altcoin After Ethereum, stablecoin EUROC set to enter Avalanche’s fold – Avalanche became the second home for EUROC after Ethereum.- EUROC’s push could be part of the company’s long-term vision to tap into the European market.Stablecoin issuer Circle announced the launch of its euro-backed stablecoin, Euro Coin [EUROC] on the Avalanche [AVAX] network as part of its ambitious multi-chain strategy.Avalanche became the second home for EUROC after it was launched on the Ethereum [ETH] network last year.Read Avalanche’s [AVAX] Price Prediction 2023-24 Circle stated that EUROC will boost on-chain liquidity on Avalanche and provide global users with an option to trade in euros besides USD Coin [USDC], which is pegged to USD.EUROC has a long way to go Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros.
The issuance of Euro Coin works under a regulated framework, with the same rules that govern USDC.
At the time of publication, its market cap was $51 million, a far cry from the multi-billion dollar valuations of the USD-pegged stablecoins.
However, the news of the expansion caused a 160% uptick in its 24-hour trade volume.On expected terms, it formed a miniscule proportion of the Ethereum’s total stablecoin market cap of $69.09 billion, according to DeFiLlama.However, the prospect of additional liquidity couldn’t lift Avalanche’s native token AVAX’s price.The token was marginally down by 0.5% at press time, per CoinMarketCap.Eye on the European market? The aggressive EUROC push could be part of the company’s long-term vision to tap into the European market.Earlier this year, the issuer filed an application in France to get registered as a Digital Asset Service Provider.
Realistic or not, here’s AVAX’s market cap in BTC’s terms This comes when the market cap of USDC, the second-largest stablecoin, plunged 34% since the beginning of 2023, as per CoinMarketCap.The circulating supply contracted significantly after the stablecoin depegged following Circle’s $3.3 billion exposure to collapsed Silicon Valley Bank (SVB).In an interview with Bloomberg TV, CEO Jeremy Allaire said that investors were looking to take risk out of the U.S.owing to concerns about the regulatory environment.
Leave a Reply [Cancel reply](/news/after-ethereum-stablecoin-euroc-set-to-enter-avalanches-fold/#respond) Leave a Reply – Ethereum’s long positions face record-high liquidations, surpassing $58 million in May.- Despite a slight price increase, Ethereum remains in a bearish trend around the $1,830 price range.Ethereum’s [ETH] price has been trapped within the $1,800 price range for quite some time, but lately, we’ve witnessed a glimmer of hope with a modest surge.Unfortunately, even this slight upward movement hasn’t proven sufficient to safeguard certain traders’ positions from being forcefully liquidated.Read Ethereum’s [ETH] Price Prediction 2023-24 Ethereum long liquidations hit monthly high Glassnode Alerts reported that the Mean Liquidated Volume in Ethereum Futures Contracts’ Long Positions peaked on 27 May.According to the observed chart, the average amount of Ethereum Futures Long Liquidations exceeded 32,000 ETH, equivalent to over $58 million at the press time valuation.
This made it one of the highest ETH Futures Liquidations in May.In futures contracts, the mean liquidated volume signifies the average number of contracts forcefully closed or liquidated due to traders’ inability to fulfill margin requirements.When engaging in long positions for Ethereum futures contracts, traders are speculating on the price of ETH increasing.However, if ETH falls below a specific threshold, traders’ accounts may lack sufficient funds to cover the losses, resulting in the unfortunate event of liquidation.Ethereum’s 24-hour liquidation map Examining the Ethereum liquidation within a 24-hour timeframe revealed a notable amount of liquidation activity.According to CoinGlass, ETH experienced liquidations totaling $8.42 million in the past 24 hours.Further analysis indicated that long positions witnessed liquidations amounting to $2.48 million, whereas short positions faced liquidations totaling $5.94 million.As of this writing, long positions accounted for over $600,000 in liquidations, while short positions stood at over $500,000.
Taking a broader perspective by examining the ETH liquidation chart, it becomes evident that long positions experienced more liquidations in May when compared to short positions.How much are 1,10,100 ETHs worth today? Observing price swings in a daily timeframe Analyzing Ethereum’s daily timeframe chart revealed a 1.26% increase in value at the close of trade on May 26.As of this writing, Ethereum was trading around $1,830, exhibiting a minor upward trend of less than 1%.Although ETH remained within a bearish trend, it was showing signs of weakening due to the recent modest growth it has experienced.
Notably, the Relative Strength Index (RSI) line indicated that ETH was approaching the threshold of transitioning to a bullish trend.- Whales showed increased interest in XRP as network growth declined.- Ripple began its plans of expansion by acquiring a European crypto exchange.The ongoing Ripple vs SEC case has had massive impacts on both the crypto sector and Ripple’s [XRP] price.However, as the case inches closer to its end, many whales have showcased their interest in XRP.Realistic or not, here’s XRP’s market cap in BTC’s terms Whales make more than a Ripple According to Santiment’s data, it was revealed that in the past three weeks, whales have made significant XRP purchases amounting to over 52 million XRP.
These acquisitions carry an approximate value of $22.9 million.However, despite the high interest showcased by whales, XRP’s price hasn’t seen a massive positive change.Since 19 April, there has been a notable decline of 11.89% in XRP’s price.As of press time, XRP was being traded at a value of $0.474.The RSI of XRP had increased to 63.08, showing that price momentum has been on XRP’s side over the last few days.However, it also indicated it was in a slightly overbought position at the time of writing, with a possibility of a price reversal.
XRP’s CMF was also declining, suggesting that buying pressure for the token had waned.Looking at the details Another factor that could impact XRP would be its falling network growth – an indicator that there was less activity from new addresses.
Despite the decreasing price and network growth, the token’s velocity remained consistent.Is your portfolio green? Check out the Ripple Profit Calculator During this period, development activity around the network also fell, implying that developers weren’t contributing as much to XRP’s GitHub.However, Ripple’s plans to expand internationally may aid XRP in the long run.In a recent announcement, Ripple stated that it had acquired the European exchange, Bitstamp.Ripple’s CEO further affirmed that Ripple would be expanding in crypto-friendly markets through the means of acquisitions in the future.
– The total number of Tron accounts surpasses 162 million as of 26 May.- However, the number of stakers, weighted sentiment, and volume took a hit.Tron’s [TRX] performance over the last 30 days has been nothing short of commendable.TRX was trading at $0.06518 as of 26 April and at the time of writing, it exchanged hands at 0.077.The token surged by approximately 20% over the last 30 days.
However, the efforts taken by the network could be considered a significant reason behind this growth on the price front.A tweet posted by TRONSCAN stated that the total number of Tron accounts exceeded 162 million and stood at 162,207,183.🎉🎉🎉Congratulations!!! #TRON’s total accounts have reached 162,207,183, exceeding 162 million! #TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.🥰Appreciation to all #TRONICS! pic.twitter.com/j0caG2ARej — TRONSCAN (@TRONSCAN_ORG) May 26, 2023 How much are 1,10,100 TRXs worth today TRX on a roll… Apart from the aforementioned development, another tweet posted by Tron Community gave an update on the number of coins burned.As of 25 May, the network burned 17,304,991 TRX tokens.
This was also a positive development for the token and its community.#TRON just burned 17,304,991 #TRX on May 25th 🔥 showcasing a commitment to deflation & value growth 🚀 With a net negative production ratio of -12,239,712 🤯 pic.twitter.com/1BfHiD6NV0 — TRON Community (@TronixTrx) May 26, 2023 Despite the positive developments fostering a growing environment, some metrics didn’t seem to favor the community and the token.At press time, data from the intelligence platform Santiment showed that over the last 30 days, TRX weighted sentiment, as well as volume, didn’t perform very well.At the time of writing, TRX’s weighted sentiment witnessed a significant drop after going as high as 0.922 just five days earlier on 21 May.This wasn’t a good sign for the network.Furthermore, TRX’s volume also followed a similar pattern and witnessed a notable peak on 22 May.However, it started to decline from 24 May and stood at 198.24 million.
Where does TRX stand? At the time of writing, TRX was trading in the red as per the chart given below.However, TRX’s Relative Strength Index (RSI) moved slightly below the oversold region to stand at 68.70.Although the RSI moved out of the oversold region, the RSI still showed the presence of buying momentum.Furthermore, the Awesome Oscillator (AO) also flashed moved above the zero line and flashed green bars at the time of writing.This showed that TRX was on a bullish spree at the time of writing.Another indicator of Tron’s journey in the green was the Moving Average Convergence Divergence (MACD).
At the time of writing, the MACD line (blue) moved significantly above the signal line (red).This could be taken as a significant bullish indicator.
Read Tron’s [TRX] Price Prediction 2023-24 Additionally, considering the movement of both these lines also showed that the bullish crossover could go on for a while unless TRX witnesses a sudden rise in selling pressure.Despite TRX holders having much to celebrate around TRX’s price action, data from Staking Rewards presented a concerning picture.Over the last 30 days, the number of stakers did witness a gradual rise on the network.However, the number of stakers witnessed a sharp drop to stand at 332,841 from a high of 341,550 as of 23 May.Top posts altcoin4 hours ago Ethereum: Will liquidations make $2000 a pipe dream Ethereum’s long positions face record-high liquidations, surpassing $58 million in May.
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