The total crypto market cap drops under $1.2T, but data show traders are less inclined to sell

The total crypto market capitalization has been trading in a descending channel for the past 29 days and currently displays support at the $1.17 trillion level. In the past 7 days, Bitcoin (BTC) presented a modest 2% drop and Ether (ETH) faced a 5% correction. Total crypto market cap, USD billion. Source: TradingView The June 10 consumer price index (CPI) report showed an 8.6% year-on-year increase and crypto and stock markets immediately felt the impact, but it’s not certain whether the figure will convince the U.S. Federal Reserve to hesitate…

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What are investment DAOs and how do they work?

What is an investment DAO? A decentralized autonomous organization (DAO) that raises and invests capital into assets on behalf of its community is an investment DAO. Investment DAOs tap into the power of Web3 to democratize the investment process and make it more inclusive. DAOs can have their units in tokens that are listed on a crypto exchange. The community rules are agreed upon and governance is enforced through smart contracts. Governance rights (voting) can be prorated based on the holdings in the DAO. Related: Types of DAOs and how…

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AXS price risks deeper losses despite 90% drawdown already

Axie Infinity (AXS) has dropped by roughly 90% after peaking out at $172 in November 2021. AXS’s sharp correction has made it one of the worst performing digital assets among the top-ranking cryptocurrencies. Moreover, it could undergo further declines in the coming months, according to a mix of technical and fundamental catalysts listed below. Low player count dampens AXS demand To recap, AXS serves as a settlement token within the Axie Infinity’s gaming ecosystem, allowing players to purchase native nonfungible tokens (NFT), a flurry of digital pets called “Axies.” It…

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Bitcoin and banking’s differing energy narratives are a matter of perspective

The Carbon Bankroll Report was released on May 17 as a collaboration among the Climate Safe Lending Network, The Outdoor Policy Outfit and Bank FWD. The collaboration made it possible to calculate the emissions generated due to a company’s cash and investments, such as cash, cash equivalents and marketable securities. The report revealed that for several large companies, such as Alphabet, Meta, Microsoft and Salesforce, the cash and investments are their largest source of emissions. The energy consumption of the flagship proof-of-work (PoW) blockchain network, Bitcoin, has been a matter…

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Centralized vs. decentralized digital networks: Key differences

A decentralized digital network is not controlled by a central authority. Instead, control is distributed among its users. There is no single server or point of command. Rather, the network is run on a peer-to-peer basis, with each user wielding equal power and responsibility. A great example of a decentralized network is the internet, itself, which is not controlled by one authority. Rather, it is distributed among its users. However, some argue that the internet is moving toward centralization due to the monopoly of big names within the space—Google, Facebook,…

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Innovation in fiat on-ramps can overcome crypto’s expensive card fees

Being in crypto is all about taking an intelligent view towards money. We know that Bitcoin (BTC) is the future, both as a store of value and also as a means of payment, as layer 2 solutions such as the Lightning Network begin to flourish. It is, therefore, vital that every cryptocurrency user makes sure that they always obtain the most competitive price for every service. While millions of crypto users convert fiat to crypto using a debit or credit card, this is by no means a low-cost choice. Paying…

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Bitcoin price threatens lowest weekly close since 2020 as inflation spooks markets

Bitcoin (BTC) dropped to two-week lows on June 11 as the week’s Wall Street trading ended with bears in control. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView U.S. inflation print proves setback Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reached $28,528 on Bitstamp, its lowest since May 28. The pair had fallen in step with stock markets on June 10, these finishing the week noticeably down — the S&P 500 and Nasdaq Composite lost 2.9% and 3.5% respectively. This was on the back of surprisingly high…

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Here’s how the Metaverse enables inclusivity for genderqueer people

In the wake of the rising popularity of games like Fortnite, Roblox and Minecraft and the concept of the Metaverse, the ability of “avatars” to escape unpleasant realities, or simply have fun, is emphatically relevant. It warrants a discussion on digital citizenship and the “inclusivity” of individuals and their identities in the virtual realm, and it provides new meaning for those with gender dysphoria or who identify as genderqueer. In the real world, there is a known bias against those who do not identify with the sex assigned to them…

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Coin Center takes US Treasury to court over alleged financial spying

Coin Center, a Washingon, DC-based non-profit blockchain advocacy group, filed a lawsuit against the United States Department of the Treasury for allegedly provisioning an unconstitutional amendment in the controversial infrastructure bill. Coin Center lawsuit information about plaintiffs and defendants. Source: Case: 5:22-cv-00149-KKC In an official announcement, Coin Center revealed the filing of a suit against the Treasury Department in federal district court — challenging the enforcement of Section 6050I’s reporting mandate within the Infrastructure Investment and Jobs Act. The lawsuit read: “In 2021, President Biden and Congress amended a little-known tax reporting…

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Bitcoin ecosystem makes a U-turn recovery in global ATM installations

Bitcoin (BTC) ATM installations have marked a new comeback as June 2022 saw the reversal of the five-month-long downward trajectory for the first time this year.  The global ATM installations worldwide fell consistently throughout the year, with May reporting the lowest number of 205 ATM installations. However, June saw the installation of over 882 ATM installations in just the first ten days. Chart showing the net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar As evidenced by the above graph, May 2022’s drop reached a…

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