Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
Veröffentlicht am

Can TRX hit new levels after strategic partnership with Wintermute?

  • Tron’s has entered a strategic partnership with crypto market maker Wintermute.

  • TRX is showing recovery at a 2% gain in the past week.

  • The token, however, lacks the momentum to continue with the uptrend.

Tron TRX/USD has jumped 0.33% in the past day and 2.09% in the past week. The positive sentiment is partly due to Tron’s strategic partnership with Wintermute. The latter is a global crypto market maker. In the partnership, Wintermute seeks to provide liquidity for TRX pairs across crypto exchanges.

The crypto market maker has stirred optimism in the Tron network since joining Tron DAO reserve. As part of the DAO, Wintermute facilitates the minting and redeeming of Tron’s decentralized stablecoin USDD.

Much as Tron has been around for a while, its fundamentals position the network right. The blockchain was created to give content creators exclusive ownership rights over their work. It is now a go-to network where users can create dApps, share content, and benefit from TRX incentives.

Recently, Tron was lauded as the most eco-friendly blockchain with a low carbon footprint. A report by the Crypto Carbon Ratings Institute has attributed this to the platform’s Delegated proof-of-stake consensus model. Unlike PoW, DPoS allows users to stake native TRX tokens to nodes for a chance to validate transactions. However, TRX is showing mixed signals in the daily chart. 

TRX on a sluggish recovery

Source: TradingView

Technically, TRX is looking bullish. The token has moved from $0.059 and $0.064 since September 7, representing an 8% increase. From the chart above, the 20-day moving average has joined support, but the token remains below the 50-day moving average.

TRX currently has an RSI reading of 50, signifying no specific trend. Furthermore, TRX faces an immediate resistance level at $0.066.

Bottom line

Tron is looking up but lacks the momentum to maintain the price movement. The RSI is at a neutral 50, and investors must wait for the market to show a defined trend. From the long-term perspective, TRX has solid fundamentals coming from the partnership with Wintermute.

The post Can TRX hit new levels after strategic partnership with Wintermute? appeared first on CoinJournal.

Veröffentlicht am

State Street: Investors are unfazed by the crypto winter

  • State Street is the fund administrator of the Cosmos Purpose Bitcoin Access ETF launched in May.
  • The bank’s crypto unit has continued to see client interest even amid the crypto downturn.

Institutional investors are not sweating on continuing crypto winter, says global banking giant State Street.

Even as the crypto industry navigates the unforgiving downturn that characterised the 2022 market, the US lender says investors are largely undeterred – indeed pointing to unrelenting interest in cryptocurrency and the underlying blockchain technology.

Institutional clients continue to eye crypto as an asset class

According to Irfan Ahmad, State Street Digital’s crypto lead for Asia Pacific, summer’s events have done very little to investor appetite for digital assets. While the period was generally quiet as the analyst notes, the massive volatility that swung bitcoin to under $20k hasn’t really swiped sentiment.

Ahmad told the Sydney Morning Herald that State Street’s crypto unit continued to see institutional clients make moves, with the June-July madness dotted with increasing bets on crypto. He says undeterred clients kept “placing strategic bets on the asset class itself.”

In his view, there is one “takeaway” from all these moves: “I think there is a belief that the asset class is here to stay,” he noted. Given this scenario, State Street Digital as an asset servicer believes it’s the right thing to offer customers the services that align with their investment ambitions.

Among the moves is on product launches or partnerships that support certain blockchain projects, he noted, adding that State Street is looking to add to its crypto products in the region. Already, the banking giant is linked to the first ever physically backed Bitcoin exchange traded fund (ETF) in Australia.

This is because the bank is the fund administrator of the Cosmos Purpose Bitcoin Access ETF, a product that launched in May 2022 on Cboe Australia.

MicroStrategy to buy more Bitcoin

On Friday last week, it was revealed that MicroStrategy, the world’s largest corporate holder of Bitcoin (BTC), was looking to sell its stock and use the funds to buy the cryptocurrency.  

Indeed, the software intelligence company filed with the US Securities and Exchange Commission (SEC) for a possible sale of $500 million worth of its Class A shares.

MicroStrategy’s move is somehow indicative of the sentiment across institutional buyers, most of whom hold a long term bullish view of crypto and blockchain.

The post State Street: Investors are unfazed by the crypto winter appeared first on CoinJournal.

Veröffentlicht am

Thailand’s top 2 banks invest in DeFi startup Forward

  • Venture Capital arms of Kasikornbank PCL and Bank of Ayudhya PCL participated in Forward’s funding round.
  • Forward is a digital assets platform focused on supporting innovation in the decentralised finance (DeFi) ecosystem.

Thai-based digital asset platform Forward has announced it successfully closed a $5 million seed round as it looks to promote innovation of the decentralised finance (DeFi) sector.

The startup, which also seeks to develop a decentralised derivatives exchange (DDEX), said on Monday that the financing round had only taken six months despite the economic uncertainty and crypto bear market.  

Thai banks back DeFi platform

According to the Forward team, Global venture capital fund RPVAF-1, under Primestreet Capital, led the round – with participation from two of Thailand’s leading banks: Bank of Ayudhya PCL and Kasikornbank PCL.

The two lenders backed the crypto startup via their respective venture capital arms namely Krungsri Finnovate and Beacon Venture Capital. Meanwhile, GBV Capital, Ratanakorn Technology Group and Varys Capital also joined the investment, Forward noted in the press release.

The involvement of the banks makes Forward the first DeFi project in the world to secure funding from two leading Thai banking institutions and major global funds, Chanon Charatsuttikul, co-founder and CEO of Forward observed in a statement.

He believes the capital injection is down to the confidence of investors in Thailand as a potential centre of innovation. 

“The closing of this seed round, for me, is the beginning of a big challenge for the team to maximise our potential and grow the organisation, and help make Thailand stand out as a country of innovation, just like western countries,” he noted.

As part of the innovation, Forward is working on a new protocol design for DDEX trading, which will use advanced technology dubbed Automated Position Hedge (APH) to match short and long positions. The matching of perpetual futures orders will be instant, with the DDEX acting as the counterparty, removing the need for limit order books and market makers.

Lending and borrowing pool tokens will allow for complete hedging of risk in view of the DDEX acting as a counterparty.

The post Thailand’s top 2 banks invest in DeFi startup Forward appeared first on CoinJournal.

Veröffentlicht am

NEAR is up by 10% on Monday: Here is why

NEAR is one of the best performers amongst the top 100 cryptocurrencies on Monday as the market starts the week on the front foot.

The cryptocurrency market has started the week on the front foot. NEAR, the native token of the Near Protocol, is one of the best performers amongst the top 100 cryptocurrencies on Monday.

NEAR has added 10% to its value today, outperforming the broader cryptocurrency in the process. The broader market added 1% to its value on Monday, with the total market cap still above $1 trillion.

Bitcoin has climbed above the $22k resistance level after rallying by more than 11% over the past seven days. Ether is down by more than 1% in the last 24 hours and is trading around $1,700 despite the Merge getting closer.

NEAR’s rally comes as the Near Protocol officially launches its NEARCON event today.

The event is taking place in Lisbon, Portugal, and is highlighting all the ways the Near ecosystem is growing. There will be talks, networking, workshops, live demos, entertainment, and more.

Key levels to watch

The NEAR/USD 4-hour chart is bullish as the Near Protocol has been performing well over the last 24 hours. The technical indicators show that NEAR is outperforming the broader cryptocurrency market.

At press time, NEAR is trading at $5.1712. The MACD line crossed into the positive zone earlier this month and continues to remain there, indicating strong bullish momentum.

The 14-day relative strength index of 71 shows that NEAR could enter the overbought region if the rally continues.

If the bulls remain in charge, NEAR could touch the $5.557 resistance level before the end of the day. The second major resistance level is around $6.16, and NEAR could reach that level for the first time since May if the rally can be sustained.  

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 NEAR with Binance today

Okcoin

Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin’s mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.

Buy NEAR with Okcoin today

The post NEAR is up by 10% on Monday: Here is why appeared first on CoinJournal.

Veröffentlicht am

Why is GOLEM up by more than 40% on Monday?

Golem is currently the best performer amongst the leading 100 cryptocurrencies on Monday.

GLM, the native token of the Golem ecosystem, is setting the trend on Monday, as it is outperforming the broader cryptocurrency market. 

The broader market added 1% to its value on Monday, with the total market cap still above $1 trillion.

Bitcoin has climbed above the $22k resistance level after rallying by more than 11% over the past seven days. Ether is down by more than 1% in the last 24 hours and is trading around $1,700 despite the Merge getting closer.

GLM is the best performer amongst the top 100 cryptocurrencies on Monday. GLM has added more than 40% to its value so far today and is trading at $0.419 per coin. There is no immediate catalyst behind this rally. There is no upcoming event in the Golem ecosystem 

Key levels to watch

The GLM/USD 4-hour chart is extremely bullish as Golem has been performing positively over the last 24 hours. The technical indicators show that GOLEM is outperforming the broader crypto market at the moment.

The MACD line is deep within the positive territory, indicating bullish momentum. It has been within that region since September 8, indicating that the bulls are currently in control of the market.

The 14-day relative strength index of 80 shows that GLM will soon enter the overbought region if the rally continues.

If the bulls continue to be in charge, GLM could surge past the first major resistance level at $0.51 before the end of the day. In the event of an extended bullish run, GLM could surge past the $0.60 resistance level for the first time since the start of the year.

We are still in a bearish market, and the bears could regain partial control. If that happens, GLM could slip below the $0.40 psychological level over the next few hours.

However, GLM should comfortably defend its position above the $0.36 support level in the near term. 

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 GLM with Binance today

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy GLM with Coinbase today

 

The post Why is GOLEM up by more than 40% on Monday? appeared first on CoinJournal.