Monat: Mai 2022

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Tether launches a new stablecoin dubbed MXNT that is pegged to the Mexican peso

Tether has launched a new stablecoin that will be pegged on the Mexican Peso as the stablecoin blockchain makes its debut in Latin America.

In said in a statement, Paolo Ardoino, the CTO of Tether, said:

“We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings. Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico.”

While launching the stablecoin today, Tether said that the new stablecoin dubbed MXNT will initially be available on Ethereum, Polygon, and Tron.

The MXNT is the fourth fist-pegged stablecoin to be launched by Tether so far. The rest of the fiat-pegged stablecoins that have been launched by Tether include the famous USDT (pegged on the US Dollar), the EURT (pegged on the Euro), and the CNHT (pegged on the offshore Chinese Yuan).

Tether’s expansion into Latin America

Tether said that the launch of the new stablecoin will act as a testing ground for onboarding new users in Latin America. The MXNT is expected to pave the way for more fiat pegged stablecoin in the region.

Of the four stablecoins launched by Tether, the USDT remains the most popular and has recently seen massive adoption by investors as crypto investors tend to incline more towards fiat-pegged stablecoins following TerraUSD (UST), which is an algorithmic stablecoin, debacle. The UST meltdown caused panic among investors with algorithmic stablecoins.

The current USDT supply stands at about 77 billion and it remains the largest stablecoin in the world.

The post Tether launches a new stablecoin dubbed MXNT that is pegged to the Mexican peso appeared first on CoinJournal.

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The Sandbox (SAND) rallies on news of Elvis Presley NFTs mint

The price of Sandbox (SAND) is rallying after The Sandbox metaverse platform announced its partnership with Elvis-On-Chain to introduce the ‘King’ of rock and roll NFTs into the virtual world. 

The native token of The Sandbox, SAND, has rallied by over 5% after reaching an intraday high of $1.51 before retracing back to $1.34, up 5.29%.

SAND has been trending against the currents of the ongoing market crash by rallying by 11.9% over the past week after SAND acquired Cualit, an Uruguayan tech firm.

Besides The Sandbox, the other Elvis-On-Chain partners include Elvis Presley enterprises and Web3 studio Run it Wild which came up with the project earlier this year. On the other hand, the other partners of The Sandbox include Voxel Architects, Dappraft, Decentraland, and Metakey.

Elvis-On-Chain Metaverse

For Elvis Presley’s birthday celebration, 1,935 Elvis Genesis Key NFTs that are to be used by holders when entering the Elvis-On-Chain Metaverse that is expected to launch on June 1.

The Sandbox and its partners at Voxel Architects are working on developing avatars that will be used by Elvis fans in the new Elvis world.

Avatars users can become ‘The King’ in several formats in the new world where they can trade digital collectibles and interact with others.

Adam De Cata, Run It Wild Director said:

“These incredible partners, all leaders in the craft, help us build a one-of-a-kind meeting place for Elvis fans. The Elvis metaverse will host an array of ground-breaking experiences, generative collections, a showcase of rare concerts, fan experiences, and real events.”

Adding to Cata’s comment, The Sandbox COO and co-founder, Sébastien Borget said:

“We want to empower his fans to express themselves and become their very own Elvis, creating an exciting way to experience his likeness across generations and keep him forever in the limelight thanks to technology.”

After the Genesis mint, an Elvis party will be held on Decentraland. This will be a Guinness World Record attempt for the greatest Elvis impersonators in one place in the Metaverse.

During the event, the attendants will be able to put on Elvis’s wearables like his styled wig and jumpsuit. Additionally, the Elvis Genesis Key NFTs holders will be given licensed Decentraland wearables.

Other ‘The Sandbox’ news

Virtual lands in the neighborhood of Mega-City in The Sandbox metaverse have also been purchased by two CMT companies; the PCCW and the HKT.

Mega-City is a virtual cultural hub in Hong Kong within The Sandbox metaverse that recently introduced its second stage.

The PCCW and HKT companies are set to bring the first-ever 5G virtual mobile network within The Sandbox metaverse and transform the conventional music, film, and TV content within the Web3.0 space.

PCCW and HKT are also expected to launch the next-gen financial and health technologies and e-commerce solutions that will revolutionize the metaverse industry backed by the 5G network.

The post The Sandbox (SAND) rallies on news of Elvis Presley NFTs mint appeared first on CoinJournal.

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Ethereum price prediction: Dangerous patterns have formed

Ethereum price made a strong bearish breakout on Thursday as investors reflected on the latest minutes by the Federal Reserve. ETH crashed to a low of $1,820, which was the lowest level since May 12th this year. 

Fed to be more restrictive

Ethereum and other cryptocurrencies came under intense pressure in the past few sessions as investors reflected on the latest Fed minutes.

On Wednesday, the minutes showed that members were increasingly more hawkish than what the market was expecting.

Before the minutes, most analysts were expecting that the Fed will deliver two 0.5% rate hikes in the upcoming two meetings. They also expected it to move to the normal 0.25% rate hikes in the next meetings. 

The minutes published on Wednesday showed that the bank was actually more hawkish than that. This means that it will deliver several 0.50% hikes and then start slowing its balance sheet.

The Fed is attempting to solve the twin challenge of lowering inflation while at the same engineering a soft landing. In most cases, this is usually an extremely difficult situation.

Learn more about how to buy Ethereum.

Ethereum price is falling since these are uncertain times for cryptocurrency traders. They have never lived through a situation when the Fed is hiking rates aggressively.

There are other challenges that are driving Ethereum prices. For one, there are still concerns about the decentralized finance industry after the Terra implosion. The total value locked (TVL) in Ethereum’s DeFi protocol has crashed to $68 billion from its all-time high of almost $175 billion.

Further, the NFT and gaming industries that helped Ethereum have all recoiled. Recent data show that NFT sales have plateaued while the number of gamers in places like Axie Infinity and Decentraland has declined. So, what next for Ethereum prices?

Ethereum price forecast

The current Ethereum price action was easy to predict. In the past few weeks, the coin has been forming a bearish flag pattern that is shown in blue. Historically, this pattern is usually a bearish sign. The coin has moved below the 25-day and 50-day exponential moving averages.

Further, Ethereum had formed an inverted cup and handle pattern, which is usually a bearish sign. It also did a break and retest pattern as it retested the lower side of the pattern. Therefore, the coin will likely do a bearish breakout as bears target the next key support at $1,500.

The post Ethereum price prediction: Dangerous patterns have formed appeared first on CoinJournal.