Monat: Oktober 2022

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Is Solana about to slide further, or a bullish reversal is imminent?

Solana (SOL/USD) trades at $30.5 after an intraday gain of 2.22%. However, weekly losses total 6.42%. A brief check of the price action shows that this is a support zone for the cryptocurrency. To a technical reader, the area remains of interest. 

Solana has been touted as an Ethereum killer due to its fast speeds and low transaction costs. Yet, the blockchain shares significant similarities with the Ethereum ecosystem. However, the name tag is quickly getting eroded as a series of hacks have hit the Layer-1 blockchain. Rising capital outflows have been commensurate with the price decline.

As of October 13, data by CoinMarketCap shows that Solana had a total capitalisation of $10.6 billion. That was a 13% or $1.43 billion decline from October 6. The drop coincided with a $100 million exploit of Mango Markets, a Solana DeFi protocol. SOL has been under pressure since then, although the market cap has improved slightly to $10.9 billion

While macro issues, including high inflation, are to blame for SOL’s decline, the hacks send wrong market signals. That partly explains why the cryptocurrency is struggling at the $30 level. In our assessment, a further decline is a more probable outcome than a bullish reversal. 

Solana retests $30 supported-turned resistance

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Source – TradingView

The daily chart above shows that $30 has already become a resistance. Potentially, SOL is retesting it before proceeding lower. A lack of positive sentiment is to blame, with the momentum weakening into bear territory. 

Which way, SOL?

A retest of the $30 resistance could force a further decline, with the next potential zone for SOL at $26. However, buyers could try to overcome a further drop and keep SOL above $30. 

Although the bull scenario looks less likely, we should watch for price action at the potential resistance. Bulls must also overcome the descending trendline to consider a more lasting upside.

The post Is Solana about to slide further, or a bullish reversal is imminent? appeared first on CoinJournal.

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Is Bitcoin undervalued below $20K? A technical outlook and what top analyst think

Someone would have been mistaken to think that Bitcoin (BTC/USD) could approach the end of the year at just $20,000. However, as the clock ticks, the reality is increasingly getting confirmed. Notwithstanding that, many analysts expected that Bitcoin would click $100,000 by the end of the year. It wasn’t bad maths, though, considering a height of $68 in November last year. So, what went wrong?

Of course, it has been a tough year for all markets – cryptocurrencies and stocks alike. Issues ranging from economic tightening, recession risks, and the Ukrainian war have been cited. Stocks are trading at significantly depressed levels, while crypto has shown a direct correlation. If it makes sense that stock markets will come back, then it is an absolute genuine expectation of crypto recovery too. The question is, when?

Perhaps, it would be premature to think that recovery will happen soon as risks remain. However, popular analyst Will Clemente says markets are staring at significant bargains on Bitcoin at $20K. Clemente relies on multiple on-chain metrics to argue the case. 

According to the analyst, there is a huge institutional demand for Bitcoin at below $20,000 on Coinbase. The analyst says regulatory compliance has been attractive to institutional holdings on Coinbase. He notes clear bids on Bitcoin from the $18,500 price down to the $11,000 level. The same confluence, he says, is being observed in other venues. 

Technical indicators supporting BTC attractiveness?

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Source – TradingView

Bitcoin’s daily chart turns heads for technical readers. The price formed multiple bottoms at $19,000, signalling potential bear exhaustion. An RSI reading of 50.33 suggests that buyers and sellers are square at the moment. That was amid the high inflation numbers last week that forced a flash crash in BTC. The cryptocurrency price, however, is showing a limited upside. 

Is Bitcoin undervalued below $20K?

A large accumulation by institutional investors suggests they see value in BTC at the current price. Coupled with multiple bottoms at $19,000, the price could be undervalued. Potentially, Bitcoin could recover from the current level. Further declines could be minimal and long-term holders should find satisfaction in buying the $20K or $19K dip.

The post Is Bitcoin undervalued below $20K? A technical outlook and what top analyst think appeared first on CoinJournal.

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BlockFills adds support for cash-settled crypto CFDs

BlockFills has partnered with Basis Capital Markets, an FCA-regulated affiliate, to offer both spot crypto assets and cash-settled contracts for difference (CFD).

BlockFills, one of the crypto industry’s fastest growing trading and financial technology providers, is looking to bring more investors into the market via its integration of digital assets CFDs (“contracts for differences”).

BlockFills adds cash-settled CFDs via front-end Phoenix

In an announcement on Monday, BlockFills said it would be offering the CFD product via its Software-as-a-Service (SaaS) solution Phoenix. The premier front-end platform that previously only supported spot crypto trading, is targeted for institutional investors.

According to the fintech firm, Phoenix will now support both spot crypto assets and cash-settled CFDs or the so-called perpetual futures.

Nick Hammer, the co-founder and CEO of the Chicago-based company, noted in a statement that the integration is key to a market that has long sought “a trading solution that combines deep liquidity in cash-settled crypto derivatives with a superior front end.” 

“The appeal of trading in volatile markets without the complexity of physical settlement has already generated large amounts of interest in our offering. We expect that trend to continue,” Hammer commented via a press release.

To offer the new product, BlockFills has partnered with Basis Capital Markets, the company’s FCA-regulated London-based affiliate. The institutional-focused platform will help bring the perpetual futures product to non-US institutions around the world.

The company says qualified clients will have access to deep crypto CFD liquidity, available 24/7 and with prices across multiple fiat currencies, including the US dollar, Euro, British Pound and Japanese yen.

BlockFills launched in 2018 and currently offers its digital asset technology to institutional clients in more than 50 countries. In February 2022, as CoinJournal reported, BlockFills and Nexo partnered in a deal aimed at extending prime brokerage services to leading cryptocurrency miners.

In June, the company announced the listing of CME Group crypto derivatives products.

The post BlockFills adds support for cash-settled crypto CFDs appeared first on CoinJournal.

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Crypto billionaire Sam Bankman-Fried changes tune on political donations

Sam Bankman-Fried, a leading crypto personality and founder of FTX crypto exchange, had previously suggested he would spend over $100 million and up to $1 billion on political donations.

Crypto billionaire Sam Bankman-Fried, who’s the founder of major cryptocurrency exchange FTX, is not going to splash hundreds of millions of dollars on political donations.

This comes after the crypto billionaire looks to have spent about $40 million in the current election cycle – the midterms set for November.

Bankman-Fried makes U-turn on campaign spending

According to Politico’s financial newsletter Morning Money, the FTX chief has changed tune on how much he is going to spend. 

The publication quotes Bankman-Fried as saying that his earlier comments about donating $100 million and up to $1 billion in the lead up to the 2024 US election was a huge slip on his part.

In May, Bankman-Fried said he was open to spending heavily into the US midterms – only weeks away now – and that he would put more into super political action committees and other campaign vehicles starting with the current election cycle.

But speaking to MM in a recent podcast, he noted the intention was to always reach a given limit despite widespread belief that the 30-year-old billionaire would go full blast as the campaigns heat up.

Explaining his U-turn, he said his $1 billion quote was “dumb” on his part. “I think my messaging was sort of sloppy and inconsistent in some ways,” he added in a quote MM cited on Friday.

According to Morning Money, Bankman-Fried’s flipping on this one doesn’t augur well for Democrats, the biggest beneficiaries of the crypto billionaire’s donations.

Indeed, the FTX founder has spent about $40 million on PACs and other campaign contributions in 2022, most of which has reportedly been to the Democratic Party. In 2020, Bankman-Fried was among the largest single political donors for Democratic Party candidate Joe Biden.

As CoinJournal recently covered, Bankman-Fried is open to moving his crypto company to the US once registration with the US Securities Exchange Commission is secured.

The post Crypto billionaire Sam Bankman-Fried changes tune on political donations appeared first on CoinJournal.