Cryptocurrencies will remain on hiatus ahead of the Fed decision tomorrow. Bitcoin aggregates around $19,300, while Ethereum holds around $1,350 per token. However, the price of cryptocurrency Algorand, one of the sponsors of the upcoming Global, has been rising for the past few days, bloody for cryptocurrency valuation:
- Algorand is a cryptocurrency that has become the beneficiary of a portion of the $600 million funding raised by Temasek and BlackRock funds. He is also a partner in the fintech company Circle, which develops the USDC stablecoin. Circle has been supported by BlackRock on several occasions.
- Algorand was part of a small group of cryptocurrencies that were members of a digital asset fund, which was also started by BlackRock. All of this, along with recent partnerships with BlackRock, Coinbase and Kraken, creates a web of cryptocurrency relationships with the world’s largest investment funds, of which Algorand is a part.
- Algorand benefits from decarbonization contributions and donations to support tree planting to benefit from the organization’s efforts to implement ESG.
- Last week, the network made an upgrade that enables it to process 6,000 transactions per second at a fee of 1/100th the price of the cryptocurrency (about $0.033).
- The cryptocurrency is one of the main sponsors of the FIFA World Cup in Qatar, as part of which it has created a unique collection of NFTs. The collection is gaining popularity among gamers for the most popular sports game, FIFA 23. Algorand’s reward has gained momentum given the rise of NFTs in popularity.
- Algorand is one of the few cryptocurrencies fully compliant with the new ISO20022 interbank settlement standard. Other projects include IOTA, Ripple and Stellar. Banks have until the end of November to test solutions related to the new ISO, which could lead to the increasing popularity of these tokens. ISO20022 is expected to be fully implemented by 2025, having originally been planned for 2022 as the pandemic has prolonged the transition process.
- Algorand’s main objective is to ensure the integration of financial resources in the blockchain and tokenization industry, which, if effectively implemented (the transfer of thousands of projects and companies to the blockchain industry), is described by Blockworks analysts as an $18 trillion market. . The project currently works with over 500 organizations worldwide.
- Stacy Warden, who has experience at the US Treasury Department and NASDAQ, among others, is the new CEO of the Algorand Foundation. He was a 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 may view the project favorably.
Algorand H4 interval. The price has risen nearly 30% over several days and has broken above the 200-session moving average of $0.30. For several days, Algorand has been above the SMA200, which still sets the main trend. However, the RSI indicates levels near overbought, which in the past indicated an impending correction. Source: xStation5
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