• Cointelegraph.com News - 20 May 2022, 9:30 pm

    Recession fears mount as a 20% decline in the S&P 500 places stock in a bear market, increasing the chance that BTC and altcoins will make new lows. Whoever coined the phrase “sell in May and go away” had brilliant insight and the performance of crypto and stock markets over the past three weeks has shown that the expression still rings true.May 20 has seen a pan selloff across all asset classes, leaving traders with few options to escape the carnage as inflation concerns and rising interest rates continue to dominate the headlines. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) taking on water below $29,000 and traders worry that losing this level will ensure a visit to the low $20,000s over the coming week. BTC/USDT 1-day chart. Source: TradingViewAs reported by Cointelegraph, some analysts warn that BTC could possibility decline to $22,700 based on…Read More

  • Cointelegraph.com News - 20 May 2022, 9:29 pm

    “OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” said the platform. Nonfungible token marketplace OpenSea has announced the launch of a Web3 marketplace protocol for “safely and efficiently buying and selling NFTs.”In a Friday blog post, OpenSea said the marketplace protocol, dubbed Seaport, will give users the option to obtain NFTs by offering assets other than just payment tokens like Ether (ETH). According to the platform, a user “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for an NFT, implying bartering a combination of tokens as a method of payment. In addition, SeaPort users can specify which criteria — e.g. certain traits on NFT artwork or pieces part of a collection — they want when making offers. The platform will also support tipping, as long…Read More

  • Cointelegraph.com News - 20 May 2022, 9:25 pm

    The Republican congressman is supporting Sen. Tommy Tuberville’s Senate bill and financial services companies that want to include crypto in their 401(k) product offerings. Rep. Byron Donalds, a Florida Republican, introduced the Financial Freedom Act into the United States House of Representatives on Friday to prevent the U.S. Department of Labor from limiting the types of investments that can be included in Americans’ self-directed 401(k) retirement plans. The bill is the companion to Alabama Sen. Tommy Tuberville’s May 5 Senate bill.The Financial Freedom Act was introduced as a reaction to a U.S. Department of Labor (DOL) compliance report dated March 10 that raised objections to the inclusion of cryptocurrencies in 401(k) retirement plans. That report warned the department’s Employee Benefits Security Administration “expects to conduct an investigative program aimed at plans that offer participant investments in cryptocurrencies and related products, and to take appropriate action to protect the interests of…Read More

  • Cointelegraph.com News - 20 May 2022, 9:15 pm

    The United Kingdom’s Economic and Finance Ministry announced in April that it would work to incorporate stablecoins into a regulatory framework on digital assets. Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022.According to a Friday Bloomberg report, Pritchard said the financial regulator will “absolutely” take into account stablecoins like TerraUSD (UST) and Tether (USDT) depegging from the U.S. dollar in drafting regulatory guidelines with Her Majesty’s Treasury for release later this year. While the USDT price only briefly dropped to $0.97 on May 12, UST’s has fallen more than 93% since May 9 to reach roughly $0.06 at the time of publication.“It really shows at front of mind the really significant issues that exist here, both in terms of a…Read More

  • Cointelegraph.com News - 20 May 2022, 9:00 pm

    The challenges faced by Terra, Wonderland and a handful of other DeFi projects exposed the need for investors to do more research and avoid cult personalities. Satoshi Nakamoto left a large pair of shoes to fill after releasing the code for Bitcoin (BTC) to the world, helping to establish the network, then vanishing without so much as a trace. Over the years, the crypto ecosystem has seen many developers and protocol creators rise in stature to become crypto messiahs for faithful holders who eventually have their best-laid plans end in catastrophe when the protocol is hacked, rugged or abandoned by whimsical developers.2022 is hardly halfway complete and the year has already seen a particularly bad stretch of good intentions gone awry, which have collectively helped plunge the market into bear-market territory. Here’s a closer look at each of these instances to help provide insight into how similar outcomes can be avoided…Read More

  • Cointelegraph.com News - 20 May 2022, 8:44 pm

    Launching on the Polygon network, the LifeChain platform is intended to vastly reduce occurrences of fraud within the U.S healthcare system. MSP Recovery LLC, a healthcare recovery firm based in Miami, United States and valued in the region of $32.6 billion, has announced a collaborative partnership with Web3 solution Tokenology to launch a fraud-prevention blockchain platform, titled Lifechain.Lifechain will seek to utilize the verifiable and transparent nature of blockchain technology to enhance the accessibility of healthcare charges, claims and medical records for patients and industry professionals.MSP Recovery’s consumer application LifeWallet — which launched in January this year and has since registered over 1 million users, according to recent data — will house the technology alongside a tokenized solution LifeCoin.The press release provided greater context into the scale of the task within the healthcare industry; notably, working in the field of reimbursing secondary medical insurance payments.“The massive number of daily medical…Read More

  • Cointelegraph.com News - 20 May 2022, 8:15 pm

    Binance comes to the rescue of Terra projects, Chainalysis introduces new tools to track stolen crypto funds, Do Kwon’s new proposal for a Terra hard fork and more in this week’s DeFi newsletter. The past week in the decentralized finance (DeFi) ecosystem was dominated by Terra’s collapse and its aftermath on various ecosystems it was connected. Now BNB chain has come to the rescue of several stranded projects on Terra by offering financial and technical assistance.After its spiral collapse, Terra co-founder Do Kown proposed a revival plan and a hard fork to revive the blockchain. Chainalysis introduced new tools to monitor and track stolen funds across multiple blockchains. Swiss asset manager Julias Baer is eyeing crypto and DeFi potential.Top DeFi tokens saw another week of bleeding, with the majority of these tokens trading in red over the past week. Do Kwon proposes Terra hard fork to save the ecosystemDo Kwon,…Read More

  • Cointelegraph.com News - 20 May 2022, 7:45 pm

    The company said it will be seeking reimbursement for the lost revenue from mining crypto, with operations at Niagara Falls “hoped to resume within a few weeks.” New York-headquartered crypto mining firm Bit Digital reported two of its hosting partners ceased operations to more than 4,800 rigs following power disruptions at different facilities. In a Thursday announcement, Bit Digital said a substation in Niagara Falls was damaged by “an explosion and subsequent fire,” necessitating its partner Blockfusion USA to take 2,515 Bitcoin (BTC) miners and 710 Ether (ETH) miners offline at the site. In addition, the mining firm reported its Digihost partner experienced a similar cut in power to a facility in North Tonawanda, New York, resulting in 1,580 crypto miners going offline. According to Bit Digital, the damage from the explosion and fire did not directly affect any mining rigs — just the substation providing electricity. In addition, the mining…Read More

  • Cointelegraph.com News - 20 May 2022, 7:15 pm

    Declining demand for Tether and negative futures premiums for altcoins reflect a growing disinterest from crypto investors. On May 12, the total crypto market capitalization reached its lowest close in 10 months and the metric continues to test the $1.23 trillion support level. However, the following seven days were reasonably calm while Bitcoin (BTC) gained 3.4% and Ether (ETH) added a modest 1.5%. Presently, the aggregate crypto cap stands at $1.31 trillion.Total crypto market cap, USD billion. Source: TradingViewRipples from Terra’s (LUNA) collapse continue to impact crypto markets, especially the decentralized finance industry. Moreover, the recent decline in traditional markets has led to a loss of $7.6 trillion in market cap from the Nasdaq Stock Market Index, which is higher than the dot-com bubble and the March 2020 sell-offs.On May 17, U.S. Federal Reserve Chairman Jerome Powell confirmed their intention to suppress inflation by raising interest rates but he cautioned that…Read More

  • Cointelegraph.com News - 20 May 2022, 6:25 pm

    BTC and altcoins produced the occasional relief rally, but technical analysis suggests that the prevailing trend will remain bearish for some time to come. Bitcoin’s (BTC) tight correlation with the legacy markets continues to be a drag, especially as the United States equity markets remain in a firm bear trend. The Dow Jones Industrial Average is on track for its eighth consecutive negative week and the S&P 500 is close to plunging into the bear market territory.Celsius (CEL) CEO Alex Mashinsky believes that the short sellers on Wall Street are looking for any weakness in crypto companies to “short and destroy.” Mashinsky blamed “the Sharks of Wall Street” for bringing down Terra (LUNA) and trying to destabilize Tether (USDT) and Maker (MKR) and “many other companies,” including Celsius.Daily cryptocurrency market performance. Source: Coin360Bear markets, though painful in the short term, tend to be good buying opportunities for long-term investors. However,…Read More

  • Cointelegraph.com News - 20 May 2022, 5:36 pm

    Traders say Ethereum needs a monthly close above $2,250 to regain bullish momentum, but a bearish technical analysis pattern on the weekly timeframe threatens to push ETH price to new lows first. Crypto markets remain volatile and a handful of seasoned traders believe that the bearish trend will continue as long as stock markets are chasing new lows.Most investors would agree that crypto is now in a bear market and the current price action for Bitcoin (BTC) and Ethereum (ETH) suggests that capitulation and consolidation are a ways away.Data from Cointelegraph Markets Pro and TradingView shows that Ether still struggles to reclaim the $2,000 level as support and this zone has been a notable support and resistance since February 2021.ETH/USDT 1-day chart. Source: TradingViewEther needs a monthly close above $2,250Insight into the major support level Ether needs to clear by the monthly close to regain a bullish outlook was touched…Read More

  • Cointelegraph.com News - 20 May 2022, 5:30 pm

    Some of the world’s biggest banks are increasing their exposure to the digital asset market despite the recent market volatility. Is this a sign of things to come? Has there ever been a worse time to be in crypto? It depends on how you look at it. Amid Terra’s death spiral, Bitcoin (BTC) recording seven-consecutive weekly red candles, over $1 trillion in lost market cap across the ecosystem and an aggressive Federal Reserve hell-bent on reversing the chaos it created, major banks are quietly increasing their exposure to the sector. You’re going to love this: Goldman Sachs — once the most passionate Bitcoin detractors — and Barclays are doing some strategic buying as they prepare for the future of crypto trading. Early polling from Terra vote indicates 91% are in favor of ‘rebirth’The Terra saga took an interesting turn on Wednesday after Terra co-founder Do Kwon managed to convince network validators…Read More

  • Cointelegraph.com News - 20 May 2022, 4:30 pm

    “If the law has clauses related to money laundering activities — Anti-Money Laundering activities — that’s very important for us,” said Panama President Laurentino Cortizo. Laurentino Cortizo, the president of Panama, has said he won’t sign off on a crypto bill recently approved by the country’s National Assembly without additional Anti-Money Laundering rules.Speaking at the Bloomberg New Economy Gateway Latin America conference on Wednesday, Cortizo said the bill recently passed by Panama’s legislature must go through legal checks before reaching his desk, but added he needed more information before potentially signing it into law. Describing the legislation as an “innovative law” and a “good law,” the president said he approved of certain aspects of the bill but hinted at possible illicit uses of cryptocurrencies that needed to be addressed.“I will not sign that law at this moment,” said Cortizo. “If the law has clauses related to money laundering activities —…Read More

  • Cointelegraph.com News - 20 May 2022, 3:30 pm

    Terra posted three new revisions to its revival plan. This included increasing genesis liquidity, introducing a new liquidity profile and decreasing allocation for some holders. After a grueling two weeks for the Terra community, the team behind the project announced revisions to their proposed revival plan for Terra (LUNA) and TerraUSD (UST). In a Tweet, Terra shared three major revisions to the proposed Terra revival and redistribution plan. These include increasing the genesis liquidity, introducing a new liquidity profile for pre-attack LUNA holders and decreasing the distribution to post-attack UST holders. 1/ We have published an amendment to Proposal 1623, incorporating the community’s feedback since its publication 2 days ago. Please see below for details https://t.co/liISBn3Baa— Terra Powered by LUNA (@terra_money) May 20, 2022 The announcement noted that pre-attack Anchor UST (aUST) holders, post-attack LUNA holders and post-attack UST holders’ initial liquidity parameters are modified. The change will be from 15%…Read More

  • Cointelegraph.com News - 20 May 2022, 3:15 pm

    Based on historical tendencies, $22,700 could now mark the next “generational bottom” for Bitcoin, new analysis says. Bitcoin (BTC) may fall more than 40% from last week’s bottom, new data warns as one analyst confronts what he says is now a bear market.In a series of tweets on May 20, popular trader and analyst Rekt Capital argued that BTC/USD should dive to near $20,000 to conform to historical norms.Death cross BTC price target now $22,700Much debate has surrounded the so-called “death cross” constructions on the Bitcoin chart. These involve the declining 50-period moving average (50MA) crossing under the 200MA.Often in the past, such an event has triggered considerable price downside, this then going on to mark what Rekt Capital calls “generational bottoms.””More often than not, the depth of a $BTC correction pre-Death Cross is similar to retrace depth post-Death Cross,” he summarized.Both March 2020 and May 2021 broke the rules…Read More

  • Cointelegraph.com News - 20 May 2022, 2:43 pm

    An ascending triangle setup promises major price rebound in the Ethereum price in 2022. Ethereum’s native token, Ether (ETH), continues to face downside risks in a higher interest rate environment. But one analyst believes that the token’s next selloff move could turn into a bear trap as the market factors in the possible release of the Merge this coming August.ETH to $4K?Ether’s price could reach $4,000 by 2022’s end, according to a technical setup shared on May 20 by Wolf, an independent market analyst.The analyst envisioned ETH moving inside a multi-month ascending triangle pattern, which comprises a horizontal trendline resistance and rising trendline support. Notably, ETH’s latest retest of the structure’s lower trendline could initiate a big rebound toward its upper trendline, which sits around the $4,000-level, as shown below. ETH/USD three-day price chart featuring ascending triangle setups. Source: Wolf/TradingViewWolf took his bullish cues from a similar triangle setup from 2016, whose formation preceded…Read More

  • Cointelegraph.com News - 20 May 2022, 2:07 pm

    The Cointelegraph Store brings you Bitcoin Pizza Day merch, and luckily you don’t have to spend 10,000 BTC to get your hands on a piece. Celebrate the 12th Bitcoin Pizza Day together with Cointelegraph. Many crypto bull runs ago, Laszlo Hanyecz, programmer and early Bitcoin (BTC) miner, made history on May 22, 2010, when he traded 10,000 BTC for two large pizzas. It was the first real-world cryptocurrency transaction and legitimized Bitcoin in a major way.Check out Cointelegraph Store for the hottest crypto swagInspired by that delicious turning point in the world of global finance, the Cointelegraph Store has created a fresh new line of merch. You won’t even have to tip your driver when it arrives.Bitcoin Pizza ApronThe Bitcoin Pizza Organic Cotton Apron is cooking up a slice of fashion for the crypto chef in your life. Shield yourself against food mishaps, heat and more kitchen conundrums with this 100% organic…Read More

  • Cointelegraph.com News - 20 May 2022, 1:40 pm

    The rise and fall of the Terra blockchain and family of related tokens is both one of the most convoluted and one of the most important stories happening in crypto right now. Assembled here is a plaintext explanation of what Terraform Labs built, why it got so big, why it imploded, what it means for the markets, and what you need to know to keep yourself safe from similar projects in the future.What exactly is Terra?Thats a great question, and we will answer it. But first, lets found a bank.Our bank will do all the usual bank things, like take deposits, pay interest, enable payments and make loans. Obviously, we could restrict ourselves to only loaning out money we actually have, but that is tedious and unprofitable. So, like any bank, we will make more loans than we receive in deposits and keep only a fraction of our customers deposits…Read More

  • Cointelegraph.com News - 20 May 2022, 1:24 pm

    The study noted that three out of five European respondents declared a 50% growth in their crypto investments. While there are risks associated with crypto investing, some see it as a way to boost their family savings, a recent study commissioned by crypto trading platform BitMEX shows. The survey, conducted by research firm Kantar, tried to discover crypto-related trends among consumers in 2022. Going through 3,000 respondents within 14 markets in Europe, Asia and Latin America, the study found that Europeans look at crypto as a method for investments and saving up for their families. Fifty-five percent of the European participants declared that they currently hold cryptocurrency. Moreover, 70% of these respondents noted that crypto’s main function is to be used for their family’s needs. Additionally, the survey also found that 61% of the respondents see crypto as “a good way to diversify investments.”Apart from these findings, the study mentioned that…Read More

  • Cointelegraph.com News - 20 May 2022, 1:07 pm

    The quest continues for the perfect “stand in” for the U.S. dollar. But, UST’s crash suggests that algo stables may be “inherently fragile.” TerraUSD (UST) is an algorithmic stablecoin that is pegged at $1.00. But, on the evening of May 19, it was trading for $0.083.This isn’t supposed to happen, of course, but last week UST, along with its affiliated coin Terra (LUNA), performed a sort of death spiral that “wiped nearly $50 billion of investor wealth in a few short days,” according to NYDIG’s May 13 newsletter.The crash shook the crypto sector, but it also raised some questions: Is this about a single flawed project or is it also about an entire class of cryptocurrencies — algorithmic stablecoins — which use an arbitrage mechanism instead of fiat reserves to keep their market price stable? That is, are algo stables inherently unstable?Also, how have last week’s events affected more traditional…Read More