Crypto News Headlines (30-May-2022)

Bitcoin (BTC) added 5.6% in the past 24 hours to rise over $30,000 during Asian trading hours on Monday in a brief show of strength amid a record losing streak, data shows.

The asset has slid for nine straight weeks for the first time in its history, falling from the $48,160 level in late March to last week’s close of $29,600. The drop came alongside inflation concerns in the broader economy, a move away from risk assets, and systemic risk from within the crypto industry.

Price-charts suggest bitcoin saw strong support at the $29,000 mark, a level that has been tested several times in the past weeks. Closing below this level could mean that the cryptocurrency could drop to its 2017 high of nearly $20,000, charts show. Resistance at $30,500 continues to exist, however, and a daily close above that level would show strong signs of recovery.

Readings on the Relative Strength Index (RSI) – a tool used by traders to calculate the magnitude of an asset’s price move – have fallen to nearly 30, suggesting signs of bottoming out. Short-term buyers could add to this week’s momentum. Sentiment data from last week already suggests the market may be headed for higher prices in the coming weeks.

Ethereum network fees are the cheapest they have been in over ten months and around 12 p.m. (ET) on Sunday, the average ETH transfer fee slid to a low of $2.96 per transaction. As the day continued on, average ether fees have jumped a bit higher to 0.002 ether or $3.56 per transfer.

Ethereum’s transaction fees have not been this low in quite some time. News has been covering the fact that gas costs have been dropping since mid-February and during the first week of March, ethereum transaction fees slid to just above the $10 mark.

The last time average ETH fees dropped below $3 was on July 11, 2021, or roughly ten months ago. In fact, during a few weeks in July 2021, average gas costs using Ethereum’s layer one (L1) network were between just under $3.00 to just above $8.00 per transfer.

In addition to average ethereum fees dropping to fresh lows, median-sized gas costs have dropped a great deal this week as well. For example, on March 8, 2022, the median-sized ether fee was 0.0014 ETH or $3.73 per transfer, and today it’s 0.00086 ether or $1.56.

After a tumultuous month for the crypto markets, Bitcoin (BTC) was poised to extend its losing streak to a record nine weeks. However, that scenario has been narrowly avoided after the leading cryptocurrency jumped in the late hours on Sunday to hit a seven-day high of $30,723.

Though a modest correction brought Bitcoin down to $30,594 by press time, it is still up 5.5% on the last day, according to CoinMarketCap.

Despite the latest positive sentiment, data from Coinglass shows that Bitcoin is down 18.63% so far this month, following a 17.3% loss in gains in April.

The major question now is whether the industry’s largest asset can maintain its momentum after the latest price action.

According to a recent report by CoinShares, the recent collapse of the TerraUST stablecoin has seen investors favoring Bitcoin, with as many as 39% of respondents saying the benchmark cryptocurrency has the most compelling growth outlook.

PlanB, the creator of the stock-to-flow (S2F) model, predicts a breakout in the Bitcoin (BTC) price based on the historical price trends and the original 2019 $55k model. BTC has soared nearly 6% rising above the crucial $30,000 level in the last 6 hours.

PlanB believes the original S2F $55k model is right and the predicted 14X rise to $55k is worth more than the 2X prediction error of $100k. Moreover, both models point to $500k after the 2024 halving.

PlanB Predicts Bullish Momentum for Bitcoin (BTC)

The Bitcoin price seems to breakout above the $28k-$30k range as it enters the buying area. According to the S2F $55k model, the Bitcoin price has corrected massively and could rise strongly. Moreover, as reported previously, the BTC price seems to have possibly bottomed out.

Unwithered by the ongoing bear market, Bitcoin’s (BTC) underlying architecture continues to outperform itself — further securing, decentralizing and speeding up the impenetrable peer-to-peer network. The same holds true for the Bitcoin Lightning Network (LN).

The Bitcoin Lightning Network capacity attained an all-time high of 3915.776 BTC as evidenced by data from Bitcoin Visuals, displaying a commitment to the cause of improving BTC transaction speeds and reducing fees over the layer-2 protocol.

The Bitcoin LN was first implemented into the Bitcoin mainnet in 2018 to address Bitcoin’s infamous scalability issues and has ever since been able to maintain an upward trajectory in terms of expanding its capacity.

The climb, however, saw a temporary disruption on April 18, when the LN capacity dropped by 7.7% — from 3687.051 to 3402.273 BTC in a matter of a week. Showcasing network resilience, the drop was accompanied by a quick recovery back to 3718.351 BTC by May 2.

NFT marketplace has become more dynamic in this global financial hub, and more online and on-site virtual exhibitions have been hosted amid the COVID-19 pandemic.

The exhibition will be held at Central Harbourfront and over 100 exhibitors will be joining this event, including blockchain and gamification giant Animoca Brands, Taiwanese NFT project Alpacadabraz and RAZE – NFT Fi platform provider.

Daniel Chang, Chief Marketing Officer and organizer of ARTAVERSE, shared his motivation for organising the event, saying that the team aims to provide more platforms for artists to promote their artworks. He believes the project will potentially lay a subversive foundation for the future development of the Metaverse, and further expand the sustainable development of the digital art and cultural industry:

“With Hong Kong being a central hub of the international art technology market, and we hope to take advantage of this to make “ARTAVERSE” a bridge to connect with the international counterparts. It gathers experts from different industries from all over the world, with the aim of thrusting ahead the popularization of blockchain technology from Asia to the globe,”

Belarus had to deal with the challenge of how to seize cryptocurrencies when they were first used in drug trade and later economic crimes, Dmitry Gora, who heads the nation’s Investigative Committee, told the state-run ONT channel. He added that law enforcement agencies had to find a way to confiscate such digital assets and have already seized crypto worth hundreds of millions of Belarusian rubles (millions of U.S. dollars).

Belarus Has Seized Millions of Dollars in Crypto, Chief Investigator Claims

The former Soviet republic, a close ally of Russia, legalized various crypto activities with a presidential decree which went into force in May 2018. The document introduced tax breaks and other incentives for crypto businesses operating as residents of the Hi-Tech Park (HTP) in Minsk within efforts to develop the country’s digital economy.

RTFKT, Nike’s Web3 arm, now owns 10 Ethereum Name Service (ENS) domains following the purchase of dotswoosh.eth for 19.72 ETH, roughly $35,000. RTFKT is pronounced “artifact.”

Nike’s exact reason for the dotswoosh purchase on Friday remains unclear. But as some have pointed out on Twitter, Nike may have plans to use the domain for issuing ENS subdomains in the future. ENS subdomains are controlled by the main domain name holder.

For example, Nike could allow holders of specific NFTs or other assets the ability to register an ENS subdomain under dotswoosh.eth (kate.dotswoosh.eth would be one such example).

Graphic designer Carolyn Davidson created Nike’s iconic swoosh logo back in 1971 and was reportedly only paid $35 for her work. So Nike’s 19.72 ETH purchase price may be a nod to the year 1972, which was when Davidson’s swoosh logo first appeared on shoes.

Youtuber NasDaily endured a Bitcoin (BTC) baptism by fire. The entrepreneur and influencer with over 50 million followers invested $500,000 in Bitcoin —right before the bear market kicked in.

Cointelegraph spoke to NasDaily (whose real name is Nuseir Yassin) during the World Economic Forum (WEF) in Davos, Switzerland. Yassin told Cointelegraph that the half a million dollars he saved in Bitcoin is now worth $300,000, adding with a smile that “it’s a great test of conviction.”

Despite the paper loss, he’s more convinced than ever that crypto is the future:

“Even if it goes down to zero, I think I do believe there needs to be a way to capture value on the Internet. And I’m taking a bet that Bitcoin is a once in a generation thing.”

MetaBlaze is heating up this week. With its NFT mint ongoing, the Gaming firm is scheduled to open its second ICO round (Initial Coin Offering) on May 31st at 12 pm UTC. As of this writing, MetaBlaze has raised over $2.1M during its ICO, the recent round reached its hard cap in just 3 short days with nearly 2,000 holders.

What is MetaBlaze?

MetaBlaze is a blockchain-based gaming company aiming to set a new standard in the world of blockchain gaming. MetaBlaze is not just another blockchain gaming company, MetaBlaze merges elements of rapidly expanding crypto categories – GameFi, DeFi, and Metaverse, creating a one-of-a-kind, synergistic ecosystem full of web 3 technologies.

MetaBlaze (MBLZ) token is a deflationary, dual reward-based, multi-chain crypto token providing versatile functionalities and will serve as the native currency within its ecosystem. The MBLZ token is built on Binance Smart Chain and MetaBlaze will later launch its Ethereum MBLZ token in July.