Day: April 20, 2023

Top 7 ERC20 Tokens To Buy Now

Key takeaways

DigiToads is a web3 P2E (Play-to-Earn) game where players can collect, nurture, and battle unique DigiToads.

TOADS features makes it one of the ERC20 tokens investors in the crypto space could consider.

Other coins investors could look to take advantage of include Ether, MakerDAO, Uniswap, Sushiswap, and AAVE. 

The cryptocurrency market has seen remarkable growth lately, resulting in the emergence of numerous new projects. However, DigiToads (TOADS) stands out among the rest as a unique and promising investment opportunity. With its deflationary token structure, P2E gaming, NFTs, NFT staking, meme coin status, and environmental focus, DigiToads could serve as an attractive investment prospect for both crypto enthusiasts and investors. 

This article discusses why DigiToads could be a good ERC20 token to purchase currently, particularly for beginners in the cryptocurrency market. Additionally, six other investment options are suggested for investors who want to grow their portfolios.

Top ERC20 tokens to invest in today

DigiToads

DigiToads has a distinctive characteristic that makes it a desirable investment – its deflationary nature. This feature leads to a gradual reduction in the total supply of TOADS tokens, thus increasing the potential for higher token value over time as demand grows. The deflationary mechanism will continue to benefit long-term holders as more people join the DigiToads ecosystem. 

The web3 P2E game offered by DigiToads is another enticing aspect, allowing players to acquire and battle unique digital creatures known as DigiToads. Players can enhance their DigiToads’ abilities and compete against others for rewards using TOADS tokens. This P2E gaming feature offers entertainment and potential monetary rewards for the top 25% of players on the leaderboard.

DigiToads makes the most of the increasing popularity of NFTs (Non-fungible tokens). NFT staking is available within the DigiToads ecosystem, with 2% of each TOADS transaction contributed to the staking pool. This ensures that DigiToad community members are continuously rewarded for their involvement. 

DigiToads is also a meme coin, intending to follow in the footsteps of successful projects such as Dogecoin, Shiba Inu, and Dogelon Mars. DigiToads’ potential for significant price increases and strong community backing makes it an exciting investment opportunity for those looking to enter the meme coin world.

DigiToads hosts monthly trading competitions that award Platinum Toads as prizes. These rare NFTs grant remote access to 1/12 of the TOADS treasury, allowing the best community traders to manage the funds. This unique feature empowers the community and guarantees continued growth within the ecosystem. 

Additionally, DigiToads commits 2.5% of its profits to charities dedicated to reforestation and rainforest preservation. This environmental focus sets DigiToads apart from other crypto projects and appeals to investors who value social responsibility.

The DigiToads presale offers a great entry point for investors, with over $1,500,000 already raised. The presale provides significant growth potential, and major coins are accepted as payment. The project’s team is fully transparent, with no vesting period, ensuring easy access and transparency for investors.

>> Buy DigiToads Now <<

Ethereum (ETH)

Ethereum is a decentralized blockchain platform that enables the creation and deployment of smart contracts and decentralized applications. Since its launch in 2015 by Vitalik Buterin, Ethereum has become one of the most widely used and popular blockchain networks.

A significant change to Ethereum’s network occurred in September 2021, when it switched from a proof-of-work consensus mechanism to a proof-of-stake mechanism. This change aimed to make the network more scalable, secure, and energy-efficient.

Users can easily interact with Ethereum’s network by connecting to their preferred wallets. They can also generate Ethereum addresses from seed words and create a batch of addresses.

One fascinating application of Ethereum is the creation and trading of NFTs. These unique digital assets are stored on the Ethereum blockchain and can represent anything from artwork to virtual real estate.

In summary, Ethereum is a popular blockchain platform that enables the creation and deployment of smart contracts and decentralized applications. With the adoption of a PoS mechanism and the growing value of ETH, Ethereum is a network that will likely garner more attention in the coming years.

MakerDAO (MKR)

Maker (MKR) is a decentralised finance (DeFi) platform that leverages the Ethereum blockchain to provide a stablecoin called Dai (DAI), which is pegged to the value of the US dollar. The platform aims to create a stable cryptocurrency that can be used for transactions and investments without the volatility of other cryptocurrencies.

The Maker platform features a unique governance system where MKR holders can vote on platform changes and make decisions about the issuance and management of the DAI stablecoin. This decentralised approach enables greater transparency and community involvement in the platform’s development.

The Collateralised Debt Position (CDP) system is a notable feature of Maker that allows users to lock up their cryptocurrency as collateral to generate DAI. To generate DAI, users must set a collateral ratio, where a certain amount of collateral must be locked up to generate a certain amount of DAI. If the value of the collateral drops too low, the CDP can be liquidated to cover the outstanding DAI.

Despite the volatility of the MKR token value, Maker remains an important player in the DeFi space, providing a stable and decentralised platform for users to generate and transact with DAI.

Uniswap (UNI)

Uniswap is a decentralised trading protocol operating on the Ethereum blockchain that enables direct trading of cryptocurrencies between users. The protocol has gained widespread popularity and is considered a promising DeFi application. UNI is the governance token of Uniswap that allows users to participate in decision-making and vote on proposals related to the protocol’s development.

Uniswap’s innovative Automated Market Maker system ensures liquidity for tokens without a centralised order book. Instead, liquidity providers contribute funds to a liquidity pool and earn a share of trading fees proportional to their contribution. This system has led to explosive growth in terms of trading volume and the number of users, with over 300 integrations and 4,400 community delegates. The protocol has a trading volume of over $489B and 71M+ all-time trades.

In conclusion, Uniswap is a decentralised trading protocol that has quickly become one of the most popular DeFi applications on Ethereum. Its Automated Market Maker system ensures liquidity for tokens, and UNI governance token enables users to participate in decision-making and vote on proposals related to the protocol’s development.

Sushiwap (SUSHI)

Sushiswap is a decentralised exchange (DEX) that leverages an Automated Market Maker (AMM) protocol to enable trading pairs of different tokens by creating markets using smart contracts. Liquidity providers supply capital to these markets, and Sushiswap efficiently spends incentives for liquidity mining.

As one of the pioneers of AMMs in the DeFi space, Sushiswap has established a strong reputation as a reliable and innovative platform for liquidity providers and traders. Its governance token, SUSHI, allows holders to participate in important decisions related to the platform’s development and growth.

Overall, Sushiswap is a promising option for those interested in decentralized trading. With its innovative features, efficient spending incentives, and growing community, it has emerged as a viable alternative to centralised exchanges.

Yearn Finance (YFI)

Yearn Finance (YFI) is a decentralised finance (DeFi) platform that simplifies the ever-expanding DeFi space for investors. Launched in July 2020, the platform offers staking, lending aggregation, and yield farming opportunities. 

Yearn Finance serves as a DeFi protocol that provides investors with access to liquidity and yield-bearing assets in one place. The platform automatically moves user funds between reputable yield farming platforms like Compound and Aave based on the ROI of their investments, maximizing APY for investors.

YFI is Yearn Finance’s governance token, allowing holders to participate in important decisions related to the protocol’s development and growth. Despite its creator’s intention that it has no financial value, the token has accrued significant value, and YFI holders form one of the most active and loyal communities in the DeFi space.

Yearn Finance’s contribution to the DeFi space has been significant, bringing more value to the network and increasing exposure to other DeFi projects. Its innovative services and automation have made it a valuable aggregator service for DeFi investors, enabling them to maximize profits from yield farming. 

Overall, Yearn Finance has emerged as a major player in the DeFi space, simplifying access to DeFi for investors who are not technically minded or who wish to interact in a less committed manner than serious traders.

Aave (AAVE)

Aave (AAVE) is a DeFi platform that operates on the Ethereum blockchain, enabling users to lend and borrow cryptocurrencies without intermediaries. Its decentralised nature makes it accessible and efficient, as users can interact with each other directly through smart contracts.

One of Aave’s notable features is its flash loan service, which has created new opportunities for arbitrage and other trading strategies within the DeFi space. 

However, the platform has faced criticism for its complexity and high gas fees on Ethereum. To address these issues, Aave has expanded its offerings to other blockchains, such as Polygon and Arbitrum.

Despite the challenges, Aave has become one of the largest DeFi protocols in terms of total value locked (TVL), with over $20 billion locked in its smart contracts as of April 2023. Its popularity can be attributed to its decentralised and accessible approach to lending and borrowing, which provides an alternative to traditional financial services.

Overall, Aave continues to innovate and adapt to the rapidly changing DeFi landscape, making it a valuable platform for users and investors alike.

Join The TOADS Community Today

Finding projects to invest in as a cryptocurrency investor is one of the hardest things to do. However, DigiToads could be a good project for investors to consider. 

DigiToads is an ERC20 token project that aims to provide a comprehensive and user-friendly platform for both new and experienced investors. It offers a deflationary model that aims to increase the token’s value over time, and P2E gaming, NFT staking, meme coin potential, and environmental focus are some of its key features that may attract investors.

As an investor, DigiToads could serve as an exciting opportunity in the ERC20 token space. As an initial coin offering (ICO) on the top ICO list, DigiToads is a project you could research and consider investing in. 

The post Top 7 ERC20 Tokens To Buy Now appeared first on CoinJournal.

Dogecoin gains as ‘Doge Day’ helps sentiment: buy into the strength?

Dogecoin is in green today because April 20th is ‘Doge Day’.
The meme coin’s technicals indicate bullish momentum.
Billionaire CEO Elon Musk continues to support Dogecoin.

Cryptocurrencies at large haven’t done all so well over the past 24 hours. But there’s one that seems to be bucking the trend – and that’s Dogecoin.

Dogecoin technicals indicate upward momentum

Dogecoin is in the green this morning as April 20th – the “Doge Day” influenced the overall investor sentiment.

Nonetheless, a brief look at the technicals indicate that there may be more upside to unravel in this meme coin moving forward.

To begin with, Dogecoin has just had its 30-day moving average climb above the 200-day that typically signals bullish momentum. On top of that, its RSI or the Relative Strength Index has crossed 60 suggesting a further increase in price is likely.

Year-to-date, Dogecoin is up roughly 30% at writing.

Elon Musk continues to support Dogecoin

Another potential reason to own Dogecoin continues to be the support it consistently receives from Elon Musk. Remember that the billionaire recently partnered Twitter with eToro to enable crypto trading on the platform.

More importantly, it could be a significant tailwind for the meme coin if it ends up finding a spot in the digital payments plans that Twitter disclosed in January.

Earlier this month, Musk also replaced Twitter’s iconic bird logo with a picture of the Shiba Inu dog that stimulated a debate around his plans for Dogecoin.

Could today – the “Doge Day” be the day that he reveals any such plans? That remains to be known for now!

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Riot Platforms stock has moved to a bear market: buy the dip?

Riot Platforms stock has dropped by over 20% from the YTD high.

This decline has happened because of the BTC price dip.

Riot Platforms (NASDAQ: RIOT) stock price has drifted downwards in the past few days as Bitcoin and other cryptocurrencies retreated. The shares retreated to a low of $11.48 in the pre-market session. This means that the stock has dropped by more than 20% from the year-to-date high, meaning that it has moved to a bear market.

Is it safe to buy the dip?

Riot Blockchain is one of the biggest Bitcoin mining companies in the world. It competes with the likes of Argo Blockchain and Marathon Digital among others. Therefore, as in the other mining industry, these companies have a close correlation with the price of the underlying asset.

This explains why the Riot Platforms stock price has jumped sharply this year. Between the lowest point in 2022 and the year-to-date high, RIOT shares were up by more than 338%, making it one of the best-performing stocks in the market.

Therefore, to predict whether the Riot Blockchain stock price will bounce back, we need to understand why Bitcoin is falling and whether it will bounce back soon. As I wrote in this articlethe main reason for the crash is that bullish liquidations have jumped in the past two days.

Liquidations happen when brokers and exchanges forcefully close positions of leveraged positions. Therefore, this usually puts prices under pressure.

Another reason why this happened is that Bitcoin recently rose above the key resistance level at $30,000. Historically, cryptocurrencies tend to be a bit volatile when they move above or below a key support or resistance level. 

The other reason is that several regional banks, including Western Alliance Bancorp, published strong results. Its inflows rose by more than $3 billion. As such, the risks of a banking crisis seens like they have been minimized. In a note, analysts at Bernstein said:

“Any potential dislocation, whether on the bank’s credit side, or on the sovereign side …positions bitcoin perfectly as a safe-haven asset alongside gold.”

Therefore, there is a likelihood that Bitcoin price will bounce back in the coming months as the Fed starts to pivot.

Riot Platforms stock price forecast

The daily chart shows that the RIOT share price formed a shooting star pattern on Wednesday. In technical analysis, this pattern is usually a bearish sign. The stock has jumped by more than 25-day and 50-day exponential moving averages. 

It remains slightly above the key support level at $10.53, the highest level on 11th August. Therefore, I suspect that the shares will drop to the key support at $10.53. The stock will then resume the bullish trend as buyers target the year-to-date high of $14.51.

How to buy Bitcoin

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


Buy BTC with Bitstamp today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy BTC with Binance today

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Tornado Cash’s TORN takes a ride after developer Alexey Pertsev release news

Alexey Pertsev is the developer of the banned Tornado Cash platform.
Pertsev was arrested by Dutch officials in August 2022
Previously, a Dutch court had ruled to detain Pertsev until his next hearing in late April.

Tornado Cash (TORN) price is up 15% after a Dutch judge ruled to release Alexey Pertsev, the developer of the mixing service Tornado Cash.

Despite Tornado Cash being banned, its native token TORN has been performing quite well recently. The token has appreciated by over 30% in the last seven days.

Alexey Pertsev arrest and detention

Dutch authorities arrested Alexey Pertsev in August 2022 almost immediately after the United States Treasury Department sanctioned Tornado Cash.

The US Treasury Department alleged that several hacker groups including North Korean state-backed Lazarus Group used the crypto mixer to launder stolen assets. It asserted that hackers laundered over $7 billion worth of cryptocurrencies since 2019 including the $80 million stolen from the Ethereum-based stablecoin protocol Beanstalk Farms in April 2022.

However, the Tornado Cash ban attracted criticism from several players including from crypto advocacy organization Coin Center which filed a legal complaint in October 2022, asserting that the Treasury was overstepping its power with the sanctions targeting crypto investors in the US. Coinbase also recently backed a lawsuit by six complaints against Tornado Cash.

Two months ago, a Dutch court ruled to keep Alexey Pertsev detained until his next hearing later in April although that has now changed after a judge ruled that he would be released though under strict conditions.

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Bitcoin price falls below $29K, no surprise given volatility and liquidity metrics

Key Takeaways

Bitcoin has softened fallen from $30,000 to close to $28,000
Our head of research looks into the data, arguing the move should not be a surprise
Bitcoin’s fixed supply and lack of dividends or earnings means price is entirely demand-driven
Thin liquidity in the Bitcoin market exaggerates every move, with 45% of stablecoins leaving exchanges in the last 4 months
Correlation with stocks remains high, with high UK inflation creating pause for thought
Market has also peeled back slightly on forecasts for interest rate cuts, and Bitcoin has followed

I have lost count of the number of times I’ve been asked “Why is Bitcoin going up?”, or “what is driving this Bitcoin sell-off?”. 

For many assets, it’s clear as day as to what is driving the price action over any given trading period. Earnings forecast missed by 10%? Hello, red candle. Warren Buffett announced a mass purchase of your stock? Buckle in; we’re heading north. 

For Bitcoin, it’s a little tougher. There are no dividends or dividend forecasts; Bitcoin pays no yield. Nor are there earnings. Additionally, the supply doesn’t waver, instead it follows a pre-determined schedule set by Satoshi Nakamoto in October 2008, governing it block by block in ten-minute intervals. 

With the supply set in stone and out of the picture, and the absence of any periodic yield/forecasts derived from dividends or earnings, this means that the Bitcoin price is all about demand. And that is very difficult to predict. Bitcoin gonna Bitcoin, is often about the best reasoning that can be given. 

But there are factors we can assess. One is liquidity, which I touched on in a recent deep dive as Bitcoin surged beyond $30,000 for the first time in ten months. Order book liquidity is as thin as it has been in a year, while overall capital has fled the crypto space at large. Take a look at the balance of stablecoins on exchanges:

That is 45% of the stablecoin balance taking the exit door in the last four months, the balance as low as it has been since October 2021. 

With Bitcoin already uber-volatile (VIX metric blows that of any “normal” asset out of the water), this amps up its propensity for violent moves even further. In simple terms, thinner liquidity means it takes less action to move the price. 

Why is the Bitcoin price currently falling?

So, it is often difficult to ascertain why Bitcoin is moving, as this thin liquidity and capricious demand combine to make it very sensitive. 

But sometimes, we can make educated guesses as to what moves Bitcoin on any given day. This is one of those moments. 

Macro conditions have long been the key for Bitcoin. Again, a little chart to show this:

Despite some temporary optimism that Bitcoin was decoupling as investors fled a collapsing (fiat) bakning system for the safe haven that is Bitcoin, the orange coin is very much moving in tandem with high-risk assets, such as tech stocks listed on the Nasdaq.

I wrote a deep dive at the time of the banking crisis as to why Bitcoin’s dip in correlation with stocks was just a temporary blip. Looking at the data, it appears to have come back up.

Lot of chatter about what is driving this massive Bitcoin rally.

Spoke with @CNBC last night about whether it’s stemming from interest rate forecasts or if investors are betting on Bitcoin as an alternative to the banking turmoil👇 pic.twitter.com/o45zOOPiiw

— Dan Ashmore (@DanniiAshmore) March 21, 2023

And looking at wider financial markets in the last few days, optimism over the economic climate has pulled back. UK inflation was released yesterday, holding firm in the double digits, fuelling the expectation that the Bank of England will hike further. 

Over in the US, Atlanta Federal Reserve president said he expected another 25 bps hike, casting another bit of doubt for the market that hikes may not be done quite yet. 

Not to mention a rally can’t go on forever. Bitcoin has been on a tear this year, up 74% year-to-date. It’s an asset which has always oscillated, so it’s not a surprise that it is finally showing a bit of weakness. And a fall from $30,000 to $28,000 is merely a drop in the ocean compared to what it is capable of. 

A true Bitcoin red candle cannot be ruled out here, given the volatility and thin liquidity, just like it could suddenly surge further north. As financial markets adjust to new data all the time, like the all-important inflation readings and FOMC minutes, Bitcoin will continue to move like a levered bet on tech stocks. 

As for what direction it will move in, that is anyone’s guess. I don’t have a crystal ball, and I won’t make any predictions just for the sake of it, because I simply don’t know. Not many people do right now, with the world in a precarious state economically. Inflation is still high, yet interest rates are apparently coming to the end of the tightening cycle. 

Soft landing, hard landing, something in between? The future will tell. But whatever happens, the volatility of the world’s biggest cryptocurrency is very real, and abrupt price reversals and large swings won’t stop anytime soon. Bitcoin gonna Bitcoin. 

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Crypto Market News: Hong Kong Plans for Massive Crypto Investment. Could This Push Metacade’s Token Sales Further on Uniswap and Other Crypto Exchanges?

Hong Kong has received a massive boost in its bid to overtake Singapore to become the world’s leading crypto hub. The government hit crypto market news headlines with its plans to let retail investors in Hong Kong City trade digital tokens such as Bitcoin and Ether. Also, this follows hot on the heels of the crypto market news that more than 20 crypto companies are outlining their intentions to move operations to Hong Kong in response to increasing levels of regulation from US authorities.

Market analysts are speculating whether this huge crypto investment in Hong Kong could push the token sales of the pioneering GameFi platform, Metacade, even higher after successfully listing its new token MCADE on Uniswap earlier this month. Bitmart and MEXC are due to list MCADE in the next few weeks, which begs the question, just how high can MCADE go?

How high can MCADE go in 2023?

Crypto market news outlets were captured when the MCADE token presale raised $16.35 million in record time. Also noteworthy, MCADE listed on Uniswap at $0.022 after its beta presale phase started at just $0.008, providing significant returns for early investors. Experts believe that MCADE will continue to make ground as it reaches a broader audience through its imminent listings on Bitsmart and MEXC, respectively, during April and May 2023.

In addition, Metacade has just announced an exciting partnership with MetaStudio, which, in combination with the platform’s exciting road map, extensive token utility, and transition toward becoming a decentralized autonomous organization (DAO) already in motion, looks set to push MCADE beyond the $0.50 barrier by the end of 2023. Reaching these potential price targets would represent gains of more than 20x for investors purchasing tokens in the early stages of its public listings.

What is Metacade?

Metacade has made no secret of its ambitions to be a leading light in revolutionizing the GameFi landscape by building the world’s largest play-to-earn (P2E) gaming arcade, allowing users to earn while pursuing their passion for gaming. To achieve this, Metacade will create a thriving community of gaming enthusiasts, developers, and crypto fans while catering to a vast range of gaming interests to maximize the platform’s total addressable market (TAM).

To this end, Metacade has set itself the task of building the world’s largest selection of gaming titles to help the project gain greater recognition within the crypto mainstream and grow its user base. To use Metacade, all users will require the MCADE token to access the platform’s various features while delivering outstanding utility to coin holders. This utility is a significant reason for building excitement regarding the platform, making it such an exciting crypto investment opportunity that it is making headlines among crypto market news outlets.

Metacade’s whitepaper has gained plenty of praise from GameFi experts thanks to its comprehensive project plans, which underline the outstanding decision-making skills provided by the expert and verified Metacade project team. Part of the strategic plan that makes MCADE such an enticing crypto investment is the devolution of power to the community, which will see Metacade become a DAO by the end of 2024.

This community-led governance will add value to MCADE, which already has plenty of utility inbuilt, such as that provided by the platform’s comprehensive rewards system that goes beyond the norm in the GameFi sector. For example, users will be incentivized to build community by receiving rewards for posting social content, such as game reviews, to the platform.

How does MCADE work?

The native MCADE coin is the currency to drive Metacade’s ecosystem, from powering the rewards system to providing the medium of exchange for transactions on the platform. Another advantage is that the total supply of MCADE tokens is limited to just 2 billion, which experts predict will increase buying pressure as the platform’s user base grows.

Most excitingly, MCADE provides the stimulus for one of Metacade’s most innovative programs that encourages the creation of new games exclusively on the platform, driving user retention to unprecedented levels and increasing the user base. Also, the Metagrants scheme offers crypto funding to game developers who want support to create new games. Each concept enters into a pool before being voted on by the MCADE coin-holding community, illustrating a crucial part of Metacade’s move toward community-led governance. The most popular ideas receive a grant from the platform’s central treasury, helping the concept become a reality.

Is MCADE a good crypto investment?

MCADE has captured the imagination of several experts within crypto market news outlets, with all signs pointing toward it being an excellent crypto investment for the intelligent investor in the short, medium, and long term. Moreover, even in its early guise, Metacade outstrips many GameFi competitors with its multi-game library and gaming experiences, placing it well to become a potential leader in the burgeoning crypto-gaming sector.

Metacade is in its infancy and has many exciting features to roll out in the coming months. The exciting crypto market news, such as the support for crypto investment in Hong Kong, gives MCADE an optimum chance to establish itself as one of the best crypto investment choices for 2023.

Stay informed about when MCADE lists on Bitmart and MEXC exchanges by following Metacade’s Twitter page.

You can find more information, including on how to buy MCADE, here.

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European Parliament finally adopts the Markets in Crypto-Assets Act, MiCA

The MiCA Act was first introduced in 2020.
The European Parliament had previously postponed voting on legislation two consecutive times.
The MiCA act now awaits approval from the European Council to be published as an effective regulation.

After two consecutive vote postponements since the Markets in Crypto-Assets Act, known as MiCA was introduced in 2020, the European Parliament has now voted to adopt the legislation. The legislation will now move to the next step which is approved by the European Council before being adopted as law.

MiCA’s rapporteur and the Member of the European Parliament posted a tweet immediately after the voting On April 20 reporting that the bill has been adopted:

Habemus MiCA! Das EU-Parlament hat die #Regulierung angenommen. Ein Meilenstein für die #Krypto-Asset-Industrie. Danke an alle Kollegen und auch für den ganzen Support der Community hier! #MiCA 🎉 @btcecho @DECointelegraph pic.twitter.com/avPmOE2Vl0

— Stefan Berger (@DrStefanBerger) April 20, 2023

Harmonized European crypto rules

The European policymakers aim at using the MiCA legislation to set a standard regulation for harmonized crypto rules and provide legal certainty for crypto assets in the EU.

The legislation provides guidelines for the operation, structure and governance of digital assets issuers. It will also offer rules on disclosure and transparency requirements for issuing and trading cryptocurrencies.

However, while MiCA is seen as a huge step toward crypto regulation in the EU, there are still a number of issues that some crypto players do not agree with in the 400-page document. For instance, the current draft does not mention decentralized finance (DeFi), crypto lending, or crypto staking, and does not provide any rules for nonfungible tokens (NFTs).

The head of EU policy at Chainalysis recently pointed out that the success of MiCA would depend on the reworking of certain parts of the document and robust feedback from players. Others like Caisse des Dépôts Group’s blockchain program director Nadia Filali stressed on the importance of regulators, governments, and industry participants collaborating to develop the rules.

The EU officials however emphasize that the safety of crypto investors is the main aim of MiCA.

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Societe Generale’s Euro-pegged stablecoin launches on Ethereum

Key takeaways

Society General has launched its Euro-pegged stablecoin on the Ethereum network. 

The stablecoin, EURCV, is available to investors onboarded by Societe Generale.

The stablecoin is designed to bridge the gap between traditional capital markets and the digital assets ecosystem.

Societe Generale launches its stablecoin

Societe Generale, a major French banking and financial services firm, will launch its Euro-pegged stablecoin on the Ethereum blockchain. The bank will launch the stablecoin via its dedicated digital asset arm.

According to the bank, the stablecoin will be called EUR CoinVertible (EURCV) and will be available to institutional clients starting today, April 20th. 

Societe Generale added that the stablecoin would only be available to investors onboarded via its existing Know Your Customer and Anti-Money Laundering procedures.

While commenting on this latest cryptocurrency news, Societe Generale-Forge CEO, Jean-Marc Stenger, said;

“In the weeks to come, Societe Generale-Forge will assess the interest from prospective clients and respond to their questions for gradual adoption. The token will be available exclusively to institutional qualified investors through eligible market platforms, including crypto trading venues.”

EURCV to bridge the gap between the two major markets

Societe Generale commented that the EURCV is designed to bridge the gap between the digital asset space and the traditional financial markets. 

The bank said it is launching the stablecoin due to the rising demand for a new settlement asset for on-chain transactions. With the stablecoin, Societe Generale will also be able to activate new solutions for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing solutions.

Stenger revealed that the EURCV smart contract has already been audited by the professional services network PwC. The bank added that the stablecoin was developed in accordance with the upcoming European digital assets regulations known as the Markets in Crypto-Assets framework. 

The stablecoin ecosystem has been gaining attention from regulatory agencies in recent months. Last month, the chairman of the United States Commodity Futures Trading Commission (CFTC) said Ether and stablecoins are commodities

SG-Forge CEO is confident that stablecoins built under a banking-grade structure could boost the trust and confidence in the cryptocurrency ecosystem. He concluded that;

“This issuance is a major step in SG-Forge’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain.”

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Solana price prediction as the cryptocurrency market rallies

Solana’s price action remains bearish while below $40
A series of lower highs is still valid
Only a bullish break above $40 invalidates the bearish sentiment

Designed to support smart projects and decentralized apps, Solana was launched in the first quarter of 2020. What followed was one of the most impressive rallies in the cryptocurrency market’s history. 

Sure enough, the pandemic did help, as people were literally throwing money into any project that had something to do with online businesses. Also, governments and central banks flooded the financial system with cheap money, so speculation reached extreme levels in the cryptocurrency market and the stock market. 

As such, at its peak in November 2021, Solana’s performance against the US dollar has reached 18640.78%. It traded above $225, but the drop was as impressive as the rise. 

It now trades around $20, well below its all-time highs. However, in terms of performance since inception, it delivered remarkable results, as even at the current levels the price is up over 1500% since launch. 

Solana chart by TradingView

Bearish sentiment remains while below $40

In 2023, the cryptocurrency market bounced from its recent lows. Led by Bitcoin, other cryptocurrencies followed. 

Solana bounced from the lows when other cryptocurrencies bounced – at the end of 2022. Since then, it rallied sharply, but nevertheless, the bearish bias persists while below $40. 

Traders should focus on the series of lower lows that remains intact. Therefore, while below $40, the chances are that the 2023 rally is nothing but a bear market rally. Such rallies are known to be aggressive and misleading. 

Summing up, bulls may want to wait for Solana to trade above $40 again before establishing a long position. Otherwise, the risk is that the lows will be tested sooner rather than later, as bears will keep pressuring the market. 

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