The move appears to be in anticipation of the approval of spot bitcoin ETFs.
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The SEC’s tagging of cryptocurrencies as securities has greatly affected the crypto market causing Algorand and Flow to hit historic lows on June 10.
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FLOW Diverted By Bearish Current Amid Relative Inactivity – Here’s Why
Following a decline from October 10–October 20, FLOW is currently making a comeback. CoinGecko reports that FLOW is performing well across nearly all time frames shown by its platform, and at the time of writing, the coin was trading at $1.76.
Along with this rise in price comes an increase in TVL value. DeFiLlama reports that since yesterday, FLOW’s TVL has increased from $3.97 million to $4.168 million, an increase of about 5%.
Market slippage was noted earlier, but the market structure produced by FLOW price changes may prevent a recovery.
Going With The Flow
The coin has created a bearish descending triangle and cup pattern as of this writing. Due to the coin’s Stoch RSI readings being in the overbought zone, this is the case. After this metric enters the overbought zone, the market immediately begins to realign and correct itself.
The current value of Chaikin’s money flow indicator is -0.06, suggesting that selling pressure is prevalent in the market. There has been a slight pick-up in momentum, as shown by the indicator. This rise may be due to the inclusion of the cup’s rebound mechanism.
Chart: TradingView
Nonetheless, the RSI indicator, which displays a positive divergence at the time of writing, largely disregards these signs. This could be the moment from which the bulls can recover.
Currently, FLOW’s uptrend is maintained by the price support level at $1,601, with the current trading range between $1,398 and $1,781. With the price movement being influenced by two bearish patterns.
In light of this, we anticipate that the price of FLOW will drop dramatically during the following few days.
Downward Current
As evidenced by the market, FLOW is on a slippery slope. This notion is bolstered by its technicals, which indicate short- and long-term bearishness. For bulls to survive the forthcoming corrective period, they must defend the $1.398 support level of FLOW’s trading range.
However, the bulls might use the existing support at the $1.601 price level to trigger a breakout over the $1.781 resistance range. However, with the Stoch RSI at its highest level, a period of correction is inevitable, hence strengthening the resistance level.
At the current market price, investors and traders might initiate a short position in preparation of the forthcoming corrective phase.
FLOW total market cap at $1.89 billion on the weekend chart | Featured image from Freepik, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.
Flow Rolls Out Blockchain Tools As Social Dominance, Coin Price Seen Rising
Anyone who want their protocol to be widely used in the realms of DeFi and dApps will need robust development tools. And that’s exactly what L1 blockchain Flow accomplished not long ago, as reported on their company’s official Twitter page.
In a blog post from October 18, developer community DZone provided a comprehensive explanation of the tools.
Their recent show of strength can be directly linked to this change.
@DZoneInc share the essential tools for building on Flow and our smart contract language, Cadence!
CLIs, IDE extensions, client libraries, local networks and more
How Flow tools compare to Ethereum toolsLearn more https://t.co/OFmIfhREiC pic.twitter.com/GPVXLq11nv
— Flow (@flow_blockchain) October 19, 2022
This Metric May Have Some Issues
Data collected recently indicates that there has been an upswing in the number of blocks developed for Flow on the chain. To see people making use of the resources made available to them and creating dApps on top of Flow is a promising indication.
Investors and traders may take this as a positive sign.
As of this writing, however, the value of their native token has plummeted by a stunning 17.49% over a period of 16 days.
Weekly, biweekly, and monthly reductions in value have also been recorded by Coingecko.
Back in October 17 and 18, FLOW tried to rally but was rejected at $1.580. The CMF for FLOW, however, indicates that buyers are in command.
Given the latest on-chain advancements of Flow, investors and traders may be in for a longer route.
Will Flow Continue Downstream Or Ascend?
Although Chaikin’s money flow indicator favors bulls, negative RSI and momentum readings nullify this advantage.
We anticipate FLOW to decline below the 78.60 percent Fibonacci retracement level, now located at $1.345, given that the token is already subject to intense selling pressure.
Previous price action was consistent with a flag and pole bearish formation, which will impede any near-term gains. At present, the token is testing the lower half of its trading range, which currently sits at $1,406.
With the token’s present bearish momentum, we can expect it to reach a descent as low as the 100 Fibonacci retracement level ($1.222).
However, similar to what was stated previously, the recent upswing in development activity is a strong indicator that things will remain stable for investors over the long term.
Eventually, demand for FLOW will increase as the network’s blockchain grows and as developers add more and more tools for greater connectivity between the blockchain and decentralized applications (dApps).
In the upcoming weeks, this may serve as a spark for a rally. Meanwhile, Flow investors may also buy the dip to generate a short-term price increase.
FLOW total market cap at $1.45 billion on the daily chart | Featured image from The Market Periodical, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.
Ticketmaster selects Flow blockchain for minting NFT event tickets
Customers will receive an NFT on top of a regular ticket purchase for select events.
Top 5 cryptocurrencies to watch this week: BTC, FLOW, THETA, QNT, MKR
Select altcoins such as FLOW, THETA, QNT, and MKR could rally if Bitcoin breaks above the stiff overhead resistance at $24,668.
What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours?
Anyone looking at the charts will have seen FLOW due to the incredible rally that its price has been on. The digital asset has gone from being in the shadows to be on the radar of crypto investors after growing more than 100% in a single. However, lesser known is the reason behind this rally. In this article, we take a look at FLOW and what has triggered such an increase in price over the past day.
Meta News Is The Catalyst
On Thursday, news broke that Meta (formerly known as Facebook) was moving forward with its NFT plans. It was implementing an NFT feature for its sister platform Instagram across 100 countries. The platform had been going deep into the metaverse and NFT space, and the announcement did not shock the market. However, the long-time coming news came with a new player that had previously not been named in the plan.
Naturally, as NFTs need a blockchain to run on, Meta had to announce the blockchain that it would be using. It went against everyone’s predictions that the social media giant would use one of the leading NFT networks to implement this feature. However, it announced that the FLOW Blockchain would be its official partner to host the NFTs on its blockchain.
FLOW trading at $2.7 | Source: FLOWUSD on TradingView.com
The news of the announcement quickly circulated, and FLOW blockchain gained more recognition as a result. By the time the day was over, its’ price had already risen more than 100% to be trading above $2.50 as investors flocked to capitalize on this newfound fame.
FLOW Continues To Rise
It has been a day since the Meta news broke, but FLOW has not declined in any way. The digital asset has risen quickly as it garners more support from the crypto community. At the time the news broke on Thursday, FLOW had been trading at around $1.85. At the time of this writing, it is trading as high as $2.74. This registers as a new two-month high for the digital asset.
FLOW blockchain was built by Dapper Labs and launched in September 2019. It has a strong community of supporters, as Dapper Labs had been behind the creation of CryptoKitties back in 2017. When it launched the NBA Top Shot, FLOW blockchain had garnered more attention.
Despite this, though, the blockchain has not been able to reach a point where it was competing with market leaders such as Ethereum and Solana. However, Instagram’s popularity may yet make it a top contender.
FLOW’s rally has pushed it upwards in the market. It is currently the 29th largest cryptocurrency with a market cap of $2.8 billion. This puts it ahead of cryptocurrencies such as ApeCoin, Algorand, and Bitcoin Cash.
Featured image from The Coin Republic, chart from TradingView.com
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Visa Issues NFT Report After Buying CryptoPunk, Cites Ethereum & Flow Blockchains
Visa is showing some bullish behavior around NFTs. As reported on at our sister network Bitcoinist today, Visa made a splash by purchasing a CryptoPunk to kick off the week. The purchase was made late last week for around 49.50 ETH – approximately $150,000.
The company is showing clear optimism on the future of the NFT market. If that purchase wasn’t enough to convince you, the firm also released a new NFT report.
“Crypto And Commerce”
The brief report can be found as the latest white paper to feature the company’s crypto research tab on the Visa.com website.
Titled “NFTs: Engaging Today’s Fans In Crypto And Commerce,” the report positions NFTs as having “vast potential in the sports and entertainment world.” While many early NFT projects are bound by a sense of community, a unique identity, or early adopter positioning, there is also no question that NFTs have massive potential in being the next wave of sports collectibles. Of course, with the recent CryptoPunk purchase, it’s clear that Visa understands that the potential goes well beyond just collectibles.
Nonetheless, the report goes on to provide a fundamental layout of what NFTs are, and why collectors, fans, teams, leagues, and talent are finding them attractive.
The FLOW blockchain is highlighted with Ethereum in the latest Visa report. | Source: FLOW-USD on TradingView.com
Related Reading | TA: Ethereum Forms Bullish Pattern, Why ETH Could Continue Higher
Lay It All Out There
The report goes on to talk about various NFT use cases, including in sectors like art and gaming (our team emphasized the importance of project use case in a recent Altcoin Evolution report). Additionally, the analysis highlights Ethereum and Flow blockchains as pivotal players in the NFT space.
The document approaches it’s close by laying out the importance of storage and access, and highlights the different types of marketplaces that can be utilized for distribution.
In sports particularly, the end of the Visa document outlines several different verticals that the company sees as notable areas of potential: loyalty and gamification, utility across metaverses, ticketing, fan governance and decision-making, and fan data with pseudo-anonymity. Indeed, several of these verticals are already seeing fruitful growth (fan tokens, for example, are already empowering fans across different sports and teams to have a say in impactful decisions).
The final ribbon on the report outlines some anticipated considerations and risks, including environmental impacts, fees, and licensing, legal, and regulatory considerations. The company also makes note to highlight emerging efforts in crypto, including Visa Crypto APIs, blockchain research from the firm, and their own Digital Currency Innovation Hub.
As per the aforementioned Bitcoinist article, the Visa wallet data from OpenSea has been gifted a variety of NFTs. Visa of course knows that “innovations such as crypto and NFTs are likely to shape sports, entertainment, and other communities going forward.”
What will be the next big purchase for the Visa wallet?
Related Reading | Grayscale Tops Up Ethereum Investment To $10 Billion
Featured image from Pixabay, Charts from TradingView.com
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The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks
The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana.
The biggest stablecoin, Tether or USDT, is only available in 8 of those. Currently, the most used stablecoin is Tron’s version of USDT.
Related Reading | Is USDC’s Billion Dollar Growth A Sign Crypto Smart Money Is Ditching Tether?
With that in mind, CENTRE said:
“We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest growing digital dollar currency.”
The consortium that runs USDC, CENTRE, is a joint venture between Coinbase and payments processor Circle. The information comes from, “a draft announcement from USDC administrator CENTRE obtained by CoinDesk.”
USDC market capitalization | Source: TradingView.com
What Is USDC And How Does It Work?
For this, we have to go back to the academy. Coinzilla informs us:
USDC is one of the fastest-growing stablecoins pegged 1 to 1 to the US Dollar.
What is more remarkable is that Circle, the company that developed the stablecoin, is actually holding the amount of money required for backing the USDC in circulation.
That’s definitely a shot at USDT. Tether’s audit and legal issues have been a topic of contention in the cryptocurrency community for a while now. Can they back all the Tether they’ve minted? A burning question that’s harder to answer than you’d think.
For what is worth, USDC’s April independent audit is on the public record and says:
-
USD Coin (“USDC”) tokens issued and outstanding less tokens allowed but not issued (218,807,037) and less blacklisted tokens = 14,697,267,257 USDC
-
US Dollars held in custody accounts are at least equal or greater than the USDC tokens outstanding at the Report Date and Time.
Back to Coinzilla’s academy, the stablecoin’s characteristics are:
In essence, USD Coin is an ERC-20 token that functions through the Ethereum Network. Nowadays, USDC transactions can also be settled through Algorand, Solana, and Stellar’s infrastructures.
Since the launch of USDC 2.0, the payment process is simplified, the gas fees being paid directly in USDC.
Related Reading | Circle’s Stablecoin USDC Passes Independent Audit, Fully Backed by USD
Stablecoins Are Supposed To Rule The USA in 2021
The official love affair between the US government and stablecoins started last January, when Jeremy Allaire from Circle announced that, “the largest US banking regulator with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system.” According to him, “Decentralized, permissionless, open source and internet mediated software is literally becoming the foundation for not just the US financial system but for the global economy.”
3/ The new interpretive letter establishes that banks can treat public chains as infrastructure similar to SWIFT, ACH and FedWire, and stablecoins like USDC as electronic stored value. The significance of this can’t be understated.
— Jeremy Allaire (@jerallaire) January 4, 2021
Recently, Randal K. Quarles, the Federal Reserve’s Vice Chair for Supervision, considerably raised the stakes:
In my judgment, we do not need to fear stablecoins. The Federal Reserve has traditionally supported responsible private-sector innovation. Consistent with this tradition, I believe that we must take strong account of the potential benefits of stablecoins, including the possibility that a U.S. dollar stablecoin might support the role of the dollar in the global economy. For example, a global U.S. dollar stablecoin network could encourage use of the dollar by making cross-border payments faster and cheaper, and it potentially could be deployed much faster and with fewer downsides than a CBDC.
Will stablecoins like USDC and USDT substitute the Digital Dollar project? Could they be an alternative to CBDCs? We’ll have to wait and see.
Featured Images by NeONBRAND on Unsplash - Charts by TradingView
Dapper Labs Unveils Flow-Native Stablecoin, FUSD, With Other ERC-20-Like Tokens to Follow
The maker of NBA Top Shot is deploying new tools for developers to launch tokens on the Flow blockchain.
Consensys announces layer-two NFT platform, Palm, to compete with Flow
The Ethereum ecosystem and some outside power players are banding together to give Flow a run for their money
Flow’s fully diluted market cap tops $40B as non-fungible tulips go on sale
NFT related tokens are surging as digital tulips make an appearance.