Schlagwort: crypto business

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Highlights June 8: Market is recovering, LINK and Theta stand out with 10% gains

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

Top cryptos

Bitcoin is up around 3% in the last 24 hours, trading above $30,000 at the time of writing. The second crypto is also reversing yesterday’s losses. Ethereum has gained 2% today, but is still down 7% for the week. 

Binance Coin is also recovering from Monday’s news of the SEC investigation into its US affiliate. However, its losses for the week stand at around 8%. 

Cardano continues to rise. It’s back at the sixth spot on the ranking of the biggest coins by market cap, up 7% today. Cryptos outside the top 10 are flat or with slight gains. 

Top movers

Chainlink, Theta Network, Neo, and Decred lead the pack. Chainlink announced integrations on BSC, Ethereum, and Polygon with Infura, LegionsCrypto, PirateNationNFT, and Tideexchange. 

The LINK coin currently ranks 21st and gained 10% in the last 24 h. Theta Network concluded a unique NFT partnership with Resorts World Las Vegas, a luxury resort with top-class guest services and advanced technology.

The drop is this Friday, June 10. Theta is also up 10% today and is expected to keep rising as the drop approaches. 

An AMA is taking place in the Binance Official Telegram group today with John Wang, Managing Director of Neo. $5,000 in the ecosystem’s native token NEO will be distributed to participants. Its price seems to be reacting positively to the news, up around 9%. 

Decred is celebrating its 6th year anniversary today and is up 9%. Last but not least, Arweave has gained 8%. Its Community Spotlight #4 is scheduled for this Friday. The newest founders building on the platform will be presenting their projects to the community. 

On the losing side, Convex Finance is down 3%. It has lost almost a quarter of its value this week. Gala, eCash, and Tezos each lost 4%, reversing yesterday’s gains.  

Trending

The biggest winner today is Revolotto (RVL), a platform that grants holders instant rewards on all transactions. Its one-of-a-kind burn protocol and coin circulation cycles are intended to protect investors. The RVL token has gained 688% today. 

The post Highlights June 8: Market is recovering, LINK and Theta stand out with 10% gains appeared first on CoinJournal.

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Vechain – Why it’s a high potential altcoin to buy in the bear market

A combination of low prices and growing adoption makes it a perfect altcoin to buy now

Key points:

  • Vechain is one of the cryptocurrencies with a strong use case, especially in streamlining global supply chains.

  • The Vechain Foundation has opened a new office in Europe to grow Vechain’s market share in the fast-growing European market.

  • Vechain is trading at 89% off its most recent highs, despite its strong fundamentals.

With the cryptocurrency market still heavily bearish, investors are looking into solid projects that are undervalued today but have a lot of potential going into the future. One such project is Vechain. Vechain (VET) is currently trading at a more than 70% discount from its 2021 highs.

Interestingly, adoption has been growing, and Vechain remains one of the cryptocurrencies with a strong use case and the potential to transform entire industries. For instance, Vechain’s ability to track a commodity across the supply chain until it reaches the end consumer has already seen growing adoption in the fashion industry.

The geopolitical issues facing the world today also create the need for traceability of goods across the supply chain. This factor could see Vechain perform better than most cryptocurrencies once the bull market returns.

Is Vechain a promising cryptocurrency buy today?

The price of Vechain is down by 89% from its most recent highs. This means it is trading at a considerable discount given how huge its fundamentals are in the market. One of the pointers to how undervalued Vechain is; is the proactive nature of its team. The Vechain Foundation recently opened a European Tech Center. 

The Foundation stated that the move is driven by Europe’s growing interest in blockchain-based solutions and that Vechain’s tech is strong enough to handle these needs. It all points to VET’s potential as a cryptocurrency with growth potential once the market gains traction again.

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Polkadot Hacker House in NYC officially opens for applications

The Polkadot Hacker House event will take place at the Industrial City in Brooklyn, New York.

The Polkadot Hacker House, whose first-ever edition is set for New York City from 23-28 June, has opened applications for seasoned engineers and developers new to the Polkadot ecosystem.

Interested parties are encouraged to sign up for the six day event via the Polkadot Hackathon: North America for a chance to be part of the exciting event. It will be held at the Industrial City in Brooklyn.

Prize pool of over $600,000

According to the Polkadot team, the Hacker House event in New York will offer participants an opportunity to benefit from different activities. As well as technical workshops, organizers will provide access to in-person support and mentorship. There will also be networking opportunities.

But participants will also stand a chance to win cash prizes from the Polkadot Treasury and other partnering projects. The prize pool tops $600,000.

Part of broader hackathon

While the Polkadot Hacker House event in NYC ends in six days, it is part of a wider hackathon launched in 2021 in APAC.

The event runs until 11 July and sees participants apply in five categories of interfaces & experiences, DAO & governance, Web3 & Tooling, decentralized finance (DeFi) and NFTs.

For the New York event, participants will have a chance to dive into topics such as Substrate, ink! and XCM. Parachain development will also feature.

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FTX to hire more people ‘regardless of market conditions’, CEO say

FTX will not be scaling back on its staff, according to CEO Sam Bankman-Fried. The company is “going to keep pushing forward,” he said.

FTX CEO Sam Bankman-Fried says the cryptocurrency exchange will “zag” where other crypto firms “zig.” In short, he does not see the crypto platform freezing its hiring process or laying off staff as has happened in recent months across the industry.

This, he noted in a Twitter thread, is “regardless of market conditions” that has most crypto firms nursing losses in line with the bear market.

FTX to ‘keep pushing’

Bankman-Fried notes that FTX can continue to grow because it adopted a careful hiring approach, and over the last couple of years, scaled its revenue and productivity – not expenses.

“A lot of reporters have reached out asking if we’re going to be scaling back. And our answer is the same as always: We’re going to keep pushing forward,” the FTX chief wrote.

He says instead of cutting jobs, the platform looks to employ more. However, this will be done at a more sustainable rate. Bankman-Fried and team will also look to uphold the same high standards adhered to during previous hiring.

And again, FTX never froze hiring. It just slowed down after hitting 250 employees to have enough time to fully integrate the new staff into the company’s culture.

Bankman-Fried’ thoughts on hypergrowth companies

Several crypto firms have announced job cuts amid the crypto winter, including Gemini and Coinbase. Past bear markets, notably in 2018, also saw several companies send employees packing – many after a hiring spree during the bull market.

According to Bankman-Fried, this kind of hypergrowth does not always lead to more productivity or growth. Instead of having the 10x productivity targeted, it all backfires to a point nothing gets done.

Why?

Because “coordination becomes really hard,” with diffusion of responsibility also hitting as more people join. 

When it becomes hard to align incentives to employees, then the firm is in trouble. He explained further why some of the most successful companies then end up decaying.

“It’s a race–between how quickly new employees understand the company’s culture, and how quickly people are hired. The faster you hire, the harder it is to keep everyone on the same page.”

And this is how a company can quickly descend into a Moloch, he added.

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Here is why GALA is up by nearly 2% today?

Gala Games Logo

The cryptocurrency market has lost the gains it accumulated earlier this week following its poor performance over the last 24 hours.

The crypto market has been in a bearish trend over the past 24 hours. The market has lost more than 5% of its value. The total cryptocurrency market currently stands above $1.2 trillion.

Bitcoin has slipped below $30k again after losing more than 5% of its value over the last 24 hours. Ether could also lose its $1,700 resistance level after declining by more than 7% today.

GALA, the native token of the Gala Games ecosystem, is up by nearly 2% in the last 24 hours, making it one of the top performers amongst the top 100 cryptocurrencies by market cap. 

At press time, GALA is trading at $0.0811 per coin. The positive performance can be attributed to the adoption news surrounding Gala Games over the past 24 hours. The Gala Games team announced a few hours ago that Grit would be the first Gala game to become available on the Epic Games Store. Epic Game Store is one of the largest game stores in the world, with over 194 million users globally.

Furthermore, the Gala Games team announced on Monday that it has partnered with Universal Games and Digital Platforms on a Battlestar Galactica Web3 game. 

Key levels to watch

The GALA/USD 4-hour chart is positive as Gala Games has been performing well in the last 24 hours. 

The MACD line remains below the neutral zone despite the positive performance. The 14-day RSI of 55 indicates that GALA is no longer in the oversold region.

If the positive performance continues, GALA could surge past the first major resistance level at $0.087 before the end of the day. However, it would need the support of the broader crypto market to cross the $0.090 resistance level. 

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