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Zompot Token Aims To Become As Dominant As Industry Leaders LTC And DOGE

Zompot Token Aims To Become As Dominant As Industry Leaders Litecoin And Dogecoin

There have been plenty of promising cryptocurrency projects in the market. Only a project of extraordinary quality stands out in this competitive industry. The cryptocurrency Zompot has the potential to become the next big thing. The native cryptocurrency of the upcoming cryptocurrency platform Zompot, which aims to give users safe and secure investment options, is […]

Crypto News Ethereum

Ethereum Sees Setback After Breaking $2k, But Price Likely to Maintain Upward Trajectory

Ethereum has experienced a mild setback after breaking the important barrier at $2,000 and continues to trade in the green over today’s trading session. The cryptocurrency is leading the current crypto market relief and sees poised for further gains. Related Reading: Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market At the time of writing, Ethereum (ETH) trades at $1,980 with a 6% and 15% profit over the last 24 hours and 7 days, respectively. Only Solana (SOL), and Cardano (ADA) come close to ETH’s price gains with double digits profits over the same period. Trading firm QCP Capital believes the bullish momentum is on track to extend on the back of positive macro-economic factors. The crypto relief rally took off last week when the U.S. published the Consumer Price Index (CPI) July print, a measure of inflation in the dollar. The metric stood at around 8.5% and, as QCP Capital said, “confirms the peak inflation narrative”. Thus, market participants expect a less aggressive Federal Reserve (Fed) as inflation appears to be trending down. The trading desk said: This has led to the market pricing a more dovish Fed, creating bullish momentum that is likely to continue until the next FOMC meeting on 22 September. In the coming weeks, there are other macro-economic events that could negatively impact market participants’ perceptions about the Fed. However, QCP Capital believes the market will “remain supported regardless”. For the price of Ethereum, the bullish narrative is double as there is a tentative date for the mainnet implementation of “The Merge”, the event that will complete ETH transition to a Proof-of-Stake (PoS) consensus. The event is expected to take place between September 15 to 16. This has led to an “unprecedented” shift in the crypto options markets, the total open interest (OI) for ETH contracts has overshadowed Bitcoin (BTC) open interest. The former stands at $8 billion and the latter at $5 billion. What Could Become An Obstacle For Ethereum’s Bullish Momentum The above might suggest market participants are buying call (buy) options for Ethereum heading into “The Merge”, counting on the event to be successful. In the spot market, data from Material Indicators shows that investors with bid orders from $1,000 to $100,000 have been buying into ETH’s price action over the last week. If large investors continue to support Ethereum, the bullish momentum could sustain, as QCP Capital expects. However, Bitcoin should see more upward pressure to support any long-term bullish price action, as NewsBTC previously reported. Related Reading: Decentraland Consolidates Near $1.05 – Can MANA Attract Buyers Now? Additional data provided by Material Indicators records thin resistance for ETH’s price, on low timeframes, north of $2,050. If bulls can push the price beyond those levels, ETH could reclaim its previous highs and turn critical resistance into support.

Bitcoin Crypto News

Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market

Have you heard about Taro? It’s an improvement proposal for the Lightning Network that Lightning Labs introduced in April. “Taro makes Bitcoin and Lightning multi-asset networks,” the company claims in the latest edition of their newsletter. They also explain in simple words what the protocol does, how it does it, and the implications of its implementation. “In a world of omnipresent communications connectivity, nobody says “cross-border messaging” anymore. Taro promises to do the same thing to “cross-border payments” by decentralizing the entire global FX market into a protocol that can run on a Raspberry Pi by anyone, anywhere.” Is the Lightning Labs exaggerating? Or is Taro the protocol that will bring the next billion people to the Lightning Network? “The opportunity provided by Taro bringing assets like stablecoins to the Lightning Network is clearly enormous,” the company claims. Can Lightning Labs back that case and argue it convincingly? Let’s find out. What Taro Does And How It Does It   The first thing Lightning Labs makes clear is the psychology behind the improvement proposal. It almost seems like bitcoin’s Lightning Network will be serving Taro and not the other way around. “Instead of starting from scratch and bootstrapping a new ecosystem of nodes and liquidity, Taro will leverage the existing network effects of both the infrastructure that’s been built out over the last several years plus the 4000+ BTC allocated to the network today as a global routing currency.” How does it work, though? The “edge nodes” are the key. By “integrating with Taro,” normal Lightning nodes can now “process an instantaneous conversion from L-USD into BTC or vice versa, for a small fee.” That means that “every Taro transaction on the Lightning Network will be converted into BTC by the first hop, routed across the network as BTC, and then converted back into a Taro asset by the last hop before the destination” What is a “Taro asset”? Whatever you want, your BTC can be “converted into different assets such as USD to EUR or USD to BTC.” Or, as Bitrefil’s Sergej Kotliar puts it, “Pay in currency of sender’s choice, receive in currency of recipient’s choice. This means that every wallet can now have native Strike-type “USD balance” functionality for example. With no need to trust the wallet, the only trust lies in the issuer of the token.” The trust model is the main difference from Galoy’s Stablesats, another novel concept that looks for a similar result. BTC price chart for 08/13/2022 on Bitstamp | Source: BTC/USD on TradingView.com What Does Taro Mean For The Lightning Network? In a recent interview published by NewsBTC, AXX’s head of research and strategy Ben Caselin explained the protocol further “In Taro, smart contracts and asset transfers are not executed by the blockchain, and they are also not enforced by the blockchain. Instead, transfers are executed by the sender of an asset (who has to make a corresponding bitcoin transaction), and enforced by the recipient, same as the Lightning Network.” And in the previous Lightning Speed, we theorized about how big could this development be for the Lightning Network. “According to The Bitcoin Layer, “a global capital market operating on top of bitcoin-denominated financial rails is inching closer with each new onramp.” And the Taro protocol and all of the assets it would bring to The Lightning Network is the mother of all onramps.” Back to Lightning Lab’s newsletter, the company toyed with even bigger expectations. For example: “A community bank could issue a local stablecoin on Taro and it would only need a handful of nodes or liquidity providers to make a market between the local currency and the BTC core of the Lightning Network to be connected to a global community of buyers and sellers. No permissioning required!” They’ll Never See It Coming According to Lightning Labs, bitcoin “renders cross-border payments obsolete.” Stablecoins are a huge business and so are cross-border payments. In the intersection between them, Taro stands tall. “Visa’s 65% operating margin is one of the highest of all the companies in the S&P 500 index, and this margin is Lightning and Taro’s opportunity. They’ll never see it coming.” The company expects that the benefit for everyone working on the Lightining Network will be tremendous. “We expect that bringing Taro to market and making Lightning a multi-asset network will dramatically expand the Total Addressable Market for those building Lightning applications.” And you know what more users mean, more of those sweet-sweet fees.} Featured Image by Joseph Mucira from Pixabay | Charts by TradingView

Bitcoin Crypto News

Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

Many people are reacting differently to the current condition of Bitcoin and the global economy. In the past two consecutive quarters, the US has posted negative GDP, leading to a rate spike by the Feds. Though some individuals are stating that there is yet no inflation, its impact is gradually manifesting. The President and CEO of Franklin Templeton, Jenny Johnson, has aired view on the current global economic condition. Johnson stated that while the financial condition is in a sad state, Bitcoin remains its best distraction. CEO Johnson related her opinions during a recent interview. She mentioned that the prevailing economic situation is acting as a disruption. Related Reading: Will Ethereum Breach $2,000 Before The Merge? In her terms, it’s the best to happen to financial providers at the moment. Though several see Bitcoin as digital gold and an asset that could create a hedge against inflation, Johnson has a different stance. To her, BTC is just consumers’ distraction from all prevailing financial problems. Also, the CEO has no belief that governments could make Bitcoin a dominant asset for foreign exchange. She said that it was beyond typical confidence for that to happen as numerous arguments would erupt. When it comes to blockchain technology, the CEO has an impressive option concerning that. She called it the sports change, stating that it will bring a positive difference possibly to all industries. Johnson maintained that Franklin Templeton still offers cryptocurrency services to its clients. Also, the company is not planning to stop such service options now. Franklin Templeton is an American multinational holding firm. It boasts several subsidiaries. It functions as a global investment company and was founded in 1947 in New York City. Global Destructive Outplay But Bitcoin Gained Momentum Over the past few years, the entire global system had a devastating impact from the spread of COVID-19. This remained one of the great world pandemics that claimed millions of people from different countries. With the invasion and effect of the pandemic came a distortion in various aspects of life, especially social life. The overall impact on the financial system was quite massive. Related Reading: Market Sentiment Shoots Up As Bitcoin Eyes $25,000 To maintain the float of the economy during the crisis, some countries central banks, especially the US Federal Reserve, printed more fiat currency. However, such a process is taking a negative pull after two years. The world is generally battling a rising inflation rate with other factors. Russia and its president, Vladimir Putin, received the blame from the Western world, pioneered by the US. They further cut off financial connections with Russia. Also, Russia has taken the top as the most sanctioned country globally. But Russia decided to make its retribute by stopping gas deliveries to some European states. Most of the states have no alternative source and have become stranded. This action conversely hiked electricity costs, leading to an increase in price for all goods. The entire outplay of events is becoming more destructive. Featured image from Pixabay, chart from TradingView.com

Bitcoin Crypto News

Money On The Sidelines: Crypto Traders Accumulate Highest Buying Power In Two Years

The crypto market has been trading in the green over today’s session as it sees some relief from macro-economic factors. Today, the U.S. published July’s Consumer Price Index (CPI) print which hinted at a slowdown in inflation and allow Bitcoin, Ethereum, and others to experience some relief. Related Reading: Ethereum Open Interest Nears All-Time Highs Ahead Of Merge CPI has been a key metric over the past months as the U.S. Federal Reserve (Fed) attempts to mitigate it by hiking interest rates and reducing its balance sheet. Thus, global markets have seen less liquidity which has negatively impacted risk-on assets, such as equities and cryptocurrencies. At the time of writing, Bitcoin (BTC) trades at $23,900 with a 4% profit in the last 24 hours while Ethereum (ETH) trades at $1,800 with a 9% profit over the same period. The second crypto continues to outperform BTC as investors seem to be migrating into the altcoin sector. July’s CPI print see a decline on the back of commodities trending downwards, particularly the energy sector saw falling prices. However, Rick Rieder, CIO at investment firm BlackRock, believes inflation it’s “still running at a worryingly high rate”. This might continue to operate as a headwind for digital assets and risk-on assets over the long run but might allowed the Fed to be less aggressive with their monetary policy. Rieder said the following on the potential long-term bullish effect of less inflation: Over time, we think the slowdown in economic growth, the continuation of the Federal Reserve’s assertive Hiking Cycle and the possibility of resolution with several persistent supply chain issues should influence broad inflation lower. Rieder claims inflation might continue to trend lower or moderate in the coming months. This might remove uncertainty across the crypto market and provide these assets with enough support to reclaim previous highs. Bitcoin And Crypto Could Extend Bullish Momentum? The biggest headwinds for crypto will be the Fed’s Federal Open Market Committee (FOMC), BlackRock’s CIO said. At that time, the financial institution might announce another “substantial” interest rate hike, but there’s “still a lot more data to come between now and the meeting”. In this environment, data from crypto research firm Santiment records a spike in the supply of Tether (USDT) on exchange platforms. This hints at the potential buying pressure from market participants waiting for more clarity around macro-economic factors. Related Reading: Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance? The recent CPI print might provide that clarity, at the time of writing, USDT’s supply on exchanges stands at 42% for the first time since April 2022. At that time, the market was about to enter a massive bull run into new all-time highs.

Altcoins Analysis Bitcoin Blockchain

CoinLoan’s customer satisfaction survey shows crypto’s promising future

CoinLoan’s customer satisfaction survey shows crypto’s promising future

Despite recent market difficulties, according to a CoinLoan survey, most investors are still bullish about the cryptocurrency market’s future. Users were able to rate how satisfied they were with CoinLoan’s various services, including its lending system, interest accounts, security standards, and customer support, in this survey that was distributed to all of the company’s customers. […]