Category: Cardano

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Cardano Crypto News ICON Market Analysis Trading

Top 3 Coins To Watch Today: ADA, CHR, ICX – October 7 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair.

Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 4th cryptocurrency globally and the current price is A$3.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 47% retracement from its late August high found a low near A$2.93 in late September.

The price is currently approaching resistance at a swing high near A$3.15. If this level breaks, bulls might target the swing highs near A$3.23, A$3.29, and potentially up to A$3.34. Resistance near A$3.39 and A$3.46 could cap this move.

If the market remains bullish for the near term, bulls might buy at A$3.10. However, a stop run into A$2.91 could offer a higher probability entry. A steeper drop could reach below the swing low into possible support near $2.85.

2. Chromia (CHR)

Chromia CHR is an open-source public blockchain conceived of by Swedish company Chromaway AB. The Chroma token (CHR) was launched in May 2019. The technology behind the Chromia blockchain is adapted from an earlier technology called ‘Postchain’, a solution provided by Chromaway AB for enterprise clients. Chromia is a standalone Layer-1 blockchain and EVM compatible Layer-2 enhancement for Binance Smart Chain and Ethereum. It is designed to enhance existing dApps and allow for the creation of next-generation dApps by providing scalability, improved data handling, and customisable fee structures.

CHR Price Analysis

At the time of writing, CHR is ranked the 318th cryptocurrency globally and the current price is A$0.4771. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHR‘s chart paints a different picture than those of many other altcoins, with August’s high leading to a massive range before setting a low near A$0.3544 in September.

The beginning of October makes immediate bids questionable. However, the price may be finding support near A$0.3862 and possibly near A$0.3421. Since the price swept the impulse’s high at A$0.4859, bulls might be waiting to enter near the swing low and gap near A$0.4166, or slightly lower near A$0.3698.

Little resistance lies overhead, although some resistance might exist between A$0.5273 and approximately A$0.5622, just above the current price. A sweep and rejection of the high near A$0.6107 would make most areas of possible support highly suspect and could mark the end of the bullish trend.

3. ICON (ICX)

ICON is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer like ICON. The ICON blockchain is powered by loopchain, a blockchain engine designed by ICONLOOP.

ICX Price Analysis

At the time of writing, ICX is ranked the 75th cryptocurrency globally and the current price is A$3.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, ICX set a high in early April before retracing 83% to the low at A$1.27 in June.

Price broke through resistance near A$2.89, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near A$2.76. However, a drop this far increases the chances of a stop run to A$2.70 and possibly into support near A$2.66. For now, continuing bullish market conditions could help A$2.85 become support.

The swing high around A$3.14 gives bulls a reasonable first target, with A$3.20 also likely to draw the price upward. Higher-timeframe resistance beginning near A$3.27 or A$3.30 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near A$3.38.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Bitcoin Cardano Crypto News Ethereum Markets Ripple Solana Trading

$2.5 Billion Longs Liquidated As Crypto Market Sees Sudden Drop

Over the past two days, more than US$2.5 billion longs have been liquidated as the crypto market sees yet another drop.

Traders woke up to a rough Monday as the crypto market saw up to double-digit percentage losses across the board. The sudden drop saw Solana, Cardano and Ripple (XRP) drop millions from their market caps, and Bitcoin (BTC) and Ethereum (ETH) plunge 10.4 and 14.7 percent respectively over the past seven days, according to data from CoinGecko.

More than $1B got liquidated in this 24 hours, therefore making total liquidation in 2 days more than $2.5B! from CryptoCurrency

What are Liquidations?

Liquidations occur when traders borrow excess capital from exchanges or brokerages to place bigger bets on the assets they trade, known as margin trading or trading futures.

Traders pay a fixed fee for borrowing while exchanges close out these positions at a predetermined price. If a trader’s collateral is equal to the loss on that position, a trade then becomes ‘liquidated’.

Of all the traders liquidated in the past few days, a shocking 91 percent of them were in the ‘long’ market. Being in the long market means traders had put on positions betting on higher asset prices.

According to data from Bybt, 136,690 traders were liquidated in the past 24 hours, while the total value of liquidations during that period reached over US$635 million.

Total liquidations observed. Source: Bybt

Investors REKT

Liquidations of US$236 million BTC and US$216 million ETH were recorded, while large-cap altcoins such as Solana (SOL) and XRP saw liquidations worth US$26 million and US$17 million respectively in that 24-hour period.

The largest single liquidation order took place on Bitfinex-ETH, to the value of US$14.52 million.

The dip has investors confused and fuming as the market drop comes only days after BTC had reached a “Golden Cross”. One Reddit user aptly described his dismay at the situation:

Today’s dip is proof that TA is useless. “Golden Cross” my ass from CryptoCurrency

The golden cross is a chart pattern that is generally seen as an indicator of bullish price action to come, but this is not always the case. Given the market is more mature, diminishing returns ought to be expected.

Investors should approach with caution, and not rely on a single indicator to guide them. Many factors influence the price, none of which is predictable.

Just a ‘Bit’ Too Soon

September is proving itself to be a worthy opponent to those finding their way in the crypto market.

Investors are still reeling from the previous round of liquidations on September 7, in which over US$3.7 billion worth of cryptos were liquidated after BTC and other major altcoins tanked.

During that period, a total of 375,824 traders were forced out of the market after becoming overleveraged as sudden crypto price drops were experienced.

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Cardano Crypto News

Cardano Hard Fork Heralded a Success as 2,334 Smart Contracts Deploy in 5 Days

Smart contracts have finally arrived for Cardano (ADA) as of September 12, soon after the Alonzo hard fork was launched. Developers can now create their dApps and provide them to users on the network.

The smart contract platform for Cardano is called Plutus Platform, and it was part of the Alonzo hard fork successfully completed on September 13. In just 24 hours, Alonzo saw over 100 smart contracts created, signalling developers’ hype for creating dApps on the network. But the hype didn’t stop there; at the time of writing, the Vercel app showed 2,334 smart contracts were ready to be launched.

This upgrade is the culmination of six years of hard work with some of the brightest minds in blockchain and beyond. The focus is now on improving the platform further and ensuring that Cardano is adopted by corporations and governments.

Charles Hoskinson, IOHK founder

DeFi is ‘Up for Grabs’, Says Hoskinson

Now that Cardano supports smart contract programmability, founder Charles Hoskinson has said that DeFi is now “up for grabs”. Cardano was built for the second wave of DeFi, as he calls it, which will see the ecosystem having liquidity, interoperability, and cross-chain and multi-chain capabilities.

The winners of the future in the DeFi space are going to have liquidity and interoperability, the ability to move multi-chain. And finally, cost predictability is such an important thing. It’s so bizarre how we just tolerate massive swings in the price of doing business. We need governance, we need certification, we need insurance, we need regulation on these things, metadata identity … at the same time, you need to decentralise. The way we constructed Cardano was for that second wave.

Charles Hoskinson

ADA Skyrockets Amid Alonzo Hard Fork Launch

The addition of smart contract programmability – integrated as part of the Alonzo hard fork – catapulted ADA to US$3 per coin. Cardano rose nearly 10 percent, marking its all-time high to US$3.09, just a day after Hoskinson announced the Alonzo update.

With so much hype going on, we could soon see Cardano become the alternative blockchain for developers and the main host for NFTs, decentralised applications, with more technology and financial projects coming to the platform.

Further information will be provided at the 2021 Cardano Summit on September 25-26, which will host speakers from the World Economic Forum, Southbank, and Financial Times to discuss how Cardano could be integrated as a de facto operating system for supply chains, global financial corporations and governments.

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Cardano Crypto News Market Analysis Trading

Top 3 Coins To Watch Today: DOT, ADA, MANA – September 17 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains (parallel chains) by bonding. This interoperability seeks to establish a fully decentralised and private web, controlled by its users, and simplify the creation of new applications, institutions and services.

DOT Price Analysis

At the time of writing, DOT is ranked the 8th cryptocurrency globally and the current price is A$34.97. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT‘s nearly 87% retracement from its early May high found a low near A$20.65 in late June before July’s bullish trend began.

The price is currently approaching resistance at a swing high near A$36.89. If this level breaks, bulls might target the swing highs near A$38.52, A$39.80, and potentially up to A$41.68. Resistance near A$43.05 and A$45.21 could cap this move.

If the market remains bullish for the near term, bulls might buy at A$33.06. However, a stop run into A$31.77 could offer a higher probability entry. A steeper drop could reach below the swing low into possible support near A$28.75.

2. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent and fair.

Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 3rd cryptocurrency globally and the current price is A$3.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s chart paints a different picture than many other altcoins, with August’s high leading to a massive range after setting a low near A$1.90 in July.

The nearly 85% spike within two weeks at the beginning of August makes immediate bids questionable. However, the price may be finding support near A$3.21 and possibly near A$3.14. Since the price swept the impulse’s high at A$3.05, bulls might be waiting to enter near the swing low and gap near A$2.93, or slightly lower near A$2.87.

Little resistance lies overhead, although some might exist between A$3.42 and approximately A$3.48, just above the current price. A sweep and rejection of the high near A$3.57 would make most areas of possible support highly suspect and could mark the end of the bullish trend.

3. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build upon and monetise.

Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 77th cryptocurrency globally and the current price is A$1.16. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a high in early May before retracing 83% to the low at A$0.8539 in July.

Price broke through resistance near A$1.24, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near A$1.12. However, a drop this far increases the chances of a stop run to A$1.03 and possibly into support near A$0.9562. For now, continuing bullish market conditions could help A$1.00 become support.

The swing high around A$1.25 gives bulls a reasonable first target, with A$1.31 also likely to draw the price upward. Higher-timeframe resistance beginning near A$1.33 or A$1.35 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near A$1.40.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Blockchain Cardano Crypto News

Cardano Breaks $3 as Smart Contract Upgrade Begins

Cardano’s ADA token has broken the US$3 mark on September 2 as it approaches Alonzo, the much-anticipated hard fork for the blockchain.

Cardano (ADA), the third-largest cryptocurrency by market cap (US$93.7 billion) behind Ethereum’s (ETH) (US$439 billion), is scheduled to release its much-awaited Alonzo update to the blockchain, which will add smart contracts to its functionality.

Since the announcement by lead developers at IOHK earlier this month, ADA’s price rose nearly 10 per cent in one day, pushing its all-time high to US$3.09.

Cardano Now in Phase 3 of 5

A major network update is known as a “hard fork” and is generally seen as a major milestone for blockchain companies in development.

The Cardano network is in the third phase of its five-era road map, which is currently in the “Goguen” era and aims to add smart contract functionality to Cardano. By giving developers the ability to build decentralised applications on the blockchain, the ecosystem should start to expand, bringing more utility and value to the chain.

The Alonzo hard fork is scheduled for September 12 and in the meantime tests are being done to ensure Cardano’s smart contract language, Plutus, is working properly.

Cardano has been busy with some serious development, also releasing its new Djed stablecoin to protect it from volatility in the market, making it useful for its DeFi operations.

ADA Up More Than 2300% in a Year

Cardano (ADA) is up more than 130 percent over the past 30 days and is up more than 2,300 percent over the past year. With the news of the smart contract update, the price rose to new all-time highs. At the time of writing, ADA is trading at US$3.017, with the price up nearly 15 percent since the beginning of this month.

ADA price chart. Source: TradingView

A recent report also shows that the number of Cardano millionaires has mushroomed by 1,850 percent from 3,625 on July 20 to 9,830 on August 24.

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Cardano Crypto News Ethereum

Number of Cardano Millionaires Skyrockets: 1,850% Increase in the Last Month

Cardano’s recent market performance has blown out the number of ADA millionaires from 3,625 on July 20 to 9,830 on August 24.

As per a recent in-house post, the number of Cardano addresses with a balance greater than US$1 million has surged 173 percent during ADA’s recent price rally, which reached an all-time high of $3.02 on August 23. Compared to Cardano’s 1455 percent year-to-date (YTD) gains, this represents a 1,850 percent jump considering the number of millionaires went from 504 to 9,830.

ADA bottomed out at US$1.007 on July 20 but quickly saw a boost in price by almost 200 percent on the ADA/USD exchange rate. This move followed up a 6.42 percent correction in price, trading at US$2.67 at the time of writing. 

The blog post also highlights the number of unspent transaction outputs (UTXO), which have spiked following Cardano’s rise in 2021. UTXOs represent unspent tokens that remained in wallets after deposits. When a blockchain detects UTXOs are rising, it means that most wallets are HODLing instead of selling.

Could Cardano Unseat Ethereum?

As reported by Crypto News Australia, Cardano co-founder Charles Hoskinson said in May that while Ethereum developers were working to implement several upgrades to the network, it was still falling behind its competitors. Most of the recent bullish sentiment is centred on the idea that Cardano could take a huge slice of the market, even outranking Ethereum.

Most of the hype is also due to the imminent launch of the Alonzo hard fork, an upgrade that would finally deploy smart contract compatibility for the network. Back in March when the Mary upgrade was announced, ADA surged 579 percent, making the blockchain compatible with DeFi projects and Non-Fungible Tokens (NFTs).

Another boost for the coin came after Cardano announced the launch of a new stablecoin, Djed, which seeks to eliminate price volatility using formal verification.

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Cardano Crypto News ICON Market Analysis Trading

Top 3 Coins To Watch Today: ADA, ICX, NWC – August 24 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 3rd cryptocurrency globally and the current price is A$4.04. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s 160% rally during the last month recently swept the May highs at A$3.43. The daily close over these highs might show that bulls plan to continue the move. If so, aggressive bulls might add more to their positions near A$3.51, with A$3.29 and A$3.13 also providing possible support.

Predicting the end of the current bullish trend is impossible. Still, extensions suggest that A$3.80, A$3.98 and A$4.18 provide reasonable near-term areas to take profits.

A bearish shift in the marketplace could drive the price down much further. If so, the swing low at A$2.60 offers a tempting target. If this stop run occurs, the price could drop further into possible support at a confluence of high-timeframe levels near A$2.22.

2. Icon (ICX)

Icon ICX is a decentralised blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer such as ICON. The ICON blockchain is powered by loopchain, a blockchain engine designed by IconLoop.

ICX Price Analysis

At the time of writing, ICX is ranked the 94th cryptocurrency globally and the current price is A$2.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICX‘s recent sweep and close over the cluster of highs near A$1.86 could suggest it’s ready to kick off a new bullish trend. However, hopeful bulls should be wary of rejection near the current area that could push the price back into its three-month range.

The old highs and daily gap near A$1.88 might support the price if bulls are ready to push up from the range. The levels at A$2.06, A$2.30, A$2.58 and possibly up to A$2.97 offer reasonable areas to take profits and watch for signs of bearish reversal.

A bearish shift in the marketplace could prompt a stop run to the layered swing lows at A$1.50, A$1.39 and A$1.31. If this stop run occurs, bulls could look for support near the significant weekly zone between A$1.22 and A$1.15.

3. NewsCrypto (NWC)

The NewsCrypto token NWC is the native token of the NewsCrypto ecosystem, which offers a comprehensive set of indicators, educational resources, and entertainment for everyone from novice traders to experts in crypto. The project aims to offer everything that a crypto trader needs in one place, while also creating a community-focused ecosystem where users can learn from each other and earn NWC for posting quality content. The NWC token is used to unlock access to the online platform, which is focused on interactive education on blockchain technology and cryptocurrency trading.

NWC Price Analysis

At the time of writing, NWC is ranked the 318th cryptocurrency globally and the current price is A$1.28. Let’s take a look at the chart below for price analysis:

Source: TradingView

NWC‘s 80% drop from May to July may have found a range low near A$0.61. The recent break and continuation through the short-term highs near A$1.05 and A$1.10 suggest some bullish strength.

Bulls are likely to take some profits near the high end of the current range. The areas near A$1.36 and A$1.55 offer some confluence for resistance. The swing high near A$1.60 might be the current target, followed by possible continuation up to A$1.86 and into resistance near A$1.89.

Aggressive bulls might bid near the last high and daily gap around A$1.14. However, a drop to possible support around A$1.02 is reasonable. A market-wide retracement could send the price down to sweep relatively equal lows near A$0.84. If this stop run occurs, the price could find support between A$0.83 and A$0.61.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Blockchain Cardano Crypto News DeFi Stablecoins

Cardano Up 60% in Past Month as it Unveils New DeFi Stablecoin

The price of Cardano (ADA) continues to soar as the company makes strides. The ‘Alonzo’ hard fork set for release next month, along with the unveiling of its new stablecoin Djed, is keeping Cardano on everybody’s lips.

ADA’s new stablecoin, Djed, is the first coin to eliminate price volatility using formal verification, thereby overcoming one of the biggest barriers to crypto mass adoption.

What Djed Is All About

In the crypto market, volatility is a major concern and stablecoins aim to minimise this. Stablecoins are cryptocurrencies pegged to commodities, other cryptocurrencies, stocks and fiat currencies that include mechanisms to allow low price deviation from their target price. With the aid of their built-in mechanism they can remove volatility, making them excellent to exchange or store value.

Some stablecoins, such as Tether and USD Coin, lack transparency about their reserve and liquidity, thereby compromising price stability.

In an effort to resolve some of the issues surrounding stablecoins, IOG has partnered with Emurgo, and the Ergo blockchain, to work on a stablecoin contract called Djed. Emurgo is one of the three founding partners of Cardano and Ergo employs UTXO-based accounting, like Cardano.

Djed is based on an algorithmic design, which means it uses smart contracts to secure price stabilisation. Thus the coin will be useful for DeFi operations.

How It Works

Source: Input/Output Global

Djed will work by using an autonomous “central bank line” contract, consisting of the reserve, equity and liabilities. To further ensure stability, Djed will allow the contract to sell stablecoins and use the charging fees and reserve assets to maintain a target price.

IOG, the developers of Djed, assert that their stability mechanism will benefit holders of the coin as it will enable them to “boost the reserve with funds while assuming the risk of price fluctuation”.  

Djed is a crypto-backed algorithmic stablecoin contract that acts as an autonomous bank. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins.

Input/Output blog

Charles Hoskinson, CEO of IOG and inventor of Cardano, shared his enthusiasm for Djed, citing that the coin’s properties are “proven by mathematical theorems”.

The mathematical theorems will help Djed to maintain a constant peg to the central assets with lower bound maintenance, no insolvency, no bank runs, and robustness during market crashes.  

Djed will launch in two versions: Minimal and Extended Djed. Minimal Djed will be as “simple, intuitive and straightforward as possible, without compromising stability”. Extended Djed will have more incentives to keep the reserve ratio “at an optimal level”, and will have more stability benefits.

Imminent Hard Fork Pushes Cardano Up 60% in Past Month 

The ‘Alonzo’ hard fork, set for release on September 12, is generating much excitement among traders and investors. ADA is currently trading at US$2.52, reaching all-time highs, and is up 17.32 percent in the past 24 hours. Cardano is the third-largest cryptocurrency by market cap.

The release will enable smart-contract functionality on the Cardano network and will allow ADA to add more applications such as DeFi platforms that will allow for automated trading and lending of cryptocurrency. This move addresses one of ADA’s biggest shortfalls and will put it in a better space to challenge Ethereum.

By Jana Serfontein, Crypto News Australia Guest Author

Categories
Blockchain Cardano Crypto News NFTs Ripple

ADA and XRP Surge 43.3% and 56.8% Respectively in Past 7 Days

Cardano (ADA) and Ripple (XRP) have made headlines recently for the immense growth they have shown. Coupled with a bull market, news from both has led to impressive surges in price.

Ripple is a technology that acts as a cryptocurrency and a digital network for financial transactions. Being one of the fastest and most scalable digital assets, the technology allows real-time global payments to take place from anywhere in the world.

The RippleNet payment platform acts as a real-time gross settlements (RTGS) system to enable global monetary transactions to occur instantly. XRP is the cryptocurrency native to the XRP Ledger.

At the time of writing, XRP was trading at A$1.74 and had grown 56.8 percent in the previous seven days.

Amid an ongoing battle with the US Securities and Exchange Commission (SEC), Ripple has made headlines as its price continues to surge.  

In the case brought forward by the SEC against Ripple Labs, the company has been asked to submit its Slack messaging history. According to the SEC, the slack messaging will yield critically important information to its case.

Ripple, however, remains steadfast in its defence, insisting that XRP is not a security.  

Ripple Supports NFT Innovation

Earlier this month, Ripple CTO David Schwartz explained why XRP Ledger will be ideally suited to assist in the future growth of NFTs. Although the biggest use case of NFTs is collectibles, he suggests this is “only scratching the surface”.

Schwartz sees a future where NFTs are the foundation of all digital rights management, one in which consumers can, for example, move away from services provided by Kindle and Apple to directly owning the rights to purchased movies or books.

According to Schwartz, XRP Ledger provides a unique combination of low costs, high speed and an efficient payments feature that can streamline NFT creation at scale. He makes specific reference to the ledger’s ability to consistently maintain transaction fees, thereby benefiting both buyer and seller.

Federated sidechains (blockchains that operate alongside other blockchains) may be available for XRP Ledger in coming months, which will open up the possibility of limitless transaction scalability and expanded DeFi capabilities.

GME Remittance Joins RippleNet

South Korean remittance company Global Money Express (GME Remittance) is the latest Korean financial institution and money transfer company to join RippleNet. Through RippleNet, Ripple’s global financial network, GME Remittance has connected to Thai Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capital.

The partnership was established through SBI Ripple Asia and will accelerate scale payments into Thailand for the 184,000 Thai nationals residing in South Korea.

Through partnerships such as this, GME Remittance aims to connect with existing RippleNet customers to expand into additional remittance corridors in the region and globally, including the US and Europe.

We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within one to two weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.

Subash Chandra Poudel, director and COO, GME Remittance

Launch Date Set For Cardano Smart Contracts

Cardano (ADA) has been a frequent flyer in the crypto news sphere since announcing last week it would add smart contract capability to its network. CEO and founder Charles Hoskinson confirmed the Alonzo hard fork would launch on Monday, September 12, and the ADA price has since skyrocketed.

Dubbed the “Ethereum killer” but lacking smart contract capability, the upgrade will soon remove this major drawback. It is part of a multistage upgrade that will allow developers to deploy smart contracts on the Cardano network. This will allow Cardano to incorporate more applications such as DeFi platforms, which would allow for automated crypto lending and trading.

Cardano is a decentralised proof-of-stake blockchain platform that facilitates complex programmable transfers of value in a scalable and secure way. Its stated goal is to allow “changemakers, innovators, and visionaries to bring positive change to the world”.

At the time of writing, ADA was trading at A$2.93 and had grown 43.3 percent in the previous seven days.

By Jana Serfontein, Crypto News Australia Guest Author

Categories
Bitcoin Cardano Crypto News Ethereum Markets

Crypto Extends Recent Gains, Market Rebounds Back to $2 Trillion

It’s good news for the crypto community as the market recovers positively after months of constant price corrections, once again crossing the US$2 trillion threshold.

Ethereum Up 18%, ADA Surges 40%

On August 11, the overall crypto market retook its $2 trillion peak following months of massive price corrections that wiped $1 trillion from the market. Bitcoin and most cryptocurrencies were on the green, especially Ethereum, which has been up over 18 percent following the activation of the London hard fork.

Throughout last week, BTC surged 14%, currently priced at US $47,239 as per data from Coinmarketcap. BNB is up 17%, Ripple by 39%, and the one that surprised everyone is ADA, which performed extremely well in the market – up by 40% – after Cardano founder Charles Hoskinson announced that the Alonzo hard fork is imminent. DOGE almost took the protagonism of ADA by surging 39% in the market.

Market Thrives Despite Regulatory Hurdles

The crypto market is ignoring global regulatory uncertainties. Many thought the recent bipartisan infrastructure bill imposed by American authorities would tumble the market, yet it didn’t have as strong an effect as expected. 

As Crypto News Australia has reported, the battle for crypto amendments in the US sparked a heated discussion between politicians and industry leaders on Twitter, many calling for proper, revised amendments to change the bill’s outdated and poorly written language. There might be a light at the end of the tunnel with Democrat Senator Anna Eshoo urging House of Representatives Speaker Nancy Pelosi to amend some of the flaws in that bill.

Despite the regulatory uncertainty, bulls are taking the upper hand, and the Bitcoin Fear & Greed Index is finally showing extreme greed after three months. We could also have a new wave of SMSFs approaching the market, as happened on April 8 this year.