Monat: Juli 2022

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Bitcoin risks dropping below $22k as the broader market retraces

The broader cryptocurrency market is down by more than 2% in the last 24 hours.

The cryptocurrency market has been underperforming over the past 24 hours. Following last week’s rally, the broader market started this week in a bearish fashion.

The crypto market has lost more than 2% of its value in the last 24 hours, with the total market cap still above the $1 trillion mark.

Bitcoin rallied close to the $24k mark last week, adding more than 10% to its value within seven days. However, it has shed some of its gains and is down by more than 2% in the last 24 hours.

At press time, Bitcoin is trading above the $22k level and risks dropping below this psychological point if the broader cryptocurrency market continues to underperform.

Key levels to watch

The BTC/USD 4-hour chart has turned bearish as Bitcoin has been underperforming over the past 24 hours. The technical indicators show that Bitcoin has been struggling over the past few days. 

The MACD line has dropped below the neutral zone, indicating that the bears are currently in control of the broader cryptocurrency market.

The 14-day relative strength index of 39 shows that Bitcoin could enter the oversold region if the bears remain in control.

At press time, Bitcoin is trading around $22k per coin. If the bearish sentiment continues, the leading cryptocurrency could drop below the $21,549 support level. 

In the event of an extended bearish performance, BTC could drop below the $21k support level for the first time in a week. 

However, the bulls were able to pull BTC above $20k a week ago and could regain control of the market in the short term. If that happens, BTC could surge past the $22,500 resistance level again before the end of the day.

Unless there is an extended bullish momentum, BTC could find it hard to move past the $23,500 resistance level in the short term. 

The post Bitcoin risks dropping below $22k as the broader market retraces appeared first on CoinJournal.

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Voyager rubbishes FTX’s acquisition bid as a selfish gambit

Voyager Digital does not agree with billionaire Sam Bankman-Fried’s FTX and Alameda Ventures’ proposal to acquire the embattled crypto lender’s assets, details included in a court filing indicate.

According to the filing, AlamedaFTX’s bid is selfish and could “harm customers.”

Lawyers representing the firm argue that FTX’s proposal contravened the Bidding Procedures and aimed at generating publicity rather than being focused on giving value to Voyager’s customers.

“AlamedaFTX’s actions are not value maximizing,” the lawyers wrote, noting that the acquisition bid “is nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX.”

Voyager lawyers say bid misleading

FTX last week sent a bid for Voyager’s assets, promising to allow affected customers access to a portion of their held assets rather than having to wait for the bankruptcy procedures to complete.

“The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business – a way that allows customers to obtain early liquidity and reclaim a portion of their assets without forcing them to speculate on bankruptcy outcomes and take one-sided risks,” FTX CEO Sam Bankman-Fried said.

But Voyager rejects the proposal saying AlamedaFTX public comments in the cover letter “openly disparaged” the beleaguered crypto lender. 

The statements in the press release were also misleading, the lawyers claimed – only tailored to benefit FTX based on assets it deems valuable, while completely ignoring that which it sees as being of no value. According to Voyager, the proposal is nothing but a “low-ball bid dressed up as a white knight rescue.”

Bankman-Fried believes otherwise and says the offer his firms put forth represent the best for customers. 

In any case, he contends those opposed are likely those intending to benefit the most from the remaining Voyager assets as the bankruptcy process drags on.

The post Voyager rubbishes FTX’s acquisition bid as a selfish gambit appeared first on CoinJournal.

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Hive price prediction after going parabolic amid low volume

The Hive price went parabolic on Monday even as other cryptocurrencies recoiled. The coin jumped to a high of $0.5517, which was the highest level since June 22nd. It has risen by more than 85% from the lowest level in June, bringing its total market cap to over $197 million. 

What is Hive and why is it rising? 

Hive is a leading blockchain project that aims to become a leading platform for developers to build decentralized applications in all industries. It emerged from a hard fork of Steem. 

It is a forward-looking platform built on the Delegated Proof of Stake (DPoS) protocol. According to its white paper, Hive leverages the proof-of-brain technology by distributing a portion of inflation to content creators and consumers. 

Hive has two main assets in its ecosystem: Hive and Hive Backed Dollars (HBD). HIVE is the liquid currency of the Hive ecosystem. It has a decreasing inflation rate as its inflation drops by 0.01% with every 250,00 blocks until it reaches 0.95%.

Hive has been used to build some of the leading applications in the industry. Some of the top apps in the industry are Splinterlands, PeakD, Ecency, Leo Finance, and Dtube among others. It is unclear whether the total value locked (TVL) in the Hive ecosystem. 

It is unclear why the HIVE price is rising as other cryptocurrency prices are falling. Therefore, this rebound could be part of a pump and dump scheme. Recently, we have seen many small coins have similar pumps and dumps. 

Hive price prediction 

The four-hour chart shows that the Hive price has had a significantly low volume in the past few days. The coin went parabolic on Monday even as other coins declined.

Hive moved above the 25-day and 50-day moving averages and the important resistance level at $0.5025, which was the highest point on July 10th.

It is approaching the important resistance level at $0.566, which was the highest point in May this year. 

Therefore, since there is no major news and the volume remains low, there is a likelihood that the coin will resume the downward trend in the near term. If this happens, the next key support level to watch will be at $0.45.

The post Hive price prediction after going parabolic amid low volume appeared first on CoinJournal.

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Ethereum drops by almost 10% within hours after a promising rally: here’s why

Today morning, Ethereum price plunged by about 10% after staging a very promising recovery rally last week. The sudden drop caught the majority of traders and investors by surprise.

Most crypto traders were expecting Ethereum to maintain the bullish trend as it heads to its much-awaited “Merge” upgrade.

But why the sudden drop? What happened or what caused the second largest cryptocurrency to lose so much in such a short time?

Large selling volume

While there is no major news touching on Ethereum or its ecosystem, there has been a relatively large Ethereum selling volume on the market after bears started to sell their ETH holdings actively.

The huge sell-off has pushed the liquidation of Ethereum to almost $100 million, causing the price to drop sharply.

Today’s plunge marks the third unsuccessful attempt by Ethereum to break towards $2,000. This leaves the fate of the recent recovery rally in jeopardy since Ethereum has to first recoup what it has lost before continuing with the rally.

And although there is a lot of hype around the upcoming “Merge” upgrade, uncertainties have arisen following the huge sell-off. A majority are asking themselves why there should be such a huge sell-off for a coin if it is expected to perform better after the upgrade.

Some investors believe what we are seeing is a bear trap that will become the catalysts for another bearish reversal pushing the prices to new lows.

Secondly, the planned decrease in ETH supply after the “Merge” does not auger well with investors since some believe there is not enough push for investors to see the need to acquire more coins.

The post Ethereum drops by almost 10% within hours after a promising rally: here’s why appeared first on CoinJournal.