Cardano (ADA) Launches Connector For DApps Integration

Cardano (ADA) continues to move further in its smart contracts integration on its blockchain. Cardano announced about a week ago that it had successfully completed the long-awaited Alonzo White Hard Fork. And with this, the project was moving on to the next phase of the integration.

Smart contracts on the Cardano network will allow developers to build decentralized finance (DeFi), NFTs, decentralized identity (DID), and countless other things not the network. This is why the move to smart contracts support is very important for the network.

Related Reading | Cardano (ADA) And Dogecoin (DOGE) Record Highest Gains As Crypto Market Surges

Continuing on down this road, Cardano has now launched a connector for DApps integration on the network using its Yoroi Wallet. Yoroi Wallet comes from the commercial arm and solutions provider of the Cardano Ecosystem known as EMURGO.

The Beta version of the connector was announced four months ago via a press release on the EMURGO website. This was in an effort to make a way for Cardano (ADA) and Ergo (ERG) users to be able to make DApp transactions on the blockchain with no problems.

Related Reading | Cardano (ADA) Demand Rises Amongst Retail And Institutional Investors, Why This Is Happening

The connector provides more incentives for DeFi developers to build solutions and services on the blockchains. And with Yoroi Wallet, seamlessly transfer between both networks. After months of Beta testing, Yoroi Wallet has announced that the App connector is now available for users on the blockchain.

The connector will increase adoption worldwide on the network. Bringing more and more people into the decentralized global operating system that was made for a user base that spans around the globe.

Functions Of Cardano’s Yoroi Wallet Connector

The Yoroi Wallet connector provides a much-needed bridge between users and blockchain-based decentralized apps (DApps) to enable them to access the services they require. The DApp connector will allow users to carry out activities permitted by the DApp that they are currently accessing.

Related Reading | Cardano (ADA) Launches Crypto Charity Platform With Rwanda-Based NGO

These activities include the buying and selling of tokens, getting access to resources provides by that DApp, and/or accessing features offered by the DApp.

The bridge provided by the Yoroi Wallet connector also permits the validation of owners of specific assets. Also allowing executions for transactions for the DApp, a functionality that would bring access to things like NFTs.

Cardano (ADA) price chart from TradingView.com

ADA price currently trending around $1.25 | Source: ADAUSD on TradingView.com

More importantly, is the fact that the Yoroi Wallet connector will act as the communication medium between the Cardano blockchain and smart contracts once the network is able to support them.

Users can get access to the connector by simply adding it as a plugin on their preferred browser of choice. From there, they can access whatever features they wish to use.

Featured image from NewsBeezer, chart from TradingView.com
Celebrate With Crypto As Ethereum Turns Six Years Old

The Ethereum community celebrates 6 years since the network was launch. The platform host some of the most important crypto trends, from decentralized finances (DeFi), non-fungible tokens (NFTs), and is currently in the process to migrate from a Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS).

Ethereum has gone from process thousands of transactions to around 1.2 billion, according to data provided by Etherscan. The network settles trillions of dollars in value every year, said the co-founder of EthHub Anthony Sassano, who reviewed the platform’s history to celebrate this major achievement.

Ethereum ETH ETHUSD
Ethereum Transactions Per Day. Source: Ycharts

At the time of writing, Ethereum trades at $2,338 with a 636% profit in the 1-year chart. In this period, ETH has climbed from the low hundreds to an all-time high at over $4,000, on the back of its “infinite” potential, as many on its community claim.

Ethereum ETH ETHUSD
ETH moving sideways after a rally in the daily chart. Source: ETHUSD Tradingview

In terms of market cap, ETH holds the second position in the top 10 with a worth of $273 billion, right behind Bitcoin with $732 billion. The events that will allow Ethereum to migrate to its “Beacon Chain”, its upcoming upgrades in terms of scalability, its transition to deflationary model with EIP-1559 have led some to believe ETH will eventually flip Bitcoin and take the number one spot in every metric.

As Sassano recalled, the Ethereum mainnet was launched on July 30th, 2015, after an ICO where investors could acquire 1 ETH for $0.30. In 2016, the network experienced one of its most infamous episodes with “The DAO” hack:

(…) event which was spectacular in both good and bad ways. 2017 was Ethereum’s first breakout year with it leading the bull market due to ICO mania (and a lot of hype around proof of stake). Then came 2018 which was a very sobering year for Ethereum.

After a multi-year bear market, the network and ETH have returned to “a rocket ship with no signs of slowing down”. Sassano calculates the return of those lucky enough to first invest in the ICO in around 7833x, and with potential future appreciation.

Is The Ethereum Flippening Imminent?

The NFTs and DeFi are already worth billions of dollars after just a short period since they made their way into a portion of the world population. Many artists, creators, and celebrities are trying to leverage NFTs to bypass a product’s traditional distribution and achieve a deeper connection with its audience.

The latest mania was driven by the adult animated series “Stoner Cats” which requires viewers to purchase an NFT to access the content. The show was produced by Mila Kunis and the inventor of Ethereum, Vitalik Buterin, was part of the cast.

On the other hand, data from DeFi Pulse indicates that the DeFi sector has $67 billion in total value locked (TVL). Uniswap, SushiSwap, Compound, Yearn Finance, MakerDAO, and other DeFi protocols allow thousands of users to maximize their profits and create new investment strategies without the intervention of a third party.

This has been acknowledged by J.P. Morgan, Goldman Sachs, and other titans in the traditional market that consider Ethereum a key component of the future of finances.

As Pseudonym user LiveLambo said via Twitter, the ecosystem created on top of this platform has grown to unprecedented levels and justifies the name that has been bestowed on Ethereum, the “Infinite Machine”.

Ethereum ETH ETHUSD
Source: LiveLambo via Twitter
Huge Bitcoin Inflow To Gemini Behind The Drop To $38k?

On-chain analysis shows that crypto exchange Gemini observed huge Bitcoin inflows just before the plunge down to $38k.

Huge Bitcoin Inflows To Gemini

As pointed out by a CryptoQuant post, crypto exchange Gemini saw huge inflows earlier today resulting in a positive spike in the netflows.

Before examining the data, here are some quick definitions for the relevant terms. The exchange inflow is the amount of BTC sent from personal wallets to the exchange platform.

Similarly, the outflow is the BTC that was transferred out of exchanges to personal wallets. The netflow is just the difference between the value of the inflow and the outflow.

When the value of the netflow is positive, it means more BTC is entering the exchange than exiting. Such a  spike would mean that investors want to sell off their Bitcoin, and thus there is a selling pressure in the market.

On the other hand, when this indicator is negative, it implies a buying pressure in the market as more BTC is traveling out of exchanges than in.

Now, here is how the Bitcoin netflow chart for the Gemini crypto exchange looks like:

Bitcoin Gemini Netflow

The Gemini BTC netflow notices a huge positive spike | Source: CryptoQuant

As the above graph shows, Gemini has just witnessed a spike in the Bitcoin netflow. Interestingly, BTC’s price plunged down to $38k from just under $40k right after these inflows.

Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin

The chart also shows that the other big positive netflows also seem to have been followed by drops in the crypto’s price. This does make it seem like there is a correlation between the netflows on Gemini and BTC’s price.

BTC Price

At the time of writing, the Bitcoin price floats around $k, up % in the last 7 days. The cryptocurrency’s gains for the month are around %.

Here is a chart that shows the trend in the price of BTC over the last 24 hours:

Bitcoin Price Chart

BTC witnesses a sharp fall from about $40k to $38k | Source: TradingView

After being range bound for quite the while, Bitcoin finally saw some significant price movement as its price touched $40k. The cryptocurrency has seen 9 up days, something the coin hasn’t seen since 6 years ago.

However, today it seems like BTC has finally dropped a little so today won’t be a positive day. As explained before, this plunge down to $38k is likely due to the Gemini inflows.

Related Reading | TA: Ethereum (ETH) Outpaces Bitcoin, Why Bulls Aim Larger Increase

In the past, there have been similar instances where Gemini inflows caused sharp downtrends. However, they don’t necessarily mean a drop will happen. It could still be worth keeping an eye on the crypto exchange’s netflow for any possible hints, nonetheless.

Five Bullish Monthly Charts That Suggest Bitcoin Will Blast Off

Tomorrow is the last day of the month of July, and Bitcoin is at a pivotal moment in its lifetime. The crossroads of a possible bear market or bullish continuation is here, and the path chosen will dictate the trend for potentially months or years to come.

The monthly timeframe could provide clues as to what might be next, and we’ve got five ultra bullish technical charts and reasons why Bitcoin is more likely to blast off than fall further from here.

Critical Monthly Close Could Determine Crypto Cycle Crossroads

Bitcoin is back at around $40,000 after a long drawn out and dramatic fall to $30,000. Each sweep below the support level was bought up, but resistance above also has yet to crack. 

The reason for the stalemate between the two levels, is because price action on monthly timeframes is trapped between the Tenkan-sen and Kijun-sen. The last bear market was kicked off by losing such level. The monthly candle is also holding at support, which is something that failed to happen in early 2018.

bitcoin ichi

The Ichimoku is currently bullish on the top cryptocurrency | Source: BTCUSD on TradingView.com

The two smaller bodied candles from June and July appear similar in structure as the pair that set the bear market bottom around $3,000 and has never yet been broken.

Related Reading | Ready To Run: Bitcoin Forms Best Performing Bull Market Bottoming Pattern

The Japanese candlestick pattern is also forming just as Bitcoin price brushes up against a long-term parabolic curve. A similar sized move up from the 2018 bottom might resembled the measured target from here.

bitcoin candlesticks parabolic curve

Candle structure matches the bear market bottom | Source: BTCUSD on TradingView.com

Although the below chart demonstrates the TD sequential indicator at a red 2-count, which would suggest any downtrend is in its early stages (compare to past counts for examples). But in bulls favor, support has fallen back to where a TD 9 count was previously broken on the high timeframe.

bitcoin TD

Support is holding where the trend became interesting | Source: BTCUSD on TradingView.com

Bitcoin Bull Stampede Could Be Brewing, According To Technicals

The bullish signals on the monthly timeframe simply just don’t stop there. Bitcoin price has plenty more to suggest the bull run is nowhere yet finished.

The next signal is from the Relative Strength Index, which suggests that although Bitcoin got overheated very quickly during this last impulse, the bull run would barely be a whimper compared to the last rally.

bitcoin rsiRSI support is holding | Source: BTCUSD on TradingView.com

The RSI is holding at a level that prompted that last major bull market of 2017, and has begun to turn back higher. If the same reading is taken from the point of support during the last bull market, the RSI suggests there’s a lot more room for bulls to run this cycle.

Related Reading | Bitcoin Indicator Forecast Calls For $46K, New All-Time Highs Possible

Finally, there’s the LMACD, which is narrowly escaping a bearish crossover.

lmacd

There's no bearish crossover... yet | Source: BTCUSD on TradingView.com

The LMACD is the logarithmic version of the moving average convergence divergence indicator, and is better suited for use with Bitcoin. Past bear crosses on the monthly timeframe led to extended downtrends, while narrowly crossing in late 2020 led Bitcoin’s charge to $60,000 per coin.

All of the charts combined suggest that any bearish action on lower timeframes, was nothing more than a shakeout of epic proportions. However, only time will tell, and there is still more than 24 hours left before the clearly critical monthly candle comes to a dramatic close.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
How Much Is Your Love Worth? Polish Influencer Sells “Love” As NFT

NFTs are becoming the next big thing in the crypto market as more investors get on board with projects surrounding them. Non-fungible tokens like the “Stoner Cats” NFTs was released with huge success in their communities. Non-fungible tokens which mostly revolved around art when they were first released has now expanded into a wider domain.

Increasing support for NFTs has shone through with e-commerce giant Shopify adding merchant support for non-fungible tokens. And most recently, Coca-Cola partnering up with Tafi to launch its very first collection of non-fungible tokens. The non-fungible tokens include files like images, audio, and video.

Related Reading | Are NFTs Dead? New Game Changing Trends

Now comes one of the most interesting uses of none-fungible tokens so far and that is 26-year-old Polish influencer Marta Rentel announcing she has sold her love online as an NFT. The NFT sold for $250,000 and the lucky buyer gets to go on a date with the influencer.

Selling “Digital Love”

Talking about the sale, Rental explained that she wasn’t selling her physical love. But was rather selling the love of her online persona. “Nothing on the Internet is physical,” Rental said. “It’s part of my online persona.”

The 26-year-old Polish influencer boasts over 600,000 followers on Instagram and goes by the name of Marti Renti online. The influencer explained that she wanted to be the first person in the world to tokenize emotions.

Related Reading | TABOO Set to Launch First-Ever NFT Collectibles for Supermodels

This remains a novel idea, as one would scratch their head trying to figure out exactly how they would tokenize emotions. But Rentel believes that love can be separated into physical love, platonic love, and most importantly, digital love. With each one being just as real as the other.

Rentel confirmed the sale of the NFT but added that she did not know who had bought it either. The identity of the buyer seems will remain unknown until the date with the influencer.

NFTs As A Store Of Value

NFTs are gaining more support given what they represent. With this, people can show that they undisputedly own a piece of artwork or anything else being sold as a non-fungible token. Information about the work and the owner is written directly to the blockchain where everyone can see who the owner of the piece is.

This has been especially popular amongst artists as this provides them a way to directly sell their art. And also helps to combat people using their work without properly paying or licensing it.

Related Reading | Banksy’s Infamous ‘Spike’ Artwork Becomes an NFT

The information on the blockchain is impossible to edit or remove. So every and all record regarding a sale is put on the blockchain, which basically acts as a digital ledger for the sale.

Marta Rentel does not stop at selling her “love” as an NFT. The influencer plans to continue to sell her Instagram photos and YouTube videos as non-fungible tokens.

Featured image from Kindpng
Commercial Paper Reserves Of Tether Under Heavy Regulatory Scrutiny

Tether has been facing a lot of pressure from regulatory authorities. Now, the attention of the watchdogs has shifted to its commercial paper reserve. As a result, this week has been very hot for the company. The regulators focus their attention on what makes up the Tether reserves.

Related Reading | Cardano Aims To Facilitate Users With Smart Contracts

A report disclosed that Tether’s Michael Hsu said that the US regulators focus their attention on the paper to know if every Tether Token is actually backed by $1 as the company claims.

US Regulators Scrutinize Tether

From what we learned, the regulators investigating Tether are led by Janet Yellen, the US Treasury Secretary. Before now, Yellen has held some meetings about the possible risks of stablecoins.

Now, the ” President’s Working Group on Financial Market” aims to know if Tether really holds large amounts of commercial papers as it claims. Commercial papers usually represent debt instruments that companies issue to investors for short-term funds.

However, the Working Group does not believe the claims as it compares it to a mutual fund that can lose its investors in one day. Presently, the total USDT in circulation is 62 billion. So, there seems to be a legitimate cause for alarm.

Commercial Paper Reserves Of Tether Under Heavy Regulator Scrutiny

The crypto market is back in the bullish mode as BTC climbs above the $40k mark | Source: Crypto Total Market Cap on TradingView.com

Last two months, Tether had revealed the composition of its total reserves. According to the stablecoin, it had more instruments that were not just cash or cash equivalents, such as bonds, secured loans, bitcoin, and a larger portion comprising of commercial papers.

Related Reading | Tether To Conduct An Audit To Negate Claims Concerning Transparency

While talking with sources, Stuart Hoegner, the Tether general counsel, revealed that the company is planning a thorough audit in some months to come. Let’s recall that Tether hasn’t carried out such audits before now, and the announcement helped a lot of investors to breathe easier.

However, on July 19, Yellen was heard asking lawmakers to establish rules that will guide stablecoins in the financial market.

More Calls on Crypto regulations

After calling for regulations on stablecoins, Yellen received a letter nine days later from Senator Elizabeth Warren asking her to push for greater regulation for the cryptocurrency industry as a whole.

During a hearing of the “Senate Banking Committee,” Warren also stated her negative position about the crypto industry. According to her, it was better to hand over the financial systems to giants banks than some nameless and faceless, shadowy miners and super-coders.

Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives

However, during the hearing, an Anderson Kill Law partner, Preston Byrne, stated that the most frightening of all is that Elizabeth Warren is in control of the financial system. Elizabeth is a democrat who has been serving as a United States Senator since 2013.

Featured image from Pixabay, chart from TradingView.com
MinerGate Token (MG): The Ultimate Loyalty Tool For Users

MinerGate is glad to introduce MinerGate Token (MG) – a token created as a loyalty tool. It is designed as a vital instrument to fuel the entire ecosystem of MinerGate products.

We have always been focused on enhancing our service and providing better user experience, and now the new MG token is going to serve this goal in full. It will be used as a community reward and a countable means of gratitude for our most loyal community members.

The MG token provides new opportunities for the whole existing cryptospace as well as it’s newcomers. The token distribution will be continued, and the further allocation of tokens will be based on the users’ contribution to our project evolution. It is not only about giving feedback and participation in social life revolving around the project but also about running decentralized communities with MinerGate’s supervision.

To build MG, we thought deeply about the technical background and its connection with our vision. Relying on the team experience and vivid community support we’ve decided to use EOS as a basis for MG token. We believe that advanced blockchain technologies powered by EOS will help the platform to reach its full potential.

The MinerGate Token is going to empower all parts of MinerGate ecosystem by the synergic effect it brings to the field.

HitBTC – The First Major Exchange To Support The MinerGate (MG) Token

Dear miner,

We are glad to announce that HitBTC will be the first major exchange to list the MG Token. Support from HitBTC is an important step towards developing the MinerGate loyalty tool. HitBTC is one of the most advanced cryptocurrency exchanges out there, providing markets for more than 300 different cryptocurrencies. HitBTC delivers to its users a reliable, powerful and fast platform solution for crypto.

The MinerGate token was created as a new way of cooperation between our product and its users. A few tokens have already been delivered to the most active clients as a token of gratitude for their feedback and contribution to the project. Along with being a community endorsement to participate in the project’s growth, the MG Token is designed to be the fuel for the entire MinerGate ecosystem in the future.

For more information on HitBTC, please visit: https://hitbtc.com/

MinerGate Token Is Now On EOSDAQ

Dear Miner,

The MinerGate team is pleased to announce that our ultimate loyalty tool, the MG Token, is now available on EOSDAQ, the world’s first on-chain decentralized exchange. EOSDAQ is a platform that supports the peer-to-peer trade of EOS-based tokens. All transactions there are recorded on the blockchain in a transparent manner. 

The EOS-based MinerGate token was created as a symbol of reciprocal loyalty between the team and the miners as well as a means of fuel for the whole project. A few tokens have already been delivered to the most active users. The token distribution will be continued, and the further allocation of tokens will be based on the users’ contribution to the project evolution.

Both MinerGate’s and EOSDAQ’s top priority is to maximize user experience and security, while contributing to the enhancement of the EOS ecosystem.

For more information on EOSDAQ, please visit eosdaq.com.