Kategorie: Crypto Markets

XRP price has surged by 13.26% to hit a daily high of $0.3847 today. Although the coin had pulled back from the daily high to trade at $0.3729 at the time of writing, all pointers showed that the bull pressure was still on.

Today’s price surge comes as a relief for Ripple cryptocurrency, which has been battling a prolonged court battle against the US Securities and Exchange Commission (SEC).

It is the first time XRP is trading above $0.35 for the past two weeks.

Why is the XRP price rising?

Yesterday, June 23, the XRP Labs, the team behind RippleNet and XRP cryptocurrency, announced the launch of the Pro Beta version of Ripple’s main wallet, Xumm.

Xumm Pro Beta is LIVE! 🚀🚨

You can now get access to the Xumm Pro Beta. Get early access to Pro features while supporting @XRPLLabs & @XummWallet #getxummpro

What you get right now? You’ll receive incoming push notifications for transactions & trades. pic.twitter.com/GSHZoy4l8j

— Xumm Wallet (@XummWallet) June 23, 2022

To start with, Xumm will only be available through paid subscription using Ripple’s native token XRP.

Once the Beta testing is completed, Ripple Labs is expected to launch Xumm Pro, which will have full functionality and subscribers will only have to switch to Xumm Pro from their wallet to use it.

Xumm Pro Beta features

Xumm Wallet features several innovations including the ability to split the wallet’s funds into two accounts: spending and saving, the opportunity to claim a free Tangem card, which is a kind of “cold” device for storing cryptocurrency, access to premium technical support, and the ability to buy XRP using Euros, through an on-ramp/off-ramp solution.

Ripple however clarifies that anyone wanting to use the Xumm Wallet will be required to go through a  know-your-customer (KYC) procedure, a requirement that is however optional in the Beta testing.

Rippe Labs innovations

Despite the hard times, Ripple Labs has been rolling various innovations including the XRP Ledger. However, the deployment of the Xuum Wallet is expected to drive the XRP price higher over the coming days.

The Xumm Wallet adds to the number of innovations that Ripple investors are expected to freely enjoy especially when the litigation by the US SEC comes to an end.

The post XRP price surges 14%: here’s why appeared first on CoinJournal.

The crypto market as a whole is bullish with most top 100 coins in the green at the time of writing. 

Top cryptos

All top 10 cryptos registered gains over the past 24 hours, with XRP leading the way, up more than 12% at time of writing. Bitcoin climbed more than 3.5%, trading above $21,000 this morning. 

Among cryptos outside the top 10, Polygon’s rally continued. Its gains amount to 18% today and 48% for the last 7 days. Other winners in this group are Avalanche and Shiba Inu. 

UNUS SED LEO started declining for the first time in a long bull run. The 17^th biggest coin by market cap is down around 3% today. 

Top movers

Outside the top 20, the tendency was equally bearish, with most coins adding 5-7% of their value. 

Notable standouts include Axie Infinity, BAT, and Zilliqa with 13% each and BTT and OKB with 10%. Axie Infinity’s price drifted upwards on Friday as investors reflect on the upcoming restart of the Ronin network.

THORChain gained 12% today, bringing its weekly gains to 28%. It has been rising as the launch of its Mainnet approaches. 

The biggest winner of the day is Storj with 33%. Yesterday, the dynamically growing decentralized storage company announced partnerships with three new NFT clients: Amuzed, Europa Labs, and Ultimate Division.  

The losers 

Harmony’s ONE is down almost 10% today, continuing its bearish trend after a major hack in the ecosystem. 

The ONE token is trading at $0.024, which is the lowest it has been since March last year. It also faces dropping out of the top 100, currently sitting at #100.  

Compound is down by less than 2%. It rose in the ranking (from 100^th to 98^th biggest coin by market cap) and its gains for the week stand at an impressive 35%. Finally, Synthetix is down 3%, reversing yesterday’s gains. 

The post Highlights June 24: XRP rallies 13%, Storj adds 33% on lucrative NFT partnerships appeared first on CoinJournal.

FTX U.S. President Brett Harrison told CNBC’s ‘Squawk Box’ on Thursday that the crypto industry is still seeing huge venture capital investments despite the tough times occasioned by the bear market.

According to the FTX US boss, while the industry continues to face the blunt force of the crypto winter, markets will eventually recover.

He notes more capital, as projects take the downturn as an opportunity to build, bringing in new talent and products, a bounce out of the hole could see more people adopt crypto and related services.  

Different methods of valuing Bitcoin

Talking specifically about Bitcoin, the world’s leading cryptocurrency, Harrison says there are different ways of looking at BTC’s value. He notes that different people look at this aspect differently.

“It’s difficult,” he told CNBC as he discussed some of the different methods of looking at Bitcoin.

“There are a lot of different proposed methods. Some of it has to do with the future flow of all the Bitcoin that could be mined in the system and of course the cost of mining that Bitcoin,” he added.

Another way of looking at it is what some people see as “a store of value, something that is independent of any particular government’s control. Monetary supply that’s safe and can be moved around the world, you know, safely and instantly.”

The post FTX’s Harrison on how to model Bitcoin price outlook: ‘a lot of different proposed methods’ appeared first on CoinJournal.

Over the past seven days, Polygon (MATIC) has experienced significant gains and it comes as a relief to Polygon traders and investors after a prolonged crypto market meltdown.

At the time of writing, MATIC was trading at $0.5116, up 23.65% over the past 24 hours. It has hit a daily high of $0.5145.

Although MATIC is still down by 82.67% from its all-time high of $2.92 that it had set last year on December 27, its trading volume has gained a whopping 114.45% to sit at $937.9 million in the last 24 hours.

But why is MATIC outpacing other cryptocurrencies in the bearish market? let’s dive into some of the reasons behind the MATIC price surge.

Carbon neutrality achievement

One of the main reasons for the rally is the achievement of Carbon neutrality after its recent partnership with KlimaDAO, an on-chain carbon market to achieve it. During their announcement yesterday, Polygon said that it has received $400,000 worth of carbon credits which is equivalent to 104,794 tons of greenhouse gases.

In an official blog post, the blockchain company said:

“Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.”

Polygon co-founder Sandeep Nailwal also said:

“Reaching carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment.” 

Whales’ accumulation of MATIC holdings

Another reason for the MATIC price surge is the increase in MATIC accumulation by whales.

According to a tweet posted today by Santiment, Wallets with between 10k and 10 million MATIC coins have purchased more MATIC coins, this has been happening since early May this year.

🦈🐳 $MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan. 📈 https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn

— Santiment (@santimentfeed) June 22, 2022

The post Polygon price surges: here’s why MATIC jumped 23% today appeared first on CoinJournal.

Avalanche says BTC bridging is currently only available via its Core Browser Extension.

Avalanche has added support for native Bitcoin (BTC) on the platform, which will happen via the Avalanche Bridge, according to a press release published on Wednesday.

The solution allows users to utilize their Bitcoin in the DeFi sector by directly transferring BTC to Avalanche, with users able to tap into earning and yield opportunities. 

Customers will still be able to hold Bitcoin on their portfolio, the team at the Layer 1 blockchain said in the announcement.

Over $500 billion in value to Avalanche DeFi

Avalanche, which is compatible with the Ethereum Virtual Machine (EVM), launched the Bridge functionality in August 2021. Over $50 billion in value transfers have happened in the blockchain’s DeFi ecosystem through the bridge since.

This will likely go up massively if the feature sees significant uptake across the Bitcoin community. According to Avalanche, the BTC support targets unlocking over $500 billion of value currently on the Bitcoin network and bringing it to the Avalanche DeFi ecosystem.

With the release of @CoreApp_, the Avalanche Bridge has added support for bridging native Bitcoin to #Avalanche

This new functionality unlocks half a trillion dollars of value on the Bitcoin network, allowing users to put their $BTC to work on Avalanche🤝https://t.co/CHNQ7ck2oz

— Avalanche 🔺 (@avalancheavax) June 22, 2022

Ava Labs releases Core browser extension

Avalanche’s release of the BTC Bridge came at the same time that Ava Labs announced the launch of its Core Browser Extension. The non-custodial extension, available for free to users, is designed to help customers explore Web3 opportunities on Avalanche.

Users seeking to use their BTC in the DeFi ecosystem via the new bridge will need to download the Core Browser Extension. Avalanche does not support BTC bridging via Metamask or other wallets, the team said.

There are plans to also add support for Ethereum (ERC-20) tokens through the browser extension.

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