Monat: Februar 2023

Veröffentlicht am

Should you buy Coinbase stock after Q4 results?

  • Coinbase reports market-beating results for its fiscal Q4.
  • Mizuho’s Dan Dolev shares his outlook on Coinbase Global.
  • Coinbase stock is currently up about 90% for the year.

Coinbase Global Inc (NASDAQ: COIN) is trading slightly up in extended hours after reporting market-beating results for its fourth financial quarter.

How is its current quarter going so far?

Also a positive was its update on the current quarter.

Year-to-date, Coinbase said the crypto market cap is up 40% and transaction revenue was $120 million last month. Nonetheless, the crypto company is not very bullish on the rest of the year, as per its letter to the shareholders.

Given the unpredictability of crypto markets, we have limited certainty around the rest of the year.

Coinbase stock is currently up about 90% for the year.

Is Coinbase stock a ‘buy’ now?

Coinbase ended the quarter with 8.3 million monthly transacting users – slightly ahead of 8.2 million that Street had anticipated. Still, Mizuho’s Dan Dolev said on CNBC’s “Closing Bell: Overtime”:

The take rate continues to come down. Interest income is non-core to this business. Retail investors are uninvolved. So, I don’t think it’s much to ride on about.

Dolev currently has an “underperform” rating on Coinbase stock. His $30 price target suggests an alarming 50% downside from here.

Notable figures in Coinbase Q4 report

  • Lost $557 million that translates to $2.46 a share
  • That compares to $840 million of profit last year
  • Revenue tanked about 75% YoY to $629 million
  • Consensus was $2.52 loss on $588 million revenue
  • Trading volume in its Q4 tanked to $145 million

Dolev is bearish on the category

According to Coinbase, its subscription and services revenue climbed 34% in the recent quarter, as per its earnings press release. Still, Mizuho’s Dolev said:

I’m extremely bearish on the overall category. As money becomes tighter and people realise they might be laid off, I don’t think they’ll play crypto. So, I don’t see great things in 2023 for them.

Transaction revenue was down 12% year-on-year in the fourth quarter. Coinbase now has $5.50 billion worth of total dollar resources.

The post Should you buy Coinbase stock after Q4 results? appeared first on CoinJournal.

Veröffentlicht am

Litecoin Price Prediction and Metacade’s Surge Towards Sell Out – What You Need to Know

2022 was a notoriously tricky year across crypto markets, with bear market conditions sweeping across the board following the collapse of big names like Luna and FTX and toughening global economic conditions. These struggles have impacted price predictions of most established cryptocurrencies, including Litecoin.

Some newer crypto projects have proven immune to the bearish market, with Metacade a prime example of a brand-new offering gaining serious momentum during its presale event. With bull market conditions expected to return in the coming months and years, investing in MCADE tokens could be one of the most profitable moves investors make this year.

Here’s what you need to know to make a sensible choice and make money in 2023.

What is Metacade?

Metacade will be a brand-new blockchain-based gaming platform aiming to revolutionize the play-to-earn (P2E) gaming landscape and push the industry to greater heights. Creating a community of like-minded gaming enthusiasts and crypto fans, Metacade is positioning itself as the one-stop online shop for crypto gamers to enjoy classic arcade titles alongside cutting-edge Web3-developed games, all while benefiting from the platform’s unrivaled P2E mechanics.

Community is at the forefront of Metacade’s drive to become a market leader in the GameFi space, and it is offering MCADE token holders incentives to contribute to its foundation. Every time a user posts social content such as a game review, alpha, tips on how to progress through a certain level, or during a live chat on the hub, Metacade rewards them with crypto.

Meanwhile, another central pillar of Metacade’s diverse roadmap to becoming the GameFi platform of choice for all crypto gaming fans is the innovative Metagrants scheme. Developers can apply for a Metagrant, a form of funding, to support the creation of new games exclusively for Metacade. Each application is pooled and voted on by MCADE token holders.

These voting rights form part of Metacade’s devolution of power from the project team to the members through their transition to a fully-fledged DAO by 2024, giving the community complete autonomy over deciding which games go into production by voting on the pool of ideas and selecting their favorites. The submissions that get the most votes go into production and begin to hit the virtual arcade in Q1 2024.

This, along with several other exciting features that allow users to earn as they use the platform, such as the Compete2Earn and Work2Earn programs, look set to push Metacade and the broader Web3 gaming markets forward, making Metacade one of the most exciting new crypto projects in the years to follow.

MCADE price prediction

Metacade’s reputation as one of the most exciting crypto projects of 2023 is further cemented by the performance of its presale event. The early phases launched at $0.008, raising more than $5 million in the first 10 weeks. The total investment now stands at $7m as it continues to accelerate.

Market experts forecast that this enthusiastic scramble for MCADE will only increase once the presale ends, and as the token hits decentralized exchanges. While initially set at $0.02, price predictions for MCADE forecast that it will rise quickly, hitting $0.30 within weeks of its public release and potentially breaking the $1 by the end of this year.

With the GameFi market projected to grow by 70% year-on-year between 2023 and 2027, there is vast space for MCADE to grow, with $2 by 2025 looking like a realistic prospect during the next bull market.

What is Litecoin?

Litecoin is one of the first cryptocurrencies created, following hot on the coattails of Bitcoin, when founded in 2011 by Charlie Lee, a former Google employee. Based on the original Bitcoin coding, Lee and his project team enhanced the base code to improve its everyday useability. The result was a platform that provided cheaper and faster transactions than Bitcoin and Ethereum were able to produce.

Litecoin was also significantly more accessible to mine than Bitcoin, and it has become a standard cheap, accessible mining coin widely adopted by blockchain miners. Small businesses, meanwhile, have also turned to Litecoin’s affordable, quick and scalable solutions – as a quick and easy way to conduct smaller transactions with individuals and small businesses.

Unlike larger blockchain providers, Litecoin uses a public ledger to record transactions, removing the need for a central governing body. This allows anonymity during transactions and eliminates the ability of central bodies to enable censorship.

Litecoin price prediction

LTC has not been immune to the bear market conditions of 2022, suffering in the same way as most other long-established cryptocurrencies. With an expected easing of market conditions later in 2023 and an approaching bull market in 2025, Litecoin price predictions remain moderate.

LTC is currently trading at $89.68, significantly lower than its all-time high (ATH) of $412.96. LTC price predictions suggest that LTC could reach around $123 by the end of 2023, offering anyone investing in LTC today moderate returns compared to those provided by MCADE. Longer-term price predictions for LTC are that it will reach around $267 by 2025, still well short of its ATH.

Why Metacade is the hottest crypto investment in 2023

Metacade’s native MCADE token is shaping up to be one of the best crypto investment opportunities of 2023, as the platform’s enormous long-term potential and wide-ranging project roadmap offer a depth which is rare in competing GameFi projects.

Bullish investors searching for huge gains should make MCADE the next addition to their crypto wallet and take advantage of the low prices available during the presale. Purchasing now at $0.014 could produce handsome returns by the end of this year and far beyond as bull market conditions return, making this an exceptional opportunity to engage in while it’s still available.

You can participate in the Metacade presale here.

The post Litecoin Price Prediction and Metacade’s Surge Towards Sell Out – What You Need to Know appeared first on CoinJournal.

Veröffentlicht am

Bitcoin’s break to $25k “could be latter stages of gruesome bear market”

  • Bitcoin price broke above $22,500 to new highs above $25,000 amid the hunt for short stops and liquidations.
  • The move to $25k resulted from short liquidations of over $155 million.
  • While price could retreat to $24k, Bitfinex analysts say recent price movements could be indicative of a bottom.

Bitcoin price rose above $25k briefly before slipping back under the key psychological and technical area. 

According to analysts at crypto exchange Bitfinex, the retreat to this week’s lows comes after a 10% upswing and a green weekly candle. However, the benchmark crypto did not hit a crucial daily candle close at that zone.

Even then, it is likely the price movement is another major step towards “the latter stages of a gruesome bear market,” the analysts noted in a report.

BTC spike to $25k fueled by massive liquidations

Bitfinex analysts also suggest that Bitcoin’s breakout from the $22,500 price level to highs above $25,000 was fueled by the massive liquidations recorded over the past few days.

Commenting on BTC price outlook and what could lie awake in coming weeks, they said in a statement shared with CoinJournal.

“Over the past two weeks, the BTC price has been hunting both over-leveraged long positions, as well as liquidating over-eager shorts of over $155 million. It reached an eight-month high of $25,000 in the process. Another sharp but short-lived pullback caught out some short-term bullish speculators off-guard who were betting on a push to the upper $25,000-$26,000s on Thursday, February 16th, as evidenced by a spike in long position liquidations on that day. Profit-taking in the wake of the recent rally and a stop-run on those who had gotten overly aggressive chasing the upside might well send Bitcoin back below $24,000 in the week ahead.”

On what happens next, the analysts say price action as has played out recently has historically, resulted in ranged price movement. This is due to the action that has seen both longs and shorts have been simultaneously wiped off.

“The most probable move going forward is to scale out of positions partially and wait for the range to form without a strong directional bias,” they explained.

In a tweeted prediction for Bitcoin price, YouTuber and crypto analyst Sheldon The Sniper says Bitcoin could go to $28k or revisit support at $21k. He shared the outlook above as BTC price continued to hover around $25,683 at 2:15 pm ET on Tuesday.

The post Bitcoin’s break to $25k “could be latter stages of gruesome bear market” appeared first on CoinJournal.

Veröffentlicht am

Bitcoin “shrimp” addresses surge to all-time high above 43 million

  • Bitcoin “shrimp” wallets, which hold 1 bitcoin recently surged to 43.2 million.
  • Bitcoin addresses with 0.01 BTC or less have also hit an all-time high of 32.6 billion.
  • Data also shows bitcoin wallets in profit have reached 70% after recent price gains.

Bitcoin price recently reached an eight month high when it rallied to highs above $25,000 last week.

Despite this, the latest market data from asset manager CoinShares shows Bitcoin investment products saw outflows of $25 million, about 78% of the $32 million that exited amid negative sentiment. But a new report shared by crypto exchange Bitfinex indicates that Bitcoin still saw massive growth in terms of the address count with one BTC or lower.

Bitcoin “shrimp” addresses hit 43.2 million

According to data shared in the Bitfinex Alpha report published Monday, 20 February 2023, Bitcoin addresses with less than one bitcoin, or “shrimps”, recently jumped to 43.2 million – the highest the count has hit in the flagship cryptocurrency’s history.

No doubt this has been greatly helped by the massive growth in addresses with 0.01 BTC or less. Per the Bitfinex report, and from on-chain data by analytics platform Glassnode, the number of wallets with balances of 0.01 BTC or under recently hit 32.6 million.

Overall, wallet addresses with non-zero balances are at an all-time high, which Bitfinex researchers say is indicative of “an influx of new investors.” 

As CoinJournal recently covered, shrimps actually increased their buying even as prices fell after the FTX collapse. And it is this increase in the number of non-zero wallets that could have fueled Bitcoin’s recent upside momentum, the Bitfinex team noted in their report.

Is it the start of a new Bitcoin bull market?

Bitcoin has been largely upwards in January and February, with nearly 50% in overall gains year-to-date as of 21 February. In fact, as Glassnode data shows, the number of Bitcoin wallets in profit (7-day moving average) has also just hit a 10-month high.

While analysts warn of a potential pullback amid profit booking across crypto, the sentiment is still mostly bullish for BTC in the short term. And the recent growth in shrimp wallet addresses aligns with historical market trends in a bear market.

In this case, bull markets have traditionally been highlighted by wealth distribution, with the entry of new short term holders a metric that helps signal the shift in market direction.

However, as Bitfinex analysts noted in their report, the latest data is only a “snapshot of the current situation.” In short, it is hard to predict where the market goes next at any one given time.

The post Bitcoin “shrimp” addresses surge to all-time high above 43 million appeared first on CoinJournal.

Veröffentlicht am

Toncoin price prediction: TON outlook as validators vote to freeze 20% of supply

  • Toncoin price is around $2.36 as of 9:15 am ET, with TON up only 1.2% in the past 24 hours.
  • TON blockchain validators are set to vote on a propol to freeze up to 1 billion coins.
  • Reducing TON circulating supply could help price momentum in the short term amid fresh buying pressure.

Toncoin price is largely flat on Tuesday morning, with the coin’s value only 1.2% and 2.7% higher in the past week and 30 days respectively.

The price of TON, the native coin on The Open Network (TON) blockchain, was around $2.06 on 10 February, before rising to highs above $2.40 as the broader market rallied this past week. However, today’s price action has seen the coin decline to test lows of $2.34 – again amid a broader market slowdown that has Bitcoin bulls battling to keep BTC above $24,500. 

So, what’s the outlook for Toncoin price?

TON price prediction ahead of key vote on token supply

TON validators are set to vote on a major proposal around Toncoin’s tokenomics, particularly on freezing billions of TON tokens.

This proposal aims at reducing the coin’s circulating supply by 20% if it passes.  If validators adopt the proposal, 1 billion TON tokens will be frozen for the next 48 months. In doing so, the total supply will drop to roughly 4 billion, while circulating supply shrinks from the current 1.47 billion.

TON developers’ proposal targets inactive accounts belonging to the layer-1 blockchain’s first group of miners. The team hopes the move will help bring more decentralisation to the project as freezing the inactive large wallets will ostensibly remove the control of the early whales.

The plan is to have these large whales lock their assets for 48 months through a network of validators, which would still see them earn more Toncoin.  But according to the proposal, only whales holding 300,000 TON or more will be able to lock their coins, which at current prices of $2.36, is equivalent to just over $708,000. 

Large whales who don’t have such holdings can join a pool and stake their TON.

Toncoin price in 2023

As noted below by the trading platform Dash 2 Trade, Toncoin price has not made an explosive start to 2023 as have some of the leading coins in the market. 

But with the locking of 1 billion TON tokens, the short-term price movement could be on the upside. Cutting token supply through various methods as part of the tokenomics is largely seen as a positive for the price.

If this is the case, bulls could be looking at retesting $2.55 and then December highs of $2.66 in the short term. 

However, any upside momentum could also depend on the overall market outlook in coming months. Also key is the locking period for TON being set for 48 months, which could mean prices rise then flip once coins begin to be unlocked.

TON is also 55% down from its all-time high of $5.29 reached in November 2021.

The post Toncoin price prediction: TON outlook as validators vote to freeze 20% of supply appeared first on CoinJournal.