Schlagwort: crypto business

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Sui Blockchain partners with Formula One’s Oracle Red Bull Racing team

  • The deal will see Sui roll out a series of digital experiences for racing fans.
  • At press time, the SUI token was trading at $0.9587, down 1.07%.
  • Oracle Red Bull Racing has made several crypto partnerships recently including with Bybit.

Sui Blockchain, whose mainnet was launched at the beginning of May 2023 has today sealed a multiyear partnership deal with Formula One’s Oracle Red Bull Racing team. The deal makes Sui the blockchain partner of the Oracle Red Bull Racing team.

Sui’s parent company Mysten Labs is a renowned company since it is one of the two spin-offs of Meta Platform’s Diem project. Mysten’s sister company is Aptos Labs which is famous for the Aptos (APT) cryptocurrency.

When the Sui Network mainnet was launched, leading cryptocurrency exchange UPbit announced it was listing two SUI pairs: BTC/SUI and KRW/SUI.

SUI price reaction

Today’s partnership announcement is expected to bring some life into the price of the SUI token, which has been on the decline since hitting its all-time high of  $1.72 on May 03, 2023, which was immediately after the mainnet launch.

SUI price chart. Source: Coinmarketcap

 

The token has lost 78.75% value in the past month.

Red Bull’s foray into the crypto industry

This is not the first crypto deal that Red Bull is signing. Last year, the Formula One racing team signed a $150 million deal with Bybit, a derivatives cryptocurrency exchange that recently expanded into crypto lending.

However, commenting on the deal with Sui blockchain, the Oracle Red Bull Racing Team Principal and CEO Christian Horner said:

“Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1. Partnering with Sui will elevate that experience, making access easier, more secure and engaging.”

The Red Bull Team said that Sui Blockchain will be releasing a series of digital experiences for racing fans over the coming months.

The post Sui Blockchain partners with Formula One’s Oracle Red Bull Racing team appeared first on CoinJournal.

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Cardano price prediction for June: Is ADA a buy or sell?

  • Cardano has strong fundamentals as the total value locked jumps.

  • Its DeFi TVL has jumped to the highest level on record.

Cardano price had a difficult performance in March as cryptocurrencies recoiled. ADA slipped to a low of $0.36, where it has been in the past few days. This price is about 22% below the highest point in May, meaning it has now moved to a bear market. The coin’s market cap has plunged to about $12.3 billion.

Fundamentals meet technicals

Cardano price struggled in May even after its ecosystem recorded some significant growth during the month. A good way to look at the performance of a chain like Cardano is to look at the performance of its Decentralized Finance (DeFi) ecosystem.

The latest data shows that activity in Cardano’s DeFi ecosystem is doing well. According to DeFi Llama, the TVL in Cardano jumped by more than 9% in May to over $202 million. That increase pushed it to the highest level since May last year.

Notably, the TVL soared to a record high in ADA terms. It is now sitting at 536.84 million ADA, which is higher than the year-to-date low of 263 million ADA. This is a signal that there is strong demand for dApps created in Cardano like Minswap, Indigo, Liquid, WingRiders, and MuesliSwap. MinSwap and Indigo’s TVL has jumped by over 20% in the past 30 days.

The same trend happened in the number of active users. According to DeFi Llama, the total number of active users in Cardano jumped to more than 81.93k in May. 

Therefore, Cardano’s underperformance was not because of its weak fundamentals. Instead, it is because of the broader performance of the crypto market. In May, we saw Bitcoin price retreat from the year-to-date high of $31,000 to about $25,500. It dropped because of the debt ceiling issue and the rising hopes that the Fed will maintain its hawkish tone.

Cardano price prediction

The daily chart shows that the ADA price has pulled back in the past few days. It has dropped below the important support level at $0.42, the highest point on February 15. The coin is consolidating at the 50-period moving average.

Most importantly, it seems like it has formed a double-top pattern, which is usually a bearish sign. Therefore, we can’t rule out a situation where the coin drops to the next key support level at $0.298, the lowest point on March 11. A move above the double-top point at $0.422 will invalidate the bullish view.

How to buy ADA

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ADA with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ADA with Bitstamp today

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Canadian crypto exchange Bitvo reduces withdrawal fees by 50%

  • Several cryptocurrency exchanges have announced leaving the Canadian crypto market citing the Canadian regulations.
  • Bitvo aims to leverage the market gap created by the leaving crypto exchanges.
  • The reduced withdrawal fee takes effect starting today June 1, 2023.

Canadian-based cryptocurrency Bitvo Inc (“Bitvo”) has today announced that it is reducing its withdrawal fee by 50% to new and existing customers starting June 1, 2023. The 50% discount will stay in effect through August 31 2023.

Bitvo’s move is offering relief to crypto investors in Canada as many crypto exchanges and trading platforms announce leaving the country due to inability or unwillingness to comply with Canadian crypto regulations. The most recent crypto exchange to announce its Canadian exit was Bybit after Binance’s exit.

Bitvo registration in Canada

Bitvo is a registered Money Service Business (MSB) with FINTRAC and is registered as a Restricted Dealer with securities commissions in all provinces and territories in Canada.

The press release announcing the 50% withdrawal fee cut states:

“At Bitvo, we’re fully committed to the Canadian market and serving Canadians. We pride ourselves on providing a safe, secure and easy-to-use platform to our customers that has withstood the test of time, founded in 2018, both bull and bear markets and proactively complied with Canadian regulations.”

Bitvo Inc. offers a crypto asset trading platform facilitating buying and selling of cryptocurrencies through mobile applications and its website. It has unveiled several initiatives including the Bitvo Cash Card, Bitvo Same Day Guarantee, and technical analysis tools to make crypto transactions easy and efficient.

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Crypto.com completes its licensing process in Singapore

  • Crypto.com received an in-principle approval in Singapore last June.
  • Coinbase and Blockchain.com are the other exchanges that have received in-principle approval in Singapore.
  • Crypto.com has now been awarded Digital Token License in Singapore.

A year after receiving in-principle approval in Singapore, Crypto.com has completed the licensing process.

Crypto.com has today announced that it has received its Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).

Acknowledging this great milestone in Singapore, Crypto.com’s CEO Kris Marszalek said:

“The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector.”

Crypto regulation in Singapore

The Monetary Authority of Singapore (MAS) has been brutal and unrelentingly hard on unbecoming behaviour within the crypto industry and passed stringent rules last year setting a high bar for approving companies involved with cryptocurrencies.

Since last year, several cryptocurrency exchanges including Coinbase and Blockchain.com have received in-principle approval in Singapore. Today’s announcement by Crypto.com makes the crypto exchange one of the very few exchanges to receive a license under the new regulations in Singapore.

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Metacade price prediction for June: buy the MCADE dip

  • Metacade price has pulled back slightly in the past few days.

  • The token has numerous catalysts in the coming days.

  • A break and retest pattern could see it rise to the key point at $0.30.

Metacade price has started to turn around the corner after pulling back to $0.01592 in June this year. MCADE rose to a high of $0.028 on Thursday, the highest level since May 10. This price was about 65% above the lowest level this year.

Bullish catalysts for MCADE

Metacade, a new and rapidly-growing cryptocurrency, continued rising as buyers focused on internal and macro catalysts. Broadly, the biggest catalyst for the token is the decision by the House of Representatives to pass a bill to expand the debt ceiling. The bill will see the US cap spending and implement some fiscal measures to reduce the deficit.

Economists believe that the US would have defaulted if it did not pass the deal by June 5. That would have been an unprecedented move that would push most assets, including cryptocurrencies like Metacade and Bitcoin prices much lower.

Internally, Metacade price has jumped because of several important catalysts in the network. First, the developers are planning to launch the lite version of the game soon. This launch will see people get their first look of what the company is working on. In most periods, cryptocurrencies rally ahead of a major product launch.

Second, Metacade will launch Metaseries on Thursday. This will be a video series where the developers talk about the product and what they are working on. Such a video series is important because it provides more people with information about the product. 

Meanwhile, the developers presented the fifth award of their $125k competition. Joaquin Solari was the fifth winner of $12.5k in a competition that is ongoing. Such competitions help to provide more traction to a crypto project.

Is MCADE a good investment?

Metacade has made a lot of progress in the past few months. As a result, Etherscan data shows that the number of holders has jumped to over 9,250, signaling that it will hit 10k soon. This is a remakable experience because Metacade is a relatively new project. 

Metacade developers are seeking to change the blockchain industry by developing a game that people will want to play. The play-to-earn game is being developed in collaboration with Metastudio, one of the leading developers out there.

According to Metacade creators, they are using the lessons learnt from first-generation gaming projects like Axie Infinity and Decentraland to build their ecosystem. 

I believe that Metacade is a good investment but this will depend on the quality of the game that the developers launch. If it will be a good game as predicted, there is a likelihood that token will continue surging.

Metacade price prediction

The chart above shows that the MCADE price has been in a strong bullish trend in the past few days. It has managed to move above the key resistance point at $0.024, the highest point on May 17th. The token is being supported by the 50-period moving average.

Therefore, I suspect that it will soon form a break and retest pattern, by dropping to a low of $0.024. In price action analysis, this break and retest is usually a bullish sign. Therefore, I believe that the token will bounce back to $0.030 in the coming days.

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