Schlagwort: crypto business

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Here’s why MultiversX (EGLD) price just jumped

  • MultiversX price jumped sharply on Thursday.

  • This happened after Upbit listed the coin in its ecosystem.

MultiversX price jumped sharply as investors reacted to the latest listing in Upbit, one of the leading crypto exchanges. EGLD jumped to a high of $52.01, the highest level since February 21 of this year. In all, the coin has risen by more than 37% from the lowest level this year.

Why is MultiversX soaring?

MultiversX, formerly known as Elrond, is a leading blockchain project that aims to be a good replacement for Ethereum and Solana. Its main advantage over Ethereum is that it was one of the earliest blockchains to adapt the sharding technology. 

First implemented by Ziliqa, sharding is a technology that boosts transaction throughputs by breaking blocks into smaller pieces known as shards. MultiversX is also highly cost-effective for users, with the average transaction cost being about $0.0022.

MultiversX has been embraced by developers creating dApps in industries like DeFi, non-fungible tokens, and the metaverse among others. According to its website, the network has over 2.2 million wallets and has completed over 314 million transactions.

The main reason why the EGLD price is surging is that Upbit decided to list the coin. This is a major event since Upbit is one of the biggest exchanges in the world with over 8.6 million customers globally.

In most cases, we often ss cryptocurrencies jump after a major exchange listing. For example, as we wrote here, FlokI Inu price jumped this week after it was listed by Binance US. Historically, these gains tend to be short-lived.

EGLD price prediction

The daily chart shows that the EGLD price made a bullish breakout after being listed in Upbit. It moved above the 50-day moving average and retested the key resistance point at $52.01. This was an important level since it was the highest point in February.

Therefore, I suspect that EGLD will retreat slightly in the next few days and then resume the bullish trend. The final part will depend on the performance of other cryptocurrencies like Ethereum and Bitcoin. 

How to buy MultiverseX

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy EGLD with Binance today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy EGLD with OKX today

The post Here’s why MultiversX (EGLD) price just jumped appeared first on CoinJournal.

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Dymension and Evmos Core Teams launch first IBC-Enabled EVM Rollup

  • Dymension is a blockchain startup building a network of easily deployable modular blockchains called RollApps.
  • Dymension has partnered with Evmos Core Teams and Celestia.
  • The three have launched the world’s first-ever IBC-enabled EVM rollup on testnet.

Dymension has announced its collaboration with Celestia and Evmos Core Teams to launch the world’s first-ever IBC-enabled EVM rollup on testnet.

Dymension has built-in rollups technology for scalability and it is creating an ecosystem of easily deployable and lighting-fast RollApps that any developer can use to build and deploy in order to scale their decentralized applications.

IBC-enabled EVM rollup

The IBC-enabled EVM RollApp will be deployed within Dymension’s initial testing ground “35-C”, as part of its long-term plan to establish and bootstrap a new ecosystem of IBC-enabled rollups. The deployment was made possible through close collaboration with the Evmos Core Development Team, as the RollApp uses Ethermint, an implementation of the Ethereum Virtual Machine that’s built on top of Dymension’s RollApp.

Commenting about the new RollApp, Dymension Lab’s CEO and Co-Founder, Yishay Harel, said:

“Excited to have worked closely with the Evmos team to achieve this milestone. With the world’s first IBC-enabled EVM rollup now deployed on testnet, we’re one step closer to bringing scalable and interoperable blockchain solutions to the wider community. This is just the beginning of our journey, and we’re looking forward to continuing to push the boundaries of what’s possible with EVM-based technology.”

The new EVM RollApp utilizes the EVMOS token as its gas token and updates its state to the Dymension Hub and posts data to Celestia’s “Mocha” testnet.

In addition, the new RollApp will feature a Uniswap V2 fork and a bespoke frontend, as part of a proof-of-concept to demonstrate how anyone can deploy their own RollApp and host EVM dApps. Developers will be able to fork any EVM-based dApp and deploy it on the RollApp using Dymension’s technology.

In addition, since Dymension’s RollApp is IBC-enabled it can natively connect to the Cosmos ecosystem of the IBC blockchain.

The post Dymension and Evmos Core Teams launch first IBC-Enabled EVM Rollup appeared first on CoinJournal.

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Standard Chartered’s Zodia Custody raises $36 million

Key takeaways

  • Crypto storage provider Zodia Custody has raised $36 million in a recent funding round.

  • The crypto-focused subsidiary of Standard Chartered will use the funds for international expansion.

  • The funding round was led by SBI Holdings and SC Ventures

Zodia Custody raises $36 million

Zodia Custody, a crypto-focused subsidiary of Standard Chartered, has raised $36 million in a funding round. According to the company, the funds would be used to pursue international expansion. 

The funding round was led by SC Ventures, the venture arm of Standard Chartered, and Japanese conglomerate SBI Holdings. Zodia Custody also revealed that there are other unnamed investors. The crypto custody provider also didn’t disclose the valuation of the company following this funding round. 

Zodia Custdoy revealed that the funds would be used to boost geographic expansion and increase the company’s coverage. The firm will also use the funds to improve its interchange and off-exchange settlement services as it seeks to protect client assets that are traded on crypto exchanges. 

While commenting on this latest cryptocurrency news, Julian Sawyer, CEO of Zodia Custody, said;

“The future direction of the digital asset ecosystem is clear. As investors demand greater assurance and rigor, compliance is crucial to the future evolution of our sector.”

Standard Chartered is bullish on Bitcoin

Standard Chartered, the parent company of Zodia Custody, is bullish on Bitcoin. Earlier this week, analysts at the bank said they believe crypto winter is over and Bitcoin could rally towards the $100k mark by next year.

At press time, the price of Bitcoin stands at $29,066, up by more than 50% year-to-date

Zodia Custody was originally launched by Standard Chartered and Northern Trust, the asset servicing firm, in 2021. The firm announced a joint venture with Japanese-based SBI Digital Asset Holdings earlier this year to launch a custody business in Japan. 

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A bullish case for Bitcoin should US stocks bounce from here

  • Bitcoin and the S&P 500 move in a tight correlation
  • The 2023 price action is relevant for understanding the direct correlation
  • If stocks bounce, Bitcoin should follow

For many years cryptocurrency investors wished Bitcoin to be adopted by institutional investors. Eventually, their wish came true.

Bitcoin is now part of many institutional portfolios, for various reasons. Some believe that it is the digital gold. Others say that it has huge upside potential due to its scarcity.

No matter the reason, Bitcoin is now part of the institutional investing world. But it came at a price. Namely, Bitcoin became just another asset trading in correlation with regular markets, such as the S&P 500.

Even the 2023 rally does not alter the relationship, as seen in the chart below.

Bitcoin chart by TradingView

If US stocks bounce from here, Bitcoin should rally some more

Yesterday, Bitcoin tried its hand again at the $30k level. Stocks tanked.

But even so, the correlation between the two remains. Therefore, the price action since 2022 is relevant.

In April 2020, the two delivered similar performances. Yet, the scandals in the cryptocurrency industry have sent Bitcoin lower.

However, every bounce happened just when stocks bounced. The most recent price action is relevant, as Bitcoin matched both advances and declines in the stock market. Just the amplitude of the moves was different, just as it was when Bitcoin’s price was in bearish territory.

All in all, it is hard to believe that this correlation will go away anytime soon. Also, it is unlikely that Bitcoin would not rally some more, should stocks bounce from here.

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Helium’s migration to Solana sends IOT token price through the roof

  • Helium successfully migrated to Solana Network last week.
  • More than six billion IOT tokens have been minted since Helium migrated to Solana.
  • IOT Token surged by 370 earlier today to hit a daily high of $0.003927.

Helium IOT (IOT) token surprised a majority of crypto investors today after surging by more than 370%. Despite a slight retracement, the token was still green trading at $0.00206, up 33.59% at press time.

Today’s IOT token price surge is attributed to last week’s successful Helium migration to Solana Network which has resulted in more than six billion IOT to be minted.

Protocol token of Helium’s internet-of-things network

Most are conversant with Helium’s native token, HNT, which has also been performing quite well over the past few days after the migration.

Helium has another token, the Helium IOT, which is the protocol token of Helium’s internet-of-things network. The Helium IOT is mined from Helium’s hotspots, which is the hardware infrastructure behind the IOT network.

Helium IOT is backed by the HNT token and can always be converted to HNT, with the redemption rate being algorithmically set by its treasury swap smart contract.

According to data from Solana’s block explorer, there are about six billion IOT tokens in circulation supply out of the maximum supply of 200 billion tokens.

The IOT token also received another boost after Solana-based decentralized-finance (DeFi) protocol Kamino Finance said it had opened two Helium vaults to allow investors to stake their IOT and HNT tokens for a yield.

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