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Stepn to block mainland China users to comply with regulatory policies

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Stepn to block mainland China users to comply with regulatory policies

In a move to comply with Chinese regulatory policies, Stepn will be blocking users based in mainland China from its mobile app.

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Stepn to block mainland China users to comply with regulatory policies

The nonfungible token (NFT) game Stepn will ban users in mainland China in an attempt to follow Chinese regulatory requirements.

The company’s uncertainty has been fueled by rumors that it will be forced to leave mainland China. STEPN is a popular “move-to-earn” game based on Solana (SOL) and BNB Chain (BNB) that was created by two Chinese emigrants now living in Australia.

On July 15, Stepn will clear all accounts based in mainland China for local compliance reasons. Before then, the platform advised users who planned to reside in mainland China long-term to sell their assets on the platform, if possible.

2/ 如果您預期長期會在該地區的GPS 或 IP位置登陸及使用您的帳戶,我們鼓勵您自行決策處理應用內的資產。在此期間,更多細節將通過官方社交媒體公告、郵件、應用內提示等方式通知使用者。

— STEPN | Public Beta Phase IV (@Stepnofficial) May 26, 2022

The news sent shockwaves throughout the market, with investors dumping assets. When Pandaily launched Stepn in April, the floor price of a “sneaker” on the platform was around 13 SOL, but it has since dropped to just 8 SOL. Also, the price of STEPN’s utility token, GMT, has plummeted by more than 30% in the past 24 hours, with most of it occurring after the announcement.

After the news was announced, Jerry, the firm’s founder, noted that mainland Chinese users make up 5% of the platform’s overall user base, implying that the company’s exit from this market will not have a significant impact on its financial success. According to Stepn’s official Twitter account, daily active users increased to more than 500,000 in May, from 300,000 in April.

Stepn aims to show that it is viable because it earns commissions from other blockchain firms that market their goods or tokens to Stepn’s users, who are accessible through the move-to-earn concept, Rong stated last month.

Related: NFT traders STEPN to a new groove — Is move-to-earn the future of fitness or another fad?

China has been cracking down on cryptocurrency-related activities for years, and the central bank’s statement about foreign cryptocurrency exchanges in September last year prompted large platforms such as Binance and Huobi to leave the country.

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When Will Bitcoin Bottom Out? Pi Cycle Bottom Says It Will Happen on July 9

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When Will Bitcoin Bottom Out? Pi Cycle Bottom Says It Will Happen on July 9

Many cryptocurrency enthusiasts have heard of the Pi Cycle Top indicator, which has “magically” predicted the peaks of several previous bull markets. However, few know that there is also its opposite, Pi Cycle Bottom, which also has some track record in trying to estimate the bottom of a bear market.

But before we take a closer look at Pi Cycle Bottom, let’s remind ourselves why its bullish nemesis has earned so much popularity.

The historic effectiveness of the Pi Cycle Top

We first wrote about the Pi Cycle Top on BeInCrypto over a year ago, when Bitcoin was close to reaching its previous all-time high (ATH). The indicator is based on the relationship between the double of the 350-day DMA and the 111-day DMA. The signal fired on April 12, 2021, and just two days later, Bitcoin reached a historic ATH of $64,900.

This high accuracy of the Pi Cycle Top was not an exception, as the indicator has been very effective in previous cycles as well. All 3 historical ATHs of previous bull markets coincided with the signal flashing up no more than 5 days before or after the peak.

Chart by Tradingview

The only ATH during which the Pi Cycle Top was far from crossed is the most recent one. On November 10, 2021, when BTC reached $69,000, the indicator failed to generate a signal. At the time, this was interpreted as a sign that the second wave of the bull market was not yet over. Today we know that the indicator failed in this case.

Pi Cycle Bottom and the end of a bear market

Pi Cycle Bottom is the opposite of Pi Cycle Top. The bearish version is the relationship between the 471 SMA and the 150 EMA. Moreover, the former is multiplied by a factor of 0.745. Not a very elegant construction, but historically quite effective.

As it turns out Pi Cycle Bottom indicator could be successfully used to estimate the area of the absolute bottom of two previous bear markets (blue lines).

The first time the 150 EMA fell below the 471 SMA was on January 16, 2015. This happened just two days after the absolute bottom of the BTC price at $152.

The second time the Pi Cycle Bottom generated the same signal was on December 16, 2018. This happened just one day after the absolute bottom of the previous bear market at $3122.

Chart by Tradingview

We are currently approaching the third signal in history and another bearish crossing of the two moving averages (blue circle).

When will Bitcoin bottom out?

If the relationship between the intersection of the two moving averages and the bottom of the BTC price repeats itself in this cycle, Bitcoin could soon reach the bottom of this bear market. Currently, the 150 EMA has begun the sharp decline characteristic of the recent capitulation phase. A crossover is likely in the coming days.

Cryptocurrency market analyst @TheRealPlanC tweeted his own prediction of the date of the intersection and reaching a hypothetical bottom for Bitcoin. Based on the movement trajectory of the two curves, he estimated that the intersection will occur on July 9, 2022.

Source: Twitter

If this were to happen, then in exactly 15 days the Pi Cycle Bottom would generate a signal that very accurately indicated the bottom of the BTC price in the previous two iterations.

One step further went another analyst @el_crypto_prof, who combined the potential signal from the Pi Cycle Bottom with a fractal analysis of previous cycles. In his opinion, if a potential Bitcoin bottom were to happen in the near future, it would fit well with analogies between previous cycles.

Source: Twitter

In the chart above, we can see that for the entire period from April 2021, the analyst includes the post-ATH correction phase highlighted in red. It also includes the latest ATH at $69,000 reached on November 10. Although technically a higher BTC price was reached then, many technical and on-chain indicators suggest that it was already a bear market.

Perhaps this was also the reason why the Pi Cycle Top did not generate a proper signal. If this is true and the correction in the BTC market has been going on for more than a year, then indeed we can soon expect an end to the long-term decline. The Pi Cycle Bottom indicator is just an additional layer of confluence that may make this scenario more likely.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

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It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The alleged removal is a bit strange considering Bored and Hungry only opened its doors back in April.

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It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for its food.

When questioned, one Bored & Hungry employee told the Los Angeles Times “Not today — I don’t know.” The individual didn’t give any indication of when the decision was made to cut crypto from the menu of payment options, nor did they know if crypto payments would be making a return.

Bored & Hungry initially launched back in April of this year. At the time, one worker told the Los Angeles Times that the majority of its customers didn’t seem to care about crypto payment options, also noting that customers were generally indifferent to “the restaurant’s fidelity to the crypto cause.”

Another Bored & Hungry restaurant patron told the Los Angeles Times “People want to hold onto their ethereum. They’re not gonna want to use it.” Customer Richard Rubalcaba said, “I don’t know how [crypto purchases] would work, with the crash.”

Many of the restaurant’s patrons stated that they are not hardcore crypto enthusiasts, and simply frequent the establishment for the food. Customer Jessica Perez said, “We rate this up there with In-N-Out, maybe even better.”

Changes to venue’s payment policies seem to fall in line with the overarching crypto and macro economical meltdown transpiring across the globe. But never fear, hungry crypto users! You can still visit Chipotle, which began accepting crypto payments earlier in June via Flexa. Several countries are facing relentless regulations and scrutiny and there are issues of contagion in the crypto market.

Cointelegraph reached out to Bored and Hungry owner Andy Nguyen for clarification on the restaurant’s crypto acceptance, but did not receive a response prior to publication.

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Celsius Network hires advisers ahead of potential bankruptcy: Report

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Celsius Network hires advisers ahead of potential bankruptcy: Report

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