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The Meme-ification of Finance

How a boring topic like Finance became internet-native

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This is purely speculation, but I think that crypto is a huge component of the meme-fication that we’re seeking of financial services.

Source: Wikipedia
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#memes on the Uniswap Discord

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Source: https://medium.com/nerd-for-tech/the-meme-ification-of-finance-c8237f55aa6c?source=rss——-8—————–cryptocurrency

Blockchain

Bitcoin’s Halving May Not Pump Price Like Last Time – Here’s Why It Doesn’t Matter

With sideways trading, a bearish sentiment, and a slowing two months, Bitcoin has seen a slump from $14,000 USD highs to under $7,000 USD in recent weeks. With the Bitcoin Halviening less than 6-months away, will the market change pace and fuel the bull run that we’ve all been hoping for? While camps are divided, … Continued

The post Bitcoin’s Halving May Not Pump Price Like Last Time – Here’s Why It Doesn’t Matter appeared first on CryptoCanucks.

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With sideways trading, a bearish sentiment, and a slowing two months, Bitcoin has seen a slump from $14,000 USD highs to under $7,000 USD in recent weeks. With the Bitcoin Halviening less than 6-months away, will the market change pace and fuel the bull run that we’ve all been hoping for?

While camps are divided, here’s why we believe this Bitcoin halving will be beneficial for the market and help propel the industry to new heights.

bitcoin clock

Understanding the Potential Downside:

Bitcoin halvenings occur every 210,000 blocks. This is, on average, about every four years and was likely designed as a way to maintain a stable circulating supply and avoid hyperinflation.

When this happens, a miner’s reward per block is cut in half. As the reward level for a block decreases and difficulty for the block increases (as there are more miners competing for a smaller block reward), opportunistic miners are effectively priced out of the competition. The idea is, theoretically at least, that low-end miners cannot afford to continue mining.

As rewards for the block decrease, miners need an ever more efficient way of competing in the marketplace. Those that cannot compete, sell-off Bitcoin in an effort to cut losses and take their gains.

Historically this has only happened after Bitcoin halvenings after reward blocks are cut in half. The worry is that even with low prices now, after the halvening there will be additional selloff because of reduced block rewards, and there may not be a significant upward move for Bitcoin for months to come.

donedonedone

(source: Digital Asset Research – statistical model, not price predictions)

 The above chart as an example shows what happens with the price (light blue line) after halvenings (dotted red lines) occur. What we’re seeing here, is that there was no price increase after the last halvening. Instead, the price started increasing in the middle of the cycle, suggesting that the increase may have already been priced in. Or said another way, that the price increase from $3,000 levels earlier this year, up to $12,000 levels already represent potential gains that might have otherwise occurred after the halvening.

But this is only part of the story.

Reviewing the upside:

Weeding out inefficient miners effectively helps boost the long-term health of the overall market. Both halvenings and low prices help drive this. With continued low prices, this might actually mean that we’ve already priced in ‘miner reduction’ simply because of the current sluggish Bitcoin prices. Only the most efficient Bitcoin miners can sustain a drop in price from $14k to current $7k levels. Many miners have already been forced to shut down their rigs.

Which could mean that the halvening may not force as much sell-off as initially thought.

If it does force additional sell-off, there could be a temporary downslide before a strong bullish movement forward. If it doesn’t force additional sell-off, the halvening will only support a strong bullish trend as supply is limited, rewards are halved, and only the strongest miners remain.

Industry Strength

If we take a step back and look at long-term projections, both cases are more than positive for the industry as a whole. While short-term gains may suffer in the worst of cases, the Bitcoin halvening should help drive a long-term bullish trend.

A simple supply and demand scenario is the easiest explanation, although there are many more nuanced theories.

As halvening difficulty increases, supply is reduced. As supply is reduced the cost of each Bitcoin is likely to rise due to scarcity. Additional factors, such as global economics, increased awareness about cryptocurrency, and increased demand for Bitcoin itself should add fuel to a bullish rally.

It has yet to be determined, and the narratives surrounding the halvening are mixed at best. Yet when we look at the long term possibilities on the state of the industry, two things are very clear.

One – cryptocurrency is here to stay. And two – in the long-run Bitcoin will see a bullish movement forward.

Are you ready to take advantage of the future?


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Source: https://cryptocanucks.com/bitcoins-halving-may-not-pump-price-like-last-time-heres-why-it-doesnt-matter/

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Blockchain

xSigma Announces Launch of NFT Marketplace on June 25

xSigma Corporation, the subsidiary of the ZK International Group Co., Ltd., has announced the launch date for its upcoming NFT Marketplace. Set to go live on June 25, the new marketplace will open new avenues of growth and opportunities for stakeholders across the value chain of the cryptocurrency and blockchain technology sphere. The fact that …

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xSigma Corporation, the subsidiary of the ZK International Group Co., Ltd., has announced the launch date for its upcoming NFT Marketplace. Set to go live on June 25, the new marketplace will open new avenues of growth and opportunities for stakeholders across the value chain of the cryptocurrency and blockchain technology sphere.

The fact that the marketplace will be supported by Ethereum Blockchain and Binance Smart Chain (BSC) makes the launch special and distinctive. Also, the organization has decided to go ahead with the use of BSC for this project as it has more active users than Ethereum. The number of transactions happening on BSC is staggeringly high (7 million/day), and the total value locked in the various DeFi projects has reached $36 billion on its platform.

The reason behind this venture is the increasing popularity of the NFT as a category. Since the launch announcement has been made, the cumulative sales volume of the NFT industry has surpassed $1.6 billion, indicating the huge revenue potential of the category in the future.

xSigma NFT Marketplace has already received thousands of subscriptions. It is currently working to bring a large number of celebrities, brands, and famous athletes onboard to further enhance the attractiveness of the marketplace. The company will continue to share the details of the NFT marketplace’s launch progress.

There is hardly any doubt about the growth and popularity of NFTs as a valuable digital asset category. The segment is expected to gain more traction in the coming times, explaining the increased interest of organizations operating in the domain of DeFi and blockchain technology to take a plunge in the market. The next couple of weeks will be exciting as we head towards the launch of the new NFT marketplace. In sum, it’ll be interesting to witness how prospective users and cryptocurrency enthusiasts will react to the launch of the new marketplace and how much trading volume it’ll able to garner in the future.

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Source: https://www.cryptonewsz.com/xsigma-announces-launch-of-nft-marketplace-on-june-25/

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ETH Balance on Exchanges Touch 2 Year Low, What’s Next?

Ether ($ETH), the second-largest cryptocurrency by market cap has been on a phenomenal run over the past couple of weeks and reached a new ATH of $4,197 yesterday. Amid growing demand from institutions and record market dominance currently above 19%, the ETH balance on centralized exchanges dipped to a 2-year low. The continuous dip in

The post ETH Balance on Exchanges Touch 2 Year Low, What’s Next? appeared first on Coingape.

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Ether ($ETH), the second-largest cryptocurrency by market cap has been on a phenomenal run over the past couple of weeks and reached a new ATH of $4,197 yesterday. Amid growing demand from institutions and record market dominance currently above 19%, the ETH balance on centralized exchanges dipped to a 2-year low. The continuous dip in the market supply of Ether amid growing demand is a key reason behind surging prices.

Over the past 24-hours, the net outflow of Ether from exchanges is more than Bitcoin at $3.1 billion against the $1.9 billion inflow. Ether has more than tripled its 2017 ATH price of $1,260 and its year on return is currently much higher than Bitcoin.

The Ghost of Gas Fee Returns, Would it Come Back to Haunt ETH?

The ETH bulls still look set to continue their surge as on-chain activity and ETH wallets have continued to rise along with spot price, however, the ghost of the rising gas fee has returned to haunt the second largest digital asset again. Towards the end of February and the first half of March, the high gas fee on the Ethereum network not only brought down the spot volume but also made many Defi protocols barely usable. At the same time, many Ethereum rivals also gained a lot of traction during the same time frame especially Binance Smart Chain (BSC), so much so that it was recoding nearly 4X the volume of the Ethereum network at its peak.

The Gas fee is rising again and many believe it is because of the recent trend of meme coins such as SHIB getting listed by many exchanges which in turn has skyrocketed the gas fee to new highs.

Many believed that the rising gas fee could possibly halt the price surge, but after a brief consolidation phase ETH bounced back stronger. While a significant transaction fee of $252 for a simple swap on Uniswap for sure doesn’t look practical given digital assets are promoted to be something that cost barely negligible when compared to centralized banks, but it might not bring a downfall in ETH spot surge.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Source: https://coingape.com/eth-balance-on-exchanges-touch-2-year-low-whats-next/

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Blockchain

Thai Asset Management Firm Bets Big on DeFi and dApps

Thailand-based asset management company Brooker Group (BROOK) is planning on being the first publicly listed company in the world to invest in decentralized finance (DeFi) tokens and decentralized applications (dApps).

The post Thai Asset Management Firm Bets Big on DeFi and dApps appeared first on BeInCrypto.

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Thailand-based asset management company Brooker Group (BROOK) is planning on being the first publicly listed company in the world to invest in decentralized finance (DeFi) tokens and decentralized applications (dApps).

Bangkok-based Brooker Group sees a massive opportunity in these burgeoning niches. Its initial plan is to invest $48 million but the firm is looking to eventually convert around 50 percent of its total holdings into dApps and DeFi assets.

It will be focusing on some big-name players in the space, including Binance, Uniswap, Enjin, and Filecoin in Q2 2021. It will kick off its venture by investing in more than 15 companies that it feels has the potential for growth.

Head of the Digital Asset Division and International Business Finance Advisory at The Brooker Group, Varit Bulakul, believes that it’s important for asset management firms to get involved with DeFi sooner rather than later.

“The next frontier in financial technology will be decentralized finance. We believe that legacy funds have a responsibility to their clients to invest in emerging technology or risk being left behind as the sector matures.”

Digital asset trading actually remains higher in Asia than in Europe and the United States combined. Despite its popularity, however, it’s not all good news for crypto in the South Asian country. The Thai government has been clamping down with regulations on crypto. New crypto regulations require that anyone who wants to open up an account must physically register, and cannot be done online.

The new regulations will come into place from September 2021. They were introduced by the Anti-Money Laundering Office (AMLO) to curb money laundering in the Southeast Asian nation. Those wishing to set up a new crypto account will be required to submit key documents in person to register, as well as scan their Thai identification card in what is being referred to as a “dip-chip” machine. The dip-chip machine system has previously been employed to register gold traders in Thailand.

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Source: https://beincrypto.com/thai-asset-firm-bets-defi-dapps/

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