Cryptocurrencies remain on hiatus ahead of tomorrow’s Fed decision. 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 next global, has risen in recent days, bloodyly due to the cryptocurrency ratings:
- Algorand is a cryptocurrency that has benefited from part of the $ 600 million in funding created by the Temasek and BlackRock funds. He is also a partner of the fintech company Circle, which creates the USDC stablecoin. Circle has also been supported by BlackRock on several occasions.
- Algorand was part of a small group of cryptocurrencies that are 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 network of cryptocurrency ties with the largest investment fund in the world, of which Algorand is a part.
- Algorand benefits from decarbonisation grants and grants to support tree planting to benefit from institutions’ efforts to implement ESG criteria.
- Last week, the network underwent an upgrade that makes it capable of processing 6,000 transactions per second for a fee equal to 1/100 of the value of the cryptocurrency (about $ 0.033).
- 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 players, FIFA 23. The Algorand award has gained momentum in the wake of NFT’s rise 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 lead to the growing popularity of these tokens. ISO20022 is expected to be fully implemented by 2025, originally scheduled for 2022 as the pandemic has prolonged the transition process.
- Algorand’s main objective is to ensure the integration of financial assets in the blockchain and tokenization sector, which, when implemented effectively (migration of thousands of projects and companies in the blockchain sector), has been described by Blockworks analysts as an 18 trillion dollar market. The project currently collaborates with over 500 institutions around the world.
- Staci Warden, who gained experience at the US Treasury Department and NASDAQ, among others, has become the new CEO of the Algorand Foundation. She was also the director of JP Morgan for eight years.
- Algorand has previously reported “intellectual collaborations” with the Massachusetts Institute of Technology and UC Berkeley. Based on the above, it can be concluded that Wall Street can view the project favorably.
Algorand Interval H4. The price has risen nearly 30% in several days and topped the 200 session average at $ 0.30. For several days Algorand remained above the SMA200, which is still the main trend. However, the RSI points to levels close to overbought, which in the past signaled an impending correction. Source: xStation5
“This material is a marketing communication within the meaning of Article 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 that recommends or suggests an investment strategy pursuant to Regulation (EU) no. European Parliament and Council of 16 April 2014 on 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 which supplements Regulation (EU) no. presentation techniques objective ion 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, within the meaning of the law of 29 July 2005 on the trading of instruments. (i.e. Journal of Laws 2019, item 875, as amended). All information, analysis and training provided is provided for informational purposes only and should not be construed as advice, recommendation, investment solicitation or invitation to buy or sell financial products. XTB cannot be held responsible for the use made of it and the consequences deriving from it, the final investor remains the sole decision maker regarding the position taken on his XTB trading account. Any use of the information mentioned, and to that effect any decision made in relation to any purchase or sale of CFDs, is the sole responsibility of the final 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 on this information does so entirely at their own risk. CFDs are complex instruments and come with a high risk of rapidly losing capital 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 that you can afford to take the probable risk of losing your money. With the Limited Risk Account, the risk of loss is limited to the capital invested.