Matic’s Price Crumbles 20% Amid Mainnet Launch

Decentralized application (DApp) platform Matic Network (MATIC) has successfully launched its mainnet following two and a half years of development. A June 1 blog post published by Matic notes that mainnet will be deployed over a series of phases to “ensure that the mainnet deployment and validator onboarding is achieved as smoothly as possible.” “More impantly, it ensures that right from day 1 that DApps are able to deploy their products successfully on Matic,” the post adds. MATIC crashes 20% in two days Despite Matic Network launching the first phase…

Crypto Travel Booking Site Travala Sees 46% Monthly Increase in Bookings Despite Pandemic

According to a June 1 announcement, Travala.com also saw its monthly revenue increase by 205% in May compared to April. Still, while the platform is seeing more traction compared to April, May also saw a 60% decrease in room nights booked compared to March. Travala.com sees bookings surge as travel restrictions are lifted Juan Otero, Travala.com’s CEO,  told Cointelegraph that the platform is seeing more use as the rest of the travel industry. He explained that domestic travel is seeing growth as the restrictions are being lifted. He said: “We’re…

XRP Price Must Shake 30-Month Lows Vs. Bitcoin to Start Rally

As Bitcoin (BTC) has been consolidating recently, many majors have been showing strength with double-digit movements. For instance, Ethereum’s Ether (ETH) rallied from $195 to $245, while Cardano (ADA) rallied with 65% in the recent week. However, some relatively large altcoins are lagging heavily, and two of them are XRP and Stellar Lumens (XLM), the third and 13th cryptocurrencies by market capitalization, respectively. So what’s next for them?  Crypto market daily performance. Source: Coin360 One billion XRP being dumped on the markets every month  One of the fundamental reasons for…

Top Analysts Lay Out Compelling Case for $12K Bitcoin Within a Month

The price of Bitcoin (BTC) could rise to as high as $12,000 within the next month, some traders say. Predictions for an extended uptrend emerged as the dominant cryptocurrency steadied amid declining volatility for about five days. Historically, Bitcoin tends to see large price movements following a long period of stability. For over 100 hours, the price of Bitcoin remained in a 2% range, which is an abnormally low level of volatility for BTC. Why are analysts saying $12k is possible, and why is Bitcoin set to see high volatility?…

Goldman Sachs’ Time-Traveling Vampire Squid Fails To Undermine Bitcoin – Cointelegraph Magazine

Headlines From the Year 2030 Goldman Sachs stocks were down again today, closing 13% lower as the ailing behemoth was slapped with another trillion-dollar fine for its role in the Student Talent Untapped Potential Indemnified Debt (STUPID) meltdown. STUPIDs were undercollateralized ‘guaranteed’ debt swaps which duped investors into buying student loans against future graduate incomes. The student debt crisis unfolded as the mass strategic bankruptcy among university graduates brought the economy to its knees. Indebted students across the country were sold STUPID loan buyouts, which offered interest rates of 1.5%.…

Blockchain and Smart Contracts Have a ‘Dark Side’, Says Researcher

Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance.  So goes the argument in a new post for the Oxford University Faculty of Law blog on June 1 by Kevin Warbach, a professor of legal studies and business ethics at the Wharton School, University of Pennsylvania. Professor Warbach’s forthcoming book, “After the Digital Tornado: Networks, Algorithms, Humanity,” will argue that blockchain technology could wreak unintentional havoc if its characteristics are not understood and tackled directly. …

Kingdom Trust CEO Says Bitcoin Is Digital Manifestation of Austrian Economics

The chief executive of crypto-friendly $13 billion custodian Kingdom Trust, Ryan Radloff, sees Bitcoin (BTC) as a manifestation of Austrian economics. In an interview with Cointelegraph, Radloff said that he first encountered Bitcoin toward the end of 2011, adding that he began “hodling and accumulating shortly after.” Bitcoin as Austrian Economics Unlike many early adopters, Radloff stated that it wasn’t the technology underpinning Bitcoin that attracted him to crypto, rather the economic principles that the nascent cryptocurrency embodied. “For me, what drove to Bitcoin wasn’t the technology at all. […]…

Restored Falling Wedge Pattern Sees Bitcoin Rising above $11,500

It appears Bitcoin missed a medium-term upside target above $11,500 after undergoing a significant sell-off in March 2020. The major northward move had appeared out of a Falling Wedge breakout. Bitcoin reentered the Wedge after the crash and followed it with a breakout towards a new bull target near $9,500. The cryptocurrency is still eyeing $11,500. Bitcoin is sending a buy signal. So shows a textbook technical indicator called Falling Wedge. The chart pattern started forming after Bitcoin surged to near $14,000 in June 2019. As the cryptocurrency started correcting…

Ethereum Classic Follows Its Sibling’s Footsteps With Phoenix Hard Fork

Ethereum Classic, the twin sibling of the Ethereum network, performed its scheduled Phoenix hard fork on May 31, which included features from Ethereum’s earlier Istanbul fork. The upgrade means that the two networks share virtually the same protocol, and are thus fully intercompatible. The hard fork was scheduled for block 10,500,839, which was mined at 8:00 p.m. Eastern time on May 31. The fork is the third in a series of recent upgrades aiming to bring Ethereum Classic in line with its more popular sibling. In December, the Agharta fork…

Operator of Alleged Crypto Scam Flees South Africa for Mozambique

Willie Breedt, a South African accused of stealing seven-figures from local investors through his VaultAge Solutions scheme, is believed to have fled the country for Mozambique. The story was reported by News24 on May 29, citing a representative of the South African Department of Home Affairs who indicated that he has not returned to the country since leaving for Mozambique on December 21. Despite allegedly attracting over 2,000 investors, VaultAge Solutions was not registered with South Africa’s Financial Services Conduct Authority. Local police investigate Breedt for fraud VaultAge Solutions was…