Schlagwort: crypto business

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Here is why Ripple (XRP) has been dropping in the last three months

Over the last few months, many of the cryptocurrencies have been bearish, with major ones like Bitcoin and Ethereum also nosedive.

At the time of writing, Ripple price was had dropped by about 5.27% with a hitting a high of $0.6185 and a low of $0.5828 in the last 24 hours.

Now let’s take a look at the reasons behind the nosedive.

What is Ripple?

Before we delve into the recent bearish trend, it’s important we first explain what Ripple is for those coming across it for the first time.

Ripple is a company that runs a digital blockchain-based payment platform called RippleNet that uses XRP as its native cryptocurrency.

Despite having issues with the US SEC, Ripple has partnered with a number of financial service providers to make cross-border transactions seamless, traceable, and affordable,

What has caused the long Ripple (XRP) price drop?

Most investors are bearish on XRP following a three months-long nose dive.

However, although Ripple has been the most controversial blockchain-based project for a while, the token has remained in the top ten position cryptocurrency in the market.

According to CoinMarketCap, the trading volume was up 6.72% despite a 5.31% drop by market cap. The surge in the trading volume is mainly attributed to an increase in the selling volume as the token price drops.

Ripple had attempted a bull run at the beginning of October after a partnership between Nelnet and Ripple to lower the impact of cryptocurrencies on the environment. But the Bull Run was very short-lived. It only took days for XRP to turn bearish.

Today, XRP has hit a high of $0.6021 and a daily low of $0.58 which is being attributed to the increased selling pressure.

The post Here is why Ripple (XRP) has been dropping in the last three months appeared first on Coin Journal.

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Russia banning crypto could have an opposite effect, former president Medvedev warns

Medvedev is a former Russian president and prime minister and currently the Deputy Chair of the Security Country.

Russia’s intention to ban cryptocurrencies has elicited reactions from across the board, with many other people voicing opposition to the move for various reasons.

Former Russian president Dmitry Medvedev, who also had a stint as the country’s prime minister, has added to the many who think the move would not be the best course of action from Moscow.

Medvedev is also Russia’s Security Council deputy chairman.

In an interview with Tass, he noted that he believes central bank regulators will find a better way to deal with the matter. However, he said that he doesn’t think the restrictions will achieve what regulators aim at.

According to Medvedev, calls from the Bank of Russia around crypto regulation that seek to see crypto-related activities banned could end with the opposite effect to the desired results.

“To be honest, when you try to ban something, this very often leads to the opposite result,” he told Tass.

Ban would slow down innovation and sideline Russia

Medvedev’s comments come just days after Russian President Vladimir Putin asked the central bank, and other government regulators, to strike a consensus on the proposed regulation of cryptocurrencies.

In its report on crypto and related activities in Russia released on 21 January, the central bank noted what it called risks and threats, and proposed a total ban. With this move, the country would not allow activities such as trading, mining, and usage.

Among those against the proposed ban are Maxut Shadayev, the Minister for Digital Development, and Anatoly Aksakov of the State Duma. The Russian Association for Electronic Communications (RAEC) also released a statement opposing the plans, noting that the ban risked sidelining Russia and slowing down innovation in the country.

According to Shadayev, a total ban could see the country lose experts and specialists in the innovation space. Meanwhile, Aksakov wants to see cryptocurrencies declared legal, with the government putting in place mechanisms to strictly monitor and supervise the industry.

Russia is not the only country to consider banning cryptocurrencies or adopting stricter regulations.

India had a bill seeking a crypto ban reconsidered earlier in the year, while in 2021, China embarked on a severe crackdown on the crypto sector. The Chinese crackdown forced miners and major crypto companies to relocate to other countries as authorities banned crypto mining and trading.

The US has so far not indicated taking such a move, but industry experts say the country could adopt tougher regulations following recent reports on the sector.

Despite the regulatory uncertainties, many within the crypto sector and across mainstream institutions believe crypto and the underlying blockchain technology ‚is here to stay.‘

The post Russia banning crypto could have an opposite effect, former president Medvedev warns appeared first on Coin Journal.

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Entain to invest $133 million in NFT and metaverse innovation lab

  • Entain owns Ladbrokes, Coral and bwin among other 25 subsidiaries in the sports betting and gambling space.
  • The company’s new innovation hub Ennovate will partner with Verizon, BT and Theta Labs on projects in the metaverse.

Entain plc., a leading sports betting and gaming company that owns major subsidiaries such as Ladbrokes, Coral and bwin, has announced a new innovation lab targeted at interactive sports in the metaverse.

Dubbed “Ennovate”, the platform will also see an investment of £100 million ($133 million) put into start-ups and applications in the non-fungible token (NFT) space, the company said in a statement.

According to the company, £40 million ($53.6 million) will be used in immersive sports and entertainment projects in the UK market.

Entain CEO Jette Nygaard-Andersen said that the sports betting and gambling giant is taking the step as it looks to be a leading player in the race to provide “interactive entertainment for the metaverse.”

She noted that the company seeks to offer its customers new products and experiences, with Ennovate developers leveraging the UK-based firm’s cutting-edge technology to deliver the best in the space.

The firm will also use its position in the tech space to help drive innovation and see broader benefits from the new experiences reach consumers as well as the wider society, she added.

“Our goal is to bring the most exciting experiences in immersive sport, gaming and interactive entertainment to life as the metaverse takes shape,” added Sandeep Tiku, the COO.

Entain expects to have the lab’s first projects roll out in London in March, with initial partners being telecommunications giants Verizon and BT. Blockchain platform Theta Labs is also a partner.

Entain’s venture comes even as a slew of companies look to enter the metaverse space, including big tech firms Meta Platforms, Apple Inc., and Google.

Recently, US retailer Walmart was reported to be making moves into the metaverse and NFTs space.

The virtual world industry is creating a ‘gold rush’ moment for several other companies, including gaming platform Roblox, sportswear giant Nike, and Chinese multinational Tencent.

The post Entain to invest $133 million in NFT and metaverse innovation lab appeared first on Coin Journal.

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Here is why Decentraland (MANA) token started the week with a surge

As the crypto markets starts recovering and trade sideways this week, Decentraland token jumped 25% and it’s still green.

At the time of writing, it was up 10.09% according to CoinMarketCap. It hit a high of $2.61 and a low of $2.36 in the last 24 hours.

But why is the MANA coin rallying, let’s take a deep dive to examine what is behind the current MANA price hike.

What is Decentraland?

Decentraland is a virtual reality platform built on the Ethereum blockchain with a Unity game engine to enable players to access exclusive experiences and purchase various NFTs.

Decentraland has two tokens, that is, MANA and LAND. MANA is an ERC-20 token that is burned to acquire non-fungible ERC-721 LAND tokens.

Decentraland has featured a number of experiences like the games and Casinos making it the most popular platform for users integrated with the latest crypto trends such as Play-to-earn, Defi, GameFi, and NFTs.

Why is Decentralnad (MANA) price rallying?

The current Decentraland (MANA) price surge is being attributed to the news of the Australian Open (AOMetaverse) closing party today that will feature Steve Aoki, a world-class artist.

Australian Open is one of the largest tennis tournaments in the world that is held annually in Australia at Melbourne Park.   The budget of the tournament for the year 2022 was $75 million

This year’s winner was Rafael Nadal, who broke a three-way tie with Novak Djokovic and Roger Federer, and claimed his 21st Calendar Slam where he won all the four major championships in the same sport and in the same calendar year.

You may be wondering what the connection between a tennis tournament and Decentraland is. But this year the Decentraland had been selected as the host for the Australian Open Tournament closing party. This shows a significant pivoting towards the Metaverse.

The whole event has brought massive attention towards MANA; something attributed to the current bullish momentum.

The post Here is why Decentraland (MANA) token started the week with a surge appeared first on Coin Journal.

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LINK vs BAND – Which one is a better investment?

 Chainlink and Band protocol are two blockchain oracles that have been gaining momentum. Oracles are a new type of technology that enables the transfer of real-world data into the blockchain network. They make data readily available for blockchains and their smart contracts. It can be hardware, software, or consensus-based.

 Chainlink is the first oracle platform, and it was launched in September 2017 on the Ethereum blockchain. It aims to integrate off-chain data with existing smart contracts. It provides projects on the Ethereum blockchain with relevant data. In essence, it comprises nodes built on an oracle framework to transmit data and information from off-blockchain sources to the smart contracts on supported blockchains.

 Its execution process includes oracle selection, data reporting, and result aggregation. Like Chainlink, Band protocol connects the blockchain network with verifiable data from the outside world. It was initially built on the Ethereum blockchain in 2017 when it was launched. However, it was recently moved to the Cosmos network.

 It uses the Tendermint Delegated-Proof-of-Stake consensus algorithm. Also, it has Inter-Blockchain Communication (IBC) protocol that allows it to interact with other blockchains. It is aimed at improving speed, scalability, cross-chain interoperability, and data flexibility on the blockchain.

 While both offer nearly the same functionality, the Band protocol is interoperable, cheaper, faster, and easier to use. Moreover, data providers can earn their data native tokens for data provision. While the total and max supply of LINK is 1 billion, BAND is capped at 100 million.

 One LINK is worth $16.26 as of today having dropped by 68.8% from its ATH of $52.70 in May 2021. BAND, on the other hand, costs $3.50 right now which is 84.8% from its peak of $22.83 in April 2021. As blockchain oracles, BAND has the potential of outperforming LINK in the long run and is low right now that you can bag it massively. In the long run, its limited supply will contribute to driving its price upward.

 This is asides from its compatibility with other blockchains and eco-friendly nature. If you are looking for something stable and secure, LINK is the call. But if you want a long-term investment option, then go for BAND.

Cryptocurrency investment is very risky. Do not put the money you can’t afford to lose wholeheartedly. Deal wisely and do your research.

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