Cryptocurrencies

Falling wedge pattern points to eventual Ethereum price reversal, but traders expect more pain first

ETH dropped below a key support in its USD/BTC pair, but analysts say a bullish trading pattern could eventually spark a sharp trend reversal.

The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC) price dropped to $28,000 and Ether (ETH) briefly fell under $1,800. The ETH/BTC pair also dropped below what traders deem to be an important ascending trendline, a move that traders say could result in Ether price correcting to new lows.

ETH/USDT 1-day chart. Source: TradingView

Here’s a rundown of what several analysts in the market are saying about the move lower for Ethereum and what it could mean for its price in the near term.

Price consolidation will eventually result in a sharp move

A brief check-in on what levels of support and resistance to keep an eye on was provided by independent market analyst Michaël van de Poppe, who posted the following chart showing Ether trading near its range low.

ETH/USD 1-hour chart. Source: Twitter

Van de Poppe said:

“The question will be whether we can bounce from here and break the $1,940 level. If that happens, I’m assuming we’ll continue $2,050. If it doesn’t, then the markets are looking at

ETH could make new lows into a bullish falling wedge

According to Twitter analyst Crypto Tony, Ether price is “still looking for that leg down to load up on.”

ETH/USDT 4-hour chart. Source: Twitter

While it might look negative, this development is actually a positive sign, according to Cointelegraph contributor Jon Morgan, who noted that the pattern outlined on this chart is a falling wedge, a “bullish standard candlestick/bar chart pattern that is indicative of a market that has moved to an extreme and is likely to reverse.”

Morgan said:

“Very high expectancy rate of creating either a violent corrective move higher or an entirely new uptrend.”

Related: Ethereum price dips below the $1.8K support as bears prepare for Friday’s $1B options expiry

Bitcoin dominance rises

ETH/BTC 1-day chart. Source: Twitter

According to economist Caleb Franzen, the ETH/BTC pair lost a key support and this is notable because:

“This means that at least one of these statements will be true: $ETH is weakening relative to $BTC; $BTC will outperform $ETH; Alts will underperform $BTC.”

Adding to the ETH/BTC discussion, Twitter user CrediBULL Crypto noted that the price is “starting to take some of our local lows.”

ETH/BTC 3-day chart. Source: Twitter

The analyst said:

“Any relief here is temporary until we traverse to the bottom of this range, imo. In fact, we may head even lower than pictured here before staging a recovery, but will assess once we hit my target.”

In general, continued weakness with the ETH/BTC pair has the potential to result in the price of Ether and altcoins trending lower while BTC could hold at its current price or even head higher as traders rotate out of underperforming positions into Bitcoin.

The overall cryptocurrency market cap now stands at $1.235 trillion and Bitcoin’s dominance rate is 46.2%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

‘Extreme fear’ grips Bitcoin price, but analysts point to signs of a potential reversal

Sideways crypto price action persists as the Federal Reserve confirms its plan to continue raising interest rates, but analysts spot a silver lining.

The cryptocurrency market settled into a holding pattern on May 25 after traders opted to sit on the sidelines ahead of the midday Federal Open Market Committee (FOMC) meeting, where the Federal Reserve signaled that it intends to continue on its path of raising interest rates. According to data from Alternative.me, the Fear and Greed Index is seeing its longest run of extreme fear since the market crash in Mach 2020.

Crypto Fear & Greed Index. Source: Alternative

Data from Cointelegraph Markets Pro and TradingView shows that the price action for Bitcoin (BTC) has continued to compress into an increasingly narrow trading range, but technical analysis indicators are not providing much insight on what direction a possible breakout could take.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what analysts think could come next for Bitcoin price.

Whales accumulate as Bitcoin battles to reclaim $30,000

BTC/USDT 15-minute chart. Source: Twitter

According to market analyst Michaël van de Poppe, “#Bitcoin broke through $29.4K and ran towards the next resistance zone. If we hold $29.4K, we’ll be good towards $32.8K. Finally.”

One interesting thing to note at these price levels is that while the predominant sentiment is that of extreme fear, on-chain intelligence firm Santiment pointed out that whale wallets have taken this as an opportunity to accumulate some well-priced BTC.

Bitcoin price vs. supply distribution. Source: Santiment

Santiment said:

“As #Bitcoin continues treading water at $29.6K, the amount of key whale addresses (holding 100 to 1k $BTC) continues rising after the massive dumping from late January. We’ve historically seen a correlation between price & this tier’s address quantity.”

Price could still pull back to $22,500

A macro perspective on how Bitcoin performs following the appearance of a death cross was offered by pseudonymous Twitter user Rekt Capital, who posted the following chart outlining what to expect if the “historical price tendencies relating to the #BTC Death Cross repeat […]”

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said:

“$BTC will breakdown from the Macro Range Low support & continue its drop to complete -43% downside. The -43% mark is confluent with the 200-Week MA at ~$22500.”

Related: Scott Minerd says Bitcoin price will drop to $8K, but technical analysis says otherwise

“A pivotal retest”

The importance of the current price level for Bitcoin was touched upon by economist Caleb Franzen, who posted the following chart looking at the long-term performance of BTC versus its weekly anchored volume-weighted average price (AVWAP), noting that “This is a pivotal retest, similar to the dynamics in March 2022.”

BTC/USD vs AVWAP 1-week chart. Source: Twitter

Franzen said:

“A rebound on the weekly AVWAP from the COVID low could increase bullish probabilities. A breakdown below it would drastically increase bearish probabilities, foreshadowing a retest of the grey range, $13.8k-19.8k.”

The overall cryptocurrency market cap now stands at $1.265 trillion and Bitcoin’s dominance rate is 44.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

Polkadot parachains posted double-digit gains after partnership announcements, protocol integrations and a stablecoin development fund caught the attention of the crypto investors.

Crypto prices have been exploring new lows for weeks and currently it’s unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout.

Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days.

Acala launches a $250 million aUSD ecosystem fund

Acala (ACA) is the leading decentralized finance (DeF) platform on the Polkadot network, primarily due to the launch of aUSD, the first native stablecoin in the Polkadot ecosystem.

Following the collapse of Terra’s LUNA and TerraUSD (UST), traders were searching for “safer” stablecoin options.

On March 23, ACA rallied after the project announced the launch of a $250 million “aUSD Ecosystem Fund” that aims to support early-stage startups planning to build strong stablecoin use cases on any Polkadot or Kusama parachain.

Acala also announced the launch of a kickoff rewards program that has set aside 1 million ACA tokens as rewards for LCDOT/DOT, LCDOT/aUSD, ACA/aUSD and aUSD/LDOT liquidity providers.

Following the aUSD ecosystem fund announcement, the price of ACA spiked 31% from a low of $0.364 on May 23 to a daily high of $0.478 on May 24.

Astar rallies after revealing a partnership with Microsoft

The Astar (ASTR) network is a smart contract hub for the Polkadot community that supports Ethereum (ETH), WebAssembly and other layer-two solutions like zk-Rollups.

Since the Polkadot relay chain doesn’t offer Ethereum Virtual Machine (EVM) support, Astar was created to become a multi-chain smart contract platform capable of supporting multiple blockchains and virtual machines so that they can integrate with the Polkadot ecosystem.

On May 24, it was revealed that AstridDAO, an Astar-based protocol responsible for minting the collateralized BAI stablecoin, had signed a partnership with Microsoft to become part of Microsoft for Startups, an initiative “which removes traditional barriers to building a company with exclusive access to technology, coaching, marketing and support.”

If successful, the partnership should accelerate AstridDAO’s go-to-market speed and maximize its market influence. It also includes up to $350,000 worth of benefits through Github Enterprise, Microsoft Teams and Azure credits.

Following the partnership announcement, the price of ASTR spiked 61% from $0.055 to a daily high of $0.0888.

Related: Polkadot vs. Ethereum: Two equal chances to dominate the Web3 world

Uniswap v3 to deploy on Moonbeam

Moonbeam (GLMR) is an Ethereum-compatible smart contract parachain on Polkadot that streamlines the use of Ethereum developer tools to build or redeploy Solidity projects in a substrate-based environment.

Interoperability with the Ethereum network is a highly sought-after capability since a majority of decentralized applications currently operate on Ethereum along with a majority of the value in decentralized finance.

The benefit of EVM interoperability was demonstrated with the May 24 announcement that a proposal to deploy Uniswap (UNI) v3 on the Moonbeam network passed, meaning that the top decentralized exchange in the crypto ecosystem will soon be accessible to Moonbeam users.

Following the announcement, the price of GLMR climbed 29% from a low of $1.15 on May 23 to a daily high at $1.48 on May 24 as its 24-hour trading volume increased 106% to $75.3 million.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Brazil’s Federal Revenue now requires citizens to pay taxes on like-kind crypto trades

The Federal Revenue of Brazil wants investors to pay taxes on cryptocurrency trading profits, even if there is no exchange for Brazil’s national currency.

Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin (BTC) for Ethereum (ETH).

The RFB’s declaration was published in the Diário Oficial da União and was the result of a consultation made by a citizen of the country to the regulator. At the end of last year, the group issued an opinion in which it claimed that trading between cryptocurrency pairs is taxable even if there is no conversion to the real (Brazil’s national currency).

Although it does not specify what can be understood as “profit,” since in the exchange of one crypto asset for another there is no capital gain in fiat currency, it points out that there is, even so, the obligation to pay taxes on the eventual profit:

“The capital gain calculated on the sale of cryptocurrencies, when one is directly used in the acquisition of another, even if the acquisition cryptocurrency is not previously converted into reais or another fiat currency, is taxed by the individual’s income tax.”

However it should be noted that not all crypto investors need to declare their trades, as the regulator established that only investors who trade more than BRL 35,000 (roughly $7263.67) in cryptocurrencies should pay income tax.

“Capital gains earned on the sale of cryptocurrencies are exempt from income tax if the total value of the sales in a month, of all kinds of cryptoassets or virtual currencies, regardless of their name, is equal to or less than BRL 35,000, 00 (thirty-five thousand reais),” declared the RFB.

Federal deputy Kim Kataguiri (Podemos, or the National Labor Party) previously stated that he considers the Federal Revenue’s proposal to be illegal and asked the National Congress to decree the immediate suspension of the determination.

According to Kataguiri, the regulation on the calculation and payment of IRPF (Individual Income Tax) establishes that there will only be capital gain in exchanges when currency is involved (articles 134 and 136 of decrees 9580 and 2018) — which is not the case when trading like-kind crypto assets.

“In the exchange between crypto assets, there is no exchange involving currency; one crypto asset is exchanged for another, therefore, there is no equity increase,” declared Kataguiri.

The parliamentarian argued that, pursuant to article 110 of the Tax Code, the tax law cannot change the definition of private law institutes, and therefore the Federal Revenue does not have the power to change an understanding of the Tax Code.

“If the Union wants to tax the exchange of crypto-assets, legal innovation will be necessary and, even in this case, doubts may be raised about the constitutionality of the new law. What we have is a completely illegal interpretation made by the tax authorities, which clearly exceeds the power to regulate,” said Kataguiri.

Brazilian investors in the cryptocurrency market have been required to declare their crypto assets to the regulator since 2016. In 2019, the Federal Revenue Service of the country published Normative Instruction 1888, which determines that all national exchanges are required to report all cryptocurrency transactions between users to the regulator on a monthly basis.

Brazil’s Federal Revenue now requires citizens to pay taxes on like-kind crypto trades

The Federal Revenue of Brazil wants investors to pay taxes on cryptocurrency trading profits, even if there is no exchange for Brazil’s national currency.

Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin (BTC) for Ethereum (ETH).

The RFB’s declaration was published in the Diário Oficial da União and was the result of a consultation made by a citizen of the country to the regulator. At the end of last year, the group issued an opinion in which it claimed that trading between cryptocurrency pairs is taxable even if there is no conversion to the real (Brazil’s national currency).

Although it does not specify what can be understood as “profit,” since in the exchange of one crypto asset for another there is no capital gain in fiat currency, it points out that there is, even so, the obligation to pay taxes on the eventual profit:

“The capital gain calculated on the sale of cryptocurrencies, when one is directly used in the acquisition of another, even if the acquisition cryptocurrency is not previously converted into reais or another fiat currency, is taxed by the individual’s income tax.”

However it should be noted that not all crypto investors need to declare their trades, as the regulator established that only investors who trade more than BRL 35,000 (roughly $7263.67) in cryptocurrencies should pay income tax.

“Capital gains earned on the sale of cryptocurrencies are exempt from income tax if the total value of the sales in a month, of all kinds of cryptoassets or virtual currencies, regardless of their name, is equal to or less than BRL 35,000, 00 (thirty-five thousand reais),” declared the RFB.

Federal deputy Kim Kataguiri (Podemos, or the National Labor Party) previously stated that he considers the Federal Revenue’s proposal to be illegal and asked the National Congress to decree the immediate suspension of the determination.

According to Kataguiri, the regulation on the calculation and payment of IRPF (Individual Income Tax) establishes that there will only be capital gain in exchanges when currency is involved (articles 134 and 136 of decrees 9580 and 2018) — which is not the case when trading like-kind crypto assets.

“In the exchange between crypto assets, there is no exchange involving currency; one crypto asset is exchanged for another, therefore, there is no equity increase,” declared Kataguiri.

The parliamentarian argued that, pursuant to article 110 of the Tax Code, the tax law cannot change the definition of private law institutes, and therefore the Federal Revenue does not have the power to change an understanding of the Tax Code.

“If the Union wants to tax the exchange of crypto-assets, legal innovation will be necessary and, even in this case, doubts may be raised about the constitutionality of the new law. What we have is a completely illegal interpretation made by the tax authorities, which clearly exceeds the power to regulate,” said Kataguiri.

Brazilian investors in the cryptocurrency market have been required to declare their crypto assets to the regulator since 2016. In 2019, the Federal Revenue Service of the country published Normative Instruction 1888, which determines that all national exchanges are required to report all cryptocurrency transactions between users to the regulator on a monthly basis.

Scott Minerd says Bitcoin price will drop to $8K, but technical analysis says otherwise

BTC price could be poised for a big bounce despite Minerd’s prediction that price will drop to $8,000.

Bitcoin (BTC) is predicted to drop more than 70% to the $8,000 value area, according to comments by Guggenheim chief investment officer Scott Minerd. This is not the first time he has made a bearish call, and he has, in the past, made bullish calls as well. However, Minerd’s more recent calls have occurred just before major reversals.

It should be noted that Mr. Minerd, if inferred from previous comments, is a Bitcoin bull and has a long forecast for the biggest digital asset in the six-figure range. However, if traders and investors used his comments as a sentiment indicator for a market low, then other confirmatory data must be used.

Long term oscillators values support a bullish reversal

The weekly and monthly RSI (relative strength index) and composite index show that extremes have been met. These extremes do not predict or guarantee a reversal. Still, they warn bears that the momentum of further downside movement is likely to be severely limited or eliminated.

BTC/USD weekly relative strength index (RSI) (Coinbase) Source: TradingView

The weekly RSI remains in bull market conditions, despite it moving below both the oversold levels of 50 and 40 — until it hits 30, the bull market RSI settings remain. Currently, at 33, this weekly RSI level is the lowest since the week of December 10, 2018, and just below the March 2020 COVID-19 crash low of 33.48.

Likewise, the weekly composite index reading for Bitcoin is at an extreme. It is currently at the lowest level it has traded at since the week of February 8, 2018. The current level that the weekly composite index is at has historically been a strong indicator that a swing low is likely to develop.

BTC/USD weekly composite index (Coinbase) Source: TradingView

The black vertical lines identify the most recent historical lows in Bitcoin’s weekly composite index.

Chart patterns on oscillators can help identify upcoming reversals

The use of basic chart patterns like rectangles and triangles on a Japanese candlestick or American bar charts c is not limited to just the price chart. For example, the great analyst and trader Connie Brown (the creator of the composite index) impresses analysts and traders to pay attention to chart patterns in oscillators.

BTC/USD monthly (RSI) (Coinbase) Source: TradingView

The falling wedge pattern on the monthly RSI fulfills all the requirements to confirm that pattern: five touches of the trend lines. It should be noted that the monthly RSI for Bitcoin, like the weekly RSI, remains in bull market conditions, and the current RSI is just below the first oversold level of 50.

Another major development with Bitcon’s oscillators is the regular bullish divergence between the monthly RSI and the monthly composite index. The composite index, created by Connie Brown, essentially is the RSI with a momentum calculation — it catches moves that the RSI cannot.

Note the structure of the lines on the monthly RSI compared to the composite index. The RSI shows lower lows, but the composite index shows higher lows. That is a regular bullish divergence.

BTC/USD Monthly composite index (Coinbase) Source: TradingView

Regular bullish divergence is most often measured between price and an oscillator, but it can also be measured between two oscillators. Regular bullish divergence is a warning sign that the current downtrend will likely face a corrective move higher or the beginning of a new uptrend.

Bitcoin price action remains correlated to stocks

Due to the continued correlative behavior between Bitcoin and the broader cryptocurrency market to stocks, special attention should be given to this week, specifically Thursday (May 26, 2022).

Economists and Wall Street continued to sound off worries about growth. After Target’s (NYSE: TGT) dismal quarterly report last week, all eyes are on other big-name retailers announcing earnings on May 26: Macy’s (NYSE: M), Dollar Tree (NASDAQ: DLTR) and Dollar General (NYSE: DG) are all on deck May 26.

However, given that much of the stock market is below bear market levels, any negative news from retail stocks or the United States Federal Reserve is likely to be considered “priced in.” Volume into the tech-heavy NASDAQ (NASDAQ: QQQ) has increased, as have inflows to Bitcoin and the wider crypto market.

Thus, if stocks bounce, Bitcoin will bounce. The upside potential for Bitcoin will likely be limited to the critical psychological and 2022 volume point of control at $40,000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

GPU prices are still on a decline: Is Bitcoin’s sorrow gamers’ joy?

Times are hard for Bitcoin and other cryptocurrencies, but gamers are in luck, as GPU prices are now more affordable.

The prices of graphics processing units (GPUs), also known as graphics cards, are undoubtedly still a far cry from the manufacturer’s suggested retail price (MSRP). However, they aren’t what they used to be either, especially considering what GPU prices looked like just a year ago.

For instance, the price of a GPU from Nvidia GeForce RTX 30-series is 14% over its MSRP, according to reports from 3D Center. Whereas AMD’s Radeon RX 6000 is up 7% from its MSRP from April 17 and May 8. On the other hand, it is the first time since January that AMD’s Radeon RX 6000 dropped below 10% over MSRP.

Meanwhile, just a month ago, these same prices were 19% and 12% above their MSRPs, respectively.

The Nvidia RTX 3080 currently goes for a price range between $1,000 to $1,300. Despite being at such a long distance away from its $699 MSRP, the price is still down by almost 30% from its peak at $1,800.

Regardless, the question on everyone’s mind remains whether, perhaps, the falling GPU prices are in some way related to the current cryptocurrency market situation.

Presently, there’s almost no digital asset big or small that hasn’t been hit by the crypto market tsunami. While crypto continues to crash, GPUs are becoming increasingly affordable. So, one might wonder what is responsible for the continuous fall of GPU prices in recent times.

The founder and CEO of Aldrin, Hisham Khan, believes that the bull market in the crypto space benefited GPU makers such as Nvidia a lot. If the current market downturn and sell-off continue, together with a prolonged period of low activity in the crypto space, that would “definitely impact GPU makers.” He told Cointelegraph:

“If you’re mining Bitcoin and other cryptos with an Nvidia graphics card, the amount of time that you would need to spend mining after committing capital to buy these GPUs would depend on the price of the crypto assets. If the price drops you would need to mine longer to breakeven, which might deter people from jumping into mining.”

Factors that cause GPU price hikes

GPU prices can go frenzy for several reasons, and some of them include high demands for new products, global chip shortage, supply chain issues, and increased demand that stems from the crypto boom.

Firstly, as happens with almost every upcoming product, there’s a promise of better features or performance over the predecessor resulting in an increased demand for the product and an unavoidable price increase.

For instance, while Nvidia and AMD are set to release their next-generation graphics cards, one can expect some sort of overpricing. That should also, in a way, lower the prices of cards that are already out on the shelves.

According to a report by Digital Trends, some believe that once both the Nvidia and AMD launch their new products, any other GPU that currently exists will undoubtedly dip in price or go even below their MSRPs.

Secondly, when chip shortages happen, producing graphics cards becomes even more cumbersome and then there’s a struggle to lay hands on the few GPUs in circulation. Just as expected, demand rises and prices inevitably shoot up as well.

Lastly, there’s a strong link between graphics cards and the cryptocurrency market, as GPUs can be used to solve the cryptographically intensive process of proof-of-work (PoW) blockchains like Bitcoin.

According to a Digital Trends report in 2021, around 25% of all graphics cards sold in the first quarter of the year went to crypto miners. That accounts for nearly 700,000 GPUs; as seen many times in the past when crypto is booming, GPU prices are mostly up and vice versa.

Recent: Enforcement and adoption: What do UK’s recent regulatory aims for crypto mean?

Bitcoin’s sorrow, gamers’ luck

Khan believes that whether gamers are into nonfungible tokens (NFTs) or crypto, “I would say that the branding and so far on what NFTs and the crypto community has done” for the gaming space has not been received very well. He said:

“There’s a common sentiment if you just look at the top streamers that play games that NFTs and crypto are extremely bad, everything is written off as just a scam. So, there is a necessity for good actors in the space to create a fun and sustainable game that would benefit from leveraging crypto and tokenization technology, not the other way around.”

The current fall in GPU prices may be attributed to the current cryptocurrency market situation. Crypto prices took a dive, and, in the same manner, graphics card prices are declining in price as some smaller miners reliant on ad-hoc operations with GPUs exit the market. 

However, some believe that graphics card prices have been falling consistently over some time. In fact, in February 2022, a report by Tech Times already suggests a price slash across the board on the GPU scene.

It should be noted that the crypto market crash did not exactly happen overnight either, as the market has been in a general downturn since the year started.

Although volatility and the crypto market go hand in hand, the past week has been one of the wildest ever in the crypto space. Ever since reaching all-time highs in November 2021, the two leading cryptocurrencies, Bitcoin (BTC) and Ether (ETH), have been on a downward spiral. And, once it got to the aforementioned top two, the bear market or the so-called crypto winter came for the whole ecosystem.

According to a Reuters report, however, the recent crash saw the cryptocurrency market lose about $800 billion in value within a month. And, though GPU prices and gamers live for this to happen, miners do not.

Recent: El Salvador’s Bitcoin play: What does the current slump mean for adoption?

Miners are usually rewarded 6.25 BTC for completing a block, according to Investopedia. This means that around last November, when Bitcoin’s price was around $55,000, the reward for completing a hash would have been around $344,000. But today, BTC trades at roughly $30,000, and the reward figure is expected to be around $188,000 for completing a hash.

Meanwhile, increasing electricity costs and a higher mining difficulty are cutting into the profit margins of cryptocurrency miners, which may be driving some to exit the market.

In addition to the current market conditions, there’s also the issue of Ethereum’s migration to a proof-of-stake (PoS) model. This form of consensus mechanism will rely not on miners solving cryptographic puzzles to verify transactions but on staked tokens to maintain the health of the network, entirely defeating the aim of mining and thus opening up a massive supply of GPUs to the regular gamer.

Recent research from the popular analyst and pioneer in the graphics industry Jon Peddie, who is also the head of Jon Peddie Research (JPR), has claimed that cryptocurrency miners usually make massive, bulk GPU purchases for their operations. So, now that crypto prices are on a downward trend, the graphics card market is set to be largely affected.

Meanwhile, it is quite important to understand that the crypto may eventually recover, and when the market does recover, chances are that GPU prices could go up again, especially considering the ties between GPU prices and the crypto market that have been established so far. 

WEF 2022, May 25: Latest updates from the Cointelegraph Davos team

The fourth day of WEF 2022 will see key people from the industry discuss the journey of crypto investors.

Disclaimer: This article is being updated all day long. All timestamps are in the UTC time zone, with updates in reverse order (the latest update is placed at the top).

WEF 2022, the first in-person World Economic Forum event since the start of the COVID-19 pandemic, continues to bridge traditional finance with the future of money on its fourth day.

The Cointelegraph ground team — including editor-in-chief Kristina L. Corner, head of video Jackson DuMont and news reporter Joseph Hall — is deployed in Davos, Switzerland, where the event is held, to get the most recent developments from WEF 2022.

The fourth day of WEF 2022 will see the likes of Anthony Scaramucci and David Branch discuss the journey of crypto investors. In today’s coverage: Cointelegraph editor-in-chief Cornèr is moderating an Equality Lounge panel titled “Why Web3 Needs Women at the Forefront,” and more.

Don’t forget to check this article regularly to be notified about the most recent announcements from the event.

  • 4:00 pm UTC

In an interview with Cointelegraph, Hyperledger’s Daniela Barbosa said “Don’t be scared about CBDCs!”

  • 1:40 pm UTC

Cointelegraph’s own Joe Hall moderated the NFT Shop Davos panel “Is regulated KYC’d DeFi really DeFi?”

  • 1:00 pm UTC

Blockchain Hub Davos 2022 became the stage for insightful discussions revolving around the nonfungible token universe. Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman talked about the importance of NFTs, their role in society and how the community can attract the mainstream to the technology.

Read the full discussion here.

  • 12:30 pm UTC

In the panel discussion “NFT Innovation and Infrastructure,” CasperLabs senior program manager Ashok Ranadive, WISeKey co-founder Carlos Creus Moreira, Ernst Leitz Labs founder Jane Cui and popular artist Dario De Siena discussed the current progress and challenges in the NFT space.

Talking about the key issues faced by NFT platforms, WISeKey’s Moreira explained that technological challenges and an increasing amount of fraud are vital concerns. He also stressed the need to take things slowly and understand the prospects of the tech first before moving into developing products.

While talking about the challenges faced by NFT artists and marketing difficulties, Cui said the artist community, especially digital photographers, is very enthusiastic about the prospect of the metaverse. However, artists often face monetization challenges because many lack an understanding of how the tech works.

She added, “There are risks and technology gaps, but looking at the companies at WEF working towards filling those gaps, I believe there is hope for these artists.”

  • 11:30 am UTC

Nonfungible tokens, the metaverse and gaming were the key topics of discussion at Davos Blockchain Hub. Seal Storage Technology CEO Alex Altman talked about the current downtrend in the NFT market while explaining the good side of the space.

Altman said:

“The good thing about that is it exposed tens of millions of people to NFTs as well as the technology that got businesses and people accustomed to how to use it and interact with it. Overall, it’s also pumped hundreds of millions of dollars, if not billions of dollars, into the infrastructure and actually developing that out.”

Veritic co-founder Stephan Holzer talked about the role of NFT custodians, saying they help propagate mainstream adoption. He explained:

“I really believe custodians play a crucial role in mainstream adoption by making it simpler and more secure. This enabled us to onboard 300 million people to the cryptocurrency space, and this also led to innovations such as NFTs.”

  • 11:00 am UTC

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderated a panel titled “Why Web3 Needs Women at the Forefront,” joined by Meta vice president Nicola Mendelsohn, Global Blockchain Business Council CEO Sandra Ro, Harvard Business School’s Sarah Endline and Splunk government relations head Bill Wright.

Read the full discussion here.

10:00 am UTC

In a discussion on female role models, Meta vice president Nicola Mendelsohn quipped that Bitcoin creator Satoshi Nakamoto, who remains pseudonymous, could very well be a woman. She explained:

“I will give you one: Satoshi Nakamoto. I mean, we all assume it’s a man, right? Is that our bias? It’s just a name — it could well be a woman.”

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr added that she believes the creator of Bitcoin is a group of people comprising both men and women rather than an individual.

Global Blockchain Business Council CEO Sandra Ro shared the following comments on the future of women in Web3:

“I am very bullish on women’s future. We are in an era of collaboration irrespective of borders and countries. We need to support women entrepreneurs from all walks of life.”

  • 9:30 am UTC

The Cointelegraph team greeted renowned blockchain advocate Anino Emuwa, founder of 100Women@Davos and Avandis Consulting.

WEF 2022: Satoshi Nakamoto could be a woman, says Meta VP Nicola Mendelsohn

GBBC’s CEO also highlighted the need for female representation in crypto trading and claimed “bro culture” is prevalent.

The fourth day of the ongoing World Economic Forum saw major discussion around the role of women in Web3 and how the decentralized ecosystem can be a place for inclusivity.

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr moderated a panel titled “Why Web3 Needs Women at the Forefront,” joined by Meta vice president Nicola Mendelsohn, Global Blockchain Business Council CEO Sandra Ro, Harvard Business School’s Sarah Endline and Splunk government relations head Bill Wright.

In talking about female role models in the Web3 and crypto space, the panelists highlighted the contribution of key female representatives in the nascent space. Mendelsohn quipped that Bitcoin (BTC) creator Satoshi Nakamoto, who remains pseudonymous, could very well be a woman. She explained:

“I will give you one: Satoshi Nakamoto. I mean, we all assume it’s a man, right? Is that our bias? It’s just a name — it could well be a woman.”

Cornèr added that she believes the creator of Bitcoin is a group of people comprising both men and women rather than an individual.

The panel also discussed the challenges faced by women today and things that could be improved upon. Ro highlighted the growing contribution of women in the nonfungible token space and also raised concerns over the lack of women in the crypto trading space. She explained:

“While NFT domain has seen a great proportion of women participants, but crypto trading certainly concerns me because of the lack of women representation.”

She also stressed the need to create an “environment to accommodate women representatives on the crypto trading side.”

Related: WEF 2022: Trust and clarity are missing in discussions of carbon emissions and crypto

Wright, the only male panelist, believes Web3 and the blockchain space are inclusive by nature. He said:

“I think Web3 by nature aims to be an inclusive environment, and more diverse people involved would result in better outcomes. By research, it has been proven that diverse groups focused on a problem will come up with a better solution. ”

The panelists agreed that the decentralized world has seen a significant increase in female representation over the years and hoped to see the proportion grow in the future.

Exchanges show initial support to Terra revival by listing new LUNA token

HitBTC plans to list Terra’s brand new token LUNA on May 27 as the suspended Terra Classic blockchain is expected to revive as Terra 2.0.

Crypto trading platforms show initial signs of support for the revival of the collapsed Terra network by listing Terra’s brand new token, also named LUNA.

The HitBTC exchange took to Twitter on Wednesday to announce that Terra’s new chain token Luna will be available on its platform on May 27.

The news comes amid Terraform Labs preparing to relaunch its protocol on Friday and replace the old chain, referred to as Terra Classic, with the new chain, called Terra or Terra 2.0. The new chain will not be a fork as it will be created from the genesis block and will not share a history with Terra Classic, Terraform Labs said on Monday.

The new Terra’s token will be named LU, replacing the old token referred to as Luna Classic (LUNC).

As previously reported, Terraform Labs CEO Do Kwon proposed to create a new Terra chain without Terra’s algorithmic stablecoin TerraUSD (UST) in mid-May, suggesting LUNA airdrops across LUNC stakers and holders, UST holders and Terra Classic app developers.

The proposal immediately received support from the community, with 91% of Terra validators voting in favor of the Terra “rebirth” as of May 18. At the time of writing, the community poll is still ongoing, with roughly 67% of voters supporting Terra’s revival as Terra 2.0.

Terra network rebirth poll. Source: Terra Station

Terra’s revival comes after Terraform Labs halted the Terra blockchain on May 12 following a massive network crash, with the Luna token plummeting as low as 99% and UST losing its 1:1 peg value to the United States dollar.

HitBTC is apparently not the only crypto exchange intending to cooperate with Terraform Labs in the aftermath of UST and LUNA’s collapse. Following Terra’s successful rebirth vote, Binance crypto exchange announced that it will be “working closely with the Terra team on the recovery plan” to help impacted users on Binance. 

Related: Court documents reveal Do Kwon dissolved Terraform Labs Korea days before LUNA crash

Coinbase recently announced that it would delist the Wrapped Luna (WLUNA) token, an Ethereum token representing LUNA, on Friday. Coinbase Cloud, Coinbase’s infrastructure arm, announced on Friday, May 20 the suspension of support for Terra and all potential Terra chains in the near future.

On Wednesday, Terraform Labs CEO denied reports that he has been in touch with major South Korean crypto exchanges, asking them to list the new Luna token.