Netkoin (NTK) is a cryptocurrency and operates on the Ethereum platform. Netkoin has a current supply of 6,400,000,000 with 0 in circulation. The last known price of Netkoin is 0.00001326 USD and is down -91.68 over the last 24 hours. It is currently trading on 3 active market(s) with $0.03 traded over the last 24 hours. More information can be found at https://www.netkoin.com.

Netkoin

Ethereum

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     Netkoin (NTK) is a cryptocurrency and operates on the Ethereum platform. Netkoin has a current supply of 6,400,000,000 with 0 in circulation. The last known price of Netkoin is 0.00014954 USD and is up 1,029.80 over the last 24 hours. It is currently trading on 3 active market(s) with $0.00 traded over the last 24 hours. More information can be found at
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     Netkoin (NTK) is a cryptocurrency and operates on the Ethereum platform. Netkoin has a current supply of 6,400,000,000 with 0 in circulation. The last known price of Netkoin is 0.00015359 USD and is up 1,063.66 over the last 24 hours. It is currently trading on 3 active market(s) with $0.00 traded over the last 24 hours. More information can be found at
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                            <p>Crypto wallet provider MetaMask <a href="https://medium.com/metamask/security-notice-extension-disk-encryption-issue-d437d4250863" target="_blank" rel="noopener">reported</a> a vulnerability that could affect a very small portion of its users. Discovered by blockchain security firm Halborn, the vulnerability could enable a bad actor to take possession of a user’s secret recovery phrase compromising his funds.</p>
<p style="text-align: center;"><strong>Related Reading |&nbsp;<a href="https://bitcoinist.com/russia-still-to-ban-crypto-a-bill-to-ban-crypto/" target="_blank" rel="noopener">Russia Still To Ban Crypto? A Bill To Ban Digital Assets Has Passed First Reading</a></strong></p>
<p>This vulnerability affects several web crypto wallets and allows an attacker to extract a secret recovery phrase from a personal computer. As mentioned, the vulnerability doesn’t affect all MetaMask users, but a very small portion.</p>
<p>This is because the user will need to meet 3 conditions to be subject to this attack: use an unencrypted hard drive, the user would have had to import the secret recovery phrase from the MetaMask web extension to a compromised device, or to be using the crypto wallet extension from an unsecured computer and use the “show secret recovery phrase” checkbox during the import process.</p>
<div id="attachment_185033" aria-describedby="caption-attachment-185033" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" class="size-medium wp-image-185033" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655367543434.jpg" alt="MetaMask Crypto NFT" width="640" height="374" srcset="https://bitcoinist.com/wp-content/uploads/2022/06/MetaMask-Crypto-NFT-640x374.jpg 640w, https://bitcoinist.com/wp-content/uploads/2022/06/MetaMask-Crypto-NFT.jpg 727w" sizes="(max-width: 640px) 100vw, 640px" data-pin-no-hover="true"><div id="caption-attachment-185033" class="wp-caption-text">Source: MetaMask via Medium</div></div>
<p>The crypto wallet provider prepared a migration guide to aid users to move their funds into a new wallet. In that sense, the company recommended users who meet these conditions and users who believe could meet them follow the guide. This document can be found at the following <a href="https://metamask.zendesk.com/hc/en-us/articles/4867408571803" target="_blank" rel="noopener">link</a>.</p>
<p>Users with the intention to migrate to a new wallet should have enough funds to pay for the required gas fees, the wallet provider said. These fees can “become costly” depending on the user’s funds and the smart contracts “storing or managing those assets”.</p>
<p>Assets under the Ethereum ETC-20, ERC-721 (NFTs), and ERC-1155 standards should be a priority. The wallet provider warned:</p>
<blockquote><p>If your account has been compromised, it is possible that you have had a sweeper bot placed on your account. If this is the case, then as soon as you transfer tokens in, they may be transferred to the attacker’s address.</p></blockquote>
<h2>Are Your MetaMask Funds Safe?</h2>
<p>As MetaMask clarified, the vulnerability doesn’t impact their mobile users, but only users on macOS, Linux, and Windows using Google Chrome, Firefox, or Chromium-based web browsers. The company implemented a “mitigation” for this vulnerability.</p>
<p>In that sense, all users were asked to update their crypto wallets to the 10.11.3 version. Users were also encouraged to contact MetaMask Support for any additional assistance or information.</p>
<p>The company has awarded Halborn with a $50,000 bounty. Two days ago, the crypto wallet provided <a href="https://consensys.net/blog/metamask/metamask-launches-hackerone-bounty-program-to-sustain-security/?utm_source=twitter&amp;utm_medium=organicsocial&amp;utm_campaign=hacker-one_awareness" target="_blank" rel="noopener">launched</a> a bounty program called HackerOne to “work with the security community to find vulnerabilities in the wallet and stay ahead of Web3 threats”.</p>
<p>The program was launched with 4 security tiers with different bounties. Low security discovers will be paid a total of $1,000, medium $2,000, high $15,000, and critical, as the vulnerability described above, will be paid $50,000 for any discovery.</p>
<p style="text-align: center;"><strong>Related Reading |&nbsp;<a href="https://bitcoinist.com/bitcoin-holders-to-remain-cautious-as-correlation-with-stocks-continues/" target="_blank" rel="noopener">Bitcoin Holders To Remain Cautious As Correlation With Stocks Continues</a></strong></p>
<p>At the time of writing, Ethereum (ETH) trades at $1,180 with a 3% loss on the 4-hour chart.</p>
<div id="attachment_185032" aria-describedby="caption-attachment-185032" style="width: 980px" class="wp-caption aligncenter"><img loading="lazy" class="wp-image-185032 size-large" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655367543585.png" alt="Ethereum ETH ETHUSD" width="980" height="429" srcset="https://bitcoinist.com/wp-content/uploads/2022/06/Ethereum-ETH-ETHUSD-1-980x429.png 980w, https://bitcoinist.com/wp-content/uploads/2022/06/Ethereum-ETH-ETHUSD-1-640x280.png 640w, https://bitcoinist.com/wp-content/uploads/2022/06/Ethereum-ETH-ETHUSD-1-768x336.png 768w, https://bitcoinist.com/wp-content/uploads/2022/06/Ethereum-ETH-ETHUSD-1-1536x672.png 1536w, https://bitcoinist.com/wp-content/uploads/2022/06/Ethereum-ETH-ETHUSD-1-750x328.png 750w, https://bitcoinist.com/wp-content/uploads/2022/06/Ethereum-ETH-ETHUSD-1-1140x499.png 1140w, https://bitcoinist.com/wp-content/uploads/2022/06/Ethereum-ETH-ETHUSD-1.png 1813w" sizes="(max-width: 980px) 100vw, 980px" data-pin-no-hover="true"><div id="caption-attachment-185032" class="wp-caption-text">ETH trends to the downside on the 4-hour chart. Source: <a href="https://www.tradingview.com/chart/1GNYms9y/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener">ETHUSD Tradingview</a></div></div>
                            
	                        
                                                            
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Why This MetaMask Vulnerability Could Endanger Your Funds

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                            <p class="p2">With the crypto market’s decline, investors, big and small, have been making various moves to ensure they are in the best position to weather the storm. For some, it is moving to more established cryptocurrencies or stablecoins for the cover they provide. For others, they have chosen to exit the market completely to avoid any further losses. Private capital looks to have chosen the latter as investments in crypto companies have been drying up.</p>
<h2 class="p2">Private Capital Wants Out Of Crypto</h2>
<p class="p2">Crypto had been the winner of 2021 when it comes to investments. Billions of dollars from private capital poured into companies, both established and startups. The bull rallies of the same year ensured that these private capital firms were making good on their investments. However, as true to form as it can be, the crypto market has taken a nosedive in the middle of 2022, sending the market into a long-drawn bear market.<span class="Apple-converted-space">&nbsp;</span></p>
<p style="text-align: center;"><em><strong>Related Reading |&nbsp;<a href="https://bitcoinist.com/market-liquidations-cross-1-22-billion-following-bitcoins-decline-below-23000/">Market Liquidations Cross $1.22 Billion Following Bitcoin’s Decline Below $23,000</a></strong></em></p>
<p class="p2">As a result of this, private capital markets have begun to pull out of the crypto market. This is in stark contrast to the beginning of the year when investments had continued to pour into the market. Crypto companies were said to have raised around $1 billion weekly in the first quarter. This number has since dropped since the market crash.</p>
<p><img loading="lazy" class="alignnone size-medium wp-image-184943 aligncenter" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655363980342.png" alt="Private capital crypto" width="580" height="420" srcset="https://bitcoinist.com/wp-content/uploads/2022/06/Private-capital-crypto-580x420.png 580w, https://bitcoinist.com/wp-content/uploads/2022/06/Private-capital-crypto-912x660.png 912w, https://bitcoinist.com/wp-content/uploads/2022/06/Private-capital-crypto-768x556.png 768w, https://bitcoinist.com/wp-content/uploads/2022/06/Private-capital-crypto-120x86.png 120w, https://bitcoinist.com/wp-content/uploads/2022/06/Private-capital-crypto-750x543.png 750w, https://bitcoinist.com/wp-content/uploads/2022/06/Private-capital-crypto-1140x825.png 1140w, https://bitcoinist.com/wp-content/uploads/2022/06/Private-capital-crypto.png 1448w" sizes="(max-width: 580px) 100vw, 580px" data-pin-no-hover="true"></p>
<pre style="text-align: center;">Private capital investments drop with market crash | Source: <a href="https://arcane.no/research" rel="noopener">Arcane Research</a></pre>
<p class="p2">It is important to note that the funding rounds for cryptocurrency companies did not decline. Rather, the willingness of private capital markets to take a chance with them has become shaky. This has led to fewer funds raised with each funding round. Additionally, the valuations of these crypto companies have declined drastically with the bear market.</p>
<h2 class="p2">BlockFi Funding Spells Doom</h2>
<p class="p2">There have been some happenings in the crypto market that have served as proof of the fact that private capital is pulling out of the market. BlockFi presents a perfect example of this. The company had held its previous funding round with a valuation of $3 billion back in March 2021. Fast forward a year later and it is now holding funding round at a $1 billion valuation. This is in line with the decline of digital assets all across the space.</p>
<p><img loading="lazy" class="aligncenter size-medium" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655363980464.com/x/h7tYgiNs/" alt="Crypto total market cap chart from TradingView.com" width="3284" height="1760" data-pin-no-hover="true"></p>
<pre style="text-align: center;">Total crypto market declines to $881 billion | Source: <a href="http://TradingView.com" rel="noopener">Crypto Total Market Cap on TradingView.com</a></pre>
<p class="p2">This decline had been the trigger for private capital to begin pulling out of the market. Not only had small investors clamored to get out, but these big money had also read the room and presumably are taking the best way out.</p>
<p style="text-align: center;"><em><strong>Related Reading |&nbsp;<a href="https://bitcoinist.com/lending-platform-celsius-freezes-withdrawals/">Lending Platform Celsius Freezes Withdrawals, Raising Liquidity Concerns</a></strong></em></p>
<p class="p2">It is not all doom and gloom for the crypto companies that have been raising funds though. A notable funding round for the firm a16z, saw it raise $4.5 billion for a fourth crypto fund. However, it is important to note that this funding round had taken place back in April, long before the market crash.</p>
<p class="p2">The performance of crypto stocks also serves as a testament to the loss of faith in the market. A fitting example is the Coinbase stock, which was the first crypto exchange to go public. In a little over a year, the value of its stocks is down about 83% from its April 2021 listing.</p>
<pre style="text-align: center;">Featured image from MARCA, charts from Arcane Research and TradingView.com</pre>
<p><span class="s1"><b><i>Follow </i></b><a href="https://twitter.com/BestOwie" rel="noopener"><b><i>Best Owie on Twitter</i></b></a><b><i> for market insights, updates, and the occasional funny tweet…</i></b></span></p>
                            
	                        
                                                            
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Exit Strategy: Why Private Capital Is Fleeing Crypto

<p>Ankr, a company that provides one-click node <a href="https://cointelegraph.com/bitcoin-for-beginners/what-is-a-bitcoin-node-a-beginners-guide-on-blockchain-nodes" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/bitcoin-for-beginners/what-is-a-bitcoin-node-a-beginners-guide-on-blockchain-nodes/amp">deployment</a> and Web3 infrastructure, has announced that it will become a remote procedure call provider for <a href="https://cointelegraph.com/news/can-the-optimism-blockchain-win-the-battle-of-the-rollups" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/can-the-optimism-blockchain-win-the-battle-of-the-rollups/amp">Optimism</a>.</p><p>Optimism is an open-source Layer 2 scaling solution for Ethereum that focuses on speed and efficient transactions across the network. It has caught the eyes of many in recent months, including Ethereum co-founder Vitalik Buterin.</p><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" class="" style="position: static; visibility: visible; width: 550px; height: 720px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=cointelegraph&amp;dnt=false&amp;embedId=twitter-widget-0&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1532533086352576512&amp;lang=en&amp;origin=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fankr-partners-with-optimism-to-provide-a-fast-and-reliable-rpc-service-for-users&amp;sessionId=bf93148a3996a055013a0b00f07f6fd03ab677b2&amp;siteScreenName=cointelegraph&amp;theme=light&amp;widgetsVersion=b45a03c79d4c1%3A1654150928467&amp;width=550px" data-tweet-id="1532533086352576512"></iframe></div>

<p>Ankr has assisted many industry leaders such as Solana and Avalanche by running their blockchains faster, allowing for better Web3 experiences across the globe. Matthew Slipper, Head of Engineering at OP Labs:</p><p>“Adding Ankr as an infrastructure provider helped fulfil the desires of our community members who want to build with robust and reliable services. Apps and integrations choose to build in our ecosystem because they feel aligned with our values and appreciate the breadth of tooling and technical options available to them.”</p><p>This partnership will allow dApp developers from all parts of the world access to Optimism’s public and premium RPCs. “We love what Optimism is building for the future of Ethereum. Ankr is happy to do our part to provide a fast and reliable RPC service for their users,” said Greg Gopman, the Chief Marketing Officer at Ankr.</p><p>Ankr also said that it will incentivize independent Optimism node operators to add their nodes to the load balancer in return for ANKR tokens.</p><p>Back in November 2021, Ankr Network co-founder and CEO Chandler Song <a href="https://cointelegraph.com/news/building-multichain-is-a-new-necessity-for-defi-products" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/building-multichain-is-a-new-necessity-for-defi-products/amp">wrote about multichain technology</a> as a necessity for the future of DeFi products. At the time, he said that projects that support multiple chains gain larger audiences and increase their liquidity:</p><p>“This means that at a minimum, your DeFi product needs to support Ethereum and a “niche” blockchain — there are established leaders for trading, staking, nonfungible tokens (NFTs) and more. And the more chains with which you can interact, the better.”</p>

 Ankr partners with Optimism to provide a fast and reliable RPC service for users 

<p>Jurrien Timmer, Fidelity’s director of global macro, has argued that Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) may be “cheaper than it looks”, highlighting evidence on Tuesday that the cryptocurrency may be both undervalued and oversold.&nbsp;</p><p>Addressing his 126,000 Twitter followers, Timmer explained that while Bitcoin has fallen back to 2020 levels, its price-to-network ratio has reeled all the way back to 2013 and 2017 levels, <a href="https://cointelegraph.com/news/large-bitcoin-liquidations-mean-one-man-s-pain-is-another-man-s-pleasure-time-to-buy-the-dip">which he said may indicate it is undervalued</a>. </p><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" class="" style="position: static; visibility: visible; width: 550px; height: 690px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=cointelegraph&amp;dnt=false&amp;embedId=twitter-widget-0&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1536902560463847425&amp;lang=en&amp;origin=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcheaper-than-it-looks-fidelity-exec-says-btc-undervalued-and-oversold&amp;sessionId=6d721749d96777f9df5c42292ba1657ed90f0883&amp;siteScreenName=cointelegraph&amp;theme=light&amp;widgetsVersion=b45a03c79d4c1%3A1654150928467&amp;width=550px" data-tweet-id="1536902560463847425"></iframe></div>

<h3>Bitcoin undervalued</h3><p>The price-to-network ratio is a crypto-riff on a popular metric used by traditional stock market investors called the price-to-earnings (P/E) ratio, which is used to determine whether a stock is over or undervalued. </p><p>A high ratio could suggest an asset is overvalued, whilst a low ratio could signal an undervalued asset. </p><p>Timmer highlighted a chart of Bitcoin’s demand curve overlaid with Bitcoin’s non-zero addresses against its marketcap, noting that the “price is now sitting below the network curve.”</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655352731266.jfif" pinger-seen="true"></div><h3>Technically oversold</h3><p>The macro analyst also shared a graph making use of Glassnode’s dormancy flow indicator, which he said suggests “how technically oversold Bitcoin is.”</p><p>Entity-adjusted Dormancy Flow is a popular metric for <a href="https://cointelegraph.com/news/bitcoin-bounces-8-from-lows-amid-warning-btc-price-bottom-shouldn-t-be-like-that">judging Bitcoin value</a> by comparing the price to spending behavior.&nbsp;</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655352731705.jfif" pinger-seen="true"></div><p>According to Glassnode, a low dormancy flow value can suggest increased long-term holder conviction — meaning long-term Bitcoin HODLers are buying up from queasy short-term sellers.</p><blockquote>“Glassnode’s dormancy flow indicator is now to levels not seen since 2011.”</blockquote><p>Morgan Creek Digital co-founder and Youtuber Anthony Pompliano gave a similar view to Fox Business Monday, explaining that Bitcoin’s “value and price are diverging” and that “weak hands are selling to strong hands.”&nbsp;</p><blockquote>“What we’re watching right now is the transfer from weak, short-term oriented people with weak hands into the long-term oriented strong hands.”</blockquote><p>Bitcoin’s Fear and Greed Index fell to 7, indicating “Extreme Fear” on Wednesday, falling to its lowest levels since Q3 2019. In the past, low index numbers have often suggested a buying opportunity.&nbsp;</p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/bitcoin-price-climbs-to-22-5k-after-fed-75-basis-point-hike-aims-to-cap-runaway-inflation"><strong><em>Bitcoin price climbs to $22.5K after Fed 75 basis point hike aims to cap runaway inflation</em></strong></a></p><p>Fidelity Investments and its analyst Timmer have been bullish on Bitcoin. The investment giant has been working on launching a <a href="https://cointelegraph.com/news/crypto-401-k-sound-financial-planning-or-gambling-with-the-future">Bitcoin retirement investment plan</a>, which would allow 401(k) retirement saving account holders to invest in Bitcoin directly. Timmer <a href="https://cointelegraph.com/news/contrarian-bitcoin-investors-identify-buy-zones-even-as-extreme-fear-grips-the-market">has been predicting</a> that Bitcoin may soon see a revival. </p><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" class="" style="position: static; visibility: visible; width: 550px; height: 672px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=cointelegraph&amp;dnt=false&amp;embedId=twitter-widget-1&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1536490029916250114&amp;lang=en&amp;origin=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcheaper-than-it-looks-fidelity-exec-says-btc-undervalued-and-oversold&amp;sessionId=6d721749d96777f9df5c42292ba1657ed90f0883&amp;siteScreenName=cointelegraph&amp;theme=light&amp;widgetsVersion=b45a03c79d4c1%3A1654150928467&amp;width=550px" data-tweet-id="1536490029916250114"></iframe></div>

 ‘Cheaper than it looks’: Fidelity exec says BTC undervalued and oversold 

<p>Vitalik Buterin, <a href="https://cointelegraph.com/ethereum-for-beginners/who-is-vitalik-buterin" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/ethereum-for-beginners/who-is-vitalik-buterin/amp">co-founder</a> of both Ethereum &amp; Bitcoin Magazine, took to Twitter to <a href="https://vitalik.ca/general/2022/06/12/nonfin.html" target="_blank" rel="noopener nofollow">share</a> his thoughts on non-financial use-cases for blockchain technology.</p><p>In a paper titled “Where to use a blockchain in non-financial applications?”, Buterin expressed a growing interest in using blockchain technology outside of the financial industry. He noted that while other industries have been slow to adopt the technology, he can “see the value of blockchains in many situations.”</p><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" class="" style="position: static; visibility: visible; width: 550px; height: 582px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=cointelegraph&amp;dnt=false&amp;embedId=twitter-widget-0&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1535942432193490944&amp;lang=en&amp;origin=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fvitalik-buterin-shares-his-thoughts-on-non-financial-use-cases-for-blockchain&amp;sessionId=9a51fc66ac0ca9513d4a83e12ffb3d93895882eb&amp;siteScreenName=cointelegraph&amp;theme=light&amp;widgetsVersion=b45a03c79d4c1%3A1654150928467&amp;width=550px" data-tweet-id="1535942432193490944"></iframe></div>

<p>He said that distributed ledger technology can help with “really important goals like trust and censorship resistance but sometimes purely for convenience.” In the paper, he stated that “blockchains as data stores” could be quite significant in the grand scheme of things and that he expects them to be used for “cheap and reliable data retrieval”. </p><p>Another potential use case that was discussed was Open-source metrics — a concept still in its infancy that would allow diversity and decentralization to be measured.</p><blockquote>“An ideal voting mechanism would somehow keep diversity in mind, giving greater weight to projects that are supported not just by the largest number of coins or even humans, but by the largest number of truly distinct perspectives.”</blockquote><p>Vitalik concluded his paper by saying “I have a large degree of uncertainty in exactly what level of non-financial blockchain usage in each of these categories makes sense, but it seems clear that blockchains as an enabling tool should not be dismissed.”</p><p><a href="https://cointelegraph.com/ethereum-for-beginners/ethereum-upgrades-a-beginners-guide-to-eth-2-0" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/ethereum-for-beginners/ethereum-upgrades-a-beginners-guide-to-eth-2-0/amp">Ethereum 2.0</a> remains on the horizon, and with it the <a href="https://cointelegraph.com/blockchain-for-beginners/proof-of-stake-vs-proof-of-work:-differences-explained" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/blockchain-for-beginners/proof-of-stake-vs-proof-of-work:-differences-explained/amp">proposed network switch to proof-of-stake</a>. The update has been delayed several times, and recently <a href="https://cointelegraph.com/news/no-more-power-surge-community-celebrates-as-ropsten-testnet-merge-goes-live" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/no-more-power-surge-community-celebrates-as-ropsten-testnet-merge-goes-live/amp">had a successful launch</a> on Ethereum's Ropsten test network. The project’s representatives have most recently <a href="https://twitter.com/benjicohen421/status/1527366876501684235?s=20&amp;t=DYowmdGYCCZG4Asy6Xi2NQ" target="_blank" rel="noopener nofollow">said</a> that they hope to <a href="https://cointelegraph.com/news/ethereum-devs-tip-the-merge-will-occur-in-august-if-everything-goes-to-plan" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/ethereum-devs-tip-the-merge-will-occur-in-august-if-everything-goes-to-plan/amp">release the upgrade to the mainnet</a> by August 2022.</p>

 Vitalik Buterin shares his thoughts on non-financial use-cases for blockchain 

<p>Cointelegraph's editor-in-chief Kristina Cornèr interviewed Bybit founder Ben Zhou at the Formula 1 Grand Prix at Monaco, discussing topics like educating newcomers in crypto, the effects of the Terra (<a href="https://cointelegraph.com/terra-price-index">LUNA</a>) — now known as Luna Classic (LUNC) — debacle on institutional interest and the survival of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) amid new developments in the industry.&nbsp;</p><p>According to Zhou, the firm's <a href="https://cointelegraph.com/news/red-bull-racing-scores-150m-sponsorship-with-bybit" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/red-bull-racing-scores-150m-sponsorship-with-bybit/amp">partnership with Red Bull Racing</a> has allowed them to reach an audience that is new to crypto. Because of this, the Bybit founder noted that their team has been putting some focus on education. “Education is one part. We focus on teaching people why and how is crypto playing a part," Zhou said. </p><p>Apart from educating newcomers, the duo also talked about how the recent Terra collapse has affected the interest of institutional investors’ trust in crypto. Weighing in on the topic, Zhou said that events like the Terra crash can happen with any new industry. He noted that: </p><blockquote>“LUNA was not the first kind of collapse that we've seen. I think we'll get over it and gradually move on.”</blockquote><p>When asked if Bitcoin will remain the main crypto in the space in the coming years as new innovations like nonfungible tokens (NFTs), decentralized finance (DeFi) and the Metaverse becomes more developed, Zhou expressed that while the future is uncertain, he remain's "bullish." He explained that: </p><blockquote>“I believe Bitcoin is here to stay for sure. For me, Bitcoin is a store of value. It's kind of like gold, right? [...] There's a concrete need for it.”</blockquote><p>Zhou also highlighted that he believes in crypto because it redistributes power. The Bybit founder noted that "crypto is really a revolution for the financial system." While traditional finance is controlled by a few, Zhou noted that crypto gives power back to the people.</p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/f1-monaco-gp-bybit-s-red-bull-racing-nfts-crypto-f1-partnerships-more" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/f1-monaco-gp-bybit-s-red-bull-racing-nfts-crypto-f1-partnerships-more/amp"><strong><em>F1 Monaco GP: Bybit’s Red Bull Racing NFTs, crypto-F1 partnerships and more</em></strong></a></p><p>Back in April, Bybit <a href="https://cointelegraph.com/news/bybit-adds-crypto-options-trading-as-part-of-expansion-plans" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bybit-adds-crypto-options-trading-as-part-of-expansion-plans/amp">expanded its services into crypto options</a> trading, letting its users trade options and perpetuals using USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>). According to the exchange, the move was an attempt to reach investors who are more familiar with traditional finance markets. </p>

 Bitcoin is here to stay even as new innovations develop — Bybit founder 

<p>One of the simplest strategies for trading cryptocurrencies involves the application of moving averages (MA). The basic premise is that if the price of an asset is above its moving average for a certain number of days, this is considered a buy signal. Once it falls below its moving average, the asset is sold, and a cash position is maintained until the price crosses the moving average again in the upper direction.</p><p>Cointelegraph Consulting’s latest bi-weekly newsletter issue looks at the many ways moving averages can be tweaked to catch Bitcoin price swings. Using Coin Metrics’ price data, this analysis is broken down into four parts. The first part uses trading strategies for different simple moving averages (SMA) — i.e., equal weighting of all past prices within the specified time window. The second part of this analysis looks at a specific form of moving average, the exponential moving average (EMA), where the weight of the more recent periods increases exponentially.</p><p>The third part looks at strategies that only trade once significant momentum signals appear, namely the golden cross and the death cross. Finally, rolling returns of different moving average strategies will be considered to evaluate which strategy was most successful. </p><h2>Simple moving averages vs. exponential moving averages</h2><p>For the sample period chosen in the charts below, the 50- and 100-day SMA strategies outperform their EMA counterparts. However, choosing a 20- or 200-day EMA strategy yields better results compared to the simple moving average strategies. It comes with the added benefit that maximum drawdowns are significantly lower. </p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655331357196.jpg" pinger-seen="true"></div><p>In general, it is not clear which type and length of moving average will yield the best results. As EMAs put higher weight on more recent market moves, they are more likely to provide a trading signal earlier, albeit at the cost of some signals being wrong.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655331357333.jpg" pinger-seen="true"></div><h2>Comparison based on different entry points</h2><p>Some of the strategies described above appear to be successful. However, beating the market is more difficult than following simple timing strategies. Especially in a bull market, many strategies yield results simply because the general trend is positive. In more difficult times, many strategies cannot shield from incurring losses. </p><p>If one invested based on these strategies in January 2022, all strategies would have beaten the market. The 200-day MA strategy would have signaled not to invest at all, which would have yielded the best outcome. All other strategies generated losses. The 50-day MA strategy illustrates how false signals can lead to value destruction that can at times exceed losses from a simple buy-and-hold strategy. </p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655331357467.jpg" pinger-seen="true"></div><h2>“Two crosses” strategy</h2><p>In the field of technical analysis, traders often talk about the golden cross and the death cross. Both terms refer to the behavior of moving averages to each other. The most common version of the golden and death cross is related to the 50-day and 200-day MA. Once the 50-day MA moves above the 200-day MA, this golden cross signals an upcoming bull market, while the death cross — i.e., the 50-day MA moving below the 200-day MA — often marks the start of a bearish period. </p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655331357582.jpg" pinger-seen="true"></div><p>The strategy that only considers a golden cross and death cross gets the general market trend right. It enters ahead of significant uptrends and exits once a serious downturn occurs. However, as this strategy reacts to larger market trends, it does take some time to exit the market and enter it again. This can shield from heavy losses but may also lead to some missed opportunities when the market changes direction.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655331357710.jpg" pinger-seen="true"></div><h2>Rolling analyses</h2><p>The above results show that strategies based on moving averages are no panacea for bear markets or market fluctuations. Since the entry point matters for the performance of such strategies, one should look at different starting points. </p><p>The chart below shows what returns could have been made by applying a given strategy for one year — i.e. the return displayed for Jan. 1, 2017, is the result of a strategy that started on Jan. 1, 2016.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655331357849.jpg" pinger-seen="true"></div><p>The same analysis can be done by executing each strategy for two years instead of one. While differences between strategies are at times wider compared to the analysis with one-year returns above, a similar picture emerges as the 20-day MA strategy yielded promising returns in 2018 and 2019, while the 50-day MA strategy performed better in 2021 and 2022. Yet in both analyses, a simple buy-and-hold strategy can outperform for some periods of time.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655331357970.jpg" pinger-seen="true"></div><p>Rolling returns of executing a strategy for three years are qualitatively not too different from the two-year rolling analysis but come with higher returns in market run-ups, except for the one in 2021. However, when comparing all three time windows, it becomes clear that the ordering of strategy success can change over time. While the 20-day MA strategy has been dominant for some years (depending on the time frame of the rolling analysis), it has significantly underperformed in other years. The same can be said about the other strategies. Therefore, past returns are not a reliable predictor of the future success of a particular strategy.&nbsp;</p><h2>Averaging out</h2><p>Momentum strategies based on moving averages can provide some guidance for traders and may at times provide relevant information about the general market trends. Nonetheless, they should be treated with caution as length, type of moving average, and starting point of an analysis can yield different results. Investors should carefully evaluate the data used and make sure that they are able to react to any signal in a timely manner. </p><p><em>Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. The newsletter dives into the latest data on social media sentiment, on-chain metrics and derivatives.</em></p><p><em>We also review the industry’s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.</em></p><p><em>Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.</em></p>

 Bitcoin trading: Momentum strategies with different moving averages 

<p>Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) has been unable to restore the $24,000 support since Celsius, a popular staking and lending platform, paused withdrawals from its platform on June 13. A growing number of users <a href="https://cointelegraph.com/news/celsius-exodus-320m-in-crypto-sent-to-ftx-user-withdrawals-paused">believe Celsius mismanaged its funds</a> following the collapse of the Anchor Protocol on the Terra (LUNA; now LUNC) ecosystem and <a href="https://cointelegraph.com/news/mashinsky-says-sharks-of-wall-street-circling-around-celsius-and-other-projects">rumors of its insolvency</a><a href="https://cointelegraph.com/news/mashinsky-says-sharks-of-wall-street-circling-around-celsius-and-other-projects"></a> continue to circulate.</p><p>An even larger issue emerged on June 14 after crypto venture capital firm Three Arrows Capital (3AC) reportedly <a href="https://cointelegraph.com/news/su-zhu-s-cryptic-statement-as-rumors-swirl-of-3ac-liquidation-and-insolvency">lost $31.4 million through trading</a> on Bitfinex. Furthermore, 3AC was a known investor in Terra, which experienced a 100% crash in late May.</p><p>Unconfirmed reports that 3AC faced liquidations totaling hundreds of millions from multiple positions agitated the market in the early hours of June 15, causing Bitcoin to trade at $20,060, its lowest level since Dec. 15, 2020.</p><p>Let’s take a look at current derivatives metrics to understand whether June 15’s bearish trend reflects top traders' sentiment.</p><h2>Margin markets deleveraged after a brief spike in longs</h2><p>Margin trading allows investors to borrow cryptocurrency and leverage their trading position to potentially increase returns. For example, one can buy cryptocurrencies by borrowing Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) to enlarge exposure.</p><p>On the other hand, Bitcoin borrowers can short the cryptocurrency if they bet on its price decline, and unlike futures contracts, the balance between margin longs and shorts isn‘t always matched. This is why analysts monitor the lending markets to determine whether investors are leaning bullish or bearish.</p><p>Interestingly, margin traders boosted their leverage long (bull) position on June 14 to the highest level in two months.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655352735376.png" pinger-seen="true"><div style="text-align: center;"><em>Bitfinex margin Bitcoin/USD longs/shorts ratio. Source: TradingView</em></div></div><p>Bitfinex margin traders are known for creating position contracts of 20,000 BTC or higher in a very short time, indicating the participation of whales and large arbitrage desks.</p><p>As the above chart indicates, even on June 14, the number of BTC/USD long margin contracts outpaced shorts by 49 times, at 107,500 BTC. For reference, the last time this indicator stood below 10, favoring longs, was on March 14. The result benefited the counter-traders at that time, as Bitcoin rallied 28% over the following two weeks.</p><h2>Bitcoin futures data shows pro traders were liquidated</h2><p>The top traders' long-to-short net ratio excludes externalities that might have impacted the margin instruments. By analyzing these whale positions on the spot, perpetual and futures contracts, one can better understand whether professional traders are bullish or bearish.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655352735669.png" pinger-seen="true"><div style="text-align: center;"><em>Exchanges' top traders Bitcoin long-to-short ratio. Source: Coinglass</em></div></div><p>It's important to note the methodological discrepancies between different exchanges, so the absolute divs have less importance. For example, while Huobi traders have kept their long-to-short ratio relatively unchanged between June 13 and Ju15, professional traders at Binance and OKX reduced their longs.</p><p>This movement could represent liquidations, meaning the margin deposit was insufficient to cover their longs. In these cases, the exchange's automatic deleveraging mechanism takes place by <a href="https://cointelegraph.com/bitcoin-for-beginners/how-to-sell-bitcoin-5-ways-to-cash-out-your-btc-holdings">selling the Bitcoin</a> position to reduce the exposure. Either way, the long-to-short ratio is affected and signals a less bullish net position.</p><h2>Liquidations could represent a buying opportunity</h2><p>Data from derivatives markets, including margin and futures, show that professional traders were definitely not expecting such a deep and continuous price correction. </p><p>Even though there has been a high correlation to the stock market and the S&amp;P 500 index posted a 21.6% year-to-date loss, professional crypto traders were not expecting Bitcoin to drop another 37% in June.</p><p>While leverage allows one to maximize gains, it can also force cascading liquidations such as the recent events seen this week. The automated trading systems of exchanges and DeFi platforms sell investors’ positions at whatever price is available when the collateral is insufficient to cover the risk and this put heavy pressure on spot markets.</p><p>These liquidations sometimes create a perfect entry point for those savvy and brave enough to counter-trade excessive corrections due to lack of liquidity and the absence of bids on the trading platforms. Whether or not this is the final bottom is something that will be impossible to determine until a few months after this volatility has passed.</p><p><em>The views and opinions expressed here are solely those of the </em><a href="https://twitter.com/noshitcoins" target="_blank" rel="noopener nofollow"><em>author</em></a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.</em></p>

 Large Bitcoin liquidations mean one man’s pain is another man’s pleasure — Time to buy the dip? 

<p>“I like to call myself a future, or aspiring, cult leader,” Meltem Demirors, chief strategy officer of CoinShares — a publicly listed investment firm managing around $5 billion in assets — told Cointelegraph.&nbsp;</p><p>Demirors, who first entered the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) space in late 2012, further mentioned that it has been “fun to see how big the crypto sector has become,” noting that people from all walks of life are now interested in the cryptocurrency space. As such, Demirors explained that “crypto cults” are bringing people together in a positive manner, especially since it gives people a sense of purpose and belonging.&nbsp;</p><p>When it comes to regulations — one of the most important topics facing the crypto industry today — Demirors expressed skepticism. “Having been in this industry professionally for eight years, I’m tired of talking about regulations, particularly in the United States,” she said. While U.S. regulators continue to pass frameworks around the treatment of digital assets, Demirors pointed out that there has been “too much talk and not enough cogent action.” Moreover, Demirors remarked that a number of crypto bills are attempting to minimize consumer use of encryption, which she believes to be the backbone of the internet. </p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327370592.png" alt="" title="" pinger-seen="true"><div style="text-align: center;"><em>Meltem Demirors (left) of CoinShares speaks to Cointelegraph at Consensus 2022. Source: Cointelegraph</em></div></div><p>Demirors elaborated on this topic, along with the development of <a href="https://cointelegraph.com/decentralized-automated-organizations-daos-guide-for-beginners/what-is-decentralized-autonomous-organization-and-how-does-a-dao-work">decentralized autonomous organizations (DAOs)</a> during an interview with <a href="https://cointelegraph.com/news/consensus-2022-web3-unpacking-regulations-and-optimism-for-crypto-s-future">Cointelegraph at Consensus 2022</a>. </p><p><strong>Cointelegraph: What are your thoughts on recent regulatory frameworks in the United States? </strong></p><p><strong>Meltem Demirors:</strong> I do think that the <a href="https://cointelegraph.com/news/lummis-gillibrand-bill-establishes-sec-cftc-balance-of-power-over-crypto-markets">Lummis-Gillibrand bill</a> and the <a href="https://cointelegraph.com/news/the-token-taxonomy-act-of-2021-preemption-of-inconsistent-state-laws">Token Taxonomy Act of 2021</a> have been good attempts at categorizing and classifying digital assets. But, the challenge I have with so many of the crypto bills and regulations is that all are all focused on financial services and taxation. They are focused on where and how we govern, tax and extract value for the government. Therefore, the biggest issues I’m excited about are those centered around consumer privacy, self-sovereignty and freedom of speech, which are not being addressed in these bills.</p><p>Unlike so many bills that focus purely on the side of the financial services, the industry needs to focus on crypto infrastructures like data centers, connectivity, computations, semiconductors and the actual plumbing that makes any technology function. We also need to make sure that the U.S. is a friendly jurisdiction for people to develop not only software but also hardware that can be deployed at scale. Today, we have seen no cohesive action on this. The industry has seen a piecemeal approach with the State of New York taking a very draconian approach, while states like Texas and Wyoming want to <a href="https://cointelegraph.com/news/mining-worldwide-where-should-crypto-miners-go-in-a-changing-landscape">become homes for crypto mining</a>. </p><p>Moreover, the right to consumer and financial privacy are also not being addressed. In fact, most of these bills want more financial surveillance. As an industry, it’s important for us to continue to push back on this, particularly in a world where central bank digital currencies (CBDCs) are being explored. </p><p><strong>CT: Any suggestions on what the crypto industry can do to preserve privacy and financial freedom? </strong></p><p><strong>MD</strong>: I think the biggest movement we’ve seen has been the crypto wars — and I’m talking about cryptography. In the early 90s, there was a massive debate around encryptions and the use of encryption for a variety of consumer-focused applications. Encryption is truly the backbone of the internet and we are seeing a number of bills now attempting to minimize consumer use of encryption and to create back doors. </p><p>Yet, once backdoors to encryption are created, they won’t just be used to surveillance consumers but rather will be used against our government. This is now a matter of national security. Therefore, I think the war of encryption is still alive and well. I also think there is more that we can do as an industry to preserve and promote encryption instead of using taxpayer dollars to run challenges that try to crack encryption algorithms, like SHA-256, which is the backbone of Bitcoin. </p><p>I also think that preserving code and speech is important. For example, open-source code is a big part of the crypto community, along with anonymous developers. Unfortunately, there are a number of efforts underway to hold open-source developers criminally liable for how their software is leveraged, which is antithetical to the entire open-source movement. </p><p><strong><em>Recent: <a href="https://cointelegraph.com/news/what-happens-if-you-lose-or-break-your-hardware-crypto-wallet">What happens if you lose or break your hardware crypto wallet?</a></em></strong></p><p>In addition, we need to consider the treatment of virtual asset service providers, or VASPs. For example, if someone is running a node or if two people are transacting peer-to-peer on an open blockchain protocol, classifying them as VASPs and forcing them to comply with regulation is concerning. There is a bill now that makes people report their social security numbers to anyone <a href="https://cointelegraph.com/news/us-treasury-proposes-crypto-transactions-over-10k-be-reported-to-irs">sending crypto over an amount of $10,000</a>. This is preposterous and we don’t have that same rule for cash. These are all factors around privacy that make it easier for the government to target individuals that are in the crypto space, so it's important that the industry pushes back. </p><p><strong>CT: You mentioned DAOs during your talk at Consensus. Can you share your thoughts on this area, please?</strong></p><p><strong>MD: </strong>Yes, DAOs have been interesting because a lot of what I do at CoinShares is focused on strategy, which means investing, but also looking at what’s happening in the crypto industry and how it’s relevant to the world of investing. So, I experiment with things happening in crypto. For example, I joined a few DAOs recently. I joined <a href="https://cointelegraph.com/news/co-founders-of-ukrainedao-and-friends-with-benefits-dao-talk-autonomous-organizations-at-sxsw">Friends With Benefits</a> last year, which was my first DAO experience. I also started two DAOs with friends. One is <a href="https://mobile.twitter.com/hashesdao" target="_blank" rel="noopener nofollow">Hashes DAO</a>, which is an art collecting-focused DAO. The second is a DAO called DAO Jones, which is a funny play, but it’s an investment DAO that uses Syndicate, a platform that allows users to <a href="https://cointelegraph.com/news/syndicate-protocol-helps-create-450-new-daos-in-just-three-weeks">create investment clubs as DAOs</a> that fit into a legal framework. </p><p>I’ve learned a lot about DAO tooling, infrastructure and the exciting opportunities around DAOs, along with the inherent limitations. The biggest thing I’ve learned though, is that all communities need leadership. In particular, communities need strong principled leadership to uphold and reinforce community values but to also push the community forward. We have seen so many communities in crypto begin with strong leaders, but then those leaders leave and challenges are created that splinter the community. We saw this with Bitcoin — we saw a struggle for power five years after Satoshi left the Bitcoin community. </p><p><em><strong>Recent: <a href="https://cointelegraph.com/news/consensus-2022-web3-unpacking-regulations-and-optimism-for-crypto-s-future">Consensus 2022: Web3, unpacking regulations, and optimism for crypto’s future</a></strong></em></p><p>Overall, I think DAOs are an exciting area of experimentation, but from an investing perspective, I think DAOs are still very early. There are many people building DAO tooling right now without understanding what emergent behaviors we need to focus on. Governance is not a technology or crypto problem but rather a very human problem that has existed since the early days of civilization. While I’m excited about the future of DAOs, I think there is still a lot of work to do before DAOs get to scale and become implemented in ways that allow for good governance. </p><p><strong>CT: What are you most excited about in terms of the crypto space moving forward? </strong></p><p><strong>MD: </strong>I’m really excited about community-owned infrastructure, or physical infrastructure. Today, crypto is so dependent on centralized service providers like AWS being used for utilities. But, there are a number of efforts underway to build peer-to-peer networks that will enable us to perform computations, have better telecommunications, better broadband connectivity and decentralize and make the energy grid more resilient. I’m excited about taking crypto and combining it with energy computations and connectivity in new ways. This will also make our global systems more resilient, which typically comes with decentralization.</p><p>I’m also excited about more developer tools and infrastructure. Right now, the surface area of crypto is so large, so it’s been difficult for people to enter the space to build. Standardization, modulation and convergence around core consensus algorithms are really important. Experimentation has been fun, but we are now learning what does and doesn’t work. Also, thinking about decentralized identifiers and verifiable credentials, along with using Bitcoin as a communication protocol excites me. </p>

 The crypto industry must do more to promote encryption, says Meltem Demirors 

<p>Bitcoin (<a href="https://cointelegraph.com/bitcoin-price-index">BTC</a>) <a href="https://cointelegraph.com/news/bitcoin-bounces-8-from-lows-amid-warning-btc-price-bottom-shouldn-t-be-like-that">plummeted close to the crucial support of $20,000</a> as traders panicked and dumped their holdings, fearing an aggressive rate hike by the United States Federal Reserve on June 15. Another reason for the sell-off could be fears of possible contagion if lending platform Celsius and <a href="https://cointelegraph.com/news/su-zhu-s-cryptic-statement-as-rumors-swirl-of-3ac-liquidation-and-insolvency">crypto venture capital firm Three Arrows Capital</a> (3AC) go belly up.</p><p>Data from on-chain analytics platform CryptoQuant showed <a href="https://cointelegraph.com/news/biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk">24-hour exchange inflows of 59,376 Bitcoin</a> on June 14, the highest inflows since November 30, 2018. The&nbsp;<a href="https://cointelegraph.com/bitcoin-for-beginners/how-to-mine-bitcoin-a-beginners-guide-to-mine-btc">Bitcoin miners</a>&nbsp;also joined other investors in sending Bitcoin to the exchanges. The <a href="https://cointelegraph.com/news/bitcoin-miners-exchange-flow-reaches-7-month-high-as-btc-price-tanks-below-21k">Bitcoin Miners to Exchange flow metric</a> reached a seven-month high of 9,476, indicating that the miners may be anticipating a further fall in the near term.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327370338.png" alt="" title=""><div style="text-align: center;"><em>Daily cryptocurrency market performance. Source: </em><em>Coin360</em></div></div><p>Prominent investors are divided on whether a bottom has been made in Bitcoin or not. Galaxy Digital Holdings chairman and CEO Mike Novogratz believes that <a href="https://cointelegraph.com/news/is-the-bottom-in-raoul-pal-scaramucci-load-up-novogratz-and-hayes-weigh-in">Bitcoin could hold $20,000</a> and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) may bottom out at $1,000. These levels were also referred to by Arthur Hayes, co-founder and former chief of BitMEX, who cautioned that if the levels crack, it may lead to “massive sell pressure in spot markets.”</p><p>What are the important levels to watch out for on Bitcoin and major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.</p><template data-name="subscription_form" data-type="markets_outlook"></template><h2>BTC/USDT</h2><p>Bitcoin remains in a firm bear grip. The bulls tried to start a recovery on June 14, as seen from the long wick on the day’s candlestick, but the bears were in no mood to relent. They sold aggressively and pulled the price to $20,111 on June 15.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327370516.png"><div style="text-align: center;"><em>BTC/USDT daily chart. Source: TradingView</em></div></div><p>The sharp selling in the past few days has pulled the relative strength index (RSI) near 21. This suggests that a rebound is possible in the short term. The BTC/USDT pair could rise to the 38.2% Fibonacci retracement level of $24,562 and then to the 50% retracement level at $25,938. The bears are expected to mount a strong defense in this zone.</p><p>If the price turns down from this overhead zone, the bears will attempt to resume the downtrend by pulling the pair below $20,000. If they succeed, the pair could drop to the next support at $17,500 and later $16,000.</p><p>The buyers will have to push and sustain the price above the 20-day exponential moving average (EMA)($27,748) to indicate a potential trend change.</p><h2>ETH/USDT</h2><p>Ether is in a strong downtrend. The buyers tried to stall the decline on June 14 but they could not sustain the higher levels. The bears renewed their selling on June 15 but the bulls are defending the psychological level of $1,000 with all their might.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327370599.png"><div style="text-align: center;"><em>ETH/USDT daily chart. Source: TradingView</em></div></div><p>The incessant selling of the past few days has pulled the RSI into deeply oversold territory. This suggests that the selling may have been overdone in the short term. This could result in a strong bear market rally that may pick up momentum above $1,268. The ETH/USDT pair could then rally to the 20-day EMA ($1,636).</p><p>Alternatively, if the price continues lower and breaks below $1,000, it will suggest the resumption of the downtrend. The pair could then drop to $900 where the bulls will again try to arrest the decline. </p><h2>BNB/USDT</h2><p><a href="https://cointelegraph.com/binance-coin-price-index">BNB</a>&nbsp;is witnessing a tough battle between the bulls and the bears near the crucial level of $211. The bulls tried to start a rebound on June 14 but they could not sustain the higher levels. </p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327370707.png"><div style="text-align: center;"><em>BNB/USDT daily chart. Source: TradingView</em></div></div><p>The bears took advantage of this and pulled the price below $211 on June 15. Although the downsloping moving averages indicate an advantage to bears, the deeply oversold level on the RSI suggests a relief rally in the short term.</p><p>If bulls sustain the price above $211, the BNB/USDT pair could attempt a rally to the 20-day EMA ($275). A break and close above this resistance could suggest that the pair may remain stuck in a large range between $211 and $350 for some more days.</p><p>On the contrary, if the price turns down from the current level or the 20-day EMA, the bears will try to resume the downtrend. The next support on the downside is at $186.</p><h2>ADA/USDT </h2><p>The bears tried to pull Cardano (<a href="https://cointelegraph.com/ada-price-index">ADA</a>) below the support at $0.44 on June 13 and 14 but failed to sustain the lower levels. This suggests that the bulls are defending the support zone between $0.44 and $0.40 aggressively.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327370801.png"><div style="text-align: center;"><em>ADA/USDT daily chart. Source: TradingView</em></div></div><p>The bulls will attempt to push the price above the 50-day simple moving average (SMA)($0.60). If they manage to do that, the ADA/USDT pair could rise to $0.69 and then to $0.74. The bears are likely to defend this overhead zone with vigor. </p><p>Contrary to this assumption, if the price turns down from the 20-day EMA ($0.54), it will suggest that the sentiment remains negative and traders are selling on minor rallies. </p><p>The bears will then make one more attempt to sink the price below the support zone. If they succeed, the pair could signal the start of the next leg of the downtrend. The next support on the downside is $0.30.</p><h2>XRP/USDT</h2><p>Ripple (<a href="https://cointelegraph.com/xrp-price-index">XRP</a>) dropped to $0.30 on June 13, which is the pattern target of the break below the descending triangle. The bears pulled the price below the support on June 14 but the bulls purchased the dip as seen from the long tail on the day’s candlestick. </p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327370881.png"><div style="text-align: center;"><em>XRP/USDT daily chart. Source: TradingView</em></div></div><p>The buyers are attempting to start a recovery that could reach the breakdown level of $0.38. If bears flip this level into resistance, it will suggest that the sentiment remains negative. The sellers will then try to resume the downtrend and sink the XRP/USDT pair to the next strong support at $0.24.</p><p>On the contrary, if bulls drive and sustain the price above $0.38, it will suggest strong buying at lower levels. The buyers will then try to push the pair to the 50-day SMA ($0.45). The bears are likely to pose a strong challenge in the zone between $0.46 and $0.50.</p><h2>SOL/USDT</h2><p>Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) is trying to sustain above the $26 level. The bulls tried to push the price back above the breakdown level of $35 on June 14 but the bears held their ground. This suggests that the bears are trying to flip the $35 level into resistance.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327370960.png"><div style="text-align: center;"><em>SOL/USDT daily chart. Source: TradingView</em></div></div><p>If the price turns down and breaks below $26, it will suggest the resumption of the downtrend. The SOL/USDT pair could then decline to $22 and later to the psychological level at $20.</p><p>This bearish view could invalidate in the short term if buyers push and sustain the price above the 20-day EMA ($38). If that happens, the aggressive bears who may have entered short positions below $35 may rush to the exit. That could result in a short squeeze and push the pair toward the overhead resistance at $60.</p><h2>DOGE/USDT</h2><p>The buyers are trying to sustain Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) above the psychological level of $0.05. The deeply oversold levels on the RSI indicate that a relief rally is possible in the short term.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327371042.png"><div style="text-align: center;"><em>DOGE/USDT daily chart. Source: TradingView</em></div></div><p>If the price rebounds off the current level, the bulls will try to push the DOGE/USDT pair to the 20-day EMA ($0.07). If the price turns down from this level, the bears will again try to resume the downtrend and sink the pair to $0.04.</p><p>Contrary to this assumption, if the price breaks above the 20-day EMA, the bullish momentum could pick up and the pair could rally to the 50-day SMA ($0.09). Such a move will suggest that the pair may have bottomed out in the near term.</p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/nexo-price-drops-40-in-three-days-on-rumors-of-ties-to-insolvent-crypto-fund"><strong><em>NEXO price drops 40% in three days on contagion fears from 'insolvent' crypto fund</em></strong></a></p><h2>DOT/USDT</h2><p>Polkadot (<a href="https://cointelegraph.com/polkadot-price-index">DOT</a>) has been trading near the crucial support of $7.30 for the past two days. Although bears pulled the price below $7.30, they could not sustain the lower levels. This indicates strong buying on dips.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327371172.png"><div style="text-align: center;"><em>DOT/USDT daily chart. Source: TradingView</em></div></div><p>If buyers sustain the price above $7.30, the DOT/USDT pair could rise to the 20-day EMA ($8.80). This is an important level to keep an eye on because a break and close above it will suggest that the pair may consolidate between $6.36 and $12.44 for some time.</p><p>Conversely, if the price turns down from the 20-day EMA, it will suggest that bears are active at higher levels. A break and close below $6.36 could signal the resumption of the downtrend. The pair could then decline to $5 and later to $4.23.</p><h2>LEO/USD</h2><p>UNUS SED LEO (<a href="https://cointelegraph.com/leo-price-index">LEO</a>) dipped below the moving averages on June 13 but the long tail on the day’s candlestick shows aggressive buying at lower levels. That was followed by an inside-day candlestick pattern on June 14, indicating indecision among the buyers and sellers.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327371273.png"><div style="text-align: center;"><em>LEO/USD daily chart. Source: TradingView</em></div></div><p>The bulls tried to push the price toward the resistance line of the descending channel on June 15 but the bears had other plans. They have pulled the price back below the moving averages, increasing the possibility of a drop to the support line of the channel.</p><p>If the price rebounds off the support line with strength, it will indicate that the LEO/USD pair may extend its stay inside the channel for a few more days. The next trending move could begin if bears sink the pair below the channel or bulls thrust the price above the resistance line.</p><h2>SHIB/USDT</h2><p>The bulls are attempting to defend the $0.000007 level aggressively. Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index">SHIB</a>) formed a Doji candlestick pattern on June 14, indicating indecision among the bulls and the bears. </p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655327371383.png"><div style="text-align: center;"><em>SHIB/USDT daily chart. Source: TradingView</em></div></div><p>If the uncertainty resolves to the upside and bulls push the price above $0.000009, the SHIB/USDT pair could rise to the breakdown level of $0.000010. If the price turns down from this level, it will suggest that the trend remains negative and traders are selling on rallies. The bears will then attempt to resume the downtrend and sink the pair to $0.000006.</p><p>Alternatively, if bulls drive the price above the downtrend line, it could open the doors for a possible rally to $0.000014. Such a move could suggest that the pair may have bottomed out.</p><p><em>The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.</em></p><p><em>Market data is provided by </em><a href="https://hitbtc.com/" target="_blank" rel="noopener nofollow"><em>HitBTC</em></a><em> exchange.</em></p><template data-name="subscription_form" data-type="defi_newsletter"></template>

 Price analysis 6/15: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB 

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                            <p>Dogechain launches its testnet, dramatically evolving the utility of Dogecoin and bringing dApps and DeFi to the community.</p>
<p><a href="https://dogechain.dog/app.html" rel="noopener">Dogechain</a>, a blockchain that empowers Doge by bringing dApps to the Doge community, has just <a href="https://docs.dogechain.dog/docs/overview#dogechain-testnet" rel="noopener">launched its testnet</a>.</p>
<p>Testnets are an essential component in blockchain development. The Dogechain testnet allows software developers to evaluate the network and test decentralized applications before they are deployed on the mainnet. Users can also contribute by testing dApps and functionality and are often rewarded for their participation.</p>
<p>Dogechain is a new EVM-compatible smart contract chain powered by Polygon Edge which was created to bolster the power of Doge. In its current state, Dogecoin cannot support modern blockchain technologies such as dApps or NFTs. The project aims to rapidly expand the utility of Dogecoin, empowering holders by increasing incentives and users by increasing functionality.</p>
<p>Rather than compete with Dogecoin, Dogechain harmonizes with the memecoin and enhances it with smart contract capability, breathing new life into one of the most popular cryptocurrencies in the world.</p>
<h3>Increasing the Use Cases of Dogecoin</h3>
<p>To increase the use cases of Dogecoin, holders can wrap their $DOGE into Dogechain smart contracts and receive $wDOGE PoS tokens in return. The $wDOGE tokens live on the Dogechain blockchain, allowing users to access an ecosystem of DeFi products, NFTs, social media platforms, and blockchain games that are powered by $DOGE tokens.</p>
<p>Some of the use cases Dogechain creates for Dogecoin include:</p>
<ul>
<li>Minting and exchanging NFTs on marketplaces by paying for gas with $DOGE.</li>
<li>Taking advantage of GameFi opportunities and participating in the blockchain gaming community.</li>
<li>Trading tokens and speculating on their value on decentralized exchanges.</li>
<li>Gaining access to DeFi utilities like staking, lending, borrowing, and liquidity mining.</li>
<li>Using Dogechain-powered NFTs to participate in the metaverse.</li>
<li>Participating in DAOs and funding entire communities.</li>
</ul>
<p>With this additional utility, the once single-usage Dogecoin will now become a ticket into the world of DeFi, fondly referred to by the community as DogeFi. Additional utility will help Dogecoin to find a place alongside many other tip smart contract platforms in the digital asset space.</p>
<h3>How Dogechain Works</h3>
<p>To help Dogechain build a standalone EVM-compatible blockchain, the Polygon Edge framework is used. Because it is EVM-compatible, the platform is compatible with dApps deployed on Ethereum, bringing an ever-growing amount of utilities and use cases to Dogechain in the process. Dogechain will also propose its own smart contracts, adding to existing protocols and building upon the extensive DeFi ecosystem.</p>
<p>Unlike other digital asset and payment-focused, store-of-value blockchains, Dogechain looks to create the same demand as other smart contract-capable platforms. This will improve Web3 ecosystem productivity to increase blockspace demand, as well as increase the demand for Dogechain at the same time.</p>
<p>Dogechain works on fundamental principles to ensure its success; these include:</p>
<ul>
<li><strong>IBFT Proof-of-Stake (PoS) Consensus</strong> – Community members can participate in the network, creating a permissionless and decentralized blockchain.</li>
<li><strong>EVM-compatible</strong> – Allow existing Ethereum smart contracts to migrate onto Dogechain without additional modification.</li>
<li><strong>Decentralized Governance</strong> – Token holders can propose delegates, vote on the blockchain parameters and events, and influence governance decisions.</li>
<li><strong>Cross-chain compatibility</strong> – Dogecoin can be utilized across the Dogechain ecosystem by wrapping the Dogecoin via the Dogechain bridge, then sent back to the Dogecoin network as needed.</li>
</ul>
<h3>The Dogechain Community</h3>
<p>Dogechain is a community-guided and owned blockchain project that empowers holders of Dogecoin. The community behind the project promotes fairness and equality for all ecosystem builders, ensuring inclusivity for every member. The Dogechain team recognizes the strength in the existing Doge offering and want to compliment, rather than change the core protocol.</p>
<p>Dogechain’s&nbsp; primary goal is to bring decentralized applications to the Doge community, allowing DeFi, NFTs, blockchain gaming, and much more to be interacted with through Doge, opening up a whole world of new possibilities.</p>
<p>&nbsp;</p>
<pre>Image by <a href="https://pixabay.com/users/sergeitokmakov-3426571/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=7201502" rel="noopener">Sergei Tokmakov Terms.Law</a> from <a href="https://pixabay.com/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=7201502" rel="noopener">Pixabay</a></pre>
                            
	                        
                                                    </div>

Dogechain Launches Testnet, Evolving Dogecoin’s Utility &amp; Thrusting It Into the DeFi &amp; dApp Space

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                            <p class="p2">Bitcoin’s correlation with the stock market has been on the rise over the last year. What started out slowly had quickly ramped up in the last few months to reach the highest correlation points in recorded history. Once this had peaked, it was expected that both markets would begin to decouple from one another. However, this would prove to not be the case. Even through the crypto market decline, the correlation with stocks has continued to wax stronger.</p>
<h2 class="p2">Stock Market Not Letting Bitcoin Go</h2>
<p class="p2">There are a lot of things that have been attributed to the cause of the decline in the crypto market. With coins such as Bitcoin touching two-year lows, the market is in a panic and presently, fingers are being pointed at Celsius’s suspected insolvency being the most recent culprit. However, looking back, there is a strong correlation between the movement in the price of bitcoin with that of the crypto market.</p>
<p style="text-align: center;"><em><strong>Related Reading |&nbsp;<a href="https://bitcoinist.com/is-it-time-to-buy-the-blood-in-bitcoin/">Crypto Winter Has Arrived: Is It Time To Buy The Blood In Bitcoin?</a></strong></em></p>
<p class="p2">Taking a look at the equity markets shows that when the market correlations were low was when the equity markets were in recovery. Likewise, a decline in the equity markets has now been matched by the crash in bitcoin’s price. Even though it was expected that this structure would change, current events show that the correlation may yet last longer than expected.</p>
<p><img loading="lazy" class="alignnone size-medium wp-image-184942 aligncenter" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655318625386.png" alt="Bitcoin correlation" width="461" height="420" srcset="https://bitcoinist.com/wp-content/uploads/2022/06/Bitcoin-correlation-461x420.png 461w, https://bitcoinist.com/wp-content/uploads/2022/06/Bitcoin-correlation-724x660.png 724w, https://bitcoinist.com/wp-content/uploads/2022/06/Bitcoin-correlation-768x700.png 768w, https://bitcoinist.com/wp-content/uploads/2022/06/Bitcoin-correlation-750x683.png 750w, https://bitcoinist.com/wp-content/uploads/2022/06/Bitcoin-correlation-1140x1039.png 1140w, https://bitcoinist.com/wp-content/uploads/2022/06/Bitcoin-correlation.png 1148w" sizes="(max-width: 461px) 100vw, 461px" data-pin-no-hover="true"></p>
<pre style="text-align: center;">BTC correlation with stock market continues to rise | Source: <a href="https://arcane.no/research" rel="noopener">Arcane Research</a></pre>
<p class="p2">U.S. CPI numbers as of last Friday had come out at 8.6%. The expectations had been set to 8.4%. As such, this shocked the market to its core. What would follow was a dive in both the NASDAQ and S&amp;P 500, and a look at Bitcoin’s chart showed that the digital asset had recorded a similar movement.<span class="Apple-converted-space">&nbsp;</span></p>
<p class="p2">Nevertheless, not all of the blame goes to the stock market. While it may have been the trigger, other events have contributed to the drag that followed. Mainly the Celsius rumors and the lending platform halting withdrawals and transfers, sparking significant fear around insolvency.</p>
<h2 class="p2">FOMC Meeting Looms Over Market</h2>
<p class="p2">The FOMC meeting has been scheduled for Wednesday. Once again, the Fed will be making some important decisions regarding the equity markets. The high rate of inflation had already seen the 2-year T-note soar above 3%.</p>
<p><img loading="lazy" class="aligncenter size-medium" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655318625451.com/x/l1KbDrOl/" alt="Bitcoin price chart from TradingView.com" width="3284" height="1760" data-pin-no-hover="true"></p>
<pre style="text-align: center;">BTC recovers above $21,000 | Source: <a href="http://TradingView.com" rel="noopener">BTCUSD on TradingView.com</a></pre>
<p class="p2">With the meeting, investors are expecting two things to follow; more correlation of bitcoin to the stock market and more volatility. This would likely mean that both the equities markets and bitcoin will be seeing more decline. This will mirror the rise in the T-note percentages.</p>
<p style="text-align: center;"><em><strong>Related Reading |&nbsp;<a href="https://bitcoinist.com/the-cryptocurrencies-that-are-fending-off-the-bears/">Fighting Back: Here Are The Cryptocurrencies That Are Fending Off The Bears</a></strong></em></p>
<p class="p2">As the Fed has initiated the balance sheet reduction, this includes the new quantitative tightening in an effort to remove liquidity in the market. This exposes the markets to the risk of further decline as this liquidity is sucked out. This coupled with all of the disruptions, insolvency fears, and negative sentiment spreading among investors, investors are advised to brace for the worst.</p>
<pre style="text-align: center;">Featured image from NewsBTC, charts from Arcane Research and TradingView.com</pre>
<p><span class="s1"><b><i>Follow </i></b><a href="https://twitter.com/BestOwie" rel="noopener"><b><i>Best Owie on Twitter</i></b></a><b><i> for market insights, updates, and the occasional funny tweet…</i></b></span></p>
                            
	                        
                                                            
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Bitcoin Holders To Remain Cautious As Correlation With Stocks Continues

<p>Decentralized oracle network Chainlink (<a href="https://cointelegraph.com/chainlink-price-index">LINK</a>) has integrated its service called Chainlink Price Feeds to Moonbeam, a smart contract parachain on Polkadot (<a href="https://cointelegraph.com/polkadot-price-index">DOT</a>), to provide data to developers in the platform.&nbsp;</p><p>In a release sent to Cointelegraph, Chainlink's team noted that going live on Moonbeam will allow those who build within the platform to access price information that’s compiled and aggregated from many different exchanges. This allows <a href="https://cointelegraph.com/defi-101/defi-a-comprehensive-guide-to-decentralized-finance" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/defi-101/defi-a-comprehensive-guide-to-decentralized-finance/amp">decentralized finance (DeFi)</a> developers to bring price accuracy to their <a href="https://cointelegraph.com/defi-101/what-are-dapps-everything-there-is-to-know-about-decentralized-applications" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/defi-101/what-are-dApps-everything-there-is-to-know-about-decentralized-applications/amp">decentralized applications (DApps)</a>.</p><p>Moonbeam founder Derek Yoo mentioned that access to off-chain asset prices has many uses in DeFi, but resistance to attacks and manipulation in price data is hard to achieve. However, the Moonbeam founder believes that Chainlink is able to solve the issue and can help DeFi developers within their platform. He explained that: </p><blockquote>“This Chainlink integration is one of the last integrations needed to provide a full set of building blocks to Moonbeam DeFi developers.”</blockquote><p>Niki Ariyasinghe, an executive at Chainlink, expressed their support for Moonbeam developers. Ariyasinghe highlighted that this integration will allow Polkadot developers to create new use cases in interconnected DeFi platforms. </p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/ocean-protocol-helium-and-chainlink-post-monthly-gains-while-bitcoin-price-consolidates" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/ocean-protocol-helium-and-chainlink-post-monthly-gains-while-bitcoin-price-consolidates/amp"><strong><em>Ocean Protocol, Helium and Chainlink post monthly gains while Bitcoin price consolidates</em></strong></a></p><p>Earlier in June, LINK's price has <a href="https://cointelegraph.com/news/link-marines-rejoice-after-chainlink-2-0-brings-a-new-roadmap-and-staking" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/link-marines-rejoice-after-chainlink-2-0-brings-a-new-roadmap-and-staking/amp">broken its downward trend</a>, rallying to $9 when its team announced a new roadmap. Additionally, Chainlink has also told the news that LINK staking will be included in the project's Chainlink Economics 2.0. This will let participants back the Chainlink network with LINK tokens, allowing it to have increased "crypto-economic security."</p><p>Last week, Chainlink habrought Chainlink Keepers as well as Chainlink Verifiable Random <a href="https://cointelegraph.com/news/chainlink-brings-keepers-and-vrf-to-the-avalanche-blockchain" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/chainlink-brings-keepers-and-vrf-to-the-avalanche-blockchain/amp">Function (VRF) to the Avalanche</a> (<a href="https://cointelegraph.com/avalanche-price-index">AVAX</a>) network. The integration provides automated smart contracts and a verified random number generator to DApps built on top of Avalanche. Ava Labs founder <a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2022/emin-gun-sirer">Emin Gün Sirer</a> said that this simplifies the experience of both developers and users. </p>

 Chainlink integrates with Moonbeam to provide price data to Polkadot developers 

<p>In light of the recent fragility in the <a href="https://cointelegraph.com/defi-101/defi-a-comprehensive-guide-to-decentralized-finance" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/defi-101/defi-a-comprehensive-guide-to-decentralized-finance/amp">decentralized finance (DeFi)</a> sector, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) maximalist and MicroStrategy CEO Michael Saylor feels that Bitcoin&nbsp;and the Lightning network can come to the rescue of the DeFi market.</p><p>With two enormous protocols, Terra and Celcius, facing acute difficulties within a month of each other, the DeFi sector is going through a tough time. And in a recent tweet, Saylor suggested that Bitcoin and Lightning could help stabilize the industry.</p><p>According to Saylor, Bitcoin provides a “sound ethical, economic, and technical foundation for DeFi.” He went on to say that the Lightning protocol and BTC token will be used to construct the next generation of DeFi.</p><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" class="" style="position: static; visibility: visible; width: 550px; height: 689px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=cointelegraph&amp;dnt=false&amp;embedId=twitter-widget-0&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1536746316868595715&amp;lang=en&amp;origin=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbitcoin-and-lightning-network-can-save-defi-from-adversity-microstrategy-ceo&amp;sessionId=167a08e53d0fbc1520024c5aa15579e8764ab28c&amp;siteScreenName=cointelegraph&amp;theme=light&amp;widgetsVersion=b45a03c79d4c1%3A1654150928467&amp;width=550px" data-tweet-id="1536746316868595715"></iframe></div>

<p>Saylor was responding to a Bloomberg story on Tuesday, <a href="https://www.bnnbloomberg.ca/defi-in-turmoil-as-eye-popping-yields-prove-too-good-to-be-true-1.1778443" target="_blank" rel="noopener nofollow" data-amp="https://www-bnnbloomberg-ca.cdn.ampproject.org/c/s/www.bnnbloomberg.ca/defi-in-turmoil-as-eye-popping-yields-prove-too-good-to-be-true-1.1778443.amp.html">highlighting</a> numerous key concerns in the DeFi field. Mahin Gupta, founder of digital-asset custody platform Liminal, told Bloomberg that:</p><blockquote>“What is happening with Celsius will have serious repercussions for the industry. It’s a not-insignificant player, and its apparent failure will have ripple effects.”</blockquote><p><a href="https://cointelegraph.com/news/celsius-exodus-320m-in-crypto-sent-to-ftx-user-withdrawals-paused" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/celsius-exodus-320m-in-crypto-sent-to-ftx-user-withdrawals-paused/amp">Celsius Networks has closed down withdrawals</a> and other transactions on its platform barely a month after the spectacular <a href="https://cointelegraph.com/news/breaking-terra-blockchain-officially-halted-following-luna-price-collapse" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/breaking-terra-blockchain-officially-halted-following-luna-price-collapse/amp">collapse of the Terra blockchain</a>, which enticed investors with yearly returns of around 20%. The collapse of Terra, which was triggered when its stablecoin lost its 1-to-1 peg to the United States dollar, and Celsius’ halt in withdrawals have added to cryptocurrencies’ losses.</p><p>As a result, the MicroStrategy CEO has been very enthusiastic about Lightning Network, Bitcoin’s layer 2-scaling solution. <a href="https://twitter.com/saylor/status/1533127621420228609" target="_blank" rel="noopener nofollow">According</a> to Saylor, Bitcoin is the future of money and the Lightning protocol will aid in transaction scalability. He added that:</p><blockquote>“If you're going to do payments and transactions high speed, you're going to need a base layer that’s ethically sound, economically sound, and technically sound. That's what Bitcoin is. But then billions and billions of transactions are going to go on a layer 2 like Lightning.”</blockquote><p>To date, DeFi applications on the Bitcoin network haven’t attained the same level of popularity as they have on other blockchains like Ethereum and Solana. Still, some people who have studied DeFi believe that it can be implemented in a sustainable manner on the Lightning Network, <a href="https://twitter.com/viaj3ro/status/1533367673412886528" target="_blank" rel="noopener nofollow">saying</a> “stablecoins and fully collateralized loans against your BTC do have merit.”</p><p><strong><em>Related:</em></strong><a href="https://cointelegraph.com/news/bitcoin-lightning-network-capacity-charges-through-4-000-btc" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-lightning-network-capacity-charges-through-4-000-btc/amp"><strong><em>Bitcoin Lightning Network capacity charges through 4,000 BTC</em></strong></a></p><p>According to the nonfungible token (NFT) project the littles creator Wil Lee, BTC and LN may give a boost of energy to DeFi and NFTs. He told Cointelegraph that while various new protocols are still in the experimental phase, protocols like BTC and LN already demonstrate their inherent strength, adding that:</p><blockquote>“For anyone who wants to enter the crypto, stability is something they want to be sure about. When I know that an established protocol is in the picture, I’ve peace of mind, which lends strength to the overall crypto ecosystem as well. Backed by none other than BTC, your DeFi or NFT project is sure to have many more takers.”</blockquote><p>As per Ignite’s Aliasgar Merchant, DeFi is “struggling,” and everyone is doing everything they can to make it through the crypto winter. He emphasized the recent events on Terra and Celius as proof that DeFi, which is intended to be the core of Web3, is failing. The two most important aspects of developing a solid DeFi system, according to Merchant, are interoperability and scalability. He added that “once the base is firm we can start focusing more on niche protocols to cater to our DeFi needs.”</p>

 Bitcoin and Lightning Network can save DeFi from adversity: MicroStrategy CEO 

<p>Not only is the number of <a href="https://cointelegraph.com/nonfungible-tokens-for-beginners/what-are-nfts-and-why-are-they-revolutionizing-the-art-world">nonfungible token (NFT)</a> collections growing at a phenomenal rate, but so are the NFT marketplaces. Previously, NFT marketplaces were mainly decentralized applications (dApps) on various blockchains, but nowadays, crypto exchanges are also seeing the benefits of having their own NFT marketplace. This includes Coinbase, the exchange with the most users worldwide, which, of course, cannot lag behind the competition.</p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/defi-101/what-are-dapps-everything-there-is-to-know-about-decentralized-applications"><strong><em>What are DApps? Everything there is to know about decentralized applications</em></strong></a></p><p>The American crypto exchange was founded in 2012 and was initially mainly involved in the buying and selling process of cryptocurrencies. Over the years, additional services have been added such as staking cryptocurrencies on Coinbase and <a href="https://cointelegraph.com/news/coinbase-announces-beta-of-nft-marketplace-with-social-engagement">establishing its own NFT marketplace</a>. This is a big step for the adoption of NFTs, as tens of millions of people worldwide are using Coinbase. For many millions of people, this makes it a lot easier to invest in NFTs. </p><h2>Can I buy NFT art on Coinbase?</h2><p>It is definitely possible to buy NFT art on Coinbase. While the Coinbase NFT marketplace is still in the Beta version, anyone can use it. The layout is similar to OpenSea, but the advantage of Coinbase is that you can find NFTs from different NFT marketplaces here too! Furthermore, the Coinbase marketplace allows you to pay with Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>), just like on OpenSea.</p><p>To buy NFTs on the Coinbase marketplace, you need a crypto wallet that is connected to the platform. You will also need ETH in your wallet so you can buy NFTs and pay the gas fees. In a later stage, <a href="https://cointelegraph.com/altcoins-for-beginners/a-beginners-guide-to-understanding-wrapped-tokens-and-wrapped-bitcoin">wrapped Ether (wETH)</a> will also become important on the platform, as you can use this version of ETH to set up auctions and bids that require wETH. In addition, Coinbase has <a href="https://cointelegraph.com/blockchain-for-beginners/what-is-a-cryptocurrency-a-beginners-guide-to-digital-money#:~:text=Cryptocurrency%20101&amp;text=It%20uses%20cryptography%20to%20secure,a%20distributed%20network%20of%20computers.">planned for more cryptocurrencies</a> and blockchains to be supported in the future.</p><h2>Coinbase NFT marketplace overview</h2><p>The homepage of the marketplace is just as clear as the rest of the exchange. At the top of the webpage, you can find the Discover, Shop and Insights buttons, while on the top right side, you can register yourself on the NFT platform. Let’s dive deeper into the different sections of the marketplace.</p><h3>Coinbase Discover</h3><p>You can discover NFTs, NFT collections and other accounts in the Discover section of the marketplace. Wondering what NFTs <a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2020/brian-armstrong">Brian Armstrong</a>, the CEO of Coinbase, has in his wallet? Chances are you’ll come across his account under “Accounts to follow.” This section is ideal when you want to get inspired or when you want to showcase NFTs.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655303151947.png" pinger-seen="true"></div><h3>Coinbase Shop</h3><p>Perhaps the most important section in the NFT marketplace is the Coinbase Shop. This is the place where you can bid on various NFTs. In this section, you can check on the left side whether you want to see the prices in ETH or United States dollar. In addition, it is also possible to enter a minimum and maximum price, so you can discover all available NFTs within your price range.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655303152257.png" pinger-seen="true"></div><h3>Coinbase Insights</h3><p>Under the Insights section, you can find various statistics on NFT collections. Here, you can find the number of NFTs, owners of a collection and the trading volume. All these data can be consulted on the basis of the past 24 hours, but also for 7 days, 30 days or all-time. An ideal tool for an overview of NFT collections.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655303152480.png" pinger-seen="true"></div><h3>How to invest in NFTs?</h3><p>When you want to start investing in NFTs on the Coinbase NFT marketplace, you will first need to follow a few steps. First of all, it is important that you have a suitable crypto wallet which can be connected to the Coinbase marketplace. For example, <a href="https://cointelegraph.com/news/overview-of-software-wallets-the-easy-way-to-store-crypto">you can use software wallets</a> such as the MetaMask wallet or <a href="https://cointelegraph.com/news/coinbase-wallet-rolls-out-support-for-nfts">the Coinbase wallet</a> for the NFT marketplace.</p><p>However, a software wallet is not enough to trade on the Coinbase marketplace. In order to buy and sell nonfungible tokens, it is important that you have ETH in your wallet. Not only is ETH needed to buy or sell an NFT, but also the gas fees have to be paid with ETH. These are the costs you have to pay for the transaction via the blockchain, which is relatively high in ETH.</p><ul><li>Make sure you have a suitable wallet with sufficient ETH present;</li><li>Connect your wallet to the Coinbase NFT marketplace;</li><li>Bid, buy and sell NFTs.</li></ul><p>You can also buy your crypto via Coinbase, which is certainly practical if you like to keep everything on one platform. Be sure to think about <a href="https://cointelegraph.com/nonfungible-tokens-for-beginners/nft-investment-a-beginners-guide-to-the-risks-and-returns-of-nfts">spreading your investments to avoid risks</a>, though. By doing everything on one platform, you are also dependent on this platform. That’s why spreading is not only useful for investing in NFTs or cryptocurrencies but also regarding wallets and exchanges.</p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/nonfungible-tokens-for-beginners/nft-investment-a-beginners-guide-to-the-risks-and-returns-of-nfts"><strong><em>NFT investment: A beginner's guide to the risks and returns of NFTs</em></strong></a></p><h3>How to buy NFTs on Coinbase?</h3><p>With the above steps, you’re all prepared to enter the Coinbase marketplace, but how exactly do you buy NFTs on Coinbase? When you have found one to purchase among all the NFTs, you can click on the NFT and then on the Buy Now button. If this button is not present, then the NFT is not for sale. </p><p>Before proceeding with the purchase, it is important to realize that transactions on the marketplace are irreversible, as this is <a href="https://cointelegraph.com/blockchain-for-beginners/how-does-blockchain-work-everything-there-is-to-know">a key feature of the blockchain</a>. If you are not satisfied with your NFT, you can also sell it yourself on the Coinbase marketplace. Here you can sell the NFT for a fixed price, but it is also possible to start an auction on other NFT marketplaces.</p><h3>How to mint your own NFTs on Coinbase?</h3><p>At the moment, it is not possible to mint NFTs, but Coinbase has announced that this will be possible in the future. So, mining your own NFT on Coinbase is among the platform’s plans, which is good news for artists and entrepreneurs.</p><p>To be the first to know when you can mine NFTs on Coinbase, it’s useful to keep a close eye on the news. It is often important to get in on a trend early, which can also apply to mining your own NFTs. To get off to a good start right away, you can <a href="https://cointelegraph.com/nonfungible-tokens-for-beginners/how-to-create-an-nft">start creating the products</a> in advance so that you can start with NFT minting immediately when possible on the platform.</p><h2>Can you hold NFT in a Coinbase wallet?</h2><p>When you buy a nonfungible token on the Coinbase NFT marketplace, it goes directly into your wallet. The NFT does not end up in Coinbase’s hands, as you have full control over your token. Your NFT is located on the blockchain, while the address and private keys of your wallet are only for you. Coinbase’s marketplace is, therefore, a tool you can use, but that doesn’t make it an owner of the NFT.</p><p>The Coinbase wallet is logically compatible with Coinbase’s marketplace, <a href="https://cointelegraph.com/news/security-network-develops-new-nft-standard-to-address-existing-flaws-with-erc-721">with ERC-721 tokens</a> being suitable for both the marketplace and the Coinbase wallet. This NFT has a digital file that the token links to. This can be an image but also a video, domain name or anything else that has been established in a smart contract on the blockchain.</p><h3>How do I see my NFT on Coinbase wallet?</h3><p>Have you bought an NFT on the Coinbase platform but don’t see it in your Coinbase wallet yet? There is no immediate reason to panic, as this can have several causes, which can be solved fairly easily. The three most common reasons that your NFT is not yet visible in your Coinbase wallet are:</p><ul><li>The data has yet to be synchronized</li><li>The network of the NFT is not supported</li><li>The format of the NFT is not supported</li></ul><p>If your nonfungible tokens are not immediately visible because the data has not yet been synchronized, chances are you just need to wait a little while. Once the data is processed, the NFT will be visible in your wallet. If there are problems with the NFT network or format, you may need to import the Coinbase wallet into another crypto wallet that does support the NFT.</p>

 Coinbase NFT marketplace: How to buy NFTs on Coinbase?  

<p>Crypto lending platform Celsius Network (CEL) has onboarded restructuring lawyers from Akin Gump Strauss Hauer &amp; Feld to find potential solutions to the firm's financial woes.&nbsp;</p><p>The firm is <a href="https://www.wsj.com/articles/crypto-lender-celsius-hires-restructuring-lawyers-after-account-freeze-11655250575" target="_blank" rel="noopener nofollow">reportedly</a> looking for other strategic alternatives, such as a financial restructuring, apart from its attempts to solve its current problems. The report also noted that Celsius is trying to find investors who would be able to provide financing options for the crypto lending company. </p><p>Citing extreme market conditions, <a href="https://cointelegraph.com/news/celsius-exodus-320m-in-crypto-sent-to-ftx-user-withdrawals-paused" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/celsius-exodus-320m-in-crypto-sent-to-ftx-user-withdrawals-paused/amp">Celsius paused withdrawals</a> from its platform on Monday. Amid the withdrawal freeze, the firm has unstaked around $247 million in Wrapped Bitcoin (wBTC) from liquidity protocol Aave and sent it to the FTX exchange. Apart from its wBTC, the firm has also sent $74.5 million in Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) to FTX. </p><p>As <a href="https://cointelegraph.com/news/mashinsky-says-sharks-of-wall-street-circling-around-celsius-and-other-projects" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/mashinsky-says-sharks-of-wall-street-circling-around-celsius-and-other-projects/amp">rumors of Celsius’ insolvency</a> proliferate, crypto exchange Nexo has extended its hands to the lending platform. The crypto firm recently told Cointelegraph that the Nexo, along with its partners and affiliates, is <a href="https://cointelegraph.com/news/nexo-offers-to-buy-out-celsius-loans-amid-withdrawal-suspension" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/nexo-offers-to-buy-out-celsius-loans-amid-withdrawal-suspension/amp">able to acquire a part or all</a> of Celsius' outstanding "collateralized loan receivables." </p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/celsius-cel-price-gains-600-but-analysts-cite-exchange-error-and-a-massive-short-squeeze/amp"><strong><em>Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze</em></strong></a></p><p>To quench holder fears amid the situation at Celsius, stablecoin issuer Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) has announced that the current events surrounding the lending platform have <a href="https://cointelegraph.com/news/tether-celsius-crisis-has-no-impact-on-usdt-reserves" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/tether-celsius-crisis-has-no-impact-on-usdt-reserves/amp">"no impact" on Tether's reserves</a>. According to Tether, while they do have an investment in Celsius, it doesn't have an impact on the stability of its reserves. The announcement also highlighted that the situation at Celsius is a result of "market volatility." </p><p>Meanwhile, crypto exchange Binance has also <a href="https://cointelegraph.com/news/binance-suspends-bitcoin-withdrawals-cz-says-funds-are-safu" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/binance-suspends-bitcoin-withdrawals-cz-says-funds-are-safu/amp">paused BTC withdrawals</a> on its platform on Monday, just as the Celsius pause started. However, Binance CEO Changpeng Zhao assured holders that their funds were safe and the exchange will open withdrawals soon. On the same day, the crypto <a href="https://cointelegraph.com/news/binance-resumes-withdrawals-as-many-retail-crypto-investors-monitor-exchanges" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/binance-resumes-withdrawals-as-many-retail-crypto-investors-monitor-exchanges/amp">exchange resumed withdrawals</a>. </p>

 Celsius reportedly seeks advice from lawyers on restructuring 

<h3>Lacoste launches NFTs and DAO</h3><p>Accessible luxury brand Lacoste has launched a <a href="https://cointelegraph.com/news/nonfungible-tokens-from-a-legal-perspective" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/nonfungible-tokens-from-a-legal-perspective/amp">nonfungible token (NFT)</a> project named Undw3 that includes a new decentralized autonomous organization (DAO) that will offer token holders voting power on certain products and business partnerships.</p><p>There are 11,212 NFTs in total — in a nod to the firm’s popular polo shirt L1212 — that were sold for a mint price of 0.08 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) or roughly $96 each on June 14. </p><p>The NFTs depict an animated alligator that pokes the top of its head out from underwater. The collectibles appear to have had reasonable demand, as the floor price on OpenSea has since <a href="https://opensea.io/collection/lacosteundw3" target="_blank" rel="noopener nofollow">more than doubled</a> to 0.193 ETH, or $233 at the time of writing. </p><p>The company has yet to<a href="https://undw3.lacoste.com/" target="_blank" rel="noopener nofollow"> release</a> the full details of its roadmap and the utility offered to NFTs hodlers but has confirmed that the DAO will enable users to participate in the “creative process” on a range of products and partnerships under the Lacoste Underwater line. </p><p>Holders will also have access to unique customization features on Lacoste’s clothing line. However, it is unclear if they will have to fork out the money for the products or if they will receive a certain amount of freebies. </p><p>Lacoste also hinted via Twitter that it could be looking at metaverse integrations as well, but noted “we can’t say more about it except: be ready ser.”</p><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" class="" style="position: static; visibility: visible; width: 550px; height: 909px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=cointelegraph&amp;dnt=false&amp;embedId=twitter-widget-0&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1536639997096480768&amp;lang=en&amp;origin=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fnifty-news-lacoste-s-luxury-dao-bill-gates-slams-bored-apes-and-more&amp;sessionId=e70887057959dc8b92d5031e8a0c17f43af42220&amp;siteScreenName=cointelegraph&amp;theme=light&amp;widgetsVersion=b45a03c79d4c1%3A1654150928467&amp;width=550px" data-tweet-id="1536639997096480768"></iframe></div>

<p>Not everyone liked the idea of performing Creational Labor. </p><p>“So in return for the purchase of your NFT you will receive my creative customization ideas for free? And I still have to purchase the customized clothing I create? Plus I have to attend meetings? Not sure how I benefit from anything here…” <a href="https://twitter.com/OffKeyMagazine/status/1536642846370963456" target="_blank" rel="noopener nofollow">questioned</a> OffKeyMagazine on Twitter. </p><h3>921 ETH profit on Bored Ape</h3><p>Despite the floor price of Yuga Labs’ Bored Ape Yacht Club NFT project falling to around 86 ETH this week, or under $100,000, investor BoredWEB3 <a href="https://opensea.io/assets/ethereum/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d/7537" target="_blank" rel="noopener nofollow">paid</a> an eye-watering 1,024 ETH, $1.22 million at the time of writing, for Ape #7537 on June 15. </p><p>The trade marks a 921.12 ETH profit for seller DB1C00, or roughly $914,000, as they purchased the NFT for 102.88 ETH worth 305,553 on March 22. Before that, the NFT went for a mere 40.99 ETH eight months ago. </p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655288344430.png" pinger-seen="true"><div style="text-align: center;"><em>BAYC NFT #7537: DappRadar</em></div></div><p>It is unclear what prompted someone to spend over $1 million on a single NFT amid a bear market. Still, the BAYC NFT has relatively rare properties including a police motorcycle helmet (1% have this trait), Bandolier (2% have this trait) and closed eyes (7% have this trait).&nbsp; </p><h3>Bill Gates not convinced by tokenized apes</h3><p>Microsoft co-founder and billionaire Bill Gates has slammed NFT projects as being “based on the greater-fool theory. ”</p><p>He made the comments  while <a href="https://www.bnnbloomberg.ca/bill-gates-blasts-crypto-nfts-as-based-on-greater-fool-theory-1.1778908" target="_blank" rel="noopener nofollow" data-amp="https://www-bnnbloomberg-ca.cdn.ampproject.org/c/s/www.bnnbloomberg.ca/bill-gates-blasts-crypto-nfts-as-based-on-greater-fool-theory-1.1778908.amp.html">speaking</a> at a climate conference in California on Tuesday hosted by TechCrunch. In this instance, he noted that he was neither long nor short the entire sector and sarcastically stated:</p><blockquote>“Obviously, expensive digital images of monkeys are going to improve the world immensely.”</blockquote><p>Gates is a well-known crypto skeptic that has slammed Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) on multiple occasions, and recently in February, <a href="https://cointelegraph.com/news/bill-gates-warns-bitcoin-buyers-if-you-have-less-money-than-elon-musk-watch-out" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bill-gates-warns-bitcoin-buyers-if-you-have-less-money-than-elon-musk-watch-out/amp">he warned investors</a> that unless they have as much money as Elon Musk, they should stay away.</p><p>“I’m not bullish on Bitcoin, and my general thought would be: If you have less money than Elon, you should probably watch out,” he said.</p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/nft-ticketing-may-catch-on-faster-in-france-after-uefa-championship-debacle" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/nft-ticketing-may-catch-on-faster-in-france-after-uefa-championship-debacle/amp"><strong><em>NFT ticketing may catch on faster in France after UEFA championship debacle</em></strong></a></p><h3>Colorado Governor is fundraising via NFT sales</h3><p>Colorado Governor Jared Polis <a href="https://secure.electables.com/contribute/GovPolis1stNFT" target="_blank" rel="noopener nofollow">launched</a> 2,022 NFTs as part of a fundraising campaign in the lead-up to the Colorado gubernatorial election in November. </p><p>The NFTs depict Polis standing in front of a rainbow-colored mountain, a pair of hanging sneakers and his dog Gia who has red lasers firing out of her eyes. The tokens were rolled out on Monday and are priced at $52.80 apiece. </p><p>At the time of writing, there are still 1895 NFTs up for sale, and if they sell out, Polis will have raised roughly $118,893 from this fundraising initiative. </p><h3>Other Nifty News</h3><p>OpenSea announced on Tuesday that it will be <a href="https://cointelegraph.com/news/opensea-announces-migration-to-seaport-protocol" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/opensea-announces-migration-to-seaport-protocol/amp">migrating to Seaport</a>. Among many perks, the protocol says it will feature lower gas fees, the ability to make offers on entire collections, removal of new account initialization fees and more user-friendly signature options.</p><p>The United States Securities and Exchange Commission (SEC) has reportedly launched a probe to discover how <a href="https://cointelegraph.com/news/sec-reportedly-launches-investigation-into-insider-trading-on-exchanges" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/sec-reportedly-launches-investigation-into-insider-trading-on-exchanges/amp">crypto exchanges and potentially NFT platforms</a> are working to prevent insider trading.</p>

 Nifty News: Lacoste’s luxury DAO, Bill Gates slams Bored Apes and more 

<p>A potential legal battle has been prevented between the Merit Circle <a href="https://cointelegraph.com/decentralized-automated-organizations-daos-guide-for-beginners/what-is-decentralized-autonomous-organization-and-how-does-a-dao-work">decentralized autonomous organization’s (DAO)</a> backing company Merit Circle Ltd and Yield Guild Games (YGG) after the organizations reached a deal after the DAO originally voted to remove YGG.</p><p>Merit Circle Ltd is a company that created the Merit Circle DAO to help gamers interested in play-to-earn games by lending items from its treasury to be used for gameplay, as well as delivering educational content.</p><p>Originally, the DAO passed a proposal that would cancel YGG’s <a href="https://cointelegraph.com/news/legal-implications-of-secondary-saft-sales-part-2">Simple Agreement for Future Tokens</a> (SAFT) and refund it only with its initial 175,000 USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>) seed contribution.</p><p>Despite some acrimony, YGG has still walked away with ten times its initial investment.</p><p>The improvement proposal, called MIP-13, passed on May 28,&nbsp;<a href="https://gov.meritcircle.io/t/mip-13-merit-circle-a-new-era/469" target="_blank" rel="noopener nofollow">alleging</a> YGG provided a “lack of value” to the DAO and the guild was actually a “top competitor” to Merit Circle, not a partner. The proposal would “trim the fat” from the DAO to “ensure only those who want to see Merit Circle succeed remain.”</p><p>But, the passing of MIP-13 may not have <a href="https://vote.meritcircle.io/#/proposal/QmT71tWtTwk6q5Cd2kvhoLzxm76SpNaQGBR9RE7pCxBM58" target="_blank" rel="noopener nofollow">honored</a> a legal agreement between Merit Circle and YGG, which would see YGG receive tokens in return for its financial contribution toward Merit Circle.</p><p>YGG said in response to the proposal that it wasn’t clear what legal authority the DAO has to <a href="https://medium.com/yield-guild-games/yield-guild-games-official-statement-regarding-merit-circle-proposal-b684ec2336fd" target="_blank" rel="noopener nofollow">nullify</a> a contract Merit Circle Ltd signed on its behalf and that no condition existed for Merit Circle to cancel the contract “regardless of how this has been presented by them to the community.”</p><p>Merit Circle agreed upon a counterproposal with YGG to honor the legal agreement. It was posted and unanimously <a href="https://vote.meritcircle.io/#/proposal/QmanW7dTyF2LvvU9iAGwj3i9D4F3TS7ZbxR33jVCmKMrgR" target="_blank" rel="noopener nofollow">passed</a> on June 9, and the DAO bought out YGG’s fund allocation. </p><p>This netted the guild 1,750,000 USDC, a ten-times return on its <a href="https://cointelegraph.com/news/vc-roundup-web3-infrastructure-developers-attract-major-investors">original seed investment</a><a href="https://cointelegraph.com/news/vc-roundup-web3-infrastructure-developers-attract-major-investors"></a>.</p><p>On Tuesday, both Merit Circle and YGG <a href="https://medium.com/yield-guild-games/merit-circle-dao-yield-guild-games-joint-statement-628d2e933fcf" target="_blank" rel="noopener nofollow">stated</a> they were amicable on the outcome, saying that the solution “still satisfies the will of the Merit Circle community, but was also acceptable to YGG.”</p><p>They added that as the original proposal clashed with the prior legal agreement Merit Circle made with YGG, it likely would have led to legal action. </p><p>Both parties stated that they recognized the “danger a precedent like this could set for the Merit Circle DAO and the industry as a whole if agreements are not upheld and investors are not respected.”</p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/number-of-daos-increases-8x-along-with-spike-in-votes-and-proposals"><strong><em>Number of DAOs increases 8x along with spike in votes and proposals</em></strong></a></p><p>“Whilst the legal question is one that could probably be argued at length,” the organizations said, “both parties agreed it was better to settle:”</p><blockquote>“This would spare both parties from a costly, time-consuming, legal process with uncertain outcomes. None of the parties had to settle, but both parties chose the constructive path to help Merit Circle move forward.”</blockquote><p>Merit Circle and YGG said while the solution terminates the formal relationship between them, each will continue to “give their all to growing the <a href="https://cointelegraph.com/news/vc-roundup-the-rise-of-blockchain-gaming-dao-management-and-asset-tokenization">blockchain gaming ecosystem</a>” and that Merit Circle would still have “continued support” from YGG.</p>

 Legal battle avoided after YGG and Merit Circle DAO agree to a deal 

<p>Bitcoin's (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price tanked to a 52-week low of $20,800 earlier on Wednesday, down by over 70% from its all-time high of $68,788. Although the price has since recovered above $21,000, key market indicators point toward bears having a significant hold on the current market.</p><p>Bitcoin Miners to Exchange flow, a metric that indicates the volume of BTC sent by miners to crypto exchanges, rose to a seven-month high of 9,476. The rise in exchange flows indicates miners are currently selling their BTC in anticipation of the price going down.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655299846131.jfif" pinger-seen="true"></div><p>The actions of the BTC miners often reflect the larger market sentiment as they mostly sell BTC to ensure they don’t incur losses on their mining rewards. The rise in Bitcoin miners selling activity is backed by the significant decline in mining profitability. </p><p><strong><em>Related:</em></strong><a href="https://cointelegraph.com/news/biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk"><strong><em> Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk</em></strong></a></p><p>Mining profitability has&nbsp;<a href="https://cointelegraph.com/news/30k-btc-price-has-severe-impact-on-bitcoin-miner-profits-analysis">dropped over 75% from the top</a>, and Bitcoin's hash price currently sits at $0.0950/TH/day, which is the lowest point since October 2020.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655299846624.jfif" pinger-seen="true"><div style="text-align: center;"><em>Bitcoin Hashprice Index one-year chart. Source: Hashrate Index</em></div></div><p>The miner netflow to exchanges has also turned positive. When the miner netflow is positive, it signifies that more coins are being sent to exchanges than are being sent to personal wallets. Such behavior would indicate that miners are bearish on the price and are under pressure to sell.</p><div><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1655299846775.png" pinger-seen="true"></div><p>Many BTC mining rigs have <a href="https://cointelegraph.com/news/old-bitcoin-mining-rigs-risk-shutdown-after-btc-price-slips-under-24k">turned unprofitable with the price dropping below $21,000</a>&nbsp;and risk being shut down if the price doesn’t recover. The rest of the crypto market followed BTC in its price action as the overall market cap&nbsp;<a href="https://cointelegraph.com/news/bitcoin-nears-23-8k-may-low-as-crypto-market-cap-drops-under-1-trillion">dipped below $1 trillion</a>.</p><p>Over the course of the past decade, BTC has seen numerous bull cycles followed by an 80%-90% decline from the top, however, the BTC price has never fallen below the all-time-high of the previous cycle. Currently, BTC is trading very close to its 2017 high of $19,783, and any possible sell-off from here could push it to 2017 territory.</p>

 Bitcoin miners' exchange flow reaches 7-month high as BTC price tanks below $21K 

<p>Binance CEO, Changpeng Zhao, commonly known as “CZ,” said in a recent interview that a potential crypto winter is good for business.</p><p>When asked how Binance will fare during the current crypto winter following reports of recruitment freezes at Gemini and Coinbase, he answered confidently. </p><blockquote>“It’s not the first time we’ve gone through a crypto winter. If we are in a crypto winter, it would be my third and Binance's second. So it's not the first time we’ve been through this.”</blockquote><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" class="" style="position: static; visibility: visible; width: 550px; height: 249px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=cointelegraph&amp;dnt=false&amp;embedId=twitter-widget-0&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1536285516647260165&amp;lang=en&amp;origin=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbinance-ceo-plans-to-leverage-crypto-winter&amp;sessionId=4dfed677b65034bc9b3a1a4899939e1651358c58&amp;siteScreenName=cointelegraph&amp;theme=light&amp;widgetsVersion=b45a03c79d4c1%3A1654150928467&amp;width=550px" data-tweet-id="1536285516647260165"></iframe></div>

<p>Changpeng Zhao has undertaken what is, for many exchanges, a hairy endeavor — recruiting new staff during a bear market to take advantage of the next possible bull market. “Right now is much better to hire, during bull markets, everyone is starting their own projects, and everyone is getting paid a ridiculous amount of compensation," he continued:</p><blockquote>“Now the markets are more balanced, so top talents are available, and we want to hire them.”</blockquote><p>The crypto-world has suffering through a period of decline these past few weeks, but the Binance boss still recommended that now is an excellent time for companies to expand and hire.</p><p><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/bitcoin-price-falls-below-its-realized-price-but-is-it-time-to-buy-the-dip" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-price-falls-below-its-realized-price-but-is-it-time-to-buy-the-dip/amp"><strong><em>Major crypto firms reportedly cut up to 10% of staff amid bear market</em></strong></a></p><p>Meanwhile however, many crypto exchanges such as Coinbase and Gemini have frozen new hires and laid-off employees. Companies such as Crypto.com and BlockFi have also layed off over 5% of their employees due to market conditions. Trading platform Robinhood also axed 9% of its staff in April. </p><p>Changpeng continued by stating, “Binance has always been very frugal on large spending, we didn’t sponsor the super bowl,” and ”we didn’t buy stadium rights.”</p><p>Binance temporarily <a href="https://twitter.com/cz_binance/status/1536317704990208000" target="_blank" rel="noopener nofollow">paused</a> BTC withdrawals due to a stuck transaction causing a backlog on June 13, but CZ confirmed that funds were ‘SAFU’ and they were <a href="https://cointelegraph.com/news/binance-resumes-withdrawals-as-many-retail-crypto-investors-monitor-exchanges" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/binance-resumes-withdrawals-as-many-retail-crypto-investors-monitor-exchanges/amp">resumed</a> a few hours later.&nbsp;</p>

 Binance CEO plans to leverage crypto winter  

<div class="sc-cnqt8g-0 jivVTJ"><img class="post-preview-image" loading="lazy" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1642482147215.png" srcset="https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/11/twweet3.1@2x.png 1400w, https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/11/twweet3.1@2x-300x175.png 300w, https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/11/twweet3.1@2x-768x447.png 768w" alt="this week on crypto twitter" style="max-width:100%;overflow:hidden;width:100%"><div>Illustration by Mitchell Preffer for Decrypt</div></div>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">In last week’s Crypto Twitter roundup, we included, “Desperate Housewives”</span> <span style="font-weight:400">star Eva Longoria’s open announcement that she was “</span><a href="https://twitter.com/EvaLongoria/status/1479621718528434178?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1479621718528434178%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F90038%2Fthis-week-on-crypto-twitter-cryptophunks-vs-bored-apes-bukele-defends-bitcoin-city" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">jumping into the #NFT space</span></a><span style="font-weight:400">.” She had asked her 7 million followers for advice on where to start, and the replies were predictably crammed with folk shilling her their NFT projects.</span></p><div class=" flex justify-center items-center"><div class=""><div id="div-gpt-ad-1634801906339-0-90503" data-google-query-id="COOd4f-6uvUCFWyKZgIdsJgD8A"><div id="google_ads_iframe_/22573224304/decrypt_desktop_articles_inline_0__container__" style="border: 0pt none;"><iframe id="google_ads_iframe_/22573224304/decrypt_desktop_articles_inline_0" title="3rd party ad content" name="google_ads_iframe_/22573224304/decrypt_desktop_articles_inline_0" width="300" height="250" scrolling="no" marginwidth="0" marginheight="0" frameborder="0" role="region" aria-label="Advertisement" tabindex="0" sandbox="allow-forms allow-popups allow-popups-to-escape-sandbox allow-same-origin allow-scripts allow-top-navigation-by-user-activation" srcdoc="" style="border: 0px; vertical-align: bottom;" data-google-container-id="1" data-load-complete="true"></iframe></div></div></div></div>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">She didn’t dally. On Monday, she changed her profile picture to her first NFT purchase: a World of Women NFT. World of Women is a collection of illustrations by artist Yam Karkai “featuring 10,000 artworks of diverse and powerful women” according to the </span><a href="https://opensea.io/collection/world-of-women-nft" target="_blank" rel="nofollow external noopener" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">description</span></a><span style="font-weight:400">. (Karkai made </span><i><span style="font-weight:400">Decrypt</span></i><span style="font-weight:400">’s list of the </span><a href="https://decrypt.co/88533/15-most-innovative-nft-artists-of-2021" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">most innovative NFT artists</span></a><span style="font-weight:400"> of 2021.)</span></p>
<div class="tweet-embed-container"><blockquote class="twitter-tweet">
<p lang="en" dir="ltr">Did I do this right? <a href="https://twitter.com/worldofwomennft?ref_src=twsrc%5Etfw" data-wpel-link="internal">@worldofwomennft</a> <br>&nbsp;<a href="https://twitter.com/hashtag/NewProfilePic?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="internal">#NewProfilePic</a> <a href="https://t.co/837jlQXWD9" data-wpel-link="internal">pic.twitter.com/837jlQXWD9</a></p>
<p>— Eva Longoria Baston (@EvaLongoria) <a href="https://twitter.com/EvaLongoria/status/1480658113833275392?ref_src=twsrc%5Etfw" data-wpel-link="internal">January 10, 2022</a></p></blockquote><div class="sc-lsn8jd-0 deJkMi"></div></div>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"></p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">Longoria joins Reese Witherspoon as a World of Women holder. And whether it was thanks to Longoria buying in, or thanks to the collection signing with Guy Oseary for Hollywood reputation (just as </span><a href="https://decrypt.co/83255/bored-ape-yacht-club-nft-film-tv-music-guy-oseary" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Bored Ape Yacht Club has</span></a><span style="font-weight:400">), the </span><a href="https://decrypt.co/90379/world-of-women-ethereum-nfts-surge-bored-apes-hollywood" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">price floor surged this week</span></a><span style="font-weight:400">.</span></p>
<h2 style="margin-top:2em;text-align:left" color="#333" class="sc-1t633a1-2 igUuUh">Andre and Klay go crypto</h2><div class="sc-3e2f5m-0 bQkWom"></div>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">NBA legend Andre Iguodala announced on Monday that he and Golden State Warriors teammate Klay Thompson are taking part of their salaries in Bitcoin via mobile payment service Cash App.&nbsp;</span></p>
<div class="tweet-embed-container"><blockquote class="twitter-tweet">
<p lang="en" dir="ltr">I’m excited to announce I’m taking part of my salary in BITCOIN w. Cash App! Bitcoin is the future, <a href="https://twitter.com/KlayThompson?ref_src=twsrc%5Etfw" data-wpel-link="internal">@klaythompson</a> and I are both believers. To make bitcoin more accessible, we're giving out $1M in bitcoin back to fans today. Drop your $cashtag w. <a href="https://twitter.com/hashtag/PaidInBitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="internal">#PaidInBitcoin</a> &amp; follow <a href="https://twitter.com/CashApp?ref_src=twsrc%5Etfw" data-wpel-link="internal">@CashApp</a></p>
<p>— andre (@andre) <a href="https://twitter.com/andre/status/1480616697119711234?ref_src=twsrc%5Etfw" data-wpel-link="internal">January 10, 2022</a></p></blockquote><div class="sc-lsn8jd-0 deJkMi"></div></div>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"></p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">The two NBA stars join a long list of pro athletes who have put part of their salary into Bitcoin, including </span><a href="https://decrypt.co/85023/aaron-rodgers-cash-app-giving-away-1-million-bitcoin" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Aaron Rodgers</span></a><span style="font-weight:400">, </span><a href="https://decrypt.co/86611/odell-beckham-jr-salary-bitcoin-give-away-1m-btc-cash-app" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Odell Beckham Jr.</span></a><span style="font-weight:400">, </span><a href="https://decrypt.co/61593/bitcoin-pushes-russell-okung-up-the-ranks-of-nfl-top-earners" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Russell Okung</span></a><span style="font-weight:400">, and </span><a href="https://decrypt.co/69064/nfl-trevor-lawrence-signs-endorsement-deal-with-blockfolio-ftx" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Trevor Lawrence</span></a><span style="font-weight:400">. (FTX investor and pitchman Tom Brady has said he’d “</span><a href="https://decrypt.co/81511/tom-brady-open-earn-part-salary-bitcoin-ethereum-solana" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">love to request that</span></a><span style="font-weight:400">,” but hasn’t.)</span></p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"></p>

This Week on Crypto Twitter: NBA Stars Buy Bitcoin, Vitalik Welcomes Trolls, FWB DAO Ejects a Co-Founder

<div class="content-inner ">
<p><span style="font-weight: 400;">This man Jack Mallers has a way of finding himself in the middle of historic transactions. This time, the Strike CEO used the recently unveiled Twitter Tips Lightning integration to send $10 instantly to San Salvador. The person at the other end of the line then uses the money to buy coffee in a little-known independent coffee shop. We’re witnessing the fusion of one of the biggest social networks in the world with Bitcoin’s open monetary network.</span></p>
<div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 500px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" class="" style="position: static; visibility: visible; width: 500px; height: 943px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=edprospero23&amp;dnt=true&amp;embedId=twitter-widget-0&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1441089090628177933&amp;lang=en&amp;origin=https%3A%2F%2Fbitcoinist.com%2Fwatch-jack-mallers-send-10-to-el-salvador-via-twitters-lightning-tips%2F&amp;sessionId=c1d699fb9276735e157c1ba4983c9f0c8f731b47&amp;siteScreenName=bitcoinist&amp;theme=light&amp;widgetsVersion=1890d59c%3A1627936082797&amp;width=500px" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen" data-tweet-id="1441089090628177933"></iframe></div>
<p>&nbsp;</p>
<p><span style="font-weight: 400;">In </span><a href="https://jimmymow.medium.com/announcing-the-strike-api-c18a4e9c54de"><span style="font-weight: 400;">the linked blog post</span></a><span style="font-weight: 400;">, Jack Mallers explains the transaction and its significance:</span></p>
<p style="text-align: center;"><em><strong>Related Reading | <a href="https://bitcoinist.com/jack-mallers-outlines-bitcoin-top-issues-how-btc-will-drive-the-future-of-payments/">Jack Mallers Outlines Bitcoin Top Issues, How BTC Will Drive The Future of Payments</a></strong></em></p>
<blockquote>
<p><span style="font-weight: 400;">“In the above demo, I sent a $10 tip from my house in Chicago, USA to my friend David in San Salvador, El Salvador. The payment settled instantly for no fee. The singular, open, monetary network that allowed me to send an instant, free, cross-border payment to David is the same singular, open monetary network that allowed David to immediately use that money to buy a cup of coffee at Starbucks as soon as he got the Twitter notification that I had sent him money.”</span></p>
</blockquote>
<p><img class="size-medium wp-image-160396 aligncenter" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1638938880387.png" alt="BTCUSD price chart 09/25/2021 - TradingView" width="640" height="358" loading="lazy" data-lazyloaded="1" data-src="https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-640x358.png" data-srcset="https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-640x358.png 640w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-980x548.png 980w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-768x430.png 768w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-750x419.png 750w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37.png 1012w" data-sizes="(max-width: 640px) 100vw, 640px" data-pin-no-hover="true"><noscript><img loading="lazy" class="size-medium wp-image-160396 aligncenter" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1638938488196.png" alt="BTCUSD price chart 09/25/2021 - TradingView" width="640" height="358" srcset="https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-640x358.png 640w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-980x548.png 980w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-768x430.png 768w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-750x419.png 750w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37.png 1012w" sizes="(max-width: 640px) 100vw, 640px"></noscript></p>
<pre style="text-align: center;">BTC price chart for 09/25/2021 on Exmo | Source: BTC/USD on <a href="https://www.tradingview.com/symbols/BTCUSD/">TradingView.com</a></pre>
<h2><span style="font-weight: 400;">The previous time Jack Mallers found himself in the middle of a historic transaction</span></h2>
<p><span style="font-weight: 400;">When Strike’s CEO </span><a href="https://bitcoinist.com/watch-jack-mallers-send-free-instant-non-reversible-10-to-nigeria/"><span style="font-weight: 400;">sent $10 to Nigeria,</span></a><span style="font-weight: 400;"> he described that other transaction in terms that also apply to today’s historic transaction.&nbsp;</span></p>
<blockquote>
<p><span style="font-weight: 400;">“If you don’t see how huge this is, think about it as Jack Mallers does. He “didn’t have to register the transfer through a financial intermediary such as Western Union, request private banking details of Bernard Parah, or wait days for the payment to settle.” On the other side, Bernard “didn’t owe any intermediary a percentage of the transaction, the payment wasn’t reversible and settled instantly.”</span></p>
</blockquote>
<p><span style="font-weight: 400;">Bernard Parah’s Bitnob and Strike are interoperable because they both joined the Bitcoin and Lightning open monetary network. And now, Twitter and its millions of users joined both of those companies and the network. This is immense.&nbsp;</span></p>
<p><span style="font-weight: 400;">Also, the previous time Jack Mallers proclaimed, “</span><em><span style="font-weight: 400;">Today, Strike became the best remittance option from the US to Nigeria without even trying</span></em><span style="font-weight: 400;">.” This time, he feels even more confident:</span></p>
<blockquote>
<p><span style="font-weight: 400;">“Twitter’s integration with the Strike API turns Twitter into one of the best remittance experiences in the world, one of the greatest global creator marketplaces in the world, one of the greatest global payment experiences in the world, one of the best global micropayment marketplaces in the world, and allows an internet communications company to interoperate with the monetary standard for the world, enabling global payments for their users.”</span></p>
</blockquote>
<p><span style="font-weight: 400;">Boom!</span></p>
<div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 500px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" class="" style="position: static; visibility: visible; width: 500px; height: 1160px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=edprospero23&amp;dnt=true&amp;embedId=twitter-widget-1&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1441092004759293965&amp;lang=en&amp;origin=https%3A%2F%2Fbitcoinist.com%2Fwatch-jack-mallers-send-10-to-el-salvador-via-twitters-lightning-tips%2F&amp;sessionId=c1d699fb9276735e157c1ba4983c9f0c8f731b47&amp;siteScreenName=bitcoinist&amp;theme=light&amp;widgetsVersion=1890d59c%3A1627936082797&amp;width=500px" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen" data-tweet-id="1441092004759293965">

Watch Jack Mallers Send $10 To El Salvador Via Twitter’s Lightning Tips

<div class="sc-cnqt8g-0 epmiuL"><img class="post-preview-image" loading="lazy" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1636382356475.png" srcset="https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/03/Roberts-on-Crypto-Larger.png 540w, https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/03/Roberts-on-Crypto-Larger-300x122.png 300w" alt="roberts on crypto header" style="max-width:100%;overflow:hidden;width:100%"><div><span opacity="0.58" color="#333" class="sc-jb7pox-1 GwxAa"></span></div></div>
<p>Jack Dorsey, the <a href="https://decrypt.co/78391/why-does-jack-dorsey-hate-ethereum" target="_blank" class="sc-18vyx5u-0 hiPYeO">Bitcoin maximalist</a> CEO of Twitter, put his money where his mouth is this week. His company rolled out "<a href="https://decrypt.co/81731/twitter-bitcoin-tipping-nft-avatars" target="_blank" class="sc-18vyx5u-0 hiPYeO">Bitcoin tipping</a>" to its 300 million active users, a service that will let anyone send or receive Bitcoin by sharing a wallet address or using an app called <a href="https://decrypt.co/73845/el-salvadors-u-s-bitcoin-partner-lacks-key-licenses" target="_blank" class="sc-18vyx5u-0 hiPYeO">Strike</a>. And to top if off, Twitter also announced a plan to let users connect their Bitcoin wallets to <a href="https://decrypt.co/resources/non-fungible-tokens-nfts-explained-guide-learn-blockchain" target="_blank" class="sc-18vyx5u-0 hiPYeO">NFTs</a> tied to their identity.</p>
<p>Where to begin? For starters, this might be the most mainstream moment in Bitcoin's history. That's because Twitter isn't just a mega social media platform used by political and sports divs, but also a major force in media that helps drive the news of the day. Tying crypto payments to all this could spur tens of millions of people to use Bitcoin for the first time.</p><div class="pa-global-class pa-pl-16409 pa-pl-multiInsert" id="pa-container-1" style="z-index: 50; background: transparent; max-width: 166%; display: block; position: relative; width: 166%; pointer-events: none;"><div class="pa-unit-global pa-pl-16409" id="pa-unit-1" style="z-index: 1; height: 0px; background: transparent; position: relative;"><div class="pa-observer-px" style="height: 0px; width: 100%; background: transparent; position: absolute; left: 0px; top: 0px; pointer-events: none;"></div></div></div>
<p>The Bitcoin integration means Twitter has already done something other tech giants could not: Build a borderless payment system right into its app. You may recall Facebook sought to do that three years ago with a new type of stablecoin called Libra, but regulators <a href="https://decrypt.co/78891/facebook-crypto-wallet-is-ready-market-is-market-ready-novi" target="_blank" class="sc-18vyx5u-0 hiPYeO">all but killed the plan</a>. Twitter is more likely to avoid that fate since it doesn't wield Facebook's monopoly power and because it is relying on an existing global currency—Bitcoin—rather than trying to mint its own money.</p>
<p>Bitcoin tipping also coincides with the launch of a number of other new (non-crypto) Twitter products, including newsletters and a live forum called Spaces, that are designed to let artists and creators connect directly with their audiences. In practice, this means that a comedian in Mexico could perform on Twitter and instantly receive tips from people in Madrid, Buenos Aires and New York. The company has even set up an invoicing system.</p>
<p>The world has been waiting for something like this. For decades, media and culture have been borderless, but payments have not. Sure, we've been able to use credit cards (and crypto) internationally, but there's still no easy one-click tool plugged directly into the apps we use every day. Twitter's Bitcoin tipping feature could change that, and also spur the likes of YouTube, TikTok, and others to follow suit. Meanwhile, adding NFTs as a form of identification, as Twitter has pledged to do, could help <a href="https://decrypt.co/79071/cryptopunks-bored-apes-nft-avatar-trend-is-about-community-building" target="_blank" class="sc-18vyx5u-0 hiPYeO">make crypto communities</a> even more mainstream.</p>
<p>If people use the features.</p>
<span class="" style="display:inline-block"></span>
<p>First, Dorsey has to show he can pull this off. And that's an open question. Twitter delighted cryptoland by launching Bitcoin tipping—you can see how it works <a href="https://twitter.com/Twitter/status/1441085130487975952" target="_blank" class="sc-18vyx5u-0 hiPYeO">here</a>—but that doesn't mean it's going to work as planned. For one thing, the reliance on Strike could mean trouble, since the app and its obnoxious founder <a href="https://decrypt.co/73845/el-salvadors-u-s-bitcoin-partner-lacks-key-licenses" target="_blank" class="sc-18vyx5u-0 hiPYeO">don't appear ready</a> to deal with the regulatory issues that go along with launching a global payment network. Strike was also the partner for the El Salvador government's <a href="https://decrypt.co/80436/el-salvador-forced-through-bitcoin-law-any-means-necessary" target="_blank" class="sc-18vyx5u-0 hiPYeO">bumpy Bitcoin rollout</a>. And speaking of governments, the tax rules surrounding Bitcoin remain a mess, especially in the U.S., and it's possible that those who use Twitter tipping will find themselves with an unpleasant surprise come tax time—something that will certainly chill adoption.</p>
<p>Then there is Dorsey's decision to embrace Bitcoin and Bitcoin alone. This has already ruffled the feathers of Ethereum fans, and led <i>Decrypt</i>'s founder Josh Quittner to wonder if Dorsey excluded Ethereum over fears it would threaten Twitter's centralized platform. Whatever his motives, Dorsey's Bitcoin-only path will create political opposition from DeFi diehards the project could really use on its side.</p>
<p>Then, there are the practical problems with Twitters's plan, especially when it comes to NFTs. The company says it will let users display NFT-based badges that are tied to their wallets, but the Bitcoin blockchain doesn't appear up to this task, and Twitter refuses to explain how exactly this will work. Never a good sign.</p>
<p>The bottom line is that Twitter's Bitcoin initiative is full of promise, but fraught with peril. Hey, let's not judge just yet—the company has just pushed forward with a Bitcoin feat the world has never seen before, and for that it deserves kudos. Have a great weekend.</p>
<p><i>This is&nbsp;</i>Roberts on Crypto<i>, a weekend column from Decrypt Editor-in-Chief&nbsp;<a href="https://decrypt.co/author/daniel-roberts" target="_blank" rel="noopener" class="sc-18vyx5u-0 hiPYeO">Daniel Roberts</a>&nbsp;and Decrypt Executive Editor&nbsp;<a href="https://decrypt.co/author/jeff-john-roberts" target="_blank" rel="noopener" class="sc-18vyx5u-0 hiPYeO">Jeff John Roberts</a>. Sign up for the&nbsp;<a href="https://decrypt.co/modal/emails" target="_blank" rel="noopener" class="sc-18vyx5u-0 hiPYeO">Decrypt Debrief email newsletter</a> to receive it in your inbox in the future. And read last weekend's column:&nbsp;</i><a href="https://decrypt.co/81230/solana-outage-sol-growing-pains" target="_blank" class="sc-18vyx5u-0 hiPYeO">Solana's Growing Pains</a>.</p>

Bitcoin on Twitter: The Promise and the Problems

<div class="sc-ktzkjh-0 hIxHRr"><h4 color="#333" class="sc-1t633a1-4 PUmZU">In brief</h4><ul>
<li>Michael Burry once held around 5% of all GameStop shares.</li>
<li>He sold his position before the meme stock hit all-time highs above $400.</li>
<li>In January, he called for the SEC to regulate what he saw as "unnatural" trading.</li>
</ul><div class="sc-zni0p2-0 ggVtwx"></div></div><p><span style="font-weight:400">One of the biggest players in the GameStop saga is being drawn into an investigation by the U.S. Securities and Exchange Commission.</span></p>
<p><span style="font-weight:400">Michael Burry, head of investment firm Scion Asset Management, tweeted today that the firm has received a subpoena from the SEC. A scanned copy of the letter shows that it relates to GameStop Corp. and was issued on September 21. The tweet has since been deleted.</span></p><div class="pa-global-class pa-pl-16409 pa-pl-multiInsert" id="pa-container-1" style="z-index: 50; background: transparent; max-width: 166%; display: block; position: relative; width: 166%; pointer-events: none;"><div class="pa-unit-global pa-pl-16409" id="pa-unit-1" style="z-index: 1; height: 0px; background: transparent; position: relative;"><div class="pa-observer-px" style="height: 0px; width: 100%; background: transparent; position: absolute; left: 0px; top: 0px; pointer-events: none;"></div></div></div>
<p><span style="font-weight:400">Burry owned more than 5% of GameStop stock last year before </span><a href="https://www.forbes.com/sites/antoinegara/2021/02/16/michael-burry-the-hedge-fund-genius-who-started-gamestops-4000-rise-sold-before-its-reddit-surge/?sh=786678af6359" target="_blank" class="sc-18vyx5u-0 hiPYeO"><span style="font-weight:400">selling 1.7 million shares</span></a><span style="font-weight:400"> in the fourth quarter for between $10 and $20. By January GME shares were trading for over $400; they currently sell for $185 on the New York Stock Exchange.&nbsp;</span></p>
<p><span style="font-weight:400">GME's rise was facilitated by an army of amateur day traders and a handful of anonymous Wall Street veterans, who poured into online forums like WallStreetBets to coordinate stock picks. It was the first meme stock, an asset without intrinsic value which is traded for its cultural cachet. Other companies in decline, among them theater company AMC and 2000s throwback BlackBerry, have also found fresh money this year as meme stocks.</span></p>
<div class="sc-155ftbs-0 sc-155ftbs-1 eAya-DO jpxtSH"><div class="sc-155ftbs-2 ccosHo"><div class="sc-155ftbs-3 jcayOL"><a href="/81076/what-robinhood-gamestop-taught-us-bitcoin-billionaires-author-ben-mezrich" class="sc-18vyx5u-0 vsGFO" style="width: 100%;"></a></div></div></div>
<p><span style="font-weight:400">Meme stocks are close relatives to meme tokens and coins, cryptocurrencies that lack much in the way of utility but can be traded for half-ironic LOLs—and sometimes for big money, if holders can convince others to join in.&nbsp;</span></p>
<p><span style="font-weight:400"><span class="link"><a href="https://decrypt.co/resources/dogecoin-crypto-cryptocurrency-guide-how-to-buy-doge" target="_blank" class="sc-18vyx5u-0 hiPYeO">Dogecoin</a></span>, launched as a joke nearly a decade ago, is the preeminent meme coin with a market cap of $27 billion. The more recent Shiba Inu, which borrows DOGE's dog-based iconography, has a market cap of $3.6 billion. It recently began trading on <span class="link"><a href="https://decrypt.co/46690/coinbase-review-a-great-jumping-on-point-for-bitcoin-beginners" target="_blank" class="sc-18vyx5u-0 hiPYeO">Coinbase</a></span>, which has found itself in competition with mobile trading app Robinhood—where many if not most GameStop and Dogecoin speculators plied their trade early in 2021.</span></p>
<p><span style="font-weight:400">Robinhood's participation in GameStop's rise was contentious. At one point, as GME's price tag was rising, Robinhood restricted users from buying more GME. Users were upset they couldn't buy more, while politicians from progressive Alexandria Ocasio-Cortez to arch-conservative Ted Cruz suggested a hearing was necessary to determine whether the app was picking winners and losers. Others in government worried that GameStop's surge was a sign of market manipulation, as everyday investors were perhaps being duped by more powerful forces behind the scene—just like crypto pump-and-dump schemes on Telegram.</span></p>
<div class="sc-bn4v3i-1 kKVLkh"><div class="sc-1lyao0r-0 bYXVxv"><div class="sc-1stj48q-1 jIqIqg"><div class="sc-1ao5pjp-0 iDmTWe"><div color="#b7a048" class="sc-1joxzke-0 iLgkbE"><img class="sc-1joxzke-1 iqMMhj" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1636255533965.png" dimension="29"></div><span class="sc-jb7pox-2 hPjvKB sc-1stj48q-3 hVlrdy" color="#333" opacity="1">DOGE</span></div><div class="sc-1lyao0r-0 sc-1stj48q-2 bYXVxv hzlQar"><span class="sc-jb7pox-2 bGpjfZ sc-1mjd3js-0 dDOcjm variation-value" value="7708.33" color="#333" opacity="1"><span>+</span>7708.33%</span><span class="sc-jb7pox-1 gPoHne current-price" color="#333" opacity="1">$0.2107</span></div></div><div class="sc-1stj48q-0 jWoPsV"><div class="sc-ktzkjh-0 sc-1qwrltn-2 hIxHRr irYpKJ"><div class="sc-1ao5pjp-0 sc-1qwrltn-0 iDmTWe cdDhPC"><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 loxyPn" color="#333" opacity="1">24H</span><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 loxyPn" color="#333" opacity="1">7D</span><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 loxyPn" color="#333" opacity="1">1M</span><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 chOUVj" color="#333" opacity="1">1Y</span><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 loxyPn" color="#333" opacity="1">MAX</span></div></div><div class="sc-zni0p2-0 ggVtwx"></div><div height="180" class="sc-dunrjg-0 bPZqaA"><div data-highcharts-chart="0" style="height: 100%; overflow: hidden;"><div id="highcharts-jy1wary-0" dir="ltr" class="highcharts-container " style="position: relative; overflow: hidden; width: 367px; height: 180px; text-align: left; line-height: normal; z-index: 0; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); user-select: none;"><svg version="1.1" class="highcharts-root" style="font-family:&quot;Lucida Grande&quot;, &quot;Lucida Sans Unicode&quot;, Arial, Helvetica, sans-serif;font-size:12px;" xmlns="http://www.w3.org/2000/svg" width="367" height="180" viewBox="0 0 367 180"><desc>Created with Highcharts 8.2.2</desc><defs><clipPath id="highcharts-jy1wary-1-"><rect x="0" y="0" width="312" height="142" fill="none"></rect></clipPath></defs><rect fill="#ffffff" class="highcharts-background" x="0" y="0" width="367" height="180" rx="0" ry="0"></rect><rect fill="none" class="highcharts-plot-background" x="45" y="10" width="312" height="142"></rect><rect fill="none" class="highcharts-plot-border" data-z-index="1" x="45" y="10" width="312" height="142"></rect><g class="highcharts-grid highcharts-xaxis-grid" data-z-index="1"><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 44.5 10 L 44.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 87.5 10 L 87.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 130.5 10 L 130.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 173.5 10 L 173.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 215.5 10 L 215.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 258.5 10 L 258.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 301.5 10 L 301.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 344.5 10 L 344.5 152" opacity="1"></path></g><g class="highcharts-grid highcharts-yaxis-grid" data-z-index="1"></g></svg></div></div></div></div></div></div>

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