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Algorand (ALGO) price strengthens as institutional investors back the project

Backing from institutional investors and a series of new partnerships could help ALGO break from its current range in the coming week.

Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Scottish roofing company ASAP accepts crypto payments

Scottish roofing company crypto payments

ASAP Roofing and Building Ltd., a Scottish roofing company has unveiled that its client base, which includes pensioners, has been increasingly using Bitcoin (BTC) to pay for its services. The company started accepting crypto in 2020. Reportedly, the company now accepts multiple cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and XRP (XRP).

The Glasgow-based company is run by 20-year-old Kaeleb Mckay and his father Cameron. The firm specializes in the roofing of industrial, commercial, and domestic buildings. Apart from this, the company takes pride in traditional build maintenance and repairs. Kaeleb noted that they chose cryptocurrencies as a means of payment because they get paid quickly.

Despite being only 20-years-old, Kaeleb disclosed that been involved in the crypto space for years. According to him, he took a keen interest in crypto as early as 2014. Proving that BTC cuts across all age groups, Kaeleb said that he did a £500-repair in November last year for a pensioner that was well into her 60s. The surprising thing was that she wanted to pay in BTC.

Crypto adoption increases despite mounting concerns

Apart from the above case, the company has received crypto payments on multiple occasions. Kaeleb disclosed that just a few weeks ago, other elderly Brits wanted to pay in crypto with one man paying £180 in ETH for an emergency roof repair.

Although ASAP Roofing and Building Ltd. saw an opportunity and seized it, UK’s financial regulators are increasingly clamping down on crypto. For instance, the Financial Conduct Authority (FCA) cautioned UK citizens that they should be able to lose all their money if they invest in cryptocurrencies. Reiterating the concerns that global financial watchdogs have over cryptocurrencies, the FCA said cryptos are high-risk, speculative investments.

While ASAP Roofing and Building Ltd. has made headlines with its news of accepting BTC, it is not the first company in the field to embrace crypto. In January 2018, Elite Roofing, a roofing company based in Denver announced that it had started accepting BTC for its roofing services. At the time, Randy Brother, the company’s CEO, said cryptocurrencies like BTC are the way of the future.

The post Scottish roofing company ASAP accepts crypto payments appeared first on Invezz.

from Cryptocurrency – Invezz

Deadpool Soundtrack Composer Tom Holkenborg To Auction ‘Soundtrack Of Your Life’ NFT

Deadpool Soundtrack Composer Tom Holkenborg To Auction ‘Soundtrack Of Your Life’ NFT

Tom Holkenborg, a world-renowned film composer for Hollywood blockbusters and DJ, has announced the auctioning of a unique offering. Holkenborg is planning to compose a one-of-a-kind music score for the ‘Soundtrack Of Your Life’ NFT concept.’ The action is set for June 16, 2021, from noon EST. The auction will take place on Amplifyx, an […]

French Football Federation launches official player NFTs with Sorare

Les Bleus players and their sports stats will be tokenized on the blockchain for trading and playing in fantasy games.

With the Euro 2020 championship in progress, blockchain-based fantasy soccer game Sorare has announced the licensing agreement for a national sports association to issue nonfungible tokens of its players.

In an announcement today, Sorare said the France Football Federation, or FFF, had launched its own line of player nonfungible tokens, or NFTs, prior to the team’s match against Germany on Tuesday. The French National Team — often called “The Blues” for the color of their shirts — is currently competing in the 2020 Union of European Football Associations European Football Championship. The Euro 2020 tournament was postponed last year due to the pandemic.

The firm will tokenize France national team players including Antoine Griezmann, Paul Pogba, and Hugo Lloris as digital cards for the 2020 season. With their performance stats recorded on the blockchain, player cards will each have different scores and rarity for the fantasy football game.

Winner of the European Football Championship in 1984 and 2000, France is reportedly one of the first national football associations to make a licensing agreement for official digital collectibles. However, Sorare said it was “in active discussion” to onboard other associations across the globe. 

Related: Blockchain-based fantasy soccer game Sorare signs on Paris Saint-Germain

Sorare said it had sold more than $70 million in digital cards since January and currently has 90,000 monthly active users from 140 countries. Residents of more than 200 countries play football — or soccer, as it’s called in the United States and a few other nations.

“We’ve onboarded the World Champions: the French team,” said Sorare CEO Nicolas. “It is the first of many football associations that will be joining us in the coming weeks and months.”

Should you buy Tezos (XTZ)? Banking on social impact

Tezos (XTZ) has extended its correction from the recent highs. Here are the important support and resistance levels

Tezos XTZ/USD takes advantage of what is known as liquid proof-of-stake (LPoS), and this is important to know when evaluating the value of its cryptocurrency. You see, LPoS is an algorithm that is used by the computers running the Tezos software and is used to secure the network, validate the transactions and distribute newly minted XTZ. 

How XTZ Plays a Role on Tezos

In order for the nodes to participate in the governance, however, they need to stake XTZ in a process known as baking. If you want to be a baker, as a node you’ll need 8,000 XTZ. Users can delegate their tokens to the other bakers and allocate votes to other users so they can earn XTZ rewards. Bakers are incentivized to perform well due to the fact that all users have the flexibility to switch between bakers that they delegate XTZ to, depending on the voting preferences of course.

The XTZ cryptocurrency has a major role when it comes to maintaining the operation of the Tezos network and can be used for holding, spending, sending, or even baking.

Through owning XTZ, as a user, you can get the ability to vote on the upgrades, where each vote is proportional to the amount of XTZ baked. 

So, you now have a general idea of the real value of XTZ and why it’s important, but what does this mean for its price and value in the long term? 

Throughout the entirety of May, new builders, creators, and users contributed to 1.5 million contract calls on Tezos.  

Should you buy XTZ?

In June 9, Tezos had over 283,000 transactions in the span of 24 hours which equates to 23% of ETH’s daily transactions for that specific time frame. The value of XTZ at this time was $3.41.

On June 10, Tezos won an award for the best social impact project of 2021 at the AIBC summit in Dubai. 

We can see that the value remains across the $3 mark, but due to its popularity, recent awards and community engagement it has the potential to yet again rise up to the $5 mark or even beyond by the end of June.

On June 14, XTZ continued to trade just above the $3 level. At $3, it might be worth investing in, and we might even see it go back up to the value of $7 that it had on May 7, when Graph Blockchain Inc. announced that they began proof-of-stake mining of Tezos’s native token XTZ. 

The more popular Tezos becomes, the higher the value it will have, and at $3, with the expectancy of it going back up to $7, it might be a good investment. However, $3 serves as a key support level so if the coin drops below, it might serve as a sign to avoid buying as buyers no longer have interest of buying.

The post Should you buy Tezos (XTZ)? Banking on social impact appeared first on Invezz.

from Cryptocurrency – Invezz

Who created the phrase “seed”?

I have a question on my می‌نهد I guessed the trust wallet and oddly enough, I came across effective seed phrases but no coins in them
The question is is this imported wallet created by someone who didn’t use it or how was it imported?
For the record, while guessing, I came across more than one wallet, but I did not find coins in it

Bitcoin Jumps 12% to Eye $40K on Positive Tesla and Taproot News

BTC price reached a high of $39,847 on Coinbase.

Bitcoin price has jumped over 12% to hit a two-week high of $39,847 on US-based crypto exchange Coinbase. The cryptocurrency’s upside towards the recently elusive $40,000 comes as the market continues to react positively to news.

Buyers are looking to hold the gains above support as shown in morning deals on Monday. Bitcoin currently trades at $39,286 on Coinbase.

Bitcoin price broke major resistance at $37k

After finding it difficult to break above $37k due to FUD related to a heightened crackdown on mining in China, BTC added more than $3,400 to its daily candle on Sunday to trade at the highest price level since 26 May.

While the broader recovery could align with other factors across the market, BTC’s value soared just after Tesla CEO Elon Musk revealed that the electric car maker was ready to resume Bitcoin transactions. It follows negative comments from Musk regarding Bitcoin’s energy consumption and impact on the environment.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” the Tesla chief said.

Bitcoin price jumped nearly 10% following Musk’s tweet and traded higher to establish support above the 20-day simple moving average line ($36,756).

Bitcoin’s upside also comes after miners indicated support for the Taproot upgrade slated for November 2021. The upgrade seeks to revamp the network’s privacy and scripting capabilities.

From a technical point of view, analyst Rekt Capital says the upside might have helped push a potential death cross by a couple of weeks.

BTC/USD daily price chart showing the 50 and 200-day moving averages. Source: TradingView

The death cross happens when the 50-day moving average cuts below the 200-day moving average. It is a bearish signal that usually suggests further price correction, and as seen on the price chart above, BTC/USD was likely to make the cross if the 50 DMA continued to slope towards increasing 200 DMA.

“Fantastic upside movement from #BTC lately. The $BTC breakout has pushed back the potential Death Cross by two weeks.  Price increases from here would further postpone it,” the analyst pointed out.

And if $BTC is able to rally above $55K-$60K soon, then BTC could avoid the cross altogether.”

The post Bitcoin Jumps 12% to Eye $40K on Positive Tesla and Taproot News appeared first on Coin Journal.

from Latest News – Coin Journal

Top Binance Smart Chain (BSC) Updates | June Week 2

Binance Smart Chain (BSC) has experienced some notable developments. To keep users informed of the latest developments concerning BSC, Altcoin Buzz has compiled the latest updates from last week. In addition to iMe Smart Platform announcing support for Binance Smart Chain (BSC), other updates include Guarda Wallet supporting BSC, and Seascape also announcing its registration for the […]

The post Top Binance Smart Chain (BSC) Updates | June Week 2 appeared first on Altcoin Buzz.

Top 5 Crypto Exchanges For Margin Trading – Compared

There is the saying that – the higher the risk, the more profitable the output. The saying can be true, however, there should … Read more

The post Top 5 Crypto Exchanges For Margin Trading – Compared appeared first on NIGERIA BITCOIN COMMUNITY.

Trality: Algorithmic Trading in the Unpredictable Cryptocurrency Market

[Featured Content] The cryptocurrency market is no longer one that can be isolated. Bitcoin is no longer a niche asset with so many institutions and recognized investors jumping on board and seeking exposure. Retail investors are here, and, at this point, it’s safe to assume that they’re here to stay. With daily trading volumes across […]