STOCKS TELEGRAPH

Tag: News

  • AliPay to incorporate the digital yuan

    AliPay to incorporate the digital yuan

    AliPay – the Chinese digital payment giant – has announced to allow some users to link their AliPay accounts with the digital yuan. AliPay is owned by Ant Group and is one of the mobile giants operating in the country – the other one being WeChatPay. Ant Group has confirmed its partifcipation in the roll out of the digital yuan with this move. Both the corporate giants have a sort of duopoly established on the mobile payment ecosystem in the country.

    It had been cited that the launch of the digital yuan will pose as a threat to the dominance of the WeChat Pay and AliPay. The government had been promoting the digital yuan through every channel. Earlier, six state banks had launched a campaign of their own to promote the digital yuan urging their customers to shift to the digital yuan.

    The digital yuan being the government’s digital currency has more chances of becoming widely accepted. It has been considered as much more convenient than the existing mobile payments. The pilot phases have been successfully rolled out for the digital yuan and potential can be seen. The digital yuan is also expected by many to overtake not just AliPay and WeChat Pay but also cryptocurrencies in the country.

    China is the first major economy to have launched a central bank digital currency. The CBDC of the country or the digital yuan – also dubbed as e-renminbi – has been a hallmark step towards the digitization of payment systems. The move is expected to be replicated by many. The domino affect has already been started with the Bank of England recruiting for its CBDC project although the bank has not yet confirmed a CBDC. Moreover, Kazakhstan has also launched a public debate on a potential central bank digital currency.

  • Dogecoin (DOGE) literally to the moon or to crash?

    Dogecoin (DOGE) literally to the moon or to crash?

    A Canadian manufacturing and logistics firm Geometric Energy Corporation has announced to launch a payload funded by Dogecoin (DOGE) onto SpaceX’s rocket to the moon. The payload is designed to gather intelligence on the moon with the help of sensors and cameras. The commercial satellite is set to travel to the moon in early 2022 and will be aboard SpaceX Falcon 9 launch vehicle.

    The Vice President of Sales at SpaceX had commented the use of Dogecoin demonstrates the application on cryptocurrencies beyond earth as well. Will Dogecoin really be the first cryptocurrency to literally reach the moon? And what impact will this have on the Dogecoin on earth? Is a price surge to be expected?

    However, it is unclear what role did Dogecoin play in the project. Neither SpaceX nor Geometric Energy has specified the use of funding from Dogecoin or what the funding amounted to. Speculations based on previous missions to the moon place the funding of Dogecoin at $225 million.

    The CEO of SpaceX, Elon Musk, has been designated as the “Dogefather” because of his vocal support of the cryptocurrency. Elon Musk has sent the cryptocurrency surging upwards quite a few times. Musk has also been accused of market manipulation and even threatened with an SEC inquiry, But the CEO had remained undeterred.

    However, there has been a recent shift in the tone of Elon Musk. It appears as though the billionaire CEO has grown tired of the cryptocurrency and has moved away. Recent statements of Musk show that he will no longer be supporting Dogecoin – which is very unpleasant news for the Doge community. Prior to his appearance on Saturday Night Live, Musk told reporters that no more pumping tweets for Dogecoin should be expected from him.

  • Solana (SOL) in bullish mode thanks to recent developments

    Solana (SOL) in bullish mode thanks to recent developments

    Solana (SOL) stands at a price level of $45, at the time of press. The price of Solana coin has been increasing in the past twenty-four hours while the daily trading volume has fallen 30%. The permission-less blockchain-based on providing decentralized finance solution has been surging amidst the DeFi craze. SOL coin established its all-time high at $49 a week ago. Currently, the cryptocurrency is ranked seventeenth in terms of capitalization in the market.

    Solana (SOL) technical analysis

    The market sentiment for Solana is bullish with fifteen of the twenty-six technical indicators giving out a signal of buy. Out of the rest, ten indicators are standing at a neutral position with just one indication of sell. The oscillators are neutral while the moving averages are strongly bullish.

    A trader has identified Solana crypto in an ascending channel formation. The channel has been under formation since February while the bullish trend of Solana has now been continued for a fifth month on the logarithmic view. The trader has also pointed out towards a flag formation inside the channel. The flag formation makes the price level of $43 as strong support for the cryptocurrency. If Solana is able to hold the support level, there is a good chance of an upward break out from the channel which will lead to higher highs for SOL coin.

    Why is Solana (SOL) bullish?

    ChainSwap the cross-chain bridge has partnered with the Solana-based automated market maker and liquidity provided Raydium. The partnership will enable ChainSwap towards a bridge from Solana to EVM. The union will also increase the capabilities of Raydium by allowing liquidity creation on the platform.  The developments are said to lead the way towards the evolution of decentralized finance by leveraging the power of Solana blockchain.

  • Elon Musk turned bearish on Dogecoin (DOGE)?

    Elon Musk turned bearish on Dogecoin (DOGE)?

    Dogecoin (DOGE) the meme cryptocurrency had become an internet sensation partly due to the hype created around it by Tesla CEO Elon Musk. Musk had been named the unofficial ‘Doge father’. The billionaire CEO had been an ardent supporter of the cryptocurrency and had played a key role in the surge of the cryptocurrency.

    Musk had been consistently posting tweets on his Twitter handle which has resulted in volatile surges of Dogecoin. Tweets that depict Doge to the moon have been responsible for the cryptocurrency’s higher highs. Dogecoin had started off as a joke between two engineers and the cryptocurrency was nearly dead prior to the bull run of 2021. But, Dogecoin surged around 14000% in 2021. The upward move of Dogecoin has been regarded as similar to the GameStop fiasco.

    The role of Elon Musk in the hype of Dogecoin had been criticized by many citing Dogecoin does not really have any intrinsic value and Elon Musk and the likes are manipulating the market. Musk had also been advised to take a back seat as his twitter feed may warrant a SEC probe.

    Musk is set to appear on Saturday Night Live (SNL) and the appearance has been regarded as one of the most anticipated moves by the Dogecoin community as Musk is expected to vocalize his support for the cryptocurrency on a more official platform.

    However, the billionaire CEO may have turned bearish on his favorite meme crypto. Hours ahead of his SNL appearance, Musk had reminded the masses that cryptocurrencies are primarily speculative and it is not at all advisable to invest one’s life savings in something mere speculative. The Tesla owner has also commented to not be hoping for any more price pumping posts from him.