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Avalanche raises $230M following sale of >1500% returning AVAX

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This season of the crypto-market has highlighted altcoins and altcoin projects that have been striving to bridge the gaps existing in the industry. Avalanche is one such project, with the same in the news today after it raised $230 million from the sale of its cryptocurrency, AVAX.

According to the foundation behind the blockchain, Avalanche received this sum of investment through a private sale to a group led by Polychain and Three Arrows Capital.

Reportedly, R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, and a group of angel investors and family offices also participated in the investment round. The token sale was completed in June and the objectives of the foundation were to support and accelerate the growth of decentralized finance [DeFi], enterprise application, and other use cases on the Avalanche public blockchain.

Its token AVAX has recorded tremendous growth, despite the market trend being increasingly bearish. The asset, at press time, was returning 1,589% to investors year-to-date after it rallied to $63.62. AVAX also registered a strong surge of almost 30% in one 24-hour window, a consequence of the latest updates to the ecosystem.

Another reason why the blockchain surged higher was the onboarding of several blue-chip DeFi projects like Aave, Curve, and SushiSwap. On Wednesday, Avalanche Foundation asked for ‘signaling’ from the Aave community to accept a deployment of the Aave protocol into Avalanche.

Aave ecosystem could leverage Avalanche’s blockchain due to scalability, high throughput, and near-instant finality. According to the blog,

“Through the Avalanche Rush program, the Avalanche foundation has allocated up to $20M AVAX for users of the Aave protocol over a three-month period to earn AVAX rewards while using Aave on Avalanche for the first phase of the program. This program will bring new users to the platform, and reach more users from the established Avalanche community.”

It added,

“Having the Aave community embrace deployment on established chains like Avalanche will allow more users to access Aave’s offerings across the DeFi ecosystem.”

With competition between layer one protocols heating up, Avalanche has been trying to secure a top position. According to Emin Gün Sirer, Director at the Avalanche Foundation, there is “still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

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Source: https://ambcrypto.com/avalanche-raises-230m-following-sale-of-1500-returning-avax

Blockchain

The Graph (GRT) Doubles in Price Over October – is There More to Come?

The Graph (GRT) has moved above its Sept highs, and is facing virtually no resistance until $1.65. Technical indicators are bullish.

The post The Graph (GRT) Doubles in Price Over October – is There More to Come? appeared first on BeInCrypto.

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The Graph (GRT) has moved above its Sept highs, and is facing virtually no resistance until $1.65.

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GRT has been moving upwards since Oct 1, when it broke out from a descending resistance line. This indicated that the correction that had spanned the entire of Sept had come to an end. 

Both the RSI and MACD support the continuation of the upward movement. 

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The RSI, which is a momentum indicator, has been increasing since the aforementioned breakout. On Oct 23, it moved above 70. This is a strong sign of a bullish trend, even if it shows overbought conditions. The sharpest portion of an upward movement usually transpires when the RSI is above 70. 

The MACD, which is created by a short- and a long-term moving average (MA), is positive and increasing. This means that the short-term trend is faster than the long-term one. 

On Oct 26, GRT finally moved above its Sept highs at $1.05. Now, the next closest resistance area is at $1.65. This is the 0.5 Fib retracement resistance level and a horizontal resistance area.

GRT Breaks out
Chart By TradingView

Cryptocurrency trader @Incomesharks outlined a GRT chart, stating that the token is likely to see an upward movement that could take it as high as $1.65. As outlined above, the token has already initiated its upward movement and is increasing towards the $1.65 resistance area.

GRT increase
Source: Twitter

GRT/BTC

The GRT/BTC pair is not yet as bullish as its USD counterpart, but it shows signs that often precede upward movements. 

First, GRT has broken out from a long-term descending resistance line. Second, it has reclaimed the 1500 satoshi horizontal area, after initially deviating below it (red circle). This is a bullish development that often preceded upward movements.

Furthermore, the RSI has moved above 50, which as stated above, is a sign that momentum is turning bullish. 

Finally, there is a bullish divergence in the MACD. This means that while the price dropped, the MACD did not, and is seen as a sign of strength.

GRT has to move above 2250 satoshis in order for the rate of increase to accelerate.

GRT Resistance
Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto’s Senior Analyst.

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Source: https://beincrypto.com/the-graph-grt-doubles-in-price-over-october-is-there-more-to-come/

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Photoshop to launch new feature that will counter NFT art theft

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Adobe is adding a new feature into Photoshop that will, among many other things, help prove the true ownership of an NFT.

According to the software giant, the feature the feature will help to determine whether the person selling an NFT is the actual person who made it. Dubbed ‘Content Credentials’, this feature will help NFT creators to link the Adobe ID with their crypto wallet addresses. By doing this, compatible NFT marketplaces will then show some sort of verified certificate proving the authenticity of the art’s source.

According to reports, the feature will be built into Photoshop with an option to “prepare as NFT”, launching on test mode by ending of October.

Adobe also announced its partnership with NFT marketplaces like OpenSea, SuperRare, KnownOrigin, and Rarible will be supporting Content Credentials to show Adobe’s attribution information.

Art theft has always been a major concern in the NFT space. Many examples abound, of people minting NFT they never owned any rights to or created. For some reason, it has always been that anyone can actually mint any art, even if they don’t own the copyright to that particular content. To make matters worse, the minting can easily be kept on the blockchain, just as if it were the original work, thereby making the creation seem authentic.

Photoshop may not outrightly stop NFT theft, but can prove the authenticity of an art

In short, anyone could easily mint another copy of an NFT, potentially fooling buyers that don’t know the difference. However, Adobe’s latest system does offer a way to prove that the NFT you’re selling is rightfully yours and not stolen, albeit it won’t prevent art theft.

NFTs will not be the only beneficiaries of Adobe’s Content Credentials though. As part of its Content AuthenticityInitiative, the likes of Getty Images, BBC, Nikon, Microsoft and Rarible will also enjoy from the functionality.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/photoshop-launch-new-feature-will-counter-nft-art-theft/

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Bitcoin’s Latest All-Time High Shines Light On New Prospects To Watch Out For

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Bitcoin Options Volume Explodes Higher As Market Warms Up To First U.S. BTC ETF

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Bitcoin broke through the previous price roof in the wake of an ETF approval in the US and reached an all-time high of $66,909, eliciting huge excitement among proponents. From Reddit, Medium, and Facebook, to Twitter, the social media realm was awash with massive praises of the digital currency, from the right and left segments.

BTCUSD Chart by TradingView

And it appears to be just the beginning of good things ahead for the entire digital currency industry, CTO and Co-founder of Bitcoin rewards app Lolli, Matt Senter, told ZyCrypto.

“We Bitcoiners love ‘Uptober,’ our cheeky nickname for October, and it’s living up to its name. With bitcoin at a new all-time high, Bitcoin is proving that historical price patterns are no joke.”

“Bitcoin has characteristically performed very strongly during October, kicking off a price climb that continues through the first of the new year. At this rate, with increasing institutional adoption and a warming regulatory environment, we believe the bull run is just getting started.”

Probably the next big milestone to watch for Bitcoin is at $72,800, when Satoshi Nakamoto’s striking creativity will surpass the total value of all silver globally in market capitalization, according to the Chief Strategy Officer at Oslo human rights foundation Alex Gladstein.

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That’s the next big milestone for Satoshi Nakamoto’s remarkable invention, once just a string of code on the solitary computer, running quietly in the wake of the Great Financial Crisis.”

At $1.2 trillion in market capitalization, Bitcoin is close to transcending silver in market cap by an entire 90%. Silver is at $1.38 trillion. When there is excessive news of crypto hitting an all-time high, many people begin to sell it to cash in on profits. But many holders may currently still be willing to hold on to their dear coins expecting further breakouts as the fundamentals and prospects by analysts are still looking great. 

At this rate, Bitcoin is up 205 percent this year. But the debut of the Bitcoin ETF approval in the United States has sparked a huge demand. Head of Communications at Lolli Aubrey Strobel said the ETF approval may still activate further price pumps because it makes Bitcoin acceptable to institutional investors.

“The SEC’s approval of the futures ETFs also signals promise for other Bitcoin-related financial products – a sign of a warming regulatory environment for Bitcoin in the U.S., where financial authorities are recognizing that Bitcoin is very much here to stay and that there is an ever-growing body of consumers with interest in owning or investing in Bitcoin.” 

Strobel said that Bitcoin’s all-time high price is the latest validator that Bitcoin is the most secure store of value in history given the high yearly ROI – especially in the last decade.

“Bitcoin has consistently discredited critics who deride its volatility as an augur of a coming price crash by breaking ever-higher price ceilings, inviting growing institutional and mainstream interest.” 

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Source: https://zycrypto.com/bitcoins-latest-all-time-high-shines-light-on-new-prospects-to-watch-out-for/

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