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Is Enjin [ENJ] on the cusp of a massive rally?

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Just over 24 hours ago, Enjin announced that it had become the first NFT company to be accepted into the United Nations Global Compact. The blockchain platform will now be exploring ways to use non-fungible tokens to promote the UN’s sustainability and equality aims.

Arguably, the blockchain firm has already made noteworthy strides in reducing the climate impact of NFTs through the development of its JumpNet blockchain. Additionally, Enjin is also a part of the Crypto Climate Accord and intends to make the crypto-industry run entirely on renewable energy by the year 2025.  

Enjin is, no doubt, doing good for the environment, but how good is its own state at the moment? Well, the altcoin’s on-chain data did present a few positives.

1. Price DAA Divergence 

Source: Santiment

As can be seen from the attached chart, ENJ’s Price DAA Divergence has been in the bullish zone since the beginning of this month. As a matter of fact, this metric tracks the relationship between the alt’s price and the number of daily addresses interacting with it.

At press time, the crypto was trading at $1.10 after registering a 10.10% dip over the last week. The alt’s price fall, coupled with the rise in the number of active addresses, seemed to be triggering a ‘buy’ signal at press time.

However, ENJ’s recent price movements are evidence that these kinds of divergences have not always allowed the alt to range better in the market. Consider the phases between 1 May – 11 May and 1 June – 11 June – On observation, it can be clearly found that the altcoin was not able to seize higher trading targets, despite a bullish divergence on the charts. 

Therefore, market participants need to wait for the bullish signal to further intensify before stepping into ENJ’s arena. 

2. Volume

Source: Santiment

Enjin’s volume did see a couple of spikes in the second week of July, but it ended up dropping back in the days that followed. In fact, on 20 July, ENJ’s volume projected a value of 165.65 million while the same, during the second week of April, effortlessly managed to cross the 2 billion mark a handful of times. 

Now, even though higher volumes do not always correspond to a price rise, it should be noted that ENJ’s recent upticks have mostly been triggered by high volumes. Hence, for ENJ’s price to bounce back, this metric would have to change its course soon.  

3. NVT Ratio

Source: Santiment

As can be observed from this chart, ENJ’s NVT (network-value-to-transaction) ratio recorded a substantial uptick over the past 24 hours. This hike was a sign that the network value had started becoming overpriced and ENJ’s trading volumes would need to increase to balance the structure. This signal, to a certain extent, also underlined that ENJ’s price might subject itself to more corrections before finally rallying.

Looking at the state of the aforementioned metrics, it can be concluded that it would take some more time for ENJ to witness another rally on the charts.

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Source: https://ambcrypto.com/is-enjin-enj-on-the-cusp-of-a-massive-rally

Blockchain

Goldman Sachs Files for “DeFi” ETF to Track Tech Giants

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The banking giant filed an application with the U.S. Securities and Exchange Commission (SEC) on July 26 for a DeFi ETF that would offer exposure to public companies.

According to the filing, the proposed fund called the “Goldman Sachs Innovate DeFi and Blockchain Equity ETF”, seeks to provide investment results that closely correspond to the performance of the Solactive DeFi and Blockchain Index from the German indices provider.

The details were thin on the ground but the fund will invest at least 80% of its assets into securities, stocks, and fintech firms featured in the index.

DeFi Fund Without The DeFi

It appears that Goldman may be a little confused over the definition of “DeFi”. A closer look at the Solactive Index reveals that it is largely comprised of U.S. tech giants and international telecoms companies.

Of the top twenty components in its July 23 report, not one of them could be described as a DeFi or blockchain project or organization. The top three were Nokia, Facebook, and Google’s Alphabet.


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Also in the list of stocks tracked were payments giants Visa, Mastercard, and PayPal, tech giants Microsoft, IBM, and Intel, and Chinese e-commerce and telecoms monopolies Baidu, Alibaba, and Tencent.

Hardly what anyone would describe as “decentralized finance”.

It is not the first time Goldman Sachs has got its wires twisted over the crypto industry.

Confusion Reigns at Goldman

In a June 14 report, titled “Digital Assets: Beauty Is Not in the Eye of the Beholder”, the bank concluded that Bitcoin is not “a long-term store of value or an investable asset class”.

They contradicted a May 21 report titled “Crypto: A New Asset Class?” which was largely positive about them with the global head of digital assets at Goldman, saying “Bitcoin is now considered an investable asset”.

Earlier this month, analysts at the investment bank outlined their reasoning behind the claim that Ethereum will eventually become a better store of value than Bitcoin. It also reported that 45% of the ultra-rich are interested in crypto.

In April, Goldman added Bitcoin to its year-to-date returns report, and in March, the bank filed for a Bitcoin ETF with the SEC according to crypto custody firm New York Digital Investment Group (NYDIG).

Now it seems that Goldman has equated DeFi with the likes of Facebook, Google, and Microsoft!

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Source: https://cryptopotato.com/goldman-sachs-files-for-defi-etf-to-track-tech-giants/

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Blockchain

Huobi Files to Dissolve Chinese Entity Following Recent Cryptocurrency Crackdown

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One of the leading cryptocurrency exchanges, Huobi, has filed to dissolve an entity based in China. This comes as the country escalates its efforts to clamp down on the cryptocurrency industry, in general.

  • Evident in Chinese business registration archives, the entity’s management has filed a Resolution to dissolve On July 22nd, this year.
  • The announcement further reads that “creditors are requested to declare their claims to the liquidation team within 45 days from the announcement date.”
  • Listed as a claim contact person, as well as the head of the liquidation team, is Huobi Group’s founder and CEO, Lin Li.
  • It’s worth noting that Huobi has moved its exchange out of China quite a while back, and it’s unlikely that this will affect its services. As of now, Huobi Group is based in the Seychelles.
  • In any case, the move comes amid a broader crackdown on behalf of China towards the entire cryptocurrency industry.
  • Just this month, China’s Central Bank shut down a company that provides services for cryptocurrency transactions.
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Source: https://cryptopotato.com/huobi-files-to-dissolve-chinese-entity-following-recent-cryptocurrency-crackdown/

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Blockchain

Goldman Sachs Files for “DeFi” ETF to Track Tech Giants

Published

on

The banking giant filed an application with the U.S. Securities and Exchange Commission (SEC) on July 26 for a DeFi ETF that would offer exposure to public companies.

According to the filing, the proposed fund called the “Goldman Sachs Innovate DeFi and Blockchain Equity ETF”, seeks to provide investment results that closely correspond to the performance of the Solactive DeFi and Blockchain Index from the German indices provider.

The details were thin on the ground but the fund will invest at least 80% of its assets into securities, stocks, and fintech firms featured in the index.

DeFi Fund Without The DeFi

It appears that Goldman may be a little confused over the definition of “DeFi”. A closer look at the Solactive Index reveals that it is largely comprised of U.S. tech giants and international telecoms companies.

Of the top twenty components in its July 23 report, not one of them could be described as a DeFi or blockchain project or organization. The top three were Nokia, Facebook, and Google’s Alphabet.


ADVERTISEMENT

Also in the list of stocks tracked were payments giants Visa, Mastercard, and PayPal, tech giants Microsoft, IBM, and Intel, and Chinese e-commerce and telecoms monopolies Baidu, Alibaba, and Tencent.

Hardly what anyone would describe as “decentralized finance”.

It is not the first time Goldman Sachs has got its wires twisted over the crypto industry.

Confusion Reigns at Goldman

In a June 14 report, titled “Digital Assets: Beauty Is Not in the Eye of the Beholder”, the bank concluded that Bitcoin is not “a long-term store of value or an investable asset class”.

They contradicted a May 21 report titled “Crypto: A New Asset Class?” which was largely positive about them with the global head of digital assets at Goldman, saying “Bitcoin is now considered an investable asset”.

Earlier this month, analysts at the investment bank outlined their reasoning behind the claim that Ethereum will eventually become a better store of value than Bitcoin. It also reported that 45% of the ultra-rich are interested in crypto.

In April, Goldman added Bitcoin to its year-to-date returns report, and in March, the bank filed for a Bitcoin ETF with the SEC according to crypto custody firm New York Digital Investment Group (NYDIG).

Now it seems that Goldman has equated DeFi with the likes of Facebook, Google, and Microsoft!

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PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


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Source: https://cryptopotato.com/goldman-sachs-files-for-defi-etf-to-track-tech-giants/

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