With the end of day two of trading fast approaching, here’s how the Bitcoin ETF (EBTC) is performing today compared to the ASX.
In truth, both are having an excellent day.
Following yesterday’s sharp fall, the All Ordinaries Index (ASX: XAO) is up 1.8% in late afternoon trading.
EBTC is charging well ahead of that, up 13.6%, with $315,000 worth of trades transacted so far today. That gain is largely in line with gains in the Bitcoin price since the token’s plunge amid yesterday’s wider crypto rout.
CBTC, meanwhile, is up 14.0%. While the Ethereum(CRYPTO: ETH) ETF, EETH has gained 15.2%.
With those kinds of gains coming in on day two, volume levels may also pick up over the coming days.
VeChain Works With Walmart China To Power A Food Safety Platform
Walmart China has recently announced a new VeChain powered food traceability platform. The goal is to provide consumers with the possibility to have more information about the quality of the food they are buying.
Users will be able to scan the QR code from different products sold in China and understand how they have been produced.
Liu Xiaoen, Chief Purchasing Officer of Wal-Mart China, commented:
“Wal-Mart has always been committed to becoming a retailer trusted by consumers. In the 23 years since entering China, Wal-Mart has continuously strived to improve food safety and quality management. Blockchain technology will help Wal-Mart become a leader in commodity retrospective management in the retail industry.”
With this new traceability system, it will be possible to see traceable fresh meat account for 50% of the total sales of packaged fresh meat, vegetables will account for 40% of the total sales for packaged vegetables. Furthermore, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.
This is very important for VeChain holders that are trying to understand how the digital currency is going to behave in the future. As perVeChain Insider, the recent increase in transactions on the VeChainThor blockchain can be related to Walmart going live on-chain with 23 different products.
All the transactions will require VTHO that is generated by VET. There are 37 million VTHO generated each day. More than 20 million VTHO are also burned every single day. In the future, the number of transactions could grow since Walmart is expected to scale the platform by another 100 product lines.
It is worth mentioning that this is going to be just one of the partners of VeChain. As the product shows positive results in Walmart China, there may be new interested parties in improving their solutions by implementing blockchain technology through VeChain.
According to the team behind VeChain, there could be over 2 million daily transactions with the help of Walmart China. This would make VeChainThor a bigger network than Bitcoin (BTC) and Ethereum (ETH) combined.
There are also other companies around the world that are already using blockchain technology in order to track different products in supermarkets. This is very positive for individuals that would be able to have more information regarding the products they purchase in different retail stores in different countries.
Fundamentals are very important for a cryptocurrency network. During periods of weak growth or a bear market, it is very important for crypto and blockchain projects to remain active improving the solutions they offer to individuals. VeChain continues to expand in the market. Since the beginning of August, the number of accounts with more than 1 VETgrewby almost 4%.
It will be very important for companies to embrace VeChainThor and improve the products and services offered. This is going to help increase the adoption of VeChain and help increase the price of the VET digital asset. More partnerships and agreements with firms are going to be very bullish for the long-term price of this digital asset.
More Transactions Coming Means More VET Price Pressure
The more transactions and smart contracts on the chain mean more VTHO will be burned. These transactions require VTHO to be used and burned.
As more VTHO is burned, enterprises will need to go on the market to buy more VTHO in order to execute blockchain writing. This would thus increase the value of VTHO. If an enterprise doesn’t want to go this route, it could buy VET and produce its own THOR; a move which should see a price increase in the native coin (VET), still boosting the value of holders.
While all of this happens, Vechain is currently in talks with the Chinese government to create a new carbon ecosystem—this time with multiple participants (large enterprises) that could. take part. This would be even bigger than BYD’s Carbon Credit application for electric vehicles. Vechain could find itself as the primary blockchain for an entire ecosystem of the “tracked” economy within Chinese initiatives.
2021 was the year when Bitcoin hit the mainstream
The year 2021 will be viewed as the time when institutional investors finally warmed to Bitcoin.
Large companies like Tesla Inc(NASDAQ: TSLA) and MicroStrategy Incorporated(NASDAQ: MSTR) publicly revealed that some of their asset holdings were in cryptocurrency.
Then, both abroad and in Australia, exchange-traded funds (ETFs) that tracked the fortunes of the crypto industry were established. This allowed stock investors to nab a piece of the action without directly purchasing crypto.
El Salvador even became the first country to accept Bitcoin as legal tender. Experts are predicting other lower-income nations will follow in 2022.
“Like many major corporations, financial institutions, governments, prestigious universities, and household-name investing legends, I’m confident that digital currencies are the inevitable future of money,” said Green.
“In our increasingly tech-driven, globalised world, it makes sense to hold digital, borderless, decentralised currencies.”
VeChain (VET) Price Prediction TradingView Analysis Updated May 21, 2022
$VET #Vehcain will meet 0.02 cents. by Nick.TkgProfits on TradingView.com
This VET/USDT trading analyst started his analysis a few days ago when the market fell below very important support for this virtual currency. This support level was at 0.044 USDT and it allowed the virtual currency to remain above this level for most of 2022 and the end of 2021. Hence, breaking this lower was a very bearish sign for this digital currency.
Now, this analyst shows that it might be possible for this virtual currency to move towards its previous resistance level of 0.06 USDT and then fall to 0.02 USDT, or simply try to hit the previous support (now resistance) of 0.044 USDT and then move lower towards 0.02 USDT per coin in the coming months of 2022.
Everything will depend on the general trend of the market and how digital assets behave in the near future.
VET USDT by AnthonyManuelDosSantos on TradingView.com
This VET expert shows that the virtual currency has been trading on a parallel channel despite the recent bearish price action. The virtual currency has been moving between 0.1875 USDT and 0.039 USDT in recent months. This long-term analysis for VET shows that there are very important support and resistance levels that have been described by the expert.
These support levels include 0.039 USDT and 0.052 USDT. When it comes to resistance levels, we find 0.08157 USDT, 0.156 USDT and 0.18755 USDT per coin. Therefore, it would be very important for VET to stay above the current support levels.
Another thing that is worth pointing out is that the analyst shows that the virtual currency could soon move towards the higher boundary of the channel at 0.156 USDT and then fall to 0.0177 USDT throughout the year before starting a new bull trend.
VECHAIN – WHAT’S UP? by chopswag420 on TradingView.com
As per the analyst, despite the recent bleeding of Bitcoin and U.S. indices, VET looks like could get ready for a new pump in the future. The analyst shows in the charts that VET could start moving higher and try to get closer to 0.09 USDT per coin. This would happen if it breaks through different resistance levels that have been drawn by the analyst in the chart.
These resistance levels include 0.06195 USDtT 0.07 USDT, 0.075 USDT and 0.0815 USDT. Now, there could be a move downwards that could push the price of this virtual currency even lower (below 0.04 USDT as shown by the expert).
According to him, in the long term, this project is expected to succeed. However, in the short term, there might also be some good and better buying opportunities. If a bear market starts, he warns that investors could move from altcoins to Bitcoin (BTC).
VET/USDT 43% Up from our entry and still Upward Potential by CryptoPatel on TradingView.com
The VET/USDT trading pair shows that the virtual currency has been moving higher since 2020 and it continued throughout 2021 and until the end of the year. Now, we see that the coin has been in a downward channel that has reached a bottom close to 0.04461 where there was very strong support for this digital asset.
The expert shows that this allowed VET to move higher and hit a price per coin of 0.087 USDT. Now, there has been a small retracement due to the whole crypto market moving downwards. But this could be momentaneous. Another thing to take into consideration is that the coin could continue its path higher and hit the resistance level of 0.12 USDT per coin.
Bitcoin continues to lead the market and this could have an impact on VET and other virtual currencies.
🔥 VET Bullish Break Out by FieryTrading on TradingView.com
As per this analyst, like most other cryptocurrencies, VET has been trading alongside a bearish trendline for over three months. Moreover, he shows that the coin has recently broken through this trendline and it is regaining ground rapidly. The expert says that if Bitcoin stays neutral, then, VET could continue to trade higher in the coming weeks. He also sees VET trying to hit 0.0678 USDT per coin in the near future. If that happens, the next target would be 0.0825 USDT per coin.
Another thing that we should take into consideration is that the Bitcoin (BTC) could move towards $46,000 in the coming days. This could help VET and other virtual currencies move higher. Sometimes, when Bitcoin moves higher, it pushes altcoins even further, which could be very bullish for VET and other coins.