Monat: Dezember 2022

• Binance has had significant outflows in the past few months.

• Customer assets in its ecosystem have fallen to about $55 billion.

Binance is in trouble as crypto investors flee. The company has seen its assets drop from over $70 billion in November to about $55 billion. In the same period, Binance Coin price has plunged from an all-time high of $708 to $250. 

Binance outflows continue

Binance is the biggest player in the cryptocurrency industry. At its peak, the company had more than 100 million customers from around the world. It provides numerous services, including a platform to buy and sell cryptocurrencies and one to do margin trading. The firm also has an investment platform where people can buy crypto and earn returns.

Binance has come into the spotlight in the past few weeks following the collapse of FTX and Voyager Digital. Their collapse have had a wake-up call in the crypto industry as regulators work to prevent another meltdown in the sector.

Crypto investors are also afraid about the health of their investments. As a result, many crypto holders have decided to withdraw their digital currencies. Data compiled by DeFi Llama shows that outflows in the crypto industry have been growing. 

Investors pulled $116 million from the exchange in the past 24 hours and $957 million in the past 7 days. The exchange have lost over $9.5 billion in the past 30 days. This is a sign that investors are losing confidence in the industry, as I wrote here.

The impact of rising outflows is dire for Binance Coin price. BNB has crashed by more than 65% from its highest level this year and is now hovering near its lowest level since June.

The coin has also imploded because of the falling activity in Binance platforms like decentralized finance (DeFi), metaverse, and non-fungible tokens (NFT). The total value locked in Binance’s DeFi ecosystem has dropped to about $5.8 billion.

BNB price prediction

BNB/USD chart by TradingView

The daily chart shows that Binance Coin’s price has been in a consolidation phase in the past few days. It has managed to move below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the oversold level.

Binance Coin has also moved below the important support level at $254.9, which was the lowest level on November 22. Therefore, there is a likelihood that the coin will have a bearish breakout in the coming days. If this happens, the next key level to watch will be at $200.

How to buy Binance Coin

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today Disclaimer

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.

Buy BNB with Binance today

The post How will the rising Binance outflows affect BNB price? appeared first on CoinJournal.

• The Republic of Palau is working with Ripple Labs to explore the creation of a national stablecoin.

• XRP is up by more than 5% today and could rally higher soon.

• The total cryptocurrency market cap stands above $813 billion.

Ripple Labs partners with the Republic of Palau

Cryptocurrency journalist Wu Blockchain, reported a few hours ago that the Republic of Palau is working with Ripple Labs to explore the possibility of creating a national stablecoin. 

Palau President Surangel S. Whipps, Jr. said the country’s IT team is working with Ripple Labs to explore creating a “national stablecoin.” As previously reported, Palau will issue ID cards to its digital residents in the form of NFTs on the BNB Chain. https://t.co/WM1k9DFZvJ

— Wu Blockchain (@WuBlockchain) December 26, 2022

Palau is set to issue ID cards to its digital residents in the form of NFTs on the BNB Chain. This latest cryptocurrency news saw XRP, the native token of the Ripple ecosystem, surge by more than 5% today. 

At press time, the price of Ripple stands at $0.3686. After surpassing the $0.35 resistance level, XRP could surge higher in the near term.

The total cryptocurrency market cap stands above $813 billion, up by less than 1% in the last 24 hours. The Bitcoin price is also up by less than 1% today and is now trading close to the $17k resistance level. 

Key levels to watch

The XRP/USD 4-hour chart has turned bullish as XRP has been performing well over the last 24 hours. The technical indicators show that XRP is the best performer amongst the top 10 cryptocurrencies by market cap.

The MACD line crossed into the positive zone a few hours ago, indicating that the bulls have taken control of the XRP market following the Palau partnership with Ripple Labs.

The 14-day RSI of 73 also shows that XRP could enter the overbought region if the rally continues.

With the bulls now in charge, XRP could surge past the first major resistance level at $0.3799 before the end of the day. With the support of the broader cryptocurrency market, XRP could trade above $0.411 for the first time since November. 

Where to buy XRP now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy XRP with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy XRP with OKX today Disclaimer

The post XRP tops $0.35 after Ripple Lab’s partnership with Palau appeared first on CoinJournal.

• Mirror and Anchor Protocol prices went parabolic on Monday.

• The two tokens were some of the biggest players in Terra.

Mirror Protocol (MIR) and Anchor Protocol (ANC) prices surged during the Christmas weekend as demand for the penny cryptos jumped. MIR jumped to a high of $0.245, which was about 171% above the lowest level last week. In the same period, Anchor jumped by more than 50%. 

Why did Mirror and Anchor Protocols rise?

Mirror and Anchor Protocols were some of the biggest players in Terra’s ecosystem. Anchor operated as a crypto bank that provided depositors with interests as high as 20% on their deposits. At its peak, Anchor Protocol had over $20 billion in assets. 

Mirror Protocol, on the other hand, operated a platform that enabled people to invest in tokenised assets like stocks, commodities, currencies, and indices. The idea was that people would use the blockchain technology to invest in these financial assets. 

With Mirror Protocol, it was possible for people to invest in these assets on a 24-hour and 7-day basis. It would also lower costs for people to trade and invest, as I wrote here.

After experiencing remarkable growth in the past few years, Mirror and Anchor Protocol crashed in May 2022 after Terra and Terra USD ecosystems plummeted. This was a notable thing since these platforms were backed by the UST stablecoin.

Anchor and Mirror Protocols ceased operating in May when Terra fell. Still, their tokens have continued trading in the market, giving them a market cap of $12 million and $14 million, respectively.

This performance is likely because some contrarian investors believe that Terra USD will regain its peg in the coming months. This is highly unlikely since the stablecoin was trading at $0.021. Also, their tokens are a reflection of the gap in valuation of crypto tokens. In the past few months, we have seen tokens of bankrupt companies like FTX and Celsius Network rise.

Mirror Protocol price prediction

The four-hour chart shows that the MIR price surged as Santa delivered. As it rose, it moved above the important resistance point at $0.1836, which was the highest point since November 18. It has jumped above all moving averages.

The Relative Strength Index (RSI) and the Stochastic Oscillators have moved above the overbought level. Therefore, I suspect that this rebound is temporary and that the token will resume the bearish trend soon. If this happens, the next key level to watch will be at $0.1373. A move above the resistance point at $0.2200 will invalidate the bearish view. Anchor’s MIR will also pull back.

How to buy Mirror Protocol

As MIR is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MIR using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MIR right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for MIR

Now that you’re connected, you’ll be able to swap for 100s of coins including MIR.

The post Santa delivers as Mirror and Anchor Protocol tokens surge appeared first on CoinJournal.