Senin, 31 Mei 2021

TA: Ethereum Gains Traction, Why ETH Could Soon Retest $3K

Ethereum gained pace above the $2,550 resistance zone against the US Dollar. ETH price is trading in a positive zone and it could rally if it breaks the $2,750 resistance.

  • Ethereum is slowly moving higher and it broke the key $2,500 resistance zone.
  • The price is now trading well above $2,500 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate higher if it breaks the main $2,750 resistance zone in the near term.

Ethereum Price Is Gaining Momentum

Ethereum started a decent upward move from the $2,400 support zone. ETH climbed above the $2,480 and $2,500 resistance levels. There was also a clear break above the $2,650 resistance zone.

A high was formed near $2,746 before the price started a downside correction. There was a break below the $2,700 and $2,650 levels. Ether declined below the 23.6% Fib retracement level of the upward move from the $2,277 swing low to $2,746 high.

It is now trading well above $2,500 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $2,640 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, an immediate resistance is near the $2,700 level. The first major resistance is near the $2,750 level and the recent higher. A close above the $2,750 level could start a major increase towards the $2,850 level. The next major resistance is near the $3,000 zone.

Dips Limited in ETH?

If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,600 zone and the channel trend line.

A downside break below the channel support could push the price towards the $2,500 support and the 100 hourly SMA. The 50% Fib retracement level of the upward move from the $2,277 swing low to $2,746 high is also near the $2,510 level. The next key support is near the $2,450 level. Any more losses could lead the price towards the $2,400 support in the near term.

Technical Indicators

Hourly MACD The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI The RSI for ETH/USD is currently above the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,750



from NewsBTC https://ift.tt/3uCN0CR
Find The best Lending Program Top CryptocurrencyLending Program

TA: Bitcoin Grinds Higher, Here’s Why Dips Turned Attractive

Bitcoin price started a steady increase above the $36,000 resistance against the US Dollar. BTC even broke $37,000 and it is now showing positive signs.

  • Bitcoin gained bullish momentum above the $35,000 and $36,000 resistance levels.
  • The price is currently trading well above $36,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $36,000.

Bitcoin Price Gains Pace

Bitcoin formed a base above the $34,000 zone and it started a steady increase. BTC broke the $35,000 and $36,000 resistance levels to move into a positive zone.

There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement level of the key decline from the $40,420 swing high to $33,630 low.

The price even broke the $37,000 resistance zone. However, the bears are fighting near the $38,000 level. It seems like the 61.8% Fib retracement level of the key decline from the $40,420 swing high to $33,630 low is acting as a resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $37,500 level. The first major resistance is near the $38,000 level and the recent high. A clear break above the $38,000 zone could set the pace for a larger increase. The next major resistance is near the $40,000 level. An intermediate resistance could be near the $38,800 level.

Dips Supported in BTC?

If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $36,500 level.

The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could decline towards the $35,200 support zone in the coming sessions. Any more losses could clear the path for a retest of the $34,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is sliding towards the 50 level.

Major Support Levels – $36,000, followed by $35,500.

Major Resistance Levels – $37,500, $38,000 and $40,000.



from NewsBTC https://ift.tt/3fzud78
Find The best Lending Program Top CryptocurrencyLending Program

How Ethereum Could Power A CBDC, According To A Chinese Goverment Official

Yao Qian, a member of The China Securities Regulatory Commission, presented a case where a possible Digital U.S. dollar and the Digital Yuan run on top of Ethereum’s network. The government official spoke on The International Financial Forum (IFF) 2021 in Beijing on May 30th.

The summit had the objective of discussing the post-pandemic world and China’s potential for international partnerships. Qian was part of the forum called “Digital Currency and the Future Digital Transformation”.

During this event, the government official said that digital assets and central bank digital currencies (CBDC) should go beyond the traditional concept of money and leverage the advantages brought by innovation in the crypto industry. Qian said: “The future of digital currency will certainly move towards smart money”.

Despite this statement, the government official revealed that there are concerns about the integration of a CBDC with smart contracts features. Qian was part of China’s central bank’s digital currency research and development, an initiative responsible for the development of its Digital Yuan. Qian said:

The CBDC is meant to act only as a payment method, but Qian made emphasis on the possibilities for citizens to benefit from new technologies. This could allow money to be taken one step forward. Qian said:

We can imagine that if the digital dollar and the digital yen were running directly in blockchain networks such as Ethereum and Diem, central banks could use their BaaS services to provide central bank digital currencies directly to users without the need for intermediaries. Single-tier operations can enable central bank digital currencies to better benefit people without bank accounts and achieve financial inclusion.

However, some people inside the government still believe that the technology that powers cryptocurrencies and smart contracts needs to mature.

It Is Possible For A CBDC To Operate On Ethereum?

However, Qian’s comments were personal and not representative of the Chinese regulator. The report was shared by Wu Blockchain, and he referred to Qian as the equivalent of the U.S. Securities and Exchange Commission Hester “Crypto Mom” Pierce.

Yao Qian is the only official in China’s financial regulators who has in-depth research on cryptocurrencies and has a friendly attitude (…).

When asked to specify if Qian was referring to Ethereum’s source code to create a China manage network for its digital Yuan or the cryptocurrency’s mainnet, Wu said that the government official was talking about the latter.

Even as an academic project, Wu said that many users believe that the gas fees would make a CBDC on Ethereum a non-viable option.

He means on eth mainnet, but people think it is impossible to carry such a large transaction volume, think about the 200,000 gwei?

At the time of writing, ETH trades at $2,613 after seeing high selling pressure during the weekend. While the daily and weekly charts are in profit, higher timeframes still record moderate losses.

Ethereum ETH ETHUSD
ETH on an upward trend in the daily chart Source: ETHUSD Tradingview

Research firm Jarvis Labs indicated that ETH price experienced “sell-offs” on every attempt to reclaimed previous highs, as seen below.

Ethereum ETH ETHUSD
Source: Jarvis Labs


from NewsBTC https://ift.tt/34Aduue
Find The best Lending Program Top CryptocurrencyLending Program

Ripple Surges 15% Following News That It Wants To Go Public

Ripple CEO Brad Garlinghouse says that the San Francisco-based payments startup intends to go public once its legal battle with the U.S. Securities and Exchange Commission (SEC) is settled.

XRP To Go Public

In an interview during the Consensus 2021 event, Garlinghouse commends Coinbase following the crypto exchange’s debut on the Nasdaq in April.

Despite the fact that the general crypto market appears to be in decline, Ripple’s native cryptocurrency, XRP, has risen 14.88% to $1. XRP is now trading at $1.02 with a market valuation of $44.21 billion at the time of writing. To put this into perspective, XRP’s price has risen by 390% over the past year

Garlinghouse says Ripple is considering pushing through with its plan to launch an initial public offering, but it will have to wait until the lawsuit with the SEC is over.

“I think that the likelihood that Ripple is a public company is very high at some point. I think in the middle of an SEC lawsuit, you know we need to get that closed out and the SEC approves an S1, it’s easier to do that after you have closure and clarity and that regulatory certainty we have been seeking for so long.”

In January 2020, Garlinghouse revealed Ripple’s plan to go public as he predicted an IPO will happen in the crypto space over the next 12 months. In December, the SEC formally filed a complaint against the payments giant, alleging that Ripple’s native asset XRP was an unregistered security upon its launch and remains a security to this day.

Ripple is rising
XRP/USD surges above $1 following news of intention of going public. Source: TradingView

Related article | Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

News Comes As Ripple Stops SEC From Accessing Legal Records

This current XRP price increase comes as Ripple scores another little victory in its struggle with the Securities and Exchange Commission of the United States (SEC). Ripple has managed to prevent the SEC from obtaining any of the company’s legal paperwork, as requested by the regulator.

The US Securities and Exchange Commission (SEC) has requested access to Ripple’s legal issues in order to buttress its case in the complaint. Access to these papers, according to the securities commission, will assist it prove that Ripple was well aware of XRP’s “security” prior to its 2013 ICO sale. However, the SEC’s demand to have Ripple produce papers related to the XRP sale was dismissed by a New York judge.

The legalities in this case was overseen by Judge Sarah Netburn of the District Court for the Southern District of New York. The verdict was handed out by the judge on Sunday, May 30. Judge Sarah Netburn writes in the public filing:

“Ripple asserts that the SEC’s requested communications are protected by the attorney-client privilege, which has not been waived. The attorney-client privilege encourages “full and frank communication between attorneys and their clients and thereby promote broader public interests in the observance of law and administration of justice.”

The issuance of “fair notice” has been a major issue in the SEC vs. Ripple fight. For the past eight years, Ripple says that the SEC has never provided a “fair notice” as to whether the blockchain business is breaking any securities rules. FinCEN and the US Justice Department deemed XRP a convertible virtual currency at the same time.

Ripple is now working to move this issue forward, focusing on the SEC’s inactions and a sudden shift in attitude. Judge Netburn, on the other hand, stated that if Ripple’s defense is plainly identified, she will not take a stance. According to the judge:

“I reach only the limited question of whether Ripple put its subjective state of mind or advice of counsel at issue merely by raising the defense, thus waiving its privilege. I conclude it did not.

Accordingly, the SEC’s motion is DENIED. If, at some later date, Ripple raises its good faith beliefs or relies upon its privileged communications in support of its fair notice defense, the plaintiff may renew its application to the Court”.

Related article | Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

Featured image from Pixabay, Charts from TradingView.


from NewsBTC https://ift.tt/3uL1JvH
Find The best Lending Program Top CryptocurrencyLending Program

Cardano Boss Says Good Riddance To Dying Banking System

Cardano Founder Charles Hoskinson shared his damning thoughts on the legacy financial system, concluding that cryptocurrency will take over because it offers a better way.

The Banking System Brought This On Itself

Much is said about the enmity between cryptocurrency and banking. While the banking system towers above cryptocurrency in terms of both capitalization and the number of users, Hoskinson believes this is a situation that will change.

“You can’t go back; you can’t change that. You can’t put that genie back in the bottle. Central banks will fade away, it’s just going to happen. Your conventional legacy banks are going to fade away.”

His reason for thinking this comes down to the nepotism and profiteering embedded within the banking system. All of which conspire to squeeze the “little guy,” often in circumstances of desperation and lack of choice.

“It wasn’t us who charged 15% to some of the poorest people in the world to move their money home to take care of their parents. It was the people who ran the old system. It wasn’t us, in this industry, who charge 85% interest to lend $100 to a subsistence farmer, desperately trying to survive after a drought.”

Hoskinson further laid scorn on the banking system’s complicity with criminal activity. Referencing general instances of laundering drug money and oil for food programs, Hoskinson turned the tables by saying cryptocurrency is the remedy to fix this.

“Never allow them to say ours is the industry that’s the risk. Ours is the industry that’s the antidote to the excesses, corruption, and nepotism that we’ve found. This is an industry of frustration that has now been replaced by an industry of creativity and innovation. We’re going to change the world.”

Cardano Gears Up For Smart Contracts

In terms of leading the charge against the banking system, Cardano is up there as a project capable of rising to the challenge. But, like the whole of the cryptocurrency industry, it is a work in progress.

Nonetheless, last week saw developers Input Output Global (IOG) reveal its progress on shipping the final phase of Cardano’s smart contract rollout.

Currently, the firm is working on the “Alonzo Blue” stage which involves Plutus pioneers and some “alpha partners” working on the first-ever Alonzo testnet.

The “alpha partners” have been drafted to build a range of dapps including oracles, DEXs, lending and borrowing, stablecoins, NFTs, and DeFi tools.

During this stage, the goal is to uncover and fix bugs to stabilize the code environment. The remaining “Alonzo White and Purple” stages will see the testnet open up a wider group of testers. At the “Alonzo Purple” stage, the protocol is almost ready for public rollout, which is expected in August.

As Hoskinson alluded to, change is coming, and thanks to smart contracts, Cardano will be one of the cryptocurrency projects eating away at the legacy system.

Cardano daily chart

Source: ADAUSD on TradingView.com


from NewsBTC https://ift.tt/3fZ9xEE
Find The best Lending Program Top CryptocurrencyLending Program

Interview: OKEx Team Comes Together to Answer Few Questions About Crypto Market

As the crypto market continues to ride rough waves, we at NewsBTC decided to throw some questions at OKEx’ team to get a better understanding of how they view these developments and the impact on their own operations.

In a first, the OKEx team got together to paint a clear picture by providing detailed, in-depth responses to our questions. The representatives who participated in the interview include Robbie Liu – Market Analyst at OKEx, Hunain Naseer – Senior Editor at OKEx Insights, Richard Delany – Senior Analyst at OKEx, and  Jay Hao, the CEO himself.

Read the interview below.

NewsBTC: Bitcoin has been performing really well for the past few months, and yet experienced a sudden downturn in a matter of hours. What changed?

Robbie Liu, Market Analyst: While the major drop happened in a matter of hours, BTC had lately stalled in terms of price action, failing to conclusively breach and stay above $60,000 for about 10 weeks. This persistent resistance had already put pressure on the bulls, and the recent news developments acted as triggers for bears to enter. The initial decline was a result of market sentiment turning bearish, but it was further worsened as billions worth of over-leveraged longs were liquidated in quick succession.

Besides the high leverage, the meme-coin frenzy had also peaked, drawing capital away from Bitcoin and major cryptocurrencies. This pushed Bitcoin dominance to its lowest level of 40% during this bullish run, while also signaling the market could reverse soon.

NewsBTC: In the recent OKEx Insights report, it was indicated that Coinbase market listing as one of the causal factors for declined interest in BTC. Can you deduce the sentiment behind it?

Hunain Naseer, Senior Editor: The Coinbase listing was a majorly hyped event and acted as a catalyst for BTC to post a new all-time high. However, as is common in the crypto space, and in other speculative markets, traders take positions prior to a major development and take profits just prior to the actual event and after it. The same was seen in this case, where buying was seen ahead of the listing and selling pressure emerged after it took place.

NewsBTC: Tell us more about the existing correlation between BTC, ETH and other traditional global assets.

Hunain Naseer, Senior Editor: In recent weeks, the correlation between BTC and ETH had weakened as the former stalled and the latter went on to post new highs above $4,000. The same was the case with altcoins, albeit to a lesser extent, where they followed ETH but did not completely detach from BTC either. In terms of correlations with traditional assets, BTC and tech stocks have been strongly correlated lately, with any major selling in the sector also impacting BTC’s price.

NewsBTC: If my understanding is correct regarding the US Treasury yields, the logic dictates that low yields will encourage investors to look for alternative assets, like say Bitcoin. However, in the past few months, the yields seem to have gotten better each day, with a healthy spread between the short and long term. Yet, BTC continued to maintain a decent price level, even recovered for a while before crashing. How do you read this?

Robbie Liu, Market Analyst: Since the pandemic started last year, the Fed has prioritized fiscal stimulus packages and asset purchases, which pushed the Treasury yields to nearly zero. However, minutes from the FOMC April meeting revealed last Wednesday signaled possible tapering.

As a result, the three major U.S. stock indexes plunged about 1% during Wednesday, which also coincided with BTC’s crash. BTC bottomed out at the same time as the S&P 500 around 1:00 pm UTC after dipping below $30,000. Meanwhile, the 10-year U.S. Treasury yield set a new daily high, moving up nearly 4 basis points to 1.6762%.

The market’s reaction illustrates that Bitcoin is currently a risky asset along with equities, and both will endure the re-evaluation that comes with rate hikes. It takes time for the market to adjust to possible changes in interest rates. Historically Bitcoin has gone through both rate hikes and rate cut cycles and more importantly Bitcoin performs better when the market Volatility Index is hovering at low levels.

okex

NewsBTC: With the crypto market going crazy in the past few weeks leading to this week’s events, there is bound to be some confusion among the trading community. What was the effect of these events on OKEx’ s operations?

Jay Hao, CEO: Given the sideways movement in terms of price during mid-May, we noticed dropping community engagement but saw increasing trading volumes and participation in campaigns as market participants sought to take advantage of the lower prices.

NewsBTC: Ethereum has been one of the great performers and its rise has been good to the altcoin ecosystem. Can you please shed some light on what the impending implementation of ETH2.0 will mean to the market?

Richard Delaney, Senior Analyst: Among other changes, ETH 2.0 looks to radically improve Ethereum’s transaction capacity. If successfully implemented, the scalability benefits of data sharding should encourage further growth of both the DeFi and NFT sectors, and may also enable innovative new sub-industries as familiarity with the tech spreads.

Similar to BTC price action in the weeks before and after the 2017 summer hard fork, it’s likely we’ll see heightened ETH price volatility around key transition dates. Although the change is widely accepted across the community, any major upgrade introduces many unknowns, which will presumably be reflected in ETH price.

After the transition, there may be a sudden growth in the number of ETH staked on the network, too. ETH staked today can’t be unstaked yet. Therefore, staking today requires confidence in the successful rollout of ETH 2.0. Even though around 4.8 million ETH have already been staked, it seems fair to presume that many users will be waiting until after the upgrade’s successful completion to commit funds to the revamped network’s security.

Despite the recent price volatility, a number of complementary factors support a higher ETH price in at least the medium term. In addition to the network scaling to accommodate more users and the removal of ETH from the market via staking, EIP-1559 looks set to significantly reduce Ethereum miner selling pressure by burning a large percentage of transaction fees.

NewsBTC: What is the impact of rising transaction fees on Ethereum network on ETH/Crypto or Fiat and ERC20/Crypto or Fiat trading pairs? How did it affect activities on OKEx platforms and what does it mean for the future of ETH?

Richard Delaney, Senior Analyst: Rising transaction fees obviously discourage people from using the Ethereum network. Complex transactions involving DeFi protocols or NFT minting can quickly get prohibitively expensive on the base blockchain, leading to the impression that Ethereum is a rich person-only playground.

The recent growth of Ethereum-bridged blockchains and layer-2s offering cheaper transaction fees shows there’s a big appetite for a lower-cost version of what Ethereum offers. As its scaling technology improves with solutions like Polygon and ETH 2.0, Ethereum’s superior liquidity and other network effects will likely attract many new users and re-attract some users from so-called “Ethereum killers”.

NewsBTC: What is your outlook for BTC and ETH in the coming months? Any warning signs traders should look out for?

Robbie Liu, Market Analyst: Looking back at the bull market from 2016 to 2017, Bitcoin has never seen three consecutive months of declines. Given this, it would not be surprising if the market rallies in June instead of posting another red month. But an extremely quick rally back above $60,000 is probably too idealistic. Bitcoin will still encounter a lot of selling pressure due to the previous large amount of buying in the $40,000 to $60,000 range.

Looking at Bitcoin’s dominance, it bottomed out from 40% before Black Wednesday, a 3-year low since May 2018. We expect the dominance ratio will not fall below 40% in the upcoming weeks, meaning investors would cycle back into Bitcoin due to the worries about another reset. Last week’s big retracement is still more likely to be a mid-cycle correction. On-chain data shows smart money from whales started to accumulate coins again.

Since Bitcoin is now increasingly correlated with macro events. Macro risks, including the FED’s tapering calendar and China’s possible further regulations, could be reasons to put traders into another selloff.

NewsBTC: Meanwhile, the ETH L2 tokens, especially MATIC have registered impressive gains in the past months. Is it a trend that is here to stay?

Richard Delaney, Senior Analyst: MATIC’s growth — both in terms of price and users — following the project’s rebrand to Polygon earlier this year demonstrates clear user demand for lower-cost Ethereum DApps. With Polygon radically simplifying the onboarding of developers to L2s, it seems likely that it will remain relevant for some time to come.

Some question Polygon’s relevance post-ETH 2.0 because both address network scalability. However, with it still unclear when or even if shards will be able to process the more complex computations required for smart contracts, Polygon and other L2s are expected to complement the upgrade rather than compete with it.

NewsBTC: What is OKEx currently working on? Can we expect some big announcements anytime soon?

Jay Hao, CEO: OKEx is working to support direct deposits and withdrawals onto Ethereum scaling solution Arbitrum. We are currently conducting due diligence to estimate how quickly the integration can be implemented once the Arbitrum mainnet goes live. Apart from this we’ve got other things in the pipeline in terms of popular listings and OKExChain, stay tuned.

 

Image by Buffik from Pixabay


from NewsBTC https://ift.tt/3vBGCgr
Find The best Lending Program Top CryptocurrencyLending Program

TA: Ethereum Resumes Decline, Here’s What Could Trigger More Downsides

Ethereum failed to continue above $2,500 and started a fresh decline against the US Dollar. ETH price is showing bearish signs and it could continue lower below $2,240.

  • Ethereum is struggling to gain bullish momentum above the $2,400 and $2,500 levels.
  • The price is now trading well below $2,450 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower if it breaks the $2,200 support zone in the near term.

Ethereum Price Is Showing Bearish Signs

Ethereum started a decent recovery from the $2,200 support zone. ETH climbed above the $2,300 and $2,350 resistance levels. However, the bulls failed to gain strength for a push above $2,450 and the 100 hourly simple moving average.

The price started a fresh decline and traded below the $2,400 level. It broke the 50% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high.

It is now trading well below $2,450 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD. Ether is now testing the 61.8% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, an immediate resistance is near the $2,360 level. The first major resistance is near the trend line and the $2,440 level. A close above the trend line could start a major increase towards the $2,500 level. The next major resistance is near the $2,550 level.

More Losses in ETH?

If Ethereum fails to clear the $2,400 and $2,450 resistance levels, it could extend its decline. An initial support on the downside is near the $2,250 zone.

The first major support is now near the $2,200 level. A downside break below the $2,200 support might spark a larger decline. The next key support is near the $2,200 level. Any more losses could lead the price towards the $1,850 support zone, followed by the $1,700 region.

Technical Indicators

Hourly MACD The MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSI The RSI for ETH/USD is currently below the 50 level.

Major Support Level – $2,200

Major Resistance Level – $2,450



from NewsBTC https://ift.tt/34wFLSf
Find The best Lending Program Top CryptocurrencyLending Program

Minggu, 30 Mei 2021

TA: Bitcoin Bears Are Back, Here’s Why BTC Could Test $30K

Bitcoin price failed to clear the $37,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more losses below $34,000.

  • Bitcoin is facing a lot of hurdles near the $36,000 and $37,000 resistance levels.
  • The price is currently trading well below $37,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if it settles below the $34,000 support and $33,200.

Bitcoin Price Turns Red

Bitcoin made a couple of attempts to clear the $37,000 resistance zone, but it failed. The last swing low was formed near $33,650 before BTC corrected higher.

It broke the $34,000 and $35,000 resistance levels. There was also a break above the 23.6% Fib retracement level of the downward move from the $40,417 high to $33,650 low. The price is now struggling to clear the $36,000 resistance level.

Bitcoin is also trading well below $37,000 and the 100 hourly simple moving average. Moreover, there is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $35,500 level. The first major resistance is near the $36,000 level and the trend line. The next major resistance is near the $37,000 level. It is close to the 50% Fib retracement level of the downward move from the $40,417 high to $33,650 low.

A close above the $37,000 resistance zone could open the doors for a steady increase. The next major barrier for the bulls is near $40,000 level.

More Losses in BTC?

If bitcoin fails to clear the $36,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $34,500 level.

The first major support is near the $34,000 level. If there is a downside break below the $34,000 support, the price could decline towards the $32,000 support zone in the coming sessions. Any more losses could clear the path for a test of the $30,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $34,000, followed by $32,000.

Major Resistance Levels – $35,500, $36,000 and $37,000.



from NewsBTC https://ift.tt/3fCfDvq
Find The best Lending Program Top CryptocurrencyLending Program

RenVM Integration Enables Fantom to Provide Superfast Bitcoin Transactions with Lowest Possible Fees

RenVM’s latest upgrade includes support for Fantom’s blockchain, bringing popular crypto-assets BTC, BCH, DGB, DOGE, FIL, Zcash and LUNA to Fantom’s ultra-fast, low fee DeFi ecosystem.

Fantom users enjoy significantly reduced transaction wait times and greatly decreased transaction fees. But unfortunately, users holding native assets on the other major blockchains don’t have that ability, until now. As Fantom’s RenVM integration comes into play, users from other networks can deposit their assets directly to Fantom using RenBridge and enjoy the low-fee, faster transactions ecosystem of Fantom. Users will also be able to directly deposit and withdraw their crypto assets to Fantom’s blockchain without having to go through multiple exchanges. With the integration of RenBridge, DeFi enthusiasts can now add and exchange almost all their assets across multiple blockchains to Fantom and make whatever trades necessary without having to rely on a centralized exchange.

The integration will support BTC, ZEC, BCH, and DOGE right off the bat. Others will go live shortly as the integration develops and expands. This will give users even more ways to use Fantom to build their crypto portfolio and make it work for them. Most importantly, they’ll see their portfolio become quicker, more agile, and more adaptive to changing situations and market conditions.

This also signals a new stage of development for Fantom as a whole. As new partnerships and integrations blossom, Fantom will become ever more prominent in the world of cryptocurrency. As Fantom cultivates more collaborations and gains compatibility with more types of assets, its utility, agility, and overall value will only increase for portfolio holders.

Native REN assets that will be available on Fantom’s blockchain from now

$renBTC | Bitcoin (BTC) on Fantom
$renBCH | Bitcoin Cash (BCH) on Fantom
$renDGB | DigiByte (DGB) on Fantom
$renDOGE | Dogecoin (DOGE) on Fantom
$renFIL| Filecoin (FIL) on Fantom
$renLUNA | Terra (LUNA) on Fantom
$renZEC | Zcash (ZEC) on Fantom

Steps for Users

To take advantage of this new integration, users must add the Fantom Network to their MetaMask using this quick tutorial. Users will then be able to bridge their different currencies and get started making moves.

With this integration still in the early stages, new developments are forthcoming. Expect to see Curve Finance, BadgerDAO, and Varen be included soon.

Looking Forward

As Fantom continues to expand its toolbox, it’s all about giving crypto holders the ability to make the best choices possible for their portfolio. This is a brand-new development on the horizon, and it’s only the beginning. Stay tuned for new assets as they become compatible with the new integration.

About RenVM

RenVM is an open protocol providing access to inter-blockchain liquidity for all decentralized applications. A secure network allows users to exchange, lend, and move their crypto however suits their needs.

To learn more, visit the Ren Project website or check out their RenVM-specific overview.

About FantomThe Fantom Foundation is committed to building open-source, decentralized Dag-based distributed ledgers. Every day, they create fast, secure, and scalable tools relevant across a wide range of industries that allow businesses, organizations, and individuals to develop secure, decentralized applications to solve real-world problems.

 



from NewsBTC https://ift.tt/3wKvu0V
Find The best Lending Program Top CryptocurrencyLending Program

SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?

XRP holders have scored a new victory. A lot has passed since December 2020, when the Securities and Exchange Commission (SEC) filed its case against Ripple Labs. Things started in the regulator’s favor, but with every new development, the situation seems to be changing.

According to a document published by the United States District Court of the Southern District of New York, represented by judge Sarah Netburn, the Commission was denied access to Ripple’s legal memos.

With this motion, the SEC would have ordered the payment company to produce communications in every format on “legal advice” seek or receive on whether XRP sales were subject to federal securities laws.

If granted, the motion would have in conflict with Ripple’s Attorney-Client privilege. The judge concluded that the company did not waive this right. However, the judge gave the SEC room to refile its motion. Per the document:

If, at some later date, Ripple raises its good faith beliefs or relies upon its privileged communications in support of its fair notice defense, the Plaintiff may renew its application to the Court.

Jeremy Hogan, a partner at legal firm Hogan & Hogan, has followed this case closely. The legal expert said the following on judge Netburn’s ruling:

Very important because the Judge states Ripple’s subjective beliefs re XRP are NOT relevant to the Fair Notice defense, blocking the road the SEC wanted to use to fight the Defense.

On the other hand, lawyer John E. Deaton, one of the community leaders of an initiative for XRP investors to gain more relevance in the action, believes the SEC always has little chance of winning this motion.

He believes that there is not much pressure for the regulator to return to negotiating table, but “it’s another public loss for the SEC”.

How The Legal Battle Has Impacted XRP’s Price

With losses in higher timeframes, XRP has positively reacted to recent developments. In the daily and 1-hour charts, the cryptocurrency records a 5.6% and 0.1% profit, respectively. At the time of writing, it trades at $0.89.

Ripple XRP XRPUSDT
XRP with small gains in the daily chart. Source: XRPUSDT Tradingview

The market still seems correlated with Bitcoin’s price performance. The number one cryptocurrency by market cap has seen one of its worst months in the past 5 years. In the daily chart, Bitcoin is close to turning $35,000 from resistance to support.

Ripple XRP XRPUSDT
Source: Luke Martin

If it succeeds, XRP and other altcoins could have a respite from the bears and reclaim some of their lost territories. In the coming weeks, BTC’s price will have a lot of influence on the entire market. Trader Credible Crypto claims that XRP could form a short squeeze and liquidate many short positions on exchange Bitfinex.

The trades remain bullish despite the current price action. He claimed that BTC’s price could have bottomed out and might be on a recovery trajectory. This could positively impact XRP, as mentioned. Credible Crypto said:

I know the structure there at the bottom LOOKS bear flag-y but I also see a completed 5-3-5 (ABC) to the downside which would imply the bottom is in. Would not be surprised to see this ‘bear flag’ break to the upside. BTC.



from NewsBTC https://ift.tt/3fw1FeK
Find The best Lending Program Top CryptocurrencyLending Program

Sabtu, 29 Mei 2021

Bitcoin Resumes Decline, Here’s Why BTC Could Dive To New Monthly Low

Bitcoin price is showing bearish signs and trading well below $40,000 against the US Dollar. BTC is likely to extend losses below $34,000 and $32,000 in the near term.

  • Bitcoin failed to settle above $40,000 and it started a fresh decline below $38,000.
  • The price is now trading well below $40,000 and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower as long as it is trading below $38,000 and $40,000.

Bitcoin Price Turns Red

This past week, bitcoin price started a decent recovery above the $35,000 level against the US Dollar. The BTC/USD pair even broke the $38,000 resistance level.

However, the price failed to settle above the $40,000 level and it remained well below the 100 simple moving average (4-hours). A high was formed near $40,971 and the price started a fresh decline. There was a break below the $38,000 support level.

Bitcoin traded below the 50% Fib retracement level of the upward move from the $31,296 swing low to $40,971 high. There is also a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The pair is now testing the 76.4% Fib retracement level of the upward move from the $31,296 swing low to $40,971 high. If there is a downside break below the $34,000 and $33,500 support levels, the price is likely to accelerate lower.

The next major support is near the $31,250 level, below which the price may possibly test the $30,000 support level in the near term.

Upsides Limited in BTC?

If bitcoin remains stable above the $33,500 level, it could start a fresh increase. An initial resistance on the upside is near the $36,500 level.

The first major resistance is near the trend line and $38,000. The main resistance is now near $40,000. A close above $40,000 is must to start a steady increase in the near term. The next key barrier could be $45,000.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Level – $33,500

Major Resistance Level – $38,000



from NewsBTC https://ift.tt/3i4YJHE
Find The best Lending Program Top CryptocurrencyLending Program

Jumat, 28 Mei 2021

SEC Sues Five People Over BitConnect Lending Program

A Securities and Exchange Commission (SEC) civil lawsuit has been filed against five individuals allegedly involved in promoting BitConnect’s “lending program”. BitConnect shut down it’s main lending platform operations in 2018 after regulatory warnings and allegations of fraud.

The SEC’s Civil Lawsuit

In a press release issue today on the SEC website, the body alleges that the individuals contributed to promoting and raising over $2B from retail investors in an unregistered digital asset securities offering. The issued complaint alleges that a network of promoters, four of the five defendants, offered and sold securities as part of the platform’s lending program without being registered broker-dealers, and without registering the securities with the SEC. This includes a flurry of “testimonial” style videos, the press release states, uploaded to YouTube to justify the merits behind the program. Promoters received commissions based around their success of soliciting funds, the complaint states.

The fifth individual listed in the complaint is accused of “aiding and abetting” the unregistered offering and sales, as a liaison between BitConnect and the promoters, and as a company representative at events and conferences.

In the press release statement, New York SEC Associate Regional Director Lara Shalov Mehraban stated “we allege that these defendants unlawfully sold unregistered digital asset securities by actively promoting the BitConnect lending program to retail investors. We will seek to hold accountable those who illegally profit by capitalizing on the public’s interest in digital assets.”

Related Reading | Crypto YouTuber Draws Parallels Between SafeMoon And BitConnect

The BitConnect History

The platform initially launched in 2016, paralleled with the BitConnect Coin (BCC); the company leveraged a so-called “trading bot” and offered high-yield returns to users with daily calculated interest. Within the following year, UK government bodies were demanding BitConnect to verify it’s legitimacy, and by 2018, the operations started to shut down following increased government pressure in the U.S.

The BitConnect Coin, at it’s peak trading at nearly $500, immediately dropped over 90% following the shutdown. State securities divisions had started to apply pressure right before the shutdown, including alleging that BitConnect was a Ponzi scheme, and that BitConnect was not registered to sell securities in their respective states. Within weeks, BitConnect’s assets were frozen following a temporary restraining order.

It was undoubtedly a dramatic rise and fall for BitConnect. Take a blast from the past with our NewsBTC write-up following the platform’s shutdown.

$XRP is the latest token to face SEC scrutiny. | Source: XRP-USD on TradingView.com

SEC Scrutiny

With continued emergence in broader crypto and blockchain technologies, platforms, and projects, the SEC has been active in recent years. Most notably, Ripple’s XRP has been at the forefront of SEC investigation, and is speculated to potentially developing a “Ripple Test”, as the Howey Test could be put to the max as part of the SEC’s review. Generally speaking, many see Ripple Labs as being plenty capable to overcome the SEC’s scrutiny, and Ripple CEO Brad Garlinghouse recently stated that Ripple Labs could very likely go public following the SEC’s resolution. The SEC is alleging that Ripple engaged in lobbying efforts to alter the public’s perception of XRP.

Related Reading | Here’s Why Despite SEC Charges, XRP Will Soar Again Someday

Featured image from Pixabay, Charts from TradingView.com


from NewsBTC https://ift.tt/3frq1Gp
Find The best Lending Program Top CryptocurrencyLending Program

Why The VeChain Foundation Met With China’s Government Officials

Via its official Twitter handle, the VeChain Foundation confirmed a meeting with government officials from three important Chinese districts. Representatives from Shanghai, Changing, and Huangpu visited the organization’s office in Singapore.

Per the report by the VeChain Foundation, the representatives from the enterprise blockchain platform and the governments talked about “potential transformative collaborations”. The organization claimed to be “ever-ready” to help all sectors from private companies to governments.

A separate report published by the Chinese website ChainNews states that the Deputy Director for the Changing District, Pan Min, “repeatedly” praised VeChain’s technology and business development.

The meeting was attended by Dr. Ziheng Zhou, Chief Scientist of VeChain Technology, Bing Wang, Director of Human Resources, Yiyun Xia, Director of Marketing and Public Relations, and Diyun Gong, Executive Assistant to the CEO.

From the public sector, the meeting was attended by members of the Construction, Commerce, Science and Technology, and Direct Investment Promotion Committees with other government officials.

They were tasked with explaining use cases, their business models, and how VeChain can make a difference in the corporate sector. During the meeting, the participants also discussed how VeChain based products have helped offset the impact of the Covid-19 pandemic and the platform’s potential to provided incentives to drive a low-carbon emission ecosystem.

This platform has seen a boom in China, according to a report by the state-backed TV station Shanghai Media Group (SMG). This news channel made a report on VeChain’s role in a 5-year national plan to develop its blockchain capabilities.

VeChain’s Potential Acknowledged By Nasdaq

After the crash in the crypto market, some altcoins are available at a “discount”, as optimist investors said. A report published by Nasdaq titled “7 Low-Cost Altcoins That Still Have Solid Potential In 2021” listed VeChain, Bitcoin, Cardano, Ethereum, and others in this ranking.

The report cited a thesis by academic Pietro Palamara of the School of Industrial and Information Engineering at the Polytechnic University of Milan, Italy. This academic claimed the following:

Vechain is a permissioned blockchain platform based on Ethereum blockchain, it was developed by the Chinese BaaS company BitSe, based in Shanghai and founded by ex-managers of IBM, Louis Vitton and Alibaba. Developers of Vechain aim at completely eliminating the threat of the market of counterfeit goods, using the potentialities of smart contracts and blockchain technology.

VET trades at $0,11 with a 10% and 13.8% correction in the daily and weekly chart. In the monthly chart, VET records a 45.9% loss.

VeChain VET VETUSDT
VET on a downtrend in the daily chart. Source: VETUSDT Tradingview

This cryptocurrency has been very affected by the recent crash, but analyst Justin Bennet seems bullish on its long-term performance. He said:

What people forget is that $VET started this correction at +17,600% from the March 2020 low. Even at 0.04, it’d still be up 2,400% since the 2020 low. You don’t get to enjoy those kinds of gains without major gut checks along the way.



from NewsBTC https://ift.tt/3vJjD3f
Find The best Lending Program Top CryptocurrencyLending Program

Don’t Have A Cow: Bart Simpson Is Back In Bitcoin

The crypto market is in fierce debate: is the top of the Bitcoin bull market in? Bears salivating for cheaper coins say yes, while bulls hell bent on seeing through stock-to-flow predictions say otherwise. But which is it?

A secondary conflict surrounds the topic: “if that was a top, it sure doesn’t look like one.” And while that is indeed true, don’t have a cow, man. We’re about to explain why the most recent top ushered in the return of Bart Simpson, along with why the move likely happened the way it did.

“If This Is The Top In Bitcoin, It Doesn’t Look Like A Top”

Even if you aren’t a pro at technical analysis and couldn’t read a chart if your life depended on it, it is pretty clear that tops and bottoms come to a sharp point most of the time – signaling a rebound is ahead and the violence left behind.

Rounded bottoms do commonly appear but are a slow grind of a process and tend to stretch across a long timeframe.

Related Reading | Bear Phase Fractal Warns Of Pain, Bitcoin Bull Market To Remain Unbroken

The shape and pattern of the recent Bitcoin “top” has many traders and analysts confused. Where is the blow-off phase? Where is the bearish retest? What type of pattern even is this? All of these questions are used as firepower to make an argument that this isn’t a top.

The spiky pattern with several sharp peaks into resistance instead looks like the top of the head of a famous cartoon character: Bart Simpson.

Bitcoin bart simpson the simpsons

| Source: BTCUSD on TradingView.com

I’m Bart Simpson, Who The Hell Are You?

The character Bartholomew JoJo Simpson, or Bart for short, first appeared on The Tracey Ullman Show in 1987 as a short. A dedicated show first aired in 1989 and it has been running ever since.

The animated character is a TV icon, and the show is a pop culture phenomenon that’s adored by millions. So why then, when Bart appears on the Bitcoin price chart do crypto traders get so upset?

Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern

“Bart moves” as the community calls them, result from low liquidity. During such phases, whales can easily push price action through trading ranges. Bitcoin at more than a trillion dollar market cap tames the overall liquidity argument, but when order books are thin because everyone is holding, a whale can just as easily make waves as we’ve recently seen.

This high timeframe Bart move is the largest on record, and shows that more coins being exchanged are necessary to further price appreciation. Order books should be stacked for further upside. For now, the cryptocurrency is back to being a whale’s playground – either until buying or selling picks up to an extreme.

Featured image from iStockPhoto, Charts from TradingView.com


from NewsBTC https://ift.tt/3yKW9MK
Find The best Lending Program Top CryptocurrencyLending Program

How to Change the World in 10 Years and Why the Future Is Not in Flying Cars, but in Blockchain?

Blockchain is now leading the technological revolution in the modern world, transforming more and more areas of activity and business. The popularity of the new decentralized technology was largely ensured by cryptocurrencies, the interest in which is predominantly speculative. However, big capital has helped the fledgling industry skyrocket from the experimentation of a few tech geeks to massive technology used by banks, ministries, tech companies, retailers, and software.

A significant blockchain achievement is the practical demonstration of a world without intermediaries. If technology is automated, learning to operate without continuous control thanks to AI, then companies, markets, and exchanges are getting used to the self-regulation of their activities thanks to the blockchain.

According to forecasts, in the next 10 years, more and more relationships and transactions will have a p2p format, which will be provided by smart contracts and decentralized technologies. At the World Economic Forum in Davos last year, a forecast was announced that by 2027, 10% of all global GDP will be stored on the blockchain!

How it works

To fully understand the potential of the blockchain, you need to understand the basic principles of its operation. In addition to users, there are miners or validators within the blockchain network whose task is to collect transactions and form blocks. Each block includes the hash of the previous block and the header, as well as information about the transaction and the terms of the smart contract. Thus, it is impossible to change the history in the decentralized chain, because each new block contains information about the previous ones, and is confirmed by thousands of unrelated persons.

Areas of use and potential of blockchain in business

Not only finance is interested in blockchain. For example, it is difficult for telecommunications to maintain a service level agreement (SLA) due to the sheer volume of data and different equipment from manufacturers. Standardization and a single ledger can easily solve this problem. In addition, a number of problems can be solved in the transport, information, trade, mining, logistics, energy, and other industries where there are a large number of intermediaries and contractors.

The largest corporations have also joined the trend. Nestle, Dole, Unilever and Walmart are working together to track supply chains that include farmers, brokers, distributors, processors, retailers, regulators and consumers. Microsoft is developing an Azure-based cloud blockchain, and Orange is helping a young project develop blockchain applications for IoT and business automation.

The sports industry, always characterized by a huge number of intermediaries between the parties, is also starting to master the blockchain. However, in addition to reducing the number of intermediaries in business relationship chains, the investment potential of tokens and cryptocurrencies of sports clubs, promoters, or athletes is no less interesting. For example, among the pioneers of blockchain integration into sports was FC Barcelona in collaboration with blockchain startup Chiliz, which released its digital token BAR

Recently, the release of a digital coin was announced by the largest promoter organization in the world of martial arts in the CIS “AMC FIGHT NIGHTS GLOBAL“. The startup is going to develop the blockchain ecosystem in the world of MMA, using the new token to attract investors, confirm participants in the VIP club, and social initiatives such as helping injured sports veterans and creating p2p betting sites. Everyone can join the project and contribute to the digitalization of the future world, especially as long as the AMC token price is 5 times lower than the future trading price! Details about the new AMC cryptocurrency are available here.

Now, by and large, businesses and management are just learning to use the blockchain in their activities, mastering its basic features. The full implementation of decentralized technologies can lead to colossal changes in the structure of the modern business world. Funds will be used more rationally, information will be genuine, personal data will be securely encrypted, and everyone, regardless of social differences, will have equal access to tools and functions. The only blockchain security threat that engineers and scientists are talking about is the power of quantum computers. However, it will not be soon, and we may witness a future war between two advanced technologies. I’m sure it will be exciting!

 

Image by Paul Birman from Pixabay


from NewsBTC https://ift.tt/3oZA34F
Find The best Lending Program Top CryptocurrencyLending Program

Decentraland Users Will Have More Power With New DAO

Decentraland (MANA) came into the spotlight when digital asset manager Grayscale included it in its array of products for institutional investment over 3 months ago. The Ethereum-based protocol allows users to trade with digital land and build dApps on top of “digital parcels”. Now, it has taken a step towards complete decentralization.

According to an official post, the Decentraland Foundation announced the launch of a new implementation of their Decentralized Autonomous Organization (DAO). The foundation claims that this decision-making tool it’s more affordable and accessible for the users and provides MANA and LAND holders with voting powers.

Thus, they will be able to issue grants, changed the list of banned names, and the community will control the smart contracts that comprised the protocol, MANA, and LAND via predefined proposals. Users can vote by visiting the DAO’s website.

The DAO will be more cost-efficient with a platform that will enable gas-less voting for both the creation of a proposal and log votes, according to the official post. The records of the voting process will be snapshot and stored in the InterPlanetary File System (IPFS). In addition, the votes will no longer have to use wrap versions of their MANA and LAND tokens to participate:

Creating and voting on proposals happens fast, with no expensive transaction fees. You no longer have to wrap your assets in order to participate: the DAO looks at your total balance of LAND and MANA at the moment a new proposal is created to determine how much your vote will be weighted for that particular proposal.

Once a proposal is approved, a committee with access to a multi-sig wallet has the task of enforcing it on Ethereum’s blockchain. At the same time, this committee is supervised by the Security Advisory Board (SAB). The former was chosen by the Decentraland community via a proposal on the former DAO.

Decentralan’s New DAO With More Power And Accessibility

The Decentraland Foundation seems to want more community members and token holders to get involved in the protocol’s governance model. Therefore, they have made this new implementation more “easy to use” with documentation for everyone to have educational tools and new ways of generating discussions on the future, present, and changes made to Decentraland.

As mentioned, voters will issue community grants with different tiers and for many purposes, such as creating educational content, code contribution, sponsoring new features, improved the protocol, and more. Depending on the tier, the grant could be a one-time payment of $500 to $3,000 to be paid in MANA or have a 3-month vesting schedule for $3,000 to $5,000. The Decentraland Foundation said:

Today’s release makes the Decentraland DAO more powerful, more usable, and more accessible, but it’s only the beginning. In the future, the Decentraland community might like to add additional proposal categories and features to give the community more control over the Decentraland platform.

MANA trades at $0.84 with a 10% correction in its daily and weekly chart. The 30-day chart records a more pronounced loss of around 35.2%, at the time of writing.

Decentraland MANA MANAUSDT
MANA on a downtrend in the daily chart. Source: MANAUSDT Tradingview


from NewsBTC https://ift.tt/3vIeOa0
Find The best Lending Program Top CryptocurrencyLending Program

LABS Group Join Forces with Polygon to Improve Transaction Quality for Users on Ethereum

As you’ve heard, two good heads are always better than one. LABS Group has taken a step towards success by deploying a smart contract on Polygon Network.

LABS Group is a real estate digitization ecosystem that comprises advisory crowdfunding and security exchange. Even though digitized investments have positive yields and capital appreciation, the obstacle has always been that the entry to these investments is very high. LABS Group aims to innovate ideas by digitizing and making real estate liquid and easy to be involved with.

LABS, having been built on the Ethereum platform, raised concerns in regard to the high gas fees in the network with its increasingly heavy traffic. This complication creates accessibility barriers and discourages transactions for its users.

Polygon’s integration with the LABS group provides a solution that will assure many users by allowing them to conduct transactions with fewer gas fees. With the implementation of this solution, LABS users can also process transactions faster now. The solution is accomplished by the Ethereum layer two scaling solution on the Polygon Network. Transactions that use the scaling solution only require verification of Polygon validators instead of the Ethereum blockchain, resulting in a more cost-effective and direct transaction. With lower transaction fees and higher transaction speed, this new collaboration between the two can surely impact not only the real estate investment industry but the blockchain industry as a whole as well.

Additionally, following the partnership, Polygon also hits two birds with one stone as they can gain more exposure and climb to the top of the cryptocurrency market by market capitalization — with developers and other users using its high-level services in the near future.

This partnership will surely bring both companies closer to mainstream adoption and achieve greater success in the industry together.

About LABS

LABS Group is an end-to-end real estate investment platform built on Ethereum. The idea of LABS is very simple, with just $100 a user can invest in any luxury resort of their choice. LABS is looking at a property class of activities where it is fully liquid.

LABS has sped up this digitization process and opened up the pool to investors to a wider retail audience. LABS offers all real estate developers a chance to enter this new market where it is possible for people who have never bought real estate before will be buying it. We are making the real estate industry available to everyone including everyday people.

About Polygon

Polygon is the first well-structured, easy to use for Ethereum scaling.  It is a modular framework of the previously Matic platform that effectively transforms Ethereum into a full-fledged multi-chain system(aka internet of blockchain).

Polygon supports the building of multiple applications because of its core component, Polygon SDK.

 

 

 

 



from NewsBTC https://ift.tt/3uvoBPB
Find The best Lending Program Top CryptocurrencyLending Program

Kamis, 27 Mei 2021

UC Berkeley To Auction Nobel Prize-Winning Inventions As NFTs

NFTs have been a pillar around a variety of upcoming projects and firms. From music, to fashion, to sports – and beyond – NFTs have been a hot topic. Now, the University of California Berkeley is looking to fund research by way of two NFTs at the heart of “biomedical breakthroughs”.

Magnificent Minting

In an announcement on the UC Berkeley website today, the university shared that two Nobel-Prize winning inventions will be up for bidding. The NFTs will consist of internal forms and correspondence centered around research that led to two groundbreaking biomedical advances.

One of the two NFTs, titled ‘The Fourth Pillar’, has been minted on Foundation and will be listed in a 24-hour auction as early as Wednesday, June 2nd. The NFT represents an invention around cancer immunotherapy developed by UC Berkeley’s Jim Allison. Allison’s discovery shared the 2018 Nobel Prize in Physiology or Medicine. The name is driven from immunotherapy becoming the ‘fourth pillar’ of cancer therapy, alongside surgery, radiation, and chemotherapy.

The second NFT, yet to be minted, will recognize UC Berkeley’s Jennifer Doudna for her 2020 Nobel in Chemistry, centered around CRISPR-Cas9 gene editing. The informational release has noted that the university will continue to hold the relevant patents surrounding the research.

Related Reading | Top Stars Line Up To Support Environmentally Friendly NFT Platform OneOf

 

Foundation.app is an Ethereum-powered NFT marketplace. | Source: ETH-USD on TradingView.com

Blockchain At Berkeley

The proceeds from the Foundation auction will go towards funding innovation research and education, with a portion going specifically to UC Berkeley’s blockchain innovation hub and student group, ‘Blockchain at Berkeley’. The university has also engaged in blockchain through other means, such as the Berkeley Blockchain Xcelerator, a blockchain-focused curriculum and partnership with industry executives.

The university’s chief innovation & entrepreneurship officer Rich Lyons said that the release “represents something magnificent”. Lyons added that “there are people who recognize and care about symbols of great science, and even if they never intend to resell the NFT, they want to own it and they want resources to go back to Berkeley, where the basic research behind these Nobel Prizes came from, to support further research”.

The university will also take a portion of the proceeds and allocate them towards carbon offsets to eliminate the energy costs of minting the NFT.

It’s uncharted territory for the university here, as no precedent has been set on an NFT like this. However, to Lyons and the Berkeley team, there seems to be a bit of allure in that sense; “people give us donations all the time because they care about the institution and the science, so here is a way for somebody to invest in the institution in a slightly different way”, Lyons said.

Related Reading | UPenn’s Wharton: DeFi Can “Transform Global Finance”

Featured image from Pixabay, Charts from TradingView.com


from NewsBTC https://ift.tt/3wFjYDS
Find The best Lending Program Top CryptocurrencyLending Program