Although the first half of 2022 was not encouraging for crypto investors, the second half seems quite favorable. Many of the long-standing cryptocurrencies that were going down for a while, sinking investors’ money, have made a rebound now. Besides, some new crypto projects have graced the market with their remarkable performance and success.
Currently, investors are having a keen look at Aave (AAVE) and Chronoly.io (CRNO). While Aave (AAVE) has once again started to post growth after suffering a series of downfalls, Chronoly.io’s (CRNO) pre-sale success has stunned every crypto enthusiast. The price of Chronoly.io (CRNO) increased by 690% during the pre-sale stage.
Aave (AAVE) Posts Positive Growth Figures
Aave (AAVE) has posted some impressive gains while trading in the green zone for the past few days. Aave (AAVE) ended this week’s trading with a price tag of $75.97, an increase of 4.97% from its last week’s price of $72.19. Notably, even last week, Aave (AAVE) witnessed a weekly price appreciation of 5.50%. These continuous gains have put Aave (AAVE) in a good position with the crypto market revival further supplementing the growth. Since AAVE’s price is out of the consolidation phase, experts opine that the Aave network can register a weekly gain of 20%. They also believe that such continuous growth could lead Aave (AAVE) towards its all-time high of $666.86, however, it may take some time.
Aave (AAVE) is a decentralized lending platform that allows people to deal in the lending and borrowing of crypto assets. Aave (AAVE) users can lend, borrow, and earn interest on crypto assets. While some Aave (AAVE) users can borrow cryptocurrencies at competitive interest rates, other users can stake their AAVE tokens in the lending pool to earn passively. Developers of Aave aim to establish a system where borrowing and lending of crypto assets can take place without the involvement of any intermediaries.
Chronoly.io (CRNO) Returns Big Gains To Investors During Pre-sale Phase
Chronoly.io’s (CRNO) pre-sale show has overshadowed all the news about the crypto market with CRNO achieving a dream landmark. Consequently, Chronoly.io (CRNO) token has witnessed a price appreciation of 690%, with more to come soon.
Chronoly.io (CRNO) is a blockchain-based decentralized investment platform allowing people to make fractional investments in luxury watches from high-end brands like Philip Patek, Rolex and others. Chronoly.io (CRNO) offers NFTs of luxury watches that people can purchase for as low as $10. Chronoly.io (CRNO) mints these watch NFTs after procuring the timepieces directly from multinational brands and authentic sellers.
Chronoly.io’s (CRNO) native crypto, CRNO, is backed by physical luxury watches that the company has procured from authenticated sellers. Chronoly.io (CRNO) stores these watches in secured vaults globally. Since these watch NFTs are linked directly to real-world physical watches, CRNO’s price will remain immune from unfavorable market swings.
Additionally, Chronoly.io (CRNO) users can avail loan facilities provided by the platform. These loans are issued against the NFTs at competitive rates. Chronoly.io (CRNO) holders can also stake their tokens for some passive income. Participation in a monthly lucky draw to win a physical luxury watch is also available to CRNO holders.
Chronoly.io’s (CRNO) pre-sale success is a testimony to the project’s capability. Investors are confident that Chronoly.io (CRNO) will continue dominating the market with its performance. The price of CRNO has progressed from $0.01 to $0.079 in just a couple of months. Experts also predict that Chronoly.io (CRNO) will jump by 2,500%-5,000% soon.
The post Aave (AAVE) Sees Green Zone Again; Chronoly.io’s (CRNO) Ecosystem Gets Stronger After Pre-Sale Success appeared first on Analytics Insight.
EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation
An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU. The measures are part of an expected tightening of the economic and financial restrictions in response to Moscow’s decision to annex Ukrainian territories.
EU Council Adopts Full Ban on Crypto Wallet and Custody Services for Russian Persons
The Council of the European Union announced new sanctions against Russia on the backdrop of the deepening military conflict in Ukraine. The penalties, expected to hurt the Russian government and economy, come after Moscow took steps to annex the Ukrainian regions of Donetsk, Luhansk, Zaporizhzhia, and Kherson.
In a statement, the EU’s High Representative for Foreign Affairs and Security Policy Josep Borrell emphasized that the sanctions are a response to the latest escalation with the “fake referenda” in these four oblasts. Russian individuals and entities that have played a role in their organization will be specifically targeted.
Other Russian citizens and businesses are also going to take a hit, including those that deal with cryptocurrencies. The new measures include a full ban on the provision of wallet, account, or custody services for crypto assets to Russian persons and residents. That’s regardless of the value of these assets, according to the eighth package of sanctions imposed by Brussels.
This spring, when the EU approved its fifth round of such measures, the Council prohibited only the provision of “high-value” crypto-asset services to Russians and organizations registered in their country. The ban applied to digital funds exceeding €10,000 (close to $11,000 at the time).
New European Sanctions to Hit Russian Imports and Exports
While the earlier restrictions were meant to limit the transfer of wealth through digital assets and close other loopholes in the crypto space, a recent report revealed that pro-Russian groups have been actively using cryptocurrency, often in small transactions, to fund paramilitary operations in Ukraine. According to the research, they have raised $400,000 in crypto since the start of the invasion in late February. Russian authorities have also been working to allow businesses to employ crypto payments for international settlements.
With the latest move, the EU also bans the provision of IT consultancy and legal advisory services to Russia as well as architectural and engineering services. Russian imports and exports have been targeted, too, including the maritime transport of crude oil and petroleum products to third countries. The provision of related services will be allowed only if these have been purchased at or below a pre-established price cap, which is yet to be determined.
Among the other measures is a ban on EU nationals to hold any posts on the governing bodies of some Russian state-owned or government-controlled entities. The Council also decided to broaden the criteria under which persons can be designated as facilitating the circumvention of restrictions imposed by the European Union. The European Commission, the executive body in Brussels, welcomed the latest sanctions package.
Tags in this story
annexation, ban, conflict, council, Crypto, crypto services, Cryptocurrencies, Cryptocurrency, custody, escalation, EU, EU Council, european, European Union, Exports, imports, package, prohibition, referenda, referendums, regions, restrictions, round, Russia, russian, Sanctions, Services, Ukraine, Wallets, War
Do you think the new EU sanctions will significantly limit access to cryptocurrencies for Russians? Share your thoughts on the subject in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
South Korea Court Dismiss Arrest Warrant Against Terra General Head of Affairs, Yoo Mo
Yoo Mo, the head of general business operations of Terraform Labs, had an arrest warrant issued for him, but the Seoul Southern District Court judge in South Korea dropped it because it wasn’t necessary to keep him in custody.
Do Kwon the terra co founder who is wanted by the interpol and more than 194 nations for allegedly breaking South Korean capital markets regulations is reported missing.Yoo was a “essential aide” to Terra founder Do Kwon, according to local press reports.Yoo was also accused of breaking the nation’s Capital Markets Act.
The algorithmic stablecoin UST, which lost its peg to the dollar and caused the Terra ecosystem to collapse in May, had its price artificially boosted and deflated by Terra.
Yoo Mo set free
According to SBS and Yonhap News, Yoo is no longer wanted for arrest despite all his allegation The arrest warrant was notable because it was the first arrest of its kind in the fallout of Terra’s collapse. Do Kwon himself still remains at large, though the infamous founder said last month that he is not “on the run.”
South Korean authorities have kept up their pressure on the founder of Terra and LUNA, declaring on Thursday that Kwon must hand up his passport to the cops. If Kwon declines, his passport will expire in two weeks.
On a tweet,Kwon, who has been largely quiet since Terra’s meltdown, came online to refute rumors that the 3,313 Bitcoin that South Korean prosecutors had frozen belonged to him.
‘I have no idea whose money has been frozen’, but Kwon wished them well and hoped they would put it to good use.
According to the time of writing Terra is currently trading at $0.0002856. In the last 24 hours it has traded as low as $0.0002837 and as high as $0.0003046. The trading volume is $291,576,585 while the market capitalization is $1,969,113,668.
Due to this news LUNC is set for higher prices but investors are advised to exercise caution since the market may be volatile.
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Cardano TVL Plummets To 8 Month Low, No Vasil Hardfork Positive Effect
Cardano has suffered a significant drop in its total staked volume since its March 2022 peak. The proof-of-stake blockchain has lost over 76% of its total value locked in the past eight months. The decline is alarming, given the decentralized crypto project’s recent Vasil hardfork.
The Cardano community welcomed the Vasil upgrade with high expectations. The hardfork was meant to upgrade the blockchain’s performance and place it in a position to contend with other top DeFi projects. However, it seems that the update hasn’t been able to deliver much bullishness for ADA holders.
Related Reading: Why “Rosy” Earnings Estimates Might Hurt Bitcoin As Price Struggles At $20,000
Loss Of Staking Value For Cardano
Based on data obtained from Defi Llama, Cardano’s total value locked (TVL) has continuously decreased since its March height. It has now fallen below $80 million for the first time since January 2022.
More specifically, Cardano’s TVL was reported to be $76.66 million at the time of this writing. This figure reflects a 76.49% decrease from the all-time high of $326 million that it hit on March 24, 2022. This new figure has pushed the staking value of ADA to the levels it had in January 2022.
Cardano is presently ranked 27th among all blockchains regarding the total value of locked (TVL). It is trailing behind blockchains such as Bitcoin (BTC), Algorand (ALGO), Polygon (MATIC), Avalanche (AVAX), and Tron (TRX). Ethereum (ETH), which now has a market value of 32 billion dollars, has a commanding lead.
Can Cardano Reach $1?
ADA and most other cryptocurrencies suffered through a gloomy month in September. However, crucial updates and strong token fundamentals suggest that ADA might be set for a breakthrough in October. This is generally a bullish month for the cryptocurrency markets.
Nevertheless, it seems unlikely that Cardano will be able to reach $1 in the next four weeks. This is because major technical indicators like the RSI and MACD are below 50, signaling a negative trend.
Cardano Making Waves In Other Areas
Despite the fact that Cardano’s staking value has dropped significantly, there are some positive developments happening within the project’s space. For instance, Cardano is among the ten most popular cryptocurrencies picked by banks that disclosed exposure to the innovative asset class. The findings were reported by the Basel Committee on Banking Supervision (BCBS) of the Bank of International Settlements (BIS).
Not only that, but Cardano has also been winning in the social media area. The number of daily social mentions of ADA had risen to a 90-day high of 52,470 as of September 23. This brings the total number of mentions to 2.32 million, as per statistics from the social intelligence platform LunarCrush.
Related Reading: Calm Before The Storm? Bitcoin Volatility At Historically Low Levels
Finally, Cardano has the support of several bulls who have expressed their confidence in the project. The cryptocurrency community at CoinMarketCap is positive on the price of Cardano by the end of October. Based on a poll, members have predicted that ADA would trade at $0.5873 at the end of the month. This was 36.77% higher than its $0.4294 price at the time of writing.
Featured image from Pixabay and chart from TradingView.com
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