As the crypto rollercoaster continues, let’s take a look back at the biggest news stories from the worlds of forex, fintech and crypto, in our best of the week segment.
Vitalik’s Beef with Elon’s Dogecoin Scalability Plan: Security vs. Scalability
The trading week started with news that Vitalik Buterin took issue with Elon’s claim that a massive increase to Dogecoin’s block size would scale the network to a ‘winning’ level.
Elon Musk believes that a 1000% increase to Dogecoin’s block size will make DOGE the leader of the pack, but Ethereum creator Vitalik Buterin does not agree.
In a recent post on his personal blog, Vitalik addressed the so-called ‘blockchain trilemma’: the inevitable trade-off between scalability, security and centralization on blockchain networks.
XRP Whale Address Moves 139 Million Coins
As Finance Magnates reported this week, the Whales have been busy.
According to data published by Whale Alert, an XRP whale address moved 139.3 million coins to an unknown wallet on Tuesday 25 May amid the latest dip in the price of XRP.
Read more on the XRP Whale moves here.
Bitcoin Owner Transfers 9,999 BTC to Unknown Wallet
Staying with whale movements, Finance Magnates reported the transfer of 9,999 Bitcoin to an unknown wallet on Monday.
The total value of the latest Bitcoin transaction stood at around $390 million.
Read more on the Bitcoin Whales here.
Ripple Is Not behind Bitcoin Energy Usage FUD, Says Brad Garlinghouse
Ripple CEO Brad Garlinghouse recently responded to the accusations related to the company’s role in spreading Bitcoin energy usage FUD.
In a recent reply to Meltem Demirors, Chief Strategy Officer at CoinShares, Garlinghouse said:
“It’s beyond flattering that you think Ripple is the puppet master behind Elon Musk, countless scientists, governments, crypto enthusiasts and others who have stated the facts about BTC’s energy use.”
Read more on the Brad Garlinghouse energy response here.
eToro Includes Four New Cryptocurrencies into Its Investment Platform
sToro, the Israeli trading company, added some of the biggest DeFi cryptocurrencies by market capitalization this week. eToro announced that four new cryptocurrencies are now available for digital asset traders, making the total number of crypto assets in the company is 23, and 20 for US-based clients.
Aave (AAVE), Compound (COMP), Yearn.Finance (YFI) and Decentraland (MANA) are the latest additions.
Read more on the eToro crypto offerings here.
Ripple Plans to Support NFTs on XRP Ledger
Never out of the crypto news, Ripple, the US-based blockchain firm, released a report concerning the potential usage of XRP Ledger (XRPL) in the growing NFT market. The company highlighted the significant advantages of XRPL over other platforms.
Developers will be able to run more sustainable NFT apps and marketplaces through XRPL.
Read more on the Ripple NFTs here.
FCA Orders EverFX to Stop Offering CFDs to UK Customers
The United Kingdom’s financial watchdog has acted against Cypriot-based ICC Intercertus Capital Ltd, known by its trade name EverFX, and banned the company from offering contracts for differences (CFDs) instruments in the country.
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Per Wednesday’s announcement, the Financial Conduct Authority (FCA) alleged that the broker onboarded many British traders on the overseas entities, which are not authorized to offer services in the UK.
Read more on the FCA EverFX order here.
Texas Senate Passes Crypto Bill, Goes to the Governor to Be Signed into Law
As Finance Magnates covered this week. Texas state lawmakers have passed a crypto bill that seeks to establish a legal framework for bitcoin investments in the territory.
The ‘Virtual Currency Bill’ or ‘House Bill 4474’ has passed the Texas Senate, and it will go to Governor Greg Abbott to receive the final signature to become a law.
With the bill, there is now legal clarity to define virtual currencies and provide a series of guidelines for Texas companies who want to be involved in the cryptocurrency business.
Read more on the Texas Senate Crypto Bill here.
Dogecoin Has No Formal Organization, Says Elon Musk
Musk tweets again! Elon Musk, CEO of Tesla, said this week that cryptocurrency Dogecoin has no formal organization. In a reply to a tweet praising his role in the development of the Dogecoin’s ecosystem, Musk said that no one from Dogecoin reports to him.
“Please note Dogecoin has no formal organization & no one reports to me, so my ability to take action is limited,” Musk tweeted.
Raed more on the latest Elon Musk Dogecoin saga here.
FBS Becomes Leicester City’s Shirt Sponsor for 3 Years
One of two major sponsorships announced this week. FBS has become the lead shirt sponsor of Leicester City, one of England’s top football clubs for the next three years.
Leicester City won the 2021 FA Cup and finished fifth in the latest English Premier Season. The Midlands club rose to prominence after it clinched the 2015/16 Premier League title despite being a heavy underdog.
The club has a massive fan base in Asia due to the club’s owner being from Thailand and the broker will also benefit from Leicester City’s participation in the Europa League.
Read more on the FBS Leicester City Sponsorship here.
IG Signs Sponsorship Deal with England National Cricket Team
London-listed IG Group (LON: IGG) has inked a high-profile sports sponsorship deal as it has become the official partner of Cricket in England.
the broker has signed a three-year deal with the England and Wales Cricket Board, and, under the terms, the IG logo will be imprinted on the sleeves of the national cricket team of England for both men and women.
The teams will wear the shirts with the IG logo in all three formats of the game.
Read more on the IG England National Cricket Team Sponsorship deal here.
How Low Will Bitcoin Go? BTC Appears to Stabilize around $37K
Last week, BTC’s price dropped more than 20 percent. In a Finance Magnates analysis, we looked at whether the market crash over and what’s next for Bitcoin?
With expert exclusive insights from Samson Mow, CEO of Pixelmatic and CSO of Blockstream, Paul Sundin, the Founder, CPA, and Tax Strategist of Emparion, and Doug Schwenk, Chairman and Chief Executive of Digital Assets Research (DAR), no stone was left unturned in this must-read Bitcoin analysis.
Read more on Bitcoin’s next move here.
PayPal and Visa Lead $300M Funding for Blockchain Capital
Blockchain Capital remains a major tech backer in the DLT space with investments in numerous crypto and DLT projects.
Fund V with $300M Funding
According to a press release published on Monday (June 22, 2021), Blockchain Capital has closed funding for its Fund V LP. The capital raise reportedly drew participation from several high-profile backers including global payment giants Visa and PayPal.
Capped at $300 million, Blockchain Capital’s latest fund was oversubscribed likely pointing to the continued appetite for DLT-related funding despite the current crypto market downturn. Apart from Visa and PayPal, university endowments, hedge funds, family offices, and pension funds also participated in the capital raise.
Bart Stephens, co-founder and managing partner at Blockchain Capital commented on the closure of the fifth VC fund, stating:
“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”
Spokespersons for both Visa and PayPal stated that their support for Blockchain Capital was part of efforts to boost innovation in digital finance. According to Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal:
“Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.”
Serial Blockchain Backer
Blockchain Capital is a serial investor in the crypto and DLT space. The company’s portfolio of projects cuts across several facets of the emerging industry including United States-based exchange giants like Coinbase and Kraken.
Blockchain Capital’s investment portfolio also extends to the decentralized finance market arena, backing projects like Aave, UMA, and Nexus Mutual.
Since securing about $2 million in funding from Blockchain Capital and other investors back in May 2018, OpenSea has been able to attract additional investments, including a $23 million injection as reported by CryptoPotato back in March.
Ethereum, MATIC, Solana Price Analysis: 22 June
With a depreciation of 8.1% in 24 hours, the global crypto-market cap fell to 1.31 trillion at press time. Following Bitcoin’s footsteps, most altcoins in the market have been struggling within the bearish zone throughout the weekend. Ethereum and Solana, for instance, fell below their respective support levels. MATIC, on the contrary, while it moved south too, stayed above its support.
Ethereum failed to stay afloat above the $2,250 support level, with the alt trading at $1902 at press time. In case the coin doesn’t fall further, it could see resistance near $2055. The second-largest coin by market capitalization noted a decline of 27.2% over the past week.
ETH’s charts pictured a bearish crossover on 15 June and despite the price recovering slightly on 20 June, the MACD’s histogram underlined bearish momentum. The Bollinger Bands diverged in the early hours of 21 June, meaning that there could be a hike in price volatility.
The Chaikin Money Flow neared the equilibrium mark – A finding that predicted an even amount of capital outflows and inflows. Alas, at press time, capital outflows slightly exceeded inflows.
MATIC showed promising recovery from 12 June to 15 June post the crypto market crash. However, it failed to hold on to the same momentum and prices dipped soon after. Worth noting though that the alt had not breached its crucial support level of $1.04, unlike other altcoins, at the time of writing when MATIC was priced at $1.06.
A slight dip in prices would mean that MATIC too would break past the $1.04 support level. The Bollinger Bands were observed to be diverging, a sign of steep price volatility in the near term.
Finally, the MACD’s histogram gave bearish signals for the whole week while the Awesome Oscillator suggested that bearish momentum was building up. That being said, it did read a few scattered bullish trading sessions in between.
SOL breached its $31 support level in the last 24 hours and then broke past its $24 support level too. It was priced at $23.66, at the time of writing. The alt somehow had managed to recover briefly in the last 48 hours, however, it did see a decline of 24.1% soon after.
The market has been seeing intense selling pressure over the last few days. At press time, the coin had fallen below the 30-mark on the Relative Strength Index, a development which meant that the alt had hit the oversold and undervalued zone.
The Awesome Oscillator suggested that bearish momentum was continuing to build up on the charts. Finally, the widening of the Bollinger Bands projected a hike in price volatility.
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ZkTube Partners With Mo Works to Expand Global Outreach
ZkTube, a scaling solution built to offer safety, low gas fees, and optimal zero-knowledge proof mining, has announced a new partnership with Mo Works in a recent report, following a global expansion plan.
Mo Works is a Melbourne-based leading digital solution provider. Its collaboration with ZkTube happened after the company appointed Mo Works founder and director, Mo Hamdouna as their global marketing advisor.
Mo Works Backs ZkTube on Its Adventure For a Global Expansion
ZkTube seeks to scale and support blockchain transaction capacity and project while retaining the Defi performances of a distributed protocol. It is basically aimed at promoting the global market.
Following the partnership, Mo Works has agreed to bring its exclusive experience in the cryptocurrency industry to help kick the global growth of zkTube in an accelerating mode.
Considering the functionality of the partnering companies, the collaboration will cause an integration between both communities as Mo Works will begin to provide support for ZkTube’s launch of strategic community engagement programs. Thereby, enriching and exploring the performances of both companies all around the globe.
Mo Hamdouna expressed excitements on his new appointment saying;
“zkTube has a sophisticated, intelligent, and experienced team who will be disrupting the blockchain payment network industry with a technology solution that offers excellent safety, low gas fee, and optimal POS mining. I am very happy to work with their team on their project and look forward to a great year launching their solution.”
ZkTube’s aim to join efforts with Mo Works to raise a global community that will fully facilitate ZkTube’s marketing strategy and expansion plans towards the global launch is becoming a reality.
The founder of ZkTube affirmed this saying;
“the strategic partnership of Mo Works and zkTube will be instrumental in the overall development of the global marketing. But, more importantly, with Mo Works, our partnership will allow us to widen our community globally.”
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