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VeChain To Play Role in China’s Plastic Pollution Control

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  • VeChain has a significant role in China’s Plastic Pollution Control.
  • VET continues to use the technology to prove its capability in the supply chain sector.
  • VeChain will optimize the national plastic restriction order in early 2020.

According to a post published on May 24, VeChain (VET) has a significant role in China’s Plastic Pollution Control. The post captions, ‘Vechain featured blockchain and carbon naturality and the ten billion market under the order of plastic limitation.’

Notably, VeChain is a leading enterprise blockchain platform. Besides, it continues to use the technology at its disposal to prove its capability in the supply chain sector.

Moreover, a diehard VeChain community member highlighted on a tweet how VeChain helps in plastic pollution control. In the post, he pointed out that,

“Recently, a relevant person from the Environmental Resources Department revealed that the National Commission is formulating the Fourteenth Five-Year Plan of Action for Plastic Pollution Control.”

In addition, this will optimize the national plastic governance restriction order issued in early 2020. It will forward new requirements for companies in all industry sectors and creates unprecedented market prospects.

Furthermore, blockchain technology can help companies achieve transparent data, collaboration in the whole scenarios of raw materials, production, and application. Also, It can reduce the cost pressure brought by biodegradable materials, improve management and production efficiency.

Lastly, it can accumulate credible data for enterprises and attract corporate users with sustainable concepts.

Source: https://coinquora.com/vechain-to-play-role-in-chinas-plastic-pollution-control/

Blockchain

The Weekly Recap: BTC Encounters $48k, Cardano’s Hardfork, Solana’s Downtime

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This week, even though tumultuous to some extent, was positive for the cryptocurrency market and Bitcoin, particularly in terms of prices.

BTC managed to increase by about 2.5%, reclaiming an important level while doing so – $47.2K – an important confluence of technical indicators to consider. It’s still rather early to state it for sure, but if the price closes above it on a daily, it might give bulls further merit to push towards the coveted $50K mark once again.

It’s also worth noting that Bitcoin painted a golden cross earlier in the week. This happens when the 50-day MA crosses above the 200-days MA, and it’s usually a positive signal. It’s a lagging indicator, but the last few times it happened, it was before further upside for the cryptocurrency.

Elsewhere, the altcoins performed differently. Avalanche’s AVAX is up by more than 50%, while Solana – the market frontrunner for the past couple of weeks, is down by more than 25%. This could also be attributed to the fact that the network experienced severe downtime as it was unavailable for more than a few hours.

Another particularly impressive event was Cardano’s Alonzo mainnet upgrade. This was a much-anticipated hard fork that happened on September 12th, and it officially introduced smart contract capabilities to Cardano’s network for the first time. Unfortunately, the price has been performing rather overwhelmingly since the event, and it failed to chart any impressive gains, begging many to ask whether it was a sell-the-news type of event. Of course, it’s still very early to say as this is the foundation of a new chapter in Cardano’s roadmap.

The most considerable increase from the major cryptocurrencies was charted by Avalanche’s AVAX, which is up by more than 50% on the week.

In any case, it was a week marked by important events, and it’s very exciting to see how the market will perform in the days to come.

Market Data

Market Capitalization: $2.218T | 24Volume: $134B | BTC Dominance: 40.4%

BTC: $47,675 (+2.5%) | ETH: $3,462 (+0.8%) | ADA: $2.38 (-5.5%)

This Week’s Crypto Headlines You Can’t Miss

In-Depth: Cardano’s Hardfork, Smart Contracts vs. Criticism, and What’s Ahead? This week, we saw the Alonzo upgrade on Cardano’s mainnet go live, introducing smart contract capabilities for the first time in the network’s history. This is a monumental moment for everyone following Cardano, but it didn’t go without its fair share of criticism.

BitMEX in 2021: CEO Alex Hoeptner Explains How He’ll Take the Veteran Exchange to a New Era (Exclusive) In an exclusive podcast with CryptoPotato, the CEO of BitMEX – one of the world’s leading crypto exchanges, Alexander Hoeptner, discussed regulations, the future of the markets, as well as how he plans to take the platform to the next level.

Bitcoin Golden Cross Just Took Place: What Does it Mean and What’s Next for BTC? A couple of days back, Bitcoin’s price formed a golden cross as the 50-day moving average crossed over the 200-day moving average to the upside. This is usually considered to be a lagging indicator, but previous instances resulted in a further price increase for BTC.

AVAX Hits New All-Time High as Avalanche Discloses $230M Private Sale.  AVAX, the native token of Avalanche, reached a new all-time high above $60 as the team behind it announced a $230 million investment round, led by some of the most prominent cryptocurrency funds and angel investors. The token is among the best-performing ones in the past couple of months.

Over $1B Worth of ETH Burned in the Aftermath of Ethereum’s London Upgrade. There have now been more than 300,000 ETH burned following Ethereum’s London hard fork that introduced a new burning mechanism for transaction fees about six weeks ago. This is roughly equivalent to more than a billion dollars.

Fidelity Urges The SEC to Greenlight Its Bitcoin ETF Application. One of the world’s leading asset managers, Fidelity, has urged the United States Securities and Exchange Commission to approve its Bitcoin exchange-traded fund (ETF), stating that the cryptocurrency market has already matured enough.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Avalanche – click here for the full price analysis and overview.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/the-weekly-recap-btc-encounters-48k-cardanos-hardfork-solanas-downtime/

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Making sense of Solana’s ‘extremely rapid’ growth

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When Solana experienced a crash right after hitting a new all time high on 9 September, traders and experts tried to make sense of the event. On “The Best Business Show,” investment expert Anthony Pompliano interviewed Kyle Samani, co-founder and managing partner at Multicoin Capital, to discuss the rising star-turned-meteor, that Solana has turned out to be.

From 4 cents to over $200

Pompliano began by discussing Multicoin Capital’s investment in Solana. He calculated that the initial investment had gone up roughly 3750 times since the initial round, when one SOL had been at $0.04.

For his part, Samani said,

“Solana today is growing at an extremely rapid pace. Users being on-boarded, assets being issued, stablecoins going into it – all of these things. Look at the last nine days: it’s just a vertical line from, call it a billion in assets to like 10 billion.”

While listing out possible factors for Solana’s success, Samani cited Solana’s speed and network, its NFT platform Metaplex, the rise in SOL’s price, and the stablecoins issued.

Network > Price

Inevitably, Pompliano brought up Solana’s crash – though he admitted calling it so was “hilarious,” in the context of the alt coin’s growth. However, Samani’s answer was a surprising one. He claimed that he tried to ignore prices and didn’t refer to Coin Gecko or Coin Market Cap. Rather, he preferred to focus on Solana’s network and its growth. He further explained,

“Our time horizon is measured in years, not weeks or months. So the question we will always ask ourselves, is you know, is this network compounding at a sufficiently fast rate? And if you really go dig into developer activity, user on-boarding, dollar flow in the system. . .all of those things right now are compounding at an astounding rate and I don’t think that’s going to slow down.”

Furthermore, the following infographic presents data on Solana transfers.

Could Solana kill Ethereum?

Samani spoke about Metaplex and how the NFT platform came during the NFT Boom of summer 2021. He noted Ethereum’s high gas fees and how many users saw Solana as a faster alternative. Even so, Samani admitted that he thought it was “improbable” for Solana to displace Ethereum. Instead he suggested the two would likely co-exist.

Samani also addressed a common criticism aimed at Solana, regarding the its centralized nature, due to the number of validators and the expensive hardware required to run it.

Samani called the criticism “valid” but “irrelevant,” pointing out that the trade-off meant better performance for users, reiterating the network’s rapid growth.

At press time, there were between 974 and 1000 validators on the Solana mainnet. Samani’s assessment of the alt coin was simple but memorable. He said,

“I don’t think there’s going to be another Solana.”

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Source: https://ambcrypto.com/making-sense-of-solanas-extremely-rapid-growth

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Will Bitcoin make a pitstop at $85,000, before racing to $100,000

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Even though Bitcoin has been making no major moves of late, the market’s bullishness on the coin continued making headlines, and all for the right reasons. After all, the king coin surprised the market before, with massive its moves that rendered skeptics silent. 

Bitcoin to $100K, by the end of the year is a much-anticipated move by the market. As we enter the last quarter of this year, Bitcoin is expected to push towards that major psychological barrier. However, even though Bitcoin presented a solid recovery from the May crash, at the time of writing, the effects of the September 7 flash crash hadn’t completely worn out. 

Nonetheless, as BTC presented around 3% daily gains and traded at the $48.5 level at press time, the market once again eyed BTC for some major moves. But before Bitcoin actually makes a move towards the $100K, its last stop would be the $85K mark which will confirm an upward move to $100K. 

The above observation was part of a market report by trading platform Decentrader ,which presented bullish signals in the near term, for BTC. It presented how we it could be setting up for a major run that first reaches $85,000 before breaking through the psychological barrier of $100,000, thereby making for an explosive Q4 2021. 

BTC looking hyper bullish 

In spite of BTC trading below $50K throughout the week, on-chain metrics have led analysts to stay bullish on Bitcoin price action. A report stated that the constantly decreasing supply of BTC on exchanges put upwards pressure on price in the medium term. With demand increasing as supply reduces, the price would go up. 

Further, another factor that contributed to Bitcoin’s bullish mid-term trajectory was its SOPR which presented a similar trend to the months that followed the March covid crash. After the summer crash where SOPR was heavily printing green candles, some minor selling at a loss was observed on this pullback from $50,000 too. Thus, SOPR flashed a sort of buy-the-dip opportunity as final sellers get flushed out before it moves higher, as was observed in Q4 2020. 

Additionally, Active Address Sentiment Indicator had reset with price change lower than active address change. With a pullback in prices alongside constant network growth, the market will look to catch up with network growth by noting price gains. 

Thus, the report presented a hyper-bullish possibility of Bitcoin reaching $85K by the end of Q4. However, Bitcoin’s options market didn’t look too big on gains at the moment with funding rate flashing negative signs. Further BTC’s global open interest by expiry indicated year-end expectations of around $65K which is almost $20K less than the target of $85K. 

So, is $100K too far?

Well, not really. The reason being that, from the July local low of around $30K Bitcoin registered almost 75% gain to reach the multi-month price high of over $52K. Notably from the current consolidating prices, another 75% price gain would land Bitcoin to $85K. So a rally like that over the next three months won’t be a big surprise. 

Thus, while BTC was consolidating, a squeeze upward should characterize the remainder of this year, similar to events from 2020. 

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Source: https://ambcrypto.com/will-bitcoin-make-a-pitstop-at-85000-before-racing-to-100000

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