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Bitcoin holds above $21k in weekend trading; solana web3 phone faces long odds




Ether stays over $1,200; prior blockchain phones have failed because the market has realized their functionalities are already available via apps that can be loaded onto any old phone.

Good morning. Here’s what’s happening:

Prices: Bitcoin fell slightly on Sunday but held steady above $21K; ether remains over $1.2K.

Insights: Solana Web3 phone faces long odds based on the blockchain industry’s track record.


Bitcoin (BTC): $21,121 -1.5%

Ether (ETH): $1,212 -2.5%

Biggest Gainers

Asset Ticker Returns DACS Sector
Terra LUNA +9.0% Smart Contract Platform
Dogecoin DOGE +7.9% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Gala GALA −8.6% Entertainment
Loopring LRC −7.7% Smart Contract Platform
Decentraland MANA −7.4% Entertainment

Bitcoin Holds Above $21K; Other Major Cryptos Are Mixed

Expectations for bitcoin’s collapse below $20,000 over the weekend were premature.

While down more than a percentage point over the past 24 hours, the largest cryptocurrency by market capitalization was trading well over $21,000, still up from the panicky levels to which it fell last weekend at one point.

On Sunday, investors continued to find comfort in faint signs that the U.S. economy was cooling and that the Federal Reserve might be able to tone down its monetary hawkishness later in the year. Bitcoin has correlated increasingly to macroeconomic trends, which have worsened considerably over the past nine months.

Ether, the second largest crypto by market cap, was changing hands above $1,200, down about 2.5% during the past day. Trading for both digital assets was light as is typical for weekends. The bitcoin Fear and Greed Index measuring market sentiment remained well within extreme fear territory.

After holding steady, analysts anticipated that bitcoin would dip below $20,000 during the weekend in its ongoing tango with forces pushing it above and pulling it under this threshold. Such volatility is likely to continue without a sizable upturn any time soon, said Joe DiPasquale, the CEO of crypto fund manager BitBull Capital.

We did see some volatility in BTC prices this week, which was expected; however, BTC has struggled to build on any momentum upward of $20,000, which has kept any chances of a rally at bay,” DiPasquale wrote in an email to CoinDesk.

Other major altcoins were mixed over the weekend with popular memecoin DOGE rising more than 10% at one point, and Monero’s privacy coin XRM up nearly 6%. GALA and MANA sank over 8% and 7%. Polygon’s MATIC, which rose more than 25% over a 24-hour period starting last Wednesday after launching a new privacy product for decentralized autonomous organizations (DAOs), fell more slightly.

Cryptos’ performance has tracked equity indexes, which regained ground Friday from leaner days earlier in the month. The S&P 500 rose 3.1% on Friday, its best day in two years and finished the week up more than 6%, although the index, which contains a heavy tech component, still lingers in bear market territory, meaning that it is down at least 20% from its previous high. The tech-focused Nasdaq and Dow Jones Industrial Average climbed 3.3% and 3%, respectively as investors savored the brief respite from this year’s drumbeat of dreary economic news.

A revision in the University of Michigan’s widely-regarded, monthly consumer sentiment index (CSI) now shows expectations for inflation lower than first reported in May. Preliminary data from the June Market Pricing Managers Index for manufacturing showed a weakening in consumer demand that has cut into sales and production. Meanwhile, sales of existing homes dropped in May, while mortgage applications declined for the week, both trends underscoring the impact of rising interest rates.

Investors will be studying this week’s durable goods orders and consumer confidence reports for further signs of the Fed’s success in taming inflation without casting the U.S. economy into a recession.

BitBull’s DiPasquale sees bitcoin testing levels below $20,000 in the days ahead as investors continue their wary approach to riskier assets.

“It is a good sign that BTC is still holding the $20K level, but next week should be more decisive, and we could either see a successful test of the recent lows, which could further cement the $17K-$18K range as a strong support, or witness another breakdown in price,” he wrote.


S&P 500: 3,911 +3%

DJIA: 31,500 +2.6%

Nasdaq: 11,607 +3.3%

Gold: $1,827 +0.1%


Solana Phone Faces Long Odds Based on the Blockchain Industry’s Track Record

Solana Labs announced Friday that it’s working on a smartphone. Available in 2023, the phone would come with “specialty crypto wallet functions and the ‘Solana Mobile Stack (SMS)’ software development kit for Web3 programs,” according to prior CoinDesk coverage.

Blockchain phones aren’t exactly new. They’ve been tried before and didn’t really go anywhere.

Rewind to 2019. It’s no longer the depths of 2018’s crypto winter, but a cold and protracted spring.

At the time three companies were working on blockchain phones and promised a big reveal at the Las Vegas Consumer Electronics Show in January 2020.

One of them is well-known, Taipei-based HTC – a former giant in the Android phone space that has since faded into obscurity. The other two not so much: Switzerland-based Sirin Labs, which specialized in security-first phones (as of 2022 its website is no longer updated), and crypto payment infrastructure provider Pundi X Labs.

Of the three HTC had the most practical ‘crypto’ solution. The phone contained special software that allowed the user to store their private crypto keys in a walled garden of the phone’s CPU called the Trust Zone, which can only run pre-approved and secure code. This is the same part of the processor where other encryption keys are stored, like those for playing back digital rights-managed video from Netflix, or where biometric data to allow users to open the phone via fingerprint or face ID.

Sirin Labs’ Finney Phone attempted to do the same — secure storage of private keys — but via an external dongle. In contrast, Pundi X was focused on building a universe of dApps including the ability to make phone calls via a protocol secured by its blockchain.

All failed to resonate with consumers.

HTC’s plans were disrupted by Samsung, which offered the same functionality via an app in its much more popular Galaxy line of smartphones. Sirin Labs’ Finney Phone got hit by poor reviews, and the project seems to have been abandoned as recent Amazon reviews report that the apps no longer work. Pundi X’s required network effect never took off as people didn’t seem to buy in to the benefits of blockchain.

All these prior blockchain phones failed because the market realized a specialized phone isn’t needed for any of this. The functionality is available already via apps that can be loaded onto any old phone.

The Saga phone’s Web3 dapp (decentralized app) store, Solana Pay apps, and “seed vault” mobile key storage are just apps and can be installed already on an existing phone. This product might be a must-have for Solana fans and true believers, but the actual builders and power users of blockchain already do everything on their existing smartphones.

Important events

European Blockchain Conference

European Central Bank Forum on Central Banking

1 p.m. HKT/SGT(5 a.m. UTC): Japan Economic Index (April)


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Tulip Protocol Officially Integrates Chainlink on Solana Mainnet




Tulip Protocol Officially Integrates Chainlink on Solana Mainnet

Today, Tulip Protocol made the announcement that they have integrated Chainlink Price Feeds in order to better secure their yield aggregating platform that is running on the Solana mainnet. The team had previously stated their intention to integrate Chainlink Price Feeds, and at this point, the connection has been completely put into action. Chainlink is the premier decentralized oracle network in the world, safeguarding tens of billions of dollars in smart contracts. It has diversified its offerings across other blockchains, notably Solana, Fantom, Polygon, BNB Chain, and others.

In a recent blog post, the team behind the Tulip Protocol explained that they had integrated Chainlink to provide users with more confidence that leveraged positions will be liquidated equitably using extremely accurate price data and that the protocol will continue to be completely collateralized at all times.

According to Tomasz Wojewoda, Head of Global Sales at Chainlink Labs:

“We’re pleased that Tulip Protocol has integrated Chainlink Price Feeds on Solana, helping secure its yield aggregation protocol with highly robust, decentralized market data. With the high-throughput performance of Solana and the strong security guarantees of the Chainlink Network, Tulip Protocol is able to empower users with a performant and secure platform.”

Tulip Protocol Seeks To Take Advantage Of Solana

Tulip Protocol brings together lenders who receive a return on their deposits and borrowers who are interested in gaining access to leverage. Users who initiate leverage positions are responsible for maintaining a loan-to-value (LTV) ratio that has been previously established. The Tulip Protocol then uses the asset price data that is provided by Chainlink Price Feeds to verify that this ratio is accurate. If the value of the collateral falls below the threshold that was established by the protocol, then their position will be immediately liquidated to assist in guaranteeing that the lenders will be repaid.

Tulip Protocol intends to capitalize on Solana by giving users the ability to more regularly reinvest their income and grow their assets without having to pay exorbitant amounts of gas expenses. Chainlink oracles can now be natively integrated on Solana, making it possible for Solana-based applications to benefit from enhanced levels of security and transparency. Yesterday, OpenOcean made the announcement that they would be integrating Chainlink Price Feeds in order to help secure the limited order functionality on many chains. These chains include Avalanche, Ethereum, Polygon, Fantom, and BNB Chain.

According to Senx, Co-Founder of Tulip Protocol:

 “We’re excited to be using Chainlink Price Feeds on Solana to help secure our yield aggregation platform. By leveraging the most secure and reliable on-chain data available, we’re able to provide our lenders and borrowers with greater assurances that liquidations are based on accurate price data, and the protocol will maintain a healthy loan-to-value ratio through all market conditions.” 

Allowing Stakers To Benefit From Higher APYs

Natives of the blockchain as well as newcomers to the technology are beginning to understand that decentralization does not necessarily equate to a secure platform. Given that Web3 services are currently disclosing their susceptibilities to attacks from both within and outside the network, further initiatives should be undertaken to improve the safety of user assets. Fortunately, a growing number of blockchain businesses are beginning to add various levels of security to their services in order to solidify the trust of their existing customers and attract additional investors in the near and distant future.

Tulip Protocol is the very first yield aggregation platform to be built on Solana, and it features auto-compounding vault techniques. The dApp was developed to make use of Solana’s blockchain, which has a low cost and high efficiency, hence enabling the vault techniques to compound frequently. Stakeholders are able to reap the benefits of greater APYs as a result, without the need for active management.

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Is your SOL safe? What we know about the Solana hack




On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack.

To kick things off, we broke down the latest news in the markets this week:

Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K?

Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report, “Greater clarity” around the Merge has driven institutional inflows into Ethereum products, according to a CoinShares report. Is the ETH merge finally around the corner and will it bring new all time highs to ETH or has the price already been factored into the current price?

Circle freezes blacklisted Tornado Cash smart contract addresses, Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Could this mark the end for Tornado Cash or is there a way they can redeem themselves?

Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Have some funds ready to buy further downturns.

Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.

After Marcel’s market analysis, our resident experts discuss whether your SOL is safe and the latest updates on the Solana hack. We also discuss why the network has been victim to so many hacks and downtimes. What exactly do these exploits mean for the Solana platform and if you should be worried.

Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Radicle’s RAD and DigiByte’s DGB.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a 1 month free subscription to markets Pro worth $100!

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

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Web3-Based ZepetoX to Build on Solana




Web3-Based ZepetoX to Build on Solana

Singapore, Singapore , Aug. 09, 2022 (GLOBE NEWSWIRE) — Today, the ZepetoX team (ZTX, announced its foray into the web3 space, sharing its vision to build an open world that empowers creators and communities to build, play and earn.

ZepetoX is the crypto metaverse initiative jointly incubated by ZEPETO – Asia’s largest metaverse platform with over 320 million registered users – alongside leading global blockchain organizations including Jump Crypto.

As the sole blockchain project comprehensively backed by ZEPETO, ZepetoX will have exclusive ties to ZEPETO in terms of IP including technological, design, and content assets as well as bridges to facilitate user onboarding between the two platforms. ZepetoX’s blockchain development efforts will be advised by Jump.

“ZepetoX is our official venture into the blockchain industry. We feel that web3 opportunities should be advanced through a crypto-native approach, which is why we are excited to have Jump as a contributor to developing a new platform that would have exclusive connections to ZEPETO. Overall, we believe that ZepetoX can build the ideal web3 platform to not only bring blockchain to our existing users but also to expand our footprint in the blockchain space through various disruptive initiatives,” said Daewook Kim, CEO of Naver Z – the operating entity of ZEPETO.

“We are excited to support ZepetoX’s efforts aimed at onboarding new audiences into the rapidly growing crypto space. ZEPETO’s expertise and technological know-hows accumulated over the past years from building an immersive social platform will serve as a springboard for ZepetoX,” said Saurabh Sharma, Partner at Jump Crypto.

Building on the Solana network, ZepetoX will offer a web-based 3D open world with varying levels of gamification integrated as well as opportunities for users to monetize via ownership of digital assets and social interaction. Ultimately, ZepetoX aims to empower self-expression through customizable avatars and lands that can be equipped with NFTs from a rich collection of assets created by diverse creators, DAOs, or communities.

“I am thrilled to see IP powerhouses like ZepetoX choosing to build their metaverse on Solana,” said Anatoly Yakovenko, Co-Founder of Solana. “Projects like ZepetoX create new pathways for onboarding millions of users to web3.”

“Our global team brings a depth of crypto native experiences and our goal is to build on the foundation of ZEPETO to spearhead the adoption of blockchain among metaverse users, developers, and creators,” said co-CEO of ZepetoX, Chris Chang.

In the coming months, ZepetoX will launch its first land sale. The lands will be tradable on the ZepetoX marketplace, which will feature a variety of different NFTs as the open world project evolves. Further details on the sale will be available on the ZepetoX website in the coming weeks.

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About ZepetoX: ZepetoX (ZTX) is a web3 company building an immersive content-driven platform for users to create, trade digital assets and enjoy social interaction. Founded in 2022, ZepetoX is the blockchain initiative of ZEPETO, widely regarded as the largest Asia-based metaverse platform boasting over 320 million lifetime users with over 2.5 billion virtual fashion items sold.



News Via KISS PR Crypto Press Release Distribution Media Contact

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