Cryptocurrencies remain on pause ahead of the Fed’s decision tomorrow. Bitcoin consolidates around $19,300, Ethereum holds around $1,350 per token. However, the price of the cryptocurrency Algorand, which is one of the sponsors of the upcoming global, has been rising over the past few days, bloody for cryptocurrency valuations:
- Algorand is a cryptocurrency that became a beneficiary of part of the $600 million in funding created by the Temasek and BlackRock funds. He is also a partner in the fintech company Circle, which creates the USDC stablecoin. Circle has also been backed by BlackRock on several occasions.
- Algorand was part of a small group of cryptocurrencies that were members of a digital asset fund, the construction of which was also initiated by BlackRock. All of this, along with the latest partnerships from BlackRock, Coinbase, and Kraken, creates a web of cryptocurrency ties with the world’s largest investment fund, of which Algorand is a part.
- Algorand benefits from decarbonization contributions and grants to support tree planting to benefit from institutions’ efforts to implement ESG.
- Last week, the network underwent an upgrade that makes it capable of processing 6,000 transactions per second at a fee of 1/100th of the value of the cryptocurrency (around $0.033).
- The cryptocurrency is one of the main sponsors of the FIFA World Cup in Qatar, as part of which it has created a unique NFT collection. The collection is gaining popularity for the most popular sports game among gamers, FIFA 23. Algorand’s award has gained momentum in the wake of NFT’s surge in popularity.
- Algorand is one of the few cryptocurrencies fully compatible with the new ISO20022 interbank settlement standard. Other projects include IOTA, Ripple, and Stellar, among others. Banks have until the end of November to test solutions related to the new ISO, which could result in the growing popularity of these tokens. ISO20022 is expected to be fully implemented by 2025, originally planned for 2022 as the pandemic has prolonged the transition process.
- The main objective of Algorand is to ensure the integration of financial assets in the blockchain and tokenization industry, which, if effectively implemented (migration of thousands of projects and companies in the blockchain industry), has been described by Blockworks analysts as an $18 trillion market. The project currently works with over 500 institutions worldwide.
- Staci Warden, who has gained experience at the US Treasury Department and NASDAQ, among others, has become the new CEO of the Algorand Foundation. She was also a director at JP Morgan for eight years.
- Algorand has in the past reported “intellectual collaborations” with the Massachusetts Instutite of Technology and UC Berkeley. Based on the above, it can be concluded that Wall Street can view the project favorably.
Algorand H4 interval. The price rose almost 30% over several days and broke above the 200-session average at $0.30. For several days, Algorand has remained above the SMA200, which still sets the main trend. However, the RSI indicates levels close to overbought, which in the past signaled an impending correction. Source: xStation5
“This material is marketing communication within the meaning of Art. 24(3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/ 92/EC and Directive 2011/61/EU (MiFID II) Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No. 596/ 2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6 / EC of the European Parliament and of the Council and Directives 2003/124 / EC, 2003/125 / EC and 2004/72 / EC of the Commission and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to standards regulatory techniques relating to the technical modalities of objective presentation of r investment recommendations or other information recommending or suggesting an investment strategy and for the disclosure of special interests or indications of conflicts of interest or any other advice, including in the field of investment advice, to meaning of the law of 29 July 2005 on trading in financial instruments. (i.e. Journal of Laws 2019, item 875, as amended). All the information, analyzes and training provided are provided for information purposes only and should not be interpreted as advice, a recommendation, an investment solicitation or an invitation to buy or sell financial products. XTB cannot be held responsible for the use made of it and the resulting consequences, the end investor remaining the sole decision maker as to the position taken on his XTB trading account. Any use of the information mentioned, and in this respect any decision taken in relation to a possible purchase or sale of CFDs, is the sole responsibility of the end investor. It is strictly forbidden to reproduce or distribute all or part of this information for commercial or private purposes. Past performance is not necessarily indicative of future results, and anyone acting upon this information does so entirely at their own risk. CFDs are complex instruments and come with a high risk of losing capital rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You need to make sure you understand how CFDs work and can afford to take the likely risk of losing your money. With the Limited Risk Account, the risk of loss is limited to the capital invested.
We want to thank the author of this short article for this amazing content
New FIFA NFT Boosts Algorand Raise
We have our social media profiles here , as well as other pages related to them here.https://metfabtech.com/related-pages/