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Celo, Grameen Foundation, Collaborate Anew For Blockchain-Enabled Support to 800 Filipino Workers

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Global non-profit organization Grameen Foundation announced a new initiative that utilizes blockchain to provide capital support to micro entrepreneurs who are facing challenges because of the pandemic. This project, the “Social Dividend Campaign,” is in collaboration with Celo and is poised to help repatriated Overseas Filipino Workers who have lost their jobs and income. 

In a press release, Grameen Foundation said it will work with the Atikha Overseas Workers and Communities Initiative to identify 800 beneficiaries, who will be trained to first download Celo’s Valora wallet, and from there, they will receive 200 Cello Dollars (cUSD) which is equivalent to roughly Php 10,000.

Once the beneficiaries receive the cUSD, they will use it to purchase “Kabuhayan Packages” or “Livelihood Packages” from Ekolife Overseas Filipinos Worldwide Marketing Cooperative. The package has equipment and tools to help the beneficiaries start their own business and therefore begin their economic recovery. 

The beneficiaries will receive skills and business training to improve their sales and income. The trainings could be raising poultry, baking pastries, or processing jams or meat.

According to Cairoline Beloso, the assistance could help them kickstart their recovery. “[This] assistance is a step for us to develop ourselves, help our neighbors and our environment by using natural materials,” Beloso said.

Grameen said they have done a similar initiative last June, and they will be doing it again in August and September. “We were privileged to work with Celo on our COVID-19 RELIEF Program in April, and we are delighted to build on that effort to reach more people whose livelihoods have been ravaged by this pandemic,” said Grameen Foundation President & CEO Steve Hollingworth.

Celo is a blockchain designed to support stablecoins and digital assets while using mobile phone numbers to secure the user’s public keys. Leveraging Celo’s Valora app means the transfer of money from one user to another takes seconds for a fraction of a fee that’s usually paid when the same money transfer is done through traditional remittance outlets. In BitPinas’ review of Valora, it noted that this style of remittance allows one to send or transfer money in lots of small amounts for specific things. “For example, instead of sending $100 to your mother for everything needed back home, you can send $15 to your grandmother for her medicines, $25 to your brother for his school supplies, $50 to your mother, and $10 to your dad. You’d never do this with traditional remittance because the per transaction cost will be so high – in this way Valora gives greater flexibility and control of the money you remit home.”

According to Angelo Kalaw, Partner for Research and Innovation at the Celo Foundation, the goal of Celo is for an inclusive financial system that contributes to achieving prosperity for all. “It is exciting to work with Grameen to push the boundaries of blockchain technology and help empower entrepreneurs and local economies,” Kalaw said in a statement.

Grameen Foundation previously worked with Celo for its initial COVID-19 relief project last year. The intention of which was to provide immediate aid to those who were left without jobs because of the pandemic. Grameen Foundation CEO Steve Hollingworth noted the success of the project, emphasizing how almost none of the recipients have heard of crypto or blockchain before. “Yet [they] were able to easily download the Valora app, receive and use cUSD to pay for their basic needs, and paid almost no fees to do so. We are exceptionally pleased with the outcome of this project, as it was the first time we embraced blockchain technology, and the results were far superior to anything we could have imagined,” Hollingworth said.

This article is published on BitPinas: Celo, Grameen Foundation, Collaborate Anew For Blockchain-Enabled Support to 800 Filipino Workers

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Source: https://bitpinas.com/fintech/celo-grameen-valora-relief-2021/

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Altcoins see a 35% bounce after Bitcoin reclaims $43,000

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The sharp correction that threatened to pull Bitcoin and altcoin prices back toward their sing lows appears to have dissipated now that Evergrande informed investors that it intends to make an on-time payment on its debt. With global markets feeling reassured, major equities, Bitcoin and altcoins prices all saw a rebound at the market open.

After a swift drop below $40,000 on Sept.21, BTC now trades above $43,300 and Ether (ETH) has reclaimed the $3,000 level. Altcoins have also seen a strong recovery, with many posting up to 15% gains at the time of writing.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Livepeer (LPT), COTI (COTI) and Axie Infinity (AXS).

Livepeer lists on the Web3 Index

Livepeer is an Ethereum-based decentralized video streaming network that aims to be an alternative to traditional broadcasting solutions.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LPT on Sept. 21, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. LPT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for LPT began to pick up on Sept. 20 and reached a high of 71 on Sept. 21, around 19 hours before the price spiked by 36% over the next day.

The jump in price for LPT comes following the launch of the Web3 Index which included Livepeer as one of the initial projects, helping to boost the visibility for the project.

COTI’s treasury releases its ‘tech’ whitepaper

COTI, an enterprise-grade fintech platform focused on decentralized payments, is the second-largest gainer of the past 24-hours.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for COTI on Sept. 21, prior to the recent price rise.

VORTECS™ Score (green) vs. COTI price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for COTI climbed into the green on Sept. 2 and reached a high of 77 around 10 hours before the price spiked by 35% over the next day.

The recovery in the price of COTI comes following the release of the COTI treasury technological whitepaper and the token’s listing on Crypto.com.

Related: Avalanche recovers from Evergrande-led sell-off as AVAX rebounds over 30%

Axie Infinity rebounds after a prolonged downtren

Axie Infinity (AXS) is a blockchain-based, play-to-earn trading and battling game where users collect, breed, raise and battle in-game token-based creatures known as Axies.

According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AXS was in the green zone for the majority of the past week and reached a peak of 82 on Sept. 20, around 24 hours before its price climbed 33% over the next day.

The jump in price for AXS followed the token’s listing on Bitfinex, an announcement that was registered by the Cointelegraph Markets Pro ‘NewsQuakes™’ alert system around 15 hours before its price began to rise.

The overall cryptocurrency market cap now stands at $1.921 trillion and Bitcoin’s dominance rate is 42.3%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/altcoins-see-a-35-bounce-after-bitcoin-reclaims-43-000

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As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation

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The past two days following the weekend close have not been the best for Ethereum. Along with the broader crypto market, the digital asset has suffered numerous dips that saw it break below $3,000 for the first time in a month. Although recovered back above $3,000, Ethereum continues to have a hard time maintain its position above this resistance point.

Although hopes are up in the community for recovery, a JPMorgan strategist has warned that the market is likely to see more dips that will drive the price of the digital asset further down. The strategist’s forecast essentially puts Ethereum in a bear market. Placing the bottom of the downtrend at less than half the current value of the digital asset.

Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Ethereum Is Overvalued

JPMorgan global market strategist Nikolaos Panigirtzoglou said that ETH’s fair value is actually much lower than its current trading range. The strategist put the asset’s fair value at $1,500, less than half of its current price. Unlike the rest of the market, Panigirtzoglou does not believe that the Ethereal network is the most attractive for investors, even though the price might suggest otherwise.

Ethereum price chart from TradingView.com

ETH price struggles at $2,900 | Source: ETHUSD on TradingView.com

The growth of ETH recently has been attributed to the growth of market applications like decentralized finance. Currently, Ethereum is the leading smart contracts platform, which has seen the highest development of decentralized finance protocols. But even this does not convince the strategist of ETH’s current valuation.

According to Panigirtzoglou, the actual valuation of the digital asset should be 55% less than it currently is. Panigirtzoglou points out that with growing competition from other blockchains like Solana and Cardano, Ethereum’s offering is no longer unique and “can easily be replicated by other networks.”

The Rise Of The “ETH Killers”

Panigirtzoglou elaborated on the growing competition for Ethereum, highlighting that there are just going to be more blockchains popping up to compete with the network in the future. The strategist brought up Cardano’s latest upgrade, which added it to the growing list of competitors for Ethereum. “You’re already seeing competition from Binance, competition from Solana,” Panigirtzoglou said. “And there are going to be more in the future,” he added.

Related Reading | Ethereum Is Ready For Inevitable Climb Over $10,000, Says Crypto Analyst

The rise of the so-called “ETH Killers” has certainly been an interesting turning point for the crypto industry. Although Ethereum still hosts the majority of smart contract-related activities in the market, blockchains like Solana have started creeping up to take more share from the leading blockchain. Giving credence to Panigirtzoglou’s belief that these blockchains will make ETH less valuable in the long run.

Featured image from Libertex, chart from TradingView.com

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Source: https://www.newsbtc.com/news/ethereum/ethereum-55-lower-valuation/

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Ethereum, Solana, VeChain Price Analysis: 22 September

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The entire cryptocurrency market has been facing severe bearishness over the past few weeks. The king of altcoins, Ethereum broke down below crucial support levels and would incur selling pressures from all around. That effect would automatically trickle down to the other smaller altcoins in the market like VeChain.

However, thanks to its recent rally, Solana seemed to be in a relatively better place to continue its upward trajectory if market sentiments improve.

Ethereum (ETH)

ETH/USD | Source: TradingView

Ever since the correction that happened on El Salvador’s Bitcoin Day ETH/USD has been trading in a very narrow range between $3100 to $3500. It had briefly broken out of the range, only to fall back down into it, before correcting even more.

This was a worrisome signal since it broke down (white arrow) below the descending triangle pattern on the chart as depicted by the pink lines. Ethereum prices also broke below the next support level of $2990 as depicted by the yellow trend line. So unless the prices are able to rally back from current levels to the range of $4000-$4400, the short term future for this counter remained bleak.

The Relative Strength Index dropped below 40 mark which would add to the selling pressure in this currency pair. The MACD, which suffered a bearish crossover a few weeks back entered the negative territory too. The prices have also moved significantly below the 20-day Moving Average line (marked in green) to further add to the bearishness.

Solana (SOL)

SOL/USD | Source: TradingView

Solana has been one of the best performing coins in the past month and a half and its rally propelled it to the seventh biggest coin by market capitalization. Since mid-August, 2021 it rallied nearly five times in price (blue channel), before correcting sharply a month later in line with the entire market and that correction turned into a bearish trend ever since.

Due to the nature of the recent rally, the only logical level of support for the prices would come near $20. However, if Solana prices are able to breakout of the white channel from current levels to above $160, the earlier rally may resume.

Despite the major correction over the past few days from $200 to current prices, indicators had turned extremely bearish yet. The Relative Strength Index remained near the 50 mark so there was still some bullishness.

The MACD which suffered a bearish crossover still remained well within the positive region as well. The prices however, broke down below the 20-day Moving Average (green) but again, it isn’t too far away to retest those levels. So overall, bullish sentiment in this particular coin still persisted.

VeChain (VET)

VET/USD | Source: TradingView

The VET/USD currency pair was extremely volatile and fell significantly from its all time highs. Since then it was trading within a very wide range however, a promising chart pattern was beginning to emerge for this particular coin.

A bullish cup and handle pattern was seen (white lines) and a breakout over $0.12-$0.16 can result in a major rally. The level of support for VeChain was around $0.06 and that should hold fine based on historical data.

Although, the indicators did not show as much enthusiasm on the bullish side. The Relative Strength Index touched 30 levels and currently was around 37 which was very weak. The MACD too breached the zero line and crossed over into the negative territory.

The prices also dropped below the 20-day Moving Average (green) over two weeks ago and were not able to break out of it ever since. So overall, this coin, much like many others in the market, faced the heat of extreme bearishness in the market and would require a convincing breakout over $0.16 to be bullish again.

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Source: https://ambcrypto.com/ethereum-solana-vechain-price-analysis-22-september

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