Monat: Juli 2022

Veröffentlicht am

Chainlink’s prediction after Grayscale removed the token from its fund

  • Chainlink’s token LINK was recovered from the Grayscale fund

  • LINK powers the decentralized oracle network

  • The cryptocurrency is robust, although resistance holds it back

Chainlink’s LINK/USD may not be among the week’s strongest tokens. With 7-day gains of around 1.18%, the price has been relatively consolidating. However, it has kept key levels intact, implying a potential price take-off in the next few days.

LINK is the native token of a decentralized oracle network. Chainlink’s oracles are bridges connecting smart crypto contracts and off-chain data. Thus, the network’s continued growth is tied to the demand for smart contracts. Recently, the network announced that its smart protocols were live on the Fantom mainnet. Chainlink also, on June 7, announced a new road map that will introduce staking on the platform. The developments have been positive for LINK, which has been staging recoveries.

The most recent development has, however, been negative for LINK. On July 8, asset manager Grayscale Investments announced the removal of LINK from its Digital Large Cap Fund. The removal also included LTC, BCH, UNI, and DOT. However, the move has caused a little impact on LINK, which has been showing strengths lately. We believe LINK could stage a major comeback if it maintains key levels.

LINK recovering key level of $6.3 after slipping below it

Source – TradingView

The daily chart shows LINK trapped below the $7.4 resistance. The price has attempted a break above the level severally, but bears have taken control. The crypto’s support is currently at $6.3. MACD signal is above the moving average, meaning that the token is still bullish. We believe LINK is staging a recovery soon, although the price could remain subdued for a while. If the price fails to hold $6.3 support, it could slide to $5.6.

Summary

Chainlink’s token is robust despite its removal from the Grayscale fund. The token is recovering the $6.3 support but could remain subdued by the $7.4 resistance. Consider buying above the $5.6 support.

The post Chainlink’s prediction after Grayscale removed the token from its fund appeared first on CoinJournal.

Veröffentlicht am

Decision moment for Cardano as whales add another $37 million in June

  • Cardano’s Vasil update went live on July 3 ahead of the mainnet launch

  • Whales have been accumulating the cryptocurrency ahead of the hard fork

  • ADA price remains subdued, but recent accumulation points to a potential spike

Cardano’s ADA/USD is a cryptocurrency that investors are highly anticipating a comeback. The optimism relates to the expected mainnet hard fork, enhancing Cardano’s scalability. Initially set for June 29, Cardano developers rescheduled the date to clear critical issues. ADA price has since been moving with the general crypto trends. Investors are accumulating the tokens.

Santiment indicates that ADA investors boosted their holdings by nearly 80 million tokens in June. The investors have holdings that range between 10,000 and 100,000 tokens. The Santiment data also indicated that the sell-off of ADA had reduced significantly since mid-June.

Investors are banking on the Vasil upgrade, which is expected to boost the ADA price soon. The date for the final upgrade is yet to be confirmed. The Vasil update went live on the network testnet on July 3. With these developments, it is worth exploring when to buy ADA.

ADA slips to support amid bearish pressure

Source – TradingView

ADA has been trapped between $0.51 resistance and $0.44 support for a month. The moving average and MACD indicators are currently flashing bearish signs. We view the region as a potential make or break for ADA. Long-term buyers should consider buying at the $0.44 bottom. ADA would experience a lasting momentum if it successfully clears $0.51 resistance. Investors should now watch for price action and a potential bullish reversal at $0.44.

Summary

Cardano is experiencing an increased whale activity despite a bearish market. ADA price is under pressure as technical indicators reveal bearish signs. However, the price remains supported at $0.44, and a bullish reversal could occur.

The post Decision moment for Cardano as whales add another $37 million in June appeared first on CoinJournal.

Veröffentlicht am

Swiss post office to launch crypto custody and trading services

The Swiss post office, via its banking arm PostFinance, plans to launch the crypto custody and trading services by 2024.

The Swiss post office is looking to offer crypto custody and trading services to its customers, the company said on Monday.

The new services will be available via Swiss post office’s banking arm PostFinance, and targets going live by 2024, according to a report published by the Swiss Info.

Swiss post office acts on growing customer demand

While the Swiss post office recognizes that the current market conditions have been brutal to the crypto sector, it says this is indeed the “ideal time” to make an entry.

Growing demand from customers has been helped by PostFinance’s previous collaboration with Swissquote, the first major bank in the country to offer crypto trading to its clients in 2017. PostFinance does offer crypto exposure to its retail clients via a digital app dubbed YuhExternal.

The financial services provider is now looking to revamp that through a proprietary crypto trading and custody service.  To help bring this into reality over the year and a half, PostFinance is working on potential business partners.

PostFinance is the fifth largest retail bank in Switzerland and its plans will see it join global giants such as Goldman Sachs, JPMorgan and Fidelity in looking to tap into crypto services.

The post Swiss post office to launch crypto custody and trading services appeared first on CoinJournal.

Veröffentlicht am

I am skeptical about blockchain’s economic aspect, says Chelsea Manning

Blockchain technology has gained adoption in various sectors of the global economy, beyond cryptocurrencies.

<

American activist and whistleblower Chelsea Manning has revealed that she is bullish about blockchain technology. However, she is skeptical about the economic aspect of the technology.

She made her points known during an interview with Decrypt, stating that she has been a fan of Bitcoin for a few years now. According to Manning, her initial thought about Bitcoin is that it is an excellent technology instead of a tool to create wealth.

The activist said she thinks Bitcoin is an experiment in developing cryptographically based networks as a decentralised means of storing information. She stated that;

“I have a great interest in the technology [of blockchain], but the economic aspect, I’m a little bit more skeptical. I just don’t see how something [that] can switch from having some value to not having value very quickly as being a sustainable sort of system.”

Manning added that she believes blockchain technology can be used to revolutionize sharing information electronically, especially when it comes to privacy, protecting the contents of messages, and verifying sources. Her interest began to diminish when Bitcoin became more about money than technology. Manning said;

“I moved away from it because I realized that there’s a lot of people who don’t understand the technical aspects of this, or the security and privacy implications of this technology, but they view this as a brand that’s cool to be a part of.”

Bitcoin is the world’s leading cryptocurrency and has held that position since it was launched in 2009. The cryptocurrency reached an all-time high of $69k in November 2021 but has lost more than 60% of its value since then. 

At press time, Bitcoin is trading above the $20k level, down by less than 1% over the last 24 hours. 

The post I am skeptical about blockchain’s economic aspect, says Chelsea Manning appeared first on CoinJournal.

Veröffentlicht am

Dogecoin prediction as most altcoins sink amid bearish pressure

  • Dogecoin’s DOGE is down 4% in 24 hours

  • Most cryptocurrencies are falling ahead of inflation data on Wednesday

  • DOGE could touch the $0.05 bottom if the current weakness persists

Dogecoin’s DOGE/USD trades at $0.0645. The price is a drop of more than 4% in 24 hours as most cryptocurrencies fell on Monday. DOGE now risks crashing back to the $0.05 bottom if the current weak sentiment prevails.

The price of Dogecoin has historically been fueled by social media mentions and listings. The cryptocurrency is labeled a meme coin owing to its reactions to influencer mentions. Elon Musk, the Tesla CEO, has been influential for the token. Recently, speculations were that Twitter would allow DOGE payments once acquired by Musk. With the acquisition now in doubt, DOGE users could be coiling back after a not-so-good crypto sentiment.

Dogecoin’s weakness is also stemming from the overall decline in cryptocurrencies. As of the time of writing, Bitcoin and Ethereum had fallen by more than 3%. The weakness could be reflecting concerns about tighter policy by the Federal Reserve. An inflation data expected on Wednesday is expected to be a turning point for cryptocurrencies. A high inflation jump could fuel a faster action by the central bank and lead to a further drop in cryptocurrencies.

DOGE falls below a short-term moving average

Source – TradingView

Technically, DOGE is bearish. The price fell below the 14-day and 21-day moving averages, affirming the bearish pressure. The price is yet to enter the oversold level as the meme coin attracted buyers recently. The price could continue falling to find the previous support at $0.05.

Concluding thoughts

Investors should not buy DOGE now as the price is under bear control. The price could rise if sentiment improves, but before then, it could touch the $0.05 bottom. The inflation data on Wednesday is a key event to watch.

The post Dogecoin prediction as most altcoins sink amid bearish pressure appeared first on CoinJournal.