Monat: April 2023

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ETH is a leading indicator for smaller altcoins, top analyst says

  • ETH price rose to highs of $2,009 on Binance.
  • Ethereum’s Shanghai/Shapella upgrade went live successfully on Wednesday,12 April, 2023.
  • Crypto analyst Rekt Capital says Ether’s price movement is a “leading indicator” for altcoins and that coming weeks could be interesting.

Ethereum price rallied past the $2,000 level on Thursday, rising to highs of $2,009 on crypto exchange Binance.

The uptick for the ETH price above the key hurdle came after the world’s largest proof-of-stake blockchain network underwent a successful software upgrade.

As CoinJournal highlighted earlier Thursday, ETH had looked to break above the psychological level following the Shanghai upgrade. After the upgrade went live and withdrawals of staked ETH enabled, bulls defied negative projections to break above a supply zone that has held since August 2022.

ETH breaks $2,000 as analyst says altcoins could be interesting in coming weeks

According to crypto analyst Rekt Capital, the top altcoin is a “leading indicator for smaller altcoins.” He suggests the breakout for Ethereum could trigger new momentum for some of the leading altcoins, probably highlighting the possibility of an alt season kicking off.

“ETH is a Leading Indicator for smaller Altcoins. This is why the #ETH breakout may very well set the stage for an interesting period for other Altcoins in the coming weeks,” the highly respected crypto trader and analyst said.

Rekt believes the Bitcoin bull market is just starting, but Ethereum’s price movement suggests current prices might be a great entry point for many alts.  

“ETH at $2000. That’s one reason why it might be worth entering Altcoins early on in this #BTC Bull Market,” the analyst tweeted.

Ether is currently trading around $1,998, roughly 4.8% up in the past 24 hours.

The post ETH is a leading indicator for smaller altcoins, top analyst says appeared first on CoinJournal.

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eToro announces an educational partnership with Twitter

Key takeaways

  • Twitter has partnered with eToro to promote financial education on its platform. 

  • Twitter users can leverage the $Cashtag feature to instantly see real-time prices for a far wider range of stocks, crypto and other assets.

  • The $Cashtag feature has already recorded more than 420 million searches since the start of the year. 

eToro partners with Twitter on financial education

eToro, the social trading and investing network, announced on Thursday, April 13th, that it has partnered with Twitter to boost financial education.

According to the press release shared with Coinjournal, the partnership would allow Twitter users to instantly see real-time prices for a far wider range of stocks, crypto and other assets when using the new $Cashtags feature.

eToro added that Twitter users searching using a $Cashtag symbol currently see live price charts for a select few financial assets. The team added that following the announcement of this partnership, the st of $Cashtags that produce live price charts will be hugely expanded.

Twitter users would also be able to click through to the eToro platform to see more information on the asset and have the option to invest. eToro added that the partnership would cover $Cashtags representing a wide range of instruments on the eToro platform, from stocks and ETFs to crypto and commodities. 

While commenting on this latest cryptocurrency news, Yoni Assia, CEO and Co-Founder of eToro said;

“Financial content on social media has provided education to many who have felt excluded by more traditional channels. Twitter has become a crucial part of the retail investing community – it’s where millions of ordinary investors go every day to access financial news, share knowledge and converse. As the social investing network, eToro was built on these very principles – community, knowledge-sharing and better access to financial markets. There is power in shared knowledge, and by transforming investing into a group endeavour, we can yield better results and become more successful, together.”

Twitter’s $Cashtag feature has more than 400 million searches

The social media giant added pricing data for $Cashtags in December last year, and the feature has already gained massive adoption. There have been more than 420 million searches for $Cashtags since the start of the year, with an average of  4.7 million $Cashtag searches a day

Chris Riedy, Vice President, Global Sales & Marketing at Twitter, commented that; 

“Twitter is what’s happening and what people are talking about right now. We believe real change starts with conversion, and finance and investing are a growing part of that conversation. We are pleased to partner with eToro to provide Twitter users with additional market insights and greater access to investment capabilities. Twitter will continue to invest in growing the #FinTwitter community.”

eToro is a social investment network that empowers people to grow their knowledge and wealth as part of a global community of investors. eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way.

eToro has been expanding in recent months. In August 2022, eToro completed the acquisition of fintech startup Gatsby following approval by The Financial Industry Regulatory Authority (FINRA). eToro acquired the fintech startup in a deal worth $50 million.

The post eToro announces an educational partnership with Twitter appeared first on CoinJournal.

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Here’s why Ethereum Classic (ETC) price could jump by at least 12%

  • Ethereum Classic price has made a bullish break-out as cryptocurrencies rally. 

  • It jumped after the latest American inflation data showed that prices were falling. 

  • Some investors believe that Ethereum investors will transition to Ethereum Classic after the Shapella upgrade. 

Ethereum Classic (ETC) price continued rising on Thursday as the recent cryptocurrency rally regained steam. The coin jumped to a high of $22.47, the highest level since March 18 of this year. The coin has jumped by more than 53% from the lowest level this year. 

Ethereum Shapella upgrade 

There are three main catalysts moving the ETC price this week. First, there is the ongoing Bitcoin price rally that we wrote about here. This rally saw the coin jump above the important resistance level at $30,000 for the first time since June last year. It has now jumped by more than 80% this year, making it a better performer than Tesla, stocks, and gold. Cryptocurrencies like Ethereum Classic tends to have a close correlation with Bitcoin. 

Second, Ethereum Classic price reacted to the latest American consumer inflation data published on Wednesday. The data showed that the headline consumer price index (CPI) dropped to 5.0% in March, the lowest level since 2021. Core inflation also dropped on a month-on-mom basis. Therefore, there is a likelihood that the Federal Reserve will start pivoting soon. This pivot will involve pausing rate increases and leaving them unchanged for a while. 

Finally, Ethereum Classic reacted to Wednesday’s Shapella upgrade of Ethereum. That upgrade activation made it possible for Ethereum stakers to be able to withdraw their tokens. Data by Staking Rewards shows that the volume of staked Ethereum stands at over $37 billion. 

The move was seen as being positive for Ethereum Classic because of its controversy and regulatory concerns. The Securities and Exchange Commission has hinted that it views all tokens with a staking element as securities. Therefore, analysts believe that many investors will now move to Ethereum Classic, which is the equivalent of the pre-merge Ethereum. However, in reality, it is unclear whether this transition will happen. 

Ethereum Classic price analysis 

The daily chart shows that the ETC price has been in a strong bullish trend in the past few weeks. And this week, the coin managed to move above the important resistance level at $21.35, where it struggled to move above earlier this month. 

The coin has also jumped above the 25-day and 50-day moving averages while oscillators have continued rising. Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance level at $24.92, which is about 12% above the current level. 

How to buy Ethereum Classic 

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 ETC 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 ETC with Binance today

The post Here’s why Ethereum Classic (ETC) price could jump by at least 12% appeared first on CoinJournal.

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FTX considering relaunching in Q2 after asset recovery

  • Bankrupt FTX has reportedly recovered $7.3 billion in assets.
  • The embattled crypto exchange is considering relaunching in Q2, 2023.
  • FTX is currently embroiled in US Bankruptcy court proceedings.

In what could be a dramatic turn of events, the FTX cryptocurrency exchange during Bankruptcy court hearing on Wednesday reported it has recovered $7.3 billion in cash and cryptocurrency assets.

The asset recovery shows the exchange has recovered an additional $800 million since January according to the company’s attorney who provided the details during the court hearing.

FTX to relaunch in Q2, 2023

In yet another positive news for the embattled crypto exchange, the company’s attorney during the court hearing said that the exchange is considering a relaunch in Q2.

The FTX collapse remains the biggest and most controversial financial scandal within the crypto space although a number of top executives including its founder and former CEO Sam Bankman-Fried (SBF) are facing trial for their contribution in bringing down what was once the largest cryptocurrency exchange.

The collapse sent shockwaves across the entire crypto industry and caused the collapse of several other crypto firms/projects including Celsius and Voyager Digital Ltd. Its relaunch would therefore probably offer some reprieve for its customers who have been waiting for almost half a year now to access their funds.

Although the company’s attorney has indicated that the exchange could relaunch this year, it is not yet clear if the company will seek to rebrand or will relaunch as FTX. All eyes remain on the court proceedings after the positive news.

The post FTX considering relaunching in Q2 after asset recovery appeared first on CoinJournal.