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…

Read More

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…

Read More

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…

Read More

Russian government and central bank agree to treat Bitcoin as currency

chip cryptocurrency

Cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) will have to be declared; otherwise, it could be considered a criminal act. The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement. Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through…

Read More

Indonesian student’s selfies fetch US$1 million in NFT sales

Sultan Gustaf Al Ghozali

An Indonesian college student has become an internet sensation after trade in the digital rights to his selfies fetched more than US$1 million on a platform for non-fungible tokens. Sultan Gustaf Al Ghozali, who studies computer science at a university in the central city of Semarang, has taken a picture of himself sitting in front of his computer almost every day for the last five years. He intended to use the collection of nearly 1,000 selfies to create a timelapse video for his graduation day. But after learning about blockchain…

Read More

Tesla now accepts Dogecoin

Dogecoin

Tesla has started accepting Dogecoin payments for company merchandise, although the firm states that it will not issue refunds for purchases made in DOGE. Tesla CEO Elon Musk announced that Tesla now accepts Dogecoin (DOGE) as payment for the company’s merchandise. DOGE-eligible products in the Tesla store can be purchased by sending DOGE to Tesla’s Dogecoin wallet. Although it now accepts DOGE, the firm also clarified that it is not taking any other crypto. The company stated that it cannot receive other assets but DOGE on its website. The business…

Read More

China launches digital currency app for Android and Apple users in 10 cities

Suzhou Pagoda

Android and Apple users in 10 Chinese cities can now download a pilot version of the country’s digital yuan wallet app directly from the iOS and Android app stores that enables them to acquire, store and use China’s central bank digital currency (CBDC). To date, Chinese consumers have only been able to download and open a digital yuan wallet when participating in specific pilot projects — such as the ‘red envelope’ lotteries held in Shenzhen, Chengdu, Suzhou and elsewhere — or in the form of CBDC wallets released by the…

Read More

Billionaire investor Bill Miller puts 50% of net worth in Bitcoin

Rich Billionaire

Investor Bill Miller is bullish on Bitcoin (BTC) despite the cryptocurrency touching multi-month lows below $40,000 in early January 2022. Miller no longer considers himself just a “Bitcoin observer” but rather a real Bitcoin bull, as he said in a WealthTrack interview last Friday. The billionaire investor now holds 50% of his net worth in Bitcoin and related investments in major industry firms like Michael Saylor’s MicroStrategy and BTC mining firm Stronghold Digital Mining. An early Amazon investor, Miller owns almost 100% of the rest of his portfolio in Amazon,…

Read More

BitMEX to Launch BMEX Token in 2022

Daily trading volume on BitMEX

Major crypto derivates exchange BitMEX said it will launch its token, BMEX, in 2022, in two phases. The first phase, an airdrop, “starts now,” the company said, adding that users trading from now until the end of March, will be airdropped BMEX according to their trading volume. The exchange noted that the tokens will start to be airdropped on 1 February. They have already set up an incentive system to get new users onboarded, with all new account holders who go through know-your-customer (KYC) requirements being eligible to receive 5…

Read More

Coinbase announces support for hardware wallets, starting with Ledger

Coinbase mobile app Buy BTC, Ethereum, SHIB, Bitcoin Cash

Major exchange Coinbase has announced it will begin to support crypto hardware wallets, starting with Ledger. The two companies made the announcement at the Ledger Open conference, which is taking place in Paris on Thursday and Friday. Ledger is a major supplier of cold hardware wallets, which store users’ private keys more securely than hot online wallets. Users of the Coinbase Wallet browser extension will be able to connect their Ledger hardware wallets, maintaining self-custody and full control over their assets. The partnership will be rolled out in phases, starting…

Read More

India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail

crypto trading

BloombergQuint (Bloomberg India) reported that the penalty for non-compliance with the Indian government’s crypto policies could range from a maximum fine of 20 crore rupees ($2.7 million dollars) or 1.5 years in jail. Prime Minister Narendra Modi will likely give cryptocurrency investors a deadline to comply with new rules and declare their assets. While the regulatory environment in the country holds a high degree of uncertainty, reports have indicated that investors’ crypto must soon be held in exchanges operating under the oversight of the Securities and Exchange Board of India,…

Read More

58% of video game developers are already using blockchain

game developers blockchain

A new study from the United Kingdom revealed that most game studios have already started exploring blockchain technology for their upcoming titles. Commissioned by blockchain platform Stratis and undertaken by insight agency Opinion, the new research surveyed 197 video game developers in the United States and the United Kingdom. The results showed that 58% of developers are beginning to use blockchain technology, and almost half of the respondents (47%) started incorporating nonfungible tokens (NFT). The study indicates developers’ confidence in blockchain and NFTs, as two-thirds of studios expect blockchain to…

Read More

Zimbabwe may be the next country to embrace Bitcoin as legal tender

Zimbabwe hand flag

Zimbabwe has been paying attention to the increasing demand for crypto among its people, which it views as a possible avenue for growth. The country has also been receptive to regulating the entire sector. Zimbabwe’s government is considering utilizing Bitcoin (BTC) as a legal payments option to meet this growing demand and harness the technology, according to local news. According to the news, retired Brigadier Colonel Charles Wekwete, the permanent secretary and head of the office of the president and cabinet’s e-government technology unit, confirmed that discussions with businesses are…

Read More

Facebook Launches Novi Wallet Pilot With Ethereum Based USDP Stablecoin

Facebook Novi wallet

Facebook has unveiled the Novi digital currency wallet pilot in the United States and the Central American nation of Guatemala on Oct 19. While the wallet is free of any charges (at this time), operates with KYC and primarily focused on remittances, the interesting part is that Facebook has retired its Diem cryptocurrency project in favor of the Ethereum based Paxos issued USDP stablecoin – an ERC 20 token with custody services being sourced from Coinbase. The limited rollout carries the “Move the money instantly with no fees” allows the…

Read More

Arab Bank has chosen Tezos to facilitate institutional custody service

Tezos token

Arab Bank Switzerland announced Tuesday that it will integrate staking, trading and custody services onto the Tezos blockchain’s native token (XTZ) in a bid to provide a digital asset environment for institutions, corporations and high net-worth individuals. The 50-year old establishment partnered with Tezos in the hope of benefiting from the ecosystem’s inherent focus on energy conservation, low-gas fees and fast upgrades. Managing Director of Arab Bank Switzerland, Rani Jabban commented on the institution’s ambitions following the announcement: “Digital Assets are a cornerstone of our strategy, requiring strong agility while…

Read More