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Today’s Cryptocurrency Headline

The Algorand Foundation announced the launch of Viridis DeFi Fund, with a current total value of over $300 million in the form of 150 million ALGO tokens, to promote DeFi applications on the Algorand blockchain. The Algorand Foundation said it would launch a “Oracle SupaGrant” in a total value of  $5 million seeking suggestions for integrating the network with related feeding rates, and a “Bridge SupaGrant” of $5 million.

Bingbon’s Bitcoin Chart

Source: TradingView & Bingbon

Bitcoin continued its volatile downtrend yesterday, bottoming out near $44,100, the first support level we mentioned earlier. In the long-term trends, the 200-day moving average is the dividing line between bulls and bears. Currently, BTC price is just around 200 MA. If BTC can not regain $46,000 in the next few days, then the future market will not be optimistic. It could be a sign that the market is turning cold. The overall market value of cryptocurrencies has nearly doubled since the trough in May. Even with blockchain innovation and a market cap that could grow to $800 billion next year, it could actually take quite a while before the market to take off again.