Schlagwort: crypto market news

The price of Sandbox (SAND) is rallying after The Sandbox metaverse platform announced its partnership with Elvis-On-Chain to introduce the ‘King’ of rock and roll NFTs into the virtual world. 

The native token of The Sandbox, SAND, has rallied by over 5% after reaching an intraday high of $1.51 before retracing back to $1.34, up 5.29%.

SAND has been trending against the currents of the ongoing market crash by rallying by 11.9% over the past week after SAND acquired Cualit, an Uruguayan tech firm.

Besides The Sandbox, the other Elvis-On-Chain partners include Elvis Presley enterprises and Web3 studio Run it Wild which came up with the project earlier this year. On the other hand, the other partners of The Sandbox include Voxel Architects, Dappraft, Decentraland, and Metakey.

Elvis-On-Chain Metaverse

For Elvis Presley’s birthday celebration, 1,935 Elvis Genesis Key NFTs that are to be used by holders when entering the Elvis-On-Chain Metaverse that is expected to launch on June 1.

The Sandbox and its partners at Voxel Architects are working on developing avatars that will be used by Elvis fans in the new Elvis world.

Avatars users can become ‘The King’ in several formats in the new world where they can trade digital collectibles and interact with others.

Adam De Cata, Run It Wild Director said:

“These incredible partners, all leaders in the craft, help us build a one-of-a-kind meeting place for Elvis fans. The Elvis metaverse will host an array of ground-breaking experiences, generative collections, a showcase of rare concerts, fan experiences, and real events.”

Adding to Cata’s comment, The Sandbox COO and co-founder, Sébastien Borget said:

“We want to empower his fans to express themselves and become their very own Elvis, creating an exciting way to experience his likeness across generations and keep him forever in the limelight thanks to technology.”

After the Genesis mint, an Elvis party will be held on Decentraland. This will be a Guinness World Record attempt for the greatest Elvis impersonators in one place in the Metaverse.

⚡️The Elvis Block Party @Decentraland @VegasCityDCL will attempt to break a @GWR for the highest number of Elvis impersonators in one place. The world’s first ever Metaverse world record!

Get involved and be part of this historic @GWR event🌐🎙 https://t.co/IBrQ8wlEWh https://t.co/8pFLbhArkI pic.twitter.com/SoG7y23U85

— Elvis On-Chain (@elvisonchain) May 25, 2022

During the event, the attendants will be able to put on Elvis’s wearables like his styled wig and jumpsuit. Additionally, the Elvis Genesis Key NFTs holders will be given licensed Decentraland wearables.

Other ‘The Sandbox’ news

Virtual lands in the neighborhood of Mega-City in The Sandbox metaverse have also been purchased by two CMT companies; the PCCW and the HKT.

Mega-City is a virtual cultural hub in Hong Kong within The Sandbox metaverse that recently introduced its second stage.

The PCCW and HKT companies are set to bring the first-ever 5G virtual mobile network within The Sandbox metaverse and transform the conventional music, film, and TV content within the Web3.0 space.

PCCW and HKT are also expected to launch the next-gen financial and health technologies and e-commerce solutions that will revolutionize the metaverse industry backed by the 5G network.

The post The Sandbox (SAND) rallies on news of Elvis Presley NFTs mint appeared first on CoinJournal.

The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing. 

Top cryptos

Bitcoin was flat in the last 24 hours, trading just below $30,000 at the time of writing. Ethereum has lost around 3% of its value so far today. Binance Coin, XRP, and Cardano sustained similar losses. 

Solana is the biggest loser in the top 10, down 6%. Cryptos outside the top 10 showed a similar tendency. They all recorded losses today except UNUS SED LEO, which added less than 1% to its value. 

Avalanche shed more than 10%, making it the biggest top 20 loser. 

The biggest winner for the week is Tron’s TRX, which added around 12% to its value in the last 7 days.   

Top movers

Outside the top 20, most coins lost 3-7% of their value. Notable standouts include Zcash and Fantom, each down 11%, and Kusama with -13%. STEPN, Waves, Kava and Compound each shed 9%. 

On the winning side, there is BORA with 4%, Celo with 8% and the Sandbox’s SAND with 10%, making SAND the biggest gainer today. 

It’s rallying on news of a partnership with PCCW and HKT, becoming the first Hong Kong-based integrated communications, media and technology company to open a new digital frontier and join the metaverse.  

A Twitter Space seminar featuring Celo’s cofounder and president Rene Reinsberg called “Inspiring climate action through Web 3” is taking place today at 12 PT. 

TerraUSD is trading for $0.09, up 30.15% at the time of writing.  

Trending

The biggest winner today is Pixel Swap, a platform intended to solve liquidity sniping, front running and liquidity locking for NFT trading on different blockchains.

Pixel Swap aims to bring together all networks and NFTs under one roof to ensure the safety and success of trades across all blockchains. Its token PIXEL gained 303% today. 

The post Highlights May 26: Major cryptos down, SAND and CELO rally appeared first on CoinJournal.

Scott Minerd, Guggenheim Partners’ chief investment officer, now says cryptocurrencies haven’t really become that investment vehicle he thought they would when he first entered the space.

In his opinion, “everything is suspect”, and that “no one has cracked the paradigm in crypto,” with Bitcoin’s use as a currency not fitting the definition and characteristics that go with it – medium of exchange, store of value and unit of account.

Minerd made the comments during an interview with Bloomberg TV at the World Economic Forum held in Davos Switzerland. In an apparent dismissal of the sector, the billionaire investor said, “none of the stuff – stablecoins, the whole bit – everything is suspect.”

“Bitcoin and any cryptocurrency at this point has not really established itself as a credible institutional investment. It’s really become the market of a bunch of yahoos and backwaters,” he added.

Minerd also revealed that Guggenheim sold its Bitcoin holdings (which was acquired at $20,000) when prices reached $40,000. He also reiterated that he doesn’t hold any Bitcoin at the moment.

Bitcoin will fall to $8,000

On the price of Bitcoin, he predicts the benchmark cryptocurrency will crash to $8,000 before recovering. But this isn’t the investor’s first forecast about BTC price.

He’s been bullish and bearish before, notably stating in February 2021 that the cryptocurrency’s value could reach $600,000. BTC was trading at around $40,000 at the time.

„Cryptocurrency has come into the realm of respectability & will continue to become more and more important in the global economy.“ @ScottMinerd talks $GME / $SLV / $BTC and the logic of bubbles versus buying frenzy. pic.twitter.com/ZWoZqZNU2M

— Julia Chatterley (@jchatterleyCNN) February 2, 2021

But in June, with BTC/USD around $35,000, Minerd said in an interview with CNBC that Bitcoin could correct to $10,000. The cryptocurrency fell to about $28,000 before bouncing to eventually hit the all-time high of $69,000.

After shedding over 50% of the gains seen during the bull rally, BTC is bearish and currently trades near $29,900. Minerd says a technical outlook for the cryptocurrency points to a new drop to $8,000.

The post Guggenheim’s Scott Minerd says everything in crypto is “suspect” appeared first on CoinJournal.

The price of Filecoin (FIL) has dropped by more than 56% in the last 30 days as the firm continues to face allegations of pyramid schemes and fraud and is now under police investigations.

 It has dropped by 2.41% today to trade at $8.19.

The Boss of Filecoin’s largest firm under police custody

Shikongyun boss, Filecoin’s largest firm in China, Lai Chuhang has been arrested by Guangxi police after being suspected of organizing pyramid schemes and fraud.

However, this is not the first case as a couple of Filecoin companies in China were under police investigation in November last year after running FIL mining scams and pyramid schemes.

During the investigation, the police arrested about 30 suspects who had seized over $50 million during the scam.

Chinese government action on pyramid schemes

Chinese police have continued with the crackdown on the suspected Filecoin companies running mining pools in the country. Several agents carried out pyramid schemes to increase project participation after which the Chinese media reported in 2019, that the scheme raised about $300 million.

However, Shikongyun’s authority and technical account have been transferred to the police at the moment after which the services will resume after the investigations are over.

Besides, some executives are currently collaborating with the police to provide evidence. However, some employees have been released back to their jobs by the police after helping the police with the investigations.

Filecoin (FIL) price trend

Filecoin price has been dropping since last year September and is currently at 89% drop for the past 9 months following the fraud and scams reports. 

At the time of writing, FIL was trading at $8.25 down 1.86% in the last 24 hours from an all-time high of $237.24 set a year ago on April 1.

In addition, the current drop in Filecoin price has also been highly influenced by the current crypto market crash.

Filecoin Foundation partnership with Lockheed Martin

As the price of FIL continues with the dip, Filecoin Foundation and Lockheed Martin, an aerospace company, have planned to carry out an InterPlanetary File System (IPFS) node in space to increase data downloads as well as allow network participants to share or hold information.

The post Filecoin dips further after a 56% drop in the past 30 days: here’s why it’s dropping appeared first on CoinJournal.

Binance has announced that Binance Loans has started accepting AVAX and ADA tokens as collateral assets.

Binance Loans’ new Collateral assets (AVAX and ADA)

Binance Loans will now be accepting AVAX and ADA as collateral where they will provide loan orders that are backed by the two tokens so as to lower the borrowing cost.

However, Binance Loans also offers a number of cryptos as collateral assets, loanable limitations, and interest rates which depends on the internal risk mitigation and market situations. 

Difference between Crypto Loans and traditional loans

Basically, Crypto loans and traditional loans depend on the same principle but the main difference between the two is how people account for their money. In traditional loans, credit ratings are used to determine the risks, but in crypto loans credit rates are irrelevant. Institutions can use traders’ crypto as collateral until the borrower repays the loan. 

In Crypto Loans the period of repayment can be shorter than that of regular loans, for example, Binance Loans offers a loan term of about 7 to 180 days.

The risks involved in Crypto Loans

One of the risks involved in Crypto loans is the volatility of cryptos which makes them unstable as compared to normal currencies. For example, the value of crypto can drop making the collateral value of the lender less than that of the loan.

However, crypto loans may appeal to investors for a number of reasons as a number of traders might not consider liquidating their assets. Crypto loans can help traders to receive interest on their assets.

Besides, traders can use Bitcoin (BTC) to borrow USDT or BUSD as there is a high probability for the collateral value to increase and worth more than the loan. BTC value might rise to make some profits for the loan borrower.

The post Binance Loans starts accepting AVAX and ADA as collateral assets  appeared first on CoinJournal.