JPMorgan successfully executed its first live blockchain transaction today involving tokenized shares, heralding a new era for collateral management.
The banking giant facilitated the transfer of tokenized BlackRock money market fund shares to Barclays as collateral for a derivatives contract.
As institutional adoption of blockchain technology accelerates, what is the best crypto to buy now?
The transaction demonstrated the immense potential for blockchain technology to transform wholesale banking. The settlement was completed within minutes, compared to the days it traditionally takes to manually settle collateral transfers between counterparts.
JPMorgan leveraged its Ethereum-based Onyx network and Tokenized Collateral Network (TCN) to enable the tokenized transfer. The tokenization process was seamless due to connectivity between the fund’s transfer agent and TCN.
This development is seen as a watershed moment for the mainstream adoption of tokenized finance. The ability to quickly tokenize and transfer traditional securities is considered one of the most promising applications of blockchain technology.
JPMorgan has been at the forefront of tokenized finance innovation in wholesale banking. TCN allows clients to access intraday liquidity by tokenizing assets. The launch of TCN provides additional utility for money market fund investments by enabling tokenized shares to be posted as collateral.
According to Tyrone Lobban, Head of Onyx Digital Assets at JPMorgan, this is a faster and more cost-effective way to meet margin requirements, dramatically reducing operational friction.
Tom McGrath, Deputy Global COO of the Cash Management Group at BlackRock, noted that tokenizing money market fund shares as collateral would significantly streamline margining processes during periods of acute margin pressures.
With backing from JPMorgan, BlackRock, and Barclays, three giants in banking and asset management, tokenized collateral has officially gone mainstream. This trial highlights the immense potential for blockchain technology to solve persistent collateral management challenges.
JPMorgan’s adoption of blockchain technology validates the potential of the cryptocurrency space.
For investors looking to gain exposure, Render, Bitcoin Minetrix, Rollbit Coin, Meme Kombat, and eCash. These cryptocurrencies are making their case as the best crypto to buy now thanks to their robust fundamentals and/or positive technical analysis.
Render RNDR Price Prediction: Sideways Trading with an Eye on Upward Momentum
Render Token (RNDR) has been trading sideways for the past three days but maintains an overall uptrend, up by over 26% in the past month.
As the cryptocurrency consolidates after trading in oversold RSI levels last week, and with the EMAs aligning in a bullish manner, a significant move could be on the horizon.
The 20-day EMA for the RNDR price is currently at $1.689, above both the 50-day EMA of $1.629 and the 100-day EMA of $1.664.
Generally, when a short-term EMA is above a long-term EMA, it’s considered a bullish sign. The alignment of these EMAs suggests that the RNDR price could see upward momentum, although traders should exercise caution given the recent sideways movement.
The RSI currently stands at 63.62, down from yesterday’s 65.86. While the RSI is not in the oversold or overbought territory, it leans towards the higher end, indicating that the asset is neither overbought nor oversold at this time.
The MACD histogram is at 0.013, a slight decrease from yesterday’s 0.017. The MACD is still in the positive territory, which usually indicates bullish sentiment. However, the slight decrease suggests that traders should keep an eye on this indicator for any sudden shifts.
As of the latest update, the market cap of RNDR is approximately $664.6 million, with a 24-hour trading volume of about $41.26 million. The RNDR price has seen a 0.89% decline so far today, currently trading at $1.787.
The market cap dominance stands at 0.0633%, and the cryptocurrency has seen a 26.56% increase over the past 30 days. These numbers indicate a moderate level of investor interest, which could be a factor in the RNDR price movement in the immediate future.
RNDR faces an immediate resistance zone between $1.786 to $1.834, in confluence with the Fib 0.5 level of $1.921. Breaking this resistance could pave the way for the next potential resistance at the Fib 0.382 level of $2.164.
On the flip side, immediate support is found at the 20-day EMA of $1.689. Further support levels include the Fib 0.618 level of $1.678 and the 100-day EMA of $1.664.
While the bullish alignment of EMAs and the moderate RSI suggests the potential for upward movement, the slight decrease in MACD and today’s price decline call for caution. Traders might consider observing these indicators closely in the coming days before making any decisions.
A move above the immediate resistance or below the immediate support could indicate the next trend for the RNDR price.
Bitcoin Minetrix: The Best Crypto to Buy Now for Those Interested in Cloud Mining
Bitcoin Minetrix has raised over $1 million in just two weeks through its presale. The project seeks to make Bitcoin mining accessible to everyone through its cloud mining service.
The presale allows participants to purchase the project’s native token, BTCMTX, at the lowest rate of $0.011 per token.
The price will increase to $0.0111 in the next stage as demand rises. Up to 70% of the total 4 billion BTCMTX token supply is available during the presale.
BTCMTX powers Bitcoin Minetrix’s platform that will enable passive income through staking rewards and cloud mining credits to mine Bitcoin without expensive equipment.
Members can start earning staking rewards immediately while the presale is still active.
Bitcoin Minetrix’s stake-to-mine model has gained attention from prominent crypto influencers who cite its potential to disrupt Bitcoin mining.
They believe the frictionless entry into mining BTCMTX provides could lead to major growth, with some predicting significant returns at launch.
Jacob Crypto Bury told his 22,700+ subscribers this is the “ultimate altcoin” thanks to the passive income options and accessibility to bitcoin mining it unlocks for regular investors.
BTCMTX also seeks to solve trust issues in cloud mining through its cashless system and audited smart contracts. Coinsult, a blockchain security firm, audited the project and verified its transparency.
Interested participants can connect a crypto wallet through the project’s website to purchase and stake BTCMTX. The presale is set to end soon as the first stage nears its maximum token supply launch goal.
Visit Bitcoin Minetrix Now
Rollbit Coin RLB Price Looks Rejected at 20-day and 50-day EMAs: What’s Next?
After bouncing off the support zone between $0.117635 and $0.125021 yesterday, which is in confluence with the Fib 0.618 level of $0.121250, the Rollbit Coin (RLB) price is facing rejection at its short to medium-term 20-day and 50-day EMAs.
This suggests that more consolidation around these levels will likely be necessary before RLB can make its next leg up.
The RLB price is currently trading at $0.129310, down 2.75% so far today after the 7% move to the upside yesterday. With the price breaking down below the 20-day EMA of $0.131384 and the 50-day EMA of $0.130617, the technicals are pointing to further near-term weakness.
The RSI has dropped to 48.68 from yesterday’s 50.38, moving away from overbought territory. Meanwhile, the MACD histogram has declined to 0.000971 from 0.001468, reflecting fading bullish momentum. This aligns with the 2.75% fall in the RLB price today.
On the volume and market cap front, RLB’s market cap is up a modest 2.86% to $423.2 million. However, the 24-hour trading volume has jumped 60.73% to $5.33 million. The surge in volume amidst the price decline hints that sellers are in control at the moment.
Looking ahead, RLB faces initial resistance at the Fib 0.5 level of $0.156301, followed by more significant resistance between $0.149556 and $0.157733. To flip bullish, RLB needs to break out above these levels with strong volume.
On the downside, immediate support exists at the 20-day and 50-day EMAs. If these fail to hold, RLB could retest the support zone between $0.117635 and $0.125021, near the Fib 0.618 level and 100-day EMA. A break below this critical support could open the doors for a steeper correction.
The short-term outlook for the Rollbit Coin (RLB) price remains mired in uncertainty at current levels. The technicals favor further consolidation and potential downside in the days ahead.
Traders may want to wait for a decisive breakout from the 20-day and 50-day EMA compression before entering a potential position.
Cash in on Meme Battles with Meme Kombat’s $MK Token
Meme Kombat’s native token $MK has attracted over $450,000 in its current presale, establishing it as one of the rising stars in the meme coin space.
Meme Kombat will allow its users to bet on meme character battles, with winners earning $MK tokens.
Meme Kombat combines two of crypto’s fastest-growing sectors – gaming and gambling.
The global gaming market is projected to reach $535 billion by 2028, while crypto gambling is forecast to hit $160 billion by 2028. As a first mover in crypto meme battles, Meme Kombat is well-positioned to capture market share.
Meme Kombat’s tokenomics allocate 50% of the total supply to presale participants, 30% for staking rewards and in-game battles, 10% for community initiatives, and 10% for exchange liquidity.
The project launched its presale on October 6 along with a $1,000 meme design contest ending October 13. Winning fan art will be incorporated into the game.
Meme Kombat founder Matt Whiteman heads Netherlands-based NFT firm North Technologies. His experience in Web3 ventures lends credibility. Major crypto publications like CoinTelegraph, FXStreet, and CoinCodex have all covered the project extensively.
With seasoned leadership, strategic tokenomics, and a first-of-its-kind crypto-gaming concept, Meme Kombat is set to capitalize on the growth projected for crypto-gaming and gambling.
Its staking model also incentivizes holding $MK long-term, with staking rewards of up to 112% APY. This high yield seeks to encourage early adopters to stake their $MK tokens and participate in the platform over the long run.
For crypto gaming enthusiasts and presale participants looking for the best crypto to buy now, Meme Kombat offers an exciting new opportunity to earn rewards while betting on meme battles.
Visit Meme Kombat Now
Sellers in Control: eCash (XEC) Struggles to Overcome Resistance Levels
After posting gains from September 27 to October 2, eCash (XEC) is seeing a retreat in its prices for most of October. With XEC hovering near a key resistance level, technical indicators suggest caution may be prudent for investors in the sessions ahead.
The XEC price currently faces resistance at its 20-day EMA of $0.00002444 and 50-day EMA of $0.00002480. Earlier today, XEC reached an intraday high of $0.00002508 as it retested the Fib 0.786 level at $0.00002489, but the significant increase in selling pressure proved too much for buyers to overcome.
XEC is now trading at $0.00002357, down 0.17% so far today. With XEC well below its EMAs, the technical picture indicates a continued downside as sellers remain in control.
The RSI currently stands at 43.67, slightly down from yesterday’s 43.90 and remaining in neutral territory. The muted RSI suggests building momentum may be lacking at current levels.
The MACD histogram sits at -0.00000018, a decline from the previous day’s -0.00000016. The increased negative value reflects a growing bearish sentiment, which could place additional pressure on the XEC price.
The 406.18% surge in 24-hour volume to $30,681,822 underscores how XEC is firmly in the grips of sellers. Meanwhile, the market cap fell a more modest 0.18% to $460.2 million. This combination indicates a strong distribution that could foreshadow lower prices.
With XEC stabilizing below former support, sellers remain in control. To change the tide, XEC needs to overcome resistance at $0.00002444 and $0.00002480 to target the $0.00002489 swing high.
On the downside, initial support lies between $0.00002158 and $0.00002224. A breakdown of this area could open the door for a steeper drop towards the $0.00002000 psychologically important level.
While deeply oversold conditions may signal bounce potential, XEC requires a close above the 20 and 50-day EMA before sentiment can improve.
With distribution accelerating, risk-averse traders may wish to wait on the sidelines for greater clarity. However, speculators may try bottom-fishing, targeting the $0.00002200 support zone.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here