bitcoinlfg

Category: NEWS

  • Loopring (LRC) price surges by 50% after GameStop NFT marketplace integration

    Loopring (LRC) price surges by 50% after GameStop NFT marketplace integration

    Filling multiple needs within the cryptocurrency community is one way a project can set itself apart from the competition and new attract users and liquidity to its ecosystem. 

    Loopring aims to do exactly this by aiming to offer a EVM-based solution with low fees where DeFi and NFT developers and investors can transact. The layer-two (L2) scaling solution utilizes zk-Rollups to provide fast, low-cost transactions and the project has been gaining traction throughout the month of March.

    Data from Cointelegraph Markets Pro and TradingView shows that the price of LRC gained 57% between March 21 and March 23 as its price increased from $0.78 to $1.23 amidst a spike in its 24-hour trading volume to $2.75 billion.

    LRC/USDT 4-hour chart. Source: TradingView

    Three developments that have helped spark the reversal in price for LRC include the beta launch of the GameStop NFT marketplace on the Loopring network, the inflow of new users and a rapidly expanding NFT ecosystem.

    GameStop selects Loopring for its upcoming NFT Marketplace

    The most significant recent development that helped to drive the  increase in demand for LRC was the March 23 announcement that GameStop has integrated the beta version of its NFT marketplace with the Loopring network.

    GameStop reports that it chose Loopring to host its NFT marketplace due to the network’s ability to mint NFTs for a fraction of the cost required on Ethereum, with the average fee being less than $1.

    Beta users can begin exploring the marketplace now and deposit funds in preparation for the platform’s full lauch which is expected to take place in the near future.

    Surging user growth

    A second factor putting wind in the sails of LRC has been the surge in new users in the Loopring ecosystem as evidenced by the record-high number of wallets joining the netw.

    Total number of Loopring wallets. Source: Dune Analytics

    According to data from Dune Analytics, the wallet count of the Loopring network has increased from 6,498 on Oct. 30, 2021 to an all-time high of 27,092 on March 25 as the GameStop announcement helped initiate a new of wave users.

    The recent release of the Loopring Smart Wallet, which includes the ability to mint NFTs and retrieve a lost account via social recovery and Guardians, has also helped in the process of onboarding new users and wallets in the ecosystem.

    Related: GameStop stock up on rumors of Microsoft NFT game partnership

    An expanding ecosystem

    A third factor helping to boost the outlook of LRC is the overall growth of its ecosystem which includes a NFT community that has already seen more than 1 million NFTs minted.

    Further evidence of its growth can be found looking at the daily volume traded on Loopring, which experienced a significant spike in activity following the March 23 GameStop announcement.

    Loopring volume traded per pair per day. Source: Dune Analytics

    VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LRC on March 20, prior to the recent price rise.

    The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

    VORTECS™ Score (green) vs. LRC price. Source: Cointelegraph Markets Pro

    As seen in the chart above, the VORTECS™ Score for LRC climbed into the green zone on March 19 and proceeded to hit a high of 88 on March 20, around 40 hours before the price increased 57% over the next two days.

    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.

  • Cryptocurrency vs. Stocks: Key differences explained

    Cryptocurrency vs. Stocks: Key differences explained

    Both the crypto and the stock markets are volatile and subject to external influences. However, there are also differences between them.

    When we’re talking about cryptocurrency vs. stocks, there is a big difference in how they are traded. Cryptocurrency can be bought at a cryptocurrency exchange, whereas you can buy stocks at the stock exchange. Of course, there are differences in the exchanges and opening hours, as previously described. 

    Normally, the crypto market is more volatile than the stock market. However, the stock market is also subject to volatility due to interest rate changes and uncertain situations like war, inflation rate and monetary policy changes. But, what about trading costs in cryptocurrency vs. stocks? 

    Basically, transaction fees do not apply to the crypto market, as it is decentralized. However, you do pay a gas fee to reward the miners and validators who secure transactions on the network. 

    On the stock market, transaction costs like brokerage fee apply, but you can often trade free of charge within certain platforms like eToro that do not charge any commission for trading stocks.

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

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

    Bitcoin (BTC) took a breather from its latest upside on March 26 after predicted resistance kicked in just under the yearly open.

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

    Bitcoin fakeouts: Third time’s the charm?

    Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering around $44,500 Saturday, preserving the lion’s share of the week’s progress.

    Traders had sounded the alarm on a possible retracement after a large sell wall appeared on major exchange Bitfinex. In the event, sell-side pressure prevailed, halting bulls’ advance at just above $45,000.

    “Still waiting to see how price trades around yearly open. The prev times I targeted it we came up short but got very close although this time looks better for BTC. Almost there,” popular trader Pentoshi summarized.

    Fellow Twitter user B C Richfield meanwhile highlighted the need to crack the current local high of $45,135, after two “fakeouts” on lower timeframes. A failure to do so, he argued prior to the high occurring, would be bad news.

    Another topic of debate from the week, that of Blockchain protocol Terra’s multibillion-dollar Bitcoin buy-in, continued, executives adding roughly another 3,000 BTC to a wallet now containing 24,954 BTC ($1.1 billion).

    Media attention and excitement increased in step, with analytics firm Messari highlighting “increased usage and fundamentals” as driving the price of Terra’s LUNA token while other smart contract tokens traded down.

    LUNA/USD was nonetheless in the same position it traded at last weekend at the time of writing, while both Bitcoin and largest altcoin Ether (ETH) were up over 6% during the same period. 

    Fees remain a bargain

    For all the focus on a turnaround coming from within the crypto industry, however, for the mainstream, Bitcoin remained firmly under the radar.

    Related: After years of doubts and concerns, it is finally Bitcoin’s time to shine

    In addition to Google Trends data showing an ongoing lull, analyst Benjamin Cowen noted that Bitcoin’s low transaction fees underscored a lack of activity.

    “To some degree, Bitcoin transaction fees tell you what you need to know,” he said.

    “Clearly the tourists are gone at the moment. But they will return. They always do.”

    Bitcoin total transaction fees chart. Source: Blockchain

    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.

  • White House office seeks public opinion on crypto-climate implications

    White House office seeks public opinion on crypto-climate implications

    The Office of Science and Technology Policy (OSTP), an Executive Office of the President of the United States, commenced a study to identify the scope for offsetting energy use and climate changes related to digital assets. 

    On March 9, United States President Joe Biden signed an executive order, directing various federal agencies to examine implications of digital assets on six key areas — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership and combating illicit financial activity.

    As a part of the initiative, the OSTP invited the general public and other stakeholders to share their viewpoints on various factors that contribute to the energy use and climate impacts of all types of digital assets and cryptocurrencies.

    President Biden’s executive order requires OSTP to submit a report on digital assets to identify factors that negatively or positively affect energy and climate concerns. According to the official notice:

    “In particular, this Right for Information (RFI) seeks comments on the protocols, hardware, resources, economics, and other factors that shape the energy use and climate impacts of all types of digital assets.”

    In addition, OSTP seeks public opinion on the potential benefits of digital assets in addressing the rising energy and climate concerns. According to the notice, the federal government will use the findings of the study to dictate future developments or industry trajectories related to digital assets.

    The general public and organizations are invited to submit comments on or before 5:00 p.m. ET on May 9, 2022.

    Related: Secretary Yellen recognizes ‘benefits of crypto’ despite lingering skepticism

    The U.S. Secretary of the Treasury Janet Yellen, who has historically shared anti-crypto sentiments, recently acknowledged the “significant role” played by cryptocurrencies:

    “There are benefits from crypto, and we recognize that innovations in the payments system can be a healthy thing.”

  • Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

    Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

    Citing compliance with local jurisdictions, crypto exchange Coinbase announced to soon collect additional information from users based in Canada, Singapore and Japan. 

    Effective from April 1, Coinbase users from Canada, Singapore and Japan will be required to provide additional information while sending cryptocurrencies to a different (non-Coinbase) platform. 

    However, while Singaporean and Japanese investors will be required to share additional information about the recipient for every single off-platform transaction, Canadians sending less than $801 (1,000 CAD) will be exempted from this requirement.

    Screenshot of Coinbase requesting recipient information from Canadian users. Source: Coinbase

    As shown in the above screenshot, Canadian users will need to share the full name and residential address of the recipient. 

    Moreover, Canadian users — that suffice the above two conditions — will lawfully require to provide the recipient’s (self) information even while transferring funds between their own crypto wallets.

    On the other hand, both Japanese and Singaporean regulations will require Coinbase to collect information about the recipients from local investors for every single off-platform transaction with no minimum threshold.

    Screenshot of Coinbase requesting recipient information from Singaporean users. Source: Coinbase

    Similar to Canadian users, investors from Japan will need to disclose information including the recipient’s name and full address and the name of the crypto exchange handling the wallet.

    Singapore users will not require to provide the recipient’s residential address but will require only the recipient’s name and country of residence. The lack of any required information will bar the user from sending cryptocurrencies out of the Coinbase platform for the jurisdictions in question.

    Coinbase users that no longer reside in these jurisdictions will need to update their country of registration in order to gain exemption from the soon-to-be-implemented rule.

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

    For many jurisdictions, the road to mainstream crypto adoption is paved by stringent regulations under the pretext of investor protection. Starting April 2022, the Thailand Securities and Exchange Commission (SEC) announced a ban on crypto payments throughout the country.

    Complementing this law, the SEC also proposed a new rule, which if implemented, will require Thai-based crypto businesses — brokers, exchanges and dealers — to disclose service quality and IT usage information.

    As Cointelegraph reported, a joint study between the Thai SEC and Bank of Thailand (BOT) concluded that:

    “[Crypto payments] may affect the stability of the financial system and overall economic system including risks to people and businesses.”

  • These are the top 3 coins for yield farming

    These are the top 3 coins for yield farming

    There are a lot of ways to make money in the crypto industry. While buying crypto assets and holding them for capital appreciation is the most common, it is actually possible to earn very good annual yields with staking and yield farming. Here is why yield farming makes sense:

    • It helps to preserve your capital for a longer time.

    • You can earn yields while your crypto assets appreciate in value.

    • Yield farming is available in almost all blockchains out there.

    With that said, if you are trying to find some decent opportunities for yield farming, we have a list here below that can be perfect for this:

    Uniswap (UNI)

    Uniswap (UNI) is the biggest decentralized exchange on the Ethereum chain. It requires a lot of liquidity and as such, users can stake their crypto assets and earn yields from these liquidity pools. 

    Data Source: Tradingview 

    The great thing about Uniswap is that it offers the best returns of any staking and yield farming program. We are talking about annual yields of between 20 and 50%.

    PancakeSwap (CAKE)

    PancakeSwap (CAKE) has also been doing a very good job of offering decentralized exchange services using liquidity pools. It’s more or less like Uniswap. But its yields are just crazy. Users can earn between 8% to as high as 250% for staked assets. The range is huge no doubt but even 8% a year is not that bad.

    Cranos (CRO)

    Cranos (CRO) was formerly known as Crypto.com. It is one of the main crypto exchange platforms in the world, with trade volumes in the billions of dollars. The change to Cranos however reflects the direction that Crypto.com wants to take. 

    In a nutshell, the goal is to bring more DeFi features into its ecosystem. But in case you would want to make a decent and long-term income here, the staking and yield farming program is quite impressive. Users can earn up to 15% in yields each year.

  • The best bullish coins that you can consider buying right now

    The best bullish coins that you can consider buying right now

    It seems like the crypto market is starting to find its legs again. After ups and downs over the last three months, we have seen sustained periods of consolidation. Positive investor sentiment is starting to come back. So, here is what to expect:

    • A lot of coins are likely to go on decent bull runs

    • Pullbacks will come of course, but the general trend will be up.

    • Risks however still remain, including high inflation and conflict in Europe.

    For investors looking for bullish cryptos, there are a lot to choose from. But we decided to pick out three of the best.

    Ripple (XRP)

    Ripple (XRP) has had its issues this year. The coin was in the middle of a big lawsuit with the Securities and Exchange Commission or SEC. Because of this uncertainty, a lot of investors were staying away from XRP. 

    Data Source: Tradingview 

    The coin has therefore remained highly undervalued but in the last few weeks, it seems like the SEC case is now starting to go away. XRP has therefore remained bullish and could surge very strongly in the near and medium-term. In fact, we are likely to see the unlocked potential of XRP come to the fold.

    ThorChain (RUNE)

    A lot of positive ecosystem news has been coming out of Thorchain (RUNE) over the last week or so. The coin has also managed to snap out of the February downtrend and is gaining quite a lot. In fact, RUNE is up 20% in the last 7 days. The trend will continue in the near and long term.

    Convex Finance (CVX)

    Convex Finance (CVX) is one of the most promising DeFi projects in the market. The project is actually up by around 30% for the week. As the DeFi revolution continues to expand, coins like CVX are likely to get more demand. This will eventually push the price action higher and higher.

  • Axie Infinity (AXS) is up more than 20% in the last 24 hours – Here are the details why

    Axie Infinity (AXS) is up more than 20% in the last 24 hours – Here are the details why

    Metaverse and gaming tokens have not had an easy March. The tokens have lost massively from 2022 highs. But it seems the month could end on a high. Axie Infinity (AXS), one of the leading gaming and metaverse tokens in the world, has been surging in recent days. Here are some details:

    • AXS has gained over 20% over the last 24 hours or so.

    • The move came after the game’s developer announced new changes on governance.

    • The surge pushed AXS to a new two-month high.

    Data Source: Tradingview 

    Axie Infinity (AXS) – The outlook

    The long-term outlook for Axie Infinity (AXS) has often been quite positive. The volatility of the last few weeks is only a bump in what is expected to be a great year for AXS. The key now will be to watch how the coin will keep up the momentum. 

    Hitting a 2-month high is a big thing, especially when you consider just how far AXS had fallen. But AXS is not the only blockchain gaming token rising. In fact, after news broke that FTX and PUGB were getting into crypto gaming, almost all Play-to-Earn tokens saw major gains. 

    But AXS remains the stand-out performer with a 44% gain for the week. We expect this bullish surge to maintain at least in a week or so before it retreats.

    Is Axie Infinity (AXS) still a good buy?

    There were a lot of fears that perhaps AXS may have lost its momentum. After dominating GameFi in 2021, the NFT inspired game has continued to face increased competition from other newer games. 

    But despite this, we expect Axie to continue playing a key role in the GameFi sector. As a long-term asset, it is going to offer steady and decent gains for investors. The biggest downside risk is a decrease in active monthly players due to other entrants in GameFi.

  • Solana (SOL) shoots above $100 – Where will the bull run end?

    Solana (SOL) shoots above $100 – Where will the bull run end?

    Solana (SOL) has been on a decent bull run over the last few weeks. After tanking to around $60 just the other day, the altcoin has been rallying, and it doesn’t seem like the momentum is about to stop. Here is what we know so far:

    • Solana has surged above $100 for the first time in weeks

    • The bull run has smashed past several key overhead resistance zones.

    • The coin is likely to settle at $130 in the near term.

    Data Source: Tradingview 

    Solana (SOL) – How will the momentum play out?

    The broader crypto market has been doing quite well as we wrap up March. But altcoins like SOL have seen more gains. The coins have also had a brutal start to the year. Even though we have seen rallies here and there, the general trend for SOL and other altcoins has been very bearish. 

    But SOL appears to have reversed that trend. After bottoming to around $60, it seems like bulls have now taken over. Also, SOL has smashed past several key overhead resistance zones, including the $95. 

    The goal now for bulls will be to get the coin above $105. If this happens, it is likely that SOL will continue surging before finally settling at around $130. However, this thesis will be invalidated if bulls are not able to keep the price action above $95.

    Why Solana (SOL) is a good buy?

    Solana (SOL) has remained one of the hottest crypto assets on the planet. It is touted as the Ethereum killer thanks to its faster transaction speeds and low gas fees. The recent dip basically gave investors the chance to buy on the cheap. 

    But overall, Solana is expected to smash well above $200 somewhere this year and end even further higher by the time we cross into 2023. For any investor, owning SOL is highly recommended.

  • Splintershards (SPS) hits 2 billion in games played – Coin is surging as a result

    Splintershards (SPS) hits 2 billion in games played – Coin is surging as a result

    Splintershards (SPS), one of the leading blockchain play-to-earn gaming platforms, has reached another huge milestone. As a result, its native governance and utility token SPS has been surging in the last few days. Here are some of the details:

    • Splintershards (SPS) has now reached over 2 billion in games played

    • The milestone indicates Splintershards growing dominance in this area.

    • The native SPS token has been surging as a result in the last few days.

    Data Source: Tradingview 

    Splintershards (SPS) – Where will the momentum go?

    Reaching 2 billion in total games played is no easy feat. The play to earn space within blockchain has seen immense growth of course. With this boom in P2E expected to continue in 2022, we expect Splintershards (SPS) to surge even further. 

    Also, Splintershards (SPS) has confirmed that it sold millions of new cards in a live unboxing event that was held for its loyal fans a week ago. Despite this, at the time of writing, the price action appeared to have stagnated a bit. 

    It seems like investors have started to price in the 2 billion milestones. While we expect SPSs to see more bullish momentum, in the days ahead, at some point before the end of next week, it will plateau before it retreats.

    Is Splintershards (SPS) the future of Play to Earn?

    A lot of investors are looking for new and promising opportunities in GameFi. This industry is likely going to be a huge part of the blockchain ecosystem. But even though new projects can be exciting, sometimes it’s also nice to look at tried and tested solutions. 

    Splintershards (SPS) has been around since 2018 and continues to achieve milestone after milestone. As the GameFI revolution takes shape, SPS will be at the center of it all. Besides, the token has a market cap of $62 million so there is a lot of growth possibilities.