Schlagwort: crypto business

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Crypto price prediction: Filecoin, Monero, Bitbot

Cryptocurrency prices experienced some volatility on Tuesday as a risk-off sentiment prevailed in the market. Bitcoin rose to the key resistance point at $53,000 and then pulled back sharply to about $51,000. Most altcoins and American equities also pulled back. This article looks at some of the top tokens like Filecoin (FIL), Monero (XMR), and Bitbot, which has raised over $642k as you can see here.

Bitbot token sale gains steam

Bitbot, an upcoming blockchain network, has continued raising thousands of dollars in the past few months. Data in its website shows that it has raised about $642k in the past few weeks. This is an impressive sum that could continue increasing in the next few months.

Bitbot is a company that aims to become the biggest Telegram bot in the industry. A Telegram bot is a piece of software that provides signals to traders in the crypto, stocks, and forex market. In its case, Bitbot aims to be an alternative to the thousands of bots that exist in the industry.

It will have a few features such as self-custody, decentralization, and major rewards to its users. The token will also have a similar utility with Uniswap’s UNI token. For example, it will have revenue sharing with its holders. This is a situation where the platform shares its revenue with its token.

The other benefit is that Bitbot will have a big community of passionate and seasoned trading experts. These traders will be able to share their experiences among themselves. 

Filecoin price forecast

Filecoin, the giant file storage blockchain network, was in the spotlight this week as it integrated with Solana, one of the fastest-growing players in the industry. This integration led to a major jump in FIL price, which jumped to a high of $8.22. This was a strong rally since the token was trading at $4.60 a few weeks ago.

Filecoin has now pulled back sharply as investors start to take profits. It has crashed to the key point at $7.20. On the 4H chart, it remains above the 50-period moving average while oscillators have all pointed downwards.

Therefore, I believe that Filecoin will drop to about $7 and then resume the bullish trend as investors buy the dip and as the ongoing shakeout fades. In this case, a rebound to $8 will likely happen this week.

Monero price prediction

The XMR price bottomed at $109.26 this week. It has now bounced back and is hovering at the 50-period moving average. The Relative Strength Index (RSI) and the Stochastic Oscillator have pointed upwards. 

Monero has also risen slightly above the key resistance point at $122.50, its highest point on February 18th. Therefore, the outlook for the token is bullish, with the next level to watch being at $130, its highest point this month.

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ETH price outlook: Analysts say $3k “a relatively small obstacle”

  • Ethereum (ETH) price hit $3,005 on Coinbase on Tuesday, rising to its highest level since April 2022.
  • About 879,000 addresses were in a loss and could sell when prices break above this level.
  • While ETH fell below the psychological level, analysts outline $3k as a “a relatively small obstacle”.

Ethereum (ETH) price rose to the psychological level of $3,000 for the first time in nearly two years on Tuesday, February 20. The cryptocurrency saw its value jump from lows of $2,880 to touch $3,005 on Coinbase, and $3,003 on Binance.

ETH price and the $3k hurdle

Ethereum‘s upside, which comes amid a significant move of over 25% in the past two weeks, means several Ethereum addresses that were in the red managed to turn profitable.

This in turn, suggests a potential retreat for the second-ranked crypto by market cap if these addresses decide to sell or break even. It could see ETH trade to support levels again, possibly below $2,900 before bouncing to target higher price levels.

According to IntoTheBlock, the on-chain picture for ETH at the $3k level indicates this should be a “relatively small obstacle” for bulls.

While a look at on-chain data shows more than 16 million ETH addresses, or about 14.7% of the wallets, were still in a loss with prices below $3k, more than 83% are in profit. Going by this, the 879k addresses likely to turn profitable above $3k might not present a major hurdle. However, there may still be some struggle to break past $3,400.

ETH traded to highs of $4,800 during the previous bull market and analysts have called for a break to above $5,000 in coming months. The potential approval of the first spot Ethereum exchange-traded fund (ETF) in the US and network developments amid the Dencun upgrade could be key catalysts.

At the time of writing, ETH/USD changed hands around $2,924 on Binance.

Ethereum price on the daily chart. Source: TradingView

 

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Polygon Labs, Animoca Brands partner with Human Institute to launch ZKP-powered palm recognition

  • Humanity Protocol emerges from stealth with Human Institute, Polygon Labs and Animoca Brands partnership.
  • The protocol provides for a privacy-preserving alternative to the more invasive biometric methods such as iris scans.

Human Institute has announced the launch of Humanity Protocol, a zkEVM Layer-2 blockchain protocol that leverages the Polygon CDK to offer a new palm recognition technology for Web3 identity verification.

The protocol has emerged from stealth with the backing of Polygon Labs and Animoca Brands, according to details shared in a press release.

Non-invasive biometrics

Humanity Protocol founder Terence Kwok, Animoca Brands co-founder Yat Siu, and Polygon Labs co-founder Sandeep Nailwal form the founding council for the new project.

Per the Human Institute, the new protocol provides for a privacy-preserving alternative to the invasive biometric methods. Such methods includes Worldcoin’s (WLD) iris scans.

“Existing Proof-of-Personhood technologies can be invasive, complex, or burdensome. By leveraging the cutting-edge technology using non-invasive biometrics that lies at the core of the Proof-of-Humanity consensus mechanism, Humanity Protocol is building a user-centric ecosystem that can onboard millions to a verifiable digital identity solution that is truly decentralized and respects the principles of true digital ownership, in the process enabling better equity and inclusion for all participants,” Yat Siu said.

According to the Human Institute, the technology will benefit various decentralized applications. These will include fully on-chain games, Decentralized Social Media (DeSO), Real World Assets (RWA), enterprise DeFi solutions, and Decentralized Physical Infrastructure (DePIN) systems.

“As the world’s first blockchain ecosystem to not only be truly sybil-resistant but also to natively integrate verifiable credentials into a decentralized validator node network, Humanity Protocol lays the foundation for a wide variety of blockchain and real-world applications to be built on top,” Sandeep Nailwal commented.

Users will easily access the zkVM-powered protocol through smartphones. The testnet will allow onboarded users to earn rewards.

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Starknet’s STRK sees volatile market debut following airdrop

  • Starknet (STRK) price swung sharply as trading opened on major crypto exchanges.
  • The Starknet Foundation’s distribution of STRK to eligible airdrop participants started at 12:00 UTC.

The price of STRK, the native token of Ethereum Layer-2 platform Starknet, has dropped sharply after its market debut.

On the crypto exchange KuCoin, STRK rose as high as $5 before swiftly falling to lows of $2.10. Meanwhile, data on CoinGecko showed the token’s value rose to $4.41 on most exchanges but also fell sharply – STRK declined 47% to $2.30 and was changing hands around $2.66 at the time of writing.

STRK trading and distribution live

The Starknet (STRK) price performance comes after the token’s distribution went live today February 20. Over 700 million tokens airdropped to 1.3 million addresses are now available for claiming, the Starknet Foundation announced on Tuesday.

At the same time, STRK began trading on major exchanges, including Binance, KuCoin and Bitfinex.

Starknet Foundation said the provisions program would see the community collect 50% of the airdrops with those to benefit including early contributors and Starknet users. Also eligible are StarkWare employees, Starknet developers and ETH stakers.

Binance, which added support for STRK trading today and announced support for the distribution to its ETH stakers, said it had distributed 10,178,280 STRK to all eligible users who staked ETH on its platform. The distribution was completed at a ratio of 10.26375 Binance said in an announcement.

STRK tradng on Binance opens at 13:00 UTC on February 20.

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UK stablecoin and staking regulation likely within six months: Report

  • The UK government expects the country’s stablecoin and staking legislation within six months.
  • Economic Secretary to His Majesty’s Treasury (HMT), Bim Afolami, said this during an event hosted by Coinbase in London.

The UK government expects new regulations on stablecoins and staking services to roll out in the country within the next six months, Economic Secretary to His Majesty’s Treasury (HMT), Bim Afolami, has noted.

According to a Bloomberg report, the government is focused on having the legislation in place this year as part of the overall push for regulatory clarity for the crypto sector.

“We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable,” Afolami said during an event hosted by Coinbase in London.

Afolami’s comments come as observers point to the government’s plans to have the crypto regulation regime in place before the elections. While he could not provide a specific timeline on when to expect the broader crypto regulations, Afolami agreed that “there’s just a huge amount going on.”

UK’s push for crypto regulation

The government’s timeline for stablecoin and staking regulations looks to align with steps taken in 2023 as the UK pushes to be a global hub for crypto and blockchain innovation. 

Last year, the UK parliament passed the Financial Services and Markets Bill. The Bank of England and the Financial Conduct Authority (FCA) also announced regulatory guidelines for stablecoins in October, with a consultation setting up implementation of the crypto rules starting in mid-2024.

As CoinJournal reported in October, the targeted stablecoin regulation focuses on the fiat-backed tokens’ use in payment chains as well as their issuance and custody.

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