Bitcoin, Ethereum Article Weighty Losses for the Week as Crypto Current market Continues Slump

Marketplaces ongoing to slide on Friday—with Bitcoin, Ethereum and Solana all struggling double-digit seven-day losses. 

Bitcoin was trading for $47,985.20 at the time of crafting, a 15% drop above the earlier week. The largest digital asset is down more than 30% from its all-time significant of $69,044.77 1 month ago, for every CoinGecko figures. 

Ethereum, the second largest cryptocurrency by sector cap, was also down 11.4% in seven days, buying and selling for just over $4,000. 

The altcoin marketplace also primarily took a beating. Solana, an Ethereum-competitor and the fifth-most significant cryptocurrency, was buying and selling for $173, shedding 25% of its worth in a 7 days. 

Other altcoins that suffered large losses over the previous seven times involved Polkadot (down 23% in a 7 days) Dogecoin (down 19%) Avalanche (down 21%). Almost all ended up down in the earlier working day as well. 

What could be producing the huge dip in price ranges? Decrypt noted yesterday that right after Chinese genuine estate builders Evergrande and Kaisa had been unable to make scheduled U.S. greenback bond payments, stock selling prices dipped—and cryptocurrency adopted suit due to the large variety of institutional traders with pores and skin in the recreation. 

Analyst and trader Alex Kruger informed Decrypt nowadays that it was also probably down to “year-finish revenue taking.” “Imagine efficiency charges, bonuses, audits, clean profits, tax loss harvesting,” he mentioned. “It takes place.” 

Bitcoin Cash developer Chris Troutner mentioned that it was probable down to this much too. He included that “​​prices generally feel to dip prior to the conclusion of the 12 months”—except for previous year, an fantastic calendar year when “institutional buyers piled into cryptocurrency to get ahead of inflation.”

In 2018 and 2019, Bitcoin’s price tag did dip at the end of the yr. This could be down to “folks promoting to purchase provides,” he explained to Decrypt. 

Whatsoever is resulting in the dip in selling prices, could a chilly crypto winter be all around the corner?

The post Bitcoin, Ethereum Article Weighty Losses for the Week as Crypto Current market Continues Slump appeared first on Soltimes.

5 times quickfire crypto traders bought the news for double (or triple) digit profits

Buy the rumor? It depends how fast you pull the trigger when the news breaks. These mind-bending returns rewarded crypto traders who were fastest on the draw… Here’s how you can join them.

Why do crypto traders “buy the rumor, sell the news”?

Simple. Because whispers of exchange listings or big-name partnerships reach very few people… while an article in Cointelegraph can reach hundreds of thousands of crypto enthusiasts in seconds. While insiders are quietly amassing tokens on rumors, the rest of us are completely ignorant of what may be coming.

But with rumors, there are no guarantees. Which can lead to disappointment and serious loss of investment for those traders who gamble that they’re true… and end up wrong.

So how can you possibly compete with thousands of other market participants when important news actually breaks? You’d have to be one of the very first to know in order to catch the price before it spikes.

Look at the examples below — the time between a closely-guarded announcement and a massive price spike of 144% can be just a few minutes!

NewsQuakesâ„¢ on the Cointelegraph Markets Pro data intelligence platform allow you to completely outsource monitoring the crypto news space to AI. The machine learning algorithm automatically combs through thousands of relevant sources and instantly alerts members via mobile notifications when potential market-moving events are detected.

NewsQuake™ announcements are snapped from primary sources such as exchange websites, Medium posts, or projects’ Twitter accounts, meaning that traders don’t have to wait for the media or their favorite influencers to turn raw information into a story.

Extensive research has identified three types of news — exchange listings, staking, and partnership announcements — that are most likely to spark strong rallies.

Here are  5 stories that alerted traders to massive profit opportunities in 2021… and a few dramatic illustrations of how NewsQuakes™ tipped off Markets Pro members.

WAX (WAXP): +144% in 2 hours

WAXP price following Cointelegraph Markets Pro NewsQuakeâ„¢

Exchange listings reliably boost crypto prices, especially when it is a small or medium-cap coin being listed on a major exchange.

On Aug. 23, before the news of WAXP’s listing on Binance came in, the token was trading at 18 cents. In two hours from the announcement, WAX’s price soared to reach 44 cents. In this situation, getting the news quickly was key.

As can be seen in the chart, the NewsQuake™ alert (red circle) came in just before WAX’s price exploded.

Decentraland (MANA): 111% in 96 hours

MANA price following Cointelegraph Markets Pro NewsQuakeâ„¢

It is now hard to believe that in March 2021, long before Facebook’s rebranding into Meta and the associated hype around the group of assets now widely known as metaverse tokens, MANA was trading at just $0.55.

On March 12, the announcement of OKEx enabling margin trading for the asset got crypto investors stoked, and sparked a long rally that saw MANA go from $0.55 to $1.16 over the next four days. The earlier traders were in buying the NewsQuake™, the more profit they could have secured for themselves…

Polygon (MATIC): +90% in 50 hours

MATIC price following Cointelegraph Markets Pro NewsQuakeâ„¢

On Feb. 23, in the middle of a cool-off that followed the first leg of the week’s big rally, the announcement of MATIC’s debut on Binance Staking gave the asset a powerful second wind. (The red circle indicates the Markets Pro NewsQuake™.)

The resulting hike propelled the coin from $0.11 to its then-all-time high at over $0.21, an increase of 90%. Today, this can seem minor in the light of the token’s year-to-year return on investment of more than 11,000%, but on that day, traders were surely content with MATIC’s price “only” nearly doubling.

VeChain (VET): +46% in 52 hours

VET price following Cointelegraph Markets Pro NewsQuakeâ„¢

A great example of impactful partnership news is VeChain’s announcement of its collaboration with the accounting firm PricewaterhouseCoopers that came up on Apr. 12.

It was not a huge surprise that the news of the enterprise-oriented blockchain project getting access to the client base of one of the Big Four firms pushed the token’s price 46% up over the fours of two days.

In this case, the NewsQuakeâ„¢ from Markets Pro arrived significantly before the major rally.

Amp (AMP): +42% in one hour

AMP price following Cointelegraph Markets Pro NewsQuakeâ„¢

On Nov. 23, a post on Binance’s Twitter account announced that digital collateral token AMP was slated to be listed on the exchange platform. Markets Pro users received their near-instant NewsQuake™ alerts within seconds.

It was a very clean breakout: Apparently, no-one front-ran the news, and the token’s price soared immediately following the public announcement, shooting up almost vertically from $0.050 to $0.071 in just an hour – a gain of 42%.

Timing was key here, and those Cointelegraph Markets Pro members who got the news early thanks to the NewsQuakeâ„¢ alert found themselves ahead of the pack.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

Former SushiSwap CTO writes short reflection about leadership failures at blockchain DEX

“In the end, ultimately, I failed to deliver because of my compounding failures and will incorporate this knowledge into my next project,” said Delong.

On Friday, Joseph Delong, former chief technology officer of decentralized exchange, or DEX, SushiSwap, published a brief reflection of experiences during his tenure.

Delong unilaterally resigned two days prior, citing internal structural chaos among developers behind the popular DEX. In explaining his decision, Delong outlined failures to scale operations, lack of organization skills, problematic contributors, and poor communication as the primary reasons. On Twitter and among blockchain personalities alike, Delong received mostly praises for coming public with his experience and learning from his mistakes.

According to Delong, he did not inform the Sushi community when problems began to surface amongst developers he managed, nor did he engage with users enough to build rapport for the project. In addition, Delong talked about using his personal Twitter presence to share his feelings about SushiSwap developments. This was a polarizing decision among the SushiSwap community. Some users have praised him for being authentic with his feelings, while others labeled the move as unprofessional or inconsiderate to stakeholders.

Prior to being CTO at SushiSwap, Delong was a senior software engineer at ConsenSys. In part due to his leadership, SushiSwap has grown to become the 13th largest DEX by trading volume. However, the protocol also faced its share of setbacks.

In summing up the experience, Delong stated:

I think the imperfect birth of Sushi has led to additional problems, and in my next project, I will have the capability to structure an organization to empower the contributors. Thank you for allowing me to lead Sushi through this time, and I wish Sushi the best of luck.

Assembly announces $100M capital raise, receives praise from IOTA co-founder Dominik Schiener

“Assembly addresses the limitations of current scaling solutions by using the feeless base layer of IOTA as an immutable trust anchor and as a trustless bridge for feeless interoperability of smart contracts,” said Schiener.

On Friday, Assembly, a decentralized layer one smart contract network built within the IOTA ecosystem, announced it had raised $100 million from private investors, including LD Capital, HyperChain Capital assembly, and Huobi Ventures.

The project stated that the funds will be used to accelerate the development of decentralized finance protocols, nonfungible tokens, and play-to-earn crypto games.

IOTA is a blockchain designed for facilitating internet-of-things transactions. Its proprietary technology consists of a system of decentralized acyclic graphs that can connect to one another in multiple vectors as opposed to in-series as with a regular blockchain. As a result, one new block can validate two other blocks, leading to self-sustainable transaction verification. This allegedly leads to the complete elimination of transaction fees and minimal energy cost.

The Assembly mainnet is currently scheduled to launch in early 2022 with a large community focus. 70% of its native ASMB tokens are reserved for developer incentives, community-governed decentralized autonomous organizations, and grant programs.

In a statement to Cointelegraph, Dominik Schiener, co-founder and chairman of the IOTA Foundation, claimed that there are too many Ethereum Virtual Machine, or EVM, blockchains stating:

“Ultimately, all of them will face the same problems with fees, scalability, and interoperability. Most of them will fail in the long term as they offer nothing unique.”

When asked about the uniqueness of the Assembly blockchain, Scheiner feels that it all comes down to flexibility:

“Each smart contract chain can be fully customized to the project’s needs. In addition, Assembly is already fully EVM-compatible, and has support for WASM [WebAssembly], plus Go, Rust and TypeScript as optional smart contract languages.”

Billionaire investor Stelian Balta, founder of HyperChain Capital, said:

We always needed a feeless, highly scalable network for developers to build highly scalable apps in the crypto ecosystem. Assembly does that. They have been pioneers in the crypto ecosystem since 2015, and we are confident in their experience and their vision for the next decade.

Coinbase Launches Defi Yield Earning Service to Over 70 Countries, United States Not Included

The cryptocurrency exchange Coinbase has revealed that it has made decentralized finance (defi) more accessible by giving Coinbase customers from over 70 countries access to earning yield on the stablecoin DAI. Coinbase claims the process is simple with “no fees, lockups, or set-up hassle,” as the firm believes “defi has tremendous potential to help increase economic freedom.”

Coinbase Now Offers Yield on the Defi Stablecoin Issued by Makerdao

Coinbase has announced that it has opened up decentralized finance (defi) services to customers in more than 70 different countries. The news follows the company’s announcement last week when it revealed it acquired BRD wallet and Unbound Security. According to Coinbase, eligible customers in these countries can now earn yield on the defi stablecoin issued by Makerdao called DAI.

“Today we’re introducing a new way for Coinbase’s global customers to put their crypto to work and earn yield,” the firm’s announcement explains. “We are making defi more accessible, enabling eligible customers in more than 70 countries to access the attractive yields of defi from their Dai with no fees, lockups, or set-up hassle.”

Coinbase Defi Users Must Reside in an Eligible Jurisdiction

Coinbase notes that customers that want to participate in earning yield with DAI must access the DAI asset page either on the Coinbase app or Users need a balance of DAI to earn and customers must be located in an eligible jurisdiction. Coinbase has been interested in getting into defi-based yield earning and lending programs for a while. It previously had plans to reveal a lending product but was threatened by the U.S. Securities and Exchange Commission.

The Nasdaq-listed cryptocurrency exchange has abandoned the lending program for now. Furthermore, the latest defi yield earning service offered by Coinbase is currently not available for customers in the United States. The service that offers yield on DAI is just the beginning, Coinbase notes, as the company aims to use “a wider variety of assets and a greater number of defi protocols” going forward.

What do you think about Coinbase offering defi services to customers in more than 70 countries? What do you think about the United States being excluded from the Coinbase yield program for now? Let us know what you think about this subject in the comments section below.

Virtue Gaming launches play-to-earn crypto model to bring online poker to US players

The platform is backed by World Poker Tour champion and professional poker celebrity Phil Ivey.

On Friday, Virtue Gaming, a decentralized online poker platform built on the Ethereum (ETH) blockchain, launched the first play-to-earn digital poker casino in the United States.

In the U.S., only six states (Nevada, Delaware, New Jersey, Pennsylvania, West Virginia, and Michigan) have legalized and currently regulate online poker. The country has been slow to act on the subject due to concerns that international poker platforms would take revenue away from domestic, land-based gambling venues. Moreover, even in the said states, poker platforms must obtain licenses from each individual jurisdiction to operate.

As a result, U.S. residents typically cannot access popular online poker platforms, such as PokerStars or 888 Poker, available to players in the rest of the world. To solve this issue, Virtue Gaming proposed a play-to-earn setup where the platform gives users 500 Virtual Player Points, or VPP, worth an approximate $147.37 USD.

Players will receive these for free upon signup. Players who meet the minimum playtime requirements via cash games and tournaments can then cash out their VPP for USDT. U.S. players would then be able to compete with players for the rest of the world, who transfer VPP, ETH, or other cryptos into Virtue Gaming’s locked sidechain smart contracts to stake in the game. To prevent cheating, the platform implements peer-to-peer encrypted shuffling for all decks.

Virtue Poker Casino UI | Source: Virtue Poker

According to legislation, “points or credits that the sponsor of the game or contest provides to participants free of charge and can be used or redeemed only for participation in games or contests offered by the sponsor” fall outside the scope of the legal definition of a bet or wager and could theoretically give the play-to-earn model some regulatory leeway. At time of publication, there are currently over 25,000 players from outside the U.S. on the platform.

Prosecutor General’s Office Wants to See ‘Cryptocurrency’ in Russian Law

Prosecutor General’s Office Wants to See ‘Cryptocurrency’ in Russian Law

The Prosecutor General’s Office of the Russian Federation has insisted that the term “cryptocurrency” should be added to the country’s legislation. The move would allow authorities in Moscow to confiscate digital assets that have been involved in criminal activities.

Russian Prosecutor General’s Office Prepares Amendments Allowing Seizure of Cryptocurrency

With cryptocurrencies being only partially regulated through the law “On Digital Financial Assets,” work is underway in Russia to adopt legislation introducing comprehensive rules for the turnover of bitcoin and the like. The Russian Prosecutor General’s Office has joined these efforts as it wants the term “cryptocurrency” added to the legal texts.

“We have developed amendments to a number of regulatory legal acts so that cryptocurrencies in illegal circulation are not only recognized as а subject of a crime, but there’s also a legal possibility of their arrest and confiscation,” Russia’s Prosecutor General’s Igor Krasnov said in an interview with RIA Novosti news agency.

Russian lawmakers are mulling over other legislative changes to establish a proper legal framework for cryptocurrencies. A number of activities related to digital coins remain outside the scope of the current law, including taxation, mining, and payments, for example.

Calls have been mounting among officials in Moscow to recognize cryptocurrency mining as an entrepreneurial activity and tax it accordingly. At the same time, the Central Bank of Russia (CBR) remains opposed to the legalization of digital currencies as a means of payment. The regulator claims these represent “money surrogates” that are banned in Russia.

The monetary authority is currently developing a digital version of the national fiat, insisting that’s exactly what the Russians need. The digital ruble will provide а low cost and reliable payment solution that also protects personal data, the head of the CBR, Elvira Nabiullina, promised in November. Bank of Russia is planning to commence trials for the CBDC in January 2022.

Last month, the Russian Prosecutor General’s Office also proposed recognizing cryptocurrency and other virtual assets as property in the country’s Criminal Code. Igor Krasnov explained in the State Duma, the lower house of parliament, that the legal definition will be used in court proceedings.

Krasnov also revealed that his department has already drafted a bill that would regulate the matter and expressed hope that lawmakers would support it. Digital currencies such as bitcoin have been recognized as property under several other Russian acts like the laws on bankruptcy and enforcement proceedings, the anti-money laundering legislation, and the country’s anti-corruption law.

Do you expect Russia to add the term “cryptocurrency” to its legislation? Share your thoughts on the subject in the comments section below.

Stacks’ Mitchell Cuevas talks building integrated DeFi bridges for Bitcoin users

“It’s unlikely that a native on-chain solution will supersede [layer-one] solutions like Stacks,” said Mitchell Cuevas, head of growth at the Stacks Foundation.

The Stacks ecosystem is a collection of independent entities, developers and community members working to build a user-owned internet on the Bitcoin (BTC) blockchain. Stacks’ STX cryptocurrency was distributed to the general public through the first-ever Securities and Exchange Commission-qualified token offering in the United States.

Mitchell Cuevas, head of growth for the Stacks Foundation, held an exclusive ask-me-anything, or AMA, session with Cointelegraph Markets Pro users on Dec. 2. During the session, he discussed the Stacks blockchain’s technological capabilities, future growth and major developments.

Cointelegraph Markets Pro User: PoW [proof-of-work] blockchains are known to be the most secure. Does Stacks PoX [proof-of-transfer] match BTC security or are there other vulnerabilities?

Mitchell Cuevas: Stacks’ consensus recycles PoW already done to secure Bitcoin. It does this via Proof of Transfer, a mining mechanism that provides a new take on consensus, allowing for a Proof of Work chain to be leveraged and extended in new ways. As a result, all Stacks transactions settle on Bitcoin, enabling Stacks transactions to benefit from Bitcoin’s security. Every Bitcoin block, Stacks transactions are batched and hashed on the Bitcoin blockchain. In addition, the history of all Stacks blocks produced is recorded to Bitcoin.

CT Markets Pro User: With smart contract capabilities, how long before Stacks will be able to integrate NFTs, gaming, and metaverse experiences?

MC: This can already be done and is being done today. We see massive growth of NFTs, reaching about $6-7 million in daily transacted value of late. The cost varies based on network activity. The minting cost is generally somewhere from $0.15 to $0.50. NFTs can be minted on Boom at Monday games are building an exciting metaverse style open-world game. We’ve got teams, such as Jolocom, working on various identity-related efforts, which will be important in the metaverse. It’s exciting because the idea of the metaverse was an early anchor point for folks working at Blockstack back in the day, it was our company book, and we had Neal Stephenson out to one of our summits!

CT Markets Pro User: I only know of a few other platforms that build off of BTC to maximize its security, decentralization, and popularity (Lightning, RSK, Sovryn). So why do you think there aren’t more protocols integrating with BTC?

MC: It’s the difficulty of it. It took core engineers and the Blockstack team a while to crack Proof of Transfer, making the fully expressive contract layer possible in a truly decentralized way. When you have the option of working with a restrictive and unmoving base like Bitcoin or something else (or creating your chain entirely), I think many will end up in that last bucket. It’s an easier path and with how hot crypto is, is I can assume it’s more immediately lucrative, so that’s where the focus has stayed.

CT Markets Pro User: There were congestion issues with Stacks. Has that been resolved?

MC: For the most part — the main bottleneck that was noticed was the popularity of some NFTs and the architecture of the stacks-blockchain-API. Since then, the architecture has changed a bit, so many read-only API nodes can be brought up during higher traffic events, as we noticed in the past. The API write node is still a 1:1 ratio to a Stacks node running in follower mode since any particular blockchain node can be slightly ahead/behind other nodes at any given moment, making load balancing very difficult. In addition, an upgrade to the chain is expected to go live around December 8th that will provide a 2-10x increase in capacity. There are additional exciting future scalability and speed solutions now being explored that should give developers several different options as they build.

CT Markets Pro User: Can you explain microblocks? Is that the main factor to allow Stacks to scale?

MC: This is a great question and one we’ve seen some confusion about in the past. However, it is essential to note that microblocks are NOT a scalability solution; they allow faster transaction confirmations. To put it simply, microblocks are intended to solve transaction latency, allowing transactions to confirm in seconds on the Stacks chain before they are later settled to Bitcoin.

CT Markets Pro User: PoW blockchains have gotten labeled as substantial energy consumers thanks to one guy who will remain nameless. Where does Stacks PoX rate for energy consumption? Since it integrates with BTC, have you had to explain this difference?

MC: As for Stacks, it’s a straightforward narrative: PoX recycles PoW already spent on Bitcoin. This means we’re not burning or consuming new electricity for Stacks transactions. On a more personal note, I’ve been starting to work with some NFT artists that are passionate about making sure their environmental impact is zero or minimal, and they’ve been excited about Stacks. An early launch on Stacks included Cara Delevingne, and this was a vital issue for her as her NFT was going to benefit climate-related topics.

CT Markets Pro User: Each STX block is somehow recorded on the BTC blockchain. How much block space does this take? What is recorded?

MC: You can check this publicly! All of the BTC transactions are showing a size of 352 Bytes. The system’s state settles on Bitcoin — creating a new Stacks block entails sending a well-formed Bitcoin transaction that records the hash of a Stacks block and where it attaches to the blockchain. Settling the system on Bitcoin grants Stacks novel security properties not seen in other blockchains — it leverages the security of Bitcoin to guarantee that all Stacks forks are public and to help to bootstrap Stacks nodes identify the canonical Stacks fork and find Stacks blocks they have not yet downloaded.

CT Markets Pro User: How many full nodes are in operation? Is there a limit to the amount of decentralization that can be achieved?

MC: Short answer, there were a few hundred last we checked. For the rest, great question, and buckle up for a longer answer. It’s important to note that unlike PoW based networks, like Bitcoin, the number of STX miners alone is not an accurate reflection of a miner’s relative ability to win blocks over time. As a result, it does not reflect the security or decentralization of the network. To successfully attack Stacks 2.0, a miner would need to mine a genuinely longer chain than the rest of the network. Unlike a PoW based chain, the Stacks chain quality is measured by its length and not the total amount of BTC burned (or resources expended). This means that simply spending 100x the BTC of every other miner will not result in a longer or better Stacks chain tip. Instead, a miner would have to consistently out-mine every other participant to attack the Stacks chain successfully. To do this, a “bad actor” miner needs to effectively guarantee they could win every block over the period their attack occurs.

CT Markets Pro User: Any plans for interconnectivity with other blockchains? What solutions can be employed today?

MC: Yep! The community has several bridge efforts, including bridges to public blockchains such as Ethereum, BSC, SOL, Polygon, Klaytn, ICON, Orbit, etc. See some of the initiatives below: Stacks Bridge — cross-chain transfer service that allows owners of ETH or STX based NFTs to move their NFTs between blockchains; Banana Bridge — Megakongs will mint on Ethereum and be transferable back forth to Stacks, and this is an essential step. This opens them to Ethereum liquidity and, perhaps more importantly, it gives Bitcoin NFTs a gateway to access some of the exciting Metaverse projects vice versa; Orbit Chain — Orbit Chain is currently bridging Stacks and will soon welcome Bitcoin to the growing $100B+ DeFi Economy. Orbit Chain has built a notable reputation for itself in the past year, having bridged more than $10B worth of assets across other top chains, including Ethereum, BSC, Polygon, Klaytn, ICON, and Ripple.

CT Markets Pro User: Will the relevance of Layer-1/Layer-2 solutions on the BTC blockchain diminish over time should future updates like Taproot occur?

MC: Bitcoin is probably a stable blockchain precisely because it doesn’t change and is predictable. Any proposed changes can take a long time to merge since there is an incentive for the protocol not to change, and there is a large community with many opinions about any proposed change. Bitcoin is stable and predictable — so it’s unlikely that a native on-chain solution will supersede solutions like Stacks. Is it possible? Sure — but it’s also unlikely. Notably, Taproot doesn’t come close to bringing expressive smart contracts to Bitcoin.

Reddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits

Reddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits

The popular forum and news aggregation web portal Reddit has revealed the firm’s Community Points beta program where Reddit users can “own a piece” of their community with “custom tokens” for subreddits.

Blockchain-Backed Reddit Community Points: ‘The First Step Towards a Different Future for Online Communities’

At the end of July, Reddit announced that the platform’s Community Points system would leverage the Layer 2 (L2) protocol Arbitrum. This week, Reddit revealed a new website that features the Community Points beta program, which says that Reddit patrons will be able to leverage native crypto assets tethered to unique subreddits. At the time of writing, there is a waitlist and users can sign-up via a form Reddit created.

“Community Points are the first step towards a different future for online communities,” Reddit’s description of the new beta program notes. “These tokens live on the blockchain, which means they are truly owned by the community. Over time, your community will benefit from even greater control and independence… on and off of Reddit.”

Reddit says that users can “Earn something valuable for all the hours you put into your community, [and] unlock special features.” Redditors can “buy community features with Community Points, like special memberships and awards, [and] encourage better content and conversation,” the company details. Furthermore, Redditors can use polls and systems to figure out the Community Points distribution process. Reddit’s website adds:

Each subreddit creates its own Community Points token, with a custom name and symbol.

Cryptocurrency Subreddit Likes the Community Points Concept, Most Popular Bitcoin Subreddit May Not Be Too Fond of Ethereum-Based Subreddit Tokens

In addition, Reddit says that people can “own” their reputation as the points system will be a “measure of reputation” in a certain community. “In the subreddit, they are displayed next to usernames, so the biggest contributors stand out from the crowd,” Reddit explains. Community Points have been discussed in specific forums like the subreddit r/cryptocurrency and a great number of the subreddit’s subscribers liked the idea.

It will be interesting to see whether or not r/bitcoin implements a Community Points token as discussions of alternative crypto assets are banned from that subreddit. Moreover, many r/bitcoin subscribers are not too fond of the blockchain Ethereum so using it for a Community Points system could be considered hypocritical. It’s safe to say that many other crypto and non-crypto-related forums on Reddit will likely have no issues using the Ethereum-based Community Points program.

What do you think about Reddit introducing the new Community Points program where subreddits will be able to create their own custom tokens? Let us know what you think about this subject in the comments section below.

Bitcoin, Ethereum Mount Restoration as Crypto Markets Rebound

The main cryptocurrency by market capitalization, Bitcoin, is mounting a tentative recovery which is seen it climb by 4% around the previous 24 hrs. Ethereum, the 2nd-most significant cryptocurrency, has mounted a much more impressive 6.5% rally about the exact same time period. 

This bullish motion will come just days just after the business confronted a flash crash around the weekend, shaving around $400 billion of the complete market, in accordance to CoinGecko. 

On Friday, Bitcoin fell from much more than $57,000 to near the $46,000 level the up coming day. Likewise, Ethereum $4,600 to $3,800. Neither cryptocurrency has recouped all of its losses, but the broader current market has rebounded some on Tuesday.

Bitcoin is again investing around $51,000 and Ethereum is holding continual at about $4,350.

Together with the two foremost cryptocurrencies, Solana, Cardano, Polkadot, and Terra have also recovered some of the floor dropped in the crypto crash. Terra’s native LUNA token even managed to hit an all-time superior on Sunday even though the rest of the sector slumped.

Lots of industry watchers cited renewed coronavirus fears, amid the ongoing spread of the Omicron variant all over the globe. Standard markets ended up also deeply afflicted, with the S&P 500 also dropping by just beneath 2%. 

The crypto business was hit particularly challenging, in accordance to Sam Trabucco, CEO and trader at Alameda Research, due to the reduced liquidity in the current market at the time of the crash. 

“Part of the purpose [the crash] was however substantial was the very low liquidity,” he tweeted on Saturday. “On many exchanges, [Bitcoin] acquired sub-$30k for a moment! And that was mainly because of how minor liquidity sits on the ebook through tremendous-off-several hours.”

A number of attributes of this transfer ended up vital:
– the cost of BTC, for occasion, was nearing in on a longtime local minimum — sub-$53k hadn’t transpired due to the fact early October, the similar day it crossed $50k
– it was late Friday U.S. / early weekend Asia, among the the least expensive-liquidity situations

— Sam Trabucco (@AlamedaTrabucco) December 4, 2021

Low liquidity, additionally tremendous leverage that has develop into a hallmark of crypto, led to the weekend’s double-digit tumble. 

Due to the fact then, nonetheless, the complete capitalization of all crypto has bounced back more than 7%, hovering all-around $2.5 trillion. 

This is nevertheless all-around $500 billion limited of the industry’s all-time higher. 

The post Bitcoin, Ethereum Mount Restoration as Crypto Markets Rebound appeared first on Soltimes.