Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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China’s Xinhua News Agency to issue out commemorative NFTs

The state news agency has outlined plans to release digital news collectibles, despite authorities in the People’s Republic of China showing skepticism of the underlying blockchain technology

China’s state-run Xinhua agency is gearing up for a December 24 release for an NFT collection to document photographic news reports captured by the agency’s journalists across the year. The digital news collectibles would be available for free via the agency’s news app and will include a set of 11 photos, capped at 10,000 copies each, Bloomberg reports. There will also be a special edition to follow the first batch of released collectibles.

„It’s a unique year-end review. Moreover, it’s digital memory written in the metaverse,“ the agency said.

The news outlet added that the NFTs would hold collection value and bear unique identifying information reflecting ownership. Following the announcement, Chinese companies operating in the NFT sector, such as Perfect Rose and Goertek, were trading higher.

It now seems that the fate of NFTs in the country could be getting more lucid given that media institution Tencent Holdings said in November that the Asian country is soon expected to allow metaverse virtual environment activity, subject to compliance with domestic rules.

The PBoC harbours concerns about NFTs

Earlier this month, the People’s Bank of China (PBoC) warned citizens of the inherent risks as interest in NFTs and the metaverse rises. The central bank warned that these virtual assets could easily be misused and taken up as channels of money laundering schemes. An official from the bank said the bank would scale information sharing and enhance cooperation with law enforcement to prevent fraud and illegal monetary engagements.

Xinhua News Agency’s move is no first for NFTs in China as a few business entities, including Tencent and Ant Group, have already launched NFTs, though under strictly-controlled blockchains. In July, The South China Morning Post introduced plans to tokenise a series of historical assets onto blockchain using a novel token standard called ARTIFACT.

ARTIFACT’s litepaper explained that the standardised structure would be used to digitally immortalise key historical moments from the legendary agency’s 118-year-old archive. The NFTs would capture news moments in various representations, including infographics, photographs, and data visualisations.

The digital collectibles market has been one of the standout developments this year, with owners from around the world netting to the tune of millions of dollars from minting them. However, in China, it has remained a gray area, or rather an area of concern, as its legality remains in limbo.

It remains to be seen what China’s relationship with the NFTs would look like as the assets‘ underlying blockchain technology is ideally the same one backing the troubled cryptocurrencies.

The post China’s Xinhua News Agency to issue out commemorative NFTs appeared first on Coin Journal.

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The best cryptocurrencies for long term value investing

With the volatility often associated with cryptocurrencies, it’s easy to assume that they are only speculative assets designed for short-term investing. But you’d be wrong. For instance, even though a coin like Bitcoin has seen wild swings in prices in recent months, it’s still up over 100% year to date. So, crypto is a decent asset class for long-term value investing, and here is why.

  • First, most established coins are backed by decent underlying fundamentals that have real economic value.

  • The history of crypto shows steady and consistent gains over time. This won’t change even in the future.

  • The trick is to buy into an asset early before you are priced out

If you are thinking of adding crypto as part of your long-term investment portfolio, here are two coins that must consider very seriously:

Solana (SOL)

Solana (SOL) is a proof of stake public blockchain designed to power decentralised services and applications. Think of it as Windows for PCs or Android for mobile but instead of powering phones and computers, it is the ecosystem that will power the future of decentralisation. 

Data Source: Tradingview.com 

Solana (SOL) is highly rated and is often seen as the most direct competitor for Ethereum. It’s also faster, more efficient, and cheaper. But unlike Ethereum, it is still undervalued. At press time. Solana (SOL) was valued at $178 with a market cap of $55 billion. There is still a lot of potential for more growth in the long term.

UniSwap (UNI)

UniSwap (UNI) is the largest decentralised exchange in the world or DEX. The DEX is built on the Ethereum network, and it allows peer-to-peer crypto trading. 

Decentralised exchanges are expected to become huge in the future as investors look for more autonomy in trading. UniSwap will lead the way. At the time of writing, the coin was trading at $16.81 with a market cap of around $10 billion.

The post The best cryptocurrencies for long term value investing appeared first on Coin Journal.

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The best cryptocurrencies for short term day trading

Day trading is the practice of buying crypto assets, holding them for a short time (typically less than 24 hours), and selling them at a profit. It is a very risky trading strategy too, but with the right approach, it can be used to cash in on the short-term volatility in the market. However, not all cryptocurrencies are suited for day trading. In fact, here are some attributes that typically define the best day trading assets.

  • The asset needs to have a relatively high trading volume. This makes it easier for orders to get filled.

  • Day trading assets also need to be newsworthy in that, if something happens, they get covered in major crypto news.

  • Finally, the asset also needs to be relatively more volatile compared to other cryptos.

Well, in case you want to day trade crypto, the following are some two assets you can consider based on the criteria above:

Bitcoin (BTC)

The main reason why Bitcoin (BTC) makes it into the list is based on the sheer trade volume. As one of the most popular cryptocurrencies in the world, it is also a newsworthy coin. After all, news related to Bitcoin will always be on the front page of any decent crypto site.

Data Source: Tradingview.com

At the time of writing, BTC had a 24-hour trade volume of nearly $24 billion. Also, Bitcoin is supported in most crypto day trading derivatives, including futures, CFDs, options, and others.

Tether (USDT)

Tether (USDT) is the largest stablecoin. Just like Bitcoin, it has a huge trading volume. In fact, its trading volume at the time of writing was around $61 Billion, nearly 3 times more than Bitcoin.

Tether (USDT) is however not nearly as volatile as Bitcoin but there is enough volatility there for a day trader to profit. It also gets a lot of press coverage so you are going to have all the info you need.

The post The best cryptocurrencies for short term day trading appeared first on Coin Journal.

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UK Regulator bans Arsenal’s Fan Tokens Advertisements

Fan Tokens have been on the rise with the involvement of clubs across the five major European leagues

English Premier League Club Arsenal has been found at fault by UK advertising watchdogs for flouting regulations, as it pushed adverts promoting fan tokens. On Wednesday, the Advertising Standards Authority (ASA) dictated that the English club ceases to show the „irresponsible“ ads as it had failed to highlight the risks that involvement with cryptocurrencies came with.

„The ads must not appear again in the form complained about,“ the ASA ruled.

The Authority specifically cited two ads, one published on the club’s website on August 6th  and the second on the official Facebook account on August 12th, promoting the $AFC fan token.

Arsenal failed to include all the required financial information: ASA

Although the advertisement watchdog recognised that the ads that had been run did not promote the fan tokens as an investment or for financial gain, it noted that the football club failed to detail the possibility of Capital Gains Tax (CGT) required on any gains made from investing in the crypto tokens.

„Therefore, because the ads trivialised investment in crypto assets and took advantage of consumers‘ inexperience or credulity by not making clear that CGT could be payable on profits from investing, we concluded the ads were irresponsible and breached the Code.“

Further, the agency criticised Arsenal’s failure to clearly state the risks of trading the assets and clarify that these assets were not regulated in the UK. Even though the first ad did provide text informing potential consumers that the fan tokens could well easily lose value, leading to the loss of some or all of the investment, the warning was at the bottom of the ad. As such, it ran the risk of not getting seen by those engaging with the ad.

The Gunner’s Response

In response, a spokesperson from the club said that it took with utmost seriousness its marketing to the fans. The club explained that it had given warnings on the financial risks and was keen on the information they gave out to fans. It also noted that it would seek an independent review of the ruling to understand the agency’s stance better.

Fan tokens have attained mainstream popularity, more so in the European football scene. Giant clubs including Italian heavyweights Inter Milan, French Ligue 1 leaders PSG, and Spanish FC Barcelona have recently adapted these fan tokens. The clubs say these tokens provide an avenue to interact with the fans. Through the tokens, fans can participate in decisions such as the songs to play in the stadiums and decorations in the changing rooms.

More specifically, Socios has been at the forefront of promoting these tokens. Arsenal had teamed up with Socios to launch the $AFC token that fans could purchase from the Socio.com app. The transactions were conducted in the Chillz cryptocurrency.

The post UK Regulator bans Arsenal’s Fan Tokens Advertisements appeared first on Coin Journal.

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Cardano Foundation: We’ve had an incredible year of growth

Cardano’s native coin ADA rallied over 1000% in 2021, from $0.30 to peak at $3.09 and despite a recent sell-off, remains over 750% up over the past year.

Cardano Foundation CEO Frederik Gregaard says that 2021 has been a great year for the Cardano protocol, with “sustained growth, technical innovation, community expansion, and [major] partnerships,” the key highlights.

The Cardano Foundation chief said this as he highlighted some of the on-chain achievements reached over the year in a blog report published on 22 December.

According to Gregaard, growth meant increased adoption for Cardano (ADA), especially after the blockchain reached new milestones- the addition of native tokens and the launch of smart contract capability. There were also key developments towards enabling decentralized finance (DeFi) and decentralized exchanges (DEXs) on the blockchain, he added.

As of 20 December 2021, the Cardano network had seen over 2.5 million native assets minted since 1 March when the multi-asset ledger feature was added. Of the 2.5 million native assets minted so far, 2 million have been Non-Fungible Tokens (NFTs). 

There have been 2.58 million new wallets created and over 23.8 million on-chain transactions.

A summary of on-chain growth milestones for Cardano in 2021. Source: Cardano Foundation

Gregaard notes the Cardano ecosystem is open to more on-chain adoption and utility thanks to the successful launch of Alonzo Hard Fork in September. He says this “brought programmability to Cardano,” which made it possible for developers to build and deploy decentralised applications (dApps) on the blockchain. 

Cardano also now supports decentralised finance (DeFi), one of the major crypto developments to explode in the past year.

Cardano partnerships in 2021

Cardano also had a breakout year in terms of the many partnerships it struck, with these collaborations and deals aimed at “creating value and utility within the Cardano ecosystem.”

Some of the key partnerships include e-sports platform Rival, fintech UBX, and non-profit Save the Children targeting use of ADA for humanitarian projects in East Africa. Scantrust and Baia’s Wine, which are using the Cardano blockchain for supply chain traceability applications, were the other key deals announced in the year.

Cardano market outlook 2021

Cardano’s native token ADA is trading around $1.35 to the dollar as of writing, about 2% up on the day as per data on CoinGecko.  The coin’s value is over 750% up in the past year after rallying from lows of $0.30 at the beginning of 2021.

However, last week’s sell-off means ADA losses over the past month stand at -25%, while declines since hitting an all-time high of $3.09 in early September are at around 56%.

The coin’s value could yet dump as analysts see a fresh collapse for the markets in early January, although crypto analyst Michael van de Poppe says Cardano is one of those looking great for a bounce.

The post Cardano Foundation: We’ve had an incredible year of growth appeared first on Coin Journal.