Monat: August 2022

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Ethereum falls 9% as risk-on assets tumble on Fed Chair remarks

Ethereum (ETH) price fell alongside other cryptocurrencies and equities following hawkish remarks by the US Federal Reserve Chairman Jerome Powell.

By the close of stock markets Friday, Ethereum was down 9%, near $1,555 per token with bears looking to break towards $1,500. The dip happened after downside pressure late afternoon had seen the ETH/USD pair snap below $1,600 – the losses mirroring Bitcoin (BTC), which broke below $21,000 to touch intraday lows of $20,620.

Ethereum and the merge factor

Ethereum’s losses on Friday helped push the altcoin to lows last seen in late July, when ETH/USD traded in the $1,400 range. But while it remains well above its mid-June sell-off floor, the current weakness comes amid a largely positive period for the smart contracts platform.

Ethereum developers this week confirmed the “Merge”, a highly anticipated event for the network, will happen in mid-September.

While ETH deposits into the Beacon Chain have slowed down, the community is upbeat about possibilities for the Ethereum blockchain, and consequently for the price of Ether.

But even as many analysts see the “Merge” as the catalyst that could trigger the next market cycle, there are calls that the market has already priced in the event.

Wall Street plummets on Fed Chair remarks

Stocks also fell after Powell said at the Jackson Hole symposium that the central bank had a job to do and that they would keep at it “till it’s done.”

He told the forum that the Fed needed to maintain its aggressive approach if it were to succeed in restoring price stability. The Fed Chair noted that it wasn’t time yet for the central bank to adopt a loosening policy.

His remarks appear to have spooked markets, with S&P 500 slipping more than 3%, the Nasdaq Composite fell nearly 4% and the Dow Jones Industrial Average fell more than 1,000 points.

The post Ethereum falls 9% as risk-on assets tumble on Fed Chair remarks appeared first on CoinJournal.

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Binance says it froze Baking Bad account after law enforcement request

  • Binance said it had frozen the account in response to a law enforcement request.
  • Baking Bad claims it’s been unable to contact the said law enforcement and doubts if there’s such a request.

Binance has responded to accusations of freezing a major client’s account, with $1 million in it, by stating that the action followed a law enforcement request.

On Thursday, Tezos tool contributor Baking Bad tweeted that Binance has “blocked” their corporate account since 1 July without offering any explanations. The exchange had also gone ahead to set the account’s balances to zero, according to @TezosBakingBad.

“We have all the materials to begin the investigation and inform the community,” they noted.

Binance has refuted the claims, noting via statement posted on the exchange’s official Twitter account:

“The account in question was restricted as the result of a law enforcement request, which @TezosBakingBad is well aware of, as he was already advised of this multiple times and provided the LE contact form through our support chat system on 7/6, 7/12, and 7/22,”

No response raised doubts about the account freeze

Baking Bad acknowledges the contact made with Binance’s support, saying they had indeed “sent about five requests” using the law enforcement form provided. However, they hadn’t received any response, even as the stated deadline fast approaches, and believe no such request to Binance to freeze the account was made.

But noting it has nothing to do with the lack of contact or seizure of funds, Binance said what it has done with regard to the matter is “cooperate… the same as any other exchange” [would].

Asking Baking Bad not to mislead the community and that doing so wouldn’t change anything, Binance added:

“There is a process to contest the seizure with the agency should you wish to pursue that path. But that is done through the agency, Binance has zero control over that process.”

Neither Binance nor Baking Bad have disclosed the law enforcement in question, but there is reference to an EU entity and Binance EU.

The post Binance says it froze Baking Bad account after law enforcement request appeared first on CoinJournal.

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Three cryptos likely to do well despite the Fed’s Hawkish stand

The financial markets tanked towards the end of the week after Fed Chairman Jeremy Powell took a hawkish stance during the annual Jackson Hole event. During this much-awaited event, Powell said that the Federal Reserve would keep raising interest rates until such a time that inflation is completely dealt with.

This means money will likely flee risky assets, at least in the foreseeable future. However, if you want to play the crypto markets now, some cryptos are likely to show some resilience despite the bearish cloud hanging over the market. Here are a few cryptocurrencies likely to hold on well under current market conditions.

Ethereum (ETH)

While the broader crypto market is likely to be affected by the bearish cloud across the financial market, Ethereum (ETH) has a good chance of pulling off a surprise rally in early September and probably for the rest of the year. That’s because the upcoming Ethereum merge is a big deal and changes how Ethereum operates in a very big way. The Merge’s impact on Ethereum’s tokenomics is one of the biggest triggers that could see Ethereum perform well regardless of the Fed’s hawkish stand.

For context on how big of a deal this is, one needs to consider that after the Ethereum upgrade of August 5th, 2021, this cryptocurrency rallied when the rest of the market was still weak. Ethereum kept going up, and by November 2021, it had made highs of $4800. If history is anything to go by, this is a cryptocurrency to watch.

Polygon (MATIC)

If Ethereum is likely to draw investor attention in the coming days, you also need to consider cryptocurrencies that benefit directly from the upcoming Ethereum merge. None stands out in this case than Polygon (MATIC). Polygon is an Ethereum layer-2 cryptocurrency that already has a large ecosystem of cryptocurrencies building on top of it. As such, if the Merge is a success, you can expect to see some level of activity on Polygon, regardless of how the market will be trading at the time.

Loopring (LRC)

One of the big reasons behind the Ethereum shift to Ethereum 2.0 is to reduce costs and increase speeds. After the Merge, there is likely a surge in trading volumes for Ethereum tokens. This means platforms that allow for the trading of Ethereum tokens are likely to experience a rise in demand. One of the most established Ethereum token trading platforms is Loopring (LRC). Since there is already strong demand for tokens on Loopring, and with trading costs set to drop, LRC tokens could go up, too. That’s because Loopring is the token that drives the Loopring ecosystem. The more activity, the higher the potential value growth.

The post Three cryptos likely to do well despite the Fed’s Hawkish stand appeared first on CoinJournal.

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Top Cheap Cryptocurrencies that can easily 10x your money

Bitcoin continues consolidating around the $21k level, and selling volumes are dropping. It is an indicator that the bottom could be in, and what could follow is a steady rise over time before another blow-off top at some point in the future. However, for someone looking for mega gains in the next bull run, Bitcoin may not be the most ideal.

Most analysts expect Bitcoin to hit a peak of $100k in the next bull run. That’s close to 5x its current price. However, 5x is no big deal in crypto circles, where gains of 100x or more are usually possible in bull markets. For such gains, it is best to start looking into cheap altcoins with the potential for explosive growth. If you are unsure of which altcoins hold such potential, below are 3 of them that you should consider.

Shiba Inu (SHIB)

In 2021, Shiba Inu (SHIB) took everyone by surprise when it rallied by over 40,000,000%. However, it has since taken a hit, but there is still a lot of potential for Shiba Inu to do even bigger things in the next bull run. That’s because Shiba Inu’s recently introduced burn tool is taking vast amounts of SHIB out of circulation.

For context, more than 300 million SHIB tokens have been burned out of circulation this week alone. Over time, this accelerated burn rate will help drive up the price. That’s because the demand will continually be chasing an ever-declining number of tokens. With this burning tool in place, you can’t rule out the potential for SHIB to hit $0.1 at some point in the future.

XRP (XRP)

XRP (XRP) did not do so well in the last bull run and failed to retest the highs it last hit in 2017. That aside, XRP has proven to be one of the most resilient cryptocurrencies. Even with the SEC case against Ripple, and the current crypto bear market, XRP is still holding on to its value pretty well.

It is also noteworthy that whales seem to be accumulating on this cryptocurrency. Today, Whale Alert has posted that XRP worth $20 million has been transferred from an exchange to an unknown wallet. It could indicate that big-money investors are taking a more long-term approach to XRP. When you combine this with the fact that Ripple could win the case against the SEC, it becomes clear that XRP could be a gem in the rough at current prices.

Cardano (ADA)

Cardano (ADA) is one of the top cryptocurrencies with high potential and is cheap at the moment. One thing that makes Cardano stand out is that its popularity amongst investors is on the rise. For instance, in the latest brand intimacy rankings, Cardano ranks higher than well-known brands like BMW and IKEA.

It also ranks higher than Bitcoin, which is quite surprising because Bitcoin is the largest cryptocurrency in the market. It’s a good indicator because once bulls return to the market, Cardano could experience a surge in volumes, a factor that could positively impact its price.

The post Top Cheap Cryptocurrencies that can easily 10x your money appeared first on CoinJournal.