Monat: September 2022

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Should I buy Ethereum Now?

Ethereum price erased most of the gains it made in 2021 as concerns about digital currencies rose. The coin dropped to a year-to-date low of $881 in June and then started a slow recovery that saw it rise above $2,000 in August. ETH was trading at $1,703 on Friday, which was about 93% above the lowest level this year.

Ethereum Merge is the main catalyst

Ethereum price has staged a strong recovery in the past few weeks as investors focus on the upcoming merge event. This will be the biggest transition in the blockchain industry as it will see the network move from a proof-of-work into a proof-of-stake platform. It will merge the current version with the Beacon Chain.

As a result, Ethereum mining will not be possible. Instead, the network will use a set of validators to confirm or deny transactions. In addition, the new network will set a stage for more upgrades in the future that will make Ethereum faster and more cost-effective. For example, Ethereum will introduce sharding, a technology that has been used by blockchains like Elrond and Near Protocol.

Historically, cryptocurrencies tend to rally towards a major upgrade or event. For example, Bitcoin tends to always rally ahead of a halving event. Still, it is still unclear whether ETH will continue rising after the merge. 

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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Ethereum price, like other cryptocurrencies, is also being affected by other factors. Like Bitcoin, the coin is being affected by Fed’s monetary policies. This year, the bank has maintained an extremely hawkish tone that has seen it rise interest rates by 225 basis points and start a quantitative tightening policy.

In addition, Ethereum’s ecosystem has been shrinking. The total value locked (TVL) in its DeFi ecosystem has fallen while the value of NFT trades has fallen sharply.

Ethereum price prediction

The daily chart shows that Ethereum price has been in a strong bullish trend in the past few weeks. Along the way, it managed to move above the important resistance level at $1,281, which was the highest level on June 26. 

The pair has also moved above the 25-day and 50-day moving averages, which is a bullish sign. However, a closer look shows that it has formed a small head and shoulders pattern. Therefore, the coin will likely retreat in the coming weeks as investors sell the fact. If this happens, the next key reference level will be at $1,281.

The post Should I buy Ethereum Now? appeared first on CoinJournal.

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Web3 game studio Revolving Games closes $25M funding round

  • Revolving Games raised $12 million in pre-seed financing and another $13.2 million in seed funding from investors led by Animoca Brands and Pantera Capital.
  • The company will use the capital to develop its blockchain-based games.
  • Its ‘Skyborne Legacy’ title on Polygon is expected in early October.

Gaming studio Revolving Games has closed a $25 million funding round as it looks to advance development of blockchain-based games, according to details shared on Friday.

The funding includes a pre-seed financing round that netted the Web3 game developer $12 million from investors and a further $13.2 million in new capital raised in a seed round.

Revolving Games to release game on Polygon

The company, founded in 2020 as a mobile game studio and before the Web2 era began to pave way for Web3, raised the funds over the past two and half years. Top venture firms Pantera Capital and Animoca Brands are among prominent investors to back the investment.

“Web3 gaming is one of the most innovative and rapidly developing sectors within the crypto industry, and we’re proud to be in the vanguard of this digital revolution,” Pantera Capital general partner Paul Veradittakit commented.

Other investors backing the blockchain-focused game developer are Polygon, Kenetic, Dapper Labs and Permanens Capital Partners. Rockstar Games co-founder Dan Houser, who is an adviser at the company, also participated in the latest round.

Revolving Games plans to use the funds to build AAA blockchain games, including a second title to add to its Battlestar Galactica. As noted in the press release, the second title will be a blockchain-based MMO game dubbed ‘Skyborne Legacy’.

The game will be anchored on the Polygon blockchain. Skyborne Legacy is set for release in early October.

“With 2 studios and a team of 100+, we’re committed to building high-quality AAA titles that are fun and lasting. We understand that any successful game starts first with constructing vast online worlds, and we’ve brought in key hires and strategic investors to help us do that,” the team tweeted.

The post Web3 game studio Revolving Games closes $25M funding round appeared first on CoinJournal.

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Terra (LUNA) pumps 210%: following in the footsteps of its sister asset LUNC

Terra LUNA has today surged by over 210%. At press time, LUNA was trading at $6.01 and up 211.40% in the last 24 hours. The sudden surge has stunned the crypto community, especially going by the current crypto market conditions.

The sudden price pump that has unfolded in the past few hours has seen LUNA jump to position 56 among the largest cryptocurrencies by market cap. It was previously ranked at position 205.

Today’s price surge sets Terra LUNA right behind its sister asset, Terra Classic (LUNC), which has risen by 360.0% over the past 30 days.

Prior to today’s price surge, the price of LUNA had consolidated at the $1.9 level for months.

Terra Classic (LUNC)

Terra Classic has displayed a magnificent rally in the past two weeks although the rally currently appears to have hit some handles since it has begun shedding some of the gains it had made.

At press time, LUNC was trading at $0.0004519 down 11.59% in the past 24 hours. It had hit a high of $0.0005843 some days past.

While LUNC’s rally is backed by an array of proposals by its community with the most recent being the 1.2% tax burn, there is no concrete reason behind today’s LUNA rally which doesn’t seem to be stopping any time soon.

The post Terra (LUNA) pumps 210%: following in the footsteps of its sister asset LUNC appeared first on CoinJournal.

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Single whale sends Polymath price skyrocketing: here’s where to buy polymath coin

A single whale transfer has pushed the price of the Polymath (POLY) coin up by 144%. POLY has however eroded almost half of the gains. At press time, it was trading at $0.263 down from a daily high of $0.4409.

WILD-DOG a CoinMarketCap community member said:

“$POLY – Pumping triggered by a single whale.. not a gradual onset. Momentum continued by innocent victims.. Whale pulls 100% their investment. You are trapped! and waiting for a hope that there will be another bull run. Your investment gradually drained down the toilet.”

To help traders who want to take advantage of the Polymath pumping, Coinjournal has prepared this brief guide on where to buy the POLY coin.

To find out more, please continue reading.

Best places to buy Polymath (POLY) coin

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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Bitfinex

Bitfinex is a bitcoin exchange platform that provides advanced services for digital currency traders and liquidity providers.

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What is Polymath?

Polymath is a platform that provides the technology to create, issue, and manage security tokens. It is the one that spearheaded the creation of Ethereum-based ERC 1400 tokens and there are over 200 ERC 1400 tokens that have been deployed using Polymath.

Polymath built its own blockchain called Polymesh whose native token is Polymath (POLY). The main aim of Polymath through Polymesh is to create an ecosystem that allows blockchains to meet the regulatory requirements of capital markets.

Should I buy POLY today?

If you want to invest in a bullish cryptocurrency, then POLY could be a good choice.

However, it is important to take note of the sudden pullback that occurred immediately after the sudden price pump. Also, the cryptocurrency market is extremely volatile, and you should trade with caution.

Polymath coin price prediction

Analysts predict that Polymath will try hitting $0.5 once it corrects the current bearish pullback that is currently at play.

$POLY social media trends

 

The post Single whale sends Polymath price skyrocketing: here’s where to buy polymath coin appeared first on CoinJournal.

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Ethereum’s Merge event will be rocky at the beginning, says FTX’s Sam Bankman-Fried

Sam Bankman-Fried, the CEO of crypto exchange FTX, believes that Ethereum’s Merge will be rocky in its early days but will be beneficial to the broader ecosystem in the long term.

Sam Bankman-Fried, the CEO of crypto exchange FTX, and Anthony Scaramucci, SkyBridge Capital founder, granted an interview to CNBC earlier today, discussing several topics, including the upcoming Ethereum Merge.

The Ethereum Merge will see the Ethereum blockchain transition from a proof of work (PoW) mechanism to a proof of stake (PoS). The move is designed to make the Ethereum network faster, more scalable, more environmentally friendly and less expensive to use.

While commenting on the Ethereum Merge, Bankman-Fried said;

“I think long term it is going to be exciting for the Ethereum community. It is going to allow substantially faster and cheaper processing of transactions. However, I do think that it is going to be, as big other transitions are at the beginning, rocky. I think there is going to be some messy activity around when it happens. That is inevitable.”

The FTX boss said in the Medium to long term, the Ethereum Merge will be helpful to the broader cryptocurrency ecosystem. 

When asked to explain what he meant by messy at the beginning, Bankman-Fried said not everyone in the Ethereum community is okay with the proof of stake mechanism and prefer the proof of work.

Furthermore, so many developers will need to update their software and sync to the new chain. Developers will also need to learn some new things to ensure that their protocols operate as initially designed. He said;

“I don’t think it is going to be a huge deal medium term, but it is a big transition, and with an entire decentralised ecosystem carrying out the transition at once, some people will flop it, and it will take some time to clean it up.”

Bankman-Fried said although it would work out fine for everybody, in the end, there would be some rough patches around the edges.  

Scaramucci added that despite the progress made in the cryptocurrency market, we are still early, and the market has a long way to grow from here. 

FTX is one of the fastest-growing cryptocurrency exchanges in the world, recording massive growth over the past few years.

The post Ethereum’s Merge event will be rocky at the beginning, says FTX’s Sam Bankman-Fried appeared first on CoinJournal.