Monat: Oktober 2022

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Why is Quant cryptocurrency rising, and how attractive is it?

Is there a cryptocurrency that has maintained a sustained surge in this bearish market? The answer is a yes but look beyond the main tokens. Quant (QNT/USD) is one of them and remains in a defiantly bullish mode.

Quant is an Ethereum-based token that powers the Quant Network. The network was launched to make global information exchange seamless. An overledger functionality on the protocol has helped address interoperability issues for other blockchains. The native token QNT allows digital access to applications and services on the network. Enterprises and developers pay access fees to the Quant Treasury based on the equivalence of the native token QNT.

While large cryptos have overshadowed QNT, it is making a statement with the latest gains. On CoinMarketCap, QNT has added 22.33% in the week, with an intraday gain of 16.56%. Ranked #31 by market cap, the cryptocurrency is the highest gainer among its predecessors. The cryptocurrency has been on a non-stop bullish move for the past one month. The bullish momentum, however, started way back in June. CoinJournal investigates why. 

Well, the gains in QNT reflect positive developments. On June 30, Quant announced a tokenisation product tokenise. The product will let developers create digital assets and interoperable tokens on Polygon, Ethereum, and XDC. Again, on August 22, Quant announced a non-fungible token standard, QRC-721, in line with its tokenisation mission.

Lately, Quant issued an update on its Overledger product. The update improved transactions on Ethereum, as well as the functionality of the QRC-721 tokens. There are speculations that Quant could be enjoined in the development of Central Bank Digital Currencies.

QNT trends higher as bulls eye $197

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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 QNT with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy QNT with Binance today

Source – TradingView

On the weekly chart, QNT trends upwards. The cryptocurrency has overcome resistance at $152 and is pushing higher. The token has more room to move higher because QNT’s next resistance lies at $197. An RSI reading of 66 also suggests room for upside

Should you buy QNT?

The bullish momentum of QNT makes it attractive in the bear cryptocurrency market. With the strong defiance of the ongoing macro concerns, QNT is a buy toward the $197 resistance. Nonetheless, an attractive entry lies lower, potentially at $152 or $129. Investors should buy the token on clear bullish signs at the mentioned zones.

The post Why is Quant cryptocurrency rising, and how attractive is it? appeared first on CoinJournal.

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Polygon’s MATIC flashes a bullish signal. Should you buy it?

Is Polygon’s (MATIC/USD) one of the most attractive cryptocurrencies below $1? 

Probably yes, given the stability it has exhibited amid the bear market. After an inflation-inspired flash crash on Thursday, MATIC is back to winning ways. As of press time, MATIC had made an intra-day recovery of 11%. The gains were widespread across the crypto sector. However, the token’s gains were noticeable and looking likely to continue.

Once again, Polygon is making positive headlines with the latest news. As CoinJournal reported, Polygon will power the first-ever blockchain-based enforcement portal for the Indian police. The news is encouraging and shows governments are slowly embracing blockchain for critical missions. The blockchain solution is meant to help curb corruption and power complaint mismanagement within the Indian police force. 

With Polygon at the centre of the important development, it explains why MATIC rose strongly on Friday. In a sector awash with negative sentiment, the development sparked social interest in Polygon. The cryptocurrency saw increased mentions on the social trading platform Stocktwits. 

Besides, we all know that MATIC is now part of Grayscale’s large-cap crypto fund. The addition was done about a week ago as part of the asset manager’s quarterly rebalancing. The addition increases investors’ exposure to cryptocurrencies, which boosts the liquidity of the tokens. The positive development has been a plus for MATIC. But is the price bullish now?

MATIC jumps from a bullish pin bar at the support

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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.

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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.

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Source – TradingView

On the technical front, MATIC formed a bullish pin bar at the $0.77 support. That was after the price crashed below the level following hot inflation numbers.

Ideally, pin bars forming at key resistance or support zones are reversal signals. They communicate a price rejection on the side of the candlestick’s long wick (pin). Its appearance at the support suggests that bulls have successfully defended $0.77. 

Should we expect MATIC to go higher?

The bullish pin bar implies that a higher price looms for MATIC. The recent surges confirm that. Nonetheless, for a sustained surge, MATIC must overcome a descending trendline shown in the daily chart. Potentially, a consolidation could follow before a breakout occurs.

The post Polygon’s MATIC flashes a bullish signal. Should you buy it? appeared first on CoinJournal.

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This week in crypto: Blockchain.com and Coinbase secure Singapore licences

Two of the leading cryptocurrency exchanges gained regulatory approval to operate in Singapore as Coinbase announced a major partnership with Google.

Blockchain.com and Coinbase secure Singapore licences

Earlier this week, Blockchain.com, one of the leading crypto trading platforms, announced that it had gained regulatory approval to offer its services in Singapore. The crypto exchange said it had secured approval from the Monetary Authority of Singapore (MAS). 

Blockchain.com explained that the in-principle approval is for the Major Payment Institution Licence for Digital Payment Token services.

US-based crypto exchange Coinbase also announced earlier this week that it had received preliminary regulatory approval from Singapore’s monetary authority (MAS) to offer crypto services in Singapore.

Coinbase and Google Cloud announced a strategic partnership

Coinbase, one of the leading crypto exchanges in the world, announced earlier this week that it had partnered with Google Cloud. According to the terms of the partnership, Google Cloud will serve as Coinbase’s strategic cloud provider to develop advanced data and exchange services.

Coinbase said it would process blockchain data using Google Cloud’s powerful computing platform. The crypto exchange would also enhance global cryptocurrency service reach using Google Cloud’s top-grade fiber optic network.

DeFi platform Mango hit by $100 million exploit

Last week it was Binance, this week, it was Mango Markets. Earlier this week, Solana-based DeFi platform Mango Markets revealed that it suffered an exploit, with the attacker carting away $100 million from the protocol. 

The attacker manipulated the oracle prices on the protocol. However, the Mango Decentralised Autonomous Organisation (DAO) said it is now focused on preventing any further unnecessary losses on the network.

Uniswap raises $165 million in its latest funding round

Uniswap, one of the leading decentralised exchanges in the space, announced earlier this week that it had raised $165 million in a Series B funding round. 

The DEX said the investment round was led by Polychain Capital and while investors such as a16z crypto, Paradigm, SV Angel, and Variant also participated. Uniswap said it intends to use the funds to invest in its web application.

Crypto.com launches its European headquarters in France

Crypto.com, one of the leading cryptocurrency exchanges, announced earlier this week that it had launched its European headquarters in France.

The crypto exchange revealed that it had spent $145 million on this project, which included other strategic investments in France. Crypto.com said the investment would help ensure its long-term commitment to France as it would focus on the hiring of local talent to drive the company’s efforts across the region. 

Crypto.com added that the French office would focus on some aspects of its business, such as compliance, business development, and product.

Tron becomes the national blockchain of the Commonwealth of Dominica

To wrap up the week, Tron announced that it had become the National Blockchain of the Commonwealth of Dominica.

This means that Tron would play a vital role in the development and issuance of the Dominica Coin (DMC), a blockchain-based fan token.

The post This week in crypto: Blockchain.com and Coinbase secure Singapore licences appeared first on CoinJournal.