Monat: Mai 2022

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Bitcoin’s Jumps above $30,000 could be a short term

Bitcoin (BTC) has managed to jump back above $30,000 after falling sharply in the last few weeks. There is hope the mega-cap coin is finally back on an upward trajectory. However, technical analysis does not support this and in fact, the surge could be a dead cat bounce. Here are some highlights:

  • Bitcoin is struggling to keep the momentum going above the $30,000

  • The coin will need to advance above $30,800 before any decisive run

  • It is likely BTC will fail to reclaim the $30,800 and fall sharply thereafter 

Data Source: TradingView 

Why Bitcoin will fall below $30,000

The $30,000 price is psychologically important for Bitcoin. In fact, when the coin fell below it, there were fears that it could unravel to $20,000. But Bitcoin has recovered and has finally regained $30,000. 

Although this could be the start of a prolonged recovery, there is still a long way for BTC to go. Based on technical analysis, the coin will need to regain the $30,800 support. So far, it’s struggling to hit the mark. We don’t think BTC has enough bullish momentum to reach that price. 

Also, the rally this week could be driven by short-term dip buyers. It is likely that they may start cashing in once they realize the upside above $30,000 is limited. Eventually, BTC will likely drop in the short term and could retrace losses towards $26,000 before another leg up.

Are Whales accumulating Bitcoin?

Interestingly, most big wallets are invested in Bitcoin for the long term. In fact, large wallets have added more Bitcoin during the may dip. 

For this reason, BTC is likely to remain relatively stable in the short term. The coin could still find its ATH this year but we will have to wait and see if sentiment improves.

The post Bitcoin’s Jumps above $30,000 could be a short term appeared first on Coin Journal.

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Top coins to buy as we enter the second half of 2022

Polygon Logo on a mobile phone screen

2022 appears to have simply flown by so fast for most crypto investors. The market has not delivered as expected, but we have not seen any major crashes. As we enter the second half of the year, there are some opportunities to make good money. Here is why:

  • Most coins have failed to really break out and remain heavily discounted.

  • The second half of the year could bring a change in fortunes as more investors enter the market.

  • The overall outlook for many coins is still good, even with the slump during the first half of 2022.

So, we decided to create a list of two coins that we think could blow up in the final half of 2022. Here they are:

Polygon (MATIC)

At the start of 2022, one coin that was earmarked for great things was Polygon (MATIC). Analysts all over felt that the altcoin would challenge major projects like Ethereum and Solana. This was after MATIC had delivered insane gains for investors a year earlier.

But flash forward six months into 2022, and MATIC has fallen sharply. At the moment, it’s very difficult to see how the altcoin will live up to the high expectations set at the start of the year. But we believe Polygon and its fundamentals will be good enough to attract more buyers. As such, MATIC could offer up to 4x growth from the current price.

Cosmos (ATOM)

One thing we love about Cosmos (ATOM) is its incredible resilience. Yes, the coin has suffered losses this year. But compared to the rest of the market, it has actually managed to fend off major sell-offs. 

We also think the coin is significantly undervalued, especially when you look at its roadmap and the vision it has for the future. For this reason, ATOM is highly recommended for the rest of the year.

The post Top coins to buy as we enter the second half of 2022 appeared first on Coin Journal.

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UK regulators are looking into Terra’s debacle while weighing new crypto Rules

UK market regulators are looking into the Terra (LUNA) nosedive which started during the recent crypto market bloodbath. The market dip saw the largest crypto in the market, Bitcoin, drop as low as $26k while Terra dropped by almost 100%.

However, the regulators are not only paying close attention to the current LUNA dip but also to the entire crypto market in order to set new rules and regulations. 

Sarah Pritchard, Financial Conduct Authority Executive Director for Markets, while commenting on the news said that the recent stablecoins instability in the market “will absolutely need to be taken into account”. 

However, the team is working on developing and implementing new crypto assets rules later in the year.

Pritchard said:

‘’Innovation lasts if it works well, and clearly, we’ve seen the consequences and some of the issues that can arise.’’

Pritchard also noted that almost 70% of adults aging 40 or below bought crypto assets with the assumption that they were regulated. Her comment came amid the wake of the fallen Terra (LUNA) and its Terra USD (UST), a stablecoin that maintains a $1 to $1 peg.

Pritchard also hinted at crypto risks saying:

“In the last week where we saw significant price movements, it brings that into the fore and it shows the importance of making sure that people understand that that is a risk of where they put their money.”

In April, the Treasury said that it was planning to inspect the crypto market state for it to develop regulations that will issue stablecoins as well as wallet provisions. 

As we wait for more details from the upcoming Market Bill and Financial Services announcement, UK regulators are set to get new power later in the year from the Treasury where they will be in charge of all crypto assets regulations.

The post UK regulators are looking into Terra’s debacle while weighing new crypto Rules appeared first on Coin Journal.

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Sandbox (SAND) rallies after Coinbase said it intends to list it

Sandbox (SAND), the native token of The Sandbox Metaverse, rallied by over 13% yesterday after Coinbase, the largest crypto exchange in the United States, announced in a tweet that it is intending to list SAND on its platform.

Following the announcement, SAND has become one of the top gainers among the gaming tokens with its trading volume jumping by a whopping 224.90% to stand at over $1.2 billion.

At the time of writing, SAND  had slightly pulled back to trade at $1.29 after hitting a daily high of $1.38 following the announcement by Coinbase.

SAND featured on Coinbase roadmap

Coinbase had earlier on said that it will add 6 SPL tokens on the Solana network and around 45 different ERC-20 tokens on the Ethereum network.

Gaming tokens have been greatly affected by the crypto market bloodbath, with the SandBox token dropping by 54% in the past month, however, its latest surge seems to be recovering the loss. 

For the token to be energy efficient, greener, and cheaper, the ecosystem will be shifting over Polygon Matic, OxPolygon.

Enhancing Sandbox Web 3 development and Metaverse growth

Sandbox also announced that it has gotten a full-stack development technology from Cualit, an Uruguayan company with gaming experience. The firm will help them to bolster their blockchain innovations, and Web 3 developments together with other development capabilities

In the meantime, gaming category coins’ cumulative Market cap also rallied by over 9% with their total valuation standing at $13.6 Billion, and the trading volume surging by 8.5% to stand at $4.9 Billion. 

Big ETH whales also seem to be embracing gaming tokens at a time when the general crypto market is trading sideways. WhaleStats shows that in the last 24 hours, top gaming tokens like ApeCoin (APE), Decentraland (MANA), and Axie Infinity (AXS) joined the top 10 list of the most purchased gaming tokens.

The post Sandbox (SAND) rallies after Coinbase said it intends to list it appeared first on Coin Journal.