Here’s why Alchemy Pay (ACH) price surged to a July high

  • Alchemy Pay surged to the highest point since July 2022.

  • Twitter is looking to build a payment platform with crypto features.

Alchemy Pay’s (ACH) price surged to the highest point since July 2022 as the small-cap token continued its recovery process. ACH jumped to a high of $0.018, which was about 131% above the lowest level in 2022. According to CoinMarketCap, Alchemy has a market cap of over $78 million.

Twitter looking for crypto payments

Alchemy Pay is a leading company that provides crypto payment solutions. It works as the middleman who helps companies from around the world. Instead of building their own payment infrastructure, these companies use its technology easily. 

Alchemy has partnerships with some of the biggest companies in the world like Shopify, which is one of the top e-commerce providers. Shopify hosts millions of e-commerce stores in its ecosystem. Shop owners can then easily implement Alchemy by using its marketplace plugin. 

Alchemy Pay also has a platform where users can easily buy cryptocurrencies. It is also a Visa partner, meaning that users can use their cards to pay with crypto, as we wrote here.

ACH price is rising after the Financial Times reported that Elon Musk was still pushing forward with his Twitter payment options. He wants the social media company to become a leading player in an industry that is seen as highly competitive.

The report also noted that crypto is part of that payment option. As such, investors hope that Musk could turn to Alchemy for this service. Alchemy itself sent a tweet making the case of integrating with its platform. It is still unclear whether Musk will turn to the company.

Alchemy Pay price prediction

ACH/USD chart by TradingView

Turning to the daily chart, we see that the ACH price has been in a strong bullish trend in the past few days. It has risen in the past five straight days. And as it rose, the token moved above the important resistance point at $0.015, the upper wick on January 16 and October 25 last year. The coin has moved above all moving averages and is below the 50% Fibonacci Retracement level.

Therefore, Alchemy seems to have a bullish momentum, which could see it soar to the next psychological level at $0.02. This view will be confirmed if it manages to rise above the intraday high of $0.018. However, a drop below the support at $0.012 will invalidate the bullish view.

How to buy Alchemy

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy ACH with Coinbase today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy ACH with Swapzone today

The post Here’s why Alchemy Pay (ACH) price surged to a July high appeared first on CoinJournal.

Crypto markets rallying but damage remains severe


Key Takeaways

  • Bitcoin is up close to 50% from its lows, but is still down over two-thirds from all-time highs
  • Some on-chain metrics show how much the rally pales in comparison to the prior fall 
  • Positive news from the industry remains few and far between, as market prepares for latest interest rate policy, to be revealed at FOMC meeting Wednesday

Let us start with a riddle. How much profit/loss have you made if an asset you own rises by 47%, having previously fallen by 77%?

The answer is a gruesome 67% loss. 

That is the predicament facing Bitcoin investors who bought at all-time highs in late 2021. While markets have kicked off the year in scintillating fashion, it is important not to lose perspective. 

Humans have short memories, though. With Bitcoin up nearly 50% from the lows post-FTX collapse, crypto markets have that giddy feel about them again. It’s amazing what hope can do for people, huh? And by hope, I mean hope that interest rates will come down again.

Federal Reserve controls the Bitcoin price

I wrote a piece last week about how this latest rally, if it shows anything, simply proves once and for all how much Bitcoin is trading as an extreme risk-on asset. 

Bitcoin was crushed last year as central banks worldwide flipped hawkish for the first time in Bitcoin’s existence. With the cheap money of the last decade no longer available, and stout yields available on other investments such as T-bills, high-risk assets collapsed. 

The tech sector, also notoriously sensitive to interest rates, has been sacking employees left, right and centre – Meta, Salesforce, Twitter, Google, and the list goes on. 

This latest rally now comes as inflation begins to cool, with hope renewed that the pain of suffocating monetary policy will, in fact, one day come to an end. 

Market remains ravaged

While the picture undoubtedly looks rosier than this time two months ago, the crypto market is still in a world of pain. 

Bankruptcies are still flowing – see Genesis filing last week – while there are numerous other potential downside catalysts as the market still delves through Sam Bankman-Fried’s chaotic mess: DCG still present a lot of uncertainty, for example.

While prices have been running, there is no particularly good news to explain this rally. As I said, it’s all macro, with investors staring squarely at the Federal Reserve. 

A couple of charts paint a good picture of the pain still present in markets. Despite the recent upturn, the net realised profit marker, which is an on-chain metric calculated by comparing the price of recent coins moved to the price at which they previously moved, shows how much the recent rally pales in comparison to the scale of the fall last year. 

In truth, there is no need to complicate things. Despite the bluster of “hedge” narratives and “uncorrelated investment” that floated around through COVID, it is as clear as night and day that Bitcoin is trading off interest rate expectations right now. 

The below chart is perhaps the most important one in all of crypto over the last couple of years. 

That little bounce at the end could reverse very quickly depending on how things shake out at the upcoming Fed meeting. It could also do the opposite if things end up being more hawkish than the market has currently priced in. 

Either way, it is clear what is moving markets right now.

The post Crypto markets rallying but damage remains severe appeared first on CoinJournal.

3 events to move the cryptocurrency market by Friday

  • Bitcoin consolidates ahead of key US dollar data
  • All eyes are on the Federal Reserve
  • January jobs report to offer more clues about a possible recession in the United States

Bitcoin hovers around $23k after rallying in January. It currently consolidates, mostly because investors await news from the United States economy. 

Today is the month’s last trading day, but the trading week is still young. Starting with tomorrow, three major economic events may move Bitcoin and, with  it, the entire cryptocurrency market: 

  • Federal Reserve’s decision
  • Non-Farm Payrolls
  • Average Hourly Earnings

Federal Reserve’s monetary policy decision

This is a big week for the US dollar, thus, a big week for Bitcoin too. On Wednesday, the Federal Reserve of the United States presents its monetary policy decision, which keeps markets in tight ranges. 

No one wants to take a bet ahead of such an important economic event, even though the market seems to expect a 25bp rate hike. But it is more about nuances and the message that the Fed sends rather than what it actually does. 

Therefore, the press conference following the FOMC Statement is more important for financial markets than the actual interest rate decision. 

Non-Farm Payrolls

Two days later, the Non-Farm Payrolls data for January will be published. The degree of the upcoming recession in the United States is still unclear, or if there will be one. In any case, the jobs data will make it clear what to expect in the months ahead from the largest economy in the world. 

Average Hourly Earnings

Inflation may have peaked, but do not expect to ease rapidly. Yesterday’s data from Europe showed renewed upside pressures, and one should not be surprised to see something similar in the United States

Together with the jobs data, the Average Hourly Earnings (AHE) will shed light on the trend for US wages. Upside pressures should translate into higher inflation in the months ahead, thus potentially moving the dollar and the overall financial markets.

The post 3 events to move the cryptocurrency market by Friday appeared first on CoinJournal.