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MATIC Price & ADA Price Tanks Hard, Who Will Make It To $2 First?

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The post MATIC Price & ADA Price Tanks Hard, Who Will Make It To $2 First? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Cardano Price Ready For New Yearly Highs? Cardano price, in the recent days drove slow yet steady price movements, eliminating large fluctuations. However, the price since the last trading day, flipped to an extensive downtrend by dropping nearly 15% to 20% of the price. Despite the slide, the price still is expected to rally high …

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Cardano Price Ready For New Yearly Highs?

Cardano price, in the recent days drove slow yet steady price movements, eliminating large fluctuations. However, the price since the last trading day, flipped to an extensive downtrend by dropping nearly 15% to 20% of the price.

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Despite the slide, the price still is expected to rally high with an extreme bullish trend to reach new highs. As predicted by a popular analyst Micheal van de Poppe, the ADA price paired with Bitcoin is all set to record new highs.

Also Read: Cardano Price Eyeing 10% Upswing! Is ADA Price Set to Hit $2.00 Today?

Matic Price May Slide More Before A Leg Up

Matic price is considered among the trusted assets as it is capable of recovering losses at a greater pace. The recent price movements points out towards the loss of trader’s interest. As the selling pressure continues to mount for the second consecutive day.

The price, no doubt, has sustained above $1.5 yet the fresh slump pulled the price below $1.45. The analyst, Micheal also predicted the Matic price and predicted the price may slump to  $1.05.

As said by the analyst, the price failed to sustain at $1.77 and on the way to test the critical support at $1.05. If failed the next levels may be around $0.77 and hence creating a buy zone. Regardless of the current trend, the price is still expected to rise high and hit their respective resistance levels initially.

Both the assets record their ATH above $2 and are self-assured to reach these levels soon. Yet the race between the two to reach the target may be more interesting as Matic price is known for quick recovery and Cardano price for stability. 

Also Read: $MATIC Price Might Explode From long Consolidation, Eyeing 25% Upswing

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/price-analysis/cardano-and-matic-price-poised-to-hit-ath/

Blockchain

Major DeFi Tokens on the Rise as Bitcoin Breaches Above $40000

With Bitcoin going above $40,000, it gives a sizable boost to the leading DeFi tokens such as Aave, Uniswap, and Compound.

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Leading cryptocurrency Bitcoin finally breaches the $40,000 mark on 14th June after weeklong trading below the $35,000 zone. With BTC going on an upwards streak, it gives a sizable boost to the overall crypto market along with major DeFi tokens such as Aave, Uniswap, and Compound.

Aave, Uniswap, and Compound are on the Rise

Over the past 24 hours, the price of Aave, Uniswap, and Compound has increased by roughly 9% with the three tokens hitting the highs in terms of correlation against Bitcoin’s price.

The combined value of all cryptocurrencies is currently at $1.67 trillion, with DeFi tokens sector among the biggest gainers.

For instance, DeFi lending protocol Aave (AAVE) has been up by 10% over the past 24 hours and is currently trading at $325. With a market cap of just above $4 billion, AAVE is currently the fourth largest DeFi asset.

READ  Origin Protocol (OGN) and REEF Technical Analysis: What to Expect?

Earlier this month, the DeFi token reached the number one spot in total value locked (TVL) in the entire sector.

Similarly, Ethereum-based decentralized exchange (DEX) token Uniswap (UNI) is the tenth-largest cryptocurrency by market cap and the largest among DeFi tokens.  With a market cap of $12 billion, the token has skyrocketed above $24 but is still 50% below its all-time high of $44.29 on May 3.

Similarly, the governance token of the Compound Protocol (COMP) has reached $339 earlier today and is currently the fourth largest DeFi token and the 60th-largest crypto asset by market cap.

DeFi Tokens Correlating With Bitcoin’s Price

The price of DeFi tokens largely depends on factors like the correlation with Bitcoin and social media activity. Notably, the latest move has brought an unusually high correlation of AAVE, UNI, and COMP to the price of Bitcoin.

READ  MetaMask Dips Into DeFi By Offering Token Swaps

Besides, various metrics such as the number of active users, trading volumes on DEX, interest per year on lending protocols, the amount deposited in lending protocols, and the number of outstanding loans.

#AAVE #COMP #Compound Protocol #DeFi #DeFi Tokens #UNI #Uniswap

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/major-defi-tokens-on-the-rise-as-bitcoin-breaches-above-40000

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MicroStrategy To Sell $1B in Stock for More Bitcoin

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MicroStrategy Inc. (MSTR), the enterprise software maker, filed a shelf registration to the U.S. Securities and Exchange Commission (SEC) on Monday, intending to sell as much as $1 billion in common shares for general purpose, including purchasing more Bitcoin, Bloomberg reported Monday.

MSTR announced earlier Monday that the enterprise had completed the sale of $500 million in senior secured notes due 2028. The net proceeds from the sale are estimated at approximately $488 million. The deals will aim to purchase extra Bitcoins for assets accumulation. MicroStrategy’s latest move of the amount is more than expected, as the company’s announcement last week was planning to sell $400 million to buy Bitcoin. Bloomberg reported early that it was the first-ever junk bond sale used for financing purchases of the volatile cryptocurrency.

MSTR disclosed in May that the company is holding around 92,079 BTC by a newly formed subsidiary, MicroStrategy LLC.

Bitcoin Returns $40,000 Level Above

Meanwhile, Bitcoin’s price is boosted by serval feel-good factors and returned to $40,000 level above on Monday after billionaire hedge manager Paul Tudor Jones expressed his confidence in Bitcoin as a hedging investment tool for his portfolio.  

Tesla CEO Elon Musk revealed his conditional acceptance for Bitcoin payment on Twitter recently. Musk said the electric vehicle manufacturer might resume allowing Bitcoin transaction in the future, as long as Bitcoin mining is environmentally friendly enough that at least 50% of energy usage generated by green energy.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/microstrategy-to-sell-1b-in-stock-bitcoin

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Nigerian Central Bank Planning CBDC Launch by End of 2021

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An official with the Central Bank of Nigeria (CBN) told local news sources that the bank is hoping to launch a central bank digital currency (CBDC) “before the end of the year.”

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The announcement was made by the director of IT for CBN, Rakiya Mohammed, during an online news briefing at a Bankers Committee meeting. She stated that the bank has been looking into the matter for the better part of two years and feels confident they have a viable product to launch before 2022. “Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” Mohammed stated.

CBN’s digital currency will not replace local naira cash notes but instead, act as a complementary currency option. The digital currency is also expected to make foreign remittances easier for Nigeria. Digital currencies offer more flexibility for remittances due to the lack of forex charges and third-party entities. This is also one of the reasons El Salvador recently adopted bitcoin as legal tender. 

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At this stage, experts are creating architecture and addressing privacy concerns. Much like China has done with the digital yuan, Nigeria has plans to launch a pilot program in select areas before a nationwide release. Mohammed added that the CBN estimates that 80% of central banks globally are looking into digital currencies and Nigeria does not want to be left in the dust. 

Whether the 80% estimate is accurate, what is true is that several African countries are in similar stages of planning for CBDCs. 

Yesterday, Tanzania’s President Samia Suluhu Hassan requested that the Central Bank of Tanzania begin looking into CBDCs. The speech was given at the inauguration of the Central Bank of Swahili building in Mwanza. 

Ghana has also stated it was one of the first apex banks on the continent to introduce its CBDC. The Bank of Ghana’s government stated that the digital cedi was on its way toward implementation. 

The South African Reserve Bank (SARB) also has plans on looking into the possibility of releasing its own digital currency by the end of next year. 

Nigeria’s love/hate relationship with cryptocurrency

The CBDC announcement is a curious move for a nation that recently has been clamping down on cryptocurrencies over the last few months. Even going so far as to ban commercial banks and other financial institutions from doing business with cryptocurrency exchanges and instructing that accounts holding crypto be closed. 

The official reason for this ban was that Nigerian officials believed that crypto exchanges and start-ups were adding to foreign currency shortages. Those shortages caused the depreciation of the naira on the black market. The ban was later amended to allow peer-to-peer crypto trading. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/nigerian-central-bank-cbdc-launch-end-2021/

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Blockchain

Nigerian Central Bank Planning CBDC Launch by End of 2021

Published

on

An official with the Central Bank of Nigeria (CBN) told local news sources that the bank is hoping to launch a central bank digital currency (CBDC) “before the end of the year.”

Sponsored
Sponsored

The announcement was made by the director of IT for CBN, Rakiya Mohammed, during an online news briefing at a Bankers Committee meeting. She stated that the bank has been looking into the matter for the better part of two years and feels confident they have a viable product to launch before 2022. “Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” Mohammed stated.

CBN’s digital currency will not replace local naira cash notes but instead, act as a complementary currency option. The digital currency is also expected to make foreign remittances easier for Nigeria. Digital currencies offer more flexibility for remittances due to the lack of forex charges and third-party entities. This is also one of the reasons El Salvador recently adopted bitcoin as legal tender. 

Sponsored
Sponsored

At this stage, experts are creating architecture and addressing privacy concerns. Much like China has done with the digital yuan, Nigeria has plans to launch a pilot program in select areas before a nationwide release. Mohammed added that the CBN estimates that 80% of central banks globally are looking into digital currencies and Nigeria does not want to be left in the dust. 

Whether the 80% estimate is accurate, what is true is that several African countries are in similar stages of planning for CBDCs. 

Yesterday, Tanzania’s President Samia Suluhu Hassan requested that the Central Bank of Tanzania begin looking into CBDCs. The speech was given at the inauguration of the Central Bank of Swahili building in Mwanza. 

Ghana has also stated it was one of the first apex banks on the continent to introduce its CBDC. The Bank of Ghana’s government stated that the digital cedi was on its way toward implementation. 

The South African Reserve Bank (SARB) also has plans on looking into the possibility of releasing its own digital currency by the end of next year. 

Nigeria’s love/hate relationship with cryptocurrency

The CBDC announcement is a curious move for a nation that recently has been clamping down on cryptocurrencies over the last few months. Even going so far as to ban commercial banks and other financial institutions from doing business with cryptocurrency exchanges and instructing that accounts holding crypto be closed. 

The official reason for this ban was that Nigerian officials believed that crypto exchanges and start-ups were adding to foreign currency shortages. Those shortages caused the depreciation of the naira on the black market. The ban was later amended to allow peer-to-peer crypto trading. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/nigerian-central-bank-cbdc-launch-end-2021/

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