Category: Cryptocurrency News

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The Central Bank of Kenya appeared to rebuke the country’s new deputy president Rigathi Gachagua, after it rejected the latter’s claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. Central Bank […]

Elrond is currently among crypto assets that are “in the green” after enduring another trying week for cryptocurrencies. Elrond currently trades at $52.44 Coin expected to reach $60 mark in coming weeks Elrond currently 90.4% lower than its ATH At press time, tracking from CoinGecko shows EGLD trading at $52.44. For the last seven days, its value grew by 12.3% while also tallying a 24-hour increase of 7.4%. Its intraday trading volume is also impressive, reaching more than $71.6 million while its total market capitalization is a little north of $1.2 billion, enough to keep the coin in top 50 of all digital currencies, ranking 46th overall. Predictions for the asset’s immediate future are rather bullish, with some hinting at a significant price boost for the next weeks to come. Related Reading: Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price? Elrond Price Movement Pattern In the crypto space, a parallel channel pattern gives multiple opportunities to traders as it shows a rally towards two trendline barriers. It is quite helpful for what is called a counter-trend move. While the entirety of the crypto market bore the brunt of another volatility-induced downfall, Elrond’s price was observed to lean on the aforementioned channel pattern. Source: TradingView.com Under such trend, it was expected that Elrond will once again experience a severe price correction, duplicating the asset’s June low of around $38. But that did not happen and instead, the asset traded within the narrow range of $50 to $45 before climbing to its current value. Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31 EGLD: Price Prediction For The Coming Weeks With the parallel channel’s two trendline barriers, Elrond is now expected to gain some steam and start a bullish run. If the buyers are able to retest and breakthrough the $54.5 barrier, the crypto might be looking at a value increase of nearly 20% and climb all the way to the $60 level. This however, remains significantly lower than what Elrond was able to accomplish last year when it attained its all-time high. It can be recalled that in November 23, 2021, the blockchain token was able to reach trading value of $545.64. With its price of $52.44, it has now lost 90.4% of its all-time high and Elrond remains a long way from it. Meanwhile, for 2023, the digital currency is expected to grow more in terms of trading price. Elrond will start the next year with January highest price of $95.81. By the end of next year, the asset could reclaim a portion of its all-time high with December highest price of $123.03. EGLD total market cap at $1.23 billion on the daily chart | Source: TradingView.com Featured image from Zipmex, Chart: TradingView.com

The GMT token’s smart contract was launched in 2021 by GoMining. It is an international network of mining hotels that rents space for equipment and engages in BTC mining. The company’s founders understand how difficult it is for an ordinary user to start mining cryptocurrency. Even large organisations cannot increase capacity with the increasing complexity of the Bitcoin network. GMT token allows everyone to earn rewards in BTC without any hassle. What is GMT Token? GMT mines Bitcoin on its equipment and distributes the reward among holders. Payments are conducted automatically via smart contracts, which have been audited by CertiK. Major part of the funds from the token sale are used to increase the capacity of GMT. Once the new equipment is put into operation, the issuer allocates an additional batch of tokens. The native currency protocol contains mechanisms for fundamental growth and protection against inflation. As the team commissions new equipment, they issue new tokens. The number of tokens issued is not proportional to the equipment capacity but is 20% fewer. That way, the team distributes the free power among all the tokens in circulation, ensuring that the power of each token grows, and so does the mining reward. A Brief History of GMT During the project’s existence, GMT increased the hash rate of the device park from 100,000 TH/s to 725,000 TH/s. In addition, it has expanded its presence geographically, having 9 data centres worldwide with the most energy-efficient (Antminer S19Pro) mining devices on board. Although GMT is a young project, the team has already made significant progress and gained trust in the crypto sphere. The company has accumulated a huge hash rate, which serves as security for the token. In 2022, video cards and Asics became more affordable; however, the payback of farms is still high (12-18 months). Therefore, the GMT token has good prospects for growth, as it allows generating passive income here and now. The ability to receive daily rewards from mining attracts investors. The GMT team is actively developing the project. GMT Whitepaper is published in 12 languages. The GMT token’s price, as well as mining reward, will likely grow in the future due to the efficient team’s work, popularisation of the project through all available channels, capacity building and BTC rate strengthening. The Rise in Popularity of GMT GMT is the 30th member of the Bitcoin Mining Council (BMC) along with well-known players in the field of Bitcoin mining such as Argo, BlockCap, Core Scientific, Hive, Hut8, Marathon Digitais Holdings, Riot, Galaxy Digital and twenty others. The news was announced at the AIBC Summit on November 17 in Malta during a fireside chat between Michael Saylor, Founder, Chairman, and CEO of MicroStrategy, and Mike Costache, a blockchain investor, entrepreneur, and consultant. GoMining aims to popularise digital currencies among regular users and make mining accessible to everyone. The company cooperates with celebrities and well-known bloggers. In November 2021, UFC champion Khabib Nurmagomedov became the GMT ambassador. The project was reviewed by mainstream media outlets like Fxstreet, Entrepreneur, and tech-specialised outlets such as Tech Times. Greedy Machines – Uniting NFTs and Mining is Possible GMT Token is a project that makes it easier for anyone to engage in BTC mining. Recently, it launched its own NFT project, “The Greedy Machines”. The developers came up with a fundamentally new approach to creating an NFT collection and started an art project with a set of images of mining machines. That are not just pictures – each image is backed by computing power. The initial supply will consist of 1,000 unique collectible miners stored on the Ethereum blockchain. GMT users can exchange GMT for NFT, an image supported by real computing power, meaning NFT owners will get mining rewards daily. What is NFT Mining Farm? Greedy Machines is a concept art game where participants build their virtual mining farms. As mentioned above, NFTs are backed by a certain amount of computing power which allows mining Bitcoin daily and receiving rewards. A user should attach the purchased NFTs to one’s account to start building a farm. Farms include mining cells, mining shelves, immersion baths, containers, data centres, etc. Every user starts from a novice miner with one device and grows to the head of a mining empire, the owner of a mining power plant. Greedy Machines also includes an attractive referral program. NFT holders invite their friends to the platform, and as a result, both participants and invited members receive promo codes for an extra reward in Bitcoin. In addition, equipment maintenance is also rewarded – the more the participant performs equipment maintenance, the more bonuses one receives. Environmental Sustainability The GMT Token project’s first priority is to provide sustainable energy. The project offers “green” miners to its users. Profit will go to organisations involved in spreading sustainable energy: like Global Giving and Everybody Solar. One of the principles of NFT ownership is: the longer a user holds tokens, the more rewards one receives. Final Thoughts The Greedy Machines is a concept art game that builds a community of miners, facilitates BTC mining, and develops “green” energy. Those enjoying beautiful visual forms and artworks will definitely appreciate using the platform and GMT marketplace. The benefits users receive from the Greedy Machines collection include daily Bitcoin rewards for image ownership, unique images, and a part of the gaming infrastructure.  

Binance revealed it has more than 150 employees to cover its operations in Brazil and appears to be in good standing with the local government and regulatory agencies.

Trading the crypto market can be tough and requires more than buying and selling crypto assets; if you aim to become a successful investor and trader in this field, this requires skills, patience, and psychology to stay ahead of the game. Investors and traders are always looking for ways to stay profitable in crypto by adopting different trading strategies, using indicators, oscillators, and chart patterns to have an edge and remain profitable in a bullish and bearish market. Studies have shown that the crypto market ranges by over 70%, while the remaining percentage allows traders to spot trending opportunities. Let us discuss the Exponential Moving Average (EMA), one of the widely used indicators by traders and investors to remain profitable and ride massive trends in the crypto market. Related Reading: Litentry Breaks Out Of A Descending Triangle, Can Bulls Hit $1.2? What Is Exponential Moving Average (EMA) The Exponential Moving Average is a type of Moving Average tool employed in the technical analysis of crypto assets by many traders and investors to spot potential buying and selling areas and identify an asset’s current trend.  There are two common Moving Averages: the Simple Moving Average (SMA) and the Exponential Moving Average (EMA). Most traders prefer using EMA because it filters the price actions and volatility that come with trading in the crypto market and gives traders a more realistic value than the SMA by placing more weight on recent price data. Trading with EMA gives a trader more opportunities. It helps you to identify dynamic support and resistance, enabling you as a trader to enter and exit trades when the trend reverses against your trade. As a trader, you do not need to start learning the formulas and how the Exponential Moving Average was achieved, all you need to do is make use of it on tradingview.com while analyzing your crypto assets. How To Use EMA And Ride Massive Trends The commonly used Exponential Moving Averages are the 50 and 200-day EMA for long-term traders to spot trends and ride early trends based on the high timeframes. For short-term trading, traders use 8 and 20-day EMA to spot trends, entries, exits, and potential price reversals.  Example Of 50 And 200-Day EMA From the chart above, the price of Bitcoin/United State Dollars (BTCUSD) trades below the 50 and 200 EMA, indicating a downtrend price movement with the 50 and 200-day EMA acting as resistances for the price of Bitcoin (BTC), preventing the price from going higher. The 50 EMA responds faster to a price change, so a break and close above the 50 and 200 EMA indicates a potential change in the trend from bearish to bullish. Example Of 8 And 20-Day Exponential Moving Average The 8 and 20-day Exponential Moving Average is used for short-term trades and can be used to spot short changes in trends. The 8-day EMA responds faster to change; as such, a crossover from below could mean a potential change in price from a downtrend to an uptrend. A close of prices above the 8 and 20 EMA could mean a potential change in price from bearish to bullish. For better confirmation, it would be ideal to trade this indicator with other trading strategies and chart patterns like the descending triangle from the Image above for better trading confirmation and profitability. Related Reading: Helium (HNT) Holds Gains Amid Market Downtrend Featured Image From Investopedia, Charts From Tradingview

Samsung Latam, the regional division of the electronics giant, has decided to present its own space in Decentraland, an Ethereum-based metaverse platform. The space, which will be named “House of Sam,” will allow users to have virtual contact with different products of the brand, and play mini-games to win Samsung-branded rewards for their avatars. Samsung […]

Ethereum is showing positive signs above the $1,300 level against the US Dollar. ETH could rally if it clears the $1,330 and $1,350 resistance levels. Ethereum is slowly moving higher and trading above the $1,300 level. The price is now trading above $1,310 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a clear move above the $1,350 resistance. Ethereum Price Remains Supported Ethereum remained well bid above the $1,250 level. There was a minor increase above the $1,280 and $1,288 levels. ETH is showing positive signs above the $1,300 level and the 100 hourly simple moving average. The price climbed above the 50% Fib retracement level of the downward move from the $1,372 swing high to $1,265 swing low. The price even settled above the $1,310 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,330 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,372 swing high to $1,265 swing low. Source: ETHUSD on TradingView.com A clear break above $1,330 might start a decent increase towards the $1,355 level. If the bulls remain in action, the price could rise towards the $1,375 level. Any more gains may perhaps open the doors for a move towards the $1,400 resistance zone. The next major resistance sits near the $1,450 level. Fresh Decline in ETH? If ethereum fails to climb above the $1,355 resistance, it could start a fresh decline. An initial support on the downside is near the $1,320 level and the trend line. The next major support is near the $1,290 level. A downside break below the $1,290 level might send the price towards the $1,255 support.  Any more losses could increase selling and the price might drop to $1,220 or even towards $1,200 in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now just above the 50 level. Major Support Level – $1,320 Major Resistance Level – $1,375