TronWeekly

Crypto World News

You are here: Home / Archives for News

News

Polkadot [DOT] inches closer to ATH of $49 as network preps for Parachain auctions

by

Polkadot [DOT] was undoubtedly the star of today’s market. By bagging the most daily gains, DOT was at the top of its game as the network gears up for the forthcoming parachain auction.

The crypto-verse has been home to numerous coins. The market has witnessed the arrival and departure of several assets. While some of these have made an impact in the market, a lot of them turned out to be scammy projects. Nevertheless, with regulations in place, the crypto-verse has emerged as a safe space for investors. Despite being fairly new, Polkadot [DOT] certainly caught the attention of the entire market after it made its way onto the top 10.

The entry of new coins did not disrupt Polakdot [DOT] ‘s stay in the top 10. The altcoin’s market cap was at $42.5 billion further allowing the asset a spot as the eighth-largest cryptocurrency.

Persisting the bullish notion, DOT went on bag gains worth 7.75% over the last 24-hours. At the time of writing, DOT was trading for $43.11. However, earlier today, the altcoin managed to go as high as $44.68. This further led to speculations that the asset was heading towards its all-time high of $49.69.

The Polkadot network certainly has eyes gazing all over it following the upcoming parachain auction. Recently, the network revealed that the auction was scheduled to start on 11 November 2021.

Polkadot [DOT] one-day price chart on Binance

Polkadot
Polkadot [DOT] inches closer to ATH of $49 as network preps for Parachain auctions 2

The one-day price chart of DOT revealed a significant bullish notion. While in the short-term the asset could endure some heckles, the long-term chart was rather confident that DOT would be hitting its all-time high sooner or later. The MACD line had pushed past the signal line and formed a bullish crossover. This was further backed by another bullish crossover by the Klinger Oscillator.

The Relative Strength Index [RSI] indicator noted that DOT was being excessively purchased. The RSI marker was over the 70 median which suggested that the asset was in the overbought zone.

Bitcoin [BTC] mining system is coming to Jack Dorsey’s Square

by

Jack Dorsey, the founder of Square, has announced reviewing plans to build a decentralized Bitcoin [BTC] mining system based on custom-designed silicon intending to make it more accessible to both retailers and large institutions on a global scale. In his latest tweet, the CEO of the social media giant, Twitter pointed out the current BTC mining scenario in terms of distribution, energy efficiency, concentration, etc, and stressed the urgent need to transform the prevalent system. Revealing more about the master plan he said,

“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.”

Accordingly, Dorsey said the proposed project, if successful, would align with the ideals of Square’s own hardware wallet model i.e, to build an open-source and in collaboration with the community as a whole. In his tweet, the CEO also revealed that the technical specifics would be handled by its team of engineers led by Hardware Exec Jesse Dorogusker and concluded the post by hoping for suggestions or queries from the community with regards to its proposed plan.

The latest details caused the price of Bitcoin [BTC] to surge briefly and climb nearly $62,700. This was enough to send the market investors into a frenzy, renewing hopes to cross the all-time high of $64,863. At the time of writing, BTC was trading at $61,521 after an increase of 3.57% in the past 24-hours.

Jack Dorsey’s tryst with Bitcoin [BTC]

The Twitter head is known for his staunch support towards the crypto industry and has always been a big Bitcoin bull. In September this year, the micro-blogging website officially integrated Bitcoin tipping services through Lightning Network [LN] focused third-party payment app, Strike. MicroStrategy’s CEO Michael Saylor, on Twitter, shared a video of Strike Founder Jack Mallers showing how the firm’s API integration had opened up opportunities for a faster and unified global remittance payment system.

In addition to that, Square recently doubled up its BTC investment from $220 million to $470 million adding 8,027 Bitcoins in its reserve ranking third behind blockchain intelligence company Microstrategy and Elon Musk-led Tesla.

XRP notes daily surge of 4% while it continues to be the most loved crypto in the UK

by

The crypto market turned green and announced the presence of the bulls. Binance Coin [BNB], XRP, Polkadot [DOT], Ethereum [ETH] as well as Bitcoin [BTC] were seen leading the bull run. All these assets were swiftly bagging the gains dropped by the bull.

Bitcoin [BTC] has clearly been aiming for its all-time high of $64K. While the king coin was already at $61,630, the persistence of this trend could push the coin to a new height. Polkadot [DOT] with an increase of 8.34% was seen shinning as an integral part of the bull run.

XRP, despite enduring major losses this year, managed to buck up and move over $1. The altcoin amassed immense hate from the SEC and was shown the door by an array of crypto exchanges. Despite all of this, the citizens of the UK seemed to be invested in the altcoin. As per Finance Magnates, XRP is the most sought-after cryptocurrency in the UK. Cardano [ADA] was the second most popular currency in the region.

Furthermore, the altcoin didn’t lag behind in the ongoing bull run. XRP, during the of writing, was trading for $1.16 with a 4% surge over the last 24-hours. The asset did not note any major surges or falls throughout the week.

Standing still, as the 6th largest crypto, the asset’s market cap was at $49.1 billion.

XRP short-term price chart on Binance

XRP
XRP notes daily surge of 4% while it continues to be the most loved crypto in the UK 4

XRP’s one-hour price chart mirrored the ongoing sentiment in the crypto market. The Parabolic SAR indicator used in the chart formed a series of dots below the candlesticks. This suggested that the altcoin wouldn’t be coming across any sudden drops with regard to its price. The Awesome Oscillator indicator laid out green closing bars and alerted the presence of the bull in the market.

The Relative Strength Index [RSI] indicator was in the buyers’ zone. The RSI marker was seen heading towards the overbought zone.

ProShares’ Bitcoin ETF becomes first of its kind to garner green signal from SEC

by

Bitcoin exchange-traded funds [ETF] have tried long and hard to make a debut in the US. This could finally be changing as ProShares’s application managed to garner the approval of the Securities and the Exchange Commission [SEC]. Just yesterday, Bloomberg shared a report noting that the USA would be getting its very first Bitcoin ETF and the SEC didn’t take too much time to make it official.

The SEC amassed immense hostility for its decisions pertaining to Bitcoin ETFs. An array of applications were shown the door after being time and again delayed. Many from the crypto community hoped that this would be changed with the departure of Jay Clayton and the arrival of Gary Gensler, the former and current chairman of the SEC, respectively.

The gods had finally answered the prayers of the US citizens as the SEC gave a green signal to ProShares Trust’s Bitcoin ETF. This would mean that ProShares would be listing its shares on the New York Stock Exchange’s Arca. The firm’s ETF would reportedly be rolled out by 18 October 2021 following the filing of a post-effective amendment prospectus.

James Seyffart from Bloomberg tweeted about the same and stated,

“There it is! Bloomberg’s data team in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. Ticker will be $BITO. 95 bps — less than half $GBTC’s 2% fee. This thing is going live next week. Either Monday or Tuesday.”

Back in August, ProShares along with VanEck decided to pull the plug on their Ether ETF filings. While several expressed angst over this, the approval of a Bitcoin ETF was a relief to many.

Bitcoin [BTC] pushes beyond $60K

Bitcoin [BTC] was sitting below the $60K zone for the longest time now. The king coin witnessed a massive plummet from an all-time high of $64K. During the time of writing, BTC had not only hit $60K but even made it past this zone. BTC was trading for $61,359 with a 3.41% surge in the last 24-hours. The entire week was certainly beneficial to the asset as it acquired gains of about 11%.

Additionally, Bitcoin’s market cap was at a high of $1.15 trillion.

Bakkt concludes merger; All set to become a Publicly traded firm

by

Bakkt LLC, the prominent digital exchange marketplace has announced the completion of the merger with VPC Impact Acquisition Holdings [VIH]. The move would help the platform to transition into a publicly listed firm from October 18 this year. Along the same lines, the founding company, Intercontinental Exchange [ICE], revealed that the latest announcement would enable Bakkt holdings to trade publicly under the token name, ‘BKKT’ in the New York Stock Exchange [NYSE].

The official press release further revealed that ICE, which happens to be a global platform for data services and technology solutions, currently retains an astonishing 68% equity stake and a minor fraction of the voting power in the merged entities. Additionally, the financial stake will be regrouped as an equity-based investment and hence would not be incorporated in the ICE’s balance sheets. The resultant proceeds which are expected to generate at least $447 million, would not be included as well in the firm’s revised non-GAAP earnings as per the press release.

The development comes a month after the digital exchange foundation and VPC Impact Acquisition holdings had announced the intention to integrate and unite to form a single public traded entity. Following the request, the US-based regulator Security and Exchange Commission [SEC] finally approved the merger and set the stage for Bakkt holdings, initiating a new chapter in the company’s three-year-old history.

Bakkt’s previous partnerships

Earlier this month, the exchange joined hands with search engine giant Google to expand its reach and bring crypto-assets across a widely targeted audience in the United States and facilitate customers with faster digital transactions. This includes developing new analytics tools such as Artificial Intelligence [AI], Machine learning [ML], and Geolocation function, using Google Cloud’s innovative service to understand users’ individual preferences and demands and accordingly customize loyalty redemption packages.

In a recent development, the Georgia-based firm partnered with Finastra, a financial services-based open digital platform to grant access to Bakkt’s wallets and other use cases to the latter’s community bank customers and other credit unions under the ambit of Fusion Digital Banking solution. Reacting to the collaboration, Phillip Taliaferro of Bakkt stated

“Finastra’s clients are constantly seeking new and innovative experiences to drive engagement with their end consumers. Bakkt’s robust digital marketplace meets those demands by seamlessly integrating crypto, cash management, money transfer and wallet capabilities into Finastra’s FusionFabric.cloud platform and marketplace.”

Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer

by

As the week drew closer the cryptocurrency market entered a flux consisting of bearish and bullish trends. Altcoins tried to match Bitcoin’s spike rate as new superstars like Solana and Polkadot rule the roost. Solana [SOL], currently holding the 7th rank, was the biggest gainer of the day after fervent activity on the charts.

The SOL community has been waiting with bated breath for a steady price hold with the latest bull run acting as just that. At press time, Solana was trading for $159 with a total market cap of $46.78 billion. Solana’s 7 percent price hike over the previous 24-hours was followed by Ethereum, which rose by 3 percent on Friday. Daily volume had touched $3.4 billion after a rousing response from the community.

Solana 1 hour chart:

Solana
Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer 7

Three strong green candles changed Solana’s hourly dynamic as the cryptocurrency tore away from its immediate support. SOL user sentiment may have begun to swing after witnessing the strong upward push. Immediate support was clocked at $143, a steady marker for the cryptocurrency.

Parabolic SAR: The markers stayed below the price candles as user momentum shifted into the green.

Bollinger bands: Both the bands diverged from each other after registering six consecutive green candles. The size of the Bollinger cloud was a definitive sign of Solana’s entry into the bull territory.

Chaikin Money Flow: The graph bounced back from the zero line, mostly enabled by the price hike. This further meant that more capital was entering the SOL ecosystem.

Solana 1 day chart:

sol 1 d
Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer 8

Long-term resistance was clocked in at $126 after a tumultuous September. The previous week was a strong sign for price recovery as the market cap shot up in the daily spectrum.

Bollinger bands: The band’s moved parallel to each other as the candles constricted themselves within the bandwidth. After a month of slight movement, the last green candle climbed to new levels.

Chaikin Money Flow: SOL formed a k-shaped curve as the capital influx overtook the money leaving the market. The cryptocurrency showed similar patterns displayed at the start of August.

Parabolic SAR: Unlike the short-term yield, the markers here stayed above the candles. This was a sign that the market momentum was shifting after a period of dwindling seed funds.

Ethereum [ETH] garners fuel from bulls to reach $4K

by

Contradicting notions were all over the crypto-market. With Ethereum [ETH], Bitcoin [BTC], Solana [SOL], and a few other assets painted in green, almost all the other coins were drowned in the red sea. The top two largest coins were making the most of the remaining bullish sentiment.

Bitcoin [BTC] was finally back in its form. The king coin, after a long and hard struggle, managed to hit $60K. However, during the time of writing, the asset slipped back to $59K. The coin’s market cap was seen soaring to $1.11 trillion. Solana [SOL] was the star of today’s market. The altcoin, despite being fairly new to the market, was faring much better than several other assets. With a 6.12% surge in the last 24-hours, SOL was trading for $159, at press time.

Now, coming to Ethereum [ETH], the asset was just behind SOL in terms of daily price change. The altcoin was inching closer towards $4K and the bulls were providing the necessary ammunition for the same. At the time of writing, ETH was trading for $3,777 with a 4.16%.

Etheruem [ETH] and Bitcoin [BTC] remain unbeatable with regard to market cap. Both these assets had taken a seat as the first and the second largest cryptocurrencies and had no plans of relocating. Ethereum with a market cap of $445.6 billion stood as the 2nd largest cryptocurrency.

Ethereum [ETH] one-day price chart on Binance

Ethereum
Ethereum [ETH] garners fuel from bulls to reach $4K 10

The one-day price chart of ETH harbored the bulls and ousted the bears. The Parabolic SAR indicator recently underwent a transformation as it slipped below the price candles. The dotted lines below the candlesticks stood as support against any possible downtrend. The Chaikin Money Flow [CMF] indicator remained intact in the bullish arena over the zero median.

The Relative Strength Index [RSI] indicator announced that the altcoin was being excessively purchased.

Japan intends to uphold simplicity in CBDC design

by

While governments across the entire globe have been prepping to roll out CBDCs that entail multiple features, Japan intends to keep it simple with the digital yen. An executive from the Bank of Japan noted that simplicity would be a primary feature of the Japanese central bank-issued digital currency.

The fervor around central bank digital currencies [CBDC] hit the roof after China made fast-paced development in the same. While the Asian country was testing out the digital yuan, an array of countries had just started to discuss the prospects of including CBDCs into their system. Nevertheless, numerous countries took charge and have started developing their native CBDC.

Japan is still researching the prospects of the digital yen. However, the central bank of the country seemed to be well aware of what people need. During a recent speech, an executive of the Japanese central bank, Shinichi Uchida revealed the whereabouts of the digital yen.

Japan to keep it “simple” with the digital yen

Since certain payment channels have existed for a long time now, introducing a new one could most likely disrupt the extant situation. Therefore, before rolling out a CBDC, governments have been profoundly working on co-existence. Keeping the same in mind, Uchida suggested that the Japanese CBDC would have a simple design as it requires to be integrated into the private sector payment models.

The executive further added,

“To achieve vertical coexistence, a relatively simple central bank digital currency (CBDC) design is desirable for the private sector to use it as an ingredient.”

The bank intends to move over to the second phase of experiments of the CBDC only in April 2022. During this phase, the bank would be testing out the major features of the coin.

While the central bank of the country still has no plans of rolling out a CBDC anytime soon, Uchida revealed that the bank was in discussions with the private sector. The bank intends to hear out an array of people and their views about introducing the digital yuan. Hence, the bank engaged with the private sector and exchanged views about the imminent Japanese CBDC.

Bitcoin ETFs could finally see the light of the day in the US

by

Crypto enthusiasts of the United States have been yearning to listen to the news of at least one Bitcoin ETF garnering approval from the Securities and Exchange Commission [SEC]. A Bloomberg report suggested that a Bitcoin ETF could be approved as early as next week.

Bitcoin ETFs have had a rather tough time in the US. Cryptocurrencies witnessed drastic growth over the last couple of months. From being closely linked to the dark web, to being widely accepted by governments across the globe, BTC has certainly come a long way. While an array of crypto-related services were used by many, BTC ETFs failed to amass the approval of certain financial watchdogs. When the entire globe was enjoying crypto exchange-traded funds, the US was the only country that was being constantly left behind.

This was soon going to change as an ETF analyst, Eric Balchunas affirmed that BTC futures ETFs would not face any opposition from the SEC. ProShares Bitcoin Strategy ETF could potentially be the first of its kind to launch in the US.

Bitcoin ETFs touch down in the USA

BTC ETF applications in the US witnessed nothing but constant delays or disapprovals. Several officials even suggested that the country wasn’t ready for a crypto ETF. Bringing in a whole new perspective to this, Bloomberg reported that ETFs from ProShares and Invesco could commence trading from next week. The applications of both these platforms were submitted and the judgment on them was due next week.

While all the sources remained anonymous, Eric Balchunas noted that it was a “pretty much done deal.”The tweet further read,

However, considering the track record of the SEC, Balchunas noted that he wasn’t ready to close the case. He added,

“Like I said tho until these little F-ers (ETFs) are literally trading on the exchange I’m not ready to close this case. But odds now over 90% IMO.”

Additionally, during the same time, the price of Bitcoin hit a high of $60K. BTC hit this level for the first time since April 2021. At press time, the king coin was trading for $59,055 with a 2.51% daily surge. The market cap of the coin was also seen soaring and was noted at $1.11 trillion.

Polkadot [DOT] Sears on Thursday as Altcoins Hold Crypto Fort Strong

by

Thursday saw a new movement in the cryptocurrency market after the bull lifted several price supports. After days of suffering under the red line, Bitcoin and a majority of altcoins surged on the Baird to clock decent numbers. The biggest winner in the new leap was Polkadot [DOT] after cruising to a 19 percent rise over the past 24-hours.

Polkadot’s latest gains also allowed it to climb to rank eight while its nearest competitor USD Coin slipped to rank nine. At press time, DOT was trading for $41.4 while its market cap increased to $40.87 billion. The 24 percent weekly gain further allowed the cryptocurrency’s daily volume to rise to a 7-day high of $5.64 billion.

Polkadot has been on a green tear since the announcement of the Parachain auction process. Slated to begin in November, the process will allocate multiple slots for building on the Polkadot blockchain.

This will be part of the vision to create an interconnected blockchain framework. The latest milestone comes five years after the vision of a heterogeneous multi-chain framework was first concocted.

The latest price hike witnessed large swathes of users enter the Polkadot industry, trusting the bullish market. Buying pressure touched the overbought threshold as money coming into the market shot up. Analysts predict another spike if the wave of new buyers continues to crest.

A look at the market’s numbers indicated a revival in its peripherals. Just today, the global cryptocurrency market cap jumped by more than 2 percent to settle at $2.38 trillion. At the same time, the total trading volume received a 10 percent boost.