Key takeawaysPolygon Labs has partnered with Immutable X to launch the Immutable zkEVM.IMX is down by 12% today despite the strategic partnership announced between Polygon Labs and Immutable X.The broader crypto market is underperforming after an excellent rally yesterday.Polygon Labs and Immutable X announce a strategic partnershipPolygon Labs announced in a blog post on Monday that it has partnered with Immutable X to launch the Immutable zkEVM. Polygon Labs added that building on Immutable zkEVM with the Immutable Platform would make developing Web3-enabled games faster, easier and less risky for large game studios and independent developers alike. Despite this latest cryptocurrency news, IMX, the native token of the Immutable X ecosystem, has been underperforming over the past few hours. IMX is down by 12% in the last 24 hours and could drop lower if the trend continues.At press time, the price of Immutable X stands at $1.276 and could trade lower as the broader market retreats. The total cryptocurrency market cap now stands at $1.16 trillion, down by more than 1% today.Bitcoin and the other major cryptocurrencies have also been underperforming, with Bitcoin now trading below the $28k level.Key levels to watchThe IMX/USD 4-hour chart is currently bearish, as Immutable X has been underperforming over the last few hours. The technical indicators show that IMX is shedding some of the profits it generated over the past few days.MediaIMX/USD Chart By TradingView The MACD line is still above the neutral zone but is heading into the negative region, indicating that the market is turning bearish. The 14-day RSI of 43 also shows that IMX is close to the oversold region if the bearish trend continues.If the bears remain in control, IMX could drop below the first major support level at $0.800 over the next few hours or days. However, unless there is a massive decline in prices, IMX should comfortably defend its price above the second major resistance level at $0.700.Where to buy Immutable X nowHuobiStart Your Cryptocurrency Journey Today. Huobi Global has a variety of features that make it an ideal place to buy and sell digital asset.Buy IMX with Huobi todayThe post Immutable X partners with Polygon Labs: IMX is down by 12% appeared first on CoinJournal.

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Key TakeawaysFormer Coinbase CTO Balaji Srinivasan bet an anonymous Twitter account $1 million that Bitcoin would trade at $1 million or greater in 90 daysSrinivasan is predicting imminent hyperinflation and a collapse of the US dollarBet is on wildly unfavourable terms, with the other side of the bet, James Medlock, able to lock in massive profit risk-free by simply buying a call option with a $1 million strike for insurance Bet comes nearly a year to the day after Do Kwon’s infamous bet with another anonymous Twitter account over LUNA priceI’m no chemist, but one of the most potent mixtures known to humankind has to be that of ego and money. In what may go down in the annals of Internet history, former Coinbase chief technology officer and prominent angel investor Balaji Srinivasan bet $1 million that the price of Bitcoin would be $1 million or greater in 90 days’ time. The bet was confirmed over Twitter, with the other side taken by anonymous meme enthusiast James Medlock. “(My wife) is the only person who knows I am James Medlock”, he posted in another tweet. “And I immediately told her about the bet”. What is the bet?The bet started when Medlock posted the below tweet, an innocuous tweet outlining his belief that the US would not experience hyperinflation, apparently in response to some crypto enthusiasts declaring that it was inevitable. I'll bet anyone $1 million dollars that the US does not enter hyperinflation— James Medlock (@jdcmedlock) <a href="https://twitter.com/jdcmedlock/status/1636480393007489024?ref_src=twsrc%5Etfw">March 16, 2023</a>It should have ended there. But in came Srinivasan declaring he “will take that bet”. Not only that, but on <em>wildly unfavourable </em>terms. The setup is this: Medlock sends 1 BTC and Srinivasan sends $1 million to escrow today, with the latter denominated in the stablecoin USDC. The logic is that, were hyperinflation to occur and the US dollar to collapse, Bitcoin would reap the gains and explode upwards. Hence, the bet turned from hyperinflation into the Bitcoin price. If Bitcoin trades at $1 million or greater on June 17th, the kitty is Medlock’s. If it doesn’t Srinivasan takes the bounty.I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… <a href="https://t.co/tcuBNd679T">https://t.co/tcuBNd679T</a> <a href="https://t.co/6Aav9KeJpe">pic.twitter.com/6Aav9KeJpe</a>— Balaji (@balajis) <a href="https://twitter.com/balajis/status/1636797265317867520?ref_src=twsrc%5Etfw">March 17, 2023</a>The bet makes no senseObviously, this bet makes no sense for a variety of reasons. Firstly, the original tweet was a joke, as $1 million in the event of hyperinflation would become worthless. But the crux of it is the terms. Looking at market odds, this is a longshot of almost impossible odds. So much so, in fact, that a massive chunk of the bet could be guaranteed to Medlock in a risk-free manner in about 30 seconds, should he so please. All he would have to do is go to the market and buy a call option on Bitcoin with a strike price of $1 million dollars on the same expiry date of the bet (June 17th). This would cost pennies in comparison, and a massive chunk of the $1 million could be pocketed. Of course, everybody knows this, and the bet is nothing more than a grab at publicity or some sort of self-marketing stunt by Srinivasan. He reportedly already holds a massive stash of Bitcoin in any case, with the bet not being overly material to him. Call me a cynic, but there is also the fact that Srinivasan launched a podcast a month ago. The funny part is that Medlock didn’t have 1 BTC, worth $26,000 at the time, to hand. Poker player Isaac Haxton stepped in to cover the 1 BTC (without taking any upside). Medlock has also said he will donate a total of 70% of the winnings after taxes to charity – yet he will still pocket…

Key takeawaysFlorida’s governor has proposed a legislature that would prohibit the use of CBDCs.The governor claims that the use of CBDCs would stifle innovations in Florida. President Biden’s administration is currently studying the advantages and risks of using CBDCs. Ron DeSantis wants to ban the use of CBDCsFlorida Governor and possible Republican U.S. presidential candidate Ron DeSantis has submitted a new legislative proposal in his state that would prohibit the use of a national central bank digital currency (CBDC) as money within the state. In a press release submitted on Monday, DeSantis claims that the use of CBDC in the state would stifle innovation as the Biden administration is seeking to weaponise the national digital currency. The governor wrote;“Today’s announcement will protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance.”The State Chief Financial Officer, Jimmy Patronis, added that;“Governor DeSantis is ahead of the curve when it comes to protecting individual rights. A Central Bank Digital Currency is the cornerstone of a federal government that could track each and every transaction that happens in the world. There would be no privacy, and if there is no privacy, there are no rights. In the same way, Florida is fighting back against the IRS, we need to fight back against this program. It’s how we protect freedom, liberty, and prosperity.”The US government is studying the risks and uses of CBDCThe proposed law seeks to prohibit the use of a CBDC issued by any central bank in other parts of the world. DeSantis’s statement calls on other states to also adopt similar legislation.This latest cryptocurrency news comes after President Joe Biden issued an executive order for the federal government to study the possible uses and risks of a CBDC in 2022. There are privacy concerns regarding the use of CBDCs. DeSantis also added that the CBDC would diminish the role of community banks and credit unions. The United States is not the only state that is currently studying the use and risks of CBDCs. Several countries around the world, including Nigeria, China, The Bahamas, and Sweden, have launched their CBDCs. The post Florida Governor Ron DeSantis seeks to ban CBDCs appeared first on CoinJournal.

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Key TakeawaysLong-term holders continue to sit on their Bitcoin stashesTwo-thirds of the supply has not changed hands in the last year, despite rampant volatility and a collapse of the Bitcoin priceOver half the supply has not moved in 2 years or longer“Supply squeeze” is a seductive phrase thrown around among Bitcoin enthusiasts. It refers to the predicted propelling upwards of the Bitcoin supply as a result of the supply cap – there will only ever be 21 million bitcoins – and a constant increase in demand. Whether this comes to fruition remains to be seen. But there does appear to be a growing cohort of Bitcoin investors who are holding. In fact, over two-thirds of the entire supply has not moved in over a year, an all-time high. To be precise, 67.9% of the Bitcoin supply has not moved in over a year. That is extremely high, especially when considering the last year have brought its fair share of scandals, including the respective crashes triggered by LUNA, Celsius and FTX. Combining these scandals with the most rapid monetary tightening in the wider economy, which have seen interest rates rise from near-zero to close to 5%, and the crypto market has been pillaged. Looking at the price action over the last 12 months, Bitcoin has fallen from $41,000 to $15,000 and is now trading at $28,000, with more than its fair share of ups and downs in between. And yet, two-thirds of the supply has been stagnant. Branching further out, over half the supply has now not moved in two years, close to 40% hasn’t moved in three years, while 28% has been stationary for 5 years. Of course, lost coins will be included in all these statistics. Bitcoin has been around since 2009, and that means people have died, and with them access to their coins has vanished. There are also simple cases of lost keys, people still roaming the Earth but with no access to their wallets. Let us not forget that Bitcoin was just a niche Internet plaything not so long ago, trading for less than $1 per coin. Not to mention, Satoshi Nakamoto’s mammoth stash of an estimated 1 million coins, or over 5% of the entire supply, remains untouched and included in the above stats. So make of it what you will, but Bitcoin still remains quite an illiquid market and with a dwindling supply, it is easy to see the narrative pushed by enthusiasts that if demand continues to rise, the price will only go upward. Of course, whether that demand will indeed continue to rise is another question entirely, and a much harder one to answer. The post Over two-thirds of the Bitcoin supply has not moved in a year appeared first on CoinJournal.

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Former Coinbase CTO says Bitcoin will hit $1.0 million by June 17th.Custodia Bank founder dubs BTC an insurance policy; a scarce asset.Bitcoin is currently trading well above its 200-day Moving Average.Bitcoin will take hardly three months to shoot up to $1.0 million per coin, says Balaji Srinivasan – the former CTO of Coinbase Global Inc.Why is he super bullish on Bitcoin?The entrepreneur and investor relates his super bullish view to the recent bank failures that he warns will hyperinflate the U.S. dollar. In a recent tweet, he said:“Central bank, the banks, and the bank regulators have bankrupted all of us. They hid their insolvency from you, the depositors. And they’re about to print $2.0 trillion to hyperinflate the dollar.Srinivasan also launched a campaign he’s calling “BitSignal” that promises a $1,000 reward (each) to 1,000 best pieces of content that informs on the impending devaluation of the USD.BTC is currently trading well above its 200-day Moving Average.Srinivasan is in a bet with James MedlockSrinivasan made the forecast on Twitter where he agreed to a bet with James Medlock (pseudonymous Twitter speaker) to whom he’ll have to pay $1.0 million if Bitcoin doesn’t hit his suggested valuation by June 17th.You buy 1 BTC. I will send $1.0 million. This is ~40:1 odds as 1 BTC is worth ~26K. The term is 90 days.The discussion started on March 17th when Medlock said he was willing to bet $1.0 million that fears of hyperinflation in the United States were merely overblown – a bet that Srinivasan accepted.Also on Monday, Custodia Bank founder Caitlin Long dubbed Bitcoin an insurance policy; a scarce asset.The post Bitcoin is only 90 days away from hitting $1.0 million: Pro appeared first on CoinJournal.

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MAGIC price has jumped 35% in the past week and was up 7% on the day.The token is live on Upbit Global, a crypto exchange based in South Korea.Gaming projects on Treasure use MAGIC.The price of Magic (MAGIC) exploded ahead of the token’s listing on major cryptocurrency exchange Upbit Global on Tuesday.MAGIC is the native token of Treasure, the decentralised gaming ecosystem that connects games and gamers. Treasure also connects the gaming community via non-fungible tokens (NFTs). Projects use MAGIC, and the latest listing could be a big factor in price movement over coming days.It's official – $MAGIC is set to go live on @upbitglobal on Mar 21 at 4pm KST (MAGIC-BTC)!Upbit is a leading exchange in South Korea and we are ecstatic for MAGIC to be even more accessible to one of the most important gaming markets out there.파이팅 ! ✨ pic.twitter.com/I2fdGvDZrw— Treasure (@Treasure_DAO) March 21, 2023Magic tokens are available on multiple top crypto exchanges, including Coinbase, Binance, Gate.io and now Upbit makes it even more accessible to one of the largest blockchain gaming markets in the world.MAGIC price analysis: MAGIC could pump 25% to $2.33MAGIC was trading in the green on the day as most altcoins struggled amid liquidity rotation into a rolling Bitcoin market that had BTC trending above $28,000 for the third day after breaking its macro downtrend.As for Magic price, it traded at 0.00006594 BTC at around 8:00 am ET on 21 March, up nearly 1.2% a few hours after the token listed on the South Korea based crypto exchange with the BTC/MAGIC pair.Against the US dollar, MAGIC was changing hands around $1.87 and was up 7% and 35% in the past 24 hours and 7 days respectively. The gains follow an upside momentum buoyed by the hype around Arbitrum (ARB).MediaMAGIC price movement on Binance. Source: TradingViewFrom a technical point of view, MAGIC price has stayed above the 20 day exponential moving average since breaking above its resistance on 14 March. However, bulls have twice failed to break the immediate barrier at $1.96, making the resistance level at $2.00 the main target in the short term.If bulls successfully breach the supply wall at this level, they could confront the hurdle expected around $2.15 – the point of major rejection on 7 February that saw MAGIC eventually retest lows of $0.99 on 11 March 2023.An upside continuation, which is supported by the rising Relative Strength Index (RSI) indicator currently above 60, and a positive Awesome Oscillator, Magic could see a 25% upswing to its year-to-date peak at $2.33.  On the downside, a negative flip from current levels could prices retreat to the immediate horizontal support line near $1.72. The 20-day EMA line at $1.56 could provide the next buffer zone for bulls.The post Magic price prediction: MAGIC poised for 25% gains as token goes live on Upbit Global appeared first on CoinJournal.

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It’s an incredible time to invest in cryptocurrency, with many analysts claiming that the bear market is now behind us and that the crypto market is on the way toward the next bull market. That said, identifying the best projects can be difficult, so it can be useful to keep a close eye on the sentiment of smart investors to understand where the opportunities lie.What are the best cryptos that offer investors the biggest profits?Basic Attention TokenSeveral factors play a role in the potential success of a cryptocurrency project, and there is no doubt that the token’s utility and the community’s strength are vital to strong prospects. With that in mind, here are some of the projects that experts all seem to believe could see positive price growth over 2023 and beyond:AltSignals (ASI)Metacade (MCADE)Bitcoin (BTC)Shiba Inu (SHIB)Chainlink (LINK)The Graph (GRT)Ethereum (ETH)Dogecoin (DOGE)Binance Coin (BNB)Uniswap (UNI)Cardano (ADA)Basic Attention Token (BAT)AltSignals – A revolution in trading signalsWhat is AltSignals?<a href="https://token.altsignals.io/en/?utm_source=media">AltSignals</a> is taking the investment world by storm. The project is a rare opportunity to invest in a presale with many users on board and an established product. AltSignals is perhaps best known for its innovative AltAlgo™product, which enables traders to gain an edge over the competition and has helped drive the 1,500 signals sent out by AltSignals with an impressive 64% success rate. The project is now looking to the next stage of cutting-edge signals development by building the new ActualizeAI product — an AI-powered next step in innovation that almost guarantees to drive unbelievable success rates for its users.Not only does the ASI token provide holders the opportunity for exclusive access to the ActualizeAI product, ensuring an incredible advantage over its competitors, but holders can also join the private AI Members Club — granting access to a range of wider benefits and earning opportunities in the process.What are the reasons to invest in AltSignals?AltSignals offers unbelievable upside for investors, with a community of 50,000 users ready and waiting. Given that AltSignals also boasts a 4.9/5 Trustpilot rating, it’s hard to see the downside of the investment.As the development of the product continues, holders who get in early could also have their profits compounded, with token value appreciation coupled with access to bleeding-edge trading signals at the same time.  What are the risks of investing in AltSignals?It’s hard to see the risks of the ASI presale, although the crypto market as a whole remains highly volatile, so this should be considered before any investment choice.>>> You can participate in the AltSignals presale <a href="https://token.altsignals.io/en/?utm_source=media">here</a> <<<Metacade – A incredible gaming arcade What is Metacade?<a href="https://metacade.co/en/?utm_source=media">Metacade</a> is an innovative new project that has released ambitious plans to build the world’s largest play-to-earn arcade. The Metacade ecosystem enables users to earn rewards for gaming and wider contributions to the ecosystem, which could boost user growth and retention over time.Many crypto industry analysts believe that allowing users to earn crypto rewards is a clever strategic decision, so it’s no surprise that the project’s play-to-earn arcade makes it a popular choice for the best cryptocurrency to invest in.The project also benefits from using the Ethereum blockchain, which is secure and reliable. Why should you consider buying Metacade?The project is proving to be one of the most popular crypto presales, and the price of MCADE is seen by many as being at a huge discount compared to the project’s potential. Early investors could see a lot of buying pressure as early as this year, especially if the appeal of earning crypto rewards quickly builds a big user base. It’s now in the final stage of the presale so it’s the last chance to buy before it lists on exchanges.What are the risks…

Estonia’s Financial Investigation Unit (FIU) has introduced new crypto legislation.90% of platforms are at risk of losing their license or being forced to relocate under the new laws.Among other things, cryptocurrency providers must have a local base in Estonia.The Estonian-based crypto startup, CryptoWallet, has renewed its virtual asset provider license to conform to the new digital assets legislation in Estonia.Estonia’s Financial Investigation Unit (FIU) has introduced new laws targeting digital currency platforms after poor management, financial risk, and fraud concerns among crypto service providers especially following the various crypto collapses in the recent past.New Estonia crypto regulationUnder the previous crypto regulation, more than 55% of cryptocurrency service providers around the world licensed outside Estonia could still practice in Estonia. The crypto services providers were also only required to hold €12,000 in capital reserves.However, under the new laws, about 90% of the crypto platforms offering services in Estonia are at risk of losing their license or being forced to move out of the country.The new laws require crypto service providers to have €250,000 held in capital reserves to prevent financial mismanagement. The service providers should also be based in Estonia and should introduce stricter KYC and AML checks besides showing viable business products and strategies.Commenting on CryptoWallet’s license renewal, the startup’s COO Aleksander Smirmin said:“This sought-after license, once again awarded by the FIU, is the culmination of years of hard work and dedication by the CryptoWallet team. We are fully compliant, have the required shared capital, and are launching products that will enhance our users’ lives.”CryptoWallet to launch a crypto cardCryptoWallet aims at leveraging its license to operate in the country to launch a crypto card that will support 800 cryptocurrencies later this year.The new FIU regulations are aimed at preventing fraud, ensuring compliance and transparency within the crypto space and creating a safer and more competitive industry.The post CryptoWallet renews Virtual Asset Provider License after new Estonian legislation appeared first on CoinJournal.

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OMG price has fallen to lows of $1.85 after rejecting around $2.50.The 15% dip is likely due to profit taking, a scenario that threatens flipping momentum to the bears.Technical indicators suggest bulls need to hold at current levels or risk retreating to primary support near $1.68.OMG Network price rose to its highest price level since August 2022 late last week, hitting highs of $2.50 on major exchanges. The price surge for OMG happened as bulls capitalised on positive crypto sentiment amid turmoil in the banking sector, with prices rising significantly over the weekend.The coin has also pumped despite recent delisting news from Coinbase.But while OMG/USD remains more than 32% higher in the seven-day timeframe, it has dipped over 15% in the past 24 hours. At the time of writing, OMG was trading around $1.89, with its bullish momentum at risk should bears manage to short term strengthenig.OMG price daily price outlookProfit taking deals appear to be behind OMG price retreating sharply in the past few hours. As seen on the daily chart below, OMG’s failure to breach resistance at $2.50 has seen it retrace to lows of $1.85 (data from TradingView).The daily RSI is dipping towards the middle line to suggest weakness from bulls. In this case, bulls have to hold support at $1.80 to prevent further losses. If the bearish scenario persists, its likely OMG will revisit demand zones at the 200 EMA (near $1.68). The 50-day EMA could offer another anchor around $1.56.MediaOMG Network daily price chart. Source: TradingViewOMG price 4-hour outlookOn the 4-hour chart, OMG is facing an old resistance level from February around $2.00, while bulls must hold above the highlighted orange zone to prevent further bloodbath. As can be seen below, the 4-hour RSI has flatlined near the middle line to suggest bulls are trying to take control fresh buy OMG deals.MediaOMG price 4-hour chart. Source: TradingViewPreventing a flip into oversold territory is key, with this likely to be helped if the MACD line does not slide further. The histogram is also slightly negative to suggest bears are still strong. As noted earlier, a downside swing from current prices could see OMG bulls try to defend the primary support area around $1.68. On the upside, positive sentiment is likely to strengthen with prices above $2.34.The post OMG price outlook: OMG Network dips 15% amid profit taking appeared first on CoinJournal.

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At press time, IOTX was trading at $0.0261, up 1.02%.The recently passed proposal will introduce ether liquid staking derivatives.The proposal also adds native support for representing staking buckets as NFTs on IoTeX.The IoTeX governance community has voted for the 13th improvement proposal (IIP-13) which among other things introduces Ether liquid staking derivatives. 97% of IOTX token holders participating in the vote voted in favour of the proposal.IoTeX (IOTX) price reacted to the development by turning bullish after three days of a bear market. The token is now trading at the same level where it was trading on March 18.What the IoTeX IIP-13 proposal introducesTo start with, 141 million IOTX tokens were staked in favour of the IIP-13 proposal, which considerably increases the IOTX staking ratio and enhances network security since it has increased the number of validators on the blockchain.The IIP-13 proposal also adds support to represent staking buckets as NFTs to allow liquid staking protocols to manage their stakes using smart contracts. This will allow dApp developers to easily and quickly launch liquid staking dApps and improve the network’s use cases and also contribute to the value proposition of the IOTX token, which the top 10 richest IOTX addresses hold 89.87% of all available token supply according to data from CoinLore.Prior to the passing of the proposal, staking on IoTeX was done directly on the network without connecting to smart contracts. Introducing liquid will among the many mentioned things also place the IoTeX blockchain among the leading DeFi protocols.Some of the liquid staking protocols like Lido have performed so well this year with its native token, the Lido DAO (LDO) price appreciating by more than 200% in the last three months.The post Iotex price turns green after major DAO vote appeared first on CoinJournal.

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Finding the overall best penny cryptocurrency to buy is always a tricky task, with many new projects entering the crypto world each and every day. Penny crypto projects are popular investment choices, though, as the low token prices often mean that they have a high potential for generating bug returns for investors.Which penny cryptocurrencies are the best investments?There are many qualities to look for when trying to identify the best penny cryptocurrency project to add to your portfolio, and in some ways, the experience is akin to finding strong penny stocks. The most important element of any high-quality penny crypto is the utility of the token, so reviewing the use cases and the role of the native token is critical. Here are the top ten best penny cryptocurrency projects based on the consensus of penny crypto experts, with each offering innovative use of blockchain technology and the chance to make big profits for early investors:AltSignals (ASI)Metacade (MCADE)BitTorrent (BTT)Dogecoin (DOGE)Basic Attention Token (BAT)Ripple (XRP)Tron (TRX)Shiba Inu (SHIB)Cardano (ADA)Cronus (CRO)AltSignals – An incredible next-gen trading signals providerWhat is AltSignals?<a href="https://token.altsignals.io/en/?utm_source=media">AltSignals</a> is a project that is focused on providing top-quality trading signals to its users — including crypto traders and those in other markets too. The project is probably best known right now for its market-leading AltAlgo™ product, which has helped AltSignals deliver more than 1,500 trading signals with an incredible 64% success rate.The AltSignals team continues to push the limits of what is possible to deliver a best-in-class experience for their users and is launching the ASI token as they look to build their next-generation trading signals platform — ActualizeAI.ActualizeAI will be using the latest machine learning methodologies, including natural language processing (NLP) and reinforcement learning, in order to give users a huge edge over the competition. ASI is the key to securing early access to the ActualizeAI product, and it also enables holders to join the exclusive AI Members Club, giving opportunities to earn rewards and contribute to the development of the product.What are the reasons to invest in AltSignals?It’s practically unheard of for a presale project with a highly discounted token to have an existing user base, but AltSignals boasts 50,000 users already, with a 4.9/5 Trustpilot rating showing that the team is massively capable of delivering.The team has made a number of savvy strategic decisions, including that a buyback and burn mechanism will be introduced if the community feels that it is beneficial. The huge amount of interest in the ASI presale seen across investment circles is no surprise, as the AltSignals project could be a rare opportunity to acquire a token destined for the big time.>>> You can participate in the AltSignals presale <a href="https://token.altsignals.io/en/?utm_source=media">here</a> <<<Metacade – Best penny crypto to buy for gamingWhat is Metacade?<a href="https://metacade.co/en/?utm_source=media">Metacade</a> is a project in the GameFi space that is building a comprehensive gaming ecosystem using the project’s native token, MCADE. The heart of the Metacade gaming ecosystem is the world’s biggest play-to-earn gaming arcade, which will enable the project to cater to a huge amount of different gaming styles.The project includes an extensive rewards system, which allows users to earn rewards not just for playing games but also for other activities which benefit the broader ecosystem, such as engaging with the community or writing game reviews. Also catching analysts’ attention is the Metagrants program, which allows developers to pitch their gaming ideas to the Metacade community. MCADE holders can then vote on funding these projects, helping guide the direction of the gaming ecosystem in the future. Why you should consider buying Metacade?The Metacade penny crypto project has been considered one of the…

PlutusDAO price rose to a new all-time high of $1.42.The PLS token has spiked 41% in the past 24 hours and 170% this past week.PlutusDAO announced the launch of plsRDNT on Arbitrum, making it easy for holders to earn RDNT.As cryptocurrencies look to bounce higher on Tuesday, PlutusDAO (PLS) price has skyrocketed 170% in the past seven days, with the Arbitrum-native Layer 2 governance platform seeing massive network activity. According to data from CoinGecko, the price of PlutusDAO’s native token has spiked over 41% in the past 24 hours.Data showed PLS price rose to $1.42 on Tuesday 21 March 2023, the token’s new all-time high. PLS/USD traded at $1.38 on Tuesday afternoon, having changed hands around $0.95 earlier in the day.PlutusDAO price: Why PLS rose 170% this weekPer CoinGecko, the decentralised network had recorded a 50% surge in trading volume in 24 hours, with over $1,700,800 worth of PLS traded so far on the day.The spike suggests a surge in market activity. Notably, the price soared after PlutusDAO announced it had added plsRDNT, the fourth asset in its product range. The new plsAsset is for the native token on Radiant, a money-market protocol on the Arbitrum network.“We’re excited to announce that $plsRDNT is now live on #Arbitrum! The best cross-chain money-market in crypto just got a massive upgrade – users can now earn max-locked yield without having to lock their tokens!” the PlutusDAO team tweeted.Given PlutusDAO’s attractive rewards system for plsAsset stakers, the hype around Arbitrum looks to have aided an uptick in user activity. RDNT holders can now tap into the benefits of liquid staking via the PLS platform and earn rewards from Radiant.In a blog post, PlutusDAO said plsRDNT stakers can earn from three possible fees sources —underlying locked liquidity tokens (dLPs), PLS emissions and from dLP-boosted plvRDNT, a new vault product on Radiant.The post PlutusDAO skyrockets 41% to new ATH amid spike in network activity appeared first on CoinJournal.

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Every investor knows that finding the lowest-price crypto coins from a value perspective is key to delivering massive returns on investment. Finding promising projects can be easier said than done, and so it’s worth taking the time to understand which projects are the ones that analysts believe are set to skyrocket ahead of putting in hard-earned cash to start investing.What are the top cheap cryptos to buy for big gains in 2023?There are enough cheap cryptocurrencies and so many quality projects across the Web3 revolution that the strongest choice for those cryptos considered to be great investments spans a number of different sectors. Here is a list of the best cheap crypto projects to help identify where the best returns might be found:Metacade (MCADE)AltSignals (ASI)Dogecoin (DOGE)Filecoin (FIL)Chainlink (LINK)Uniswap (UNI)Luna Classic (LUNC)Cardano (ADA)The Sandbox (SAND) Ripple (XRP)Basic Attention Token (BAT)Theta Network (THETA)1. Metacade (MCADE) – Revolutionizing the world of gamingWhat is Metacade?<a href="https://metacade.co/en/?utm_source=media">Metacade</a> is an innovative new project that is attracting a huge amount of attention across investor groups following the recent release of the project’s ambitious and far-reaching whitepaper. The whitepaper release has driven incredible performance in the project’s presale, where savvy investors are flocking to secure their tokens at while it remains one of the lowest price crypto coins — leading to an unbelievable  $12.3m being raised in just 17 weeks.Metacade is constructing the largest play-to-earn (P2E) arcade on the planet and, in doing so, appears set to capitalize on the huge growth predicted for the burgeoning GameFi space. The arcade caters to a huge range of different play styles, meaning that whether gamers prefer casual gameplay or more competitive gaming, Metacade has them covered.With the platform offering rewards even for non-gaming activities like writing game reviews and sharing alpha which improve the overall user experience, the cryptocurrency roject looks likely to drive incredibly high user growth and retention numbers. With the project’s utility token, MCADE, critical to the use of the ecosystem, this user growth could provide a huge level of buying pressure on the MCADE token as releases go live.Why should you invest in Metacade?MCADE serves as the native token and currency of the Metacade platform and also powers the extensive rewards system. The token has also been designed to be very investor-friendly, with a supply of just 2 billion tokens and staking options available to allow long-term holders to earn a passive income in exchange for their staking. Another feature of Metacade that has been incredibly well received is Metagrants, which allows game developers of all sizes to pitch their game ideas to the Metacade community. MCADE holders are then able to use the governance rights afforded to them through the token to vote on which projects they believe deserve funding from the Metacade treasury.MCADE is a compelling investment choice as a result of both the innovative design choices and the budding sector waiting for growth. With a bright future ahead, Metacade is one of the most highly regarded cheap crypto projects out there right now.>>> You can participate in the Metacade presale <a href="https://metacade.co/en/?utm_source=media">here</a> <<<2. AltSignals – The best trading signal provider out thereWhat is AltSignals?<a href="https://token.altsignals.io/en/?utm_source=media">AltSignals</a> is an incredible cryptocurrency project that already boasts 50,000 users and provides top-quality trading signals using its AltAlgo™technology. Despite having already delivered 1,500 signals with a phenomenal 64% success rate, the team is pushing for even more by building the AI-powered ActualizeAI product. The ASI token will grant access to ActualizeAI, and also allows holders to benefit from joining the ActualizeAI Club, an open network where further rewards will be available for contributions to…

Cathie Wood explains why she’s been buying Block shares.Barclays sees upside in the crypto stock to $103 a share.Block stock is currently down 70% versus its record high.Block Inc (NYSE: SQ) has been in an uptrend since March 13th as famed investor Cathie Wood continued to load up on shares of the financial technology company.Wood’s bull case for the Block stockOn Friday, Wood spent around $4.3 million on to buy just under 59,000 shares of the multinational split between two of her exchange-traded funds – the flagship ARKK and ARKW.The purchase came on top of about $29 million worth of Block shares she bought earlier in the same week. Explaining why this morning on CNBC, Wood said:We’re seeing two things with Block Inc. It is reducing the cost of financial services and so more people are flocking to it. And it is developing a closed-loop ecosystem.Versus its record high in August 2021, Block stock is down more than 70% at writing.Barclays sees upside in Block shares to $103Last month, Block reported per-share earnings for its fiscal fourth quarter that came in shy of Street estimates. Still, Wood said today on “Squawk on the Street”:[Closed-loop ecosystem] could be one of the big winners in digital wallet space where clients won’t have to interact with banks. Cash App and Square will take care of that.Her bullish view is in line with Barclays that reiterated its “overweight” rating on the Block stock just a day earlier citing long-term market share gains.Analyst Ramsey El-Assal sees upside in Block shares to $103 – up more than 30% from here.The post Cathie Wood explains why she’s been loading up on this crypto stock appeared first on CoinJournal.

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Bitcoin is outperforming commodities and gold so far in 2023, with BTC showing a 10x outperformance of the precious metal.Mike McGlone, a senior macro strategist at Bloomberg Intelligence, says Bitcoin could be in a new super cycle.He earlier noted BTC above $25,000 demonstrated the cryptocurrency’s divergent strength.Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has noted that the crypto sector could be looking at a new super cycle amid <a href="https://coinjournal.net/bitcoin/">bitcoin</a>’s outperformance of commodities.According to the analyst, Bitcoin (BTC) is so far beating top performing commodity asset gold in 2023, with BTC up nearly 10x more to suggest the flagship <a href="https://coinjournal.net/cryptocurrencies/">cryptocurrency</a> may be in a super cycle. BTC price is up 79% year-to-date at the time of writing. Comparatiely, gold price has only gained 5.8% YTD, currently poised around $1,942. McGlone shared the outlook in comments <a href="https://twitter.com/mikemcglone11/status/1638196825109700609">shared</a> via Twitter on Tuesday, his view of the market coming as bitcoin price continued to hover above $28,000. “<em>Looking for a super cycle? Bitcoin Outperforms Commodities With Declining Risk – Bitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the crypto</em>,” the Bloomberg strategist stated.Bitcoin’s divergent strengthAccording to McGlone, Bitcoin has one advantage over most commodities – its “<em>nascent stage of low and rising adoption</em>” as well as diminishing supply. He observes that BTC shows an elongated upward trajectory in terms of its price when compared to the Bloomberg Commodity Spot Index.The outlook is similar across most assets and that despite a bottoming out of the 260-day volatility relative to commodities, Bitcoin is likely to recover vastly versus the asset class as bulls eye new highs.As for the latest spike in Bitcoin price, the analyst points to the banking crisis and the issues around fractional reserves. In his view, such concerns are likely to be “<em>shining a light</em>” on Bitcoin’s attributes. On what could happen next for BTC, he opined:“<em>Relative strength vs. most assets may portend Bitcoin’s inflection toward global digital collateral and potential to trade more like gold [and] US Treasury bonds. Central banks still tightening despite plunging commodities and a banking crisis adds to severe economic-reset risks</em>.”Relative strength vs most assets may portend <a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a>'s inflection toward global digital collateral and potential to trade more like <a href="https://twitter.com/hashtag/gold?src=hash&ref_src=twsrc%5Etfw">#gold</a>, US Treasury <a href="https://twitter.com/hashtag/bonds?src=hash&ref_src=twsrc%5Etfw">#bonds</a>. Central banks still tightening despite plunging <a href="https://twitter.com/hashtag/commodities?src=hash&ref_src=twsrc%5Etfw">#commodities</a> and a <a href="https://twitter.com/hashtag/BankingCrisis?src=hash&ref_src=twsrc%5Etfw">#BankingCrisis</a> adds to severe economic-reset risks <a href="https://t.co/OhZOnbbbNw">pic.twitter.com/OhZOnbbbNw</a>— Mike McGlone (@mikemcglone11) <a href="https://twitter.com/mikemcglone11/status/1638142549939429379?ref_src=twsrc%5Etfw">March 21, 2023</a>Last week, McGlone <a href="https://twitter.com/mikemcglone11/status/1637044390672711682">pointed</a> to the events in the finance and banking industry as a factor that could aid Bitcoin’s march towards becoming more of a hedge asset. Continuing weakness in the banking ecosystem portended a scenario where the benchmark cryptocurrency eventually trades like gold and US Treasury long bonds.Bitcoin’s resilience above $25,000 would be an indicator of its divergent strength, he added.The post <a href="https://coinjournal.net/news/bloomberg-analyst-crypto-supercycle-likely-on-as-btc-outperforms-gold/">Bloomberg analyst: Crypto supercycle…

Avalanche gained 60% in less than three monthsDespite the returns, the bearish bias persistsFor bulls to have a case, the price should break out of a falling wedge patternThe cryptocurrency market investor had a rough 2022 as the market tanked. But as bearish as the price action was last year, as bullish it is in 2023 so far. With a little over a week before the first quarter’s end, leading cryptocurrencies have rallied hard from their lows. Avalanche, for instance, gained 60% YTD, rallying together with Bitcoin. 60% is a tremendous return over any period, let alone over less than three months. Yet, delivering such returns is not unusual for the cryptocurrency market. So where will AVAX/USD go from here? Will the bull run continue, or should investors book their profits and wait for the next opportunity?MediaAVAXUSD chart by TradingViewThe bearish bias persists while a falling wedge remains intactAvalanche found strong support at the $10 area and then rallied in 2023. But despite the returns delivered so far in the year, the bias remains bearish. Bulls are probably encouraged by a falling wedge pattern currently in the making. Indeed, a falling wedge is a bullish pattern, as it appears at the end of bearish trends. However, the signal to trade the market to the upside comes after the price breaks above the upper edge of the pattern. In other words, until then, it is just speculation, as the reversal pattern may be invalidated anytime. Therefore, those that bought Avalanche at the start of the trading year may find it wise to book some partial prices and wait for the price to move above the upper trendline. That is, above $20. The next level of resistance should be the $30 area, and from then on, the target is half the distance it took the pattern to form. On the flip side, if the price drops below $10, the reversal pattern gets invalidated, so that is the exit for any bullish setup. The post Avalanche price forecast after gaining 60% YTD appeared first on CoinJournal.

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SinMichael Wanggapore, Singapore, 22nd March, 2023, ChainwireHuobi, the virtual asset trading platform, has announced the launch of the Dominica Metaverse Bound Token (DMBT). The launch of DMBT is part of the rollout of the Dominica Metaverse Digital Citizen (DMDC), which was authorized by the government of Dominica in collaboration with TRON and DMC Labs.DMBT serves as an on-chain identity for users who have completed their Level-3 KYC verification on Huobi. It serves as a credential for verified DMDC members and is a type of soulbound token (SBT) that is unique, non-transferable, and revocable.After successfully completing the Huobi KYC process, users can obtain their Dominica Metaverse Digital Identity (DDID) and become a DMDC. DDID holders are eligible for a physical Dominica Metaverse Identification Card (DMIC). The potential benefits of DMDC membership may cover a variety of on-chain and off-chain use cases utilizing the DDID, including the facilitation of online KYC processes across international crypto trading or financial service platforms subject to local regulations, and collaboration with various membership programs shared by real-life consumer businesses globally.Furthermore, users can mint DMBT on the TRON blockchain with their DDID, which can be viewed on any wallet that supports TRON NFT protocols.H.E. Justin Sun, Founder of TRON and Global Advisor to Huobi, commented, “DDID will serve as the building block for Web 3 and a bridge connecting the real and virtual worlds. Essentially, the on-chain digital identity system lays the foundation for a future metaverse world that is truly capable of servicing the global population across physical boundaries and national borders in mankind’s pursuit toward inclusive digital freedom.”About HuobiFounded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation and other areas. Huobi serves millions of users across international markets. Please refer to Huobi’s official website for more information: www.huobi.comContactMichael Wang, glo-media@huobi.comThe post Huobi Launches the Dominica Metaverse Bound Token (DMBT) appeared first on CoinJournal.

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<strong>London, United Kingdom, 22nd March, 2023, Chainwire</strong> Metacade, fast becoming the most exciting GameFi project in 2023, has reached the final stage of its token presale after raising more than $500k in 24 hours, reaching a total raise of $12.4m.This comes after a wave of positive news, which includes a showcase of UI designs, a detailed view of their staking pool and the announcement of the <a href="https://metacade.co/en/referrals">Metacade referral programme</a>.The presale is scheduled to end on the 30th of March 2023, after which the MCADE token will list on multiple exchanges, including Uniswap & BitMart.Users can participate in the Metacade presale <a href="https://metacade.co/?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">here</a>. Russell Bennett, CEO of Metacade, said of the positive news, “As we enter the final stage of the presale, it’s all hands-on-deck at Metacade. We’re proud to have achieved so much in so little time, and extremely grateful for the support of our loyal Metacaders and investors in the project. We’re now gearing up for the exchange listings and for our Q2 product launches.”The last stage of the presale sees the price of the MCADE token rise to $0.020, the final price before the exchange listings, which will start after the presale ends on the 30th of March.<a href="https://metacade.co/?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">Metacade</a> is one of blockchain’s first community-driven arcades and will offer a huge collection of play-to-earn (P2E) games that will see gamers rewarded for their performance with the native MCADE token.The platform aims to become a central hub for Web3 users, as its additional earning mechanism is specially designed to serve a wide variety of blockchain enthusiasts.One of the most exciting aspects of the plans laid out in Metacade’s <a href="https://metacade.co/whitepaper/whitepaper.pdf?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">whitepaper</a>, is their pioneering Metagrants program. This will see Metacade investing in new gaming projects using the community treasury, funding the next generation of blockchain game developers.The Metagrants initiative operates by letting developers submit funding applications to support the design and creation of the next GameFi titles. Submissions are pooled for assessment by the Metacade community, where MCADE holders can vote on their favorite submissions. The most popular ideas receive crypto investments to support game production – with the first Metagrant game scheduled to hit the platform in Q1 2024.Metacade tokens are available for purchase up until sell out or the 30th of March, whichever is sooner. users can participate in the Metacade presale <a href="https://metacade.co/?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">here</a>.<strong>About Metacade</strong><a href="https://metacade.co/?utm_source=media&utm_medium=final_stage&utm_campaign=chainwire&utm_term=final_stagechainwire&utm_content=pr_final_stage">Metacade</a> is intended to be the premier destination for gaming in the metaverse. As Web3’s first community arcade that allows gamers to hang out, share gaming knowledge and play exclusive P2E games. The platform offers users multiple ways to generate income, build careers in Web3 and connect with the broader gaming community.The project has the stamp of approval from CertiK, the leading blockchain auditor, which aims to reassure investors that the project specifications and code are reviewed and the Metacade team has passed KYC. This puts Metacade on the same level of confidence as other CertiK projects including Aave, Polygon and Chiliz.Metacade’s one-stop shop potential as the next GameFi hub of choice for P2E gamers as well as a broad range of other…

The Federal Open Market Committee will conclude its two-day meeting on Wednesday.This decision will likely have implications for Litecoin and other crypto prices.Economists expect a more balanced Fed as it battles inflation and financial stability.Litecoin price moved sideways on Wednesday as investors waited for the upcoming interest rate decision by the Federal Reserve. LTC was trading at $80, where it has been in the past few days. Other cryptocurrencies are also wavering, with Bitcoin trading at $28,255 and Ethereum stuck at $1,800. XRP and ADA are two of the best-performing big-cap coins.Fed decision aheadThe main catalyst for Litecoin price will be the upcoming interest rate decision by the Fed. Economists polled by Reuters expect the Fed will maintain a relatively balanced tone as it combats some of the top challenges in the economy. The biggest challenge the Fed is facing is the stability of the financial system following the collapse of several banks, including Credit Suisse and Silicon Valley Bank. And now, several researchers believe that about 190 banks could fail because of their large unrealized losses. A lack of confidence in the financial market could lead to chaos as people rush to get their money out. That would put the American economy at risk. The other big risk is that America’s inflation seems to be sticky. Data published last week showed that America’s consumer price index (CPI) remained at 6% in February, much higher than the Fed’s target of 2%. As such, the bank will need to show its commitment for fighting inflation in the country. As such, the most balanced way will be for the bank to hike by 25 basis points. In a note, analysts at ING wrote:“It’s a close call, but we expect a 25bp hike by the Fed today. Ultimately, Powell’s primary goal is to restore investor confidence and a hold might signal a lack of trust in the financial system. The dot plots may also be revised slightly higher, and the dollar could recover a bit.”A hawkish tone by the Fed could dent the recent rally in cryptocurrencies. Most coins have jumped by double digits in the past few days as investors price in a more dovish tone by the bank. Litecoin price prediction MediaThe four-hour chart shows that the LTC price has moved sideways in the past few days. In this period, it has formed a symmetrical triangle pattern that is shown in red. The coin has moved slightly below the 50-period exponential moving average (EMA). Litecoin is also below the important resistance level at $88.36, the lowest point on February 13. The MACD has moved slightly below the neutral point. Therefore, there is a possibility that Litecoin’s price will have a bearish breakdown after the Fed decision. If this happens, the next reference level to watch will be at $70.How to buy LitecoineToroeToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.Buy LTC with eToro today Disclaimer PublicPublic is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.Buy LTC with Public today Disclaimer The post Litecoin price prediction: LTC outlook ahead of Fed decision appeared first on CoinJournal.

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Magic Eden has launched the first fully audited Bitcoin NFT marketplace.The marletplace has integrated two non-custodial wallets to support seamless transactions.Magic Eden now supports NFT marketplaces for Solana, Ethereum, Polygon and Bitcoin.Cross-chain NFT platform Magic Eden has added to the impetus around NFT Ordinals on Bitcoin by launching a fully audited Bitcoin NFT marketplace. The digital artifacts marketplace will feature everything from images and audio clips.Magic Eden’s move means traders within the ecosystem are set to benefit from being able to buy and sell Bitcoin-based inscriptions tied to satoshi – the smallest unit of measuring value for BTC.A new dimension to NFT universeIn a press release published on Tuesday, Magic Eden noted the infrastructure supporting Bitcoin inscriptions is growing, even as the network counts over 400,000 such digital artifacts so far. At the moment, the Bitcoin NFT marketplace has integrated two non-custodial wallets – Hiro and Xverse – with support for features such as listing, delisting and buying and selling. The marketplace already offers access to more than 70 collections.3/ Why Bitcoin? Ordinal digital artifacts exist on-chain, never off-chain, and are totally immutable, meaning they cannot be altered in any way.Add the security aspect of BTC & the decentralization of its nodes, and you get the ultimate home for true digital collectibles.— Magic Eden 🪄 (@MagicEden) March 21, 2023Commenting on the development, Magic Eden co-founder and CEO Jack Lu, noted:“Adding a Bitcoin marketplace is really exciting for our team, considering it is the grandfather of all blockchains and we are all passionate about blockchain. Bitcoin Ordinals bring a whole new dimension into the universe of NFTs.”Part of the early efforts aimed at accelerating adoption include Magic Eden’s partnership with 13 top collections, including Inscribed Pepes, Taproot Wizards and Bitcoin Bandits. Digital artfacts on the platform will be subject to top quality filtering, with collectors having access to details such as Ordinal rarity, name, inscription number, age and so forth.“On Bitcoin, all media that is uploaded onto the chain cannot be changed or removed,” Lu said in a statement. “This simplicity is embraced by many creators who want to create true collectibles that are inscribed onto the chain. We’re excited to bring our winning marketplace user experience we’ve developed over the last year and a half to Bitcoin.”Magic Eden’s release of a Bitcoin NFFT marketplace builds on the company’s solid foundation as a top provider of blockchain and Web3 solutions. While it remains the leading NFT marketplace for Solana, this latest move adds to recent expansions to Ethereum and Polygon.The post Magic Eden launches Bitcoin NFT marketplace appeared first on CoinJournal.

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Key TakeawaysThe Ethereum Shanghai upgrade is imminent, meaning stakers will finally be able to unstake their ETH, some of which has been locked up since 202117.7 million is ETH is staked, equivalent to 14.8% of the entire supplyThis is just below the amount of ETH on exchanges, which is 18.3 million ETH, equivalent to 15.2% of the supplyPrice effects of upgrade are likely already priced in, but this amount of supply being released is nonetheless notableThe Ethereum Shanghai upgrade is slated to occur in mid-April. While not as seismic a shift as the Merge event which took place last September, it is nonetheless an important moment for the world’s second-largest cryptocurrency. The most impactful consequence will be around Ethereum stakers. For the first time, those with staked ETH will be allowed to unstake their holdings. How much Ethereum is staked?And that is a lot of ETH. Currently, there is 17.7 million Ether locked up in staking contracts, equivalent to 14.8% of the total supply. Once the upgrade goes live, this ETH will finally be eligible to hit the market. That may sound like a scary proposition, but in reality, there have been many liquid staking alternatives available throughout the staking period, which kicked off in late November. In such a way, stakers have received back liquid “tokens” which can be traded in place of ETH. These tokens can then be redeemed for actual ETH once the upgrade goes live – which we now know is imminent. Nonetheless, there may be some elevated selling pressure in the immediate aftermath of the event. The liquid tokens have traded for (usually small) discounts compared to ETH, while it will also now be more intuitive and simpler for people to sell.Despite all this, concluding that this will dent ETH’s price would be naive. The market knows this is coming and that same old concept of “priced in” is gain relevant. Remember, many hypothesised that the Merge would drive a massive price increase, but it came and went with only minor volatility. If the Shanghai upgrade goes smoothly, it would not be a surprise to see the same happen here. Could the Ethereum staking yield be DeFi’s risk-free rate?One thing I have wondered about is what the yield on staked ETH will look like going forward. One theory is that, if Ethereum continues to act as the base layer for decentralised finance, the staking yield could look like some sort of risk-free yield in the space. In such a way, it could be used as a benchmark to value investments in the space, much like the risk-free rate in traditional finance is used. Then again, with the way DeFi has gone over the last couple of years, maybe it won’t. The space has seen a flood of capital flee the space as the bear market has ravaged cryptocurrency as a whole. Where is the rest of ETH held?With 15% of the ETH supply locked up in staking contracts, and the number steadily rising from when staking opened up in late 2020, the balance on exchanges has done the opposite. There is currently 18.3 million ETH on exchanges, equivalent to 15.2% of the supply, slightly above the 14.8% that is staked. The 18.3 million ETH on exchanges represents the lowest figure since June 2018, at the depths of the previous crypto winter. The chart shows that the balance has been falling steadily since ETH staking came online. Of course, the above charts are in native units. When flipping the denominated unit to the dollar value of ETH instead, you get a much wackier pattern. Nonetheless, the dollar value on exchanges is still above what it was until the first quarter of 2021.As cryptocurrency markets as a whole rally off the back of renewed hope that the Federal Reserve will pivot off high interest rate policy sooner than previously anticipated, Ethereum has followed, trading at $1,800, its highest price since last September – right when the Merge occurred. Macro will continue to drive the price going forward, but the Shanghai upgrade is nonetheless an important moment as Ethereum solidifies its long process of switching from a proof-of…