SINGAPORE, June 25, 2021 – (ACN Newswire) – Today, Moonstake announces it has entered into a strategic partnership with the TRON Foundation that develops one of the world’s largest blockchain-based operating systems, the TRON Protocol.
Through this partnership, Moonstake aims to enable staking of TRX coin, TRON’s native token, on its wallets and the two sides will collaborate on community building and marketing activities to promote adoption of the TRON and Moonstake ecosystems. Moonstake and TRON are also looking into further collaboration opportunities in the DeFi sector, as TRON is one of the most prominent blockchains in the DeFi space due to highly optimized transaction fees. Since March this year, Moonstake has officially entered DeFi together with the newly launched DeFi platform, Muse.Finance, who has begun releasing its core products and recently started its lockdrop for early adopters.
Moonstake launched its staking business in 2020 with the aim to create the largest staking network in Asia. Since then, it has developed the most user-friendly Web Wallet and Mobile Wallet (iOS/Android) with support for over 2000 cryptocurrencies. After a full-scale operation launched in August 2020, Moonstake’s total staking assets have grown rapidly to reach $1 Billion, allowing Moonstake to become one of the top 10 staking providers globally. Currently, Moonstake supports 12 high-demand staking coins: Cosmos, IRIS, Ontology, Harmony, Tezos, Cardano, Qtum, Polkadot, Quras, Centrality, Orbs, and IOST.
Meanwhile, TRON is a market-leading blockchain well-known for its large and highly active community of users and developers from all over the world, dedicated to the establishment of a truly decentralized Internet and its infrastructure. The TRON Protocol, one of the largest blockchain operating systems in the world, adopts an energy efficient dPoS consensus mechanism to provide high throughput, high scalability, and high availability for decentralized applications in the TRON ecosystem through collaboration with key business partners including global tech giant Samsung, Opera, BitTorrent, Poloniex, Swisscom Blockchain, and many more. It is one of the fastest growing DeFi ecosystems on the market, currently boasting more than 40 million user accounts and over 2 billion cumulative transactions. Additionally, Tron based TRC20 protocol hosts the largest circulation of stablecoin globally with nearly 34 billion USDT at present. Its native coin Tronix (TRX) can be used to pay for a robust range of decentralised content and application services on the network.
Mitsuru Tezuka, Founder at Moonstake, says: “We are deeply honored to become partners with TRON, an industry-leading blockchain with a global-scale community of highly active users and developers. TRON is one of the fastest-growing ecosystems in the market with a truly impressive growing volume of transactions and a vibrant ecosystem of DApps especially in the DeFi space. We hope to accelerate global adoption of the TRON network and DeFi services, as well as scale both of our growing ecosystems together.”
Justin Sun, CEO of TRON Foundation, says: “TRON staking is growing strongly and we’re glad to partner with Moonstake, one of the top 10 staking providers globally, to further accelerate adoption of TRX. Since TRON’s initiative is also to go “All In on DeFi”, we’re also happy to explore deeper collaboration opportunities with Moonstake in the field of decentralized finance and strongly boost the great growth of our DeFi ecosystems together.”
The partnership with TRON is another important strategic addition to Moonstake’s growing partner network. We look forward to bringing better value to our user communities and the crypto space as a whole, as well as deeper collaboration in the fields of staking and potentially, decentralized finance.
Moonstake was recently established to develop a staking pool protocol to satisfy increasing demands in regional and global blockchain markets. Moonstake develops a staking pool protocol and provides business services through partners and companies.
Moonstake aims to be the largest staking pool network in Asia by providing an active environment for crypto asset holders. Establishing a clear partnership roadmap with Moonstake represents another significant milestone for continuing to strengthen ties with leading platforms across Asia’s burgeoning Distributed Ledger Technology (DLT) ecosystem. Partnerships have been announced with Emurgo, Ontology and NEO to boost staking adoption, Binarystar, Japan’s biggest blockchain hub, OIO Holdings Limited (SGX: OIO), a Singapore-listed company. Industry’s reputed advisors, such as Lisk and Lawrence Lim of RAMP DEFI support Moonstake’s innovative journey.
With a full-scale operation launched in August 2020, we expanded our business and as of now, our total staking assets exceeded over USD 1 billion. https://www.moonstake.io/
TRON is dedicated to accelerating the decentralization of internet through blockchain technology and dApp use cases. Founded in September 2017 by Justin Sun, Tron has since achieved a number of milestones, including MainNet launch in May 2018, network independence in June 2018, and TRON Virtual Machine launch in August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized P2P services boasting approximately 100M monthly active users globally. https://tron.network/
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Bitcoin Is More Oversold Than It Was At ATH In April, Says Analyst
Bitcoin has continued to show tremendous gains lately in the market. The weekend saw the price of the digital asset shooting up above $42,000 for the first time in over a month, seeing continuous green daily closes for nine days straight for the first time in ten years.
Following this has been a number of speculations on why this is happening. And more importantly, how this trend is most likely to end. The indicators continue to point towards bullish but with the price fluctuations that bitcoin is notorious for, there is no telling how exactly the current uptrend will end.
Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin
Talking on this was Matt Maley, a chief market strategist at Miller Tabak & Co., who was on MarketWatch’s call of the day. Maley explained his reasoning behind what he believes was needed for the current gains in the market to stick as prices rally.
Don’t Get Too Excited
Maley started out with some advice for investors, who he tells to gauge the action of the prices during the normal market hours. Alluding to the fact that the recent bitcoin price rallies have been happening during off-market hours, which are weekends, nights, and early mornings. He attributes this advice to the markets being much thinner, with lower volumes, during off-market hours. Thus, it is imperative that the movement of the digital asset be observed during normal trading hours to see how the price moves.
Related Reading | Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why
Maley warned to not get too excited about the recent price increases. Waiting to see what the market does continues to be Maley’s advice to clients with regards to the weekend price rallies that have been experienced in the market.
“The markets are much ‘thinner’…and the volumes are much lower…on the weekends,” Maley said. “So we’ll want to see [if] bitcoin can remain above $40k once we get into next week before we get too excited.”
BTC price dips following weekend rally | Source: BTCUSD on TradingView.com
Maley continues to want to wait to see how the price holds up this week before anything else. His target is now the 200-daily moving average (DMA), and that stands at $44,600. Opining that the DMA had gotten close to that level since the rise and falls since May, twice. But had rolled over both times before hitting it. “Therefore, it could/should provide some resistance upon any further rally in early August,” said Maley.
Bitcoin Is Oversold
Maley pointed out that the digital asset now looks overbought on the current short-term basis. This is based on the Relative Strength Index of the asset, an oscillating indicator used to track the magnitude of recent losses in relation to recent gains.
Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist
Talking about bitcoin being oversold, Maley said, “Don’t get us wrong, it got much more overbought before it rolled over in January and February … and in November of last year.” Continuing on, Maley added, “However, it is more overbought than it was at the all-time high in April, so investors and traders alike will have a lot more confidence if this weekend’s move holds into the middle of next week.”
The price of bitcoin has continued to show strong bullish indicators following the recent dip in the price. But if Maley is correct in his analysis and bitcoin is overbought, then the market might continue to see further dips in the price of the digital asset.
Related Reading | Why Another Wave Up For Altcoins Is Probable According To BTC Dominance
This could push the price of bitcoin down past $35,000 as the price finds a comfortable correction point following the rally. As of the time of this writing, bitcoin is currently trending up slowly following the dip in the early hours of Monday, trading at $39,443 according to TradingView.com.
Featured image from CoinDesk, chart from TradingView.com
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Cardano, BAT, DASH Price Analysis: 02 August
Many of the market’s altcoins fell over the last 24 hours, with the same underlined by the lack of buying strength in the market. ADA might find some comfort around its immediate support level while BAT lost 4.9% of its value. Finally, DASH flashed a declining bearish signal on the charts.
ADA tanked by 2.7% over the last 24 hours, with the alt valued at $1.32 at press time. A further drop could have the price rest on the support level of $1.25. On the developmental front, Cardano is expected to let users run smart contracts once the hard fork occurs.
ADA’s technical indicators all pictured the same bearish situation with a fall in buying pressure. The Awesome Oscillator pictured red signal bars while the MACD too registered a bearish crossover on the charts.
The Relative Strength Index hovered near the neutral zone after its buying pressure went on a downtrend for a few days.
Basic Attention Token [BAT]
BAT also dipped by 4.9% over the last 24 hours. In a day, the asset fell from the overbought zone to the neutral zone as the price rested at $0.65. Substantiating the above statement, the Relative Strength Index stood at 57. The Chaikin Money Flow mirrored the same movement as it noted a considerable dip in capital inflows. Despite the dip, however, inflows still surpassed outflows.
$0.61 happens to be the support line for BAT as the coin lost its bullish momentum today. The MACD flashed the presence of bearish sentiment as the red histograms were visible at the time of writing.
In the case of some bullish movement, the resistance level to test stood at $0.71.
DASH was also on a downtrend as it reported a 4.1% decline in price over the last 24 hours. The alt was trading at $161.32, at press time, with a bearish technical outlook just like most other altcoins.
Market volatility could be anticipated as the Bollinger Bands opened up and remained parallel. Buying pressure decreased, with the Relative Strength Index registering a dip in the number of buyers. It remained close to the point of equilibrium, however.
Awesome Oscillator too verified that same and observed red bars on the midline. This indicated that bearish pressure existed in the market.
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Kraken Exchange Donates $300K to University of Wyoming
Kraken – a popular cryptocurrency exchange based in San Francisco, CA – has partnered with the University of Wyoming to ensure all future tech students get the resources they need for positions in the growing crypto space.
Kraken and Wyoming Continue Their Working Relationship
Kraken says it will offer scholarship support to students pursuing PhDs at the university. It will also work with college professors to create programs for students in the K through 12 range that will give them the education and knowledge they need to potentially enter the digital currency space as they mature. Overall, Kraken is donating a whopping $300,000 to the University of Wyoming.
The gift is part of the exchange’s tenth anniversary celebration. Jesse Powell – the CEO of the platform – says that Kraken has been around since the year 2011, and that he and his staff wanted to do something big in honor of the company’s growth and status in the digital currency arena. He says:
On our tenth anniversary, we’re setting sights on the future by investing in expanding access to quality education on bitcoin and cryptocurrency. We hope the program will capture imaginations and contribute to a better financial future for Wyoming and for the world.
The $300,000 gift will be doled out over the next three years to ensure PhD students of limited financial means are privy to the same educational resources and program options as the rest of their classmates and counterparts. Part of the funds will also be utilized to create a summer camp for students looking to pursue tech-based and computer science degrees at the university.
Assistant professor of computer science Dr. Mike Borowczak stated in an interview:
This gift from Kraken enables us to recruit and retain a high-caliber researcher who will work in an interdisciplinary space with other researchers from both the Wyoming Advanced Blockchain Laboratory as well as the Cybersecurity Education and Research Center.
In addition to its work with the school, Kraken is striving to create an entire grant program that will ultimately donate more than $1 million to support open-source cryptocurrency technologies and future outreach programs.
Jesse Powell Has Been Featured a Lot
Kraken and Wyoming already share a special relationship given that the crypto exchange has established one of the state’s first official cryptocurrency banks in recent months. The trading platform has been in the news quite a bit as of late, with Jesse Powell recently saying that 2022 would be the year in which bitcoin reaches a price of $1 million per unit.
In addition, Powell was quick to suggest on social media that regulators may wind up working to collect individuals’ crypto holdings given how much digital assets threaten the well-being and stability of banks and standard financial institutions. At press time, the company has garnered financial backing from the likes of Tribe Capital, Hummingbird Ventures, Blockchain Capital and many other firms.
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