Bitcoin Beach to Receive More Than $203 Million in Infrastructure Investments in El Salvador
El Zonte, a beach in El Salvador rebaptized as “Bitcoin Beach” due to its adoption of the cryptocurrency, will receive infrastructure investments as part of a strategic plan of the government of El Salvador. Surf City, another beach location in the La Libertad region, will also receive road improvements and other upgrades.
Bitcoin Beach, a beach in El Zonte, El Salvador, is getting a set of infrastructure upgrades from the country’s government. The beach is iconic due to its adoption of bitcoin to build a circular economy in the area. These investments will be directed toward building a new set of facilities for tourists to better enjoy the location.
Regarding the execution of these investments, President Nayib Bukele stated:
El Zonte for many is known as Bitcoin Beach; we are going to fix an area of 15,000 square meters, where there will be a shopping center, parking, beach club, treatment plant, to revitalize the area.
Surf City, a beach also known as El Tunco, will also benefit from these investments that will extend alongside the La Libertad region. This is part of the second phase of the Surf City project, which aims to bring strategic developments to the area to help tourism thrive.
The La Libertad region will also receive a new set of roads to give tourists better access to the sites. Bukele explained:
This year we will expand 21 kilometers of the coastal highway to four lanes. And we will also do it with hydraulic concrete, which is more expensive than asphalt, but lasts much longer.
In total, the government of El Salvador will spend more than $203 million on infrastructure, including a new drainage system, bridges, and bicycle roads, among other facilities.
This set of investments is in line with what the government has declared previously about the influence that surf and bitcoin have had on the growth of national tourism. A recent report issued confirmed that El Salvador was on the list of countries that had already recovered their tourism-derived incomes to pre-pandemic levels.
Bukele attributed this to three elements: the fight against gangs in the country, surf, and bitcoin. Other officers of the government of El Salvador have also praised bitcoin as a catalyst for the growth of tourism this year. In April, Morena Valdez, minister of tourism in El Salvador, stated that the adoption of bitcoin as legal tender had helped the sector grow by 30%.
El Zonte, a beach in El Salvador rebaptized as “Bitcoin Beach” due to its adoption of the cryptocurrency, will receive infrastructure investments as part of a strategic plan of the government of El Salvador. Surf City, another beach location in the La Libertad region, will also receive road improvements and other upgrades.
Bitcoin Beach, a beach in El Zonte, El Salvador, is getting a set of infrastructure upgrades from the country’s government. The beach is iconic due to its adoption of bitcoin to build a circular economy in the area. These investments will be directed toward building a new set of facilities for tourists to better enjoy the location.
Regarding the execution of these investments, President Nayib Bukele stated:
El Zonte for many is known as Bitcoin Beach; we are going to fix an area of 15,000 square meters, where there will be a shopping center, parking, beach club, treatment plant, to revitalize the area.
Surf City, a beach also known as El Tunco, will also benefit from these investments that will extend alongside the La Libertad region. This is part of the second phase of the Surf City project, which aims to bring strategic developments to the area to help tourism thrive.
The La Libertad region will also receive a new set of roads to give tourists better access to the sites. Bukele explained:
This year we will expand 21 kilometers of the coastal highway to four lanes. And we will also do it with hydraulic concrete, which is more expensive than asphalt, but lasts much longer.
In total, the government of El Salvador will spend more than $203 million on infrastructure, including a new drainage system, bridges, and bicycle roads, among other facilities.
This set of investments is in line with what the government has declared previously about the influence that surf and bitcoin have had on the growth of national tourism. A recent report issued confirmed that El Salvador was on the list of countries that had already recovered their tourism-derived incomes to pre-pandemic levels.
Bukele attributed this to three elements: the fight against gangs in the country, surf, and bitcoin. Other officers of the government of El Salvador have also praised bitcoin as a catalyst for the growth of tourism this year. In April, Morena Valdez, minister of tourism in El Salvador, stated that the adoption of bitcoin as legal tender had helped the sector grow by 30%.
Biggest Movers: ADA Rebounds, While FIL Hits 2-Week High on Saturday
Despite a largely volatile session, there have been a few tokens which managed to evade the red wave. Cardano rose to its highest level in over a week to start the weekend, as prices moved toward a key resistance level. Filecoin was another notable gainer, climbing by over 12% on Saturday
Cardano (ADA) was back in the green on Saturday, as the token rallied following recent declines in price.
Following a low of $0.4499 on Friday, ADA/USD surged to an intraday high of $0.4769 to start the weekend.
The move sees cardano move closer to its long-term resistance level of $0.4800, as bulls take prices away from a floor of $0.4430.
Looking at the chart, the rally comes as the 10-day moving average (red) continues to trend sideways, after a spell of downward movement.
This signals a possible end to the bearish spell we saw in mid-August, where price went from $0.5811 to $0.4343 in a space of four days.
As of writing, ADA is now trading at $0.4742, with the 14-day relative strength index (RSI) tracking at a ceiling of 50.00.
Filecoin (FIL) was also higher on Saturday, as the token rose by as much as 12% to start the weekend.
FIL/USD surged to a high of $6.59 on Saturday, which is the strongest point it has hit since August 20.
This surge in price sees FIL marginally break out of its resistance level of $6.50 for the first time in over two weeks.
As seen from the chart, this rise in price has taken the RSI to a ceiling of its own at 50.65, and should bulls look to extend today’s gains, then this point will need to be broken.
If this does occur, we could see filecoin move closer to the $7.00 mark, with the possibility of recapturing $8.00 also on the cards.
Despite a largely volatile session, there have been a few tokens which managed to evade the red wave. Cardano rose to its highest level in over a week to start the weekend, as prices moved toward a key resistance level. Filecoin was another notable gainer, climbing by over 12% on Saturday
Cardano (ADA) was back in the green on Saturday, as the token rallied following recent declines in price.
Following a low of $0.4499 on Friday, ADA/USD surged to an intraday high of $0.4769 to start the weekend.
The move sees cardano move closer to its long-term resistance level of $0.4800, as bulls take prices away from a floor of $0.4430.
Looking at the chart, the rally comes as the 10-day moving average (red) continues to trend sideways, after a spell of downward movement.
This signals a possible end to the bearish spell we saw in mid-August, where price went from $0.5811 to $0.4343 in a space of four days.
As of writing, ADA is now trading at $0.4742, with the 14-day relative strength index (RSI) tracking at a ceiling of 50.00.
Filecoin (FIL) was also higher on Saturday, as the token rose by as much as 12% to start the weekend.
FIL/USD surged to a high of $6.59 on Saturday, which is the strongest point it has hit since August 20.
This surge in price sees FIL marginally break out of its resistance level of $6.50 for the first time in over two weeks.
As seen from the chart, this rise in price has taken the RSI to a ceiling of its own at 50.65, and should bulls look to extend today’s gains, then this point will need to be broken.
If this does occur, we could see filecoin move closer to the $7.00 mark, with the possibility of recapturing $8.00 also on the cards.
Meta & Qualcomm to Develop Metaverse Geared Silicon to Be Used in Next Gen Headsets
Meta recently announced a partnership with mobile chip company Qualcomm to produce chips geared for the metaverse market. The agreement will allow Meta to use Qualcomm’s XR technology, designed for extended and virtual reality tasks, to design and manufacture silicon to be put in the next line of Meta’s VR application, including future headsets for its Meta Quest line of products.
While the metaverse company has focused more on the software part of the computing equation thus far, Meta is making moves to bring more efficient and powerful chips to its products. The company has now inked a partnership with Qualcomm, one of the biggest fabless mobile chip companies in the world, to help it produce silicon specially designed to fulfill metaverse tasks.
The custom chips will use Qualcomm’s XR technology, which includes virtual reality and extended reality functions. About the importance of this partnership, Cristiano Amon, CEO of Qualcomm, stated:
Building off our joint leadership in XR, this agreement will allow our companies to deliver best-in-class devices and experiences to transform how we work, play, learn, create and connect in a fully realized metaverse.
The multi-year agreement was disclosed without numbers, with a press release stating the engineering teams of each company will deepen the collaboration to achieve joint VR objectives.
The current generation of Meta Quest 2 headsets uses Qualcomm XR chips, with technology derived from a Qualcomm Snapdragon 865, a dated chip that was introduced in 2019. This new partnership seeks to produce chips with more advanced designs to facilitate metaverse developments, different in nature as compared to chips designed for more traditional mobile tasks.
About the development, Meta’s CEO Mark Zuckerberg declared:
As we continue to build more advanced capabilities and experiences for virtual and augmented reality, it has become more important to build specialized technologies to power our future VR headsets and other devices. Unlike mobile phones, building virtual reality brings novel, multi-dimensional challenges in spatial computing, cost, and form factor.
Zuckerberg also confirmed the new generation of the Meta Quest headsets will be using chips produced through this partnership.
Qualcomm’s interest in the metaverse is not new, as the company launched a $100 million metaverse fund to deploy capital in virtual reality and metaverse venture investments in March. Qualcomm’s CEO has stated that the metaverse industry will be a “very big” opportunity, creating a new market.
Meta recently announced a partnership with mobile chip company Qualcomm to produce chips geared for the metaverse market. The agreement will allow Meta to use Qualcomm’s XR technology, designed for extended and virtual reality tasks, to design and manufacture silicon to be put in the next line of Meta’s VR application, including future headsets for its Meta Quest line of products.
While the metaverse company has focused more on the software part of the computing equation thus far, Meta is making moves to bring more efficient and powerful chips to its products. The company has now inked a partnership with Qualcomm, one of the biggest fabless mobile chip companies in the world, to help it produce silicon specially designed to fulfill metaverse tasks.
The custom chips will use Qualcomm’s XR technology, which includes virtual reality and extended reality functions. About the importance of this partnership, Cristiano Amon, CEO of Qualcomm, stated:
Building off our joint leadership in XR, this agreement will allow our companies to deliver best-in-class devices and experiences to transform how we work, play, learn, create and connect in a fully realized metaverse.
The multi-year agreement was disclosed without numbers, with a press release stating the engineering teams of each company will deepen the collaboration to achieve joint VR objectives.
The current generation of Meta Quest 2 headsets uses Qualcomm XR chips, with technology derived from a Qualcomm Snapdragon 865, a dated chip that was introduced in 2019. This new partnership seeks to produce chips with more advanced designs to facilitate metaverse developments, different in nature as compared to chips designed for more traditional mobile tasks.
About the development, Meta’s CEO Mark Zuckerberg declared:
As we continue to build more advanced capabilities and experiences for virtual and augmented reality, it has become more important to build specialized technologies to power our future VR headsets and other devices. Unlike mobile phones, building virtual reality brings novel, multi-dimensional challenges in spatial computing, cost, and form factor.
Zuckerberg also confirmed the new generation of the Meta Quest headsets will be using chips produced through this partnership.
Qualcomm’s interest in the metaverse is not new, as the company launched a $100 million metaverse fund to deploy capital in virtual reality and metaverse venture investments in March. Qualcomm’s CEO has stated that the metaverse industry will be a “very big” opportunity, creating a new market.
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🤖Battle Infinity is a new metaverse platform with play-to-earn (P2E) mechanics.
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✅Presale sold out 66 days early, raising over $5 million.
💎BAT has a total token supply of 10 billion
💵$IBAT is also liquidity locked (1-year Lockup)
🤯$IBAT is also listed on PancakeSwap-The largest and most popular decentralized exchange on Binance Smart Chain!
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Bitcoin, Ethereum Technical Analysis: BTC Beyond $21,000, ETH Above $1,700 as Powell Remains Hawkish
Bitcoin rose by over $2,000 in the last 24 hours, as markets responded to bullish comments from United States Federal Reserve Chair Jerome Powell. Speaking yesterday, Powell stated, “We need to act now, forthrightly, strongly as we have been doing.” Ethereum also surged, moving above $1,700 on Friday.
Bitcoin (BTC) rose rapidly during today’s session, as markets responded to bullish comments from Jerome Powell.
Speaking on Thursday, the Fed Chair hinted at further rate hikes, stating that, “My colleagues and I are strongly committed to this project and we will keep at it until the job is done.”
As a result of these hawkish comments, crypto prices surged, with BTC/USD racing to an intraday peak of $21,080.49 on Friday.
The rally comes days after the token was trading at a low of $18,527.71, which was the lowest point BTC had hit in two months.
Bitcoin is now trading at its highest point since August 26, with bulls seemingly targeting a higher ceiling of $21,600.
As of writing, the 14-day relative strength index (RSI) is tracking at 52.29, which is its strongest point in almost a month.
In addition to bitcoin, the world’s second largest cryptocurrency, ethereum (ETH), also surged on Friday following Powell’s comments..
ETH/USD raced to a high of $1,711.84 earlier today, which comes as the token moved past a key resistance point.
Following a low of $1,594 on Thursday, ETH struggled to break out of its ceiling at $1,615, however that changed earlier in today’s session.
Ethereum rallied beyond not only the aforementioned resistance, but has since broken another ceiling at the $1,700 mark.
As of writing, ETH is trading at $1,705.95, which is its strongest level since August 25, following a similar break out.
In order to overcome the peak seen in late August, bulls will likely need to intensify their pressure, possibly targeting $1,800 in the process.
Bitcoin rose by over $2,000 in the last 24 hours, as markets responded to bullish comments from United States Federal Reserve Chair Jerome Powell. Speaking yesterday, Powell stated, “We need to act now, forthrightly, strongly as we have been doing.” Ethereum also surged, moving above $1,700 on Friday.
Bitcoin (BTC) rose rapidly during today’s session, as markets responded to bullish comments from Jerome Powell.
Speaking on Thursday, the Fed Chair hinted at further rate hikes, stating that, “My colleagues and I are strongly committed to this project and we will keep at it until the job is done.”
As a result of these hawkish comments, crypto prices surged, with BTC/USD racing to an intraday peak of $21,080.49 on Friday.
The rally comes days after the token was trading at a low of $18,527.71, which was the lowest point BTC had hit in two months.
Bitcoin is now trading at its highest point since August 26, with bulls seemingly targeting a higher ceiling of $21,600.
As of writing, the 14-day relative strength index (RSI) is tracking at 52.29, which is its strongest point in almost a month.
In addition to bitcoin, the world’s second largest cryptocurrency, ethereum (ETH), also surged on Friday following Powell’s comments..
ETH/USD raced to a high of $1,711.84 earlier today, which comes as the token moved past a key resistance point.
Following a low of $1,594 on Thursday, ETH struggled to break out of its ceiling at $1,615, however that changed earlier in today’s session.
Ethereum rallied beyond not only the aforementioned resistance, but has since broken another ceiling at the $1,700 mark.
As of writing, ETH is trading at $1,705.95, which is its strongest level since August 25, following a similar break out.
In order to overcome the peak seen in late August, bulls will likely need to intensify their pressure, possibly targeting $1,800 in the process.
Biggest Movers: SOL, Near Protocol up by Over 10% to Start the Week
Solana moved closer to the $40.00 mark on Monday, as it rose for a sixth straight session to start the week. Bullish momentum in the world’s ninth largest cryptocurrency intensified, following a breakout of a resistance point of $36.35. Near protocol was also in the green, as prices rose by over 10% on Monday.
Solana (SOL) climbed to a three-week high to start the week, as the token moved towards the $40.00 level
Following a low of $34.48 on Sunday, SOL/USD was able to reach a peak of $38.15 so far in today’s session.
Today’s rally comes as the toke rose past a key resistance level of $36.30 for the time since August 19.
As seen from the chart, Monday’s rally came as the 10-day (red) moving average crossed its 25-day (blue) counterpart for the first time in over a month.
In addition to this, the 14-day relative strength index (RSI) is currently tracking at 61.31, which is its strongest reading since August 13.
This is marginally below a ceiling of 64.05, which will likely be the main hurdle preventing prices from rising above $40.00.
Near protocol (NEAR) was another notable mover to start the week, with prices nearing a one-month high.
NEAR/USD was able to climb to a peak of $5.25 on Monday, less than 24 hours after trading at a low of $4.72.
Monday’s surge comes as near protocol rose for a sixth consecutive session, with today’s top the highest point it has reached since August 16.
This recent rise in bullish momentum comes following an upwards crossover of the 10-day (red), and 25-day (blue) moving averages last week.
As a result of the increase in price, the RSI has moved to its strongest level since August 13, and is currently tracking at a reading of 64.25.
Should bulls continue to maintain the current sentiment, NEAR could continue to move closer to a target price of $5.50.
Solana moved closer to the $40.00 mark on Monday, as it rose for a sixth straight session to start the week. Bullish momentum in the world’s ninth largest cryptocurrency intensified, following a breakout of a resistance point of $36.35. Near protocol was also in the green, as prices rose by over 10% on Monday.
Solana (SOL) climbed to a three-week high to start the week, as the token moved towards the $40.00 level
Following a low of $34.48 on Sunday, SOL/USD was able to reach a peak of $38.15 so far in today’s session.
Today’s rally comes as the toke rose past a key resistance level of $36.30 for the time since August 19.
As seen from the chart, Monday’s rally came as the 10-day (red) moving average crossed its 25-day (blue) counterpart for the first time in over a month.
In addition to this, the 14-day relative strength index (RSI) is currently tracking at 61.31, which is its strongest reading since August 13.
This is marginally below a ceiling of 64.05, which will likely be the main hurdle preventing prices from rising above $40.00.
Near protocol (NEAR) was another notable mover to start the week, with prices nearing a one-month high.
NEAR/USD was able to climb to a peak of $5.25 on Monday, less than 24 hours after trading at a low of $4.72.
Monday’s surge comes as near protocol rose for a sixth consecutive session, with today’s top the highest point it has reached since August 16.
This recent rise in bullish momentum comes following an upwards crossover of the 10-day (red), and 25-day (blue) moving averages last week.
As a result of the increase in price, the RSI has moved to its strongest level since August 13, and is currently tracking at a reading of 64.25.
Should bulls continue to maintain the current sentiment, NEAR could continue to move closer to a target price of $5.50.
Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 Following Completion of The Merge
Ethereum fell below $1,600 on Thursday, despite the successful completion of the highly anticipated Merge event. The event saw a migration from proof-of-work (PoW), to a proof-of-stake (PoS) system. Bitcoin was also lower in today’s session, with the token falling below the $20,000 level.
Bitcoin (BTC) fell below $20,000 on Thursday, as sentiment surrounding cryptocurrencies remained bearish.
Following U.S. inflation data earlier this week, crypto markets have been hit with a red wave, with bitcoin falling by over $2,500 since the start of the week.
This carried over into today’s session, with BTC/USD slipping to an intraday low of $19,793.40 earlier this morning.
The decline comes less than a day after the world’s most valuable token traded at a peak of $20,370.00.
Looking at the chart, this sell-off took place as prices broke out of a key support point of $20,200, which was the last line of defense for bulls.
As of writing, BTC bulls have somewhat responded, with the token currently trading close to the aforementioned support of $20,150.46.
The world’s attention was on The Merge on Thursday, as ethereum (ETH) migrated from proof-of-work (PoW), to a proof-of-stake (PoS) system.
As a result of Thursday’s highly anticipated switchover, it is reported that worldwide electricity consumption will be reduced by 0.2%.
Despite this, ETH/USD fell to an intraday low of $1,572.60, as markets seemed to have already priced in the move.
Following the completion of The Merge, ethereum fell below a temporal support point of $1,615, pushing price closer to a one-week low.
Many now believe that bears will attempt to send prices lower, with some expecting that a floor of $1,550 could be the intended exit target.
Overall, levels of volatility will rise over this period, as uncertainty heightens on what the Merge event will mean for the value of ethereum going forward.
Ethereum fell below $1,600 on Thursday, despite the successful completion of the highly anticipated Merge event. The event saw a migration from proof-of-work (PoW), to a proof-of-stake (PoS) system. Bitcoin was also lower in today’s session, with the token falling below the $20,000 level.
Bitcoin (BTC) fell below $20,000 on Thursday, as sentiment surrounding cryptocurrencies remained bearish.
Following U.S. inflation data earlier this week, crypto markets have been hit with a red wave, with bitcoin falling by over $2,500 since the start of the week.
This carried over into today’s session, with BTC/USD slipping to an intraday low of $19,793.40 earlier this morning.
The decline comes less than a day after the world’s most valuable token traded at a peak of $20,370.00.
Looking at the chart, this sell-off took place as prices broke out of a key support point of $20,200, which was the last line of defense for bulls.
As of writing, BTC bulls have somewhat responded, with the token currently trading close to the aforementioned support of $20,150.46.
The world’s attention was on The Merge on Thursday, as ethereum (ETH) migrated from proof-of-work (PoW), to a proof-of-stake (PoS) system.
As a result of Thursday’s highly anticipated switchover, it is reported that worldwide electricity consumption will be reduced by 0.2%.
Despite this, ETH/USD fell to an intraday low of $1,572.60, as markets seemed to have already priced in the move.
Following the completion of The Merge, ethereum fell below a temporal support point of $1,615, pushing price closer to a one-week low.
Many now believe that bears will attempt to send prices lower, with some expecting that a floor of $1,550 could be the intended exit target.
Overall, levels of volatility will rise over this period, as uncertainty heightens on what the Merge event will mean for the value of ethereum going forward.
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Atlas Asia Has Launched the First NFT Vending Machine in Malaysia
In conjunction with the 59th anniversary of Malaysia Day, ATLAS Vending has introduced the first-of-its-kind non-fungible badge or NFT automate apparatus to provide 13 local NFT artists with the opportunity to market and sell their original artworks that incorporate local talent and art for RM59 each.
Read more 👉 https://www.thecryptoupdates.com/atlas-asia-has-launched-the-first-nft-vending-machine-in-malaysia/
In conjunction with the 59th anniversary of Malaysia Day, ATLAS Vending has introduced the first-of-its-kind non-fungible badge or NFT automate apparatus to provide 13 local NFT artists with the opportunity to market and sell their original artworks that incorporate local talent and art for RM59 each.
Read more 👉 https://www.thecryptoupdates.com/atlas-asia-has-launched-the-first-nft-vending-machine-in-malaysia/
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TOKEN INFO:
💲Current Price On LBANK -$0.003601
🖇 Trading Pair: IBAT/BNB
🤖Battle Infinity is a new metaverse platform with play-to-earn (P2E) mechanics.
🔥Built-in fantasy sports league with NFT integration
💎BAT has a total token supply of 10 billion
💵$IBAT is also liquidity locked (1-year Lockup)
🚀 IBAT rocked to over 5x the listing price after launch and is currently sitting at over 3x
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Web3 Firm Acquires Creator of South Africa’s First Listed PoW Crypto, Safcoin
A Web3 technology company, Virtual Nation Builders, recently said it acquired FHM, the firm that created safcoin, South Africa’s touted first proof-of-work cryptocurrency to list on a global exchange. As a result of the Web3 firm’s acquisition of FHM, the cryptocurrency will now “list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.”
Virtual Nation Builders (VNB), a Web3 technology firm, recently revealed it had acquired FHM (Pty) Ltd., the South Africa-based creator of what is dubbed Africa’s first cryptocurrency — safcoin.
In a statement, VNB, which is 30% owned by the blockchain law firm Schindlers Attorneys, described the combination of the two businesses as an important step that will support their respective “clients’ digital needs in the Web3 revolution.”
As a result of FHM’s acquisition by VNB, the safcoin cryptocurrency, which was launched in 2018, “will list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.”
Commenting on the plans to list on more exchanges, Neil Ferreira, the co-founder and CEO at FHM, said:
Together with VNB, we plan to extend our global reach with more international exchange partner listings. We had good support from the international crypto market with our first listing, and we are proud to be flying the SA [South African] flag into the global crypto sphere.
Described as South Africa’s first proof-of-work cryptocurrency to list on a global exchange platform, safcoin is reportedly traded on Hotbit and Chainex.
Meanwhile, Maurice Crespi, a partner at Schindlers Attorneys and the CEO of VNB, is quoted in the statement touting the two’s companies’ involvement in the successful auction of the non-fungible token (NFT) of former South African president Nelson Mandela’s arrest warrant.
“The sale gave a glimpse of the possibilities offered by the digital realm through virtualisation. The opportunities that blockchain enables and its applications are no longer limited to finance. The use of blockchain—and specifically smart contracts—can be applied in various industries, including community upliftment and business efficiency,” Crespi explained.
A Web3 technology company, Virtual Nation Builders, recently said it acquired FHM, the firm that created safcoin, South Africa’s touted first proof-of-work cryptocurrency to list on a global exchange. As a result of the Web3 firm’s acquisition of FHM, the cryptocurrency will now “list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.”
Virtual Nation Builders (VNB), a Web3 technology firm, recently revealed it had acquired FHM (Pty) Ltd., the South Africa-based creator of what is dubbed Africa’s first cryptocurrency — safcoin.
In a statement, VNB, which is 30% owned by the blockchain law firm Schindlers Attorneys, described the combination of the two businesses as an important step that will support their respective “clients’ digital needs in the Web3 revolution.”
As a result of FHM’s acquisition by VNB, the safcoin cryptocurrency, which was launched in 2018, “will list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.”
Commenting on the plans to list on more exchanges, Neil Ferreira, the co-founder and CEO at FHM, said:
Together with VNB, we plan to extend our global reach with more international exchange partner listings. We had good support from the international crypto market with our first listing, and we are proud to be flying the SA [South African] flag into the global crypto sphere.
Described as South Africa’s first proof-of-work cryptocurrency to list on a global exchange platform, safcoin is reportedly traded on Hotbit and Chainex.
Meanwhile, Maurice Crespi, a partner at Schindlers Attorneys and the CEO of VNB, is quoted in the statement touting the two’s companies’ involvement in the successful auction of the non-fungible token (NFT) of former South African president Nelson Mandela’s arrest warrant.
“The sale gave a glimpse of the possibilities offered by the digital realm through virtualisation. The opportunities that blockchain enables and its applications are no longer limited to finance. The use of blockchain—and specifically smart contracts—can be applied in various industries, including community upliftment and business efficiency,” Crespi explained.
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🎁Prizes are handed out to those who play at Pragmatic Play and SA Gaming tables. There is a range of promotional prizes waiting to be won in this tournament - a 300 mBTC fund is set aside to award lucky winners for this tournament. The tournament begins on September 13, 2022, and ends on October 13, 2022🎁
🔥1xBit has imbibed a culture of frequently supplying its users with a range of new tournaments and promotions that they can enjoy. Join 1xBit today - every new user can take advantage of the generous Welcome Bonus up to 7 BTC for the first four deposits💰
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Crypto Exchange Kraken Backs Enterprise-Grade Liquid Staking Protocol
On Tuesday, the liquid staking firm Alluvial revealed a consortium of organizations will collaborate on the “first enterprise-grade multi-chain liquid staking protocol.” Alluvial’s announcement detailed the protocol will be known as the “Liquid Collective” and the cryptocurrency exchange Kraken has joined as a foundation member.
In a blog post published by the liquid staking company Alluvial, the startup introduced the new enterprise-grade multi-chain liquid staking protocol called the “Liquid Collective.” The Liquid Collective also has a Liquid Foundation, which includes participants such as Kraken, Coinbase Cloud, Staked, Kiln, Figment, and Alluvial. “[The] Liquid Collective will be governed in a decentralized manner by a broad and dispersed community of industry participants,” Alluvial’s announcement on Tuesday notes.
Liquid staking has been a prominent trend in the world of decentralized finance (defi). Lido Finance is the largest liquid staking provider today, and the wrapped ethereum token Lido offers is called lido staked ether (STETH). At the end of August, Coinbase announced the launch of its own liquid staking token called CBETH. The Liquid Collective’s enterprise-grade token will be called LSETH and KYC/AML will be standardized into the protocol.
“Liquid Collective, a multi-chain liquid staking standard, seeks to address the need for the highest guarantees of security and KYC/AML checks for institutions, Web3 native enterprises, and other regulated entities to meet regulatory obligations and best practices while unlocking new liquidity and increased capital efficiency on leading proof of stake blockchains,” Alluvial’s blog post details.
The Liquid Collective brand and protocol will be impactful according to the CMO of Alluvial, Mark Forscher. “Liquid Collective’s brand symbol is a group of liquid droplets repeated in a circle. A graphical representation of ‘one from many,’ the resulting shape is harmonious and balanced with a star formed in the middle, symbolizing the formation of Liquid Collective and our intended impact. The sum is greater than its parts,” Forscher remarked on Tuesday.
On Tuesday, the liquid staking firm Alluvial revealed a consortium of organizations will collaborate on the “first enterprise-grade multi-chain liquid staking protocol.” Alluvial’s announcement detailed the protocol will be known as the “Liquid Collective” and the cryptocurrency exchange Kraken has joined as a foundation member.
In a blog post published by the liquid staking company Alluvial, the startup introduced the new enterprise-grade multi-chain liquid staking protocol called the “Liquid Collective.” The Liquid Collective also has a Liquid Foundation, which includes participants such as Kraken, Coinbase Cloud, Staked, Kiln, Figment, and Alluvial. “[The] Liquid Collective will be governed in a decentralized manner by a broad and dispersed community of industry participants,” Alluvial’s announcement on Tuesday notes.
Liquid staking has been a prominent trend in the world of decentralized finance (defi). Lido Finance is the largest liquid staking provider today, and the wrapped ethereum token Lido offers is called lido staked ether (STETH). At the end of August, Coinbase announced the launch of its own liquid staking token called CBETH. The Liquid Collective’s enterprise-grade token will be called LSETH and KYC/AML will be standardized into the protocol.
“Liquid Collective, a multi-chain liquid staking standard, seeks to address the need for the highest guarantees of security and KYC/AML checks for institutions, Web3 native enterprises, and other regulated entities to meet regulatory obligations and best practices while unlocking new liquidity and increased capital efficiency on leading proof of stake blockchains,” Alluvial’s blog post details.
The Liquid Collective brand and protocol will be impactful according to the CMO of Alluvial, Mark Forscher. “Liquid Collective’s brand symbol is a group of liquid droplets repeated in a circle. A graphical representation of ‘one from many,’ the resulting shape is harmonious and balanced with a star formed in the middle, symbolizing the formation of Liquid Collective and our intended impact. The sum is greater than its parts,” Forscher remarked on Tuesday.
Biggest Movers: APE, XLM Move Close to 1-Month Highs
Apecoin was up by over 13% on Tuesday, despite bearish sentiment remaining largely present in cryptocurrency markets. The token stayed close to a one-month high in today’s session, despite current market turbulence. Stellar was also in the green, nearing a four-week peak.
Apecoin (APE) was one of Tuesday’s big movers, with the token climbing by as much as 13% in today’s session.
Following a low of $5.12 to start the week, APE/USD surged to an intraday high of $6.12 earlier today.
The move saw the coin climb past a key resistance level of $6.00, moving closer to a four-week high in the process.
Earlier gains have somewhat eased, as the 14-day relative strength index (RSI) collided with what appeared to be a ceiling.
As of writing, the index is tracking at 55.64, which is below its current resistance point of 58.50.
It appears that earlier bulls have secured gains and closed positions, and could be waiting for tomorrow’s rate decision to come, before potentially reentering the market.
Like apecoin, stellar (XLM) was also in the green in today’s session, with bulls pushing it closer to a one-month high.
On Tuesday, XLM/USD found itself trading at a high of $0.1158, less than 24 hours after hitting a low of $0.1047.
As a result of today’s rally, the token is now near a resistance point of $0.1160, which has been in place since August 19.
In order to move beyond this point, XLM would likely need to see gains in the RSI which is currently being held up by a point of resistance.
This ceiling appears to be the level of 58.00, which has also been in place since mid-August.
Should a breakout occur, bullish sentiment will likely begin to return, with traders looking to push the token towards $0.1200.
Apecoin was up by over 13% on Tuesday, despite bearish sentiment remaining largely present in cryptocurrency markets. The token stayed close to a one-month high in today’s session, despite current market turbulence. Stellar was also in the green, nearing a four-week peak.
Apecoin (APE) was one of Tuesday’s big movers, with the token climbing by as much as 13% in today’s session.
Following a low of $5.12 to start the week, APE/USD surged to an intraday high of $6.12 earlier today.
The move saw the coin climb past a key resistance level of $6.00, moving closer to a four-week high in the process.
Earlier gains have somewhat eased, as the 14-day relative strength index (RSI) collided with what appeared to be a ceiling.
As of writing, the index is tracking at 55.64, which is below its current resistance point of 58.50.
It appears that earlier bulls have secured gains and closed positions, and could be waiting for tomorrow’s rate decision to come, before potentially reentering the market.
Like apecoin, stellar (XLM) was also in the green in today’s session, with bulls pushing it closer to a one-month high.
On Tuesday, XLM/USD found itself trading at a high of $0.1158, less than 24 hours after hitting a low of $0.1047.
As a result of today’s rally, the token is now near a resistance point of $0.1160, which has been in place since August 19.
In order to move beyond this point, XLM would likely need to see gains in the RSI which is currently being held up by a point of resistance.
This ceiling appears to be the level of 58.00, which has also been in place since mid-August.
Should a breakout occur, bullish sentiment will likely begin to return, with traders looking to push the token towards $0.1200.
Biggest Movers: LINK Hits 6-Week High, UNI up 16% on Tuesday
Chainlink hit a six-week high during Tuesday’s session, as the token rose for a sixth consecutive session. The move saw the token rally past a key resistance level in the process. Uniswap was also in the green, with prices climbing by as much as 16% earlier in the day.
Chainlink (LINK) rose for a sixth straight day on Tuesday, which took the token to its strongest point since mid-August.
After trading at a floor of $6.55 last Wednesday, LINK/USD has rallied in back-to-back sessions, with today seeing prices hit a high of $8.36.
Tuesday’s top is the highest mark that chainlink has hit since August 17, days after a failed breakout from the $9.50 level.
Looking at the chart, today’s price surge came after a successful move beyond a ceiling of $8.05.
In addition to this, there was another breakout, with the 14-day relative strength index (RSI) marginally climbing past a resistance of its own.
As of writing, the index is now tracking at 61.03, which is its highest point since August 14.
Another notable gainer on Tuesday was uniswap, which rose by as much as 16% during today’s session.
UNI/USD surged to a high of $6.68 on Tuesday, which saw prices climb to their highest point since September 13.
As a result of today’s move, uniswap is now trading near a ceiling of $6.70, which has historically been a point of contention.
Earlier gains have somewhat eased as the day has progressed, and as of writing the token is trading at $6.61.
This is a result of the RSI also nearing a hurdle of 58.00, which has resulted in some traders liquidating earlier positions.
In order for UNI to move above $7.00 in the coming days, the RSI will likely need to move past the 58.00 mark.
Chainlink hit a six-week high during Tuesday’s session, as the token rose for a sixth consecutive session. The move saw the token rally past a key resistance level in the process. Uniswap was also in the green, with prices climbing by as much as 16% earlier in the day.
Chainlink (LINK) rose for a sixth straight day on Tuesday, which took the token to its strongest point since mid-August.
After trading at a floor of $6.55 last Wednesday, LINK/USD has rallied in back-to-back sessions, with today seeing prices hit a high of $8.36.
Tuesday’s top is the highest mark that chainlink has hit since August 17, days after a failed breakout from the $9.50 level.
Looking at the chart, today’s price surge came after a successful move beyond a ceiling of $8.05.
In addition to this, there was another breakout, with the 14-day relative strength index (RSI) marginally climbing past a resistance of its own.
As of writing, the index is now tracking at 61.03, which is its highest point since August 14.
Another notable gainer on Tuesday was uniswap, which rose by as much as 16% during today’s session.
UNI/USD surged to a high of $6.68 on Tuesday, which saw prices climb to their highest point since September 13.
As a result of today’s move, uniswap is now trading near a ceiling of $6.70, which has historically been a point of contention.
Earlier gains have somewhat eased as the day has progressed, and as of writing the token is trading at $6.61.
This is a result of the RSI also nearing a hurdle of 58.00, which has resulted in some traders liquidating earlier positions.
In order for UNI to move above $7.00 in the coming days, the RSI will likely need to move past the 58.00 mark.
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PUBG Creator Introduces NFTs, Metaverse, Blockchain Features In Artemis
The creator of Player Unknown’s Battlegrounds, Brendan Greene, is also in the market for NFTs and blockchains with his new project, Artemis.
There is no doubt that Brendan intended to create a digital place similar to Artemis. “It was my intention to create this enormous open world even before the battle royale.
Read more 👉 https://www.thecryptoupdates.com/pubg-creator-introduces-nfts-metaverse-blockchain-features-in-artemis/
The creator of Player Unknown’s Battlegrounds, Brendan Greene, is also in the market for NFTs and blockchains with his new project, Artemis.
There is no doubt that Brendan intended to create a digital place similar to Artemis. “It was my intention to create this enormous open world even before the battle royale.
Read more 👉 https://www.thecryptoupdates.com/pubg-creator-introduces-nfts-metaverse-blockchain-features-in-artemis/
Despite Accounting for 2% of Global Activity, Sub-Saharan Africa Has ‘Some of the Most Well-Developed Cryptocurrency Markets of Any Region’ — Report
According to a recent Chainalysis report, although Sub-Saharan Africa is believed to account for as little as 2% of global transaction activity, the area “contains some of the most well-developed cryptocurrency markets of any region.” Additionally, Sub-Saharan Africa’s “retail market and outsized usage of P2P platforms make it unique compared to other regions.”
According to a new report by blockchain intelligence firm Chainalysis, Sub-Saharan Africa’s total crypto transaction volumes of $100.6 billion seen between July 2021 and June 2022 are the least of any region that has been surveyed. While the on-chain volumes during this period are 16% higher than the preceding period, the report nevertheless states that Sub-Saharan Africa only accounts for 2% of the global crypto activity.
Still, according to the blockchain analysis firm’s findings, Sub-Saharan Africa likely has some of the most developed cryptocurrency markets globally. The Chainalysis report said:
A deeper analysis reveals that Africa contains some of the most well-developed cryptocurrency markets of any region, with deep penetration and integration of cryptocurrency into everyday financial activity for many users.
To help buttress these assertions about the region, the report points to the structure of the region’s crypto market and how this distinguishes Sub-Saharan Africa from other regions. As explained in the report, the retail market as well as an “outsized usage of P2P platforms” is what separates this region from the rest of the global crypto market.
“Retail-sized transfers below $10,000 make up 6.4% of its transaction volume, more than any other region. The role of retail becomes even more apparent when we look at the number of individual transfers. Retail transfers make up 95% of all transfers, and if we drill down to just small retail transfers under $1,000, the share becomes 80%, more than any other region,” the report stated.
Meanwhile, the region has seen an increase in the number of users that prefer to use peer-to-peer (P2P) exchanges. As stated in the report, the region’s P2P volumes alone are thought to “account for 6% of all cryptocurrency transaction volume in Africa.”
Concerning Sub-Saharan Africa’s projected future use of crypto, the report said:
“Overall, we expect cryptocurrency usage in Sub-Saharan Africa to continue growing as long as residents face issues crypto has proven it can solve for them, such as preserving savings through economic volatility and enabling cross-border transactions in places with strict capital controls.”
Register your email here to get a weekly update on African news sent to your inbox:
According to a recent Chainalysis report, although Sub-Saharan Africa is believed to account for as little as 2% of global transaction activity, the area “contains some of the most well-developed cryptocurrency markets of any region.” Additionally, Sub-Saharan Africa’s “retail market and outsized usage of P2P platforms make it unique compared to other regions.”
According to a new report by blockchain intelligence firm Chainalysis, Sub-Saharan Africa’s total crypto transaction volumes of $100.6 billion seen between July 2021 and June 2022 are the least of any region that has been surveyed. While the on-chain volumes during this period are 16% higher than the preceding period, the report nevertheless states that Sub-Saharan Africa only accounts for 2% of the global crypto activity.
Still, according to the blockchain analysis firm’s findings, Sub-Saharan Africa likely has some of the most developed cryptocurrency markets globally. The Chainalysis report said:
A deeper analysis reveals that Africa contains some of the most well-developed cryptocurrency markets of any region, with deep penetration and integration of cryptocurrency into everyday financial activity for many users.
To help buttress these assertions about the region, the report points to the structure of the region’s crypto market and how this distinguishes Sub-Saharan Africa from other regions. As explained in the report, the retail market as well as an “outsized usage of P2P platforms” is what separates this region from the rest of the global crypto market.
“Retail-sized transfers below $10,000 make up 6.4% of its transaction volume, more than any other region. The role of retail becomes even more apparent when we look at the number of individual transfers. Retail transfers make up 95% of all transfers, and if we drill down to just small retail transfers under $1,000, the share becomes 80%, more than any other region,” the report stated.
Meanwhile, the region has seen an increase in the number of users that prefer to use peer-to-peer (P2P) exchanges. As stated in the report, the region’s P2P volumes alone are thought to “account for 6% of all cryptocurrency transaction volume in Africa.”
Concerning Sub-Saharan Africa’s projected future use of crypto, the report said:
“Overall, we expect cryptocurrency usage in Sub-Saharan Africa to continue growing as long as residents face issues crypto has proven it can solve for them, such as preserving savings through economic volatility and enabling cross-border transactions in places with strict capital controls.”
Register your email here to get a weekly update on African news sent to your inbox:
Bitcoin, Ethereum Technical Analysis: BTC, ETH Marginally Higher as USD Weakens on Monday
Following a red start to October, crypto prices moved marginally higher during Monday’s session. After a brief stint below $19,000 on Sunday, bitcoin rose back above this point, as the U.S. dollar began to weaken against other G7 currencies. Ethereum was also in the green, momentarily moving above $1,300.
Bitcoin (BTC) was trading marginally higher on Monday, as crypto prices reacted to a weaker U.S. dollar.
Following last week’s rally in USD, the currency eased to start the month, giving way to the return of bitcoin bulls.
BTC/USD rose to an intraday high of $19,312.48 in today’s session, less than 24 hours after trading at a floor of $18,970.62.
Looking at the chart, the move saw the token marginally rise above its resistance point at the $19,300 level, which has historically been an area of uncertainty.
As of writing, the turbulence has somewhat returned, with BTC trading at $19,208.10.
Today’s rally also coincided with the 14-day relative strength index (RSI) bouncing off a key floor of 43.00. Should this ascent continue, we could see prices move closer to $20,000.
Ethereum (ETH) also shook off signs of a red October, as the token rebounded following four consecutive bearish sessions.
After a low of $1,271.15 on Sunday, the world’s second largest cryptocurrency raced to a high of $1,308.90 to start the week.
The move saw ETH/USD move towards its recent resistance level of $1,315, which has largely been in place since mid-September
Like with bitcoin, ethereum’s 14-day RSI has bounced from a point of support at 36.60, and appears to be heading towards resistance of 41.50
Should this take place, we will likely see the token move towards a higher ceiling of $1,385, before potentially climbing back above $1,400.
The 10-day (red) moving average also seems to have shifted course, which bulls will likely view as a positive sign.
Following a red start to October, crypto prices moved marginally higher during Monday’s session. After a brief stint below $19,000 on Sunday, bitcoin rose back above this point, as the U.S. dollar began to weaken against other G7 currencies. Ethereum was also in the green, momentarily moving above $1,300.
Bitcoin (BTC) was trading marginally higher on Monday, as crypto prices reacted to a weaker U.S. dollar.
Following last week’s rally in USD, the currency eased to start the month, giving way to the return of bitcoin bulls.
BTC/USD rose to an intraday high of $19,312.48 in today’s session, less than 24 hours after trading at a floor of $18,970.62.
Looking at the chart, the move saw the token marginally rise above its resistance point at the $19,300 level, which has historically been an area of uncertainty.
As of writing, the turbulence has somewhat returned, with BTC trading at $19,208.10.
Today’s rally also coincided with the 14-day relative strength index (RSI) bouncing off a key floor of 43.00. Should this ascent continue, we could see prices move closer to $20,000.
Ethereum (ETH) also shook off signs of a red October, as the token rebounded following four consecutive bearish sessions.
After a low of $1,271.15 on Sunday, the world’s second largest cryptocurrency raced to a high of $1,308.90 to start the week.
The move saw ETH/USD move towards its recent resistance level of $1,315, which has largely been in place since mid-September
Like with bitcoin, ethereum’s 14-day RSI has bounced from a point of support at 36.60, and appears to be heading towards resistance of 41.50
Should this take place, we will likely see the token move towards a higher ceiling of $1,385, before potentially climbing back above $1,400.
The 10-day (red) moving average also seems to have shifted course, which bulls will likely view as a positive sign.
