Tomorrow, Thursday April 14, will be our happy hour / conference with the Rivemont crypto strategy team. While all the tickets had found takers several days before the event, we freed up twenty more with the organization in order to accommodate as many participants as possible. We remind you that the free event will feature a conference of approximately one hour focusing on the value proposition of cryptocurrencies, just as it will present the Rivemont Crypto Fund as an investment product. Bites, beverages and networking will be there! If you would like to join us at the Bonaventure Hotel in Montreal, don’t delay. It’s here to reserve your place.
Did we witness insider trading in the cryptocurrency market yesterday? At least that’s the assumption made in the most recent saga surrounding the industry. Indeed, hours after Coinbase published a blog post revealing the latest tokens being considered to be added to the exchange, crypto veteran Cobie on Twitter reported an Ethereum wallet that bought for over 400,000 $ of tokens on that same list. Crime money, cryptocurrencies? This is precisely another example showing why it is quite the opposite. The user controlling the wallet, whose trading activity is publicly visible on the Ethereum chain, finished shopping for tokens three minutes before the listing was made public. Additionally, the wallet holder appears to have focused only on tokens being considered for listing on Coinbase, suggesting advanced knowledge of the listing prior to its release. The tokens purchased by the wallet are now worth over $572,000, representing a 42% ROI in less than 24 hours.
It did not take a commission or an investigation to identify the incident. It was enough to pay attention to the chain’s public transactions. As of this writing, Coinbase has not publicly addressed the situation. Bet however that it brews behind the curtain.
We recently reported on the partnership between the UFC organization and the Crypto.com exchange. As part of the latter, fighters will now receive their bitcoin bonuses directly. The organization will distribute bitcoin payouts to the top three fighters in each UFC pay-per-view event. Fan votes will determine the three fighters, and those selected will split a total sum of $60,000 worth of BTC.
Facebook whistleblower Frances Haugen has warned that Meta’s Metaverse will replicate “all the evils” of her social platform. In an interview with Politico, Haugen said, “They’ve made some very grand promises about how there’s security-by-design in the Metaverse. However, if they don’t commit to transparency, access, and other accountability measures, I can imagine a repeat of all the harm we’re seeing on Facebook right now.” The one who leaked thousands of internal SEC documents in 2021 adds: “I am very concerned about the number of sensors involved. When we create the Metaverse, we will need to install many more Facebook microphones and many other types of sensors in our homes. You no longer really have a choice whether or not you want Facebook to spy on you at home. We just have to trust the company to do the right thing.”
Speaking of Meta, we had to make sure of the date by reading this article from Yahoo Finance to make sure it wasn’t an April Fool’s joke. Indeed, after the fiasco that was the Diem project – ultimately dead in the bud -, a new digital currency would be in development by the company… namely the Zuck Buck (!). The goal would be to create a native transactional currency that can only be spent on Meta platforms. Unlike Diem, the Zuck Bucks probably won’t be cryptocurrencies built on the blockchain. Instead, according to the Financial Times citing people familiar with the project, the Zuck Bucks would be controlled directly by Meta, much like the in-game currencies used in Fortnite and Roblox platform games.
The Luna Foundation Guard (LFG), the entity that acts as a resolution protocol for the UST algorithmic stablecoin, added an additional $100 million in bitcoin (BTC) to its cash portfolio. LFG’s wallet now contains $1.7 billion in BTC, $549.84 million in other USD-denominated stablecoins, and $14.74 million in Terra currency. In total, there are 42,410 BTC in his wallet. The popularity of this stablecoin has the definite advantage of stimulating demand for bitcoin, thereby exerting upward pressure on prices. BTC purchases by LFG have multiplied at an increasing rate in recent months.
Ethereum creator Vitalik Buterin made a personal donation of $5 million in ETH to help Ukraine. Specifically, Mr. Buterin donated 750 Ether to Unchain Fund, a charity project created by blockchain activists to support Ukraine with humanitarian aid. He also donated the same amount to Aid For Ukrainean aid fund set up by the Ukrainian Ministry of Digital Transformation.
Speaking of ETH The first shadow fork of the Ethereum mainnet took place on Monday, in an additional step leading to the transition of the consensus world proof-of-work to proof-of-stake. The “shadow fork” is a way to “test our assumptions about synchronization and state growth,” Parithosh Jayanthi, a developer at the Ethereum Foundation, tweeted on April 10. He added that it will also provide “a way to test whether our assumptions work on existing testnets and/or mainnets.”
The price of the majority of cryptocurrencies slipped during the week. Despite everything, the competition between miners is breaking new records. Bitcoin mining has become more difficult than ever in history. Each Bitcoin block now requires approximately 122.78 Zettahashes to solve. In other words, according to Glassnode, “this would be equivalent to the 7.938 billion people on Earth each guessing a SHA256 hash 15.500 billion times, every 10 minutes, to solve each Bitcoin block.”
The “Bitcoin 2022” conference was held from April 6 to 9 in Miami. In reference to the Wall Street bull highlighting the strength of bull markets, a similar but bitcoin-specific bull was unveiled. Impossible not to share with you this piece of art which, hopefully, will be preserved in the landscape of the city. Note that Cathie Wood of Ark Invest took advantage of this conference to reiterate her prediction that bitcoin would be worth a million dollars by 2030.
The story in the markets was the same as for the past few weeks. Inflationary and geopolitical pressure created a new bearish wave in the stock markets. The correlation with bitcoin is as evident as ever, with the price following the trend. However, not everyone attempted an exit. From the latest data observed, bitcoin whales have been busy buying new bids from sellers, with the Bitfinex exchange seeing some notable bid volumes filled.
Technically speaking, it is currently encouraging to see that the defense of the $40,000 level seems to be holding. However, it’s really around $38,000 that the true test lies if the slide were to continue. The consolidation rebound that began at the start of the year must now reach this level so that it can technically continue in the short and medium term.
This article is brought to you by Fonds Rivemont. The Rivemont crypto fund is the first and only actively managed cryptocurrency fund in Canada. RRSP and TFSA eligible. Accredited investors can learn more here.
Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and in no way constitutes investment advice or trading instructions.
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