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Tag: Crypto News

  • Cryptocurrencies on the rise in Latin America

    Cryptocurrencies on the rise in Latin America

    Mexico is following suit with its neighbors and the country is said to move towards cryptocurrency and blockchain adoption. A senator of the federal government Eduardo Murat Hinojosa has taken upon himself to move the country towards the mass adoption of the technology. The senator has become an advocate for cryptocurrencies and recently announced the proposition of a bill for the legal framework of cryptocurrencies in Mexico for the lower house.

    Senator Hinojosa had also changed his Twitter profile picture to one with laser eyes. The laser eye is a campaign in support of cryptocurrencies in shows a belief in Bitcoin’s – and other cryptocurrencies’ – price skyrocketing. Senator Hinojosa is not the only advocate of cryptocurrencies in the country. Indira Kempis Martinez, senator of the state of Nueve Leon, had also switched her profile picture to one with laser eyes. Martinez is regarded as a friend to the cryptocurrencies by senator Hinojosa and believes to lead the paradigm shift towards fintech in Mexico with the help of supporters like senator Martinez.

    The market crash may have hindered the growth of the cryptocurrencies but it seems as though it has not impacted their adoption. Cryptocurrencies and blockchain technology are believed to lead the next revolution in the financial industry and many have come to realize the value the technology can provide to the global financial infrastructure. It is because of this reason that countries are readily accepting cryptocurrencies despite the brutal crash.

    The president of El Salvador NayibBukele has also stated that he would draft a bill for cryptocurrencies to become legal tender in the country. Paraguayan congressman CarlitosRejala has announced his plans of turning Paraguay into a crypto investment hub for investors. A paradigm shift is being observed throughout the world as governments take initiatives towards the mass adoption of cryptocurrencies.

  • Algorand (ALGO) developments may lead towards $1.46

    Algorand (ALGO) developments may lead towards $1.46

    Algorand (ALGO) bearish momentum may have been dominated by the bulls as the new month began. ALGO coin had been struggling to gain bullish momentum but right into June, it started gaining traction. At the time of writing, Algorand was trading hands $1.07 apiece. Both the price and the trading volume has been increasing for the cryptocurrency in the past twenty-four hours.

    Algorand (ALGO) Technical Analysis

    The market sentiment continues to be bearish as the uptrend of the ALGO coin is to yet be confirmed. Out of the total technical indicators, ten are suggesting a sell signal while both neutral and buy indications stand at eight each. The oscillators are bearish while the moving averages have yet to confirm either an uptrend or a downtrend.

    Algorand (ALGO) Technical Analysis
    Algorand (ALGO) Technical Analysis

    Algorand broke out of a bearish formation after the market crash. The cryptocurrency has been projecting upwards while breaking resistance levels. The next resistance level lies at a price level of $1.19 followed by $1.23. As the ALGO coin appears to have some upward momentum, the resistance levels have been activated as potential price targets. If the cryptocurrency successfully breaks the price targets, the subsequent targets would lie at $1.43 followed by $1.46. Upcoming price action will prove to be crucial to confirm the trend of the cryptocurrency.

    Algorand developments to watch out for

    The Algorand blockchain has been in the news because of various developments going on in its ecosystem. The positive developments can result in a confirmed uptrend for the cryptocurrency. The crypto wallet Exodus had recently engaged in the largest “regulated crypto public offering” ever to be held – as dubbed by the firm. The firm sold $74 million common shares which are announced to be turned into tokens on the Algorand blockchain.

    Furthermore, Algorand had also been added, along with others, by Revolut for trading on its application. Reach, a platform working towards the simplification of blockchain apps, has managed to raise $12 million in seed funding. Reach currently works with Algorand and Ethereum. The platform will be focusing its efforts on the two blockchains.

  • Polygon (MATIC) coin on the rise – Now being supported by Mark Cuban

    Polygon (MATIC) coin on the rise – Now being supported by Mark Cuban

    The billionaire investor Mark Cuban has now revealed to officially support Polygon crypto. Mark Cuban Companies website has issued a disclosure which revealed that the billionaire is backing the cryptocurrency. Since being a critic in the bull of 2017, Mark Cuban has come a long way and now is an avid supporter of the cryptocurrency and blockchain sphere. The investor thinks the technology possesses a lot of potentials and says the future of the industry is bright.

    Polygon (MATIC) rose to popularity in the bull run of 2021 as did a lot of otherwise unknown cryptocurrencies. Some of the cryptocurrencies stole the limelight because of their return on investment while others because of their technology and offering. Polygon is the latter of the two. The cryptocurrency quickly rose through the ranks and now stands at the thirteenth in the market in terms of capitalization.

    The project is one of the first ones from India. India had been not as active in the cryptocurrency sphere because of the Reserve Bank of India’s rigid yet confused stance on cryptocurrencies. India is considered one of the most powerful developing economies and its absence from the crypto sphere had been taken note of. A development team from India originated the Polygon network and it did not disappoint.

    Polygon is a layer-1 scaling solution designed to enhance the capabilities and efficiency of the Ethereum network. The multi-chain scaling solution has been tackling the problems that layer-1 and layer-2 solutions had been facing well. The user base of the cryptocurrency had been recorded to grow at an unprecedented pace.

    At the time of writing, MATIC stands at a price level of $2.24. The price of cryptocurrency has climbed up by 30% in the past twenty-four hours. The daily trading volume is also on the rise

  • Internet Computer: The next step in blockchain innovation?

    Internet Computer: The next step in blockchain innovation?

    The Internet Computer (ICP) made its debut on Monday but the initial success of the cryptocurrency left the market in shock. In just a few days, Internet Computer landed itself a spot in the top ten cryptocurrencies in terms of market capitalization – with ICP at even the fourth rank at one point. ICP gave a run to established coins like Litecoin and Ripple for their money. At the time of writing, Internet Computer stands at eight rank in the market with a price level of $308.

    Internet Computer’s price level had a stark difference on different exchanges. On its Coinbase debut, ICP was priced at $630 but surged as high as 3,093 on Binance. HitBTC reported an all-time high at $407. Even with such high differences, the cryptocurrency has managed a phenomenal growth of its capitalization which landed it in the top ten list.

    The internet Computer is described as a computing project based on the blockchain. The project has been regarded as the next step in the evolution of blockchain technology following Bitcoin and Ethereum. The price rally of the cryptocurrency just after days of its launch further fueled the narrative of it being the next phase of Blockchain evolution.

    Dfinity, the organization behind ICP, hopes to become the first-ever truly global blockchain that runs with unlimited scalability and unmatched web speed. ICP is designed to host online services through the internet instead of requiring cloud hosting.

    However, the rise of ICP to the top ten cryptocurrencies may have resulted due to a carefully-crafted strategy of Dfinity to land it there. The ICP was listed by major cryptocurrency exchanges almost simultaneously which exposed it to a large user base all at once. Furthermore, the project also has the backing of some high-profile players. The United States angel investor Andreessen Horowitz and a cryptocurrency hedge fund, Polychain Capital, are some of the prominent ones.