Monat: September 2022

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Three large-cap cryptocurrencies that brave the crypto bear wave this week

Bitcoin is making a rebound, and most top cryptocurrencies are making positive, albeit small, gains. This is an indicator that though all financial markets are in the red right now, cryptocurrencies could be about to make a rebound.

This means it could be time to start looking into cryptocurrencies with strong news that could see them perform well for the remainder of the week and possibly for the rest of the month.

If you are looking to make the most of the market today, below are some of the cryptocurrencies that could easily end the week higher by double-digit percentages. Each of them has strong news backing them up.

XRP (XRP)

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XRP (XRP) is one of the top-performing cryptocurrencies this week. Currently, it is up by over 15% in the week. This follows a spat between the SEC and Ripple’s general counsel, who wondered why the SEC chairman acted like a cryptocurrency cop. 

The growing feeling is that the case between Ripple and the SEC is close to the end and that Ripple has a chance of winning it. If positive news keeps coming off this case, then XRP has the potential could remain in the green for the remaining part of the week. On top of that, if the case ends in Ripple’s favor within the year, XRP could be one of the best-performing cryptocurrencies by the end of 2022. 

EOS (EOS)

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EOS (EOS) has lagged behind the broader cryptocurrency market for a while now. Even in the last bull run, EOS vastly underperformed. However, this week there is reason to be bullish on EOS. That’s because of the Antelope Protocol update. 

Through this update, the EOS network will be able to give users a better experience and make the network more attractive to developers. Among the features that developers will enjoy include EVM cryptographic functions and faster transaction life cycles. Since this gives EOS higher odds of long-term adoption, this crypto could benefit from FOMO in the short term. 

Cardano (ADA)

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Capital.com

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Cardano (ADA) is known to rally whenever there is big news around it. This is thanks to the Cardano community’s strength, one of the most passionate in the market. The big news is that Cardano now has more value staked than other top blockchains like Avalanche and Binance Coin. The total value staked on Cardano is $11.49 billion, making it the third most staked network after Ethereum and Solana.

This is likely to draw a lot more attraction to Cardano, given that it is also one of the most scalable networks with some of the lowest transaction costs in the market. In essence, the growing amount of staked value in ADA signals a potential for long-term adoption.

All this puts Cardano in an excellent position to rally in the short term, and hence crypto is worth watching not just this week but heading into October.

The post Three large-cap cryptocurrencies that brave the crypto bear wave this week appeared first on CoinJournal.

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Laguna Labs CEO: Gensler and the SEC are ‘living in the past’

The US Securities and Exchange Commission (SEC) Chair Gary Gensler’s recent comments about Ethereum following its switch from Proof-of-Work to Proof-of-Stake were “disappointing” and akin to ‘living in the past’.

That’s how Stefan Rust, CEO of blockchain development house Laguna Labs has summed up Gensler’s reaction to the Ethereum merge.

To recap what the SEC Chair said, he basically hinted at the consensus change as a development that could see Ethereum considered a security. In the past, Gensler has signaled that only Bitcoin does not fall into this category.

Rust slams Gensler’s comments on Ethereum

Rust says the kind of reaction Gensler offered after the Merge relates to the “stultified situation” that the developed world now finds itself.

In comments shared with CoinJournal on Wednesday, Rust said that Gensler and others within the traditional finance sector need to embrace innovation, otherwise their ignorance and fear could turn out to be a threat to the US and other Western countries’ economies.

Notably, the Laguna Labs CEO sees Gensler’s reaction as typical of the resistance to technological innovation that continues to plague players within the traditional finance sector.

“Rather than welcome what is sure to be one of the greatest technological innovations of our age – an event that will see “the world’s computer“ cut its carbon emissions by 99% and become a truly viable solution for the future of the global Web3 economy – they tore it down,” Rust told CoinJournal.

The SEC Chair is either “ignoring” or perhaps does not understand the global community behind Ethereum as well as “the interplay of staking and node operation,” Rust said.

He suggests that if Gensler and others of similar persuasion knew or understood, then they would not be focusing on staking profits as the basis to consider Ether a security.

“It speaks much to the threat that is clearly perceived by these people from blockchain and cryptocurrency. Or perhaps more than this, it speaks to the inability of these figures to understand the significance of this technology,” he added.

In Rust’s opinion, the pace of innovation is forcing some regulators, who still hold onto traditional finance concepts, to seek the application of “old terms and rules on new technology.” He opines that this kind of approach won’t work and will only come to harm the regulatory regimes and the respective economies pushing them.

The post Laguna Labs CEO: Gensler and the SEC are ‘living in the past’ appeared first on CoinJournal.

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Solana prediction as the price slips again

  • Solana is down 3% in the past week amid bearish pressure 

  • An influential analyst is predicting $375-$739 for Solana

  • SOL has retested key support with key indicators flashing red lights

Solana SOL/USD has lost 3.24% in the past week to trade slightly above $32. The second-largest proof-of-stake network after Ethereum, currently commands a market cap of $11 billion.

According to its website, Solana is a decentralized computing platform. The layer-one network is powered by SOL, a token used for paying transaction fees and utility. Despite the current value, which is nothing compared to its ATH of $260, there are positive predictions.

A popular anonymous analyst is predicting a bull run for Solana. The strategist, who doubles as a host for InvestAnswers, is basing his prediction on market dominance. He said that Solana could command 10-20% market dominance in a hypothetical situation.

The Youtuber, who currently has more than 400,000 subscribers, maintains that Solana could reach $375. In the same breath, he thinks Ethereum could reach as much as 25% market dominance and $15,450. In the best-case scenario, the optimist believes that Solana could trade at $739, given a market dominance of 20%.

While it may sound too good to be true, Solana remains a formidable layer-1 that rivals Ethereum. The network is built on a promise of high scalability. Recently, Solana integrated its first layer-2 scaling solution, Nitro. The layer integrates Cosmos and IBC platforms.

Aside from the fundamentals and rosy predictions, Solana is a bearish market. It has retested key support, and its TVL is also in the red. At the time of writing, Solana TVL was down 1.22% in the past day at $1.29 billion, according to data from DeFi Llama.

SOL retests $32 support

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Source: TradingView

From the technical chart above, SOL has retested support. The digital asset is trading below the 20-day and 50-day moving averages. The duo MA could present points of consolidation to the upside. Further, the Stochastic Oscillator has entered the oversold zone, currently below 20.

Concluding thoughts

Despite Solana being under bearish pressure, it remains a key token to watch in the crypto space. How soon the token can turn around its fortunes is a matter of debate. At the moment, the current price is not a good entry point, and patience should be exercised until a trend reversal is seen.

The post Solana prediction as the price slips again appeared first on CoinJournal.

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Is Shiba Inu’s price decline over?

  • Shiba Inu’s burn rate spiked by 1,502% in the last 24 hours

  • SHIB remains on a downtrend, having lost 13% in a week

  • The token could remain bearish on a hawkish Fed tone

Shiba Inu SHIB/USD has lost 13% of its value in the past one week. The fall extends a losing streak of the loved meme token to nearly two weeks now. Macroeconomic jitters and lack of momentum for meme-labeled assets are driving the decline. 

On the brighter side, the SHIB burn rate skyrocketed by more than 1,500% on September 21. A majority of the burned tokens occurred in a single transaction. About 134,658,618 SHIB was reported to have been burned. 

The spike in SHIB burn rate occurs when Amazon has committed to help in the process. Consequently, the “Amazon burner” has committed to burn about 247 million SHIB. Game developer Travis Johnson will use his Amazon affiliate account to remove more SHIBs from circulation.

SHIB continues to decline despite a spike in token burn

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Shiba Inu has maintained a downtrend, implying that macro concerns are the main highlight of the investors. The token trades at $0.000010, the lowest since July 25. There is no indication that buyers will arrest the decline should the Federal Reserve sound hawkish later today.

Source – TradingView

On the daily chart, SHIB is in a support zone. The token has formed multiple inside bars at the support, but momentum remains weak. If the bear market continues, a bearish breakout from the inside bar could set the price to the $0.000008 bottom. On the contrary, an improved sentiment could see the token aim back for the $0.000012 resistance.

Summary

Shiba Inu token sits at support. There is a potential for a trend continuation if a bearish breakout of the inside bar happens. Bulls could be attracted if the sentiment improves, with a price back to $0.000012 resistance a possibility.

The post Is Shiba Inu’s price decline over? appeared first on CoinJournal.