Monat: Januar 2022

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Here is why recently launched BSC metaverse coin CryptoSword (SWD) is up over 400% today

While crypto markets have been trading sideways over the week, several metaverse coins have seen significant price gain, with CryptoSword (SWD) gaining over 400% today as others see only a double-digit percentage price increase.

At the time of writing, it was $0.1421; up 453% in the last 24 hours according to CoinMarketCap. It has hit a high of $0.3158 and a low of $0.02447 in the last 24 hours.

But why is the SWD coin rallying? Here is a deep dive into the behind-the-scenes of the current CryptoSword bullish trend.

What Is CryptoSword?

Before we look into the current CryptoSword bullish trend, it is important that we first explain what CryptoSword is for the sake of those who do not know what it is.

In a nutshell, CryptoSword is a Metaverse-based Game-Fi project on Binance Smart Chain that allows gamers to play games and also earn as they play. Its native cryptocurrency is SWD.

The CryptoSword players must have more than one sword in their wallet to start playing the sword battle. A sword costs $50+ 0.04 BNB, which is a reasonable price to start with.

There are different swords with different styles and levels. The swords include Legendary, Mythical, Common, Unique, Epic, and Rare.

The game also has Rounds that reset once a day, however, the number of times a sword can enter the fight and last time corresponds to the Rounds.

Players challenge mysterious enemies depending on the sword level after minting their swords. The players then receive rewards depending on the fight level difficulty. Players receive a base reward of 5USDT worth of SWD tokens.

The game is looking forward to developing a complete Metaverse experience where players can go to battle mode and fight unknown bosses after practicing and training their skills, the skill level of the player will be related directly to the number of rewards to earn. However, some features are not yet available since the game is still under development

Why Is Crypto Sword (SWD) price rallying?

CryptoSword (SWD) coin has been bearish since it was listed on CoinMarketCap on 10th January 2022; something that changed today after the coin surged by more than 400%.

Today on their Twitter handle, CryptoSword announced that their V2 metaverse Battle Mode is fully complete ready to open for the public.

The announcement about the new features has excited crypto traders resulting in a significant trading amount volume of $ 4.3 million and a fully diluted market cap of $762,771.

The post Here is why recently launched BSC metaverse coin CryptoSword (SWD) is up over 400% today appeared first on Coin Journal.

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IMF wants El Salvador to drop Bitcoin as legal tender

  • El Salvador adopted Bitcoin as legal tender in September 2021 and wants to build a ‘Bitcoin city’.

  • The IMF says the cryptocurrency poses threats to the country’s financial stability and consumer protection.

The International Monetary Fund (IMF) has advised El Salvador to reconsider its decision on Bitcoin as legal tender, citing several risks it says are associated with the use of the cryptocurrency.

El Salvador became the first sovereign state to pass a law adopting Bitcoin as legal tender in May 2021. The Bitcoin Law became effective in September, making the cryptocurrency money and mandating its use across the country.

The government distributed $30 (roughly £22) worth of Bitcoin to every citizen with a Chivo wallet account, with over 200 Bitcoin ATMs installed to aid in the adoption across businesses.

Although the move faced several challenges earlier on, President Nayib Bukele has maintained the country will ensure the use of Bitcoin works.

But the IMF has never warmed up to this idea, with the latest comment one among many it has issued since last year.

In a statement published on Tuesday, the global lender’s directors said making Bitcoin legal tender posed large risks. They pointed out that apart from the potential impact on financial stability, the cryptocurrency could also put the country’s “financial integrity and consumer protection,” at risk.

The IMF thus “urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” the statement continued.

President Bukele has previously touted the construction of a Bitcoin City, with the project hinged on profits from price increases and a $1 billion cash injection via Bitcoin bonds.

But the global financial institution also took issue with that, saying El Salvador’s plans for Bitcoin-backed bonds were another concern. According to the IMF report, these plans also posed risks to the country’s financial integrity.

Despite the reservations, the IMF was positive about the potential for growth in digital payments as promoted via El Salvador’s Chivo e-wallet. Speaking at the end of a consultative forum with the Central American country, IMF directors noted the digital wallet could “boost financial inclusion.”

However, they urged that the country needed to adopt stricter regulations in the quest to have the ecosystem properly supervised.

Last week, he announced the country had added another 410 bitcoins to its treasury as they took advantage of the digital asset’s price decline.

Bitcoin’s price rose to around $69,000 in November 2021 before correcting heavily to lows of $33,000 in January. At the time of writing, the cryptocurrency had recouped some of the losses and was trading around $38,200.

The post IMF wants El Salvador to drop Bitcoin as legal tender appeared first on Coin Journal.