Monat: Juli 2022

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Bitcoin cash (BCH) price has plummeted by 97% from ATH. Buy the dip?

The bitcoin cash price collapsed to the lowest level since February 2019 as demand for the coin crashed. BCH is trading at $108.47, which is about 97% below the highest level in 2021. As a result, the coin’s market cap has crashed to about $2 billion, making it the 32nd biggest cryptocurrency in the world.

BCH and BTC correlation

Bitcoin cash is a leading cryptocurrency that was born from a hard fork of the main Bitcoin. As such, the two coins have a similar role in that they are widely used to make online transactions. 

For a long time, BCH and BTC had a close correlation because of their wide spread. At the time, Bitcoin Cash used to rise whenever BTC jumped and vice versa. In most cases, investors used to buy the cheaper BCH when Bitcoin rose. 

In the past few months, however, this correlation has eased a bit. For example, in November when Bitcoin soared to an all-time high of almost $70,000, Bitcoin was about 62% below its all-time high. Today, while BCH is approaching its all-time low, Bitcoin is still substantially higher than its record low.

The disconnect between BCH and BTC is mostly because the number of people using bitcoin cash on a regular basis has collapsed. A quick look at on-chain data shows that the amount of BCH transacted every day started falling in 2021. 

Learn more about how to buy bitcoin with PayPal.

The bitcoin cash price has also collapsed because of macro factors. For example, there is the lingering fear of a recession in the United States as the Fed hikes interest rates. Recent data shows that key sectors of the economy are falling. For example, retail sales, services, and manufacturing have all declined.

At the same time, the Federal Reserve has started hiking interest rates. It has hiked by 150 basis points and hinted that it will deliver more increases in the coming months.

Bitcoin Cash price prediction

The daily chart shows that the BCH price has been in a strong bearish trend in the past few months. It has crashed 13 days straight and is approaching its lowest level on record. The coin has fallen below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the oversold level of 26.

Therefore, at this stage, there are no signs that bitcoin cash price is close to its bottom. As such, the coin could continue falling as bears target the all-time low of $53.

The post Bitcoin cash (BCH) price has plummeted by 97% from ATH. Buy the dip? appeared first on CoinJournal.

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SSV DAO allocates $10 million to solidify the future of ETH staking

The Ethereum network will soon leave its proof of work mechanism and migrate to a proof of stake.

SSV DAO, the body responsible for building ssv.network, announced earlier today that it will distribute grants to development teams to help decentralise Ethereum’s consensus layer in preparation for its transition to POS.

According to the press release shared with Coinjournal, SSV DAO revealed that it had allocated over $10 million in assets to boost staking activities on the Ethereum network.

This latest development comes after SSV DAO partnered with some industry-leading companies including Coinbase, DCG, and Okex. As a result of these partnerships, SSV DAO is increasing its effort to build the staking infrastructure needed for other decentralised staking applications.

SSV DAO is now encouraging developers to apply for grants and participate in bug bounties and incentivised testnets. 

The DAO is set to allocate over $3 million to open and pre-defined grants aimed toward developers to build applications, staking pools, and other tools needed by the network.

It will allocate another $3 million towards bug bounties, while a whopping $4 million is available for incentivised programs for early adopters and testers. These funds would be available to developers in USDC, ETH, and SSV tokens.

Alon Muroch, the head of SSV Protocol commented that;

“The Ethereum community has identified DVT as a crucial component in ensuring that the protocol remains decentralized and secure. We encourage development teams to join the Grant Program and unlock distributed staking on Ethereum for the next billion users.”

According to SSV DAO, developers in the space including RockX, Swell, Forbole, and Ankr have submitted and received roughly $1M in approved grant requests since March. 

The team now intends to scale the grant program and invite more companies and developers to build projects on top of the SSV protocol. 

Ssv.network provides developers with a stable infrastructure that allows them to build liquid staking protocols, delegation services, and staking pools. The network also solves the blockchain trilemma of centralisation, scalability, and security that have existed since Ethereum’s inception. 

The post SSV DAO allocates $10 million to solidify the future of ETH staking appeared first on CoinJournal.

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Solana wallet Solflare integrates FTX to offer seamless CeFi and DeFi connectivity

A mobile phone with Solana on it

Solana wallet Solflare has released an integration with top crypto currency exchange platforms FTX.com and FTX US, allowing users access to a simple interface to their Solana DeFi and NFT portfolios.

The integration will work via Solflare web extension and mobile app, with Solana users able to connect their accounts at FTX.com and FTX US to the wallet. Users will have access to funds held in their exchange accounts directly from their wallet.

Transactions are automated and include the FTX Convert feature that allows for token swaps straight from the wallet.

Making CeFi and DeFi seamless

With the extension and app, Solana users can also tap into more across DeFi and NFTs as they effortlessly manage asset deposits and withdrawals from their FTX account. 

Users can also access liquidity from FTX’s deep books to supplement that of Raydium and Serum, as well as venture into NFTs via the wallet’s support for deposits, withdrawals and visualization.

Solfare says the integration will help connect Web2 and Web3, offering users the benefits of a seamless experience all in one app. It brings centralized finance (CeFi) and decentralized finance (DeFi) under one app.

Filip Dragoslavic, co-founder of Solflare commented:

“FTX is probably one of the most popular centralized exchanges for DeFi users, especially on Solana. Integrating the two connects both worlds and turns it all into one seamless experience. You can command your FTX account without ever leaving Solflare, and confirming that your wallet address is indeed one unique human registered on FTX might enable many, new web3 opportunities.”

Solflare is a native Solana wallet and supports multiple functionalities, including staking and advanced NFT interactions. The wallet also offers Ledger support.

The post Solana wallet Solflare integrates FTX to offer seamless CeFi and DeFi connectivity appeared first on CoinJournal.