This 7 days in Cash: Bitcoin and Ethereum Recuperate, Terra and Polygon Rally

Bitcoin and Ethereum managed to recapture floor soon after very last week’s marketplace wipeout. The market leaders have both of those began the weekend about 3% higher than very last Saturday. 

Bitcoin currently trades at $48,576. It’s drastically shy of its former all-time significant of $69,790, recorded on November 10 this year, but it’s still superior than last weekend’s crash, which bottomed out at around $45,000. 

Ethereum confirmed promising indicators of progress this 7 days, despite the fact that it unsuccessful to breach the $4,500 threshold. On Thursday it rose to $4,482 but right now it is again down to $4,061, which is all over 17% shy of its former all-time higher of $4,860 back on November 10.

This week’s crypto information cycle was a combined bag. On Monday, Bancolombia, the greatest bank in Colombia, declared a pilot method that will help a limited amount of clients to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Funds instantly from their lender accounts. 

The country’s economic regulator, the Monetary Superintendence of Colombia, will oversee the program, no doubt with an eye to possibly acquiring a regulatory framework around crypto. 

On Tuesday, the Biden administration released a doc identified as the “United States Strategy on Countering Corruption.” One of the proposals to aid struggle corruption is the establishment of a “National Cryptocurrency Enforcement Team” which will be tackling the criminal misuse of crypto. 

Although the U.S. federal government proceeds clamping down on crypto’s dark and seedy underbelly, Wednesday introduced extra savory information for law-abiding crypto lovers. 

A delegation of CEOs from 6 of the leading crypto companies, which includes Coinbase, Circle, FTX, and Paxos, visited Congress to make the case for the escalating importance of crypto and laws in a 5-hour listening to. Considering that this time final year, the delegation would have been laughed out of Washington, the information demonstrates a notable transform of heart.

In excess of the Atlantic on Thursday, a distinctive frame of mind prevailed. British MPs on the Treasury find committee, which is responsible for retaining a shut eye on the British treasury and all of its involved bodies, together with the Economic Perform Authority (FCA),  advised the chief govt of the FCA, Nikhil Rathi, that companies should really stop using the text “invest” and “investment” when selling crypto. 

Previous JP Morgan banker-turned conservative MP Harriett Morgan instructed Rathi: “The terms ‘your investment’ endorse the idea that this is an financial investment on par with an FTSE 100 organization or a unit rely on.”

On the similar working day, Bitcoin and Ethereum fell much more than 5% in 24 hrs soon after Chinese genuine estate developers Evergrande and Kaisa were being not able to make scheduled U.S. greenback bond payments.

Some altcoins experienced a terrific week, although. 

Terra shot up 11% in excess of the previous 7 times and at this time trades for $63.10 at the time of writing. Polygon also rose noticeably, swelling by a minimal over 13% to strike $2.08. On Thursday Polygon introduced it signed a $400 million offer with Mir to extend the project’s Ethereum scaling abilities. 

The value of Tezos jumped 37% above Monday night time after Ubisoft introduced it would faucet the blockchain to mint NFTs for its impending Ghost Recon activity. This is the first time a major video clip video game publisher has supplied NFTs, and the fact that it chose Tezos is huge information for the community.

Tezos is the 41st-major cryptocurrency by current market capitalization and it is at the moment truly worth $4.51.

Lastly, Solana took a beating this week. The foremost Ethereum competitor dropped practically 13% in the last seven days and now trades for $169. 

Concluding, it is been an all-all over good week, even though only just.

The post This 7 days in Cash: Bitcoin and Ethereum Recuperate, Terra and Polygon Rally appeared first on Soltimes.

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.

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.

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.

Enso Finance Launches ‘Vampire Attack’ Against Six Ethereum DeFi Products and solutions

In what could be viewed as a controversial bootstrapping strategy, Enso Finance has declared that it is launching a month-extended vampire assault that could drain just about $1 billion from 6 competing DeFi protocols.

A vampire attack sources liquidity by siphoning it from one (or several) competing jobs. The vampire analogy ends there—the initial assault does not actually modify the character of the challenge that was targeted. 

Enso, a platform that enables end users to mix investing procedures into “metastrategies” and abide by other people, introduced earlier this 12 months. It will focus on six protocols with an accrued $941.5 million whole price locked as of Tuesday afternoon, in accordance to facts from DeFi Llama.

Established Protocol and Index Coop, which allow consumers to produce their individual indexes, account for additional than $400 million each individual in total worth locked (TVL), a metric that approximates the sum of income flowing as a result of any given DeFi protocol. dHedge, a decentralized hedge fund, and PowerPool, an automatic DeFi token portfolio manager, account for $21 million and $18 million, respectively. PieDAO, a system for constructing DeFi ETFs, has $13.8 million, and Indexed, a protocol for passive portfolio administration, has $11.7 million in TVL.

Enso by itself has set out to present all of people attributes and will gamify the migration method with a virtual arcade that reimburses users’s gas costs (transaction expenditures on the Ethereum community) as they migrate liquidity during the 4-7 days vampire attack. Liquidity providers who migrate will also be rewarded with NFTs—distinctive collectible tokens—and Enso native tokens when the assault is entire. 

DeFi is a capture-all term for monetary instruments constructed on a blockchain. In contrast to common finance, DeFi tasks for lending, borrowing, and investing in property are not managed by a central corporation like a lender. In accordance to DeFi Llama, the TVL in these tasks has reached $259 billion throughout blockchain networks, including Ethereum, Solana, Avalanche and other folks.

The decentralized and group-driven mother nature of the marketplace has led to some head-turning start methods. In actuality, the Enso Finance crew was likely to call its go-to-marketplace method a liquidity migration, but made the decision a vampire attack would attract much more interest—even if some of it is detrimental.

“I basically believe it is very constructive. Simply because it’s what classic players do. [UK mobile service providers] Swisscom or BT incentivize consumers to improve options all the time,” Enso cofounder Connor Howe instructed Decrypt. “Sure, it may well sound terrible, it could audio a bit aggressive, but at times you have to take a chance. We chose the phrase ‘vampire attack’ as an alternative of liquidity migration since it’s a lot more effective and people understand what it is.”

1 of the most perfectly-recognized vampire attacks happened past yr, when an nameless developer regarded as Chef Nomi forked the open resource code for crypto trade Uniswap and launched SushiSwap, a clone that was able to drain nearly $1 billion from its predecessor over the system of a 7 days. 

The approach was viewed as controversial, to say the least, especially when Chef Nomi withdrew $14 million from the $SUSHI liquidity pool and triggered its rate to plummet 73%. It even stoked talks of authorized motion against the developer, just before Chef Nomi transferred control of the trade to FTX CEO Sam Bankman-Fried and later on returned the resources he experienced withdrawn.

Whilst Enso is extremely deliberately calling its liquidity migration a “vampire attack” to get attention, it’s not a fantastic comparison. For starters, Howe claims he and his workforce have published their have code as an alternative of cloning any just one of the tasks they’re targeting. 

The job raised $5 million through a personal funding spherical co-led by Polychain Cash and Dfinity Beacon Fund in April, indicating it would use the money to construct its community and platform.

“Crypto Twitter has a ton of people talking about price tag actions. And I individually want persons to begin putting their cash where their mouth is,” Howe mentioned. “I want them to make a approach and show the group that they have really acquired and how significantly they’ve invested on their own. And then they can have persons observe it or they can show what they’re stating is real.”

The post Enso Finance Launches ‘Vampire Attack’ Against Six Ethereum DeFi Products and solutions appeared first on Soltimes.

Rarible Plots Multi-Chain NFT Long term With Ethereum, Stream, Tezos and Far more

In brief

  • Rarible announced strategies this week to guidance Tezos NFTs, signing up for recent platforms Ethereum and Solana.
  • The platform, which also a short while ago launched a messenger services, also options to increase Solana and Polygon assistance.

NFT marketplace Rarible could show up equivalent to foremost rival OpenSea at a glance, but it has taken a different approach towards serving electronic collectors. Rarible’s RARI governance token gives end users a say in its foreseeable future and stake in its good results, for illustration. However, the market is also pushing more rapidly for a multi-chain long run over and above the major current network for NFTs, Ethereum.

In November, Rarible launched assistance for Move, Dapper Labs’ burgeoning blockchain community that plays host to NBA Best Shot. And past 7 days, the market declared ideas to increase guidance for Tezos NFTs in mid-December.

Tezos doesn’t have any where around the degree of NFT trading quantity of Ethereum, but it hosts a vibrant crypto art group and has been supported by creators like blue chip NFT artist XCOPY and Linkin Park member Mike Shinoda. Its largest NFT market, Hic et Nunc, lately shut down, but an equivalent “mirror” market was recreated inside times.

Bringing the Ethereum, Circulation, and quickly Tezos NFT ecosystems with each other tends to make Rarible one of a kind, uniting three layer-1 blockchains under a single umbrella.

FTX US at the moment supports Ethereum and the rising Solana NFT ecosystem, although OpenSea supports Ethereum, Klaytn (popular in South Korea), and layer-2 Ethereum scaling solution Polygon. OpenSea, for its component, announced strategies earlier this yr to guidance each Circulation and Tezos, but neither integration has occur to fruition nonetheless.

“For now, we’re the only marketplace that supports various layer-1 chains,” Rarible CEO and co-founder Alexei Falin instructed Decrypt last week at NFT BZL in Miami. “Most other marketplaces just aid layer-2 chains these types of as Polygon, which we will roll out quite shortly, as properly.”

Falin also verified that guidance for Solana is “very close” on their roadmap as properly. Solana support is becoming formulated internally at Rarible, whilst Tezos builders have dealt with their own implementation into the marketplace protocol. By constructing open up-resource, he claimed, it is much easier to pool means and permit blockchain creators create on leading of Rarible’s protocol.

Movement is an interesting piece of the equation. There are many builders making on the blockchain—additional than 600, says Dapper Labs—but most of those people tasks are nevertheless out on the horizon. NBA Top rated Shot has been a significant strike and Dapper has an NFL equivalent, NFL All Working day, launching quickly, but Flow’s wider NFT ecosystem could swiftly speed up once a lot more initiatives debut.

Falin explained Dapper as staying “pretty successful” at wooing intellectual residence holders to the Stream ecosystem, and called the blockchain’s long term growth a “really large opportunity” for Rarible. Users can mint their very own NFTs on Circulation with Rarible, way too, giving any individual accessibility to the progressively decentralized blockchain community, which is fewer expensive to use than Ethereum.

Rarible also just not long ago released a very first-of-its-variety crafted-in market messaging service, letting potential NFT purchasers and sellers communicate immediately through their Ethereum wallet addresses. That saves the stress of attempting to get in speak to by means of Twitter or Discord.

Rarible finally plans to spin the messenger instrument out into a standalone products that other World wide web3 builders can implement, as effectively. In this case, Falin mentioned that what advantages Rarible in the beginning can in the long run profit the whole NFT ecosystem, as effectively. “We’re making an attempt to establish products and solutions that market wants, and also the goods that Rarible desires,” he described.

Late past yr, prior to the NFT marketplace seriously took off, Rarible was building additional month to month Ethereum buying and selling volume than OpenSea. Which is no longer the situation: OpenSea has logged various $3 billion months of late, per knowledge from Dune Analytics, while Rarible’s greatest thirty day period was just higher than $21 million in buying and selling volume in August.

Falin thinks that it is however early in the NFT current market and that trends and pursuits are quickly switching, but he also instructed that Rarible is developing in a distinctive way.

Amongst its token-based local community ownership and sustaining a protocol that other applications can faucet into and make upon, Rarible is focusing on other edges that towering ETH tallies by itself can’t quantify. Monday’s information that OpenSea is setting up to at some point go community with a conventional IPO, possibly as an alternative of a token airdrop to early people, may well only enhance that see.

“We have a minor little bit various technique to OpenSea,” reported Falin. “We are trying to be a World-wide-web3-indigenous company—decentralized as a lot as we can.”

The post Rarible Plots Multi-Chain NFT Long term With Ethereum, Stream, Tezos and Far more appeared first on Soltimes.

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 pic.twitter.com/UaGTDqHdC1

— 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.

Pepsi-Cola Celebrates the Soft Drink’s Birth Year With 1,893 Generative NFTs

Pepsi-Cola Celebrates the Soft Drink's Birth Year With 1,893 Generative NFTs

The carbonated soft drink manufacturer Pepsi has revealed the company is stepping into the world of blockchain with its first collection of non-fungible token (NFT) assets. Pepsi introduced the “Pepsi Mic Drop” genesis NFT collection on Thursday, which features 1,893 generative NFTs on the Ethereum blockchain. Pepsi aims to create a real-time community of NFT holders with the NFTs that feature designs like the classic blue Pepsi, silver Diet Pepsi, red Pepsi Wild Cherry, black Pepsi Zero Sugar, and Crystal Pepsi.

Pepsi Introduces the Company’s First NFT Collection

Pepsi-Cola is a well-known soft drink manufacturer that was created and developed back in 1893 by Caleb Bradham. When the soft drink first came out it was called “Brad’s Drink,” but was rebranded to Pepsi-Cola in 1898. These days both Pepsi-Cola and Coca-Cola are the two most popular cola-flavored drinks on the market.

In order to celebrate the birth year of Pepsi-Cola, Pepsi has launched a genesis collection of non-fungible token (NFT) collectibles. The collection is called the “Pepsi Mic Drop” genesis NFT collection and features 1,893 unique generative NFTs that feature variations of a microphone visual and iconic Pepsi flavors.

Pepsi-Cola Celebrates the Soft Drink's Birth Year With 1,893 Generative NFTs

The NFT collection from Pepsi is hosted on the web portal micdrop.pepsi.com and Vaynernft helped the company produce the NFT collectibles. The waitlist for a wallet will start on Friday, December 10 at 12:00 p.m. (EST) and the “approved will be able to mint their Pepsi Mic Drop genesis NFT free of charge (not including Ethereum gas fees) on Tuesday, December 14 at 12:30 p.m. (EST).”

“The exclusive generative traits of the Pepsi Mic Drop genesis NFT collection, generated randomly by an algorithm so each NFT is totally unique and different, pay homage to the brand’s storied history in music and the suite of Pepsi flavors that have captivated unapologetic cola-loving consumers for decades,” Pepsi’s NFT announcement details.

“Pepsi has always been a brand with a strong heritage in music and pop culture, so it’s only fitting for us to bring that legacy into the new world of NFTs with a ‘mic drop’ of epic proportions,” Todd Kaplan, Pepsi’s vice president of marketing said in a statement sent to Bitcoin.com News. Kaplan further added:

We created the Pepsi Mic Drop genesis NFT collection for our fans, putting their interests and needs at the forefront by ensuring the NFTs are all free of charge and presented equitably as an inclusive and accessible opportunity for anyone to experience the exciting world of NFTs. This collectible series of microphones is not only inspired by our history, but also represents the scale and scope of how accessible we see this space becoming in the future.

Pepsi follows the many brands getting into the NFT space including Arizona Iced Tea, Budweiser, Coca Cola, and more. For instance, the popular American-style pale lager produced by Anheuser-Busch, Budweiser, launched 1,936 NFTs last week to celebrate the birth of the Budweiser beer can.

Adidas revealed last week as well that the sneaker and sportswear company was teaming up with Bored Ape Yacht Club (BAYC). Concluding the announcement, Pepsi says that the firm is “implementing a carbon offset program for the launch of the Pepsi Mic Drop NFT to ensure a net carbon footprint of zero.”

What do you think about the Pepsi-Cola brand getting into NFTs? Let us know what you think about this subject in the comments section below.

Terra becomes top-10 crypto: Classic ‘bull pennant’ setup paint $100 LUNA price target

Chiron’s $50-million fundraiser to back Terra-backed projects has boosted traders’ appetite for LUNA.

Terra (LUNA) faces the prospects of hitting $100 in the coming weeks as it paints a classic bull pennant structure.

In detail, Bull Pennants appear as the price trends inside a Triangle pattern after a strong move upside. Many analysts see it as a sign of bullish continuation, i.e., they think the instrument would eventually break above the Triangle’s upper trendline to resume its price rally higher.

Additionally, the profit target of a Bull Pennant structure typically comes to be equal to the length equal to the size of the previous price rally, called Flagpole, when measured from the breakout point. As it appears, LUNA has been forming a similar pattern on its lower-timeframe chart.

LUNA/USDT four-hour chart featuring Bull Pennant setup. Source: TradingView

Considering the breakout happens at the point where the Bull Pennant trendlines converge — the apex — the ideal profit target comes out to be over $22, the Flagpole height. That puts LUNA on the road to almost $100.

Supportive bullish catalysts

The bullish technical setup in the Terra market appeared as LUNA rallied nearly 65% in less than three weeks to become the tenth-largest cryptocurrency by market capitalization.

The digital asset jumped past Dogecoin (DOGE) and Avalanche (AVAX) to value over $28.60 billion, almost 1.18% of the current total cryptocurrency market valuation of $2.30 trillion. Meanwhile, LUNA’s token price climbed from $43.50 to over $77 on Dec. 5, a new all-time high.

LUNA circulating market capitalization. Source: Messari

Traders took cues from Chiron Partners, a Hong Kong-based venture capitalist firm, that announced Wednesday that it had raised $50 million for a dedicated fund, dubbed Chiron Terra Fund I, to build decentralized finance (DeFi) and metaverse-linked nonfungible token (NFT) projects atop the Terra blockchain.

Jake Cormack, chief operating officer at Chiron Partners, credited Terra’s growth potential behind their decision to choose them as their official public ledger, particularly after the blockchain’s recent Columbus-5 upgrade, which promises to enable higher scalability and greater cross-chain interoperability.

Deflation FOMO

In detail, the Terra ecosystem consists of a family of stablecoins pegged to a growing list of fiat currencies and a mining token, LUNA. LUNA serves as a governance token, volatility absorption tool, and rewards catcher through “seigniorage” and transaction volumes. 

The volatility absorption feature, in particular, proves to be the most bullish case for LUNA. Notably, the Terra ecosystem maintains its stablecoins fiat-peg by burning LUNA tokens. In other words, if the price of Terra’s native stablecoin TerraUSD (UST) goes above $1, the protocol burns LUNA to mint more UST, thus bringing its value back to $1.

Conversely, if the UST value goes below $1, the protocol swaps the stablecoin for LUNA to prop up its prices. With the Columbus-5 upgrade and Chiron’s $50-million fund promising to bring more projects to the Terra ecosystem, anticipations of more deflationary pressure on LUNA have been rising.

As Cointelegraph reported, UST stablecoin adoption is growing with its net supply hitting a new record high of $8.221 billion on Wednesday. On the other hand, according to TerraAnalytics, the Terra protocol has burned more than 104 million LUNA tokens ever since the Columbus-5 upgrade went live at the end of September. 

Talis’s $2.3M NFT marketplace

Bullish cues for LUNA before the Chiron announcement came in the form of Talis. The startup raised $2.3 million in funding led by ParaFi Capital and Arrington Capital to build an NFT marketplace on the Terra blockchain.

LUNA/USDT versus BTC/USD daily price chart. Source: TradingView

Two days after the announcement, LUNA rose nearly 13% to reach its new all-time high despite a major correction in Bitcoin (BTC), Ether (ETH), and most other cryptocurrencies. 

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.

Reddit launches waitlist for site-wide expansion of ‘Community Points’

Reddit has launched a new website allowing mods and users to sign their subreddits up for the new ‘Community Points’ token rewards program.

Reddit has launched a waitlist for the upcoming site-wide expansion of its Ethereum-based ‘Community Points’ token rewards program, as well as a dedicated website.

The social media platform, which runs on upvotes that earn users’ karma scores, first dabbled in crypto token rewards in Dec 2019, when it launched Ethereum-based token rewards called “Donuts” in the r/Ethtrader subreddit.

In May 2020, the platform expanded the reward program to the r/Cryptocurrency subreddit with “Moons,” and r/FortniteBR with “Bricks” on an Ethereum testnet.

Now, the program will be rolled out as an opt-in feature for subreddits across the entire platform. Similar to karma, Redditors will be able to earn Community Points by making contributions to a subreddit, such as creating and uploading valuable content, or volunteering to moderate the community.

While the points remain in their beta phase, Reddit has “strongly advised to exercise caution.” Selling, exchanging or trading the points are against the site’s rules.

Reddit stated: “This kind of behavior is very risky while Points are on a testnet — Points can be lost or they may not be migrated over to the main Ethereum network.”

The Community Points program is currently being run on the Rinkeby testnet version of the Ethereum blockchain, with plans to migrate to the Ethereum mainnet using Eth layer-2 scaling solution Arbitrum.

Despite Reddit’s warnings, owners of the trial token rewards have been able to devise a convoluted plan to trade the tokens for fiat.

Once the reward system moves to the mainnet, the tokens are likely to be able to be swapped, held or traded on crypto trading platforms like any other ERC-20 token.

Both users and mods are able to sign up for the waitlist and request the Community Points feature to be added to their subreddit once the beta program goes live.

Each subreddit that participates in the program will be able to create “Special Memberships,” which users can purchase with their points. These memberships unlock features like badges, GIFs and animated emojis.

The program will also introduce a “weighted polls” feature, which will give a larger voice to users who have more Community Points, and therefore are active contributors in the subreddit.

The new website explains: “Community Points are a measure of reputation in your community. In the subreddit, they are displayed next to usernames, so the biggest contributors stand out from the crowd.”

Tokens will be stored on-chain in their personal “Vault,” where they can view, send and use their community points within the Reddit app. Because the points are on the blockchain, users can take their “reputation” and embed it anywhere on the internet.

Related: Reddit to reportedly tokenize karma points and onboard 500M new users

Reddit held a “Scaling Bake-Off” competition to choose an Ethereum scaling solution for the program in Aug. 2020. Arbitrum was selected as the top pick the following July 2021.

Reddit has not yet provided a timeline for the project. The social media platform is also working on building an NFT marketplace.