Značka: Tezos

Shopify users get their hands on Tezos NFTs with new partnership

Shopify users get their hands on Tezos NFTs with new partnership

podľa | okt 19, 2022 | 0 |

TheTezos blockchain partnered with Web3 automation platform Taco to allow Shopify users to access Tezos nonfungible tokens (NFTs) via Taco’s NFT loyalty program. The e-commerce giant has established itself as a growing destination for brands looking for Web3 engagements.TheTaco app allows brands to integrate Web3 solutions such as NFTs to increase engagement with customers and e-commerce platforms such as Shopify use Taco app plugins to offer these services to their merchants.The NFT loyalty programs aid brands in strengthening their bonds with consumers, boosting customer engagement and retention. The latest integration of Tezos NFTs would help the blockchain utilize its NFTs to reward devoted customers with special offers, discounts and experiences.With the latest integration of Tezos into the Taco app, Shopify merchants everywhere now have a new method to interact with customers and connect to the expanding Tezos NFT community.Earlier in June, Shopify announced a new reward system called Tokengate under its connect-to-consumer initiative. Token gate allowed select merchant partners to roll out exclusive goods for NFT stakeholders. The e-commerce giant was among the first to integrate Bitcoin and Lightning payments on its platform.Related: Man United onboards Tezos as its official Web3 and training kit partnerTezos’ energy-efficient architecture, added to its affordable NFT minting and low transaction fees, has drawn a diverse NFT community of artists, collectors and builders from all around the world. The high energy efficiency of Tezos has made it the go-to platform for NFT integration, for example, gaming giant Ubisoft integrated Tezos NFTs for its gaming rewards toward the end of 2021.Tezos, a proof-of-stake blockchain registered a significant bump in on-chain activity and smart contract transactions thanks to a rising NFT market. The platform registered 50,000 transactions per day in the first quarter of 2022 from less than 10,000 per day in January 2021.

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Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins

Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins

podľa | sep 18, 2022 | 0 |

The S&P 500 and the Nasdaq Composite index suffered their worst weekly performance since June as investors remain concerned that the Federal Reserve will have to continue with its aggressive monetary policy to curb inflation and that could lead to a recession in the United States.Bitcoin (BTC) remains closely correlated to the S&P 500 and is on track to fall more than 9% this week. If this correlation continues, it could bring more pain to the cryptocurrency markets because Goldman Sachs strategist Sharon Bell cautioned that aggressive rate hikes could trigger a 26% fall in the S&P 500.Crypto market data daily view. Source: Coin360The majority expect the Fed to hike rates by 75 basis points in the next meeting on Sept. 20 to Sept. 21 but the FedWatch Tool shows an 18% probability of a 100 basis point rate hike. This uncertainty could keep traders on the edge, resulting in heightened short-term volatility.If the Fed’s rate hike is in line with market expectations, select cryptocurrencies could attract buyers. Let’s study the charts of five cryptocurrencies that are positive in the near term.BTC/USDTBitcoin recovered from $19,320 on Sept. 16 and rallied above $20,000 on Sept. 17 but the bulls are struggling to sustain the higher levels. This suggests that bears are active at higher levels.BTC/USDT daily chart. Source: TradingViewThe 20-day exponential moving average ($20,432) has turned down gradually and the relative strength index (RSI) is in the negative zone, suggesting that the sentiment remains negative and traders are selling near overhead resistance levels.If the price continues lower and breaks below $19,320, the BTC/USDT pair could decline to $18,510. Buyers are expected to defend this level with vigor.On the upside, the 50-day simple moving average ($21,605) is the key level to keep an eye on. If bulls push the price above it, the pair could rally to $25,211. A break and close above this resistance could indicate the start of a new uptrend. BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the sellers are trying to stall the recovery at the 20-EMA. This indicates that the bears are in no mood to surrender their advantage. If the weakness persists and the price breaks below $19,320, the pair could slide to $18,510.Conversely, if the price turns up from the current level and breaks above the 20-EMA, the recovery could extend to the 50-SMA. This level may again act as a resistance but if this obstacle is cleared, the next stop could be the 61.8% Fibonacci retracement level of $21,470. XRP/USDTRipple (XRP) has been stuck inside a range between $0.30 and $0.39 for many days. The price has reached the resistance of the range and if bulls clear this hurdle, it could signal the start of a new uptrend. XRP/USDT daily chart. Source: TradingViewIn a range, traders usually buy near the support and sell close to the resistance. If the price turns down sharply from the current level and breaks below the moving averages, it will indicate that the XRP/USDT pair may extend its consolidation for a few more days.Although the moving averages are criss-crossing each other, the RSI has jumped into positive territory, indicating that bulls have a slight edge. If buyers drive and sustain the price above $0.39, the pair could rally to $0.48.XRP/USDT 4-hour chart. Source: TradingViewThe pair rallied sharply from $0.32 to $0.39, indicating strong buying by the bulls. The 20-EMA has turned up and the RSI is in the positive zone, suggesting that the path of least resistance is to the upside.If the price continues higher and breaks above $0.39, the bullish momentum could pick up and the pair could rally to $0.41. This level may act as a resistance but if buyers flip the $0.39 level into support, the up-move could resume.LINK/USDTChainlink (LINK) has been stuck inside a large range between $5.50 and $9.50 for the past several weeks, indicating that buyers are attempting to form a bottom. The bulls pushed the price above the moving averages and the RSI jumped into positive territory, indicating that the positive momentum could be improving. LINK/USDT daily chart. Source: TradingViewThere is a minor resistance at $8.30 and if bulls push the price above it, the LINK/USDT pair could rally to the stiff resistance at $9.50. This level is likely to attract aggressive selling by the bears but if bulls pierce through the barrier, it could indicate the start of a new uptrend.The moving averages are the important support to watch for on the downside because if they give way, the selling pressure may pick up. That could start a decline to $7 and thereafter to $6.20.LINK/USDT 4-hour chart. Source: TradingViewBuyers are attempting to defend the moving averages on the 4-hour chart. That could start a recovery toward the overhead resistance at $8.20. If the price rises above this overhead resistance, the pair could rally to $9.If bulls fail to push the price above $8.20, the bears may fancy their chances and try to sink the pair below the moving averages. That may tilt the advantage in favor of the bears. The pair could first decline to $7.50 and then to $7.Related: Dogecoin has crashed 75% against Bitcoin since Elon Musk’s SNL appearanceEOS/USDTThe bears pulled EOS below the 50-day SMA ($1.44) on Sept. 15 but they could not break the support at $1.34. This suggests that bulls are buying on dips and are attempting to form a low near $1.34. A minor negative is that bulls are facing strong resistance at the 20-day EMA ($1.50). This indicates that the bears have not given up and are attempting to wrest control. This tussle between the bulls and the bears is likely to resolve with a strong breakout.If the price breaks above the 20-day EMA, the bullish momentum could pick up and the EOS/USDT pair could rally to $1.86. Alternatively, if the price turns down and breaks below $1.34, the pair could decline to $1.24. A break below this support could sink the pair to $1.EOS/USDT 4-hour chart. Source: TradingViewThe recovery faltered near $1.50, indicating that bears continue to sell on rallies. The bears will try to further cement their edge by pulling the price below the strong support of $1.34, but that may not be that easy.Buyers have defended the $1.34 level on three occasions and will again try to do so. If the price rebounds off $1.34, the bulls may again attempt a rally above the overhead resistance of $1.50. If they manage to do that, a rally to $1.70 and later to $1.86 is possible.XTZ/USDTTezos (XTZ) broke below the 20-day EMA ($1.57) on Sept. 13 but the bears could not pull the price to the support line of the symmetrical triangle. This indicates that buyers are accumulating on dips and not waiting for a deeper correction to make an entry. This increases the likelihood of a recovery in the near term.XTZ/USDT daily chart. Source: TradingViewIf the price breaks above the 20-day EMA, the XTZ/USDT pair could rise to the 50-day SMA ($1.66). This level has acted as a strong resistance on two previous occasions, hence it is an important level to keep an eye on. If bulls overcome this barrier, the pair could attempt a rally to the resistance line of the triangle.A break above the triangle will signal a potential trend change. The pair could then rise to $2 and later to $2.36.Meanwhile, the bears are likely to have other plans. They will try to stall the recovery at the moving averages. If the price turns down from the current level and slips below the $1.50 to $1.40 support zone, the June low at $1.20 may be revisited.XTZ/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the bulls defended the support at $1.50 and pushed the price above the downtrend line but they could not sustain the higher levels. If bears sink the price below $1.50, the pair could decline to $1.40.On the other hand, if the price rebounds off the $1.50 support once again, it will suggest that lower levels continue to attract buyers. The bulls will then try to push the price above the moving averages and challenge the resistance at $1.62. If this level gives way, the up-move could reach $1.70.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Fake Manchester United token soars 3,000% after Elon Musk jokes about buying team

Fake Manchester United token soars 3,000% after Elon Musk jokes about buying team

podľa | aug 17, 2022 | 0 |

Manchester United Fan Token (MUFC) is a dead coin and not related to the sports franchise, but one Elon Musk tweet was enough to revive it on Aug. 17.Also, I’m buying Manchester United ur welcome— Elon Musk (@elonmusk) August 17, 2022Fake Man U token pumps after Elon Musk’s tweetTo clarify, MUFC is not an official Manchester United crypto token. It came to life in August 2021 after a team of programmers, who are said to be hardcore Manchester United fans, falsely claimed that holding MUFC would give buye influence on the football club’s decisions.The team later conducted an “airdrop” round of 10,000,000,000 MUFC in November 2021, promising to provide 10,000 MUFC to users who followed its official social media handles. The prospects of getting free MUFC tokens helped its price rally to as high as $1.But the project turned out to be vaporware, eventually leading MUFC down by 100% after November. It was deemed extinct until a tweet from billionaire entrepreneur Elon Musk on Aug. 17 revived it from oblivion.The Tesla CEO tweeted that he would buy the Manchester United football club, which he later admitted was a “long-running joke.”No, this is a long-running joke on Twitter. I’m not buying any sports teams.— Elon Musk (@elonmusk) August 17, 2022

Nonetheless, the message sent the financial assets related to Manchester United soaring, including its stock MANU, which rose 1.97% in pre-market trading, and Tezos (XTZ), the club’s official blockchain and training partner, whose market valuation surged by $138.85 million.Even Manchester City’s official crypto token, CITY, popped higher by nearly 14% to reach $7 per piece after Musk’s tweet, despite Manchester City being a different football club.CITY/USD daily price chart. Source: TradingViewOn the other hand, MUFC surged by over 3,000% hours after Musk’s tweet about buying Manchester United, according to data fetched by CoinPaprika.com. MUFC price and volume performance (last seven days). Source: CoinPaprika.com”Manchester United fan token” has zero liquidityHowever, the MUFC rally appears to be price manipulation due to extremely poor liquidity and volume. Notably, in the last 24 hours, MUFC had been trading only against two crypto assets: WBNB and USDT. While the liquidity for the WBNB/MUFC pair was mere $106.84, it was even lower for the USDT/MUFC pair at around $10, according to data from PancakeSwap, a decentralized exchange.MUFC pools statistics as of Aug. 17. Source: PancakeSwapMeanwhile, the net volume that backed MUFC’s 3,000% rally was approximately $39,000 in the last 24 hours, suggesting fewer traders behind the major upside move.MUFC volume record. Source: PancakeSwapThus, a small number of speculators likely used MUFC’s poor liquidity to artificially pump the token. The number of traders who bought the false upside narrative remains unclear, but given thatMUFC has already dropped by 50% from its local top, the prospect that its rate would return to zero is high.Related: Crypto scams fall 65% after gullible noobs exit the market: ChainalysisMeanwhile, the incident reasserts Musk’s strong influence on the crypto market, especially on memecoins like Dogecoin.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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All 'Ethereum killers' will fail: Blockdaemon’s Freddy Zwanzger

All 'Ethereum killers' will fail: Blockdaemon’s Freddy Zwanzger

podľa | júl 22, 2022 | 0 |

Blockdaemon’s ETH ecosystem lead Freddy Zwanzger believes Ethereum will retain its leadership position in the crypto ecosystem over the coming years due to its utility as a smart contract platform and upgrades to the network following the Merge. Speaking to Cointelegraph during the Ethereum Community Conference (EthCC) this week, Zwanzger said:“It’ll continue to be a leader. I mean, obviously, the first and most important smart contract platform, and that’s not going to change.”Blockdaemon is an institutional-grade blockchain infrastructure platform that offers node operations and infrastructure tooling for blockchain projects.The Blockdaemon employee also took aim at so-called “Ethereum killers” — competing Layer 1 blockchains — which have tried to topple Ethereum from its leadership position but failed. “All the Ethereum killers from back in the day didn’t succeed, and I don’t expect them to succeed at all.”Crypto projects that have been touted as “Ethereum killers,” include Solana, Cardano, Tezos, and Polkadot, among others. Many of these blockchains tout lower fees and faster transactions but have fewer active developers and certain blockchains place h less emphasis on decentralization.To date, none have managed to displace Ethereum from its number two spot in terms of market cap. Cardano and Solana currently sit in the eighth and ninth positions, Polkadot is ranked 11 while Tezos is ranked 37, according to Coinmarketcap. Zwanzger believes that the upcoming Merge will further propel Ethereum onwards and upwards in terms of technology and price. “There are so many good things in there, like environmentally-friendliness, [and] all sorts of things that are beneficial to a lot of people. Staking will become more attractive,” he said.“It’s a show of strength and commitment that the roadmap is materializing.”The Ethereum Merge involves transitioning it from the energy-intensive proof-of-work (PoW) mining consensus to a proof-of-stake (PoS) model, and has been tentatively scheduled to be rolled out around September 19.However, Zwanzger admitted the big future challenge for Ethereum will continue to be scalability. “The original Ethereum roadmap was focused on sharding, but that’s not so much the case anymore. Now we have a roll-up-centric roadmap, so scaling via layer 2 solutions.”Currently, the “proof-of-work” consensus model allows the blockchain to process 15 to 20 transactions per second (TPS) according to data from Blockchair. A quantum leap in the number of transactions per second is expected sometime in 2023 when the Ethereum network introduces sharding.Sharding is a multi-phase upgrade to improve Ethereum’s scalability and capacity by splitting the entire network into multiple portions in order to increase the network capacity. Sharding will work hand in hand with layer 2 solutions to further “supercharge” the scalability of the network. Post-sharding, cofounder Vitalik Buterin has claimed the network will be capable of transaction speeds up to 100,000 TPS.

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Top 5 cryptocurrencies to watch this week: BTC, FTT, XTZ, KCS, HNT

Top 5 cryptocurrencies to watch this week: BTC, FTT, XTZ, KCS, HNT

podľa | jún 12, 2022 | 0 |

Bitcoin (BTC) is threatening to drop to its worst weekly close since December of 2020. The crypto markets are in are held firmly in a vice grip and the selling accelerated following a higher-than-expected inflation report from the United States on June 10. It is not only the crypto markets that are facing the brunt, even U.S. equities markets finished the week ending June 10 with sharp losses. Risky assets may remain volatile in the near term as traders await the outcome of the U.S. Federal Open Market Committee meeting on June 14 and June 15.Crypto market data daily view. Source: Coin360Bloomberg Intelligence senior commodities strategist Mike McGlone warned that if the stock markets continue to drop, then it will signal that most assets may have seen their peak exuberance in the past two years.Could Bitcoin find support at lower levels and will that attract buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that are likely to move up if the sentiment improves.BTC/USDTBitcoin broke below the trendline on June 10 which negated the developing ascending triangle pattern. The bears maintained their selling pressure and pulled the price below the strong support of $28,630 on June 11. BTC/USDT daily chart. Source: TradingViewThe long tail on the June 12 candlestick shows that bulls are attempting to defend the support at $26,700. If buyers propel the price back above the breakdown level of $28,630, it will suggest that the BTC/USDT pair may remain range-bound between $32,659 and $26,700 for some time.On the other hand, if the price turns down from $28,630, it will suggest that bears have flipped the level into resistance. That could increase the possibility of a break below $26,700. If that happens, the selling could intensify and the pair may drop to $22,000 and later to $20,000.BTC/USDT 4-hour chart. Source: TradingViewThe pair rebounded sharply from $26,890, indicating aggressive buying near the crucial level of $26,700. The bulls will attempt to push the price back above the breakdown level of $28,630. If that happens, the next stop could be the 50-simple moving average. A break and close above this level could clear the path for a possible rally to $32,000.The downsloping 20-EMA and the RSI in the negative zone indicate that bears have the upper hand. If the price turns down from $28,630, the bears will make one more attempt to sink the pair below $26,700 and resume the downtrend. FTT/USDTFTX Token (FTT) has been in a downtrend for the past several months but the RSI has formed a positive divergence, indicating that the bearish momentum may be weakening. FTT/USDT daily chart. Source: TradingViewThe bulls pushed the price above the 20-day EMA ($29) on June 9 but could not sustain the higher levels. The bears pulled the price back below the 20-day EMA but the bulls did not give up much ground. Sustained buying by the bulls has pushed the price above the resistance on June 12.The FTT/USDT pair could rally to the 50-day SMA ($32) and if this level is crossed, the up-move may reach $35. This positive view could invalidate if the price turns down and breaks below $25. Such a move will suggest the start of the next leg of the downtrend.FTT/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of an inverse head and shoulders pattern that will complete on a break and close above the neckline. If that happens, the pair could start a new up-move toward the pattern target of $34.On the contrary, if the price fails to sustain above the neckline, it will suggest that bears are not willing to let go of their advantage. The sellers will then try to pull the price below $26. If they succeed, the pair could slide to $25.XTZ/USDTTezos (XTZ) rose above the 50-day SMA ($2.14) on June 9 but the bulls could not build upon this strength. This suggests that the bears are active at higher levels.XTZ/USDT daily chart. Source: TradingViewStrong selling by the bears pulled the price below the moving averages and the XTZ/USDT pair dropped to the crucial support zone of $1.61 to $1.45. If the price rebounds off this zone, the bulls will again try to push the pair above the 50-day SMA and challenge the overhead resistance at $2.36.This positive view could invalidate if the price continues lower and slips below the support zone. If that happens, the pair could resume its downtrend and drop toward the psychological level of $1. XTZ/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the price is stuck inside the range between $2.30 and $1.61. Usually, when the price consolidates in a range, traders buy near the support and sell close to the resistance. That is what happened as seen from the rebound off $1.61.The bears may try to sell on rallies to the 20-EMA but if bulls clear this hurdle, the likelihood of the pair rising to $2.30 increases. To invalidate this view, bears will have to sink and sustain the price below $1.61. If that happens, the pair may drop to $1.45.Related: Ethereum price enters ‘oversold’ zone for the first time since November 2018KCS/USDTKuCoin Token (KCS) rallied sharply from its May 12 intraday low of $9.50 and reached $18 on May 31. This sharp up-move may have tempted short-term traders to book profits, which started the current correction.KCS/USDT daily chart. Source: TradingViewThe buyers will try to defend the zone between the 50% Fibonacci retracement level of $13.75 and the 61.8% retracement level of $12.75. If the price rebounds off this zone, the bulls will attempt to push the KCS/USDT pair above the moving averages.If they manage to do that, it will suggest that the correction may be over. The pair could then retest the critical resistance at $18. Alternatively, if the price continues lower and breaks below $12.75, it will suggest that traders may be rushing to the exit. That could increase the possibility of a 100% retracement to $9.50.KCS/USDT 4-hour chart. Source: TradingViewThe bulls attempted to stall the decline near $15 but the bears continued their selling and pulled the price below the support. Although the price is trading below $15, a minor positive is that the bulls have not allowed the bears to extend the decline. The buyers will attempt to push the price back above $15 and the 20-EMA. If they succeed, it will suggest that lower levels continue to attract strong buying. That could push the price to $16.30 and next to $17.Conversely, if the price turns down from $15, it will suggest that bears have flipped the level into resistance. That could open the doors for a further decline to the $14 to $13.50 zone.HNT/USDTHelium (HNT) has been in a downtrend for the past several months. The buyers attempted a recovery and pushed the price above the 50-day SMA ($10.86) on June 9 but the bears had other plans.HNT/USDT daily chart. Source: TradingViewThe bears sold aggressively at $12.50 on June 10 and trapped the aggressive bulls. That led to long liquidation which pulled the price back below the 20-day EMA ($9.69) on June 11. The bulls will attempt to stall the decline at the strong support at $8 and form a higher low.If they manage to do that, the HNT/USDT pair will again attempt to rise above the moving averages and challenge the resistance at $12.50. This positive view could invalidate in the near term if the price breaks below $8. If that happens, the pair could slide to the May 12 intraday low of $6.54. A break below this level will suggest the resumption of the downtrend.HNT/USDT 4-hour chart. Source: TradingViewThe break and close below $11 intensified selling and resulted in a waterfall decline. The moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating advantage to bears.The attempt to start a recovery is facing strong resistance near $9.50. If this level is crossed, the next hurdle may be the 20-EMA. A break above this resistance will be the first sign that the selling pressure may be reducing.Alternatively, if the price turns down from the overhead resistance and breaks below $8.50, the pair could drop to the strong support at $8.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Top 5 cryptocurrencies to watch this week: BTC, ETH, XTZ, KCS, AAVE

Top 5 cryptocurrencies to watch this week: BTC, ETH, XTZ, KCS, AAVE

podľa | máj 29, 2022 | 0 |

After declining for eight successive weeks, the Dow Jones Industrial Average rebounded sharply last week to finish higher by 6.2%. However, Bitcoin (BTC) has not been able to replicate the performance of the United States equities markets and is threatening to paint a red candle for the ninth week in a row.A positive sign is that Bitcoin whales have been buying the market correction. Glassnode data shows that the number of Bitcoin whale wallets with a balance of 10,000 Bitcoin or more has risen to its highest level since February 2021. The accumulation in the whale wallets suggests that their long-term view for Bitcoin remains bullish.Crypto market data daily view. Source: Coin360Blockware Solutions highlighted that the Mayer Multiple metric which compares the 200-day simple moving average with the current price was languishing “near some of the lowest readings on record.” The firm said a few other indicators also suggest that Bitcoin is attempting to form a bottom.If Bitcoin starts a recovery in the short term, certain altcoins are likely to follow it higher. Let’s study the charts of the top-5 cryptocurrencies that may lead the relief rally.BTC/USDTBitcoin remains stuck inside a tight range between the downtrend line and the support at $28,630. The bears pulled the price below $28,630 on May 26 and May 27 but could not sustain the lower levels. This resulted in a rebound on May 28.BTC/USDT daily chart. Source: TradingViewThe bulls will now try to push the price above the downtrend line and challenge the 20-day exponential moving average ($30,538). If they succeed, the BTC/USDT pair could pick up momentum and the rally could reach the 50-day SMA ($35,181). The positive divergence on the relative strength index (RSI) suggests that the bearish momentum could be weakening and a rally may be around the corner.On the other hand, if the price turns down from the overhead resistance, the bears will again try to pull the pair below $28,630. If they manage to do that, the pair will complete a bearish descending triangle pattern, which has a target objective at $24,601.BTC/USDT 4-hour chart. Source: TradingViewThe 20-EMA and the 50-SMA on the 4-hour chart have flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand. If bulls drive the price above the downtrend line, the negative descending triangle pattern will be negated. That could result in a short squeeze as the short-term bears may close their positions. That could clear the path for a possible rally to the 200-SMA.Conversely, the bears will come out on top if the price turns down and plummets below $28,630. That could result in a retest of the crucial support at $26,700.ETH/USDTEthereum (ETH) has been in a downtrend but the bulls are attempting to stall the decline at the crucial support of $1,700. The price rebounded off this support on May 28 and the bulls are attempting to build on the recovery on May 29. ETH/USDT daily chart. Source: TradingViewThe RSI is forming a bullish divergence, indicating that the downtrend may be weakening. If bulls push the price above the 20-day EMA ($2,036), the ETH/USDT pair could rise to the overhead resistance at $2,159. The bears are expected to defend this level aggressively. If the price turns down from this resistance, the pair may remain range-bound between $2,159 and $1,700 for a few days.On the other hand, if the price turns down from the current level or the 20-day EMA, the bears will again attempt to sink the pair below $1,700. If they succeed, the pair may resume its downtrend with the next major support at $1,300.ETH/USDT 4-hour chart. Source: TradingViewThe bounce off the $1,700 support has reached the 20-EMA where the bears may mount a strong defense. If the price turns down from this level, it could enhance the prospects of a break below $1,700. If that happens, the downtrend may resume.Conversely, if bulls push the price above the 20-EMA, the pair may rise to the 50-SMA. This level may again act as a resistance but if bulls clear this hurdle, the pair could rally to the psychological resistance at $2,000. XTZ/USDTTezos (XTZ) is consolidating in a downtrend. Although bulls pushed the price above the 20-day EMA ($2) on May 24, they could not sustain the recovery. The price dipped back below the 20-day EMA on May 26.XTZ/USDT daily chart. Source: TradingViewThe 20-day EMA is flattening out and the RSI is above 46, suggesting that the selling pressure is reducing. If bulls push the price above the 20-day EMA, the XTZ/USDT pair could rally toward the 50-day SMA ($2.45). If this resistance also gives way, the buyers will attempt to push the price above the uptrend line.In contrast, if the price turns down from the current level, it will suggest that bears continue to defend the 20-day EMA. The sellers will then attempt to sink the pair below $1.75 which could open the doors for a fall to $1.64.XTZ/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the recovery turned down from the 200-SMA but the pair bounced off the uptrend line. The bulls have pushed the price above the 50-SMA and will now attempt to clear the overhead hurdle at the 200-SMA. If they manage to do that, it will suggest the start of a short-term up-move.Alternatively, if the price turns down from the current level or the 200-SMA, the pair may drop to the uptrend line. A break and close below this support could pull the price down to $1.61.Related: Bitcoin to set a new record 9-week losing streak with BTC price down 22% in MayKCS/USDTKuCoin Token (KCS) broke above the 20-day EMA ($15.61) on May 20 but the bulls could not push the price above the 50-day SMA ($17.19). This may have tempted short-term traders to book profits, which pulled the price back below the 20-day EMA on May 26.KCS/USDT daily chart. Source: TradingViewThe bears could not build upon their advantage and sustain the price below the 20-day EMA, indicating strong buying by the bulls at lower levels. The buyers have pushed the price back above the 20-day EMA on May 29.If bulls sustain the price above the 20-day EMA, the possibility of a break above the 50-day SMA increases. If that happens, the KCS/USDT pair may rally to $18.44 and later to the 200-day SMA ($19.63).Contrary to this assumption, if the price turns down from the current level, it will suggest that traders are selling on rallies. A break and close below $14.92 could open the doors for a further decline to $12.90.KCS/USDT 4-hour chart. Source: TradingViewThe pair has been facing stiff resistance at the 200-SMA but the shallow correction indicates that bulls are buying on minor dips. If bulls push the price above the 200-SMA, the next stop could be $17.14. A break and close above this level could start the next leg of the up-move.Conversely, if the price turns down from the overhead resistance, the bears may pull the pair down to the 38.2% Fibonacci retracement level at $14.20 and then to the 50% retracement level at $13.30. This zone is likely to act as a strong support.AAVE/USDTAAVE rallied to the 20-day EMA ($101) on May 23 but the bulls could not push the price above it. This suggests that bears continue to defend the level aggressively but a minor positive is that the buyers have not given up much ground.AAVE/USDT daily chart. Source: TradingViewIf the price turns up and breaks above the 20-day EMA, it will indicate the start of a stronger relief rally. The AAVE/USDT pair could then rally to the 50-day SMA ($132) where the bears may again mount a strong defense.Alternatively, if the price turns down from the current level or the 20-day EMA and breaks below $89, the short-term bulls who may have purchased at lower levels could close their positions. That could pull the price down to $79 and later to $64.AAVE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair has been oscillating between $90 and $110 for some time. The 20-EMA and the 50-SMA are flattish and the RSI is just above the midpoint, suggesting a balance between supply and demand.This equilibrium could tilt in favor of buyers if they push and sustain the price above $110. If they do that, the pair could rally toward $130 and then $143. Conversely, if the price plummets below $90, the bears will gain the upper hand. The pair could then decline to $80 and later to $70.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Top 5 cryptocurrencies to watch this week: BTC, ALGO, XMR, XTZ, THETA

Top 5 cryptocurrencies to watch this week: BTC, ALGO, XMR, XTZ, THETA

podľa | máj 8, 2022 | 0 |

The S&P 500 and the Nasdaq have declined for five consecutive weeks, indicating that traders continue to reduce exposure to risky assets. Bitcoin’s (BTC) close correlation with United States equity markets has resulted in its price remaining under pressure.Bitcoin has extended its decline during the weekend and is now on track for its sixth successive weekly loss, the first such occurrence since 2014. The weakness in Bitcoin has pulled down the entire crypto markets whose market capitalization has dipped below $1.6 trillion.Crypto market data daily view. Source: Coin360When the sentiment is bearish, traders sell on every negative news. The de-peg of Terra’s U. S. dollar stablecoin TerraUSD (UST) also appears to be increasing sell pressure across the crypto market.After Bitcoin’s six consecutive weekly closes in the red, is it time for a recovery? Let’s study the charts of the top-5 cryptocurrencies that are showing signs of stabilizing in the near term.BTC/USDTBitcoin turned down from the 20-day exponential moving average ($38,268) on May 5 and plummeted below the support line of the ascending channel. This move also invalidated the positive divergence on the relative strength index (RSI). BTC/USDT daily chart. Source: TradingViewThe moving averages have started to turn down and the RSI is nearing the oversold zone, signaling that bears are in control.The BTC/USDT pair has a minor support at $34,322 but if bulls fail to defend this level, the decline could extend to $32,917. This is a crucial level to keep an eye on because if it cracks, the pair could witness panic selling and the next stop may be $28,805. If the price turns up from $34,322, the recovery could face selling near the 20-day EMA. If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That could enhance the prospects of a resumption of the downtrend.This negative view could invalidate in the short term if the bulls push and sustain the price above the 20-day EMA. If that happens, the pair could rise to the 50-day simple moving average ($41,466).BTC/USDT 4-hour chart. Source: TradingViewThe downsloping moving averages indicate that bears are in command but the oversold levels on the RSI suggest that a relief rally or a consolidation is possible in the near term. If the recovery fails to rise above the 20-EMA, the bears may maintain the selling pressure and the pair could drop to $32,917.Conversely, a break and close above the 20-EMA could signal the start of a strong relief rally. The pair could then rise to the 50-SMA. The buyers will have to push and sustain the price above $40,000 to signal that the downtrend may be over.ALGO/USDTAlgorand (ALGO) has been trading inside a descending channel pattern for the past few days. The price bounced off the support line of the channel on May 1 and the bulls have cleared the hurdle at the 20-day EMA ($0.69) indicating that the selling pressure could be reducing.ALGO/USDT daily chart. Source: TradingViewIf buyers sustain the price above the 50-day SMA ($0.76), the ALGO/USDT pair could rally to the resistance line of the channel. This is an important level for the bulls to overcome. If they manage to do that, it will suggest the start of a new up-move. The pair could first rise to $1.10 and later to $1.25.On the other hand, if the price turns down from the resistance line, it will suggest that the pair may extend its stay inside the channel for a few more days. The bears will have to sink and sustain the price below the channel to indicate the resumption of the downtrend.ALGO/USDT 4-hour chart. Source: TradingViewThe 20-EMA has turned up and the RSI is in the positive territory, indicating advantage to buyers. There is a minor resistance at $0.80 and if bulls clear this hurdle, the pair could rise to the resistance line of the channel. On the downside, the 20-EMA is the critical level to keep an eye on. If the price rebounds off this level, it will suggest that the sentiment has turned in favor of buyers. That could increase the likelihood of a break above $0.80. Alternatively, if the price slips below the 20-EMA, the next stop could be the 50-SMA. XMR/USDTMonero (XMR) has been finding support near psychological support at $200 for the past few days. The buyers have not allowed the price to break below the downtrend line suggesting that they are attempting to flip the level into support.XMR/USDT daily chart. Source: TradingViewThe bulls will have to push and sustain the price above the 20-day EMA ($223) to suggest that the corrective phase may be over. There is a minor resistance at $240 but if bulls clear this hurdle, the XMR/USDT pair could rally to $289.On the contrary, if the price turns down from the current level or the 20-day EMA, it will suggest that the bears have not yet given up. That could increase the likelihood of a break below $200. If that happens, the selling could intensify and the pair may drop to $150.XMR/USDT 4-hour chart. Source: TradingViewThe pair has formed a symmetrical triangle pattern suggesting indecision among the bulls and the bears. If bulls drive the price above the resistance line of the triangle, it will suggest that the downtrend could be over. The pair could then rally to the 200-SMA and later rise toward the pattern target at $252.Conversely, if the uncertainty of the triangle resolves to the downside, it will suggest that the triangle had acted as a continuation pattern. That could signal the resumption of the downward move. The pattern target on the downside is $164.Related: LUNA drops 20% in a day as whale dumps Terra’s UST stablecoin — selloff risks ahead?XTZ/USDTTezos (XTZ) broke below the long-term uptrend line on April 29 and the bears successfully defended the breakdown level on May 5. The bears tried to start the downtrend but are struggling to sustain the lower levels. XTZ/USDT daily chart. Source: TradingViewIf bulls push and sustain the price above the uptrend line, it will suggest that the markets have rejected the breakdown. The XTZ/USDT pair may then attempt a rally to the overhead zone between the 50-day SMA ($3.18) and $3.40. This positive view could invalidate if the price once again turns down from the uptrend line. If that happens, it will suggest that bears have flipped the uptrend line into resistance. A break and close below $2.39 could start a new downtrend which could reach $2.XTZ/USDT 4-hour chart. Source: TradingViewThe 20-EMA has flattened out and the RSI has formed a bullish divergence on the 4-hour chart suggesting that the negative momentum is weakening. The pair could now attempt a rally to $2.90 where the bears may offer a strong resistance. A break and close above this level could open the doors for a possible up-move to $3 and later to $3.30.Alternatively, if the price turns down from the current level or the overhead resistance, it will suggest that bears are selling on rallies. That could keep the pair range-bound between $2.90 and $2.39. The downtrend could accelerate if bears sink the price below $2.39.THETA/USDTTheta Network’s THETA token had been trading between $2.27 and $4.40 for the past several weeks. This range resolved to the downside on May 6, indicating that bears had the upper hand.THETA/USDT daily chart. Source: TradingViewAlthough the 20-day EMA ($2.57) is sloping down, the RSI is attempting to form a bullish divergence, indicating that the selling momentum is weakening. If bulls push the price back above the breakdown level of $2.27, it could trap several aggressive bears who may have initiated short positions on the break below the range.The THETA/USDT pair could then rise to the 20-day EMA. This is an important level to keep an eye on because if bulls overcome this barrier, the pair could rally to the 50-day SMA ($3.10). This positive view could invalidate if the price turns down from the current level or the breakdown level at $2.27 and plummets below $2. THETA/USDT 4-hour chart. Source: TradingViewThe bulls are buying the dips close to the psychological level at $2. If buyers drive the price above the downtrend line, it will suggest that the bears may be losing their grip. The pair could then rally to the overhead resistance at $2.64. This level may again act as a strong resistance but if buyers clear this hurdle, the bullish momentum may pick up.Contrary to this assumption, if the price turns down from the 20-EMA or the downtrend line, it will suggest that bears continue to sell on rallies. That could increase the possibility of a break below $2 and the resumption of the downtrend.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Tezos co-founder Arthur Breitman discusses the untapped potential of DeFi

Tezos co-founder Arthur Breitman discusses the untapped potential of DeFi

podľa | apr 21, 2022 | 0 |

Arthur Breitman, the co-founder of layer-1 protocol Tezos (XTZ), spoke with Cointelegraph’s Jackson DuMont at the Paris Blockchain Week Summit (PBWS) last week about what it would take to unlock the true potential of decentralized finance, or DeFi. Breitman delivered a keynote speech following this interview about the company’s strategy.Related: Paris Blockchain Week, April 14: Latest updates from the Cointelegraph team on the groundAccording to Breitman, “people haven’t really tapped into DeFi for real-world assets being tokenized.” When he says real-world assets, he means stocks, real estate, digital art or “anything you can think of.” While calling for a merge of traditional financial securitization and DeFi applications, Breitman also believes that the financialization of nonfungible tokens (NFTs) “is going to be a big thing.” He added that due to the considerable hype around DeFi and NFTs at the moment, it’s hard to determine what will actually be sustainable. The hype needs to settle before DeFi’s true power can be unlocked because “The point of DeFi cannot just be to trade DeFi tokens,” he said.Additionally, Breitman affirmed that the consolidation of layer-1 technologies is coming: “There’s a gigantic untapped universe out there and everyone has a lot of room to grow. We are going to see a lot of convergence in the design of blockchains.” When asked about the scalability, decentralization and security trilemma, Breitman is sure it can be solved. He stated that Tezos’ approach to scaling involves Optimistic Rollups, a layer-2 solution that supports very high-throughput use cases. Breitman said that Optimistic Rollups may offer the key to both the horizontal and the vertical scalability of blockchain networks.Related: Algorand founder Silvio Micali wants to usher in the democratization of financeAt the end, Breitman pointed viewers who are interested in learning more about Tezos’ scaling efforts to its 2022 roadmap. He also expressed his excitement for the gaming sector and Tezos’ blockchain gaining initiatives.

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Manchester footballing rivalries commence in field of Web3

Manchester footballing rivalries commence in field of Web3

podľa | mar 4, 2022 | 0 |

Leading English football club Manchester City have announced an inaugural cryptocurrency exchange partnership with OKX across both its men’s and women’s teams, as well as the clubs emerging e-sports ventures.According to the club’s press release, the collaboration will focus on “exclusive experiences for OKX’s global customer base, in addition to an in-stadium presence across the Etihad Stadium and Academy Stadium.”Rebranded from OKEx in mid-January this year, OKX — a Seychelles-based corporation with reportedly over 20 million customers — is the second largest spot exchange in the industry, facilitating over $4.3 billion in normalized trading volume over the past twenty-four hours. This total places them ahead Coinbase in third at approximately $3.3 billion, but someway behind Binance’s dominance at the top of the table with over $16.2 billion.CEO of OKX, Jay Hao, noted that “Manchester City is a Club that represents the effect football has to make a positive difference in people’s lives, to bring people together around a shared love of the beautiful game.”Welcome to @okx, Official Cryptocurrency Partner of Manchester City.Game On! — Manchester City (@ManCity) March 4, 2022Related: Penalties and extra time: The scoreboard for soccer club crypto dealsAmid an ever-present rivalry, and fierce jostle for bragging rights in the city of Manchester — especially in light of the upcoming derby match this Sunday — both club’s commercial sides are taking considerable strides in the digital asset space, respectively scoring lucrative deals with industry firms, and racing to expand their influence in the Web3 sphere.Manchester United preceded their counterparts after teaming up with blockchain firm Tezos in early February to become their new official training kit and technology partner, including plans to enter the metaverse, tokenomic, and nonfungible token, or NFT, collectible space.In April 2021, Forbes published the latest statistics ranking the world’s most valuable football clubs. While Spanish-giants Barcelona and Real Madrid took the top spots, Manchester United came in fourth with a value of $4.2 billion and a revenue across 2020 of $643 million. Meanwhile, Manchester City came in sixth place at $4 billion and $609 million, respectively. Similarly, fellow Premier League North-London based club, Arsenal attempted to enter the fan-token market, only to be halted in their endeavours by Advertising Standards Authority, or ASA, for breaching rules, and according to the regulatory body: “irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment.”

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Top 5 cryptocurrencies to watch this week: BTC, LEO, MANA, KLAY, XTZ

Top 5 cryptocurrencies to watch this week: BTC, LEO, MANA, KLAY, XTZ

podľa | feb 20, 2022 | 0 |

Russia’s massive build-up of soldiers, warplanes, equipment and extended military drills near Ukraine’s borders increased fears of a possible invasion within the next few days. That could have renewed selling in Bitcoin (BTC), which plummeted below the strong support at $39,600.Among the gloom and doom, there is a ray of hope for crypto investors because data from Glassnode shows that more than 60% of Bitcoin supply has not been used in any transaction for more than a year. This suggests that long-term hodlers are not dumping their positions in the downtrend. Crypto market data daily view. Source: Coin360Mike McGlone, chief commodity strategist at Bloomberg Intelligence, warned that Bitcoin could be in for a “rough week ahead” and cautioned that “inflation is unlikely to drop unless risk assets do.” However, McGlone expects Bitcoin to emerge stronger this year.Could Bitcoin and altcoins stage a recovery and trap the aggressive bears? Let’s study the charts of the top-5 cryptocurrencies that may participate in a relief rally.BTC/USDTThe failure of the buyers to defend the strong support at $39,600 indicates that Bitcoin continues to face strong selling by the bears. The 20-day exponential moving average ($41,193) has started to turn down and the relative strength index (RSI) has slipped into the negative territory, suggesting that bears have the upper hand.BTC/USDT daily chart. Source: TradingViewIf the price sustains below $39,600, the selling could pick up momentum and the BTC/USDT pair could drop to the immediate support zone between $36,250 and $35,507.01. The bulls are expected to defend this zone aggressively because a break below it could clear the path for a retest of the Jan. 24 intraday low at $32,917.17. The longer the price sustains below $39,600, the greater the possibility of the downward move.Contrary to this assumption, if the price rebounds off the current level and quickly rises above $39,600, it will suggest strong accumulation at lower levels. The bulls will then try to push the price above the 20-day EMA. The bulls will have to clear the overhead hurdle at $45,821 to indicate the start of a new up-move.BTC/USDT 4-hour chart. Source: TradingViewThe failure of the bulls to achieve a strong rebound off the $39,600 support indicates a lack of demand at higher levels. This may have emboldened the bears who pulled the price below $39,600. The RSI has dipped deep into the oversold territory, indicating that the selling may have been overdone in the short term. This suggests a minor relief rally or consolidation in the near term.If bears successfully defend the retest of the breakdown level during the next bounce, the selling may intensify and the pair could plummet to $36,000. This negative view will invalidate in the short term if bulls drive the pair above $41,000.LEO/USDUNUS SED LEO (LEO) has been correcting since making a new all-time high at $8.14 on Feb. 8. The bears pulled the price below the 50% Fibonacci retracement level at $5.74 but the bulls are aggressively defending the 20-day EMA ($5.45).LEO/USD daily chart. Source: TradingViewThe rising 20-day EMA and the RSI in the positive territory indicate that bulls have a slight edge. If buyers drive the price above $6.24, the LEO/USD pair could attempt to resume the up-move. The pair could then rise to $7.Conversely, if bulls fail to sustain the current rebound, the bears will sense an opportunity and try to pull the pair below the 20-day EMA. If they manage to do that, the sentiment could turn bearish and the pair may slide to the 61.8% retracement level at $5.18.LEO/USD 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is range-bound between $5.52 and $6.24. The 20-EMA and 50-simple moving average have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.This balance will shift in favor of the bears if they pull and sustain the price below $5.52. The pair could then drop toward the 200-SMA.Conversely, if buyers push and sustain the price above the 50-SMA, the pair could rally to $6.24. The bulls will have to clear this hurdle to signal that they are back in the driver’s seat.MANA/USDTDecentraland (MANA) turned down from the downtrend line on Feb. 16, indicating that the sentiment remains bearish and traders are selling on rallies to stiff resistance levels.MANA/USDT daily chart. Source: TradingViewThe bears have pulled the price below the 50-day SMA ($2.83), which opens the door for a possible downside to the strong support zone between $2.44 and the 200-day SMA ($2.20). If the price rebounds off this zone, the bulls will again attempt to push the MANA/USDT pair to the downtrend line. The bulls will have to clear this hurdle to indicate the start of a new up-move.Conversely, if bears sink and sustain the price below the 200-day SMA, the selling could intensify and the pair could slide further to $1.70.MANA/USDT 4-hour chart. Source: TradingViewThe bears have pulled the price below the 200-SMA. If the price sustains below this level, the pair could drop to the support line of the descending channel. A break and close below the channel could sink the pair to $2.44.If the price turns up from the current level, the bulls will try to push the pair above the 200-SMA. Such a move will be the first sign that bulls are attempting a comeback. A break and close above the 20-EMA will increase the possibility of a rally to the resistance line of the channel.Related: Can Bitcoin break out vs. tech stocks again? Nasdaq decoupling paints $100K targetKLAY/USDTKlaytn’s native cryptocurrency KLAY turned down from the downtrend line on Feb. 16, indicating that bears continue to sell on rallies. KLAY/USDT daily chart. Source: TradingViewHowever, a minor positive is that bulls have not allowed the price to break below the 20-day EMA ($1.23). This indicates that traders are buying on dips to this support. If the price rises and sustains above the 50-day SMA ($1.27), the bulls will again try to clear the overhead hurdle at the downtrend line. If they manage to do that, it will indicate a possible change in trend. The KLAY/USDT pair could then rally to $1.50.Alternatively, a break and close below the 20-day EMA will indicate that bears have overpowered the buyers. That could pull the price down to $1.10.KLAY/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the bears are aggressively defending the overhead resistance at $1.36. The pair turned down from this resistance but the bulls have not allowed the price to break and sustain below the 50-SMA.If the price turns up from the current level, the buyers will attempt to clear the immediate resistance at $1.31 and challenge the hurdle at $1.36. A break and close above this level could open the doors for a possible rally to $1.50. This positive view will be negated on a break and close below the 200-SMA. That could pull the pair down to $1.15.XTZ/USDTTezos (XTZ) turned down from the downtrend line on Feb. 10, indicating that bears continue to sell on rallies. The bears will now attempt to pull the price to the uptrend line.XTZ/USDT daily chart. Source: TradingViewThe uptrend line has been acting as a strong support since March 2020. Hence, the bulls are likely to defend the uptrend line aggressively. If the price rebounds off this support, the buyers will try to push the XTZ/USDT pair above the downtrend line.If they succeed, the pair could signal a possible change in trend. This positive view could invalidate if the price breaks and sustains below the uptrend line. Such a move could open the doors for further downside. XTZ/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the pair is in a firm bear grip. The price has dropped to the 61.8% Fibonacci retracement level at $3.32, which is an important level for the bulls to defend. A break and close below this support will increase the possibility of a drop to the 78.6% Fibonacci retracement level at $2.98 and later to the uptrend line.The first sign of strength will be a break and close above the 20-EMA. Such a move will indicate that the selling pressure could be reducing. A possible short-term trend change will be signaled on a break and close above the 50-SMA.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Man United onboards Tezos as its official Web3 and training kit partner

Man United onboards Tezos as its official Web3 and training kit partner

podľa | feb 10, 2022 | 0 |

Manchester United, one of the oldest soccer clubs globally, has confirmed the partnership with blockchain firm Tezos as the official training kit and technology partner.The soccer club aims to introduce its fans to the decentralized Web3 tech amid growing focus from mainstream firms and brands. The team would make its first appearance in the new kit on Saturday against SouthamptonMan United’s previous sponsorship deal with AON expired last month, and Tezos will be paying 33% on top of the previous agreement at $27 million yearly. Tezos will help the soccer club gain more exposure to Web3 technologies and might play a key role in launching various digital fan merchandise and collectibles soon.A majority of global sports brands are experimenting with blockchain and Web3 centered tech and new ways for connecting sports clubs to fans. Man United aims to build a fan ecosystem expected to be based on the concept of metaverse on Tezos blockchain, to offer personalized experiences to the fans and the platform would use the native token of the Tezos.Related: Tezos transactions and smart contract activity surge on NFT demandVictoria Timpson, Manchester United’s CEO of Alliances and Partnerships, said: “This is a hugely exciting partnership for Manchester United because it aligns us with one of the most advanced, reliable and sustainable blockchains in an area of technology which promises to truly revolutionise the way that everyone, including the Club and our fans, can interact.”Tezos, a proof of stake (PoS) blockchain, has joined the growing list of blockchain firms entering mainstream sponsorship deals. Earlier, Tezos has signed sponsorship deals with Formula 1’s McLaren Racing and Major League Baseball’s New York Mets.

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No precedent: IRS court settlement doesn't clarify crypto staking taxes

No precedent: IRS court settlement doesn't clarify crypto staking taxes

podľa | feb 8, 2022 | 0 |

In May 2021, a Nashville couple known as the Jarretts filed a lawsuit against the United States Internal Revenue Service (IRS) over taxes they had paid on unclaimed and unsold Tezos (XTZ) staking rewards. At the beginning of February,news broke that the lawsuit filed by the Jarretts had come to an end, resulting in the IRS issuing the couple a tax refund for $3,793. Confusion among crypto holdersNot long after this news made headlines, confusion among the crypto community piqued. One crypto media publication sent a tweet from its official account on Feb. 2, 2022, saying, “BREAKING: IRS will not tax unsold staked crypto as income.” The tweet generated over 4,000 retweets and over 18,000 likes, as Crypto Twitter rejoiced over the assumed notion that the IRS would not tax unsold staked crypto.More confusion resulted as mainstream media outlets proceeded to publish articles implying that the IRS would not tax passive income from staked crypto. For example, a recent Forbes article published by a senior contributor stated:“This is a huge win for crypto holders in the U.S. In light of this new information, even without this formal court ruling, some taxpayers might decide to follow a bit aggressive approach and not report staking income at the time of receipt.”Clearing the air: A ruling was never madeSeth Wilks, head of government relations and SME at TaxBit — a platform specializing in cryptocurrency taxation — told Cointelegraph that a slew of misinformation was spread and false conclusions being made regarding the lawsuit:“In the eyes of the IRS, nothing has changed. Their position on staking income is the same as it has been for the last several years. This case was really more about a legal procedure than anything else. There was no court ruling that another taxpayer could point to as precedent. Settling this case was the only thing in contention here.”Wilks said that a court ruling is still to be made, as the IRS has only settled the dispute by paying the couple a refund. He added that assuming the plaintiffs don’t come up with an unexpected legal argument to keep the case moving forward, the likely outcome would be for the judge to fully dismiss the case. “From a legal standpoint, I envision the Department of Justice — which is the law firm for the IRS in these matters — will file a motion with the court to have the case dismissed, citing mootness, meaning it’s no longer applicable since a refund was issued.”On the other hand, Wilks pointed out that the Jarretts may continue to push the case forward, noting that the couple is working with a team of savvy lawyers while also receiving support from the Proof of Stake Alliance (POSA), which is an industry advocacy group. Given this, the Jarrett’s recently released a statement indicating their goal to have the IRS clarify its position on taxing staking and block rewards “for both proof-of-stake and proof-of-work” systems. This is important since no clear guidance currently exists for taxing unclaimed staking rewards. As of now, the IRS only asks taxpayers whether they have “received, sold, exchanged or otherwise disposed of any financial interest in any virtual currency.”Alison Smith Mangiero, a member of the POSA board of directors and president and founder of Tocqueville Group — an asset management firm — told Cointelegraph that the Jarretts’ case may represent the first legal opinion to be written on the subject of taxation of crypto staking rewards. “This is huge, as POSA has been working on this issue since we started almost three years ago,” she remarked. According to Mangiero, many taxpayers are in similar positions as the Jarretts. Therefore, she thinks it’s crucial for legal arguments to be made around this issue. “This is an argument backed by over 100 years of tax law, and it’s important for people to understand this is a viable position,” she said.Mangiero added that the POSA worked with law professor Abraham Sutherland in 2019 to initially make the argument around taxation for block rewards. As a result, a detailed report was published by Sutherland in the SSRN, formerly known as Social Science Research Network. The report’s abstract notes that Sutherland “concludes that for both proof-of-work and proof-of-stake cryptocurrencies, the best approach is to tax reward tokens only when they are sold or exchanged.”With this in mind, Mangiero remarked that the IRS does not determine what is taxable income, but rather its job is to enforce the tax code. She further noted that Sutherland is a legal advisor for the POSA, who also serves as a counsel in the Jarretts’ case.Next steps: Clarification on stakingEven if the case does progress, Wilks said that the IRS must still issue clear guidance around the definition of staking before an official court ruling can be made. As of now, there is no specific IRS guidance on the definition of staking, resulting in added confusion. Wilks said:“The IRS needs guidance on delegating staking rewards and staking on DeFi [decentralized finance] networks, for example. I’m guessing they are trying to sort this out now, which is why it’s also inaccurate to say that the IRS has just given up on the matter entirely.”As such, Wilks believes crypto staking rewards and taxation will remain a crucial issue for the IRS, noting that advocacy groups like the POSA will keep pushing for clarity. Indeed, Mangiero noted that the POSA has been working on educating Congress around the issue of how staking rewards should be treated. She explained that the POSA worked with leaders from the Congressional Blockchain Caucus to help write a letter to the IRS in 2020 on issuing formal guidance detailing why staking rewards should be treated as created property. She added:“We will continue to fire away on all fronts. In terms of defining staking, we are focused narrowly on people participating in securing PoS [proof-of-stake] blockchains and being rewarded for creating those tokens. That is what the focus is for The Jarretts’ case, and this is where we are trying to focus first since it’s one of the least complicated staking situations.”While educational initiatives from the POSA may help with clarity on the topic, Wilks pointed out that the IRS guidance on mining could also potentially support tax implications for staking activities. He mentioned that this may be likely due to the similarities the IRS perceives between staking crypto rewards and mining.“It is very unlikely that the IRS would make a policy change on staking without taking into consideration mining,” said Wilks. Although it’s difficult to predict what such a policy would entail, Wilks wrote in a recent TaxBit blog post, “If you follow and apply IRS Notice 2014–21, the guidance on mining income, a staking reward is taxable as ordinary income at its fair market value on the date you receive it.”In the meantime, Wilks believes that even if the Jarretts’ court hearing doesn’t provide legal precedent, it may result in some insight into the IRS’ current position on the issue. Mangiero added that it’s notable that the U.S. Department of Justice said it would issue a refund after a year and a half into the case:“This is a good sign and an early signal that these legal arguments are now reasonable positions. However, this remains a complicated issue, and we need to be careful against spreading misinformation.” 

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