Schlagwort: crypto business

• Bittensor (TAO) price reached hihhs of $747 after Binance announced listing of TAO.
• The token’s all-time high of $757 was reached in March this year.
• A breakout above this could see Bittensor price target the $1,000 level.

Bittensor (TAO) is soaring, and is one of the top performing altcoins in the market today.

Per data from CoinGecko, the TAO token price has reached highs of $747, a 24-hour high that was just shy of the token’s all-time high of $757.60 reached on March 7, 2024.

Could price discovery mode for Bittensor see bulls target the $1,000 level? Given the catalyst for today’s upside, it’s likely further momentum could leave buyers eyeing the psychological target.

Why is Bittensor (TAO) price up today?

Bittensor (TAO) is a decentralised machine learning blockchain protocol that has soared in recent months amid the broader rally for Artificial Intelligence (AI) related tokens.

The platform, which uses the native TAO token in its rewards system, soared on Thursday after Binance, the world’s largest crypto exchange by trading volume, listed TAO.

As with other tokens to hit the global exchange over the years, Bittensor experienced a major spike in price and volume following the Binance news. Per data from CoinGecko, TAO’s 24-hour trading volume was over 400% at the time of writing, reaching $363 million.

Is TAO price poised for $1,000?

Binance’s listing, which brings more visibility and confidence to the AI-related token, could be the turning point that elevates Bittensor price even further.

Currently, the protocol leads the AI crypto market cap rankings with over $4.5 billion. Render (RNDR) and The Graph (GRT) are the two next biggest by market cap at $3.4 billion and $2.9 billion.

The AI narrative remains strong and so does the crypto one, particularly with Bitcoin expected to rip to above $100k after its halving and amid the increasing demand for spot Bitcoin ETFs.

TAO’s listing on Binance could bring the token to millions more, likely pushing prices towards the $1,000 mark.

Other than the huge volume and the potential for a new ATH for TAO against the US dollar, there’s also a big move for TAO/BTC. The pair rose as much as 28% earlier in the day.

Bittensor is trading +17% against BTC and looks set for a flip higher.

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• Kraken has announced it will delist Monero (XMR) from its exchange in Ireland and Belgium.
• Other exchanges, including Binance, have previously delisted XMR amid regulatory scrutiny.
• XMR price was at $132, largely flat after the Kraken news.

Privacy coin Monero (XMR) has faced numerous delistings in recent months, with leading crypto exchanges ending trading support for XMR as part of their regulatory compliance.

The latest setback in the regard comes after cryptocurrency exchange Kraken announced an end to trading support for the privacy coin.

In a notice, Kraken informed its customers it would delist Monero from its platform in Ireland and Belgium. The announcement, published earlier today, states that the CEX will remove XMR from its platform in the EU jurisdictions as from June 10, 2024.

Ahead of that, Kraken will halt trading and deposits on May 10. The exchange will also auto-close any open margin positions by May 10 – which means customers have less than a month to close these positions.

Meanwhile, XMR withdrawals will end on June 10 and if any users still hold Monero on the exchange by then, the balances will auto-convert to Bitcoin (BTC).

Monero price outlook

While Kraken’s notice did not state the exact reason behind the move to delist XMR, its decision looks to align with recent EU regulation on privacy-focused cryptocurrencies. The exchange therefore adds to the list of top crypto platforms to delist or announce plans to end Monero support.

That includes Binance, which announced XMR delisting in February, and OKX, which ended all support for the privacy coin in early January. Crypto exchange Huobi announced XMR delisting in September 2022.

Today’s news has not impacted XMR price as much as the Binance delisting did in February this year. At the time, Monero’s price dropped from highs of $166 to around $102. A broader market bounce in March also pulled XMR higher, with its price reaching $151.

XMR is however trading near $132, largely flat on the day but likely to flip lower if bulls don’t hold the key area around $130.

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TL;DR

• Algotech is now in its third presale stage and has raised more than $3.7 million so far.
• The broader crypto market has performed well this week, with BTC now trading above $70k.

The broader cryptocurrency market has recovered from last week’s poor performance. BTC is up by more than 5% in the last seven days and could soar higher in the near term. 

At press time, the price of Bitcoin stands at $70,287, up by more than 1% in the last 24 hours. Thanks to the positive performance, other major cryptocurrencies are also trading in the green.

The Algotech presale also continues to move excellently, with the third stage now 14% completed. 

What is Algotech?

To understand why the Algotech presale is moving fast, it is crucial to know what the project is about. Algotech is a cutting-edge decentralized algorithmic trading platform designed specifically for the fast-paced world of cryptocurrency trading.

It is ideal for retail traders thanks to the advanced algorithms and machine learning features available to them.

Algotech is bringing AI features to traders as it seeks to eliminate the limitations and challenges associated with manual trading. In addition to that, the platform’s algorithms are fast, smart, and accurate, enabling traders to execute precise and consistent investment strategies.

Algotech’s AI and crypto trading features

The total cryptocurrency market currently stands above $2.5 trillion and is expected to double before the end of the year. As the trading volumes increase, crypto traders need to develop their edge to enable them to make a profit. 

Algotech could help traders build their edge in the market. Per their whitepaper, the platform’s advanced algorithms analyze assets across over 1000 unique data points to identify the next breakout opportunities. 

Thanks to the platform’s algorithms, traders can make split-second entry decisions for high-precision trading. Algotech monitors market funding levels, availability, liquidity and spread. This helps reduce risk for traders. 

The AI-based trailing stops also make it easier for traders to manage risk and protect their capital.

Arbitrage opportunities are also possible thanks to the advanced AI tools offered by Algotech. Finally, the platform provides access to trading strategies, community resources, and trading education.

Will Algotech grow stronger?

Algotech has the features to become a leading project in the AI and DeFi ecosystems. If Algotech rolls out its features and products, it could attract thousands or even millions of traders in the crypto space. 

According to their whitepaper, Algotech will issue 350 million ALGT tokens. 10% of the tokens have been allocated to R&D and funding for testing, durability and performance on the current and new algorithms.

The team allocated another 10% for the support in promotion and bounty to partners. The founders will hold on to only 7% of the total supply while the team gets a 3% allocation. Finally, 70% of the total token supply is available for public sale (including marketing).

ALGT holders will enjoy certain incentives such as a percentage of trading fees. The token grants governance rights in the Algotech community, meaning each individual can affect the platform’s important decisions.

Should you buy the ALGT tokens?

The Algotech presale is currently in its third stage and has raised more than $3.7 million within a month. In this stage, the ALGT token is going for $0.08, with more than 86,000 tokens sold so far.

The ALGT token will power the Algotech ecosystem and early investors could benefit from the token’s utilities. 

Algotech could gain massive adoption in the market and this could see ALGT’s price soar higher in the medium to long term. The platform presents traders with multiple arbitrage strategies that enable the platform to earn profits by exploiting price discrepancies across several exchanges.

Token holders will receive a certain percentage of platform trading fees. They will also participate in governance votes, proposals and potential airdrops in the future. 

Read more about the Algotech presale here.

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• Bitfinex Securities is El Salvador’s pioneer in digital asset provision.
• The issuance aims to raise $6.25 million and it offers a 10% coupon over a five-year period,
• The minimum investment that an investor can make is $1,000.

Bitfinex Securities, in collaboration with Inversiones Laguardia S.A. de C.V., has launched a tokenized debt offering under the ticker HILSV to raise $6.25 million for the construction of the Hampton by Hilton Hotel at El Salvador International Airport.

The issuance, facilitated by the Liquid Network, a Bitcoin sidechain, allows investors to participate in the project by trading HILSV tokens against the U.S. dollar and Tether (USDT) stablecoin.

The tokenized debt carries a 10% coupon over a five-year term, providing investors with an opportunity to earn returns while contributing to the development of El Salvador’s tourism infrastructure.

The initiative, enabled by El Salvador’s Digital Asset Securities Law, signifies a pivotal moment in democratizing access to investment opportunities in the region’s burgeoning digital asset market.

The economic impact

The construction of the Hampton by Hilton hotel complex, spanning 4,484 square meters and featuring 80 rooms, commercial spaces, and amenities such as a pool and gym, is expected to generate approximately 1,000 jobs during the construction phase.

Furthermore, upon completion, the operational phase is projected to create up to 5,000 direct and indirect employment opportunities, providing a significant boost to El Salvador’s job market and economy.

The entire project exemplifies the transformative potential of blockchain technology in driving economic growth and fostering tourism development. By harnessing the power of digital assets, this initiative not only expands investment opportunities but also catalyzes job creation and infrastructure development in the region.

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• Ethena (ENA) price reached highs of $1.49, surging more than 18% in 24 hours as most altcoins struggled.
• Bullish sentiment amid new staking rewards for ENA holders could push ENA price higher.

Ethena (ENA) traded to highs of $1.49 on Wednesday, its all-time high that sees the recently launched crypto project rising towards the top 50 cryptocurrencies by market cap.

According to data from CoinGecko, Ethena ranked 58th largest with a market cap of over $2.07 billion. The token’s value was around $1.45 at the time of writing, 18% up in the past 24 hours and nearly 30% up this past week.

Why is Ethena price surging today?

Today’s gains for ENA came as Bitcoin hovered near a key level following recent declines. Top altcoins also dropped as the crypto market mirrored stocks, with major US indices slipping amid hit CPI data and US President Joe Biden’s comments on interest rate cuts.

While BTC, ETH and other tokens struggled, ENA price benefitted from a spike in staking. Ethena (ENA) is the native token of Ethena Labs, a synthetic dollar protocol on Ethereum. USDe is a yield bearing stablecoin.

An announcement earlier this week of increased reward for stakers looks to have spurred activity, including from top Ethena whales. On Wednesday, Ethena Labs announced integration with top exchange wallets, including Binance Web3, Bybit, OKX Wallet and Bitget Wallet.

Users who lock up their USDe for a minimum of 7 days via any of these exchange Web3 wallets will be eligible for a 20% boost on their reward.  

On Monday, the protocol rolled out its “Season 2” staking rewards, with users locking 50% or more of their tokens will be eligible to a 50% boost to their reward.

Today we introduce $ENA into Season 2 in order to more closely align the growth in USDe with $ENA

Users who lock $ENA at a minimum of 50% of their total USDe holdings per wallet will receive

i) 50% increase in their rewards
ii) the highest number of rewards per day of any pool pic.twitter.com/zxVmpGZSN6

— Ethena Labs (@ethena_labs) April 8, 2024

According to on-chain data shared by Lookonchain, multiple whales have withdrawn millions of ENA from exchanges and staked since the announcement of Season 2 rewards.

Ethena recently unveiled a 750 million ENA airdrop for its community.

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