Monat: April 2022

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Sandbox (SAND) is gaining upward stream – Is $4.4 coming next?

Metaverse tokens have had a torrid period in recent weeks. Sandbox (SAND) is one of the leading coins in this category, bottoming at around $2.55 not so long ago. But there has been quite some recovery ever since. Here are the key highlights of the last week or so:

  • Sandbox continues to build significant upward momentum in the recent rally.

  • The coin could target $4.4 in the coming days if current trends hold

  • A run towards $4.4 will deliver gains of up to 30% from the current price

Data Source: Tradingview 

Sandbox (SAND) – Is $4.4 likely?

There has been a lot of good news coming from Sandbox (SAND) in the last few days. One notable development has been a new partnership with HSBC, one of the biggest banks in the world. There has also been a massive flow of institutional money towards SAND. 

These positive developments have also been reflected in the price. After bottoming at $2.55 at the end of January, SAND has rebounded. It has rallied by nearly 40% from its lowest level this year, and it looks like this upward trajectory will last even longer. 

First, the RSI on the chart is showing a bullish trend. SAND is also well above its 55-day SMA and has managed to breach a crucial resistance of $3.44. As a result, we expect the coin to surge towards $4.4 in the near term. If bulls are able to smash past $4.4, then we could see SAND test $6.2 and even $7.4 in the medium term.

Why are investors holding Sandbox (SAND)

There are several reasons. First, SAND has incredible bullish momentum right now and as such, opportunities for a decent return in the near term are high. 

From a longer-term perspective, metaverse coins are expected to grow further this year. SAND is one of the main coins in that category and as such, it makes sense to hold it for longer.

The post Sandbox (SAND) is gaining upward stream – Is $4.4 coming next? appeared first on Coin Journal.

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Why CRO could outperform XRP in the short-term

CRO sponsorship of the world cup likely to drive its price in 2022

Key Points:

  • With speculation rife that Ripple could win against the SEC, XRP prospects look good. 

  • CRO continues to increase in value as the Crypto.com network grows in adoption. 

  • While both XRP and CRO are good investments, CRO has better odds due to its sponsorship of the upcoming Football World Cup. 

Ripple XRP/USD has long held its position as a top 10 cryptocurrency. Despite having a lot of challenges regarding the lawsuit by the SEC against Ripple and its founders. With speculation high that the lawsuit could end soon, and in Ripple’s favor, optimism around XRP remains high. Now that the broader market is turning bullish again, a change in fortunes in the case against Ripple could see XRP emerge as a top-performing cryptocurrency in the short to medium term.

Besides the speculative aspect of it, XRP has a pretty strong use case in payments. It is already adopted by multiple banks in Asia and continues to grow as a fast, efficient, and low-cost method for sending money value globally. This use case pretty much cements XRP’s potential to gain in value.

On its part, Cronos CRO/USD is part of the Crypto.com network a blockchain payment system that makes it easy for people to trade crypto and use cryptocurrencies for payments without compromising privacy or security. Like XRP, Cronos (CRO), the native token of the Crypto.com network, has been growing in adoption, signaling to the underlying value of the network. As the market turns bullish again, CRO has what it takes to perform well.

Why CRO could outperform XRP

While CRO and XRP have growth potential, CRO is in a unique position in terms of short-term gains. This has all to do with the upcoming world cup in Qatar. Cronos will be among the official sponsors of the World Cup that will take place in November 2022. Given that the World Cup is watched by millions of people globally, this sponsorship’s publicity could trigger adoption at scale and, by extension, FOMO around the CRO token.

Summary

XRP and CRO are gaining in adoption in the fast-growing payments market. While both have high growth potential, CRO has better odds short term due to the upcoming World Cup in Qatar, where it is one of the official sponsors.

The post Why CRO could outperform XRP in the short-term appeared first on Coin Journal.

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Why is Celo (CELO) price rallying today?

Celo (CELO) price has been on the rise today outpacing other crypto assets in the market after most of them failed to maintain last week’s bullish trend.

At the time of writing, Celo was trading at $4.80, up 14.10% after retracing from a high of $5.19 close to a three-month high of $5.22 in the last 24 hours.

Let’s now take a deep dive into the current Celo price uptrend

Why is Celo price rising?

Before we go into details of the rally, it’s important to first explain what Celo is.

Celo is a blockchain system that aims at increasing crypto adoption among smartphone users. It aims at introducing crypto transactions using phone numbers as public keys for crypto transactions even for those who do not have banking access. Celo’s native cryptocurrency is denoted as CELO.

Now onto the reasons behind the Celo price surge.

There are two main reasons for the current hike in CELO price and there are:

1. $20M fund by Celo Foundation announcement for Connect the World fund

One of the main reasons for the price hike is the latest launch of a $20 million fund by the Celo Foundation for a project dupped ‘’Connect the World’’ aimed at improving offramps and onramps to crypto users.

Besides, the Foundation is offering incentives to payment providers integrating its new FiatConnect service. The service will help in the conversion of fiat money into crypto assets.

However, Celo is planning to do things differently from other networks by embracing the mass adoption of crypto sectors like NFTs and DeFi through mobile mobility.

Celo is getting support from Deutsche Telekom with Andreessen Horowitz and some crypto-native firms funding the network.

2. Barcelona’s Celo Connect Conference

The launch of the new fund was made yesterday (Monday) on the first day of Celo Connect, a two days conference held in Barcelona.

With the conference expected to wind up today, it will mainly focus on the layer 1 blockchain ecosystem and more development on the network like the new DAO partnership with PrimeDAO.

The post Why is Celo (CELO) price rallying today? appeared first on Coin Journal.

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Singapore adopts new law requiring virtual asset service providers to get licenses

In an attempt to implement tighter crypto rules, Singapore’s unicameral parliament has approved a law that will ensure all virtual asset service providers (VASPs) operating in Singapore apply for licenses.

This comes amid a spirited effort by Singapore to put in place regulations to counter money laundering and financing of terrorism.

Some of the key points within the approved Financial Services and Markets Bill include:

  • Assigning new powers to Singapore’s Monetary Authority to bar persons considered as unfit to perform key functions, roles, and activities from working in the fields of payments and risk management within Singapore.
  • Increasing the maximum penalty imposed on financial institutions that disrupt their services to $738,000 (SGD 1 million).

Scrapped DBS plans to open crypto exchange services to retail investors

The parliament passed the bill after Singapore’s giant banking giant DBS did away with its plans to open crypto exchange services to retail investors due to rising regulatory concerns. Previously, the bank had made its intentions of opening members-only services on the DBS Digital Exchange crypto trading platform to retail traders.

It is not clear how the new regulatory framework shall impact major crypto players including DBS within the country. The law might hinder some crypto players from entering the South-Asian country market.

In December 2021, cryptocurrency exchange giant Binance announced that it would shut down its Singapore exchange and rather focus on a “blockchain innovation hub” in the country.

Last month the High Court of Singapore made ruling recognizing crypto as property and granted propriety injunctions against persons suspected of engaging in theft.

The post Singapore adopts new law requiring virtual asset service providers to get licenses appeared first on Coin Journal.