MATIC Drops by 10%, ATOM Hits 2-Week Low – Market Updates Bitcoin News

MATIC Drops by 10%, ATOM Hits 2-Week Low – Market Updates Bitcoin News

Polygon fell by over 10% on Feb. 13, as a red wave swept through cryptocurrency markets during Monday’s session. Volatility was high ahead of Tuesday’s U.S. consumer price index release, and with the depegging of BUSD. Cosmos also traded lower to start the week, hitting a 14-day low.

Polygon (MATIC)

Polygon (MATIC) dropped by as much as 10% to start the week, as the global cryptocurrency market cap plunged on Monday.

Following a high of $1.29 on Sunday, MATIC/USD slipped to an intraday low of $1.16 earlier today.

Today’s move saw the token fall to its lowest level since February 1, when MATIC was trading at a bottom of $1.06 .

Biggest Movers: MATIC Drops by 10%, ATOM Hits 2-Week Low
MATIC/USD – Daily Chart

As can be seen from the chart, Monday’s sell-off occurred as the 14-day relative strength index (RSI) fell below support at 55.00

Currently, the index is tracking at 53.53, which is its weakest reading since January 8, when polygon was valued at $0.79.

Should momentum continue to decline, a floor at 50.00 could be where MATIC bulls find stability, as they begin to prepare for future rallies.

Cosmos (ATOM)

Cosmos (ATOM) was another notable mover on Monday, as it also dropped to a multi-week low.

ATOM/USD fell to a floor of $12.85 earlier in the day, which comes less than 24 hours after trading at $13.94.

Monday’s drop in price sees ATOM trade at its weakest point since January 30, when the token bottomed out at $12.78.

Biggest Movers: MATIC Drops by 10%, ATOM Hits 2-Week Low
ATOM/USD – Daily Chart

Looking at the chart, today’s move comes following two breakouts, first the $13.00 mark, then a move below a long-term floor on the RSI.

This aforementioned point of support has been the 49.00 zone, which was broken earlier today, with the index now tracking at 46.32.

If momentum continues to move downward over the next few days, there is a strong likelihood that ATOM could be heading to a lower support at $12.50.

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Could cosmos snap its recent bear run, and rebound this week? Let us know your thoughts in the comments.

MATIC Drops by 10%, ATOM Hits 2-Week Low – Market Updates Bitcoin News
Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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DOS Labs Launches Subnet Built for an Alliance of Gaming Studios | by Avalanche | Avalanche | Feb, 2023

DOS Labs Launches Subnet Built for an Alliance of Gaming Studios | by Avalanche | Avalanche | Feb, 2023

DOS Labs Subnet Enables a Seamless Gaming Experience with No Gas Fees and High Speed Transactions.

, a gaming studio with over 400k daily active players and a large network of Web3 game developers, has launched its Avalanche Subnet today.

On this Subnet, DOS Labs is forming a rich ecosystem for both players and game developers. The DOS Labs Subnet will support an exchange, asset management tools, and far more. For instance, DOS Subnet will provide game developers with SDKs (Unity, Unreal, and others) to quickly and affordably integrate Web3 features into games, lowering the barrier to Web3 game creation.

A team of gaming studios has already started building the next generation of Web3 games on this Subnet. DOS Labs has formed a with help from 11 studios and publishers. The alliance includes , , and many other notable game studios, all commiting to bringing games to DOS Subnet.

The alliance’s forthcoming games will all be represented by unique characters and backstories in DOS Labs’ upcoming Battle Royale game, MetaDOS.

Take an early look at MetaDOS:

MetaDOS is a free, innovative Battle Royale game aiming to launch on the Subnet this June. MetaDOS players will battle with up to 200 players per match. Additionally, MetaDOS brings the “Time-as-currency concept” into a Battle Royale game. Each player will have a certain amount of Time when joining the game. As they run out, they are eliminated. Players will have to fight and loot Time inside the game to become the last one standing and earn rewards.

Anh Le, co-founder of DOS Labs said this about why they chose Avalanche:

“Providing the best experience for onboarding Web2 players to Web3 gaming is our first mission. Currently, it takes over 20 steps for a player to be able to play an NFT game, and we aim to reduce them into 3 steps. We strongly believe in the long-term potential of the Avalanche network and DOS Subnet, where all game developers and players can benefit by utilizing our ecosystem. MetaDOS and Heroes & Empires will be the first movers on DOS Subnet”.

Ed Chang, head of gaming at Ava Labs, commented:

“This Subnet represents an opportunity for DOS Labs and the Vietnam Game Developer Association to build an entire gaming platform, with new revenue streams and partnership opportunities that don’t exist elsewhere.”

Provided for informational purposes only, without representation, warranty or guarantee of any kind. None of this is as an endorsement by the Avalanche Foundation Limited, Ava Labs, Inc. or any of their respective subsidiaries or affiliates, nor is any of this investment or financial advice. Please review this and conduct your own research to properly evaluate the risks and benefits of any project.

DOS Labs is the company behind the first 200-player esports battle royale game, MetaDOS. And now they are building an ecosystem for their users with DOS Chain in partnership with Ava Labs and LayerZero Labs by leveraging their Subnet technology. DOS envisions a seamless user experience with a barrier to entry to encourage Web2 gaming studios to embrace blockchain-based game design. The DOS Subnet is also the first blockchain built by veteran game developers, for gamers.

Avalanche is the fastest, most reliable smart contracts platform in the world. Its revolutionary consensus protocol and novel Subnets enable Web3 developers to easily launch highly-scalable solutions. Deploy on the EVM, or use your own custom VM. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.

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LTO Network January 2023 Recap .

LTO Network January 2023 Recap .


1.0  – Introduction

2.0  – January 2023 Operations

3.0 – 2023 Roadmap

4.0 – 2023 Roadmap Community Hub Recap (Dev Team AMA)

5.0  – Developments

6.0  – Dev Team Update

7.0  – Community Awards

8.0  – Conclusion

1.0  - Introduction

LTO Network has been making waves in the blockchain industry, and January 2023 was no exception. This past month has seen significant developments.

In this recap, we will dive into all the notable events, updates and highlights of January 2023 and what it means for the future of the LTO Network.

Let’s take a look!

2.0  - January 2023 Operations

LTO Network had 1,620,877 Operations executed on its blockchain by clients.

3.0 – 2023 Roadmap

LTO Network January 2023 Recap .
2023 Roadmap Overview

LTO Network announced a vast 2023 Roadmap.

The 2023 Roadmap outlines the main objectives and shares the vision and goals of LTO Network for 2023 and beyond.

LTO Network January 2023 Recap .

The AMA was filled with exciting glimpses into the future of LTO Network.

The LTO Network Development Team did justice to the roadmap AMA by being transparent and detailed in their answers.

Throughout the AMA, the team demonstrated its commitment to delivering.

The Dev Team provided updates and shared their vision for the future of the LTO network.

Overall, the Development Team did a fantastic job of communicating their progress and plans to the community during the 2023 Roadmap AMA.


Arnold Daniels — (Chief Architect — LTO Network)

Benas — (Developer — LTO Network)

Andre — (Developer — LTO Network)

Read Recap:

5.0  –  Developments

LTO Network January 2023 Recap .

6.0  - Dev Team Update

· The Development Team is preparing a Proofi Demo. It will be in the form of a demo NFT project to test Proofi in a real-world scenario.

· Work on the Ownables Bridge is ongoing.

· The team has discussed a planning phase for Cosmos integration and creating a formal structure to plan for this.

· Work on the GoLandRegistry project continues, focusing on some architectural components.

· There are discussions to move Luscious Tokenomics back in terms of priorities until after the Cosmos integration; the reason is that Cosmos provides a lot of new functionality, and the Team may end up doubling up, or some parts planned for Luscious may end up being redundant.

· Discussions are also in progress to make an Ownables demo to take to NFT Paris.

· Finally, Testnet Explorer is alive!

LTO Network January 2023 Recap .

The LTO Network Team organized an award show to recognize and reward dedicated and hardworking members of the LTO Network Community. The awards show took place on LTO Network’s Official Telegram Channel.

There were thirteen awardees and eight award categories.

These awards were made to appreciate the time, efforts, and dedication these individuals have invested in the Community.

The rewards were LTO Network’s limited-edition Hoodies and T-shirts!

8.0  - Conclusion

Now that many features of the LTO Network’s technologies are locked in or completed, LTO Network is moving a lot of its internal marketing focus towards B2B and working out ways to show off its fantastic technology and find new use cases for it.

LTO Network has demonstrated its potential for growth and development.

As LTO Network continues to evolve and grow, it is expected to significantly impact the blockchain landscape and pave the way for further innovation and progress.

About LTO Network

LTO Network is Europe’s most advanced blockchain project. It is fully decentralized and highly efficient. Currently it is used worldwide by businesses, governments and institutions like the UN, Dutch government and more.

The network has several technologies that can be used to provide solutions for decentralized data security, digital identities, privacy and the ownership of digital assets and digital collectibles.

Stay up to date with LTO Network – Twitter | Telegram | Reddit | YouTube Facebook | Instagram | LinkedIn | Github |.

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[Weekend movement]Bitcoin, will it be a move to try $ 20,000 | coindesk JAPAN | Coindesk Japan

[Weekend movement]Bitcoin, will it be a move to try $ 20,000 | coindesk JAPAN | Coindesk Japan

priceBitcoin (BTC) May Test Below $20,000, But There Are Still Reasons To Be Bullish.

Insight: The SEC’s (US Securities and Exchange Commission) action against Kraken’s staking service is not an attack on staking as a whole.


● CoinDesk Market Index (CMI): 1,031, -0.8%
Bitcoin: $21,740, -0.5%
Ethereum: $1,512, -1.7%

● S&P500: 4,090.46, +0.2%
Gold: 1,872, +0.5%

Bitcoin Moves to Seek Support

As Asia entered Monday, Bitcoin dropped to $21,750 (near $21,800 around 13:00 Japan time on the 13th), and Ethereum (ETH) also dropped 1.8% to near $1,514.

Source: CoinDesk

BitBull Capital’s Joe DiPasquale says Bitcoin is now in a position to decide whether to recover above $23,000 or fall to $20,000 “rather quickly”.

“The market is also dependent on macroeconomic developments, and given that December consumer prices were higher than expected, we are considering a higher interest rate hike at the next FOMC (Federal Open Market Committee) meeting. We might start.” (Dipasquale)

In seeking support, Bitcoin is also facing regulatory moves. Last week, Kraken was fined $30 million by the SEC for its staking program. The Wall Street Journal reports that the SEC’s next target is Paxos, the publisher of the stablecoin Binance USD.

“Regulation has become even more of a concern for the cryptocurrency industry, especially with the SEC fined Kraken $30 million. I think it would be better if there was more regulatory clarity in the market,” said DiPasquale.

Despite this situation, he said he would remain bullish even if Bitcoin breaks the support level.

“If the price drops below $20,000, I’m thinking of buying more.”


SEC Can’t Stop DeFi

Kraken and SEC have settled over staking services.

Kraken paid a $30 million settlement and ceased staking services in the United States. What should not be overlooked, however, is the continued staking in the United States. Staking refers to locking (depositing) crypto assets for a certain period of time to support blockchain operations. Liquid staking, on the other hand, is the issue of derivative tokens representing locked crypto assets to users, giving them access to DeFi (decentralized financial) services.

Kraken’s staking service is unique, which is why the exchange was shut down. The SEC never sued Coinbase, which also offers a staking service, or targeted a decentralized liquid staking protocol.

At the core of the SEC statement is Kraken’s lack of transparency. Indeed, according to on-chain data, Kraken is one of the largest validators and operates a large staking pool. But the SEC appears to be concerned about the flow of funds. Is Ethereum deposited with Kraken really being used for staking? Or is it on loan?

A liquid staking protocol like Lido or Rocket Pool would have no such problem. Data sites and monitoring tools can be used to track the amount of Ethereum moved from user wallets to pools.

Liquid staking tokens like Lido’s LDO surge, citing Kraken in hours after Coinbase CEO Brian Armstrong tweeted that the market was watching staking closely and further increased.

A rational analysis of the rise would lead to a “caution signal” for SEC staking. Staking as an investment strategy is not allowed, but staking as a technical service is allowed.

There is one point worth noting. The TVL of liquid staking protocols like Lido and Rocket Pool has not increased.

Since the beginning of the year, Lido’s TVL has remained relatively flat. From 4.9 million Ethereum at the beginning of the year to 5.19 million Ethereum today. Rocket Pool is between 472,000 and 608,000.

|Translation: coindesk JAPAN
|Editing: Takayuki Masuda
| Image: CoinDesk
|Original: First Mover Asia: Bitcoin Might Test $20K as It Looks for Support

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International Monetary Fund (IMF) Investigation Report “El Salvador Should Review the Introduction of Bitcoin Bonds”

International Monetary Fund (IMF) Investigation Report “El Salvador Should Review the Introduction of Bitcoin Bonds”

Concerned about risks posed by Bitcoin

The International Monetary Fund (IMF) released a report on the financial situation of El Salvador on the 10th. While appreciating the economic growth of El Salvador last year, he argued that the expansion of adoption should be reviewed in light of the “Bitcoin bonds” that the country is preparing to issue.

El Salvador, a poor country but an active investor, has achieved an estimated economic growth of 2.8% in 2022, and the number of crimes has dropped sharply. Meanwhile, inflation last year reached 7.2%.

This report is based on the findings of IMF staff’s direct visits to member countries such as El Salvador. It will be submitted for discussion by the IMF Executive Board, but at this stage it represents the views of the staff in charge and not the views of the IMF Executive Board itself.

The report pointed out the need to address the risks posed by Bitcoin.

As suggested by surveys and remittance data, bitcoin usage has so far been limited and the risks have not materialized.

However, there are concerns that Bitcoin’s status as legal tender and new legislative changes encouraging the use of crypto assets (virtual currencies), including token bonds (digital asset law), will lead to greater adoption. There is

Under these circumstances, risks to financial, fiscal stability and consumer protection remain, he added. In particular, it is imperative to increase the transparency of the El Salvadoran government’s bitcoin transactions and the financial situation of the state-owned bitcoin wallet, Chivo, for risk assessment.

In the early stages of implementation, the Chivo wallet experienced identity theft due to a lax KYC process, and some users engaged in arbitrage trading between the wallet and external exchanges. has been reported.

Legislation for bitcoin-backed claims

In September 2021, El Salvador became the first country in the world to adopt bitcoin as its national “legal currency,” and in January 2011 it just passed a new “Digital Securities Law.” It is this bill that the IMF is referring to this time.

The bill contains rules that would allow the government of El Salvador to issue Bitcoin-backed bonds.

El Salvador will raise funds by issuing about 130 billion yen ($1 billion) worth of bitcoin bonds to build a tax-exempt tax haven “Bitcoin City” and buy more of its large holdings of bitcoin. Although it is planned, there are many skeptical views about the feasibility of Bitcoin City.

connection: El Salvador Moves Forward to Issuing Bitcoin Bonds, Passes Digital Securities Bill

The report argued that buying more Bitcoins to raise funds through Bitcoin bonds carries significant financial risks and should be avoided.

Considering the legal risks in the virtual currency market and the volatility (price volatility) of the virtual currency market, El Salvador decided to limit its exposure to Bitcoin (portfolio being affected by price movements of certain assets). He said the company should reconsider its plans to expand.

“The 2021 recommendations remain valid,” he said. The IMF has repeatedly pointed out the risks of Bitcoin to El Salvador. In November 2021, after the Bitcoin bill was enacted, he urged Bitcoin to be removed from legal tender, citing high price volatility.

connection: IMF urges El Salvador to remove bitcoin from legal tender

What is Bitcoin Law in El Salvador

Alongside the US dollar, it recognizes bitcoin as legal tender and stipulates that citizens can use bitcoin for all payment scenarios. The bill, promoted by President Bukele of El Salvador, was passed by Congress on June 9, 2021. It was the first time that Bitcoin was officially recognized as a national legal tender.

▶️Cryptocurrency Glossary

Declare continuous purchase of Bitcoin

International Monetary Fund (IMF) Investigation Report “El Salvador Should Review the Introduction of Bitcoin Bonds”

Source: Nayib Bukele Portfolio Tracker


On the other hand, El Salvadoran President Najib Bukele declared in November 2022 that the country’s Ministry of Finance would buy 1 BTC of Bitcoin every day.

According to the Nayib Bukele Portfolio Tracker, the country’s investment performance, which holds a large amount of bitcoin, is currently at an unrealized loss of about -50%.

connection: President of El Salvador “Buy 1 BTC of Bitcoin every day”

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Public miners increased Bitcoin production, hash rate in January

Public miners increased Bitcoin production, hash rate in January

The first production update of 2023 from publicly listed Bitcoin (BTC) mining companies shows a steady increase in hash rate and a surge in BTC production compared to the previous month, according to a new analysis from Hashrate Index. 

The majority of public miners increased their bitcoin production in January, with CleanSpark boosting it by 50%, reaching a record monthly production of 697 Bitcoins. Leading the BTC production, Core Scientific reached 1,527 coins mined in January, followed by Riot, the second-biggest producer, mining 740 Bitcoins in the month.

Marathon and Cipher have seen significant increases in Bitcoin production, reaching 687 and 343 Bitcoins generated, respectively, compared to 475 and 225 in December.

Public miners increased Bitcoin production, hash rate in January
Public Miners: Monthly Bitcoin Production. Source: Hashrate Index and Luxor

According to Bitcoin mining analyst Jaran Mellerud, better weather conditions in January and stable electricity prices helped miners boost production.”In December, a winter storm swept the North American continent and led to surging electricity prices that periodically forced many of these companies to curtail operations. With the weather more benevolent in January, electricity prices stabilized, and miners were able to achieve a higher up-time.”

Hash rate increased for most public miners in January, but at a slower pace than expected. The exception is the Texas-based Cipher that boosted its hash rate by more than 50%, with a 4.3 EH/s. “Cipher has been building hard during this bear market, and I expect the company to reach its hashrate goal of 6 EH/s of self-mining capacity by the end of Q1 2023,” noted Mellerud.

CleanSpark also grew its hash rate to 6.6 EH/s from 6.2 EH/s in December, following a series of acquisitions in late 2022. Hive also recorded growth in January, with its hash rate increasing by nearly 30%, from 2.1 to 2.7 EH/s. “The company keeps replacing its GPU fleet with ASICs, primarily with its in-house designed Buzzminers,” commented on Hive performance.

Public miners increased Bitcoin production, hash rate in January
Public Miners: Self-Mining Hashrate. Source: Hashrate Index and Luxor

Core Scientific continued growing its hash rate, reaching 17 EH/s in January from 15.7 in December. The figures, however, are expected to be impacted by the company’s bankruptcy proceedings, which include a deal with the New York Digital Investment Group (NYDIG) to pay off an outstanding debt of $38.6 million by handing over more than 27,000 mining machines used as collateral – representing 18% of Core Scientific rigs.

Core Scientific filed for Chapter 11 bankruptcy on Dec. 21, seeking to reorganize its debts after months of financial distress due to increased electricity costs and low Bitcoin prices.

Mellerud also pointed out that “these companies have, on several occasions, extended the timeline of their lofty hashrate expansion goals. Most of them have plans to drastically increase their operating hashrate by the end of Q2 this year. At the current rate, most of them will likely have to push their expansion plans further into the future.”

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