside — can see a subsequent price rally by as much as the maximum distance between the wedge’s upper and lower trendline. That may put ICP en route to over $27 — by almost 50% — sometime by April,” Gola said.

FUD of the Week 

Thailand SEC bans crypto payments, seeks disclosure of system failure from exchanges

Thailand’s Securities and Exchange Commission has banned crypto payments after discussing its implications with the Bank of Thailand (BOT) via a joint study. Some of the risks highlighted by the SEC include a lot of common critiques of crypto, including price volatility, cyber theft, money laundering and personal data leakage. 

Businesses found in non-compliance with the new crypto laws will be subject to legal actions including temporary suspension or cancellation of the services. 

“[Crypto payments] may affect the stability of the financial system and overall economic system including risks to people and businesses,” the joint study conducted by the BOT and SEC concluded.

Li Finance protocol loses $600,000 in latest DeFi exploit

The Li Finance swap aggregator protocol was the victim of a smart contract exploit that resulted in the loss of $600,000 worth of tokens, including USD Coin (USDC), Polygon (MATIC), Rocket Pool (RPL), and Gnosis (GNO), to name a few. 

During the early hours of the morning of March 20, the hacker was able to extract varying amounts of 10 different tokens from wallets that had given “infinite approval” to the Li Finance protocol. The team found out about the hack an eye-watering 12 hours later and shut down all swapping functions on the platform in order to prevent any further losses. 

The team said that the attacker swapped the stolen tokens for a total of about 205 Ether (ETH) valued at roughly $600,000.

DeFiance Capital founder loses $1.6M in hot wallet hack

The founder of crypto investment firm DeFiance Capital, pseudonymously known as  “Arthur_0x,” lost a whopping $1.6 million worth of NFTs and crypto via a hot wallet hack. 

After asking the community to help blacklist the hacker’s wallet, many people also jumped in to help retrieve some of the stolen assets. An NFT proponent going by the pseudonym “Cirrus” even went as far as to buy two of the stolen Azuki NFTs and return them to the founder at cost.  

Cirrus told Cointelegraph on Tuesday that he “found out they were hacked, and instead of selling them for profit like the other folks who got some of [Arthur_0x’s NFTs], decided I’d sell them back to him at cost to help him out.”

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