Bitcoin News https://news.bitcoin.com/ Daily Bitcoin News Wed, 31 May 2023 21:00:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.1 https://static.news.bitcoin.com/wp-content/uploads/2022/06/cropped-favicon-32x32.png Bitcoin News https://news.bitcoin.com/ 32 32 Central Banks Show ‘a Lot More Pessimism’ About US Dollar, Survey Shows https://news.bitcoin.com/central-banks-show-a-lot-more-pessimism-about-us-dollar-survey-shows/ Wed, 31 May 2023 23:30:04 +0000 https://news.bitcoin.com/?p=591192&preview=true&preview_id=591192 The latest gold reserves survey by the World Gold Council shows that central banks are less optimistic about the future role of the U.S. dollar while their confidence in gold has risen. “There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold,” said the council’s director of […]]]>

The latest gold reserves survey by the World Gold Council shows that central banks are less optimistic about the future role of the U.S. dollar while their confidence in gold has risen. “There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold,” said the council’s director of Central Banks and Public Policy.

Central Banks’ Confidence in US Dollar Drops

The World Gold Council (WGC) published the results of its 2023 Central Bank Gold Reserves Survey Tuesday.

“Following a historical high level of central bank gold buying, gold continues to be viewed favorably by central banks,” the gold industry body described, adding that 24% of central banks surveyed intend to increase their gold reserves holdings in the next 12 months. Last year, central banks bought a record 1,136 tons of gold. In contrast, the council noted:

Central banks’ views towards the future role of the U.S. dollar were more pessimistic than in previous surveys.

According to the survey findings, “46% of advanced economy respondents believe the U.S. dollar’s share of global reserves will fall” while 58% of respondents from emerging markets and developing economies (EMDE) expect it to do so, the council detailed.

Emerging-market central banks attributed their views to “shifts in global economic power” and gold being seen as a means of geopolitical diversification. On the other hand, developed economies cited environmental, social, and governance factors as the rationale behind their perspectives.

Central Banks’ Optimism in Gold Rises

The World Gold Council described that central banks’ “views towards gold’s future role grew more optimistic, with 62% saying that gold will have a greater share of total reserves compared to 46% last year.”

The WGC noted: “A majority of central banks expect a slight increase in the proportion of total reserves being denominated in gold over the next five years, with developing economies primarily driving this view.” The industry body added: “7 in 10 central banks surveyed believe that gold reserves will increase in the next 12 months. This is a 10-point increase from last year.”

Shaokai Fan, director for Central Banks and Public Policy at the World Gold Council, explained: “There’s been a major shift in how central banks perceive the dollar and the role of gold … Central banks move at a slow pace and last year’s events were a shock to everybody.” Noting that the optimism was not towards the Chinese yuan or the euro but toward gold, he stressed:

There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold.

Central banks cited concerns over rising interest rates from key central banks like the Federal Reserve, geopolitical tensions from the Russia-Ukrainian war, and elevated inflation rates as the key drivers for their gold purchases last year. While the primary motivation for holding gold remained interest rate concerns this year, central banks are also worried about the stability of the U.S. banking sector, inflation, and possible future pandemics.

What do you think about central banks showing less confidence in the U.S. dollar? Let us know in the comments section below.

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Bitcoin Mining Difficulty Surpasses 50 Trillion for the First Time, Reaching a Record 51.23 Trillion https://news.bitcoin.com/bitcoin-mining-difficulty-surpasses-50-trillion-for-the-first-time-reaching-a-record-51-23-trillion/ Wed, 31 May 2023 21:30:59 +0000 https://news.bitcoin.com/?p=591214 On Wednesday, Bitcoin reached a new milestone as its mining difficulty increased by 3.4% at block height 792,288, setting a fresh record. The difficulty level surpassed the 50 trillion mark for the first time in Bitcoin’s history, hitting an unparalleled 51.23 trillion. Bitcoin Mining Difficulty Jumps 3.4% Higher Data reveals that around 373 exahash per […]]]>

On Wednesday, Bitcoin reached a new milestone as its mining difficulty increased by 3.4% at block height 792,288, setting a fresh record. The difficulty level surpassed the 50 trillion mark for the first time in Bitcoin’s history, hitting an unparalleled 51.23 trillion.

Bitcoin Mining Difficulty Jumps 3.4% Higher

Data reveals that around 373 exahash per second (EH/s) of hashrate is committed to the Bitcoin blockchain, and the network’s hashpower has been consistently growing. For instance, on May 2, 2023, at block 787,895, the network’s hashrate reached an all-time high of 491.15 EH/s. Due to this escalated hashrate and quicker block intervals, the difficulty rose by 3.22% on May 18 at block height 790,272.

The most recent difficulty adjustment transpired at block height 792,288 with a 3.4% increase. The difficulty climbed from 49.55 trillion to the present 51.23 trillion after Wednesday’s surge. This is the first time Bitcoin has registered a difficulty above the 50 trillion mark; the figure of 51.23 trillion represents the lowest value a computed hash must be below for a miner to successfully mine a new block.

Bitcoin Mining Difficulty Surpasses 50 Trillion for the First Time, Reaching a Record 51.23 Trillion

This change signifies that discovering a BTC block has never been more challenging; due to increased difficulties in mining, it now necessitates heightened computational power and resources to find a valid hash and secure mining rewards. Currently, Foundry USA is the leading mining pool contributing the most hashrate to the network with 114.75 EH/s and commanding 30.26% of the total hashrate on May 31.

Following Foundry’s lead include the mining pools Antpool (79.75 EH/s), F2pool (55.34 EH/s), Binance Pool (34.99 EH/s), and Viabtc (29.30 EH/s). The network recorded an average hashrate of roughly 366 EH/s throughout the last 2,016 blocks. The next difficulty adjustment on the Bitcoin network is slated to take place around June 14, 2023. Despite the rising mining difficulty, bitcoin miners carry on undeterred, and the overall network hashrate continues to remain constant, indicating an unwavering trend of activity.

What are your thoughts about the difficulty hitting an all-time high of 51.23 trillion on Wednesday? Share your views and opinions on this topic in the comments section below.

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Bybit Follows Binance’s Footsteps, Exits Canadian Market Amid Regulatory Concerns https://news.bitcoin.com/bybit-follows-binances-footsteps-exits-canadian-market-amid-regulatory-concerns/ Wed, 31 May 2023 19:30:45 +0000 https://news.bitcoin.com/?p=591140 In the wake of Binance’s departure from Canada, cryptocurrency exchange Bybit has announced its exit from the nation as well, citing “recent regulatory development” as the reason. Effective May 31, Bybit stated that it would cease accepting applications from Canadian residents. Bybit to Pause Operations in Canada According to a Tuesday announcement, Bybit is withdrawing […]]]>

In the wake of Binance’s departure from Canada, cryptocurrency exchange Bybit has announced its exit from the nation as well, citing “recent regulatory development” as the reason. Effective May 31, Bybit stated that it would cease accepting applications from Canadian residents.

Bybit to Pause Operations in Canada

According to a Tuesday announcement, Bybit is withdrawing from Canada and has suspended new registrations from Canadian residents as of Wednesday. Starting July 31, Canadians will be unable to deposit funds; however, they can still withdraw and reduce their trading positions for the time being.

“Canadian Customers who are implicated by these measures should take steps by September 30, 2023, 8AM UTC to wind down and manage their positions,” Bybit said. “Failing which, open positions in any margin products and derivative contractswill be liquidated and the liquidated funds will be available for withdrawal.”

While Bybit explained it has always prioritized compliance, it acknowledged that current regulations in Canada have created challenges. “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services,” the exchange explained, without specifying which particular regulations led to this decision.

Following Binance’s exit from Canada due to similar concerns, Bybit has chosen not to mention the possibility of returning to the Canadian market if regulations change. Although a “pause” suggests the possibility. Meanwhile, the exchange is expanding its reach by recently receiving in-principle approval to operate in Kazakhstan.

Are stricter regulations driving cryptocurrency exchanges away from Canada? Share your thoughts and opinions about this subject in the comments section below.

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Crypto Exchange Binance to Remove Privacy Coins From 4 European Markets https://news.bitcoin.com/crypto-exchange-binance-to-remove-privacy-coins-from-4-european-markets/ Wed, 31 May 2023 17:30:09 +0000 https://news.bitcoin.com/?p=591160 Multiple reports have revealed that Binance, the crypto exchange with the highest trade volume, has announced the removal of 12 privacy-focused cryptocurrencies from its markets in Spain, France, Poland, and Italy. Commencing on June 26, 2023, users residing in these four countries will no longer have the option to purchase or trade these privacy coins […]]]>

Multiple reports have revealed that Binance, the crypto exchange with the highest trade volume, has announced the removal of 12 privacy-focused cryptocurrencies from its markets in Spain, France, Poland, and Italy. Commencing on June 26, 2023, users residing in these four countries will no longer have the option to purchase or trade these privacy coins on Binance’s trading platform.

Binance to Delist 12 Privacy Coins in Spain, France, Poland and Italy

Binance has recently informed its customers in France, Spain, Italy, and Poland via email that it intends to remove 12 distinct privacy coins from these markets. Among the privacy coins set to be delisted are dash (DASH), verge (XVG), beam (BEAM), monero (XMR), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB).

“Due to local regulatory requirements, Binance is no longer able to offer privacy-enhanced cryptocurrencies in France,” an email to French customers details. “Starting from June 26, 2023, users residing in France will no longer be able to buy or sell the [specific] privacy coins on our platform,” the notice adds.

On Wednesday, the leading privacy coins experienced a 3.2% decline in value against the U.S. dollar. The combined market capitalization of all existing privacy coins currently sits at approximately $5.73 billion, with monero (XMR) taking the lead. XMR has experienced a 2.4% loss today, while the second-largest privacy coin by market capitalization, DASH, has seen a drop of 3.5%. However, despite these losses, the top five privacy coins, based on market capitalization, are displaying positive performance according to seven-day statistics.

Privacy coins have encountered delistings due to regulatory concerns on multiple occasions in the past. In 2021, prominent cryptocurrency exchanges in South Korea made the decision to remove several of the top privacy coins from their platforms. This trend was also witnessed in Japan back in 2018, and it gradually spread across various Asian countries in 2019. The recent news of Binance’s delisting of privacy tokens comes in the wake of its withdrawal from the Canadian market and its challenges with a domestic payment provider in Australian markets.

What are your thoughts on Binance’s decision to delist privacy coins in Spain, France, Poland, and Italy? Share your thoughts and opinions about this subject in the comments section below.

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Biggest Movers: SHIB Nears 6-Month Low, Whilst LTC Drops by 4% on Wednesday https://news.bitcoin.com/biggest-movers-shib-nears-6-month-low-whilst-ltc-drops-by-4-on-wednesday/ Wed, 31 May 2023 15:45:02 +0000 https://news.bitcoin.com/?p=591173 Shiba inu moved closer to a six-month low on Wednesday, as sentiment in cryptocurrency markets shifted bearish. Litecoin was another notable token to fall, slipping by over 4% today. The global market cap is currently down by over 2% at the time of writing. Shiba Inu (SHIB) Shiba inu (SHIB) fell below a key support […]]]>

Shiba inu moved closer to a six-month low on Wednesday, as sentiment in cryptocurrency markets shifted bearish. Litecoin was another notable token to fall, slipping by over 4% today. The global market cap is currently down by over 2% at the time of writing.

Shiba Inu (SHIB)

Shiba inu (SHIB) fell below a key support point earlier in today’s session, moving closer to a six-month low as a result.

Following a high of $0.000008784 on Tuesday, SHIB/USD dropped to a intraday low of $0.000008398 earlier in the day.

This drop resulted in the meme coin falling below a key support point of $0.000008500, approaching its lowest point since January 8.

From the chart, it appears that the latest decline comes as the 14-day relative strength index (RSI) moved towards a floor at 32.00.

At the time of writing, the index is tracking at 33.76, following a failed breakout of a ceiling at 44.00.

Should price strength fall to the aforementioned support point, there is a good chance SHIB will hit a new six-month low.

Litecoin (LTC)

Litecoin (LTC) was another notable mover on Wednesday, as prices plunged by as much as 4%.

LTC/USD dropped to a low of $88.35 earlier in the day, which comes less than 24 hours after hitting a high at $92.59.

It appears that this latest decline comes following a failed breakout attempt of a ceiling at the $93.50 mark in recent days.

In addition to this point of resistance, the RSI ran into a hurdle of its own at the 57.00 mark.

As of writing, the index is tracking at 50.35, which is marginally above a recent support at the 50.00 level.

LTC has somewhat rebounded from earlier lows and at the time of writing, is trading at $89.08.

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Will litecoin move back above $90.00 this week? Let us know your thoughts in the comments.

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Stablecoin Economy Reaches 20-Month Low as BUSD Redemptions Surpass 10 Billion Tokens in 3 Months https://news.bitcoin.com/stablecoin-economy-reaches-20-month-low-as-busd-redemptions-surpass-10-billion-tokens-in-3-months/ Wed, 31 May 2023 14:30:43 +0000 https://news.bitcoin.com/?p=591119 Three months have passed since Paxos made the decision to cease the production of new BUSD tokens, complying with the directive issued by the New York Department of Financial Services (NYDFS). Since February 13, 2023, 10.62 billion BUSD tokens have been redeemed thus far. Within the span of the last 30 days, slightly more than […]]]>

Three months have passed since Paxos made the decision to cease the production of new BUSD tokens, complying with the directive issued by the New York Department of Financial Services (NYDFS). Since February 13, 2023, 10.62 billion BUSD tokens have been redeemed thus far. Within the span of the last 30 days, slightly more than one billion BUSD stablecoins have been withdrawn from circulation.

BUSD Redemptions Exceed 10 Billion Tokens Since NYDFS Announcement

Despite tether (USDT) approaching its all-time high in terms of market capitalization, the stablecoin economy is currently experiencing its lowest value range since September 2021. A decent-sized fraction of the stablecoin economy’s decline can be attributed to the redemption of BUSD tokens. Three months ago, or 107 days to be precise, Paxos made an announcement in compliance with the directives from the NYDFS, stating that they would cease the production of BUSD tokens.

Stablecoin Economy Reaches 20-Month Low as BUSD Redemptions Surpass 10 Billion Tokens in 3 Months

According to archived data from that day, approximately 15.87 billion BUSD stablecoins were circulating. The figure marked a decline of 6.23 billion BUSD from the total of 22.10 billion BUSD in circulation on December 11, 2022. Following the announcement by the NYDFS, the rate at which BUSD was diminishing accelerated significantly, falling below the 10 billion mark on March 2, 2023. Although the pace of reduction has eased since then, data indicates that around 10.62 billion BUSD has been withdrawn since the initial announcement.

10 BUSD Wallets Hold More Than 92% of the Stablecoin’s Supply

Over the past 30 days, the statistics reveal that a significant 15.4% of the BUSD supply has been erased, making it the stablecoin with the highest 30-day redemption rate among the top ten. Presently, the circulating supply of BUSD stands at 5.25 billion. However, it is important to note that a majority of the BUSD in circulation is concentrated in a few entities. To be precise, there are 168,742 unique addresses that hold BUSD, but the top ten addresses alone account for 92.24% of the BUSD supply issued on the Ethereum blockchain.

Data from Nansen.ai reveals that the top four wallets holding BUSD are under the control of Binance, with 3.124 billion BUSD held by the exchange. Following closely behind is the Paxos Treasury wallet, ranking as the fifth largest BUSD wallet with a balance of 20.6 million BUSD. It is worth noting that the redemption trend observed over the past 107 days did not solely affect the Paxos-issued stablecoin BUSD. Other dollar-pegged tokens such as USDC, DAI, and GUSD also experienced declines in their respective supplies.

USDC, for instance, encountered a depegging incident in March, while ccdata.io research indicates that the May 2023 trade volumes of stablecoins have plummeted by over 40% — to the lowest monthly volume recorded since December 2022. According to the ccdata.io study, the stablecoin economy has endured a continuous decline for 14 consecutive months since achieving its current valuation of $130 billion.

Despite losing a substantial 10.62 billion tokens in the past three months, BUSD maintains its position as the third largest stablecoin in terms of market capitalization. However, if an additional 622 million tokens are redeemed, DAI will surpass BUSD and claim the third position.

What are your thoughts about BUSD redeeming more than 10 billion coins over the past three months? Share your insights and opinions in the comments section below.

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Fall Lower, as US Consumer Confidence Hits 6-Month Low https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-fall-lower-as-us-consumer-confidence-hits-6-month-low/ Wed, 31 May 2023 13:30:12 +0000 https://news.bitcoin.com/?p=591143 Bitcoin erased recent gains on Wednesday, as markets reacted to the latest points of U.S. economic data. One of which being consumer confidence, which dropped to a six-month low in May. Ethereum was also lower in today’s session, dropping below $1,900. Bitcoin Bitcoin (BTC) neared a breakout below $27,000 on Wednesday, as markets reacted to […]]]>

Bitcoin erased recent gains on Wednesday, as markets reacted to the latest points of U.S. economic data. One of which being consumer confidence, which dropped to a six-month low in May. Ethereum was also lower in today’s session, dropping below $1,900.

Bitcoin

Bitcoin (BTC) neared a breakout below $27,000 on Wednesday, as markets reacted to the latest data surrounding consumer confidence in the United States.

Following a high of $28,037.69 on Tuesday, BTC/USD slipped to an intraday low of $27,009.69 earlier in the day.

The downturn comes as momentum in the market has slightly shifted, with the global crypto market cap falling by 2.59% as of writing.

Overall, today’s decline in BTC comes despite an upcoming crossover between the 10-day (red) and 25-day (blue) moving averages.

From the chart, it appears that a failed breakout of a ceiling at 53.00 on the relative strength index (RSI) played a significant role in this.

The index is now tracking close to a floor at 46.00, with a current reading of 47.10, and should this hold, a reversal is still possible.

Ethereum

Ethereum (ETH) dropped below $1,900 in today’s session, as bulls retreated from a recent multi-week high.

ETH/USD sunk to a bottom at $1,860.37 earlier in today’s session, which comes after a peak of $1,914.85 the day prior.

Overall, the shift in momentum has led to ethereum moving away from a recent high of $1,928, which was the strongest point price had hit since May 8.

Looking at the chart, failure to move past a resistance level of $1,930 can be partially blamed for the change in direction.

Overall, bears now seem to be set on taking price to a support point at $1,830, with the RSI hunting for a floor of its own.

The index is now tracking at 52.60, with the next visible floor potentially at 49.00.

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What do you believe is behind today’s downturn? Leave your thoughts in the comments below.

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Crypto Exchange Bybit Granted In-principle Approval to Operate in Kazakhstan https://news.bitcoin.com/crypto-exchange-bybit-granted-in-principle-approval-to-operate-in-kazakhstan/ Wed, 31 May 2023 11:30:32 +0000 https://news.bitcoin.com/?p=591091 Cryptocurrency exchange Bybit has received an in-principle approval to work in Kazakhstan, a jurisdiction increasingly seen by crypto companies as a gateway to the former-Soviet space. The trading platform wants to expand its presence in the region and other emerging markets. Bybit on Route to Winning Kazakhstan Crypto License Singapore-based Bybit, one of the world’s […]]]>

Cryptocurrency exchange Bybit has received an in-principle approval to work in Kazakhstan, a jurisdiction increasingly seen by crypto companies as a gateway to the former-Soviet space. The trading platform wants to expand its presence in the region and other emerging markets.

Bybit on Route to Winning Kazakhstan Crypto License

Singapore-based Bybit, one of the world’s leading crypto spot exchanges, is now a step closer to becoming a licensed crypto operator in Kazakhstan. On Tuesday, the company announced it has obtained in-principle approval from the Astana Financial Services Authority (AFSA).

“The in-principle approval subjects Bybit to pre-conditions leading to permanent authorization upon Bybit’s completion of the full application process,” a press release explained. When licensed, it will be able to operate as a digital asset exchange and custody service provider.

AFSA is the regulatory body overseeing the Astana International Financial Centre (AIFC), Kazakhstan’s financial hub based in the capital Nur-Sultan (formerly Astana). Under the country’s current rules, only platforms registered there are allowed to offer such services.

Bybit noted that Kazakhstan is a gateway to the Commonwealth of Independent States (CIS), a regional organization uniting several former-Soviet states. The exchange believes this is a fast-growing market which is rapidly embracing cryptocurrencies and related activities such as mining and blockchain development.

“We are delighted to receive an in-principle approval from AFSA. We believe in the promising potential of the CIS and are eager to open up our world-class trading platform for crypto enthusiasts in the region,” Bybit co-founder and CEO Ben Zhou stated.

Kazakhstan became a mining hub following China’s crackdown on the industry in 2021 but has since tried to limit electricity consumption in the sector blamed for the country’s power deficit. It also took steps to regulate the crypto space through new legislation.

“It has always been our primary objective to operate our business in compliance with relevant rules and regulations. Bybit firmly supports the regulatory objective of establishing a compliant, secure, and transparent cryptocurrency industry to benefit users,” Ben Zhou added.

Bybit’s announcement comes after the world’s largest crypto exchange by daily trading volume, Binance, obtained in-principle approval to work with cryptocurrencies in Kazakhstan last August and was eventually granted full license in October 2022.

Do you think Kazakhstan will license more global cryptocurrency exchanges? Tell us in the comments section below.

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Junkineering Launches a Closed Demo in Q3 2023: New Approach Vision for the Web3 Gaming Industry https://news.bitcoin.com/junkineering-launches-a-closed-demo-in-q3-2023-new-approach-vision-for-the-web3-gaming-industry/ Wed, 31 May 2023 11:00:32 +0000 https://news.bitcoin.com/?p=590462&preview=true&preview_id=590462 What is wrong with the current P2E market Since most P2E projects do not create long-playing products, the Free-to-Play model of the past decade is breaking down, threatening to disrupt a $100B+ industry. The main lessons learned before 2023 are: NFTs were misused for trading and farming, not for gaming, Pay-to-play model anyway to engage […]]]>

What is wrong with the current P2E market

Since most P2E projects do not create long-playing products, the Free-to-Play model of the past decade is breaking down, threatening to disrupt a $100B+ industry. The main lessons learned before 2023 are:

  • NFTs were misused for trading and farming, not for gaming,
  • Pay-to-play model anyway to engage in a full-featured game,
  • Low quality graphics and lack of unique generated content,
  • Farming and breeding decrease economy in a long run,
  • Complex onboarding of Web2 gamers.

Here’s where Junkineering comes into play, with the goal to improve the model, align incentives between developers and players in a virtuous cycle, as well as deliver a quality product, engaging and Fun-to-Play. The approach they offer is as follows:

  • Game design based on the NFT Utility,
  • Fair free-to-play and Digital Ownership,
  • User Generated Content,
  • No breeding, no farming mechanics,
  • Familiar experience for Web2 audience.

What is Junkineering

Junkineering is a Free-to-Play MMO RPG game with an NFT-oriented economy and a squad strategic gameplay. The game is being developed by Coleplay Studio, whose main focus is to deliver a high-quality gaming experience by uniting strong aspects of Web2 and Web3 worlds.

Concept and Mission

The Junkineering team decided on using MMO RPG and PermaDeath Mechanics for 5 primary reasons:

  1. They want to target the biggest audience segment in both mobile and web games.
  2. F2P and clear steps allow for simple user onboarding across all platforms.
  3. User retention in this game genre is higher than in other genres.
  4. Possibility to implement NFT in-game assets to extend gamers’ experience.
  5. Players can generate the content playground themselves.

By creating Junkineering, the team of top-notch experts in gaming technologies set out to take a totally different approach to the in-game economy. Instead of implementing infamous farming mechanics and token-based economy models that inevitably ruin demand along with the coin price, they offer revenue from in-game purchases mixed with the NFT-economy, awarding players in stable coins and NFTs.

This approach keeps players engaged and attracts both Web2 and Web3 audiences, as well as contributes to maintenance of the well-balanced in-game economy.

Junkineering World

Along with lands opening for gamers chapter by chapter and allowing players to take part in battles, Junkineering offers several specific areas. Each area serves its own purpose. Here’s a brief overview of the Junkineering world:

Workshop Hub. In Junkineering all roads lead to the HUB. This is the base used for repairing, crafting, upgrading and minting the army of robots with their equipment.

Bot Construction. Bot Construction platform allows players to view and manage all constructed robots, selecting the best team. Here players can access their collection of robots, decide what kind of robot they need for the team and build it accordingly, as well as receive daily assets or buy them on the marketplace.

Global Map. In a 100+ hours PVE campaign you can progress, travelling between lands and winning story battles against NPCs. Junkineering offers the following lands: Scamy Yard, Startupers Hood, Dexwallet Street, Acics and Gund Base, Miningtlantida, Launchpad “To the moon”, each with its own mission, story and bosses.

What makes Junkineering stand out from the crowd

The game is created in a way to show players quality in each and every aspect. AAA-quality graphics along with a powerful combination of Web2 and Web3 provide users a completely new gaming experience. Here are some key features the team implemented:

  • Free-to-Play and Captivating: Junkineering does not require any investments from its users. Instead, gamers daily get a free and random Box with gaming assets and immediately start their journey in the crypto apocalyptic reality. The spirit of crypto risks is imbued with captivating narratives, and fascinating game mechanics.
  • PermaDeath Mechanic: The game design is tailored to increase player’s excitement and NFT value. One of such mechanics is PermaDeath, where losing a fight means losing non-NTF equipment forever.
  • Bridging Web2 + Web3: The game unites the two worlds and thus delivers more opportunities for players from both Web2 and Web3 worlds.
  • Top-notch Team: Every team member possesses extensive knowledge about gaming and Web3 technologies and has an experience of working in Tier-1 companies, such as Plarium, Playrix, GSC Game World, and Supermassive.
  • Compelling Marketing: Junkineering marketing team has already proved to have a long-standing success both in crypto and gaming spaces delivering marketing for AAA-games.
  • Stable NFT-oriented Economy: Well-balanced and sustainable in-game economy allows for combating inflation and instability of the NFT market.
  • NFTs Perks: First, Junkineering gives users full access to all MVP game mechanics without the obligation to have NFTs purchased and stored. However, those who have NFTs can be part of the Play-and-Earn ecosystem and preserve their items even after losing a battle.

Second, the NFT assets have strong utility within the game ecosystem due to the complex way they are acquired. Apart from getting access to NFT leagues, battles and awards, players can trade each and every NFT item on the in-game NFT marketplace.

Third, Junkineering limited the amount of NFTs to be minted in each collection. Thus, they create a demand for new collections and control the number of the existing ones.

  • Immersive Storytelling: The Junkineering team has developed an intriguing storyline, so that gamers can engage in a riveting PvE plot-based campaign.
  • AAA-quality Bold Visuals: Each detail of the in-game assets, characters, weapons, etc. is carefully thought through and drawn by hand.
  • User-generated Content: The community will be able to create their own NFT collections and equipment. Gamers can create robots from any part they can find on Earth, in space, in the ocean or their mind.
  • Impeccable Web-site and Unmatched Trailer: It’s strongly recommended to not miss the bright and HQ official Junkineering trailer, and the subscribe button on junkineering.com
  • Fun2Play: Junkineering is ACTUALLY fun to play. “We deliver fun gaming first!” states the team. They challenge the existing market of P2E games by developing an engaging and captivating storyline and game design.

When gamers can go wild playing Junkineering

While some essential achievements, like Game and Art Concepts, In-game Economy, Whitepaper and World Narrative, have been designed and implemented in Q1 2023, the biggest one is yet to come. Q3 will present the Junkineering community with a Demo version of the Free-to-Play MMO RPG game.

The Junkineering Demo version will be deployed in the form of an MVP with basic mechanics. The product will allow players to explore the following functions:

  • fighting NPCs and bosses on the first PVE arena with a carefully planned strategy to utilise the best combination of the chosen robot’s stats and status,
  • going through the first battle arenas, while exercising the power of well-designed robots,
  • construct robots and their equipment for successes in the battlefields,
  • and so much more.

To become an early tester and be the first to try the Junkineering Closed Demo, submit the form: https://forms.gle/ZAMnH2bFjgF49UcSA.

The project is now at the stage of fundraising and looking for inventors who will share their approach in creating a Web3 Gaming Product. With Coleplay Studio planning to launch a Private Pre-Seed Round in early Q3.

Everyone is welcome to have a deeper look into an alternative gaming reality and contribute to the Web3 enhancement.

Check out Junkineering platforms to stay tuned:

Website — junkineering.io

GitBook — docs.junkineering.io

YouTube — youtube.com/@junkineering_io

Instagram — instagram.com/junkineering.nft

Twitter — twitter.com/JunkineeringNFT

 

 

 

 


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New Nigerian President Slates Central Bank’s Interest Rate and Currency Demonetization Policy https://news.bitcoin.com/new-nigerian-president-slates-central-banks-interest-rate-and-currency-demonetization-policy/ Wed, 31 May 2023 08:30:26 +0000 https://news.bitcoin.com/?p=591001 The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence since the 1970s. Tinubu: Nigeria Needs Lower Interest Rates to Increase Investment and Consumer Spending […]]]>

The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence since the 1970s.

Tinubu: Nigeria Needs Lower Interest Rates to Increase Investment and Consumer Spending

The recently sworn-in Nigerian president, Bola Ahmed Tinubu, has chastised the Nigerian central bank’s aggressive interest rate policy which has seen the benchmark rate rise to 18.5%. According to Tinubu, the Nigerian economy needs lower interest rates if it is “to increase investment and consumer purchasing.”

The remarks by the new Nigerian president came just over a week after the Central Bank of Nigeria (CBN)’s monetary policy committee voted to raise the benchmark rate by 50 basis points. The CBN has argued that its aggressive interest rate policy is intended to tame inflation, which rose to a 17-year-high of 22.22% in April.

However, Tinubu, who predicated his presidential campaign on reducing the country’s unemployment rate and boosting the gross domestic product (GDP), reportedly labeled the CBN’s interest rate policy “anti-business” and “anti-people.”

New Government to Review Central Bank’s Currency Demonetization Policy

Concerning the central bank’s controversial demonetization of old naira banknotes, Tinubu said his government will launch a review of this CBN policy.

“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” the new Nigerian president said.

Meanwhile, in what is seemingly his first significant decision as the new president, Tinubu announced the end of a fuel subsidy which has been in existence since the 1970s. Although it is said to have made the price of petrol one of the cheapest on the African continent, the subsidy has nonetheless been a drain on Nigeria’s finances.

According to a BBC report, the fuel subsidy is estimated to have gulped as much as $9.3 billion from the government’s revenues and may be on course to surpass this in the first half of 2023.

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