After bitcoin fell as much as 75% from its peak, crypto markets appear to have “found a floor,” JPMorgan said in a note on Monday.
Bitcoin and ether have surged 36% and 102% from their mid-June lows, respectively, and the total market value of cryptocurrencies has reclaimed the all-important $1 trillion level, according to data from CoinMarketCap.
Analysts at JPMorgan said there are two reasons driving the recent strength in the cryptocurrency market.
“What has helped, we think, has been more limited new contagion from the collapse of Terra/Luna,” JPMorgan said, referring to the stablecoin implosion that led to tens of billions of dollars in losses and sparked a leverage unwind that wiped out crypto firms like hedge fund Three Arrows Capital and crypto broker Voyager Digital.
“However, we think the real driver has been the Ethereum merge and positive data following the launch of the Sapolia testnet in early July and Ropsten testnet in June, indicating the merge is viable in 2022,” JPMorgan said.
The upcoming Ethereum event has been highly anticipated by investors. The merge is designed to transfer the Ethereum blockchain away from a proof-of-work network and instead to a proof-of-stake system, which is supposed to be faster and more efficient from an energy consumption perspective when mining.
A successful Ethereum merge later this year should help boost sentiment in the crypto markets, JPMorgan said. The merge is currently expected to take place in September, depending how the upcoming Georli testnet performs. That test is schedule for August 11 and is one of the last steps before the merge.
While ether sees a strong resurgence, there’s still a long way to go before it and the broader crypto market recover recent losses. Trading volumes in crypto continued to fall in July, and daily trading volumes in NFTs have collapsed 84% year-over-year, JPMorgan said.
Ultimately, the ongoing recovery of the cryptocurrency market could hinge on the upcoming Ethereum merge in the short-term as crypto investors look for a much-needed boost in sentiment.
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Nuls Blockchain is delighted to announce its partnership with Suisse Blockchain. The partnership is a blend of expertise, as Suisse Blockchain is rooted in marketing and regulatory compliance while Nuls is grounded in blockchain and multichain technologies. Both are committed to a future where blockchain startups are enabled to grow and market their visions for the future of blockchain.
Together, Nuls and Suisse Blockchain are creating and supporting an initial decentralized exchange (IDO) and incubator platform.
Blockchain is known for its technical and legal complexities — high barriers for blockchain startups to navigate. The mission of Suisse Blockchain is to lower those barriers and enable startups to grow without the limits of potential roadblocks — in other words, to facilitate blockchain startups shaping their futures.
Streamlining the incubation process
The Suisse Blockchain team works hand-in-hand with the Nuls team, continually strengthening the security and future of upcoming projects. Blockchain is an evolving technology with constantly changing rules and regulations. It is important to navigate the immediate while keeping sight of the future.
Suisse Blockchain takes care of that through code auditing, due-diligence research and a deep commitment to regulation. The foundation of Suisse Blockchain is the legal framework of the forward-looking Swiss distributed ledger technology (DLT) law.
This collaboration enables blockchain ideas and visions not yet dreamed of to flourish. As more blockchain startups appear with new ideas and concepts combined with a metaverse-bound future, Suisse Blockchain will be there to provide assistance and guidance.
Nuls is excited to join with Suisse Blockchain in contributing to the predictable and unpredictable shape of the future of the blockchain space.
About Nuls
Nuls, based in Singapore, provides a blockchain infrastructure boasting cross-chain consensus, a multichain mechanism and smart contract support. Its combination of two blockchains, the Nuls and the NerveNetwork blockchain, allows for fast speeds and comparatively low transaction costs.
Its multichain wallet Nabox provides Suisse Blockchain with the ability to interact with multiple chains. This enables the blockchain startup incubator to host IDOs for projects from a variety of platforms and is not restricted to BNB or Ether (ETH). Being able to utilize 20-plus blockchains is a technical advantage uncommon in the industry.
About Suisse Blockchain
Suisse Blockchain is a company based in Chur, Switzerland. Founded in 2022, Suisse Blockchain is the first blockchain startup incubator created on the Swiss DLT law framework, allowing the project to be secure and progressive when it comes to regulations. The blockchain-experienced team takes care of the creation, acceleration and later expansion of the company, utilizing one of the most cost-effective and future-proof blockchain platforms.
For more details, visit the Suisse Blockchain website here.
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Working toward its stated goal to build the highest-performing, most reliable blockchain application programming interface (API) platform, Bware Labs, the company behind Blast, is launching the Houston Incentivized Testnet.
The purpose of the testnet mainly revolves around verifying all the technical aspects involved in the decentralization of the Blast API Platform, from the proprietary Node Integrity Protocol to the staking mechanism. At the same time, it aims at preparing future node providers for the mainnet launch while giving them the option to obtain enough funds to join the platform in its production state.
In terms of rewards, the total amount reserved for the entire Houston Testnet is 1 million Bware Tokens (BWR), which is 1% of the total token supply. The tokens received during the testnet will be sufficient for each participant to be able to run at least one node when the mainnet is live.
Bware Labs claims that — thanks to its integrity protocol and incentivization mechanism — the Blast API platform will be able to keep the highest level of performance in the industry even after decentralization takes place. This means that no change in the quality of service will be visible to its constantly growing number of adopters and customers, among which it can already enumerate CoinGecko, Decentralized Information Asset, Connext Network, Moonwell, Subscan, DappRadar and many others.
The first phase — dubbed the launch phase — of the Houston Testnet will be restricted to the companies’ closest partners from the infrastructure and node-operating segments. The list includes reputable companies with vast experience in running blockchain infrastructure such as Dokia Capital, Stakin, P2P, Hashquark, Hypersphere and Woodstock. Once this preliminary stage is completed, Bware Labs will welcome independent node runners to onboard the testnet in the orbit phase, or phase two, and earn rewards while helping the company achieve its mission of providing quality-driven, decentralized services.
The Houston Incentivized Testnet will end with the landing phase — the third phase, where the creativity of participants is required in finding improvements, corner cases or other feedback that will help the platform become more robust and easier to use by both API consumers and node providers.
All details for the Houston Testnet — as well as the schedule and missions for those interested in becoming Blast partners as node providers — are available on the Houston Testnet landing page at houston.blastapi.io/houston-testnet.
About Bware Labs
The mission of Bware Labs is to create an infrastructure and development ecosystem that can help Web3 builders throughout their entire blockchain journey. The company aims to play a decisive role in worldwide blockchain adoption.
Proving its commitment to bringing true reliability and quality to Web3, Bware Labs has partnered with some of the greatest names in the industry, such as Polygon, Avalanche, Elrond, Moonbeam and Fantom. This will further support blockchain development efforts by providing the highest quality infrastructure services in the crypto space.
Bware Labs also supports Blockchain projects from a validator role. Capitalizing on its engineering team’s vast blockchain experience, the company is trusted by more than 15 blockchain networks to run validators for its projects.
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Barstool Sports founder Dave Portnoy has watched his investment in SafeMoon (SAFEMOON) crash by over 94%, proving to crypto enthusiasts that he is, in fact, capable of hodling during the bear market.
The stock trader and media personality took to Twitter Monday to lament his $40,000 investment in the meme coin, which has fallen to just $2,370.94 after he didn’t withdraw a single token. “Still holding by the way,” Portnoy said. “Diamond hands.”
Portnoy claimed that he’s also being sued by SafeMoon, possibly for “trashing” the project on his show, but didn’t elaborate much further. In a separate tweet, Portnoy shared a screenshot of SafeMoon’s sales manager expressing displeasure with the Barstool frontman for giving the company “a bad look and unfair representation.” Portnoy “mentioned his SafeMoon losses on air but failed to mention he hasn’t upgraded his holdings to V2 yet,” the manager complained.
Portnoy is no stranger to cryptocurrencies, having bought Bitcoin (BTC) in August 2020 only to sell it one week later due to volatility. He later expressed regret over his lack of conviction and went on to make several additional bets on cryptos, which included SafeMoon.
As far as prices go, SafeMoon is down over 99% from its all-time high of $0.00001399 in April 2021, according to CoinMarketCap. The coin has a lifetime return on investment of negative 86%.
SafeMoon was audited in May 2021 by blockchain security firm HashEx. At the time, the firm identified 12 smart contract vulnerabilities, including a “temporary ownership renounce” that made it especially prone to a rug pull.
The United Kingdom-based decentralized cloud network Cudos has announced that its token is now listed on Crypto.com’s globally recognized digital asset exchange. This high-profile listing on one of the world’s most popular exchanges will make the CUDOS token available to millions of users across 90-plus countries, helping to drive Cudos’ ambition to power Web3.
The Cudos network is a layer-1 (L1) blockchain designed for maximum flexibility and scalability. With its high throughput, low transaction fees and user-friendly development tools, it offers the ideal platform for building future-proof decentralized applications (DApps) and metaverse experiences.
The network is also highly interoperable, forming an integral part of the wider Web3 space. As part of the Cosmos ecosystem, it features simple and efficient interchain bridging to other Cosmos chains and Ethereum via the Cudos bridge. With other bridges planned for the coming months, Cudos is committed to an open and collaborative future for Web3.
The CUDOS token
The CUDOS token is the lifeblood of the Cudos blockchain, helping to secure the network and provide extensive utility. Tokenholders can take advantage of a range of benefits, including staking, governance rights and native nonfungible token (NFT) minting. And thanks to Cudos’ partnerships with NowPayments and Shopping.io, the token can also be used for purchases across a huge range of e-commerce stores.
Building the cloud of the future
The recent mainnet launch of the Cudos network is just the first step in the company’s far-reaching plan to power the future of the web. Building on this foundation, the forthcoming Cudo Compute platform will offer a revolutionary solution for distributed cloud computing.
By distributing computing tasks across an open, permissionless network, Cudo Compute will be able to offer a sustainable and robust source of cloud computing, all powered by the CUDOS token. By significantly expanding the global reach of the CUDOS token, the Crypto.com listing will help Cudos to realize its ambitious vision.
As Cudos’ CEO Matt Hawkins explains: “The recent launch of the Cudos mainnet has been an incredible achievement, the result of years of hard work by our dedicated team and the support of our vibrant and active community.
“Now that the network is live, we’re looking to the future with our goal of building a decentralized, sustainable and connected world. Thanks to this major new listing on Crypto.com, we’ll be able to introduce a whole new universe of users to the benefits of our blockchain.”
An expanding ecosystem
In addition to Crypto.com, CUDOS is also available on a number of other prominent exchanges, including Huobi Global, KuCoin, Bittrex Global, AscendEx and Liquid. These listings have driven the rapid adoption of the CUDOS token over the past year, alongside an extensive ecosystem of partnerships with industry leaders and innovative start-ups.
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Hector Network’s recent announcement that they are a champion partner of Borussia Dortmund (BVB), one of the most iconic and loved Bundesliga teams in Germany, is a massive achievement for the company.
BVB is one of the most traditional and popular German football clubs. Founded in 1909, BVB boasts more than 10 million fans within Germany and, in addition, also has a rapidly growing fan base worldwide. The eight-time German champions and five-time DFB-Pokal winner was in 1966 the first German club to win a European Cup competition. BVB also became the first Bundesliga club to win the UEFA Champions League in 1997, followed by the Intercontinental Cup in the same year.
With a turnover of over 400 million euros ($4.08 million), BVB nowadays is also one of the economically strongest football clubs in the world. BVB is an incredibly desirable partner with well-established stars playing every game, an enthusiastic fan base and an internationally recognized brand.
For Hector Network, the importance of this deal cannot be overstated. Live televised games, massive social media presence and unparalleled visibility mean the partnership with BVB will catapult Hector Network beyond the crypto community into mainstream recognition.
The association also promises to open up a world of business growth opportunities for the company, broadening its networking sphere and giving it access to high-profile industry events. The team has already begun making connections, which will continue as the season progresses.
Members of the Hector Network team recently had the privilege of touring the incredible stadium and meeting face-to-face with members of the BVB marketing team to finalize the partnership details. The experience of walking through the hallowed stadium was a true honor, and engaging with its BVB counterparts in person has inspired the Hector Network team, more than ever, to make the most of this exceptional opportunity.
Hector Network will be bringing the BVB experience to its community as well. There will be ticket giveaways for every regular match this season, both home and away games.
Additionally, tons of giveaways for fans and community members — for whom travel would be tricky — include merchandise, special events, unique personalized experiences and so much more. Later in the season, there will also be some substantial grand prizes to be won.
In the meantime, the Hector Network team is busy ensuring that every aspect of this partnership is maximized to its fullest potential. They will be focused heavily on community engagement and exposure. Hector Network is incredibly proud to join the BVB family, and it can’t wait to start interacting with the football team’s exceptionally dedicated fanbase.
To find out more about Hector Network, visit the official website: https://hector.network.
- Telegram: https://t.me/Hector_Network
- Twitter: https://twitter.com/Hector_Network
- Discord: https://discord.gg/hector
- Instagram: https://instagram.com/hector_network
- Medium: https://medium.com/@Hector_Network
- Telegram announcements: https://t.me/HectorNetworkAnn
Pro Gamer DAO (PG DAO) is thrilled and proud to announce its strategic partnership with GuildFi, the interconnected Web3 ecosystem of games, nonfungible tokens (NFTs) and residents.
PG DAO is extremely excited to partner with a like-minded team also consisting of experienced gamers whose vision is to create the best gamers experience for the current and future gaming audience.
GuildFi helps gamers discover games with high potential and helps game-makers connect with the right player bases for sustainability and long-term growth. The gaming guild acts as a scholarship aggregator and an all-inclusive platform while providing extensive tools that improve players’ success via boosting yields and compounding rewards and bonuses.
The community leaders of PG DAO consist of a unique group of hardcore, passionate gamers who appreciated and loved the development work of GuildFi in creating a seamless, all-inclusive platform dedicated to gamers and gaming communities.
Backed and incubated by Deuk Soteria Ventures, PG DAO was created by an elite, experienced group of pro gamers out of South Korea, a nation famously known for its extreme gaming culture. PG DAO’s ambition is to become the elite gaming community for gamers with the most extensive collection of resources. Most recently, PG DAO announced a partnership with League of Kingdoms, a top-tier gaming project with thousands of dedicated users.
That ambition is why it’s important for PG DAO to aggregate top-quality games and gaming NFTs. With this newly formed partnership, PG DAO and GuildFi will collaborate on actively bringing together more active platform users, community members and real gamers, contributing and joining hands to grow the ever-expanding crypto gaming ecosystem.
PG DAO will bootstrap its extensive player base to participate on the platform GuildFi provides, allowing members access to other guilds’ scholarships and gaming tools created specifically to enhance players’ performance while maximizing their rewards.
Ken Ko, core team member of PG DAO, said: “With an extensive gaming community established in Korea, we always welcome various opportunities to develop our decentralized autonomous organization (DAO) ecosystem and to further grow our community.
“Therefore, partnering with a robust and top-tier platform like GuildFi will benefit our DAO in both yield earnings and in-game profit.”
Jarindr Thitadilaka, project lead of GuildFi, said: “Collaborating with a community-driven guild such as PG DAO enables multiple synergies to be achieved.
“With GuildFi at the forefront of the Thai gaming community and PG DAO anchoring the Korean-gaming community, it enables us to bring forward more platform users, community members and active gamers in the Web3 gaming ecosystem.”
With the notion surrounding the crypto industry becoming more accepted by the day, the highly anticipated Monaco Crypto Summit is bringing together world-class industry leaders and experts this summer to discuss all things cryptocurrency and the future of the industry in the heart of the French Riviera.
The prestigious Grimaldi Forum, based in the heart of Monte Carlo, Monaco, will be hosting the Monaco Crypto Summit this summer on July 29, focusing on the future of crypto through interactive discussions and a series of announcements of new partnerships and products.
Being held in what can be argued as one of the most luxurious and prestigious locations in the world, the Monaco Crypto Summit is sure to give guests only the best VIP treatment with a host of exclusive speakers, auctions, an after party and more. Dustin Plantholt, crypto editor for Forbes Monaco, and Rachel Wolfson, senior reporter with Cointelegraph, will jointly MC the summit.
The summit will be followed by a VIP gala dinner at the Yacht Club de Monaco with expected guests including Prince Albert II of Monaco and Al Burgio, the founder of the ultimate blockchain for brands, DigitalBits.
Attendees can expect an extensive list of special guests and speakers in attendance, which can be found on the event’s official website and social channels.
Some key points that attendees can expect to be covered during the summit will surround the ins and outs of how people are currently using the DigitalBits blockchain, along with new product announcements that are leveraging DigitalBits. In conjunction with that, we will see an exclusive NFT auction that will take place during the course of the VIP gala dinner.
The launch of a new DEX platform will also be unveiled at the summit, along with a list of organizations and projects that will be using this platform.
“The crypto industry is rapidly evolving and maturing by the day, which is why a community-wide update — led by some of the world’s leading experts — is now truly needed more than ever before.
The summit will highlight this emerging new asset class called cryptocurrency, discuss the many benefits to blockchain, reveal the most innovative projects, and announce dynamic new global partnerships and initiatives. We are eager to meet and welcome all our esteemed Monaco guests to what will be an epic summer event held on July 29,” said Plantholt.
Crypto enthusiasts and investors are all welcome at the Monaco Crypto Summit this July 2022, having the opportunity to not only be the first in line to learn about the latest projects but also indulge in the expertise of industry leaders. More news and information is available on the site.
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FZE, a subsidiary of crypto exchange FTX, has been awarded Dubai’s first Minimal Viable Product (MVP) license, allowing full operation of the exchange in the region.
Dubai’s Virtual Asset Regulatory Authority (VARA) issued the operating license to FZE under the MVP program, which according to Helal Saeed Almarri, the director general of Dubai WTC Authority, is designed for secure and sustainable growth in Dubai. For now, the FTX FZE exchange’s operations are in the test phase and will be focused on providing various crypto services.
According to FTX CEO Sam Bankman-Fried, the newly licensed exchange will operate under a model incorporating regulatory oversight and Financial Action Task Force (FATF) compliance controls catering to Tier 1 international financial markets. In addition, Almarri revealed that the exchange’s operations will be used as a regulatory trial for future commercial services using virtual assets.
“The MVP Phase, exclusive to select, responsible international players like FTX, will allow VARA to prudently structure guidelines and risk mitigation levers for secure commercial operations,” said Almarri.
With the license, FTX FZE has been approved to deploy regulated crypto derivatives products and trading services to qualified institutional investors. In addition, the exchange can also act as a clearing house, operate a nonfungible token (NFT) marketplace, and provide custodial services across the region.
Back in March 2022, FTX was the first to receive Dubai’s virtual asset exchange (VAX) license soon after the regulators signed off the virtual assets law and established the Dubai VARA. Crypto exchange OKX also received a provisional license from Dubai’s regulatory authorities to provide additional services to local investors and financial services providers.
Dubai, and the rest of the UAE, have been taking steps towards cryptocurrency adoption at a fast pace this year. The emirates went a step further on its bet for innovation earlier this year with the launch of Dubai Metaverse Strategy.
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US crypto exchange FTX is continuing to acquire and expand in the crypto space, with reports emerging that the exchange is in talks to acquire Bithumb. The exchange has also backed a slew of crypto firms, including the likes of Voyager Digital and BlockFi.
Rumoured Bithumb Acquisition
According to several reports, FTX is in talks to acquire South Korea’s second-largest exchange, Bithumb. The companies have reportedly been in talks for the past few months, sources close to the matter revealed. The source declined to come on record due to the confidential nature of the dealings. While FTX has not commented on the matter so far, A spokesperson from Bithumb stated that they could not comment on anything at this stage.
While there is no official confirmation, if the deal is successful, the Sam Bankman-Fried-led exchange could gain a strong foothold in one of the most important markets in the crypto ecosystem.
Acquisition Spree Despite Crypto Downturn
Sam Bankman-Fried, in an earlier interview, had stated that he plans to spend billions on the acquisition of other firms in the crypto space. The crypto exchange is reportedly looking to raise further funds after spending significantly during the bear market. The company had carried out significant acquisitions and bailouts, which were a result of the bear market spawned by the collapse of the UST.
Both FTX and FTX.US are looking to raise funds at the same $32 billion valuation that was made in January 2022 for the primary platform and $8 billion for its American subsidy. Both arms of the exchange have already raised $400 million each.
Sam Bankman-Fried also revealed that FTX had set aside a few billion dollars to continue supporting crypto projects if their collapse could have a significant impact and destabilize the crypto industry. However, he stated that he believed the worst of the liquidity crunch and bear market was over and that things could get better from here on.
He also stated that he believed the current crypto downturn is good for the industry in the long term since it has eliminated the majority of leverage in the industry.
“I think what we’ve seen so far might be healthy. You know to the extent that what it is doing is flushing out some of the leverage that had to get flushed out. Flushing out some of the players that just were not capitalized well enough, you know. I think that could ultimately end up being moderately healthy for markets.”
Bithumb’s Market Share In South Korea
Upbit dominates the crypto market in South Korea. However, Bithumb is in a relatively strong position, holding the second largest market share among crypto exchanges in the country at 13%. The exchange was founded in 2014, has a daily trading volume of $569 million, and supports over 188 coins and 290 trading pairs.
However, Bithumb’s executives are also facing criminal charges for fraud to the tune of 100 billion won. The lawsuit resulted in the indictment of several company executives, including the exchange owner.
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