The blockchain and tokenization infrastructure platform Paxos has announced Paxos International has launched a new yield-bearing stablecoin called lift dollar (USDL). The stablecoin’s holders will earn overnight yield from short-term U.S. government securities and cash equivalent reserve assets with each USDL backed 1:1 in U.S. dollar value. New ‘Lift Dollar’ Stablecoin Offers Daily Returns on […]
Bitcoin News
HK vs. US: China AMC Leads but Can’t Lift Hong Kong Spot Bitcoin ETFs to US Levels
Hong Kong’s debut of six spot bitcoin and ethereum exchange-traded funds (ETFs) garnered HK.5 million ( million) on their first day, April 30. However, these ETFs underperformed compared to their U.S. counterparts, which had attracted a much larger sum of .6 billion on their initial day. Despite High Hopes, Hong Kong’s Bitcoin ETFs Start Slow […]
Bitcoin News
Nigeria Passes ‘National Blockchain Policy,’ Industry Player Says Central Bank Unlikely to Lift Crypto Ban
The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the Central Bank of Nigeria (CBN) is unlikely to reverse its stance on privately issued digital currency.
Blockchain Policy a Product of Widespread Consultations
The Nigerian Federal government recently approved what Isa Pantami, the country’s minister of communications and digital economy, has described as the country’s “national blockchain policy.” According to Pantami, the new policy is a product of widespread consultations with some 56 Nigerian institutions and personalities. Remarking on what this feat means for Nigeria’s blockchain industry, Pantami, who spoke after a Federal Executive Council meeting chaired by outgoing president Muhammadu Buhari, said:
With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types have been institutionalized in the country.
The minister added that the country’s security council and the National Information Technology Development Agency (NITDA) have been asked to jointly develop and formulate regulatory instruments for all sectors.
CBN Crypto Directive
Following the announcement, some players in Nigeria have speculated that the new policy signals a shift in the outgoing’s government disposition towards technology that underpins cryptocurrencies. In particular, the new policy gives hope to Nigerian crypto traders and enthusiasts still reeling from the effects of the Central Bank of Nigeria (CBN)’s crypto directive.
Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the new policy means the various players in the blockchain industry now have the official backing of the government. According to Uwakwe, the new policy also suggests that the technology is “here to stay.”
However, the Sabi Group founder told Bitcoin.com News that while the announcement is set to excite the blockchain industry participants, players in the crypto space fear that the new policy alone will not force the CBN to reverse its position on privately issued digital currency. This, according to Uwakwe, is because the central bank operates independently.
“The central bank is empowered by the law to act independently. If the CBN decides to see that even with this executive policy that has passed by the Federal executive council, if the central bank still sees it as a threat to financial stability, they still have the power to continue to maintaining that law [CBN crypto restriction],” Uwakwe said. According to Uwakwe, the only way the CBN’s crypto directive can be removed is when the central bank itself “deletes” the Feb. 5, 2021 directive.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
XRP Gets 60% Boost In Last 30 Days – Ripple Win Vs. SEC Seen To Lift Price Higher
XRP is in a wait-and-see position as it braces for the conclusion of a lawsuit filed by the U.S. Securities and Exchange Commission against Ripple Labs.
- XRP’s forecast average price for October 2022 is .50995
- XRP, at one point, was up by almost 60%
- Ripple Labs continue to gain procedural wins against SEC
It can be recalled that on December 22, 2020, the regulatory body announced it has lodged a complaint against the American technology firm and two of its executives for selling XRP which the complainant considers an unregistered security.
Christian Larsen, co-founder and former CEO of Ripple Labs and Bradley Garlinghouse, current CEO, was also included in the lawsuit as the duo was alleged to be involved in making around 0 million by selling the cryptocurrency.
Since then, the digital asset seems to have been relegated to the sidelines, affecting its performance in the crypto space.
In fact, XRP has now lost 85% of its .40-all-time high value attained on May 22, 2014. The crypto, however, is refusing to be dragged down, as it slowly climbs back to relevance.
XRP Posts Impressive 30-Day Growth
At press time, according to data from CoinMarketCap, XRP is currently changing hands at .51. It has been down by 1.7% for the past hour but at one point was up by almost 60% for the last 30 days.
The recent price correction experienced by the asset trimmed its monthly gain, which now stands at 50.3%.
Source: CoinMarketCap
Still, the 6th largest cryptocurrency in terms of market capitalization is one of the few altcoins that have managed to mount a bullish rally despite the bearish month of September.
Some analysts believe that one of the reasons for the crypto’s impressive performance is the fact that Ripple Labs managed to get procedural wins against SEC in their legal fight.
Just recently, a district judge has ordered the release of documents pertaining to a speech made by former Division Director William Hinman where he said Bitcoin and Ethereum are not securities.
XRP Price Forecast
At the start of this year, XRP has experienced fluctuations in its price that influence price forecast for the asset.
For this month, crypto experts say the asset’s average price will stand at .50995. The lowest possible price for the crypto this October is .45995 while the highest is .51995.
According to analysis, the coming month of November won’t be any different for XRP, as it is expected to trade at an average price of .51995. The crypto is expected to peak at .53995 and bottom at .48995.
In the foreseeable future, assuming Ripple Labs finally wins its legal dispute with the SEC, XRP is expected to hit and firmly hold the mark.
XRP total market cap at .6 billion | Featured image from The Daily Hodl, Chart: TradingView.com
NewsBTC
Shiba Inu Eternity Update Awaited – Will This Lift SHIB’s Price?
There may be a Shiba Inu (SHIB) rally coming soon.
Recent events have sparked widespread interest in the Shiba Inu project and its native cryptocurrency. On Thursday, the company’s founder and chief programmer, Shytoshi Kusama, informed the SHIB Army that the company’s development team is working on a burn mechanism that will have implications for the entire Shiba Inu ecosystem.
SHIB holders can’t help but be giddy about the future, what with the community’s official Twitter account teasing yet another major update.
Shiba Inu ‘Eternity’ Excitement
A lot has happened since the Australian release of Shiba Eternity. All of this excitement and eagerness is only heightened by the latest statement made by the official account tweet.
Thank you to all the wonderful #SHIBARMY listeners, participants, and those who asked questions.
You rock!
See you on Download Day, October 1st/2nd!! #SHIB #Shiboshis #ShibaEternity #SHIBARMYSTRONG https://t.co/TcGVBZIM10
— SHIBQueenie (@SHIBQueenie) September 23, 2022
The Shiba Inu team just announced via the Twitter Space Event “Shiba Eternity Community Update” the official date for the global debut of the Shiba Inu Collectible Card Game.
According to the announcement, Shiba Eternity will launch on October 1. The Shiba Inu Community will celebrate the release as “Download Day” while simultaneously breaking the Android and iOS App Stores.
There was consequently a lot of excitement about the coin and the overall ecosystem.
There is additional good news for the ecosystem. As of this writing, the development team is still putting the last touches to Shibarium, the upcoming update that is anticipated to debut on or about September 30.
That Much-Needed Scalability
Supposedly, this upgrade will provide scalability to the Shiba Inu ecosystem and cut gas expenses for everyone, particularly on the gaming side.
Will this, however, be sufficient for the coin to rally?
Currently, the coin’s value is between .000000957 and .00001230. This indicates that the currency is trading within its June price range, which is a less favorable period for cryptocurrencies.
Chart: TradingView.com
This decline in price, which followed a progressive climb from June to August, is the result of larger market factors.
The recent 0.75 percent increase in interest rates and the news of worsening year-over-year inflation caused investors and traders to feel dread. The price decreased by a stunning 25.06 percent from its latest peak on September 10.
SHIB Seen Rising To The Occasion
Nevertheless, it has risen to the .00001038 price range from its bottom on September 21. This range of prices will support the token’s expected relief rally.
The last decline at .00001192 represents the resistance. This level is critical since bulls can easily exploit any breakthroughs towards the 78.60 Fib level.
Due to the fact that the SHIB token is based on Ethereum, its value might be affected by the Ethereum ecosystem. The current market conditions can magnify the coin’s volatility that may lead to a crash.
If the larger financial markets rebound from the decline on September 13, we can anticipate SHIB to ride the tide of recovery.
SHIB total market cap at .8 billion on the daily chart | Source: TradingView.com
Featured image from Coin Culture, Chart: TradingView.com
NewsBTC
XRP Signals Considerable Uptick – Will Social Media Lift Its Price Past $0.34?
XRP price has demonstrated a significant uptick that come with engaging social media tweets and discussing. Does this hint a potential bull run?
- XRP price amplified by social media mentions during summer
- Ripple now an official World Economic Forum partner
- Crypto price bleeds by 10% in 24 hours
Ripple Is Now The Official Partner Of WEF
Now, Ripple is an official partner of the World Economic Forum as announced on their website which also adds another layer of credibility and trustworthiness to XRP.
The WEF is a Switzerland-based international NGO established on January 24, 1971 and founded by Klaus Schwab, a German economist and engineer.
On their partnership with Ripple, the WEF has announced, “Ripple is developing and enabling the future use cases that will catalyze the new digital economy for governments, businesses and consumers.”
During summer, Ripple has also shown immense social media popularity and uptick in comments and engagements.
Image: Finbold
On several occasions, upticks in terms of social media interest brought about profitable opportunities for both stocks and crypto alike.
However, despite Ripple’s intense popularity, XRP was not able to benefit from the overwhelming social media hype.
On August 19, the crypto has had a 10% liquidation following a drop from the descending parallel channel.
The bearish cross that move over both the 8-day and 21-day simple moving averaging darting close to the .37 level acted as the catalyst to induce the selling frenzy.
XRP Price Sheds 0.35%
According to CoinMarketCap, XRP price is down by 0.35% or trading at .3384 as of this writing.
Meanwhile, traders should practice caution when buying a dip with the target range for the crypto close to .28 or .24.
The bearish thesis invalidation for XRP is set at .48. Once this mark is breached, a bull run could happen targeting over .
XRP price has been affected by the decline in price of Bitcoin which has been down for the past week.
Chart from TradingView.com
XRP is seen to have dropped by 14% this month after its price has increased steadily by 15% in July.
Affected by the great number of liquidations happening in the crypto market, XRP has experienced extreme liquidations hitting ,586,572 in the past 24 hours.
The decline in token price also triggered a plunged in trading volume.
On the daily chart, XRP has posted a double-digit plunge on August 19 that cracked the tight range experienced since July 31.
RSI for XRP has also successfully breached into the 50-neutral region which is now tagged as 38. MFI is also at 39 to date.
Ripple has had a massive breakdown of network activity since early August. In fact, XRP transactions have plunged by as much as 31% in the past couple of days.
Crypto total market cap at .26 trillion on the daily chart | Source: TradingView.com
Featured image from Kriptokoin.com, Chart from TradingView.com
NewsBTC
Solana Pressured To Register A Breakout – Can The Bulls Lift SOL This Week?
The bulls are gaining dominance in the market with Solana generating gains of 5.14% or currently at 0.001863 SOL/BTC. The SOL price is pulled mostly by the bulls with a slight tug coming from the bears. With these gripping forces, the SOL price is stuck.
Currently, the bulls are relentlessly pushing the price closer to SOL’s resistance level. The bulls are putting in tremendous efforts to punch in a breach or else the bears will consolidate and ruin their efforts to register a breakout. With the low price, it’s now a huge wall to breach for the bulls waiting for that breakout.
SOL Currently Trades At .6
Currently, the SOL coin trades at .6, with a remarkable gain of 5.26% in market cap in the past 24 hours. SOL currently has a trading volume reaching 1.8 billion, registering traction or an increase of 0.64%, and a total market capitalization of 15 billion seen overnight.
Currently, SOL is moving up in both the daily and hourly price charts. This proves the point that the bulls are dominating the scene.
MACD and other technical indicators show a negative trend but now with SOL’s bullish movement, the MACD line glides up and over the MACD signal line. RSI which is close to 60 is also getting stronger, especially with the increase in buying activity.
The SOL price is currently a support line of 30.96 and a resistance of .6 seen in the daily price chart. With that being said, the bulls must push harder for a breach, or else the bears will jump at the first opportunity they see to punch a breakdown.
Solana Price Indicators Show Bullish Curve
The technical indicators are getting stronger and showing a bullish formation.
Solana price is showing up from a bullish standpoint. Price tweak and improvements were noted as it was able to peak at .6 once again. The price experienced corrections in the second half seeing a bearish trend.
But, SOL was seen to recover the past couple of days but it seems the bearish pressure was able to set foot on the market.
Despite the price increase, the bearish pressure is still imminent. The SOL price analysis reveals that the bulls are gaining traction despite the selling pressure as it was able to bounce back to .6.
SOL price is performing better and in a way, better position compared to previous levels as it generated over 11.37% in value seen in the past few days.
Moreover, SOL trading volume has also reduced by as much as 35% seen overnight which triggered a market dominance showing at 1.36% for SOL.
SOL total market cap at .3 billion on the daily chart | Source: TradingView.com
Featured image from TheNewsCrypto, chart from TradingView.com
NewsBTC
Dogecoin (DOGE) Could Use Some Lift – An Elon Musk Tweet, Perhaps?
Market observers are seeing Dogecoin (DOGE) price retreating back into the red territory, expecting the meme coin to register new lows on a weekly, monthly and even yearly basis if some support does not come quickly to lift the sluggish coin.
As of this writing, DOGE is trading at .0653, down 4.5% in the last seven days, data from Coingecko show, Sunday.
Tesla CEO Elon Musk has always been an avid Dogecoin supporter. His fame and standing on the worldwide markets have enabled him to significantly influence the price and appeal of DOGE.
Suggested Reading | Cardano (ADA) Looks To Recover After Sliding To .43 – Pressure’s On For The Bulls
Where’s The Musk Tweet When Dogecoin Needed It?
As DOGE takes a heavy beating in the ongoing bear market, it is only natural to think that, perhaps, another tweet from Musk might provide some boost of energy to the lethargic coin?
Based on Coingecko charts, DOGE is down 0.6 percent in the one-hour timeframe, and 3.0 percent in the last 24-hours.
Since the Dubai Economic Forum, where the billionaire talked about Twitter and steered clear of any topic about cryptocurrency, DOGE hasn’t received any social media “promotion,” especially from its superfan, Musk.
As of Sunday’s quick overview, DOGE price looks bearish as analysts noted some weakness to retrace further; a consolidation has developed below .68.
DOGE total market cap at .69 billion on the weekend chart | Source: TradingView.com
Consequently, the DOGE/USD pair appears primed for more declines and to continue its path toward even more loss next week. The likely initial objective is the .61 mark, which emerged as a clear support and resistance level in the past.
Suggested Reading | Ethereum (ETH) Bends Toward ,000 As Doubt Fills Crypto Markets
Lethargic Dogecoin Feeling The Pinch
In the past 24 hours, the broader cryptocurrency market has traded with moderate bullish momentum. Bitcoin lost 0.35 percent, the most among major cryptocurrencies, while Ethereum shed 2.16 percent. The remaining leading cryptocurrencies have followed closely behind.
In the past three days, the DOGE price has rejected the .065 support zone, indicating that buyers are protecting this region. If the meme coin recovered from this support, buyers would bring the price back to the level of dual resistance.
Last May, as Dogecoin’s price neared an all-time high of .72, the cryptocurrency’s loyal fan base believed that Musk’s upcoming appearance on “Saturday Night Live” that month would send the value of the parody coin “over the moon.”
In the subsequent year, its price has plummeted back to Earth. As of the time of writing, Musk has remained absolutely mute regarding cryptocurrencies.
Featured image from The Tech Outlook, chart from TradingView.com
NewsBTC
This “Green Wave” is About to Lift Chainlink Significantly Higher, Claims Analyst
Bitcoin’s recent upsurge is finally proving to be beneficial for altcoins, as many have been able to post notable gains throughout the past day, including Chainlink.
LINK has been one of the best performing major altcoins over the past 48 hours, as it has put some serious distance between its current price and its recent lows.
This strength isn’t too surprising, as the cryptocurrency tends to outperform the market during uptrends.
It does appear to be consolidating at the moment, however, as bulls have been struggling to propel it past .00.
The resistance sitting at this price region is significant. Unless Bitcoin or Ethereum trend higher today and create a tailwind for the rest of the market, it is unclear whether bulls will easily surmount it.
One analyst is noting that Chainlink is entering a fresh uptrend – according to one indicator.
While pointing to the crypto’s Renko candle chart with a guppy indicator overlaid, he observed that its trend is turning green for the first time in ages, which indicates that another parabolic move higher is brewing.
Chainlink Consolidates Below .00 as Buying Pressure Ramps Up
At the time of writing, Chainlink is trading up just over 1% at its current price of .05. This is around where it has been trading for the past 24 hours, as bulls have been ardently trying to secure its position within the .00 region.
It is important to note that each push above this level has resulted in selloffs that send it down towards .80.
With Bitcoin and Ethereum both consolidating, it is unclear whether LINK will see any serious near-term momentum.
Analyst: LINK is About to Enter a New “Green Wave”
One analyst explained that Chainlink’s recent surge has been significant for its market structure.
He points to its guppy indicator turning green for the first time in ages, noting that this suggests a “green wave” is imminent – indicating that it will soon see significantly further gains.
“LINK has emerged from the cloud of red. On to pasture new, and greener. I’m not looking for specific targets (aside from the near term retest of .50 and an upper resistance of ). The green wave is what I’ll ride.”
Image Courtesy of Cold Blooded Shiller. Source: LINKUSD on TradingView.
Bitcoin and Ethereum will likely continue guiding the entire altcoin market, making it vital for Chainlink that they break out of their consolidation phase and push higher.
Featured image from Unsplash. Charts from TradingView.
One Top Crypto Prepares to Lift Off as Social Engagement Metrics Explode
Most of the top cryptocurrencies by market capitalization have been able to outperform Litecoin since March’s Black Thursday.
Since then, Bitcoin and Ethereum are up by more than 130%. Even XRP has been able to recover most of the losses incurred during the marketwide meltdown as it rose by nearly 88%. Meanwhile, the seventh-largest crypto is up only 84%.
Such an upward advance is quite significant, but when compared to the rest of the market, it seems minuscule. Regardless, on-chain metrics reveal that Litecoin could be preparing for liftoff.
Litecoin’s Social Engagement Metrics Explode
Data from Santiment reveals that since mid-April, Litecoin’s social activity has been experiencing a series of spikes reaching levels not seen since the beginning fo the year.
Throughout the first quarter of 2020, the number of LTC mentions across 1,000 crypto social media channels hovered at an average value of 70. But as Q2 kicked off, Litecoin’s social volume exploded, reaching a score of 722 in late April.
Historically, this altcoin tends to enter an uptrend when social engagement metrics climb up, which could be what is currently happening.
Litecoin’s Social Volume. (Source: Santiment)
In addition to the social volume, the token age consume chart adds credence to the optimistic outlook. This fundamental indicator shows the ratio between the number of coins changing addresses at a given date and the time since they were last moved, according to Santiment.
While the movement of old coins does not necessarily mean that LTC’s price will go up, a correlation between the two has been developing over the past three months.
When the price of Litecoin dropped by a whopping 50% between March 12 and 13, for instance, more than 200 million idled LTC tokens were moved to different addresses. Subsequently, this cryptocurrency surged over 76%.
A similar event took place on Apr. 16. Following a 20% retracement, an important number of old tokens changed hands, leading to a 17% upswing.
Now that nearly 107 million idled LTC token were moved to different addresses on May 18, history could be about to repeat itself.
Litecoin’s Token Age Consumed. (Source: Santiment)
Strong Resistance Ahead of Litecoin
IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that Litecoin could find strong resistance ahead if the bulls were to step in. Approximately 75,000 addresses bought more than 1.24 million LTC between and .4. Such a massive supply wall could put a stop to the bullish momentum.
But breaking through it could propel Litecoin towards . The IOMAP shows that there is not any significant barrier between these price points.
In/Out of the Money Around Price. (Source: IntoTheBlock)
Due to the unpredictability of the cryptocurrency market, it is always essential to take into consideration the other side of the coin. If the selling pressure behind Litecoin starts to pick up, one must pay close attention to the support level since moving past it may push this altcoin down to .
Featured Image from Shutterstock
NewsBTC