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Cardano Leading Token in Crypto Market Recovery

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Cardano, which is in the top 10 coins by market capitalization, has been a leading token in the crypto market recovery that took place over the weekend. The platform has announced Cardano’s Alonzo test deployment.

While the total capitalization of the crypto market only increased slightly on Sunday 30th, Cardano’s cryptocurrency (ADA) experienced gains as high as 32% days after the deployment of the Alonzo testnet on May 27th.

According to CoinGecko data, ADA has been the most consistent earner over the past 7 days among the biggest 10 cryptocurrencies by market capitalization, only slightly behind BNB in terms of overall gains.

Cardano Flys Higher

Cardano had been one of the top-performing cryptocurrencies before the recent market crashes, having reached its all-time high of $2.46 on May 16th before seeing its value drop by more than 50% over the next few days.

The previous success behind the cryptocurrency had been the result of its scientific approach toward scalability and performance, which allowed it to become one of the biggest Ethereum contenders along with networks like Binance Smart Chain and Polkadot.

The network also announced on May 23rd that it had reached the 1 million ADA wallets mark, with more than 70% of existing ADA being staked across more than 2.5k pools.

IOHK Launched the First Testnet in Alonzo Rollout

Input-Output Hong Kong (IOHK), the company founded by Charles Hoskinson to drive the development of Cardano, announced on May 27th that it had successfully deployed the first testnet in the Alonzo Rollout.

Also named Alonzo Blue, the testnet is the network’s early alpha network designed to provide the core network functionality for the Alonzo node.

Along with the announcement of the deployment, IOHK also stated that it had started the process of onboarding a select group of stake pool operators and “Plutus Pioneers” to better develop the foundations.

Alonzo Blue is the first phase in the deployment of the Alonzo update. It will be followed by Alonzo White, Alonzo Purple, Alonzo Red, and finally, Alonzo Black.

Over the next months after Alonzo Blue’s deployment, the program will be expanded to include users as new features and testnet functionalities are added.

The Alonzo hard fork will bring smart contract functionalities to the Cardano network, marking an important milestone in the development of the blockchain network as it will open new doors for the development of dApps and platforms.

Will Cardano and Altcoins Outperform Ethereum?

Raoul Pal, a former Goldman Sachs executive, has recently shared his belief that Cardano and other altcoins could outperform Ethereum once the Bull market returns.

The Co-Founder and CEO of Real Vision Group was recently interviewed by Crypto Banter. After being asked about his crypto investment strategy, Pal made an analogy between traditional and crypto markets:

“In traditional markets, once an established trend takes place, you move out the risk curve. So from Bitcoin, being like government bonds, you then go to Ethereum which is like corporate bonds, and then you go to junk bonds, which is all the other stuff, and then private-sector lending. So I’m just moving out the risk curve because the trend is established, and I know that in a bull market, ETH will outperform Bitcoin and alts will outperform ETH.”

He also stated that his belief was not necessarily based on his belief if Cardano or Polkadot will surpass Ethereum, but on the general trend that would arise in the case of a bull market that affects Ethereum and Bitcoin.

While Cardano has a lot going for it, given the mixed signals that global governments are sending to the crypto markets, caution on the future direction of any token is warranted.

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Source: https://blockonomi.com/cardano-leading-token-in-crypto-market-recovery/

Blockchain

MEHH Token Offering Scalable Digital Payment Solution to Merchants

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[PRESS RELEASE – Please Read Disclaimer]

Scalable solution, a blockchain company enabling cryptocurrency payments for merchants to receive or send instant payments.

Cryptocurrency is becoming a next-generation payment choice among merchants and customers. Every day, more and more people are using connected devices to make payments. The adoption of digital currency is not limited to laptops but also reaches across the industry like tablets, phones, IoT devices, and smartwatches.

The demand for digital tokens is rapidly increasing. Amalgamate of innovative and secure digital payment mode will help merchants to stay ahead in the game.

Merchants can now take advantage of MEHH Token to expand their horizons and grow their user base around the world. Just with a single integration, now merchants can add MEHH tokens to their existing application or exchange platform.

Value Proposition for Merchants and Customers

MEHH Token is built on a decentralized Ethereum Blockchain Technology. Its permissionless network allows merchants to accept digital payments. Our token delivers the following value proposition to owners:

Merchants:

  • Revise quick payment in MEHH token
  • Reduce the risk of the data breach
  • Foster customer trust
  • No debt and high liquidity
  • Low free and fast transaction speed

Customers:

  • Easy access to make payments
  • Offers smooth payment experiences
  • Secure transactions
  • Convenient to move, exchange, or withdraw
  • Extremely Low free and fast transaction speed

Our mission is to support the vision of enabling digital payments for merchants and customers. By allowing each partner to receive and send payment across the network, the MEHH token ensures instant transfer and safe transaction. We designed these capabilities to redefine the way merchants send or receive payments and transform the Fintech industry by developing a platform that makes a positive impact.

Find out more at www.mehhcoin.com

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Source: https://cryptopotato.com/mehh-token-offering-scalable-digital-payment-solution-to-merchants/

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Bitcoin Cash: Is another drawdown likely?

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bitcoin Cash suffered a major setback after its price declined by 80% from its 12 May swing high of $1,642. An additional 50% drop dragged it below its 19 May swing low of $470, but BCH finally cushioned its losses at $390. Broader market relief over the last couple of days pushed BCH north of $470 once again, but the price was still in a sensitive position, at the time of writing.

Bitcoin Cash 4-hour chart

Source: BCH/USD, TradingView

A fall below BCH’s 19 May swing low of $470 had pushed the price towards $390 – A level last seen in late January. Having recovered from monthly lows on the back of broader market recovery, the 4-hour 20-SMA flipped bullish once again but the formation of an up-channel meant that bulls must be wary of another breakdown.

Reasoning

While BCH did break below the key level of $470, the region stole the spotlight once again. The 20-SMA and lower trendline of BCH’s down-channel both clashed with the aforementioned support level. Moreover, the Visible Range’s Point of Control lay at this very mark as interest for BCH was at its peak at $470 over the stated timeframe.

However, a look at BCH’s indicators pointed to some downside over the coming sessions. The Relative Strength Index failed to breach 50 as weakness persisted in the market. The MACD line closed in on the Signal line while its histogram noted receding bullish momentum.

The Stochastic RSI even indicated overbought conditions and headed back towards the neutral zone. If bulls fail to hold on to the press time-support, the price could drop towards its 28 February swing low of $430, where some stability can be expected.

Levels to watch out for 

Entry: $468

Take-profit: $430

Stop-loss: $500

Risk/reward: 1.19x

Conclusion 

Bitcoin Cash’s indicators noted some bearishness in the market and the price can move south from its press time value. This might open up a short opportunity for traders. Entry can be set just below Visible Range’s POC at $469, and take profit at its 28 February swing low of $430.


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Source: https://ambcrypto.com/bitcoin-cash-is-another-drawdown-likely

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Japan: FSA reportedly warns Binance against operating without a license

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Japan is considered by some to be the home of Bitcoin’s founder Satoshi Nakamoto, thanks to the famous pseudonym. Ergo, it is not a surprise that Japan is among the few nations worldwide to accept cryptos with open arms. That being said, regulatory norms in the country, especially those governing crypto-exchanges have been strict, especially on the back of episodes like Mt. Gox.

Now, according to reports, Japan’s financial watchdog has issued Binance a warning for operating in Japan without complying with its regulatory norms. Chinese journalist Colin Wu confirmed the aforementioned development by sharing a copy of the notice the crypto-exchange has allegedly been issued.  

According to the same, Japan’s Financial Services Agency (FSA) has warned the world’s largest crypto-exchange about the license that is mandatory for it to operate in the crypto-space in Japan.

Now, to some, the intensified regulatory scrutiny now poses a concern about a likely fall in demand on the exchange. However, it should be noted that Binance is not a very popular exchange in Japan. Bitbank and bitFlyer are the largest exchanges in terms of users, average daily volume, and investment capital. Accordingly, this development should not impact the crypto-community in Japan much.

In fact, the FSA had already warned Binance once back in 2018. At the time, post the 2018 warning, Bitcoin’s price subjected itself to a fall on the price charts. Again, earlier in February last year, the Malta Financial Services Authority (MFSA) also issued a warning to the exchange with the same allegation that it was not authorized to operate in its country’s crypto-sphere.

At that time, Binance’s execs had made it clear that they intend to closely work with regulatory bodies and comply with rules and regulations in all the places they operate in. That being said, at press time, Binance was yet to issue a statement in response to the aforementioned reports.   

The FSA was also in the news recently for issuing a warning to Bybit a couple of days back.


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Source: https://ambcrypto.com/japan-fsa-reportedly-warns-binance-against-operating-without-a-license

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