Ethereum Struggles Below $2K, Why Bears Remain In Action

Ethereum struggled to gain pace above the $2,000 resistance against the US Dollar. ETH is declining, but it is still above the key $1,920 support zone. Ethereum is showing a few bearish signs below the $2,000 barrier. The price is now trading below $2,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,970 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline sharply if there is a clear move below the $1,920 support zone. Ethereum…

Web3 Is Crypto’s Boldest Bet. Why It Hasn’t Worked.

Early this year when anything still seemed possible for technology companies, futurists and venture capitalists were enthralled with the idea of building a new internet. Web3, as it became known, was poised to recapture the 1990s promise of a decentralized internet, free from gatekeepers and trillion-dollar platforms. Cryptocurrencies had the starring role in the Web3 dream. Crypto, in theory, could wrest control from giants like Meta Platforms (ticker: FB), Alphabet (GOOGL), Amazon.com (AMZN), and Apple (AAPL). It would shift our online activities to blockchains—handling everything from payments and trading to…

Bitcoin Price Remains In Range, Why The Bulls Need To Take Control

Bitcoin retested the key $28,500 support zone against the US Dollar. BTC is rising and the bulls might aim a clear move above the $30,600 resistance. Bitcoin is trading in a major range below the $30,600 resistance zone. The price is now trading near the $29,800 level and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $29,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain pace if there is a clear move above…

Ethereum Beacon Chain experiences 7 block reorg: What’s going on?

Ahead of the Merge tentatively penciled in for August, Ethereum’s Beacon Chain experienced a seven-block reorganization (reorg) yesterday. According to data from Beacon Scan, on May 25 seven blocks from number 3,887,075 to 3,887,081 were knocked out of the Beacon Chain between 08:55:23 to 08:56:35 AM UTC. The term reorg refers to an event in which a block that was part of the canonical chain, such as the Beacon Chain, gets knocked off the chain due to a competing block beating it out. It can be the result of a…

Developing countries love the Metaverse, rich nations not keen: WEF survey

Excitement for the Metaverse and virtual or augmented reality (VR/AR) is much greater in developing countries than in high-income countries according to a survey conducted for the World Economic Forum (WEF). Market research firm Ipsos released the results of the survey on May 25 showing the concept is now widely recognized: 52% of more than 21,000 adults surveyed across 29 countries are familiar with the Metaverse and 50% have positive feelings about engaging with it in daily life. China, India, Peru, Saudi Arabia, and Colombia were the top five countries…

After Armstrong Tweet, India’s Crypto Policy Body Says No Contempt of Court Challenge vs. RBI

Procedurally, legal sources say a contempt of court challenge is technically best filed by the original petitioner in the Supreme Court, which in this case would be the IAMAI. If it is not the original petitioner, then an individual entity seeking to file a contempt of court is required to first prove how it is an aggrieved party to the case. This itself is a tricky procedural hurdle. Author: Amitoj Singh Source link

An Island for Cryptocurrency and DeFi Talent is Set to Open in the Central African Republic 

The CV-19 lockdown situation has brought about a global shift in how work is completed. With countries forced to go on lockdown for months, there was, unfortunately, a need to lay off workers in key industries. However, many tech companies decided to introduce the concept of a WFH (Work from Home) policy to retain talent. Some sectors suffered economically during the pandemic. For certain sectors, like the cryptocurrency industry, the global cryptocurrency market size was USD 826.6 million in 2020 and fluctuated greatly.  One of the key effects of CV-19,…

Russian Court Acknowledges Crypto as a Form of Payment

Russia has joined the list of countries that have adopted cryptocurrency as a means of payment. However, this might be less so from an eagerness to adopt the world of crypto, but rather may be related to the sanctions imposed on the country due to the ongoing war between Ukraine and Russia. This Russian court ruling that allows crypto as a payment method came just a week after the Russian Industry and Trade Minister Denis Manturov hinted that the country would soon make crypto a legal form of payment. As…