MFT surged 84 percent in just three days to hit its topmost quarterly level.
The native token of Mainframe, a decentralized finance (DeFi) project that offers fixed-rate lending and borrowing services, topped at 0.3460 as of 1218 UTC Monday. The gains appeared amid a market-wide craze for DeFi projects that saw many of MFT’s peers recording double-digit percentage rallies in the last 30 days.
The MFT/USD exchange rate itself surged by a whopping 270 percent on a 30-day adjusted timeframe. The pair’s rally made MFT one of the best performing tokens in the running quarter, falling only behind Akropolis’ AKRO, which surged 569 percent in the same period.
What’s Pumping MFT Price
The MFT price rally began on March 13, a day after fears of the COVID pandemic crashed the global market. It practically recovered after bottoming like the rest of the cryptocurrency market. Meanwhile, MFT’s recovery also tailed rebounds in other coins, showing that it was merely tailing the trend.
Low liquidity and volume allowed MFT to rise higher than the top market coins, such as Bitcoin and Ethereum. At the second quarter’s close, the Mainframe token was up 163 percent – as measured from its March 12 nadir.
The momentum started picking up in the third quarter. Entering mid-July, the MFT/USD exchange rate surged 245 percent in just five days of trading. The pair later corrected by 45 percent, only to continue its rally afterward. By August 10, it was trading up to 324 percent higher on a quarter-to-date timeframe.
Mainframe token up 270 percent YTD. Source: TradingView.com
Lots of fundamentals played a crucial role in pumping the MFT price higher.
As of mid-June, the Mainframe team had launched “liquidity mining” to generate monetary backing for its native token. That was a part of the so-called “yield farming rush” that saw the token of almost every DeFi project with a staking-based incentive model logging surplus returns.
According to Santiment, a crypto-focused sentimental analysis platform noted that more traders are buying MFT at its local lows. Meanwhile, its daily active addresses (DAA) grew higher in July that further pointed to an increase in activity across the Mainframe network.
“The DAA continues to decline after the huge peak of 331 DAA on July 18th (now at just 78),” added Santiment. “If this metric rises again, combined with recent buyers this far underwater, it could be promising for Mainframe longs.”
With its latest rally, MFT/USD came closer to testing the $0.00386-level of the Fibonacci retracement graph as shown below.
MFT price targets per the Fibonacci Retracement levels. Source: TradingView.com
The pair is currently correcting lower, which points to a retest towards $0.0033. Extended selling action is likely after a parabolic rally. Therefore, the price could fall further below the said level – towards $0.0025. It is likely that bears treat it as their ideal short target on a correction.
Conversely, a breakout above $0.0038 put MFT/USD in a never-seen-before territory. It is difficult to predict the pair’s next pullback level.
TikTok Avoids US Shutdown as Oracle, Walmart Swoop In
TikTok will live to see another day in the United States. President Trump has approved a deal between TikTok owner ByteDance, Oracle and Walmart, which averts the ban that was to take effect on Sept. 20. The ban, which would have prevented all downloads of the app in U.S. app stores, has now been postponed […]
The post TikTok Avoids US Shutdown as Oracle, Walmart Swoop In appeared first on BeInCrypto.
TikTok will live to see another day in the United States.
President Trump has approved a deal between TikTok owner ByteDance, Oracle and Walmart, which averts the ban that was to take effect on Sept. 20. The ban, which would have prevented all downloads of the app in U.S. app stores, has now been postponed by one week.
In a statement, the Commerce Department indicated that the restrictions are now slated to come into effect at 11.59 p.m. on Sept. 27. According to a CNN report, the deal maintains ByteDance as TikTok’s majority shareholder, with Oracle and Walmart cumulatively controlling 20 percent of the company.
Ownership and Data Access Issues
According to a Bloomberg report, ByteDance is seeking a $60 billion TikTok Global valuation, with the app’s U.S. operations alone valued at over $50 billion. This would mean that Walmart would pay $4.5 billion for its proposed 7.5 percent stake and Oracle would pay $7.5 billion for its prospective 12.5 percent stake.
The report further reveals that the deal’s final valuation and payment structures have not been agreed on yet because negotiations regarding equity structure and data security are still ongoing. Both Beijing and Washington are yet to fully agree on what parties get access to what part of TikTok’s valuable proprietary technology, such as recommendation algorithms.
According to Bloomberg, Chinese authorities are said to be in favor of the current deal because ByteDance maintains an overwhelming majority stake. This apparently was what gave Oracle the advantage over Microsoft, which offered to buy out TikTok Global in its entirety.
The deal would see Walmart CEO Doug McMillon take a seat on the five-member board of TikTok Global, which controls the app’s activities in the U.S. and around the world, excluding China. According to Bloomberg, VC firms Sequoia Capital and General Atlantic could also build equity positions in the company as part of the deal.
In a statement from TikTok quoted by CNN, the company said:
“We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.”
TikTok To Migrate From AWS to Oracle Cloud
The deal will also see TikTok move from Amazon Web Services (AWS), its current hosting provider, to Oracle Cloud. In a statement quoted by CNN, Oracle CEO Safra Catz said:
“As a part of this agreement, TikTok will run on the Oracle Cloud and Oracle will become a minority investor in TikTok Global. Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud. We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world. This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.”
According to CNN sources, Oracle will get full access to TikTok’s source code and app updates in order to ensure that there are no back doors for the Chinese state to harvest data or spy on the app’s 100 million+ American users.
Is Bitcoin really on Ethereum ? Will either proponents softfork BTC to ETH?
Bitcoin and Ethereum have long been the two most-popular cryptocurrencies in the market. While Bitcoin has remained top of the charts, for most of the time, Ethereum has been the cryptocurrency following it. This, despite the fact that a number of altcoins have taken a jab at ETH’s position over the years. Spoiler – None have survived for long.
Due to ETH’s persistence, the community is also massive. Hence, it is obvious that communities would compare each others’ coins, network effects, etc. It is no surprise then that the debate/fight between BTC and ETH is also a longstanding one.
In today’s debate, the topic of contention is simple, mundane, yet unclear – whether Bitcoin is on Ethereum or not. Although the debate in question had seemingly diverted away from the topic at press time, the same was reignited by Peter McCormack’s latest tweet.
There is no Bitcoin on Ethereum.
— Peter McCormack (@PeterMcCormack) September 19, 2020
Now, McCormack has long claimed to have a mind open enough to understand and learn about other altcoins, despite being a Bitcoin proponent himself. While many have attacked him for his tweet, it does make sense because, obviously, Bitcoin is not on Ethereum. Neither of them exists on each other’s, but on their own, separate blockchains.
Before we get into the debate, it should be known that Bitcoin, as an ERC token, ergo on the ETH blockchain, has been on the rise lately. For argument’s sake, the total number of Bitcoin on Ethereum, as of press time, was worth $1 billion aka 106k BTC.
Although the total BTC locked on ETH has exceeded 100k, there are different tokens like WBTC, rBTC, hBTC, tBTC, etc. and each token varies in build and construction. The common argument that can be made here is that none of the Bitcoins are really on ETH because, in fact, they are just IoUs.
Bitcoin developer Luke DashJr, however, was one of the many to disagree, after he tweeted,
“I don’t agree. Bitcoins can be on Ethereum in the same way they’re on exchanges, Liquid. etc”
Ethereum folks were quick to pitch in to, with many happy about Bitcoin finally finding its way to the Ethereum blockchain.
Fuck microstrategy, Ethereum is the world’s largest purchaser of BTC https://t.co/SYyRTpIhsl
— DavidHoffman.eth 🏴 (@TrustlessState) September 15, 2020
Interestingly, while a majority of the Bitcoin and Ethereum communities were arguing about what is right and what is the right terminology, Vitalik Buterin, Founder of Ethereum, came forward to discuss a far-fetched idea. An idea where miners could, in the near future, soft fork Bitcoin and “reject withdrawals from Bitcoin-side addresses that do not have valid corresponding initiation orders on the Ethereum side.”
Needless to say, this was the latest cannon fire in the ongoing battle between Bitcoin and Ethereum.
Ripple price falls to $0.244, what’s next?
Ripple price follows the market trend to falling to $0.244 low. Analyst expects a drop to $0.21 mark before another rise. Mixed market sentiment and bearish market are main contributing factors. The Ripple price line fell bearish after testing the Exponential Moving Average (EMA) on the 20th of September. The price slipped below the $0.244 […]
- Ripple price follows the market trend to falling to $0.244 low.
- Analyst expects a drop to $0.21 mark before another rise.
- Mixed market sentiment and bearish market are main contributing factors.
The Ripple price line fell bearish after testing the Exponential Moving Average (EMA) on the 20th of September. The price slipped below the $0.244 mark by the evening. The market is expected to rise, and Ripple price with it.
1-Day Ripple price analysis
The price approached the day’s high of $0.254 US Dollars by noon on the 19th of September. The cryptocurrency traded at $0.24596 US Dollars on Bitstamp, at the time of writing. Whereas, the day’s low was observed at the $0.243 mark.
XRPUSD technical indicators
The Trading View analyst Ronin is of the opinion that the cryptocurrency is currently undergoing a wave trading pattern. Per the crypto analyst, the price will now fall towards the $0.21 level to complete the 5th wave of this trade.
Currently, the cryptocurrency appears to be testing the EMA marked in orange. The technical indicator may cause the cryptocurrency to be pushed back and fall towards the $0.21 support level. Per the chart above, the cryptocurrency’s trade volume has been decreased ever since the start of September.
The Relative Strength Index (RSI) stands near 45.00, which means that the technical indicator is in a neutral zone. The Moving Average Convergence Divergence (MACD) line appears to be moving above the signal line, while the Histogram is decreasing in the positive region.
What’s next for Ripple?
The Trading View analyst Saeed believes that the XRP price will see an uptrend towards the $0.28 resistance, which will then be followed by a price fall towards the $0.21 mark.
Per the analysis, the cryptocurrency trades inside a falling wedge pattern. The XRP price fell below an ascending trend line marked in the chart above. The recent accumulation above the $0.24 level may allow the cryptocurrency to rise towards the ascending trendline. For this ascension, the XRPUSD pair will have to break above the falling wedge pattern and test the rising trend line. The analyst believes that the resistance will be strong enough to cause the cryptocurrency to fall down towards the $0.21 support level.
What to expect from the XRP price?
The Trading View analyst Vince Prince has stated that the XRPUSD trading pair is under an overall bearish bias while it trades inside of an ascending channel.
The cryptocurrency recently made its way towards the back-up-cluster near the lower ascending trendline of the trading channel. Per the analyst, the XRPUSD pair has bounced from this cluster, which means that the cryptocurrency will now make its way across the midpoint of the ascending channel and towards the upper ascending trendline. If the cryptocurrency, at any point, breaks below the ascending channel, the price will fall in the bearish zone. This is why the cluster region is important for XRP to hold.
If Ripple closed above the 400-Day EMA (green), the price will have more room to move towards the upside and test the upper trendline. However, the ascending channel may eventually result in a bear flag for Ripple, which means that the cryptocurrency is still in a bearish bias. For now, the XRPUSD pair is expected to test the higher levels if it holds the $0.248 support.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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