While the broader cryptocurrency market remained steady during the last weekend, Shiba Inu (SHIB) made a strong move gaining by more than 30%. On Sunday, February 5, the SHIB price touched a new 2023 high of $0.00001553. Along with other altcoins, SHIB too has strongly participated in the crypto market rally this year gaining more than 80% so far.

Interestingly, Shiba Inu is giving tough competition to its immediate memecoin competitor Dogecoin (DOGE). Last Saturday, the SHIB/DOGE pair reached 0.00001638 DOGE gaining by nearly 100% in just the last three months from the bottom of 0.00000993 DOGE.

This strong recovery in the SHIB price has come as investors have been focusing on the upcoming launch of Shiba Inu’s Layer-2 scalability solution Ethereum. Last week, Shiba Inu’s lead developer Shytoshi Kusama confirmed that the development progress of Shibarium is on track.

As per the schedule, the launch shall happen next week around February 14. The launch of Shibarium will improve the scalability prospects of the Shiba Inu blockchain while lowering the gas fees.

Coming back to SHIB/DOGE, the technical trend is likely to continue in the coming weeks. As per the historical trends, the SHIB/DOGE pair should climb to 0.00002181 by March 2023. It means that another 40% gain from the current levels is on the cards.

How Will February Turn Out for SHIB and DOGE?

So far the broader cryptocurrency market had an impressive start to the year 2023. While top cryptocurrencies like Bitcoin and Ethereum gained over 40% each, some altcoins have displayed even stronger gains to the tune of 70-80 percent.

However, the market sentiment is likely to turn bearish depending on the shifts in the global macros. On the technical chart, Dogecoin (DOGE) is making a potential rising wedge pattern hinting at a small correction in the coming days. Rising wedges usually represent bearish reversal trends showing the price rise taking place in two converging, ascending trendlines.

A price break below the trendline could lead the asset to fall as much as the wedge’s maximum height. As per the DOGE chart, a 10% price correction is possible with a price drop up to $0.0850.

Similarly, the SHIB/USD rally also looks overstretched on the daily chart. The Relative Strength Index (RSI) levels are currently at 81 representing an “overbought” zone.

As of press time, the SHIB price is seeing a strong pullback from a strong resistance zone at around $0.00001517. Currently, SHIB is trading 5% down at a price of $0.00001448. A further retracement is possible and the SHIB price could drop anywhere between $0.00001300–$0.000013000.

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Polygon is a blockchain that has stamped its mark in the industry. Bloomberg, according to its most recent report, is recognizing Polygon for its noteworthy growth and increased adoption so far.

Mike McGlone, the Senior Macro Strategist at Bloomberg, posted a recent report that goes over Polygon’s notable performance in the last few years.

Polygon has been recognized by Bloomberg, for its ability to scale a variety of decentralized applications. Polygon has surpassed its long-standing rival Ethereum, to host most dApps this year. Bloomberg reported.

Of the entire worldwide blockchain economy, Polygon has the third-largest ecosystem for decentralized apps (dApps). Many of the most popular DeFi dApps on Ethereum, including Aave and Uniswap, have migrated over and are being developed on Polygon. Its 359 dApps is more than three times that of its closest L2 rival and half that of Ethereum.

Bloomberg also recognizes that the Polygon Network has more developers than other Layer 1 alternative like Avalanche and Fantom.

Polygon is often making headlines, for its many partnerships with some of the most valuable traditional Fintech companies in the world, and Bloomberg is rightfully recognizing this.

In January, MasterCard tapped Polygon to launch artists into the web3 ecosystem through an artist accelerator program. Polygon has partnered with Starbucks, Nubank, Adobe, Adidas, Prada and many other global brands in recent times.

Based on Polygon’s string of brand-name partnerships in 2H22, this year could be the year of mainstream NFT adoption. The explosion in active users on the network stemmed from several blockbuster corporate partnerships struck by the company behind the network, Polygon Technology..

Bloomberg; Ethereum will overthrow Bitcoin

Bloomberg is also predicting that there will be higher asset prices and higher volatility. This will then result in cryptocurrencies facing their first real recession.

The inception of Bitcoin came during the last economic recession in the United States. Bloomberg is of the opinion that a similar milestone will be experienced, as the economy takes another turn. However, there is no telling how much loss would be recorded in the market before gains are sustained in the future.

Bloomberg perceives a resting bull market between Ethereum and Bitcoin, which it refers to as digital gold. According to Bloomberg‘s galaxy crypto index, there has been a steady Ethereum/Bitcoin rate since the 2021 peak.

This is suggesting that digital assets are moving towards a mainstream strong audience. Once “the dust settles from some revision in risk assets“, Bloomberg is certain that Ethereum is going to outperform Bitcoin.

Der Beitrag Bloomberg: Polygon massive investment opportunity, Ethereum to flip Bitcoin due to huge adoption wave erschien zuerst auf Crypto News Flash.

According to the chief of crypto division at the leading payment giant Visa, Cuy Sheffield, the stablecoin settlement might just be coming to the platform. In detail, Cuy Sheffield layed down the company’s plans at the StarkWare Sessions 2023. He Reveals that visa is working on a “muscle memory” for settlements.

The settlements will enable its 2.5 billion customer base to easily convert cryptocurrency assets and fiat currencies directly on its platform.

Visa’s attention is now on building upon the worldwide settlements with crypto and fiat currencies. According to Sheffield, this is what Visa is currency engaged in ;

That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars and euros in cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.

Sheffield explains that Visa is already testing the process of settlement acceptance, particularly on the Ethereum and Stellar networks. Cuy further added saying:

We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. So, these are large value settlement payments..

Adoption of stablecoins is going to catapult in so many ways, and value for accepted stablecoins could respond positively after integration.

Visa is no stranger to Crypto

Visa has been on the journey of bringing blockchain to its platform. Although the global payment system SWIFT, is still where all transactions will take place.

He is quoted explaining this to Cointelegraph, saying the following ;

We set all over Swift, so we can’t move money as frequently as we’d like because there are a number of limitations that exist in those networks. And so, we’ve been experimenting, We publicly announced. We’ve been testing how to actually accept settlement payments [with stablecoins].

At a recent annual shareholders meeting, Visa’s former CEO AI Kelly shares some insight details.

Per Kelly’s observations, Visa sees the potential that stablecoins and central bank digital currencies (CBDCs) have if integrated into its platform.

Cuy Sheffield added to these observations, saying that the company is concerned with taking some of the value that Visa already provides on existing banks and rebuilding it on top of blockchain rails. That will in turn facilitate the growth of the potential in that area, if any.

Der Beitrag Large value settlements payments on Ethereum and Stellar Lumens started by Billion-$-company VISA erschien zuerst auf Crypto News Flash.

While some popular blockchain networks like Ethereum (ETH) are making important changes to their ecosystem, IOTA is catching up equally fast. The IOTA blockchain recently concluded the fourth round of staking for the Assembly Network’s native token ASMB.

This was the Round 4 of the ASMB token staking which started back on November 07, 2022 and lasted for a 90-day period. As per reports, a staggering 63.5 percent of the IOTA token supply has been staked and more than 1 billion ASMB tokens have been distributed in the form of rewards. The official Twitter handle of Assembly Network said that round five is around the corner. However, it didn’t mention when will it start.

Event ended! Round 4 of staking $MIOTA for $ASMB is officially over🎉.
A big thank you to our community for your participation 🙏. Nearly 63.5% of the @iota token supply was staked, and over 1 Billion #Assembly tokens rewarded🪙!
Stay tuned: round 5 is around the corner 👀! pic.twitter.com/Xcjh44mYBA

— Assembly (@assembly_net) February 5, 2023

The staking of ASMB tokens happens via IOTA’s most-trusted Firefly wallet. As per IOTA, each wallet that belongs to a user profile must be staked separately. When a user marks IOTA tokens for staking, a transaction is sent to them with attached metadata indicating that they wish to stake with the marked funds. “Any funds staked in a given wallet will be sent to an address on the same wallet, requiring tokens in every wallet to be individually marked for staking”.

IOTA and Staking

To expand the utility of the IOTA token, the IOTA Foundation introduced two main networks the Shimmer staging network and the Assembly trustless smart contract network. Both networks have their native tokens SMR and SMB respectively, available for staking.

As per the initial plan, IOTA will reward staking individuals 20% of Assembly tokens’ supply. The total supply of ASMB tokens is 100 billion. Thus, IOTA will distribute 20 billion as token rewards. So far, only 1 billion ASMB tokens have been distributed. This is just the beginning of a larger token rewards distribution in the IOTA ecosystem.

As said, the IOTA foundation has already implemented a built-in staking functionality in IOTA’s Firefly wallet. The IOTA Foundation explains:

This rate has been set to 0,000004 ASMB tokens per 1 MIOTA per milestone. That means for every 1 MIOTA that you hold and stake in Firefly, you will receive 0,000004 ASMB tokens every 10 seconds (the interval of milestones issued in the IOTA tangle).

The IOTA technology takes care of the security of the Assembly Network. Also, the IOTA Tangle solves the interconnection and the exchange layer between different chains in the Assembly while offering a “secure anchor and immutable audit trail for state updates of IOTA smart contracts chains in Assembly”. After a successful Round 4, all eyes will be on the launch of Round 5 for the ASMB token staking.

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Bankrupt crypto trading platform, FTX Derivatives Exchange is doing all it can to claw back all the funds that were donated under the leadership of its founder and former CEO, Sam Bankman-Fried (SBF). In one of the latest moves by the digital currency trading firm, confidential letters have been sent to political beneficiaries seeking a refund.

The firm confirmed sending the letters, with February 28 placed as the deadline for the politicians to refund the sum. When FTX was still in its prime, the trading platform was a known mega-donor to US election campaigns through Political Action Committees (PACs). Tagged as one of the biggest donors to President Joe Biden’s campaign, FTX under Sam Bankman-Fried has spent almost $93 million in supporting choice candidates across political lines.

The exchange in its Press Release revealed that the FTX donations might have been made by either the disgraced former CEO or any of the firm’s subsidiaries. The announcement reads.

FTX Debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried, or other officers or principals of the FTX Debtors (collectively, the “FTX Contributors”). These recipients are requested to return such funds to the FTX Debtors by February 28, 2023,.

The company said the deadline placed is a result of an earlier notice pushed out back in December last year in which it request such political donations to be returned voluntarily. 

FTX Ready to Seek Legal Option to recoup Donations

In the call for a refund of the donated funds, FTX said it is ready to explore legal options should the beneficiaries of the political donation refuse to make the refunds as demanded. According to the firm, it will also seek interest in the donated funds starting from the date the legal action commences.

The trading platform also said it reserves the right to request the repayment of the donations even though the beneficiaries have sent the funds to charities or other third-party beneficiaries. The announcement reads,

To the extent such payments are not returned voluntarily, the FTX Debtors reserve the right to commence actions before the Bankruptcy Court to require the return of such payments, with interest accruing from the date any action is commenced, [..] Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from a FTX Contributor does not prevent the FTX Debtors from seeking recovery from the recipient or any subsequent transferee.

Journey to repay creditors

Though the process may look slow to creditors whose funds are locked up on FTX, it is still relatively faster than other known bankruptcies such as that of Celsius Network and Voyager Digital. 

When it filed for bankruptcy, FTX declared it has a total number of creditors ranging from 100,000 to 1 million. The journey to repay these investors has been bumped by discoveries of misappropriated funds. At the moment, the current CEO John Ray III is trying to pool this together and with targeted proposed sales of some subsidiaries, he plans to make full repayment as soon as possible.

Der Beitrag FTX asks politicians to return donations received by SBF for starting to refund customers – Report erschien zuerst auf Crypto News Flash.

Zenly was later acquired by Snap, which recently announced it will be shutting the unique service down, but Peer’s founder and chief executive Tony Tran promised that its unique maps will live on in a superior form. 

“Zenly users adored its polished and delightful features,” he said. “We’re huge fans as well, and we look forward to working with the Wonka team to recreate that magic and take it to the next level.”

The plan is for Peer to fast-track the development of its upcoming gamified social network, which is set to launch on Android and iOS devices in the coming months. 

Peer is building an entirely new kind of augmented reality metaverse that integrates AR with AI and blockchain technology to create a unique, planet-scale 3D map. Within it, users are promised an immersive, game-like social experience quite unlike anything else. One of the core aspects of Peer is that users will be able to build their own, personalized “places graph”, which can be thought of as an AR map of people, places and memories they have previously experienced. The idea is that it will make day-to-day navigation easier and allow users to revisit their memories in real-world locations whenever they return to them, and also discover new memories in new locations shared by others. 

In other words, Peer is a kind of AR-based social media network, and though users will be able to explore it with any mobile device, the company is also planning to launch its own AR headset and glasses later in the year to provide a more immersive experience. 

Tran explained that Peer’s 3D maps will sit at the intersection of the digital and physical worlds, allowing users to interact with both at the same time. “We see it as a globally connected experience,” he continued. “This is an opportunity to create an exciting new world and bring back the emotional connection and sense of belonging that has been stripped from today’s social networks.”

The Peer app will incorporate many of the features loved by Zenly’s 35 million-strong user base, said Wonka’s former lead engineer Milan Bulat, who is now Peer’s Head of Maps. “Peer will completely transform the way people experience their world,” he promised. 

Given its links to Zenly, Peer is likely to appeal to millions of its former users and it is not ignorant of that fact. With Zenly now inaccessible, Peer is welcoming fans of the app, as well as anyone else who’s interested, to go to peerclub.com and secure their usernames ahead of its app launch. Those who sign up now will gain early access as well as some exclusive rewards, including “secret moves, unlocks and other engaging gamified features,” Peer said.

Der Beitrag Peer Hires Zenly’s Mapping Experts To Build Its Upcoming, AR-Based Social Network erschien zuerst auf Crypto News Flash.

Cardano has just rolled out a game changer for developers, and has dubbed it as the “Dandelion API”.  SooRaj, a Cardano educator has taken Twitter to detail the structure and use cases of Dandelion API.

Introducing Dandelion API,

a set of APIs designed to simplify the process of developing decentralized applications and smart contracts on #Cardano

A tool that helps developers to access and work on #Cardano with ease and efficiency

Want to know more?

Here’s a thread🧵👇 pic.twitter.com/FhD6LUL0Mx

— Sooraj (@Soorajksaju2) February 5, 2023

The Dandelion API is made up of a handful of APIs. They are designed for the sole purpose of simplifying smart contracts and dApps development processes.

The Dandelion API is a developer’s dream. The tool will help developers on the Cardano network to work effortlessly while being more efficient, but there’s more. Sooraj noted.

Dandelion API offers 2 different paths for developers to get started : A hosted instance of every available Cardano API offered as a free community service by gimbalabs and an open-source project to deploy the community service using Kubernetes (a container orchestration tool).

Developers can immediately begin prototyping thanks to the hosted instance. And they can also use the same open-source code developed by the IOG community.

The Dandelion project is supported by the collaborative platform Gimbalabs, and gives devs access to different layers of Cardano, by providing a large pool of APIs. Devs can use the APIs for different types of dApps and light wallets.

Some of the API’s offered by Danelion are Ogmios-API, Cardano explorer-API, and Cardano GraphQL-API. Others include Cardano-rest/submit-API, Cardano-db-sync/postgrest-API, and Rosetta-API.

GraphQL-API is made so that developers can gather composed information and send signed transactions to the blockchain. Cardano explorer-API and Cardano-rest/submit-API help to aid the collection of basic information from the blockchain. Devs can collect Live blockchain info from a Cardano node instance using the Ogmios-API.

Developers can gather information directly from the blockchain and perform SQL queries, using the Cardano-db-sync/postgrest-API.

The benefits that come with using the Dandelion API is endless

The Dandelion API was made so it can be accessible to developers as a free community service. Because of this reason, the API is extremely cost effective. Sooraj added in another tweet.

Its Open-source: So, developers can access the source code, make changes, and contribute to the project. And make it even better. It gives access to a Wide Range of APIs:This allows developers to choose the API that best suits their needs.

The infrastructure is sufficient as the APIs provided to developers are easy to use. And developers can focus solely on the business side of their decentralized applications.

Eventually, the Dandelion project will enable ways for Dandelion Node operators to contribute to a network of Dandelion instances so that the Cardano API layer is as robust as Cardano itself.

Sooraj said, giving insight into the future of the project.

Der Beitrag Cardano: New innovation helps to grow ADA ecosystem in billion-$-market with ease and efficiency – Report erschien zuerst auf Crypto News Flash.

The crypto market has enjoyed a profitable January with some gains extending in February. With Bitcoin up 40 percent in January, low-cap crypto coins have recorded higher volatility. A blockchain gaming platform dubbed WEMIX saw its native coin WEMIX run nearly 300 percent YTD. According to our latest crypto price oracles, WEMIX coin posted lows of about $0.353 and highs of approximately $1.55 during the past 30 days.

Closer Look at WEMIX Gaming Protocol

The WEMIX protocol takes pride in a vibrant community of over 378k users constantly engaging with at least 20 games, according to the official website. As a result, the project developers are constantly working on updates to keep up with the players’ needs. For instance, WEMIX unveiled a fan token system for content creators to engage with community members. The company noted.

Fan Token is an interactive donating system in which both creators and fans can grow together to benefit from the increasing token value by purchasing the Fan Tokens issued by the creator,

The newly introduced fan token system has helped the WEMIX platform attract more users and money in return. Furthermore, one of the initial fan tokens on the WEMIX platform has scaled to a market cap of over $100 million.

#WEMIX PLAY’s First Fan Token #MYRTLE exceeds 100m USD in market cap

Medium: https://t.co/jxklFULkzq

– Creator manages token minting & usage such as profit distribution, fan events etc.
– High-water mark method connects the value rise of Fan Token to expansion of fan community

— WEMIX (@WemixNetwork) February 1, 2023

The South Korean-based company has been working to engage with other blockchain projects focused on gaming technologies. For instance, the company announced a strategic alliance by signing an MOU with London-based Metaverse engine developer Metagravity, earlier this week.

Additionally, the company has opened offices outside South Korea in a bid to achieve higher market competitiveness. Last month, the company opened a regional office in Abu Dhabi. Jason Kim, Director, WEMIX, noted.

We aim to be an anchor for both Korean blockchain companies expanding into MENA as well as local government agencies, companies and brands in the UAE and across MENA which are interested in blockchain-related projects,

As a result, the WEMIX has seen its fully diluted market capitalization rally to $1,295,557,362 in the past few weeks. Notably, the WEMIX coin has registered a 24-hour trading volume of about $9,941,36.

Side notes

The crypto gaming market has enjoyed significant adoption due to their innovations and ability to incentives both content creators and players. Nonetheless, the risk of a global market recession may put an end to the high gains posted by the crypto industry. Moreover, most market economists believe the leading economies are either going to slow down or post mild recessions. As a result, crypto traders are warned to take necessary precautions to avoid forced liquidations.

Der Beitrag This crypto gaming project skyrockets 300% as groundbreaking new milestones are reached – Report erschien zuerst auf Crypto News Flash.

Binance Exchange has announced its latest product dubbed Binance Tax as it looks set to help its users adhere to local taxation laws. According to a Press Release shared with Crypto-News Flash, the Binance Tax product will be launched first in France but there are plans for the service to be launched in other jurisdictions in the near term.

The Binance Tax service is a simplified product that is integrated with the exchange’s global platform. To access the tax service, Binance users will need to log into their accounts and navigate to the tax section. Users can then select from ‘Realized Capital Gains’, ‘Income Gains’, or ‘Transactions’ and then this will then generate a downloadable tax report, with a summary of any gains or losses.

The hurdle that is attached to filing tax returns as it relates to cryptocurrencies is one that has largely prevented many from entering the crypto ecosystem. The difficulty in pooling crypto transactions for the effective filing of tax returns has also pushed many into the crosshairs with regulators in different jurisdictions.

With the Binance Tax product making its debut in France, the exchange’s customers can access the tool for free as they prepare for the upcoming tax season.

“We’re always looking at how we can build products to make our customers’ lives easier and that often means listening and reacting directly to user feedback,” said Mayur Kamat, head of product at Binance. “We heard that our users wanted an easier way to be able to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community, starting  in France.”

Binance said it plans to launch the new service in other countries in the near term to bring the new service to its users across the board.

Binance Tax and the Interoperability Feature

The launch of the Binance Tax product is bound to establish the digital asset trading firm as the biggest in the world. The new service is exclusive to the Binance platform, at least for now, as the exchange noted.

According to the exchange, the new Binance tool does not support other wallets for now. However, the exchange said there are plans underway to integrate the support in the near future. In a bid to expand the functionalities of the Binance Tax product, the exchange said it will expand the service’s interoperability to other wallets and platforms in the near future.

In addition to these defined plans, Binance also said it will introduce other improvements it believes will be beneficial to tax tools in the near future.

Many countries including China, South Korea, India, and the United Kingdom are renowned for their crypto taxation provisions. While Binance has a limited presence in these countries, the Binance Tax tool is billed to set a new standard among crypto entities, many of which may also be looking to float related services in the mid-to-long term.

Der Beitrag Binance Exchange Floats Binance Tax to Aid Customers File Proper Tax Returns erschien zuerst auf Crypto News Flash.

A new wave of low-cap altcoins is emerging and enjoying massive gains in the crypto market. The surge of these tokens might signal the dawn of a new bull market, hypothesizes LBank Co-Founder Johnason Chan.

These low-cap assets have been accompanied by impressive rallies for mid-cap cryptos like Aptos (APT), Floki (FLOKI), and Highstreet (HIGH). The price of APT, the native token of layer 1 blockchain Aptos, increased by 380% in 30 days. Dogecoin spin-off FLOKI saw its price jump by more than 200% in the same timespan and metaverse gaming coin HIGH recorded a 336% rally.

“As a global launchpad for novel cryptocurrencies and blockchain projects, we are in a unique position to observe the latest developments on the frontiers of crypto,” Chan said. “We listed Highstreet a few months before major competitors and took note of its tremendous performance. The wealth creation stemming from these tokens is signaling the return of bullish sentiment in the markets.”

“Following the hints of Fed chair Jerome Powell on possible ‘disinflation,’ the interest rate hike cycle seems to favor the markets. Some crypto sectors are likely to see even more investment going into Q2,” Chan suggested.

The Co-Founder of global exchange LBank sees a potential bull market emerging towards the fourth quarter of 2023, adding: “And let’s not forget the next Bitcoin halving is coming up in around 400 days.”

For now, all eyes are on the emerging stars of the altcoin market, propelling optimism among investors. “FLOKI was one of our star listings last year, and is continuing to reflect the way traders behave,” Chan concludes.

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute the global adoption of cryptocurrencies.

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