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“Crypto is just another technology, it’s a matter of how is it being used. It can be used for good or for bad. From where we sit, we see massive opportunities," says the director of the UNICC. The United Nations is smitten with distributed ledger technology (DLT). In a conversation with Cointelegraph at WEF 2022, United Nations International Computing Centre (UNICC) director Sameer Chauhan explained the “massive opportunities” he sees in cryptocurrencies. A former traditional finance executive and head of the UNICC since 2018, Chauhan has seen the rise and fall of cryptocurrency markets . He shared that groups such as the Bank for International Settlements (BIS) do not want to “miss the boat” when it comes to DLTs. Chauhan explained that cryptocurrencies are neutral technologies: “It’s a tool. You could use it for good or you could use it for profiting—which is not bad. [...] In the future, crypto will be a very strong component of how the world interacts and how they transa

The daily pump & dump is a weekday update on the crypto market providing you with an abbreviated breakdown of price action related to Bitcoin, Ethereum, and other trending altcoins.  Today’s summary: Bitcoin reclaims $30,000 over memorial day weekend How Ethereum could lose its head against BTC What’s going on with Cardano? Bitcoin Makes Memorial Day Weekend Memorable Over the US Memorial Day holiday, bulls took advantage of thin order books and low volume, pushing the price per BTC to more than $31,500 at close. Of note, the daily candle closed above the upper Bollinger Band. Bulls must stampede with high volume within the next 24 hours or are at risk of a pullback to at minimum the middle-SMA at around $29,766. Will bulls follow through? | Source: BTCUSD on TradingView.com A strong close above $32,000 could lead to continuation to targets between $34,000 and $38,000. Tonight is also the monthly close for BTCUSD. A close above $29,000 should keep the top cryptocurrency wel

The committee of central banks and regulators has proposed a “conservative prudential treatment” of crypto assets that banking groups say is prohibitive. The Basel Committee on Banking Supervision met Friday and discussed cryptocurrency, among other topics. The committee stated that it would soon publish its second consultative paper with the intention of finalizing guidelines on the prudential treatment of crypto exposure by banks by year-end.  In a Tuesday press release, the committee issued the following statement, which was likely in reference to the recent collapse of the Terra ecosystem : “Recent developments have further highlighted the importance of having a global minimum prudential framework to mitigate risks from cryptoassets.” The committee began consultations on the banking sector's risk exposure to cryptocurrency in 2021 and published a paper on its findings at that time. The committee divided crypto assets into two groups, with tokenized traditional assets and

Data shows Bitcoin long-term holders have realized a significant amount of losses recently, a sign that the final capitulation before the bottom may be here. Bitcoin Long-Term Holder SOPR Shows Average of 27% Losses Being Realized This Week According to the latest weekly report from Glassnode, BTC long-term holders seem to have harvested some losses this week. The “spent output profit ratio” (or the SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a profit or a loss right now. The metric works by looking at the on-chain history of each coin being sold to see what price it last moved at. If this price was less than the current one, then the coin has been sold at a profit. On the other hand, the last selling price being more than the latest would imply the sale of the coin has realized a loss. When Bitcoin SOPR values are greater than one, it means coins moving right now are, on average, selling at a profit. Related Reading | Bitcoin On-Chain Da

Ethereum is making progress towards its transition from a Proof-of-Work (PoW) consensus to a Proof-of-Stake consensus algorithm. In an event dubbed as “The Merge”, the current network and its decentralized application will begin operating on the latter. Related Reading | Analyst Hints Huge Chances For Ethereum Killers To Surge, Sides With Solana And AVAX Core ETH Developer Tim Beiko recently announced the successful roll-out of a Beacon Chain, or a mainnet PoS network, for its longest-lived PoW testnet “Ropsten”. This will aid developers in launching “The Merge” on this test network. The event is set for June 8th. If successful, Ethereum and its developers could be steadily moving to a mainnet Merge event at some point in the coming months. The Ropsten Beacon Chain must meet certain requirements before operating on a PoS consensus, as Beiko clarified: For The Merge to happen, we now need two things on Ropsten. First, its beacon chain must activate the Bellatrix upgrade, scheduled f

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you think DeFi ne

ETH price bounced off a major support level, and while $2,000 could be a short-term target, most analysts say it’s just a “relief rally.” On May 30, the cryptocurrency market experienced a much-needed bounce that saw Bitcoin ( BTC ) climb above $30,900 and Ether ( ETH ) rally 5.84% to $1,930, but analysts warn that it could be too early to expect a reversal. ETH/USDT 1-day chart. Source: TradingView Here’s a look at what several analysts are saying about the outlook for Ether moving forward and the major support and resistance levels to keep an eye on. A bounce off of major support The May 30 bounce in Ether came as “no surprise” to market analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart, stating that “It's more about how much #ETH will move from here.” ETH/USD 1-month chart. Source: Twitter Rekt Capital said: “Technically, #Ethereum could rally to as high as ~$2269 to flip it into new resistance. General gist is that whatever this ra

The elusive relief rally that BTC and ETH traders expected has arrived, but will the market sustain enough bullish momentum to catalyze a trend change? After creating the dubious record of nine successive red weekly closes, Bitcoin ( BTC ) is attempting to make amends by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not fear a bear market because it is one of the best times to invest in fundamentally strong projects  in preparation for the next bull phase.  CryptoQuant CEO Ki Young Ju highlighted that unspent transaction outputs (UTXOs) that are older than six months reflect 62% of the realized cap, which is similar to the level seen during the March 2020 crash. Hence, Ki said that Bitcoin may be close to forming a cyclic bottom . Daily cryptocurrency market performance. Source: Coin360 In the current bearish environment, it is difficult to fathom a Bitcoin rally to $250,000 but billionaire investor Tim Draper is still b

MoneyGram CEO Alex Holmes said the international remittances stalwart wants to be a bridge between the crypto and fiat worlds. MoneyGram International, one of the world’s largest cross-border transfer services, is partnering with the Stellar blockchain to create a stablecoin-based platform for money transfers. The new service will allow Stellar wallet users to send Circle’s USD Coin ( USDC ) to recipients, who will be able to cash them out for fiat currency through the MoneyGram network. “We’re trying to be a bridge from the crypto world to the fiat world,” MoneyGram CEO Alex Holmes said in an interview. Holmes also said MoneyGram is in talks with third-party companies that provide digital wallets in El Salvador alongside the government-backed Chivo wallets , which were introduced when the country made Bitcoin ( BTC ) legal tender last year. Through a deal with one of those companies, MoneyGram would be able to compete for BTC transfers as well. “If a country like El Salvador is

On-chain data shows the Bitcoin open interest is sharply rising, a sign that a long squeeze may be brewing in the crypto futures market. Bitcoin Open Interest Has Observed Rise Recently, While Funding Rates Remain Positive As pointed out by an analyst in a CryptoQuant post, the futures market may be heading towards a long squeeze in the near future. The “open interest” is an indicator that measures the total amount of Bitcoin futures positions currently open on derivatives exchanges. It includes both long and short positions. An increasing value of the metric suggests users are opening more positions right now. Such a trend can lead to higher volatility in the crypto’s price. On the other hand, a lowing open interest can mean positions on exchanges are closing down. A rapid swing in the price can cause a mass liquidation, sharply taking the indicator’s value down. Related Reading | Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value These liquidations cascade toge

According to Wu Blockchain, the TRON network has seen a hike in its total value locked (TVL) over the past 30-days. This increase seems to be related to the launch of this network’s native algorithmic stablecoin USDD. Related Reading | Tether CTO Says, USDT-Dollar Remains Strong Amid Stablecoin Crises As reported by NewsBTC a month ago, TRON’s founder Justin Sun announced the deployment of USDD for May 5, 2022. This digital asset operates similarly to LUNA CLASSIC network’s Anchor Protocol. USDD allows users to earn a 30% annual percentage yield (APY) for staking it on the JustLend platform. TRON launched its own algo stablecoin to capitalize on the popularity of this product. However, May has seen a massive LUNA-UST (Terra Classic’s algo stablecoin) which has impacted the crypto industry. The crash in the price of LUNA and the UST deppeged appears to have little impact on TRON. Data from DeFi Llama supports the increase in TVL. This number stands at $6 billion with a 14% increase

Ether risks turning overbought on shorter timeframes, amounting to sell-offs also as it retests a critical resistance level. Ethereum's native token Ether ( ETH ) rose by more than 5% to reach its intraday high above $1,930 on May 30. Nonetheless, the ETH/USD pair risks facing another sell-off round due to concerns about a massive ETH inflow into an exchange. 58.7K Ether transferred to FTX in May On May 30, the Ether address allegedly associated with Three Arrow Capital — a Singapore-based crypto hedge fund, sent 32,000 ETH worth $60 million to the FTX crypto exchange within a span of an hour, on-chain data shows. The bulk transfer, which follows the fund's 26,700 ETH deposit to the same exchange earlier in May, raised suspicions that it would dump the Ether stash. That is primarily because, in theory, investors transfer crypto to their exchange wallets only when they want to sell them for other assets.  dump eeth? https://t.co/7xdI80P8rZ — Tim Copeland (@Timccopeland)

Ethereum formed a base near $1,740 and started a recovery wave against the US Dollar. ETH is now facing a major resistance near the $1,900 zone. Ethereum started a recovery wave above the $1,800 and $1,820 levels. The price is now trading above $1,820 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $1,900 and $1,920 resistance levels to continue higher. Ethereum Price Eyes Upside Break Ethereum extended decline below the $1,800 level. However, the bulls were active above the $1,700 level. The price consolidated near the $1,740 level before it started a decent upward move. There was a clear move above the $1,800 resistance zone. Ether price surpassed the 50% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base. Besides, there was a break above a major bearish trend line with resistance near $1,820

Analysts say the crypto bear market should not be feared because it offers potentially greater opportunities for growth and profits than a bull market, so traders should be taking note. Crypto markets are undeniably bearish, but some industry insiders believe these conditions will shake out the bad actors and create greater opportunities for future participants. Traders tend to lament the negative price action and relative difficulty in executing profitable trades in bearish market conditions. However, several leading analysts and builders agree that this is the time to make moves that will lead to the greatest gains when bullish sentiments return. Polygon ( MATIC ) co-founder Mihailo Bjelic told CNBC on May 27 that the current downturn and recent major sell-off earlier this month were just what the market needed. Bjelic believes that the market became “maybe a little bit irrational, or maybe a little reckless,” as the total crypto market cap grew by 12.5 times between November

Cardano (ADA) recently fell below its support line of $0.50 as seen at press time. Just like Bitcoin, major altcoins too have either consolidated or fallen on their charts. On the longer time frame, Cardano (ADA) continued to display bearish thesis. For the shorter time frame, ADA was hinting at a possible price reversal on charts. Over the last 24 hours, ADA increased by 1.7% and in the last week, the coin brought home a double digit loss. The bulls have faded out as buying strength continued to remain bleak at the time of writing. At the moment, $0.50 has been acting as the coin’s immediate resistance mark. Immediate support levels for the coin ranged between the $0.44 and $0.40 price marks respectively. If broader market recovers along with a consistent buying strength, there could be hopes of a price reversal for Cardano (ADA). Cardano Price Analysis: One Day Chart Cardano was priced at $0.47 at on the four hour chart | Source: ADAUSD on TradingView ADA was trading at $0.47 at t

Bitcoin started a fresh increase and surpassed $30,000 against the US Dollar. BTC is showing positive signs and might rally further if it clears $30,600. Bitcoin is gaining pace above the $29,500 and $30,000 resistance levels. The price is now trading above the $29,500 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $29,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rise further if it clears the $30,600 resistance zone. Bitcoin Price Gains Pace Bitcoin price formed a fresh base above the key $28,500 support zone. It remained well bid and started a fresh increase above the $29,200 resistance zone. The price cleared the 50% Fib retracement level of the downward move from the $30,188 swing high to $27,505 low. Besides, there was a break above a major bearish trend line with resistance near $29,200 on the hourly chart of the BTC/USD pair. The pair is now trading above the $

Bitcoin remained consolidated over the last 24 hours, altcoins however, have dipped on their charts. Over the last week, the king-coin continued to register lateral price movements on the charts. Ever since November, 2021, price of Bitcoin has consistently moved on the downside. On the longer time frame, Bitcoin has continued to show signs of upcoming bearishness. On a comparatively, shorter time frame the king-coin might be hinting at a price reversal. Over the last 24 hours BTC made no gains. In the last week, it lost about 2% as the coin was mostly consolidating. Currently, BTC is sandwiched between $28,000 and $29,000 as those two levels have been acting as the coin’s crucial demand zone. The buyers seem to have clearly given up on the initiative to lead the price action and with continued strength from sellers, BTC might be eyeing the $20,000 price level. Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $29,000 on the one day chart | Source: BTCUSD on TradingView BT

Bitcoin is attempting to form a higher low at $28,630 and if that happens, ETH, XTZ, KCS and AAVE may rally in the near term. After declining for eight successive weeks, the Dow Jones Industrial Average rebounded sharply last week to finish higher by 6.2%. However, Bitcoin ( BTC ) has not been able to replicate the performance of the United States equities markets and is threatening to paint a red candle for the ninth week in a row. A positive sign is that Bitcoin whales have been buying the market correction. Glassnode data shows that the number of Bitcoin whale wallets with a balance of 10,000 Bitcoin or more has risen to its highest level since February 2021. The accumulation in the whale wallets suggests that their long-term view for Bitcoin remains bullish. Crypto market data daily view. Source: Coin360 Blockware Solutions highlighted that the Mayer Multiple metric which compares the 200-day simple moving average with the current price was languishing “near some of the

APE token holders make collective governance decisions, casting votes and deciding on issues such as fund allocation, rule framing, partnerships, project selection, and more. The first quarter of 2022 was abuzz with the talks about ApeCoin ( APE ), a cryptocurrency adopted to be the native coin of Bored Ape Yacht Club (BAYC), developed by Yuga Labs. Since the ApeCoin DAO came into being in April 2021, the BAYC has been among the top nonfungible token (NFT) collections with a vibrant community. The BAYC collection showcases apes that seemingly look bored. Depending on your mood and choice, you can choose these apes down to the tiniest details. Investors across the world have put their money into these artworks and the buyers include the likes of Justin Bieber and Eminem. As an ERC-20 governance and utility token of the APE ecosystem, ApeCoin is administered by a decentralized autonomous organization , or DAO. Anyone holding the coin is allowed to cast their vote on the relevant go