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Digital Asset Daily: Stocking UP

Digital Asset Daily: Stocking UP with Mati Greenspan Images of barren shelves have been flooding in over the weekend. As

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Digital Asset Daily: Stocking UP with Mati Greenspan

Images of barren shelves have been flooding in over the weekend. As it seems, some consumers are getting Coronavirus fever and rushing out to stock up on staples.
In an effort to gauge the impact of the panic, I put out a post on social media last night asking for people to report what they’re seeing. So far, 271 people have confirmed that they are indeed seeing signs of a frenzy.
The good news is that reading through some of the comments there does seem to be a method to the madness. In places where it’s warm right now, there doesn’t seem to be much panic or shortages at all. In the places that are seeing the worst of it, it’s the common sense items that are running low. Hand sanitizer, bottled water, and toilet paper top the list, followed closely by long lasting food items like pasta and rice.
So clearly some people are panicking off the back of this media fueled frenzy. From this we can also see that most shortages in goods are likely coming from the demand side and not from any sort of supply shock. Clearly, retail sales numbers are going to be through the roof!
Enjoy the market volatility and don’t forget to wash your hands.

Stock Recovery Underway

After one of the most violent stock slides in recent history, it seems like we’re coming in for a bounce today. Whether this is sustainable or not is irrelevant for now. There’s certainly enough cash on the sidelines ready and waiting to buy the dip.
The recovery comes despite some dismal data out of China. As we can see here, the manufacturing numbers for the month of February just narrowly avoided a multi-decade decline.
Asian stocks didn’t seem too affected by this though. The Shanghai composite index is now resting pretty much exactly where it was before the Lunar New Year Celebrations.
A large driver of the new direction of course are the central banks who are now responding to the panic in kind. The People’s Bank of China has been pumping money in since the start of this and we now have a commitment from the Bank of Japan that they’re ready to act with further stimulus. 
In the United States even though the Fed hasn’t expressly said anything on the matter, the market now fully expects them to take drastic measures at their upcoming meeting on March 18th. 
Before that though, tonight it will be the Reserve Bank of Australia who takes the stage at 2:30 PM in Sydney. Analysts seem to be forecasting an emergency rate cut from 0.75% to 0.50%. Will they give into the fear and pressure?

Risk-On Digital Too

Right in line with the risk-on feel in the rest of the markets, the digital asset market is having it’s own rally today with many of the altcoins gaining 5% or more in the last 24 hours.
It’s about time for a bounce too. After taking the entire weekend to test the bottom between $8,200 and $8,500, bitcoin is seeing a strong tug north today. A move that does seem to be supported by the mining community before the halving.
As we can see in this chart, the short term hashrate has leaped to a brand new record high…
What exactly this might mean for the price is unclear to say the least. Perhaps some new rigs have come online, or perhaps miners are running their machines extra hot going into the halving. It could also be a factor of block-times. As we’ve seen recently, short term hash data can be fairly unpredictable. 
In any case, it does make for a nice narrative for a rally. Let’s hope it lasts.
Best regards,
Mati Greenspan
Analysis, Advisory, Money Management

Source: https://www.cryptomorrow.com/2020/03/02/digital-asset-daily-stocking-up/

Blockchain

Fomo Lab Partners with PVLACE of 808 MAFIA and Gunboi to drop ‘For the Culture’ Collection

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London, United Kingdom, 17th May 2021 – Fomo Lab partners with PVLACE of 808 MAFIA and GUNBOI to drop their “FOR THE CULTURE” collection on Fomo Lab’s own NFT platform, The Avenue. This collection will contain 387 intrinsically rare collectibles of music in the form of “mystery boxes”, by PVLACE and GUNBOI, multi-platinum, billboard chart topping, industry-leading producers who have made music for some of the biggest names in hip-hop history, including; Wiz Khalifa, Migos, Future, and many more. The “For The Culture” collection will be launched on The Avenue from the 31st of May.

The landscape of entertainment media is evolving, and the PVLACE’s NFT team are the first to ever integrate hip-hop culture with crypto culture in a gamified fashion by including 3D avatar characters each paired to 1 of 1 production composed by top industry producers. They have produced music for the biggest names in the music industry, including Young Thug, whose most recent album, Slime Language 2, debuted at number one on the “Billboard Albums Hot 100”, and are now working closely with Fomo Lab to release their collection making it accessible to more audiences.

The “For The Culture” collection is set to include 387 unique NFT’s varying from exclusive items to exclusive avatars, all of which will include exclusive music and instrumental compositions. The essence of this collection is that the producers are selling the full rights to the music through NFTs, as the most seamless way to transfer rights. The music on each NFT will range between two to five minutes long, along with one-of-a-kind avatars of celebrities, and of items.

Tchakalla Romeo (aka Gunboi), the music producer, said “Every collectible is an homage to how we felt when we were younger and Fomo Lab understands and believes in that, too. This culture is meant to be a comprehensive examination of hip-hop in all forms.”

The CEO and co-founder of Fomo Lab, Pixasso stated, “We are very excited for this collection to launch, as it also really resonates with all of us at Fomo Lab being hip-hop fans ourselves. The fans will love it too, it is also a seamless way to change ownership to be more in line with the content creators vision. We have a lot of really cool NFTs coming to The Avenue, but we’re thrilled this is our first one.”

Each NFT will be sold at an even price of 2 BNB (no more than $1,400 USD), where in the traditional music industry market it would sell for over $20,000 USD. This is because they believe that hip-hop was always “for the people”, in line with their vision, their goal is to make these memorabilia accessible to everyone, while expanding the ecosystem. The music in each NFT is made by the same creators who produced music for top major label artists such as Future, Migos, Chris Brown, Young Thug, Lil Baby, Juice WRLD, and Wiz Khalifa, among many others, ensuring the worth of these NFTs to be extremely valuable.

About Fomo Lab

Fomo Lab is the leading platform revolutionizing the way non-fungible tokens (NFTs) are used. The platform can be used for storing, curating, and exchanging one-of-a-kind digital collectibles and NFTs built on the Binance Smart Chain (BSC). The native token, $FOMO, will be used as the platform’s payment method, also used to reward buyers and sellers on all transactions. The platform is centred around the theme of celebrities, artists, musicians, athletes, other forms of talent, auctioning physical and digital assets with a mission to pioneer mainstream adoption. For more information about Fomo Lab, visit https://fomolab.io/.

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Source: https://cryptopotato.com/fomo-lab-partners-with-pvlace-of-808-mafia-and-gunboi-to-drop-for-the-culture-collection/

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Blockchain

Ethereum Co-Founder Vitalik Buterin Burns $6.7 Billion in Shiba Inu (SHIB) Tokens

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Vitalik Buterin, who was gifted half of Shiba Inu’s total supply, has burned 90% of his holdings worth nearly $7 billion. The Ethereum co-founder further said he would allocate the remaining 10% to charitable organizations while also praising the “dog token community” for its generosity.

Buterin Burns $6.7B in Shiba Inu

The Dogecoin rise to the top led to the creation of numerous copycats that garnered significant attention in the past several weeks. Perhaps none became more popular than the self-described DOGE-killer – Shiba Inu.

One of the compelling features came from the anonymous developers who decided to send half of the total supply to Vitalik Buterin – the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.

Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India Covid Relief Fund last week, has decided to burn the majority of his Shiba Inu holdings now.

“I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.” – he explained in the transaction hash.

Buterin outlined the severe problem COVID-19 has created for the entire world and added, “it’s important to think about the longer term future too.”


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Upon the time of the transaction, the 410,24 trillion SHIB tokens Buterin sent from his wallet had a value of about $6.74 billion.

The booming popularity of SHIB caused a massive price surge in the past few weeks. It culminated in an all-time high at nearly $0.00004 after a listing on the world’s leading crypto exchange – Binance.

The Generosity of Dog People

Ethereum’s co-founder touched upon his aforementioned decision to donate a substantial amount of his dog tokens to charity organizations.

“Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.”

However, he also attracted some heat following his actions as some angry developers created coins with offensive names. As such, he urged the community to refrain from sending him new tokens without his consent in the future.

“I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first.)”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethereum-co-founder-vitalik-buterin-burns-6-7-billion-in-shiba-inu-shib-tokens/

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Litecoin, Monero, Ethereum Classic Price Analysis: 17 May

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The Bitcoin market has been on a downtrend and the altcoin market has been mirroring its losses. The markets of Litecoin [LTC], Monero [XMR], and Ethereum Classic [ETC] have been highlighting a similar downtrend while also trying to recover in the short term.

Litecoin [LTC]

Source: LTCUSD on TradingView

The above chart of Litecoin [LTC] suggested that its value plummeted by 17% within 16-hours. This loss was from $325 to $267. However, after the 17% drop, the LTC value recovered and was now trading at $289.10.

The digital asset has been moving towards immediate resistance at $297.26 but there was evident bearishness in the market due to the fall. As the price slipped low, relative strength index was suggesting that the asset had entered the oversold zone, but this price posed a buying opportunity for others. This buying pressure that was created has pushed the digital asset into a near-equilibrium zone.

The price hangs around the $288-range and the traders may want to be more vigilant as the momentum shifts.

Monero [XMR]

Source: XMRUSD on TradingView

Unlike the Litecoin market, Monero [XMR] market was noting a rise in volatility. The sudden plunge in price pushed LTC from $391 to under $345. Even after recovering to $365, resistance at this level pushed the price once again lower. At the time of press, LTC was trading at $361.

The rise in volatility was indicated by the divergence of Bollinger bands, while the signal line was also plummeting. This suggested that the recent price action has paved the way for the bearishness and as LTC tried to stabilize at the current price, the relative strength index noted that the selling pressure had also increased as it hit 38. Meanwhile, negative momentum was adding to the falling price of LTC.

Ethereum Classic [ETC]

Source: ETCUSD on TradingView

The Etheruem Classic [ETC] price was not as impacted as other alts, thanks to its hard fork Ethereum [ETH]. The ETC price dropped by 19% but managed to recover by 15%. The loss carried ETC value from $110 to 80, but as the market recovers, this value has been pushed to $91.

With the wild price movement, Bollinger bands were noted to converge, which meant that volatility was reducing. As the price surged past the $89 resistance, the market was trying to hold on to this price level. This was also indicated by RSI which was at 47, close to equilibrium. This meant that the buying and the selling pressures were evenly matched. However, the momentum has remained negative.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/litecoin-monero-ethereum-classic-price-analysis-17-may

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