Monat: Januar 2023

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BNB price prediction as Binance Inflows Rebound

  • BNB price has soared by more than 26% from the lowest point in December.

  • Binance has seen over $7.5 billion in outflows in the past 30 days.

  • Inflows have risen by over $1.2 billion in the past 7 days.

BNB price has started the year well as inflows to Binance and its DeFi ecosystem rise. Binance Coin rose to $280 on Wednesday, which was the highest point since December 13. The coin has surged by more than 26% from the lowest level in December last year. 

Binance inflows rise

The BNB coin came under intense pressure in the fourth quarter of 2022. Following the collapse of FTX that we covered here, investors started worrying that Binance could be next. Besides, Binance is an opaque company that has no headquarters and is not regulated. 

The situation worsened when Binance’s auditor, Mazars, said that it will end its work on crypto companies. Binance’s proof-of-reserves numbers were also criticized for not being in-depth enough. The company is being investigated in the US. And earlier this week, it was reported that regulators were questioning hedge funds with exposure to Binance.

As a result, Bitcoin FUD trended on Twitter, pushing people to withdraw their funds from the exchange. Data published by DeFi Llama shows that investors have withdrawn over $7.35 billion from the exchange in the past 30 days.

Recently, however, with cryptocurrency prices rising, inflows have started to rise. Investors have added over $1.2 billion in Binance. They deposited $352 million in the past 24 hours. This increase has coincided with a period when coins are doing well, with Bitcoin sitting comfortably above $17,500.

The BNB price has also risen as inflows also moved to Binance’s DeFi protocol. Inflows to the ecosystem have risen by over 8% in the past 7 days to over $4.4 billion. These gains have been led by PancakeSwap, whose TVL rose by 9%. Wombat Exchange has also seen its TVL rise.

Still, there are questions whether these inflows will continue when cryptocurrency prices retreat. Besides, some analysts worry that this rebound is a dead cat bounce.

BNB price prediction

BNB chart by TradingView

The four-hour chart shows that the BNB coin price has been in a strong bullish trend in the past few days. It managed to move above the important resistance level at $265, the highest level on December 16. It moved above the 25-day and 50-day moving averages. 

The Relative Strength Index (RSI) rose above the overbought level. Therefore, I suspect that Binance Coin will retreat and retest the key support level at $265. On the other hand, a move above the important resistance point at $285 will invalidate the bearish view.

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

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 BNB price prediction as Binance Inflows Rebound appeared first on CoinJournal.

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Thailand SEC goes after cryptocurrency exchange Zipmex amid buyout

  • Zimpex is in the process of being acquired by V Ventures.
  • The Thailand SEC is probing the exchange for breaching local rules.
  • These are allegations that Zimpex has been operating as a digital asset fund manager in Thailand without permission.

Cryptocurrency exchange Zimpex has found itself in trouble after Thailand’s Security Exchange Commission (SEC) launched a probe into the exchange for allegedly breaching local rules.

Zipmex has been facing liquidity crisis and it even halted withdrawals in July 2022. It obtained a three months moratorium in August to resolve the liquidity issues and is at the moment in the process of being bought out by V Venture, a subsidiary of Thoresen Thai Agencies PCL for a total of about $100 million.

Why the Thai SEC is after Zipmex

According to a report by Bloomberg, Thailand authorities are investigating activities that they believe could have violated the business rules for digital asset providers in the country. The SEC has given Zipmex until January 12 to clarify if it has been operating as a “digital asset fund manager” in Thailand without permission.

If it is true that the exchange operated as a digital fund manager in Thailand, it ought to have obtained a permit for it to be allowed to conduct business in the country.

The post Thailand SEC goes after cryptocurrency exchange Zipmex amid buyout appeared first on CoinJournal.

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WOO rallies by 10% as the Woo Network burns 700 million of its total token supply

  • WOO is up by 10% in the last 24 hours, the best performer amongst the top 100 cryptocurrencies by market cap so far today.

  • The Woo Network announced that it had burned more than 700 million WOO tokens so far.

  • The total crypto market cap is now close to the $860 billion mark.

Woo Network burns 705 million WOO tokens

The Woo Network announced a few hours ago that it had burned 705 million WOO tokens, accounting for over 24% of the total supply. Over the first half of 2023, WOO Network said it would roll out a series of improvements to WOO tokenomics. The first part will focus on addressing existing issues while making the WOO token distribution more transparent.

This latest cryptocurrency news has seen WOO rally over the last few hours. WOO is the best-performing cryptocurrency amongst the top 100 coins and tokens by market cap today.

At press time, the price of Woo Network stands at $0.1664. The rally comes as the broader continues its positive performance. The total cryptocurrency market cap now stands at $857 billion.

Key levels to watch

The WOO/USDT 4-hour chart is bullish, as WOO has been performing excellently over the last few days. The technical indicators show that WOO is outperforming the broader crypto market.

WOO/USDT Chart By TradingView

 

The MACD line is deep within the positive zone, indicating a strong bullish nature for WOO. The 14-day relative strength index of 64 also shows that WOO could enter the overbought region if the rally continues.

If the bullish trend is maintained, WOO could rally past the $0.1788 resistance level before the end of the day. However, it would find it hard to overcome the second major resistance level at $0.1953.

The bears might regain control of the market, and this could see WOO trade below the $0.1527 support level in the near term. 

Where to buy Woo Network now

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy WOO with KuCoin 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 WOO with Swapzone today

The post WOO rallies by 10% as the Woo Network burns 700 million of its total token supply appeared first on CoinJournal.

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Eyes on Shiba Inu as it readies for Bugatti Group partnership

  • Bugatti Group Company designs and creates briefcases, handbags, and other accessories.
  • Bugatti Group is expected to host a special event soon, in partnership with Shiba Inu.
  • The event is scheduled for the next few days.

Shiba Inu seems to have started the year 2023 with a bang. The price of SHIB has been on an upward trajectory since January 1, 2023. Yesterday, on January 10, the meme-coin registered a high of $0.000009543 before slightly pulling back to today’s price of $0.00000898.

The price is expected to surge higher if the announcement made by the Shiba Inu ecosystem on Twitter about an upcoming partnership with the North American luxury brand Bugatti Group is actualized. The tweet which said, “Stay tuned for an upcoming event announcement in the next few days!” showed a video clip with the name Bugatti alongside the Shiba Inu logo leaving many to deduce that something is cooking between the two. The tweet tagged Bugatti Group’s official account on Twitter.

In December, SHIBArmy was reported to add about 600 new holders per day; showing people are still interested in buying the Shiba Inu Coin (SHIB) even amidst the crypto winter.

Bugatti Group NFT projects

Shiba Inu’s tweet comes a month after Bugatti Group launched its first-ever NFT project in partnership with Bored Ape Yacht Club (BAYC) NFT collection in November 2022. The partnership allowed the luxury brand to print one-of-a-kind NFTs onto luggage and cross-body bags. The partnership also allows “NFT holders to print their custom profile pictures on said products and soon on international retailers’ websites.”

According to sources and the tweet from the Shiba Inu ecosystem, Bugatti Group is now set to launch a limited–edition collection of physical items and collectable NFTs in partnership with Shiba Inu to honour the genesis NFT holders.

The collection will offer about 299 limited releases at a mint price of 0.14 ETH. According to sources, 95% of those who will participate in the minting will get a unique Cross Body Luggage Bag from Bugatti while the remaining 5% will get a carry-on item in which they can print their own Shiboshi NFT design.

To reward the earliest supporters of the collection, Bugatti Group will give a 55% discount on their exclusive travel accessories.

The post Eyes on Shiba Inu as it readies for Bugatti Group partnership appeared first on CoinJournal.