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xDay Event Day 2: Google, Amazon, Binance Labs, And A Chat With Sunny Aggarwal

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, scalability, and global adoption by simplifying users’ access to crypto.

multiversX google elgd

Summarizing The MultiversX Event, Day 2

In the early hours, the CEO and Co-Founder of MultiversX, Beniamin Mincu, announced a partnership with big tech giant Google Cloud. The company pledged to help the community of MultiversX builders, and Google Cloud will secure all data running on this blockchain.

The community celebrated the announcement, followed by other major partnerships, including Axelar, to improve its interoperability with Telekom, which will become a validator for MultiversX.

Other representatives from big tech companies, from Amazon Cloud to Deloitte and Tecent, spoke during the event about Gaming, ways to drive growth and adoption, and the convergence of Gaming, the Metaverse, and Web3.

From the crypto space, Alex Odagiu from Binance Labs and Danilo Carlucci from Morningstar Ventures discussed the importance of data, and the different ways crypto investors are using it to make investments during bull and bear markets.

Overall, attendees were impressed with the event’s capacity to gather a big crowd during a bear market and the partnerships announced throughout the day. The sentiment was optimistic about the future of blockchain and crypto.

Interview With Sunny Aggarwal, Co-Founder At Osmosis Labs

During the event, we got to chat with Sunny Aggarwal, a co-founder at Osmosis Labs, the company behind the decentralized protocol running on Cosmos. One of the most prominent decentralized finance (DeFi) protocols in this ecosystem, the DEX has processed over $3 billion in trading volume, according to data from Token Terminal.

Aggarwal is a validator for MultiversX, the “only non-Cosmos” network he validates. In an interview with our team, the Osmosis Co-Founder spoke about the early days of MultiversX, when the project was known as Elrond Network.

Aggarwal was one of the first to see the Elrond (MultiversX) Whitepaper and has been helping as a “non-official” external consultor ever since. During the interview, the Cosmos Co-Founder spoke about the passion and the drive behind MultiversX.

Speaking about the factor that makes MultiversX stand out from other blockchains, he mentioned their flagship product, xPortal. The “SuperApp” tries to offer users finances, social interactions, and payments, all using a single app. Aggarwal said:

I actually think xPortal was a big one. I remember they showed me, it wasn’t called xPortal back then. It had a different name, but when they showed it to me back in 2020. At the time, it was the best mobile wallet I’ve seen. I think the work that they did around the UX and when you log in, you get a username right away. And I think that they were very early on understanding how the UX has to be done. So I think that’s a very big interesting (…).

During the event, the team at MultiversX has been trying to remove “Web 3,” “crypto payments,” and similar words from their narrative. The team believes just “Web,” or “money,” is a better message for the users. Aggarwal agrees with the message, which heavily focuses on adoption:

I think the users don’t care about how the technology works. I think they care about what it does, but also they want to know, telling someone something is a cryptocurrency is not what matters, what matters is telling them it’s secure from hacks or that it’s private. That’s what matters, right? You have to sell the features that cryptocurrency gives you without necessarily having to know (the technology).

Cover image from MultiversX, chart from Tradingview

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Bitcoin Knocks At The Door Of $30,000, But Can Break Happen?

Bitcoin has approached the $30,000 mark with a sharp rally today, but on-chain data suggests the level could provide some major resistance.

1.49 Million Addresses Bought Around The $30,000 Level

According to data from the market intelligence platform IntoTheBlock, the most significant potential resistance for BTC is at the current levels. The “resistance” here refers to not the technical resistance, but rather the on-chain one.

From the on-chain perspective, levels are defined as resistance/support on the basis of the concentration of investors/addresses who bought at said levels.

The below chart shows what the distribution of the holders looks like right now across the various levels of the asset:

Bitcoin Resistance

Generally, whenever the price of the asset retests the cost basis of an investor, they may become more likely to show some kind of move. If this retest happens from below, that is, the holder had been in losses prior to this, they might be tempted to sell at break-even.

On the other hand, a decline in the price towards their acquisition price may lead to them buying more of the asset, as they might think that if these same levels proved to be profitable earlier, they could do so again in the near future.

The thicker the band of investors who have their cost basis inside a specific price range, the more pronounced effects like these would be. Thus, such ranges above the price could be looked at as sources of resistance, while those below may serve as support.

As is visible in the above graph, the $29,800 to $30,700 range is particularly rich with addresses right now. To be more particular, about 1.49 million addresses bought their coins here.

Naturally, this means that Bitcoin could find it troubling to cross above this range, as it has already happened throughout the past year. “At the same time, 73% of Bitcoin addresses are currently in profit,” notes IntoTheBlock, as the ranges below all have thick green bands currently.

While the range will be hard to clear, at least strong support below means the cryptocurrency could keep up the retests until eventually it can find a break. If BTC can indeed clear the range, it shouldn’t have much resistance at higher levels, as not many investors have their cost basis there.

One positive sign for the current rally could be the fact that it’s not driven by the derivatives side, as an analyst has pointed out on X.

Bitcoin Open Interest

In the above chart, the data for the ratio between the Bitcoin open interest and market cap is displayed. The “open interest” here is a measure of the total amount of BTC contracts open on the futures market.

The indicator’s value has declined recently, implying that the open interest has gone down relative to the market cap. This could suggest that the current rally is driven by spot buying.

BTC Price

Bitcoin is currently inside the range of major resistance discussed before as its price is trading around $29,900.

Bitcoin Price Chart

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Here’s Why This Wall Street Expert Believes XRP Is Very Bullish

XRP achieves yet another milestone with its recent approval of derivative contracts particularly designed for institutional investors on the San Francisco-based cryptocurrency exchange Coinbase.

XRP Milestone Could Spark A Bullish Run

Due to XRP’s recent milestone, Wall Street expert Linda Jones believes that the token is very bullish following the increase in interest from institutional investors toward the XRP market.

Linda Jones took to her official X (formerly Twitter) handle to express her viewpoint on XRP’s future. She noted that XRP will probably experience a bullish trend since the approval of derivative contracts enables institutional investors to trade the token with significant capital.

Linda further highlighted that institutional investors’ adoption is more likely to trigger a bullish trend for XRP than with just retail investors. According to the expert, Wall Street firms, notably hedge funds, are drawn to derivative trading because it gives them the chance to take advantage of price changes in digital assets to maximize profits.

In the post, Linda anticipates that leading investment firms could be investigating jurisdictions that are familiar with hedge funds and offshore funds, such as the Cayman Islands or Bermuda.

The introduction of institutional investors to the XRP market covers a larger connection for the digital asset’s market stability and adoption. This marks a major step for the digital asset.

It indicates a growing interest and adoption of XRP in the midst of institutional investors and an increase in investment in XRP might trigger the digital asset’s overall market dynamics since institutional investors are attracted to volatile assets like XRP.

The increased interest from institutional investors in the token may also trigger an increase in demand for the token from several types of investors including retail investors and businesses.

Linda Jones On The Ripple IPO

Linda Jones has previously commented on XRP and the potential value if Ripple were to undergo an initial public offering (IPO) and become a publicly traded company.

Jones compared Ripple going public to the valuation at which Coinbase went public and presented a possible $107 billion valuation for the company. With such a valuation, the crypto firm’s stock price would be $600. The Wall Street veteran also believes that Ripple should be considered a high-value company such as Nvidia or Apple because it has what it takes.

If Ripple were to be as highly valued as Jones posited, then there would be an obvious impact on the XRP price. Wells Fargo manager Shannon Thorp believes that as Ripple continues to capture the cross-border payments sector, its price could rise as high as $500.

XRP price chart from Tradingview.com

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Bulls Thrust Solana To $25 – What Traders Should Expect Next

Solana (SOL) has witnessed an impressive resurgence, climbing to $25.46, marking a remarkable 10% rally in the past 24 hours. This surge is part of a broader trend, with SOL’s price experiencing a seven-day surge of 19.4%, further solidifying its position as one of the prominent players in the crypto sphere.

Solana’s remarkable journey to its current valuation is a testament to its resilience, especially considering the tumultuous events it weathered nearly a year ago. In November, the cryptocurrency faced a severe setback due to the FTX implosion saga, which sent SOL plummeting to $8. 

However, Solana has emerged from the ashes, and the crypto community is taking notice of its remarkable recovery.

Solana Technical Signals Point To A Bullish Momentum

The recent surge in SOL’s price can be attributed to several key factors. One notable driver is the increasing network activity and substantial growth within the Solana ecosystem, particularly in the realm of decentralized finance (DeFi). 

The crypto world was offered a glimpse of this growth in a video shared by @Frankie_Candles, which shed light on the vibrant activity happening “behind the scenes” in the Solana ecosystem.

Notably, the total value locked in Solana’s DeFi smart contracts has seen a significant upswing, soaring from $210 million in January 2023 to $331 million in October, as reported by DefiLlama.

Furthermore, Solana bulls have reinforced the bullish outlook by successfully maintaining support at the $25 mark and breaching the upper dotted falling trendline. 

The presence of a buy signal is often considered an encouraging sign for traders, reinforcing confidence in the cryptocurrency’s upward trajectory.

One key technical aspect to watch out for is the potential for a “golden cross.” A golden cross occurs when a short-term moving average crosses above a long-term moving average, typically signaling a possible bullish breakout. This could be a pivotal moment for Solana, as it may provide further confirmation of its bullish momentum.

SOL Neckline Resistance

Another significant element to monitor on the charts is the possibility of Solana conquering the neckline resistance once again. The neckline resistance represents a critical point that acts as a threshold for bullish momentum.

Historically, breaking through this level has been a precursor to sustained uptrends, suggesting the potential for further gains in the near future. If Solana manages to achieve this, it will mark a strong resurgence, reaffirming its position as a strong force in the ever-evolving cryptocurrency landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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xDay 2023: Elon Musk’s X Competitor? xPortal Unveils Rival Features

In the next three days, our team at Bitcoinist will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 to focus on the Metaverse, one of the hottest trends in crypto.

During the event, the head of product for MultiversX’s native “SuperApp” xPortal, Sergius Biris, unveiled new features to expand the ecosystem. The project aims to onboard new users to the network by providing social interactions, a bridge with other blockchains, and more to compete with Elon Muk.

elon musk multiversX google elgd

xPortal Goes After Elon Musk’s Ambitions

Since last year, when Musk acquired Twitter (rebranded as “X”), the entrepreneur has progressively tried to turn it into something more. The social media app allows users to receive tips, subscribe to their favorite content, and interact with non-fungible tokens.

These features highlight the relevance for users to operate with a single hub. MultiversX and xPortal want to compete with Elon Musk by providing users access to these and other features announced during the conference, such as gamification, access to the metaverse, and NFTs to provide a “multifaceted digital experience.”

In contrast with X and Musk’s attempts, the team behind xPortal believes they have a critical advantage: their product is live and has over 1.5 million users already transecting and interacting with the MultiversX ecosystem.

Moreover, MultiversX has a vision to remove all friction from onboarding their ecosystem. Thus, xPortal announced a new fiat to crypto on and off-ramping capability and a feature enabling users to swap their tokens.

For European users, xPortal will enable peer-to-peer fiat payments with the traditional banking system, SEPA and SWIFT, earlier next year. During the conference, Biris stated:

The features launched today, most notably the debit cards, were a long time in the making. Today’s launch elevates xPortal from a crypto wallet to a financial super app. We thus created a bridge to an interconnected future where the lines between crypto, fiat, and emerging technologies like AI dissolve, bringing an unparalleled user experience.

The new features also included tools for developers and creators to leverage the MultiversX ecosystem. The xPortal app already allows them to launch their products for users to download quickly, similar to Apple’s Appstore and Google’s PlayStore.

Turning Web3 And Crypto Into “Money”

The conference has been conducted under a key vision: users want to leverage the technology, so crypto projects need to focus on security, scaling, and making accessible products. Rather than “Web3” or “Web4,” xPortal is about turning crypto into “money” available for anyone.

Sergiu Biris, Head of Product at xPortal, spoke to us during the event in an exclusive interview and shared the project’s vision:

They have to be able to do anything, whether it’s crypto or fiat, they don’t have to think about Blockchain is this, blockchain is not money. We are trying to dissolve those barriers between crypto and fiat because in our vision, money, it’s just money. And that’s why we want to make it easier for anyone to do whatever they need in terms of financial needs through the app.

Cover image from MultiversX, chart from Tradingview