The Luna Foundation Guard (LFG) has added nearly $ 100 million more to its reserves today after purchasing 2,508 Bitcoin (BTC) as part of its effort to reach its $ 10 billion milestone.

The founder of the project, Do Kwon, tweeted the news a few hours ago and went on to share a detailed breakdown of how TerraUST’s reserves look like following this recent purchase.

According to the data provided by Kwon, LFG currently owns 42,406 BTCs – a number that can be easily audited by looking at the official BTC wallet mentioned above. This stash is worth around $ 1.7 billion at the moment based on Bitcoin’s trading price this morning and it makes the digital asset the largest contributor to the foundation’s reserves, currently accounting for 75% of the balance sheet.

Additionally, Terra’s reserves are also comprised of $ 398.5 million in USDC – another stablecoin.

Interestingly, the $ 100 million in AVAX coins purchased by the Luna Foundation earlier this month don’t seem to be showing up in this dashboard.

LFG continues to be committed to building $ 10 billion in reserves to back UST – a stablecoin whose value is pegged to that of the US dollar and that is considered the flagship crypto asset powered by the Terra blockchain.

The price of Bitcoin is declining slightly today in early crypto trading action despite this major purchase as LFG appears to have made an off-market transaction that did not affect on the price of the digital asset.

UST Now Available on Binance

Shortly after making this recent purchase public, Kwon retweeted an announcement from Binance where the cryptocurrency exchange informed its community that TerraUSD (UST) will now be listed on its platform.

According to the official press release, Binance will now take UST deposits and users will be allowed to trade the UST/USD and UST/USDT pairs. Additionally, users will also be able to purchase UST via bank transfer, debit card, or wire.

A Closer Look at LUNA’s Price Action

LUNA/USD price chart – 1-day candles with multiple indicators – Source: TradingView

The price of Luna has declined 15.4% so far this year and most of that drop occurred in April following news about the company’s ambitious target of establishing a $ 10 billion reserve to back TerraUST.

Even though the practical use case for this stablecoin has been strengthened, the fact that most of these reserves are in Bitcoin (BTC) makes the value of Luna quite susceptible to the price swings that this other digital asset may experience.

In any case, even though this drop has been quite sharp, the price action remains on an uptrend as indicated by the higher highs and higher lows highlighted in the chart above.

For the time being, momentum indicators are favoring a bearish outlook for LUNA as the Relative Strength Index (RSI) is standing at 42.5 (bearish) while the MACD has drifted to negative territory shortly after moving below the signal line.

Meanwhile, according to algorithm-based predictions from Wallet Investor, the near-term outlook for LUNA is neutral to bearish as well. However, this service is predicting that the price could surge to at least $ 185 per coin a year from now implying a 112.7% gain if that target is hit.

This prediction coincides with that of another third-party forecasting service, Gov.Capital, whose algorithm has forecasted that the price could rise to around $ 182 per coin a year from now as well.

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Crypto entrepreneur Sina Estavi made headlines in March 2021 when he paid $2.9m for an NFT of Twitter boss Jack Dorsey’s first tweet. But his efforts to resell it have run aground, with a top bid of just $6,800 as of Thursday.

The initial purchase was at the time among the most expensive sales of a non-fungible token, or NFT, and came amid a flurry of interest in the niche crypto assets.

Estavi put the tweet up for resale on the popular NFT marketplace OpenSea last week, initially asking for $48m.

That price tag was removed after offers in the first week were in the low hundreds of dollars. As of Thursday, the highest bid was 2.2 of the cryptocurrency ether – equivalent to about $6,800.

“My offer to sell was high and not everyone could afford it,” Estavi told Reuters via Twitter direct message, adding that he was no longer sure if he would sell the NFT.

“It’s important to me who wants to buy it, I will not sell this NFT to anyone because I do not think everyone deserves this NFT,” Estavi said.

NFTs are a form of crypto asset which can record the ownership of a digital file such as an image, video or text.

There is no guarantee of an NFT’s value and the market is rife with scams, fraud, counterfeits and market manipulation.

But Estavi was confident in the value of his purchase.

“This NFT is not just a tweet, this is the Mona Lisa of the digital world,” he said.

Estavi, who lives in Malaysia, said he had been arrested last May during a trip to Iran. He was freed in February. Iranian state media reported in May 2021 that he was accused of “disrupting the country’s economic system”.

Estavi said he had been arrested because of the growth of his crypto exchange, Bridge Oracle.

Reuters was unable to independently verify these details.

“I need the support of the cryptocurrency community,” Estavi said.

While announcing the NFT sale in a tweet on 6 April, Estavi pledged to give 50% of the proceeds – which he expected to be at least $25m – to charity.

He said the rest would go to support Bridge Oracle.

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At a bitcoin conference on Thursday, billionaire venture capitalist Peter Thiel said Warren Buffett tops an “enemies list” of people who are trying to stop the cryptocurrency.

“Enemy number one,” Thiel said to a booing Miami crowd, is “the sociopathic grandpa from Omaha.” Buffett’s Berkshire Hathaway is based in Omaha, Nebraska.

Thiel, who by 2018 had reportedly amassed hundreds of millions of dollars worth of bitcoin through venture firm Founders Fund, also went after JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink. Thiel presented large graphics with images of the two financial services industry executives and their bearish comments about bitcoin.

The images all contained the word “gerontocracy.” About Dimon, Thiel said his views are part of “the New York City banker bias.” 

Thiel held up a headshot of Buffett with the words “rat poison” on it, referring to the time the Berkshire Hathaway CEO described bitcoin as such. Another quote from Buffett read, “I don’t own any and I never will.” Earlier this year, Berkshire Hathaway invested $1 billion in Brazil’s Nubank, an online bank that’s popular among crypto investors.

The Miami tirade is Thiel’s latest and boldest public attack on the people he sees as standing in the way of bitcoin’s progress.

“This is what we have to fight for bitcoin to go 10x or 100x from here,” Thiel said.

He added that those investors are fine touting blockchain, the technology underpinning the cryptocurrency, but feel the need to take down bitcoin and its legitimacy.

“When they choose not to allocate to bitcoin, that’s a deeply political choice,” said Thiel, a huge backer of Republican politicians, most notably former President Donald Trump. Buffett, Thiel said, invests in a “list of woke companies.”

At one point, Thiel presented a colorful photo of Miami next to the word “youth.”

“We need to say, you know, you have to get on board with this,” he said.

A representative from Berkshire Hathaway didn’t immediately respond to a request for comment, and a JPMorgan spokesperson declined to comment for this story.

A BlackRock spokesperson pointed CNBC to comments Fink made in his letter to shareholders last month. He wrote that Russia’s invasion of Ukraine could accelerate adoption of digital currencies, and said “a global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption.”

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Yuga Labs posted to Twitter a trailer teasing the launch of a Bored Ape Yacht Club metaverse project in April, featuring their Ape NFTs. The video by @yugalabs was later reposted by American rock band The Doors whose song Break On Through (to the Other Side) features in the trailer.

See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS

The video features a Bored Ape NFT come to life and travelling around a metaverse, meeting CryptoPunks, Meebits NFTs and others.

Those two collections were recently acquired by Bored Ape Yacht club creators Yuga Labs on March 15th, causing the floor prices of all three NFT collections to rise.

A Mutant Ape Yacht Club NFT also makes an appearance flying a spaceship through the virtual world.

Otherside Trailer

The Otherside video trailer can also be found on the Bored Ape Yacht Club Youtube channel.

Screenshot from the Yuga Labs metaverse video

The trailer is ‘powered by ApeCoin’, a new crypto token that Bored Ape and Mutant Ape NFT holders received first by airdrop.

It was then listed to almost every major crypto exchange, becoming the top trending coin on Coinmarketcap, where it’s currently ranked #42 by market cap and is on over 100,000 people’s watchlists.

ApeCoin (APE) was launched by ApeCoin DAO, a decentralized autonomous organisation separate to but affiliated with BAYC and their plans for an NFT metaverse project.

APE on Coinmarketcap.com

The new coin, an ERC-20 token on the Ethereum blockchain, is said to be the governance token and native currency that powers the whole BAYC ecosystem, which as of April it appears will also include a metaverse, a virtual universe.

Metaverse coins like Decentraland’s MANA and The Sandbox’s SAND are increasingly popular with crypto investors in 2022.

We’ll be following news developments around ApeCoin and the BAYC metaverse closely – being listed on the largest cryptocurrency platforms like Coinbase, Binance and eToro so early in its creation suggests it could reach mass adoption.

Bored Ape Yacht Club makers Yuga Labs have already raised $ 450 million for their metaverse project from seed round investors, including big names like Google, Samsung, Adidas, FTX exchange, and celebrities such as Snoop Dogg, Shaq and Steve Aoki.

Cryptoassets are a highly volatile unregulated investment product.

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7 Artificial Intelligence Stocks Under $10 for Your Watch List

In recent years, artificial intelligence has been a strong force in the business and tech sector. It offers many benefits to large organizations and individuals alike, from enhancing workforce productivity to providing solutions to common problems. Gartner released a report that found at least one-third of businesses are looking to spend at least $ 1 million on AI in the next couple of years. Moreover, the industry will grow at a compound annual growth rate (CAGR) of 33.6% over the next several years and will reach an estimated market size of $ 360.36 billion by 2028. Naturally, this will lead to huge upside for AI stocks.

The sector includes some of the most powerful tech companies globally with meteoric valuations. Hence, it’s tough to find AI stocks trading under the $ 10 mark. After careful scrutiny, I’ve picked out seven of the most promising AI stocks that are trading at remarkably cheap valuations:

AI Stocks to Buy: Rekor Systems (REKR)

Rekor Systems is a provider of advanced vehicle recognition mechanisms. The company leverages video with AI to deliver robust automated services for its clients. Moreover, its AI and machine learning competencies allow for the effective identification of vehicles and license plates. The results have been excellent with a high-quality service at lower costs.

The company is looking to evolve from a direct-sales approach to a subscription model. The new model is likely to result in higher margins and recurring revenues. Revenues during its latest quarter were up 23% from the prior-year period but significantly down from the previous quarter.

According to the management, the long-term benefits of its business transition will more than offset its short-term losses. Moreover, REKR stock could perhaps be an excellent long-term bet based on its incredible outlook.

Duos Technologies Group (DUOT)

Duos Technologies is an enterprise that develops automated inspection spaces for rail cars. It has efficiently automated rail car inspection through its proprietary technology and plans to branch out into other verticals.

Moreover, it intends to move towards a more recurring revenue model and international expansion. Its automated inspection services have provided substantial cost savings for its clients so far.

The company results have been highly encouraging of late. Its revenues during its third-quarter have grown by 36% to $ 1.74 million. Moreover, it forecasted its net loss for the upcoming quarter to fall in the $ 250,000 to $ 295,000 range compared with a reported $ 426,000 in the same quarter last year.

Additionally, it expects its net revenues to double this year from last year. Therefore, it has an incredible growth runway ahead which points to a healthy upside with DUOT stock.

AI Stocks to Buy: Alithya (ALYA)

Alithya Group provides a wide array of digital technology services in the U.S., Canada and Europe. Its services include enterprise architecture services, digital transformation, consulting and other services. Moreover, it provides an integrated AI service called Askida, enabling clients to test the functionality of various applications effectively.

The company financials have been excellent of late. In its most recent quarter, its sales shot up 55.4% to $ 109.7 million, comfortably surpassing analyst estimates. Moreover, with its recent acquisition of Vitalyst, a transformative change enabler, Alithya is looking to expand its business through acquisitions and merger activity.

Expanding margins and efficient expense management will be two primary goals for the company as it seems to take ALYA stock to new heights.

Lantronix (LTRX)

Lantronix provides internet of things (IoT) solutions across a range of applications for its customers. Though it operates in a highly competitive sector, its growth rates have been stellar in recent years, with a rapid increase in incomes. Hence, its solid top-line growth can consistently rake in positive income.

It saw tremendous expansion in its top and bottom lines during the pandemic. On a year-over-year basis, its sales have grown by a remarkable 103%.

Looking ahead, the company expects a colossal 57% to 78% bump in year-over-year revenues in fiscal 2022. Margins are also likely to improve over time with the expansion of its software as a service (SaaS) platform. Hence, LTRX stock could perhaps be one of the best AI stocks currently in the market.

AI Stocks to Buy: Ideanomics (IDEX)

Ideanomics is an up-and-coming fintech and EV (electric vehicle) specialist. It operates two segments that use AI to improve outcomes for its userbase. Firstly, its mobility segment offers electrification solutions for commercial fleet operators. This includes forecasting, inventory benchmarking, charging infrastructure and other elements. The other division provides fintech solutions by leveraging technology and innovation.

The business has been growing rapidly, boasting triple-digit revenue growth in the past year. In its most recent quarter, sales improved by 155% to $ 27 million from the prior-year quarter. Gross margins are also improving, and with well over $ 250 million in cash, the company has a deep pool of capital to continue advancing its expansion plans.

Its debt load is concerning, so IDEX stock is a relatively risky play. However, it has massive upside potential with its innovative offerings.

Vivint Smart Home (VVNT)

Vivint provides a vertically integrated smart home solution to its growing client base. Its services include sales, software, support, hardware and other related aspects. The smart home trend has been growing swiftly, and it stands to benefit hugely.

Its revenues are growing rapidly, but its path to profitability remains a concern. A lot of it is down to its poor distribution strategy, which raises questions on its scalability. Nevertheless, it offers an amazing value proposition that can gain plenty of traction in the coming years. However, VVNT doesn’t come without its risks.

AI Stocks to Buy: AudioEye (AEYE)

AEye is an Arizona-based digital accessibility platform. It specializes in making digital content more accessible to people. It offers a holistic solution with an easy setup, legal compliance and other unique features. An estimated 20% of people in the U.S. alone have a disability which equates to 67 million people. Worldwide that number is at around 1 billion.

The company is targeting a colossal $ 350 billion market, a fraction of which can result in sizeable revenues. It currently has an impressive customer base of 80,000 individuals, which grows with every passing quarter. Hence, AEYE stock has a lot of potential for exponential growth ahead.

Image Credit: Tara Winstead Pexels; Thank you!

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Nyla Hayes has found the secret to success, and it’s selling her artwork as NFTs.

At 13 years old, a young artist has become a multimillionaire when she started putting her art up for sale as NFTs, or non-fungible tokens. “Non-fungible” means that an item is one of a kind, such as an original song, video or drawing, and each of Hayes’ portraits is unique in its own way.

The teenager’s drawings depict iconic women — from Ruth Bader Ginsburg to Lucille Ball — as well as everyday women. And when she’s done making one, Hayes posts it onto an NFT website, where someone can buy it with cryptocurrency.

“I love drawing women from all around the world because I really like different cultures and different backgrounds,” the digital artist told NBC News Now anchor Savannah Sellers on Thursday.

There’s one detail that makes Hayes’ drawings stand out — a stretched neck.

Hayes draws her models with an elongated neck, a characteristic that appears in all 3,000 portraits in her collection, and she explains that the signature feature stems from her childhood.

When she was younger, Hayes was fascinated with the Brontosaurus dinosaur, so she gave them a cute nickname.

“I didn’t know what to call it. So I just thought of them as “long neckies,” she said.

And that was the inspiration — and name — she needed to turn her artwork into a masterpiece.

“At first I just wanted to put two things that I love together, and that was a Brontosaurus and women,” she said. “I wanted to show how beautiful and strong women were, and I thought of the brontosaurus as that as well.”

In March, Hayes sold her “Long Neckie Lady” portrait for $6,621.70 on Instagram. And the month before that, she sold another drawing for $3,920.05.

Hayes’ mom, Latoya, said she got her daughter a smartphone at 9 years old because she “really took an interest in art.”

“I could see how passionate she was about her art and I just thought like, if I could support her in any way. That’s exactly what I’m going to do,” Latoya said.

Before Hayes started making the big bucks, she would draw her portraits on her smartphone and only show them to her family and friends. She was “nervous that people wouldn’t like it or think it was weird.”

But with a little bit of encouragement from her uncle, Hayes and her mom decided to look into NFTs to see if it could be a lucrative marketplace for her.

“Honestly, when I first heard about NFTs I was kind of like, I honestly don’t know about this but I’ve been wanting to put my art out for a while so it was a good platform to do it,” she said.

In 2021, Hayes was named Time Magazine’s first “Artist-in-Residence,” an honor given to those who are advancing their careers through NFTs. As their artist-in-residence, she made a phenomenal collection where she recreated Time’s cover portraits of their “Women of the Year” franchise.

When she first started to sell NFTs, she never thought her business would hit off the way it has.

“I just thought it would be cool to put my art out there and show people that but to see how people react to it,” Hayes said. “I was never expecting it to blow up like this.”

Hayes said it all wouldn’t have happened without the support of her mom, describing her as “amazing.”

I need her,” she said before cracking a joke. “She’s like my right hand because I’m left-handed.”

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Investors appear to be reducing their exposure to speculative assets, including stocks and cryptos, amid concerns about inflation and slower economic growth. Further, the 10-year Treasury yield rose to a new three-year high on Monday at 2.78%, which reduces the present value of expensively priced tech stocks.

Gold, a traditional safe haven, traded higher on Monday, while the Chicago Board Options Exchange’s CBOE Volatility Index (VIX), a measure of the stock market’s expectation of volatility based on S&P 500 index options, rose above 20, similar to what occurred in early February. That indicates uncertainty among investors.

In crypto markets, most alternative cryptocurrencies (altcoins) underperformed bitcoin on Monday. Ether (ETH) was down 8% over the past 24 hours, compared with a 16% drop in THORChain’s RUNE token, and a 6% decline in BTC over the same period.

Liquidations occur when an exchange forcefully closes a trader’s leveraged position as a safety mechanism due to a partial or total loss of the trader’s initial margin. In this case, traders who were long bitcoin are forced out of their positions as price drops, which can accelerate declines in the spot market.

Still, long liquidations over the past few weeks have not reached an extreme, especially compared with early March. That could point to further selling pressure until BTC experiences a more decisive down move with high trading volume, which typically indicates capitulation among short traders.

The chart below shows a new high in the 90-day correlation between bitcoin and the tech-heavy Nasdaq 100 index. While the correlation is still relatively low, it has remained elevated since the pandemic-induced sell-off across speculative assets in 2020.

In a Monday newsletter, FundStrat, a global advisory firm, wrote that macro uncertainty could outweigh LFG’s reserve purchases. “Following previous LFG purchases, we witnessed a rise in realized market cap as other [traders] followed LFG’s lead,” the firm wrote. “However, realized market cap has remained flat since this latest purchase, indicating marginally less appetite for buying this weekend’s dip.”

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Throughout the week, new mining rigs were unveiled, long lines of visitors were seen at the booths of mining services firms and some of the larger mining companies said they had their people sniffing around for deals.

“Last year, it wasn’t that [mining] was an afterthought, but it didn’t have nearly the pull or the promotion from the conference,” Whit Gibbs, the founder and CEO of bitcoin mining and services company, Compass Mining, told CoinDesk from the exhibition floor. “And this year…they promoted [the mining stage], they’ve got speakers that are more engaging, drawing in the crowds. It’s been great,” he said.

And there were plenty of them, including the top three mining rig makers, at least four providers of immersion cooling, three to four energy services providers marketing their environmentally-friendly solutions and three miners serving retail clients. There were also several other new mining rig manufacturers on the floor.

They may have been too busy meeting with their Wall Street friends to raise capital, as there were a plethora of cocktail parties and private dinners bringing together the two sides throughout the week.

Meanwhile, larger miners, such as Hive Blockchain (HIVE), had its own team scouring the convention to look for deals, given that so many participants in the mining sector were present, Hive’s executive Chairman Frank Holmes told CoinDesk at the conference. “We’ve had many deals come to us,” Holmes said. “This is a real deal center.”

“When it comes to the hardware side, there’s more of a presence from different providers than I’ve ever seen at a conference before,” Gibbs noted. However, Gibbs said he is “slightly apprehensive” of all the new entrants. “I think we have some people here that are promoting products which are not proven so it could pose a risk for people who are interested in buying them,” Gibbs observed.

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