Kategorie: Crypto News

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Why is Celo (CELO) price rallying today?

Celo (CELO) price has been on the rise today outpacing other crypto assets in the market after most of them failed to maintain last week’s bullish trend.

At the time of writing, Celo was trading at $4.80, up 14.10% after retracing from a high of $5.19 close to a three-month high of $5.22 in the last 24 hours.

Let’s now take a deep dive into the current Celo price uptrend

Why is Celo price rising?

Before we go into details of the rally, it’s important to first explain what Celo is.

Celo is a blockchain system that aims at increasing crypto adoption among smartphone users. It aims at introducing crypto transactions using phone numbers as public keys for crypto transactions even for those who do not have banking access. Celo’s native cryptocurrency is denoted as CELO.

Now onto the reasons behind the Celo price surge.

There are two main reasons for the current hike in CELO price and there are:

1. $20M fund by Celo Foundation announcement for Connect the World fund

One of the main reasons for the price hike is the latest launch of a $20 million fund by the Celo Foundation for a project dupped ‘’Connect the World’’ aimed at improving offramps and onramps to crypto users.

Besides, the Foundation is offering incentives to payment providers integrating its new FiatConnect service. The service will help in the conversion of fiat money into crypto assets.

However, Celo is planning to do things differently from other networks by embracing the mass adoption of crypto sectors like NFTs and DeFi through mobile mobility.

Celo is getting support from Deutsche Telekom with Andreessen Horowitz and some crypto-native firms funding the network.

2. Barcelona’s Celo Connect Conference

The launch of the new fund was made yesterday (Monday) on the first day of Celo Connect, a two days conference held in Barcelona.

With the conference expected to wind up today, it will mainly focus on the layer 1 blockchain ecosystem and more development on the network like the new DAO partnership with PrimeDAO.

The post Why is Celo (CELO) price rallying today? appeared first on Coin Journal.

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Singapore adopts new law requiring virtual asset service providers to get licenses

In an attempt to implement tighter crypto rules, Singapore’s unicameral parliament has approved a law that will ensure all virtual asset service providers (VASPs) operating in Singapore apply for licenses.

This comes amid a spirited effort by Singapore to put in place regulations to counter money laundering and financing of terrorism.

Some of the key points within the approved Financial Services and Markets Bill include:

  • Assigning new powers to Singapore’s Monetary Authority to bar persons considered as unfit to perform key functions, roles, and activities from working in the fields of payments and risk management within Singapore.
  • Increasing the maximum penalty imposed on financial institutions that disrupt their services to $738,000 (SGD 1 million).

Scrapped DBS plans to open crypto exchange services to retail investors

The parliament passed the bill after Singapore’s giant banking giant DBS did away with its plans to open crypto exchange services to retail investors due to rising regulatory concerns. Previously, the bank had made its intentions of opening members-only services on the DBS Digital Exchange crypto trading platform to retail traders.

It is not clear how the new regulatory framework shall impact major crypto players including DBS within the country. The law might hinder some crypto players from entering the South-Asian country market.

In December 2021, cryptocurrency exchange giant Binance announced that it would shut down its Singapore exchange and rather focus on a “blockchain innovation hub” in the country.

Last month the High Court of Singapore made ruling recognizing crypto as property and granted propriety injunctions against persons suspected of engaging in theft.

The post Singapore adopts new law requiring virtual asset service providers to get licenses appeared first on Coin Journal.

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Near Protocol (NEAR) jumps over 8%: here’s the reason why

NEAR price has rallied by over 8% and it’s still green. It is currently trading at $17.46 after dropping from a high of $ 17.90 in the last 24 hours.

But why is the price of NEAR skyrocketing? In this article, we will take a deep dive into the reasons behind the rally.

Why is NEAR price surging?

Before we delve into the current uptrend, it is important to first explain what NEAR and Near Protocol are. 

In a nutshell, Near Protocol is a community-built blockchain with advanced network operability and a faster transaction speed, and NEAR is its native token.

Now onto the reasons behind the bullish trend.

There are a number of reasons that have resulted in the current price surge putting the coin in the spotlight. The two main reasons are the recent $4.5 million fund round by Trisolaris and Increased interest in altcoins among crypto investors.

  • $4.5 million fund round by Trisolaris

One of the main reasons for the price hike is the recent news that Trisolaris, Near Protocol’s decentralized exchange, managed to raise $4.5 million in its latest fund round. The funding was led by Electric Capital in partnership with Dragonfly Capital, Ethereal venture, Leminscap, and Jump Crypto.

The exchange aims to apply new capital in order to increase and expand the total liquidity on the platform and also hire more people to establish cross-chain swaps with the token.

Besides, the token is being widely deposited on the exchange. However, the news seems to favor Wrapped Near (WNEAR), an encrypted form of the token that is used to trade on Trisolaris, more than NEAR.

NEAR hit an all-time-high after $150 million funding in a past funding round that was led by Three-Arrow Capital and other major crypto funds like Alameda, Dragonfly, and a16z in January.

  • Increased interest in altcoins by investors

NEAR has also benefited a great deal from the rising interest in altcoins, especially during the altcoin season that has seen most of the altcoins register significant upwards price movements.

The post Near Protocol (NEAR) jumps over 8%: here’s the reason why appeared first on Coin Journal.

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Highlights April 5: Major Bitcoin miner open to acquisition

The crypto market as a whole was mixed today. Fred Thiel, the CEO of Marathon Digital Holdings – the largest Bitcoin mining company, said he would be open to acquisition if the price is right.

Housebuilders shone yesterday on what was an otherwise uneventful day for the UK100.

Top cryptos

Solana was down more than 2% over the past 24 hours with most major cryptos registering minor gains or losses. Bitcoin was trading just above $46,700 at time of writing, up more than 1% over the past 24 hours.

Dogecoin is up 5%. It usually gains whenever Elon Musk is in the news, which he last was for buying 9.2% of Twitter shares worth $2.9 billion. He became the social media giant’s biggest stockholder as a result, and the shares gained 27%.

Top movers

The top movers of recent days are reversing gains. Waves is down 22%, Zilliqa 10%, and Stepn – 6%. At the other end, Celo is up 20%, Mina is up 8%, and Oasis Network gained 6%.

Celo has been rising since the Celo Connect global networking event started in Barcelona yesterday. 

Audius, a decentralized music sharing ecosystem, is rallying on news of renaming the iconic Red Rocks Amphitheater near Denver to the Audio Amphitheater. Its native coin AUDIO added 12% to its value today.  

Trending

En-Tan-Mo’s token ETM is up 373% in the last 24 hours. It describes itself as a next-gen public blockchain project, which is said to implement SHD completeness and be based on the concepts of value transfer and Nash equilibrium.

The post Highlights April 5: Major Bitcoin miner open to acquisition appeared first on Coin Journal.

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Here’s the reason why Dogecoin price has been surging in the last three weeks

The price of Dogecoin has risen by more than 36% over the last three weeks. As of March 13, DOGE was trading at $0.1116 compared to today’s price of $0.1525.

The bullish trend has continued into this week. The meme coin started the week on a 2% surge in the early hours of Monday morning before slightly pulling back in the rest of the day. Today, on Tuesday, its price had registered a 5.67% rise at the time of writing.

In this article, we shall focus on why the Dogecoin price is rising.

Why is Dogecoin (DOGE) price rallying?

Dogecoin has been in the limelight for a variety of reasons. However, one among them stands out and that is its association with SpaceX and Tesla founder, Elon Musk. Musk has been a major champion for the meme coin and one of his companies, Tesla, now accepts $DOGE as payment for its merchandise.

Yesterday, Monday, April 4, 2022, Elon Musk purchased 73, 486,938 Twitter shares worth about $3 billion making him the largest Twitter shareholder.

Prior to the move, Musk had criticized Twitter for transparency and freedom of speech issues.

The tweet criticizing Twitter had come after Elon performed a survey asking people whether they believed Twitter rigorously adheres to the principle of “Free speech is essential to a functioning democracy.”

$DOGE tips on Twitter

After Elon Musk purchased the Twitter Shares and became the largest shareholder in the company, the Twitter community went crazy with most people suggesting that people should expect Musk to introduce $DOGE tips on Twitter.

This notion by people that since Elon Musk owns Dogecoin and has now purchased Twitter, he may try and integrate the two has created a lot of attention for Dogecoin leading to an increased trading volume and a hike in its price.

Twitter venturing into dApps

Elon’s purchase comes at a time when the platform is venturing into decentralization. Last year in November, Twitter announced that it had launched a crypto dedicated team that will direct all its energy on Twitter venturing into the dApps space.

Tess Rinearson, Twitter Crypto leader, was given the responsibility of setting the strategy for the future of crypto on Twitter as the team works on exploring how to incorporate decentralized technology and its infrastructure.

All these developments come amid Crypto enthusiasts’ push for decentralized social media platforms.

A thought experiment penned by Orange Paper showed that if Bitcoin’s invention preceded that of Twitter, then Twitter’s evolution would have followed the path of crypto decentralization a long time ago.

The post Here’s the reason why Dogecoin price has been surging in the last three weeks appeared first on Coin Journal.