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Solana price soars to new highs with DeFi project launch, $70M DEX funding

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Solana blockchain’s native asset, SOL, soared to a new record high on Monday.

The SOL/USD exchange rate rose by 26.12% to $65.467 on the Binance exchange after traders assessed a flurry of infrastructural developments in the Solana ecosystem, including a recent $70-million crowdfund to support its blockchain-powered decentralized exchange, Mango Markets.

Solana ecosystem upgrades

Mango offers a platform for spot markets, lending and perpetual futures. It sources liquidity from its native pools and Serum, another Solana blockchain-based exchange, which is backed by billionaire Sam Bankman-Fried’s FTX.

The working model is very similar to other successful, Ethereum-based decentralized exchanges such as Uniswap and SushiSwap.

Other optimistic updates involved the Aug. 9 launch of Wormhole, a communication protocol between Solana and other top decentralized finance projects, including Terra, Ethereum and Binance Smart Chain, and the SOL-powered sales of the Degenerate Ape Project’s 10,000 nonfungible tokens (NFT) over the weekend.

“The very first day has already had over 200k SOL traded not even 24 hours in,” market analyst Pentoshi tweeted on the NFT sale on Solana marketplace Solanart.

“There are barely any notable NFT projects if any on SOL, but what happens as the market begins to shift? The demand for SOL will drive prices up to new highs and looking at the chart it’s primed for price discovery.”

Crypto market influence

The latest bull run in the Solana market also appeared as gains in top cryptocurrencies slowed down.

Both Bitcoin (BTC) and Ether (ETH) stopped their upside booms midway on overvaluation risks, with their relative strength index (RSI) indicators returning readings above 70, a sign that traders consider these assets overbought.

Meanwhile, alternative cryptocurrencies picked up their upside momentum in the wake of Bitcoin’s and Ether’s flat price action.

Related: Solana hackathon aims to bolster crypto innovation in India

For instance, the last seven days saw Solana surging by 57%, much in line with XRP, which also climbed 57%. Ethereum’s top rival, Cardano, also reported a 47% spike for its native asset ADA, while meme cryptocurrency Dogecoin (DOGE) rose 34% on fresh Elon Musk and Mark Cuban endorsements.

Top 10 crypto assets’ performance. Source: Messari

But like Bitcoin and Ether, Solana now appears to be facing the same overvaluation risks.

As on Monday, the SOL/USD’s daily RSI reading reached 84, raising profit-taking risks even though optimistic fundamentals ensured bullish backstops to the pair’s ongoing price rally.

SOL/USD daily price chart featuring its overbought RSI. Source: TradingView

In previous instances, an RSI-led sell-off had SOL test its 50-day exponential moving average as support. The wave currently sits around $36.56, down 41% from SOL’s price at the time of writing.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/solana-price-soars-to-new-highs-with-defi-project-launch-70m-dex-funding

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Russian central bank announces to take action against ‘suspicious’ crypto activities.

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According to local reports, the central bank of Russia is planning to take steps to throttle the rise in crypto trading activity in the country, including blocking some digital currency purchases, in a bid to tackle suspicious activity. The Bank of Russia has begun working closely with local banks to identify potentially suspicious crypto payments, instructing them to halt payments sent to digital currency exchanges to prevent “emotional” bitcoin purchases. 

The new measures are designed to offer more protection to unsuspecting investors. 

First Deputy Governor of the Bank of Russia Sergey Shvetsov said the measures were designed to offer more protection to unsuspecting investors, highlighting the risks of digital currency market “crashes to zero” and the impact this can have on investors. It comes following a previous directive from the central bank for banks to pay more attention to certain types of transactions, including those involving crypto exchanges and other digital asset services. The central bank has demanded local banks to block the accounts of some customers and block credit cards and e-wallets suspected of being involved in dubious transactions. 

The new proposals are being brought forward to curb the illegal uses of crypto.

More than ten different recipient payers per day or greater than 50 per month should be subject to the increased scrutiny. Other criteria include that individuals with an average balance of less than 10% of their daily transaction volumes should be flagged for a week. The new proposals are being brought forward to curb illegal uses of cryptocurrency, with the Bank of Russia identifying this as a growing problem within Russia. In particular, the use of bank cards and e-wallets issued to often fake IDs are suspected of involvement in a number of financial and other crimes within the country.

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Source: https://coinnounce.com/russian-central-bank-announces-to-take-action-against-suspicious-crypto-activities/

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What Did Jordan Peterson And Maxime Bernier Say About Bitcoin And The Austrians?

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The Bitcoinization of Jordan Peterson is a go. The famed psychologist and media personality had a Canadian politician as a guest in his podcast and couldn’t help but touch on the subject. And Maxime Bernier was right there with him, which lead to a brief discussion about Austrian Economics. Even though both Peterson and Bernier are controversial figures, they’re as mainstream as it gets. This isn’t Bitcoiners preaching to the choir.

Related Reading | That JPMorgan Report On El Salvador Doesn’t Even Mention The Lightning Network

As if he was walking through a minefield, Jordan Peterson approached the subject carefully and in a non-comital way:

“The cryptocurrency types. You know? The people who’re pushing Bitcoin in particular, make the extraordinarily radical claim that it would be better for everyone if the entire business of money was taken out of the hands of government permanently. And that’s essentially what Bitcoin allows. At least at the present time.”

Surprisingly for everyone not familiar with the politician, Maxime Bernier agrees and flashes his Austrian Economics credentials. Peterson follows the bread crumbs and asks him about that, Bernier answers:

“I believe, yes. The cycles that we have, the ups and downs in the economy, is because of the Central Bank. Money is everywhere, and if you create too much money out of thin air, you’ll have inflation. And distortion in the economy. And the boom and bust that we have. So, I 100% agree with Mises, Rothbard, Hayek, and these economists.”

For more information and Austrian Economics’ concepts, check The Bitcoinist Book Club’s analysis of “The Bitcoin Standard.”

BTCUSD price chart for 09/18/2021 - TradingView

BTC price chart for 09/18/2021 on FTX | Source: BTC/USD on TradingView.com

So, Who’s Maxime Bernier?

In the video’s information box, Jordan Peterson ’s team informs:

“In this episode, Dr. Peterson is joined by the Honorable Maxime Bernier, leader of the People’s Party of Canada (PPC), former MP of Beauce (2006-2019) and candidate for the Prime ministership of Canada.”

In 2017, Maxime Bernier tried to win the head of the Conservative Party. He failed. The next year, they removed him from the Official Opposition shadow cabinet. Later that year, he founded the People’s Party of Canada. In 2019, the novel party didn’t do so well, but, cut to 2021 and the People’s Party of Canada is suddenly on everyone’s radar.

The National Post explains the main reason:

“With protests against COVID-19 public-health measures growing, Bernier has tapped into a deep well of resentment about the way Canadians have had to live for the past 18 months, and fears about what the next months will look like.”

Apparently, the People’s Party of Canada is en route to get 6% in the next  Canadian elections. If it happens, they’ll become one of the major political forces in the country. The Washington Post explains the situation:

“Six percent is not an impressive figure unto itself, and it’s likely the party will not win a single parliamentary seat. Yet the Green Party won zero seats and 4.3 percent of the popular vote in the 2004 general election and was nevertheless swiftly institutionalized by the media. Proclaimed one of Canada’s “major parties.”

What Does Jordan Peterson Think About Bitcoin?

The Canadian psychologist learned from the best. He had four of the brightest minds in the Bitcoin space explaining everything to him, and he got most of it on the first try. We at Bitcoinist broke down the episode, took notes, and transformed them into this analysis: Part 1, Part 2. The most amazing quote was this one:

Related Reading | Bitcoin Gains Steam With U.S. Politicians, Will It Become A National Movement?

After listening carefully, Peterson synthesizes those ideas in a quote for the ages. “Whatever energy is expended in the production of Bitcoin and the maintenance of the system should be more than recouped by the increased efficiency of every system that uses Bitcoin as a transactional device.” Boom! If we take that into account, “There’ll be a net energy gain and not a net energy loss if you calculated it across the entire system.”

That conversation sparked the Maxime Bernier one. One of Canada’s biggest stars talking about Bitcoin in good light with a major political candidate. Who would’ve thought?

Featured Image: Screenshot from the video | Charts by TradingView

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Source: https://bitcoinist.com/what-did-jordan-peterson-and-maxime-bernier-say-about-bitcoin-and-the-austrians/?utm_source=rss&utm_medium=rss&utm_campaign=what-did-jordan-peterson-and-maxime-bernier-say-about-bitcoin-and-the-austrians

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SkyBridge’s Anthony Scaramucci believes bitcoin could become the global reserve currency.

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The American financier SkyBridge Capital’s CEO Anthony Scaramucci believes that bitcoin is a monetary standard that could one day become a global reserve currency. During an interview with Natalie Brunell, the Founder and Managing Partner of SkyBridge Capital – Anthony Scaramucci – shared his stance on bitcoin’s merits and its future development. He explained the volatile nature of the cryptocurrency with the fact that it is still in its early adoption days.

“Bitcoin is volatile because it is in its early adoption stage.”

SkyBridge Capital’s CEO reminded that the e-commerce giant is now one of the leading companies, hinting that the primary cryptocurrency is also heading in that direction. The top executive scratched the topic of BTC’s volatility, saying that this is something normal for a relatively new asset class and compared it to Amazon. He said, “Bitcoin is volatile because it is in its early adoption stage. Amazon had the same volatile curve 24 years ago. But if you have put $10,000 on Amazon at its IPO, you would have $21 million today.”

Scaramucci further added that bitcoin is not only a currency. 

Scaramucci further added that bitcoin is not only a currency. It is actually an effective financial network and a monetary standard. According to him, the asset’s most significant advantage is its decentralization, “Bitcoin is decentralized. And financial instruments work better when you put power in peoples’ hands rather than when the government is in charge.” Despite praising the original cryptocurrency as a highly successful financial instrument, Scaramucci said his support is not only for it. He sees merit in other cryptocurrencies as well, including the second-largest – Ethereum. He also urged people to learn more about the cryptocurrency space. 

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Source: https://coinnounce.com/scaramucci-believes-bitcoin-could-become-the-global-reserve-currency/

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