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Dogecoin Spikes 15% after Receiving Support from Coinbase Pro

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Dogecoin, the world’s 6th most valuable cryptocurrency, jumped nearly 15% on Tuesday after Coinbase Pro announced support for DOGE. The exchange announced yesterday that the inbound transfers of Dogecoin are now available in the company’s supported jurisdictions.

According to an official announcement, the trading of Dogecoin will start on Thursday 3 June 2021 at 9 am Pacific Time, subject to the liquidity conditions. Dogecoin is currently trading near $0.37 with a market cap of more than $48 billion.

“Starting immediately, we will begin accepting inbound transfers of Dogecoin to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions are met. Once a sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading,” Coinbase mentioned in the announcement.

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Apart from the latest announcement regarding the listing of Dogecoin, Coinbase Pro listed the world’s most valuable stable coin Tether (USDT) in April 2021.

Dogecoin in 2021

DOGE saw significant growth in 2021 in terms of price and adoption. Several organizations around the world including NBA Team Dallas Mavericks and Latvia’s airBaltic started accepting Dogecoin as a mode for payments. In terms of price, DOGE remained extremely volatile this year as the price of the world’s 6th largest cryptocurrency touched a high of $0.72 and a low of $0.26 within 2 weeks of May 2021. Commenting about the latest volatility in Dogecoin, Brian Brooks, former Acting Comptroller of the Currency at the USOCC and current CEO of Binance US, said: “What we don’t want is a panic over Dogecoin prices to kill Bitcoin or Eth or some of the fundamental innovations that are going on here.”

Dogecoin is now more valuable than several other leading cryptocurrency assets including XRP, Polkadot (DOT), Chainlink (LINK) and Bitcoin Cash (BCH). The crypto market dominance of DOGE now stands at around 3%.

Source: https://www.financemagnates.com/cryptocurrency/news/dogecoin-spikes-15-after-receiving-support-from-coinbase-pro/

Blockchain

EOS: Why there’s a question mark attached to its long-term trajectory

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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

The lack of buyers for EOS has certainly hurt its price progression on the chart. Facing strong competition from the likes of Solana, Cardano, and Ethereum, the smart contract operator has gone relatively unnoticed since the wider crypto-crash on 19 May. This was evident from its recent trading volumes which were nowhere near levels seen during its run-up to May highs.

While a bullish pattern did attempt to change this situation, 7 September’s flash crash came at an unfortunate time. Since then, while EOS did regain some lost ground, it was yet to fully convince observers of a speedy recovery.

At the time of writing, EOS was trading at $5.27 with a market cap of $4.94 billion.

EOS Daily Chart

Source: EOS/USD, TradingView

A falling wedge breakout in early September set EOS for higher price levels but 7 September’s flash crash played spoilsport. Since then, EOS began to take shape within a bear flag which presented chances of a breakdown. A close under the daily 20-SMA (red) and the $4.8-support would set EOS on a southbound path below 7 September’s swing low of $4.15.

The support areas of $4 and $3.5 would look to stem further bleeding in the market.

To shatter this outlook, EOS would need to register a close above $5.7 on strong volumes. This would allow the digital asset to target previous highs formed at $6 and $6.4.

Reasoning 

Now, the Relative Strength Index has been forming higher peaks over the past week and a half – A positive sign. However, the index is yet to assert itself in bullish territory. In a weak market, the RSI normally finds resistance between 55-60 and drops lower once again.

Similarly, the MACD was inching higher but at a relatively slow pace. A bullish outcome cannot be expected till the index rises comfortably above its half-line. The On Balance Volume presented a wider picture. According to the index’s downtrend, sell volumes have been higher than buy volumes over the past month.

Conclusion 

Since EOS was trading within a bear flag pattern, a breakdown can be expected going forward. In such a case, expect buyers to respond at support levels of $3.5 and $4. To overcome this situation, buyers need to maintain EOS within its current pattern. This would heighten the chances of a break in the opposite direction.

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Source: https://ambcrypto.com/eos-why-theres-a-question-mark-attached-to-its-long-term-trajectory

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Blockchain

Sorry, Everyone. Walmart and Litecoin Have NOT Formed a Partnership

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Walmart has been making a real name for itself in the crypto space. Many analysts were thrilled when the retailer announced not too long ago that it was looking to hire a crypto product specialist for its new blockchain division, suggesting that the firm was following in the steps of Amazon, one of its biggest competitors.

Walmart and Litecoin… If Only!

According to a recent news release, the company had engaged in a partnership with leading altcoin Litecoin, which emerged in the year 2011 following a hard fork of bitcoin, the world’s most popular digital currency. Following the issuance of the release, crypto fans celebrated on social media platforms and the price of Litecoin shot up by as much as 20 percent. It seemed like the asset was unstoppable… until it was revealed just moments later that the release was a hoax, and no partnership of any kind had been formed.

The initial nature of the press release was that Walmart would accept Litecoin for payments. Already, one had to assume that something was a little fishy about the statement. The company made no mention of bitcoin, meaning it was allegedly not willing to accept BTC – the largest and most powerful crypto asset in the world – but was willing to give the greenlight to payments initiated through a smaller competitor? That doesn’t make a whole lot of sense when one puts two and two together.

Either way, it looks like the release was widely distributed and believed before Walmart could get the news under control. At the time of writing, it is unclear who issued the release or who wrote it. It is also not clear how the news came about, though Walmart has explained on its website that it is now looking into the matter while also assuring its customers that there is no partnership whatsoever between it and Litecoin.

A Walmart spokesperson explained in an interview:

We are digging into it further to understand what happened.

The situation seems innocent enough. After all, if the perpetrator is found out, all he would have to do is issue an apology and promise never to do anything like that again, right? Well, as it turns out, situations like these can wreak havoc on the allegedly issuing company, in this case Walmart. As the retailer is a publicly traded business, Walmart could potentially face liabilities from organizations and agencies such as the Securities and Exchange Commission (SEC), which could open its own investigation into the company to discover what happened.

This Can Be a Serious Problem

Speaking with The New York Times, Andrew Calamari – a lawyer with Finn Dixon & Herling and a former securities director with the SEC’s New York office – mentioned in a statement:

It is a misrepresentation involving a public issuer.

Tags: Amazon, litecoin, walmart
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Source: https://www.livebitcoinnews.com/sorry-everyone-walmart-and-litecoin-have-not-formed-a-partnership/>

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Over 40 days after Ethereum’s EIP-1559, here’s where it stands

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The last couple of months have seen Ethereum steal the show on the charts, as well as in the larger market. In fact, the implementation of EIP-1559 in the 1st week of August this year gave ETH much of its market-wide hype. That, coupled with the wider market’s resurgence, has allowed many in the mainstream to finally move beyond just Bitcoin.

While this has been revolutionary for the network and its participants, issues of scalability and high gas prices have been repeatedly raised. In line with these concerns, the emergence of ‘ETH-killers’ such as Solana and the rapid rise of layer-2 scaling solutions has thrown a spanner in the works.

EIP-1559 a ‘parasitic tax?

Recently, analyst Willy Woo sparked an interesting debate with his take on EIP-1559 and capital rotation out of the Ethereum network. He ran a poll on whether his followers consider EIP-1559 a “parasitic tax” driving decentralized applications (dApps) to other networks for short-term deflationary effects. The reactions were mixed, but it’s an interesting take on the situation. 

Over the last few months, the increased usage of ETH network in dApps, NFT surges, and yield farming has caused the network fees to hit 100-200 Gwei several times. Previously, ETH developers had spoken about EIP-1559 being focused on tackling hiked gas fees and making it predictable. 

Notably, in the 40 days since EIP-1559 was first implemented, the amount of ETH burned has exceeded 296,000 ETH. What’s more, the burn value has exceeded $1 billion with OpenSea burning the largest number, more than 40000 ETH. 

Source: Wu Blockchain

So, who benefited from EIP-1559?

While for the Ethereum network the post-London phase was a bittersweet time with criticism and applause coming in equally, there were other networks that reaped the advantages of it. In fact, the high gas fee over the last couple of months was a blessing in disguise for layer-2 scaling solutions. At the time of writing, over 3.6 billion were locked in layer 2 solutions on Ethereum.

Further, interestingly, Solana’s exponential growth can also be attributed to its low transaction costs and high speed. Ethereum has relied on Optimistic Ethereum, rollups, and zero-knowledge tech to increase speed and lower gas fees. On the other hand, Solana is in a more favorable market position.

In fact, the narrative that Solana is “the fastest blockchain network in the world” could be ETH’s doing and indirectly a post-EIP-1559 effect. 

Now, for the future, it seems like there are two ways forward for the second-largest blockchain. Either the high gas fees will continue to drive capital rotation out of Ethereum (to L-2 solutions) or aid the transition to a scalable and relatively low-fee blockchain post-ETH 2.0

For now, however, with the NFT buzz cooling off, it seems like dApps might be migrating away from the ETH network. Thus, looks like the short-term effects of EIP-1559 are debatable. 

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Source: https://ambcrypto.com/over-40-days-after-ethereums-eip-1559-heres-where-it-stands

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