Category: Cryptocurrency News

Polygon has allocated an estimated $1 billion on zero-knowledge technology underpinning its Ethereum scaling layer 2 solutions.

Opera’s new in-browser, non-custodial wallet runs on the Celo blockchain and targets the platform’s user base in Africa for P2P stablecoin transactions.

The Solana (SOL) community has been closely monitoring the crypto’s price movements as it endures a relentless downward trend. Notably, this corrective phase has adhered to a distinct pattern, encapsulated within two converging trendlines, forming what technical analysts identify as a descending wedge formation.  Historically, such patterns have acted as precursors to substantial bullish surges upon breaking free from the upper resistance. The question that now lingers in the minds of crypto enthusiasts: Is Solana poised for a bullish turnaround, or should we brace for more market turbulence? Related Reading: Chainlink (LINK) Bullish Run Falters: Time To Brace For A Price Dip? At present, Solana is trading at $17.86, according to CoinGecko data. Over the last 24 hours, it has witnessed a modest decline of 0.5%, contributing to a seven-day slump of 10.4%. The intriguing aspect is that SOL’s price currently hovers near the upper boundary of the descending wedge pattern, a crucial juncture where traders are grappling with substantial selling pressure.  This position implies that Solana may be poised to either break free from its recent struggles or face further rejection at this trendline resistance. SOL seven-day price action. Source: Coingecko Awaiting SOL’s Bullish Breakout For those harboring bullish sentiments for SOL, a prudent approach may be to await a clear breach of the aforementioned resistance. If such an event occurs, it could trigger a rally pushing Solana toward a potential target of $22.21. Beyond that, the cryptocurrency might set its sights on even loftier goals, with price milestones at $25.43 and $32 becoming realistic objectives. However, it’s essential to note that in the volatile world of cryptocurrency, the bearish sentiment can swiftly gain traction. In such a scenario, SOL could experience a further decline of approximately 11%, potentially targeting the $16.5 price region. Solana market cap currently at $7.4 billion. Chart: TradingView.com Solana’s Fundamentals Remain Strong One trader, known as Altcoin Sherpa on the social media platform X, offers a perspective that combines long-term optimism with short-term caution. Altcoin Sherpa views Solana as a fundamentally robust crypto project poised to perform well during the next bull market. $SOL: Big sell off yesterday, I didn’t catch any of it. Next point of interest is the $17-$15.50 area. Lots of scared investors in regards to a potential FTX holdings liquidation. #Solana https://t.co/7lfzea6XA7 pic.twitter.com/1f8XEJFlES — Altcoin Sherpa (@AltcoinSherpa) September 10, 2023 Although the trader remains long-term bullish on SOL, the path to bull territory may not be a smooth one, Altcoin Sherpa implied: “As a network, SOL is still a good one and will probably be a solid bet for the next bull run. I’ve got a long-term bag that I’ll just hold because I expect great multiples on it later on. But in the short term, it’s likely going to be painful.”  Related Reading: Can Pepe Coin Bounce Back? Insights On Its Future Post-Critical Support Drop Solana’s price movement remains a focal point of interest in the cryptocurrency community. The descending wedge formation has set the stage for a potentially significant breakout or breakdown, and traders are advised to stay vigilant as the market dynamics unfold. Whether Solana’s next move is bullish or bearish, the crypto world eagerly awaits to see where this innovative blockchain platform will steer its course. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Morpheus Trading Group

Europe experienced a 50% fall in fintech investments in the first half of 2023.

Adobe, IBM, Nvidia and five other companies have joined the initiative, unveiled in July, aimed at preventing the misuse of AI’s capabilities for harmful purposes.

The total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, Paxos report states.

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Traditional financial institutions that have filed crypto ETF applications have focused on a particular market (spot or futures). However, a recent NASDAQ application suggests that the asset manager Hashdex is taking a different approach, which could be a game changer in the Ethereum ETF race.  NASDAQ Proposes To List Ethereum ETF According to the application filed with the US Securities and Exchange Commission (SEC), the stock exchange plans to list and trade shares of the Hashdex Nasdaq Ethereum ETF, which will be managed and controlled by Toroso Investments LLC. Interestingly, the fund will hold both Ether futures contracts and Spot Ether. This move from asset manager Hashdex is novel, considering that other asset managers have either applied to offer a Spot Ether ETF or Ether futures ETF or filed applications to offer both separately. However, Hashdex wants to offer a fund holding both Ether futures contracts and a Spot Ethereum ETF. Related Reading: Tron’s Justin Sun Mulls Over Making A Move On FTX’s Crypto Stash, Here’s Why The fund’s sponsors believe that combining Ether Futures Contracts and Spot Ether will help mitigate the risk of market manipulation (a major concern of the SEC) and provide the market with a “regulated product” that tracks Ethereum’s price. This fund will help US investors gain exposure to Spot Ether without relying on “unregulated products, offshore regulated products, or indirect strategies such as investing in publicly traded companies that hold Ether.” In fulfillment of the requirement of having a surveillance-sharing agreement (SSA) for the proposed ETF, Nasdaq stated in the application that the Chicago Mercantile Exchange (CME) will be used to track the price of Ethereum as the CME represents a “regulated market of significant size.” Furthermore, the fund is expected to hold physical Ether. However, the sponsors do not intend to purchase these tokens from “unregulated ether spot exchanges” but from the CME Market’s Exchange for Physical (EFP) transactions. This move is similar to Hashdex’s application to combine a spot Bitcoin ETF with its existing Bitcoin futures ETF. Hashdex, in its application, stated that the CME will be used to track Spot Bitcoin’s price and that all Bitcoin purchases will be from the CME’s EFP. ETH kicks off Wednesday on a volatile note | Source: ETHUSD on Tradingview.com Hashdex Throwing Other Asset Managers Under The Bus? Nasdaq’s application mentions the phrase “unregulated spot exchanges” multiple times in what seems to be a direct attack on Coinbase and the applications of other asset managers. It is worth mentioning some of the other asset managers, including Ark Invest, who have filed to offer an Ethereum-related ETF, have chosen Coinbase as their custodian. As such, Hashdex labeling Coinbase as an “unregulated spot exchange” doesn’t seem right, as this could undoubtedly influence the SEC’s decision when dealing with these applications. Related Reading: Analyst Points Out Why End Of 2023 Will Not Be Great For XRP Price Furthermore, asset managers like BlackRock picking Coinbase for their SSA and custodian had already sparked controversy as many had stated that the SEC would not be so inclined to approve an application in which Coinbase is directly or indirectly involved since it has an ongoing lawsuit against the crypto exchange. While many may commend Hashdex’s “innovative approach,” there is a need to be wary of how this approach could hinder the application of others and the eventual effect on the crypto industry in general.    Featured image from iStock, chart from Tradingview.com

On September 21, Timișoara—Europe’s 2023 Cultural Capital—will host “The Alliance.” This conference, organized by crypto.ro, aims to be a milestone in blockchain and crypto technology. Event Vision “The Alliance,” organized by crypto.ro, is a conference focused on innovation, collaboration, and education. The event aims to accelerate the adoption and development of blockchain technology, both on…
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Emurgo founder and CEO Ken Kodama told Cointelegraph that they’ve identified 21 areas that Cardano is missing, but are present in other blockchains.