Bitcoin has climbed past ,000 and is now the world’s ninth-largest asset by market capitalization, among many publicly traded companies and precious metals. Despite overtaking silver’s market value in March, the leading cryptocurrency must reach ,740 per coin to match silver’s current .67 trillion valuation. Bitcoin Is Now in 9th Place Among the World’s Largest […]
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Match Systems Announces Recovery of $68 Million in Stolen Cryptex Crypto Assets
Match Systems, a cybersecurity company specializing in Anti-Money Laundering (AML) services, blockchain forensics, and investigations, recently announced the recovery of million in stolen crypto assets from Cryptex, a cryptocurrency trading platform established in 2016. The specifics of the recovery operation have not been disclosed. In a recent social media post, Match Systems further stated: […]
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JPMorgan Says ‘Unrealistic’ to Expect Bitcoin to Match Gold Within Investors’ Portfolios
JPMorgan says the argument that bitcoin’s market cap would rise to .3 trillion if it matched gold in portfolios, implying more than doubling in price, overlooks risk. “It would be unrealistic to expect bitcoin to match gold within investors’ portfolios in notional amounts,” a JPMorgan strategist stressed, adding: “Most investors take risk and volatility into […]
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OpenAI Setback No Match For FET’s 160% Surge: Time To Invest In AI?
The Artificial Intelligence (AI) sector in the crypto space has enjoyed one of the most prominent rallies despite the debacle with OpenAI. The company behind ChatGPT fired one of its founders and CEO, Sam Altman, sparkling downside pressure for AI-based tokens, such as FET.
The native token for Fetch.ai, FET, has been trending to the upside following the general market sentiment. Over the past month, the cryptocurrency recorded a 160% rally, and it’s poised for further profits as it breaches critical resistance levels.
OpenAI Controversy Adds Fuel For FET’s Rally
Data from Coingecko indicates that FET’s bullish momentum took a hit last week as news about Sam Altman leaving OpenAI broke. The token has been moving with any development from the broader AI sector, and the uncertainty surrounding this company has impacted its performance on low timeframes.
Over the weekend, FET regained its bullish momentum and reclaimed territory, extending a more significant rally. In that sense, a pseudonym trader looked into FET’s potential target as the cryptocurrency continues “its rally without a dip.”
In the past week, FET breached the resistance at .56, targeting its 2022 highs, as seen in the chart below. If the bullish momentum continues, the token could rise to its 2021 highs between .70 and .90.
FET Rally Could End In Massive Correction
Our Editorial Director and analyst, Tony Spilotro, has been bullish on FET’s trajectory. The analyst believes FET could rise 2x to 4x before losing steam and re-visiting support.
In the past, whenever the token followed a similar trajectory, printing a buy signal above the monthly Bollinger Band, as Spilotro stated, FET corrected by an impressive 80%. Thus, the analyst recommended new investors to tread carefully. Spilotro said:
(…) its safe more than likely to buy FET at such levels, so long as you have a plan to get out before the next 70+% correction happens. Otherwise, price could retrace back to your entry here. Be smart and don’t expect the rally to go on forever.
Today, Microsoft announced the hiring of Sam Altman to spearhead a new AI division. The company will commit to providing resources for the new division, which could ignite a new bull era for AI and AI-based tokens.
Cover image from Unsplash, chart from Tradingview
Web3 Devs Now Focused on Making Games That ‘Traditional Gaming Can’t Match’ — Digital Arms CEO
According to Chris Watkins, the co-founder and CEO of the non-fungible token (NFT) marketplace Digital Arms, many of the Web3 games developed in the last bull cycle were not only seemingly rushed but “lacked the essential element of fun,” hence they ultimately failed. Watkins also argued that the few games which did gain traction “relied on the allure of making money” which is not a sustainable model.
Web3 Gaming Not a Passing Fad
However, in his written answers sent to Bitcoin.com News, the Digital Arms CEO insisted that the industry’s focus has shifted back to making games with experiences and benefits which cannot be matched by traditional gaming. This shift in turn means Web3 gaming “is really just getting started” and may not be a passing fad as claimed by some critics, Watkins added.
Concerning his platform’s reported collaboration with the firearms industry, the CEO disclosed that this was made possible by the fact that some of Digital Arms’ founding members, including himself, are veterans of the gun industry. Watkins also shared his thoughts on Apple’s augmented reality headset and how this is likely to be a game changer for the Web3 gaming industry.
Below are Watkins’ answers to the questions sent to him via Telegram.
Bitcoin.com News (BCN): What benefits do gamers have when they buy in-game non-fungible tokens (NFTs) versus traditional in-game assets?
Chris Watkins (CW): The main advantage here is the true ownership and traceability of the assets. As Esports and the fanbase of popular leagues grow, the potential to buy and trade firearms used by your favorite Pro gamer is just one of the many exciting use cases.
BCN: According to a recent report by Polaris Market Research, the worldwide blockchain gaming market size is expected to reach over trillion by 2032, up from an estimated .4 billion in 2022. What key emerging trends do you see that will shape the future of Web3 gaming?
CW: A prominent trend is the blending of real-world brands with the gaming scene, through either advertising rights or branded playable assets. Blockchain technology serves as the crucial link, unlocking new revenue streams for game developers via NFT licensing rights. As this trend progresses, I predict a surge in games integrating NFTs so seamlessly that players may not even realize they’re purchasing and trading these unique digital assets.
BCN: Over the last few years, the Web3 gaming industry has experimented with play-to-earn, play-and-earn and a bunch of other models to attract players. Even though some Web3 games have gained traction, we have not yet landed upon a sustainable model that appeals to both players and game developers. What makes you believe that Web3 gaming is more than just a fad?
CW: Games developed during the last bull run cycle often appeared rushed and lacked the essential element of fun. Those that did gain traction primarily relied on the allure of making money. This model is not sustainable in the long run as it depends on a continuous flow of players willing to spend. However, I’m seeing many emerging game developers creating high-quality, entertaining games with incorporated play-to-earn aspects. The focus is shifting back to making games that are fun to play and offer unique experiences and benefits that traditional gaming can’t match. In my opinion, Web3 gaming is really just getting started – exciting times ahead!
BCN: Your company Digital Arms is reportedly the only NFT marketplace where gamers can buy, sell, and customize licensed digital firearms from the world’s leading brands. Can you explain why the firearms industry chose Digital Arms and why they can or can’t sell their IP on other NFT marketplaces?
CW: The founding members of Digital Arms and I have over 25 years of experience in the firearms industry. We’ve built trust with leading brands and they’ve chosen us to guide them into the blockchain and digital collectable arena. We uphold their brand with high respect and ensure it’s delivered in a manner that aligns with their company image. No other marketplace or platform has our unique understanding of the firearms industry. Hence, the need for a unique marketplace like Digital Arms. You wouldn’t go to eBay or Amazon to buy a firearm, right?
BCN: Self-expression through customization has been a part of video games for as long as we can remember. It would seem like there is an attractive opportunity for the firearm and hunting industries in the Web3 gaming realm. What challenges, in your opinion, do such brands face in bringing digital firearms to Web3 games, especially considering the firearms industry is heavily regulated in most parts of the world?
CW: Maintaining a positive public image is very important to the firearms industry. The challenge is to ensure their products and branding are portrayed respectfully by game developers. As for firearm regulations, this is the exciting part. We are dealing with digital assets, not the actual firearm. Gamers in restricted regions now can own a piece of the brand. Digital Arms is producing limited edition, authentic IP-licensed NFT digital collectibles crafted from the original 3D CAD files used in the actual manufacturing of the firearm.
BCN: Do you think Web3 gaming could become an attractive revenue stream for firearms manufacturers — or physical goods brands, in general — in the near future?
CW: Yes, 100%! It’s already happening and is not limited to just firearms but many other in-game items and equipment.
BCN: Apple has just launched an innovative augmented reality headset called Apple Vision Pro. What role could such devices, assuming they become popular among gamers, play in the evolution of the Web3 gaming industry?
CW: Apple is leading the way, that’s for sure! This development is going to change the way we interact and play games in the future. Augmented reality can create immersive gaming experiences, combining digital items, such as our firearm NFTs, opens up a new world of possibilities.
What are your thoughts about this interview? Let us know what you think in the comments section below.
Crypto World Meets Boris Johnson: A Match Made In Heaven Or Hell?
Former Prime Minister of the United Kingdom, Boris Johnson, has now pivoted into the crypto space. Johnson who had pulled out of the race for the prime minister seat has now taken to speaking engagements that have seen him booked for a crypto speaking engagement in December.
Johnson Heading To Singapore
Earlier in the week, it was reported that former UK prime minister Boris Johnson will be one of the keynote speakers at a crypto conference in Singapore. The International Symposium on Blockchain Advancements being held on Dec. 2 at the 5-star InterContinental hotel is said to be “provoking meaningful questions and discussions” in an effort to drive the migration to a digital economy, according to the information on its website.
This conference will mark Johnson’s first speaking engagement in the crypto space and could possibly mark the start of a deeper involvement in the industry for him. However, it is unclear what stance the ex-PM will take during his speech.
Johnson has been known to take an ‘on the fence’ stance as he did with his Brexit document published a few days before the referendum. However, given that he is no longer the prime minister of the UK, it is possible to see a positive take from him during this time.
Former US vice president, Dick Cheney, is also expected to join Boris at the crypto conference. Cheney will be a featured guest speaker at the day-long gathering as Boris makes his crypto debut. Johnson who has been jet-setting around the world since resigning as PM looks to continue as he begins accepting crypto speaking engagements.
Total market cap at 3 billion | Source: Crypto Total Market Cap on TradingView.com
Not Just Speaking For Crypto
Johnson’s speaking engagements have rolled in since he stopped being the UK PM. He reportedly received a 0,000 (£130,000) payment to appear at an event for the Council of Insurance Agents and Brokers in Colorado, where he gave a 90-minute speech and engaged in a ‘fireside chat’.
Boris has also expressed an interest in attending the Cop27 climate summit being held in Egypt on account of being “invited by the Egyptians.” However, it is unclear if Johnson is seeking payment for this, and current UK Prime Minister Rishi Sunak is reportedly attending the climate summit.
Speaking engagements are not the only thing the ex-PM has shown an interest in though. Johnson has also indicated that he might return to journalism and complete a biography of Shakespeare he had begun years ago before he became PM.
Boris Johnson is still a Member of Parliament (MP) for Uxbridge and South Ruislip. His influence on crypto is still yet to be determined but shows a growing interest in crypto among the world’s elite.
Featured image from NBC News, chart from TradingView.com
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One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up
Bitcoin price bounced to the tune of 5% following yesterday’s Federal Reserve meeting. However, the move has almost fully retraced. What’s interesting about the situation, is that traders at one particular platform could have seen this coming a lot more clearly, while others might have suffered a fake out.
Here is a closer look at a comparison between BTCUSD spot index price charts and BTC CME Futures that puts a spotlight on the strange discrepancy. We also shed some light on how to possibly take advantage when these instances occur.
Why You Can’t Ever Sleep On Crypto Markets
The crypto market never sleeps. It trades night and day, 24/7 days a week. Even stock market futures take a break for short periods. But when it comes to CME Group’s BTC futures contracts, it more closely follows the stock market’s trading hours.
CME takes a break from Friday to Sunday evening. If Bitcoin price moves substantially during the time the trading desk is offline, it will leave a gap on its chart that regularly becomes a target that gets “filled” in the following days.
Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015
Because certain spot market trading days are missing from the CME BTC futures chart, certain technical indicators can produce minor deviations. More often than not, these minor discrepancies are early signs that a fake out is coming.
Need proof? In the chart below, we’ve compared the BTCUSD spot price index, BTC CME futures, and SPX futures. Bitcoin’s spot index produced a bullish crossover of the LMACD yesterday, while the CME chart remained bearish. Interestingly, the CME chart more closely mimics the popular US stock market index.
BTC CME futures performs more on par with the stock market | Source: BTCUSD on TradingView.com
How To Potentially Predict Bitcoin Fake Outs Using Spot Vs CME Comparison
The LMACD – the logarithmic version of the Moving Average Convergence Divergence indicator – is considered a lagging indicator. For this reason, bullish or bearish crossovers are typically considered reliable signals to take or close a position.
It isn’t clear if the discrepancy above happened naturally due to the missing trading days from the chart, or if something else was at play. The crossover appears to have been used as a bull trap, clearing out any last minute longs. Momentum on the daily is currently bearish again, so there is risk of continued downside until it turns up again.
Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet
Traders need not ditch the indicator altogether, but instead can use such discrepancies between the two indicator’s performance to try and predict when fake outs, stop runs, or other nasty moves will occur.
The last time the LMACD produced a false signal on spot exchanges, yet not on the CME BTC chart, was the exact peak in November 2021. Is there a chance this latest fake out is a sign the bottom is in, or is it merely suggesting more downside ahead?
The missing bullish crossover called the top in November 2021 | Source: BTCUSD on TradingView.com
Bitcoin bulls must push momentum back in their favor on daily timeframes, and follow through with enough strength to force higher timeframes to follow.
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
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ACDX Rebrands to BBS.exchange to Match up to Crypto Derivatives Evolution
Crypto derivatives exchange ACDX is rebranding to “BBS.exchange”.
Same as the exchange’s unique offering, the new name, BBS, also known as Bull Bear Strike Token, is the world’s first crypto structured product. The new image reflects the commitment of the exchange to derivatives innovation, and their mission of bringing more traders into derivatives with simple products.
The company’s official announcement reveals that BBS trading has gone live for over a year. It said “it has become our top trading product. BBS has no complex calculations. Unlike futures, it has a clear liquidation level. BBS is best for traders who prefer leveraging and appreciate simplicity.”
“As the crypto space evolves, derivatives has become a sophisticated term linked only to sophisticated traders. However, our mission is to bring more traders into derivatives with simple products. It is time to evolve our brand to amplify what we stand for. And our key product is the best representation for us.” It added.
The exchange will continue to offer more listings of BBS tokens. Most features will be carried over to the new site, which will adopt a simple and clean design. “Trading derivatives should be as easy as trading spot,” as the exchange said.
Founded in 2020, the company is a crypto derivatives exchange that strives to architect innovations into the crypto market. Designed by professional traders, BBS.exchange (formerly ACDX) aims to empower traders to express specific market views by innovative, transparent, and trader-centric products.
Lightning Speed: Taproot And The Lightning Network, A Match Made In Heaven
A little more than two months ago, Taproot went live. What does the biggest update to the Bitcoin network in years bring to the table? How can it help the increasingly popular Lightning Network? That’s exactly what the article we’re about to summarize is about. It starts by informing us that “Bitcoin even has a scripting language,” and that it’s called Script.
Related Reading | Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months
But before we get into that, what is Taproot?
“Taproot is a combination of three Bitcoin Improvement Proposals (BIPs) that enhance this scripting infrastructure: BIP340 – Schnorr, BIP341- Taproot and BIP342 – Tapscript. The key of Taproot that unlocks all the others is the introduction of Schnorr Signatures, which allow for key and signature aggregation. This means that multiple parties are able combine their keys to a single public key, thereby allowing them to sign a single message.”
It’s important to know that Taproot won’t allow “fully expressive” or “Turing complete” contracts like in Ethereum and all its related chains. Nor are those kinds of contracts a priority for the Bitcoin network, as our sister site Bitcoinist points out. Also, to curb our expectations, let’s read what Tales From The Crypt podcast’s host Marty Bent warned us about in his newsletter:
“It is important to understand that these benefits aren’t going to be immediate. They are going to come to market slowly over time as the software gets implemented into wallets and other services. Many are expecting Taproot to get activated over the weekend and all its potential benefits to be realized immediately. This is simply not the case and it is important that this fact is understood.”
Ok, let’s get into the meat and potatoes.
How Does Taproot Help The Lightning Network?
First of all, every Lightning channel consists of “2 of 2 multisigs”. So, a first benefit of being “able combine their keys to a single public key” is that “we have lighter transactions and therefore cheaper channel openings”. Not only that but “signature aggregation also offers enhanced privacy since its contents are indistinguishable from a single-signature transaction.”
To clear up how does this benefit privacy, let’s quote the Binance Academy:
“Spending Bitcoin using Taproot could make a transaction in a Lightning Network channel, a peer-to-peer transaction, or a sophisticated smart contract become indistinguishable. Anyone monitoring one of these transactions would see nothing but a peer-to-peer transaction. It’s worth noting, though, that this doesn’t change the fact that the wallets of the initial sender and final recipient will be exposed.”
However, this is not quite true… yet. The Voltage article clarifies, “Does this mean that lightning channels are now unidentifiable on the blockchain? Well, the answer is ‘yes’ for private channels and ‘not quite yet’ for public channels.”
BTC price chart for 01/04/2021 on Gemini | Source: BTC/USD on TradingView.com
Private And Public Lightning Network Channels
What’s the problem? Well, the network doesn’t announce the creation of private channels. The public ones, on the other hand:
“Unfortunately, even if we do hide the channel openings on the blockchain, the current specification of the lightning protocol requires nodes to broadcast the details of the funding transactions when announcing their channels.
This might seem counterintuitive at first, but it’s also an elegant way to prevent nodes spamming the network with fake channels.”
Related Reading | How Big Is Bitcoin’s Lightning Network? The Answer Will Surprise You
Also, let’s take into account that surveillance firm Chainalysis already announced a Lightning Network-related service. We should assume there are “sybil nodes surveilling the network”. And that “With enough hostile nodes” a bad actor could paint “a fairly detailed picture of the flow of funds”. Well, Taproot has an elegant solution for that:
“Taproot’s introduction of Schnorr signatures paves the way for a type of smart contract called Point Time Locked Contracts (PTLCs). PTLCs operate in the same manner as HTLCs by allowing payments to be identified by nodes, but PTLCs come with a handy feature of being able to randomize its identifier with each hop thereby making it impossible for nodes to correlate the traffic of sending and receiving nodes.”
Understand that “Taproot is a door that opens many other doors”. It’s a new toolkit with which developers all over the world will create new features and improvements. The info this article contains is just the beginning, the low-hanging fruit that we can see from our advantage point. Remember what Marty Bent said, “these benefits aren’t going to be immediate.” The Taproot-enabled stage of Bitcoin is just starting.
Featured Image by Cooper Baumgartner on Unsplash | Charts by TradingView
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Floki Inu To Feature Its Logo On S.S.C. Napoli’s Match Stadium And Jersey
The popularity and influence of digital assets keep surging as different sectors keep sticking to them. Among other mainstreams involved in cryptocurrency, the sporting portals and industry as a whole are not left out.
Recently, S.S.C. Napoli, an Italian football giant, signed a Floki Inu (FLOKI) token sponsorship deal. This deal will enable the cryptocurrency to feature its logo on both the team’s jersey and stadium.
Founded in 1926, S.S.C. Napoli is among the prominent and leading Italian professional teams. In 1987, Diego Maradona, the legendary football icon, led the team to its first victory in Serie A title. Presently, the group maintains the first position in the 2021-2022 league session.
The route of Floki Inu in football partnership with clubs has a similar trend as that of FTX, a top crypto exchange. The latter made numerous partnership involvements with sporting clubs this year.
Related Reading | Bitcoin Mining Firm Argo Blockchain To Raise .5M Via Senior Notes Offering
Through this recent sponsorship deal, Floki Inu just included Napoli to its football clubs’ list. The Cadiz in Spanish La Liga and the Kerala Blasters in the Indian Super League are other clubs on the list.
Also, earlier in the month, Floki Inu completed an endorsement deal with Tyson Fury, a boxing star. The terms included a promo to feature the two-time world heavyweight champion in Floki’s upcoming NFT play-to-earn game, Valhalla.
FLOKI trading in the green | Source: FLOKIUSDT on TradingVieew.com
An announcement from the football team on Tuesday disclosed the featuring of the Floki Inu logo at the back of the team’s jerseys. Also, some LED signs within Napoli’s home stadium will display the logo, serving as a reminder of the ongoing league session. The logo will comprise a Shiba Inu dog that wears a Viking helmet.
One of Napoli’s supporters, Jay Cassano, expressed his excitement about the sponsorship and the club’s involvement with cryptocurrency. He mentioned that such partnerships create the right pathway for increased mainstream adoption of cryptocurrency. He recalled the recent interest from some crypto firms on sports teams.
Floki Inu Sponsorship Terms Still Unknown
There’s still no disclosure of Napoli specifying if the sponsorship is a multi-year deal. Also, the amount that Floki Inu invested in the deal is still unknown.
However, the marketing department of Floki Inu acknowledges in the announcement the company’s move as part of the project’s goal. This was to push the cryptocurrency as the global most used and known digital asset.
Since last September, the Floki team has maintained a high marketing push for the project’s promotions. The team has about .5 million in allocations for its campaigns on adverts.
Related Reading | Bitcoin Mining In The U.S.: 4 States Attract The Most Miners
One of its key target locations is London, as it features its branding through several transportation services within the city. However, the advertising move created controversies by attracting the Advertising Standards Authority (ASA), the country’s advertising regulatory agent.
BBC’s Friday report revealed that ASA had commenced a review of Floki’s ads. This will help the watchdog to ascertain if the firm broke any advertising rules. On its part, the Floki Inu team insists that its ads had legal clearance with disclaimers.
Featured Image GameRevolution
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