First Mover Asia: Tether Is Quiet About Its Bankers. Will It Affect Its Peg?

Tether has relationships with a number of banks but won't say much more; bitcoin rises slightly.
Source: Coindesk
Original Post: First Mover Asia: Tether Is Quiet About Its Bankers. Will It Affect Its Peg?

Game Over: Ethereum GameFi Activity Collapses By 96%

GameFi has been a particularly interesting landscape over the past year, and while the cryptocurrency market at large has been middling – in the midst of heated debates around whether we’re in a full fledged bear market (and if so, how long it will persist) – many other subsets within the crypto market have taken hits. NFTs, DeFi, and GameFi have been no exception.

While ‘blue chip’ NFTs have persisted, middle to small projects have taken a beating, and while DeFi is far from the grave, the impacts of the Terra Luna destruction will likely have lasting ripple effects within DeFi. That leaves us with GameFi, which has seen a strong decline in active users, according to new reports, and carries longevity concerns amidst an often critical audience.

Let’s review the state of GameFi today and what we can expect moving forward.

GameFi’s Decline: A Pullback, Or Reason For Bigger Concerns?

In a new weekly report from Arcane Research, the first two quarters of the year have shown to be a reality check that followed a booming Q4 2021 for blockchain-based games. As details from the report outline in the screenshot below, active users in the top Ethereum-based blockchain games, including the likes of Axie Infinity, The Sandbox, Decentraland, and more, have declined by roughly 96% from November 2021 peaks.

It would be hard to find a prime example of the current state of the GameFi market looking any further than the current state of Axie Infinity, the once pioneering Play-to-Earn title in the GameFi market that has since seen it’s in-game currency, Smooth Love Potion (SLP) dissipate this year. We covered a deep dive on how that happened earlier this month. Axie, of course, is still standing and is still positioned as a market leader, but there’s still much to learn for builders in the space.

The Arcane team comes to a couple key conclusions here: the first is that a slower momentum in the metaverse and NFTs has certainly contributed to this decline in audience numbers, but that the reduction in financial rewards has played a key role in the audience decline too. GameFi needs to find more avenues of sustainability, and good products entering the market should help fuel that. The second conclusion here is that Arcane envisions three major pillars of attention that the market needs to hone in on: cost of entry, token inflation, and incentives. These are, of course, a tough balance.

Axie Infinity's in-game currency, Smooth Love Potion (SLP), has come back to earth after a boom last year and early in this year. | Source: SLP-USD on TradingView.com

Related Reading | Tezos Generative NFTs Features At Art Basel Hong Kong 2022

What We Know From This Audience & Market

There is still an abundance of opportunity in the gaming and crypto crossover space. One apt and timely example can be found from a report we published earlier in May providing a perspective on a small survey study from major esports organization NRG Esports. The main takeaways: Rugpulls, shilling, and other generally negative behavior has turned away gamers from trying out NFTs. The broad NFT ecosystem, which still sees Ethereum as the market leader despite aggressive gas fees, still has a long way to go with regards to a smooth on-boarding process, too. However, a majority of gamers surveyed by NRG believed that play-to-earn stands to make a positive impact on the gaming environment at large.

The audience is undoubtedly present, regardless of how mainstream gaming developers feel about the issue. Should the market dictate it, the suppliers will eventually provide it; however, until a major P2E competitor hits the market that threatens traditional publishers and developers, it could be a slow burn. Of course, building a video game takes blood, sweat and hours (not to mention capital).

While not every “xyz-to-earn” model will survive, certainly in the short term, there are still plenty of reasons to remain optimistic on play-to-earn once more structural pieces enter the fold. The inherent ties of in-game rewards throughout some of the biggest games on the market today is a major reason why the emergence of blockchain-based games has been such an aggressive category. However, in the short term, larger market waves will undoubtedly effect individual game economies, and some of what we’ll likely determine “logical” in P2E in a few short years is likely undiscovered today.

Related Reading | What Cardano’s Hoskinson Said About Terra: In The End Slow Wins

Featured image from Pixabay, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.


Source: Bitcoinist.com
Original Post: Game Over: Ethereum GameFi Activity Collapses By 96%

Bitcoin Profitability Touches Two-Year Lows Following Market Struggles

The crypto market has been struggling for a while now and has taken the likes of Bitcoin down with it. The result of this extended trend of low prices has been that profitability has dropped across both major and minor digital assets in the space. For Bitcoin, the pioneer cryptocurrency has been especially hard hit as its profitability has now declined to two-year lows.

Bitcoin Investors Struggling

Even with the recent price recovery, the profitability of bitcoin has been at the worst levels since 2020. What has happened has been both a mixture of declining prices over a number of months and newer investors who got in at higher prices being left with bags of losses. As a result, the profitability has now touched levels that it has not seen since May 2020.

Related Reading | Market Optics: Is It Time To Get Out Of Small Cap Altcoins?

There are currently only about 54% of all bitcoin investors who remain in profit. Now, this still means the majority of holders are still in profit but compared to where this percentage was in the last few months, it is obvious that the decline has been large.

Bitcoin price chart from TradingView.com

BTC price trending above $31,000 | Source: BTCUSD on TradingView.com

In total, there are only 24.77 million bitcoin addresses that are counting a profit. Another 20.04 million addresses are currently in the red, amounting to 44% of all bitcoin holders now in the lost territory. This puts only 2.49% of BTC holders in the neutral zone, so only 1.14 million addresses are holding BTC that were bought at prices equivalent to the present market value. 

Whale Activity Grows

Even with the profitability at two-year lows, it has not stopped whale activity on the network. The number of large transaction activity had grown significantly in the last two days, rising more than 40% from Sunday to be sitting at 19.62K large transactions that have been carried out in the last 24 hours.

Related Reading | Ethereum Transaction Fees Near One-Year Lows, Good News For Price?

What this suggests is that whale activity is ramping up in the market once more. After the lull of the weekend, their recent activity has followed the price recovery and as bitcoin settles above $31,000, this activity is expected to continue to grow. 

In terms of profitability, the market continues to favor long-term holders. Data shows that holder composition is made up of 61% of those who have held for more than a year. Now, given the growth of the market in 2021, it is safe to assume that those who bought coins towards the end of the year are currently at loss. However, those who have held before the bull rallies began, remain firmly in profit and will continue to do so even if bitcoin were to decline another 50% from here.

Featured image from Plus500, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 


Source: Bitcoinist.com
Original Post: Bitcoin Profitability Touches Two-Year Lows Following Market Struggles

MoU Established by Clesson, the Company Behind LABEL Foundation, With CJ Entertainment and Media

PRESS RELEASE. Clesson, the operating company behind OPENTRACK and LABEL Foundation, has officially established a memorandum of understanding (MoU) with CJ Entertainment & Media. The new collaboration has the potential to benefit both parties involved as CJ Entertainment & Media is essentially an entertainment and mass media organization founded by the CJ Group, which is among South Korea’s major conglomerate corporations.

What is there to know?

Joining Clesson is Hen, the composer of the Netflix serial ‘My Liberation Notes’. Hen is from O’PEN CJ Entertainment & Media has reportedly joined LABEL Foundation’s operating company after Clesson successfully managed to enlist the services of the renowned composer as part of the collaboration, much to everyone’s delight as Hen has performed in a number of South Korean music projects and is also well known for creating the soundtrack for the aforementioned Netflix series.

Clesson also serves as the main operating company behind OPENTRACK, which is at the center of both Web 2.0 as well as Web 3.0 online music education. With that in mind, Clesson shall work alongside CJ ENM to successfully onboard ‘O’PEN Music’ artists into ‘OPENTRACK Music’, thereby bringing them into LABEL Foundation’s respective ecosystem.

Important details about the partnership

The strategic collaboration will commence with the creation of an OPENTRACK Music course which shall be taught by Hen. Moreover, OPENTRACK will be in charge of the MasterClass’s production and content, whereas Hen will be responsible for presenting her creative songwriting process for K-dramas and movies, which also includes composing a melody, selecting chord progression, and preserving song quality.

In addition, through the onboarding of CJ ENM O’PEN artists, the new collaboration will pave the way for continued beneficial synergistic growth for both companies. Many believe that the CJ ENM network has tremendous possibilities for building MasterClasses with OPENTRACK which has since also sparked interesting discussions about future cooperation with LABEL Foundation as well.

About LABEL Foundation

LABEL Foundation is a blockchain-oriented, NFT copyright fee sharing platform which presents an incubation system to support investment, distribution, and promotion processes in order to dissolve significant obstacles to contemporary content production and investment as well as to deconstruct the biased profit distribution structure which currently exists in this industry.

It uses the $LBL native token, which is an Ethereum-based governance and utility token which may be utilized to fuel the expansion of LABEL’s ecosystem in various ways. The token is therefore mainly utilized to establish the platform’s fundamental token economy by functioning as a governance, staking and payment unit.

Clesson and OPENTRACK, regarded as a systematic and practical music education firm in South Korea, has therefore joined LABEL and features over 200 professional teachers in Korea and 25 top musicians from 7 major nations across the globe.

For more information and regular updates, be sure to visit the official website along with the Twitter, Telegram, Facebook and Medium channels.

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.


Source: Bitcoin.com
Original Post: MoU Established by Clesson, the Company Behind LABEL Foundation, With CJ Entertainment and Media

Brazilian Development Bank Launches Blockchain Network

Brazilian Blockchain Network

The Brazilian Development Bank has officially launched the Brazilian Blockchain Network, a structure designed to aid other institutions in the country in increasing public transparency. The launch, which was also assisted by the Court of Accounts of the Union, serves to call more institutions to adhere to this project, which aims to have its first applications ready for 2023.

Brazilian Blockchain Network Launch Completed

The Brazilian Blockchain Network, a public and distributed blockchain, was launched on May 30. The event, which was hosted by the Brazilian Development Bank and the Court of Accounts of the Union, serves as a starting point to call other institutions to collaborate with the development and growth of the network.

Gustavo Montezano, the president of the Brazilian Development Bank, who is in charge of the development of the network, declared that the organization will sign agreements with other government institutions to collaborate on this task, stating that “the more people acting collectively, the better.”

Montezano also stated that the next step for the Brazilian Blockchain Network would be to get out of the lab structure and establish a working production prototype, so other third parties can focus on building apps on the network.

The network is still in its experimental stages in the laboratories of these institutions, and is expected to present working applications by 2023.


Bringing Trust to Public Institutions Again

One of the biggest problems that this network seeks to solve is the distrust that Brazilians have of state institutions. Wesley Vaz, who is a director of the Information Technology Inspection Department of the Court of Accounts of the Union, believes that moving public processes to a blockchain, and making them follow established constraints can help with this issue.

These blockchain rules and constraints will be designed to substitute today’s standard procedures. Montezano explained that the project has the potential of achieving these objectives. He stated:

The Brazilian Blockchain Network can definitely change the functioning of the public machine in terms of transparency, efficiency and security.

While the network has been in development since 2018, the Brazilian Development Bank just started releasing details about its technical operation recently. In March, Gladstone Arantes disclosed that the design of the network would be based on a proof-of-authority consensus mechanism, with no mining on top of the chain. At the time, he also revealed that the project would use Hyperledger Besu 2.0 as its base.

What do you think about the launch of the Brazilian Blockchain Network? Tell us in the comments section below.


Source: Bitcoin.com
Original Post: Brazilian Development Bank Launches Blockchain Network

Binance-Supported Deal for Forbes to Go Public Via SPAC Is Called Off: Report

Binance had invested $200 million in Forbes earlier this year as part of the plan.
Source: Coindesk
Original Post: Binance-Supported Deal for Forbes to Go Public Via SPAC Is Called Off: Report

Bitcoin (BTC) Close to a Cycle Bottom Based on This Metric, According to Quant Analyst

One metric indicates Bitcoin (BTC) is getting close to the end of its “cyclic bottom,” according to Ki Young Ju, chief executive of on-chain insights platform CryptoQuant.

Unspent transaction output (UTXO) age bands are “a set of all active supplies that were last moved within a specified age band,” and they track the trading behavior of long-term and short-term holders, according to CryptoQuant.

Explains Ju,

“Now UTXOs over six months old take 62% of the realized cap. In the 2020 March great sell-off, this indicator reached 62% as well.”

Image
Ki Young Ju/Twitter

According to Ju, the on-chain metric suggests that Bitcoin is “getting close to a cycle bottom.”

The CryptoQuant CEO also notes institutions that bought Bitcoin in 2020 have mostly kept their BTC stacks dormant.

“For most cases, the same amount of BTC is still in the (custodian) wallets, which flowed out from Coinbase for highly likely institutional purchases in December 2020. Their entry price is $23,000.”

Image
Ki Young Ju/Twitter

Ju says it’s “pretty obvious” that Bitcoin is in an accumulation phase.

“Institutions that drove the 2021 bull-run bought in this $25,000-30,000 range too.”

The CEO also recently noted that retail investors are leaving the crypto market while institutional investors continue to accumulate.

“Not bad for accumulating Bitcoin with institutions, but still worried about overall volume which is significantly decreased compared to last year.”

Image
Source: Ki Young Ju/Twitter

At time of writing, Bitcoin is trading for $31,563, up nearly 15% from its May 2022 low of $26,973.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sabelskaya/Andy Chipus

The post Bitcoin (BTC) Close to a Cycle Bottom Based on This Metric, According to Quant Analyst appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Bitcoin (BTC) Close to a Cycle Bottom Based on This Metric, According to Quant Analyst

Here’s Which Crypto Exchange Platforms Are Safest for Traders, According to New Study

A firm that provides comparative data for investors is taking a deep dive into the safety of cryptocurrency exchanges.

In a new study, the Malta-based BrokerChooser analyzes 20 of the world’s most popular crypt marketplaces in a variety of metrics to determine which are the safest for investors.

Taking the top spot with a rating of 4.1 out of five, is Coinbase, the largest crypto exchange in the US. BrokerChooser says Coinbase ranked as “tier 1” in most categories and highlights its emphasis on security.

“Coinbase holds an insurance policy covering clients’ digital assets that it holds and stores US dollar balances in Federal Deposit Insurance Corporation (FDIC)-insured bank accounts separately from its own funds.”

Second on the list is FTX US Derivatives with a rating of 4.0 out of five, an options and futures marketplace owned by the FTX.US exchange, which itself placed seventh.

BrokerChooser notes,

“FTX US Derivatives is regulated by the Commodity Futures Trading Commission (CFTC) which sees it fall into tier 1 for the majority of the factors in our index.”

UK-Luxembourg-based Bitstamp ranked third with a rating of 3.8, with 98% of its assets stashed in offline cold storage. The study says that the exchange hasn’t faced any regulatory issues in the past five years.

Rounding out the top five safest exchanges tied at 3.7 are Bittrex and Gemini.

“The majority of user funds [on Bittrex] are kept in cold storage, with other measures such as two-factor authentication and wallet and IP address whitelisting. They also provide their users with guidance on best practices such as how to keep your password secure, avoid phishing attacks and disable your account if hacked.”

Gemini is regulated by the New York State Department of Financial Services (NYDFS) and its funds are kept in “segregated bank accounts covered by the FDIC.”

Image
Source: BrokerChooser

Among the other popular exchanges, Crypto.com took the number eight spot and Binance.US ranked ninth. The original Binance.com came in 15th while KuCoin appears in the 18th slot.

When it came to the safest exchanges in terms of regulation, FTX US Derivatives, Gemini and Kraken Futures all had a perfect score. KuCoin and ByBit ranked last with a score of 1.0 out of five.

Gemini also topped the list for consumer protection while OKX was ranked at the bottom.

Coinbase ranked alone at the top for transparency at 4.8, whereas half a dozen exchanges scored only a 1.0, including Binance, OKX, KuCoin, Gate.io, Bybit and Phemex.

BrokerChooser says that its analysis is centered around “regulation, consumer protection, market fairness and transparency.” Each metric is then broken down into another four sub-categories to provide further granular insights.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/klyaksun/Natalia Siiatovskaia

The post Here’s Which Crypto Exchange Platforms Are Safest for Traders, According to New Study appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Here’s Which Crypto Exchange Platforms Are Safest for Traders, According to New Study

What Cardano’s Hoskinson Said About Terra: In The End Slow Wins

Inventor of Cardano and Input-Output Global (IOG) CEO, Charles Hoskinson, gave his opinion on the recent events related to the crash in the Terra Classic network, formally known as Terra. A collapse in the price of its native token LUNA caused the algorithmic stablecoin UST to deppeged from the U.S. dollar.

Related Reading | Cardano Activity Indicates Price May See Light At The End Of The Tunnel

The consequences have been catastrophic and continue to ripple across the crypto space. In a recent interview with CoinDesk, Hoskinson claimed the event highlighted the importance of taking time to develop a project before releasing it to users.

Otherwise, as the LUNA/UST crash seems to demonstrate, there is a higher risk for a product to become unsustainable. Hoskinson said the following on these events and the billions of dollars lost to hacks and other cyber attacks which have impacted crypto users since 2021:

if you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn’t, and then when it doesn’t it’s a catastrophic failure and everybody loses their money.

Cardano could be the opposite in this case. The network has been constantly under development since its launch. Critics complain that this process might take too long.

Unlike other projects, Cardano took years before it was able to operate under a decentralized Proof-of-Stake (PoS) consensus protocol. In addition, it took several Hard Fork Combinator (HFC) events before the network implemented smart contract capabilities.

This adds to the critics that claim the network has been moving too slowly in the crypto space. As a response to these users, Hoskinson said IOG is “playing the long arc game”. Thus, he prefers to think about development in terms of years rather than months or weeks.

The CEO at IOG added:

We always say it’s not first, it’s best out of the gate. The people who are going to survive are those who are tested under stress and exhibit resiliency.

Better Safe Than Sorry? Cardano Inventor Bets On The Long Term

In that sense, Hoskinson said Cardano’s development progresses at a “slower” pace. However, he prefers this approach which contrasts with the rest of the crypto industry, in his opinion.

The CEO at IOG believes the space is incentivized to prioritize “speed over quality”. Thus, Hoskinson predicted that projects with a long-term vision and development will prevail over those focused on the short term.

Related Reading | Cardano Founder Says Yes, This Is A Bear Market

At the time of writing, ADA is one of the best-performing assets in the crypto top 10 by market cap. The cryptocurrency trades at $0.6 with a 12% and 17% profit in the last 24-hours and weekly chart, respectively.

Cardano ADA ADAUSDT
ADA with minor gains on short timeframes on the 4-hour chart. Source: ADAUSDT Tradingview


Source: Bitcoinist.com
Original Post: What Cardano’s Hoskinson Said About Terra: In The End Slow Wins

In the wake of Terra’s collapse, South Korea plans new crypto oversight committee: Report

The infamous collapse of Terra may have hastened the creation of a supervision and control entity for digital assets, which is set to launch in early June.


Source: Cointelegraph.com
Original Post: In the wake of Terra’s collapse, South Korea plans new crypto oversight committee: Report

Chain (XCN) ignores the wider market downtrend by rallying 100%+ over the past month

BTC, ETH and altcoins spent most of May trading in the red. So, what’s behind XCN’s near-month-long 100%+ rally?


Source: Cointelegraph.com
Original Post: Chain (XCN) ignores the wider market downtrend by rallying 100%+ over the past month

Megan Kaspar: Meta-a-Porter Fashion

A pioneer in digital luxury fashion weighs in on the future of wear-to-earn and online photorealism. Kaspar is a speaker at CoinDesk's Consensus festival starting June 9.
Source: Coindesk
Original Post: Megan Kaspar: Meta-a-Porter Fashion

Fed paper looks at the potential effects of CBDC on monetary policy

The working paper traces the effects of operations with CBDCs through several scenarios and concludes the Fed will have it under control.


Source: Cointelegraph.com
Original Post: Fed paper looks at the potential effects of CBDC on monetary policy

South Korea to Invest $177 Million Directly in Metaverse Platforms

South Korea

The government of South Korea has announced it will start investing in metaverse projects directly. More than $177 million dollars will be invested to kickstart national jobs and companies in this field, according to statements made by Lim Hyesook, minister of science and information and communication technologies. South Korea is one of the first countries to put funds into this field.

South Korea Gets Into the Metaverse


While more VC firms and companies are actively investing in the future of the metaverse, some nations are also preparing to invest in this new area to secure the future. South Korea is one of them, having recently announced it is going to invest directly in companies and initiatives related to the metaverse.

The investment, which will amount to $177.1 million to kickstart the national industry, was announced by the minister of science and information and communication technologies of South Korea, Lim Hyesook. He stated the metaverse is “an uncharted digital continent with indefinite potential,” showing the possibilities the South Korean government sees in this new technology.

The investment is part of the new tech focus South Korea has included in its Digital New Deal, a set of guidelines that the government is following to push citizens to transition to a fully digital society.

A Virgin Field


While there are various companies and firms that are already investing in the metaverse, there are not many countries that have gotten into such investing directly. This is likely because there are many regulatory questions still unanswered about the operation of metaverse companies and the intersection of Web3 technologies, which can include a cryptocurrency element in the mix.

Javier Floren, CEO of NFT startup DNAverse, thinks that the metaverse and crypto experiment will be largely influenced by regulation. He stated:

It’s going to depend on how different countries approach the legal side. With any new technology or disruptive ecosystem and new places to interact, there will be issues, challenges, and for sure dangers.


However, with South Korea actively entering into metaverse investments, other countries might follow. About this possibility, Everest Group partner Yugal Joshi told CNBC:

Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it’s a platform where people come together. Anything which makes people come together, it makes governments interested.


What do you think about South Korea investing directly into metaverse companies? Tell us in the comments section below.


Source: Bitcoin.com
Original Post: South Korea to Invest 7 Million Directly in Metaverse Platforms

Gary Vaynerchuk Files Trademark for ‘Vayner3’ NFT Consulting Arm

The firm could add to Vaynerchuk’s already influential presence in the NFT space.
Source: Coindesk
Original Post: Gary Vaynerchuk Files Trademark for ‘Vayner3’ NFT Consulting Arm

Market Wrap: Bitcoin Rises to $32K, Outperforming Altcoins

Cryptos advanced with bitcoin (BTC) in the lead. Although, Cardano's ADA and Axie Infinity's AXS token rallied on Tuesday. Some analysts are skeptical despite the current short squeeze in crypto.
Source: Coindesk
Original Post: Market Wrap: Bitcoin Rises to K, Outperforming Altcoins

Institutional Investors Are Now Accumulating Bitcoin and One of Ethereum’s Biggest Competitors: CoinShares

New data shows institutional investors are jumping on the opportunity to buy Bitcoin and one of Ethereum’s main competitors.

In its latest Digital Asset Fund Flows Weekly report, CoinShares finds digital asset investment products enjoyed inflows nearing $90 million last week, with leading crypto asset Bitcoin taking the lion’s share.

“Digital asset investment products saw inflows totaling $87 million last week, pushing year-to-date inflows just past the half a billion mark to $0.52 billion.

Bitcoin saw inflows totaling $69 million, bringing year-to-date inflows to $369 million…”

Source: CoinShares

CoinShares notes that Bitcoin’s assets under management (AuM) are also at their lowest point since July of last year.

For the first time in over one month, both the North American and European regions saw digital asset institutional investment product inflows, at $72 million and $15.5 million, respectively.

Ethereum products continued their recent trend of outflows, losing $11.6 million last week.

“Ethereum resumed its grind lower with outflows totaling $11.6 million last week, bringing net outflows year-to-date to $250 million, a stark contrast to most other altcoins.”

Ethereum competitor Algorand (ALGO) exploded last week. The decentralized finance (DeFi) blockchain had a record week of institutional investment inflows at $20 million, according to the report.

Other blockchains such as Tron (TRX), Polkadot (DOT), Cardano (ADA), Solana (SOL) and XRP, saw weekly inflows of $1.8 million, $0.4 million, $0.3 million, $0.1 million, and $0.1 million, respectively.

Source: CoinShares

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Institutional Investors Are Now Accumulating Bitcoin and One of Ethereum’s Biggest Competitors: CoinShares appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Institutional Investors Are Now Accumulating Bitcoin and One of Ethereum’s Biggest Competitors: CoinShares

Binance to launch Africa crypto awareness tour as adoption ramps up

BCAT Africa 2022 aims to increase crypto awareness on the continent at a time when more Africans are turning to digital assets.


Source: Cointelegraph.com
Original Post: Binance to launch Africa crypto awareness tour as adoption ramps up

Ripple CEO Brad Garlinghouse Says NFTs Are Underhyped – Here’s Why

The CEO of San Francisco-based payments company Ripple Labs says the ability of non-fungible tokens (NFTs) to tokenize various kinds of assets is being underutilized.

In a recent interview with Cointelegraph at the World Economic Forum, Garlinghouse says that NFTs will become more widely used once investors realize how useful they can be.

“Back in December I was interviewed and I said [NFTs] were ‘underhyped,’ despite the fact that there’s obviously a lot of hype in certain parts of the NFT market. 

I think the tokenization of various assets is underhyped…

As leaders across the world learn how these technologies can actually benefit their constituents, benefit their economies, they’re going to use them.”

When discussing possible real-world use cases, Garlinghouse gives the example of carbon credits, which he believes could greatly benefit from the tokenization of assets into NFTs. Carbon credits are permits that grant the right to emit a determined amount of greenhouse gases.

“Carbon credits. Carbon credit marketplaces have been challenged because of, frankly, fraudulent carbon credits – people trading what actually aren’t carbon credit offsets – and the ability to have the traceability, the ability to have an open, visible to anyone trading is, I think, very important, and I think can revolutionize how carbon credit marketplaces and the efficacy of carbon credit marketplaces.”

I

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Ripple CEO Brad Garlinghouse Says NFTs Are Underhyped – Here’s Why appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Ripple CEO Brad Garlinghouse Says NFTs Are Underhyped – Here’s Why

CoinDesk Confidential: Kristin Smith

Washington, D.C.'s crypto whisperer answers our special questionnaire ahead of Consensus 2022.
Source: Coindesk
Original Post: CoinDesk Confidential: Kristin Smith