China News by Thebittimes.Com

The 'Google of Blockchain' - The Graph (GRT) has kicked off 2023 with a sensational rally. After a slow bleed out from the 2021 Bull Run - this top 100 coin is on the come back. Cascading price action throughout 2022's GRT death slide finally bottomed out at $0.05 on Dec 30. Macro sentiment spurred initial price action for GRT. Markets were invigorated by surprise dovish tone from the Fed and as the S&P500 began to rise - so did crypto. January uptick was unremarkable compared to GRT's past performance on the markets. Yet, as Bollinger bands widened throughout the month - many price levels began to give way. TradingView/ GRTUSDT By the end of January GRT had posted a 67% gain. And more importantly had established an area of local support at $0.08 - $0.09. The first weekend of February saw GRT skyrocket with a bang. Big green candles rocked up on the chart on February 4 as market Alt Season started to take hold. A whopping weekend - which tore thr...

Source: Rmcarvalhobsb/Adobe The Brazilian government looks set to grant the nation’s prosecutors, courts, and police officers new powers to confiscate crypto. According to an official release from the Attorney General, the nation’s Federal Public Ministry (MPF) has prepared a draft crypto “guide” for prosecutors and law enforcers. The MPF presented the document to its own Criminal Chamber and dedicated crypto units late last week. Representatives from the National Council of Justice, the Federal Police, and the nation’s tax agency also saw the proposal. The MPF highlighted the “growing relevance” of crypto, particularly in the legal sphere. And the ministry appears keen to get feedback from law enforcers, tax officials, and prosecution officers as soon as possible. It stated that the “final text” of its guidelines “will be sent” to the Criminal Chamber “in the coming days.” The chamber over...

Source: Adobe/JHVEPhoto The Commodity Future Trading Commission is "well positioned" to address regulatory gaps in the crypto market, according to CFTC Chair Rostin Behnam.  In prepared remarks for a February 3 American Bar Association event, Behnam said his stance toward cryptocurrencies has not changed. He said he believes there remains a regulatory gap but the "CFTC is well positioned to fill this" gap if Congress gives the agency the necessary authority.  The CFTC Chair mentioned that the crypto market "was shaken to its core" last year following a string of failures, bankruptcies, and collapses that saw around $2 trillion worth of value wiped out of the market. He said this is a clear indication that the market needs comprehensive legislation. "Regulation is necessary to protect customers and to prevent failures which cannot predictably be contained within any boundaries across the domestic and global financial markets. Regard...

Pixabay/SergeiTokmakov As Crypto Winter continues to give way to a sensational spring bull market, our analysts have identified three Altcoins with skyrocket growth potential this year. Found out more about how to supersize your profits here! The Future of GameFi: Meta Masters Guild Meta Masters Guild (MEMAG) is introducing a new way to play-and-earn with its decentralized GameFi ecosystem. This innovative platform combines high-quality mobile games with the power of blockchain technology. As a player, you'll have access to a single native currency, the Meta Masters Guild token (MEMAG). Used for earning and transactions across all the games in the Meta Masters Guild ecosystem. The MMG ecosystem prioritizes community engagement and fairness. Giving participants the chance to earn passively. And ensuring the economics surrounding the experience don't limit the experience. With three high-octane titles including Meta Kart Racers in the pipeline, and partnership...

Following a challenging 2022, Gala has been on a meteoric comeback for 3 weeks as it continues to push an impressive 222% rally. Clawing its way out of the depths of the crypto winter ($0.019), GALA has posted a local high of $0.061 - currently trading at: $0.054 (+2%). This huge structural breakout from a tight crabbing pattern has taken off - ignited by positive macro sentiment from Bitcoin (BTC) and the S&P500. Promising project news has fuelled the climb as investors rush in to profit off this big move. Gala Games released their strategy for 2023. With 40+ GameFi projects in the pipeline - this ambitious team could see a phenomenal year. The current breakout pattern has formed a bullish pendant on the chart. Created by riding a strong support trend to test resistance at $0.06. Flipping the $0.06 price level from resistance to support is crucial for this rally to continue. Price action is still reeling from the last test, although the support trend has been w...

Online card games are becoming all the rave in the crypto space. Since the launch of the play-to-earn gaming model in the last year, a growing number of projects are providing added utility to gamers besides the thrill of entertainment. One such play-to-earn project is Calvaria – a new-generation online strategy game. Calvaria Creating a New Reality for Online Games Blockchain games are becoming even more popular by the day. In the online card strategy niche, only a limited number of options are available for users. The most popular is Gods Unchained, where players have to assemble the best deck of cards and try to outwit all the tactics of their competitors. Seeing the dearth in the number of card-focused blockchain games, the Calvaria game was launched in late 2022. The online card trading game allows users to compete against one another in a bid to earn the native token, RIA.  While competition is the central thrust of the Calvaria game, it also offers ...

Source: Pavel Ignatov/Adobe A number of South Korean firms are preparing to launch security token offering (STO)-related services this year. And they are hopeful that regulators will give them the green light to get started this month. Busan Ilbo reported that a number of major domestic companies are now keenly awaiting industry guidelines from the nation’s top financial regulator – the Financial Services Commission (FSC). The FSC is slated to make an announcement about STOs on January 19, although full details of the regulator’s intention may not become clear until later this month. But it appears that many firms are confident that the FSC will not throw up too many hurdles in their path, with multiple domestic securities companies “busy preparing digital asset plat forms ” that can handle and/or issue tokens. They will be joined in their efforts by the city of Busan, which hopes to make STOs a key part of the city-run Digital Assets Ex...

Source: JHVEPhoto/Adobe Tokyo Electric Power (TEPCO), Japan’s biggest power provider, has explained how it is planning to make use of surplus renewable electricity to power its bitcoin (BTC) and altcoin mining operations. TEPCO first unveiled its mining plans late last year, providing a boost to local crypto markets. But it appears to have been working on related projects for several years. Back in June 2020, the firm said it was partnering with the trading company Itochu to co-build a blockchain-based surplus power trading platform. And now, in a post hosted on Data-Max, the company has explained just how it hopes to go about turning excess power into crypto – and what it hopes to do with the coins it mines. TEPCO announced that it expects to do the majority of its mining “in rural areas, where there is a surplus of renewable energy.” The firm explained that, during the daytime, solar power is often “abundant.” The company added t...

Image Source: Pixabay Traders betting against the crypto market have suffered more than $450 million in losses over the past 24 hours as major cryptocurrencies surged higher in one of the most impressive rallies in about a year.  According to data by CoinGlass, short traders suffered around $457 million across major centralized exchanges over the past day. Crypto exchange OKX took the lion’s share of these liquidations at over $241 million, followed by Binance at $116 million.  Aside from short traders, long traders have also been caught off guard as over $108 million in long positions were liquidated. This brings the total value of liquidated positions over the past day to more than $727 million, a level not seen since November 8 when trouble hit the crypto exchange FTX. The bulk amount of liquidations came over the past 12 hours, data by CoinGlass show, with the value of liquidated positions reaching $514 million.  Bitcoin-tracked fut...

Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Source: Depositphotos As much as we like to joke that the world is getting crazier by the day, you can find countless examples where groups of people will generally act in a rational, predictable manner.  We as humans do have some biases that don’t make sense, like the phenomenon where losing a certain amount of money causes greater pain than gaining that same amount of money causes happiness.  As individuals, we do dumb things all the time.  But if you set up a system for people to use, the majority of people will act in a rational way that benefits them most.   With monetary system s, the rules are set and various levers can be adjusted to drive certain behaviors from people as a whole.  There is still freedom to act how you want, but the rules will help to incentivize or penalize cert...

Cardano price is gasping for air as bulls work around the clock to stay buoyant. The smart contracts token kicked off the year negatively, with declines below $0.30 extending to $0.24. However, ADA has climbed in the last few days and reached a weekly high of $0.27. A retracement is ongoing at the time of writing, with Cardano price trading at $0.2645. ADA's trading volume in the last 24 hours spiked above $200 million, boasting $9.3 billion in market capitalization. If recovery exceeds $0.30, ADA might displace Dogecoin (DOGE) and become the eighth-largest cryptocurrency. Cardano Price Deals with a Temporary Retracement as $0.30 Beckons Traders who bought ADA as it bounced off support at $0.24 are booking profits and adding pressure on resistance at $0.27. Nevertheless, pullbacks are normal even as the price moves to the upside. Investors could see the retracement as an opportunity to buy more ADA at a lower price level ahead of another 11.7% move due to the fo...

BTC traded bullishly on January 2nd, after breaching the sideways trading range of $16,500 to $16,650. As a result, the Bitcoin price prediction remains bullish, and a break of the $16,770 resistance level may lead BTC to $16,930. Major cryptocurrencies were trading in the red early on January 2 as the global crypto market cap increased by 0.07% to $795.38 billion on the previous day.  The entire cryptocurrency market volume over the last 24 hours is $17.41 billion, a 9.96% decline. The overall volume in DeFi is currently $1.29 billion, accounting for 7.40% of the entire 24-hour volume in the crypto market. The overall volume of all stablecoins is now $15.63 billion, accounting for 8.81% of the total 24-hour volume of the crypto market. Bitcoin Miner Income is Down 37.5%  Not only did miners face a lackluster market, but they were also hit with skyrocketing electricity prices and unprecedented levels of mining difficulty. Income from bitcoin mining dropped ...

Bitcoin price prediction is neutral during the US session, but BTC has shown a slight bullish recovery, having bounced off above the $16,430 level. Yet, the narrow trading range of $16,400 to $16,750 is still intact. Overseas investors who purchase bitcoin in the United Kingdom through local investment managers or brokers are no longer subject to capital gains tax as of this past Sunday. Prime Minister Rishi Sunak announced the tax exemption in December as part of his aim to establish the UK as a global hub for the bitcoin business.  Tax information for cryptocurrency sellers who live in the country is already available. In July, HM Revenue and Customs issued a consultation to hear from investors and professionals about taxing decentralized finance (DeFi).  The Financial Services and Markets Bill is presently being debated in parliament, and if passed, it will grant local financial regulators greater jurisdiction over cryptocurrencies. The UK Treasury inten...

Total crypto market cap is down 74.5% from its 2021 peaks. Source: TradingView 2022 has been an ugly year for cryptocurrency markets. At current levels under $17,000,  bitcoin is down around 75% versus its 2021 record peaks around $69,000. Likewise, at current levels around $1,200, the world’s second-largest cryptocurrency by market capitalization ethereum is down a similar margin. The cryptocurrency's total market capitalization, meanwhile, is down around 74.5% from its 2021 record peaks above $3.0 trillion.  Total crypto market cap is down 74.5% from its 2021 peaks. Source: TradingView Aggressive monetary policy tightening from the world’s major central banks, led by the US Federal Reserve, to combat a surge in global price pressures was the primary factor behind this year’s rapid deterioration in sentiment. Indeed, amid expectations that major central banks will continue raising interest rates in early 2023 despite an ongoing worsening ...