Monat: September 2022

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Cosmos price prediction: Is ATOM a good crypto to buy today?

Cosmos price moved sideways on Tuesday as investors focus on the latest update by the developers. ATOM was trading at $14.45, which was slightly below last weekend’s high of $16.91. It has risen by more than 156% from the lowest level this year, giving it a market cap of more than $4.2 billion.

Cosmos new vision

Cosmos is a leading blockchain project that aims to solve some of the biggest challenges in the world. It is used to ensure that cryptocurrencies created in different chains can communicate with each other. 

At the same time, the Cosmos SDK has been used to build some of the most popular projects like Injective Protocol, ThorChain, and Osmosis. Cosmos also introduced social coordination technology, interchain security, interchain allocator, and liquid staking

Cosmos is now moving to the next stage of its development. In a statement, the developers said that the original vision they had been realized. 

In the new Cosmos whitepaper, the developers said that the next part of the platform’s transition will be to strengthen its interoperability and security. Also, there will be more emphasis on ATOM, the native coin for the Cosmos ecosystem.

One of the key changes that will come in Cosmos will be the reinvention of the Cosmos Hub as the interchain web. As a result, this will enable other Cosmos blockchains to borrow the validator pool to secure their networks.

All these changes are now proposals and the governance individuals are assessing and voting for or against them. The changes will then happen on October 3rd of this year.

The new changes happen as more developers continue shifting to the network. dYdX, one of the biggest decentralized exchanges (DEXes) is moving to its platform. And in August, Delphi Labs announced it would shift focus of its research and development toward Cosmos.

Cosmos price prediction

The daily chart shows that the ATOM price has been in a strong bullish trend in the past few weeks. Along the way, the coin has formed an ascending channel that is shown in black. It is now along the lower side of this channel.

Cosmos has moved above the 25-day and 50-day moving averages while the MACD has continued falling. The price is along the 23.6% Fibonacci Retracement level. Therefore, ATOM price will likely continue rising as bulls target the upper side of the channel at $20, which is a 40% increase.

The post Cosmos price prediction: Is ATOM a good crypto to buy today? appeared first on CoinJournal.

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FTX US wins bid to acquire Voyager Digital’s assets

  • FTX US’ successful bid for Voyager Digital’s is reported at $1.422 billion.
  • Voyager says FTX US’ bid provides the best route to returning value to customers.

Cryptocurrency exchange FTX US has won the bid to acquire the assets of bankrupt crypto lender Voyager Digital, according to a press release on Monday.

As per the news update, the winning bid by West Realm Shires (FTX US’s parent company) was $1.422 billion. An estimated $1.311 billion of the bid amount comprises a fair market value of Voyager’s crypto assets- which the announcement noted would be priced at a later date.

There’s also an additional consideration of $111 million in incremental value, while the bankruptcy estate will retain the claims against Three Arrows Capital – which they would be able to distribute upon recovery to creditors.

FTX US provides a clear path for chapter 11 plan

Voyager Digital filed for Chapter 11 bankruptcy in July, after pausing customer withdrawals amid a crypto market contagion triggered by the collapse of Terra Luna and later crypto hedge fund Three Arrows Capital.

“FTX US’s bid maximizes value and minimizes the remaining duration of the Company’s restructuring by providing a clear path forward for the Debtors to consummate a chapter 11 plan and return value to their customers and other creditors,” Voyager noted in a statement.

With the auction done, the next step is for the purchase agreement to receive approval from the United States Bankruptcy Court for the Southern District of New York. 

Before the court gets to it on Wednesday, 19 October, 2022, any objection to the deal has a deadline of 12 October, 2022 at 4:00 pm Eastern Time.

The sale will then close following the Bankruptcy Court’s approval, a creditor vote and other relevant closing conditions.

The post FTX US wins bid to acquire Voyager Digital’s assets appeared first on CoinJournal.

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This week shows how far Bitcoin has to go until it’s known as a currency

The big headline to start the week was the British pound falling to an all-time low, following announcements from new Prime Minister Lizz Truss that a series of tax cuts would be introduced.

Investors feared this would undermine confidence in the pound, and the sell-off tanked the value down to a historic low of $1.03. Headlines were full of talk about the Armageddon-type move, the future of the pound and what it meant going forward.

One thing which struck me – it shows quite how far we still have to go if Bitcoin is to be considered a sound form of money.

As can be seen in the below chart, the pound fell close to 7%, down to $1.03, before bouncing back up to where it now trades at $1.07.

GBP/USD chart by TradingView

Bitcoin

On the flipside, if we look at Bitcoin’s daily returns, this 7% drop is just a walk in the park. I have plotted the daily returns of Bitcoin over the last year to illustrate this below. In fact, there have been 23 occasions over the last year alone where Bitcoin has had a daily move of a magnitude of 7% or greater (11 downward, 12 upward).

Obviously, for a currency or a store of value, this is totally unacceptable – which is precisely why Bitcoin can be considered neither, for the time being at least. And it has a long way to go.

I am on record as a staunch believer in the power that Bitcoin holds, but it’s simply preposterous to declare it as a reputable store of value right now. The pandemonium around the 7% plummet in the GBP shows this better than anything. A 7% barely makes headlines at all in cryptoland.

I saw the limits of Bitcoin first-hand when I went to El Salvador this summer. Citizens reported feeling uneasy with the volatility, and many set up their native Chivo app to immediately convert whatever Bitcoin they received via their businesses into USD so they did not have to bear the volatility.

One stat should be all you need to hammer home how far Bitcoin has to go: the world’s biggest cryptocurrency is down 70% from its all-time high less than a year ago (November 2021). Imagine being 100% allocated to Bitcoin and referring to it as a store of value? It’s quite simply objectively wrong.

Is Bitcoin becoming less volatile?

I plotted the below charts of all daily moves in Bitcoin in percentage terms going back to 2014. The results don’t point towards volatility reducing in any great manner.

However, it really is only in the last two years – the COVID era – that Bitcoin has truly become mainstream. Before that, it was largely a niche asset operating in esoteric corners of the Internet. It thus may be the next couple of years that will be the most significant with regards to a fall in volatility.

One thing is for sure, the volatility right now in the GBP is causing mayhem, and that shows precisely how far Bitcoin still has to go to achieve its goal of becoming a reputable store of value.  

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