Monat: Juli 2022

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Bitcoin is illiquid and likely to spike – 3 Cryptos to watch in case of a sudden rally

After several days in the green, the cryptocurrency market has turned bearish again. This follows news that the Federal Reserve could be about to raise interest rates. However, if recent rate hikes are anything to go by, it is clear that the markets are increasingly pricing interest rates pretty fast. 

The more important news on crypto is that Bitcoin is becoming illiquid. Data shows that 76% of all Bitcoin in supply is currently illiquid. This means just a few big orders on exchanges can trigger a massive price spike. 

This is a double-edged sword because Bitcoin can easily test extreme price lows, as low as $10k, or easily test prices above $40k or more. Since Bitcoin already has massive support at $20k, there is a good chance that a spike could be to the upside.

With such potential for a spike, it could be time to start shopping for altcoins that could follow the Bitcoin lead. Below are three of those that hold the most potential.

Ethereum (ETH)

The number two altcoin stands out as one of the top altcoins with the potential to do well if Bitcoin rallies. That’s because Ethereum (ETH) is amid big news besides its status as the largest altcoin. 

Recently, the Ethereum merge was done on a testnet, which turned out to be a big success. During the recent EthCC, it was announced that the merge would be done by September and push Ethereum to the next step in the goal of becoming the most secure and scalable platform blockchain ever created. 

If Bitcoin happens to spike amid this news, the odds are that Ethereum could outperform many other altcoins. 

Shiba Inu (SHIB)

Meme coins have shown to do pretty well in times of market rallies. Shiba Inu (SHIB), being one of the most famous and best-performing altcoins, stands tall among them. As such, if Bitcoin happens to pull off another rally, Shiba Inu could do well. However, it is not just about speculation about its past performance. A lot is going on within the Shiba Inu ecosystem at the moment.

For instance, the Shiba Inu team recently announced a SHIB-burning Visa Card. With this card, users will be burning SHIB when making payments. It means SHIB is on course to an accelerated drop in total supply, driven by real-world usages. That’s a pretty strong reason to believe in SHIB. 

ApeCoin (APE)

Despite the weak market performance for crypto in 2022, the appetite for NFTs remains strong. If Bitcoin spikes and FOMO kicks in, NFT cryptocurrencies could get a boost. ApeCoin (APE), one of the better-known NFT cryptocurrencies, could see a massive increase in value in such a scenario. 

Besides, with many large corporations taking an interest in the Metaverse, APE could get a boost if the Otherside Metaverse gains in adoption by a large corporation. Overall, the odds are in favor of ApeCoin doing well.

The post Bitcoin is illiquid and likely to spike – 3 Cryptos to watch in case of a sudden rally appeared first on CoinJournal.

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U.K Finance Association optimistic on crypto payments – 3 Cryptos likely to benefit most

Players in the finance industry are increasingly warming up to the idea that cryptocurrencies are here to stay. In most jurisdictions, favorable cryptocurrency regulations are coming up. However, the most significant pointer to the growing acceptance of cryptocurrencies as a legit means of payment is coming from the U.K. 

Recent data shows that the U.K finance industry believes cryptocurrencies can exist side to side with conventional payment systems. Per research done by the International Association of Money Transfer Networks (IAMTN), most finance industry leaders believe that blockchain technology and cryptocurrencies’ potential lies in their ability to get rid of the middleman and facilitate instant payments. 

The research also found that most business leaders believe that cryptocurrencies are an opportunity for endless opportunities, especially in cross-border payments. 

Such positive crypto findings point to the best payment cryptocurrencies potentially gaining ground in the market. Those most efficient at facilitating such payments stand to record the most gains going into the future. 

In the top 100 largest cryptocurrencies by market cap, several cryptocurrencies meet this criterion and hold growth potential going into the future.

Let’s look at some of those with the most growth potential.

Litecoin (LTC)

Litecoin (LTC) has been around for a while now. While it underperformed the market in the 2021 bull run, Litecoin’s potential as a payment cryptocurrency remains one of the best. Litecoin runs on a similar consensus mechanism to Bitcoin, making it one of the most secure and decentralized cryptocurrencies. This is a plus, given that one thing that makes cryptocurrencies attractive for cross-border payment is that crypto payments cannot be censored.

Besides the fact that Litecoin cannot be censored, LTC transactions are pretty cheap relative to those of Bitcoin. This makes it an attractive option for anyone looking to make cross-border payments. For this reason, Litecoin makes it to the list of cryptocurrencies that could do well now that the finance industry and regulators seem to be accepting the reality of crypto as an equal player in the cross-border payments market. 

Stellar (XLM)

Stellar (XLM) is another cryptocurrency that stands out in the cryptocurrency payments market. Stellar was designed for the cross-border payments market, similar to XRP. Over the years, Stellar has gained adoption for its low fees and fast speeds. 

Besides, Stellar payments can incorporate KYC. Not only does this reduce regulatory risks, but it also gives Stellar credibility as a legitimate tool for cross-border payments that is also conscious of modern-day problems such as terrorism financing and money laundering. This factor is likely to drive XLM adoption and could positively affect its value.

Bitcoin Cash (BCH)

Similar to Litecoin, Bitcoin Cash (BCH) has a similar consensus mechanism to Bitcoin. This gives it an element of security and decentralization unmatched by most cryptocurrencies. Bitcoin Cash transactions are also faster and less costly than those of Bitcoin. That’s why BCH adoption has gained traction over the last few years. As adoption grows due to crypto payment acceptance, BCH’s future looks bright.

The post U.K Finance Association optimistic on crypto payments – 3 Cryptos likely to benefit most appeared first on CoinJournal.

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MonkeyLeague partners with BAYZ for quality esport soccer games

MonkeyLeague, a play-to-earn Web3 soccer game launched on the Solana blockchain, has announced its partnership with BAYZ, a Brazilian Web 3.0 gaming DAO.

As part of the partnership, MonkeyLeague has donated a sizeable number of NFT assets that will be distributed to the best gamers who will be able to earn rewards after participating in matches.

Players can use a minimum of four NFTs to create the best team of their choice, train the players, play tournaments, play matches with real players, and be ranked in the league ranks. 

BAYZ’s driving force has been to attract more people into the NFT gaming world. Ever since, they have been helping developers, publishers, and their partners to grow their businesses as well as get the best market services.

MonkeyLeague expansion into Latin America

According to MonkeyLeague, the new strategic partnership will bolster its expansion into Latin America since BAYZ has already established a strong community and a network of content creators. 

In addition, BAYZ will offer full support to MonkeyLeague by creating and hosting tournaments as well as launching initiatives that will be aimed at expanding the MonkeyLeague ecosystem in the region.

MonkeyLeague’s aim since its launch has been to expand into the South American region, specifically Brazil, where a majority are video and football fans.  MonkeyLeague believes that the love for football in this region can be used for the growth GameFi 3.0.

MonkeyLeague head of marketing and partnership, Oren Langberg said:

“We knew from the very beginning that Latin America as a whole would be a major focus for us in terms of markets, and Brazil is definitely a core of that plan. Partnering with a Web 3.0 gaming powerhouse like BAYZ is just one of many significant partnerships we have in place to bring a high-quality esports soccer game to Latin America. This is only the beginning.”

In addition, BAYZ Co-founder, João Borges said:

“We are committed to bringing more and more relevant partnerships to our NFT gaming community. The partnership with MonkeyLeague solidifies this commitment and places BAYZ as one of the market leaders in Web 3.0 games.”

The post MonkeyLeague partners with BAYZ for quality esport soccer games appeared first on CoinJournal.

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KuCoin CEO announces fund targeted at tackling FUD in crypto

FUD misleads investors and harms the crypto industry’s image, Johnny Lyu said on Tuesday.

KuCoin CEO Johnny Lyu has today unveiled plans for a fund that he says will focus on tackling the issue of disinformation and misinformation, popularly bundled under the term FUD (fear, uncertainty and doubt), within the crypto space.

Lyu revealed the plans in a Twitter thread on Tuesday.

He highlighted that “FUD benefits no one except the FUDers” and that apart from misleading investors, it “harms the industry’s image and market confidence.”

The KuCoin chief believes that the Anti-FUD Fund initiative his platform is looking to launch will help the industry combat FUD, benefiting the investors and the entire crypto space.

An anti-FUD fund, three initial targets

The crypto industry has in the past few months witnessed the collapse of some of the biggest companies in the sector, the likes of Three Arrows Capital, Celsius Network and Voyager Digital. And over the past few weeks, FUD across crypto Twitter has been about KuCoin’s solvency.

The exchange’s announcement of a funding round only triggered more FUD – to which Lyu and KuCoin responded to.

The Anti-FUD Fund will thus look to achieve three objectives to help fight unnecessary FUD.

According to Lyu, the first goal is to “implement Anti-FUD education online and offline” with the exchange leveraging its global community to spread information about what makes FUD and how to spot it. The plan is to see this rolled out in over 20 languages.

The other avenue will be to use industry leaders and responsible influencers, motivating them and tapping into the reach to deliver trusted information to the public. The goal is to help audiences keep off FUD, the KuCoin CEO added.

The third approach will target FUDers – those deemed to be deliberately spreading misleading information. The fund will dedicate resources to trace and institute legal action against such individuals or platforms.

“The spread of FUD and panic harms projects, users, and the industry,” Lyu noted, saying that such actions must see those responsible “held to account.”

The post KuCoin CEO announces fund targeted at tackling FUD in crypto appeared first on CoinJournal.