Autor Cointelegraph By Brian Quarmby

Almost $100M exits US crypto funds in anticipation of hawkish monetary policy

Almost $100M exits US crypto funds in anticipation of hawkish monetary policy

Uverejnil používateľ | jún 14, 2022 |

Institutional investors offloaded $101.5 million worth of digital asset products last week in ‘anticipation of hawkish monetary policy’ from the U.S. Federal Reserve according to CoinShares.U.S. inflation rates hit 8.6% year-on-year at the end of May, marking a return to levels not seen since 1981. As a result, the market is expecting the Fed to take considerable action to reel in inflation, with some traders pricing in three more 0.5% rate hikes by October. According to the latest edition of CoinShares’ weekly Digital Asset Fund Flows report, the outflows between June 6 and June 10 were primarily led by investors from the Americas at $98 million, while Europe accounted for just $2 million. Products offering exposure to crypto’s top two assets, Bitcoin (BTC) and Ethereum (ETH), accounted for nearly all outflows at $56.8 million and $40.7 million a piece. The month-to-date figures also paint a grim figure at $91.1 million worth of outflows for BTC products and $72.3 million in total outflows for ETH products. “What has pushed Bitcoin into a “crypto winter” over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve.”While CoinShares suggested that Bitcoin has been pushed into a crypto winter, the year-to-date (YTD) inflows for BTC investment products still stand at $450.8 million. In comparison, funds offering exposure to ETH have seen hefty YTD outflows of $386.5 million, suggesting the sentiment amongst institutional investors still heavily favors digital gold. The report also highlighted that the total assets under management (AUM) for Ether funds have “fallen from its peak of US$23bn in November 2021 to US$8.7bn” as of last week. Notably, it appears that the institutional investors offloaded their BTC and ETH products before most of the latest price carnage happened to both assets.Related: Bitcoin price drops to lowest since May as Ethereum market trades at 18.4% lossAccording to data from CoinGecko, between June 6 and June 10, the price of BTC and ETH dropped 4.7% and 5.9% each. However, since June 11, BTC and ETH have plunged around 25.7% and 33.2% respectively. Apart from BTC and ETH outflows, multi-asset funds saw outflows of $4.7 million, and Short Bitcoin products posted minimal outflows of $200,000. At the same time, investors also “steered clear of adding to altcoin positions.”Flows by Asset: CoinShares

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Nifty News: Kraft Foods files for NFT and Metaverse patents, Seth Green gets his ape back, and more…

Nifty News: Kraft Foods files for NFT and Metaverse patents, Seth Green gets his ape back, and more…

Uverejnil používateľ | jún 13, 2022 |

American food manufacturing and processing giant Kraft Foods Group has filed NFT and Metaverse patents for several of its popular brands. The firm joins a host of mainstream companies such as Gatorade, Nike, Adidas, and Coca-Cola that have moved to secure their products and branding in the crypto/virtual sphere. According to a June 13 Tweet from United States Patent and Trademark Office (USPTO) licensed trademark attorney Mike Kondoudis, Kraft Foods has locked in trademarks for Jell-O, Kool-Aid, Velveeta, Lunchables, Oscar Mayer, Philadelphia, and of course the Kraft brand. The firm’s NFT and Metaverse trademarks cover a long range of potential services and products including a virtual restaurant where users can earn rewards and virtual assets, virtual food and drinks, NFTs and NFT-backed media, and marketplaces for virtual goods and NFTs. Kraft Foods has filed trademark applications for ▶️ KRAFT▶️ JELL-O▶️ KOOL-AID▶️ VELVEETA▶️ LUNCHABLES▶️ OSCAR MEYER▶️ PHILADELPHIAcovering✅NFTs, NFT-backed media + Digital tokens ✅NFT Marketplaces ✅Virtual restaurants, foods + drinks #NFT #Metaverse #Web3 #Crypto pic.twitter.com/Nu42rkw04I— Mike Kondoudis (@KondoudisLaw) June 13, 2022At this stage, it is unclear if Kraft will look to roll out any virtual offerings or promos soon, or if it is just looking to lock trademarks ahead of time. One of its brands already made a small play last year, however, with the beloved hot dog manufacturer Oscar Mayer auctioning off a pack of Dogecoin-themed “Hot Doge Wieners” via eBay in August 2021 that came with 10,000 free Dogecoins (DOGE). Seth Green reunited with his apeSeth Green has finally been reunited with the Bored Ape Yacht Club (BAYC) NFT that was swiped from him via a phishing scam, with the Hollywood actor and Robot Chicken co-creator stating that Ape #8398 “is home.”After Green initially had his NFT stolen a month ago, the scammer sold it to user “DarkWing84” for 106.5 ETH or $144,000. Green immediately reached out to the buyer to sort out a deal online, with the NFT which he named “Fred Simian” having particular importance as its underlying IP is being utilized to create an animated cartoon show. It appears there must have been a lengthy negotiation process as the NFT didn’t get back to the actor until late last week. As the NFT was locked and unable to be purchased on OpenSea due to it being stolen, Green paid 165 Ether (ETH) worth roughly $224,300 at the time of writing via crypto escrow platform NFT trader to get his token back, suggesting he paid tip of nearly 60 ETH to Darkwing84 who returned the NFT in good faith. Jim Carrey tokenizes original artwork for charitable causesIconic actor and comedian Jim Carrey is auctioning off an original tokenized art piece dubbed “Sunshower” via SuperRare, with all proceeds going to a nonprofit that supports food banks across the U.S. called Feeding America. Apart from being known across the globe as a comedic actor, Carrey is also a respected artist who creates anything from physical paintings and illustrations to fully animated pieces. Related: Pennsylvania pharmacist feeds thousands of homeless using cryptoThe Sunshower NFT depicts an animated version of a vibrant acrylic canvas painting in which rain and bright color washes over a man’s face, with a spoken-word piece being played in the background. At the time of writing the auction has one and half days to go, with the highest bid so far totaling 42.35 ETH or roughly $57,500. I’ve been both blessed and cursed in this life with a vivid imagination and a burning desire to share my peculiarities and inspirations with you. This little mood enhancer is called Sunshower. I hope this NFT does for you what it did for me… weeeeeeeee! https://t.co/vdiwD9v0rd— Jim Carrey (@JimCarrey) June 9, 2022

NFT trading volume plungesAccording to NFT data aggregator CryptoSlam, four of the top five blockchains in terms of sales volume have seen double-digit drops over the past seven days. Within that time frame, trading volume on industry leader Ethereum is down 28.85% to $176.5 million, while second-placed Solana has also seen volume drop 13.71% to $24.9 million. The biggest losers over the past week are third-ranked Binance Smart Chain and fifth-ranked ImmutableX with a whopping 46.59% and 58.63% plunge to account for $4.1 million and $1.3 million worth of volume a piece. The only blockchain in the top five not to net yet hit a double-digit drop is the Flow network which has taken a 9% to account for $3.1 million worth of NFT sales volume. Other Nifty NewsGordon Goner, the pseudonymous co-founder of Yuga Labs, issued a warning on June 11 about a possible incoming attack on their social media accounts under the Yuga Labs umbrella after receiving “credible information” that an insider from Twitter would help bypass the security of the accounts.Global payments tech giant Mastercard has partnered with a number of leading NFT marketplaces to allow 2.9 billion cardholders to directly make NFT purchases without buying crypto first.

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Alibaba Cloud launches NFT solution… then quickly memory holes it

Alibaba Cloud launches NFT solution… then quickly memory holes it

Uverejnil používateľ | jún 10, 2022 |

The cloud business unit of Chinese marketplace giant Alibaba Group Holdings launched a new NFT solution and then promptly deleted all mention of it online. According to a now-deleted Twitter post announcing the launch on June 8, the firm’s NFT marketplace solution included “web hosting, digital marketing & content delivery” infrastructure, but is no longer listed on its website despite.There are also no press releases or announcements related to the NFT solution on Alibaba’s website anymore, and while the solution’s webpage link still shows up in Google search results, it now redirects to Alibaba Cloud’s solution index page.Deleted Alibaba Cloud tweet: WayBackMachineThe reason behind the deleted social media posts and delisting on its website are unclear at this stage. While crypto trading and mining are banned in China, there is a regulatory gray area with NFTs in the country — officials frown upon it but are yet to issue an outright ban.The shortly lived NFT focused solution was set to offer Alibaba Cloud Elastic Compute Service (ECS) and Auto Scaling for marketplace growth, an SMS-integrated digital marketing service for sellers to connect with buyers, and a Global Delivery Service – Alibaba Cloud Content Delivery Network (CDN) and Server Load Balancer (SLB) capable of supporting 100,000 queries per second.The South China Morning Post (SCMP) — which is owned by Alibaba — noted that the solution was intended for customers outside of mainland China, with a representative telling the publication that the solution was for Alibaba Cloud’s international website only. The SCMP also stated that Alibaba affiliated companies such as Ant Group and Tencent Holdings have moved to avoid any potential regulatory pushback in the past by branding their listed NFTs as “digital collectibles.” They are also offered on private blockchains and are traded/purchased using Chinese fiat currency. Alibaba Cloud does still have a new Metaverse-focused solution listed on its website that offers remote rendering, data analytics and AI, along with Blockchain as a Service (BaaS) as part of the private Alibaba Cloud Blockchain. Under the Metaverse solution, the company does note that NFTs can be integrated into a Metaverse built off of Alibaba’s services, but the firm does not provide any of that specific infrastructure. Related: Half of Asia’s affluent investors have crypto in their portfolio: ReportIn April, the China Banking Association, the China Internet Finance Association and the Securities Association of China issued a joint statement warning the public away from investing in NFTs due to “hidden risks” of the assets. They also noted that businesses should not consider NFTs like other financial products such as securities, precious metals, and other financial products. Cointelegraph also reported in March that Chinese social media giants such as WeChat and WhaleTalk updated their policies to restrict or remove NFT platforms from their networks, citing a lack of regulatory clarity and fearing a government crackdown. However, Beijing is still yet to issue a blanket ban on the sector.

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'Father' of the Metaverse Neal Stephenson launching Metaverse blockchain

'Father' of the Metaverse Neal Stephenson launching Metaverse blockchain

Uverejnil používateľ | jún 9, 2022 |

Neal Stephenson, the author who coined the term “Metaverse” 30 years ago is launching a Metaverse-focused blockchain project called LAMINA1. He has also revised his vision for the Metaverse stating the experience is likely to be geared more toward flat 2D screens and rather than virtual reality or augmented reality tech such as headsets and lenses, as in the model posited by Meta and Microsoft. Stephenson is a popular speculative fiction author who explored the concept of a virtual reality world called the Metaverse in his sci-fi novel Snow Crash in 1992. Outside of writing the 62-year-old also served as the chief futurist for an augmented reality (AR) firm called Magic between 2014 and 2020. According to a June 8 announcement from OG crypto investor and former Bitcoin Foundation chairman Peter Vessenes, Stephenson and he have co-founded a new layer-1 blockchain called LAMINA1 that they hope will act as the “base layer for the Open Metaverse.” “A place to build something a bit closer to Neal’s vision — one that privileges creators, technical and artistic, one that provides support, spatial computing tech, and a community to support those who are building out the Metaverse,” Vessenes wrote, adding that the network will “probably” be carbon negative. Specific details on the project are sparse at this stage, however Ethereum co-founder Joseph Lubin marks a notable name on the project’s list of early investors. Commenting on what the co-founders’ roles will be at LAMINA1, Vessenes stated: “Neal brings his vision, wisdom, experience, and some core goals: helping get artists and other value creators paid properly for their work, helping the environment […] and seeing a truly Open Metaverse get built instead of seeing the Metaverse vision co-opted by monopolies.”Vessenes noted that he will be focused on getting the blockchain off the ground quickly as he works to get “the necessary governance, technology, node operators, IP partners, artists, business partners, and funds up and running.”Stephenson’s 1992 novel depicts the Metaverse as a virtual urban environment that is accessed via a worldwide fiber-optic network and VR headsets. There are themes of social inequalities, centralized control, and constant advertisements while the concept of virtual real estate also features in the book. Stepheson shared some musings about the Metaverse on Twitter earlier today, as he predicted that much of the Metaverse will be created for screens and not VR headsets. The assumption that the Metaverse is primarily an AR/VR thing isn’t crazy. In my book it’s all VR. And I worked for an AR company–one of several that are putting billions of dollars into building headsets. But…— Neal Stephenson (@nealstephenson) June 8, 2022Stephenson noted that when he first wrote about it three decades ago, he didn’t foresee high-quality video games rolling out to consumers on a mass scale in the future. “Thanks to games, billions of people are now comfortable navigating 3D environments on flat 2D screens. The UIs that they’ve mastered (e.g. WASD + mouse) are not what most science fiction writers would have predicted. But that’s how path dependency in tech works.”The author went on to add that modern game development is still geared around screens for both the developer and the consumer, and that if anything, a hybrid approach for the Metaverse that covers both 2D screens and AR/VR tech will be utilized, as opposed to purely VR. “We fluently navigate and interact with extremely rich 3D environments using keyboards that were designed for mechanical typewriters. It’s steampunk made real. A Metaverse that left behind those users and the devs who build those experiences would be getting off on the wrong foot,” he said. Related: Metaverse tokens up 400% year on year despite altcoin bloodbath

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Brandt’s bearish ETH call — But community predicts $3K before Merge

Brandt’s bearish ETH call — But community predicts $3K before Merge

Uverejnil používateľ | jún 9, 2022 |

Veteran futures trader Peter Brandt has suggested that the price of Ether (ETH) could drop to as low as $1,268 in the coming month, but the consensus view of 15,500 members of the CoinMarketCap community is that the price will hit roughly $3,131 by June 30. The Ethereum network is now in the final steps of its long-awaited Merge with the Beacon Chain and switch to proof-of-stake, with developers confirming on June 8 that they successfully completed the Ropsten testnet merge.The Ropsten testnet has now been merged!What a historic and thrilling day for the Ethereum community and what a thrilling day forNext up, 2 more public testnet merges and then mainnetThe Merge is coming — sassal.eth (@sassal0x) June 8, 2022While the timeframe has often been subject to delay, the Merge is slated to go live around August if all goes to plan. The switch to proof-of-stake will massively decrease the energy consumption of the Ethereum network while also improving its security. The price of ETH has barely responded to the latest encouraging developments however and is down 1.7% over the past 24 hours to sit at $1,788 at the time of writing. Brandt has been trading since 1975 and has gained attention of the crypto community in the past by predicting some of Bitcoin’s historical heights and crashes. If the bearish scenario he outlined for ETH comes true, it would mark a further 29% drop this month. On June 7 Brandt highlighted a month-to-month chart from April to June to his 648,000 Twitter followers, and noted that the rest of June could be rough for Ethereum if the market sentiment doesn’t turn significantly: “Classical charting 101 This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive.”Classical charting 101This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive$ETHUSD pic.twitter.com/33kOZK4tjF— Peter Brandt (@PeterLBrandt) June 7, 2022

Trader Crypto Tony also highlighted a similar scenario to his 201,000 Twitter followers questioning whether a descending triangle on the ETH chart was “too obvious” to ignore. Crypto Tony’s bearish estimates were slightly higher however at the $1,450 to $1,600 range. But the community on CoinMarketCap seem bullish — or at least high on hopium — about the near future of ETH, with 15,466 voters accounting for an average price estimate of $3131.75 by June 30. The climb to the level would mark a mammoth increase of 75.37%. CoinMarketCap enables the community to vote on predicted price targets via a tab under its listed asset pages, apart from this prediction, around 8,500 people have estimated ETH will hit $2981.27 by July 31, or a 66.94% increase, shortly before the Merge. In general, the community on CoinMarketCap that votes on ETH price predictions has had varying levels of success since December. Related: Price analysis 6/8: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIBThey predicted ETH’s closing price of 2021 with 88.40% accuracy, meaning they were 11.6% off the actual price of $3,682.63 with their estimation of $4,109.65.They then predicted the bearish drop of January with 54% accuracy, February at 76.17% accuracy, March at 89.91% and April at 62.41%. However they fell off massively in May with 16.97% accuracy, although that was an unprecedented month in which Do Kwon’s Terra eco-system caused a multi-billion market crash.

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