Ethereum Dips But Here’s Why ETH Could Start Fresh Increase

Ethereum failed to clear the $2,085 resistance and declined against the US Dollar. ETH must stay above $1,920 to start a fresh increase in the near term. Ethereum failed to clear the $2,085 and $2,100 resistance levels. The price is now trading below $2,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down towards the main $1,920 support zone. Ethereum Price…

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Here’s why Terra’s snowball effect could send Avalanche (AVAX) price to $15

Avalanche (AVAX) has emerged as one of the worst-performing cryptocurrencies among the top-ranking tokens in the last 24 hours, partially due to fears connected to Terra (LUNA) and it’s a near-dead UST algorithmic stablecoin project. Avalanche price dips amid Terra’s tax evasion FUD AVAX’s price plunged by nearly 14% between May 18, where it traded near $35 to May 19 when the price dipped to $28.50. The dip coincided with a South Korean news agency report that claims Terraforms Labs, the developer of the Terra blockchain, owes 100 billion won (approximately…

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Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry

Over the past nine days, Bitcoin’s (BTC) daily closing price fluctuated in a tight range between $28,700 and $31,300. The May 12 collapse of TerraUSD (UST), previously the third-largest stablecoin by market cap, negatively impacted investor confidence and the path for Bitcoin’ price recovery seems clouded after the Nasdaq Composite Stock Market Index plunged 4.7% on May 18. Disappointing quarterly results from top United States retailers are amping up recession fears and on May 18, Target (TG) shares dropped 25%, while Walmart (WMT) stock plunged 17% in two days. The…

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Here’s everything you need to know about TerraUSD, Tether and other stablecoins

The crypto winter could be claiming more casualties among the stablecoin camp. The de-pegging of TerraUSD (UST) on Tuesday triggered market sell-offs, and now Tether (USDT) appears to be losing its footing, having slipped against the U.S. dollar. The algorithmic stablecoin UST is, as the name implies, algorithmically backed. LUNA, the ecosystem’s corresponding token, has sunk over 95% since Tuesday, while UST continues to languish around the $0.50 mark. Cointelegraph’s resident experts shared their explanations for why UST crashed in a special edition of “The Market Report” yesterday. The plan for Terraform Labs’…

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Here’s how NEAR aims to improve Kenya

Kenya-based blockchain community Sankore has partnered with Swiss nonprofit NEAR Foundation to launch a regional hub that aims to develop talent within the region and build projects that aim to improve the local ecosystem.  Sankore supports projects like Kilimo Shwari, which is a blockchain-based insurance program that helps farmers deal with natural disasters. Apart from this, the firm also supports Ledja, a project which focuses on combating fraudulent documentation within Africa by using NEAR Protocol for document verification. The partnership will further these initiatives by developing talent within the region…

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Here’s why blue-chip NFT prices continue to soar nearly a week after the Otherside mint

In May 2021 OpenSea closed out nearly $140 million in total volume. Fast forward a year and the most dominant NFT marketplace closed over $880 million in less than a week partially because of the Yuga Labs’ The Otherside mint.  As a result of this mint, a fresh surge of liquidity was injected into the NFT ecosystem and as it stands the current NFT total market capitalization is over $19.4 billion.  NFT market capitalization and volume. Source: NFTgo For the past two weeks most of the market had seen little…

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Markets are weak, but ALGO, FXS and HNT book a 20%+ rally — Here’s why

Large-cap cryptocurrency continue to slump as investors await comments from the Federal Open Markets Committee regarding the exact size of the next interest rate hike. There are, however, a few bright spots in the market and select altcoins managed to post double-digit gains in trading on May 3, thanks to a big-time partnership announcement and cross-protocol collaborations that led to a spike in demand. Data from Cointelegraph Markets Pro and TradingView shows that three of the biggest gainers over the past 24-hours were Algorand (ALGO), Frax Share (FXS) and Helium…

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Here’s how they can win – Cointelegraph Magazine

Gaming is now one of the most profitable sectors of the entertainment industry, with consumer spending in the United States growing 8% in 2021 to top $60.4 billion in revenue. Worldwide, the games market generated an estimated $180.3 billion in 2021, up 1.4%. Within that segment are the hugely popular play-to-earn blockchain-based games, which are growing at an even faster pace given their virtual standstill some two years ago. But are blockchain games good enough to compete with more mainstream titles? In its 2021 annual report, The Blockchain Game Alliance…

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ApeCoin slides 40% in three days despite Otherside metaverse land sale — here’s why

ApeCoin (APE) caught its bulls off-guard with APE price losing nearly 40% in just three days. No dutch auction APE’s price reached its second-highest level, hitting $27.57 on April 28, up more than 2,650% from its mid-March debut. Nonetheless, traders started unwinding their positions after Yuga Labs, the Bored Ape Yacht Club (BAYC) NFT collection’s creator, released the details of the mint of its Otherside Metaverse lands, dubbed “Otherdeed.” Yuga Labs revealed that the NFT mint would cost a flat 305 APE (~$5,250 at today’s price), in contrast to expectations…

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Here’s why Bitcoin bears aim to pin BTC under $39K ahead of Friday’s $1.9B options expiry

Up until April 25, Bitcoin (BTC) bulls had been defending the $38,000 level, but bulls were caught off-guard by the recent drop. As Bitcoin plunged from $46,700 to $37,700 between April 5 and 26, most of the bullish bets for the upcoming $1.96 billion monthly options expiry became worthless. Regulatory concerns continue to pose a threat to Bitcoin and on April 26, the New York State Assembly passed a bill banning new proof-of-work (PoW) cryptocurrency carbon-based mining facilities in the state. Fortunately for Bitcoin, mining equipment is portable so there’s…

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