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Algorand Blockchain Now Supports Curvegrid’s NFT Bridge

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The pairing of Algorand Foundation and Curvegrid will allow the latter’s infrastructure technology “MultiBaas NFT Bridge” to be integrated into the Algorand (ALGO) ecosystem. 

Curvegrid has partnered up with Algorand Foundation to share their MultiBaas NFT Bridge software on the latter’s blockchain network. Curvegrid is a Tokyo-based blockchain software company and MultiBaas is their premier product.

The bridge allows developers, both private and otherwise, to quickly prototype and build blockchain apps. One of their main goals is to create a world, where blockchain is invisible, with technical details hidden behind the scenes. 

The Algorand Foundation is a pure proof-of-stake (PPoS) blockchain, with sights set on the future of finance. The not-for-profit organization wants to create a borderless economy build on public, decentralized blockchain tech. The Foundation is also committed to finding more eco-friendly solutions to solve the problems of blockchain. 

Algorand and Curvegrid want to help digital artists

The pairing will allow businesses to create non-fungible tokens (NFTs) and other blockchain technologies directly into their consumer apps. MultiBaas is software, or middleware, for dApps to help them facilitate development on blockchain.

It can move ERC-20, ERC-721, and ERC-1155 assets bidirectionally between Ethereum (ETH), Binance Smart Chain (BSC), and xDai. MultiBass has the ability to integrate the cross-chain features of digital assets directly into various applications as well. These applications include decentralized finance (DeFi), financial services, NFTs, online gaming, and virtual reality. 

Bringing MultiBaas to Algorand blockchain will ostensibly allow developers the ability to utilize the full features of the platform, including transaction speeds and carbon-neutral networks. The PPoS protocol that Algorand uses also guarantees no forking.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/curvegrid-brings-nft-bridge-to-algorand/

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Crypto Price Analysis & Overview June 25th: Bitcoin, Ethereum, Ripple, Cardano, and Polkadot

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This week was a complete rollercoaster in the cryptocurrency market. Unfortunately, things failed to turn out for the better and the majority is trading in the red.

friday_cryptopost

Bitcoin

Bitcoin is down a steep 11.7% this week as it currently trades beneath $34,000. The cryptocurrency started the week by dropping into support at $31,185 (downside 1.618 Fib Extension) on Monday.

On Tuesday, it took a brief dive beneath $30K for the first time since January 2021. It dropped as low as $28,800 before the buyers regrouped and quickly pushed BTC back higher. In total, BTC did not spend more than 3 hours beneath the $30k level.

Since rebounding above $30K, BTC created the first three consecutive bullish candles since the mid-May price capitulation. It did reach as high as $35,500 today. However, it was unable to close above resistance at $34,760 (downside 1.414 Fib Extension) and has since dropped.

Looking ahead, the first support lies at $33,520. This is followed by $32,465, $31,185 (downside 1.618 Fib Extension), and $30,000. Added support lies at $28,800, $27,750 (January 2021 lows), and $36,840 (downside 1.414 Fib Extension).

On the other side, if the buyers can climb above resistance at $34,760, the first resistance lies at $36,000 (20-day MA). This is followed by $38,000, $39,490 (early-June highs), $40,000 (50-day MA), and $42,000 (January 2021 highs).

btcusd-jun25
BTC/USD Daily Chart. Source: TradingView.

Ethereum

Ethereum fell by a very steep 201 over the week as it trades at $1888 – support provided by the 200-day MA and a .886 Fib. The cryptocurrency fell beneath $2200 on Monday and crashed into the $1888 support.

On the Tuesday spike lower, ETH dropped to $1710 but quickly rebounded to close the daily candle above the 200-day MA. Since then, ETH has been unable to reclaim the $2000 level and has returned to the 200-day MA.

Looking ahead, if the sellers break beneath the 200-day MA, the first support lies at $1710 (mid-March support). This is followed by $1625 (downside 1.272 Fib Extension), $1500, and $1425 (January 2021 highs).

On the other side, the first resistance lies at $2000. This is followed by $2160 (bearish .382 Fib), $2300 (bearish .5 Fib & 20-day MA), $2500 (100-day MA), and $2600.

ethusd-jun25
ETH/USD Daily Chart. Source: TradingView.

ETH is also in trouble against BTC after dropping from 0.063 BTC on Monday and heading beneath 0.06 BTC on Tuesday. It continued to run lower as it broke below support at 0.0569 BTC today.

It is currently trading at 0.056 BTC, but the bearish momentum is still likely to drag it lower in the coming days.

If the sellers push beneath 0.056 BTC, the first support lies at 0.0541 BTC (April 2018 lows & 100-day MA). This is followed by 0.0513 (downside 1.272 Fib Extension), 0.05 BTC, and 0.0473 BTC.

On the other side, the first strong resistance lies at 0.06 BTC. This is followed by 0.0628 BTC, 0.0648 BTC (20-day MA), and 0.068 BTC (50-day MA).

ethbtc-jun25
ETH/BTC Daily Chart. Source: TradingView.

Ripple

XRP fell by an even steeper 25% over the week. The cryptocurrency dropped from $0.781 resistance on Monday to reach $0.6.

It continued on Tuesday to hit the support at $0.55 provided by the 2019 highs and a long-term ascending trend line. It has since attempted to rebound but is struggling to make ground back above $0.7 as it now trades at $0.62.

Moving forward, the first strong support lies at $0.6. This is followed by $0.55 (2019 highs), $0.5, $0.478 (this week’s low), and $0.4.

On the other side, the first resistance lies between $0.7 and $0.72 (200-day MA). Above this, resistance is found at $0.781 (bearish .236 Fib), $0.8282 (2020 highs), $0.9, and $1.00.

xrpusd-jun25
XRP/USD Daily Chart. Source: TradingView.

Against bitcoin, XRP set a fresh three-month low this week as it broke beneath the 2200 SAT (100-day MA) support and plummeted beneath the July 2020 lows at 1900 SAT to reach 1760 SAT.

There, the support provided by the 200-day MA and a downside 1.618 Fib Extension allowed XRP to rebound. However, it is still struggling to sustain itself above 1900 SAT.

Looking ahead, the first strong resistance lies at 2000 SAT. This is followed by 2122 SAT (bearish .236 Fib), 2200 SAT (100-day & 20-day MA), and 2425 SAT (bearish .382 Fib).

On the other side, the first support lies at 1800 SAT. This is followed by 1660 SAT (200-day MA), 1550 SAT (November 2020 low), and 1365 SAT (.786 Fib).

xrpbtc-jun25
XRP/BTC Daily Chart. Source: TradingView.

Cardano

ADA dropped by a smaller 9% this week as it trades above $1.30. It had fallen from resistance at the 100-day MA around $1.42 on Monday and dropped as low as $1.00 on Tuesday.

There, it found support at the 200-day MA and quickly recovered back above $1.15 to close the daily candle. Since then, ADA pushed higher but was unable to break the 100-day MA yesterday. It is currently testing a descending trend line that dates back to the May peaks.

Looking ahead, the first resistance lies at $1.42 – provided by the falling trend line, the 20-day MA, and the 100-day MA. This is followed by $1.52 (bearish .382 Fib), $1.60 (50-day MA), and $1.71 (bearish .5 Fib).

On the other side, the first support lies at $1.120. This is followed by $1.15, $1.10, and $1.00 (200-day MA).

adausd-jun25
ADA/USD Daily Chart. Source: TradingView.

ADA is pretty neutral against BTC this week. It did drop beneath support at 3820 SAT (.382 Fib) on Monday and fell as low as 3440 SAT (.5 Fib) on Tuesday. However, the bulls regrouped and allowed the daily candle to close above 3540 SAT (downside 1.272 Fib Extension).

From there, it has pushed back above the 3820 SAT support but is struggling to make ground beyond 4000 SAT.

Looking ahead, the first resistance lies at 4000 SAT (20-day & 50-day MA). This is followed by 4200 SAT, 4400 SAT, 4570 SAT (1.414 Fib Extension), and 4900 SAT (1.618 Fib Extension & June highs).

On the other side, the first support lies at 3820 SAT (.382 Fib). This is followed by 3540 SAT (downside 1.414 Fib Extension), 3440 SAT (.5 Fib), 3200 SAT (100-day MA), and 3060 SAT (.618 Fib).

adabtc-jun25
ADA/BTC Daily Chart. Source: TradingView.

Polkadot

DOT is down by 32% this week as it trades around $15. The coin fell from above $20 on Monday to reach $13 on Tuesday. The buyers did manage to defend support around $14, provided by a .786 Fib Retracement.

Unfortunately, the bulls have been unable to push much past $17 since rebounding, and the market is looking like it will head lower again.

If the sellers push lower, the first support lies at $14 (.786 Fib). This is followed by $13, $10 (.886 Fib), and $6.90 (Sep 2020 highs).

On the other side, the first resistance lies at $17. This is followed by $20 (20-day MA), $22.5, and $25 (200-day MA).

dotusd-jun25
DOT/USD Daily Chart. Source: TradingView.

Dot is also struggling against BTC this week as it dropped beneath the 200-day MA around 54,500 SAT and continued lower to meet support at 45,000 SAT on Tuesday.

Since then, the market has moved sideways, unable to really push higher again.

Looking ahead, the first support beneath 45,000 SAT lies at 44,000 SAT (May lows). This is followed by 40,600 SAT, 40,000 SAT, and 35,770 SAT (.786 Fib).

On the other side, the first strong resistance lies at 50,000 SAT. This is followed by 52,700 SAT, 55,000 SAT (200-day & 20-day MA), and 60,000 SAT.

dotbtc-jun25
DOT/BTC Daily Chart. Source: TradingView.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/crypto-price-analysis-overview-june-25th-bitcoin-ethereum-ripple-cardano-and-polkadot/

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Tanzania’s Central Bank Working on Adopting Cryptocurrencies

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A few years after banning the usage of digital assets within its borders, Tanzania is heading towards a full 180-turn. The nation’s central bank asserted today that it has begun working on a recent directive from the President to adopt cryptocurrencies.

  • CryptoPotato reported a few weeks back when Tanzania’s President – Samia Suluhu Hassan – highlighted the need for the country to adopt digital assets.
  • A Reuters reported from June 25th showed that Tanzania’s central bank plans to listen to Hassan’s words. The organization wants to be prepared for if or when the nation will need to use cryptocurrencies.
  • Interestingly, today’s statement from the bank shows an entirely different approach than the one undertaken in 2019.
  • Back then, the institution implemented a ban on operating with cryptocurrencies. It argued that the country had not recognized them as legal currencies and warned its citizens to stay away as they might lose money if they invested in such speculative assets.
  • Now, though, a spokesperson from the central bank reassured that the organization is “working on the directives given,” referring to President Hassan’s comments.
  • However, the bank’s representative failed to disclose details whether it will adopt Bitcoin and other currently existing digital assets or will tend to go with the Chinese route and create a CBDC.
  • This development comes shortly after news broke that El Salvador has become the world’s first nation to make Bitcoin a legal tender.
  • As reported in early June, the government of the small Central American nation voted in favor of the law, which will come into effect in September.
  • Since then, several other countries have outlined similar plans, including Paraguay and Panama.
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Source: https://cryptopotato.com/tanzanias-central-bank-working-on-adopting-cryptocurrencies/

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XRP lawsuit: Why SEC’s latest motion, Hinman’s deposition ‘should scare everyone’

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Until a week back, it was quite apparent that only the plaintiffs in the ongoing SEC v. Ripple lawsuit desperately wanted to depose additional people. However, it recently came to light that the defendants too intended to depose an additional office-bearer. With the sole hint of ‘former SEC official,’ the community started making its own guesses as to who would it be. Among the host of options available, two names stood out and seemed to be the most appealing – Jay Clayton and William Hinman.

In what is the latest development in the same, the SEC has now filed a motion to quash the deposition of its official. Unsurprisingly, the ‘former SEC official’ named by Ripple is SEC’s former Director in-charge of the Corporate Finance division, William Hinman. According to the plaintiff’s motion,

“To depose a former high-ranking government official like Director Hinman, Defendants bear the burden of showing ‘exceptional circumstances’ justifying the deposition.”

It should be noted that the purpose of the “exceptional circumstances” rule is to “protect the mental process” of government officials. As far as the defendants are concerned, they have claimed that they need to depose the official to elicit testimony on the SEC’s “internal views” and to develop evidence with respect to the “market participants’ views” based on Hinman’s interactions with members of the public. The SEC, on the contrary, argued,

“… these proposed inquiries… could be obtained by far less intrusive means.”

The SEC further stated that the answers the blockchain company seeks are protected by privilege since they relate to the everyday tasks of most high-ranking government officials. 

“Director Hinman has no personal, first-hand knowledge as to defendants’ offers and sales of XRP.”

Here, it should be noted that the official was a part of the SEC’s fact-gathering team that investigated Ripple’s conduct between 2018 and 2020. Additionally, he and his staff have also reviewed written submissions from the defendants’ council.

Further, the federal agency noted in its motion that XRP holders had shared false information about Hinman. Attorney John E. Deaton was quick to react, however, opining, 

“What’s false?… Maybe allowing the deposition to go forward will make future high ranking officials more accountable regarding the things that they say.”

Again, as known, Hinman made a public speech in 2018 where he explicitly stated that offers and sales of Ether were “not securities transactions.” However, at that time, he did not claim anything about XRP or Ripple. 

Further, in the exhibits attached with the motion, Hinman declared that the SEC has still not taken a call on whether the offer and sales of Ether fall under the category of securities. This menacing declaration, according to attorney James K. Filan, “should scare everyone.”


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Source: https://ambcrypto.com/xrp-lawsuit-why-secs-latest-motion-hinmans-deposition-should-scare-everyone

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