Celo rallies 50% as excitement builds for the upcoming ‘Donut’ hardfork

Decentralized finance (DeFi) has emerged as a transformational force for not just the cryptocurrency market, but for financial markets in general in 2021 thanks to the ease of access and security offered by blockchain-based protocols which operate on smart contracts. One project that is looking to take the simplicity of DeFi to the next level is Celo (CELO), an open blockchain ecosystem that makes financial tools accessible to anyone with a mobile phone.  Data from Cointelegraph Markets Pro and TradingView shows that the price of CELO rallied 50% from a…

Bitcoin bull launches pizza company that doesn’t accept crypto payments

Just days before the anniversary of Bitcoin Pizza Day, Bitcoin proponent Anthony ‘Pomp’ Pompliano has launched a pizza company aimed at supporting small business and the Human Rights Foundation’s Bitcoin Development Fund. In an announcement on Twitter today, Pomp said his Bitcoin Pizza brand would be launching in ten U.S. cities beginning on Saturday, May 22. The start date coincides with the 11th anniversary of the first successfully documented commercial transaction of cryptocurrency for two Papa John’s pizzas — an event now known as Bitcoin Pizza Day. However, while Laszlo…

Ethereum Staking Will Drop Power Consumption by 99%

Key Takeaways Ethereum is transitioning to proof-of-stake, which will reduce its energy consumption dramatically. The Ethereum Foundation expects that the blockchain’s power consumption will drop by more than 99%. Ethereum will be about 7,000 times more energy efficient than Bitcoin, which continues to rely on mining. Share this article Ethereum will reduce its energy consumption by 99.95% following its transition to proof-of-stake, according to a new blog post from Carl Beekhuizen of the Ethereum Foundation. How Much Less Energy Will ETH Use? Beekhuizen estimated there are 87,000 at-home stakers using…

$83K Bitcoin price in the cards after data shows BTC whales bought the dip

As Bitcoin (BTC) tested the $43,000 support for the third consecutive day, whales bought the dip on derivatives exchanges. While there has been no significant price change, the Bitcoin futures premium reached its lowest level in six months. This indicator matches Dec. 11, 2020, when Bitcoin hit a $17,600 low just 10 days after making an all-time high at $19,915. Bitcoin/USD price on Coinbase, December 2020. Source: TradingView In December 2020, derivatives action triggered a 95% rally in 23 days, taking Bitcoin to a new high at $42,000. In addition…

Indian neobank aims to feed those affected by pandemic

Cashaa, a crypto banking platform with physical branches across India, is launching an initiative aimed at bringing crypto enthusiasts together to provide food supplies to those most affected by the COVID-19 pandemic. According to an announcement from Cashaa on Tuesday, the platform’s “Crypto for COVID” plan involves building a community of crypto users who will give underprivileged families in India the food they need for a month. As part of the initiative, Cashaa’s team is also providing curated ration kits intended to feed a family of four for up to…

There are now 6,710 Cardano millionaires following latest ADA surge

Cardano has rewarded its investors with significant gains this year, with a growing number of holders joining the coveted millionaires’ club following the latest ADA price surge. Since the start of the year, the number of millionaire investors in ADA has increased more than 13-fold to 6,710 as of May 17, according to United Kingdom-based news agency Finbold. Using data from Coin Metrics, the agency determined that there were just 504 ADA addresses worth at least $1 million on Jan. 1. The number of active ADA addresses also grew by…

Altcoins notch double-digit gains even as Bitcoin price falls to $42,500

On May 18, Bitcoin (BTC) and the overall cryptocurrency market faced another round of selling as fear, uncertainty and doubt (FUD) impacted investor sentiment after Reuters and various social media outlets reported that China would ban financial institutions and payment companies from providing services related to cryptocurrency transactions. According to these reports, China also issued a warning to several Chinese trade associations about the dangers of cryptocurrency investing.  Data from Cointelegraph Markets and TradingView shows that bulls attempted to push the price of Bitcoin back above the $45,000 resistance level…

US lawmaker introduces bill aimed at protecting ‘forked assets’ from IRS

Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets. In an announcement from Emmer on Monday, the congressperson from Minnesota said he had once again introduced the Safe Harbor for Taxpayers with Forked Assets bill in the United States House of Representatives. If passed in its current state, the bill would create a safe harbor for crypto holders with forked assets, allowing them to be nontaxable events. Further, these conditions would be continued until the…

‘Long Bitcoin’ chosen as most crowded trade in latest BofA survey

Despite the ongoing sideways trend in the cryptocurrency markets, Bitcoin (BTC) still remains a crowded trade. According to a new survey from Bank of America, this could indicate that the current bull cycle’s market top is still to come. Bank of America’s most recent fund manager poll suggests that the “long Bitcoin” bet is now the most crowded trade across all markets, with nearly 45% of respondents indicating it ahead of other trades like “long tech,” Bloomberg reported Tuesday. The new BofA survey captured responses from 194 fund managers with $592…

Famous analyst calls $43K Bitcoin price ‘logical’

Bitcoin (BTC) may have lost 35% since its all-time highs of $64,500, but its current price is actually “logical.” That’s according to veteran analyst John Bollinger, creator of the Bollinger bands trading indicator. Bollinger: Current price action “can tell a lot” In a tweet on May 18, Bollinger, who is well known as a source of Bitcoin analysis despite decades in the market, called for calm following fresh volatility. “~43,000 is what we call a logical level for $BTCUSD. It is defined by the January peak and the March trough,”…