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Algorand appoints interim CEO to replace Steven Kokinos

Algorand announced on Wednesday, 27 July that COO Sean Ford was replacing outgoing CEO Steven Kokinos.

Algorand has announced the firm’s COO W. Sean Ford as the Interim Chief Executive Officer (CEO), replacing G. Steven Kokinos as the outgoing exec moves “to pursue other interests.”

The appointment of Ford takes immediate effect (from July 27, 2022), the blockchain firm notified its community of users and investors. Meanwhile, Kokinos, who has been at the company for four years, is set to offer his services as a senior advisor to the firm until mid-2023.

“We thank Steven for his time and dedication to Algorand. He has been instrumental to the initial success of our business, and we appreciate his commitment to a seamless transition,” said Algorand founder and MIT professor Silvio Micali.

Kokinos, who also confirmed his exit on Twitter, thanked the company for the opportunity to serve as CEO, noting that he was confident in the blockchain platform’s future.

He said in a statement: “It has been a pleasure serving as CEO of Algorand. As we move into this next phase, I am excited about the company’s future and am confident that the team will keep things running smoothly.”

Ford, an MBA holder from Harvard University Graduate School of Business, joined Algorand in 2018.

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Bitcoin pumps nearly 10% to above $22.5K as Fed hikes rates by 0.75%

Bitcoin (BTC) rose sharply on Wednesday to break above $22,000 as risk appetite resurfaced following the US Federal Reserve’s move to raise interest rates by 75 basis points.

BTC was trading around $22,575 at 15:20 pm ET on Wednesday, up nearly 10% in the past 24 hours. 

Of these gains, about 5% came on the back of Fed’s rate hike. Ethereum (ETH) also rose sharply amid the positive market reaction, breaking to highs of $1,580 with over 15% gains in 24 hours.

Stocks also rallied after the rate hike and as Fed Chair Jerome Powell confirmed the central bank’s desire to battle inflation. The S&P 500 was up 2.43%, the Dow Jones Industrial Average had added more than 450 points while the Nasdaq was 3.9% higher.

Among crypto stocks, Coinbase (COIN), which tanked more than 21% on Tuesday to hit lows of $52.93, was up more than 11% at the time of writing. The Coinbase stock was trading around $54.84.

Fed hints at further rate hikes

This is the second time the Fed has increased the interest rates by 0.75% and has the rate at levels monetary policy makers and economists see as neutral.

However, Powell noted in a speech after the Federal Open Markets Committee (FOMC) meeting that inflation remained well above 2%, hinting at further hikes.

“Today, the FOMC raised its policy interest rate by three-quarters of a percentage point and anticipates that ongoing increases in the target range for the federal funds rate will be appropriate,” Powell said.

Powell did note that it is possible policymakers would look to slow down on the rates in the near future.

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Magic Eden launches SFT marketplace and minting for Genopets

Solana-based NFT marketplace Magic Eden has announced the launch of its first Semi-Fungible Token (SFT) marketplace, a platform that will allow gamers on the Free-to-Play, Move-to-Earn NFT game Genopets to mint and trade in-game SFTs.

Magic Eden said in an announcement on Wednesday that the SFT marketplace is set to boost the Genopets ecosystem, adding to the growth of Web3 by intersecting Web2 gaming.

“We are excited to partner with Genopets to power their new SFT marketplace which will bring familiar Web2 trading mechanics to players looking to build and grow their in-game assets,” said Tony Zhao, the head of Gaming Investments at Magic Eden venture arm Magic Ventures.

What are SFTs?

Semi Fungible Tokens, or SFTs, are tokens that start off as fungible – say like Bitcoin (BTC) – but then can take on non-fungible properties to function like an NFT. These types of tokens are only just starting to get popular in the crypto space and are mainly helping to bridge Web2 and Web3 in the gaming sector.

GameFi is thus finding SFTs crucial in bringing things such as “stackable” assets into a Web3 gaming environment.

Developers are using SFTs to tap into low minting requirements and in-play transactions. This is what Magic Eden brings to its community, with Solana-minted SFTs sharing a “Mint Account“, allowing for a significant reduction of storage needs and minting fees.

Magic Eden is Solana’s largest NFT marketplace, accounting for the vast majority of the NFT volumes on the blockchain. 

The platform is also focused on becoming a key player in Web3 gaming, a goal it hope to achieve via its recently launched Magic Ventures initiative.

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Here is why NEAR is up by more than 4% in the last 24 hours

The cryptocurrency market is slowly recovering after underperforming earlier this week. 

The cryptocurrency market is having an excellent Wednesday after underperforming over the past two days. After dropping below the $1 trillion mark earlier this week, the total cryptocurrency market currently stands above $990 billion after adding more than 3.5% to its total value.

Bitcoin remains the leading cryptocurrency by market and is currently trading above the $21,500 level after rallying by more than 3% in the last 24 hours. 

Bitcoin, the world’s leading cryptocurrency by market cap, has also been performing well over the past 24 hours.

Ether is also performing well, up by more than 6% in the last 24 hours and is trading above the $1,400 level.

NEAR, the native token of the Near blockchain, is up by more than 4% in the last 24 hours. The positive performance came after the NEAR Foundation announced its partnership with Fireblocks. 

The Fireblocks integration with NEAR will allow institutional users to now access the NEAR Protocol’s fast and low-cost sharded proof-of-stake blockchain safely and securely.

Key levels to watch

The NEAR/USDT 4-hour chart is bearish despite the Near protocol performing well in the last 24 hours. The technical indicators show that NEAR has been underperforming in the last few days.

The MACD remains within the negative zone, indicating bearish momentum. The 14-day relative strength index of 40 shows that NEAR is no longer within the oversold region.

At press time, NEAR is trading at $3.718 per coin. NEAR could surge past the $4.094 resistance level if the positive performance continues. 

However, it would need the support of the broader market to reach last week’s high of $4.671.

The bears might regain control in the short term and send NEAR towards the $3.20 support level before the end of the day. 

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Bitcoin eyes the $22k resistance level as the broader market recovers

The cryptocurrency market is having an excellent Wednesday after underperforming over the past two days.

The cryptocurrency market is recovering from the losses it recorded earlier this week. After dropping below the $1 trillion mark earlier this week, the total cryptocurrency market currently stands above $990 billion after adding more than 3.5% to its total value.

Bitcoin, the world’s leading cryptocurrency by market cap, has also been performing well over the past 24 hours.

After losing its value above the $23k level, Bitcoin risked dropping towards the $20k support level.

However, BTC has added more than 3% to its value in the last 24 hours and is currently trading at around $21,700 per coin. 

The market has been bullish so far today, and that could see Bitcoin perform well in the coming hours.

The United States Federal Reserve is expected to hike interest rates later today, and that could affect Bitcoin’s performance in the short term.

Key levels to watch

The BTC/USD 4-hour chart is bearish despite Bitcoin performing well over the last 24 hours. The technical indicators show that BTC is currently recovering from its recent losses.

The MACD line remains below the neutral zone, indicating that the bearish momentum is not over. The bulls would need to push Bitcoin higher over the coming hours or days for the MACD to move into the positive zone.

The 14-day RSI of 48 shows that Bitcoin is no longer in the oversold region. Further rally could see the RSI surge towards the 60 mark in the coming hours. 

At press time, BTC is trading above $21,699 per coin. If the rally continues, BTC could surge past the $22k resistance level before the end of the day. 

However, it would need the support of the broader market to make a move towards the $23k resistance level in the short term. 

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