Monat: Oktober 2022

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Will polygon price soar higher after announcing a partnership with Nubank?

MATIC is down by less than 1% despite Polygon’s recent partnership with Nubank. However, the coin could rally higher over the coming hours and days.

MATIC, the native coin of the Polygon network, is down by less than 1% in the last 24 hours. At press time, MATIC is trading at $0.8432 per coin.

The poor performance comes despite Polygon announcing a strategic partnership with Nubank, the leading fintech platform in Latin America. 

According to the terms of the deal, Nubank will launch its own chain using Polygon Supernets. Nubank will also launch its digital token Nucoin on the Polygon network. 

MATIC’s performance comes as the broader cryptocurrency market is underperforming. The total cryptocurrency market cap stands at $923 billion, down by less than 1% in the last 24 hours.

Bitcoin is up by less than 1% and continues to maintain its price above the $19,000 support level. Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% and is currently trading at $1,300 per coin.

Key levels to watch

The MATIC/USD 4-hour chart is bullish thanks to Polygon adding more than 14% to its value over the past seven days. 

MATIC/USD Chart By TradingView

The MACD line is currently in the positive zone, indicating that MATIC is performing excellently at the moment. The 14-day relative strength index of 53 shows that MATIC is not close to the oversold region at press time.

The bulls are gaining control of the market and could push MATIC higher before the end of the day. MATIC could soar past the first major resistance level at $0.9055 over the next few hours.

However, MATIC would need the support of the broader market to rally toward the $0.9402 resistance level for the first time since August. 

If the bears take full control of the market, MATIC could slip below the $0.8033 support level before the end of the day. 

Where to buy MATIC now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MATIC with eToro today

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy MATIC with Skilling today

The post Will polygon price soar higher after announcing a partnership with Nubank? appeared first on CoinJournal.

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Sam Bankman-Fried warns policymakers from locking in decisions that could impact DeFi

Regulating the decentralised finance (DeFi) space and the broader crypto market remains tough for regulators, and Sam Bankman-Fried has now warned against locking in decisions that could impact the space.

Sam Bankman-Fried, the CEO of FTX crypto exchange, has warned policymakers from making permanent decisions that could impact the DeFi space.

He mentioned this in FTX’s 3,800-word “industry norms manual,” published yesterday. SBF wrote that;

“Above all else: figuring out how and where DeFi and things tangentially related to DeFi do and don’t fit into regulatory contexts is a hard problem and one on which there is not yet firmly settled thought. We should be careful about locking in decisions absent working out a sound and responsible basis for doing so.”

The FTX boss pointed out that maintaining the presumptive freedom of peer-to-peer transfers and decentralised blockchains (unless there is specific evidence of a scam, illicit finance, etc.) is absolutely necessary.

SBF said he hopes a cryptocurrency industry group will look into the issues mentioned in his draft and eventually come up with an appropriate set of community norms.

In the post, the cryptocurrency billionaire also discussed the potential for blockchains to improve the current traditional financial markets. He wrote;

“Tokenising stocks could help simplify securities settlement, providing a stronger and more equitable market structure for retail.”

Earlier this week, the Texas State Securities Board revealed that it is investigating FTX US over allegations that it offers unregistered securities products in the United States via its yield-bearing product.

Regarding the listing of securities on its platform, SBF wrote that FTX analyses various coins and tokens before listing them. He said;

“First, our legal team will do an analysis of the asset according to the Howey Test and other relevant case law and guidance. If that analysis finds it to be a security, we will treat it as such. If the first test does not find it to be a security, we will generally treat it as a non-security commodity, unless the asset is found by the SEC and/or an appropriate court of jurisdiction to be a security. If we do find an asset to potentially be a security, we will not list it in the US unless/until there is a process for properly registering it.’
This latest development comes after SBF revealed earlier this month that FTX could move its headquarters to the United States after SEC registration.

FTX has been spending on acquisitions and bailouts since the start of the year. The company revealed last month that it still has $1 billion to spend on acquisitions. 

The post Sam Bankman-Fried warns policymakers from locking in decisions that could impact DeFi appeared first on CoinJournal.