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Atari Chief Fred Chesnais Brings Gamers Back to the Future With Token

After following through with his promise to launch the Atari Token, the public sale for which is slated for Oct. 29,  CEO Fred Chesnais has shared his thoughts about the market opportunity with BeInCrypto. Iconic gaming brand Atari ushers in a bit of nostalgia for many gamers, having had a hand in creating the gaming […]

The post Atari Chief Fred Chesnais Brings Gamers Back to the Future With Token appeared first on BeInCrypto.

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After following through with his promise to launch the Atari Token, the public sale for which is slated for Oct. 29,  CEO Fred Chesnais has shared his thoughts about the market opportunity with BeInCrypto.

Iconic gaming brand Atari ushers in a bit of nostalgia for many gamers, having had a hand in creating the gaming culture with its 2600 console for games like Pac-Man and Ms. Pac-Man, Donkey Kong, Space Invaders and many others. The company is also readying the launch of its first hardware launch in two decades, which BeInCrypto covered here.

Atari, however, isn’t living in the past and has also announced the public sale of its Atari Token, which will begin on Oct. 29 on Bitcoin.com. Atari chief Fred Chesnais spent some time with BeInCrypto to discuss the public token sale and the company’s role in ushering in a new generation of gamers into the cryptocurrency space.

Atari CEO Fred Chesnais

Q&A With Fred Chesnais

BIC: Do you have any indication of what user demand for the Atari Token is like?

Fred Chesnais: “We’re highlighting the expansive use cases and working on exchange listings so we’re expecting a great response and reception of the token.”

BIC: Do you have bigger plans for the coin beyond Atari games?

Fred Chesnais: “Unlike most tokens that have been rolled out in the gaming space, we don’t want to make the Atari Token constrained to a single platform, but rather expand its use cases as much as possible. We strongly believe that a brand like Atari can popularize blockchain gaming and become the token of reference in the industry.

“Therefore, we have signed multiple partnerships to expand the Token’s use cases. We also believe that the major opportunity lies not only inside games but outside games. The interactive industry is already decentralized in some way. You have game studios in Canada, content creators in Asia, testing done in Africa; and the Atari Token could be used to integrate an up and coming workforce to find professional opportunities within the industry. This is the future of Work.”

Lisk BlockchainLisk Blockchain

Stablecoin, Crypto Adoption and Corporate Strategy

BIC: What about the Atari stablecoin that reports have alluded to? How will it be used?

Fred Chesnais: “The Atari coin is in our roadmap and will be rolled out in the medium term. Some gaming experiences, especially those of real money games, are more tailored to the use of a stablecoin than a volatile token. Although the Atari Token allows for governance rights and broader use cases, we think having a dual token strategy in which players can decide which to use will better answer the needs of a greater audience.”

BIC: Do you expect that Atari Token will bring more people into the cryptocurrency space?

Fred Chesnais: “Gaming is one of the most viable use cases for blockchain and we’re often seeing trends of gamers being early adopters of technology, so we definitely see Atari token as a way to bring gamers into the world of blockchain.”

BIC: Companies have been buying up bitcoin for their own balance sheets and as a treasury reserve asset. We’ve seen MicroStrategy and Square become first-movers on this trend. Does Atari have any similar plans?

Fred Chesnais: “Being a listed company, you have to take care of the assets of the company. This is not your money. I understand the rationale for a company to buy crypto when considering a very long period of time and assuming you do not need the money. For Atari, I believe we can re-invest the cash in our own business to make it grow and over-perform the crypto-currency market. This is all about the return on investment.

“Thank you for your time!”

Source: https://beincrypto.com/atari-chief-fred-chesnais-brings-gamers-back-to-the-future-with-token/

Blockchain

HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds

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As Bitcoin price recorded a new yearly high, most of the participants in a recent survey shared that they hold the majority of their holdings in Bitcoin rather than altcoins.

Bitcoin traders are basking in profit as October turns out to be a good month for BTC.

46% Of People Allocate More Than 50% To BTC

Crypto commentator and analyst Josh Rager took to Twitter to ask crypto users how much of their portfolio is allocated to Bitcoin. Voters had to choose from one of four options that best describe their portfolio.

The result of the poll was quite interesting. As much as 35% of traders revealed they dedicated less than 10% of their portfolio to the most valuable cryptocurrency. This category is bullish on altcoins and had the highest number of votes in the poll.josh_rager_poll

A total of 23.2% maintained that Bitcoin holds a significant percentage in their portfolio. According to the results, these people dedicate between 51% to 89% of their portfolio to Bitcoin.

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The third-highest category consists of Bitcoin maximalists who are very bullish on Bitcoin. These voters, which made up 22% of the poll result, said that 90 to 100% of their portfolio is allocated to the king coin.

Lastly, the fourth category, consisting of 18% of voters, said they allocate between 11 to 50% to BTC.

In other words, almost 46% of the respondents shared that they hold over half of their portfolio in Bitcoin rather than altcoins.

Bitcoins Hits $13,200, Altcoins Suffer

Elsewhere, altcoins have been experiencing terrible nightmares since last month. An earlier report suggested that Bitcoin’s fresh surge is crushing both altcoins’ prices and market dominance.

At the time of writing, Bitcoin has blasted through important resistance levels, reaching a fresh 2020 high of $13,217 on Binance. The cryptocurrency now holds a market dominance of about 61%.

Although the speculation around is the current surge is caused by money flowing from altcoins into Bitcoin, a fresh analysis debunked has debunked that. As CryptoPotato reported, Bitcoin’s rising value is likely caused by new money entering the crypto market.

Moreover, the latest surge seemed to be primed largely by the news that PayPal, the world’s largest online payment processor, will start allowing users to buy, sell, and hold Bitcoin and other cryptocurrencies.

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Source: https://cryptopotato.com/hodlers-most-crypto-investors-hold-majority-in-bitcoin-over-altcoins-survey-finds/

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Blockchain

BTC Price Analysis: After Breaking 2020 High, Is Bitcoin Eyeing $14K?

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Bitcoin price has managed to avoid all 3 unfilled CME gaps this week and go on to break the $13,235 level for the first time since July 10, 2019 – 469 days ago.

The catalyst for the 11% surge was the breaking news from PayPal yesterday that the payments giant will soon facilitate BTC and other crypto-asset payments.

According to data from Datamish, the Paypal rally caused a $70.8M short squeeze on BitMEX as an eye-popping $31 billion returned to the crypto market during yesterday’s frenzy. This will have undoubtedly helped catapult prices beyond the milestone $12K and $13K levels as short traders buy back into BTC to cover losses.

Price Levels to Watch in the Short-Term

On the weekly BTC/USD chart, we can see that prices fell just shy of the 0.618 Fibonacci resistance at $13,360. Between this price point and the $13,890 level above, we have a major resistance zone (red shaded area) that has not been closed above since January 15, 2018 – during the huge crash from Bitcoin’s all-time high of $20,000.

This will be a massive psychological barrier for bullish traders to overcome, and will need considerable momentum to break it successfully.

Just above this area, we also have the upper resistance line of a broadening wedge pattern that bitcoin price has been tracking inside of since April 27, 2020, on the weekly chart (yellow lines). This currently sits around the $14,000 level. It’s possible that we could see a reaction at this trend line if prices managed to break through the aforementioned red zone.

From there, the most obvious daily resistances above this are the $14,600, $15,400, and $15,800 levels, before we get to the 0.786 Fibonacci level at $16,150.

Looking at potential supports, we have a key S/R zone (green shaded area) between $11,950 and $12,300, which should create some buying pressure to push back against a bearish decline.

Underneath that, we have the 0.5 Fibonacci level at $11,400, the daily 50 EMA (blue) at approx $11,170, and the support line of the broadening wedge pattern at around the $10,900 area.

With Bitcoin now dangerously close to breaking into the overbought region on the weekly RSI for the first time since July 2019, it’s possible that we could see a sharp decline as trading bots are triggered by the indicator before a new leg of the uptrend begins.

Total market capital: $395 billion
Bitcoin market capital: $ 237 billion
Bitcoin dominance: 60.1%

*Data by Coingecko.

Bitstamp BTC/USD Weekly Chart

bitcoin trading
BTC/USD chart via Tradingview
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/btc-price-analysis-after-breaking-2020-high-is-bitcoin-eyeing-14k/

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Bitcoin Price Paints A Fresh All-Time High Against Two National Currencies

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While most cryptocurrency community members speculate when or if Bitcoin will ever top its all-time high against the dollar, the digital asset has already marked an ATH against other government-issued fiat currencies – the Brazilian Real and the Turkish Lira.

Bitcoin Smashes Through BRL ATH

The past several days have been significantly exciting for the cryptocurrency industry, especially for its most well-known representative. Compared to the US dollar, BTC dipped to $11,200 on Friday, but since then, it has been on an impressive ride, resulting in a new 2020 high.

As CryptoPotato reported earlier, BTC pushed above $13,000 and topped at above $13,200. Looking at its price developments from the past few years, it’s easy to spot that this is still $7,000 less than its highest level of nearly $20,000.

Naturally, Bitcoin is compared with the US dollar as the latter is the world’s reserve currency. However, since BTC operates internationally without border limits, it’s compelling to follow its performance against other national currencies.

For example, during the December 2017 boom, one bitcoin cost 69,000 BRL in Brazil. Despite being officially ranked as the world’s ninth-largest economy by nominal GDP, Brazil’s currency has suffered since then.

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BRL’s decline in value, combined with Bitcoin’s recent increase, has resulted in a new all-time high. According to data from TradingView, the trading pair BTC/BRL reached 72,000 BRL today.

BTC/BRL. Source: TradingView
BTC/BRL. Source: TradingView

Bitcoin Sees New High In Turkey As Well

The Turkish Lira is another national currency that has dumped in value lately. The country, led by President Recep Tayyip Erdogan, experienced rising inflation and borrowing costs, resulting in loan defaults in 2018. The COVID-19 pandemic only accelerated its economic decline.

As the virus infiltrated the nation in April, the central bank enhanced its efforts to keep credit flowing through the economy by cutting interest rates from 12% at the end of 2019 to 8.25% in May.

Despite Erdogan’s intentions, the loan growth increased by 40% and even 50% – record numbers not seen since the previous financial crisis in 2008.

Ultimately, this credit explosion, the need for foreign currencies, and the rising imports led to a near 12% domestic inflation increase in July alone.

Amid Turkey’s declining currency, Bitcoin took advantage and marked a fresh ATH in August this year. One bitcoin equaled 83,500 liras at the time.

The situation has only worsened for the TRY since then, while BTC has grown to new highs as described above. The chart below illustrates that BTC/TRY has surged to a six-digit territory at 101,200 TRY per one bitcoin.

BTC/TRY. Source: TradingView
BTC/TRY. Source: TradingView
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Source: https://cryptopotato.com/bitcoin-price-paints-a-fresh-all-time-high-against-two-national-currencies/

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