Monat: Dezember 2021

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Binance introduces new ‘Auto-Burn’ protocol for BNB tokens

The change comes on the back of requests from the Binance Smart Chain and the larger BNB token community

Yesterday, Binance announced the implementation of a new protocol that will automatically burn BNB tokens to give a better overview of the Binance Smart Chain (BSC) activity. As per a blog post published by the crypto exchange today, the new Auto-Burn protocol will improve transparency and enhance predictability for the community.

Binance hopes to foster a healthy blockchain co-existence between Binance Smart Chain (BSC) and the Binance Coin (BNB) ecosystems by implementing this new mechanism.

„Our announcement of the BNB Auto-Burn is a natural next step in BNB’s journey and will help the BNB community grow through providing greater autonomy, transparency, and predictability,“ a spokesperson told Coindesk.

Burning is a common mechanism through which altcoin creators control the supply of tokens in circulation. In Binance’s case, the process removes from circulation BNB tokens by sending them into an inaccessible wallet. The burning process will be both verifiable and objective following the deployment of the new system. It will also be independent of the revenues generated from the Binance centralised exchange through the transactions using the BNB token.

The number of tokens burned will now hinge on other factors, including the value of the BNB/USD pair. The burn will take into consideration both the supply and demand of the tokens as well as the quantity of blocks produced over a quarterly period. There will also be a price anchor – a fixed value initially maintained at 1000. This value can only be adjusted via a BSC BEP proposal and community vote as per the blog post.

Binance noted that the burns would stop at the point where the supply falls below 100 million BNB. The exchange further detailed that the Auto-Burn mechanism signified that both BNB and the BSC were gearing up towards the next phase of innovation. The Chao Zeng-led company added that with the community’s input, BNB would evolve to help further build the blockchain ecosystem.

The post Binance introduces new ‘Auto-Burn’ protocol for BNB tokens appeared first on Coin Journal.

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DappRadar Price (RADAR) is surging today: this is why it is rising

DappRadar (RADAR) started the day by registering a32% surge to trade at a high of $0.05849.

At the time of writing, the coin had retraced to $0.04627 but was still green with a rise of above 7% in the last 24 hours.

But why did DappRadar (RADAR) jump? What is the reason behind DappRadar (RADAR) price rise?

Here is why the coin is surging.

What Is DappRadar?

Before delving into why DaapRadar (RADAR) is rising, it is important to first understand what RADAR is.

DaapRadar is a decentralized application platform that tracks various chains and hosts categories of dApps. It is one of the most popular Dapp tracking platforms. It allows users to explore the dApp ecosystem and sort Dapps by users, volume, and Balance.

It several DApp categories to choose from. These categories include Gambling, Games, Social, DeFi, Exchanges, Marketplaces, Collectibles, and many more.

Why is DappRadar (RADAR) price rising?

The current RADAR price hike is attributed to the upcoming DApp store business offering.

According to an official announcement from the protocol:

“DappRadar, The World’s Dapp Store, has revealed its plans to extend its B2C dApp store offering to business partners, building on its existing decentralized applications data and analytics B2B product and long-standing partnerships with the dApp industry’s premier brands.”

The post DappRadar Price (RADAR) is surging today: this is why it is rising appeared first on Coin Journal.

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Polygon (MATIC) hits all-time highs in intraday trading today – should you buy?

Polygon (MATIC) has surged in intraday trading today, hitting an all-time high of $2.7 at one point. The surge was triggered by the arrival of Uniswap V3 on the Polygon network. Uniswap is seen as a very important player in the growth of DeFi. Launching on Polygon is a huge achievement for MATIC investors. Here is what we know.

  • MATIC saw a bullish uptrend in early trading, surging to $2.7, its new all-time high

  • Analysts see the uptrend holding in the near term, with MATIC expected to see more gains in the future.

  • The deployment of Uniswap v3 is set to lift the profile of the Polygon network and bring more DeFi products in the long run. 

Data Source: Tradingview.com

Polygon (MATIC) – Price action and analysis

The bullish surge seen in intraday trading today was largely expected. After all, the launch of Uniswap v3 on Polygon was always going to be a big deal. However, MATIC has actually been on a somewhat bullish trajectory since the start of the week.

The coin did, however, lose some of its all-time high gains. At the time of writing, it was trading at $2.61. But looking at the chart, MATIC is now on an uptrend, and many analysts believe that it’s going to see more all-time highs before the end of the year. The coin could also benefit from a market-wide bullish uptrend expected to hit crypto early next year.

Should You Buy MATIC?

The future is bright for Polygon (MATIC). With the deployment of Uniswap v3, more and more DeFi projects are expected to launch on the network. Besides, since its inception, Polygon has processed over 1 billion transactions, making it one of the fastest-growing blockchain projects in the world. It is therefore highly recommended, especially for long-term value investors.

The post Polygon (MATIC) hits all-time highs in intraday trading today – should you buy? appeared first on Coin Journal.

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Brian Kelly says Bitcoin and Nasdaq are trading “in lockstep”

Bitcoin’s 30-day correlation with the Nasdaq is 47%, the highest since September, the Fast Money trader told CNBC.

Brian Kelly says that Bitcoin and the Nasdaq have had the highest correlation in trading trajectory over the past few months.

According to the Fast Money trader, there’s a high chance this play could continue even as both markets bottom out early in the next year before seeing fresh upside momentum.

Kelly said this during an interview on Wednesday’s episode of CNBC’s “Fast Money.”

Asked to comment on the fact that Bitcoin (BTC)could be a leading indicator for where the Nasdaq trades next, he opined that as “Bitcoin gets more institutionalized, it is starting to get more and more correlated to traditional markets.”

He pointed to Bitcoin’s 30-day correlation with the Nasdaq Index, which at 47% is at the highest level seen since September when both bottomed. According to him, a look at the correlation chart for Bitcoin and the stock index shows that the two have traded in lockstep.

The only difference, Kelly pointed, was that the chart shows Bitcoin seemingly taking the lead before Nasdaq follows.

“Usually five to ten days or so, Bitcoin tends to lead,” Kelly said, exemplifying that with last weekend’s trading that saw Bitcoin break out from a short-term wedge.

The hedge fund manager also noted that increased mainstream adoption has institutions use the crypto as a risk-on hedge. According to the trader, if the correlation holds, then Bitcoin and the Nasdaq will maybe bottom early January and before ticking higher.

Mid-December saw both Bitcoin and the traditional markets tick up on the Federal Reserve’s announcement of speeding up the bond purchasing program and potentially introducing three interest rate hikes in 2022.

However, markets slipped once again as the Omicron variant of Covid-19 caused alarm across the globe, with this week’s seeing a bounce in Bitcoin and the Nasdaq.

Bitcoin reached highs of $69,000 in November but it then slid to break below $45,000 in December as a bearish sentiment took over, foiling many analysts‘ predictions of BTC hitting $100,000 in 2021.

As of writing, Bitcoin is struggling to hold above $49,000 after a decent breakout since the weekend. The digital gold has failed to break higher after breaching the $49k level, with weekly performance down at just 0.4%. However, BTC is up over 106% this past year.

Meanwhile, the Nasdaq is up 0.78% on the day and about 21.39% YTD even as analysts predict a dip in the first half of 2022 before a major rally ensues.

The post Brian Kelly says Bitcoin and Nasdaq are trading “in lockstep” appeared first on Coin Journal.