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Cardano price surge 14 percent, becomes fourth largest crypto

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TL;DR Breakdown

  • Cardano now fourth largest crypto by market cap
  • ADA’s Alonzo testnet launch

Charles Hoskinson’s Cardano has again shine amidst all other coins surging by over 14 percent and still going up. Earlier on Sunday, before other coins began to recover, Cardano had surged by 11% in price on Sunday morning to $1.64, according to data from metrics site Nomics.

It has also ousted BNB as the fourth largest crypto coin to sit at the spot.

At the level, the coin is reemerging to prices observed on Wednesday, when ADA reached as high as $1.77. However, the coin is still far off its all-time high of $2.46, which it achieved two weeks ago on May 16.

Boosts behind Cardano surge

The project on Friday started to doll out its Alonzo testnet named after the church the project developer attends, Alonzo Church. The Testnet adds smart contracts to the blockchain, indicating that the coin is finding its way to integrating decentralized applications to its blockchain.

The testenet is expected to be fully operational by the end of August.

Hoskinson, in his many YouTube updates earlier this week, said that the next 90 days are for the most critical engineering path, integration path, coordination path, and community path.

The project undoubtedly is on the heels of the second-largest crypto coin, Ethereum, especially with its smart contract functionality.

In a funny twist, while the surge in Cardano price is attributed to the testnet launch, the coin price crashed on Friday when the testnet officially launched. It slumped along with the rest of the market, which tanked by about 8% in six hours. However, today’s price rally has contributed to a 25% increase for ADA in the past week.

Cardano’s market cap is now $52 billion, about $1 billion more than BNB. It is $10 billion less than USDT stablecoin Tether and about $127 billion lower than the market cap of Ethereum.

Source: https://www.cryptopolitan.com/cardano-surges-now-fourth-largest-crypto/

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‘Cryptos are Not Currencies,’ Says ECB’s Lagarde

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European Central Bank (ECB) President Christine Lagarde recently emphasized that cryptocurrencies are not actually currencies, but “highly speculative assets.”

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“Cryptos are not currencies, full stop,” Lagarde stressed. “Cryptos are highly speculative assets that claim their fame as currency, possibly, but they’re not. They are not.” Although not a currency, she did say that they were “highly speculative, suspicious occasionally, and high intensity in terms of energy consumption.

Stablecoins and CBDCs

Despite her disdain for cryptocurrencies, Lagarde is more open to stablecoins, as they could facilitate central bank digital currencies (CBDCs). However, as they continue to spread, she believes they and the companies issuing them need more regulation.

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“You have those stablecoins that are beginning to proliferate, which some big techs are trying to promote and push along the way, which are a different animal and need to be regulated, where there has to be oversight that corresponds to the business that they’re actually conducting, irrespective of how they name themselves,” Lagarde said.

To this end, the ECB under Lagarde launched its digital euro projects this year in response to private-sector digital currencies. “I was keen to push the issue, the CBDC issue, on our agenda because I believe that we have to stand ready for that,” she said. Despite the push, the ECB President previously said that a digital Euro could take up to four years to produce. She remarked upon being “prompted by a demand of customers to produce something that will make the central bank and central bank digital currencies fit for the century we are in.”  

CBDC need

The Bank of International Settlements (BIS) shares Lagarde’s perspective about the need for CBDCs to stand up to the rise in privately issued cryptocurrencies. It also believes that without CBDCs, digital money would become increasingly dominated by big tech firms. This could potentially happen primarily by them leveraging their enormous social media user base.

In its latest Annual Economic Report, released earlier this summer, BIS dedicated a chapter to CBDCs. While applauding advancement in the payment systems, the report said that their benefits would depend on their structure and governance. On the one hand, the technology could enable a “virtuous cycle” of broader access, lower costs, as well as better services.

However, the report notes the potential for a “vicious cycle” of data silos, market power, and anti-competitive practices. “CBDCs and open platforms are the most conducive to a virtuous circle,” the report notes.

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Disclaimer

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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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/cryptos-are-not-currencies-says-ecbs-lagarde/

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Altcoin Market Cap Scrambles for Support

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The altcoin market cap (ALTCAP) has created a double top pattern close to its all-time high price.

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It has also broken down from an ascending support line and is currently attempting to find support above $1 Trillion (tn) 

Double top

The weekly chart for ALTCAP provides a bearish reading. On Sept 7, it reached a high of $1.44 tn. This was just slightly below the actual all-time high of $1.49 tn, which was reached on May 12. 

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The same week, it created a long upper wick and has been falling since. 

Furthermore, technical indicator readings are bearish. Both the RSI and MACD have generated considerable bearish divergences. In the case of the latter, it is visible in both the histogram and the signal line. 

Furthermore, it seems that ALTCAP has created a double top, which is considered a bearish reversal pattern. 

Therefore, it is possible that a drop will follow.

Altcap double top
Chart By TradingView

Future movement 

The shorter-term daily chart also supports these readings. 

ALTCAP has broken down from an ascending support line and validated it as resistance afterwards. In addition to this, it has fallen below the $1.2 tn horizontal support area. 

The RSI and MACD both support the continuation of the downward movement. The former has fallen below 50 while the latter is decreasing, approaching negative territory. 

The closest support area is at $1 tn. This is the 0.5 Fib retracement support level and coincides with the Supertrend support (green line).

A decrease to this level would also sweep the Sept 7 low, making it a very likely place for ALTCAP to bounce.

Altcap breakdown
Chart By TradingView

Wave count

Cryptocurrency trader @Mesawine1 outlined an altcoin marketcap chart, stating that the fifth and final wave is likely to take it well into a new all-time high.

ALTCAP Wave count
Source: Twitter

When looking at the movement since 2015, this does seem like the most likely wave count, in which ALTCAP is in the final sub-wave (red) of the final wave (white) of a bullish impulse.

Therefore, a new all-time high is eventually expected.

ALTCAP Count
Chart By TradingView

However, it is not yet clear if the longer-term wave four (red) has ended or if it is still developing. Due to the shape and length of the preceding wave two, it is more likely that ALTCAP is still in wave four and will consolidate more prior to an eventual breakout.

ALTCAP Count
Chart By TradingView

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

What do you think about this subject? Write to us and tell us!

Disclaimer

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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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/altcoin-market-cap-scrambles-for-support/

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Blockchain, Crypto Bring Transparency to Sportsbook, Casino Gaming

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In the midst of the current cryptocurrency craze, it’s hard to remember a time when Bitcoin wasn’t a known name.

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Yet, in all actuality, when Bitcoin was created in 2009, on the heels of an economic recession, it wasn’t, and how were its investors ever meant to predict the phenomena it would create?

Certainly, Laszlo Hanyecz didn’t, when in 2010 he used his 10,000 bitcoins (BTC), which then roughly equated to $41, to purchase a Papa John’s pizza.

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Now, it may be easy, with hindsight, to disbelieve why Hanyecz would ever give up such a vast virtual asset, but the truth in the matter is, no one then could have foreseen the momentous future cryptocurrency had in store.

However, what Hanyecz’s story does offer, is the lesson that we never know when the next cryptocurrency boom is going to happen, but now, in the wake of a new recession, a new coin rises to the ranks that have started to gain cryptocurrency curious investors’ attention – that coin is Crypto Stake. 

Crypto Stake is a unique development geared towards the future of sportsbook betting and casino games: creating a lucrative opportunity for investors to get involved in a globally accessible, decentralized gambling platform.

Unlike the new cryptocurrencies predecessors, Crypto Stake has emerged to the market with an unrestricted ecosystem, granting Crypto Stake Token (CST) holders the ability to access limitless, worldwide events and games by way of blockchain technology incorporated into the system.

These events and games are including but are not restricted to horse racing, football, boxing, basketball, roulette, blackjack, and baccarat.

Despite the obvious hard work, Crypto Stake has put into offering an advantageous CST holder experience, they have clearly not compromised on the importance of the token’s security and holder transparency.

They assure all casino-style games using Random Number Generation (RNG) will be done using blockchain technology. 

CST entered the market designed with the specific intention to maximize its holder’s potential personal profit. It does this by offering increased betting odds, CST transactions to keep demand high to maintain good exchange prices.

This also involves evolved AI that expeditiously processes any winnings and an exchange platform that offers a streamlined method to easily transfer any funds to any wallet at any time.

The only way to get involved and receive these perks will be through owning CST, which can easily be done through the ecosystems exchange, where CST can be bought with fiat currencies or any of the cryptocurrencies currently in the top 100 Coin Market Cap list.

Crypto Stake is focused on constantly evolving, with a goal to create a brand-new era of online gambling. In their mission to do so, they promise, not only to always endeavor into consistent expansion and technological advancement but also to get its members involved on their way up; awarding any members who refer active users with CST, through its referral program.

Not only that but as a gift from Crypto Stake to celebrate CST members, airdrops are given to all of its investors based on 3% of their investment value. 

Lastly, all CST are available to purchase on the Crypto-Stake.org website, using USDT sent on either TRC-20. ERC-20 and BEP-20 blockchain networks. On September 20, 2021, Cryptocurrency Stake begins issuing their ICO, which will be divided into 10 rounds – each increasing in price by $0.05.

Now, you can collect as many CST as you want now until the pre-sale is fulfilled, but remember, only two million tokens are available each round.

So, once the investing is finished, the trading begins – don’t let it be you that misses out on the next big cryptocurrency boom and becomes part of Crypto Stake’s journey to the moon.

About cryptocurrency stake token

Crypto Stake Token is an essential part of the future sportsbook and casino games ecosystem. CST is used as the exclusive digital currency on the platform for increased betting odds, both for sports bets and casino games. Players worldwide can profit when using Crypto Stake Token to place their bets.

For more information about the only way to place bets and receive enhanced betting odds, visit the website.

Disclaimer

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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Source: https://beincrypto.com/blockchain-crypto-tech-transparency-sportsbook-casino-gaming/

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