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LINK On-Chain Strength Could Push It Back To $20.00

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The Link on-chain strength could help push the asset back to the $20.00 level as it was still flashing signs of immense strength over the recent period while the bulls were dragging the decline as reported in the Chain link news previously.

This helped the asset to find some stability in the upper $16.00 region with the buyers now trying to lay the groundwork for it to see another near-term upside. It does seem that this is a good opportunity to increase again as the analysts noted that Chainlink will soon surge up to the all-time high of $20.00. The overt technical strength came as the LINK on-chain strength came as well. One research firm noted that the unique address count is remaining strong compared to the one seen by its peers. This could support the notion that it is well-positioned to see further upside in the upcoming days and weeks ahead.

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Image Courtesy of Loma. Chart via TradingView.

Chainlink is trading up over 4% at a current price of $16.60 which is around the price at which it was trading over the past week with the recent rebound coming as the buyers absorbed the huge selling pressure that sent it reeling from $20.00 to the lows of $16.00. From the technical perspective, this elucidates that the bulls are in the upper hand over the bears and that the market structure is still in the buyers’ control. The analysts are expecting Chainlink to see an imminent upside soon.

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Image Courtesy of Santiment.

One trader pointed out there’s a strong base of support that was built between $16.00 and $16.50 as one factor that will help boost the price higher in the upcoming days. As can be seen on the charts, the upside target is sitting below $19.00 which is less than 5% below LINK’s all-time high. Analytics platform Santiment noted a tweet recently compared to its peers that Chainlink’s unique active address count remained strong over the past week:

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 “LINK has held up well against altcoins this past day since its -16% Monday dump. A major reason is the fact that its unique addresses circulating transfers on the network has remained high compared to other alts.”

As Chainlink is being boosted by the confluence of technical and fundamental strength, there’s a strong chance that another upside will be imminent in the near-term.

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Source: https://www.dcforecasts.com/chainlink-news/link-on-chain-strength-could-push-it-back-to-20-00/

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The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

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  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
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Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

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Facebook’s Libra Renamed ‘Diem’ Amid Plans for Stablecoin Launch 2021

Since its announcement in mid-2019, regulators have railed against Libra, arguing that the project could upend global monetary policy control protocols. Indeed, Libra’s emergence likely provided the catalyst for more serious considerations surrounding central bank digital currencies (CBDCs). Libra Looking to Please Regulators With Name Change According to Reuters, the Libra project is rebranding itself … Continued

The post Facebook’s Libra Renamed ‘Diem’ Amid Plans for Stablecoin Launch 2021 appeared first on BeInCrypto.

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Libra, the Facebook-backed digital currency is undergoing another rebranding phase in a bid to smoothen lingering regulatory wrinkles.

Since its announcement in mid-2019, regulators have railed against Libra, arguing that the project could upend global monetary policy control protocols.

Indeed, Libra’s emergence likely provided the catalyst for more serious considerations surrounding central bank digital currencies (CBDCs).

Libra Looking to Please Regulators With Name Change

According to Reuters, the Libra project is rebranding itself by changing its name to “Diem,” the Latin word for “day.” Thus, the Swiss-based Libra Association will now be known as the Diem Association.

Commenting on the name change, Diem Association CEO Stuart Levy remarked that the move is part of the project’s efforts to simplify its objectives for regulators, adding:

“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”

Indeed, the Diem project has undergone significant changes following widespread pushback from regulators across the globe. From a “Facebook coin” backed by a basket of fiat currencies, Diem will instead issue individual stablecoin species, each pegged to a specific national fiat.

As previously reported by BeInCrypto, Diem is looking to launch one of its coins (a dollar-pegged token) in Jan. 2021.

However, this plan is contingent on receiving regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA). Diem previously applied for a FINMA payments license back in Sept. 2019.

The Diem name change is the second of such actions for the project. Back in May, Facebook renamed its Calibra wallet to Novi.

Regulators Firmly Against Private Stablecoins

According to Levi, Diem is not cutting ties with Facebook despite the name change. Facebook’s association with the project remains one of the major reasons for the regulatory backlash targeted at Diem.

In a recent article, Christine Lagarde, President of the European Central Bank (ECB) doubled down on the perceived dangers of big tech-led payment projects. According to the ECB head, private stablecoins pose greater risks to financial stability than Bitcoin (BTC).

Lagarde, like other members of the mainstream financial establishment, says CBDCs are a viable countermeasure against private stablecoin projects like Diem. Apart from creating CBDCs, regulators are also proposing stricter regulations for stablecoins.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/facebooks-libra-renamed-diem-amid-plans-for-stablecoin-launch-2021/

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FC Internazionale Milano is Newest Serie A Club to Go Blockchain With Fantasy Football Game Sorare

Sorare created a marketplace to trade blockchain collectibles which provides a new revenue stream for 100+ football clubs, generating $1,000,000 in card sales per month. Inter Milan is the 5th Serie A football club to join Sorare alongside important Italian clubs such as Juventus, Lazio, Roma, and Napoli. Italy ranks #2 in terms of time … Continued

The post FC Internazionale Milano is Newest Serie A Club to Go Blockchain With Fantasy Football Game Sorare appeared first on BeInCrypto.

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  • Sorare created a marketplace to trade blockchain collectibles which provides a new revenue stream for 100+ football clubs, generating $1,000,000 in card sales per month.
  • Inter Milan is the 5th Serie A football club to join Sorare alongside important Italian clubs such as Juventus, Lazio, Roma, and Napoli.
  • Italy ranks #2 in terms of time spent on the Sorare platform (1H25 per day), and #4 in terms of number of users with a 36% month on month growth, a reflection of the country’s appetite for fantasy football (called Fantacalcio in Italy).

Paris & Milano, December 1, 2020- Serie A football club Internazionale Milano is joining today the Global Fantasy Football game Sorare. It will enable Inter Milan card collectors and fantasy gamers to freely buy, sell, and play with digital cards from the team, such as Romelu Lukaku, Lautaro Martinez, or Stefan de Vrij.

Since it opened its beta in December 2019, Sorare has grown an average of 52% month on month, and today counts over 50.000 users worldwide with more than $5 million of cards traded.

Starting today Inter Milan will further expand its international brand by reaching several untapped audiences: gamers globally as well as new potential fanbases in Asia and America where Sorare is growing strongly. Sorare is effectively opening up a new revenue stream for football clubs globally by offering fantasy football licensing.

While football collectors have been able to collect and trade player cards for decades, this was limited to the physical world. Inter Milan aficionados around the world will now play with their favorite footballers by using their digital cards in their teams. The score of the card will depend on the performance of the player in real-life. Sorare’s vision is to make people’s football fandom matter, even digitally. Fans play fantasy football with skin in the game in Sorare, as they can truly own their cards and interact with their favorite players.

Sorare CEO Nicolas Julia explained: “Today marks another important collaboration of Sorare with a Serie A club, an important milestone for the company. Inter are embracing the world of fantasy football with Sorare and reaching the next generation of football fans and players.”

Ethereum is used to establish who owns the digital card at any given time and secures the cards’ digital scarcity. It creates a new level of trust and freedom for gamers. Some cards have been selling for over $65,000 such as the Mbappé Unique card.

More than 100 football clubs from Europe, the United States, and Asia have partnered with Sorare to issue officially licensed cards so that football fans can collect and play with their favorite players, amongst them FC Bayern-Munich, Juventus, Atletico Madrid, and Paris Saint-Germain.

About Sorare

Sorare is a global fantasy football game where managers can trade official digital collectibles. Launched in beta in December 2019, Sorare is on a mission to make crypto fun and accessible to all through fantasy football. Sorare’s game has attracted 50,000+ users with a monthly volume of $1,000,000 in October 2020. Based in Paris, Sorare is funded by Tier 1 VCs such as e.ventures, Partech, Seedcamp, and World Cup Champion André Schurrle.

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Source: https://beincrypto.com/fc-internazionale-milano-goes-blockchain-with-fantasy-football-game-sorare/

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