Chainlink’s Hackathon offers $125K in bounties, LINK going to $100?

With a start date of March 15^th, The Spring 2021 Chainlink Virtual Hackathon records more than 3,500 participants. According to an official post, the participants are “building the next generation of smart contracts”.

The event will end on April 11^th. However, those who wish to claim the $125,000 will have until today to register and qualified for the $125,000 bounties. The post claims:

The three-week event is an opportunity for developers throughout the Chainlink ecosystem to connect, collaborate, build and showcase innovations in DeFi, NFTs, gaming and universally connected smart contracts using Chainlink’s blockchain-agnostic oracle network and leading web3 technologies.

The prizes will be divided into $3,000 NFT and gaming, a $5,000 award for “social impact”. The latter has been made possible with a parentship with UNESCO Global Education Coalition. And a Chainlink grant that will go to the project accomplishes the following:

(…) the hackathon project that integrates Chainlink with the highest potential to deliver meaningful social impact in education.

At the event, there are projects like “dynamic NFTs powered by Chainlink VRF that incentivize and gamify education to reduce school dropout rates and support lifelong learning”. This could become the next step for this technology, according to Mickey Graham, Head of Growth at Chainlink Labs, so that NFT can be able to interact with oracles. Graham said:

Over time, I believe we’ll see NFTs evolve and transition into more dynamic assets, where external data and events that happen off-chain power upgrades or changes in NFTs.A great example of this, and one we’d love to see built during the Spring 2021 Hackathon, would be an NFT-powered learning badge for a skills-based course that is upgraded or powered up as off-chain modules are completed and recorded on-chain.

Is LINK going to a $100?

LINK is currently trading at $27,93 with 0.1% gains in the 24-hour chart. In the past weeks, LINK records 2.4% gains and 6.2% in the past month.

LINK showing small gains in the 24-hour chart. Source: LINKUSDT Tradingview

Highly bullish on LINK’s performance, trader Michaël van de Popper predicts a possible bull-run towards $100. Claiming LINK’s price is close to “bottoming out”, he recommended investors keep an eye on the $19,5 to $20,75.

The trader considers the above range to be acting as support and could be a good opportunity for investors looking for a good entry into the cryptocurrency if it retraces to those levels. The trader also set $34 as LINK’s next target before going towards a new all-time high.

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Buying With Bitcoin? PayPal Fine Print Reveals Swap To Fiat

Today, news broke that PayPal is ready to launch cryptocurrency payments to merchants, allowing its massive userbase of millions to pay with Bitcoin and the other altcoins has offered since the middle of last year.

However, like all things related to centralized platforms getting involved in cryptocurrencies, there’s a catch.

PayPal To Allow Customers To Pay With Bitcoin, Litecoin, Ethereum and BCH

As the company promised when cryptocurrency support was first announced, PayPal has followed up with rolling out support to allow customers to pay at its 29 million merchants globally.

PayPal users can now pay for goods and services through the platform using the four assets offered, including Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.

Related Reading | Internet Celebrities Lead $5M Investment In Bitcoin Reward Program Lolli

The initial announcement that the company would offer cryptocurrencies is the spark that set off the bull run, but the execution of their plan has been criticized since.

PayPal doesn’t allow users to move cryptocurrencies out of their custody to a wallet of their own choosing – defeating the purpose of the technology itself. In addition to issues with storing crypto assets, there’s also a catch when it comes to spending crypto.

Could the PayPal news be enough to push Bitcoin through resistance to new all-time highs? | Source: BTCUSD on TradingView.com

Paying With Crypto Involves First Swapping To Fiat

The PayPal news caused Bitcoin to once again rocket higher, and it could be the necessary momentum to push the cryptocurrency through resistance and to new all-time highs.

The initial PayPal news caused the breakout to begin with, so another leg higher could be in the cards. Regardless of the bullish price action resulting from the more recent news, once again its not all positive for cryptocurrency users.

Related Reading | Pizza Day 2.0: Buying A Tesla With Bitcoin Could Be A Mistake

In the same vein as other technology-defeating methods the company utilizes, PayPal also swaps any crypto assets out for fiat immediately before making the transaction. What’s really happening is that cryptocurrencies themselves aren’t being spent, but instead are being sold into cash and cash itself is being exchanged.

Rather relying on each cryptocurrency’s respective protocol to handle the transaction from wallet to wallet, PayPal has instead created a centralized system and wallet garden yet again. Companies like the brand have taken on a “if you can’t beat ’em, join ’em” approach with crypto over the last year or so, but have stopped short of fully embracing what the technology itself has to offer.

Who knows, though. Perhaps PayPal is doing its users a favor by encouraging them to hold rather than spend, which in the past has proven to be a mistake anyway.

Featured image from Deposit Photos, Charts from TradingView.com

 

 

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The SEC got it wrong? Like Ripple, accuses LBRY for token sales

The U.S. Securities and Exchange Commission’s (SEC) new target is LBRY, Inc. Like it did with Ripple, the regulator accuses the company of “failing to register a security offering,” according to a document filed in the court district of New Hampshire.

According to the complaint filed by the SEC, LBRY has sold “millions” in securities called LBRY Credits (LBC) to fund its business and product development. The company allegedly received Bitcoin, U.S. dollars, and “non-cash compensation” in exchange for the tokens. Investors in LBC expected returns on the capital they put into LBRY.

The SEC estimates that over 13 million LBCs have been sold from 2016 through 2020 for $5 million received in BTC. The SEC aims the “disgorgement” of the funds received by the company for “unlawful conduct” and to prevent LBRY from participating in “any unregistered digital asset securities offering”.

How LBRY wants to save crypto

At the end of 2020, the Commission introduced a similar complaint against Ripple Labs, as mentioned above, and some of its executives for the alleged unregistered sale of XRP. Ripple is in legal proceedings with the regulator.

LBRY will be represented by law firm Perkins Coie and attorneys Keith Miller and Adam Schuman. In addition, the company has launched a website called “Help LBRY save crypto”. There, they offer their side of the story and claim that the SEC’s allegations are “a tremendous threat to the entire crypto industry.”

Making a distinction between LBRY Inc and the LBRY network they assure users that their platform is decentralized and separate from the company’s future. They add that the LBRY protocol will remain active and that holders’ funds will remain safe. The company said:

This case is about overregulation. The SEC is not alleging fraud and is not charging any individuals.

The company then makes a counterargument against the charges brought by the Commission. They deny that the token LBC is a security and that its use case is speculation, based on “the facts and experience” they have had on the platform.

Users of the LBRY network utilize the token for multiple applications, according to the company’s argument, including creating an identity, tipping creators, publishing, purchasing, or boosting content “in a decentralized way.” They add that these use cases have been active long before the sale of LBC.

Just like Ripple, LBRY claims that its attempts to reach a settlement with the SEC were unsuccessful, the regulator’s terms involved putting LBC out of circulation. LBRY claims:

We were willing to give them a pound of flesh, but they were only interested in our head.

Furthermore, the company claims to have asked the SEC for instructions to “operate legally”. The regulator was unable to provide a response, according to LBRY.

The company believes that the regulator’s actions may be a risk for the entire blockchain technology and companies operating in this sector if their development has been funded by a token directly or indirectly. Legal expert Gabriel Shapiro commented the following on this case:

Offering no viable path, and continuing to sue creators, was understandable at first while the SEC worked to figure out the space, but it is now inexcusable, unethical and violates core American jurisprudential principles of predictability and economic freedom.

XRP is trading at $0.56 with gains of 4.1% in the last week and slight returns on the 24-hour chart. In the past month, XRP registers 28.4% gains.

XRP with minor gains in the 24-hour chart. Source: XRPUSDT Tradingview

The community has been calling for the re-listing of the token over the past few days. In response, the Japanese exchange OKCoin recently announced that they will allow XRP trading on their platform after April this year.

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Bakkt and CME launch new products, Bitcoin’s price reacts accordingly

Two key entities that affect the crypto market dynamics have announced the launch of new Bitcoin products on the same day. The Chicago Mercantile Exchange (CME) and Bakkt appear to be pursuing a common goal, the evolution of their crypto-based services to attract new investors.

The CME financial derivatives platform announced that it will offer micro-Bitcoin futures contracts. This new product will be rolled out on May 5, pending regulatory review, and will be worth one-tenth of a Bitcoin.

Backed with fiat money, the micro futures contracts are intended to give a new “tool to hedge against the price of Bitcoin” and its fluctuations in the spot market, according to an official statement.

The statement claims that this new type of futures contract was demanded by a large portion of the CME’s clients. Something similar was revealed by Morgan Stanley when it announced the launch of 3 funds to give access to Bitcoin: a massive demand from its customers.

The derivatives platform stated that its products have seen steady growth in the level of liquidity since its launch in 2017. Institutions represent the sector that has shown the most interest in this asset class, according to Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products.

In parallel, Intercontinental Exchange (ICE) subsidiary Bakkt Holdings has launched a new Bitcoin wallet to “change the game.” Called Bakkt App it will allow its users to hold their funds in multiple cryptocurrencies under one platform.

The product will allow funds to be converted into fiat and will give users rewards in gift cards, loyalty points, and others. Users can download the app from the Google Play Store and the App Store. Bakkt CEO Gavin Michael said:

The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilize their value. We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.

PayPal made a similar announcement. The payment processor will allow its U.S. customers to use their cryptocurrency funds in a new checkout service. It is expected that in the coming months, the company will allow all its users globally to have access to this service.

Today, we are announcing the launch of Checkout with Crypto, a new way for PayPal customers to check out with #Cryptocurrency to pay for select online purchases. https://t.co/RbOe8aLtlz pic.twitter.com/zGWHgbwVlU

— PayPal (@PayPal) March 30, 2021

Bitcoin’s performance after recent announcements

Bitcoin price has reacted positively and shows gains of 1.5% on the last day’s chart. Trading at $58, 880, the cryptocurrency records gains of 8.3% on the 7-day chart, after two weeks moving sideways.

BTC showing strong bullish momentum in the 24-hour chart. Source: BTCUSD Tradingview

Data from the firm Glassnode indicates that over the past 6 months, more than 9.51% of the Bitcoin supply has “matured” to the 6 million age range. In other words, these coins have gone that period without being spent. Glassnode indicates that these coins were acquired during last year’s bull market.

Firm Santiment records an increase in the funding rate for BitMex. According to the firm, this indicates an increase in investors’ “greed”.

🤑 When #Bitmex funding rates get high, it's one of the best public examples of crowd greed. Vice versa when funding rates go negative, indicating fear. Read about our new model that shows when local tops & bottoms are close with this very accurate metric! https://t.co/6fvirfq4ZJ pic.twitter.com/JDWmI9EmZF

— Santiment (@santimentfeed) March 29, 2021

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PayPal FOMO Pushes Binance Coin (BNB) To 3-Week High; What’s Next?

PayPal’s latest decision to launch a cryptocurrency checkout service included support for four digital assets: bitcoin, ether, bitcoin cash, and litecoin. Still, Binance exchange’s native cryptocurrency, Binance Coin, benefited the most from the global payment giant’s pro-crypto declaration.

Binance Coin, or BNB, surged more than 8 percent on Tuesday, hitting $304.39, the highest level almost three weeks after PayPal announced that its US customers could use their cryptocurrency holdings to pay at millions of its online merchants globally.

In comparison, bitcoin rallied up to 2.93 percent, and ether, the second-largest crypto after bitcoin, surged 1.89 percent.

Technical Breakout Underway

BNB’s latest upside move took its price out of its previous symmetrical triangle pattern.

In retrospect, Binance Coin entered a consolidation phase following its strong uptrend that saw its prices surged by almost $200. The cryptocurrency traded inside a triangle range later, with its daily volumes declining as the sessions matured. That — technically — raised BNB’s prospect of breaking the Triangle pattern to the upside.

Binance Coin breaks out of the symmetrical triangle channel. Source: BNBUSD on TradingView.com

BNB promises bullish outcomes because Symmetrical Triangles are continuation patterns — they tend to push an asset in the direction of its previous trend. Technically, the token could surge by as much as the previous uptrend’s height (which is about $200). Therefore, the Binance Coin breakout target is near $470.

Supportive Fundamentals

BNB acts as a de-factor settlement token across the Binance ecosystem, including a cryptocurrency exchange and two blockchains: Binance Chain (BC) and Binance Smart Chain (BSC). Binance’s revenue comes from trading, withdrawal, listing, margin trading, and other fees such as automated algorithm trading orders — all payable via BNB.

Meanwhile, Binance burns a portion of its BNB treasury based on volumes. At the current burn rate over the last 12 months (LTM), there are six more years until Binance burns its maximum 100 million tokens. The next event is on April 15.

BNB Token Distribution. Source: Messari

PayPal’s strengthening foothold in the cryptocurrency market expects to boost crypto adoption. Exchanges like Binance Coin could benefit the most from an influx from the mainstream markets, which would mean higher revenue (via BNB), and more volumes (higher burning rate; low BNB supply against the rising demand).

That somewhat provides tailwinds to BNB’s bullish technical outlook.

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Cardano Launches Anti-Scam Task Force to Combat Fraudsters

Cardano Founder Charles Hoskinson has announced the formation of an internal action force aimed at countering scammers. This comes as a report from fraud prevention firm Bolster showed cryptocurrency scams almost doubled in 2020.

“One of the things we’ve been thinking about is setting up some sort of dedicated body in the Cardano ecosystem that does nothing but builds tools to help people report scams and propagate the knowledge that a scam has occurred.”

The Cardano Anti-Scam Task Force Nabs First Case

Last month, a frustrated Hoskinson hosted a live stream in which he warned the Cardano community of giveaway scams. He reiterated the point, one made many times before, that he nor Cardano will ever giveaway ADA.

“If you fall for this, you will lose your ADA, these are criminals, these are scammers, these are people who are trying to steal from you. Use common f*cking sense. You don’t get something for free. You don’t get something for nothing.”

Cardano is now taking an active role in combating the fraudsters with the newly formed anti-scam task force. Not only is it tasked with reporting and spreading awareness of scams, but Hoskinson also spoke about an investigative element to their operations as well.

“… do some targetted investigations into ventures that have entered into the Cardano space, that we feel may be fraudulent.”

Without going into specifics, Hoskinson said, following complaints raised by community members, the task force has investigated a fund suspected of fraud. Initial results indicate the fund in question may be a scam. However, he did not disclose the name of the fund at this time.

“We started conducting an investigation and the preliminary results indicate that that fund may actually be a scam. So in two weeks time, we’re going to release our first output of this internal working group.”

Crypto Scams Predicted to Get Worse in 2021

Fraudsters are flocking to crypto as markets continue booming. Research conducted by Bolster confirms that cryptocurrency fraud is on the rise. The firm points out that this is one of the most significant barriers to mainstream success.

Co-Founder and CTO of Bolster Shashi Prakash said crypto scams are the fastest-growing category of scams. He warned that this is just the start of a “new wave of digital theft campaigns.”

We continue to see scammers being opportunistic and designing campaigns focused on real-time, surging trends when people are likely not to be on guard because it’s so new.”

By analyzing 300 million websites, Bolster found more than 400,000 related to crypto scams over the last year. The firm predicts this figure will go up by 75% for this year.

Other key findings note that fake prizes, giveaways, or sweepstakes were the most prolific type of scam, with Bitcoin, Chainlink, and Ethereum being the top three most targetted tokens.

The Cardano anti-scam task force is a step in the right direction. However, as Hoskinson mentioned, it’s no substitute for common sense.

Source: ADAUSD on TradingView.com

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Bitcoin Nears $60,000 After PayPal Announces Crypto Checkout Service

Bitcoin prices rallied in the early London session after Reuters reported that PayPal would launch its crypto checkout services later on Tuesday.

The payment giant, which started offering bitcoin custodial and trading services in October last year, will now allow US customers to use their cryptocurrency holdings to pay to PayPal’s millions of merchants worldwide. The service also extends to users who hold Ethereum, Bitcoin Cash, and Litecoin.

“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” Dan Schulman, president/CEO of PayPal told Reuters ahead of the formal announcement.

The offering made PayPal one of the largest mainstream financial giants foraying into the digital currency sector. Many analysts noted that it would lead to a crypto price boom, with the first signs already emerging across the bitcoin and altcoin market.

Bitcoin surged more than 2.5 percent to $59,300 shortly after the PayPal news entered the wire. Meanwhile, Ethereum, the second-largest cryptocurrency, climbed more than 1.25 percent to $1,844. Litecoin and Bitcoin Cash surged 1.97 percent and 2.36 percent, respectively.

Bitcoin price eyes an extended rebound towards $60,000. Source: BTCUSD on TradingView.com

Bullish Extension

The bitcoin price was already inching higher amid a renewed appetite for safe-havens on Wall Street.

Investors watched for a major fallout from Archegos Capital Management’s unwinding of more than $30 billion of stocks in recent sessions. The family-run fund’s losses prompted banks that brokered its trades to liquidate positions, with Credit Suisse and Nomura Holdings admitting that they risked facing losses.

Bitcoin inched higher on the news, although no evidence could correlate the two events. Meanwhile, investors’ anticipation of a potential stock market turmoil raised their appetite for the US dollar, their safest bet against economic uncertainty.

Paypal announce a move to accept cryptocurrency as a means of payment globally. Millions of merchants. Billions of people. 🏦📲🌐 #Bitcoin #Crypto https://t.co/tiKmqu7Aht

— Alex Saunders 🇦🇺👨‍🔬 (@AlexSaundersAU) March 30, 2021

With PayPal at its backer now, Bitcoin now hopes to extend its price rally beyond the psychological resistance level of $60,000.

“Next key levels are $72,000-100,000 on Bitcoin,” said Zhu Su, the CEO/CIO at Three Arrow Capital.

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