Monat: März 2022

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Terra (LUNA) surges by 20% today as it overtakes Ethereum to become the most staked crypto

Terra (LUNA) is now the most staked cryptocurrency in the market. The coin has overtaken Ethereum and is expected to continue holding this title in the foreseeable future. As expected, the reaction from investors was immediate. Here are the highlights:

  • At press time, Terra (LUNA) had jumped 20% in intraday trading in response to the news.

  • Staked assets on Terra are now worth $29.5 billion with over 226,000 stakers as well.

  • The coin has smashed a key resistance of $90 support and could turn bullish in the coming days.

Data Source: Tradingview 

Terra (LUNA) – How the bull run could play out?

The market in general has rebounded the last few days with most coins posting gains. But Terra (LUNA) is really on full steam. The coin has surged by over 20% in the last 24 hours, trading at around $98. 

More importantly, Luna has now broken above a key overhead resistance of $90. This could suggest that a bull run is possible in the near term. Much of these recent gains were triggered by news that indeed Terra (LUNA) is now the most staked asset in crypto. This title was held by Ethereum. 

The key right now is to watch how long the coin can stay above $97. If this happens, LUNA could easily surge to new all-time highs of $112 and even above $120 in the weeks ahead.

Is Terra (LUNA) a good buy?

Well, every investor would love to own the most staked coin in the market. LUNA has become one of the most important assets in crypto, and it’s definitely highly recommended. 

For the long-term investor, just buy it now and hold for a year or so. But for short-term speculators, an upward rally is very likely for LUNA. A good entry will be below $100 but exit at $112 or thereabout.

The post Terra (LUNA) surges by 20% today as it overtakes Ethereum to become the most staked crypto appeared first on Coin Journal.

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Solana (SOL) is facing a major sell-off that could see a 40% wipeout

After hitting all-time highs in November last year, Solana (SOL) has really been under massive pressure. The coin is now approaching its last support. If that level is breached, then we could be looking at a massive sell-off. Here are some highlights:

  • The $80 support level remains the most important for Solana (SOL) right now,

  • If the altcoin falls below this, we could see a fall towards $50 before the next leg up.

  • At press time, Solana (SOL) was trading at $88, up around 4% for the day.

Data Source: Tradingview 

Solana (SOL) – The selloff risk

The recent rally in the crypto market has seen Solana (SOL) put some distance between the crucial support zone of $80. But there is still a huge sell of risk right now. How long the altcoin is able to keep the price action above $80 remains to be seen. 

However, if bears can put enough pressure to drop SOL below $80, then it is likely that the coin will plummet towards $50 in the near term. This will represent a nearly 40% wipeout. But what can bulls do? 

Well, the key is to get SOL above $102. This will put the altcoin above several key resistance zones before the $80 mark. While this may happen, it seems highly unlikely given the massive volatility we have seen in the market.

Should you stay clear of Solana (SOL)?

Well, as long as the sell-off risks remain, there is no need to get into SOL just yet. For long-term investors, it would be advisable to watch how the price action plays out. 

If we fall below $80, then give it a few days or weeks, and SOL will be selling at a massive discount. But if bulls can get it above $100, buy it then.

The post Solana (SOL) is facing a major sell-off that could see a 40% wipeout appeared first on Coin Journal.

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Why Monero is outpacing most big cap cryptos in gain

  • Monero rallied by over 20% in the last 24-hours. 

  • Speculation is rife that upcoming regulations in the U.S or Russian sanctions are behind the pump. 

  • If bulls sustain momentum, Monero could break $250 in the short term. 

Monero (XMR) is one of the world’s best cryptocurrencies when it comes to privacy. Monero uses a ring signature approach to sign transactions, which means multiple signers are brought together to authorize a transaction randomly.

For this reason, no one can trace transaction addresses, balances, or transaction histories. For this reason, Monero coins are fungible, which means that all coins are interchangeable, and none can be blocked.

In the past 24-hours, Monero has rallied by over 20%, making it one of the best performers of the day.

Why is Monero rallying?

There is growing consensus among investors that the U.S is about to introduce a raft of regulations that could affect the use of cryptocurrencies. This has seen users turn to privacy coins since transactions cannot be traced. 

There is also speculation that Russians could turn to privacy coins due to the sanctions on the Russian financial system. Monero is perfect for this role because it is private by default, which means Monero coins cannot be sanctioned.  

Monero eases up after 20% rally 

In the last 12-hours, Monero’s upside momentum has eased up. However, Monero bears have been unable to erase the gains that were made in the first hour of the day. This indicates that the price drop is due to profit-taking, and the overall momentum remains bullish.

If bulls regain control and push Monero through the 24-hour high of $207.8, prices above $215 could be tested in the short term. 

On the other hand, if bears gain momentum and push Monero through the day’s support at $169.65, prices below $150 could be tested in the short term. 

Summary 

Monero rallies as a combination of upcoming U.S crypto regulations and Russian sanctions favor privacy coins. While Monero’s price has eased up due to profit-taking, the overall momentum remains bullish.

The post Why Monero is outpacing most big cap cryptos in gain appeared first on Coin Journal.

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Biden signs Bitcoin executive order and says CBDC is a matter of “urgency” to the US

The US President Joe Biden has signed an executive order that actively calls for policies on Bitcoin and other cryptocurrencies and urgent action in researching and developing a central bank digital currency (CBDC) in the US. The executive order outlines how the government as a whole shall work in approaching the issue of regulating cryptocurrencies. It calls on all regulatory authorities to collaborate in the regulation and development of digital assets.

The order states:

“My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC. Any future dollar payment system should be designed in a way that is consistent with United States priorities.”

Recap of the executive order

According to the executive order, most regulatory agencies have between 120 days and one year to provide their reports on how Bitcoin and other cryptocurrencies operate within the US economy, how they can be regulated, and how to prevent their illegal use.

The order specifically gives a 210-day deadline on a proposal for CBDC development.

Of utmost importance is honing the illicit use of cryptocurrencies like cases of crypto being used in ransomware attacks and the order seeks to properly regulate digital payment methods and stablecoins.

The order states:

“The international Financial Stability Board (FSB), together with standard-setting bodies, is leading work on issues related to stablecoins, cross‑border funds transfers, and payments, and other international dimensions of digital assets and payments, while FATF [Financial Action Task Force] continues its leadership in setting AML/CFT [Anti-Money Laundering/Combating the Financing of Terrorism] standards for digital assets.”

The order also directs the Treasury Department, the Financial Stability Oversight Council, Federal Trade Commission, the Securities and Exchange Commission, federal banking agencies, the Consumer Financial Protection Bureau, and Commodity Futures Trading Commission to come up with policies for Bitcoin and cryptocurrencies to combat the illicit use of digital assets and protect individuals from “systemic financial risks.”

The order states:

“We must mitigate the illicit finance and national security risks posed by misuse of digital assets.”

The executive order did not leave out the matter of national security and it states that a non-state currency can be used to circumvent sanctions issued against regimes by the United States.

Effect of the executive order on the crypto market

The order has been received well by the majority of crypto enthusiasts and the crypto market which has been rising in anticipation of the order has surged even higher after the order was signed.

Bitcoin for example has surged by over 8% today and currently trades above $42K while Ethereum is up by over 5% and currently trades at $2,701.22. Terra (LUNA) which is leading the current bounce back among altcoins has raised by over 16% and currently trades at $99.67.

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