Monat: April 2023

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Riot Platforms stock has moved to a bear market: buy the dip?

  • Riot Platforms stock has dropped by over 20% from the YTD high.

  • This decline has happened because of the BTC price dip.

Riot Platforms (NASDAQ: RIOT) stock price has drifted downwards in the past few days as Bitcoin and other cryptocurrencies retreated. The shares retreated to a low of $11.48 in the pre-market session. This means that the stock has dropped by more than 20% from the year-to-date high, meaning that it has moved to a bear market.

Is it safe to buy the dip?

Riot Blockchain is one of the biggest Bitcoin mining companies in the world. It competes with the likes of Argo Blockchain and Marathon Digital among others. Therefore, as in the other mining industry, these companies have a close correlation with the price of the underlying asset.

This explains why the Riot Platforms stock price has jumped sharply this year. Between the lowest point in 2022 and the year-to-date high, RIOT shares were up by more than 338%, making it one of the best-performing stocks in the market.

Therefore, to predict whether the Riot Blockchain stock price will bounce back, we need to understand why Bitcoin is falling and whether it will bounce back soon. As I wrote in this article, the main reason for the crash is that bullish liquidations have jumped in the past two days.

Liquidations happen when brokers and exchanges forcefully close positions of leveraged positions. Therefore, this usually puts prices under pressure.

Another reason why this happened is that Bitcoin recently rose above the key resistance level at $30,000. Historically, cryptocurrencies tend to be a bit volatile when they move above or below a key support or resistance level. 

The other reason is that several regional banks, including Western Alliance Bancorp, published strong results. Its inflows rose by more than $3 billion. As such, the risks of a banking crisis seens like they have been minimized. In a note, analysts at Bernstein said:

“Any potential dislocation, whether on the bank’s credit side, or on the sovereign side …positions bitcoin perfectly as a safe-haven asset alongside gold.”

Therefore, there is a likelihood that Bitcoin price will bounce back in the coming months as the Fed starts to pivot.

Riot Platforms stock price forecast

The daily chart shows that the RIOT share price formed a shooting star pattern on Wednesday. In technical analysis, this pattern is usually a bearish sign. The stock has jumped by more than 25-day and 50-day exponential moving averages. 

It remains slightly above the key support level at $10.53, the highest level on 11th August. Therefore, I suspect that the shares will drop to the key support at $10.53. The stock will then resume the bullish trend as buyers target the year-to-date high of $14.51.

How to buy Bitcoin

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 BTC with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy BTC with Bitstamp today

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European Parliament finally adopts the Markets in Crypto-Assets Act, MiCA

  • The MiCA Act was first introduced in 2020.
  • The European Parliament had previously postponed voting on legislation two consecutive times.
  • The MiCA act now awaits approval from the European Council to be published as an effective regulation.

After two consecutive vote postponements since the Markets in Crypto-Assets Act, known as MiCA was introduced in 2020, the European Parliament has now voted to adopt the legislation. The legislation will now move to the next step which is approved by the European Council before being adopted as law.

MiCA’s rapporteur and the Member of the European Parliament posted a tweet immediately after the voting On April 20 reporting that the bill has been adopted:

Harmonized European crypto rules

The European policymakers aim at using the MiCA legislation to set a standard regulation for harmonized crypto rules and provide legal certainty for crypto assets in the EU.

The legislation provides guidelines for the operation, structure and governance of digital assets issuers. It will also offer rules on disclosure and transparency requirements for issuing and trading cryptocurrencies.

However, while MiCA is seen as a huge step toward crypto regulation in the EU, there are still a number of issues that some crypto players do not agree with in the 400-page document. For instance, the current draft does not mention decentralized finance (DeFi), crypto lending, or crypto staking, and does not provide any rules for nonfungible tokens (NFTs).

The head of EU policy at Chainalysis recently pointed out that the success of MiCA would depend on the reworking of certain parts of the document and robust feedback from players. Others like Caisse des Dépôts Group’s blockchain program director Nadia Filali stressed on the importance of regulators, governments, and industry participants collaborating to develop the rules.

The EU officials however emphasize that the safety of crypto investors is the main aim of MiCA.

The post European Parliament finally adopts the Markets in Crypto-Assets Act, MiCA appeared first on CoinJournal.

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Crypto Market News: Hong Kong Plans for Massive Crypto Investment. Could This Push Metacade’s Token Sales Further on Uniswap and Other Crypto Exchanges?

Hong Kong has received a massive boost in its bid to overtake Singapore to become the world’s leading crypto hub. The government hit crypto market news headlines with its plans to let retail investors in Hong Kong City trade digital tokens such as Bitcoin and Ether. Also, this follows hot on the heels of the crypto market news that more than 20 crypto companies are outlining their intentions to move operations to Hong Kong in response to increasing levels of regulation from US authorities.

Market analysts are speculating whether this huge crypto investment in Hong Kong could push the token sales of the pioneering GameFi platform, Metacade, even higher after successfully listing its new token MCADE on Uniswap earlier this month. Bitmart and MEXC are due to list MCADE in the next few weeks, which begs the question, just how high can MCADE go?

How high can MCADE go in 2023?

Crypto market news outlets were captured when the MCADE token presale raised $16.35 million in record time. Also noteworthy, MCADE listed on Uniswap at $0.022 after its beta presale phase started at just $0.008, providing significant returns for early investors. Experts believe that MCADE will continue to make ground as it reaches a broader audience through its imminent listings on Bitsmart and MEXC, respectively, during April and May 2023.

In addition, Metacade has just announced an exciting partnership with MetaStudio, which, in combination with the platform’s exciting road map, extensive token utility, and transition toward becoming a decentralized autonomous organization (DAO) already in motion, looks set to push MCADE beyond the $0.50 barrier by the end of 2023. Reaching these potential price targets would represent gains of more than 20x for investors purchasing tokens in the early stages of its public listings.

What is Metacade?

Metacade has made no secret of its ambitions to be a leading light in revolutionizing the GameFi landscape by building the world’s largest play-to-earn (P2E) gaming arcade, allowing users to earn while pursuing their passion for gaming. To achieve this, Metacade will create a thriving community of gaming enthusiasts, developers, and crypto fans while catering to a vast range of gaming interests to maximize the platform’s total addressable market (TAM).

To this end, Metacade has set itself the task of building the world’s largest selection of gaming titles to help the project gain greater recognition within the crypto mainstream and grow its user base. To use Metacade, all users will require the MCADE token to access the platform’s various features while delivering outstanding utility to coin holders. This utility is a significant reason for building excitement regarding the platform, making it such an exciting crypto investment opportunity that it is making headlines among crypto market news outlets.

Metacade’s whitepaper has gained plenty of praise from GameFi experts thanks to its comprehensive project plans, which underline the outstanding decision-making skills provided by the expert and verified Metacade project team. Part of the strategic plan that makes MCADE such an enticing crypto investment is the devolution of power to the community, which will see Metacade become a DAO by the end of 2024.

This community-led governance will add value to MCADE, which already has plenty of utility inbuilt, such as that provided by the platform’s comprehensive rewards system that goes beyond the norm in the GameFi sector. For example, users will be incentivized to build community by receiving rewards for posting social content, such as game reviews, to the platform.

How does MCADE work?

The native MCADE coin is the currency to drive Metacade’s ecosystem, from powering the rewards system to providing the medium of exchange for transactions on the platform. Another advantage is that the total supply of MCADE tokens is limited to just 2 billion, which experts predict will increase buying pressure as the platform’s user base grows.

Most excitingly, MCADE provides the stimulus for one of Metacade’s most innovative programs that encourages the creation of new games exclusively on the platform, driving user retention to unprecedented levels and increasing the user base. Also, the Metagrants scheme offers crypto funding to game developers who want support to create new games. Each concept enters into a pool before being voted on by the MCADE coin-holding community, illustrating a crucial part of Metacade’s move toward community-led governance. The most popular ideas receive a grant from the platform’s central treasury, helping the concept become a reality.

Is MCADE a good crypto investment?

MCADE has captured the imagination of several experts within crypto market news outlets, with all signs pointing toward it being an excellent crypto investment for the intelligent investor in the short, medium, and long term. Moreover, even in its early guise, Metacade outstrips many GameFi competitors with its multi-game library and gaming experiences, placing it well to become a potential leader in the burgeoning crypto-gaming sector.

Metacade is in its infancy and has many exciting features to roll out in the coming months. The exciting crypto market news, such as the support for crypto investment in Hong Kong, gives MCADE an optimum chance to establish itself as one of the best crypto investment choices for 2023.

Stay informed about when MCADE lists on Bitmart and MEXC exchanges by following Metacade’s Twitter page.

You can find more information, including on how to buy MCADE, here.

The post Crypto Market News: Hong Kong Plans for Massive Crypto Investment. Could This Push Metacade’s Token Sales Further on Uniswap and Other Crypto Exchanges? appeared first on CoinJournal.