Monat: Juli 2022

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eToro cancels Nasdaq listing 

After hinting at plans to go public before the end of this year, eToro has today announced that it has canceled all plans for public listing on the Nasdaq stock market.

Nasdaq had initially signed an agreement with a top firm called Fintech Acquisition Corp V, a company that does mergers and asset acquisitions, for a public listing on Nasdaq and all systems were go for the public listing. However, the two companies have settled on a mutual agreement for eToro not to go public yet.

eToro noted that there will be no need for paying any fees after canceling the agreement since the termination was mutually agreed on by the two companies.

eToro finances are fine

Dispelling fears of eToro being in a financial crunch, the CEO, Yoni Assia, in a statement stated that eToro remains committed to providing core services and it is still in a good financial position.

Interestingly, the CEO went ahead to say that eToro had seen massive revenue growth in the second quarter of this year compared to the end of last year even as the crypto market continues to undergo a meltdown.

eToro has been rigorously fighting the effects of the declining crypto market and announced cutting about 100 employees last week due to the market conditions.

The cancellation of the agreement to have eToro go public is bad for both eToro and Fintech Acquisition Corp V.

The post eToro cancels Nasdaq listing  appeared first on CoinJournal.

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Ether is up by 3% today, and looks set to top the $1,200 resistance point

The cryptocurrency market has had a net positive week so far and could end the week on a positive note.

The cryptocurrency market has been performing well since the start of the week. The market had added more than 5% to its value since the start of the week, with the total market cap now above $920 billion. If the positive momentum is maintained, the total market cap could cross $950 billion before the end of the week.

Bitcoin remains the industry’s pace-setter and is up by nearly 2% today. It has maintained its price above $20,000 but continues to struggle to surge past the $21k resistance level.

Ether, the world’s second-largest cryptocurrency by market cap, has had a net positive week so far. In the last seven days, ETH has added more than 15% to its value, making it one of the top performers amongst the top 10 cryptocurrencies by market cap.

In the last 24 hours, ETH is up by more than 3% and is trading above $1,100 per coin. If it maintains its positive performance, ETH could cross the $1,200 resistance level over the next few hours.

Key levels to watch

The ETH/USD 4-hour chart is positive as Ether has been performing well since the start of the week. 

The MACD line crossed into the positive zone a few days ago and has maintained its positive above that level. The 14-day relative strength index of 62 shows that ETH could enter the overbought region if the market conditions continue to improve. 

At press time, ETH is trading at $1,186 per coin and could rally past the $1,200 resistance level before the end of the day. 

However, Ether would need the support of the broader market to move past the $1,300 resistance level for the first time this month.

The post Ether is up by 3% today, and looks set to top the $1,200 resistance point appeared first on CoinJournal.

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Highlights July 7: SHIB in consolidation, CVX adds over 50% in a week

The crypto market is bullish as a whole, with most top 100 coins in the green at the time of writing. 

Top cryptos

Major cryptos registered small gains today. Top cryptos were led by Ethereum, which gained around 3.5%, followed by Solana, XRP, and Cardano, all adding more than 2%. 

Bitcoin was trading above $20,000 at the time of writing, up more than 1.5% over the past 24 hours. Cryptos outside the top 10 also fared well. The biggest gainers were Avalanche and FTX Token, each adding around 4-5%. 

Shiba Inu’s price has recently been in a consolidation phase, analysts report. Its developers will launch TREAT and SHI stablecoins, after which the token SHIB is expected to increase by more than 15%. 

Top movers

Outside the top 20, the tendency was similarly bullish, with most coins adding 2-4% to their value. Notable standouts include Convex Finance’s CVX. 

It’s up by just over 4% today, which isn’t that impressive. What’s more important is that its gains for the week are at 58%, the most of all top 100 coins.

Convex Finance lets people earn additional interest rewards in Curve Finance, a major entity in DeFi and a leading automated market maker (AMM). Curve makes it easy and affordable to exchange tokens. 

The price of CRV, Curve DAO’s native token, also rallied over the past few days. Curve Finance stands out from other AMMs due to its relatively lower fees to users. It also has lower impermanent loss and slippage.

Curve DAO is responsible for Curve Finance governance. The token of another AMM, Compound, is doing just as well, if not better. It has gained around 6% today. 

Storj is the biggest top 100 winner with gains of 18% today. Arq Backup, Mac client software, announced it offers Storj DCS as a native storage location.

The losers 

A few coins registered minor losses, such as Synthetix, Arweave, Kava, eCash, Cosmos, and TRON. After a brief rise, Terra’s new stablecoin TerraClassicUSD began declining. It has lost 12% of its value so far today.

The post Highlights July 7: SHIB in consolidation, CVX adds over 50% in a week appeared first on CoinJournal.

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Ethereum price watch: only 17% of staked ETH in profit

Ethereum’s switch from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS), via the much-awaited ETH 2.0 upgrade, is not here yet. 

But as the platform slowly transitions, deposits into the staking contract on the Beacon Chain have risen continuously since November 2020. reached nearly 13 million ETH.

Most of the deposits happened before Ether’s price rose to its all-time high above $4,800. However, profitability for those coins has fallen sharply amid the bear market, according to analytics platform Glassnode.

Per a report the firm published on Wednesday, most stakers are “underwater” with only 17% of the staked coins are in profit at ETH/USD current levels of just above $1,100.

“Ethereum 2.0 stakers have deposited over 12.98M $ETH, with 62% of it flowing in before the Nov ATH. However, with $ETH prices collapsing over 78%, and coins unable to be withdrawn, only 17% of staked $ETH is now in profit.”

Chart showing percentage of ETH 2.0 deposits in profit.Source: Glassnode

The USD value of the deposited ETH has also fallen sharply, down from $39.7 billion at the November peak. Currently, that value is below $14 billion, reflecting a 65.2% decline.

No withdrawals yet

The ETH 2.0 deposits account for almost 11% of the cryptocurrency’s circulating supply.

Ethereum holders have continually deposited their coins into the Beacon Chain contract as they look to benefit from the rewards of running a validator. To do so, a staker needs to deposit 32 ETH, with solo staking as well as pool staking available.

But there is no withdrawal of staked ETH as yet. All that holders who bought and staked near the ATH can do is watch as the bear market wipes out their token’s value.

Notably, deposits into the ETH 2.0 contract have fallen in recent months. During the bull market, daily volumes ranged from 500 to 1,000 in 32 ETH deposits. 

That has dropped significantly, with weekly averages now at around 122 per day.

The post Ethereum price watch: only 17% of staked ETH in profit appeared first on CoinJournal.