Monat: Mai 2023

Veröffentlicht am

US debt ceiling deal is elusive: is it safe to buy AltSignals now?

  • Joe Biden and Speaker Kevin McCarthy met on Monday to talk on raising the debt ceiling.

  • The two sides made some modest progress but a deal remains elusive.

  • Stocks and cryptocurrencies will likely do well when the two reach a deal.

The financial market has been in a somber mood recently as investors focus on the US debt ceiling situation. This explains why cryptocurrencies like Bitcoin and Ethereum have barely moved recently. It also explains why stock indices like the Dow Jones and the Nasdaq 100 have wavered in the past few days. This article will look at the implication of the debt ceiling news to cryptocurrencies like AltSignals (ASI).

Debt ceiling deal is elusive

The US is staring at a major financial crisis if a deal on debt ceiling remains elusive. On Monday, Joe Biden and Kevin McCarthy met and failed to reach a substantial agreement on how to address the debt ceiling issue. In a statement, McCarthy reiterated that talks were productive and that the tone was much better than in the previous meetings.

The clock is ticking. Janet Yellen, the head of the Treasury Department, has said that the US could run out of cash on June 1st if Congress fails to pass a debt ceiling bill. There is a strong possibility that the two sides will not reach a deal before then.

However, the risks for defaulting on US obligations could be dire. Some of the potential consequences of the situation are a high unemployment rate, weak financial markets, and a broader lack of confidence in the American system.

Therefore, because of these risks, analysts believe that the two sides will ultimately reach a deal shortly before June 1. Politically, it is in the interest of both parties to reach an agreement. As such, if this happens, we could see a major rebound of financial assets like stocks and cryptocurrencies.

What is AltSignals?

AltSignals is a small and fast-growing fintech company that provides trading signals to traders from around the world. Established in 2017, the company has grown to include thousands of customers globally. These traders receive trading signals on a 24/7 basis. Its system has an accuracy rate of 64%, which is better than other similar products.

AltSignals is working to leverage artificial intelligence to improve the performance of its system. It is doing this by transitioning from an indicator-focused tool to an AI platform. The new software will have several technology aspects like machine learning and natural language processing (NLP). 

The key aspects of its machine-learning technology will be regression and predictive modeling while NLP will have AutoML and natural language API. According to AltSignal’s white paper, the two sides will combine to form reinforcement learning. 

Is it safe to buy ASI?

The goal of embracing AI is to improve the accuracy rate from 64% to over 85%. Its developers are also leveraging blockchain technology to raise capital for building this project. They are doing this by selling the ASI token and then use these funds to build the product. 

The ASI token sale has been highly successful since the developers have raised over $768k or 72% of the total fundraising goal.

There are four main reasons to invest in AltSignal. First, the project is leveraging artificial intelligence, which is the fastest-growing technology in the world. Second, unlike many pre-revenue projects, AltSignals has been around for years and is highly profitable. 

Third, many newly listed tokens like Metacade an Pepe have done really well. Finally, I suspect that cryptocurrencies will rally after the US passes the debt limit deal.

The post US debt ceiling deal is elusive: is it safe to buy AltSignals now? appeared first on CoinJournal.

Veröffentlicht am

Investors eye Litecoin and Avalanche as Bitcoin leads outflows

  • Litecoin, Avalanche see inflows even as crypto outflows hit 5th consecutive week
  • Bitcoin represented most of the negative sentiment with $33 million worth of outflows.
  • Germany lead in terms of regions with 73% of the total outflows.

Litecoin and Avalanche recorded some investment products inflows last week, defying sentiment across the broader crypto investment products market.

Indeed, the inflows into exchange traded funds and other products for LTC and AVAX mirrored a broader outlook for altcoins – except for Ethereum which recorded $1 million in outflows. Avalanche and Litecoin saw $0.7 million and $0.3 million respectively.

Elsewhere, Blockchain equity ETFs accounted for minor outflows of $2 million to see the second consecutive week of negativity.

Bitcoin sees $33 million in outflows

According to data from digital assets manager CoinShares, digital asset investment products saw outflows totaling $32 million for the week ending May 19. This represented the fifth consecutive week of outflows, with the total outflows over the past five weeks rising to $232 million, or 0.7% of total assets under management.

Volumes for the week were also down, totaling $900 million, or roughly 40% below 2023 average. Data shows volumes for the broader market across the leading trusted exchanges fell to their lowest level of $20 billion last week. It is the worst week in terms of volume since late-2020. As CoinJournal reported here, crypto volumes have dried up in recent months as prices struggled with sell-off fears.

The outflows in Bitcoin of $33 million represented most of the negative sentiment, CoinShares data showed. This has been the trend over the last five weeks and was also replicated across short-bitcoin products.

Per CoinShares, short bitcoin products saw minor outflows of $1.3 million for the week. The total outflows for short BTC investment products now total $235 million for the last five weeks.

Germany dominated last week’s outflows

Regionally, Germany dominated the outflows, totaling $24 million, accounting for 73% of total weekly outflows. The US and Switzerland followed with $5 million and $3.3 million respectively. Meanwhile, Brazil and Canada saw minor inflows of $1.3 million and $2.2 million.

The post Investors eye Litecoin and Avalanche as Bitcoin leads outflows appeared first on CoinJournal.

Veröffentlicht am

Bitcoin and Ethereum volumes dry up amid price struggles

  • Amid price struggles, on-chain metrics show Bitcoin and Ethereum volumes have dried up.
  • BTC volume has fallen from over $40 billion worth of trade to just above $11.4 billion while ETH volume declined from near $20 billion to about $4.6 billion.
  • Bitcoin price is hovering near $26,800 while Ethereum price is currently just above $1,820.

The cryptocurrency market continues to battle the negative flip seen in recent months. It’s a scenario that has seen Bitcoin and Ethereum prices unable to reclaim key technical areas following a dearth of momentum in the past few weeks.

New on-chain data confirms these price action struggles via the trading volume for both coins. Altcoin volume has also really “dried up,” the data shows.

BTC and ETH volume dry up as prices struggle

According to on-chain data from Santiment the combined trading volumes of BTC and ETH are currently at their lowest level in over a year. The on-chain analytics platform also notes that the crypto mega caps are seeing the second lowest volume count in nearly four years.

“The largest assets in #crypto are seeing historically low levels of weekly trading volume. #Altcoin volume, in particular, has really dried up. When combining just $BTC & $ETH volume, this is the 2nd lowest threshold we are seeing since September, 2019,” the platform noted.

Looking at the latest data Santiment shared today, Bitcoin’s 7-day average trading volume has fallen from over $40 billion in February to just over $11.4 billion in May. The decline has come as BTC price fell from its year-to-date highs above $31,000 – the price of bitcoin is currently hovering around $26,800.

As for Ethereum, the proof-of-stake network’s 7-day average trading volume has fallen sharply from nearly $20 billion in April to just over $4.6 billion in May. Like Bitcoin, Ethereum trading volume has dried up over the past month as the hype around the Shapella upgrade died down and prices fell from above $2,100.

ETH/USD currently trades around $1,820, up by about 1.2% in the past 24 hours but in the red over the past 30 days by nearly 3%.

Bitcoin and Ether seeing a decrease in trading volume could be a signal that investors are increasingly cautious as market uncertainty swirls. This outlook is exacerbated by the overall nerves around risky assets as inflation, interest rates and the US debt ceiling contribute to indecisiveness.

The post Bitcoin and Ethereum volumes dry up amid price struggles appeared first on CoinJournal.

Veröffentlicht am

Privacy-focused blockchain Namada plans airdrop to Osmosis’ OSMO holders

  • Privacy-focused blockchain Namada developers are seeking to forge closer ties with the Osmosis protocol.
  • Namada is planning to airdrop its planned NAM token to OSMO investors.
  • Namada also seeks to roll out its method for protecting asset privacy on Osmosis.

Christopher Goes, Co-Founder of Namada, an L1 multi-chain privacy-focused blockchain, has proposed a partnership with Cosmos-based Osmosis.

The collaboration between Namada and Osmosis in this capacity is intended to enrich the respective ecosystems and bring a raft of benefits, particularly to holders of $OSMO tokens, stakers and LP’ers who would be eligible for an upcoming Namada airdrop. According to Goes, the L1 blockchain platform is interested in allocating continuous public goods funding to a grants pool managed by the Osmosis Grants Program.

Goes is hopeful that Osmosis will pitch the idea seeing that Namada would bankroll the effort.

Protecting asset privacy on Osmosis

Namada is also planning to roll out “shielded actions” to protect asset privacy on Osmosis. The “shielded actions” would hide assets on Namada when not being used in trades on Osmosis.

Explaining how the shielded actions work, Goes said:

“It would be pretty boring if you only had assets and couldn’t do anything with them. So we expect that people want to go to Osmosis and decentralized exchanges on other chains to trade their assets.”

Airdropping tokens to OSMO holders

Namada’s Swiss-based nonprofit the Anoma Foundation will also set aside some of Namada’s staking token NAM for airdrops to OSMO holders. However, this is expected to take place after Namada goes live.

Namada is yet to give exact timelines as it waits for feedback from the Osmosis community. Goes highlighted that he is waiting for the community’s input and permission to continue with the proposal, which will be subject to an OSMO governance vote.

The post Privacy-focused blockchain Namada plans airdrop to Osmosis’ OSMO holders appeared first on CoinJournal.

Veröffentlicht am

TON launches $25 million accelerator for emerging projects

  • Projects will receive between $50,000 and $250,000 from the $250 million Toncoin Fund.
  • The program will offer partnership and mentorship support, with multiple leading firms available to projects.
  • TON Accelerator Program will draw funding from the $250 million ecosystem fund dubbed TONcoin Fund.

In crypto news today, The TON Foundation, the organisation behind the The Open Network (TON) blockchain, has announced a new $25 million accelerator program for emerging projects. 

The program, called the TON Accelerator Program, will provide funding, mentorship, and other resources to help projects build in the TON ecosystem.

TON is a community created blockchain network that uses the technology designed by Telegram and has the native cryptocurrency Toncoin (TON).

TON to offer upto $250k to each project

The TON Accelerator Program, which is open to various types of projects, will see select teams receive between $50,000 and $250,000 in funding. TON looks to have particular focus on projects in the DeFi space, according to details shared on Monday.

The program’s funding will come from the TONcoin Fund, a $250 million ecosystem fund launched to support developers and founders looking to build on TON.

Projects will also benefit from mentorship provided by some of the top partners and investors within the TON community. These will include hedge fund and AI-powered market maker GotBit Markets; Web3-focused innovation platform Web3Port; and Tonstarter, the leading fundraising platform on TON.

Also key to the program will be South Korea based Web3 incubator Boom Labs and UAE-based multi-strategy #crypto investment firm Cypher Capital Group.

Justin Hyun, Head of Incubation and Growth at TON Foundation expressed delight at the launch of the accelerator program, noting in a statement that the funding is part of a crucial strategy of ensuring growth.

“This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations,” Hyun added.

Projects set to be included in the initial selection will be those that participated in the Hack-a-TONx DoraHacks hackathon. The virtual hackathon ran for two months and involved DoraHacks, a leading hacker organisation.

According to the TON Foundation, application for funding is open to all MVP-ready projects. Those projects with a proof-of-concept or prototype and are seeking initial technical support are encouraged to apply for early-stage grants.

The post TON launches $25 million accelerator for emerging projects appeared first on CoinJournal.