The Phantom crypto wallet marked a $1.2 billion valuation as the investments in crypto are not complete really without a place to store the assets so let’s read further in today’s blockchain news.

A good crypto wallet will store your coins and will provide even more security that will make it hard for external invasion and the wallet could be either offline or online. Due to its relevance, a few crypto exchanges offer their customers online crypto wallet services which means that if you intend to use such wallets, you won’t have to move the tokens from the exchange platform. Some crypto networks will have wallets that consumers can use and one of them is Phantom from the Solana network.

We are also excited to announce our $109M Series B led by @paradigm! Thanks to the 2M+ MAU in our community, Phantom has an opportunity to become the mainstream, user-friendly gateway to Web3. https://t.co/J0RyouBIo3

— Phantom (@phantom) January 31, 2022

With the rise in activities and the growth of DEFI operations on Solana, there’s a need for the network’s wallet. It forms an excellent sync to the rise of blockchains like Solana which has mroe than 415 billion in assets under control. This can help customers interact with the DEFI ecosystem through its provisions and also, the wallet creates unique integration of the Solana nascent DEXs and liquidity pools. The recent funding round of the Phantom wallet raised the market cap of the wallet to $1.2 billion. The new value came with another $109 million from the concluded Series B funding round.

Paradigm also led the financing round which led to a huge success so the power of the Phantom Crypto wallet height changed the status of the wallet to a crypto unicorn company. Phantom released an official blog post that outlines how the funds will be utilized to improve the technical capacity of the wallet. The deployment will enhance multiple blockchain security features and will assist users in uncovering defi apps. It will also help in the wallet’s team expansion and growth of the customer base.
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Paradigm is the pioneer of the funding round as top investors all contribute to the success. Furthermore, there will be a launch on the iOS mobile app of the wallet and according to the Phantom announcement, the launch of the mobile application will facilitate the growth of the Solana network. Users will get support to execute their transactions at any given location and they will be able to send, receive and store tokens and NFTs.

Phantom also has a plan to launch its Android wallet in one year and it mentioned that the latter could boost its mission of empowering the customer base but also offer unique opportunities for innovating safety and security. Phantom has more than 2 million active users daily and more than 12.4 million staked tokens worth $10.4 billion.

SLP and AXS moved higher in value after Axie Infinity revealed an economic revamp for its upcoming season 20 that will reduce the daily issuance of Smooth Love Potion tokens that are earned as rewards so let’s read further in today’s latest altcoin news.

The popular blockchain-based mobile game made some economic adjustments for its season 20 and reduces the daily issuance of SLP tokens that are earned as rewards. In the first place, teh game eliminated the adventure mode and daily quest rewards which were accounting for 40% and 14% of the SLP created in the ecosystem. Therefore, the daily issuance of SLP tokens will be dropped by 54%. This is important as the inflation of SLP tokens was high with 4x more tokens being created per day than burned which explains the poor price performance over the year.

The prices of SLP and AXS tokens started increasing after the news of the economic revamp. SLP increased by 27% and AXS by 10% so both coins are up by 30% over the past week and SLP is now trading at $0.013 while AXS is trading at $69.65. Axie Infinity noted that the adjustment was necessary in order to balance the economy and to prevent more damages:

 “The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse.”

Despite the changes, the game’s player vs player mode will be generating double the amount of SLP burned per day and in order to tackle the issue, the game will adjust the awards and will bring a fun burn mechanism as well as economic sinks. The game expanded the AXS leaderboard and it distributed around AXS 3000 to the top 1000 players on the leaderboard. It also then dedicated AXS 117,676 for Season 20 and expanded the leaderboard slot for 300,000. The game said:

“Put simply, we’ve prioritized growth and onboarding millions. Without this approach, it’s likely that Axie would have remained a small, niche game with a few thousand players.
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While that’s great for many projects, our aspiration is to onboard over a billion gamers into Web3 and change the internet forever.”

Axie Infinity was facing some critical economic asymmetries and with the price of AXS surging, a few players were going through the standard procedure of buying three Axis in order to start playing but they also borrowed them from other players which raised sustainability concerns.

The popular Bitcoin Family has recently moved to Portugal due to the 0% tax on cryptocurrencies as we are reading more in today’s latest Bitcoin news.

The head of the family Didi Taihuttu says they spent the last five years traveling to 40 different countries and the Bitcoin family decided to move to Portugal for its crypto tax rules that include 0%tax on BTC. Didi Taihuttu is settling down in Portugal because it is Europe’s ultimate crypto tax haven. The family of five traveled the world for the past few years and spend time in more than 40 countries. Taihuttu said:

“You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency. As long as you don’t earn cryptocurrency for providing services in Portugal, you’re in the clear. That’s a very beautiful bitcoin heaven.”

Back in 2017, the family liquidated all they owned and traded a 2500 square foot house and all earthly possessions for BTC for a life on the road. This was the time when bitcoin was trading around $900 while now the cryptocurrency is trading near $41,000. While the family won’t disclose the exact size of their crypto stash, the father of three said he protects the family’s crypto fortune in secret vaults on four different continents so their crypto stake is enough to make it worth having to move around the globe and redeem their cash.

The tax perks in Portugal are a huge draw but it doesn’t hurt that the country offers a safe way of life. In 2021, the country ranked fourth on the Global Peace index and the best place for ex-pats. The Bitcoin family is not alone in moving to the country. The 2021 census in Portugal shows that the number of foreign residents increased by 40% in the past 10 years. Taihuttu’s siblings are also on the move. Didi’s brother and sister sold their houses and invested the cash into BTC:

“We will all be traveling together as one big bitcoin family which is, of course, really cool.”

Unlike the US which treats virtual currency as property, taxing it in a manner like stocks, Portugal sees crypto as a form of payment and this is a game-changer for taxes. The CPA and head of Tax at CoinTracker Shehan Chandrasekera noted:

“Capital gains resulting from crypto transactions such as cashing out and crypto-to-crypto trades are not subject to personal income taxes.”

This means that similar to other fiat currencies, the gains from buying and selling crypto are not taxed and it also means that crypto transactions as well as exchanging them for fiat money are not subject to a value-added TAX or VAT.

BTC Lightning network capacity hits an all-time high, reaching another milestone in its public network capacity so let’s read further in today’s latest Bitcoin news.

The BTC community celebrated the layer 2 payment system and its goal to reach a total of 3400 BTC locked which is an equivalent of around $141 million. Bringing near-zero fee BTC payments, Lithnign’s adoption increased dramatically over the past year, and during the same period, BTC became even more utilized as a network and investment asset by the investors and large companies as the bull run continued.

Growth has been slowing down since the crypto crash in November and the BTC Lightning Network capacity is still small compared to the Bitcoin market cap at $790 billion. In fact, the users hold more BTC on the ETH blockchain as Wrapped tokens with a market cap of Wrapped BTC standing at $10 billion. The Lightning Network is an off-chain network that allows users to make BTC payments at near-zero fees and it was launched in 2018 aiming to solve the BTC scalability problem. It does so by allowing users to lock up a sum of BTC on the network and they then use the equivalent to make smaller off-chain payments.

Once the transactions are completed, the network sends out payments on the on-chain transaction and the results show lower fees with less congestion. However, there are issues with the network. It does not completely eliminate the cost of BTC transactions but saddles users with the cost of opening a Lightning channel that has to be on-chain. Most of all, it makes the users exposed to BTC price risks and the network requires users to lock their coins up. The violent BTC price fluctuations can be one of the reasons for the slow network growth.

Back in January, Cash App integrated the Lightning NEtwork and brought zero-fees BTC payments to the app. The integration became quite possible due to the Block open-source LN Kit. Block or formerly known as Square, is Cash app’s parent company and recently, the CEO Jack Dorsey restated his commitment to open-source software as well as open protocols like Bitcoin.

Block’s Cash app officially integrated Lightning Network for bitcoin transactions and will be available to customers in the US.
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New Dating study shows crypto investors are more attractive on the dating scene after three in four participants admitted they would go on a second date if their partner paid the bill in BTC so let’s read more in our latest crypto news today.

According to a survey by trading platform eToro, a lot of single men and women are looking for a partner who is not only financially stable but also knows a little bit more about crypto. 33% of the American participants admitted they are likely to go on a date with someone that will pay with cryptocurrencies. Apart from having a diverse portfolio and granting potential for bigger returns, cryptocurrencies can make investors look even more attractive on the romance scene as per the eToro research.

The dating study shows that every third participant said it is more likely to go out with a crypto holder rather than a person that hasn’t dealt with crypto at all. About 75% admitted they will go on a second date with an individual that paid the bill in BTC. There are plenty of cafes and restaurants in the States that accept the primary cryptocurrency as a payment method and such examples include the Colorado-based Quiznos and Starbucks. People that delve into NFTs also have their hances. As per the survey, 205 of the singles will be more interested romantically if their admirer sets an NFT as a profile picture on social platforms or other dating sites.

According to Pew Research Center’s estimations, 16% of Americans already allocated some of their wealth on the market. For example, younger between 18 and 29 years old are the most interested in the asset class. 42% of them already dipped their toes in the digital asset industry and about 19% of the women under 30 invest in BTC or other alternative coins. The overall crypto awareness among American citizens is on a high level and 86% of the survey participants admitted they have little knowledge about the asset class.

Accoridng to a survey conducted by Grayscale, 26% of the American Investors hold BTC and 60% of the participants admitted they are interested in crypto investmetns. Grayscale also calculated that 55% of the current BTC holders in the States hopped on the party in the past year. Huobi also stated that 7 in 10 of the holders entered the market in 2021 and accoridng to the research, 9% started investing in the asset more than four years ago.

Samsung unveiled new metaverse space dubbed “My House” that has more than 4 million visits in less than a month as we can see further in today’s latest crypto news.

After the official release of the Metaverse service, Samsung exemplified huge success on the platform and attracted more than 4 million visitors in less than a month. The collaboration with Naver’s 3D avatar platform Zepeto, MyHouse launched at the CES 2022 annual tech show where the South Korean multinational electronics corp outlined the plans to innovate on some of their products and to draw in more consumers.

Samsung users will be able to decorate and create virtual homes from furniture, electronic products, and appliances. As Samsung unveiled the new Metaverse space, the 3D universe comprises multiple different virtual spaces and the technology experts see it as the future of the internet with a market value of $15 trillion as of November 2021. in collaboration with zepeto, My House will target younger players, especially the Millennials and Generation Z. Samsung defined the platform as a space-decorating experience where the users are allowed to collect, arrange and decorate houses using different products represented in virtual format.

Since it was launched in the Zepeto mobile app in the Google Play Store, the number of people who used the application hit 4 million visits which are the most among the Zepeto partnered services as per Samsung Electronics. The Electronics giant promised to invest in the metaverse industry and innovate on products but also build a technological system for their appliance variants.

Samsung has plans to scale up its partnership with other industries and catch up with the momentum of crypto and the metaverse. The head of Samsung’s Global Marketing Center Young-hee Lee noted:

“With the success of My House as our foothold, we are looking to engage more aggressively with millennials and Generation Z by optimizing customers’ metaverse experience.”

In Decentraland, the tech giant already opened a virtual vision of the stores located in New York, and the virtual store dubbed Samsung 837X will be available for only a limited time. The virtual store will give the users experience of digital adventures through “Connectivity Theater and Sustainability Forest” and a mixed reality live dance party that is hosted by DJ Gamma Vibes. Samsung said in a statement:

“This is one of the largest brand land takeovers in the history of Decentraland.”

ETH smashed heavy resistance above $3000 and gained some bullish momentum against the US dollar but what is next for the traders? Can the coin face hurdles near the $3200 level? Let’s find out in today’s latest Ethereum news.

Ethereum found support and started a new increase above the $3000 level with the price now trading above the 100 hourly simple moving average as well. There was a break above the key bearish trend line with the resistance near $3010 on the hourly charts of the pair which could accelerate higher but the $3200 barrier could prevent even more gains. ETH formed a base for a new increase above the $2800 resistance and was able to surpass a lot of hurdles near the $2880 levels. It then settled above the $3000 resistance and the 100 hourly moving average but there was a break above the key bearish trend line with the resistance moving $3010 on the hourly charts of the pair whcih is now trading above the $3050 level.

A new high is formed near $3089 and the price could continue to increase. Ether is trading well above the 23.6% fib retracement level from the upwards move of $2952 swing low to $3089 high and the immediate resistance on the upside is near the $3120 level with a clear move above this level sending the price to a new hurdle at $3200. the bears could make a stand near the $3200 level and if they fail the ETH price could surge to the $3420 level in the near term. If ETH fails to continue higher above $3120 it could bring another correction to the downside again and the initial support is set at $3040 level with the first support being near the $3020 level.

ETH Smashes heavy resistances and now it is near the 50% fib retracement level from the upwards move of $2952 low to $3089 high. The downside break below this level could push the price even lower with the next major support being near the $2920 level and the 100 hourly SMA below which there’s another risk of a sharp decline. The price in this case could even drop to $2800. The hourly MACD for the pair is gaining pace in the bullish zone while the hourly RSI is above 50 levels.

Also as reported recently, A bullish ETH options trade targeted a $3K price tag with zero liquidation risks as the crypto markets start to turn around and raise opportunities for the risk-averse traders to use the Long Condor options strategy and long the second-biggest cryptocurrency.

Protesters move to a crypto fundraising platform after a GoFundMe ban which axed the “Freedom Convoy Campaign” when protestors became violent and organizers then moved to the BTC fundraising platform Tallycoin instead so let’s read further in today’s latest cryptocurrency news.

Truckers protesting the COVID vaccine mandate in Canada turned to the BTC-based fundraising platform Tallycoin after a mountain of political pressure from all sides which ended up in GoFundMe axing their campaign. GoFundMe pulled the campaign and $9 million in donations in response to reprots of violence which claimed that it broke their terms of service. Donors needed to apply and have their funds refunded but after a flurry of criticism, the platform backtracked over the weekend and decided it will automatically refund the donors instead so then the protesters move to another platform.

We have just received a donation of over 2 BTC. Total amount contributed is now ~5.68 BTC or $300,000 CAD. pic.twitter.com/wvCqmaRFPZ

— HonkHonk Hodl (@HonkHonkHodl) February 6, 2022

Right after GoFundMe axed the campaign, a few of the organizers moved to TallyCoin which is another crowdfunding platform that is built on the Bitcoin blockchain. The new fundraising page stated:

“Legacy financial infrastructure can sometimes be politicized and clamped down upon, whereas Bitcoin is a truly censorship resistant method of communicating value.”

As it now stands at the time of writing, $321,111 had been donated to the Tallycoin fundraisers and a fraction of the $9 million raised on GofundMe. It also remains to be seen whether the funds raised on this platform will become a subject of the same governmental and political pressure when converted to fiat currency. The Freedom Convoy Campaign started in mid-January as a fundraiser on GoFundMe for the truckers that are protesting the vaccine mandates in Canada. Since then, it turned into an all-encompassing rallying point against the public health measures like lockdowns and mask requirements.

This is not the first time that governments or big tech issued mandates on who receives money based on politics. GoFundMe froze $160,000 in funds until the organizers of Convoy to Canberra showed a spending plan at the end of January. Right before the initial Freedom Convoy Campaign was axed, it became the fifth most successful one in the history of GoFundMe.

Speaking of the COVID-19 virus, The Australian entrepreneur Fred Schebesta said he will give $5 worth of BTC to people that will get the shot and to those that already had it. Considering Australia’s population, he will have to distribute about 4 million if everyone takes advantage of the offer.
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Chainalysis detected surge in wash trading using NFTs in its latest report that we read more about in today’s latest blockchain news.

Chainalysis is one of the leading blockchain auditing companies. It recently issued a report showing huge signs of wash trading activity involving NFTs and in these operations, some actors sell their assets to themselves with an intent to increase the floor price of the NFTs to sell them at a higher price later. However, the wash activity was not so profitable in the past because of gas costs.

In the new report, Chainalysis detected surge in wash trading using NFTs and these activities have the objective of making an NFT more valuable by giving an appearance of previous sales. Using blockchain analysis the company detected 262 users that sold NFTs to self-funded addresses mroe than 25 times. The most active addresses have done this procedure more than 800 times but it hasn’t yielded good results for the owners. Because of the gas fees, the price of transactions made to allow the movements was higher than the benefits obtained for the sales and according to the report, the address lost more than $8,000.

However, the wash trading activity involving NFTs was quite profitable if seen as a whole with a few addresses earning millions. The company found that 110 addresses involved in the activities made more than $8,800,000 in profits from wash trading. The legal status of wash trading in the NFT markets is not really clear but Chainalysis stated:

“NFT wash trading exists in a murky legal area. While wash trading is prohibited in conventional securities and futures, wash trading involving NFTs has yet to be the subject of an enforcement action.”

This could change as NFTs become more popular. With the explosion of NFTs in 2021 and a few companies integrating them into their businesses, occurrences of wash trading could start to catch the attention of regulators around the world.
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The company also detected limited instances of money laundering using NFTs that come from scam-related addresses and it described the activity as a drop in the bucket compared to the laundered amount using crypto in 2021.

As recently reported, The Department of the Treasury suggested that the increased use of art in NFTs and other financial assets could make the high-value art traders quite vulnerable to money laundering. The US treasury sees NFTs as a potential risk gateway for art money laundering according to the recently released study highlighting the potential of NFTs to conduct illicit money laundering or terror financing operations.

SHIB exploded 22% daily and other memecoins followed right after as we can see further in today’s latest altcoin news.

Shiba Inu leads the market over the past day as SHIB Exploded 22% daily and other memecoins followed suit. Shiba Inu has long been a trendsetter when it comes to memecoins alongside Dogecoin which are to main meme coins that set the tone for a new market that can’t be ignored any longer. The whole market is in the green in the past day as Bitcoin tapped $43,000 in a very funny turn of events. Shib however surprised the market with a huge surge upwards of 22%. This brings the total gains of the crypto to more than 34% in one week and it is now trading at $0.00002764. The last time that the crypto traded at this price was back on January 18^th this year.

Another interesting thing to note is that the huge increase for SHIB came over the past 24 hours and brought many other meme coins with it. Doge is up by 6.5% and is ahead by three spots by market cap, standing at the 11^th spot. Teddy DOGE as one of the trending searches on CoinMarketcap increased by 31% at the time of writing and FLOKI increased by 14%.

As recently reported, An Italian fast food restaurant from Naples will parent with Shiba Inu in order to open a SHIB-themed joint called Welly’s. The team behind the popular meme coin entered into its first real-world venture by partnering with an Italian fast food restaurant from Naples dubbed Welly’s. the duo promised healthy and not just fast food options and a goal to grow globally together. The announcement from Shiba Inu developer Shytoshi Kusama explained that the memecoin’s team chose this fast-food join because they were already looking for someone that will share their values. As such, they refrained from partnering with huge centralized conglomerates that sell food that is harmful and subpar.

After launching in 2020, Shiba Inu gained mass popularity a year ago during the meme coin season. It became perhaps the biggest gainer in the crypto space with the team trying to capitalize on the attention and launch a decentralized exchange and the NFT collection.