Looking at growth over the past couple of years, the global NFT market size was estimated to be $15.54 billion in 2021. Current projections indicate that it is likely to reach the $231 billion valuation mark by 2030, mostly driven by the widespread adoption of NFTs.Continue Reading on Coin Telegraph More
2022 was brutal in many aspects for the Web3 world. Scams ran rampant, while prices kept falling owing to macroeconomic conditions. Despite roadblocks, NFT royalties can play a crucial role in creator revenue generation. It can also help with customer loyalty for organizations incentivizing the buying and selling of collectibles and giving a chunk of revenue back to their customers, creating a greater brand experience. Continue Reading on Coin Telegraph More
ABUJA (Reuters) – Nigeria’s President Muhammadu Buhari on Sunday defended his record on the economy and the outcome of a disputed presidential election, saying he was leaving a legacy of credible and fair votes, a day before he hands over power to his successor.Buhari first came to office in 2015 after promising to reboot the economy and end corruption and insecurity, but many Nigerians say these issues have worsened under his watch.Incoming President Bola Tinubu’s victory is being challenged by his two closest opposition rivals, and on Tuesday a tribunal will begin to hear the main arguments in the election petition.Buhari, an ascetic 80-year-old retired general, said the February vote had helped entrench democracy in Africa’s most populous nation and that Tinubu, who ran on his ruling party’s ticket, was the best candidate to emerge from the election. “I am leaving behind an electoral process which guarantees that votes count, results are credible, elections are fair and transparent and the influence of money in politics reduced to the barest minimum,” Buhari said in a farewell national broadcast.Tinubu is inheriting anaemic economic growth, record debt and shrinking oil output. Double-digit inflation, which has eroded savings and wages, is one of the biggest issues that will confront him when he is sworn into office. But Buhari said his government had made some difficult choices to reset the economy, some of which “led to temporary pain and suffering for which I sincerely apologised to my fellow countrymen, but the measures were taken for the overall good of the country.”Life is tough for Nigerians, and a tangle of protectionist economic policies and foreign currency interventions have caused dollar shortages and spooked investors. More
JERUSALEM (Reuters) – Israel’s competition watchdog sought more data on Sunday from the country’s banks relating to an investigation, saying they were enjoying huge profits from higher interest rates on loans but weren’t adequately sharing the benefits with customers.The investigation, which began in 2022, wasn’t made public prior to Sunday.In a bid to rein in inflation, the Bank of Israel last week raised its benchmark interest rate by another 25 basis points to a 2006 high of 4.75%, its 10th straight hike of the key rate that stood at 0.1% last April.”The fight against the cost of living tops our government’s list of national priorities,” Prime Minister Benjamin Netanyahu told a cabinet meeting on Sunday, adding he would set up and head a ministerial panel on the matter. Mortgage and loan payments, often tied to both inflation and the central bank’s rate, have in turn jumped. This has caused anger among the public even as it has meant record profits for banks and sizeable dividends for their shareholders.The top five banks earned a combined profit of 6.3 billion shekels ($1.7 billion) in the first quarter.Banks have been slow to pass on the benefits of higher rates to customer deposits, the Competition Authority said. Israel’s aggressive policy-tightening cycle has sparked anger among its citizens as mortgage, loan payments and the cost of living have soared, with inflation staying around 5%.The Competition Authority, formerly the anti-trust authority, said it had launched the investigation in 2022 when interest rates were starting to rise, and based on preliminarily results, it asked banks last week to provide more data. It declined to provide details on any possible disciplinary action.Israel’s banking regulator has downplayed the issue. Yair Avidan, the supervisor of banks, last week told reporters that 82% of the rate hikes have been passed on to customers. Still, he said many customers were not aware they could open interest-bearing accounts, and urged banks to educate their customers.Last week, Economy Minister Nir Barkat asked Competition Authority head Michal Cohen to step down, saying she was a main cause of higher prices in the economy since the authority had not confronted monopolies enough. Cohen has refused to resign.Barkat said that the authority “must carry out this investigation intensively, quickly and efficiently, because until it is completed, the public will lose.”($1 = 3.6280 shekels) More
The on-chain analysis platform, Glassnode, recently shared on Twitter that the mean block size of Ethereum (ETH) has reached a new 1-month high, measuring 121,439.928. This surpassed the previous high of 121,327.386, which was observed on 27 May 2023. ETH mean block size (Source: Glassnode)The block size refers to the amount of data or transactions included in a single block of the blockchain. This increase indicates a larger average data volume in recent blocks, potentially improving network capacity and transaction throughput.Meanwhile, at press time, CoinMarketCap indicated that ETH was trading hands at $1,847.37 after a 0.96% price increase over the past 24 hours. As a result, ETH was trading closer to its daily high of $1,859.79 than its 24-hour low of $1,817.49.However, the leading altcoin’s positive performance was not enough for it to strengthen against its biggest competitor Bitcoin (BTC). At press time, ETH was 0.93% down against BTC. On the other hand, ETH’s recent increase did push its weekly performance further into the green to +1.73%.4-hour chart for ETH/USD (Source: TradingView)ETH’s price had flipped the resistance levels at $1,816.5 and $1,842.6 into support over the past 48 hours. At press time, the altcoin leader’s price continued to trade above the key $1,842.6 mark. The RSI indicator on the 4-hour chart suggested, however, that ETH’s price would drop below the key level in the next 24 hours, as the RSI line was sloped negatively towards oversold territory. In addition to this, the RSI line was on the verge of crossing below the RSI SMA line.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post ETH’s Mean Block Size Reached A 1-Month High: On-Chain Data appeared first on Coin Edition.See original on CoinEdition More
The central bank has kept its main interest rate at 7.00% since last June when it delivered the last hike in a year-long tightening cycle.”The situation that rates have been unchanged for a long time makes people think that the central bank is not doing enough, and from my point of view even the signal effect of a further increase in interest rates would be significant,” Holub said in a televised debate.When asked if a hike would make sense at the next monetary policy meeting on June 21, Holub, who has consistently backed rate hikes, said yes.”If we have the risk of a wage-inflation spiral here, then sending the signal is still meaningful to me,” Holub said.The central bank expects inflation, which eased to 12.7% year-on-year in April, to come down nearer its target early in 2024. More
The market intelligence page Messari shared in a tweet published yesterday that the usage of Polkadot(DOT) cross-consensus message format (XCM) has expanded beyond asset transfers. According to the post, the number of XCM channels increased by 60%.At press time, DOT was changing hands at $5.37 following a 24-hour gain of 1.88% according to CoinMarketCap. Despite the recent increase in DOT’s price, its weekly performance remained in the red at -0.32%.The altcoin not only strengthened against the dollar over the past 24 hours, but also outperformed the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) during this time period. At press time, DOT was up 0.06% against BTC and 0.96% against ETH.4-hour chart for DOT/USD (Source: TradingView)DOT’s price had flipped the resistance level at $5.3350 into support over the last 24 hours and had attempted to do the same with the next major resistance obstacle at $5.3951. Bears, however, had stepped in to defend the price mark and introduced some sell pressure to DOT’s charts, as evident by the wick that was present above the latest 4-hour candle.This selling pressure had resulted in the RSI line establishing a peak, which suggested that DOT’s price would retrace in the following 8 hours. Should this brief correction in the altcoin’s price happen, DOT’s price may drop back down to the recently-flipped level at $5.3350.DOT’s price dropping to around $5.3350 in the next 24 hours may be seen as a buy entry for traders, which will result in DOT’s price climbing again and possibly breaking above $5.3951 in the following 48 hours. On the other hand, if DOT’s price loses the support of the $5.3350 level, then it is at risk of falling further to $5.2406.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Polkadot’s XCM Channels Increase by 60%: Intelligence Firm appeared first on Coin Edition.See original on CoinEdition More
On May 26, the proposal to restore control to the original governance tokenholders of Tornado Cash passed successfully. A total of 517,000 token votes favored the proposal, with none opposing it. This resolution brings a swift conclusion to a governance takeover that, fortunately, did not impact the protocol itself, but did lead to the theft of specific governance tokens.Continue Reading on Coin Telegraph More
