NEM, Augur and District0x price push higher while Bitcoin trades below $32K

Bitcoin (BTC) is on the verge of closing another week that saw the price dip closer to $30,000 but the same bearish observation cannot be made for all altcoins. On Friday, several smaller-cap altcoins managed to shake off the bearish assault and post-double-digit gains before traditional markets closed for the weekend.  Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours were NEM (XEM),  Augur (REP) and district0x (DNT). Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro It’s…

Retail Traders Pile On Shorts, Is This The Bitcoin Bottom?

Bitcoin has recently fallen below a $32,000 critical hold point and in response, retail investors have taken this as an opportunity to make money from the falling bitcoin price. So far, retail investors have started loading up on shorts, an incredibly bearish metric for the market. Retail investors load up on shorts | Source: Twitter So many shorts placed in such a short period of time might show other investors that the price of the digital asset will fall eventually and thus, lead to panic selling. Although this is never…

Data shows social metrics surge ahead of DeFi and NFT price rallies

A common saying in the investing world is “The trend is your friend,” a phrase that points to the idea that the majority of the time, sticking with the prevailing market trend will produce positive results. Some of the common metrics used to identify market trends include: technical analysis, which involves studying price charts to spot opportunities; fundamental analysis, which involves looking at a project’s underlying economic and technological factors; and social media metrics, which help an investor listen to the pulse of what the wider public is focused on.…

U.S. Treasury’s Janet Yellen Will Discuss Stablecoins

Key Takeaways Janet Yellen will meet with the Working Group on Financial Markets to discuss stablecoin regulations in the U.S. next week. Yellen has historically been critical of cryptocurrency; however, she has also acknowledged its potential to improve finance. It appears that the upcoming discussion will concern commercial stablecoins, not government-backed CBDCs. Share this article U.S. Treasury Secretary Janet Yellen will meet with regulators to discuss stablecoins, according to an announcement today. Workgroup Will Take Place Monday According to the U.S. Treasury, Yellen will meet with the President’s Working Group…

Harmony announces $1M hackathon aimed at merging traditional finance and DeFi

The Harmony blockchain has opened registration for a hackathon starting next month with more than $1 million in seed funding and prizes for participants. In a Thursday announcement on Twitter, Harmony said the hackathon would be focused on bringing in more people from traditional finance for challenges bridging their fields and decentralized finance. The protocol said there would be four challenges in each category of social wallets and keyless security, cross-chain and trustless bridges, and cross-border with fintech integration. “In blockchain, finance is where we are seeing product market fit,”…

China’s Digital Yuan Will Utilize Smart Contracts

Key Takeaways The People’s Bank of China (PBOC) stated in a new whitepaper that it is using smart contracts for its digital Yuan or e-CNY. Smart contracts supported by e-CNY will act as self-executing payments executed on “predefined conditions.” The whitepaper also discussed software wallets, hardware wallets, and matters related to transaction privacy. Share this article The People’s Bank of China (PBOC) has published a new whitepaper on its Central Bank Digital Currency (CBDC), the digital Yuan. China’s Digital Yuan Will Use Smart Contracts The bank’s whitepaper states that it…

Cardano grows closer to launching smart contracts with new testnet

IOHK, the blockchain development team behind Cardano, announced on July 15 that the project’s Alonzo test net had officially transitioned from Blue to White, bringing with it the ecosystem’s long anticipated expansion to functional smart contracts. HARD FORK SUCCESSFUL: Delighted to report around 19.44 UTC today we successfully forked the #Alonzo testnet to the new #AlonzoWhite node. The new network is happily making blocks already. 1/5 — Input Output (@InputOutputHK) July 14, 2021 While the previous testnet, known as Alonzo Blue, did offer some smart contract features, these were only available…

Malaysia is literally crushing thousands of illegal Bitcoin miners

Authorities in Malaysia destroyed more than $1.2 million worth of Bitcoin mining rigs after they were confiscated for operating illegally. In a video posted today from local news outlet DayakDaily, police in the city of Miri on the island of Borneo and the Sarawak Energy company arranged for a steamroller to run over 1,069 Bitcoin (BTC) miners. The rigs were reportedly confiscated from residents of Malaysia attempting to illegally mine the cryptocurrency using stolen electricity between February and April. According to a Friday report from Malaysian newspaper The Star, the…

Artist Damien Hirst says NFTs are like ‘the invention of paper’

Damien Hirst, a contemporary artist known around the world, talked about similarities and differences between artwork and fiat currency as he prepared to drop 10,000 NFTs tied to his physical paintings. Speaking with Cointelegraph’s Andrew Thurman at his London studio in May, Hirst answered questions in a magic 8-ball fashion, by opening up one of the boxes containing hundreds of sheets of his The Currency artwork collection and reading a sentence off the back of the paper. Though the immediate answers were not always on topic — is Satoshi really…