It is a mixed Thursday session for the crypto top ten, with Solana (SOL) and Polkadot (DOT) leading the way while Cardano (ADA) struggles.
Market correlation with the NASDAQ 100 was evident throughout the US session, delivering broader market support.
The total crypto market cap is up $2.85 billion to $945.2 billion, with 100 minutes of the session remaining.
It is a mixed Thursday session for the crypto top ten. Bitcoin (BTC) avoids a visit to sub-$19,000, while DOT and SOL lead the way in a relatively range-bound Thursday session.
US economic indicators failed to impress on Thursday, easing selling pressure on riskier assets. While US initial jobless claims fell from 228k to 222k, the continuing jobless claims rose from 1,437k to 1,473k. There was a muted crypto market reaction to the numbers ahead of the US opening bell.
However, the NASDAQ 100 did provide support, rising by 0.60% to consolidate Wednesday’s 2.14% rally. This week, the crypto market correlation with the NASDAQ 100 strengthened. Riskier assets brushed aside hawkish Fed chatter for a second session. On Thursday, Powell talked of his commitment to fighting inflation. However, there was nothing new from the Fed Chair to spook the markets.
Crypto Market Finds Support from the NASDAQ 100 for a Second Session
On Thursday, the total crypto market fell to a low of $927.7 billion before rising to a high of $957.0 billion.
While falling back from the day high, the crypto market cap is up $2.85 billion to $945.2 billion. However, the crypto market cap is down $15.6 billion for the current week, with Fed fear lingering.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a mixed Thursday session for the crypto top ten.
DOT (+2.50%) and SOL (+2.26%) lead the way, with 100 minutes of the session remaining. XRP is up 1.10%.
While BNB (+0.54%), BTC (+0.01%), and ETH (+0.21%) are also in positive territory, ADA is down 0.42%. DOGE fell out of the top ten.
OKB (OKB) leads the way with a 16.64% gain, with NEO (NEO) and Bitcoin Cash (BCH) up by 6.52% and 8.27%, respectively.
Helium (HNT) gave up some of Wednesday’s gains, falling by 10.00%, with EOS (EOS) and Lido DAO (LDO) down by 3.84% and 4.26%, respectively.
Crypto Liquidations Fall in a Range-Bound Thursday Session
Over 24 hours, total liquidations eased further back, supported by another bullish day for the NASDAQ 100.
At the time of writing, 24-hour liquidations stood at $118.74 million, down from $245.56 million on Thursday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 36,151 versus 58,782 on Thursday morning. Liquidations over one hour, four hours, and 12 hours are also lower.
According to Coinglass, 12-hour liquidations stood at $74.59 million, down from $151.18 million on Thursday morning, with one-hour liquidations down from $5.25 million to $1.06 million. 4-hour liquidations are down from $104.84 million to $17.05 million. The chart below shows market conditions throughout the session.
Deloitte has found that 75% of U.S. retailers plan to accept crypto payments within the next two years.
More than half of large retailers are building the required infrastructure to integrate digital currencies into their services.
64% of merchants said that their customers have expressed interest in using crypto for payments.
Despite the crypto market collapsing in May, wiping out nearly $40 billion in investors’ capital, a new survey published by Deloitte suggests that merchants are optimistic about cryptocurrency’s future.
Deloitte, a leading global provider of audit and assurance, consulting, financial advisory, risk advisory and tax services, has found that 75% of U.S. retailers plan to acceptcrypto or stablecoin paymentswithin the next two years.
As it currently stands, there are over 320 million crypto users worldwide, with global crypto adoption rising by over 880% last year, according to data from Chainalysis and TripleA. As more and more people continue to invest in cryptocurrencies, it is expected that digital assets will make an even larger impact on the retail sector in the coming years.
Merchant Adoption of Digital Currencies
According to Deloitte, more than half of large retailers with revenues over $500 million are currently spending $1 million or more building the required infrastructure to integrate digital currencies into their services.
A large chunk of surveyed merchants (85%) said they anticipate that cryptocurrency payments will become more prevalent in their respective industries within five years, while 60% expect budgets of more than $500,000 to enable crypto payments this year.
In addition, small to medium-sized companies are also entering the space, with 73% of retailers with revenues between $10 million and $100 million investing between $100,000 to $1 million to create the necessary infrastructure.
The survey also found that consumer interest is fuelling merchant adoption, with 64% of retailers confirming that their customers have expressed interest in using crypto for payments. Around 83% of merchants anticipate that this interest is only set to increase in the future.
To this end, a recent study by research firm Insider Intelligence revealed that the number of adults in the U.S. relying on digital assets for everyday purchases is set to surge 70% by the end of this year. This means that 3.6 million Americans, or 10.7% of all crypto owners, will be paying for goods and services in crypto by December 2022.
Insider Intelligence expects cryptocurrencies to exceed $10 billion in global transaction value this year. In fact, the company believes that as digital asset adoption accelerates, the number of users worldwide may eclipse 37.2 million by 2023. This figure is feasible considering that investors entering the global crypto fray have nearly doubled across countries like India and Brazil within the last 12 months.
Push for Crypto Payments
While nearly half expect that cryptocurrency adoption will enhance the customer experience, 93% of retailers that are already accepting cryptocurrency have reported a positive impact on their customer metrics.
However, challenges remain and many merchants cited concerns related to the security of payment systems (43%) fluctuating regulations (37%), volatility (36%) and a lack of budget (30%).
Indeed, the complexities linked to the integration of cryptocurrencies with legacy systems poses the largest challenge, according to 45% of surveyed retailers. Deloitte expressed that wider adoption is more likely across a broader set of products and services as partnerships with regulated and established institutions in the industry help to deliver the benefits of digital currencies.
Additionally, more than 80% of surveyed merchants would be motivated to adopt digital currency payments if third-party processors avoided the traditional holding period or offered no conversion fees for digital and/or fiat currencies.
As it currently stands, 7879 global merchants accept Bitcoin (BTC) as a payment method, according to data from Cryptwerk. That figure stands at 4081 for Ethereum (ETH), 3284 for Litecoin (LTC), 2935 for Bitcoin Cash (BCH), 2058 for Dogecoin (DOGE), 1770 for Dash (DASH), 1658 for Ripple (XRP) and 1299 for Monero (XMR).
Also, leading fashion brands Balenciaga and Gucci announced recently that they are accepting cryptocurrencies across flagship U.S. stores, while PayPal expanded its offering to enable users to transfer cryptocurrency to external wallets after launching a new service last year that enables customers to buy, hold and sell cryptocurrency directly from their PayPal account.
Overall, Deloitte polled 2,000 senior executives at U.S. retail organisations between December 3 and December 16, 2021. The participants were distributed equally among the cosmetics, digital goods, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services and transportation sectors.
In other news, a new report by Messari and Dove Metrics has found that $30 billion was raised from 1199 funding rounds in the first half of this year, outpacing the entire year of fundraising in 2021. The centralised finance (CeFi) sector received a third of the total funds raised, while decentralised finance (DeFi) saw $1.8 billion in funding.
Meanwhile, Venture Capital (VC) investments in the space have reached $18.3 billion so far this year, which is nearly triple the amount invested in 2020 and also on pace to surpass 2021’s record of $32.4 billion, according to Steven Alexopoulos, an analyst at JP Morgan. With such developments in mind, it is clear that the cryptocurrency industry is set to expand further, with increased adoption setting the stage for future growth.
It was a bearish end to a bullish month for the crypto top ten, with Solana (SOL) leading the way down.
For the second session in a row, there were no cues to give the crypto market direction, leaving investors to lock in profits from the month.
A bearish session saw the total crypto market cap fall for a second consecutive session, with $12.6 billion coming off the table.
It is a bearish Sunday session for the crypto top ten. Bitcoin (BTC) failed to hold onto the $24,000 handle for a third consecutive day. Solana (SOL) led the way down after finding strong support on Saturday, with Dogecoin (DOGE) and Ripple (XRP) also struggling.
There were no cues for the crypto market, leaving investors to consider the prospects of a US recession and how it could impact the market.
This week, US economic indicators will continue to provide direction to the NASDAQ 100 and the crypto market. US stats include private sector PMIs for July and the all-important non-farm payrolls.
For the crypto market, the big question will be whether recessionary fears can break the link with the NASDAQ 100. At the time of writing, the NASDAQ 100 Mini was down 61.5 points, while the total crypto market cap was up $2.40 billion
The Total Crypto Market Cap Ends Three-Month Losing Streak
On Sunday, the crypto market rose to a late high of $1,012 billion before falling to a low of $1,053 billion.
However, finding late support, the market cap ended the day at $1,060 billion, down $12.6 billion for the session.
There were no cues for the crypto market during the session, leaving investors to lock in gains from the month.
Despite the bearish end of the month, the crypto market ended a three-month losing streak. For July, the total market cap increased by $194 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bearish end to the month for the crypto top ten.
SOL slid by 3.41% to lead the way down, with DOGE and XRP (-1.98%) ending the day with losses of 1.71% and 2.21%, respectively.
ADA (-1.71%), BNB (-1.42%), BTC (-1.43%), and ETH (-1.10%) also saw red.
Bitcoin Standard Hashrate Token (BTCST) and Filecoin (FIL) led the way, surging by 30% and 22%, respectively. Internet Computer (ICP) was a distant third, rising by 8.2%.
At the other end of the table, Ravencoin (RVN), Lido DAO (LDO), and Bitcoin Gold (BTG) saw the heaviest losses. RVN slid by 11.4%, with LDO and BTG declining by 7.6% and 7.0%, respectively.
Total Crypto Liquidations Highlight Bearish Final Hours of July
On Monday, 24-hour liquidations eased back further despite the bearish end to Jul.
At the time of writing, 24-hour liquidations stood at $133 million, down from $168 million on Sunday morning.
Liquidated traders fell marginally over the last 24 hours. At the time of writing, liquidated traders stood at 62,484 versus 68,567 on Sunday morning.
However, the one and four-hour liquidation figures reflected the bearish end to the Sunday session.
According to Coinglass, four-hour liquidations stood at $35.37 million, up from $34.29 million on Sunday. One-hour liquidations were at $4.81 million, up from $3.80 million (see hourly crypto market cap chart below).
Uniswap emerged as the best performer of the day, marking an almost 40% rise.
Synthetix wasn’t far behind either, rallying by 39.35% in the last 24 hours.
Bitcoin and Ethereum joined the altcoins rising to $23k and $1.7k.
With pretty much every cryptocurrency in the top 100 list noting a rally today, the crypto market capitalization rose back to $1.04 trillion.
In doing so, altcoins like Uniswap, Lido DAO, and more gained incline significantly, including the king coin and the altcoin king, which were found to be trading at $23,814 and $1,723 respectively.
The native token of the decentralized exchange Uniswap, UNI, performed exceptionally, rising by 39.23% in 24 hours to trade at $9.252.
In doing so, it not only maintained the 50-day Simple Moving Average (SMA) (red) and the 100-day SMA (green) line as support but also flipped the 200-day SMA (blue) line to the same position. This will give the boost UNI needs to recover the 60.82% crash it noted between April and May.
SNX was right behind Uniswap as it shot up by 39.35% to rise above the $4 mark after almost two and a half months and trade at $4.13.
Although the high volatility visible by the diverging Bollinger Bands might be a matter of concern if the altcoin attempts to recover the 76.46% losses it noted between April and June.
Bitcoin Cash (BCH)
The hardfork of the king coin, Bitcoin Cash, was also among the best performers noting a 29.34% rally to trade at $154.
The uptick observed on the Relative Strength Index (RSI) is a good sign for BCH as it could help in reclaiming the 71.56% losses of April to June, as long as the indicator stays below the overbought zone.
Bitcoin Gold (BTG)
Another Bitcoin hardfork made it among the top coins of the day as BTG rallied by more than 30% to trade at $27.13, even hitting $30 during the day.
This rise saved the altcoin from a bearish crossover that was about to take place 48 hours ago, as visible on the MACD.
Although NEO did not rally as much as others in this list, it still marked a substantial rally of 19.54% to trade at $11.08. The uptick visible on the Chaikin Money Flow exhibits that money is flowing into the asset.
This will help in not only maintaining the rally but also supporting NEO in its efforts to recover from the massive crash of April and May, where the coin fell by almost 65.6%.
Ethereum is holding above $1,600 despite ugly US GDP numbers confirming a recession, with bulls still eyeing $1,700.
A majority of fintech experts partaking in a survey earlier this month think the Ethereum merge will positively impact price.
Uniswap and Bitcoin Cash are amongst the best performing top 50 cryptocurrencies on Thursday.
Ethereum Holds Above $1,600 Despite Awful US GDP Figures
ETH, the native token that powers the Ethereum blockchain, was last changing hands just above the $1,600 level and only very slightly in the red on the day, despite the release of ugly US GDP growth figures for Q2 that confirm the US was in a so-called “technical recession” in H1 2022. The downbeat data, which showed that the US economy contracted at an annualized pace of 0.9% in Q2 after shrinking at a pace of 1.6% in Q1, has triggered a classic risk-off response in markets.
US bond yields are sharply down amid demand for the safe-haven asset and on bets that the Fed will tighten less aggressively. The yen and gold have also been performing well, while stocks have been knocked a little, which is weighing on crypto. Still, both highly risk-sensitive asset classes are higher in wake of Wednesday’s dovish 75 bps rate hike from the Fed. Indeed, ETH still trades 19% up versus earlier weekly lows and is only 3.0% lower versus the monthly highs it hit earlier in the session.
Some analysts think that bad data may support speculative risk assets like tech stocks and crypto in the months ahead, if it dissuades the Fed from raising interest rates so aggressively in the latter part of 2022 and into 2023. As a result, ETH bulls will be keeping their sights set on resistance in the $1,700 area. A break above here could open the door to a run higher towards the $2,000 level and resistance in the mid-$2,100s just above it.
Ethereum Merge Not Yet “Priced In”, Says Vitalik Buterin
Ethereum co-founder Vitalik Buterin said in an interview at last week’s Ethereum Community Conference (EthCC) in Paris that after the Ethereum blockchain transitions to Proof-of-Stake (PoS) from Proof-of-Work (PoW) later this year, “morale is going to go way up”. Buterin added that the so-called “Merge” isn’t yet “priced in”, as it hasn’t happened yet, and that it needs to take place on schedule.
Ethereum will use this shadow fork to test releases similar to those that be used in the Goerli merge on 10 August, Ethereum developer Parithosh Jayanthi told CoinDesk. The merge of the Goerli testnet to PoS from PoW will be Ethereum’s last trial run before the merge of its mainnet in September.
Ethereum “Merge” To Have a Positive Impact on Price, According to Finder.com
In a quarterly survey of 53 fintech experts conducted by finder.com and released earlier this month, an overwhelming majority (78%) said they thought Ethereum’s so-called “Merge” would have a positive impact on its price. However, one of the experts, Elbaite’s cofounder and CEO Mortaza Tollo, warned that its “hard to predict a short-term price after The Merge, there might be a case of buy the rumor, sell the news, so in the lead-up to The Merge prices might rise by up to 25% but decline shortly after”.
In answer to the question as to whether now is the time to buy, hold or sell Ethereum, the panel was fairly evenly split between buy (43%) and hold (41%), with only 16% recommending to sell. One expert, the founder and chairman of CoinFlip Daniel Polotsky, argued that ETH is currently selling for a discount given the ongoing bear market.
“Bitcoin, while still being a risk asset in the eyes of the general population, is still the most trusted blockchain among all cryptocurrencies… That means that people will flock to it over other, more speculative blockchains in times of unrest,” he explained. “What this means is that more speculative, growth-oriented blockchains like Ethereum will be on a steeper discount during the bear market, presenting potential buying opportunities for investors.”
In finder.com’s July survey, the 53 experts also gave their new Ethereum price forecasts for the end of 2022, 2025 and 2030. The mean forecast for the year-end is for ETH to hit $1,711, then to rally to $5,739 by 2025, before moving above $14,400 by 2030.
Meanwhile, experts at CoinPedia are bullish in their ETH forecasts. They see the cryptocurrency hitting $2,142.3 by the year’s end. In a bullish scenario where the network sees a reduction in congestion and gas fees following developments work, which they think could lead to new buyers and projects arriving, ETH could even end the year as high as $2,474. In a bearish scenario where the Merge doesn’t go so smoothly, ETH might only reach $1,785.
That compares to a much more bearish outlook amongst CoinMarketCap website users. Of the 291 that have submitted a forecast as to where they see Ethereum ending 2022, the mean forecast is for it to fall over 20% from current levels back to around $1,280.
Having gained 23% in the last 24 hours according to CoinMarketCap, Uniswap is the best performing cryptocurrency in the top 50. Price action on Thursday could be particularly significant as, in recent trade, the cryptocurrency has broken above its 200-Day Moving Average (at $8.38) for the first time since November 2021. A clean break above the 200DMA could open the door to a run higher towards the $10 level and resistance above that around $12.
Bitcoin Cash, meanwhile, is another strong performer. According to CoinMarketCap, the Bitcoin forked cryptocurrency is up close to 20% in the last 24 hours. However, it does seem to have run into resistance in the form of its 12 May lows around $150 per token. BCH has since dipped back from earlier session highs to the $143 area. It is still up over 25% versus earlier weekly highs.
Lido DAO (LDO) leads the way, going into the final hour, with an 8.32% gain.
Bitcoin Cash (BCH), Synthetix (SNX), and Fantom (FTM) are close behind.
However, succumbing to a late reversal, Axie Infinity (AXS) is leading the way down, with a 5.11% loss.
Kusama (KSM), ApeCoin (APE), and NEM (XEM) are also facing relatively heavy losses.
Total Crypto Liquidations Spikes in Final Hour Crypto Pullback
On Monday, 24-hour liquidations are up, though liquidation levels remain low relative to the mid-week spike.
This morning, 24-hour liquidations stood at $155 million, up from $127 million on Sunday. On Tuesday morning, liquidations had spiked at $691 million.
Liquidated traders have fallen sharply over the last 24 hours. At the time of writing, liquidated traders stood at 41,141 versus 61,924 on Sunday morning.
However, one-hour liquidations are up, reflecting the current market pullback from session highs.
According to Coinglass, one-hour liquidations stood at $34.39 million, up from $0.526 million on Sunday. Four-hour liquidations stood at $41.48 million, up from $9.33 million on Sunday. (See hourly market cap chart below).
Daily News Highlights
Updates from the SEC v Ripple case continue to prevent an XRP breakout.
Barclays plans to take a stake in crypto firm Copper.
Finland will deliver seized bitcoin with a value of close to €47 million to Ukraine.
The latest wave of selling pressure has seen Bitcoin drop back under the $19,000 level for the first time since 19 June, with bears now eyeing a test of earlier annual lows in the $17,500 area. Ethereum, meanwhile, is holding above the $1,000 level, but is looking precarious as the bears eye a test of sub-$900 annual lows.
Crypto prices are tracking downside in the global equity space as investors fret about the familiar themes of inflation, slowing global growth and aggressive central bank tightening. The MSCI World Equity Index was last down 0.7% on Thursday and on course for its worst first-half performance of any year since the indice’s creation.
Traders are nervous that upcoming US Core PCE inflation data at 1230GMT on Thursday might highlight a continued build-up of US price pressures, which would strengthen the Fed’s conviction that it needs to continue with aggressive tightening after a 75 bps interest rate hike earlier this month (which was the largest hike in 28 years).
Cryptocurrencies are seen as highly speculative assets which, alongside upstart tech stocks, are amongst the first assets that investors choose to sell when they want to position their portfolios more defensively.
Here is a list of the top three trending altcoins.
The Polygon blockchain’s native MATIC token is the worst performer in the crypto top 50 in the last 24 hours on Thursday, according to data on CoinMarketCap, with losses of more than 18%. MATIC/USD has experienced a cascade of selling pressure in recent hours after it slumped below its 21-Day Moving Average and key support in the $0.47s.
At current levels in the $0.42s, Polygon is trading with losses of around 23.5% on the week. As the end of June approaches, the cryptocurrency is on course to post losses of over 35% on the month and of nearly 75% on the quarter. Polygon bears will be eyeing a retest of recent annual lows in the $0.31 area.
Polygon’s price has crashed on Thursday despite the news that the blockchain’s developers have deployed the new Avail scaling system.
Bitcoin Cash made headlines on Thursday as it fell under $100 per coin for the first time since December 2018. BCH/USD is down just under 4.5% in the last 24 hours, according to CoinMarketCap, making it far from an underperformer in the crypto space on Thursday.
However, with the cryptocurrency currently ranks as the worst performer in the crypto top 50 (by market cap) over the last 30 days, with losses in excess of 50%. With key support in the form of the previous annual lows around $107 and the $100 level now taken out, Bitcoin Cash bears will be eyeing a test of the December 2018 all-time lows at $73.60.
Bitcoin Cash was also in the headlines on Wednesday after its value slipped to just 0.5% of Bitcoin’s, a new record low. BCH/BTC fell as low as 0.005, though has since rebounded to about 0.0052 on Thursday. Bitcoin Cash was created back in 2017 after a hardfork from the original Bitcoin blockchain, with BCH at one point shortly after the hardfork reaching a value of 0.43 BTC.
UNUS SED LEO
The Bitfinex cryptocurrency exchange’s utility token UNUS SED LEO, seen as something of a safe haven in the crypto space by some owing to its deflationary tokenomics (Bitfinex has pledged to buy back and burn all tokens eventually), is the best performer in the crypto top 50 on Thursday. According to CoinMarketCap, the cryptocurrency is trading with gains of around 3.0% in the last 24 hours.
LEO/USD is once again probing the $6.0 level, a break above which could facilitate a push towards March highs in the $6.25 area, which is the last major hurdle of resistance ahead of the all-time highs above $8.0 per token. LEO’s 21, 50 and 200DMAs are all pointing higher and the price action is looking bullish, even as most other major cryptocurrencies have come under selling pressure this week.
Cosmos and a few other alts were the only few to close in the green today.
Ethereum partook in the active downtrend losing more than 11%
Bitcoin followed a similar path and ended up trading at $20,855.
The broader market was expected to correct the ongoing correction, but the king coin, Bitcoin, and other altcoins decided to go down another path. Consequently, over $50 billion was wiped out of the crypto market in 24 hours.
ATOM was one of the only few cryptocurrencies that closed in green at the time of writing following days of red candles.
The altcoin had already witnessed a price fall of 32.8% within the span of a week, which only further added to the 86.4% depreciation observed since the coin hit its all-time high of $44.51.
Thus some recovery would instill confidence in ATOM holders. And recovery is on the charts since MACD was heading towards a bullish crossover at the time of writing, with green bars appearing on the indicator.
Unlike ATOM, Maker DAO’s native token MKR continued its downtrend, losing more than 10% in a single day. This has brought the price down to $701 from the highs of $2,301 the altcoin was at less than two months ago.
Since April, the cryptocurrency has not been able to flip the 50-day Simple Moving Average (SMA) and the 100-day SMA into support, which has led to multiple dips.
In 2 months, MKR has dipped by 57%, 29%, and 48.5% on separate occasions as both the SMAs acted as a resistance level for the coin.
The Bored Ape Yacht Club (BAYC) token marked another drop on the charts, 11.54% nonetheless, as the altcoin came down to trade at $3.23.
The slight growth observed yesterday did not do much for the coin anyways, as APE is 43.4% below where it was a week ago.
The Relative Strength Index (RSI) remained stuck in the bearish zone inching closer to the oversold zone, a slip into which might cause the coin to fall further.
Surprisingly the DeFi protocol token managed to sustain a rise at the time of writing, climbing the charts by 10.08%.
Trading at $3.44, CAKE still has a long way to go in order to recover the losses witnessed throughout the week as it declined by 31.36%.
However, the coin is observing no support from the price indicators as to whether the rally could go on. The Parabolic SAR continued to suggest a downtrend, which could keep the price consolidated for a while even if it doesn’t reduce further.
Bitcoin Cash (BCH)
The Bitcoin hard fork is facing the wrath of the bears, similar to other cryptocurrencies, sinking by almost 12% today following the 40% plunge observed in the last eight days.
Trading at $113.59 at the time of writing, BCH might continue its downtrend for a few more days.
This is because bearishness has only increased instead of diminishing, according to the Awesome Oscillator. The appearance of growing red bars backs the possibility as well.
While BTC saw a significant pullback in May, some altcoins noted decent price performances.
BNB and TRX were among the top performers of last month.
TRX’s market gains overshadowed most altcoins’ trajectory.
The year 2022 hasn’t been very fruitful for the global cryptocurrency market cap. Regular reports about the fed hikes, strong correlation with the equities and stock market, and the massive fall of the Terra ecosystem have added to the immense sell pressure faced by bitcoin and altcoins.
While many reasons kept the market moderately bearish throughout the year, bitcoin’s fall down to the $25,800 mark triggered a larger downside for altcoins. As BTC’s price hit $25,000 for the first time after July 2021, most of the altcoins saw massive losses. Nonetheless, some altcoins took advantage of their low BTC correlation and managed to grab the bullish opportunity even during market dips.
From May 1 to May 31, the global cryptocurrency market cap was down by almost 30% losing nearly $543 billion throughout the month. Amid the larger bearish wave, some altcoins stood out due to higher gains throughout May. It was, however, notable that the occasional gains that BTC saw due to external market factors were primarily responsible for altcoins’ short-term rally.
Here are ten altcoins whose performance stood out during the last month:
Binance Coin (BNB)
Binance Coin (BNB), the utility token of global crypto exchange Binance, maintained a relatively better trajectory throughout May despite the larger market’s dramatic fall.
On a shorter time frame chart (4-hours), BNB’s charted a decent recovery after May 14. The coin even managed to make higher highs for most of May.
Notably, BNB started the month at $392, and despite the 45% pullback in mid-May, the coin managed to make its way above the $300 mark. At press time, BNB traded at $301.82, noting 6.40% daily and 7.49% weekly gains.
The Ripple vs SEC fiasco has put XRP in the limelight over the last year. Despite the bearish market momentum, fundamentals for XRP highlighted that price could see recovery going forward.
Unlike other altcoins, the remittance token is taking its time to recover from the recent lows. XRP’s price was at $0.61 on May 1, but the coin saw a major dip in price towards May mid like the larger market. Nonetheless, the coin’s downtick wasn’t as huge as many other tokens in the market.
Tron’s price trajectory over the last month was nothing short of a wonder. While top crypto assets like BTC, ETH, and others noted price pullbacks amid high selling pressure, TRX charted its own bullish trajectory.
The coin’s price opened at $0.062 on May 1 and rallied to $0.085 by the end of the month. Data from Messari highlighted that TRX’s monthly ROI vs USD was +25.89%, while its ROI vs ETH and BTC was +94.54% and +60.66% over the same time period.
That said, TRX still had a lot of scope to rise in the long term as the coin was down by 70.66% from its all-time high at press time.
Bitcoin Cash (BCH)
Like the rest of the market, Bitcoin Cash followed BTC’s lead when bitcoin’s price dropped. However, the altcoin’s price gained occasional momentum charting decent market gains.
BCH’s price fell by over 35% in May-mid but soon recovered from the price drop gaining almost 15% from the lower price levels. At the time of writing, BCH traded at $191.37, noting 2.41%daily and 0.82% weekly losses.
XRP’s competitor XLM has had a better ride than XRP throughout the last month. At least, price-wise, XLM’s trajectory saw quite a few notable jumps in May.
Data from Messari, highlighted that XLM’s monthly ROI vs USD was down by 20.02%; however, the altcoin’s ROI vs ETH and BTC was +23.59% and +2.06%.
Privacy tokens like Monero have had a blast in terms of price. XMR often sees decent price pumps when the market is down; the last month was no different. At press time, XMR traded at $195.63 noting 1.45% daily gains and 3.29% weekly losses.
Data from Messari highlighted that XMR’s monthly ROI vs USD was -2.13%. However, the coin’s ROI vs ETH and BTC was +53.97% and +25.08%, respectively. That said, XMR’s 3-month ROI vs USD was +13.49%.
Ethereum Classic (ETC)
ETC’s price opened at $29 on May 1, but it saw decent price pumps throughout the last month owing to BTC’s occasional gains. At the time of writing, the altcoin traded at $22.56, noting 3.34% daily and 6.09% weekly losses.
The ethereum fork’s monthly ROI vs ETH and BTC was +15.65% and +4.36%, respectively. While the coin was still down by 88.26% from its all-time high made in October last year, its price maintained a relatively better trajectory in May.
MANA traded at $1.01, noting 5.25% daily and 3.39% weekly losses at press time due to BTC’s price pullback on June 1. However, MANA’s price held well during the last month despite assets losing close to 50% of market value.
Throughout May, MANA saw occasional price pumps giving way to gains.
GMT enjoyed a decent market presence and social attention throughout May, however, due to regulatory issues, the coin’s trajectory has become dull once again. The token registered an almost 10% spike in price during intraday trading on May 30; however GMT token appears to have shed these gains at press time.
GMT traded at $1.03, noting 13.77% daily losses at the time of writing.
MKR’s price was at $1563 on May 1, but like the larger market the DeFi token also saw a significant dip in price towards May-mid. However, MKR’s price rose to as high as $2300 on May 11 and continued the uptrend for a week after giving in to larger market’s sell-side pressure.
MKR’s monthly ROI vs ETH and BTC was +28.19% and +4.13%, respectively.
On Thursday, TAG Heuer announced the introduction of online cryptocurrency payments in the US.
TAG Heuer customers in the US can now make online purchases of up to $10,000 per transaction with the support of BitPay.
As a Red Bull Formula 1 Racing Team official partner, Web3 options are endless.
Since 2021, the fashion industry and luxury brands have embraced cryptocurrencies and Web3. The acceptance of cryptocurrencies for payment is a natural step into the Web 3 space.
As the transition from the real to the virtual world gathers pace, the adoption of cryptocurrencies for payment has also gained momentum.
The wider acceptance of cryptocurrencies for payment comes despite this year’s crypto sell-off. Earlier this month, Web3 advocate and luxury fashion house Gucci started accepting crypto payments in US stores.
This week, Swiss luxury watchmaker TAG Heuer joined an ever-increasing list of names to accept crypto payments.
Swiss Luxury Watchmaker Takes US Online Crypto Payments
On Thursday, TAG Heuer announced customers within the United States can make online purchases of timepieces and accessories using cryptocurrencies.
According to the announcement,
“With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces.”
The announcement went on to say,
“With the support of BitPay which specializes in building custom blockchain payment technology for businesses, TAG Heuer now accepts a total of 12 cryptocurrencies at checkout.”
The 12 cryptos include Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), and five USD-pegged stablecoins.
There is no minimum spend, and US customers can purchase up to $10,000 per transaction in supported cryptos.
Frederic Arnault, CEO of TAG Heuer, said,
“We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations – one that will deeply transform our industry and beyond.”
“As a luxury brand, we had to ensure that our entrance into Web3 would meet our standards of excellence and thanks to our nimble teams in-house and with the support of BitPay we are able to dive into this new financial world in the best way possible. This new crypto payment feature is just the beginning of many exciting projects for TAG Heuer in the Web3 universes.”
With TAG Heuer the official partner and timekeeper of the Red Bull Racing Formula 1 Team, Web3 is a target.
Formula 1 Team Owner Red Bull Looks to Lead the Way into Web3
In March, FX Empire reported Red Bull filing digital and metaverse-related trademarks. The applications raised the prospects of a Red Bull zone in the metaverse. Here, the opportunities are endless. Fans could buy drinks, clothing, and equipment, and even experience Red Bull-sponsored extreme sports.
With TAG Heuer now embracing Web3, the Formula 1 interlink could prove a mouth-watering prospect.
Red Bull Racing Formula 1 paved the way, partnering with Tezos (XTZ) to launch Red Bull Racing Formula 1 NFTs. NFTs from the Red Bull Racing Digital Collectibles are available for sale on the Sweet marketplace.
The Crypto Basket 10 Index Fund provides accredited investors with,
“An easy and efficient way to gain diversified exposure to bitcoin and other leading cryptocurrencies in a traditional private placement vehicle, which allows subscriptions and redemptions weekly and monthly, respectively.
The Fund seeks to track an index comprised of the top 10 largest cryptocurrencies based on market capitalization and available on US exchanges.”
At the time of writing, underlying assets included Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), Polkadot (DOT), Avalanche (AVAX), Polygon (MATIC), Litecoin (LTC), Bitcoin Cash (BCH), and Cosmos (ATOM).
The Crypto Mid-Cap Index Fund,
“seeks to track an index comprised of the mid-cap portion of the cryptocurrency market based on market capitalization.”
At the time of writing, the underlying assets included Cardano (ADA), Solana (SOL), Polkadot (DOT), Avalanche (AVAX), Polygon (MATIC), Litecoin (LTC), Bitcoin Cash (BCH), and Cosmos (ATOM).
Both of the Funds have an expense ratio of 2.5%.
The latest product launch offering follows last week’s launch of two crypto exchange-traded funds in Australia and heightened volatility across the crypto market.
The Bearish Crypto Market Gives 21Shares and Investors an Entry Point
21Shares launched its Australian and US crypto products at a difficult time for the crypto market.
For May, bitcoin has tumbled 23.9% and by 38% year-to-date. From May 9 to May 18, bitcoin was down 15.8%, reflecting the impact of the TerraUSD (UST) de-peg and the Terra LUNA collapse.
21Shares CEO and co-founder Hany Rashwan said in an interview,
“We’ve been working on products in the US since we started, so we couldn’t be more excited to finally bring them.”
On the US debut, Hany has also said,
“Bear markets are wonderful times to consolidate, to build and to innovate, and we see this as a long-term investment.”
“Bear markets are wonderful times to consolidate, to build and to innovate, and we see this as a long-term investment,” @hany, CEO and co-founder, on US debut.
On Wednesday, Gucci announces plans to begin accepting crypto in US stores later this month.
Gucci has been a trailblazer in the digital asset and virtual space.
Five US stores will accept payments in more than 10 cryptocurrencies, including DOGE and SHIB.
Gucci and the fashion industry have been long-standing advocates of digital assets and virtuality.
Fashion brands have ramped up Web3 activity in 2022, with some big names filingMetaverse-related trademark applications.
While some fashion houses play catch up, Gucci has been a Web3 trailblazer. News of Gucci making a move to begin accepting crypto payments aligns with the brand’s Web3 position.
Gucci to Launch Polit Program to Accept Crypto Payments in US Stores
On Wednesday, news hit the wires of Gucci launching a pilot program to begin accepting in-store crypto payments.
According to Vogue Business, Gucci will begin the pilot scheme at the end of May. Stores will share QR code links to shoppers via email to enable payments from crypto wallets.
Stores will accept crypto payments in more than 10 cryptos, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu Coin (SHIB), Wrapped Bitcoin (WBTC), and five USD pegged stablecoins.
Five stores will reportedly form part of the pilot scheme, these being Gucci stores on Wooster Street (New York), Rodeo Drive (Los Angeles), Miami Design District (Miami), Phipps Plaza (Atlanta), and The Shops at Crystals (Las Vegas).
Gucci plans to extend the pilot scheme to all North American stores by the summer.
It is not Gucci’s first foray into the virtual space. In February, Gucci purchased LAND in The Sandbox (SAND). Based on Gucci Vault, attendees can buy and use fashion items in the Metaverse.
On Gucci Vault, the fashion house also launched a Discord and the Gucci Grail, and the SuperGucci NFT collections, available on OpenSea.
The relationship with Web3 started much sooner, however. In 2021, Gucci and Roblox hosted the Gucci Garden, a virtual version of a real-world installation in Italy. Gucci Garden consisted of themed rooms in commemoration of Gucci’s centenary.
For the crypto market, the increased adoption of Web3 continues to support cryptos, including SAND.
The Sandbox Price Action
At the time of writing, SAND was down 0.86% to $2.41. A bearish morning session saw SAND fall to an early morning low of $2.40.
SAND will need to avoid the day’s $2.34 pivot to target the First Major Resistance Level at $2.55. SAND would need broader market support to return to $2.50.
In the event of an extended rally, SAND could test the Second Major Resistance Level at $2.67 and resistance at $2.70. The Third Major Resistance Level sits at $3.00.
A fall through the pivot would bring the First Major Support Level at $2.22 into play. Barring an extended sell-off, SAND should avoid sub-$2.20. The Second Major Support Level sits at $2.00.
Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SAND sits below the 100-day EMA, currently at $2.47. This morning, we saw the 50-day EMA narrow to the 100-day EMA, delivering support. The 100-day EMA flattened on the 200-day EMA; SAND neutral.
A move through the 100-day EMA would support a return to $2.60.
In an announcement today, the design-focused real estate investment and management firm Jamestown stated that it will now be accepting rent payments from its tenants in the form of cryptocurrencies.
To facilitate the same, the firm partnered with BitPay, which will act as an intermediary exchange.
Stating the reason behind enabling this provision for their tenants, the President of Jamestown, Michael Phillips, said,
“Blockchain technology and the digital assets it enables, like cryptocurrencies and non-fungible tokens, are key components to the evolution of real estate. Allowing for cryptocurrency payments is part of our commitment to innovation and larger digital asset strategy to optimize and maximize our physical real estate through technology and virtual integrations.”
Since Jamestown will not be receiving or holding cryptocurrencies directly, BitPay will convert the cryptocurrencies received from tenants into fiat.
Jamestown will be beginning by providing these services to tenants of its real estate assets throughout the United States of America. Eventually, they will also expand this service to their assets in Europe.
Would People Opt for It?
Given the state of the market, it is pretty uncertain if people would be willing to opt for paying in crypto. This could be because the market’s volatility is wildly unpredictable and can harm anyone’s holdings within a matter of hours.
For example, any tenant who purchases crypto to pay their rent the next could potentially lose their money within those 24 hours since it has happened in the past.
An instance of the same can be found in the red candle of April 26 when within 24 hours, Bitcoin, along with most of the other altcoins, lost more than 5% of its value, some even touching 12%.
Depreciation as such is concerning and could also keep people at bay from taking any risks.
Currency.com’s foray into America has been announced today.
The exchange has already registered with FinCEN.
Currency.com US will also provide clients with fiat-to-crypto capabilities and a crypto wallet with fiat support.
In a Press Release, the budding cryptocurrency exchange Currency.com announced that it has expanded into the United States of America.
Through this, the quickly growing exchange will be tapping a whole new region of clients and, at the same time, providing them with faster, simplified onboarding and execution.
Currency.com Brings Cryptocurrency to the States
Having already registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business, the exchange can now provide the services of buying, storing, and investing in cryptocurrencies to 48 states and territories.
The only states that will not be able to access these services immediately are New York and Hawaii, which as per the exchange, will be receiving them in the coming months.
Calling the US “one of the world’s most mature cryptocurrency markets,” Currency.com will be ensuring that through the simplified onboarding process, the exchange will be able to draw new investors towards it and away from other exchanges.
Currency.com US will already have a hosted crypto wallet and fiat-to-crypto payment gateway. This way, US clients will be the first in the world to benefit from this faster onboarding and execution.
Throughout 2021, the exchange noted a 445% rise in the overall trading activity on the global exchange, and Currency.com hopes that its US arm will also grow at this pace.
Commenting on the launch, the Chief Executive Officer of Currency.com US, Steve Gregory, stated,
“As a platform authorised and licensed to provide distributed ledger technology services, Currency.com is well placed to support investors in their journey. Our strong growth put us on track to expand into new markets, diversify the range of products and solutions we offer our clients, and work in close concert with regulators and trade organisations to ensure we continue to provide a secure environment for our clients to buy, sell and trade cryptocurrencies.”
The Self-Hosted Wallet
Building on their vision of simplifying the process of trading and investing in cryptocurrencies, the exchange is also providing users a crypto wallet with fiat support and fiat to crypto gateway.
This way, by connecting to their bank accounts or cards, users can easily buy and sell crypto while also storing them as per their choice.
The exchange will launch with Bitcoin and other major cryptocurrencies such as Ethereum, Litecoin, and Bitcoin Cash. And over time, other altcoins will also be listed on Currency.com.
With BTC sinking under the $40K mark, the larger market has been on a downtrend.
Apart from BTC, ETH, LINK, BCH, and XMR, a few coins could present exciting price trends.
At the time of writing, with bitcoin’s price below the $40K level, the larger market was primarily painted red. After dropping below the $2 trillion mark on April 8, the total crypto market cap has depreciated by close to 11% and stands at $1.83 trillion at press time.
The cryptocurrency market has been largely unmoved due to BTC’s rangebound movement for the most of last week. Nonetheless, with the larger market in a consolidation, some coins could present attractive buy opportunities in the short term.
Here are the top cryptos to watch in the coming week:
Looking at bitcoin’s current trajectory, analysts have pointed out that the coin is being driven by exogenous factors and intense selling pressure in the perpetual market despite robust fundamentals.
As BTC heads towards a high-risk zone, the top coin’s price dropped by almost 5% over the last week. While a 5% drop wouldn’t sound risky in a market as volatile as the crypto-verse, since BTC dropped below the psychological barrier at $40,000 the same added to the sell-side pressure.
After April 5, bitcoin’s price has made lower lows, and it fell to as low as $38,536 on April 18. Furthermore, bitcoin’s relative strength index saw a dip and was heading towards the oversold zone on a daily chart.
The decline in the 20-day EMA and RSI’s downward slope towards the negative territory indicated a minor advantage to bears at press time. If the price falls below $39,100, selling pressure could rise, and a price drop to the next support near $37,500 before and then towards the lower support at $34,750 could be expected.
Ethereum’s price oscillated just under the $3000 level as the price appeared to be hung by a thread. At press time, with ETH trading at $2,915.61, noting a 5.14% fall in price on a daily chart and a 2.77% fall on weekly retail interest seemed to fade.
The top altcoin by market cap had undergone an over 20% correction in price over the last two weeks to hit a low of $2,880 recently. While ETH’s price drop and rise in selling pressure were market-driven, a new delay in the protocol’s transition to Proof-of-Stake was further triggered.
Since ETH’s price fell below $2,950, a further downside to the lower support level at $2,570 or $2,160 can play out over the next week.
Nonetheless, with fundamentals looking strong, a buy zone around the $2,570 or $2,160 mark could be seen. In the coming week, if bulls can push prices above $3,500 for Ethereum to resume its previous uptrend, the same would ensure further upward momentum for the coin.
LINK’s price has been on a larger downtrend since April 5, and the coin has lost close to 25% value since then. While on April 16, the price noted a minor uptick, LINK bulls could not sustain the higher levels.
Strong selling near the $15 mark pulled the price back below the downtrend line as sellers dominated buyers for LINK. Chainlink’s current price downtrend resembles the January 2022 drawdown that brought LINK’s daily RSI to the oversold zone.
While at press time price level of $13.32, daily RSI still maintained above the oversold zone with the price still making lower lows; the indicator could head towards the danger zone if price falls under the $13 level.
At the time of writing, LINK’s price had fallen by 8.12% in the last 24-hours and was down by 4.86% over the last week. A push by bulls above the $15 mark in the near term could ensure gains but if bears take control price could fall back to the $12.3 mark.
Bitcoin Cash (BCH)
Bitcoin Cash bulls defended the 50-day SMA at $330, which was a crucial support level to the coin’s trajectory. However, a fall below the same prepared BCH for further losses around press time.
At the time of writing, BCH traded at $323.45, noting an over 5% fall on the daily. Nonetheless, one positive sign was that the coin was still up by 6.53% on the weekly chart. Towards the end of last week, BCH bulls managed to push the price by almost 13% even though the larger market was still moving in a rangebound trajectory.
However, short-term profit-taking and the larger market’s bearish momentum pulled the coin back below the $330 level.
Nonetheless, if bulls gain control over the coming week, a push to the $345 level could be expected.
XMR has been exhibiting a decently bullish trajectory despite the larger market’s bearish momentum over the last few weeks. It has often been noted that privacy tokens like Monero seem to rise when the larger market is more mellow.
At press time, XMR traded at $251.78, noting a 5.86% daily gain in price while still presenting 13.25% gains on the weekly. Monero, after hitting the $278 mark on March 8, has largely been on an uptrend.
If XMR’s uptrend continues, bulls could push prices to the $280 level, the next major resistance Monero could face. However, a downward push from bears could pull the coin’s price down to the $233 mark in the near term. For now, with buyers gaining dominance, an uptrend for XMR seems more plausible.
According to the tweet, there were some restrictions. Users in Hawaii, New York, and Nevada are unable to access crypto wallets due to local regulations.
“We are also working to add the ability to transact on the Bitcoin Lightning Network, so customers can send & receive BTC in seconds, for pennies instead of dollars.”
At the time of writing, Robinhood supports the buying, selling, and real-time market data for Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).
Robinhood Could Face Increased Regulatory Scrutiny
The news is positive for the crypto market, with Robinhood offering a competitive alternative to established crypto exchanges.
Regulatory scrutiny has been on the rise since the rollout of the beta version. With the U.S government, the SEC, and other agencies looking to ramp up crypto oversight, Robinhood will need to navigate the regulatory quagmire.
To compete with Binance, Coinbase, and others, Robinhood will also need to increase its crypto offering from 7 cryptos.
During the quarterly rebalance, Grayscale made some changes to all its funds.
Avalanche and Polkadot were added to the Digital Large Cap Fund.
SushiSwap and Synthetix were cut out of the DeFi Fund.
In a press release today, the world’s biggest crypto asset manager Grayscale Investments announced the quarterly rebalance of their portfolios. For those unversed in this, Grayscale has multiple investment funds which track multiple digital assets within them.
And every three months, these funds are analyzed and based on the investors’ reviews, changes are made to them.
Grayscale Makes New Changes
Now that the second quarter of the year has begun, Grayscale has adjusted its portfolios by removing some assets while also adding some or simply redistributing the money distributed amongst them.
The first was the Digital Large Cap fund (GDLC) which witnessed addition instead of subtraction this quarter.
After adding Solana and Uniswap last quarter, a substantial amount of money was removed from the existing assets to dedicate it to buying two new assets for the fund – Avalanche and Polkadot.
The second significant change came to the Grayscale DeFi Fund (DeFi Fund), which during this rebalance, lost SushiSwap and Synthetix.
Despite the latter performing exceptionally well over the last couple of weeks in terms of price, Grayscale decided to remove it. Both the assets combined held 6.24% weighting in the DeFi Fund, most of which went to Curve, whose weighting rose from 10.63% to 17.56%.
However, a reduction in asset distribution doesn’t always mean that money is being pulled out of the assets. Grayscale explained this by saying,
“Neither the Digital Large Cap Fund, the DeFi Fund, nor the GSCPxE Fund generate any income, and all regularly distribute Fund Components to pay for ongoing expenses. Therefore, the amount of Fund Components represented by shares of each fund gradually decreases over time.”
The DeFi Pulse Index
Similar to how the Grayscale DeFi Fund works, another DeFi asset tracking fund from Scalara, the DeFi Pulse Index (DPI), is also looking at a rebalance today. While the exact details are yet to be revealed, the elimination of Instadapp from the portfolio has been confirmed.
With 14 DeFi assets under its hood, led by Uniswap, AAVE, and MakerDAO, DPI has performed significantly better this month, rising by 31.43%.
Thus, while GBTC, ETFs, and other spot investment vehicles will have a higher preference, the rise of DeFi funds can also see investors diversifying their money into these indexes.
A major UK law firm announced that it would start accepting payments in cryptocurrencies for the legal services offered within the company.
Gunnercooke claimed that it became the first British legal firm to accept cryptos as a means of payments, thanks to the partnership with Coinpass, a UK-based crypto exchange.
The crypto company is known for having announced on November 2021 that it will support Dogecoin (DOGE), EOS, Tezos (XTZ), Uniswap (UNI), and Cardano (ADA).
Crypto Assets Accepted by Coinpass
In addition to these digital assets, Gunnercooke could accept payments in Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), Chainlink (LINK), and Stellar (XLM).
“We’re delighted to announce that we are now the first major UK law firm to accept payment in cryptoassets officially. We’ve partnered with Coinpass to make the exchanges and have now accepted our first payment from client Attestant,” Gunnercooke said in a tweet, where it disclosed the name of its first client in using the service.
Sling TV Becomes Crypto
More businesses in different sectors keep joining the crypto bandwagon amid a growing adoption. For example, as FXEmpire reported recently, crypto service provider BitPay has partnered with Sling TV to accept crypto payments. This allows users to pay for Sling TV services using cryptocurrency.
In the United States, there are over 2 million subscribers to Dish Network’s Sling TV service.
Since new subscribers must sign up for the service using American dollars, the crypto option would only be available to existing users. Users can use cryptocurrency for subsequent renewals.
Furthermore, crypto payments cannot be automated at the moment. As a result, they’ll have to repay every time the existing one expires manually.
On the other hand, prepayments can be made manually for one to six months, so users need not renew every month if they don’t want to.
Popular meme coin, Dogecoin, has witnessed a new addition to the list of firms accepting it as a payment method.
Sling TV Partners With BitPay
According to available information, Sling TV has announced that it is partnering with crypto service provider BitPay, to accept crypto payment. This means that users can subscribe to the streaming service using crypto payment options.
Crypto Payment Option is Available for Existing Users Only
Presently, the crypto option would only be available to existing users as new subscribers have to first sign up for the service using American dollars. However, subsequent renewals can be made via crypto.
Also, users cannot automate their crypto payments presently. Instead, they’ll have to make a manual repayment each time the existing one expires. The manual prepayment option ranges between one to six months, so users don’t need to renew every month if they don’t want to.
Sling TV has also set up a support page that provides users with all the necessary information about paying in crypto.
The comprehensive page will guide users through the process of making payments. In addition, it will help to reduce any errors that are likely to arise for first-time users of this technology.
Sling TV’s decision to support crypto payments is part of its desire to give users more flexibility and ease of use.
Apart from Sling TV accepting Dogecoin, Elon Musk also confirmed that Tesla will soon be accepting Dogecoin for its charging stations in the future. The carmaker is already one of the few institutions that accept DOGE payments for its products.
The growing acceptance of Dogecoin is yet to tell on its price, which is currently trading at $0.1385 after a 0.4% rise in the last 24 hours. During the last seven days, the asset’s value has dropped by over 7%.
Payment giant PayPal has excluded NFT transactions above $10,000, effective March 21.
Per a revised seller protection program, PayPal laid out its amendments, affecting non-fungible tokens (NFTs). It stated that items represented by NFTs including art, collectibles, and media both physical and digital that are over $10K in transaction amount are ineligible under the program.
The merchant-focused program aims to protect online sales transactions from chargebacks, reversals, and fraud. The seller protection boots if a transaction gets reversed due to successful chargeback by a buyer.
The new norm follows a number of instances of NFT thefts and scams that cropping up recently. Many NFT buyers think that there might be previous instances of NFT frauds on the payment platform, which has led to this amendment.
I’ve made multiple transactions over $10,000 with PayPal that qualified for buyer protection — it’s how I manufacture stuff!
I’m pretty sure someone paid a lot for an NFT, got scammed, and PayPal had to pay out for buyer protection, and that’s why we’re seeing this change.
The revision of seller protection norms come at a time when tax authorities in the U.K. seized NFTs linked to an alleged $1.8 million NFT fraud case. With increasing NFT scams, several sites have cautioned consumers to check if they are legit.
The U.S. Treasury also revealed that the burgeoning NFTs can be used for money laundering.
Some of the common NFT scams are fake minting, deadlinks, and discord hacks, where fraudsters gain administrator-level access to a discord server and post a fake minting link.
“Having a system that is managed with professional validators makes it feasible to fully protect consumers from NFT frauds,” Tom Anderson, CEO Devv.io, a blockchain and NFT security company, told FXEmpire.
PayPal’s move restricting NFT transactions that are beyond $10,000, not only prevents buyers from losing money in a lump in case of fraud but also helps cut scammers.
PayPal’s Pro-Crypto Moves
PayPal has been one of the early adopters in the crypto space. The payments platform announced the inclusion of cryptocurrencies such as Bitcoin and Ethereum for purchases.
The new crypto-friendly feature allowed U.S. PayPal account holders to hold cryptocurrencies and shop with them at its 26 million merchants. The California-based company also extended the service to its peer-to-peer payment app – Venmo in 2021.
Additionally, PayPal and Venmo have let their users who dabble in cryptocurrencies, move their digital coins to third-party wallets such as Coinbase.
Earlier this year, PayPal announced plans to launch its own stablecoin dubbed ‘PayPal Coin’ backed by the U.S Dollar. The company also formed an advisory council for cryptos and blockchain, involving six individual experts in the industry.