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02/07/2022

Two days ago, Cardano (ADA) saw an upswing in the $1.1 key support, in sync with the market’s renewed bullish reversal. With today’s opening price, Cardano has shown that it is shooting to break above the $1.2 resistance by starting its trading at a decent price of $1.14. After a few hours, ADA price even went as high as $1.19, as per CoinGecko.

This performance signals that ADA might be able to rise higher and break its resistance level of $1.28. As a result, Cardano might be able to surge even higher and regain the bullish position it had in the past months.

For two weeks, Cardano’s price has been trading between the $1 and $1.12 range, which indicates a momentary consolidation. But, after moments of continuous tugging, the bulls appeared to have won by reestablishing a support level at $1.12.

In January, Cardano had an opening value of $1.3, with the highest value point of $1.6. The last few months saw a downward trend for ADA in contrast to the September 2021 highs of $3.1.

ADA/USDT 1-hr chart (source: TradingView)

In other news, Bitcoin is currently hanging around the value of $42,494.4. Although BTC’s value dipped, now it seems to be getting back up. Meme coin Shiba Inu and Dogecoin surged by as high as 31.5% and 12.1%, respectively.

01/31/2022

Binance, the world’s largest crypto and blockchain infrastructure provider, today announced that it has updated its Secure Asset Fund for Users valued at US$1 Billion.

The Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established by Binance in July 2018 to protect users’ interests. When the fund was established, Binance committed a percentage of trading fees in order to grow it to a sizeable level to safeguard users interests.

Changpeng Zhao (CZ), Founder and CEO of Binance said: “At Binance we always said ‘funds are safe’, and today the Binance Secure Asset Fund size acts as an effective safeguard as well as protection for users against such unlikely issues. Coupled with our state of the art security, we are confident that our user’s interests are well-protected.

CZ added:

"Transparency is an important element of building trust, which is why we are publishing our insurance fund wallet address. We call on all centralised exchanges to do the same as it will benefit the entire ecosystem and demonstrate to governments, regulators and important stakeholders our collective commitment to uphold trust, integrity and transparency in the crypto ecosystem." When the Secure Asset Fund for Users was first established in 2018, Binance began allocating 10% of all trading fees to provide insurance for potential security breaches. Moving forward, Binance will continue to monitor the size of the SAFU in order to ensure the fund size remains adequate to protect users interests.

The Secure Asset Fund was valued at US$1 billion based on the opening price on January 29, 2022. The value of the fund will fluctuate based on the market. The Fund can be viewed in two wallet addresses and comprises BNB, BUSD and BTC. The wallet addresses are here and here.

01/26/2022

The Fund had already warned that the adoption of the cryptocurrency “can bring significant risks” for the Salvadoran economy.
President Nayib Bukele has not immediately reacted to this new demand from the IMF. But on Monday he said that this is the time to invest in BTC.
The International Monetary Fund (IMF) urged El Salvador on Tuesday to “eliminate the quality of legal tender” of Bitcoin while expressing its “concern” about the issuance of cryptocurrency-backed bonds that the country’s government plans to do Central American, reported EFE.

Through a statement, the international credit organization announced that the Executive Board had concluded the Article IV consultation with El Salvador on January 24. During the annual consultation, the strategy applied by the Nayib Bukele government to address the pandemic was analyzed, as well as the implementation of Bitcoin as a payment instrument.

President Bukele has made the adoption of BTC as a payment currency and the promotion of El Salvador as a cryptocurrency financial center in Latin America the main economic project of his government.

Personally, through his Twitter (NYSE:TWTR) account, the Central American leader promotes the purchase of Bitcoin and the projects that revolve around the cryptocurrency. Among them, Bitcoin City and the schools to teach about blockchain technology that it intends to finance by means of the controversial crypto bonds or volcano bonds.

The IMF has not been able to meet with Bukele

In early January, El Salvador’s Finance Minister, Alejandro Zelaya, announced that the government would send nearly 20 bills to Congress to create a regulatory framework to regulate the issuance of bitcoin bonds.

So far, Bukele has not responded to the IMF’s demand. In November, he rejected a report from the body warning of the underlying risks for the country due to the adoption of Bitcoin on November 7, 2021.

In this report, the Fund recommended that El Salvador “limit the scope of the Bitcoin Law” in the economy in order to avoid risks. Bukele not only ignored the agency’s recommendation, but also responded with a mocking tone.

The IMF asked Bukele for a meeting to discuss the issue of Bitcoin as legal tender and its risks, but so far it has not been possible.

"The adoption of bitcoin as a currency generates a series of macroeconomic, financial and legal issues that require very careful analysis," said Fund spokesman Gerry Rice, according to a review by El País. Last week Bukele was visiting Turkey where he was received and praised by President Recep Tayyip Erdogan. Both leaders signed six bilateral cooperation agreements in various sectors, including trade, economy, defense, education and diplomacy.

During the meeting Bukele and Erdogan spoke about Bitcoin and cryptocurrencies. But what was discussed between the two presidents on this issue has not transpired. Turkey is currently going through a strong currency crisis as a result of the deterioration of the Turkish lira.

01/23/2022

There was so much Nifty News this week that a second round-up was necessary to catch up on the latest nonfungible token (NFT)-related news.

FLUF World and Snoop Dog partner for charity
FLUF World, Beyond VR studio and Snoop Dogg teamed up to raised over $1 million via a one-day charity NFT auction on behalf of the Kiwi nonprofit organization Auckland City Mission.

Adidas (OTC:ADDYY) Originals
UNICEF celebrates 75 years with NFT collection

01/19/2022

Dvision Network officially announces it has been deployed on Polygon Mainnet and brought over their LAND NFTs to their ecosystem. This recent support of the Polygon Network will signal a second LAND Sale for Dvision Metaverse scheduled to occur within Q1, 2022.

The LAND NFTs minted on top of the Polygon Network (MATIC) will allow users to have full-fledged and flexible access to the Polygon Ecosystem. This move will further confirm Dvision’s stance to become the ultimate multichain metaverse protocol, an initiative that will help connect different chains via bridges, providing the ultimate freedom to their end users.

Of note, this is not the first feat for the network as it previously conducted the largest LAND Sale on Binance Smart Chain that sold out within 5 minutes. The LAND NFTs were offered to investors at very low prices, with their common 1×1 virtual plot sold at around $100. Similarly, the secondary offered up to $700-$800, yielding up to 700% appreciation in their base value.

With the deployment on the Polygon Mainnet, Dvision Network can now launch on a multichain system which gives users more freedom and flexibility. Since Polygon is a protocol and framework that can connect Etherum-compatible blockchain networks, the Dvision Network will leverage Ethereum’s thriving ecosystem.

It became clear, that the upcoming LAND Sale 2 will be conducted on Polygon-supported marketplaces such as Dvision’s native marketplace. It should be noted that interested consumers that are willing to participate in the Dvision’s LAND Sale shall be prepared thoroughly, as their first LAND Sale has finalized in less than 5 minutes on Binance Smart Chain.

According to the team, Dvision established a strategic partnership with Polygon Network back in September 2020 with the aim to integrate with Polygon’s Sidechain. This step was taken to ensure users within the Dvision Network’s ecosystem experience low-cost, near-instant transactions. They also want to make sure users are given the multifaceted token economy of Dvision.

01/19/2022

Imge su Cetin, CEO of Defy Trends, breaks the mold of the enigmatic night-owl coder with her strong leadership and outgoing personality. After sitting on her laptop programming or scraping together data from thousands of sources, she likes to unwind by bringing like-minded people together and learning from smart friends. She even DJs for fun.

Imge su was born in Turkey. She moved to the United States when she 5. She moved back and forth between Turkey and the US, adapting to both cultures and developing the cosmopolitan savviness that she is known for today . After obtaining a B.S. in Economics at Bilkent Univesity, one of Turkey’s most prestigious academic institutions, Imge su worked for the United Nations in Iraq for a year. While living in Iraq she Imgesu also taught English to locals. She got her M.S. in Data Science at the University of California San Diego, working on research in EV charging optimization on the side while completing her degree. Imgesu’s proudest accomplishment was being selected among only 2,000 applicants for a full-time data scientist position in the UN. During her professional and academic careers, Imgesu was always passionate about blockchain technology and trading, creating apps for herself in her downtime to better guide her investments.

In the following piece, Imgesu shares her insights on some of the problems that need to be solved in the world of cryptocurrencies, how data analytics platforms can help to solve some of these problems, and offers a tantalizing hint of what’s to come

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