Monat: August 2022

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STG price prediction after Binance listed Stargate Finance

STG price went parabolic on Friday after being listed in Binance, the biggest exchange in the world. The Stargate Finance token jumped by more than 80% and soared to the highest level since June 1. It has recovered by about 100% from its lowest level this week, giving it a market cap of over $69 million.

Binance lists Stargate Finance

Stargate Finance is a relatively small blockchain project that is in the decentralized finance (DeFi) industry. It describes itself as the first and only bridge that solves the three main challenges that bridges face. 

These challenges are related to instant guaranteed finality, unified liquidity, and native assets. It has features that enable people to wrap all existing DeFi applications. 

Also, users and dAapps can easily transfer native assets cross-chain while accessing unified liquidity pools with instant guaranteed finality. Stargate has a total value locked (TVL) of over $448 million, according to its website.

STG is the native token for Stargate Finance. It is the governance token that helps to run the Decentralized Autonomous Organization (DAO). Stargate liquidity providers can provide their LP tokens in exchange for STG rewards.

The STG price went parabolic on Friday after Binance announced that it will list the coin in its platform. This means that millions of people who use Binance will have access to the coin. 

Historically, cryptocurrencies tend to rise when they get listed by leading exchanges like Coinbase and Robinhood. However, these gains are usually short-lived as investors start to quickly take profit. 

Stargate Finance also rose after OmniBTC integrated with Layer Zero Labs and the platform. This means that users can easily OmniSwap among EVM chains.

STG price prediction

The four-hour chart shows that the Stargate Finance price has been in a downward trend recently. This decline saw it drop to a low of $0.33 this week. It then went parabolic on Friday after the Binance listing. 

As it rose, it managed to move above the important resistance point at $0.5452, which was the highest point on June 28. It also rose above the 25-day and 50-day moving averages.

Therefore, as mentioned, these pumps that happen after a listing are usually temporary. As such, there is a high probability that the coin will drop and even move below the support at $0.50.

The post STG price prediction after Binance listed Stargate Finance appeared first on CoinJournal.

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Bitcoin could slip below $21k as the broader market dips again

Bitcoin has dropped below the $22k support level after losing more than 6% of its value and could record further losses soon.

The cryptocurrency market has been underperforming since the start of the week. The broader market has lost more than 6% of its value over the last 24 hours, causing the total market cap to drop below the $1.1 trillion mark earlier today.

Bitcoin continues to lead the market, and its massive dip resulted in the broader market recording huge losses over the last 24 hours. 

Bitcoin has lost more than 6% of its value so far today, resulting in BTC trading below the $22k level for the first time this week. BTC has maintained its value above $20k in recent weeks, and the bulls would be hoping to keep it above that level over the weekend.

The bulls would, however, need to defend the BTC price and ensure it doesn’t drop below the $21k resistance level in the near term.

Key levels to watch

The BTC/USD 4-hour chart has turned bearish as Bitcoin has been underperforming since the start of the week. The technical indicators show that BTC could record further losses soon.

The MACD line dropped below the neutral zone earlier this week and has remained there ever since. Thus, indicating that the bears are currently in control of the market.

The 14-day relative strength index of 19 strongly indicates that Bitcoin is in the oversold region.

At press time, BTC is trading at $21,814 per coin. If the bearish trend continues, BTC could drop below the $21k support level over the next few hours or days. However, the bulls should defend BTC above $20k in the near term.

The bulls might regain control of the market and push BTC above the $22,500 resistance level before the end of the day.

Unless there is an extended bullish run, BTC might find it hard to surge past the $23,409 resistance level over the next few hours.

The post Bitcoin could slip below $21k as the broader market dips again appeared first on CoinJournal.

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Ripple partners Travelex Bank to launch XRP-enabled enterprise payments in Brazil

Ripple’s partnership with Travelex Bank will see customers of the locally regulated bank benefit from XRP-powered cross border payments settled on RippleNet’s On-Demand Liquidity (ODL) protocol.

Ripple has launched a digital asset based payment solution in Brazil, partnering with regulated Latin America bank Travelex Bank.

The enterprise-focused solution will seek to offer customers across the region access to low-cost international payments, with instant settlement via RippleNet’s On-Demand Liquidity (ODL). 

Leveraging Ripple’s XRP and the ODL platform will see businesses and corporates send money across borders without having to first open and maintain pre-funded accounts in those countries.

Customers to benefit from ‘real utility’

Ripple CEO Brad Garlinghouse, commenting on the development, noted that Brazil has grown to be one of the most important crypto destinations in the region, with its largely crypto-friendly environment great for fintech innovation. The country is thus seeing an “explosion of activity” amid increased adoption of blockchain and cryptocurrency among institutional users.

He added that crypto is helping people solve pain points in payments and the partnership with Travelex Bank boosts this outlook.  

“From day one, we’ve focused on building solutions that deliver real utility and we are excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil,” he added in a statement.

Travelex Bank is regulated by the Central Bank of Brazil, with its operations exclusively in foreign exchange. And with over $780 billion in annual remittances into Brazil, Travelex and Ripple could see increased demand for its ODL service, with the native XRP helping ensure cheaper and faster payments settlement.

Initially, support will be for the Mexico-Brazil payments corridor. Travelex will then look to support other corridors, with payments expanding to services such as bulk SME payments and internal treasury.

Ripple’s partnership with Travelex adds to a host of other key deals in the Latin America region, including with Banco Rendimento, Banco Topazio and Remessa Online. It also expands Ripple’s mainstream partnerships across the globe – Europe, Middle East and Southeast Asia.

The post Ripple partners Travelex Bank to launch XRP-enabled enterprise payments in Brazil appeared first on CoinJournal.