Kategorie: Crypto News

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GMT price at risk as StepN monthly and daily users plunge

  • StepN is one of the biggest move-to-earn players in the industry.

  • The number of daily and monthly users has continued plunging.

GMT price has been in a steep sell-off in the past few weeks as concerns about the crypto industry and its utility remain. The Green Metaverse Token was trading at $0.40 on Thursday, which was lower than last month’s high of $0.6840. 

StepN statistics are disappointing

Move-to-earn is a technology that became popular in 2022 as companies like StepN and Sweatcoin became popular. It has merit considering that billions of people now own smartphones. Also, the blockchain technology has become popular.

However, on-chain data shows that StepN is not doing well at all. Data compiled by Dune Analytics shows that the network had just 42,965 users in February, down from the previous month’s 46,632. Unfortunately, the figure has been in a strong downward trend after it peaked at 705k in May last year.

Other figures are also not pleasing. For example, the number of daily active users in StepN has been falling after it peaked at over 100k last year. Now, the number of DAU has plunged to less than 6,000. New daily users have crashed to less than 300.

It is not clear why this has happened. A likely reason is that the hype surrounding StepN has just faded away. Another reason is that users are not motivated to use the platform because of the performance of the Green Satoshi Token (GST), which has plunged by more than 98% from the highest level on record.

This is a problem that most Web3 networks that pay their users using crypto go through. For example, many users of Brave browser have seen their Basic Attention Token (BAT) dwindle with the token down sharply from its all-time high.

GMT price prediction

The daily chart shows that the GMT crypto price has been in a bearish trend in the past few days. Along the way, it has formed a descending channel shown in black. It has moved slightly below the 25-day and 50-day moving averages. The price is also slightly above the important support level at $0.4212, the highest point on December 7. 

This descending channel seems like a falling wedge. Therefore, while its ecosystem has some major issues, we can’t rule out a situation where the coin makes a bullish breakout. If this happens, the next level to watch will be at $0.60.

How to buy StepN

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy GMT with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy GMT with KuCoin today

The post GMT price at risk as StepN monthly and daily users plunge appeared first on CoinJournal.

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Exclusive: Web3 security platform NotCommon goes live backed by $1.5M funding

  • NotCommon is a one-stop shop for both artists and collectors to trade and exhibit work.
  • The platform also aims at protecting users and combat the uptick in cybercrime.
  • In 2022 alone, hackers stole $175M in digital assets.

Coinjournal can exclusively report that Web3 security platform NotCommon is now live after a $1.5 million funding. The platform offers a one-stop shop for both collectors and artists to trade and exhibit work.

The platform aims at taking the fight against blockchain fraud by protecting users from the rampant cybercrimes within the Web3 space.

Helping users keep their collections safe

Hackers and scammers have minted millions of dollars from the Web3 industry. They find loopholes and steal personal collections putting in question the security status of a majority of Web3 platforms. While a good number of the victims are newcomers new to smart contracts, seasoned NFT collectors have also fallen victim to phishing attacks.

Web3 suffers from a lack of the same safety nets witnessed by centralized services making it difficult for victims of theft to recover their stolen digital assets.

Commenting on the rampant security issues facing the Web3 industry, NotCommon Co-Founder and CEO Michael R. Pierce said:

“2022 was a tough year for the reputation of Web3 in general, but there is still palpable interest users and investors. However, there is a need to make the space safer, and that’s where we aim to be a driving force for security. For the benefits of Web3 to be realized, there is a huge educational component needed to onboard new Web3 users, if we are going to encourage further adoption.”

To address this problem and help NFT collectors and artists keep their collections safe, the NotCommon platform “prioritizes education and security, giving NFT collectors the tools they need to protect and manage their identity in Web3.”

Curated blacklist of web3 fraudsters

NotCommon aims to eliminate security issues within the Web3 space and usher in a new era of digital creativity by concentrating on security, safety and identity protection. To that end, NotCommon has launched a “curated moderated blacklist of fraudsters, allowing users to crosscheck people and entities against a database of known bad actors.”

The curated moderated blacklist of fraudsters includes a database of the various types of scams that have occurred within Web3 further adding to its deep resource for education about current scams and a live-updated compendium of known social engineering tricks.

NotCommon users will receive customized security alerts based on the collections they are holding in their crypto wallets. NotCommon’s Chrome extension also allows users to flag phishing accounts and keep a continuously updated log of scammers and fake accounts.

The post Exclusive: Web3 security platform NotCommon goes live backed by $1.5M funding appeared first on CoinJournal.

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After 8 years, Mt. Gox creditors may start receiving their BTC this month

  • Mt.Gox Bitcoin exploit took place in 2014.
  • The exploit remains the largest Bitcoin exploit in the history of cryptocurrencies.
  • Mt.Gox creators may however start receiving their bitcoins this month.

Mt.Gox creditors may have a reason to smile after the exchange’s January statement hinted that the creditors could start receiving their Bitcoin (BTC) this month.

It is about 8 years since The Mt. Gox hack occurred in early 2014 resulting in the loss of about 850,000 BTC which at today’s bitcoin value is worth more than $20.060 billion making it the worst Bitcoin hack ever as detailed in our Bitcoin statistics research.

Most Mt.Gox creditors lost hope of getting their bitcoins back since the issue has dragged on for years. One Mt. Gox creditor, Adam Back who is also the Blockstream CEO said via Telegram:

“Well, for myself, I had pretty much written off the Bitcoin I still had on Mt. Gox in 2014 as a loss, so philosophically anything I get back now is a bonus to cold store. It has stretched on for many more years than anyone expected, and so it will be welcome I am sure by any creditors to finally get paid.”

Early repayments to start from March 10

According to Mt.Gox’s January statement, creditors are expected to start seeing early bitcoin repayments from March 10. The early repayment process is planned to continue for a period of about seven months up to September 30, 2023.

The early repayments include early lump sum payments and intermediate payments. Further repayment amounts are to be made later.

Mt.Gox creditors were supposed to register with an exchange and nominate it to receive the repayments on their behalf. Exchanges have however given various timelines for processing payments. BitGo crypto exchange, for example, said that they will take about 20 days to process the repayments, while Kraken said that processing the payments could take up to 90 days.

Amount of bitcoin to be repaid

It is not clear how much bitcoin will be repaid to the Mt.Gox creditors during the repayment period. However, it is clear that it will be a portion of Mt.Gox’s balance sheet that according to a balance sheet in 2019 totals about 142,000 BTC, 143,000 BCH, and 69 billion Yen. The balance sheet is believed to have not changed much since then.

There are expectations that the claimants may receive about 21% of the civil rehabilitation claim value because the exchange rates have been revalued since the time of bankruptcy filing.

According to a moderator of the MtGoxInsolvency subreddit, the first 200,000 Yen worth of each creditor’s claim will be paid in Yen. If the claim is greater than 200,000 Yen, the creditors will choose crypto and cash, where they will receive 71% repayment in crypto and 29% in cash after the initial payment.

The post After 8 years, Mt. Gox creditors may start receiving their BTC this month appeared first on CoinJournal.

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Klaytn Blockchain to focus on demand and value of KLAY token in 2023: roadmap

  • Klaytn is a public blockchain platform developed by South Korean internet giant Kakao Corp.
  • The blockchain plans on establishing KLAY as a deflationary asset.
  • It also wants to provide more tools for developers who want to launch products on the network.

The latest technology and developer roadmap released by Klaytn developers earlier this week emphasized that the Klaytn blockchain intends to increase the demand and value for KLAY tokens.

Klaytn also recently passed a governance proposal to burn about 50% of KLAY’s supply. The move aims at making KLAY more valuable going by the demand and supply principle.

Klaytn 2023 roadmap

The recently released Klaytn roadmap states that Klaytn would find crypto infrastructure services, like decentralized oracles, where the KLAY token can be used, to increase the token’s transactional utility. This would also result in more gas burns.

Klaytn also plans on launching a permissionless pilot network on its Cypress mainnet in the second half of 2023. The pilot network will test the automation of the entry and exit of validators or entities on any blockchain that is responsible for verifying transactions.

The blockchain also intends to initiate several governance initiatives including establishing community governance council selection and sacking processes. Klaytn intends to transfer its decision-making authority to the community allowing KLAY token holders to have a say on who sits on the governance council, which is a group of network participants that oversee the governance of the Klaytn Network.

While the price of the KLAY token is currently in the red, Klaytn expects the value of the token to considerably rise once it starts implementing the milestones in the roadmap. 

The post Klaytn Blockchain to focus on demand and value of KLAY token in 2023: roadmap appeared first on CoinJournal.

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Pro expects BTC and Nasdaq 100 to be more correlated moving forward

  • Stockton discussed correlation of BTC and Nasdaq 100 on CNBC.
  • She says bitcoin has to break above $25,000 to look attractive.
  • Bitcoin is currently up about 40% YTD; Nasdaq 100 about 11%.

So far, bitcoin has meaningfully outperformed the Nasdaq 100 this year – up roughly 40% at writing versus a significantly narrower 11% gain in the tech-heavy index.

Katie Stockton’s remarks on CNBC

Interestingly, BTC remained resilient in the back half of the current month even after the U.S. Bureau of Labour Statistics said inflation was up more than expected in January.

Nonetheless, Fairlead Strategies’ Katie Stockton says bitcoin and the Nasdaq 100 index will likely be more correlated again moving forward.

We suspect that with equities now declining again, we’ll get back into that higher correlation mode between bitcoin and Nasdaq 100 and other risk assets.

A day earlier, CoinShares data confirmed that short-bitcoin funds secured inflows of $10 million last week.

Bitcoin needs to break above a key resistance

According to Stockton, bitcoin is still trading below a strong resistance around the $25,000 level and has to break above it to look attractive. On CNBC’s “Squawk Box”, she said:

It needs to clear that level in order to look better and because that would resolve a trading range to the upside and tell us that range is more likely a reversal pattern versus a continuation pattern.

Stockton is keeping neutral both on yields and the U.S. dollar for the next several months, she also confirmed.

BTC last week was briefly seen trading just above the said price – a move that analysts at Bitfinex said could indicate a possible bottom.

The post Pro expects BTC and Nasdaq 100 to be more correlated moving forward appeared first on CoinJournal.