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Should you buy Algorand ahead of the World Cup amid a sponsorship deal?

It is just 5 days to the start of the largest sporting event – the World Cup. Even as the world stares at their favourite football players, big corporations will try to attract their visibility. Algorand is one such organisation.

In May, Algorand was selected to become the first blockchain partner for the FIFA World Cup. The platform will provide a blockchain-supported wallet for the event. There are plans to onboard Algorand to develop FIFA’s digital strategy. But as the World Cup kicks off on November 20, Algorand will feature strongly in the media and promotional materials.

While Algorand (ALGO/USD) responded positively to the news of sponsorship of this year’s event, it is trapped by a bear crypto market. However, recent price action signals a potential price recovery ahead of the November 20 kickoff. 

ALGO attempts to break above the $0.28 resistance

ALGO/USD Chart by TradingView

From the technical outlook, ALGO trades at the $0.28 resistance, with a strong bullish push. The token has 13% gains in the day, signalling a potential bull rally. 

Going by the technical indicators would be a little disappointing for the cryptocurrency. The moving averages provide resistance against ALGO. The RSI shows an improvement in momentum, although the reading remains below the midpoint. The cryptocurrency remains in the hands of bears.

Should you buy ALGO now?

The closing of the daily candlestick will tell if a breakout is successful or not for ALGO. Of course, the World Cup is a big event and will have a huge influence on the price of the token.

A successful breakout will be confirmed if the daily candlestick closes above $0.28. You could buy ALGO if that happens, coupled with strong momentum.

On the flip side, the candlestick could close below the resistance. Buyers should stay away from the bear case.

Where to buy ALGO

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 ALGO with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy ALGO with Capital.com today

The post Should you buy Algorand ahead of the World Cup amid a sponsorship deal? appeared first on CoinJournal.

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Genesis’ $2.8B crypto lending unit halts withdrawals

The crypto lending arm of Genesis Global Trading, which prices itself as the premier institutional digital asset financial services firm, has temporarily suspended the redemption and issuance of new loans.

Genesis announced the developments through a tweet saying:

“We recognize how challenging this past week has been due to the impact of the FTX news. At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market environment.”

The lending unit, which is known as Genesis Global Capital, had $2.8 billion in active loans according to its 2022 Q3 report.

Impact on Genesis Trading

Genesis Trading, which is Genesis Global Capital’s dealer/broker, is capitalized independently and operates separate from the lending unit.

In a follow up tweet, Genesis said:

“We would like to emphasize that Genesis Global Trading, our broker/dealer that holds our BitLicense, is independently capitalized and operated – and separate from all other Genesis entities.”

It further emphasized that:

“Genesis’s spot and derivatives trading and custody businesses remain fully operational. We continue to support our clients who rely on us during volatile market conditions to manage their risk and execute on their business strategies.”

Taking steps to protect customers amid the FTX crisis

According to Genesis, the default of a loan issued to Three Arrows Capital negatively impacted the “liquidity and duration profiles’ on their lending entity and since then they have been “de-risking the book and shoring up our liquidity profile and the quality of our collateral.”

But there have been abnormal withdrawals exceeding the lending unit’s liquidity due to the market turmoil caused by the FTX crisis thus necessitating the temporary suspension of redemption and new loan origination in the lending business.

Genesis has also said that they are exploring best solutions for the lending business including sourcing new liquidity.

The post Genesis’ $2.8B crypto lending unit halts withdrawals appeared first on CoinJournal.