Monat: Januar 2022

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Bybit completes Arbitrum integration, funds bitDAO with $134M

Bybit, one of the most dynamically growing cryptocurrency exchanges in the world, has completed the integration of the Arbitrum mainnet, Coin Journal learned from a press release. 

With this integration, exchange users can make deposits and withdrawals in Ether (ETH), Tether (USDT) and USD Coin (USDC) on the Arbitrum network from Jan. 27 onwards.

Arbitrum relieves congestion on Ethereum

Arbitrum aims to relieve congestion on the Ethereum mainnet. The Ethereum Layer 2 (L2) scaling solution is one of the first optimistic rollups with this goal.

The costs of transactions on Ethereum are reduced by using Arbitrum. This is because the latter performs operations off-chain and posts the results to the mainnet to secure proof.

Heradling the next level of trading

As an L2 like Arbitrum allows anyone to ensure correct results, Bybit users will enjoy trustless security rooted on the Ethereum blockchain. That’s not all. Other advantages include Arbitrum’s low gas fees, speed, and rapid throughput.

Most reliable, stable, and liquid exchange

Bybit has proven to be among the most reliable, stable and usable cryptocurrency exchanges and also has the highest liquidity. The exchange boasts a 99.99% up rate all year round with neither downtime nor overload.                     

Ben Zhou, co-founder and CEO of Bybit, commented:   

Arbitrum is a promising and innovative scaling technology that we are excited to bring to Bybit users — with its decentralized, developer-friendly and broad ecosystem support, we continue to offer next level products and services to all crypto lovers.

Bybit contributes $134M to bitDAO’s treasury 

In related news, Bybit announced it has provided funding to Bitdao.io in the amount of $134 million in Ether, Tether, and USD Coin. 

This is equivalent to 2.5bps of futures trading volume between Nov. 1 and Dec. 31 last year according to a tweet by the exchange. The exchange has also pledged to make recurring contributions.

About Bybit

Bybit is a cryptocurrency exchange established in March 2018. It offers a professional platform where crypto traders can find an ultrafast matching engine, excellent customer service and multilingual community support.

The company provides innovative online spot and derivatives trading services, mining and staking products, and API support to retail and institutional clients around the world.

The post Bybit completes Arbitrum integration, funds bitDAO with $134M appeared first on Coin Journal.

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Stellar trade neutral after price struggle to extend bearish rally

Key points

  • The market lack volatility after oversold price stabilisation

  • $0.25 and $0.14 maintain demand and supply levels

  • Stellar approach smart contract incorporation into its network 

According to the recent announcement from the official Stellar Twitter handle, it seems the stellar coin will present room for innovation in 2022, as the company aims to incorporate smart contracts into the stellar network.

While this could leave a positive impact on the value of the asset. However, Stellar is known for its rapid rise in price towards the close of Q1 and its swift fall in the middle of Q2 in 2021.

And ever since the market crash in May, XLM/USD expanded „swing channel“ price movement below the $0.9 ATH value.

Though there is no significant evidence if the asset will maintain this bearish momentum for long-duration. After $0.14 and $0.25 have been labelled as the initial near-term support and resistance of the market.

With an optimistic viewpoint on the XLM/USD price chart. It should be noted that if the value of Stellar should find its way above the $0.25 near-term resistance, gaining bullish attractions will be the next event that will be recorded in the market. As the bulls are waiting for the price to cross above the $0.25 near-term resistance.

Technical analysis outlook for XLM/USD price action

To explain XLM/USD technical analysis into a simplified term. That will give the trading decision a profitable entry point. Below is the breakdown of stellar price action from the daily time frame.

Source – TradingView

Amidst the recent oversold condition the market has undergone in the last six days. From the daily price chart, XLM/USD extends short-term sideways price action along the middle of the supply and demand levels.

With a small body candlestick pattern printed on the daily price chart, the market volatility was put on a halt after the Average True Range indicator pointed to the south.

Final thought

While we might be in haste to trade XLM/USD, however, market players should take into consideration the exit and entry points that need to be respected before market orders can be executed.

At the moment, $0.25 is acting as near-term resistance, meaning a break above that level will change the entire ecosystem of XLM/USD into a bullish bias. On the other hand, if the price should dip below $0.149 near-term support, the value of the asset will resume a bearish trend to the south.

The post Stellar trade neutral after price struggle to extend bearish rally appeared first on Coin Journal.

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Gal Yosef launches Meta Eagle Club NFT collection

Globally respected 3D artist Gal Yosef is excited to launch his Meta Eagle Club NFT collection, which will be backed by the internationally acclaimed Eden Gallery.

About Gal Yosef

Gal Yosef is well-known in the 3D art and NFT community. He created the swiftly sold out Crypto Bulls Society collection, which earned over $50 million from primary sales and market auctions. He has worked with celebrities like Justin Bieber and DJ Steve Aoki. 

One of his unique NFTs, created through such a collaboration, fetched $214,000 at Sotheby’s. The upcoming Meta Eagle Club NFT collection will feature his lifelike cartoon-style avatars, which are universally adored.

A critical turning point

The collaboration between Gal Yosef and Eden Gallery is a critical turning point in the NFT industry. Projects from accredited artists are emerging front and center.

Through their combined skills and the NFT collection, Gal Yosef and Eden Gallery will bring a new vision to NFT art.

Collection features art world with 12K eagle avatars

The NFT collection, which is the first installment of a series of Gal Yosef’s own collections, features a digital art world named Galyverse. The first collection in this digital world is comprised of 12,000 captivating eagle avatars. Gal Yosef explains the choice of the eagle:

I was searching for a character that could help portray a charismatic avatar, but also one that’s warm and inspiring to others. Depicted as a symbol of freedom in so many different cultures, Eagles, out of the entire animal kingdom, also represent the strong and brave-hearted. Working on the wings and feathers allowed me to soar and explore new heights in 3D art.

Merging art and community

The Meta Eagle Club wants to merge community building with upscale art, an evolving vision, and exclusive physical gallery events. 

It will bring physical artwork to Eagle avatar owners to support NFT collectors. Eden Gallery and RNSNC, its cutting-edge NFT studio, will help make this possible. Collectors will also enjoy additional benefits, including VIP flights around the world.

 

The post Gal Yosef launches Meta Eagle Club NFT collection appeared first on Coin Journal.

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Bitcoin Price Prediction: Can Bitcoin breach resistance?

  • Bitcoin has made a V-shaped recovery in the last 48-hours
  • Bitcoin is now trading at a key resistance level of around $38,165.
  • f the $38,165 level is broken, $40k BTC is a possibility in the next 24-hours

Bitcoin (BTC/USD) is in a rebound after making a V-shaped recovery at $32800 on January 24, 2022. Buying volumes have been rising as Bitcoin continues to price in the potential interest rates hike in the U.S, which has been the key reason behind its recent decline.

Bitcoin makes a rebound

Bitcoin is the first decentralised digital currency that allows people to transfer money without relying on third-party intermediaries like banks, credit card companies, and so on. Think of it as an electronic form of cash, and you can send Bitcoin from one person’s wallet (a phone app or online account) directly into another individual’s spending portal just by knowing their address.

Over the past year, Bitcoin has attracted a lot of institutional investors, a factor that played a role in its recent rally to $69k. Besides hedge funds and other institutionalised investors, individual corporations have also added Bitcoin to their balance sheets. Some of the more notable ones are Tesla and Microstrategy.

According to Cathie Wood of Ark Invest, if all S&P 500 companies apportion just 5% of their balance sheets to Bitcoin, BTC could be worth upwards of $500k within the decade.

Bitcoin remains highly volatile in the short term, though. At the moment, it is bouncing off a key support level. Investors were fearful that if it had kept going lower and breached $30k, BTC could easily have fallen below $20k.

Bitcoin price prediction

Source: TradingView

In the past 24-hours, Bitcoin has been in the green and managed to push through the 38.2% Fibonacci resistance at $36,989.61. At the moment, Bitcoin is testing the 50.0% Fibonacci resistance at $38,165.27 but is yet to break through it.

If Bitcoin manages to push through $38165.27, it could easily test $40k within the next 24 to 48-hours. However, if Bitcoin fails at $38,165.27, it is highly likely to fall back below $35k.

The post Bitcoin Price Prediction: Can Bitcoin breach resistance? appeared first on Coin Journal.

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Internet Computer price prediction: Is ICP stalling at key resistance?

ICP volumes even as the broader market turns bullish

Key points:

  •  ICP rebounds but volumes are lower than most major cryptos

  •  ICP needs to break 38.2% Fib resistance at $23.15 for trend confirmation.

  •  Broader market momentum is still a major factor.

Internet Computer (ICP/USD) has been on an uptrend for the last 48-hours. This is pretty much in line with the broader market, which has been in the green since Bitcoin bounced off lows of $32,800.

However, unlike most major cryptocurrencies, ICP’s rebound has not been strong. For most of the last 48-hours, ICP has been range-bound below the 23.6% Fibonacci resistance at $21.18.

Internet Computer yet to gain traction

With the Internet Computer, blockchain finally becomes what it was always meant to be – an open and distributed medium for applications. The revolutionary design unlocking smart contracts‘ full potential proves that this technology has so much more in store than just financial transactions or storing data securely. Internet Computer aims to create entire decentralised economies.

While it has a powerful value proposition, Internet Computer has not had the best of runs since it launched. Issues touching on its decentralisation came up a few months after it launched. What followed was a value collapse from over $400 to under $30.

Internet Computer is currently trading at $21.64 and has been gaining for the past 48-hours. This is in-line with the price action in the broader cryptocurrency market.

ICP price prediction

Source: TradingView

On the 1-hour chart, ICP has been gaining momentum for the last 48-hours. However, for most of that time, volumes have been low, and ICP has been consolidating below the 23.6% Fibonacci resistance at $21.18.

It is only in the last 6-hours that it has managed to push through the 23.6% Fibonacci resistance, but volumes are low. If volumes remain low, there is a risk that ICP could fall back below the $21.18 price level. In such a case, ICP could easily dip below $20.

However, if the broader market remains strongly bullish, ICP could not only hold above $21.18, but also possibly break the 38.2% Fibonacci resistance at $23.15. In such a case, ICP could easily trade above $25 in the course of the week.

The post Internet Computer price prediction: Is ICP stalling at key resistance? appeared first on Coin Journal.