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Oracle platform Pyth Network expands features to Arbitrum

  • Pyth Network’s price feeds are now available on Arbitrum.
  • Builders within the Ethereum scaling solution’s ecosystem can now tap into over 200 price feeds across crypto, equities and commodities.
  • The Pyth technology is already powering CAP Finance and Perpy Finance on Arbitrum.

Pyth Network, an oracle solution provider that’s mainly integrated across the Solana ecosystem, has announced expansion onto layer-2 blockchain protocol Arbitrum.

What this means is that the Pyth price feeds are now live on Arbitrum, a scaling solution developedby OffChain Labs for the Ethereum ecosystem. The Pyth team noted in a blog release on Tuesday that integration will support the decentralised finance (DeFi) community on Arbitrum.

Pyth to power Arbitrum dApps

Arbitrum already integrates with Chainlink price feeds. Basically, developers and other Arbitrum users now also have access a new oracle network with over 200 price feeds, covering major data needs across cryptocurrency, equities, FX pairs and commodities.

Mike Cahill, the Director of the Pyth Data Association, said that the integration with Arbitrum is significant. One of the reasons, he noted in a statement, is down to the fact that Pyth’s technology now powers decentralised applications (dApps) in the Ethereum ecosystem – the most prominent smart contracts blockchains today.

 “We’re excited to continue our expansion in the Ethereum world, and specifically the Arbitrum ecosystem as we continue to equip developers with high-quality data and enable a wide range of new dApps that are powered by Pyth,” Cahill added.

By bringing off-chain data in real time onto Arbitrum, Pyth is helping unlock previously inaccessible financial data for developers in this ecosystem.

As announced on Tuesday, Pyth’s price feeds already power Arbitrum-based perpetual DEX platform CAP Finance and decentralised copy trading protocol Perpy Finance.

The post Oracle platform Pyth Network expands features to Arbitrum appeared first on CoinJournal.

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Crown Token project grants token holders opportunity to vote on upcoming films

  • The Crown Token project pairs fans with film production teams.
  • CROWN Token holders will have the chance to vote on the upcoming films by T&B Media Global.
  • The token holders will specifically be able to vote on the creative design of animation films.

CROWN Token Project has announced that it will allow its token holders the right to vote on the character design of three upcoming films by T&B Media Global. The project uses blockchain technology to expand business opportunities within the entertainment industry.

Each of the three films that token holders will be voting on has a projected budget of between $15 million and $16 million. The films have hired academy award-winning teams who have worked on productions like Newsies, The Lion King, and the Hunchback of Notre Dame.

Animation films fans can have a say in their creation

Going by the announcement by Crown Token Project, animation film consumers who have traditionally never had a say in the creation of film characters can now decide on the direction a media company takes.

Previously, creators/producers could only know of their viewers’ tastes after investing millions of dollars in producing a film and releasing it; which is too late to change the film to suit the viewers’ needs. By allowing fans to interact with the production team, producers will have an opportunity to produce films that are more inclined to the viewers’ taste.

Through the sale of its tokens, CROWN Token Project allows fans to vote on characters, movies, and animated features they feel passionate about with T&B Media Global films being the first animated films that CROWN Token holders will have the opportunity to vote on.

Besides having CROWN token holders on board, T&B Media Global has also partnered with Ideomotor, the animation production studio behind League of Legends.

CROWN token holders will start with selecting the film to contribute to and then choosing the character design for the film.

Besides voting on characters, movies, and animated features, token holders will also be able to stake their tokens and get USDT rewards.

The post Crown Token project grants token holders opportunity to vote on upcoming films appeared first on CoinJournal.

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EUR/USD and Bitcoin: an unusual correlation

  • BTC/USD and EUR/USD move in a direct correlation
  • Bitcoin’s higher volatility explains the late bounce from the lows
  • EUR/USD may help in understanding and trading BTC/USD

Bitcoin was released in 2009 as open-source software and started what is now known as the cryptocurrency market. The first real-world transaction took place one year later when a programmer bought two pizzas using 10,000 Bitcoins.

Fast forward to 2023, Bitcoin trades at around $23k. Also, its all-time high is above $65k – quite a difference from the 2010 levels.

In between, Bitcoin’s adoption increased both among retailers and institutional investors. Nowadays, the cryptocurrency industry is consolidating, and more and more projects are being launched, despite some inevitable drawbacks.

Bitcoin’s institutional adoption is responsible for its being more correlated with classic financial markets. However, its volatility exceeds other markets’ volatility, which makes it interesting when looking at its correlation with other assets.

For instance, the EUR/USD and BTC/USD have both moved higher in 2022. The only difference is Bitcoin’s volatility, which led to opportunities for those believing in the correlation between the two markets.

BTCUSD chart by TradingView

Trading Bitcoin using the EUR/USD exchange rate

The EUR/USD exchange rate bottomed in October last year. It bounced from below 0.96 and climbed all the way to above 1.09 before giving up some gains.

Investors are cautious before the two central banks, the Federal Reserve of the United States and the European Central Bank, release their policy decisions later this week.

But a simple look at the chart above tells the story of two correlated assets.

After EUR/USD bottomed in October, Bitcoin made a new lower low. However, it caught up with the US dollar’s weakness and rallied much more than the EUR/USD did.

Once again, Bitcoin’s higher volatility explains the extreme movements. So far in 2023, it has been a good strategy to buy Bitcoin while below the EUR/USD exchange rate and sell it while above.

Will this correlation hold after the two central bank decisions due this week?

The post EUR/USD and Bitcoin: an unusual correlation appeared first on CoinJournal.

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Why does Bitcoin consolidate? Answer: waiting for central banks to move

  • Bitcoin is in a 10-day long consolidation
  • The range is extremely tight
  • Market participants await central banks to move

The past ten trading days have been extremely quiet for Bitcoin. It moved in a tight range, trading as high as $24k and as low as $22.5k.

Considering the historical volatility, the range is exceptionally tight. So why is Bitcoin, and other markets, too, moving in such a tight range?

The answer comes from central banks’ monetary policies.

In the following two trading days, three of the most important central banks in the world will release their monetary policy decisions. The Fed in the United States is the first one, followed by the Bank of England and the European Central Bank.

BTCUSD chart by TradingView

Game-changing market conditions

The chart below, courtesy of Financial Times, tells the full story of the current market conditions. All three central banks are expected to raise the interest rates this week after doing so several times before.

The tightening of financial conditions comes in response to high inflation in the developed world. These countries have not seen such inflation in more than four decades, so the central banks’ reaction is understandable.

So why is the US dollar dropping, as reflected by the Bitcoin/USD rate?

The answer comes from the market positioning given the previous rate hikes.

The interest rate in the United States has reached over 4%, while in the euro area is 2.5%. Therefore, the interest rate differential led the common currency, the euro, to weaken against the US dollar.

It traded below 0.96 in the last part of 2022. But this made the euro attractive to investors.

Funds flowed in Europe due to the cheap euro. Moreover, investors ignored the risks associated with the war in Ukraine.

Put simply; the euro was more attractive than the US dollar. So was the British pound.

The dollar’s recent decline reflects these flows. Sure enough, the Bank of England and the European Central Bank still have room to close the gap with the Fed.

But the markets are proactive, and move in anticipation of what is about to come. Therefore, the dollar’s weakness is seen as a result of the Fed slowing the pace of the interest rate hikes, while the ECB does not.

And so, Bitcoin should still gain against the dollar, should the euro do the same.

The post Why does Bitcoin consolidate? Answer: waiting for central banks to move appeared first on CoinJournal.