Karura Swap Launches First DEX in Polkadot Ecosystem
Karura Swap Launches First DEX in Polkadot Ecosystem
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US senators tell athletes to avoid digital yuan, Chinese exchange volumes rebound … and more – Cointelegraph Magazine
This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Olympic battleAfter months of writing about the relentless actions of the Chinese government, this week we lead with a story from the US Government. On July 19, three US senators signed a letter addressed to the to U.S. Olympic and Paralympic Committee, requesting US athletes not use the e-CNY in February’s Winter Olympic games in Beijing. The logic was that the digital currency would be traceable after the athletes returned to the US, in case China was interested in tracking foreign bi-athletes and bobsledders in their offseason training regiments. China’s Foreign Ministry spokesperson Zhao Lijian snapped back that the senators “should stop making troubles” and “figure out what a digital currency really is.” Zhao apparently believes that the US lawmakers might not be up-to-date on the latest in technology, something the crypto-enthusiasts on Twitter have been bemoaning for years. All sarcasm aside, this points to a growing trend of consumers being caught in geo-political struggles around technology, which could become a much larger issue as CBDCs become more prevalent. Users can choose to avoid certain hardware or apps that provide a data security risk, but avoiding the local currency will be a much more difficult choice to make. Cash use has dropped to a negligible amount in China, with the bulk of daily transactions being digital through Alipay and WeChat. Traveling or living in China without touching the digital currency will be a huge inconvenience, and one likely to not go over well with future generations.Leading the packOn July 19, Cointelegraph reported that Chinese Bitcoin miners had earned close to $7 billion dollars in the past year, ten times higher than miners in the second highest country, the US. This trend might be broken up slightly by the regulatory crackdown this year, but still shows the influence China has on the industry, especially if large Chinese companies can continue to set up operations in neighboring countries. Axie Infinity’s token is taking off faster than the game in China (Source: Axie Infinity). Chinese volumes bounce backVolumes on Chinese exchanges Huobi and OKEx rebounded slightly compared to the same time last week, including on the derivatives side where the two exchanges made up around 44% of Binance’s volume, compared to only 38.7% at the same time the week before. Gaming token Axie Infinity remained a hot token for trading, and was the fourth-most traded token on Huobi on Thursday behind BTC, ETH, and DOGE. Actual gameplay hasn’t really taken off in China, and even though the site remains unblocked by the Great Firewall thus far, visits to the website are still scarce. Users from the Philippines make up 40% of website visitors, whereas China accounted for less than 3%. China boasts the largest gaming community in the world, but tight restrictions on cryptocurrencies is likely to limit the growth of public blockchain-based gaming for the time being. Speculating on gaming-related tokens, however, will likely remain a strong trend. It’s worth noting that in the short term, the regulations looming on the horizon makes betting on exchanges a risky proposition. Many rumors have swirled about upcoming action to be taken by Chinese regulators, particularly for repeat offenders in the area. Regulators in smaller countries seem to be waiting to see who will throw the first punch. Non-fungible fossilsHong Kong’s most prominent newspaper South China Morning Post is launching an NFT platform aimed at historical news and items. This platform will let verified issuers mint and trade NFTs in an open marketplace. This should appeal to a broader audience of collectors and non-crypto native users in Southeast Asia, as well as a government interested in exporting soft power to the world.
Rutger VanDerTas and Niels Broszat – Cointelegraph Magazine
Rutger VanDerTas and Niels Broszat drop in from the Guild to chat with DKleine. Niels Broszat and DKleine begin by discussing the horrors of colonialism and the growing calls for reconciliation and compensation for victims of Canada’s residential school system. Rutger VanDerTas then joins in the conversation, which focuses on the Guild’s mission to promote inclusion and to be a force of positive transformation in society. The group then goes to on share personal projects and future plans.
Ethereum Recovers Sharply, Why ETH Could Continue Higher above $2K
Ethereum started an upside correction above the $1,850 resistance against the US Dollar. ETH price is likely to continue higher if there is a close above the $2,000 resistance. Ethereum started a decent upward move above the $1,850 and $1,950 resistance levels. The price is now trading well above $1,900 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to rise further if there is a proper close above the $2,000 resistance zone. Ethereum Price Starts Decent Increase Ethereum formed a decent support base above the $1,720 level, similar to bitcoin. As a result, ETH price started a steady increase above the $1,800 and $1,850 resistance levels. There was also a close above the $1,900 level and the 100 hourly simple moving average. Ether price even spiked above the $2,000 resistance, but there was no proper close. A high was formed near $2,033 and the price is now correcting gains. There was a break below the $2,000 level. It even tested the 23.6% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $2,000 level. To move further into a positive zone, the price must settle above the $2,000 and $2,020 resistance levels. The next major barrier for the bulls could be near the $2,050 level, followed by $2,100. Any more gains might call for a test of $2,200. Dips Limited in ETH? If Ethereum fails to continue higher above $2,000 and $2,020, it could start a downside correction. An initial support on the downside is near the $1,970 level. The first major support is near the $1,920 level. The main support is now forming near the $1,900 level. It is close to the 50% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Any more losses could set the pace for a drop towards the $1,850 support zone in the near term. The next major support sits near the $1,800 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 60 level. Major Support Level – $1,900 Major Resistance Level – $2,000
Bitcoin Trim Losses, Why Bulls Need To Overcome $32.5K For More Upsides
Bitcoin price started a strong upward move from the $29,250 support zone against the US Dollar. BTC must settle above $32,000 and $32,500 for more upsides in the near term. Bitcoin started a strong increase above the $30,000 and $31,000 resistance levels. The price is now trading well above $31,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct gains, but the bulls are likely to remain active near $31,200. Bitcoin Price Surges above $32,000 Bitcoin price found a strong buying interest below the $30,000 level. BTC formed a support base near the $29,300 and it started a major recovery wave. The price surged above the $30,000 and $30,500 resistance levels. There was a clear break above the 61.8% Fib retracement level of the recent downward move from the $31,900 swing high to $29,312 low. There was also a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair. The pair jumped above the $31,500 level and the 100 hourly simple moving average. Finally, there was a break above the $32,000 resistance zone. It tested the $32,500 resistance zone. It seems like the bears were active near the 1.236 Fib extension level of the recent downward move from the $31,900 swing high to $29,312 low. Bitcoin price is now consolidating above the $31,500 level. Source: BTCUSD on TradingView.com The first major resistance is near the $32,500 level. If there is a close above the $32,500 resistance zone, the price is likely to accelerate higher. In the stated case, the price is likely to move towards the $33,500 level in the near term. Dip Supported in BTC? If bitcoin fails to climb above the $32,300 and $32,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $31,500 level. The first major support is now near the $31,200 zone. A clear downside break below the $31,200 support may possibly put a lot of pressure on the bulls. The next key support is seen near the $30,500 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $31,500, followed by $31,200. Major Resistance Levels – $32,200, $32,500 and $33,000.
Ethereum Starts Recovery, Why ETH Could Resume Its Decline
Ethereum started an upside correction from the $1,720 zone against the US Dollar. ETH price could correct further higher, but upsides might be capped near $1,850. Ethereum formed a base above the $1,720 support zone before starting an upside correction. The price is still trading well below the $1,850 resistance and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to rise further towards the $1,850 resistance zone and the 100 hourly SMA. Ethereum Price Correcting Losses Ethereum remained in a bearish zone and it extended its decline below $1,800, similar to bitcoin. ETH price broke the $1,780 support and it settled well below the 100 hourly simple moving average. The price traded as low as $1,718 and it seems to be forming a base above the $1,720. Ether is now correcting gains and it is trading above the $1,750 level. There was a break above the 50% Fib retracement level of the key decline from the $1,832 swing high to $1,718 low. There was also a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD. The pair is now trading above the 61.8% Fib retracement level of the key decline from the $1,832 swing high to $1,718 low. Source: ETHUSD on TradingView.com The price is now facing resistance near the $1,810 level. The main resistance is now forming near the $1,850 level and the 100 hourly SMA. To move into a positive zone, the price must climb above the $1,830 and $1,850 resistance levels. Fresh Decline in ETH? If Ethereum fails to recover above $1,820 and $1,850, it could continue to move down. An initial support on the downside is near the $1,775 level. The first major support is near the $1,750 level. The main support is now forming near the $1,720 level. Any more losses could set the pace for a drop towards the $1,650 support zone in the near term. The next major support sits near the $1,600 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,750 Major Resistance Level – $1,850
How El Salvador’s Bitcoin Law may change global finance – Cointelegraph Magazine
“Clearly, the thing that’s transforming is not the technology — the technology is transforming you.” Jeanne Ross, formerly of the MIT Sloan Center for Information Systems ResearchIf El Salvador’s “Bitcoin Law” was “the shot heard round the world” for Bitcoin, then when the International Monetary Fund (IMF) and the World Bank questioned the legislation, it was the incumbent empire striking back. However, if El Salvador can implement its Bitcoin Law despite numerous technical and legal hurdles, it may force changes upon the organizations that oppose it and hasten reforms in how United States tax and commercial laws treat cryptocurrencies. The surprise shot heard round the worldAfter winning approval by a supermajority of its congress, El Salvador enacted its Bitcoin Law and became the first country in the world to adopt Bitcoin as legal tender. The Bitcoin Law passed mere days after El Salvador’s president, Nayib Bukele, first announced his plans to introduce it. The short time between Bukele’s surprise announcement and the passage of the Bitcoin Law prevented opponents from blocking it.However, in a prescient series of tweets, Avanti Financial Group CEO and Bitcoin advocate Caitlin Long predicted “a big fight” over the Bitcoin Law and warned that “the world is about to pressure it [El Salvador] given what’s at stake.” 1/ THREAD ABOUT A HISTORIC DAY in #bitcoin: #ElSalvador president publicly announced support for legislation to make #BTC legal tender. *IF* it does become law, it wld have many secondary effects. Steel yourselves bc a big fight on this probably coming thohttps://t.co/BrrNxaLzpZ— Caitlin Long 🔑 (@CaitlinLong_) June 6, 2021 The IMF’s leverage and lending PoolsIndeed, the day after El Salvador passed the Bitcoin Law, the IMF claimed that the legislation raised “a number of macroeconomic, financial and legal issues that require careful analysis.” The World Bank, which frequently cooperates with the IMF, joined the fray and proclaimed that it had rejected El Salvador’s request for help with implementing its Bitcoin Law because of “environmental and transparency shortcomings.” While these proclamations from powerful Washington, DC-based multinational organizations embody the fight that Long predicted in her tweets, the Bitcoin Law’s forward momentum may hasten reform in how these organizations and laws in the United States address cryptocurrency.Based on its governing documents, the IMF is more likely to resist the Bitcoin Law by exerting economic pressure than by legally challenging the legislation of a sovereign nation. IMF member nations, including El Salvador, are bound by a code of conduct memorialized in the IMF Articles of Agreement. These articles require members to allow their currency to be exchanged for foreign currencies freely and without restriction, keep the IMF informed of changes in financial and monetary policies that will affect fellow members’ economies, and modify their policies to accommodate the needs of the entire membership. The IMF administers a pool of money from which its members can borrow “to help nations abide by the code of conduct” in its Articles of Agreement. In other words, the IMF enforces its articles through access to its lending pool. Since El Salvador is seeking a $1.3 billion loan from the IMF to revitalize its economy, the IMF could attempt to restrict or withhold this important funding based on the Articles of Agreement. For example, the IMF could argue that it was not adequately informed in advance of the Bitcoin Law. It could also demand that El Salvador limit or modify the Bitcoin Law to accommodate “the needs of the entire membership.” However, it appears that concerns over punitive action by the IMF based on the “issues” it raised with the Bitcoin Law may have been overblown. After the IMF voiced its concerns, El Salvador’s finance minister, Alejandro Zelaya, assured the IMF that the country was not abandoning the U.S. dollar as a currency. Zelaya also stated that talks with the IMF were progressing well and claimed that the IMF did not have a problem with the Bitcoin Law. The IMF did not respond to Zelaya’s remarks, and so the jury is still out on what, if any, action the IMF may take in response to the Bitcoin Law.Assuming El Salvador stands by its Bitcoin Law, it will still need help implementing it. As drafted, the Bitcoin Law only allows 90 days for implementing measures to make Bitcoin legal tender in the country. While El Salvador already has a partnership with the private digital wallet company Strike to build the requisite infrastructure for the Bitcoin Law, the World Bank flatly rejected the country’s request for assistance.Potential World Bank implications of the Bitcoin LawAlthough the World Bank is refusing to assist with the Bitcoin Law, an informative article by Martin Rivers suggests that the legislation may force the World Bank to accept Bitcoin. Specifically, the World Bank’s International Bank for Reconstruction and Development is governed by its founding document, its Articles of Agreement. Section 12 of Article V states that in lieu of accepting a member’s currency in certain cases, the Bank “shall accept […] notes or similar obligations issued by the Government of the member or the depository designated by such member.” Thus, the World Bank’s articles would require it to accept a note issued by El Salvador that is backed by its Bitcoin reserves. Section 9 of Article II further states that when the par value of holdings in a member’s currency appreciates, the World Bank must pay the gains back. If the opposite happens, the member must contribute additional currency to maintain the par value of its holdings. Consequently, if Bitcoin is deemed a local currency of El Salvador, the World Bank could be accumulating Bitcoin or paying El Salvador Bitcoin gains depending on cryptocurrency’s price action.The Central American Bank for Economic Integration expresses supportRegardless of the World Bank’s position on the Bitcoin Law, other banking organizations focused on Central America are offering to help implement it. For example, Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), stated that the bank will give El Salvador technical assistance in implementing the Bitcoin Law.The CABEI has 15 member countries and…
SEC delays another ETF decision, Binance news, and more sideways BTC price action: Hodler’s Digest, July 11–17
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This Week New data hints why Bitcoin price action has spent two months at $30KBitcoin (BTC) posted another week of range-bound price action. Bitcoin has traded in a fairly tight range over the past several days, acting more like a volatile stablecoin than the bullishly tilted turbulent cryptocurrency folks know and love. Bitcoin has largely been stuck in a price range between roughly $30,000 and $40,000 for weeks. Nunya Bizniz, a Bitcoin-focused Twitter personality, noted $30,000 as a potential key level on Bitcoin’s price chart, citing a number of reasons, including a Fibonacci level. Will Bitcoin head north or south next? No one knows for sure, but data from Glassnode revealed folks stocking up on BTC off centralized exchanges, with roughly 2,000 Bitcoin leaving those platforms each day over the past fortnight. Such data rhymes with activity seen in April, when Bitcoin rose to nearly $65,000 per coin. On the bearish front, trader Michaël van de Poppe noted a potential price fall for Bitcoin down to around $29,000 and then $24,000 if support around $31,000 broke down. SEC delays decision on Wisdom Tree Bitcoin ETFAn approved Bitcoin exchange-traded fund (ETF) continues to elude the United States. This week, the U.S. Securities and Exchange Commission, or SEC, postponed its decision on Wisdom Tree’s Bitcoin ETF, looking for comments from the public on the product — something the commission has done in the past regarding Bitcoin ETF proposals. “The Commission requests that interested persons provide written submissions of their views, data and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal,” the SEC detailed in a public document. Binance stops stock token sales, ‘effective immediately’More Binance headlines flowed in this week as the exchange decided to halt stock token trading offerings. The company gave no rationale for the move. Folks with current positions in the platform’s stock tokens are allowed a 90-day window to exit their trades. Over the past couple of weeks, Binance has faced regulatory resistance on a number of fronts. This week brought further regulatory news regarding Binance. Italy jumped on the bandwagon of national regulators concerned with the exchange. Binance lacks approval for providing crypto trading in the region, according to a warning sent out from the Italian Companies and Exchange Commission. US government delves deeper into crypto accountability with $10M bountyUnited States government agencies have not been shy about regulating the burgeoning crypto industry. Thursday news detailed that President Biden’s team plans to further track crypto asset usage. In part, the team is focused on looking for any ransomware ties to crypto usage. Folks who help the government track down nefarious characters involved in certain online attacks could find themselves rewarded with as much as $10 million in bounty. Crypto community divided on whether Bitcoin is an inflation hedgeFor many in the crypto community, Bitcoin is considered a potential hedge against inflation. Bitcoin’s recent price action, however, has given less evidence for such classification as inflation surges to decade highs in the U.S. Some folks doubt the asset as a hedge, while others argue the opposite. Meanwhile, former U.S. Treasury Secretary Steven Mnuchin has slightly altered his take on BTC. “The first part of it is I think the underlying technology of blockchain is really incredible and has lots of different things, particularly in fintech and finance,” he told CNBC. “I think as it relates to Bitcoin — if people want to buy Bitcoin as a substitute, no different from buying gold or some other asset — it’s fine.”Winners and Losers At the end of the week, Bitcoin is at $31,895, Ether at $1,911 and XRP at $0.59. The total market cap is at $1.30 trillion, based on CoinMarketCap data. Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXS) at 57.38%, Flow (FLOW) at 30.36%, and NEM (XEM) at 17.86%. The top three altcoin losers of the week are Telcoin (TEL) at -31.02%, 0x (ZRX) at -24.41%, and Theta (THETA) at -23.42%.For more info on crypto prices, make sure to read Cointelegraph’s market analysis. Most Memorable Quotations “We’re trying to be the fastest tortoise in the race. The long game pays off over time.”Cameron Winklevoss, co-founder of crypto exchange Gemini “The issue isn’t #Bitcoin, #Ethereum, or other crypto protocols — they’re just fine. The risk comes from the banks’ operational processes.”Caitlin Long, Avanti Bank & Trust CEO and founder “I think the regulatory pressure is stronger than before but it will get a lot of bad actors out of the industry and make sure that the industry’s reputation is much better than without it. So, I think this kind of a crackdown may be a good thing for the industry in the long term.”Jihan Wu, Bitmain co-founder and ex-CEO “Market intelligence suggests cryptoassets are largely held by retail investors, with institutional investors having limited exposure at present. However, there are some signs of growing interest in cryptoassets and related services from institutional investors, banks, and key payment system operators. These developments could increase the interlinkages between cryptoassets and other systemic financial markets and institutions.”Bank of England, the United Kingdom’s central bank “If we are the biggest exchange, [buying Goldman Sachs and CME] is not out of the question at all.”Sam Bankman-Fried, FTX CEO “The easiest industry to reduce overnight was a gray area industry. Some 68,000 gigawatts of power was removed instantly from China just by saying no to Bitcoin mining.”Phil Harvey, CEO of Phoenix Store “Certainly Bitcoin has been a great performer over time. But most of the gains have occurred during a great global deflationary period in which all risk assets rose. Now that inflation is picking up for real, for the first time since Bitcoin’s inception, it’s drastically underperforming.”Mati Greenspan, founder of a firm known as Quantum Economics “You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you…
Retail Traders Pile On Shorts, Is This The Bitcoin Bottom?
Bitcoin has recently fallen below a $32,000 critical hold point and in response, retail investors have taken this as an opportunity to make money from the falling bitcoin price. So far, retail investors have started loading up on shorts, an incredibly bearish metric for the market. Retail investors load up on shorts | Source: Twitter So many shorts placed in such a short period of time might show other investors that the price of the digital asset will fall eventually and thus, lead to panic selling. Although this is never always the case. The fact remains that no one exactly can pinpoint what will happen with the digital asset and as such, every short or long being placed now are mere bets. More akin to guesses than actual predictions. Related Reading | I Stand By My $100,000 Bitcoin Price Target, Anthony Scaramucci According to this Twitter post, retail investors have been consistently short squeezing the digital asset as the market struggles to rebound. This might show that the digital asset now more than ever might be close to the famed bitcoin bottom. Cascading Lows Investors poured in their opinions on the longs being placed by retail investors. A user posted that this might lead to more of a cascading bottom that will be much greater than anything reversal. Chances of cascading bottom much greater than any reversal here. Money on retail for once. — Crazy Tuliped (@TonyD0214) July 16, 2021 Forecasts remain that the digital asset might break the $30,000 stronghold that it has held for weeks now. Speculations abound that this is the point institutional investors would up their investments and the bulls would come storming back in. BTC price amid bearish sentiment | Source: BTCUSD on TradingView.com Bitcoin has dipped in the past 24 hours, down to almost $31,000, and made a small recovery back from this dip. But this is not enough to renew faith that a rebound would be more likely than a bottom. If the digital asset breaks $30,000 before the week is over, then it might as well be very well in bear territory for bitcoin. Regardless, other investors believe this will spark a weekend relief rally. The shorters hope to break the current bitcoin support but so far, bitcoin has held out. But there’s no telling how the rest of the weekend will play out. Bullish Sentiment For Bitcoin? Despite the continued fall of the price of the digital asset, bitcoin maximalists continue to remain steadfast in their resolve for bitcoin’s future. Exchanges have reported plummeting crypto reserves on their balance as investors take out coins from exchanges into hold wallets. Holders continue to stand by the coin. There are likely to be large accumulation events taking place if bitcoin does break the $30,000 support. Whales will use this opportunity to buy back the assets they had sold during the height of the market and retail investors alike will want a piece of that action. Related Reading | Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments Calling the bottom for the digital asset has been a debated topic for a while now. Forecasts hound the market of when the bitcoin bottom will be reached. But so far, bears seem to have a chokehold on the price as the asset has not been able to post any meaningful recovery in the past weeks. Just barely holding on to its current position on the charts. At this time, BTC continues to aim for the $32,000 price point while bears drag the price down. The digital asset has shown strong rebound patterns so far as it now trades at a little over $31,900. Featured image from The Balance, chart from TradingView.com
Pontem to Use Polkadot to Connect Diem and DeFi
Key Takeaways Pontem partners with Polkadot node provider to finalize experimental test network for Facebook’s Diem blockchain. The partnership with PinkNode means the Pontem team can deploy nodes on Kusama, Polkadot’s canary network. Pontem aims to help Diem introduce new features by testing them in the Polkadot ecosystem. Share this article Pontem, an experimental network for Facebook’s Diem project, has teamed up with Polkadot-based node infrastructure provider PinkNode. Behind Pontem’s New Deal Pontem has partnered with PinkNode, an infrastructure-as-a-service provider on Polkadot. The partnership will let Pontem deploy an experimental test network for Facebook’s Diem blockchain, formerly known as Libra. Diem is an ambitious blockchain project from Big Tech mainstay Facebook but is not open to public participants due to its permissioned nature. As a result, developers and entrepreneurs working on Diem may find it difficult to build open source solutions that can compete to the level of innovation with public blockchains such as Ethereum or Polkadot. This is where Pontem comes in. Founded in 2020, Pontem uses Substrate, Polkadot’s software development kit, to build a blockchain with a codebase almost identical to Diem’s. The project aims to help Diem onboarding new features and solutions by first testing them in the Polkadot ecosystem. To this end, the project recently raised $4.5 million from several venture funds including Mechanism Capital, Kenetic Capital, and Animoca Brands. The PinkNode deal will allow Pontem to deploy nodes and other API endpoints on Kusama, Polkadot’s canary network, to finalize its network. Due to deploying the nodes and API endpoints, Pontem will help developers interested in Diem test new features in the Polkadot ecosystem before directly submitting them to Diem. This will also enable new projects on Diem to test their product-market fit on Polkadot. Boris Povod, the founder of Pontem, said of the partnership: “With Pinknode acting as our primary infrastructure provider, their reliable and secure API endpoints will be a key building block to completing our joint goal of improving Polkadot’s current infrastructure, while also allowing us to work towards our goal of becoming the experimentation network for Diem. We look forward to what this partnership will bring.” Through Polkadot’s interoperable network, Pontem also plans to build a bridge that connects the Diem blockchain with Ethereum, the network that underpins the burgeoning decentralized finance space and contains more than $55 billion in total value locked. According to Pontem, connecting the two networks will expose Facebook’s 2.7 billion users to DeFi. Slated for launch in 2021, Diem will issue fiat-backed stablecoins that can be integrated with Facebook’s banking and e-commerce services, a strategic move that faced a lot of resistance from regulators. This news was brought to you by ANKR, our preferred DeFi Partner. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. Facebook’s Crypto Testnet Averages 6 Transactions Per Second Facebook’s testnet has been live for over a month as the Libra Association prepares for the next stage with broader participation among members. Facebook’s Libra Moves a Step Ahead The… What Is Diem? Introduction to the Facebook-Backed Stablecoin The Facebook-backed Diem Association has finalized plans to launch its Diem cryptocurrency in early 2021. Here’s all there is to know. What Is Diem? Diem is a stablecoin similar to… Efficient Market Hypothesis: Does Crypto Follow? The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the… NFTs Are Coming to Polkadot as Kusama Deploys Ethereum Alternatives NFTs on Polkadot may arrive sooner than expected thanks to its canary network Kusama. NFT Projects Expand on Kusama Many of Kusama’s initiatives share a common goal of deploying NFTs…
Ethereum Consolidates, What Could Trigger Strong Recovery in ETH
Ethereum restarted its decline after it failed to stay above $2,000 against the US Dollar. ETH price is holding the $1,880 support, but it must clear $2,000 for a decent increase. Ethereum started a fresh decline and it once again tested the $1,880 support zone. The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if it clears the $1,965 and $2,000 resistance levels. Ethereum Price Settles Below $2K After a failed attempt to settle above $2,000, ethereum extended its decline, similar to bitcoin. ETH price broke the $1,920 support and it settled well below the 100 hourly simple moving average. However, the price stayed above the $1,880 support. A low was formed near $1,861 and the price recently started an upside correction. There was a break above the $1,920 and $1,925 resistance levels. Ether climbed above the 23.6% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. It is now facing resistance near the $1,950 zone. There is also a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. The next major resistance is near the $2,000 zone and the 100 hourly simple moving average. If ether breaks the trend line and then settles above $2,050, there could be a steady increase. The next major resistance is near the $2,050 level. Fresh Decline in ETH? If Ethereum fails to recover above $1,955 and $2,050, it could continue to move down. An initial support on the downside is near the $1,920 level. The first major support is near the $1,880 level. If ether fails to stay above the $1,880 support, it could decline towards the $1,865 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now back above the 50 level. Major Support Level – $1,880 Major Resistance Level – $2,000
Why Ethereum (ETH) Could Nosedive Below $2K, Bears In Control
Ethereum is down 5% and it is struggling to stay above $2,000 against the US Dollar. ETH price could decline sharply if there is a break and close below $2,000. Ethereum is showing bearish signs below the $2,050 and $2,100 levels. The price is now trading well below the $2,100 resistance and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $2,110 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,000 support to avoid a major decline in the near term. Ethereum Price Remains At Risk There was a fresh decline in ethereum from the $2,175 resistance zone, similar to bitcoin. ETH broke many supports near $2,100 and the 100 hourly simple moving average to move into a bearish zone. There was also a break below a key contracting triangle with support near $2,110 on the hourly chart of ETH/USD. The pair traded below the $2,050 support and it tested the $2,000 support. A low is formed near $2,009 and the price is now consolidating losses. An immediate resistance on the upside is near the $2,050 zone. It is near the 23.6% Fib retracement level of the recent dive from the $2,175 high to $2,009 low. Source: ETHUSD on TradingView.com The first key resistance is near the $2,090 and $2,100 levels. The 50% Fib retracement level of the recent dive from the $2,175 high to $2,009 low is also near $2,090. A close above $2,100 might start a decent recovery wave in the near term. The next major resistance is near the $2,175 level. More Losses in ETH? If Ethereum fails to recover above $2,050 or $2,100, it could continue to move down. An initial support on the downside is near the $2,010 level. The first major support is near the $2,000 level. If ether bulls fail to defend the $2,010 and $2,000 support levels, there are chances of a sharp decline. In the stated case, ether bears might aim a test of the $1,850 support level. An intermediate support could be near $1,920. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is well below the 50 level. Major Support Level – $2,000 Major Resistance Level – $2,100
