Monat: Oktober 2022

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UK’s NFT plans still on course, officials say

  • UK Prime Minister Rishi Sunak, while in office as the Chancellor of the Exchequer in April, asked the Royal Mint to create a government-backed NFT.

The Royal Mint, the UK’s official coin maker, has confirmed plans for a government-backed non-fungible token (NFT) remain in place, according to a Financial News report published on Tuesday.

Per the publication, officials at the Royal Mint confirmed the NFT plan was on course despite challenges such as the bear market crash that hit cryptocurrencies and the exit of several prominent figures at the HM Treasury.

The Royal Mint’s statement was in response to a Freedom of Information Act request, the FN report stated.

UK prime minister is ‘crypto-friendy’

In April this year, then Chancellor of the Exchequer Rishi Sunak asked the Royal Mint to work on a UK-backed NFT, with plans to issue the token by summer. The announcement was part of a broader push to make the UK a ‘crypto hub’, with several crypto-friendly officials at the Treasury and in parliament helping to advance the agenda.

But Sunak was among top-level government officials to quit in July this year as former Prime Minister Boris Johnson’s government crumbled.

It appeared the then Finance Minister’s resignation had thrown a spanner into the NFT works, but things have taken a sharp turn and Sunak is now the UK prime minister.

Industry observers say the entry of a crypto-friendly figure at 10 Downing Street could be a big win for crypto in the country. 

NFTs are set to bounce after the lull occasioned by the crypto bear market, and as Galaxy Digital recently highlighted, creators earned over $1.8 billion in royalties from Ethereum-based NFTs.

As CoinJournal reported in July, even the English FA rolled out plans for its own NFT launch, amid broader adoption of the technology across the globe.

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Bitcoin will hit $13k before reaching a new all-time high in three years, says Peter Brandt

Bitcoin is trading above $19k, but Peter Brandt believes it will reach $13k in the near term before setting a new all-time high three years from now.

Peter Brandt, founder and CEO of proprietary trading firm Factor LLC, told CoinDesk TV in a recent interview that he believes Bitcoin will set a new all-time high in three years.

However, before it does that, Bitcoin will trade for around $13,000 first. Bitcoin has been underperforming since the start of the year.

Since reaching the $69k all-time high in November 2021, Bitcoin has lost more than 70% of its value. It has been trading below $20k in recent weeks but has maintained its price around the $18k-$19k level. Brandt said;

“We [will] just chop between … let’s say $17,000 and $23,000,” said Brandt. “I think we will bottom here at some point in time, maybe early next year, but then I’m not looking for bitcoin really to become exciting again for another couple of years.”

Peter Brandt is a technical trader that has been around since 1970. According to his predictions, it would take Bitcoin 32 months before it reaches a new all-time high again. 

There have been talks that the US Federal Reserve will halt its interest rate hiking. However, Brandt doesn’t see that happening and expects a 75-basis point increase on Nov. 2. This would be followed by another 75 bps increase on Dec. 14. He said;

“I think that the Fed knows that inflation is a killer. The Fed needs to regain its credibility. And to do that, I think the Fed really needs to bring inflation rates back down to at least 4%.”

The cryptocurrency market has been mirroring other traditional financial markets, including stocks and commodities, in recent months. However, Brandt said he believes Bitcoin’s performance will be unique in the long run. He added that;

“Bitcoin is going to be correlated with bitcoin eventually.”

The $13k bottom suggested by Brandt differs from his opinion two months ago. In August, he suggested that Bitcoin could have reached its possible bottom, with BTC trading at around $21k at the time.

The post Bitcoin will hit $13k before reaching a new all-time high in three years, says Peter Brandt appeared first on CoinJournal.

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Dogecoin holds onto support. What is the likelihood of a bullish reversal?

Dogecoin DOGE/USD is trading for $0.05979, a 1.28% gain in the past day and 0.75 % in the last week. The uptick could be due to Dogechain, a smart contract platform inspired by the canine-themed token. 

Dogechain DC/USD is up 25% in the past day and 200% in the last week. DC, though distinct from Dogecoin, could also be behind DOGE trading volumes. The volumes increased 37% to $216,705,178 in the period. Elsewhere, although the excitement around Dogecoin seems to have died, Elon Musk’s Twitter deal could revive the blockchain. 

The takeover bid, which has been marred with legal tussles, is expected to rejuvenate DOGE. Earlier in the undertaking, Musk had hinted at the possibility of using DOGE in Twitter transactions.

Lastly, the Dogecoin mining hash rate is up again. It peaked at a seven-month high last week. The metric, which is the computing power for minting crypto, was reported at 815 TH/s, according to Coinwarz. The trajectory is poised to pump the price of the digital asset. Besides the positive sentiment, DOGE is at the lower end of consolidation.

Doge holds onto support amid consolidation

Source: Tradingview

From the daily chart above, DOGE/USD has bounced off the support but remains in a consolidation. The pattern of a high of $0.065 and a low of $0.0.0578 has remained so since September 6. The speed and price change momentum indicator, RSI, is close to the neutral level at 46. Similarly, the MACD shows a weak signal, almost close to neutral.

Concluding thoughts

Despite the meme token holding on to the support, there is a minimal chance of a bullish reversal. The key indicators support the argument – all show a low momentum. The sentiment can, however, change at any price above the resistance. Even so, the momentum indicators should turn bullish to welcome any buy entry.

Where to buy DOGE

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The post Dogecoin holds onto support. What is the likelihood of a bullish reversal? appeared first on CoinJournal.