CRYPTO
WEEKLY $2 cryptoweeklymag.com December 2021 | Volume 05
CYBERSPACE
NEWS
Declaration of Interdependence
Page 10
Test of All-Time Highs is Near for Ethereum
CRYPTO MOM MAKES IT BIG!
Page 12
Page 38
BLOCKCHAIN The Revolution of Work
Page 16
VIDEO OF THE WEEK One Trade To Become A MultiMillionaire By 2022
Page 18
INTERNAL REVENUE SERVICE Staying on the Goodside
Page 26
BLOCKCHAIN The Biggest Innovation of our Time
Page 30
METAVERSE forms Self-Governing Societies
Page 34
World DAO Domination
Page 36
$2.00US $2.00CAN
Virtual Assistance in The Cryptosphere
EDITOR’S LETTER
1
Crypto Weekly
Welcome to Crypto Weekly M
y Facebook friends always treat me in a way that I know they wonder about me. I am mysterious to folks somehow. I'm a busy man. I like to talk sometimes so they and you will hear from me from time to time, and I may ask how you are doing just because I want to hear what all of you have to say, or maybe I have something I am excited about I am working on, so I want to share.. I love my friends and the folks willing to listen, and I love to hear what all of you have to say. I hope you are prospering at being alive in the world. It gives me a sense of peace to be a part of those experiences as a witness of the presence of you when you express yourselves to all of us and me on social media, the things you feel and see from the depths of your being... This is the stuff of a good life to live in this place. So the reason I am mysterious is only that you remain so to me in many ways or there would be more clarity. It's not like my way of retreating to the depths of emptiness could produce any form of comprehension. So here I am now. I am always here and may inhabit this place of now constantly to be relied upon to listen at any frenetic moment to pause it and be stilled to awareness of everything before me to bless you with presence.
I love my friends and the folks willing to listen, and I love to hear what all of you have to say. I hope you are prospering at being alive in the world.
Crypto Weekly will answer all of your questions. Whether you're new to crypto or have some experience, we're here to help. Let's get started. This is going to be fun! Now that we have reached the end, it is time to turn the page, but let us know your thoughts. If you would like to see something featured, please get in touch with me. editor@cryptoweeklymag.com
editor@cryptoweeklymag.com
cryptoweeklymag.com
www.cryptoweeklymag.com
Robert Stone Editor
2
NEWS Crypto Weekly
India Plans Private Crypto Ban What the Public Needs to Know with spreads peaking at 50%. Several prominent investors, including FTX founder Sam Bankman-Fried, took advantage of this arbitrage opportunity.
E
arlier this week, India's lower house, the Lok Sabha, introduced a bill plans to ban private cryptocurrencies. Now 2.8 billion people cannot trade crypto on Indian exchanges, a third of the world's population! The price of Bitcoin is often a leading indicator for the crypto market, and in both cases, it has shown some resilience. In the wake of China's crypto ban, it quickly rebounded from $44,000, while market analysts attributed bitcoin's 8% decline to worries about the Covid-19 variant rather than the news from India. The crypto market can be affected by bans like these in other ways as well.
Ban on private cryptocurrencies There has been considerable debate over the wording of the Lok Sabha bill prohibiting private cryptocurrencies. Many speculate that this refers only to "privacy coins" like Monero and Zcash, designed to provide users complete anonymity. Nischal Shetty, an Indian crypto exchange founder, says a ban on cryptos would ignore use cases beyond digital payments. Cryptocurrencies
December 2021 | Volume 05
like Ethereum also make it possible to build NFTs, smart contracts, and decentralized finance applications. Shetty told CNBC-TV18 that cryptocurrency has assets and utilities, so banning them all would be myopic. "I do not believe crypto will be banned entirely," he said. "There are also nonpayment use cases." "If someone wants to build a decentralized application, how can they do so?" According to crypto-journalist Naimish Sanghvi, the bill's definition may be broad enough to ban all crypto securities. "Whatever the government issues are public, and whatever private players issue is public," he told India Upfront on Thursday. Cryptocurrencies such as bitcoin and Ethereum will be included in that definition."
There is a masala premium. Local bitcoin prices fell after the Indian government announced its ban, leading to an equivalent of South Korea's "kimchi premium" in India. Bitcoin prices on western and Asian exchanges vastly differed in 2017,
Earlier this year, Bankman-Fried explained to Bloomberg's 'Odd Lots' podcast that bitcoin was in even greater demand in Korea. "Korean bitcoins started trading at $15,000, while elsewhere it was $10,000. It was an insane spread," Bloomberg reports. At one point on Wednesday, Bitcoin was down just under 14% on WazirX, but just 0.5% on Binance, and Dogecoin and Shiba Inu both fell by over 20%. Traders might refer to this arbitrage opportunity as the "masala premium," just as the kimchi premium is named after South Korea's kimchi bonds.
Central banks The crypto ban comes as India's central bank plans to introduce a 'digital rupee' in the next few months. Fiat-pegged stablecoins pose a threat to central bank digital currencies or CBDCs. Laith Khalaf, head of investment analysis at AJ Bell, says "that private market crypto assets could ultimately usurp the power of central banks. This would likely be the case with stablecoins pegged to existing national currencies, rather than Bitcoin, whose volatility makes it unsuitable for use as a store of value or medium of exchange." "Perhaps that's why India announced its plan to launch its own digital currency alongside the plan to ban private crypto assets," he said. Suppose projects like the digital rupee and China's 'digital yuan' are successful. In that case, other governments might follow suit with a ban on their own CBDC, which could significantly impact Bitcoin, Ethereum, and other cryptocurrencies.
www.cryptoweeklymag.com
NEWS
3
Crypto Weekly
NFTs hit the mainstream this Thanksgiving when Macy's and Martha Stewart Auction Holiday Items T
en NFTs depicting Thanksgiving Day Parade floats were auctioned by Macy's. On Thanksgiving and Black Friday, non-fungible tokens made several appearances. Martha Stewart and Ghostface Killah auctioned holidaythemed NFTs. As the cryptocurrency craze continues, non-fungible tokens may join pumpkin pie and football as American holiday traditions. This unique digital collectible based on blockchain technology and works similarly to Bitcoin, digitally tying ownership to art, memes, videos, and even real estate. The digital assets have sold for upwards of millions of dollars since NFTs gained popularity earlier this year, helping to fuel a market now worth $7 billion. A Pew Research Center study published earlier this month found that 86% of Americans have heard of cryptocurrency, and 16% have personally invested or traded one. As awareness grows, celebrities such as Martha Stewart and rapper Ghostface Killah have launched NFTs tied to the holidays this week, indicating that the digital collectibles are entering the mainstream.
Taking over Thanksgiving with NFTs Global marketing services network Two Nil Holdings CEO Greg Castronuovo says NFTs offer a "unique opportunity for iconic brands and celebrities to cash in on the trend," adding such efforts are particularly effective when tied to personalities or entities with an established following. It really comes down to following a talent, artist, or how iconic the brand or subject matter is," Castronuovo told Insider. He added, "Fans are eager to own a piece of their favorite celebrity,
www.cryptoweeklymag.com
and the expression of that celebrity can manifest in many different ways." Stewart started capitalizing on the NFT craze in October with a batch of collectibles related to Halloween. Stewart released a second collection of Thanksgiving "storytelling" NFTs this week, including audio clips of the business mogul and television personality discussing her favorite holiday memories. The collectibles, created in partnership with NFT developer Tokens Commerce and are available for purchase on Stewart's NFT boutique store, MarthaFRESHMint.com, embody Stewart's passion for storytelling, which Stewart calls a lost art. Ghostface Killah also joined the trend, auctioning an NFT at midnight on Black Friday. The "rare Pepe NFT" collectible is part of a series of vintage images based on the Pepe the Frog meme. But celebrities aren't the only ones making money from crypto. Watchers of the Macy's Thanksgiving Day Parade may have been surprised to see not only classic performers such as the Radio City Rockettes but also several
promotions for the retailer's justlaunched NFT collection. Earlier this week, Macy's announced it would auction off 10 NFTs featuring its iconic parade floats over the decades, beginning with the first balloon in 1926. There is currently a top bid of nearly $70,000, and 10% of all proceeds will go to the Make-A-Wish Foundation. In a press statement, Will Coss, executive producer of Macy's Thanksgiving Day Parade, spoke about how the crypto initiative would serve to leverage the "unique place the parade holds in pop culture" while creating "art in a new form through the creation of NFTs." Castronuovo of Two Nil Holdings says we can expect more of these specialty NFTs from prominent names heading into the rest of the year and 2022 as more Americans gain awareness of NFTs. He noted that there is a market for these NFTs and that it will continue to exist as long as the trust in the technology continues to drive more users to the platform. The currencies that back these assets persist and can be converted or sold seamlessly.
December 2021 | Volume 05
NEWS
5
Crypto Weekly
Russia Is Worried About Cryptocurrency's Effect on Income Taxes in El Salvador's Bitcoin City
R
ussia is worried about cryptocurrencies eroding its tax revenue, while El Salvador's Bitcoin City will pay no taxes. 'Crypto' could erode Russian tax profits, Russia fears, Danil Egorov, the head of Russia's Federal Tax Service, has provided his opinion about cryptocurrencies. Cryptocurrencies can be used to evade taxes, which would reduce tax revenue, according to the country's top tax official. According to Egorov, the tax authority is watching this market closely and understands that the payment system will likely erode the tax base significantly. He also said that the tax authority would systematically approach the problem but made no further details available.
Egorov also said the Federal Tax Service is using blockchain technology to store electronic power of attorney letters. He did not elaborate. The law outlines specific details about how cry 1) Russia Is Worried About Cryptocurrency's Effect on Income Taxes in El Salvador's Bitcoin City. Bitcoin City will boast
Greyscale says the Metaverse market is worth $1 trillion
G
rayscale, a crypto investment giant, estimated potential market size of over $1 trillion per year in a report, without specifying a timeline. The Metaverse, Web 3.0 Virtual Cloud Economies report was published earlier this week. It discusses the opportunity generated by the intersection of trends in gaming and lifestyle with blockchain's ability to provide infrastructure for digital worlds. Grayscale said that projects like Decentraland allow people to interact, govern and earn tokens, and get realworld benefits for their time spent online. The company added that people spend more and more time online, and they spend money to build social
www.cryptoweeklymag.com
0% taxes on income, capital gains, property, payroll, municipal and CO2 emissions. El Salvador remains the world's most progressive country when it comes to cryptocurrencies. The government of El Salvador has made numerous efforts to ensure that crypto investors thrive in the country. El Salvador believes in cryptocurrencies and blockchain technology and the influence they will have on the global economy in the future. The cryptocurrency market has underperformed in recent weeks. The bearish trend may persist for some time unless the bulls regain control of the market.
billion by 2025, up from $180 billion in 2020. According to the company, most of that $400 billion will be spent in-game instead of premium games. Greyscale estimates that total crypto fundraising for Q3 was $8.2 billion, of which $1.8 billion was for Web 3 and non-fungible tokens. Gaming applications raised around $1 billion in the third quarter, outpacing all other verticals of NFTs. Grayscale said that compared to the $10 billion that Facebook intends to invest and the amount that could follow from other companies and venture capitalists, the Metaverse is still in its infancy.
status within digital realms. Digital Currency Group (DCG), which also owns CoinDesk, owns Grayscale. DCG also owns MANA, the token that powers Decentraland. According to Grayscale, revenue from virtual gaming worlds could reach $400
Research Analyst Matt Maximo and Grayscale's Head of Research, David Grider, authored this report. According to their definition, the Metaverse consists of "interconnected, experiential, 3D virtual worlds where anyone can socialize in real-time, creating a persistent, userowned economy that spans both the physical and digital worlds."
December 2021 | Volume 05
6
FEATURE Crypto Weekly
Is the Bitcoin and Ethereum bubble just a signal that crypto markets have reached their peak? B
itcoin and Ethereum are no longer considered crazes. There are still many doubters, but Bitcoin and Ethereum are much more established than they used to be. Especially, in countries with unstable fiat currencies, bitcoin serves as both a store of value and an inflation hedge. New financial products are being developed using bitcoin, and companies even use bitcoin as a form of asset management. As adoption has grown exponentially, Bitcoin has remained safe and secure. Furthermore, Ethereum is the backbone of decentralized finance. Ethereum's network of applications is becoming more critical as new applications run on its blockchain. There are only 21 million Bitcoins in existence, which is one of the reasons it is so valuable. The asset is not fixed in supply, but coinburning has kept it scarce. Those who try to limit Ethereum's supply, burn it purposefully, as do those who trade non-fungible tokens (NFTs) on sites like OpenSea. Ethereum has proven to be a scarce cryptocurrency without getting too deep into the details, which makes it valuable and distinguishes it
December 2021 | Volume 05
from infinite-supply altcoins such as Shiba Inu.
they shouldn't be entangled with fads or fringe markets.
With Ethereum 2.0, which is expected in the first half of 2022, Ethereum will transition from a proof-of-work consensus mechanism to a proofof-stake consensus mechanism. The transition would make Ethereum safer, more secure, more scalable, and less environmentally harmful. With a proof-of-stake method, users validate transactions based on how many coins they hold, not by deploying computer power as in a proof-of-work method.
The current market situation and how to approach it
What makes Bitcoin and Ethereum different from altcoins Thanks to its unmatched decentralization and security, Bitcoin is the linchpin of the cryptocurrency market, while Ethereum is well-rounded and balanced. Cryptocurrencies currently number over 14,500, according to CoinMarketCap. Many projects will get hyped up, fail, and cost a lot of money for every person involved. Bitcoin and Ethereum are important investment propositions, but
Whether you're new to the crypto market or wondering how to adjust your position amid falling prices, you should respect your own risk tolerance. If you don't feel like it, it's unnecessary to get overly involved in cryptocurrencies, especially risky ones. As long as we believe we are in the early innings of decades of cryptocurrency growth, it should be easy to average into Bitcoin and Ethereum over time. If you want to explore all the options, you can also think about a high-growth name like Solana. The high-interest rates associated with stablecoins may even make them attractive to risk-averse investors. The cryptocurrency market will experience booms and busts for some time to come. So long as you hold investments you can afford to lose, there is no reason to fear a short-term market top if the growth trajectory is upward.
www.cryptoweeklymag.com
8
FEATURE Crypto Weekly
What an NFT May Cost
Typically and Why
W
hen NFTs took the world by surprise, the world was still trying to comprehend and accept blockchain technology as a springboard for decentralized finance. NFTs, as they are more commonly called, are changing the scope and dynamics of the digital world every day. In particular, this digital asset is a form of representation that validates ownership. Due to their unique properties, they cannot be exchanged for other NFT items, unlike cryptocurrency. Digital assets such as art pieces (a drawing, painting, animation, for example), video clips, virtual estate, in-game items, or any other collectibles are tokenized and personalized with the NFT. After this, we arrive at the next step - NFT minting.
Minting an NFT, what the Heck is That? The NFT minting process involves transforming a collectible or art piece into a unique item. We will explain how that works in a moment, but there is more to it than that. An NFT must first be minted, which means it must undergo a process in which it is embedded with a blockchain component. A blockchain may also be used to store art pieces or collectibles, where they can be encrypted with unique codes
December 2021 | Volume 05
www.cryptoweeklymag.com
FEATURE
9
Crypto Weekly
Consequently, the cost of minting an NFT can range from as low as $1 to as high as $900, sometimes even more. However, its overall price is primarily determined by its rarity. This unit sold for $69.3 million, making it NFT's most expensive. Also, Dorsey, who founded Twitter, sold the first tweet he ever created for $2.9 million.
that enable personalized ownership. Therefore, any art piece or collectible can be minted as an NFT on any host blockchain, including Ethereum, Solana, and other NFT-compatible chains. Technically speaking, this process involves using a native blockchain cryptocurrency wallet and some cryptocurrency assets for verification and gas (transaction fee). An example would be uploading a profile picture to a social networking site. In this case, digital art or collectibles would be uploaded. The crypto wallet used to mint NFT acts as a gateway pass for collectibles to access the blockchain and keeps track of their transactions. Additionally, the crypto wallet extends
the host blockchain's security to the NFT item in addition to providing a public address and a private key.
What is the average cost of an NFT? NFTs are minted on different blockchains, so their prices vary from one to another, and even when on the identical blockchain, NFTs may not be precisely the same. Many factors contribute to this, including the quality of the project, data size, transaction speed, and gas fee, among others. Lastly, the price of an NFT can increase based on the law of scarcity, in addition to the factors mentioned earlier. Consequently, the cost of minting an NFT can range from as
low as $1 to as high as $900, sometimes even more. However, its overall price is primarily determined by its rarity. This unit sold for $69.3 million, making it NFT's most expensive. Also, Dorsey, who founded Twitter, sold the first tweet he ever created for $2.9 million. The average NFT price varies between Mintable and OpenSea, $150 on Valuable and $900 on Mintable. However, the cost of NFTs is usually high on weekdays due to a lot of on-chain activity. In addition, Saturdays and Sundays are generally cheaper days to mint NFTs.
Considerations when minting an NFT When you are about to create an NFT, it is essential to thoroughly research the gas fee, active trading period, computational process, and host/base blockchain. Each of these factors has a variable effect on the overall cost of an NFT, and they are also responsible for the volatility of NFTs.
Other fees related to NFT art NFT art charges three types of fees: an upfront fee, a per-sale fee, and a subscription fee. Generally, the first fee is charged for minting an NFT, the second is charged on sales, and the amount realized goes to validating nodes. For the maintenance of the marketplace, a subscription fee is charged periodically (often monthly). Despite being in their infancy, NFTs are rapidly developing. Additionally, the factors that determine the cost are not constant and can be manipulated.
www.cryptoweeklymag.com
December 2021 | Volume 05
10
EDITORIAL Crypto Weekly
A Declaration of the INTERDEPENDENCE of Cyberspace C
ountries will compete with corporations in the Metaverse when all of us as Freefolk truly own It. Meta on Facebook versus open DAOs, the battle will be won or lost based on the microchip mostly, and hardware next, and of course the nature of the Blockchain. What kind of Metaverse would you want to live in? With the announcement of Facebook's rebrand to "Meta" – where the social media giant designs and builds "the metaverse" intent on co-opting the name and claiming the next digital frontier for themselves – the battle for the future of cyberspace is on. Of course, Facebook would not be the director or sole owner of the so-called Metaverse. The total Metaverse and all the mini Metverse's that will make it up, will be a battle to conquer, and the claims
December 2021 | Volume 05
of one company, government, entity, or individual persons are guaranteed to be a perpetual battle.
What the Heck is a "Metaverse"? Metaverses are virtual worlds that blur the lines between digital and physical spaces. The Metaverse has been described as "a synchronous and persistent network of real-time rendered 3D virtual worlds that can be encountered by virtually unlimited numbers of users with a continuity of data, such as identity, history, entitlements, objects, communications, and payments". Wrap your head around that, and next consider that the potential is so mind-blowing no one can say for sure how it's all going to look after a
few years of evolution. It's like when computers first came on the scene, or the internet for that matter, and the world had no clue they would turn out to be the indispensable tools they are now. Technology will be so embedded and a part of our society in the future that the Metaverse will comprise a huge percentage of the world's economic worth. This is only the beginning. Culture and language will also be altered significantly worldwide. As a part of my education and passion, I focused on the history and origins of our most fundamental ideas as humans. Literally, it was the study of where we get our ideas from and how they evolve. The world as we know it is at a place where the evolution of ideas is
www.cryptoweeklymag.com
EDITORIAL
11
Crypto Weekly
far removed from our humble past and what brought us this far. It is plain to see that humanity will never be the same. We are in for a shock so huge that our survival may be at stake. The Metaverse is a quantum leap that also may have the power to save us from our past mistakes. It's all about what we do with it from this point on.
Centralized Power, Decentralized Autonomy & Points In Between Private and public perspectives on the Metaverse are competing visions. As in the privatized Metaverse, big corporations, like Facebook's "Meta," will decide how people interact through virtual reality (via headsets that project a digital world) and augmented reality (such as glasses that project digital images over the real world). Many competing private entities are creating Metaverses of their own vision. Users act as consumers to extract value from Facebook's private Metaverse, owned and managed by Facebook. Facebook first experimented with blockchain and cryptocurrency with Libra (rebranded to Diem). Facebook's attempt to monopolize another Web 3.0 idea that is really owned by all of us that relies on non-fungible tokens has the crypto community outraged. It's like Facebook wants to own the entire internet or all the space we inhabit in the physical world in comparison. Governments also have the same ideas in mind.
We all must declare and Take the Metaverse as Our Own as Humans Companies and governments have always wanted all the power in the world. With their weapons and economic power as the Prime Bullies of all, they just take it themselves. It is not theirs to take when it comes down to it. All of us need to demand our rightful ownership of the world as Freefolk, and it is the same with the Metaverse. It is time to take your independence. When the first cities began to spring from the evolution of mankind and all the rules of conduct were first formulated in these wellsprings of all we are now. It became
www.cryptoweeklymag.com
Facebook first experimented with blockchain and cryptocurrency with Libra (rebranded to Diem). Facebook's attempt to monopolize another Web 3.0 idea that is really owned by all of us that relies on non-fungible tokens has the crypto community outraged.
dominant that the bullies who began to govern us all through wealth and power took their places as lords and masters. The people were once free and then they were not. All our future behaviors of conduct in the world have evolved from the headwaters that fed the cities of Babylon in ancient times. We now have the technology through the blockchain to take our power back and become Freefolk of Babylon. Now is your chance. On the other hand, Public Metaverses are a vision of numerous, decentralized digital worlds that are built and controlled by participants. An open, interoperable, decentralized technological architecture underpins the public Metaverse. This project integrates a suite of crypto community innovations in decentralized finance for payments and in-world nodes for real value items. Metaverses are governed and owned by "decentralized autonomous organizations" or DAOs, governed and managed by distributed, goal-aligned communities. We can literally create our own free selfgoverned societies with blockchain technology.
the internet. Because of this fact, companies, governments, and people are all in this together, and so we all must work together and support each other as the technology evolves. It will be a feat of survival of the fittest to find out who of these gains the most sway in the Metaverses to come. Perhaps the power that decentralization brings may grant the people their true power back. In order to get community help and take your place as a member of the Freefolk of Babylon sign this petition. Your future may count on it.
A Declaration of the
Interdependence of Cyberspace
Make your freedom count https://www. interdependence. online/declaration
How Will We Inhabit and Use the Metaverse? It all starts with blockchain, but hardware is also involved just like we need computers and screens to use
Robert Stone Editor: Crypto Weekly
December 2021 | Volume 05
12
FEATURE Crypto Weekly
How a Regular
Made it Big With Crypto B
renda Gentry invested in crypto with only a $4,000 paycheck and now makes up to $85,000 per transaction. After the market crashed in March 2020, she began investing in crypto. She began working full-time on crypto in 2021 while raising her daughters. She makes most of her money by investing in early projects and consulting on crypto and NFT projects. Brenda Gentry was a mortgage underwriter for 11 years at USAA. After quitting her traditional 9-5 job in 2020, she decided to pursue crypto investing full time. Together with her daughters Cynthia and Imani, she owns Gentry Media Productions, a crypto and NFT consulting firm that markets new crypto and NFT projects focused on gaming. Her Twitter handle is @CryptoMom. “It took me some time to transition from a traditional career into cryptocurrency.” Bitcoin was introduced to her in 2009, right when it was created, but she never considered it a serious investment. She changed her perception after the 2020 crash. She realized investing in
December 2021 | Volume 05
Ethereum and Bitcoin had nothing to lose after seeing how fast the market plunged and how it affected people's retirement accounts. The cryptocurrency hype had her curious, she said, and she wanted to see for herself what was happening. "I invested heavily in cryptocurrency last year when the market tanked," Gentry said. "It opened my eyes to the situation. Also, I thought I had to take matters into my own hands." Meanwhile, both of Gentry's daughters were members of crypto communities and decentralized autonomous organizations governed by transparent and coded rules. Gentry has also begun to participate in some of these communities, mostly via Telegram groups. Her first experience with altcoins was when she witnessed a few young investors becoming millionaires. She wasn't alone. Due to these huge gains, even those who are not professional traders became interested in cryptocurrencies because of the pandemic. Some used small sums of cash and stimulus cash to dip their toes into speculating. Many others, such as
Gentry, have pivoted their careers to take advantage of the booming interest in asset classes.
Her investment journey In addition to seeing massive gains from her investments, Gentry also invested part of her paycheck herself into certain projects. However, she continued to invest while maintaining her day job at USAA. As Gentry said, "I love comfort, and have a steady paycheck. It was very difficult for me to convince my brain, 'Alright, you can do this full-time' because after getting used to biweekly [paychecks], it's very hard to convince yourself that, okay, I'm just going to do crypto." A high amount of risk was also associated with investing in early-stage projects - and she was aware of that. In her view, transparent teams and sound fundamentals are important for projects. Gentry credited her banking background with her success. "I have never been rugged," she said, "but we do
www.cryptoweeklymag.com
FEATURE
13
Crypto Weekly
a lot of due diligence." Her investments increased in the first quarter of 2021 as she became more comfortable with the sector. Purchasing a project called Bundles Finance (BUND) led to her first big success. During the period between December 2019 and December 2020, she bought the crypto at prices between $1.53 and $4, records of her transactions viewed by Insider show. By April of 2021, the stock climbed to over $41, a return of about 2,000%. Her 9-5 job was no longer necessary as she found a steady monthly income. While she has the option of transferring her gains into USDT, a stablecoin backed by the US dollar, she would prefer to be paid in ETH. As a result, she can spend her crypto cards on anything from groceries, to gas, to a car, if she so chooses. She admits it took some time to get used to switching from fiat to ETH. However, she would rather hold
www.cryptoweeklymag.com
the cryptocurrency and watch it double in value while the dollar's purchasing power loses value due to inflation. "During the past seven years, Ethereum has gone from $300 to $2600 to $3,000 to $4,000! So why would I want to be paid in USDT?" Gentry asked. "You cannot say, I will take $35,000, but tomorrow it could be $45,000," she said. "Although it could also fall, I'm okay with its volatility as long as I know that it could also rise." Taking risks is Gentry's style, but she admits it may not be for everyone. The returns she's seen in crypto have surpassed those she's seen in her 401(k) over the past 11 years. In addition, she figured she would get the same returns from adding to her 401(k) for another 20 years. In addition to managing crypto projects, she also takes bets on new ones. She usually transfers the earnings from
both sources to Ethereum. According to records of her wallet viewed by Insider, she made about 19 ETH in October from one consulting project. This was equivalent to about $85,000 at the time of the transaction. She made about 10 ETH, which was about $43,000 at the time of the transaction, for another crypto project she was consulting for. In addition, she invests in altcoins to earn further gains. Her gains are reinvested into crypto startups and charities, she told Insider. During a bear market, Gentry’s strategy is to remain inactive for months at a time. People with stable careers may wish to consider it as a side job for at least two to three years before making it their primary source of income. Still, she says don't be afraid to take risks and see what happens. "It's better than living paycheck to paycheck and staying in your comfort zone," she said.
December 2021 | Volume 05
14
FEATURE Crypto Weekly
Marketing Campaigns Launched by Crypto Companies to Capture Mainstream Consumers
Continued....
December 2021 | Volume 05
www.cryptoweeklymag.com
FEATURE Crypto Weekly
T
he Martin Agency recently had some Coinbase ads made, according to CEO Brian Armstrong. Investment and interest in the crypto space are on the rise. Crypto companies like eToro and FTX are using celebrities and splashy advertisements to raise their brand awareness. However, they face challenges in standing out in a crowded field and educating a still-skeptical public. Crypto exchanges aim to reach the mainstream with millions in marketing in the coming months, bringing a welcome trickle of new revenue to ad agencies still recovering from the crypto pandemic. Companies have generally opted for PR campaigns targeting investors and enthusiasts on platforms like Reddit and Twitter rather than traditional advertising. FTX made history by becoming the first crypto company to buy an advertisement during the Super Bowl. More than double what cryptocurrency companies raised in 2020, cryptocurrency companies raised $8.6 billion in funding in the first half of 2021. According to Kantar, the advertising budgets for Coinbase and eToro, two of the top exchanges in the US, jumped 57% and 230%, respectively, to $16.3 million and $6.4 million last year. And several top exchanges, including Coinbase, eToro, Crypto.com, Blockfolio, and Gemini, have hired or started looking for ad agencies in recent months, knowledgeable sources said. Coinbase recently hired The Martin Agency, which has been referred to as the Kleenex of crypto. FTX.US COO Sina Nader told Reuters that brands like his have a make-or-break moment as they compete with publicly-traded companies like Coinbase and financial giants such as MasterCard, JPMorgan Chase, and MassMutual. Nader said FTX processes more than $10 billion in trades every day, but 99% of people outside the crypto community haven't heard of it. Sponsorships are boosting awareness for some companies. The FTX group spent $135 million to name the American Airlines Arena for the Miami
www.cryptoweeklymag.com
15
Heat, becoming the NBA's first crypto sponsor. In a 20-year agreement with AEG, the Staples Center was renamed Crypto.com Arena. Trevor Lawrence, the top NFL draft pick in 2020, signed a sponsorship agreement with Blockfolio, which FTX acquired in 2020. As teams and leagues have grown more familiar with crypto companies, Blockfolio's head of partnerships, Avinash Dabir, said the company will soon announce more global sports marketing deals. Crypto brands frequently feature celebrities. Among the prominent influencers that have sponsored currency exchanges and currencies are MrBeast, Charlie D'Amelio, and Logan Paul, while Neil Patrick Harris just became Coinflip's spokesperson. Traditional advertising channels like broadcast TV are not yet familiar with crypto exchanges. Brad Michelson, eToro's head of digital marketing, said the company quickly moved on from Twitter gifs with viral bitcoins to display and podcast ads, PR, and platforms that don't usually run fintech advertisements, such as dating app Tinder. Virtue, which Vice owns, was recently hired to develop the company's next big campaign. It is difficult for exchanges to set themselves apart from their competitors and convince people to try their products. In addition, platforms like Facebook and YouTube restrict ads for certain crypto products. (For agencies, the risk is that these companies will spend big and then pull back quickly as their strategies change.) An April survey conducted by Gemini found that 14% of Americans have invested in crypto, while another 13% plan to do so over the next year. The PR firm Edelman found that only 26% of respondents believed cryptocurrency would positively impact the world, according to a 2020 survey. According to Elizabeth Paul, a crypto company may be tempted to describe itself as an upstart taking on banking giants, but this will lead to commoditization. "The wild west awaits brands here ," she said. Having the entire financial world on the edge of a reorganization is not common in history.
December 2021 | Volume 05
16
FEATURE Crypto Weekly
Blockchain, the Biggest Innovation of Our Time, Reaches Escape Velocity' Due to Rising Adoption
I
n their view, equity researchers at JMP Securities, based in San Francisco, do not characterize their bullishness on cryptocurrency as mild. This month, they wrote in a note to their clients that crypto "could be the biggest innovation of our lifetime." That's lofty praise given that smartphones and the internet are relatively recent inventions. The authors of the note, Devin Ryan and Brian McKenna, back up their claim. Several factors suggest that the crypto space is nearing a tipping point or has reached "escape velocity" and will only grow. As the world becomes increasingly digital, they see blockchain technology playing an increasingly crucial role as it becomes decentralized. There are already a number of decentralized
December 2021 | Volume 05
projects built on smart contract blockchains, such as insurance and lending platforms. Investing in the space has also poured into bitcoin and various projects, giving it a promising start. With a market cap of more than $1 trillion, Bitcoin is one of the largest companies in the world. Overall, the market cap of bitcoin is 2.6 trillion dollars. According to Ryan and McKenna, as crypto economies have grown, industry valuations have also increased, and today more than half a trillion dollars is being attributed to companies that provide the infrastructure to support crypto economies. In addition, "we expect many of these individuals will be active and effective advocates for the industry, as they hold a vested interest
in protecting and growing the value of these investments," they said. The growth of users is continuing at a steady pace, exceeding the adoption rates of the internet during its early years. Furthermore, many former regulators from the traditional financial world have entered the crypto space and will contribute to the space's development. For example, Larry Summers, the former US Secretary of the Treasury, is on the board of Square and advises Digital Currency Group; and Arthur Levitt, the former chairman of the SEC, now serves as an agent for Bitpay, Figure, Omniex, and PeerIQ. Crypto itself isn't the only way to capitalize on the upside - in fact, it's a volatile way. Other publicly traded firms are also driving innovation.
www.cryptoweeklymag.com
18
Crypto Weekly
of the
week
One Trade To Become A MultiMillionaire By 2022 - EllioTrades Crypto
EllioTrades Crypto has been around the block in the crypto scene and has some highly interesting ideas that may be of value to our readers
December 2021 | Volume 05
www.cryptoweeklymag.com
NEWS
19
Crypto Weekly
Ad Policies for Crypto Ads Relaxed at Meta
T
o determine their eligibility, advertisers were previously required to provide several pieces of information, including whether they were publicly traded, any licenses they obtained, and other background information. From now on, Meta will simply require a license from one of the 27 regions worldwide. There is an FCA Authorization in the United Kingdom and a New York State BitLicense. According to the team behind Meta for Business ' announcement, our goal is to set clearer rules for this industry since the cryptocurrency landscape has progressively matured and stabilized over the last few years. The change won't impact advertisers already approved, and Crypto products and services will continue to require preapproval. Cryptocurrency exchanges and trading
platforms, crypto wallets, and miningrelated hardware and software are included on the list. Facebook has become increasingly supportive of the crypto industry. Those restrictions were lifted the following year when Facebook also announced its stablecoin project (now called Libra) that still hasn't gone live. Facebook, formerly known as Meta, has expanded the number of accepted regulatory licenses for cryptocurrency ads from three to 27. For the first time, the accepted licenses are also made public on the company's policy page. Depending on whether
prior written approval is required, Amazon separates crypto companies into two categories. Crypto wallets that only allow users to store assets without buying or selling don't need prior consent, either. Tax services, news media outlets, and educational resources related to crypto do not require approval.
Budweiser is Launching its own NFT Series
A
collection of 1936 beer cans from the number one brewer in America has been sold for over $1 million in Ethereum. In conjunction with the celebration of the year, Budweiser started packaging its beer in cans, Budweiser Beer Cans' NFTs' collection
includes 1,936 unique digital cans. Each of the Budverse Heritage editions is unique and based on archived photos, designs, and adverts from Budweiser's long history. NFTs aren't just unique digital arts; holders will also receive access to the Budverse, which offers
exclusive benefits, surprises, and rewards for those of legal drinking age. Additionally, 36 core NFTs are gold editions, which come with a VIP ticket, which the company originally sold for $999. As the beer maker looks to attract a new market, it appears the company will implement more ideas along these lines. While it hasn't revealed many details about the Budverse, its metaverse approach suggests the company has more up its sleeves. One NFT bought for less than 1ETH has already been sold for 7ETH on the secondary market, days after it was bought for less than 1ETH. In the coming days, we can expect a massive boom in the secondary market based on the history of the NFT market. Ever since Facebook rebranded itself into Meta and revealed that the new focus of its businesses would be to drive the adoption of this new buzzword.
www.cryptoweeklymag.com
December 2021 | Volume 05
20
FEATURE Crypto Weekly
Timerr is the Go-To Marketplace for Crypto Influencers, Promoters & NFT Designers Timerr is the world's first centralized marketplace for influencers, developers, and professionals in the crypto industry. By connecting crypto project managers with professional crypto freelancers of all types, Timerr fills a much-needed gap. The main primary goal of Timerr is eliminating uncertainty and risk when hiring people for crypto projects online. Companies and entrepreneurs in need of specific services have a hard time finding the help they need, and those working in the industry have no place to turn when trying to find work that will support them with their specific talents and endeavors.
timerr.io
timerrofficial
timerrofficial
T
imerr will offer experts such as NFT designers, marketing gurus, influential Telegram promoters, or chat administrators a platform to advertise directly to prospective clients in a radical move to professionalize the crypto space. The current cryptocurrency landscape is quite chaotic and finding its "place." Timerr will provide one. Through the Timerr platform, project managers will have the ability to securely connect with vetted, legitimate experts and receive transparent quotes and reviews of the services they require. Service providers will benefit from advertising their expertise on the platform. There will no longer be barriers to opportunities for individuals
December 2021 | Volume 05
with skills in the crypto sector without contacts. Experts will be evaluated on the merit of their work and not by the size of their network. With Timerr, clients and service providers alike are freed from the unscrupulous middlemen who might seek to exploit one or both of them. Through Timerr's secure, transparent payment platform, clients and service providers can rest easy knowing their money is safe. The currency for the platform is also called Timerr, along with other stablecoins. Timerr is also offering a unique NFT marketplace. An application for a limited liability company in the United Arab Emirates
is on the table, with the details being worked out. After Timerr appeared on the scene just weeks ago, the company was listed on Coin Market Cap in less than ten hours and Coin Gecko shortly afterward. A form for registering the wares of service providers has already received over 130 registrations. Estimations based on the rate of registrations infer that when Timerr launches its planned decentralized swap platform by the end of next week, 500 professionals in the cryptosphere will have reserved places offering their unique services. When Timerr has unfolded its platform, it will indeed become the world's go-to source for crypto professionals, just as Fiverr is for web services.
www.cryptoweeklymag.com
The first freelancer marketplace for cryptocurrency services. We are the bridge connecting crypto project managers with professional crypto freelancers of all kinds.
timerr.io
timerrofficial
timerrofficial
22
FEATURE Crypto Weekly
NFTs A Crypto Map to the Metaverse T
he term metaverse is no longer confined to sci-fi. In the Metaverse, ownership of digital goods and currency will be verifiable and immutable. It is not surprising that technology changes our lives, and science fiction is responsible for the Internet, smartphones, and the cloud, to name a few. Likely, the "next big thing" of the digital age is about to arrive, and with it the potential to change everyone's world. It's called the "Metaverse." The Metaverse combines virtual reality, augmented reality, and the Internet. You may already be familiar with its forms in video games like Roblox, Fortnite, and Animal Crossing. The 1992 science fiction novel "Snow Crash" depicts a pair of delivery drivers who travel through the Metaverse to escape a capitalist dystopia. The essential characteristics of the Metaverse have
December 2021 | Volume 05
been established, even though no one knows how it will look in the future. The world incorporates physical and virtual spaces, has a functioning economy, and allows users to navigate its different 'places' while maintaining their avatars and purchased goods. Creating a virtual theme park with no limit to its size and creativity, users will be able to seamlessly move from place to place with thousands of other people, all within the same digital universe.
The importance of the Metaverse Even if the Metaverse does not achieve the epic vision many have for it, it will fundamentally change how we interact with the digital world. Similar to how non-fungible tokens (NFTs) have reshaped the creator economy, a collective virtual experience could
provide creators, gamers, and artists new opportunities. Metaverse is poised to become a trillion-dollar industry. The Metaverse has become entertainment, commerce, and even a place of employment for multitudes of people. It isn't being described as an extension of the Internet but as its successor. It uses blockchain technology and decentralized applications. According to Matthew Ball, the Metaverse will become "the gateway to most digital experiences, a key component of all physical experiences, and the next great labor platform," just as the Internet made possible a new generation of companies. Perhaps more interestingly, it may lead to the fall of incumbent industry leaders, as we saw with the rise of digital platforms.
www.cryptoweeklymag.com
FEATURE
23
Crypto Weekly
Here comes Facebook At the end of June, Mark Zuckerberg announced that Facebook employees would be working on "bringing the metaverse to life." The company has assembled a team of executives to spearhead the project, including Instagram product head Vishal Shah and Facebook Game's Vivek Sharma and Jason Rubin. Zuckerberg explained his plans for the Metaverse in an interview with The Verge. He spoke on the idea of virtual workspaces, which he called "infinity offices." He argues that working in VR allows for more multitasking, and meetings in a metaverse environment can be intrinsically more productive and collaborative. Zoom calls have obvious limitations, and Zuckerberg already prefers to hold meetings in VR whenever possible. Additionally, he discussed how the Metaverse can provide solutions to social inequity. Zuckerberg claims that a person's location is highly correlated with their financial opportunities based on the research of Raj Chetty. A worldwide Metaverse has made remote advanced work more accessible through advances in virtual and augmented reality. Facebook plans to lead this development with its own investments. Facebook currently owns Oculus, which makes the popular Quest VR headset. According to Zuckerberg, virtual reality technology will be ready for metaverse capabilities by the end of the decade.
Metaverse expansion by other tech giants The Metaverse belongs to no one, but the usual suspects of the tech world are already claiming its future. The gaming industry is ahead of other metaverse technologies in many ways and may continue to be a leader in this space. Google, Microsoft, Samsung, and Sony are all members of the XR Association, which aims to shape the future of "experiential reality." Game designers have long embraced the concept of
www.cryptoweeklymag.com
Metaverse aims to bring together these in-game economies into one cohesive virtual experience
in-game economies, where players can buy and sell goods that have no real value outside of the game. Fortnite is a recent example, but an older example is Grand Theft Auto V, which remained profitable despite being released more than seven years ago, thanks to a large online community that is still active in the game's open-world online world. Metaverse aims to bring together these in-game economies into one cohesive virtual experience. It will be more like how we treat the Internet than some kind of virtual role-playing game since the Metaverse is not objective like video games.
Where crypto fits into the Metaverse Permissionless identity, financial services, and high-speed exchange will drive the Metaverse. Millions, if not billions of people, will need data to be stored and served, and Cryptocurrencies provide a solution to this problem. The Sandbox and Decentraland have created virtual worlds that use cryptocurrency to allow gamers to build virtual structures like virtual casinos and theme parks and monetize them. Decentraland's currency is called MANA, and it is available on exchanges like Coinbase. In Decentraland, there are even casinos where you can gamble in MANA, and dealers are paid in MANA to
show up at work. Additionally, NFTs will play a significant role in the Metaverse, allowing users to own their characters, in-game items, and even virtual land. Recently, a 259-parcel virtual estate in Decentraland sold for over $900,000, the most significant sale to date. In the future, virtual goods from various games and universes will be available on interoperable marketplaces. Thus, someone might be able to sell their virtual plot of land in Decentraland and use the funds to purchase Fortnite skins, for example. Cryptocurrencies may become the sole legal tender in the Metaverse, with all virtual objects and intangible items denominated in NFTs. “Hundreds, thousands, and probably millions of dollars are spent on digital assets,” said Arthur Madrid, CEO, and co-founder of The Sandbox. “Building an NFT economy, I believe, will add a new layer on top of the current digital economy." Nobody can predict how the Metaverse will look or when it will arrive in its final form, but the importance of cryptocurrencies for its growth is undeniable. Technology advancements like virtual reality and how current industry leaders like Facebook are getting involved will significantly shape the Metaverse's future. A similar role will be played by blockchain technology and cryptocurrency.
December 2021 | Volume 05
24
HIDDEN GEMS Crypto Weekly
PROJECT 1
www.frog.investments
Frogchain (Frog)
Frogchain
froginvestments
Introducing Frog, your personal investment manager. A friendly frog deposits new BEP20 tokens into your wallet every Wednesday. Hold onto your $Frog tokens, and a friendly frog will bring the moon to you! The Frogchain company is based in the United Kingdom and was created as a subsidiary of the Crypto Marketing Company to provide an easier way for beginners to invest in the volatile DeFi marketplace. The Frog Finance platform is similar to a buyers club or a loot box subscription, scouting each week for a new crypto project and rewarding holders with a newly discovered BEP20 token. With the help of industry partners, Frogchain is tracking down winning investments for holders of Frog Finance BEP20 tokens. The ambitions of Frogchain go beyond Binance Smart Chain,
PROJECT 2
timerr.io
Timerr (Timerr)
timerrofficial
Timerr is the world's first marketplace for freelancers to provide services in the crypto industry. By connecting crypto project managers with professional crypto freelancers of all types, Timerr fills a much-needed gap in the crypto industry. Those looking for specific services have a hard time finding help, and those in the field have no place to turn when trying to find work that will support them in their endeavors. Timerr will offer experts such as NFT designers, marketing gurus, influential Telegram promoters, or chat administrators a platform to advertise directly to prospective clients in a radical move to professionalize the crypto space. The current cryptocurrency landscape is quite chaotic and finding its
December 2021 | Volume 05
as described in detail in the Frogchain roadmap. The company plans to develop a decentralized exchange, a crypto wallet, a casino, and a crypto marketplace. There will be much more to come from Frog Finance in the future. Frogchain has lower gas fees and nearly instant swaps since it is on the BSC network. Every Wednesday, Frogchain rewards its holders with a unique BEP20 token, similar to a loot box or buyers club. $Frog tokens are purchased to initiate the smart contract, encouraging sustained price growth. Holders will be rewarded with more $Frog tokens in weeks where a suitable BEP20 token cannot be found. $Frog Finance is a community-driven project, and members are encouraged to help develop the ecosystem.
TimerrOfficial
"place.” Timerr will provide one. Through the Timerr platform, project managers will have the ability to securely connect with vetted, legitimate experts and receive transparent quotes and reviews of the services they require. Service providers will benefit from advertising their services on the platform. There will no longer be barriers to opportunities for individuals with skills in the cryptocurrency sector but no contacts - experts will be evaluated on the merit of their work, not their network size. With Timerr, clients and service providers alike are freed from unscrupulous middlemen who might seek to exploit one or both of them. Through Timerr's secure, transparent payment platform, clients and service providers can rest easy knowing their money is safe.
www.cryptoweeklymag.com
HIDDEN GEMS
25
Crypto Weekly
PROJECT 3
dogeville.finance
Dogeville (DVILLE)`
Dogevilletoken
At DogeVille, the difficulty in learning a new game is minimized, and catching on is a simple process. In a quest to provide constant value to holders of the DVILLE token, developers will expand the concept with the guidance of the DogeVille community perpetually after the game is released. Expansion will include customizing DogeVille farms and buildings and developing the DogeVille world utilizing NFT's and collaborating with other 2D games to create custom partnerships. The opportunities are endless, and the world can take DogeVille where ever desire drives it. The DogeVille token has a maximum supply of 100,000,000,000, and there is a 12% tax on every transaction. 4% of each transaction
PROJECT 4
cryptoblast.energy
is taken and converted into liquidity. Price fluctuations will decrease as the liquidity pool grows and become more stable. 2% of every transaction is redistributed back to the holders creating an incentive to hold long term. Redistribution of DogeVille is automatically traded into BUSD-T and sent as BUSD-T to holders' wallets. To ensure DogeVille grows and becomes a recognized brand, 3% of every transaction is sent to the marketing wallet. The remaining 3% is sent to the development wallet, ensuring constant funds to support the game's expansion. DogeVille will be built slowly from the ground up to ensure all goes right, gradually implementing changes and new content.
Cryptoblast
CRYPTO_BLAST_TOKEN
CryptoBlast (CBT) brings the unique utility of crypto-flavored energy drinks to the cryptosphere. $CBT is a frictionless yield token that gives the highest ADA rewards generated by any token on the Binance Smart Chain. By just simply holding $CBT in a wallet, investors will realize a generous passive income paid out in ADA. CryptoBlast tokenomics works by taking a tax fee on every transaction. 10% of each buy and sell fee is redistributed to every wallet that holds $CBT on a percentage basis. Each holder will secure a generous passive income in the form of ADA. Rewards will be automatically sent to investor wallets every 60 minutes. All that is needed is to simply hold the token for a passive income. At its core, CryptoBlast is an energy drink company releasing the first crypto-branded drinks on the market. Any other company
www.cryptoweeklymag.com
DogevilleToken
Crypblast
has never done this before, making for a truly innovative project. The company has also been registered in Canada to handle the drinks and merchandise side of the business. 30% of merch store and energy drink net returns goes straight back to Cryptoblast energy shareholders. A never before attempted huge incentive to hold $CBT in investor wallets till the end of time, never feeling it would be better to sell. Flavors will be based on the most legendary tokens of all time. Enjoy 10% ADA while Cryptoblast reaches the moon with Cryptoblast energy! The exhilarating drink will help promote other tokens to revitalize them with a potent advertising platform! All BSC tokens will have a chance to market themselves as a refreshing drink! Cryptoblast is here to help the world get pumped!
December 2021 | Volume 05
26
FEATURE Crypto Weekly
Income Island a New Frontier for the World to Explore the Metaverse In last week's edition of Crypto Weekly, we went through all of the aspects of Income Island in some detail. We spoke about how different the concept is and about how unique. We described the intricacies of the private ownership of real estate on the island and the promise of recurring revenue generated from the private ownership of island properties. If you missed it you should go back and read it because it is one of the most promising and likely profitable frontiers of the Metaverse. It's what people imagine in their heads when they try to envision what the "Metaverse" experience will feel like or look like.
incomeisland
incomeisland
incomeisland
T
he developers at Income Island are striving to produce something different from any other project and show investors that the crypto market can be safe, profitable, and even entertaining for everyone. Why Income Island? There is a simple answer to this question. As an Island currency token owner, you'll be able to enjoy BNB reflections, advanced tokenomics, and earn real money while playing games. The developers tested ideas and concepts and sometimes failed during the early stages of the mission. Despite being knocked down at times by these attempts, they always got up again and returned even stronger. The process helped them find better solutions and learn from their mistakes.
December 2021 | Volume 05
market. They will improve, upgrade, and stand steadfast for this token throughout the development process. No matter how ups and downs the road may be, they are confident that they will succeed in their mission. Because that's who they are community members working together for a better future for everyone. Throughout it all, they were thankful for the patience and devotion of the amazing Income Island community. They entered the market with clear targets, a strong drive to achieve the unthinkable, and a desire to create a product that would revolutionize the crypto market. The Income Island Token has a transparent and dedicated team that aims to provide investors with more passive income opportunities than any other coin in the
Users of the Block chain will find Income Island to be a valuable experience. Income Island is an evolving, longterm project with clear targets that will yield generous profits for its investors. As the project progresses through its current stage of development, the game will continue to grow and expand. The game will continue to be developed while patches and improvements will be released as quickly as possible.
www.cryptoweeklymag.com
28
FEATURE Crypto Weekly
How to Keep Yourself On the Good Side of the IRS with Crypto T
here could be enormous profits for cryptocurrency investors. This year, Bitcoin and Ethereum, the two biggest cryptocurrencies, are up 100% and 470%, respectively. The major coin, Solana, is up 13,300%, whereas Dogecoin has gained 4,900%. Crypto owners may have benefitted from the profits, but taxes may be due soon, and the situation isn't clear. Cryptocurrency is taxed like any other investment, so it is not considered a currency but a stock. Capital gains taxes can be high when you sell coins, especially if you have owned them for less than a year. If you earn interest by lending or staking tokens, the interest is taxable, like interest from bonds and bank accounts. Crypto taxation depends on how investors trade, use, and manage their holdings. Cryptocurrencies are viewed as a growing and important new source of tax revenue by Washington.
December 2021 | Volume 05
In President Joe Biden's infrastructure bill recently signed, Congress included several tax-reporting requirements for brokerages and businesses. Over ten years, the government expects to raise $28 billion by tracking and taxing crypto transactions. Crypto wallets and decentralized trading platforms may have to report tax information to brokerage companies, issuing tax forms containing more transaction details. As they would for cash over that threshold, anyone receiving more than $10,000 in crypto in 2024 will have to report identifying information on the sender of the crypto. The government will also wreak havoc on taxpayers who underreport their gains. The IRS now requires taxpayers to declare if they have transacted or held a "financial interest" in virtual currencies. If taxpayers willfully fail to report all their income or profits from crypto,
they may face penalties or prosecution. Compliance with Internal Revenue Service rules shouldn't be a problem in some ways. Cryptocurrencies are subject to capital gains tax on net profits from sales, and sales within one year of purchase are taxable as ordinary income. Depending on income levels, capital gains rates range from 0% to 15% to 20%, with a 3.8% surcharge for filers with modified adjusted gross income or investment gains exceeding $200,000. Crypto losses can offset gains from other investments, such as stocks or real estate. Short-term trading losses in crypto, for instance, could be offset by short-term gains in stocks or vice versa. Many digital-asset exchanges do not issue standard 1099-B forms, so investors may have to do their own accounting. They record the cost basis of transactions and net gains or losses from sales. The taxpayer may have to
www.cryptoweeklymag.com
FEATURE
29
Crypto Weekly
consult a tax preparer or use software without these tools. Coinbase Global's (ticker: COIN) plans to issue 1099-MISC forms to users with over $600 in "fee income and rewards" for activities such as staking their holdings and receiving interest. However, investors will have to calculate their gains or losses from crypto sales on their own since Coinbase doesn't provide 1099-B forms. Coinbase said it isn't issuing the form since the IRS does not require it for this year's tax season. The company plans to provide gain/loss reporting next year. Gemini will issue 1099-K forms to customers who have transacted over 200 times and whose sales exceed $20,000. However, the forms do not include a cost basis, and other brokerages assist with this. RoboMarkets (HOOD) plans to issue cryptocurrency capital gains and cost-basis info on consolidated 1099-B forms and 1099-MISC forms for additional income. In 2021, both PayPal (PYPL) and Square (SQ) will issue 1099-B forms. Cryptocurrency holders buy, hold, and exchange their holdings in a variety of ways, causing complications. To hold and trade cryptocurrencies outside of major exchanges, investors can use digital wallets or other non-brokerage accounts. Investors can transfer holdings from an exchange account to Metamask, a wallet with 21 million users, in order to hold them separately. Decentralized financial platforms allow investors to lend tokens to liquidity pools or stake assets to protect blockchain networks and earn interest. On automated trading platforms like Uniswap, buyers and sellers can also swap tokens using "smart contracts." Because these platforms don't track trading, gains, and losses, they don't issue tax forms. When crypto-assets move between platforms, investors can lose track of their cost basis. Investing in capital gains or income is required by the tax authorities to determine profit and tax owed. Consider a discrepancy between self-reported investment income and proceeds reported by a brokerage.
www.cryptoweeklymag.com
Owning crypto through a security, such as a stock, exchange-traded fund, or limited partnership fund, is a simple way to keep things simple
Investors may receive an audit notice from the IRS requesting them to reconcile the figures. According to David Kemmerer, CEO of CryptoTrader. Tax, a software provider, "Crypto can move from wallet to wallet, and people may not know what their cost basis is. The IRS gets information about who invests, but they don't know how much those investors actually make." Meanwhile, new tax regulations included in the infrastructure legislation aim to close some crypto loopholes. The Treasury Department wants brokers to share their cost-basis information with the IRS to prevent investors from hiding gains. Digital wallets and DeFi platforms may have to provide brokerages with tax information under a new reporting regime. Changes in effect for the 2022 tax year may close a crypto-related "wash sale" loophole. Digital assets are included in the standard wash-sale rules in the Build Back Better bill. A loss cannot be written off if an investor purchases a "substantially identical" security within 30 days before or after a loss. Bitcoin traders, for example, could now sell every time the price drops below their cost and then buy more right after (or before) the sale and claim a loss. According to wash-sale rules, the loss would be disallowed if an investor did this with a stock. If the stock bounces back, the investor could still add the loss to the cost basis, lowering taxable
gains. However, crypto will likely be included in the wash sale. Owning crypto through a security, such as a stock, exchange-traded fund, or limited partnership fund, is a simple way to keep things simple. Several crypto funds trade over the counter, including Grayscale Bitcoin Trust (GBTC) and Bitwise 10 Crypto Index fund (BITW), a basket of major cryptocurrencies. The pass-through entities are taxed as pass-through entities, have steep expenses, and may trade at a premium or discount to the underlying holdings (both are now discounted). In contrast to the more common 1099-B, Grayscale issues a gross-proceeds tax form, and Bitwise issues a K-1. A number of futures ETFs are currently trading, including the ProShares Bitcoin Strategy (BITO) and the Valkyrie Bitcoin Strategy (BTF). Bitcoin spot prices should be tracked reasonably well by the funds. On top of their management fees, the downside of these products is that they impose a drag on returns of up to 2.5% annually. In addition, they may also invest in other crypto assets or derivatives in order to maintain exposure levels. Ownership of crypto directly avoids those issues, while tax filing and reporting are more complicated. Owning crypto is another matter. Among the winners: accountants and software providers who now have a new asset to crunch the numbers.
December 2021 | Volume 05
30
BEGINNERS GUIDE Crypto Weekly
Dollar-Cost Averaging decision-making. Dollar-cost averaging (DCA) lets you invest a smaller amount into an asset on a regular schedule. It's like buying groceries every week instead of stocking up once or twice per year. You can even set it and forget it with recurring investments that happen automatically at scheduled intervals. As with any investment, cryptocurrencies volatility may cause uncertainty, fear of missing out, or fear of participating at all. When prices fluctuate, how do you know when to buy? It's the age-old advice: buy low, sell high. But how do you find that magic moment when prices are at their lowest?
D
ollar-Cost Averaging (DCA) is a commonly used investment strategy useful to cryptocurrency investors, new and old alike, especially during market volatility. While dollarcost averaging is not a guarantee to hit the jackpot, time and time again, it has shown positive results in terms of reducing risk and increasing returns over time. While this article will not go into all the details and nuances of DCA, we will discuss what it is and why you may want (or may not want) to use it for your investments. By understanding how DCA works and its benefits/drawbacks, you will better understand an essential aspect of investing in cryptocurrencies. Let's get started!
December 2021 | Volume 05
The Problem: Market Volatility Financial markets (especially cryptocurrency) are highly volatile and speculative - meaning prices of cryptocurrencies are subject to sudden, dramatic changes in value. In addition, no central authority or government agency is overseeing the crypto market. As such, it can be difficult for investors to predict how prices will change over time. While the market may be hard to predict, there are ways to reduce your risk and exposure.
Dollar-cost averaging (DCA) is an investment strategy used by many cryptocurrency investors to reduce the volatility of market fluctuations. By investing at regular intervals, you increase your chances of success. This strategy enables investors to "average" out the cost of purchases over time and reduce the overall impact of market volatility and price drops. DCA is also
One Solution: Dollar-Cost Averaging (DCA) A critical key to being a successful investor is to take emotion out of your
www.cryptoweeklymag.com
BEGINNERS GUIDE
31
Crypto Weekly
a great way to "average down" your average cost when prices dip! As prices decline, DCA investors can leverage the dips to load up on an asset hoping that the prices will recover, returning a nice profit! While it may be tempting to roll the dice and put all your money into a single asset when investing, this can backfire spectacularly. Dollar-cost averaging is a strategy that can help protect investors from taking too much risk and losing their hard-earned money. Compared to investing at one point in time, dollar cost averaging spreads out investments over an extended period of time and offers more predictable returns when prices are rising or falling. Dollar-cost averaging also allows investors to gradually invest smaller amounts of money over time rather than making one significant investment all at once. It is a cost-effective way to get into the market without needing large sums of money, thus allowing anyone to become an investor and grow their crypto portfolio.
Who It's For The strategy of dollar-cost averaging can be the right choice for those who believe their investments will appreciate or increase in value, even if, on the way there, they experience some volatility.
By dollar-cost averaging, you can reduce the impact of market volatility on your investments. DCA allows investors to dip their toes into the market without having to go all-in (and possibly at an ATH or all-time high). How much to invest depends on your goal and risk profile for trading cryptocurrencies. As with any investment, though, there will be times when prices fluctuate where we might not know if it's worth buying into at all, so how do you make the decision to buy? If, as an investor, you think prices might go down — but are likely to recover in the long term — you can use DCA to take advantage of the time the price is down to gain more of an asset. The same goes for price spikes. DCA allows
you to hedge your investments in case of volatility. Emotions can get the best of anyone, but an emotional investment is typically not a good investment. Letting psychological factors like fear or excitement dictate buying and selling decisions is never a good idea. Often the result is panic selling or buying. DCA helps avoid FOMO and emotional trading.
Things To Consider Dollar-cost averaging does have some trade-offs. By spreading out your investments, you're missing the chance to reap the full benefit of a significant price increase. It's also important to consider trading fees when using dollarcost averaging because they can cut into profits and eat away at returns. Dollar-cost averaging is a great strategy to help reduce the risk of investing in crypto. Investors need to debate whether using dollar-cost averaging or not they research what this entails and whether it will be beneficial to them given their situation. There are pros and cons associated with every investment technique, which makes it imperative for any investor who wants to stay safe to know how each one works before making a decision! If you need help determining if DCA would work well for your investments plans, seek a professional. DYOR! Do your own research and always consider consulting with a financial professional before diving into new strategies, techniques, or technologies!
www.cryptoweeklymag.com
December 2021 | Volume 05
32
FEATURE Crypto Weekly
Blockchain Revolutionizes the Future of Work Groups such as Friends with Benefits are already successfully using social tokens. For crypto-based communities, social tokens are a way to incentivize collaborative work. The ecosystem around the tokens is more valuable than the tokens themselves. Many communities are already successfully utilizing social tokens. Coinverse's community manager is a French writer named Eliot Couvat. The following is his opinion. The views expressed are the author's own. Customized selections of our top stories based on your reading preferences. The NFT market has boomed since last year, and as of today, NFT sales have exceeded $13 billion. However, despite the considerable interest in NFTs, many people still do not understand how they work, as they are considered a fantasy with little practical application. While NFTs still draw skeptics due to how perception has evolved, a new trend has
December 2021 | Volume 05
emerged that could prove more valuable than NFTs and could transform the way we work and collaborate in the future: social tokens.
How do social tokens work? With a social token, anyone can join a crypto-based decentralized community and carry out joint projects in exchange for a digital currency. Digital currencies can be redeemed for other cryptocurrencies or perks within the community they are associated with, such as access to token-gated content, voting rights, and early access to NFTs. DAOs are first and foremost virtual communities where people who share similar interests join forces to achieve high-ambition goals. They are not about work. It's about culture and, foremost, about collaborating and creating what you've always wanted to create. Products and projects come second in DAOs.
There are many types of DAOs, some of which focus on cryptocurrency and some on social networking. It is true that all DAOs, even socially-focused ones, build different products with different ways to organize their work, and social tokens allow them to accomplish these goals. Like any other cryptocurrency, social tokens are cryptocurrencies. However, the benefit of creating a social token is that community leaders have control over its distribution. A social token aims to build a virtual economy where early believers and contributors share the benefits. Shares, or social tokens, are awarded to contributors who help grow the community by contributing to the various projects the DAO is building. People are interested in purchasing the tokens to gain access to exclusive content perks and vote power. Suppose contributors are paid in existing cryptocurrencies (like a salary). In that
www.cryptoweeklymag.com
FEATURE
33
Crypto Weekly
case, they are incentivized to help the project succeed, since their tokens gain an almost infinite value as the project's success grows. You would receive equity as an early employee of a startup. Community leaders can also use tokens to reward contributors fairly. In a community, tokens aren't limited to the first contributors as they are in startups. You will be rewarded for your efforts, even if you join later. This distribution of power is much fairer than traditional startup models. In addition to the advantages that social tokens offer within a decentralized community, they are also easier to trade than NFTs. Token holders do not have to wait until someone wants to buy their tokens before selling them; they can exchange them at any time for another cryptocurrency, making their value less hypothetical than an NFT's. Furthermore, social tokens do not require capital to participate, unlike NFTs. Entry is free, and anyone can participate in an online community and earn social tokens by working hard. The people who invest their time are the ones who create genuine value for an organization.
Tokens as a way to build trust Tokens are designed to incentivize collaboration by making it easy to
collaborate with individuals you don't know and don't trust. As opposed to setting up contracts and legal status for each contributor at the beginning, social tokens facilitate transactions on a blockchain, which means an irrefutable record of the exchange exists. As an alternative to legal contracts or regular fiat payments, social tokens won't replace what we currently use to build trust in the workplace, but they will allow us to launch smallscale projects more rapidly. Tokens can accomplish this via a multi-signature wallet, which is a crypto wallet that will enable you to manage your community's crypto assets with the option to require a pre-defined number of signatures to confirm transactions. Thus, no one can abandon a project with all the money that has been contributed since it would require the approval of all members. Members can also vote on decisions equitably using mechanisms, with voting proportional to the number of they own.
future crypto power tokens
What are some ways that organizations can use social tokens? A token is only as valuable as the ecosystem that surrounds it - the community or organization. Unlike NFTs,
Some projects have successfully tapped into the power of social tokens in recent months. In one project, Modern Billboard Collective, people will be able to buy a pixel and use it as an ad, which will make the entire page worth $1 million
www.cryptoweeklymag.com
which are primarily speculative and serve primarily to demonstrate status and belonging, social tokens enable people to create great things together and share the benefits. An NFT is like being an investor, while a social token is like getting early access to a company. As a result, you'll be more involved, learn more, and have a more significant say in the community's future. It's more fun than being an investor hoping for a return down the road. Some projects have successfully tapped into the power of social tokens in recent months. In one project, Modern Billboard Collective, people will be able to buy a pixel and use it as an ad, which will make the entire page worth $1 million. Using tokens, the collective will allow brands to advertise directly on their homepages without going through a mediator. They succeeded in creating trust between the three founding startups while pursuing crypto-mechanisms for the whole project. In other words, since anyone can buy a digital lot on one of the three websites "on-chain," the companies involved in this collective can rely on one another since royalties will be distributed automatically and fairly. Anyone can create a social token in minutes with platforms like Coinvise. Decentralized communities have long used social tokens for incentives. Groups like Friends With Benefits, a group chat for thinkers, or JUMP, a community for advertising professionals, Fortune 1000 brands, and Web3 startups, are now thriving. Tokens can facilitate collaboration and allow multiple people to work on a project at once, giving token holders flexibility and autonomy. There are already several communities that use social tokens growing steadily and have the potential to become billiondollar communities. Although the space is developing rapidly, a great deal still needs to be built, and there are a lot of opportunities ahead for ambitious and motivated individuals. Growing with these new Web3 communities and being rewarded for being a part of this revolution might be a once-in-a-lifetime opportunity. Don't miss it.
December 2021 | Volume 05
34
FEATURE Crypto Weekly
Ecosystems owned by communities The New Tribes of the Metaverse form Self-Governing Societies
I
n the years since Satoshi Nakamoto launched Bitcoin (BTC) in 2009, gamers have talked glowingly about blockchain's potential - thousands of panels and presentations have highlighted its possibilities, costumes of Bitcoin maximalists have been seen showing off their wealth. It has taken a long time for the transformation to take place despite these accolades. Regardless of the reason for the delay, whether it was the global COVID-19 pandemic or the time it took to create innovation, we are on the cusp of change that will lead to new economies and ways of interacting between humans. In virtual worlds, the Metaverse, which combines game theory and blockchain technology, creates tokenized incentives. Decentraland has already revolutionized people's lives and interactions, and many similar platforms
December 2021 | Volume 05
are being built. With the growing importance of the virtual economy, the Metaverse will include multiple crosschain possibilities.
The gaming industry and NFTs Real value is being created at the burgeoning intersection of decentralization and the video game industry, known as GameFi. Tokens that are non-fungible provide players with tangible, real-world assets and motivate players to participate for more extended periods, allowing developers to build in-game economies based on their creativity and interactions as creators and owners. By enhancing the gameplay experience with NFTs, in-game tokens and NFTs will ultimately increase in value. Players can now select the games they want to
play and how these games will evolve. In the wake of the pandemic, Axie Infinity's "scholarship" program, which encourages community development, significantly impacted families. This game ecosystem consists of multibilliondollar games controlled by players. Another early Decentralized Autonomous Organization (DAO) devoted to NFT gaming and trading is BlackPool. As a community-driven platform, it combines a passion for gaming and art with data analytics and machine learning to provide a return on investment for users. Axie-like scholarship programs are also available through BlackPool, which opens up new opportunities for excluded people. With blockchain technology, markets will be more democratic and transparent. In addition, through interoperability, it will be possible to create networks of
www.cryptoweeklymag.com
FEATURE
35
Crypto Weekly
GameFi benefits from blockchain in many ways:
The more transparent the gamification mechanisms are, and perhaps codified through a smart contract, the more trustworthy users are and the more willing to invest time and money. Blockchain technology facilitates the creation of virtual resources that are portable in a way that has never been possible before. The possibility of buying, selling, and exchanging assets outside of individual games has been added.
Intelligent automation using smart contracts, which enables multiple parties to interact without human intervention.
online communities with exchanges and interactions between them.
The community comes first. Through engagement and collaboration, a community forms around an idea or interest, and concepts emerge from the community. The idea of "corporationfirst" is being replaced with "communityfirst." These communities are decentralized, democratically governed, and they decide the final design. Artists who contributed to an NFT earn royalties every time someone mints one. By doing so, new ways of monetizing creative knowledge and skills will open up. With a create-to-earn model, creators can take control of their game and participate directly in its development. In-game assets can be created, NFTs can be created and sold on secondary markets. Players and programmers can benefit from this robust new creator economy, where their ideas can be liberated, the in-game experience
www.cryptoweeklymag.com
improved, and their intellectual capital monetized. Content creators become incentivized to improve the overall gaming experience, thus making the gaming ecosystem more communitydriven. Even beginners can contribute to games. The result will also be the emergence of new social networks between creators and fans. A new immersive fan-run economy will replace the attention economy in the Metaverse through social tokens. Communities or celebrities can further monetize themselves by creating social tokens based on a brand, community, or influencer. By creating bidirectional relationships between creators and consumers, both will benefit. Various Web 3.0 communities collaborate, evangelize, and create tribal network effects that contribute to the platform's value. Token economies are forming networks among digital communities. As more players use or promote the community,
the stronger the game and underlying blockchain become. Stakeholders are the players. As a result, a harmonized, interconnected Metaverse can be enabled that is further able to include digital data rights in tokenized NFTs, and to store, track, and enforce those data rights. The transformation has just begun for innovators and creators, and the communities that support them. Communities like these are the new tribes of the Metaverse, and the possibilities are only limited by your imagination!
December 2021 | Volume 05
36
FEATURE Crypto Weekly
Online Communities Will be Dominated by DAOs in Five Years
Creating an online community with as little friction as possible is the goal of a decentralized autonomous organization. The range of online communities that share a common interest on the internet includes social networks, grassroots organizations, and customer communities. As a society, we are naturally communal, so engaging in ideas and interests with others online makes sense. Through direct or indirect relationships, communities are built. Our methods vary, however.
J
akob Nielsen proposed a 90-9-1 rule in 2006 based on the inequality of participation in online communities and social media. Nielsen reports that 90% of people who use online communities are lurkers. They observe but don't contribute, 9% contribute a little, and 1% contribute the most. However, as online communities continue to grow in influence, their nature is changing. The previous era was dominated by a relationship between users, customers, and creators. However, online communities have started to take control of what they want to share in recent years.
December 2021 | Volume 05
Owning and creating in the economy Due to COVID-19 forcing many of us to work from home and socially distance ourselves from loved ones, digital connectivity has played a significant role in staying connected. Many have become more dependent on online communities as a result. In a study conducted by Facebook in conjunction with the Governance Lab at New York University, 77% of respondents indicated their most crucial group operates online. Content can be easily created and shared in today's world. Creator economies,
based on human creativity, intellectual property, and technology, continue to grow. We must appreciate the creator economy more than ever after years of lockdowns. The creative economy will play a key role in rebuilding economies following the ongoing global pandemic of COVID-19. According to Deloitte's figures, there could be more than eight million jobs in this sector by 2030. Leaving behind the sharing economy and moving toward an ownership economy is the next logical step. A nonfungible token (NFT) is an example of the creation and ownership economies
www.cryptoweeklymag.com
FEATURE
37
Crypto Weekly
coming together. Founder of Variant Fund, Jesse Walden, defines ownership as creating, operating, and funding, and owning. Through NFTs, creators can provide a more intimate connection with their followers while removing issues associated with go-betweens. With the blockchain, creators can own and copyright their work while also ensuring its authenticity. NFTs are a golden opportunity for creators to establish creative ownership. Crypto and decentralized finance (DeFi) are helping to transform online communities. Since crypto and DeFi use assets shared by all shareholders, creating something that aligns with their interests, crypto and DeFi are a natural match. The ownership economy empowers real-world communities to leverage digital tools to create, capture, and exchange value more effectively in virtuous cycles by leveraging frictionless finance. Bitcoin (BTC) is the pioneer of the ownership economy. Bitcoin was created in 2009 and offered a new avenue of economic wealth using computer
www.cryptoweeklymag.com
We must appreciate the creator economy more than ever after years of lockdowns. The creative economy will play a key role in rebuilding economies following the ongoing global pandemic of COVID-19. According to Deloitte's figures, there could be more than eight million jobs in this sector by 2030 technology. Thus, anyone with an internet connection was encouraged to mine for newly minted Bitcoin while claiming ownership of the network. The crypto market has grown exponentially since then. With it, online communities are being shaped by new tools and
incentive designs, creating the trend we now know as autonomous decentralized organizations.
The DAO online community As the name implies, DAOs are programmable communities of people that form around a shared mission and foster an online community. The DAO members ensure its objectives are met by controlling a crypto multi-signature wallet jointly. Transparent and auditable if-then statements govern DAOs. The great thing about DAOs and their role in online communities is that the way they interact with each other is a wide-open space, and there is much work being done in it. DAOs are open to everyone, regardless of their location. All that's necessary is staking funds, which is a great way to get involved with a community. Due to the DAO's lack of walls, its participants have intrinsic and extrinsic incentives to collaborate and support each other, jointly owning and leading projects. A system without a significant party allows everyone a voice in how something is or should be done.
December 2021 | Volume 05
38
NEWS Crypto Weekly
Test of All-Time Highs is Near for Ethereum
B
itcoin is stuck between $56,000 and $57,000 while Ethereum is trying to settle above the resistance at $4,770. Fed Chair Jerome Powell said yesterday that it was time to "retire" the term "transitory" when talking about inflation and that the Fed should trim its asset purchase program faster. The Fed's support served as a major catalyst for the rally from pandemic lows, so these comments put pressure on riskier assets. Powell's remarks did not adversely affect Ethereum prices, which continued to rise toward all-time highs. Ethereum's upward momentum is very strong at this point, and the test of all-time highs looks almost inevitable. Other leading cryptocurrencies also exhibit mixed dynamics. Bitcoin fell below the support at $57,700 after failing to settle above the 50 EMA at $58,300. Bitcoin's nearest support is
December 2021 | Volume 05
Dogecoin is also attempting to settle below the support level at $0.2150 in addition to failing to test the 20 EMA at $0.2265. XRP is currently testing $ 1.00 as resistance while Solana is trying to settle above $ 216. Ethereum is attempting to settle above the next resistance level at $4,770 after clearing the $4,650 resistance level. $56,000. Other coins may also be under pressure if Bitcoin reaches this level, but whether such an event will negatively impact Ethereum remains to be seen.
After pulling back below $0.000050 after the recent rally, Shiba Inu is testing the support level at $0.00004450. Dogecoin is also attempting to settle below the support level at $0.2150 in addition to failing to test the 20 EMA at $0.2265. XRP is currently testing $ 1.00 as resistance while Solana is trying to settle above $ 216. Ethereum is attempting to settle above the next resistance level at $4,770 after clearing the $4,650 resistance level. Ethereum will move towards the next resistance located at all-time highs near $4,865 if it can settle above this level. Ethereum will reach the psychologically significant $5,000 level if it breaks the resistance at $4,865.Ethereum's first support level will be the previous resistance at $4,650. Ethereum may decline below this level and move towards support at $4,535. A move below this level could lead to a test of the support at the 20 EMA at $4,380.
www.cryptoweeklymag.com
The new Cryptocurrency based in London, UK Avaliable on BSC
Super car giveaway - 3 cars over one year, just HOLD KODA
First draw live in Dubai T&C’s apply
https://koda.finance
https://linktr.ee/KodaCryptocurrency
