Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto Flipsider News – BTC Falls Further, Algorand Partners with FIFA and Gains 25%; ADA and ETH See Whale Action; Dfinity Sues Meta; Dogecoin to Defeat Twitter Spam Bots; Square Enix Sells Tomb Raider for $300 Million

Cryptocurrency May 03, 2022 10:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crypto Flipsider News – BTC Falls Further, Algorand Partners with FIFA and Gains 25%; ADA and ETH See Whale Action; Dfinity Sues Meta; Dogecoin to Defeat Twitter Spam Bots; Square Enix Sells Tomb Raider for $300 Million

Read in the Digest:

  • Bitcoin’s downtrend continues; Algorand gains 25% after FIFA partnership.
  • Whales continue ETH accumulation, while Cardano whales buy 196 million ADA.
  • Dfinity Foundation slams Meta with trademark lawsuit over ‘Infinity’ logo.
  • Mark Cuban and Elon Musk to use Dogecoin to defeat Twitter’s spam bots.
  • Square Enix sells IPs of Tomb Raider, Deus Ex, and other western studios to make NFT Games.

Bitcoin’s Downtrend Continues; Algorand Gains 25% After FIFA Partnership

May has seen the crypto market’s weakness stretch on even longer as Bitcoin consolidated under $39,000. Bitcoin attempted to break above the $39k level, but was defeated by the bears as it fell to as low as $38,156.

The Bitcoin (BTC) price chart since May 1st. Source: Tradingview

Although Bitcoin remains just slightly above $38k, several bullish divergences can be identified across different time frames which could potentially see Bitcoin break through its immediate resistance levels of $40k and $42k.

While Bitcoin waits for a bullish outbreak, Algorand (ALGO) has seen gains of as much as 25%, pushing its price up to $0.7357. ALGO is now trading at $0.70806 as of this writing, with gains of 19% recorded over the last 24 hours.

The 24 hour price chart for Algorand (ALGO). Source: Tradingview

ALGO’s price rise came in the wake of Algorand’s reveal as the first U.S. blockchain sponsor of the FIFA World Cup. The international soccer governing body announced Algorand as an official blockchain partner for Qatar’s upcoming World Cup competition.

Flipsider:

  • Despite Bitcoin’s bullish sentiment, some analysts believe that Bitcoin could fall under $38,000 to retest lows of $31,000.

Why You Should Care

The stock prices of companies with BTC exposure – Block, Tesla (NASDAQ:TSLA), Microstrategy (NASDAQ:MSTR), and Coinbase (NASDAQ:COIN) – have dropped by between 20% and 50% each due to the crypto’s poor performance.

Whales Continue ETH Accumulation, While Cardano Whales Buy 196 Million ADA

The crypto market’s decline hasn’t done little to deter whales, whose accumulation efforts have only intensified. On-chain data from Santiment indicates that ETH whales have accumulated strongly over the past two weeks.

According to data from Santiment, the recent accumulation has seen wallets which hold between 1000 and 10,000 ETH increase their stakes. Santiment reports that these ETH whales now hold 12% of Ethereum’s total supply, up from the 11.92% recorded 10 days prior.

The accumulation of Cardano (ADA) by whales, which stretches back five weeks, has seen whales that hold between 1 – 10 million ADA gather 196 Million ADA. According to on-chain data, the accumulation comes after 7 months of ADA dumping.

Accumulation has continued despite ADA’s drop from $1.22 on April 4th, to its current price of $0.783 at the time of writing.

Flipsider:

  • Experts believe that investors may be forced to exit the market if the crypto market drops further.

Why You Should Care

The action of whales are a reflection of their bullish sentiment towards Cardano, Ethereum, and much of the larger crypto market.

Dfinity Foundation Slams Meta with Trademark Lawsuit Over ‘Infinity’ Logo

Mark Zuckerberg’s Meta, formerly known as Facebook (NASDAQ:FB), has fallen into dire straits once again. This time, the Web 3.0 non-profit behind ‘Internet Computer’, Dfinity Foundation, has sued Meta for its trademark registration of a logo similar to their own.

According to the lawsuit, filed in a California federal court on April 29th, the logo adopted by Meta will cause confusion with its own infinity symbol logo. The logos of both companies stem from the mathematical symbol for infinity.

Dfinity, which was founded in 2016, received a federal trademark for its infinity-symbol logo in 2018. However, Meta only rebranded with its new logo in October 2021, after leaving behind its old identity of Facebook.

The lawsuit alleges that both Meta and Dfinity apply to the same target audience: users seeking an innovative and different internet experience.

Flipsider:

  • Since surging to the top 10 in May 2021, when Dfinity launched the Internet Computer, ICP has plummeted 98% from its all-time high of close to $700.

Why You Should Care

The Dfinity Foundation began using the symbol in 2017, and Meta using a similar logo could cause “serious reputational harm to Infinity.”

Mark Cuban and Elon Musk to Use Dogecoin to Defeat Twitter’s Spam Bots

Following Elon Musk’s purchase and consequent proposed changes to Twitter (NYSE:TWTR), a graphic designer at the Dogecoin Foundation proposed the use of the meme coin as a tip users’ tweets.

Mark Cuban, a billionaire and Dogecoin promoter, liked the designer’s idea, suggesting to Elon Musk that using Dogecoin to authenticate Twitter users could decrease the amount of bot-driven spam on the site.

He explained that everyone should put up 1 DOGE, and an optimistic roll up would be added for unlimited posts. Users could contest whether a post is real, or spam. If it is confirmed to be a spam post, the accuser receives the spammer’s DOGE.

He added that the spammer should have to post 100 times more Doge, and if the post is not spam, the accuser would lose their Doge. Musk, who has called crypto spambots “the single most annoying problem on Twitter,” replied that it was “not a bad” idea under Cuban’s post.

Flipsider:

  • Many have questioned the need to start paying for what is presently a free service, and the validity of forcing people to use the meme coin as collateral to prevent spamming.

Why You Should Care

With Mark Cuban, Musk, and Billy Markus sharing the same idea, many Dogecoin supporters seem to like the idea, noting that it is very bullish for DOGE.

Square Enix Sells IPs of Tomb Raider, Deus Ex, and Other Western Studios to Make NFT Games

Square Enix, the Japanese video gaming giant, is leaving Western game development and selling its three big studios of the region, and some of its top franchises to the Embracer Group for a fee of $300 million.

Embracer Group announced that it had acquired the video games and intellectual property rights for ‘Tomb Raider‘, ‘Thief‘, ‘Deus Ex‘, and other franchises. The deal also includes “continued sales and operations of the studios’ more than 50 back-catalogue games.”

Embracer will also take over Square Enix’s game studios – Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal. The three studios in question collectively employ nearly 1,100 people.

According to Square Enix, the deal is expected to help accelerate the company’s growth and “enables the launch of new businesses by moving forward with investments in fields including blockchain, AI and the cloud.“

Flipsider:

  • Minecraft developers have moved to sign petitions against NFT gaming.

Why You Should Care

The sale of its video games will be used to bankroll new efforts from Square Enix, which includes blockchain and NFT-based games in its purview.

Continue reading on DailyCoin

Crypto Flipsider News – BTC Falls Further, Algorand Partners with FIFA and Gains 25%; ADA and ETH See Whale Action; Dfinity Sues Meta; Dogecoin to Defeat Twitter Spam Bots; Square Enix Sells Tomb Raider for $300 Million
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email