In today’s bitcoin and cryptocurrency news, learn about the DeFi ecosystem in Algorand is experiencing an influx of liquid assets. As of today, the fixed value of Algorand had reached $270 million. Meanwhile, after the tumultuous price activity in the cryptocurrency market on Thursday, XRP is in a remarkably positive position. Finally, an official from El Salvador has said that the government is providing incentives to entrepreneurs that move quickly to set up shop in the Bitcoin city
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Algorand DeFi Booms
Original Source: Algorand DeFi Is Booming. Here’s Why
Hivemind investing $25 million in Algorand DeFi is one of numerous catalysts bringing liquidity to the Layer 1 chain.
Algorand receives VC boost
A recent cash influx has helped boost DeFi activity on Algorand.
Money coming into the Layer 1 blockchain’s ecosystem has skyrocketed this week after a statement that Hivemind Capital invested 80 million ALGO tokens into various DeFi and governance activities across the Algorand ecosystem. At the current price of $0.31 per ALGO token, Hivemind’s commitment is more than $25 million.
Following Hivemind’s release, the total value locked in DeFi apps on Layer 1 topped $270 million for the first time in blockchain history today. Per DeFiLlama data, the total value locked on Algorand has surged 53.9% this week. Several Algorand-based DeFi protocols have profited from the boost in liquidity. Tinyman and Pact have seen double-digit growth in their total value locked during the past 24 hours, while AlgoFi, a one-stop shop for lending, borrowing, and trading, is up over 17%.
Algorand’s ALGO token also reacted well to the news. After a fall in response to Thursday’s hotter-than-expected CPI print, it jumped over 10%, boosted by a broader market recovery.
More Algorand Catalysts
Hivemind’s dedication to Algorand’s DeFi ecosystem is not the sole tailwind for the Layer 1 chain. The digital collectibles trading app FIFA+ Collect has brought soccer lovers to Algorand since it started on September 22. FIFA+ Collect allows users collect unforgettable moments from top matches and trade them over the marketplace. The site has sold over 158,000 packets during its genesis drop. FIFA+ Collect may gain popularity in the lead-up to the World Cup in November.
Another update for the Algorand ecosystem is FTX’s plan to enable native USDC. Users can now deposit and withdraw USDC stablecoins directly between the Algorand blockchain and their exchange wallet. FTX formerly exclusively enabled ALGO token transactions. The update makes it easier for FTX customers to deposit dollar-denominated funds onto Algorand for usage in the blockchain’s DeFi ecosystem or on FIFA+ Collect.
More broadly, Algorand has global partnerships. In the Philippines, fintech business AID:Tech is producing a mobile banking wallet solution that uses the Algorand blockchain. El Salvador, the first country to make Bitcoin legal tender, has named Algorand its official blockchain partner. In a July paper, Italy’s central bank also revealed plans to use the Algorand blockchain for a prospective central bank digital currency.
With so many positive triggers, it’s hardly surprising that Algorand has continued to thrive while activity on rival Layer 1 chains declines. Since the start of the year, Algorand’s protocol value has climbed by 269%. The total value locked on Avalanche has down 86%, while Solana is down 85%. With global macroeconomic crisis showing no signs of abating, it may be tough for Algorand to continue growing at the same rate.
Estimating the Future Value of XRP
Original Source: XRP Price Prediction – If This Chart is Right, XRP is the Best Opportunity for 10x Gains in Crypto Now
XRP price is optimistic after Thursday’s stomach-churning market movement across the crypto complex.
Despite a touch higher in core CPI inflation, risk assets plunged abruptly and subsequently rebounded.
This stubbornness in the face of sticky inflation is particularly noteworthy, as it could suggest that the head-fake bear rallies of recent times have established the circumstances for a breakout.
Ripple’s XRP cross-border liquidity currency could be the best-positioned crypto to benefit from increased bottom-dipping purchasing activity.
Although the price has hit resistance around $0.50, market participants are optimistic that the long-running court case will have a favourable outcome.
Even if Ripple doesn’t win the case but ends up with a messy tie, a settlement that clears regulatory uncertainty would be bullish.
XRP addresses owning more than $100 worth of coins near all-time high
The bullishness towards XRP can be seen in the behavior of XRP holders.
If we overlay the XRP price with the quantity of XRP tokens at addresses holding at least $100, the figure, 1.07 million, is around the all-time high last seen in November 2021. (1.14 million).
The interest in XRP is not merely speculative in the markets, but also in product adoption.
11 October, Ripple revealed that French payments provider Lemony was its latest on-demand liquidity customer. Lemony will use RippleNet and the XRP token to facilitate crypto payments and optimize its treasury processes.
What does this signify for the XRP price?
Looking at the market cap of the crypto asset since 2015 using 1 week candles may provide indications.
A descending triangle that began in 2015 reaches its apex when it meets the long-term trend line. This combination was followed by XRP’s parabolic surge higher, which was completed when the price hit its all-time high.
Although the middle triangle on the chart is not annoyed, the current descending triangle began in 2021 and could predict a similar climb higher.
This move may not come until the new year, but if the price can break over $0.50, there’s a promising ladder higher.
The technological set-up appears good. However, the court case is likely to propel XRP higher.
If SEC personnel discussed Ethereum being a commodity and not a security, it would blast a hole in the SEC’s case against Ripple and have larger repercussions for crypto legislation.
XRP is one of the greatest crypto investments today.
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More Investments Are Needed in Bitcoin City
Original Source: Bitcoin city is looking for more investors – This is how you get involved
In September 2021, El Salvador made Bitcoin legal tender. Now, the country intends to construct a Bitcoin city. El Salvador stated its ambition of building a Bitcoin city last year, but plans have been hampered and postponed.
Geopolitical concerns and the crypto winter (a fall in crypto investments) are affecting El Salvador’s Bitcoin city plans. El Salvador’s deputy ambassador to the Netherlands, Hector Enrique Celarie, informed the media that the Central American nation will follow a “first come, first serve” policy in allowing enterprises to invest and profit from Bitcoin city.
He said El Salvador wants to use its Bitcoin city to expand and strengthen society. “That’s why we want more investments in this area to improve the city.” Deputy Ambassador Celarie added that using BTC as legal tender has helped the nation’s economy. He encouraged individuals from other nations to visit El Salvador to see how BTC is positively influencing the lives of El Salvadorans.
Funding Bitcoin City
El Salvador announced it would construct a Bitcoin city in November 2021. The official statement said the city’s development money would come from selling $1 billion in Bitcoin volcanic bonds. This bond is the first crypto sovereign debt product globally.
During the bull market’s peak, numerous investors bought this debt product. It’s lost its appeal owing to delays and the crypto market slump. BitFinex’s chief technical officer said a few weeks ago that the company is waiting for El Salvador to approve its operating license.
He noted that the government wouldn’t provide an operating license until it passed the digital securities bill. Initially, the government said it would pass the Bill by last month’s end. But it hasn’t offered any updates on the Bill or Bitcoin bond debut.
While El Salvador’s Bitcoin experiment has its problems, the positives outweighed the negatives. Two days ago, CoinCorner, a Bitcoin card payment provider, revealed plans to install Near-Field Communication (NFC) card readers in El Salvador.
The tap-to-pay feature allows Bitcoin holders in El Salvador to spend their BTC where NFC card readers are accessible. This service is developed on the lightning network (ln) to ease retail BTC transactions. Many card payment systems internationally are linked with the lightning network to allow BTC payments for BTC holders.
Summary of today’s Bitcoin and Cryptocurrency news
In summary, Algorand has continuing to flourish as activity on other Layer 1 chains has declined. Since January, the value of Algorand’s protocols has risen 269%. Avalanche’s value has plunged 86%, and Solana’s is 85%. With global macroeconomic crisis showing no signs of abating, Algorand may struggle to maintain its growth rate.
Meanwhile, when the descending triangle from 2015 finally reaches the long-term trend line, the triangle will have completed its descent. After this convergence, XRP’s price began a parabolic ascent that ended only when it reached its all-time high.
Finally, Bitcoin holders in El Salvador can use the tap-to-pay function to buy goods and services wherever NFC card readers are accepted. To facilitate everyday BTC purchases, this service was developed on the lightning network (ln). Lightning network integration has led to widespread acceptance of Bitcoin (BTC) as a payment method by a wide range of global card payment services.
