This Week in Crypto: CBDC Updates, NFTs and the Metaverse, and Cardano Upgrades

Crypto news updates

Crypto news updates

School is back in full swing, and so is the action in the crypto market.  This past week saw further developments with blockchain technology, central banks digital currencies, NFT collections and Metaverses that seem to just be getting started.

Digital asset adoption increases weekly.  NewsBTC reported on a recent Deloitte survey of 1,280 senior finance executives that 76% of them believe that digital assets will replace fiat in the next five to ten years.

Safety and security have also become  a high priority when it comes to protecting our digital assets. The launch of the Arculus™ cryptocurrency hardware cold-storage wallet provides consumers with a unique crypto cold storage experience, utilizing a 3-factor authentication solution, metal key card, and in-app management of users’ digital assets.

Free-to-Play and Play-to-Earn Poker has arrived! Decentral Games announced their ICE Poker game which will allow users to earn ICE tokens by participating. Players are required to own at least one wearable ICE NFT to be eligible to play and earn. ICE tokens can be used to mint new NFTs. Players also have a chance to earn the $DG token, Decentral Games’ native token within Decentraland.  ICE NFTs are expected to be released sometime in October. As soon as we find out, we will let our readers know!

The much anticipated Alonzo hard fork on Cardano, which allows the blockchain to host smart contracts, is now live on the Cardano testnet. The native token of the Cardano blockchain, $ADA, has experienced a continued rally in price in response to this news, reaching new highs several times in the last couple of weeks.

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By Ivan Dimov

Holochain gets HOT: Blockchain Momentum Update

What Worked

  • Doge (DOGE) has continued it’s run from last week reaching a height of 170% gain over 8 days before a pullback.

  • Holochain (HOT) is up 56% this week as one of the cheapest coins relative to Bitcoin on Binance.

Upcoming Catalysts

  • LTC- Global Litecoin Summit will be taking place in San Francisco on September 14th. Charlie Lee will be in attendance and speaking at the event.

  • ZCL- Anonymous Bitcoin will be forked from Zclassic on September 10th. Holders of Zclassic at the time of the fork will receive a 2:1 ratio of Anonymous Bitcoin.

  • WAVES- Waves decentralized exchange will be the next project to enable smart contracts on their platform September 10th.

  • Goldman Sachs Trading Desk- Goldman Sachs noted that the development of a Cryptocurrency Trading Desk was based on fake news. However, they are focusing on custody solutions for cryptocurrencies.

  • Mt Gox Bitcoin Whale- There has been a Bitcoin wallet with $844 Million in USD moving funds to exchanges. $100 Million worth of Bitcoin was moved to Binance and Bitfinex over a 10-day period before this week’s selloff occurred.

  • Volkswagen Using Iota DAG Technology- Volkswagen will be releasing a digital carpass in Q1 of 2019 to track data for evaluating car performance using Iota’s Tangle technology.

BTC Market Activity

We saw 4 rejections in Bitcoin from the $7400 price level before massive selling pressure on September 5th caused a 15% decline in price. This rapid selling occurred over a 24-hour period with Bitcoin finding support at $6300. The drop came after Bitcoin had been grinding higher over a 2-week period establishing that sellers are still in control almost 9 months into this bear market. Shorts on Bitfinex are back up near all-time highs after an initial jump of 50% last Saturday. The movement of over $100 Million in Bitcoin to exchanges from a Mt Gox wallet holding $844 Million caused concern days before the sell-off occurred. Focus is shifting back to the $5700-$6000 support zone with concerns Bitcoin could move into that range for a 7th retest in the last 8 months.

Technical Indicators

  • DOGE– Doge had a major breakout this week from a long-term down-sloping trendline. This 170% run-up occurred after it was listed on yahoo finance. It is worth noting that Doge has remained strong during the bitcoin sell-off this week.

  • XRP- Ripple has broken down from a symmetrical triangle that was forming on the 4-hr timeframe. Long-term support was tested for a 2nd time and held at 25 cents. 33 cents is the next level of resistance we are watching.

  • ADA- Cardano was rejected from the 10.8 cent price level 4 times before testing support at 8.5 cents for a 3rd time. It is living below this support now and if it fails to break back above this level, we are looking at the final line of support at 7.8 cents. There is the possibility that a double bottom is forming on the 4-hr time frame. A break above 9 cents would confirm this.

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