Schlagwort: crypto business

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Gemini launches staking for Polygon (MATIC)

  • Gemini Staking adds to the yield-generating offering Gemini Earn launched in February 2021.
  • Staking will be available for US customers (excluding New York) as well as Singapore and Hong Kong.
  • The product will support MATIC before adding ETH, SOL, DOT and AUDIO.

The Gemini crypto exchange has launched its staking feature and will support multiple cryptocurrencies for customers in the United States (except for New York), Hong Kong and Singapore.

The company, one of the earliest in the industry and which is regulated in the US and other jurisdictions, unveiled the Gemini Staking product on 18 August 2022. 

Now customers can stake their tokens and receive staking rewards in their accounts on the exchange, the firm said in its blog announcement.

Staking for MATIC on Polygon

Staking is one of the ways for crypto holders to earn rewards on their tokens, which is possible via proof-of-stake (PoS) consensus mechanism platforms.

As opposed to mining on proof-of-work (PoW) networks like Bitcoin, PoS networks allow token holders to participate in transaction processing and network security by pledging their tokens to validators or running their own nodes.

Gemini will initially support staking for MATIC, the native token of the Polygon network. Later, the platform plans to add support for leading smart contracts blockchain Ethereum (ETH) – which is set to transition to PoS via the ‘Merge’. 

Other network tokens Gemini is looking to support are Polkadot (DOT), Solana (SOL), and Audius (AUDIO).

The launch of staking adds to Gemini’s yield-generating offering Gemini Earn, which was launched in February 2021. Earn allows customers to generate yield on their crypto through interest paid on loaned assets.

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Cosmos price outlook: here’s what top analyst says about ATOM

  • Cosmos (ATOM) trades around $10.86, nearly 10% down in the past 24 hours.
  • ATOMUSD was rejected around $12.25 and could dip to support below $10.00.
  • Crypto analyst Michael van de Poppe says a breakdown to $8.00 is possible, although holding above current prices could trigger fresh gains towards $18-$20 over next one month.

Cosmos (ATOM) price rejection at the top of $12.25 on Thursday has extended towards the $10.00 support level amid fresh profit booking intraday Friday.

Analyst on ATOM price

The ATOM/USD pair, which has shed nearly 10% at the time of writing and is perched near $10.86 could continue lower in the short term to retest a key support level.

If bear exhaustion manifests, a sudden bounce over the coming weeks could still see bulls reclaim winnings above the rejection point around $12.00. Notably, this upbeat perspective could open up the Cosmos price to a new rally over the next few months.

According to popular crypto analyst Michael van de Poppe, the two scenarios above are very much likely for the 28th ranked Cosmos.

ATOMUSDT 1-day chart by Michael van de Poppe At massive levels of support here, which is reasonable for long entries,” the analyst said, pointing to ATOM’s retreat to intraday lows near $10.42. This move has bulls looking at a crucial support zone with a base near $9.60 on the daily time frame.

Van de Poppe says buyers might have to seek another uplift at $8.00 if the above buffer “is lost.” However, if bulls manage to push against the bearish pressure and hold the demand zone, it could act as a potential trigger for a new leg up.

Cosmos’ price in this scenario would be looking at a run to $18-$20 over the coming month, the analyst noted in a tweet shared on Friday.

The weekly chart also has the main resistance at the 20-week moving average at $12.53, while robust support can be found near $5.35.

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Algorand risks fresh new bottom as weakness persists after a failed breakout

  • Algorand is expected to get a lot of publicity from this year’s World Cup

  • The native token ALGO failed to break above key resistance at $0.36

  • ALGO is heading back to a bottom price as TVL drops

Algorand ALGO/USD will be the official blockchain sponsor of this year’s FIFA World Cup. The partnership will be immense in terms of bringing publicity for the blockchain. Still, that hasn’t stopped the native token ALGO from crashing.

In a market characterized by corrections, ALGO traded up 0.20% in the last 24 hours on Friday. However, the token remains in the red zone, with a loss of 5.46% in the last one week. ALGO is reeling from a failed breakout at $0.34. The sentiment remains weak across the crypto sector, with ALGO staring at more losses.

Data by DeFi Llama shows that the total value locked in Algorand is $208.35 million. The TVL is a drop from $231 million on August 8 when the token attempted to breach $0.36. The fall indicates the drop of assets in the protocol that could set the price on a downward spiral. The TVL is still a significant jump from merely $100 million at the start of July.

Algorand is heading to new lows as the price falls below moving averages

Source – TradingView

Technical indicators point to a weakening momentum on ALGO. The token trades below the 21-day and 50-day moving averages. The potential bottom for ALGO is $0.29. If the bear weakness persists, the token could crash to new lows. Bulls must quickly take charge if the price is to be sustained. A lasting bullish momentum is possible if the token overcomes the $0.36 resistance.

Summary

Algorand is still bearish, with the next bottom at $0.29. The price remains vulnerable to new lows if bulls do not arrest the decline.

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Dogecoin rally comes to a halt as price slides back to below key support

  • Meme tokens surged at the start of the week due to risk-on sentiment

  • Dogecoin cleared a resistance at $0.072 but is now crashing below

  • Projected Fed action and profit-taking could be behind the latest decline

Meme coins started the week on a high note as risk-on sentiment gripped markets. That saw Dogecoin DOGE/USD touch $0.0913 for the first time since May. The token had successfully cleared the $0.072 resistance and turned it into support.

The gains in DOGE underline investors’ interest in risky assets at the slightest of positive information. A week ago, data showed cooling inflation numbers, which boosted most cryptocurrencies. That could have attracted meme token buyers. DOGE and SHIB became top gainers at the start of the week. 

Nonetheless, a Fed report this week spooked markets as officials pointed to more rate hikes. The developments could have brought caution, alongside profit-taking, which forced a sell-off in DOGE. The token now faces a further slump if bulls fail to arrest the bear momentum.

Dogecoin crashes below $0.072 support as sentiment weakens

Source – TradingView

The technical outlook reveals that DOGE has breached below the 0.072 support and 21-day MA. The token is about to break below the 50-day MA. The MACD line remains above the moving average, but the momentum is weakening.

While we can’t confirm the bearish momentum now, DOGE remains vulnerable. The token could slide further to touch the $0.06 support. Investors should consider buying if the token successfully recaptures $0.072.

Concluding thoughts

Dogecoin is bearish after a meme-inspired rally this week. Profit-taking and investor caution around the Fed decision could be behind the current weakness. DOGE will turn bullish if the token reclaims the $0.072. Otherwise, expect the price to fall further to $0.06.

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Brazilian E-commerce giant MercadoLibre launches its own cryptocurrency

Despite the cryptocurrency sector facing a bleak future, Brazilian E-commerce giant MercadoLibre has launched its own cryptocurrency. The newly launched digital currency will primarily be used in Brazil.

MercadoLibre made the announcement on August 18 through a Twitter post that said:

“Today we launch Mercado Coin in Brazil, further boosting our loyalty program and taking another step to democratize financial inclusion in Latin America. MercadoLibre to create cryptocurrency as part of loyalty program.”

The MercadoCoin

The newly launched token is called MercadoCoin and is set to be used as part of the E-commerce giant’s loyalty program for its customers in Brazil.

According to the founder and CEO of MercadoLibre, Marcos Galperin, the cryptocurrency is a boost to the company’s loyalty program.

While unveiling the cryptocurrency, MercadoLibre said that any customer in Brazil will be eligible for earning the cryptocurrency whose initial value was $0.10. Customers can earn the coin as cashback, customers will have to use the E-commerce giant’s platform for purchases.

The accumulated coins can then be used for trading on MercadoPago (MercadoLibre’s financial services and digital payments platform for businesses and customers) or making other purchases.

At the moment, MercadoLibre’s cryptocurrency is available to over 500,000 customers in Brazil and is expected to be adopted by the entire base of 80 million clients in the country. There is however no mention of expanding the cryptocurrency to other Latin American countries so far.

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