According to the latest data, we are now less than 1,400 blocks away from the anticipated Bitcoin halving event, which will decrease the block reward from 6.25 bitcoin to 3.125 bitcoin. Bitcoin’s value soared to a new all-time high on March 14, reaching ,794 per bitcoin, but has since seen a 6.5% decline. Observers are […]
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Bitcoin Price Breaks Through $47,000, Bullish Sentiment Builds With Anticipation Of ETF Approval
With the Bitcoin price soaring to new highs, the cryptocurrency community is excitedly buzzing as all signs point towards an imminent approval of the highly anticipated Bitcoin Exchange-Traded Fund (ETF) applications.
This positive sentiment has propelled the Bitcoin price past the ,100 mark, reaching levels not seen since April 2022 and inching closer to the coveted ,000 milestone and its all-time high (ATH) of ,000.
SEC Fast-Tracks Bitcoin ETF Review
Earlier this morning, several prominent players in the financial industry submitted their final registration of securities amendments for a Spot Bitcoin ETF.
The list of applicants includes VanEck, Bitwise, Fidelity, Valkyrie, Franklin, Ark Invest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy. This development has further fueled the bullish Bitcoin price action.
In recent updates regarding the Bitcoin ETF applications, James Seyffart, an ETF expert at Bloomberg, revealed that the 19b-4 filings were pouring onto the SEC website.
Although the process typically takes a few days to a couple of weeks, this influx of filings indicates that the SEC is expediting its review for this week.
It is worth noting that the timeframe of January 8th to 10th has been closely watched by industry observers, and the accelerated pace of the SEC’s actions during this period adds to the anticipation surrounding the Bitcoin ETF approval.
Standard Chartered Expects 0,000 Bitcoin Price
As the Bitcoin price continues its upward trajectory, accompanied by widespread anticipation of imminent ETF approval, British multinational bank Standard Chartered has made a significant statement.
The bank believes that ETF approval will serve as a pivotal catalyst for Bitcoin’s price surge, heralding a transformative moment for institutional participation in the cryptocurrency.
Standard Chartered expects this approval to drive substantial inflows and contribute to significant price gains for Bitcoin.
Standard Chartered views the approval of Bitcoin ETFs as a watershed moment in normalizing institutional investment in Bitcoin. With regulatory clearance for ETFs, institutional money is expected to pour into the cryptocurrency market, further validating Bitcoin as an asset class.
Standard Chartered predicts that the price gains resulting from the approval of spot Bitcoin ETFs in the United States will be of a similar magnitude as witnessed previously.
However, the bank anticipates these gains to materialize over a shorter period of one to two years, considering the accelerated development of the Bitcoin ETF market.
In line with their end-2024 projection of Bitcoin reaching ,000, Standard Chartered expects the approval of ETFs to drive inflows that could potentially elevate the price to around ,000 by the end of 2025.
Bitcoin has reached the ,100 mark, up a staggering 6.5% in the last 24 hours alone, coupled with an 8.7% increase in the last seven days.
Featured image from Shutterstock, chart from TradingView.com
Anticipation Builds as US Central Bank Eyes Two More Rate Hikes, Targeting 5.6% by Year-End
After the U.S. central bank refrained from boosting interest rates last week, investors now anticipate two more hikes that may elevate the federal funds rate to 5.6% by the year’s end, climbing 50 basis points (bps) from its present level. CME’s Fedwatch tool indicated on Tuesday that market predictions imply a 25bps increase during the next Federal Open Market Committee (FOMC) meeting set for July 25 and 26.
Federal Reserve Pauses, but 2 Rate Hikes Loom, 76.9% Probability of a 25bps Increase in July
Consequent to ten uninterrupted rate hikes since March 2022, the U.S. Federal Reserve decided to halt in June but acknowledged that additional increases were anticipated in 2023. Fed Chair Jerome Powell announced that “nearly all committee participants view it as likely that some further rate increases will be appropriate this year.” Currently, the federal funds rate is at a 16-year peak, and although there was no rise in June, the impact of the previous ten is evident among market participants.
Inflation in the U.S. has decelerated for 11 consecutive months but remains elevated at 4%, while the interest rate for a 30-year mortgage ranges between 6.99% and 7.14%. The countrywide average for a 30-year loan term is 7.08%. This implies that for every 0,000 borrowed, debtors must pay 0 to 5 monthly in interest. With the federal funds rate at 5% to 5.25%, an extra two rate hikes totaling 50bps would likely push lending rates higher, making credit in the U.S. considerably tighter.
During the last FOMC meeting’s press conference, Powell mentioned that Fed board members did not reach a consensus on July. “We didn’t make a decision about July,” Powell informed reporters last Wednesday. “I do expect that it will be a live meeting. It may make sense for rates to move higher but at a more moderate pace, but we have made no decision about a hike or pause at the July meeting.”
Despite earlier forecasts of a shift, most market analysts do not foresee a rate reduction this year. Asawari Sathe, Vanguard’s senior economist, expresses skepticism that the federal funds rate will be lowered in 2023. “We believe inflation will continue to moderate but remain above 3% through year-end, and unemployment will trend higher to a still reasonable 4.5%,” the Vanguard economist penned. Vanguard’s machine learning prediction tool also anticipates that the Fed will not reduce rates until the following year. Sathe stated:
Vanguard’s model anticipates that the Fed won’t be in a position to cut rates until the middle of 2024.
On Tuesday, CME’s Fedwatch presented a 76.9% probability of the Fed raising the rate by 25bps at the July FOMC meeting. Approximately 23.1% expect no alteration to transpire in July and that the rate will stay unchanged at 5% to 5.25%. Should the 5.6% threshold be attained within this year, it will surpass the Federal Reserve’s previous March prediction by a notable 50bps.
However, by the conclusion of May, numerous economists started asserting that the central bank would undergo a significant shift in its approach. “Chair Powell right now does not want to talk about (reducing rates),” conveyed Ian Shepherdson, the chief economist at Pantheon Macroeconomics, to his clients just last month. The Pantheon executive added:
But that will change; the Fed will do what the data tell them to do, and the data are heading south.
What are your predictions for the Federal Reserve’s next moves? Share your thoughts and opinions about this subject in the comments section below.
Elrond (EGLD) Builds Bearish Sentiment, Will Price Coil Up To 80 Instead?
The price of Elrond (EGLD) has shown little relief bounce against Tether as it continues to range in its bearish flag pattern. Although relief bounces are shown by other cryptocurrencies across the market, with some double-digit gains, Elrond’s price has struggled to crack those gains. (Data from Binance)
Elrond Price Analysis On The Weekly Chart
Weekly EGLD Price Chart | Source: EGLDUSDT On Tradingview.com
From the chart, the price of Elrond saw its weekly bottom at , and the price of EGLD bounced from that region to a price of on the weekly chart as the price is unable to show much strength to trend higher.
EGLD weekly candle closed with a bearish sentiment, with the new week’s candle looking indecisive.
The price has continued to show little or no traction; If the price of EGLD on the weekly chart maintains this structure, it could retest its low of as this is the trendline support region on the weekly chart.
For the price of EGLD to trend higher, it needs to break the resistance at with a good volume to have a go at higher prices and double gains.
Weekly resistance for the price of EGLD – .
Weekly support for the price of EGLD – .
Price Analysis Of EGLD On The Daily (1D) Chart
Daily EGLD Price Chart | Source: EGLDUSDT On Tradingview.com
The price of EGLD has found itself ranging in a bearish flag channel, trying to break out from what looks like a cage preventing the price from trending higher.
EGLD has found its price ranging between , acting as support, and acting as the resistance for the price of EGLD. The price of EGLD needs to break out of this range and close above the mark to trend higher to a region of .
With more buy orders and volume, we could see EGLD retesting the upper range of if the price fails to break out, going a retest of trendline support at and lower if there is a market sell-off.
EGLD is currently trading at , just below the 50 and 200 Exponential Moving Average (EMA), which corresponds to prices of and 1, acting as resistances for EGLD price.
On the daily chart, the Relative Strength Index (RSI) for the price of EGLD is below 40, indicating a low volume of buy orders.
Daily (1D) resistance for EGLD price – -.
Daily (1D) support for EGLD price – .
Price Analysis Of EGLD On The Four-Hourly (4H) Chart
Four-Hourly EGLD Price Chart | Source: EGLDUSDT On Tradingview.com
The price of EGLD has shown a little bullish trend below the 200 EMA price, which correspond to , acting as resistance to the EGLD price.
EGLD needs to break and hold above the 200 EMA to assume its bullish sentiment; if EGLD fails to break and hold above, we could see the price retesting its support levels at .
Four-Hourly (4H) resistance for EGLD price – -.
Four-Hourly (4H) support for EGLD price – .
Featured Image From zipmex, Charts From TradingView.com
Now Or Never: Bitcoin Builds Base At Decade-Long Parabolic Curve
The masses are bearish on Bitcoin. The market is convinced that prices below ,000 will be revisited given the continued weakness in the top cryptocurrency by market cap. All eyes are on the massive “bear flag,” but could it instead be a bear trap?
Bitcoin price continues to grind along a decade long parabolic trend line that in the past has put in several mid- to long-term bottoms. Here is a closer look at a currently unbroken trend line that BTCUSD must hold for continued parabolic momentum and what it could mean if we get a bounce from here.
Unbroken Decade-Long Parabolic Bull Trend Readies Base 4
If you ask around, most people will explain with certainty the several reasons they have for why Bitcoin is destined for sub-,000. Meanwhile, the price per BTC is grinding along a parabolic support line that over the last decade has proven to put in bottom after bottom.
Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season
The cryptocurrency became a household name in late 2017 due to its parabolic rally that eventually broke down and took the price per cryptocurrency back to ,200. The retest of that level on Black Thursday only added to the base-building in the chart below.
Attention, base 4. Are we cleared for liftoff? | Source: BTCUSD on TradingView.com
Comparing the curved, decade-long trend line with the parabolic curve pattern pictured above, there is a chance base 4 is in the process of being built. Between base 3 and base 4, the parabolic asset – BTC in this case – doubles in value in a very short time.
From late 2020 to April 2021, Bitcoin price grew over six to twelve times in value during what would have been the run up from base 3 to base 4. According to this diagram, base 4 is also quite steep, allowing price to climb dramatically higher. The only problem is, this final base, if valid, suggests the end is near for this decade-long bull trend line.
With a parabolic trend line violated, the top cryptocurrency by market cap could plunge as much as 80% from whatever highs are set. Past bear markets have resulted in more than 84% declines from top to bottom. Parabolic rallies also tend to break down faster than it took to climb – similar to a rollercoaster’s anxiety-inducing ascent, followed by a speedy plunge and the ride is over until you decide to get on once again.
“Bulls take the stairs, bears take the elevator”
On-chain signals support a bottom at this level | Source: Glassnode
On-Chain Signals Support Bitcoin Bottom At Current Levels
On-chain signals, like entity-adjusted dormancy flow exhibit similar signs of accumulation going on as other moments Bitcoin put in a significant bottom. Several of these on-chain bottoms arrived precisely as the price per BTC touched down on the parabolic trend line.
Related Reading | Crypto Mimics Textbook Market Sentiment Cycle, What Happens When Confidence Returns?
Could this be a mere coincidence, or is there more validity that this parabolic trend line holds, a new base is build, and the final phase of the Bitcoin rally begins?
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
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DEX Unlimited: How Ray.sX Builds an Open Apps Marketplace for the World of Decentralized Finance
The DeFi market capitalization in 2021 reached 0 billion. At the same time, the opportunities of many decentralized platforms are still limited. Currently, DEXs have only a basic set of services for users, such as growing liquidity or lending.
However, the potential of the DeFi market is much greater than what is presented now, and the founders of the Ray.sX project prove this. They have created their own open marketplace for DEX apps where anyone can offer their product or service for the DeFi market.
New tools for the DeFi
Today, the DeFi space needs new solutions to further expand the opportunities of the existing DEXs. “If you examine the current DEX market, you will find out that it’s like an overlay of SWAP on SWAP. Most of the popular DEX and decentralized platforms have very limited in terms of their functionality. For example, they do not offer limit orders or complex scripts. However, our platform creates an open environment for developers to develop useful apps for the DEX,” said George Gus, founder of Ray.sX.
The Ray.sX platform provides an opportunity for professionals to offer their own turnkey DeFi solutions. This creates a direct interaction between developers and DeFi users. In practice, this works simply. You have an application that allows users to create limit orders on the DEX. However, you as a developer cannot find ways to sell it to this very DEX.
This is where Ray.xS helps. Just sign up on the platform, give your app details and create an offer to sell the solution on the platform. Investors and DEX representatives can then contact you if they are interested in the application. Thus, using Ray.xS, you can easily and effectively monetize the development of your solutions.
DEXtools: all statistics for decentralized finances on one platform
In addition to developing a marketplace for DeFi applications, Ray.xS is also developing its own analytics tools. With their help, you can simply and conveniently monitor key indicators and group them according to specific criteria.
“Today, the most popular tool for analytics in the decentralized finance world is DEXtools. We provide a wide range of tools for the DeFi. They allow users to track new liquidity pairs, multi-swap dynamics, or wallet activity. Moreover, they also offer a number of other parameters. For example, token overview, coin prices on various platforms, transaction history, and trading volumes on various DEXs,” explains George Gus.
In other words, Ray.sX users can follow all DeFi statistics on one universal platform. All analytics are available in the form of clear and accessible graphs and charts.
In addition, analysts and developers who are not part of the Ray.sX team can provide their own solutions for collecting and monitoring statistics. Such products may be included on the Ray.sX platform.
RAX token as the main monetization tool
The native RAX token is the main instrument of the Ray.sX platform used for payment, turnkey solutions from DEXs, platforms, and aggregators.
“RAX will connect buyers, investors, and developers. The token will be used both to pay for ready-made solutions and to invest in projects that are under development. These key features will unify all internal token exchanges and lead to the use of a single payment and investment unit,” said George Gus.
The Ray.sX’s token will be available on the project’s platform and DEX after the final development phase is completed.
“Now we are working on partnerships with investment funds and developers who can offer their unique solutions to the world of DeFi,” concluded George Gus.
Summary
2022 is a year of active growth of the DeFi market. This sector can enhance the user experience with new tools for trading, lending, and investing. For this reason, DEX is already looking for modern, effective, and most importantly, simple and understandable solutions for its customers. Ray.sX can be an open platform that brings together investors, consumers, and developers, who will launch its own application market.
DEX Unlimited: How Ray.sX Builds an Open Apps Marketplace for the World of Decentralized Finance
The market capitalization of DeFi reached 0 billion in 2021. However, many platforms for decentralized finance have not yet been used. Currently, most DEXs only require a few basic user services, such as liquidity growth or lending.
However, the potential of the DeFi market is greater compared to the current state. This is proven by the founders of the Ray.sX project, who are developing the marketplace for all DEX apps to let everyone offer their product or service for the DeFi market.
New tools for DeFi
Now the DeFi sector requires new solutions to expand its capabilities and attract a large number of users. In addition, it is necessary to expand the functionality of the reverse DEX.
“If you use the DEX market, you will find that this can lead to SWAP overlapping with SWAP. Most of the popular DEXs and other decentralized platforms have very limited functionality. For example, they do not return limit orders or complex scripts. However, our platform creates an open development environment for useful DEX applications,” said George Gus, the founder of Ray.sX.
Thanks to Ray.sX, it is possible to offer your own turnkey solutions for DeFi. In addition, the platform creates all conditions for direct interaction between developers and users. For example, the team has a ready-made application that allows users to receive limit orders on the DEX. However, they cannot sell the DEX solution for some reason.
Ray.xS will help in this situation. Simply register on the platform, use your application data and create offers for selling solutions on the platform. Investors and DEX representatives can contact you if they are interested in the application. Thus, using Ray.xS, you can easily and freely monetize the development of your solutions.
DEXtools: all decentralized finance statistics on one platform
In addition to developing a marketplace for DeFi applications, Ray.xS also provides its own DeFi analytics tools. This way, users can easily and conveniently evaluate high scores and group them by criteria.
“Today, the most useful app for analysts in the world of decentralized finance is DEXtools. We offer a wide range of DeFi tools. They allow users to create new liquidity pairs, multiple swap dynamics, or wallet activity. In addition, they also return a number of other parameters. For example, an overview of tokens, coin prices of different platforms, transaction history and trading volumes on different DEXs,” George George Gus.
In other words, Ray.sX applications track all DeFi statistics in one versatile and convenient platform. All analytics are available in the form of clear and transparent graphs and charts.
Third-party analysts and contributors outside of the Ray.sX team select their own meetings to collect and monitor statistics. Such products include Ray.sX.
RAX token as the main monetization tool
The native token of Ray.sX (RAX) is the main tool of the platform that is used for access to payment, purchase of ready-made solutions from DEX, platform, and aggregators.
“RAX will connect buyers, reach, and attract. The token will be in the Republic both for paying for ready-made solutions and for investing in projects under development. These key features unify all bulk token exchanges and drive a single payment and investment benefit,” said George Gus.
The RAX token can be purchased on the Ray.sX and DEX platforms after the completion of the final development stage.
“We are currently working on partnerships with investment funds and developers who can offer their private solutions to the DeFi world,” George Gus.
Summary
2022 has the prospect of growth for the DeFi market. This sector can join forces using new tools for trading, lending, and investing. For this reason, DEX is already looking for projects with modern, constructive, mostly simple, and practical solutions for its customers. Ray.sX has the potential to be the kind of platform that brings together exposure, consumers, and engagement that will be late in its own app market.
Shiba Inu Builds Real Estate In The Metaverse, Pushes LEASH, SHIB To Rise 50%
The innovators of the popular meme coin Shiba Inu announced that the protocol will soon offer plots of virtual land in a soon-to-launch metaverse, causing the value of ecosystem tokens such as LEASH and SHIB to surge by nearly 50%.
Metaverses are a broad concept that refers to a virtual domain in which individuals can interact in the same way they do in the real world, only digitally. The concept has gained traction in recent years, with metaverse tokens such as Decentraland’s MANA and Axie Infinity’s AXS now valued in the billions of dollars.
“The Metaverse will be one of the most exciting areas of cryptocurrency for people to enjoy. Utilizing it as another fantastic resource for providing incentives, content, and monthly royalties to the crypto community,” the developers of the Shiba Inu disclosed in a blog post.
What Can We Expect From Shiba Lands?
Dubbed as the “Shiberse”, the metaverse property development will serve as the Shiba Inu ecosystem’s arm in the virtual domain. Shiba Lands and its unique auction system will be a major component of the Shibverse.
The Shiberse competes with other metaverse ecosystems such as Decentraland, Sandbox, Gala Games, and Axie Infinity. Despite being new to the metaverse, Shiba Inu has already piqued investors’ interest.
Retail investors have already flocked to SHIB because of the coin’s sporadic solid growth over the previous year. The queuing method for its land release is intended to avoid the exorbitant gas expenses experienced during the Shiboshi NFT launch last year.
Total SHIB market cap at .98 billion in the daily chart | Source: TradingView.com
Related Reading | Shiba Inu Enters The Metaverse, But Will This Help Its Price?
The company announced that the queuing system will make the procedure fair and seamless for their community globally.
Notably, in conjunction with the news, the price of Doge Killer (LEASH) increased by over 40%. In addition, the Shiba Inu team hinted that there would be additional “collaborations.”
SHIB Regains Top Position On Whale Addresses
As of now, Shiba Inu has recaptured top place on whale addresses, with .7 billion in tokens held by investors on the Ethereum network.
After the cryptocurrency market comeback, Shiba Inu’s popularity surged. Shiba Inu has almost doubled in value from the local low on February 5.
The token’s price topped out at .000035 before retracing to .000029, well below the .00003 mark. Despite the token not hitting new highs, traders could defy selling pressure and keep the asset above .00003.
However, whales have chosen to accumulate extra tokens while the currency sells at a large discount. Another Shiba Inu whale has joined the network, amassing 3.4 trillion SHIB worth 5 million.
While Shiba Inu regained its throne yesterday, market movements reduced whale holdings to .7 billion. Previously, many short positions were opened for no apparent cause, indicating a market overheat.
Despite Bitcoin’s ,000 comeback and the altcoin market’s general recovery, open interest data show that most traders still expect a negative trend to continue.
Meanwhile, SHIB has dropped 8% in the last 24 hours after surging about 40% on Monday and Tuesday. At the time of publication, the token was trading at .000033.
Related Reading | Shiba Inu Barks At Bears With 25% Gains, But Social Media Continues To Trend Dogecoin
Image from Coingape, chart from TradingView.com
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ADA Finance Builds The First DeFi Ecosystem On Cardano With Affiliate Incentives
The decentralized finance (DeFi) community has long awaited the arrival of heavy duty DeFi protocols on Cardano. With the Alonzo hard fork, Cardano is making progress to release smart contract deployment on its blockchain, and the stage has been set for revolutionary new financial services to build on the network.
Over its short history, DeFi has expanded into a behemoth community with a total value locked (TVL) that stands at around 5 billion today. However impressive these numbers may seem, the total AUM of traditional finance (TradFi) still looms large over DeFi, and for many this represents an exponential room for DeFi’s growth.
DeFi represents a people powered financial community that is built for the community to benefit the community. In the spirit of building a greater DeFi community, ADA Finance has introduced an affiliate rewards program that incentivizes users to refer their friends and family to the protocol and earn an increased share of passive income for helping build its user base.
ADA Finance Builds Momentum on Awards Nomination
ADA Finance was recently nominated “Best DeFi Project of the Year” by the AIBC Summit, potentially the largest blockchain summit in Europe. The prestigious nod places ADA Finance in the running with five other projects noted for their outstanding work towards making DeFi the next big disruption in industry, and awards will be decided on November 16th.
The AIBC Summit has opened voting for their awards, and other nominees include the artist whose NFT sale was heard round the world, Beeple. In March of this year, Beeple broke records by selling a work of NFT art through the auction house Christie’s for million.
Since the beginning of this year, DeFi and NFTs have been on a course to make history as the explosion of new users into each sector has been tremendous. ADA Finance’s referral program creates an innovative and lucrative way for its users to further this growth and introduce more people to the DeFi community and the services ADA Finance has to offer.
How ADA Finance Makes DeFi Easy for Everyone
The DeFi world is an evolution within the blockchain and cryptocurrency industry as it brings a whole new opportunity for earning multiple passive income streams. The incentives, rewards, and blockchain-enabled security DeFi provides its community are tipping the balance in DeFi’s favor as the traditional finance industryi struggles to offer percentage yields on savings accounts that edge into whole numbers.
The numbers don’t lie: DeFi is shaping up to be the ultimate in financial services. DeFi as a whole has bloomed into a vast array of services within its ecosystem, and ADA Finance is making DeFi easier for everyone by developing multiple services that can be accessed in one place.
ADA Finance delivers DeFi services that have become commonplace for the community to find across multiple protocols, spreading wallets thin across networks and reducing the ability for these services to easily work together.
By offering services for borrowing and lending, yield farming, staking, swapping tokens, and even margin trading on one protocol, ADA Finance lets users take advantage of opportunities for growing wealth that arise when these services can be used in tandem.
Additionally, users can yield even greater gains by participating in all of these services in one place, because ADA Finance’s address milestones rewards users who are active within the protocol, something that’s impossible to do when users are forced to interact with different smart contracts on different protocols.
ADA Finance Builds the DeFi Community From the Ground Up
The ease of finding everything one needs to participate in DeFi is a huge draw for many users, and providing a referral rewards program and incentives to use all of ADA Finances services sets the protocol apart from the competition. However, making DeFi better for those already involved is only half the battle.
In a bid to draw even more users to DeFi and help the community grow, ADA Finance has begun an airdrop rewards campaign to further increase the number of users who can leverage $ADAFI tokens to better their financial situation.
The airdrop will reward 100 lucky users with a prize pool of ,000 worth of $ADAFI, and all entrants need to do is perform several tasks in order to register. As the ADA Finance community continues to grow, DeFi will benefit in the long run.
XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership
XRP has been soaring in the monthly chart with a 7.2% profit as Ripple continues to expand its corridors worldwide. As of press time, the seventh crypto by market cap trades at ,01 and records a 10.3% correction in the daily chart.
XRP correcting in the daily chart. Source: XRPUSDT Tradingview
XRP seems to be reacting to the general trend in the market as Bitcoin, Ethereum, and other cryptocurrencies in the top 10 by market cap trend to the downside. As NewsBTC has reported, the derivatives sector has been heating up due to the recent rise in the aforementioned coins.
Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?
Historically, this has taken a toll on the bullish momentum built by the bulls. In the case of XRP, it’s a positive sign that it has been able to sustain gains in higher timeframes.
The sentiment around XRP has flipped bullish since Ripple has been able to sustain and push back against the U.S. SEC in their case for the alleged sales of a security.
In addition, the payment corridors, one of the most important use cases for the XRPL Ledger and its native token, are recovering. These entities use Ripple’s payment solution On-Demand Liquidity (ODL), based on XRP, and were negatively impacted after the SEC filed for their legal action.
The Liquidity Index Bot, an ODL payment corridors monitor, records an increase in the daily volume for these entities. As seen below, the XRP/AUD payment corridors show some recovery after it went negative in May 2021.
Source: Liquidity Index Bot via Twitter
Other payment corridors record a similar or a more significant increase. Since they are based on ODL, the volume registered by these entities is indicative of the levels of adoption for XRP and suggests the token is experiencing a re-surge in demand.
Related Reading | Ripple Surges 15% Following News That It Wants To Go Public
XRP Debuts In MENA Region, Ripple Enable More Adoption
In the coming months, the demand for the token could continue to surge as the payment solution company recently announced a partnership with Pyypl. The partners will launch a new payment corridor in the Middle East and North Africa (MENA) region.
Data shared by the payment company reveals that the MENA region saw billion in remittances in 2020 alone. Thus, why the partnership could onboard millions to the XRPL Ledger and ODL as countries such as the United Arab Emirates (UAE) and Saudi Arabia “shift to digital” payment methods.
Related Reading | Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead?
The collaboration will start in the UAE to bring low-cost and instant remittances for people living in and outside the MENA region. Ripple claimed the following about the potential for the partnership:
This announcement builds on Ripple’s already growing presence in the region (…). All of this is driving a record year for Ripple in MENA, with RippleNet already logging four times the transaction volume year-to-date versus all of 2020.
Atari Chain Builds a Bridge to The Old World via The New Atari Crypto Exchange
Blockchain technology and cryptocurrencies are helping to revolutionize the internet and financial industries on a global level and helping create a more inclusive and efficient world for all people.
While decentralization is an emerging trend that will continue to evolve in the decades ahead, the transition is just beginning for a large percentage of the world’s population and bridges will need to be built to help foster the migration.
It is in this spirit that video game innovator and interactive entertainment company Atari, creator of the Atari Chain and its native Atari Token (ATRI) has revealed plans to release its own high-end centralized exchange capable of servicing all the cryptocurrency-related needs of the Atari community.
The development of the Atari exchange comes on the heels of the release of the Atari DEX, a decentralized exchange that offers the ability to exchange between ATRI, Ethereum (ETH) and Fantom (FTM) via a MetaMask browser extension.
Atari further delved into the decentralized world through the creation of the Atari Smart Wallet and Atari DeFi, and now the rapidly expanding Atari blockchain ecosystem has its eyes set on conquering the centralized markets as well.
Thanks to a wide array of established partnerships and licenses the Atari Exchange will be able to meet the necessary requirements to offer e-payments, banking services, debit cards and much more in conjunction with its partner, the ICICB group.
Atari’s new exchange will boast a state-of-the-art professional trading interface for experienced traders that allows both limit and market orders, a “simple trade” user interface for those who are not looking to set their price, API access, the latest in KYC and AML protection, two-factor authentication and phone number access for account security and a 24-hour support center.
With the addition of the Atari Exchange, the Atari Chain ecosystem has firmly established itself as an all-encompassing blockchain ecosystem capable of servicing the needs of not just the blockchain gaming community, but the wider cryptocurrency ecosystem as a whole.
And thanks to a cooperative agreement between Atari and ICICB, which is located in Dubai, the Atari Chain is well on its way to becoming the premier blockchain community and exchange provider in the Middle East and looks to establish a lasting economy that will thrive for decades to come.