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Contrary to China’s generally negative stance on cryptocurrencies , one of the country’s largest technology companies, Xiaomi, has formed a partnership with SEI Coin. Founded in 2010, Xiaomi has become a significant player in the phone market, producing approximately 170 million mobile devices annually. Mister Crypto highlights four crucial reasons why the agreement between Xiaomi and SEI deserves notable attention.
Xiaomi and SEI Coin Collaboration
Through their collaboration with SEI, Xiaomi has integrated a pre-installed application on their phones, facilitating potential interaction with SEI for every Xiaomi customer. Mister Crypto underscores the paramount significance of this development for four major reasons.
Firstly, this partnership represents the largest distribution initiative in the history of cryptocurrency . With approximately 170 million devices manufactured by Xiaomi annually, all these gadgets will now be integrated with SEI to offer payment services.
Secondly, SEI will be positioned as the “WeChat of Crypto,” seamlessly integrating with the Xiaomi App Store and the entire ecosystem of payment systems on these devices.
Thirdly, SEI’s stablecoin will operate through Xiaomi’s version of Apple Pay, known as “MiPay,” with future prospects of expanding its usage across other platforms.
Lastly, such extensive distribution surpasses even the Solana $132 Saga phone and the Base application in terms of attracting numerous new users to the world of cryptocurrency.
“With just a $1.3 billion FDV, SEI holds immense potential as an undervalued altcoin !” – MisterCrypto
Continuing Downtrend of Bitcoin
Bitcoin $90,359 finds it challenging to maintain its footing above $90,000, currently hovering around $90,020 as the U.S. market opening draws near. Altcoin Sherpa, sharing a corresponding graph, anticipates a scenario analogous to the previous unsuccessful $94,000 test.
“We couldn’t surpass 94k, and these wicks aren’t promising. The 200 EMA on the 4-hour chart proves effective as a resistance indicator for now.
A return to these low levels wouldn’t surprise me, but I am quite uncertain — yesterday’s movement was inefficient, and generally, such movements see some fulfillment. My prediction is a rather flat trajectory today.”
U.S. markets are likely to open bearish, spurred by adverse reports from Oracle, and as observed numerous times within the first hour after market opening, BTC’s sell-off could intensify.
