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Syntropy (NOIA) price: Analyst shares outlook after token gains 168%

  • NOIA is the native token of Syntropy, a distributed routing protocol for the Internet.
  • The token’s price surged 168% from its December lows and one analyst says bulls are likely to aim for more.
  • Sentiment is bullish for Syntropy ahead of its public network launch.

Cryptocurrencies are looking to end January on a winning note, with most digital assets rocking huge gains in a month that saw Bitcoin break above $23,000.

On 31 July, the total crypto market capitalization was above $1 trillion, helped by Bitcoin’s market cap rising to $446 billion to account for a market dominance of 40.9%. A similar upside trend has been observed across altcoins, led by Ethereum’s breakout from lows of $1,200 at the beginning of the month.

Analyst says NOIA could do another 2x

Perhaps notable is the bullish sentiment for Syntropy that has been increasing since the team updated the token’s circulating supply schedule and as the platform edges closer to its public launch.

While tokens like Aptos and dYdX continue to outperform, crypto analyst Rekt Capital is pointing to one other coin that could benefit from the recent bull run.

According to the crypto trader, Syntropy (NOIA) is likely to do a 2x if it holds a crucial price level on the monthly close. In a tweet early Tuesday, the highly respected analyst noted that NOIA’s 168% rally from its lows in December has the Syntropy token at a crucial area.

“NOIA enjoyed a +168% rally from December’s lows & is now approaching a crucial area. If NOIA is able to turn the green box top (~$0.068) into support on Monthly Close, Syntropy could be well-positioned for another 2x rally,” he suggested.

Syntropy (NOIA) price prediction chart. Source: Rekt Capital on Twitter.If bulls hold the highlighted price zone ($0.068), Rekt Capital sees a 135% or more rally towards $0.15. That could open up the NOIA price for a potential retest of its all-time high price near $0.20. However, a negative flip could see bears push for $0.030 or even target $0.020.

The Syntropy token was changing hands around $0.065 early afternoon on Tuesday, up 2.3% in the past 24 hours and 32% higher this past week.

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Core Scientific agrees $70 million loan from B. Riley

  • Core Scientific is seeking emergency relief from the bankruptcy court for it to secure a replacement loan facility.
  • According to court documents, the miner has agreed to a $70 million credit facility from investment banking firm B. Riley.
  • The company will use the funds to pay off an existing loan to avoid defaulting,

Core Scientific, a Bitcoin mining firm that filed for Chapter 11 bankruptcy orotection in December last year, says it’s agreed to a $70 million financing facility from B. Riley Commercial Capital, LLC.

Court documents the Bitcoin miner filed on Tuesday reveal that the crypto company seeks to use the loan facility from the investment bank to pay off an existing debtor-in-possession (DIP) facility.

Core Scientific seeks emergency relief

The miner seeks an emergency relief from the bankruptcy court, which it says is needed no later than 11:30 am CET on Wednesday, 1 February, 2023. As noted in the filing, the crypto miner would be in default under the terms of the original DIP facility.

The Core Scientific team says if approved, the first part of the facility will be $35 million before the rest follow. Securing the new credit facility from B. Riley is key to the miner continuing its operations as it navigates its bankruptcy process.

The past year proved to be particularly brutal for crypto mining companies, with the crash in Bitcoin prices and surging energy costs combining to hurt business. Core Scientific was one of the largest miners to seek bankruptcy protection as Bitcoin price collapsed once more following crypto exchange FTX’s implosion.

At the time of its bankruptcy filing, Core Scientific revealed liabilities of $1 billion to $10 billion.

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Ethereum to launch “Zhejiang” public withdrawal testnet on Feb. 1

  • The “Zhejiang” public withdrawal testnet will then be followed by the Shanghai testnet.
  • This is the first major upgrade since the Merge upgrade.
  • The “Zhejiang” allows tools to test how to collect and display ETH withdrawal information.

Ethereum Foundation developer Parithosh Jayanthi has confirmed via a Twitter post that the “Zhejiang” public testnet will be going live tomorrow (February 1, 15:00 UTC, 2023). The “Zhejiang” testnet will then be followed by the much-awaited Shanghai and Capella testnets.

Both the Shanghai and Capella testnets are scheduled to be triggered at epoch 1350.

Jayanthi was replying to another post by one, Barnabas Busa, who besides saying the testnet will go live tomorrow, said:

“Shanghai+Capella will be triggered 6 days later (at epoch 1350). You will be able to deposit validators, practice BLS change and exit without risk.”

In follow-up tweets, Jayanthi said:

“This is also a great opportunity for all tools to test out how they want to collect, display and use the withdrawal information. You can attempt to convert 0x00 credentials to 0x01 and set a withdrawal address. You can test partial withdrawals and full withdrawals by exiting your validator.”

Shanghai upgrade

The Shanghai and Capella upgrade testnets are expected to go live six days after the “Zhejiang” testnet, which will also feature all Ethereum Improvement Protocols (EIPs) like timestamp-based forking that will come with the Shanghai upgrade.

The Shanghai upgrade is designed to allow ETH users to withdraw their Ether tokens plus rewards. Ether holders have been able to stake ETH since the Merge upgrade that moved the Ethereum blockchain from a proof-of-work (PoW) to a Proof-of-Stake (PoS) blockchain. However, the staked funds remain locked, pending a new upgrade the Shanghai.

Ethereum Foundation is targeting March 2023 for the Shanghai upgrade. After the Shanghai upgrade, Ethereum developers will turn their eyes to the EIP-4844 upgrade which is scheduled for May or June this year.

The EIP-4844 upgrade aims at increasing the scalability of layer-2 rollups on Ethereum by more than 100 times and also lower transaction fees.

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