Popular smart contract protocol Polkadot (DOT) is on a significant roll this year as it anticipates growth in its core operations. DOT is also climbing the cryptocurrency charts steadily and is now poised to break into the top four cryptocurrencies by market value.
DOT Isn’t Here to Play
DOT officially flipped XRP for the first time to be the world’s fourth-largest cryptocurrency by market capitalization. Rankings on CoinMarketCap showed that the asset flipped XRP in the early hours of the day, although the latter still managed to regain its spot.
Current data shows that XRP holds a $13.08 billion market cap, while DOT is sitting at $12.43 billion.
With DOT posting a 26 percent gain between Wednesday and Thursday, it got enough juice to jump from $10 billion and flip XRP. All the asset needs to do is replicate its performance over the past week, and it should be clear of XRP soon enough.
DOT only managed to break into the top five this week, flipping Litecoin in the early hours of Thursday. Thanks to a 28 percent jump from Wednesday, DOT was able to add $2 billion to its market cap, reaching $10.68 billion and eclipsing Litecoin. As CoinMarketCap data shows, Litecoin remains stuck just shy of the $10 billion mark.
The performance underscored what has been an impressive month for DOT. The asset hit a new all-time high of $11 per token last month, and it has continued to ride that momentum since. Still, some believe that the asset still has some way to go. Michael van de Poppe, a Dutch trader who works on the Amsterdam Stok Exchange, explained on Wednesday that he believed DOT would continue to soar in the coming weeks.
As Poppe explained, DOT will most likely dip to the key support area of about $7.5 per token. Following that, the asset will gather enough momentum for a consolidation that could see it cross $20 in the near future.
SEC to Drag XRP Down?
DOT flipping XRP seems like an inevitable outcome. It doesn’t help the latter that it is now subject to a lawsuit from the Securities and Exchange Commission (SEC) that could jeopardize it.
The SEC sued Ripple Labs, XRP’s operator, last month on claims it violated the Securities Act of 1933 in its Initial Coin Offering (ICO) for the asset. The agency seems to be in a strong position to emerge from the battle as the victor, and success with this suit would see XRP classified as a security.
Many in the crypto space understand the threat and have been taking action. Several top exchanges – including Coinbase, Blockchain.com, and Bittrex, have announced that they would either delist the asset or suspend trading activities for the time being.
At the same time, investments in XRP have been dwindling as several investment firms – including Bitwise Asset Management, Bakkt, and Grayscale Investments, have cut ties with the embattled asset. With XRP’s fate in the balance, drops are expected.
The asset already fell by 45 percent since the SEC suit was published. Any more significant losses, and it could slip even lower than DOT.
SingularityNET Partners With Ocean Protocol Prior to the AI-Based DeFi Fund Launch
[Press Release – Amsterdam, Netherlands, 18th May 2021]
The collaboration will see the OCEAN token’s inclusion in SingularityDAO’s index fund/investment portfolio. Moreover, SingularityDAO is designed to leverage AI at multiple levels: AI manages dynamic token-sets, executes predictive market-making strategies to provide liquidity for these token-sets on DEXs, and predictively models hedging strategies.
All this AI requires a lot of data to learn and improve, which is why SingularityDAO is a natural user of Ocean data sets – data sets published via Ocean Market (and other Ocean-based markets) into the Ocean ecosystem. The Ocean ecosystem is host to many diverse and varied trading and DeFi data sets. These make excellent candidates for consumption by SingularityDAO’s AI agents to enhance its financial modeling.
I’m really excited by the opportunity to work together with Ocean Protocol, one of the most respectable projects in crypto that has been constantly delivering community-driven, decentralized data solutions. SingularityDAO will constantly make use of data to train our ML and I can’t think of a better partner than Ocean Protocol. – Marcello Mari, CEO at SingularityDAO
The news follows the successful completion of a total of $5.2 million raised in three different rounds for the highly anticipated Governance Generation Event on MANTRADAO, which reached its hard cap within less than 2½ hours.
The protocol, described as ‘DeFi meets decentralized AI,’ held the event exclusively for SingularityNET $AGI holders and attracted 5,800 registrations in one week. The token sale raised $1.6 million (8,000,000 SDAO).
The successful Governance Generation Event follows a recent private sale wherein SingularityDAO raised $2.7 million of funding from a number of top-tier investors such as AlphaBit, Marshland Capita, GBV, and SMO Capital. SingulariyDAO’s governance token has been generated on May 13th and distributed on the same day. It is currently trading on Uniswap.
SingularityDAO is a decentralized platform, governed by the SDAO token, tasked with governing DynaSets. DynaSets are diversified baskets of cryptocurrency assets dynamically managed by AI and curated by the protocol. SingularityDAO brings the financial sophistication of AI-managed funds to DeFi, deploying SingularityNET’s AI technology to navigate complex markets.
About Ocean Protocol
Ocean Protocol’s mission is to kickstart a Web3 Data Economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world.
Data is a new asset class; Ocean Protocol unlocks its value. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets in a secure, privacy-preserving fashion.
Bought the Dip? MicroStrategy Purchased $10M in Bitcoin at $43.6K
Michael Saylor’s NASDAQ-listed company continues with its initiative to purchase sizeable amounts of bitcoins at frequent intervals. The firm said earlier today it had allocated another $10 million in cash in BTC, and its total stash is over 92,000 coins.
- The founder and CEO of the business intelligence giant announced the latest purchase on Twitter earlier on May 12th.
- It reads that the firm has bought 229 bitcoins for $10 million in cash at an average price of $43,663 per coin.
MicroStrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per #bitcoin. As of 5/18/2021, we #hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin. $MSTRhttps://t.co/fU6LN4WbKI
— Michael Saylor (@michael_saylor) May 18, 2021
- Keeping in mind the multiple purchases made since August 2020, the firm holds 92,079 bitcoins. MicroStrategy has paid $2.251 billion for its stash, with an average price of $24,450 per token.
- Although this is far from being the largest single acquisition, as the company once bought more than $1 billion worth of BTC, this one actually comes in a compelling moment.
- In fact, buying 10 million coins at an average price of $43,663 means that MicroStrategy has taken advantage of a popular narrative in the crypto community – buy the dip.
- The price of the primary cryptocurrency has suffered severely in the past week or so after Elon Musk announced that Tesla has stopped receiving BTC payments for its electric vehicles.
- In a matter of days, bitcoin fell from over $58,000 to a three-month low of $42,000.
- Although losing $16,000 of value in less than a week could be considered a major blow, and some investors disposed of their coins even at a loss, MicroStrategy has reaffirmed its promise to continue buying bitcoin as part of its reserve treasury strategy.
JPMorgan’s Securities Services to Offer TradingHub’s Analytics Solutions
The Bank is planning to offer trading analytics solutions to its buy-side clients.
TradingHub, a trade analytics services provider to the global financial markets industry, today announced that JPMorgan, one of the leading investment banks worldwide, will offer TradingHub’s trading analytics solutions to its institutional clients.
According to the official announcement, JPMorgan’s new offering will include TradingHub’s Transaction Efficiency and Accuracy Monitor (TEAM) solution. TradingHub is currently providing trade analytics services to several investment banks and investment management firms worldwide.
TEAM is a new tool by TradingHub that enables financial services companies around the world to evaluate execution costs at the order, trade, instrument, or asset class-level, and compare against peers on an anonymized basis.
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Commenting on the latest announcement, Neil Walker, Chief Executive and Founder of TradingHub, said: “We are delighted JPMorgan has identified TEAM as a highly novel and valuable product and is giving its clients access to our market-leading trade execution analytics service. This important relationship with JPMorgan will give more asset managers access to our services in a seamless and efficient manner via its open platform.”
JPMorgan has accelerated its global partnerships since the start of 2021. The US-based financial services provider recently partnered with Singapore’s DBS Bank and Temasek to develop a new blockchain-based platform for cross-border payments.
TradingHub mentioned in the latest announcement that the main focus of TEAM is to facilitate buy-side firms in the identification of financial brokers providing the best execution. TEAM also provides greater transparency to sell-side institutions. “Providing clients with access to unique services which help them manage transparency across the trade lifecycle is more important than ever. We’re excited to be working with TradingHub and offer TEAM as part of our growing platform,” Richard Crozier, Head of Product for Data and Analytics at JPMorgan Securities Services mentioned in the official announcement.
JPMorgan is planning to facilitate buy-side clients by providing integrated solutions through an open platform. In the last quarter, JPMorgan posted strong growth in revenues and profit.
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