Brazilian esports organization paiN Gaming has hired former Riot Games Brasil Esports Ops Manager Filipe Makarausky as its new esports director. Since 2013 Makarausky worked on the Brazilian League of Legends Championship (CBLOL) and also in the development of the Valorant and TeamFight Tactics scenes in Brazil.
At paiN, Makarausky will be responsible for the administrative and strategic planning of paiN Gaming’s line-ups. “An important part of my mission at paiN will be to strengthen the relationship between athletes and sponsors. This will take place, in addition to supporting the commercial and marketing team, in the creation and validation of new products and projects that have as their initial objective the engagement and involvement of the teams. In this way, we will be able to grant quality execution and amplification,” Makarausky told The Esports Observer.
paiN Gaming is one of the main and most traditional esports organizations in Brazil, having won the first split of CBLOL in 2021 and being featured in Riot Games’ League of Legends Mid-Season Invitational (MSI) this year in Iceland. Current sponsors are TIM Live, BMW, Motorola, Ame Digital, JBL, bank BS2, and Western Digital.
Eswar Prasad: BTC Needs to Solve These Three Issues to Be Truly Effective
A professor at Cornell University believes that bitcoin can never accomplish all it has set out to do unless it manages to get past three big hindrances. According to Eswar Prasad, professor of economics at the educational institution, bitcoin still suffers from several flaws that are preventing it from being stronger than many of its altcoin cousins.
Eswar Prasad: BTC Still Has a Way to Go
In an interview, Prasad points to the idea that bitcoin mining is extremely expensive and hazardous to the environment. This is an argument we have heard time and time again over the past few months. Everyone from Kevin O’Leary of “Shark Tank” fame to Elon Musk – the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla – have said that bitcoin mining is simply too dangerous for Mother Earth to carry on.
As a means of making themselves more appealing than bitcoin, Prasad says that many cryptocurrencies which came after BTC have looked at the currency’s infrastructure and worked to ensure their mining operations are nowhere near as energy driven.
For example, Ethereum has already implemented a new method of mining it is calling “proof of stake,” which is allegedly built to limit the amount of computing power necessary to extract new units from the network. In fact, according to the Ethereum Foundation, the process requires approximately 99 percent less energy than before.
That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker.
Another issue he says bitcoin needs to solve is its anonymity. Many believe that bitcoin is an anonymous currency, though according to Prasad, this is not entirely true. To prove this, he points to a recent incident in which the Federal Bureau of Investigation (FBI) was able to intercede and prevent a bitcoin-based ransomware attack on the Colonial Pipeline. He says they would not have been able to do this if bitcoin was as anonymous as people claim.
The main idea of bitcoin… was to provide pseudonymity, but it turns out that if you use bitcoin a lot, and especially if you use bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.
In the long run, he says that Monero and Zcash are far better alternatives as privacy coins.
Volatility Prevents Its Use as a Currency
Lastly, he claims that bitcoin does not work well as a currency given that it is so volatile. He comments:
So, you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. That does not work well for the medium of exchange.
Breaking down the 2 sides of the Ethereum price argument
The crypto market has continued bleeding, Ethereum’s price has dropped to the $2000 level based on data from coinmarketcap.com. Ethereum’s price has dropped over 20% in the past week and this may be a result of the increased selling pressure. The trade volume was up over 50% in the past 24 hours and this was indicative of the selling pressure. The price is currently over 50% away from the ATH of $4363, a month ago and despite that, it is likely to recover since the demand has increased despite the drop in price.
The two sides of the ETH argument:
1. ETH is undervalued below $3000 and the bullish break is close since accumulation has increased below $2200, and
If we follow ETH‘s price, based on the chart and the resistance, since the resistance is at the $2200 level currently, there is a possibility of a 15% drop in price. Buying at this level is likely to lead to a loss in the short term if the selling pressure continues to rise. However, once the price is up, and rallies back, it may face challenges from short-term resistance up at $2,275.
If we get back to that level, there’s a 13% trade to be had. Other factors that indicate that demand is rising are the out-of-range liquidity of stablecoins in ETH markets. A metric that supports the opposite narrative was the number of addresses, hitting its highest point in the past 5 months.
The number of addresses currently in loss based on the 7-day moving average. The five-month high is 6.1 Million based on data from Glassnode. Based on the above metrics, ETH’s price may drop to the $1800 level, however, the demand is on the rise and despite addresses running losses, the trade volume supports the likelihood of a price rally.
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What are the chances of Bitcoin dropping to $25000?
Bitcoin’s price has remained rangebound above the $30000 this week. Despite the crash, it is now closer to $35000 than it was two days ago. The asset has suffered a drop of nearly 20% in price in the past week, however, this has not deterred traders from buying, and accumulation continues. What’s more, even at the $32000 level, 68% HODLers are profitable, though concentration by large HODLers is currently less than 15% based on data from IntoTheBlock.
At the same time, while Bitcoin continues to trade below the $35000 level, on-chain data showed that the most significant support zone for Bitcoin was between $31700 and $33500. This is the exact same zone in which roughly over 570000 addresses bought nearly 500000 Bitcoins, thus making it an important psychological level for Bitcoin’s price. If the asset lost support at this level, it is likely that the price would hit the next demand barrier that is currently below the $25000 level, at $23400.
It is worth noting that if the demand barrier between $31700 and $33500 holds, Bitcoin could rebound to $37000. Considering factors like the current demand for Bitcoin across exchanges, large investment inflow across the Bitcoin network in the past week, the narrative is more bullish.
$118.58 Billion has flown into the Bitcoin network, supporting the narrative of recovery and price hitting closer to $40000, than dropping below $25000. Additionally, IOMAP shown above, suggested that $37000 represents a massive resistance zone as 1.3 Million addresses bought 643000 BTC around this price level. These addresses represent a large percentage of Bitcoin traders and HODLers and this price level is critical to the sentiment and social volume.
The social volume and dominance of Bitcoin have dropped, and it is more likely to bounce back above $35000, than drop below $25000.
Based on the above chart, AUM by Grayscale has increased after hitting a slump in the first week of June. The AUM is now worth $651k based on data from Skew. Most institutions that reduced their Bitcoin holdings in the first week, added through the crash, and the current dip as well. This is bullish for Bitcoin’s price and makes it less likely that the price will drop below $25000 in the current dip.
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