After reaching a 24-hour high of $55,835, Bitcoin is now trading at $54,597. Moreover, BTC has bounced off from the support level of $53,000. However, if this support doesn’t hold, then another leg down towards $50,800 to $47,500 is inevitable. On the flip side, if the $52,000 to $50,000 area holds, then Bitcoin can move up to the $56,500 to $57,500 zone.
Meanwhile, decentralized streaming and video delivery network Theta entered into the top 10 crypto asset category after making a new all-time high and is trading close to $12.16.
Let’s find out some interesting crypto news in detail.
Paid Network partnered with BIFROST, a “middleware” platform that empowers developers for building dApps on top of multiple protocols. Bifrost provides an ecosystem where developers can create advanced solutions and more scalable dApps by connecting the best attributes of several protocols. The first dApp on top of Bifrost that uses its multichain technology is BiFi, which has integrated BSC and Ethereum. With this integration, PAID will assist Bifrost’s multichain DeFi platform in the legal domain through PAID’s SMART Agreement dApp. Further, this will permit BiFi users to save, lend, and invest smoothly into the crypto space. Additionally, the SMART Agreement dApp will provide inbuilt services such as easy accessibility, fast dispute resolution, and more.
Balancer collaborated with Gauntlet to deliver dynamic-fee liquidity pools. Gauntlet provides a platform to design financial models of blockchain protocols and applications. Gauntlet uses time-tested techniques to manage risks and ensure that honest participants are rewarded fairly. With this integration, users of the Balancer V2 protocol can enjoy enhanced returns. Further, it will integrate a dynamic-fee capability for automated market maker (AMM) pools to tackle risk, capital efficiency, and manage rewards for liquidity providers (LPs). Additionally, liquidity providers are not required to pay any additional fees for this service, which enhances the trust and security of the Balancer protocol.
Tidal Finance partnered with Elrond to provide insurance to assets and smart contracts on Elrond. Moreover, Tidal Finance is a high-yield DeFi insurance platform that is built upon the Polkadot ecosystem. It enables users to build custom insurance pools for one or more assets. With this coalition, Tidal Finance would provide extensive insurance coverage to Elrond users through its mutual cover pools. Effectively, this will enhance the platform’s security, helping to safeguard DeFi users against hacks and other unexpected situations. Further, it will allow eGold holders to get insurance and include DeFi protocols on the Elrond Network. Additionally, eGold holders can contribute to the Tidal liquidity cover pools.
In the last bit of crypto news for today, we have SmartKey partnering with Ferrum Network to join decentralized finance (DeFi) and blockchain with physical values. Collaboratively, both teams will work on a solution to unite the IoT world with financial services based on blockchain technology. Moreover, Smartkey commands multiple users’ access and serves as an un-cloneable key to manage payments. This collation allows users to utilize Ferrum Network’s staking tools in their own business models. In addition, the SmartKey ecosystem would provide transparent mechanisms for obtaining access to physical assets. Additionally, the team has plans to extend Ferrum Network’s flexible staking mechanisms to SmartKey platform users.
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