FIFA’s new NFT fuels the rise of Algorand

Cryptocurrencies remain on hiatus ahead of the Fed’s decision tomorrow. Bitcoin is consolidating at about $19,300, Ethereum has about $1,350 per token. However, the price of the cryptocurrency Algorand, which is one of the sponsors of the emerging world, has risen in recent days, bloody for cryptocurrency valuations:

  • Algorand is a cryptocurrency that benefited from a portion of the $600 million in funding created by the Temasek and BlackRock funds. He is also a partner in the fintech company Circle, which creates the USDC stablecoin. Circle has also been supported by BlackRock several times.
  • Algorand was part of a small group of cryptocurrencies that were members of a digital asset fund, the construction of which was also initiated by BlackRock. All this, along with the latest partnerships from BlackRock, Coinbase and Kraken, creates a web of cryptocurrency ties to the world’s largest investment fund, of which Algorand is a part.
  • Algorand takes advantage of decarbonization contributions and grants to support tree planting to capitalize on institutions’ efforts to implement ESG.
  • Last week, the network underwent an upgrade that allows it to process 6,000 transactions per second for a fee of 1/100th of the cryptocurrency’s value (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 NFT collection. The collection is gaining popularity for the most popular sports game among gamers, FIFA 23. Algorand’s price has been gaining momentum since NFT has become hugely popular.
  • Algorand is one of the few cryptocurrencies that is 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 growing popularity of these tokens. ISO20022 is expected to be fully implemented by 2025, originally planned for 2022, as the pandemic has extended the transition process.
  • The main goal of Algorand is to ensure the integration of financial assets in the blockchain and tokenization industry, which, if implemented effectively (migration of thousands of projects and companies in the blockchain industry), has been described by Blockworks analysts as a $18 trillion market. The project currently collaborates with more than 500 institutions worldwide.
  • Staci Warden, who has experience at the US Treasury Department and NASDAQ, among others, has become the new CEO of the Algorand Foundation. She was also a director at JP Morgan for eight years.
  • Algorand has reported “intellectual collaborations” with the Massachusetts Institute of Technology and UC Berkeley in the past. Based on the above, it can be concluded that Wall Street can rate the project favorably.

algorithm H4 interval. The price was up close to 30% in several days and was above the 200-session average at $0.30. For several days, Algorand has been above the SMA200, which continues to set the main trend. However, the RSI is indicating levels close to overbought, which has historically signaled an imminent correction. Source: xStation5

“This material is 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 within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/ 958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to standards, regulatory techniques with regard to the technical modalities of objective presentation of r bel ing recommendations or other information that recommends or suggests 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 Act of 29 July 2005 on trading in financial instruments. (i.e. Journal of Laws 2019, item 875, as amended). All information, analysis and training provided is for informational purposes only and should not be interpreted as advice, a recommendation, an investment solicitation or an invitation to buy or sell financial products. XTB cannot be held responsible for its use and the resulting consequences, as the final investor remains the sole decision-maker with regard to the position taken on his XTB trading account. Any use of the said information, and in this regard any decision taken with regard to a possible purchase or sale of CFDs, is the sole responsibility of the end investor. It is strictly forbidden to reproduce or distribute this information in whole or in part for commercial or private purposes. Past performance is not necessarily indicative of future performance, and anyone acting on the basis of this information does so entirely at their own risk. CFDs are complex instruments and carry a high risk of losing capital quickly 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 risk losing your money. With the Limited Risk Account, the risk of loss is limited to the invested capital.

Leave a Comment