Venture Capital And Its Relationship With Bitcoin
Although VC funds have been rushing to support various crypto startups, much of that money has not gone to Bitcoin-focused companies.
From the Altai Mountains to the Gobi Desert: Tokenizing the history of nomadic horse riders through Mongol NFTs
The firm behind the namesake platform wants to bring Mongolian artists to the world stage and promote an authentic cultural experience to tourists through the Metaverse.
Mongolia is a land of endless steppes, hosting mystic Tibetan Buddhist monasteries and fierce horse warriors blessed by the eternal Tengri, the sky god in folk shamanism. For centuries, the harsh, cold climate of the plains forced its people to venture to the world beyond in a series of journeys and conquests. And now, blockchain enthusiasts can hear their stories in the form of nonfungible tokens through the Mongol NFT platform.
Since its inception in September, the platform has surpassed 100,000 registered users and close to 400 creators in various stages of their projects. In an exclusive interview with Cointelegraph, Gabit Bazar and Adiya Bayansan, co-founders of Mongol NFT, discussed the future of the project that’s bringing Mongolia (once again) to the world stage.
Cointelegraph: Who are the participants on your NFT platform?
Gabit Bazar and Adiya Bayansan: It’s everyone; we have many different areas of artists — they’re singers, artists, painters, movie producers, etc.
CT: Which blockchain(s) is this NFT platform based on?
GB & AB: It’s multi-chain. So we have Ethereum, obviously, and we’re also planning to support Polygon. And next is Solana. The creators will choose; it’s up to them.
Related: The Metaverse will bring unbridled evolution to NFTs
CT: What are some of the themes surrounding the artwork in these NFTs?
GB & AB: We have a theme of the 13th century, for example, during the time of Genghis Khan. Another artist focuses on Tengri and the culture of the nomadic Central Asian steppes. One artist was in the Marco Polo [who journeyed east to visit Kublai Khan] Netflix show and will be producing cartoon NFTs on that topic.
CT: How many NFTs have people bought and sold so far within the past year?
GB & AB: We launched only about two months ago, on Sept. 17. And we already have approximately 5,000 drops in. And out of those 5,000 drops, our record selling is within five seconds.
CT: And what is the vision behind the platform?
GB & AB: Very simple; every country has a great history, culture, and character. […] But not everybody knows what character exactly inside, they might know, only one or two very famous artists. Such is the case with Mongolia. We want to bring its talents to the world stage. We were always behind the rest of the world by 20 years, 30 years. But with NFTs and blockchain technology, we are all starting from precisely the same point together.
CT: What does the current state of cryptocurrency adoption look like in Mongolia?
GB & AB: So currently, we do two things: first, someone who purchases the NFT can also use the fiat Mongolian currency (Tögrög, p. Tugrik) or use our coin called MNFT. The partner exchange is Bittrex on our end. So creators can cash out to their exchange, or they can get their Tugrik to their Mongolian bank accounts.
Related: Mongolia’s largest bank to offer crypto-related services
CT: What does the roadmap look like for Mongol NFTs in the future?
GB & AB: So Mongol NFTs was the beginning of the marketplace, then we evolved to MNFT coin, where we want to make it a utility for people. They will have the specific content but are only available for MNFT holders. Exclusive video streaming and music streaming are the next steps. Because today, even though young artists can upload their songs to Spotify or iTunes, it’s hard for anyone to find out about it, so getting the economic benefit can be difficult. That’s why we want to create a Mongolian streaming service powered by MNFT coins. We want to revolutionize the industry so that the young kids who have that passion for the music, they can get on board, create their NFTs, create their music, and people can listen to it.
Number two, most NFT initiatives also include buying land on The Sandbox, similar to Adidas sportives. All of those big boys have got the land. Now we’re also building the Mongol Valley in our Sandbox. So with that, why? Maybe you heard about our traditional annual wrestling festival called Naadam. Our country’s vision is to bring as many tourists as possible. We will create tourism in the metaverse. They can see the arts, the festival, go to the marketplace to get the NFTs, and use the MNFT coin to purchase. That’s the whole purpose of the metaverse. Any artists can do exhibitions or concerts; we plan to do that as an entire country. The Ministry of Culture of Mongolia is also endorsing us in terms of this initiative.
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Shiba Inu Holders Including Whales Suffered Heavy Losses
The primary cause for the holding’s depreciation is the asset itself. Since the previous ATH, Shiba Inu has lost around
The post has appeared first on thenewscrypto.com
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Price analysis 12/20: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Bitcoin and most major altcoins are trading below the 200-day SMA, suggesting that bears are in full control.
Bitcoin (BTC) continues to lose ground in December, a signal that traders may be locking in their gains before the end of the year. The lack of a Santa rally in the U.S. equity markets indicates that the risk-off sentiment prevails due to the uncertainty regarding the spread of the COVID-19 Omicron variant in several parts of the world.
Even after the sharp drop in Bitcoin’s price, the demand from institutional investors remains tepid, and data shows that the largest institutional Bitcoin product, the Grayscale Bitcoin Trust (GBTC), is trading at a discount of more than 20%.
Veteran trader Peter Brandt said that “high volume panic capitulations” usually signal a bottom in Bitcoin and that has not yet happened during the current decline from the all-time high. This could be a hint that the “real” capitulation is yet to happen.
Could Bitcoin and most major altcoins continue their down move in the next few days or will a Santa rally come to the rescue? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
The bulls have been defending the 200-day simple moving average ($47,130) for the past few days, but they have not been able to push the price above the 20-day exponential moving average ($49,622). This shows a lack of demand at higher levels.
The bears pulled the price below the 200-day SMA on Dec. 20 and if the price sustains below this crucial level, the selling may pick up momentum. TheBTC/USDT pair is at risk of hitting the strong support zone at $42,000 to $39,600. The bulls are likely to defend this zone aggressively but the recovery may face a stiff challenge at the 200-day SMA.
This negative view could invalidate if the price turns up from the current level and rises above the 20-day EMA. Such a move will suggest that the break below the 200-day SMA could have been a bear trap. The pair could then rise to $52,000 and later attempt a rally to $60,000.
ETH/USDT
Ether (ETH) has been trading inside a descending channel for the past few days. The bounce off the support line of the channel on Dec. 13 failed to rise above the 20-day EMA ($4,058), indicating that bears are selling on rallies.
The downsloping 20-day EMA and the relative strength index (RSI) below 43 suggest that the path of least resistance is to the downside. The ETH/USDT pair could slide to $3,643.73 and then to the support line of the channel.
A strong rebound off the support line could extend the stay inside the channel for a few more days. The bulls will then make one more attempt to push the price above the channel. If they succeed, it will indicate that the selling pressure may be reducing.
Alternatively, if the price breaks below the channel, the bears could challenge the 200-day SMA ($3,288). A break and close below this level could intensify the selling.
BNB/USDT
The buyers successfully defended the 100-day SMA ($509) for the past few days but they could not push Binance Coin (BNB) above the 20-day EMA ($552). This suggests that demand dries up at higher levels.
The downsloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand. If the price breaks and sustains below the 100-day SMA, the BNB/USDT pair could drop to the 200-day SMA ($436).
Contrary to this assumption, if the price turns up from the current level and rises above the 20-day EMA, it will suggest that the bulls have absorbed the supply. That could start a recovery to $617 and next to the stiff overhead resistance at $669.30.
SOL/USDT
Solana (SOL) turned down from the 20-day EMA ($183) on Dec. 19, indicating that bears are defending this level with vigor. If the price slips and sustains below $167.88, a retest of $148.04 is possible.
This is an important support to watch out for because a break below it could sink the SOL/USDT pair to the 200-day SMA ($120). The downsloping 20-day EMA and the RSI below 43 suggest that bears are in control.
This negative view will invalidate if the price turns up from the current level and breaks above the 20-day EMA. Such a move will suggest that the selling pressure may be reducing. The pair could then attempt a rally to $200 and later to $240.
ADA/USDT
Cardano (ADA) repeatedly bounced off the strong support at $1.18 in the past few days but the bulls have not been able to push the price above the 20-day EMA ($1.35). This suggests a lack of demand at higher levels.
The bears will now attempt to sink and sustain the price below $1.18. If they manage to do that, the ADA/USDT pair could drop to the critical support at $1. The bulls are likely to defend this level aggressively.
The first sign of strength will be a break and close above the 20-day EMA. Such a move will indicate that demand exceeds supply. The pair could first rise to $1.47 and then attempt a rally to the overhead resistance at $1.87.
XRP/USDT
XRP has been trading between $0.75 and $0.85 for the past few days. The bulls pushed the price above $0.85 today but the long wick on the candlestick suggests that bears continue to sell on rallies.
The RSI has recovered strongly from the oversold levels, indicating that the bearish momentum may be losing steam. This could keep the XRP/USDT pair stuck inside the range for a few more days.
A break and close above $0.85 will indicate that the bulls have overpowered the bears. That could push the price to the psychological mark at $1. Alternatively, a break and close below $0.75 could open the doors for a possible drop to $0.60.
LUNA/USDT
Terra’s LUNA token soared to a new all-time high today but the long wick on the day’s candlestick suggests that short-term traders may be booking profits at higher levels.
If the price sustains below $78.29, the bears will attempt to pull the LUNA/USDT pair to the 20-day EMA ($64). This is an important support to keep an eye on because a strong rebound off it will suggest that sentiment remains positive and traders are buying on dips.
The bulls will then again try to push the price above the overhead zone at $78.29 to $81.87. If they do that, the pair could start its rally toward the psychological mark at $100.
Conversely, if bears pull the price below the 20-day EMA, it will suggest that traders are exiting their positions. That could sink the pair to $50.
Related: 0.01% of Bitcoin holders control 27% of all circulating coins: Study
AVAX/USDT
Avalanche (AVAX) bounced off the strong support at $75.50 on Dec. 14 and broke above the downtrend line on Dec. 15. This indicated that bulls are attempting to resume the uptrend.
However, the up-move turned down from the 61.8% Fibonacci retracement level at $119.69, indicating that bears are selling on rallies. The AVAX/USDT pair has reached critical support at the 20-day EMA ($99).
If the price rebounds off the current level, the buyers will again attempt to resume the up-move. A break and close above $119.69 could clear the path for a rally to $131.70 and later to the all-time high at $147.
Conversely, if the price breaks and sustains below the 20-day EMA, the pair could drift down to the strong support at $75.50.
DOT/USDT
Polkadot (DOT) has been trading below the 200-day SMA ($28.82) for the past few days. This suggests that bears are in command. The sellers are currently attempting to sink the price below the strong support zone at $25 to $22.66.
If they manage to do that, the DOT/USDT pair could extend its downward journey toward the next support at $16.81. The longer the price stays below the 200-day SMA, the greater the possibility of the continuation of the downtrend.
Contrary to this assumption, if the price rebounds off the current zone, the bulls will make one more attempt to push the pair above the 200-day SMA. If they succeed, it will suggest that the bears are losing their grip. The pair could then rise toward $39.35.
DOGE/USDT
Dogecoin (DOGE) rebounded off the strong support at $0.15 on Dec. 14 and soared above the 20-day EMA ($0.18) but the long wick on the candlestick shows that traders sold at higher levels.
The bears pulled the price back below the 20-day EMA on Dec. 15. This could have trapped the aggressive bulls who may have then been forced to liquidate their position. This has pulled the price to the strong support at $0.15.
A break and close below this level could pull the price to the Dec. 4 low at $0.13. If this support cracks, the DOGE/USDT pair could drop to the psychological level at $0.10. Conversely, if the price rebounds off the current level, the bulls will again attempt to clear the overhead hurdle at the 20-day EMA and $0.19.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
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Ethereum Looks for a Base Near $4,000, YFI, BORA, HBAR Dec. 20
Ethereum has struggled but may look for a rally this week. Defi still dominates with Yearn up 100%. BORA and Hedera also performed well.
SEC’s Elad Roisman, Pal of Crypto Resigns!
SEC Commissioner Elad Roisman resigns officially. Will be leaving the office by the end of January 2022. Letter officially sent
The post has appeared first on thenewscrypto.com
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VCs invest $30 billion into crypto industry
If crypto investments would be used as a metric to gauge if crypto has finally gone mainstream, then one could argue that 2021 was the year that the industry finally gained acceptance from both investors and the general public.
The post VCs invest $30 billion into crypto industry appeared first on CryptoSlate.
Former electric store, RadioShack, pivots fully into DeFi
A century-old company, RadioShack, formerly RadioShack Corporations, has confirmed a complete u-turn into the burgeoning decentralized finance (DeFi), a crypto niche specialized in offering services similar to traditional finance through blockchain technology.
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