Category: Cryptocurrency News

The Algorand ecosystem has seen unprecedented levels of adoption. The network has been rising in popularity as investors seek a sustainable and cost-efficient alternative to the expensive and slower blockchains. Algoracle, a project created to provide Algorand with a native oracle service was created to bootstrap the ecosystem’s expansion. This can only move forward by connecting its decentralized applications (dApps) to the real world. Algoracle facilitates this process by providing the network with a decentralized bridge to connect smart contracts with real-world data. This service is critical for the expansion of any blockchain-based ecosystem. Data from Token Terminal indicates that Ethereum, one of the largest networks in terms of dApps numbers, saw an explosion in its monthly revenue. This growth was recorded from April 2020 when it stood below $1 billion to its current $14 billion. The main driver for this growth has been the adoption of its decentralized finance (DeFi) protocols and non-fungible tokens (NFTs). Conversely, these dApps require an oracle service to operate, offer a product or use case, process transactions, and onboard more users. Simply put without an oracle, there is no growth. At its yearly high, Algorand saw as many as 1.8 million active addresses. These users will support the network’s next era of adoption, but they need the tools and services that will enable it. Algoracle is the bridge that will make it happen. Algoracle Can Enable A New Generation Of Use Cases Unlike competitive services, Algoracle leverages Algorand’s unique consensus algorithm. Called Pure Proof-of-Stake (PPoS), it allows Algoracle to operate as a fully decentralized service without the limitations of a traditional oracle. In that sense, Algoracle is a step forward for oracle as it can provide newer and more complex dApps with a native Verifiable Random Function (VRF) mechanism. This improves the oracle’s performance, efficiency, scalability, and uptime. Algoracle and the VRF mechanism features will enable the service to power a new branch of use cases. For example, smart contracts will be able to receive data, and their upgraded infrastructure will allow them to send data into the real world. In that way, a user could receive notifications from their NFT marketplace, receive or send data on a decentralized exchange (DEX), and more. It is the next generation in DeFi and smart contract interaction. This could allow dApps operating with Algoracle to communicate and potentially support cross-chain transactions. Algoracle Supports Numerous Projects On Algorand Over the past year, Algoracle has partnered with Brave New Coin, Kaiko, Nomics, AlgoGuard, Equito Finance, Glitter Finance, and many others. Their collaboration with Glitter Finance has enabled them to power their DeFi services comprised of a yield generation solution, a cross-chain bridge, and a cross-chain NFT marketplace. This goes to show the importance of an oracle solution for the Algorand ecosystem and its vast array of use cases. When the partnership was announced, David Dobrovitsky, founder and CEO of Glitter Finance said: The Glitter Finance technical team, working in concert with the technical team of Algoracle has developed new innovations that will greatly enhance and change the way blockchain and cross-chain bridges work and will allow for much greater solidity and stability for the Glitter Protocol (…).  

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Ethereum started a fresh decline after it faced rejection near $3,300 against the US Dollar. ETH price could extend decline towards $3,000 in the near term. Ethereum started a fresh decline after it faced rejection near $3,280 and $3,300. The price is now trading below $3,220 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend decline to $3,000 if it trades below the $3,150 support. Ethereum Price Resumes Decline Ethereum attempted an upside correction above the $3,220 level. ETH even moved above the $3,250 level, but the bears appeared near the $3,300 level. A high was formed near $3,307 and the price started a fresh decline. There was a clear move below the $3,250 and $3,220 support levels. Ether even traded below a connecting bullish trend line with support near $3,220 on the hourly chart. It is now trading below $3,200 and the 100 hourly simple moving average. A low is formed near $3,154 and the price is now consolidating losses. On the upside, an initial resistance is seen near the $3,190 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,307 swing high to $3,154 low. The next major resistance is near the $3,235 level. The 50% Fib retracement level of the recent decline from the $3,307 swing high to $3,154 low is also near $3,235. The main resistance is near the $3,260 level and the 100 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com A clear move above the $3,260 resistance and then the trend line might start a steady increase. In the stated case, the price could climb above the $3,300 zone. More Losses in ETH? If ethereum fails to start a fresh increase above the $3,260 level, it could continue to move down. An initial support on the downside is near the $3,150 zone. The next major support is near the $3,120 level. If there is a downside break below the $3,120 support, the price could resume its decline. In the stated case, the price may even decline to $3,000. 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 now below the 50 level. Major Support Level – $3,150 Major Resistance Level – $3,260

Wood believes that Venmo is merely a follower of Cash App, which has generated more than double Venmo’s revenue from almost half the number of users.

The global crypto community has actively supported humanitarian efforts in Ukraine and two crypto exchanges are also looking to help Ukrainian refugees abroad. Binance, the largest coin trading platform, and the Ukrainian Whitebit have turned their attention to the Ukrainians who had to leave their country as a result of Russia’s invasion. Binance to Launch […]

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Left your crypto taxes until the last second? Here’s how to get your crypto taxes done by April 18 with the least amount of friction possible. The IRS has been really clear that cryptocurrency is definitely taxed – and that they’re able to track crypto investments through various channels. In brief, crypto is subject to […]

Artists and content creators are expanding the creator economy past the $100 billion mark by taking control of their brands through NFTs.

Britain’s top financial regulator, the Financial Conduct Authority (FCA), has allowed five crypto firms to continue to operate in the U.K. with temporary registration. The deadline for crypto firms to register with the FCA was last week but these five firms’ applications are still pending. Five Crypto Firms Can Continue to Operate in the UK […]

Bitcoin started a fresh decline from the $43,400 zone against the US Dollar. BTC remains at a risk of more downsides below the $41,500 level. Bitcoin started a fresh decline after it failed to surpass $43,400. The price is now trading below $42,200 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong decline if there is a clear move below the $41,500 level. Bitcoin Price Turns Red Bitcoin price attempted an upside correction above the $42,500 level. BTC climbed above the $43,000 level, but it faced a strong selling interest near $43,400. The price also struggled to stay above the $43,000 level and the 100 hourly simple moving average. As a result, there was a fresh decline below the $42,500 support zone. The price gained bearish momentum and traded below $42,000. It is now trading below $42,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair. A low is formed near $41,805 and the price is now consolidating losses. An immediate resistance on the upside is near the $42,185 level. It is close to the 23.6% Fib retracement level of the recent decline from the $43,416 swing high from the $41,805 low. The next resistance could be near $42,600. It is near a pivot zone and the 50% Fib retracement level of the recent decline from the $43,416 swing high from the $41,805 low. The main resistance is now forming near $43,000 and the 100 hourly SMA. Source: BTCUSD on TradingView.com Bitcoin price must clear the $42,600 and $43,000 resistance levels to start a decent increase. In the stated case, the price may perhaps rise towards the $43,600 resistance zone. More Losses in BTC? If bitcoin fails to clear the $43,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $41,800 level. The next major support is seen near the $41,500 level. A downside break below the $41,500 support zone could accelerate losses. In the stated case, the price could drop towards the $40,500 support in the near term. The next major support might be $40,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $41,500, followed by $40,500. Major Resistance Levels – $42,600, $43,000 and $43,600.