Theta’s Mainnet 3.0 launch date pushed to June

“We decided that additional time to conduct a more thorough code review and testing was important,” said Theta Labs.

Crypto-powered esports streaming app Theta’s mainnet 3.0 launch has been delayed until June.

In an announcement from Theta Labs, the company stated that its development team is still working “to incorporate some building blocks” for a non-fungible token, or NFT, marketplace for the Theta Mainnet 3.0. They are also working to ensure that the network functions when scaled to more than 100,000 Elite Edge Nodes. As a result, Theta needs more time “to conduct a more thorough code review and testing” and will be pushing the expected launch date from April 21 to June 30.

“While delays are never ideal, we think this change is the prudent way forward to ensuring a successful Mainnet 3.0 launch,” said Theta.

The network said it would be focusing on building out its NFT marketplace, purportedly due to the sudden boom in the space. Theta aims for its Elite Edge Nodes, which tokenize internet bandwidth, to become a decentralized storage space for NFTs by establishing cross-chain bridges between its own network, the Ethereum network, and others. This would address the cost of minting NFTs on the Ethereum blockchain.

Last year, Theta announced a similar postponement of its Mainnet 2.0 from March to May in order to allow for “more testing.” The launch ultimately went forward on May 27 without additional delays.

In the lead up to the mainnet 3.0 launch, the protocol’s native token, THETA, has surged significantly, rising by more than 450% from $2.14 to $11.86 between Jan. 1 and the time of publication. The token has even outperformed Bitcoin (BTC) during its current bull run.

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This clever Bitcoin options strategy brings pro BTC traders big profits

Pro traders often use the front spread options strategy to generate hefty returns without having to pay for their positions upfront.

Bitcoin’s (BTC) upcoming March 26 options expiry might become the largest ever, with $6.1 billion open interest on the line. With less than 4 days ahead of the settlement date, pro investors will have already set up strategies for the next month.

Bitcoin price at Coinbase, USD. Source: TradingView

As BTC price has already surged 72.7% since February, most traders are skeptical of another rally taking place over the next couple of weeks. Nevertheless, the $55,000 support has shown strength and is a signal that the uptrend is intact.

Whales and arbitrage desks are somehow optimistic, as reflected by the futures contracts premium and top traders’ long-to-short ratio. The excitement seems more restrained as opposed to mid-March, when the futures premium reached 35% annualized.

OKEx 3-month future contracts basis. Source: Skew

Options strategies do not face liquidations ahead of expiry

Options strategies provide excellent opportunities for traders who have a fixed-range target for an asset. Using leveraged futures contracts also allows traders to leverage the position, although the stop loss decreases the trade’s viability.

On the other hand, a trader can create a slightly bullish strategy using multiple put (sell) options. The front spread with puts allows gains with no upfront cost other than the margin requirements for a negative price swing. The same pattern can be used in both bullish and bearish circumstances, depending on the investor’s expectations.

It’s important to remember that options have a set expiry date; therefore, the price increase must happen during the defined period.

The Bitcoin calendar options below are for the April 30 expiry, but this strategy can also be used on Ether (ETH) options or a different time frame. Although the costs will vary, its general efficiency should not be affected.

Profit / Loss estimate. Source: Deribit Position Builder

The suggested slightly bullish strategy consists of buying 0.9 BTC worth of $76,000 put options while simultaneously selling 2.05 of $64,000 puts. To finalize the trade, one should buy 1.31 BTC worth of $48,000 put options.

It is worth noting that derivatives exchanges price these contracts in BTC terms. Thus, the displayed profit and loss above are shown in satoshis (1/100,000,000 BTC) at the expiry date.

While this put option gives the buyer the right to sell an asset at a predetermined price, the contract seller is committing to buy it. Therefore, put options can also be used for neutral-to-bullish strategies.

This front spread with puts could yield a $10,770 gain

As the estimate above shows, any outcome between $54,600 (down 4.3% from the current $57,050) and $76,000 (up 33.2%) yields a net gain. For example, a 10% price increase to $62,750 results in a $9,350 net gain, or BTC 0.149. Meanwhile, this strategy’s maximum loss is $7,600 if BTC trades at $48,000 (down 15.9%) on April 30.

This front spread with put options produces a potential $10,770 gain at $64,000, which is 2.85x more than the loss if BTC price drops 10% to $51,350 on the expiry date.

The multiple options strategy trade provides a better risk-reward for bullish traders seeking exposure to BTC’s price increase. Moreover, there is no upfront fee apart from the 0.157 BTC margin requirements to cover potential losses.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Streaming tokens surge as Bitcoin price drops to the $54,000 support

Tokens related to gaming, video and music streaming rallied to new highs even as Bitcoin price pulled back to the $54,000 support.

Bitcoin (BTC) bulls faced strong headwinds on March 22 that quickly dampened any attempt at a breakout above the $58,000 level despite comments from United States Federal Reserve Chair Jerome Powell which called the top cryptocurrency a “substitute for gold.”

Data from Cointelegraph Markets and TradingView show that traders made several attempts to push BTC above $58,000 over the past two days only to be rejected, with Monday’s failure resulting in a pullback to the $54,000 support level.

BTC/USDT 4-hour chart. Source: TradingView

On-chain analysis shows that while BTC price struggles to climb back above $60,000, whale wallets have been in accumulation mode over the past 30 days indicating that some of the wealthiest Bitcoin holders still see more upside for the current bull market.

Mainstream cryptocurrency adoption gains traction

The macro picture for the cryptocurrency sector continues to improve as the globally recognized TIME magazine revealed that it is looking for a CFO who is comfortable with Bitcoin and cryptocurrencies as the publication has begun exploring the creation of one-of-a-kind non-fungible tokens based on some of its most iconic covers.

Now that blockchain technology has evolved to the point where it can handle processes like video and music streaming, platforms with a first-mover advantage in those sectors have seen their prices breakout over the past few months as mainstream audiences are increasingly exposed to the cryptocurrency ecosystem.

Theta (THETA) and Theta Fuel (TFUEL) have taken the lead when it comes to blockchain-based video streaming with the dual token system enjoying astronomical growth in 2021 that continues to push its price to new all-time highs.

THETA/USDT vs. TFUEL/USDT 4-hour chart. Source: TradingView

Audius (AUDIO), a music streaming platform, has also rallied strongly over the past month as its price increased from $0.356 on Feb. 28 to a new all-time high at $2.05 on March 16.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on March 1, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for AUDIO was in the green late in February and hit a high of 68 on March 1, roughly 24-hours before the price began to increase by 400% over the next two weeks.

Following the price peak on March 16, AUDIO price and its VORTECS™ score experienced a pullback that lasted several days. The VORTECS™ score then turned green again and reached a high of 71 on March 20, roughly 15 hours before its recent price rise.

Daily cryptocurrency market performance. Source: Coin360

Other notable altcoin performances on March 22 include Augur (REP), which has seen its price increase 30% to a multi-year high of $39.30, and XRP, which spiked 20% to an intraday high at $0.60 as members of the XRP army look to get the token relisted on exchanges that suspended services in response to th actions from the U.S. Securities and Exchange Commission.

The overall cryptocurrency market cap now stands at $1.746 trillion and Bitcoin’s dominance rate is 59.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Nigeria’s central bank not discouraging people from trading crypto, says governor

The governor of the Central Bank of Nigeria has seemingly softened his stance on crypto for individuals, if not banks.

Godwin Emefiele, governor of Nigeria’s central bank which previously banned banks from servicing crypto exchanges, has reportedly clarified the bank’s position on the use of cryptocurrencies in the country.

According to local news outlet TodayNG, Central Bank of Nigeria, or CBN, deputy governor Adamu Lamtek said on behalf of Emefiele that the bank had not banned Nigerian residents from buying, trading, or selling crypto, but “[protected] the banking sector from the activities of cryptocurrencies.” Lamtek spoke at a seminar for the Finance Correspondents and Business Editors in the capital, Abuja.

“The CBN did not place restrictions from use of cryptocurrencies and we are not discouraging people from trading in it,” said Emefiele. “What we have just done was to prohibit transactions on cryptocurrencies in the banking sector.”

The statement follows the CBN announcing last month in a circular that it had placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country. The ban directed all commercial banks to close accounts belonging to crypto exchanges and other businesses transacting in cryptocurrencies in Nigeria, warning of “severe regulatory sanctions” for any institution in breach of the rule. Some account holders at Nigeria’s Access Bank have already reported their accounts have been closed.

Emefiele previously referred to cryptocurrencies as “not legitimate money” with no place in Nigeria’s monetary system. The governor said at the time the central bank was doing its due diligence to better understand the implications of the emerging space.

However, many regulators and crypto enthusiasts in Nigeria have criticized the ban. Some lawmakers in the Nigerian Senate have proposed inviting the CBN governor and major crypto stakeholders to a hearing to discuss issues related to crypto regulations in the country.

Since the CBN introduced the crypto ban, the price of Bitcoin (BTC) has been trading at a premium in the country. Valued at $57,349 in the United States, data from crypto exchange Luno currently shows BTC has risen to a more than 70% premium in Nigeria at a price of $97,509.

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6 Questions for Sanja Kon of Utrust

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Sanja Kon, CEO of Utrust

Sanja Kon is the CEO of Utrust, a blockchain-native payments ecosystem that wants to bridge the gap between the money of tomorrow and traditional e-commerce. At Utrust, her main focus is partnering with key international players to improve the accessibility of digital assets and increase cryptocurrency merchant adoption. Prior to joining Utrust, Kon spent more than a decade in the corporate world, working for multiple Fortune 500 companies. At eBay, she headed the European partnerships strategy, forming key global relationships to enhance the selling experience for eBay professional merchants. At PayPal, her team was in charge of delivering and executing the payment experience solution for marketplace players. Kon is fascinated by technological innovation and disruptive startups and is deeply passionate about promoting diversity and inclusion topics.


1 What does decentralization mean to you, and why is it important?

I was born in Sarajevo, Bosnia, and Ive seen the devastating economic and political impact that the war put on individuals and companies in ex-Yugoslavia. Most us of have the privilege of living in a developed country, with relatively stable currencies and governments. Therefore, we dont often think about the consequences of putting our trust into governments, institutions and organizations. However, billions of people today live in countries with unstable governments, wars and high inflation. This is exactly where decentralization plays a key role. For me, decentralization means taking the control of money, finances and wealth into our own hands. So, its not surprising at all to see that cryptocurrency adoption is higher in countries with a failing financial system and a massive devaluation of the nations currency, such as Turkey, Brazil or Colombia. People are finally finding a solution for hedging their wealth and be in control.


2 What do you think will be the biggest trend in blockchain for the next 12 months?

Im very keen on seeing DeFi gain more adoption over the next 12 months, and this is the trend Ill follow very closely. For people in the crypto space, DeFi is already old news. However, the key challenge will be how do we improve the accessibility of the services for people that are non-crypto savvy yet. Early numbers and growth are very exciting: The total locked value in DeFi already went from $680 million in January 2020 to $41 billion in February 2021! People need to understand the principles of decentralized applications, such as the fact that those applications are owned by the users, and, therefore, users not only benefit from them financially but also contribute to improving the products themselves. Therefore, Im curious to see how educational aspects on these platforms will improve in order to attract new customers. Last but not least, simplification of the user experience will also be a key aspect of driving adoption.

3 Whats the most embarrassing moment of your life?

When I was working at Vodafone, in the first years of my career, I was doing a graduate program where I would rotate my role every five-to-six months in order to see as many departments as possible. In my second rotation, I was assigned to the enterprise sales team, where I had to shadow sales reps for a few weeks. On the first day, when my onboarding buddy was presenting me to the team, I did not notice that a huge carton box was on the floor in front of me, and while walking, I fell straight into the box in front of the whole office! People are still talking about that today, even if more than 10 years have passed!

4 What is the book that influenced you the most? Why?

When my grandmother died years ago, I went into a phase of spiritual exploration and enlightenment. I wanted to understand the bigger meaning of life, what life is about, and, especially, what happens after physical death. Ive read many books in this field, but Many Lives, Many Masters by Dr. Brian Weiss was the one that profoundly changed my conception of life. The book talks about the work of Dr. Brian Weiss, a traditional psychotherapist, who accidentally started regressing patients into past lives. As a doctor and scientist, he was a complete non-believer in supernatural occurrences at first, which resonated with me at the time, as I never questioned life as we know it. I highly recommend this book, as it offers very valid scientific proof of reincarnation. The more I know about this topic, the less I feel I really know, and this, for me, its very exciting, as our existence is much more profound and rich than the one we can see.

 

5 What will happen to Bitcoin and Ethereum over the next 10 years?

I see a different pathway for Bitcoin and Ethereum over the next 10 years. I believe Bitcoin is gaining its pace and firming its position as the go-to store of value. We saw this particularly in 2020, where the rise of Bitcoin was driven by institutional investments. The involvement of such large players in the space gives it the legitimacy to fuel its growth for the future. In the upcoming 10 years, I do believe we will see more and more interest from several businesses, corporations and individuals in allocating percentages of their portfolio into a unique store of value. The trustless and permissionless characteristics of the network, as well as the fixed amount of supply, will ensure holders will continue to rise, and payments with the currency will follow as well. With regards to Ethereum, I believe it will fuel a whole new subset of our economy, accelerating the adoption of decentralized financial services. In this new economy, there wont be the need to rely on central financial intermediaries such as banks to offer traditional financial services, as smart contracts on blockchains will create protocols to substitute the existing financial services in a more transparent way. Ethereum will also improve money accessibility, making it a tool available to all, improving financial inclusivity across the globe.

 

6 What do your parents/significant other/friends/kids tell you off for?

My impatience! Im very driven and fast-paced, so I become very impatient when I need to wait for things to happen or when other people are slow. This shows in everyday life in things like having to wait in a queue; I will probably decide not to wait in the supermarket line at all instead of having to wait even for five to 10 minutes. Thankfully, most shopping can be done online! The other thing that my friends are often telling me is to relax more: Im always on the go. If Im not working, Im either learning something, exercising or feeding my mind in a way or another. While this is great, its also important to relax, and this is something Ive been improving a lot over the last years, dedicating more time on things like meditation, mindfulness or simply small pleasures like watching a movie or a TV series.


 

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