Monero enters ‘overbought’ danger zone after XMR price gains 75% in two weeks

XMR-USD four-hour price chart featuring RSI and rising wedge setup. TradingView

Monero (XMR) price may witness a sharp pullback by June because its 75% rally in the last two weeks has left the gauge almost “overbought.” Monero price RSI meets rising wedge Downside risks have been mounting due to XMR’s relative strength index (RSI), which almost hit 70 this May 23, indicating that the market is considered overvalued. An oversold RSI could amount to a bout of declining moves, as a rule of technical analysis. Additionally, Monero is also painting a bearish reversal pattern, dubbed the rising wedge. Rising wedges form…

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Robinhood to allow users hold their own crypto and NFTs

Vlad Tenev

Robinhood is handing over the keys to some of its customers’ crypto. The trading and investing company announced Tuesday it will let users hold and custody their own cryptocurrencies and NFTs in a separate, stand-alone app. It’s the latest move in the digital asset space for Robinhood as it reaches for growth beyond stock trading. The company shares are off more than 70% since its IPO. The new app will put Robinhood squarely in competition with Coinbase and start-ups like MetaMask. Coinbase CEO Brian Armstrong called his company’s product the…

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Madonna teams up with Beeple on new exclusive NFT collection

Madonna Beeple NFT collection

In March 2021, Beeple made headlines after his NFT collection sold for a whopping $69.3 million. While it may seem like the digital artist went silent after the phenomenal sale, Beeple has actually been working behind the scenes on a number of new collections, including a new project with Madonna. Beeple and pop singer Madonna have been working on a new NFT project called “Mother of Creation.” The collection, which will be live in 24 hours, has been in the works for one year. Mother of Creation showcases three distinct…

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El Salvador Buys Another 500 Bitcoins as Price Drops Below $31,000 USD

El Salvador 500 BTC

El Salvador has doubled down on its Bitcoin initiative, making the country’s largest purchase to date as the cryptocurrency sees a significant plummet in price over the past week. On Tuesday, El Salvador president Nayib Bukele announced via Twitter that the country has now acquired another 500 Bitcoins at an average price of $30,744 USD, marking a new low in purchase price for the Central American country which now owns 2,301 BTC. At current prices, the number equates to roughly $72 million USD, which was accumulated over a series of…

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EU commissioner calls for global coordination on crypto regulation

EU crypto rules

Mairead McGuinness, the commissioner for financial services, financial stability and capital markets union at the European Commission, is calling for global regulators to work together to address potential risks in the crypto market. In a Sunday opinion piece in political media outlet The Hill, McGuinness said the European Union and the United States could help lead the world in a regulatory approach for cryptocurrencies that considers the benefits of the innovative technology while addressing “significant risks.” The EU commissioner pointed to the volatility of certain assets, the risk of insider…

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Argentina’s largest two banks to allow crypto trading

Argentina flag

Argentina’s largest and second-largest private banks, Banco Galicia and Brubank, have announced that they will allow customers to make crypto purchases. Bloomberg reported on Monday that a resounding 60% of respondents to an Argentinian poll asked for more access to crypto, which catalyzed the banks’ decisions to begin allowing crypto trading. Affiliate at market research firm Americas Market Intelligence, Ignacio Carballo, tweeted confirmation on Tuesday with screenshots of Banco Galicia’s online interface that it had begun supporting Bitcoin (BTC), Ether (ETH), USD Coin (USDC) and Ripple (XRP) purchases. The South…

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More than $1.6 billion exploited from DeFi so far in 2022

losses to exploits, hacks & scams

The decentralized finance (DeFi) space has been rife with hacks, exploits and scams so far this year, with over $1.6 billion in crypto stolen from users, surpassing the total amount stolen in 2020 and 2021 combined. Analysis from blockchain security firm CertiK revealed the statistics on Monday showing the month of March having the most value stolen at $719.2 million, over $200 million more than what was stolen in all of 2020. The March figure is largely due to the Ronin Bridge exploit where attackers made off with over $600…

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EU officials considered Bitcoin trading ban to enforce proposed mining ban

EU bulding parliament

European Union (EU) officials discussed banning Bitcoin trading during a debate on a proposal to ban Proof of Work mining according to documents obtained through a freedom of information request. According to a report, published by German digital culture organization Netzpolitik, officials from the EU went as far as suggesting that an all out ban on trading Bitcoin (BTC) should be enforced in order to curb its overall energy consumption. The most worrying comments from the crypto community’s perspective came from a document that detailed the minutes from an EU…

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Coinbase is planning to purchase crypto exchange BtcTurk in $3.2B deal

BtcTurk

Major United States-based cryptocurrency exchange Coinbase is reportedly planning to purchase BtcTurk for $3.2 billion. According to Turkish tech media outlet Webrazzi, which cited a Thursday report from Mergermarket, the two exchanges negotiated a price based on the market behavior of the Turkish lira and Bitcoin (BTC), arriving at roughly $3.2 billion. One or both of the two firms have reportedly already signed a term sheet. The potential acquisition would follow Coinbase CEO Brian Armstrong announcing plans to expand to every country in which the exchange can legally operate. Cointelegraph…

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Ethereum Foundation treasury expands non-crypto assets to 19%

The Ethereum Foundation’s treasury as of April 2022

The Ethereum Foundation (EF) has released a report detailing how its $1.6 billion treasury consists mostly of Ether (ETH), but with a surprising 18.8% in non-crypto assets. In total, the EF non-profit organization which manages the funds for Ethereum developments holds about 0.3% of the current total ETH supply, amounting to roughly $1.3 billion which is verifiable on Etherscan. However, its non-crypto holdings account for a sizable $302 million share. The April 2022 report is the first issued by the Foundation to outline what it holds in the treasury and…

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Indian crypto exchanges’ volume plunges as 30% tax goes into effect

decline Indian crypto exchanges

Payment services providers have also cut ties with major crypto exchanges despite having the same rate for gambling and fantasy sports platforms. Fresh data on Indian crypto exchanges’ trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India’s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects. A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph shows that trading volume on top Indian…

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Quik․com Marketplace Launches Minting of NFT Domain Names

Quik NFT Domain Names

With the rapid technological advancements, digitalization has witnessed a golden age in the past few years. Concepts we never even heard of are now becoming mainstream. One such example is NFT domains, rising as new web extensions. Quik.com is launching NFT domain names like .doge, .shib, .metaverse, .blockchain, .bored and .vr that are linked to the blockchain via smart contracts. The main characteristic of NFT domains that differentiates them from traditional domains is their decentralized nature. Traditionally, when we purchase a domain name, we are merely renting it for a…

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$1 billion flows into SHIB’s market cap in an hour as meme coin gets listed on Robinhood

Shiba Inu to USD Chart

Commission-free investment platform Robinhood has finally listed Shiba Inu (SHIB) after months of petitions and concern over whether crypto traders would ever see this day. The number of investors eager to buy Shiba Inu Coin has increased significantly after the revelation of the long-awaited listing. Notably, on April 12, the token saw a rush of capital, with $1 billion streaming into the digital asset in less than an hour. The dog coin spiked from $12.55 billion to $13.75 in just under an hour, adding $1.2 billion to its market capitalization,…

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How to Connect OpenSea to MetaMask

OpenSea Metamask

OpenSea NFT is the largest non-fungible token (NFT) marketplace in the world that supports Ethereum and Polygon blockchains. Often called the eBay of NFTs, OpenSea allows you to create and sell your own NFTs on their decentralized platform as well as discover new ones to add to your collection. Founded in 2017, OpenSea typically handles between $30M to $100M a day in volume. You may be confused about what exactly an NFT is in the first place. NFTs are digitally unique files that memorialize art, video, objects, documents, and other…

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Meta Is Planning to Create Its Own Token “Zuck Bucks”

Meta

Meta, the parent company of the world’s biggest social media network, Facebook, is planning to develop its own cryptocurrencies and virtual tokens for its suite of products. It has been clear to everyone where the journey is headed since the renaming of the parent company from Mark Zuckerberg’s Facebook to “Meta Platforms” (Meta for short). The aim is to enter the worlds of the Metaverse. The race to participate in the Metaverse has long been on and for purely digital companies like Facebook and the sisters under the Meta umbrella…

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