Monat: Februar 2023

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YFI price hits $10k as Yearn Finance announces new liquid staking product

  • Yearn Finance token YFI rose to highs of $10,405 on Binance.
  • YFI traded around $7,400 earlier in the week before surging on news the Yearn team was planning to launch a new ETH liquid staking token.
  • yETH will offer access to a basket of liquid staking derivatives (LSDs) in one token.

YFI, the native token of Yearn Finance, is trading just under $10,000 on Friday morning having retreated from a six-month high reached late Thursday.

At the moment, YFI/USD is trending near $9,420, just in the red on the day but more than 30% up over the past 30 days.

YFI price surges as Yearn Finance offers Ether liquid staking asset

YFI traded at lows of $7,400 on Tuesday and printed four consecutive green candles before today.

YFI price has surged over the past few days to hit $10,405 on Binance. Source: TradingView

As can be seen from the chart above, the Yearn Finance token traded as high as $10,405 on Binance as traders looked to buy YFI. The governance token’s price has been surging amid the latest positive news around it.

While YFI has given up some of the intraday gains, it is likely to see a fifth consecutive green candle and eye further gains if the market returns to bullish sentiment.  

On Tuesday, the Yearn Finance developer team announced the platform was ready to unveil a liquid staking derivative (LSD) product for Ethereum. 

Liquid staking involves the locking up of staked tokens in exchange for tokenised versions that holders can then use across decentralised finance, including as collateral at lending platforms, margin trading or yield generation.

The DeFi platform’s new product will allow exposure to a single token offering to multiple LSDs. According to the team, yETH gives investors an opportunity to spread their risk even as they look to boost their yield.

The post YFI price hits $10k as Yearn Finance announces new liquid staking product appeared first on CoinJournal.

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OPX Finance token soars 182% in 24 hours: Here’s why

  • Optimism tokens soar after Coinbase news helps inject fresh buying pressure.
  • OPX, VELO and SONNE all spike, with OP also up double digits.
  • Coinbase has launched an Ethereum scaling solution dubbed Base.

OPX Finance (OPX) is one of the tokens to absolutely rip following the latest cryptocurrency news involving the blockchain platform Optimism.

According to data from CoinGecko, the native token OPX has skyrocketed 182% in the last 24 hours, with the decentralised finance ecosystem platform one of the Optimism-based tokens to experience sharp price gains starting Thursday.

As noted here, all that has to do with fresh momentum resulting from news released by major crypto exchange Coinbase. See, on 23 February, the US-based digital assets platform announced the launch of Base, a Layer 2 blockchain that the company said would leverage Optimism’s OP stack.

It is the news of Base, the new Ethereum L2 scaling solution by Coinbase, which saw buying pressure across multiple Optimism ecosystem tokens rise to new levels. And in turn, the ecosystem saw sharp price gains that have contrasted with the sideways action for most top coins.

OPX token leads sharp gains for Optimism ecosystem tokens

As highlighted above, OPX Finance’s governance token OPX is one of the coins to rally hard after the Coinbase announcement. But the token’s price was also helped by news of a successful burn involving 15,200 OPX.

As per CoinGecko data at 6:00 am ET on Friday, OPX price had jumped nearly twofold to push the token’s value from lows of $4.78 to highs of $8.58. The token was 182% up at the time of writing, with its price oscillating near $7.89 amid some profit booking.

Other tokens to see major gains amid the Base L2 launch include Sonne Finance (SONNE). The lending protocol is native to the Optimism ecosystem and its token jumped nearly 90% to highs of $0.44.

DEX platform Velodrome Finance also saw double digit gains, with the price of VELO up more than 20% in the past 24 hours to trade above $0.22.  Meanwhile, perpetual-focused DEX protocol Perpetual Protocol’s native token PERP soared 44% to hit a high of $1.26.

Several other Optimism ecosystem tokens saw increased buyside pressure, and are currently trending alongside OP, which as highlighted, came close to hitting a new all-time high amid the Coinbase news.

The post OPX Finance token soars 182% in 24 hours: Here’s why appeared first on CoinJournal.

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Analyst says ‘it doesn’t matter’ as Block reports a hit to BTC revenue in Q4

  • Block reports a 7.0% decline in its fourth quarter bitcoin revenue.
  • Baird analyst David Koning shares his outlook on the Block stock.
  • Shares of the financial technology company are up 15% year-to-date.

Shares of Block Inc (NYSE: SQ) are trading up in extended hours even though the financial technology company reported a year-over-year decline in its bitcoin revenue.

Baird’s analyst reacts to its quarterly update

The San Francisco-based multinational noted a 7.0% hit to its bitcoin revenue in the recent quarter. Reacting to it on CNBC’s “Closing Bell: Overtime”, Baird’s senior analyst David Koning said:

Bitcoin mattered when Block was at $250 a share. At $70, it doesn’t matter. It’s 4.0% of gross profit. I haven’t even looked closely at it, that’s how much it matters.

BTC generated $35 million of gross profit for Block Inc in Q4 – a 25% year-on-year decline related to the slump in bitcoin price. As of December 31st, the company’s bitcoin holdings had a fair value of $133 million.

Koning is keeping bullish on Block stock

In its letter to shareholders, Block revealed a $9.0 million impairment charge related to its BTC investment in Q4 versus $2.0 million only in the prior quarter.

The stock is still trading up primarily because former Twitter CEO Jack Dorsey’s firm reported overall quarterly revenue that came in slightly above the consensus. Baird’s Koning added:

Cash App crushed it. They accelerated well above the Street. And January and February trends accelerating very nicely. Street’s modelling deceleration in Q1. So, the stock should be up nicely tomorrow.

His price target of $85 a share suggests about a 15% upside on where this stock closed the regular session today. For the full year, Block Inc is now calling for $1.30 billion of adjusted EBITDA. Its forecast for gross profit sits at 25% versus 22% in the recent quarter.

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Optimism price prediction: OP spikes after Coinbase launches Base on OP stack

  • Optimism token OP rose 16% after Coinbase announced the launch of its L2 platform on OP stack.
  • OP price hit highs of $3.10 on Coinbase, not far from its all-time high of $3.19.
  • Gains for the OP token paled in comparison to the staggering 250% spike for BASE, a token unrelated to Coinbase’s L2 Base.

Optimism price surged double digits on Thursday after cryptocurrency exchange Coinbase announced it had launched Base, an Ethereum Layer-2 network.

Like Arbitrum, Optimism is a L2 network that uses Optimistic Rollups to increase transaction speed and reduce gas fees. Its scalable blockchain is one of the top chains in the Ethereum ecosystem.

Optimism price surges 16% on Coinbase news

Sentiment across the OP community flipped bullish as reaction to Coinbase news pushed OP token higher.

According to Coinbase, Base will offer “a secure, low-cost and developer-friendly” platform for people to create, deploy or interact with decentralized apps. The project’s goal is to onboard the next 1 billion or more people into the crypto space, the digital asset platform noted.

Base is built on Optimism’s OP stack, Coinbase announced. 

While the news saw another unrelated cryptocurrency called Base Protocol spike more than 250% amid speculation, the price of Optimism also jumped. However, the native token OP did not rip as much as BASE did, with its price soaring roughly 16% on Coinbase.

OP surged to above $3.00 on most major exchanges that support the cryptocurrency, including $3.10 on Coinbase. 

OP/USD price chart on Coinbase. Source: TradingView

Market activity was also up, with data from CoinGecko showing trading volume rose nearly 90% in the past 24 hours to over $733 million. Alongside the spike in buyside volume is the bullish flip of the relative strength index, which is upturned to suggest bulls are in control.

Optimism price reached its all-time high of $3.19 in early February this year, and with a positive technical outlook in place, it’s likely OP/USD could go on to hit a new ATH. 

Crypto trader and analyst HornHairs says this is likely if Bitcoin and Ethereum prices break above key resistance zones.

The post Optimism price prediction: OP spikes after Coinbase launches Base on OP stack appeared first on CoinJournal.