Category: Cryptocurrency News

The VeChain (VET) price has been able to build on its bullish momentum over the past week and is currently bucking the current market trend. As Bitcoinist reported, the entire crypto market is currently facing a major fear of a contagion effect triggered by the perceived troubles of the US exchange FTX. Within the top 100 by market cap, there are currently only a handful of altcoins besides VeChain, including Chainlink (LINK) and Toncoin (TON), that are showing price gains within the last 24 hours despite the turmoil. VET is thus showing its fundamental strength for the moment. Within the last 24 hours, the price has risen by around 3%. Over the last seven days, there is even a gain of 10%. At the time of writing, VET was trading at $0.02610. Related Reading: VeChain Notches High Gains – Time For Investors To Bet On VET? Over the last 24 hours, VET’s trading volume was $274 million, up 228% from the previous day. At the current level, the VeChain price is facing major resistance. For the moment, VET was rejected at the 200-day simple moving average (SMA) in the 1-day-chart, while maintaining its stance above the 100-day SMA. The MACD indicator is also showing bullish signs. The MACD (Moving Average Convergence/Divergence) is a momentum indicator that shows the relationship between two moving averages of the price of a security. VET investors should therefore keep an eye on the indicator for any trend changes. The RSI is neutral. The next big levels for VET are residing at the $0.035 and $0.043 mark. What Is Fueling the VeChain (VET) Rally? In addition to numerous partnerships that have been made public in recent weeks, VeChain is looking ahead to an extremely important event. The announcement for this took place yesterday. The VeChain Foundation said the final phase of Proof of Authority 2.0 (POA2.0), the integration of finality with VIP-220, with block height 13,815,000, is expected to go live on Nov. 17, 8:10 a.m. UTC+0. Key advances will include resolving the trade-off between the Nakamoto and Byzantine fault tolerance consensus, significant security improvements, data quality guarantees with finality, and enabling global sustainability goals, according to the VeChain Foundation. Related Reading: Why VeChain Is Attractive At $0.02, Is VET Aiming For A Big Move? This release enables the hard fork called Finality on the mainnet. It implements the VIP-220 finality with one bit (FOB), which allows nodes to check the finality of blocks. Via Twitter, the foundation stated: With this implementation, #VeChain takes a big leap towards our goal of facilitating global #MassAdoption of our #blockchain technologies, our objectives to become the de-facto platform for #Sustainability & spearhead economic #DigitalTransformation. For VET holders, the hard fork on November 17 will basically be without impact. However, exchanges may temporarily suspend trade, deposits and withdrawals around the date and time of the upgrade.

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With the increasing adoption and acceptance of crypto assets, more crypto-related firms and service providers are rising. Also, they are taking their expansion visions in the sector very seriously. However, crypto industry regulations have placed limitations on some firms’ goals. Most top-tier regulators require the fulfilment of some rules for the operation of crypto service providers in their regions. These include registration and other license approval from the country watchdogs. Coinmetro, a crypto exchange, expressed its plans for a global expansion in a new development. This plan propelled the firm to embark on a fundraising round that generated about 7 million euros (worth $7 million). According to the firm’s report, the exchange is now valued at 180 million euros. Related Reading: Apecoin Price Likely To Climb 20% If APE Can Sustain Its Energy Expansion Plans From The Exchange Using Funds The exchange revealed its plans to utilize the raised funds to boost its expansion visions in the UK, US, and Europe. Also, it cited its ongoing creation of some passive income products. Such products are meant to assist its customers in handling periods of increasing inflation and interest rates. Coinmetro mentioned that the funding round marks the forerunner of the firm’s Series A round for the first quarter of 2023. The funds are generated from three pioneering investors and more than 100 other shareholders in the firm. Founded in 2018, Coinmetro is a trading platform that ensures mobility between blockchain-based virtual assets and traditional markets. Also, the company provides a platform for crypto asset trading through its operation as a crypto exchange. It engages both beginners and professionals on its internet-accessible trading platform. Also, it runs an initial coin offering (ICO) platform. Headquartered in Tallinn, Estonia, Coinmetro is under the regulation of the FIU in Estonia. In addition, it is registered with the United States Financial Crimes Enforcement Network (FinCEN). Also, Conmetro is under the regulation of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and Australian regulators. The firm is currently processing its application for a U.K. license. Coinmetro Prepares For Next Crypto Evolution The CEO of Coinmetro, Kevin Murcko, while reacting to the funding round, cited the firm’s preparation for crypto’s next stage. He mentioned the expectation for more volatility in the space following the unique year for crypto assets. Murcko said that only those who understand the market dynamics would reap the growth from the coming phase. Related Reading: Ethereum Reserves Of FTX Collapse In The Midst Of Liquidity problems Further, the CEO commended the firm’s outstanding ideas and planned to bring them to reality in the coming months and years. It revealed that the funding offers them the proper financial support to actualize the visions and ideas for the benefit of their customers. According to him, such a move confirms their goals to remain successful despite the bear market impact on the entire system. Featured Image From Pixabay, Charts From Tradingview

Entrepreneur Brad Mills said that decentralized finance rebuilt everything wrong with Wall Street on a blockchain.

Another bitcoin mining company is dealing with financial issues as Iris Energy’s Form 6-K filing with the U.S. Securities and Exchange Commission (SEC) shows the company could face default on two loans. Iris Energy’s Form 6-K filing explains to the SEC that the firm “received a notice from its lender alleging the occurrence of an […]

Bybit co-founder Ben Zhou stated that while no wrong-doing is confirmed, the BitDAO community would like to see proof of fund from Alameda.

Analytics tools can barely keep up as mass withdrawals appear to imply liquidity is evaporating.

Partially owned by the state, NTT Docomo aims to to accelerate the Web3 adoption in the Japan.

Ethereum may have finally exhausted its energy after going full throttle over the last few days that enabled it to briefly hit $1,675. As the altcoin alpha has finally entered the expected correction phase, analysts shared their thoughts, saying the crypto, at all cost, must hold its $1,500 support zone if it hopes to initiate another bullish rally anytime soon. Let’s take a quick glance at how Ether has performed so far this month: Ethereum failed to hold the crucial $1,500 support marker ETH has declined by 6.3% over the last seven days Three million addresses holding 9 million ETH could suffer huge losses if ETH continues to decline But data from Coingecko says ETH failed to do that as after going down by 7% during the last 24 hours. At press time, it is trading at $1,480 and it is now $120 shy of the crucial support range it should maintain to fuel another rally. The problem doesn’t end there for the second largest cryptocurrency in terms of market capitalization as more losses could be underway for Bitcoin’s top rival. Ethereum Fails To Test $1,700 Territory As the digital currency was on a tear during the last couple of days, some investors and even experts believed it was on its way to finally hitting the $1,700 marker which became elusive for the asset for quite some time now. But shortly after peaking at $1,670, Ethereum price entered a downside correction, falling to $1,620 and then losing some more of its value to trade at $1,600. Related Reading: Apecoin Price Likely To Climb 20% If APE Can Sustain Its Energy Source: TradingView The decline did not stop there or slow down at all as investors painstakingly witnessed the crypto initiate another pride dump as it fell to $1,501. As ETH now enters a consolidation phase below the $1,500 marker, its resistance level was set at $1,605. Across its chart, a bearish line emerged, indicating that Ethereum will find it challenging to recover immediately following this price correction. Bears, by the looks of it, are already in control once again, making the cryptocurrency lose all gains it had after rallying side by side with Bitcoin towards the end last month and the first few days of November. Trouble For 3 Million Addresses The failure of the altcoin to hold on to its crucial support zone of $1,550 can be attributed to the lack of buying pressure that has sent prices tumbling down. But more than just experiencing a massive decline, more trouble will come for ETH and its holders if bulls can’t regain their advantage anytime soon. According to recent transaction data, there are 3 million addresses holding 9 million Ethereum tokens that will be effectively be put under the “Out of the Money Territory” if the asset fails to bounce back any time soon. If the cryptocurrency decides to take another trip down the memory lane and revisit its recent performances, a lot of investors will definitely register tremendous losses. ETH total market cap at $182.5 billion on the daily chart | Featured image from Investing.com, Chart: TradingView.com