Small Love Potion (SLP) price doubles as Axie Infinity user growth explodes

Last week Axie Infinity’s AXS token went on an impressive parabolic run and hit a new all-time high at $19.60.  Small Love Potion (SLP), a token in the Axie Infinity (AXS) ecosystem that is minted through gameplay as a reward to users, also broke out with a triple digit gain. SLP can then be used as a currency to breed Axies, which are nonfungible token-based creatures that populate the Axie Infinity world.  SLP/USDT 4-hour chart. Source: TradingView Data from Cointelegraph Markets Pro and TradingView shows that the price of SLP…

Crypto staking rewards and their unfair taxation in the US

The United States Internal Revenue Service (IRS) stretches the tax rules to fit its cryptocurrency agenda. At no time in tax history has pure creation been a taxable event. Yet, the IRS seeks to tax new tokens as income at the time they are created. This is an infringement on traditional tax principles and problematic for several reasons. In 2014, the IRS stated in an FAQ within IRS Notice 2014-21 that mining activities would result in taxable gross income. It is important to note that IRS notices are mere guidances…

Strong Bitcoin accumulation spotted as BTC price refuses to fall below $30K

Bitcoin (BTC)  price remained relatively flat over the weekend, inching closer to $34,000 on July 11. Nevertheless, BTC/USD has tumbled by almost 50% from its all-time high, near $65,000 in mid-April. But the massive downside move has not deterred investors from betting on the digital asset’s long-term bullish outlook. According to one of the Glassnode metrics, dubbed as Liveliness, the Bitcoin market has been noticing a shift in long-term investors’ “macro hodling behavior.” Hodling represents crypto investors’ ritualized response to market downtrends, a meme-driven investment strategy that originated from a drunken…

Ethereum’s 2.0 upgrades aren’t the game-changer that could bring more users

Ethereum 2.0 (Eth2) is being pegged as the blockchain Messiah of Ethereum. Newsflash: it’s not. The long-awaited changes are not expected to solve core issues that are plaguing the network and forestalling wider adoption. Vitalik Buterin, the brilliant mastermind behind the Ethereum blockchain, considers the personnel working with Ethereum as a bigger problem than the actual software, as he stated in a recent interview with Forkast news. While the personnel working on the project may or may not be problematic, it’s surely not the only shortcoming. As promising as the…

Adopting a decentralized way of life, from small steps to giant leaps

Bitcoin (BTC) and other cryptocurrencies, such as Ether (ETH), all share a common goal: to decentralize the way people bank and to open up the under-financed and under-banked world to their own financial independence. Decentralization and accessibility are some of the key motivators in the crypto sphere. Crypto and blockchain were not made for a specific group of people, but for an inclusive group of people. Owning crypto is simply a caveat, an advantage of moving away from the centralized world, but it is not a necessity. It is perhaps…

Blockchain can help publishers improve audience trust

Readers expect their news content to be reliable and trustworthy, yet many doubt it actually is. Readers cite issues like unchecked sources, rushing too fast to print, careless reporting and news sites being deliberately misleading as contributing to their eroding trust in published content. Yet readers seek out — and are even willing to pay for — credible, factual, objective news. Increased trust will come from providing more transparency into the reporting and writing process, and the solution to this for news sites will come from an unusual source: blockchain…

$8 Million Lost in Major ChainSwap Exploit

Key Takeaways ChainSwap suffered an exploit last night, resulting in $8 million worth of losses. The attacker sold several tokens available on the protocol through decentralized exchanges, meaning they tanked in value. ChainSwap has paused its Ethereum to Binance Smart Chain bridge and pledged to airdrop new ASAP tokens to holders. Share this article ChainSwap gets hit again.  Tokens Suffer in ChainSwap Attack  ChainSwap has suffered another exploit.  A hacker found a vulnerability in the decentralized exchange’s smart contract code last night. It gave them a way to access the…

Enjoy Euro 2020 finals the crypto and blockchain way

The date is set. July 11 is when soccer fans all over the world can, for a period of at least 90 minutes, forget all about what’s wrong with the outside world and finally get to witness who will be the winner of one of the most widely viewed sports in the world. England and Italy will compete for the honor to win the coveted UEFA European Football Championship 2020, or Euro 2020, trophy, which only comes around once every two years. Here is a little thought experiment for all…

Bridging the gap between sovereignty and performance

Back in 2019, an estimated 99% of crypto-asset transfers took place on centralized exchanges (CEXs), according to the number that was used by main crypto critic Nouriel Roubini. CEXs are likely to remain a central fixture of the crypto trading landscape for the foreseeable future. CEXs are fast and convenient, but typically require traders to deposit funds in an account controlled by the exchange. Unfortunately, history illustrates that this loss of sovereignty over a user’s digital assets can be an extreme and costly compromise.  Decentralized exchanges (DEXs) offer an intriguing…