Bullish sentiment begins to fade after Ethereum all-time high at $4,200

Bullish sentiment begins to fade after Ethereum all-time high at $4,200

The last couple of weeks have been nothing short of astonishing for Ether (ETH), as the cryptocurrency hiked over 80% to reach a $4,200 all-time high. Even after a 7% correction, the gains accumulated in 2021 surpass 300%, and Ether currently holds a market capitalization that exceeds $450 billion.In the face of such a mind-blowing performance, neither the futures contracts premium nor the options fear and greed indicator signal extreme optimism in the market. This data will likely lead some analysts to question whether traders are losing confidence in Ether’s future price prospects.Ether price at Coinbase, USD. Source: TradingViewCiting the rationale for the current bull run would result in a long list, including the CME futures launch, the European Investment Bank’s “digital bond” sale, the Berlin upgrade, and EIP-1559 block-elasticity, plus the bullish expectations being forecast over the upcoming fee burning expectations.The fact that decentralized applications reached $90 billion in net value locked while crypto exchange Ether balances dropped to record lows adds additional demand for Ether and supports the current bullish narrative.Professional traders also signaled interest as Ether futures open interest rose above $10 billion. At the same time, VanEck’s SEC filing for an ETH exchange-traded fund (ETF) further proves that the bullish outlook for Ether remains strong. Ether’s futures premium is below the recent averageTo confirm whether investors’ confidence dropped as Ether reached its all-time high, one should monitor the monthly contracts premium, known as the basis. Unlike perpetual contracts, these fixed-calendar futures do not have a funding rate. Therefore their price will vastly differ from regular spot exchanges.By measuring the price gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market. Whenever there’s excessive optimism from buyers, the three-month futures contract will trade at a 20% or higher annualized premium (basis).OKEx 3-month Ether futures basis. Source: SkewAs depicted above, the current 23% annualized premium is below average and far off from the April 13 peak at 47%. Around that time, Ether had accumulated a 52% gain in three weeks as it approached $2,400.A 23% basis level flirts with extreme optimism, but considering the recent rally, one would expect a much higher number. Therefore, one should also evaluate how options traders are pricing the…

Mark Zuckerberg’s Goat, “Bitcoin”, Ignites Conspiracy Theories

Mark Zuckerberg’s Goat, “Bitcoin”, Ignites Conspiracy Theories

Yesterday, Mark Zuckerberg, founder and CEO of Facebook, revealed he’d named one of his goats “Bitcoin”. This was seemingly an innocent announcement that, nonetheless, got the crypto sphere talking on what deeper meaning this might indicate. While some have rationalized this as being an endorsement of Bitcoin by Facebook, others have suggested weirder theories. Bitcoin: Mark Zuckerberg’s Goat Zuckerberg revealed yesterday on Facebook that one of his goats is named “Bitcoin”. This post, which would usually read as humorous, got the cryptocurrency sphere to formulate strange theories. While some users laughed and spread their memes accordingly, some thought there could be greater intention behind the post. Some users took this as a hint that Facebook had or will follow the footsteps of companies like Tesla and Microstrategy, by buying Bitcoin as a hedge and adding it to its cash reserves. There were rumors about this last month, but Facebook squashed them during their last earnings call, denying having bought bitcoin or other cryptocurrencies. According to a tale from Jack Dorsey, Zuckerberg’s goats have not just been pets, but food. He described how Zuckerberg would personally kill them, immobilizing the animal with a stun gun and then using a knife. Lots of users recalled this macabre incident, jokingly stated Zuckerberg could kill Bitcoin anytime if he really wanted to. Facebook’s Unhappy Crypto Journey Jokes aside, Facebook inroads into cryptocurrency have not been particularly successful. In effort to create its own cryptocurrency, first called Libra and later rebranded to Diem, the company has met opposition from the global regulatory community. They claim a unique Facebook crypto would give the social media giant too much power. Launched with the support of large backers, Libra’s proposal lost steam. It was abandoned by some of its most significant supporters, such as Visa, MasterCard, and eBay, then changing its proposal to become a basket of stablecoins. This was to appease the worries of domestic and international lawmakers. Zuckerberg was even summoned to the Congress to explain the ins and outs of its proposal. He received a severe reaction from lawmakers, like House Financial Service Committee Chairwoman Maxine Waters. She criticized Facebook for its inability to resolve existing issues, and asked them to stop with development until some kind of regulatory framework…

Hungary plans Bitcoin tax cut as part of economic recovery program

Hungary plans Bitcoin tax cut as part of economic recovery program

Cryptocurrency investors in Hungary could be getting a major tax break very soon, as lawmakers seek to make the central European country more competitive in the wake of the Covid-19 pandemic.In a video that appeared on Facebook Tuesday, Finance minister Mihály Varga outlined his government’s stimulus program through 2022. As part of the post-Covid-19 relief efforts, lawmakers are considering reducing taxes on cryptocurrency trading to 15% of income, down from the current rate of 30.5%. Such a move would make Hungary a far more competitive jurisdiction with respect to crypto-based capital gains taxes. Cryptocurrency regulations are underdeveloped in Hungary, though the buying and selling of digital assets is classified as “other income” from the perspective of taxation. After surging during the heights of the 2017 bull market, cryptocurrency trading in Hungary remains fairly modest compared with other countries. However, a clear uptick has been observed since the start of 2021.Hungary has been involved in preliminary discussions surrounding a central bank digital currency, or CBDC. In August 2020, a representative from the Hungarian National Bank joined a roundtable discussion with colleagues from the Swiss National Bank, Bank of England and others in discussing the potential rollout of CBDCs in the future. Hungary, like other nations, was hit hard by the Covid-19 pandemic. At one point, the central European nation had the worst Covid-19 death rate in the world. Nevertheless, the country has been slowly unwinding strict shelter-in-place orders since March as daily new cases continue to fall.

Biden Economics: US Jobs Report Lackluster, Unemployment Extensions Hammer Supply Chain, Americans Want More Stimulus

Biden Economics: US Jobs Report Lackluster, Unemployment Extensions Hammer Supply Chain, Americans Want More Stimulus

Recent headlines in numerous publications claim the U.S. economy is set for rapid expansion and a “post Covid boom” thanks to Joe Biden’s economic plans. However, contradicting reports identify certain struggling elements, such as the supply chain, which have been ravaged by bureaucratic mandates, and suggest a bleaker circumstance entirely. Biden Administration Scrambles After a Gloomy Jobs Report According to George Pearkes, Business Insider’s financial columnist, the American economy is set to see a “post-Covid boom”, because the U.S. “learned from 2008’s mistakes.” Despite his optimism, and that of several mainstream news journalists, hard data shows the U.S. economy is in a struggling position. The most recently published Bureau of Labor Statistics jobs report showed a lackluster 266,000 jobs, a quarter of that expected, added in April. These figures are not in line with the expectations of the Biden administration, and indicate scrambling to come from the White House in wake of Biden’s first 100 days in office. Even though last month’s jobs report woefully undershot expectations, White House Covid-19 response coordinator Jeff Zients told the press “we’re headed in the right direction.” Other reports suggest otherwise. For example, this NY Post editorial claims that Biden’s $300 weekly federal supplement to unemployment benefits, extended to September 6, is hurting the economy. An included study from the University of Chicago shows 42% of supplementary unemployment beneficiaries make more than they did when they were employed. Philippe Massoud, CEO of Manhattan’s Lebanese eatery Ilili, says the extended benefits have made retaining employees difficult. He claims his restaurants cannot fill positions because of the attractiveness and availability of government checks. “The stimulus plan is being completely undermined by the unemployment program,” Massoud insisted. U.S. Treasury Secretary Janet Yellen and President Biden believe that the extended unemployment benefits are effective. Asked if they believed the benefits had an impact on a diminishing return to work, Biden said “no, nothing measurable”, and Yellen claimed they were not a major factor. The negative impacts of stimulus spending are not uniquely American, as the global community faces similar intervention outcomes. Economists have noticed the effect of freely available government money on incentives to return to work across geographies. If No One Works, Who Will Maintain the Supply Chain? This has particularly damaged…

How Long Does a Bitcoin Bull Run Last? Proponents Use a Myriad of Charts and Models to Predict Future Prices

How Long Does a Bitcoin Bull Run Last? Proponents Use a Myriad of Charts and Models to Predict Future Prices

As bitcoin prices hover above the $55k zone, a number of participants wonder when the bull run will end. Bitcoin proponents are convinced bull markets have three waves and another wave may start soon. However, despite a variety of tools being used like tarot cards, no one is truly sure what will happen with bitcoin and crypto markets next. Counting Down the Days- Guesstimating Bitcoin Bull Runs Bitcoin enthusiasts are still very optimistic about the price of the leading crypto asset and many believe the bull run is not over. Traders and those who are extremely curious about short-term price swings have been leveraging a number of tools in order to predict the future price of BTC. Tools and charts utilized include the stock-to-flow (S2F) model, logarithmic growth curves, golden ratio multiplier, HODL waves, profitable days and so much more. The picture above is a HODL waves chart via Unchained Capital and Glassnode on May 10, 2021. “The colored bands show the relative fraction of Bitcoin in existence that was last transacted within the time window indicated in the legend,” Unchained Capital’s website details. “The bottom, warmer colors (reds, oranges) represent Bitcoin transacting very recently while the top, cooler colors (greens, blues) represent Bitcoin that hasn’t transacted in a long time. Bitcoin’s money supply grew from 50 BTC to ~18.5M BTC over this time period, so the chart has been normalized by the BTC in existence at each date (left y-axis). The black line shows the USD/BTC price (logarithmically, right y-axis).” For instance, the popular Twitter account Bitcoin Archive tweeted about realized cap HODL waves and shared an image from Glassnode’s platform to his 184,000 followers. “‘Hot money’ has cooled down and we can see a nicely formed 1st HODL wave (realised cap). Bitcoin bull markets typically have 3 waves— so expect another one to start soon,” Bitcoin Archive said. Following the tweet, the account Cryptovizart responded to the tweet and said the three-wave pattern was not happening like two previous cycles. Cryptovizart believes that institutional FOMO caused the first wave to last longer. Logarithmic growth curves chart from lookintobitcoin.com on May 10, 2021. Trends further show a popular question on Google is “How long does a Bitcoin bull run last?” and there are many…

Centric (CNR/CNS) Announces Migration to Binance Smart Chain

Centric (CNR/CNS) Announces Migration to Binance Smart Chain

press release PRESS RELEASE. London, UK — Centric announced an upcoming fork to the Binance Smart Chain (BSC), after almost 2.5 years on the TRON blockchain. Centric’s tokens, Centric Cash (CNS) and Centric Rise (CNR), will move to the BEP-20 token standard native to the Binance Smart Chain. Binance Smart Chain (BSC) touts “the advantages of the Binance Chain, optimized for ultra-fast trading.” It launched in September of last year, and has become a popular choice for decentralized app (DApp) deployment. “The move to Binance Smart Chain represents the most exciting development since CNS launched on exchanges last July,” said Joel Clelland, Centric’s CEO. “We’ve been watching the BSC community develop, and we are impressed. BSC’s reputation aligns well with how we see Centric and will allow us to scale.” Centric’s Chief Operating Officer, Thomas Butcher, pointed out that BSC offers integration with the popular MetaMask wallet, “with just a quick user customization requiring no special skills.” “The opportunity to hold and transact Centric tokens through MetaMask opens a world of possibilities for our community,” said Butcher. “Centric users will gain access to a proliferation of projects and utilities in the DeFi space. I see us adding more decentralized exchanges (DEXs), incorporating yield farming, expanding opportunities with new DApps, NFTs, and more,” said Butcher. Before deciding to switch, Clelland said the team consulted the ten centralized exchanges listing CNS. “We discovered most already integrate with the Binance Smart Chain. The overwhelming support and cooperation of the exchanges increased our confidence in executing the switch with minimal disruption,” said Clelland. The rising cost per transaction on TRON over the past year provided another motivation for the move. In contrast to TRON, the cost per transaction on BSC has stayed the same or decreased, even while the price of Binance Coin (BNB) rose sharply starting in January. Centric Cash (CNS) will be renamed to Centric Swap, as the new name better reflects the token’s utility as the on-ramp to the Centric network, and the off-ramp to liquidity. CNS will keep the CNS ticker. The name and ticker of Centric Rise (CNR) will remain unchanged. Centric’s developers are building out a conversion tool to execute a 1:1 swap between the TRC-20 tokens and the new BEP-20 tokens. CNS…

Yearn.finance price nearly hits $70,000  — What’s driving the YFI bulls?

Yearn.finance price nearly hits $70,000 — What’s driving the YFI bulls?

A lackluster cryptocurrency market did little in offsetting Yearn.finance’s bullish bias as the price of its governance token, YFI, reached new record highs in United States dollars on Tuesday — just shy of $70,000.YFI price hits new highs in USDThe YFI/USD exchange rate added $6,258, or 10.02%, to reach $68,748 ahead of the London opening bell. The pair quickly retraced lower as traders decided to realize their profits, hitting roughly $67,067 as of 7:36 am UTC. Nevertheless, the drop appeared marginal compared to the prevailing uptrend, hinting that YFI could continue its upward momentum following a short-term consolidation period.The token performed equally well against Bitcoin (BTC), the flagship cryptocurrency whose own uptrend slowed down after hitting a milestone high of roughly $65,000 last month. Tuesday morning, the YFI/BTC exchange rate was near its five-month high of 1.192 BTC. Meanwhile, at its intraday peak, the pair’s bid was 1.247 BTC, up 58%.YFI/BTC reaches 5-month high. Source: TradingViewThe massive upside moves in the Yearn.finance token market appeared as its top rivals underperformed severely. At first, Bitcoin continued to show weakness after failing to log a breakout above a psychological resistance level of $60,000. Its strong positive correlation with other top digital assets also pushed their prices lower. For instance, Ether (ETH), the second-largest cryptocurrency by market capitalization, plunged back below $4,000 on profit-taking sentiment.Meanwhile, the biggest losers on a 24-hour adjusted timeframe were Dogecoin (DOGE), XRP, Polkadot’s DOT and Litecoin (LTC). Each fell within the range of 9%–12%, again due to traders’ inclination to withdraw profits after the tokens’ supersonic price rallies in the previous sessions.Yearn.finance’s YFI has been comparatively weaker so far in 2021. The token surged by almost 160% compared to its altcoin peers’ thousands of percentages worth of upside gains. For instance, Dogecoin remained a scene-stealer for most of the first and second quarters, rising by more than 19,000% to eventually outshine other large-cap altcoins.Technically, YFI served as a hedge as the rest of the cryptocurrency market returned from its overbought levels. But looking closely, what worked in the favor of the Yearn.finance token — at least in the current quarter — is its ability to cast aside a flurry of its major issues.Banking infrastructure for DeFiIn retrospect, Yearn had a rocky beginning in 2021. Its…

Chia network not so green? CPU mining reportedly destroys SSD in weeks

Chia network not so green? CPU mining reportedly destroys SSD in weeks

Chia Network, which emerged onto the cryptocurrency scene with the promise of cleaning up the environmental mess left by Bitcoin (BTC) miners, may not be as green as it seems. Unlike Bitcoin, Ethereum and others, Chia Network mines coins using an alternative to the energy-intensive proof-of-work. CHIA coins are produced using only hard drive storage and mining them doesn’t require specialized ASIC hardware or GPUs. But reports coming out of China suggest that saving the environment isn’t as easy as it sounds when it comes to crypto. According to local outlet Fast Technology, the shelf-life of a standard 512GB SSD would be worn out after just 40 days of continuous CHIA mining, based on a data write volume of 256 terabytes in that time period. A 1TB hard drive would last around 80 days, while a 2TB hard drive would be expected to last around 160 days. Under normal conditions, such pieces of hardware would be expected to last the average customer around a decade.Once a hard drive exceeds a certain data write volume, its consumer warranty protections become null and void. Hard drives typically ship with anywhere from three- to five-year warranties, yet CHIA mining could invalidate such warranties in just over a month.Fast Technology reported that hard drive manufacturers have begun rewriting the terms of their warranty agreements to reflect the reality of their components being used in CHIA mining. When CHIA commenced trading in early May, Chinese retailers suffered a shortage of hard drives, which eventually pushed the cost of high-capacity drives (16TB) up to 6,000 yuan ($933).

Nebraska bill allowing banks to offer crypto services moves forward

Nebraska bill allowing banks to offer crypto services moves forward

Nebraska lawmakers are moving forward with an initiative that would allow state banks to offer cryptocurrency services.State Senators favored the measure through the first of three required votes in the legislature, with 39 lawmakers voting to advance the bill for enrollment and initial review on Sunday.Introduced by Republican Mike Flood in January, Legislature Bill 649 aims to adopt the Nebraska Financial Innovation Act and create digital asset depository institutions, as well as provide for charter, operation, supervision and regulation of such institutions.The initiative would reportedly make Nebraska the second state in the United States to set up a formal charter for cryptocurrency-powered banks, allowing them to facilitate crypto transactions. Wyoming was the first state to do so, chartering its first crypto bank in September 2020.Senator Flood said that he introduced the bill after talking with an entrepreneur friend who decided to move into the cryptocurrency industry in Wyoming. Flood said that Nebraska has an opportunity to become an early adopter of cryptocurrencies with the measure, which could help it benefit from technology and finance jobs. “This is a once-in-a-lifetime opportunity not only for my district but the state of Nebraska,” he said.Some lawmakers questioned whether it was right for the state to move into crypto, expressing skepticism about the consequences of the measure. “This bill is not anywhere close to being in a form where it could pass,” Senator Steve Erdman reportedly said.As previously reported by Cointelegraph, Flood originally initiated two crypto-related bills, one of which outlines requirements for banks providing custodial services, providing classifications of digital assets and related technology, such as smart contracts and private keys. The regulatory initiative has not moved forward since a related hearing in February.

Richard Branson Found to Be Crypto Scammers’ Favorite Brit Celebrity

Richard Branson Found to Be Crypto Scammers’ Favorite Brit Celebrity

Famed entrepreneur Richard Branson is often featured in fake articles sent out by various investment schemes, many of which are related to cryptocurrency, U.K.’s National Cyber Security Centre (NCSC) revealed in a report. The agency, which has blocked over 285,000 such campaigns in only nine months, says it’s dealing with a global problem. Shady Sites Lure Investors With Fake Endorsements From Richard Branson The fake news articles appear as if they come from well-known publications. The scammers spread them through mass email campaigns, text messages, or ads on social media platforms in Britain and abroad. They are linked to websites where potential victims are enticed to invest in fraudulent schemes. British cybersecurity experts say it’s a growing and a global challenge. NCSC has put an end to 286,322 of these campaigns and blocked 731,080 URLs between April and December 2020, according to its annual Active Cyber Defence report, quoted by the BBC. Although the same strategy can be employed to promote various types of investment opportunities, the main theme these days is cryptocurrency. The name of world-famous British entrepreneur and investor Sir Richard Branson is often exploited by the scammers targeting Brits in fake articles from the local press. And the current wave of fake endorsements is not the first for the founder of Virgin Group. In May 2018, Branson spoke out against the spread of fake crypto stories and ads issuing a warning to investors in a blog post titled “Beware of Fake Bitcoin Scams.” “While I have often commented on the potential benefits of genuine bitcoin developments, I absolutely do not endorse these fake bitcoin stories,” the English business magnate stated at the time. Virgin launched its own online scam reporting portal sharing concerns about the rising number of “criminals impersonating Richard Branson.” The company also revealed that followers who post on Branson’s social media feeds had been targeted by fake accounts. Money-Saving Expert Martin Lewis Feels Nauseous About Scams Using His Name Another celebrity featured in the fake articles is “cutting costs expert” Martin Lewis, founder of the Moneysavingexpert.com website. Lewis recently insisted that the fight to stop these scams which “destroy millions of people’s finances and mental health” should be stepped up. Lewis also stated: It’s the worst flattery I’ve ever…