Schlagwort: crypto business

• Polygon Labs has announced its Polygon zkEVM is now live.
• MATIC, the native Polygon token is trading 8% down this past week and 3% down in the past 24 hours.
• The technical outlook for MATIC on the daily chart suggets bears have an advantage.

Polygon price remains just above $1.08, with the cryptocurrency poised near the critical $1.00 level amid a market lull for most altcoins.

But while MATIC has shed about 8% of its value over the past week, there’s a sense of positivity hovering around the Ethereum scaling project. In particular, the community is reveling in the latest development involving Polygon – the launch of the blockchain protocol’s highly anticipated zero-knowledge based network zkEVM.

Polygon zkEVM mainnet beta went live at 10 am EDT and saw Ethereum co-founder Vitalik Buterin perform “the symbolic first transaction” at 10.30 am. Polygon zkEVM, which has been in development since last year, not only offers more scalability but also brings cheaper transactions to users.

The moment we’ve all been waiting for – Polygon #zkEVM Mainnet Beta is LIVE with @VitalikButerin performing the symbolic first transaction.

👏🏿 Permissionless
👏🏾 Public
👏🏽 Fast finality
👏🏼 Leading EVM-equivalent zkEVM
👏🏻 Completely open-source

More 👇🏻https://t.co/Xo4mbhnASh

— Polygon (labs) (@0xPolygonLabs) March 27, 2023

The zkEVM launch has attracted over 50 projects from across the crypto ecosystem, including cryptocurrency, Web3 and blockchain gaming.

Polygon price outlook as zkEVM launches on mainnet

Polygon traded lower since price rejected around $1.25 on 18 March, with a double top formation coinciding with the latest dip to lows of $1.06.

Bulls are likely to rely on the ascending trendline (green line), but if this breaks, MATIC/USD could retreat to horizontal support around $1.04. Further breakdown could push bulls to $0.93 and likely the main support zone near $0.75.

MATIC price – will it explode higher after zKEVM launch?

The broader crypto market is paring recent gains, with all the top 10 cryptocurrencies trading lower on Monday morning. The action contrasts with a positive open for US stocks as traditional financial markets bounce on fresh positivity after the sale of Silicon Valley Bank.

While bears hold the advantage, MATIC price can ride a flip across crypto to test recent supply zones. This includes the price level marked by the 50-day exponential moving average, which currently provides an immediate supply wall near $1.14.

If upside momentum surfaces, the short term outlook is where Polygon’s price retests $1.25 and possibly $1.55.

The post Polygon price: MATIC poised as highly anticipated zkEVM goes live appeared first on CoinJournal.

Key takeaways

• Binance has opened a regional hub in Georgia as it expands its global reach.

• The crypto exchange seeks to ramp up talent acquisition, promote blockchain education, and accelerate crypto adoption in the region.

• Binance has been active in the Georgian crypto space in recent months. 

Binance expands its global reach

Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Monday, March 27th, that it had opened a regional hub in Georgio.

This latest cryptocurrency news comes as the cryptocurrency exchange continues to expand its presence globally. 

According to the cryptocurrency exchange, the hub would be dedicated to ramping up talent acquisition, promoting blockchain education, and accelerating crypto adoption in the region. 

Binance’s Georgian division currently has 25 employees. The hub is working with the local public and private sectors to organise educational and hackathon events. Binance said it expects to create dozens more jobs in the region before the end of the year. 

While commenting on this latest development, Binance’s Georgia general manager Giorgi Chagelishvili, said;

“The opening of the hub in Georgia is a logical continuation of the dialogue that we started with the government last year. Thanks to the hub, we will strengthen the development of the recruiting program in the country, as well as make an even greater focus on the regional presence of Binance.”

Binance’s regional director Vladimir Smerkis pointed out that Georgia is one of the most innovative countries in the region. Georgia has also become a serious leader in terms of the level of cryptocurrency adoption. 

Binance signed an MoU with Georgia

In November 2022, Binance’s CEO Changpeng Zhao (CZ) visited Georgia for the first time. During the visit, CZ met with Prime Minister Irakli Garibashvili and the local business and crypto communities.

In February 2023, Binance signed a memorandum of understanding (MoU) with the Agency for Innovation and Technology of Georgia (GITA). The two groups would work together on blockchain-related educational and community projects, as well as the growth of the cryptocurrency industry in the country as a whole.

Smerkis added that Binance now has a physical location in Georgia and is working on the legal side of the opening of the hub. 

The Georgian government is working to make the country a major global cryptocurrency hub. The country is currently hosting numerous Bitcoin ATMs, making it easier for users to convert cryptocurrencies into cash and vice versa. 

The post Binance launches new regional hub in Georgia appeared first on CoinJournal.

• Wood says Hindenburg’s recent short report on Block was ‘wildly misleading’.
• She bought more than 600,000 shares of the crypto company late last week.
• Block shares are down well over 30% versus their year-to-date high at writing.

Block Inc (NYSE: SQ) was hit hard last week after Hindenburg Research revealed a short position in the crypto company – a sell-off that Cathie Wood saw as an opportunity to expand her exposure to this stock.

How many Block shares did she buy?

On Thursday, the influential investor mobilized three of her exchange-traded funds to load up on 338,000 shares of Block Inc.

She grilled the short seller for “wildly misleading” investors as she shared a Twitter thread from an Ark associate Maximilian Friedrich that reads:

All financial services companies, including banks, encounter and combat fraud, especially during COVID – Square and Cash App are no exception, although the short report makes it sound like it.

Ark spent $16 million to purchase another 263,562 of Block shares that are now down well over 30% versus their year-to-date high.

Wall Street is bullish on Block shares

Wall Street appears to be siding with Cathie Wood as well. The consensus overweight rating on Block shares suggests analysts view Hindenburg’s concerns broadly as overblown. Ark’s Maximilian Friedrich also noted in his Twitter thread:

While Cash App likely was used for fraud during COVID, ironically, in this example, Cash App’s spending limits might have prevented the criminal to cash out even more of the funds.

Wood also increased her stake in Coinbase late last week after the crypto exchange confirmed that it received a Wells notice from the U.S. Securities and Exchange Commission for potentially violating securities laws.

At writing, Coinbase stock is down 20% versus its high at writing.

The post Cathie Wood grills Hindenburg for ‘wildly misleading’ investors and buys Block shares appeared first on CoinJournal.