Category: Cryptocurrency News

FTX volatility only resulted in a brief uptick in miner sales on exchanges, with the trend already returning to normal.

The XRP price cannot escape the broader market sentiment at the moment and was trading at $0.3781 at press time. With this, XRP was unable to defend yesterday’s gains of over 9%, and continues to show itself trapped in a price channel between $0.32 and $0.40. The channel was established when XRP price fell from above $0.50 to near the 1-month low at around $0.32 on November 09 as a result of the FTX collapse. In the 1-hour chart, XRP is currently trading above the 50 and 100 Simple Moving Average (SMA), but below the 200 SMA. Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum To signal an uptrend, XRP price needs to climb above $0.40, and could then meet the first notable resistance at around $0.43, before facing major resistance at $0.50. To avoid another downside move, XRP should not fall below $0.3650. Good News Incoming For Ripple And The XRP Price In a recent tweet, Ripple announced an expanded strategic partnership with MFS Africa. The fintech company has the largest mobile money presence in Africa with over 400 million connected users and over 800 payment corridors across the continent and growing. The blockchain company tweeted: We’re thrilled to announce that our On-Demand Liquidity (ODL) solution is expanding via our partnership with MFS Africa ! Africa holds 70% of the world’s $1T mobile money value, and ODL will further enhance digital payment rails across the continent. The new partnership is designed to optimize real-time mobile payments for their customers in 35 countries. Notably, the XRP-based payment On-Demand Liquidity Solution (ODL) will play a role. Related Reading: Why XRP Holders Who Are Taking Profit Should Check These Data In The Coming Days The goal with this is to bypass friction and bottlenecks associated with sending money across borders via traditional payment systems. On the potential, Ripple writes: While mobile money users in Africa have grown exponentially in recent years, the number of users worldwide is expected to reach 70% of the global population. Another event XRP that could impact the XRP price massively is “Swell Global”. The annual event will take place in London this year, from Nov. 16-17. Notable speakers will include Brad Garlinghouse (Ripple CEO), Eowyn Chen (Trust Wallet CEO), Jorn Lambert (Mastercard, Chief Digital Officer), Emma Joyce (GBBC Digital Finance, CEO), Alex Manson (SC Ventures) and Derrick Walton (Bank of America, Head of GTS Emerging Payments and Innovation). Among others, James Wallis, head of RippleX, will discuss “Strategy and Best Practices For Central Bank Digital Currencies”. In addition, Wallis will announce the winners of the “CBDC Innovate Global Hackathon”. On the second day, Derrick Walton of Bank of America will participate in a discussion panel on the role of commercial banks in the adoption of CBDCs. Mastercards Lambert will talk about the question: “Is Cryptocurrency The Next Internet?”. A major news could give new life to the XRP price. The day has finally arrived! @BGarlinghouse will soon be kicking off #RippleSwell Global in London surrounded by our esteemed speakers, valued customers, and riveting discussions on the latest in #crypto. Check back in for updates you won’t want to miss! pic.twitter.com/HFz5g3Xmf2 — Ripple (@Ripple) November 16, 2022

Toncoin, Telegram’s official blockchain token, has printed positive gains as the overall market tries to recover. TON saw a price increase of 1.52% on the day while gaining ground against BTC and ETH. It also reached an intraday high of $1.71. However, it has retracted, sitting at $1.69 press time. The blockchain’s native token has also had a positive week. Despite falling to $1.33 at the start of the week, it recovered quickly and posted a 5.57% increase. Toncoin’s positive moves can be attributed to its parent company, Telegram’s latest username feature. Related Reading: Avalanche Looks To Capitalize On GameFi Segment – Will This Give AVAX Some Boost? Telegram Allows Users To Buy Unique Usernames This week, Telegram officially launched a new feature that enables the auctioning off of usernames. Users of Telegram now have the ability to auction off their usernames for their accounts, public groups, or channels, as stated by Telegram. The feature is quite similar to the ENS domains on the Ethereum network.  The auction was hosted by Fragment, a free marketplace for trading collectibles between users. According to Telegram, it’ll use the TON blockchain to secure the ownership and uniqueness of each username. The company also mentioned that users could create many aliases for their accounts, groups, and channels. Telegram added: For the first time in the history of social media, people have full ownership of their usernames. Long-time Telegram users who have been using short usernames they registered for early on can now benefit from the platform’s growth by selling their usernames in fair, transparent, fully decentralized auctions. Toncoin Surges As New Accounts And Wallet Holders Increase TON has also enjoyed surges in other areas, including the number of new accounts and wallets holding the token. As per data from CoinMarketCap, the number of wallets holding TON increased by over 12% in the last 7 days. On November 10, the number of unique wallet addresses was 2,546. However, it surged sharply on the 13th, adding over 200 unique addresses between then and today, the 16th.  The number of new account registration on the blockchain has also increased since the start of November. Data obtained from the TON official Telegram channel noted a 1% rise between November 6th and 12th. This increased the number of new accounts to 1,421,079, up from 1,406,699. These increases don’t come as a surprise, given the launch of the Telegram username auction and Fragment marketplace. As of writing, TON’s market cap had jumped 1.46%, though trading its 24-hour trading volume was down over 30%. Related Reading: Dogecoin (DOGE) Prints Bullish Pattern, Why It Could Surge to $0.11 The latest features on Telegram are a big step forward for Web3. In August, Pavel Durov, founder of Telegram, first introduced the concept of username ownership being recorded on the blockchain. When Durov talked about the idea earlier this year, he said that “a little bit of Web 3.0” could be added to “Telegram in the coming weeks.” His comments at the time reflected his admiration for the TON Foundation’s successful domain name auction. Featured image from Pixabay and chart from TradingView.com

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Pretty much what the question states. I have some expendable income and it seems to be a buyer's market at the moment. Bitcoin is under 20k and most cryptocurrencies are near an their all time lows. With the FTX implosion and dozen other exchanges filing for bankruptcy, is it a good time to invest in…
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A proposal for relaunching the currently defunct USAN, the Union of South American Nations, profiles a future monetary integration amongst the countries of the organization. The proposal, made by several former presidents of countries in Latam, reinforces the need for regional integration to overcome common problems in the area, including poverty. USAN Relaunch Proposal Includes […]

ADGM Courts aims to “massively transform the delivery of judicial services,” said CEO Linda Fitz-Alan while introducing blockchain technology for commercial courts.

The collapse of FTX crypto exchange has nothing to do with the success of Bitcoin because BTC is decentralized and FTX was not, Tim Draper said.

While trading in the red zone at press time, the KuCoin token (KCS) has lost substantially in the last 7 days. The token had joined the entire crypto market in its downward trend after the FTX implosion. However, exchanges like KuCoin may benefit from the recent failure of the FTX collapse.  Johnny Lyu, CEO of KuCoin, assured consumers after FTX’s bankruptcy that the exchange would never misappropriate user assets and be transparent. Lyu’s call for transparency was the main catalyst behind the token’s recent surge. KuCoin has publicly stated that Merkle proof-of-reserves would be available in one month. Related Reading: Chainlink Suffers 40% Loss In Last 7 Days – Can LINK Regain $9 Mark This Week? KuCoin CEO Believes Proof-of-Reserve Will Re-establish User Trust In Centralized Exchanges KuCoin CEO Johnny Lyu was the first to declare ‘Proof of Reserves’ after the FTX Token FTT/USD disaster. Lyu stated ‘Proof of Reserves’ is a direct reaction to user concern as they stay locked out of their cash with some exchanges restricting withdrawals. According to the CEO, the exchange will release its Proof of Reserve data in four weeks. He believes that the report will assure customers that their money is secure. Lyu also added the data would back his claims that the company has sufficient cash to payout mass withdrawals. Lyu says the present market situation is like a “growing disease.” He attributes it to the precipitous drop in the value of cryptocurrencies. In the space of a few days, the total market capitalization of cryptocurrencies fell from $1 trillion to $873 billion. “It’s painful to watch innocent users hurt,” he added, conceding that traders will need time to trust crypto exchanges again. What’s The Market Outlook For KuCoin Token (KCS) After a 0.72% decrease over the past 24 hours, the global cryptocurrency market seems to be struggling. The global market volume also declined by 1.35% within this period. In spite of these improvements, the global market cap is still less than $900 billion. This indicates that the majority of cryptocurrencies have not yet recovered from the significant drop that occurred over the weekend. As of writing, BTC is down over 5% while ETH fluctuates 1.09% week-on-week. KuCoin is also down2.94% on the day. However, its 1h chart appears bullish, and we might see the coin trade green in the coming days. During this period, there has been a significant price fluctuation, as the coin’s value has fluctuated between $7.45 and $8.29. The price chart for KuCoin shows a clear upward trend as investors rush to capitalize on its recent price appreciation. If the token keeps going, KCS will attempt the $8.29 resistance level one more. This might see it break out to $8.75 and maybe $9. Related Reading: FTX Hacker Becomes 35th Largest Ethereum (ETH) Whale – Dump Incoming? With an RSI reading of 51, it is clear that buying pressure is getting countered by the bears. However, the price movement looks bullish, suggesting more upside potential. However, there is still a long way to go before most tokens recoup their weekend losses. This indicates a potential retraction that might send KCS back down to its $7.50 support level. Featured image from Pixabay and chart from TradingView.com

The superintendent of the New York Department of Financial Services highlighted her state’s stringent standards as the blueprint for federal legislation.