Monat: Mai 2023

• AltSignals’ token sale has already raised $723k or 67% of the initial target.

• The success is mostly because of the artificial intelligence hype in the industry.

The artificial intelligence (AI) hype continued this week as more companies announced their plans about the industry. For example, Palantir stock price surged after the company announced strong earnings and demand for its AI products. 

At the same time, IBM decided to relaunch Watson as an AI development studio. WatsonX will be a platform that will help companies launch their AI projects. IBM will offer the service as well as consultations on the same. 

AltSignals token sale continues

Analysts believe that artificial intelligence is the most disruptive technology in modern era. Some analysts see it as the iPhone moment that disrupted the mobility industry forever. That’s because AI will disrupt specific industries like health, education, and even journalism. For example, doctors are now using AI models to diagnose diseases while journalists are using AI to write content.

The ongoing AI hype explains why the AltSignals token sale is going on so well. The developers have already raised $723k from investors from around the world. This means that the developers are approaching the 70% mark since the first phase seeks to raise $1 million.

An ASI token is going for just $0.015, making it highly affordable to most people. Like in other token sales, the developers are expected to hike the price in the next stage of the sale. 

What is AltSignals?

For starters, AltSignals is a company that has been in existence for a while. It is a profitable company that provides trading signals for traders in the forex and cryptocurrency industry. These signals, which are highly accurate, are sent to thousands of traders every day. They are developed using technical indicators like moving averages and the Relative Strength Index.

As part of its growth, the developers have announced plans to leverage artificial intelligence in its process. This AI will leverage other technologies like natural language processing, machine learning, regression, and predictive modeling among others.

In addition to trading signals, the AI layer of the network will have more features including an AI members club, trading tournaments, and community governance among others.

According to its white paper, the second quarter will have several events in the ecosystem. The most important one will be the token launch and listing it on Uniswap and other exchanges. The developers will also expand the team, secure OTC partnerships, and introduce the sentiment analysis engine. 

AltSignals (ASI) price prediction

It is hard to make a precise ASI price prediction since the token is yet to be launched in exchanges. However, judging by history, there are several reasons why the AltSignals price will rise after being listed. First, in most periods, tokens tend to rally after being listed in exchanges. This happens mostly because of the overall hype.

Second, AltSignals is in industry that is expected to grow rapidly in the coming years. We have seen this with the success of other AI tokens and companies that are betting on the industry. Further, AltSignal will likely rise ahead of the AI layer launch. 

However, like other cryptocurrencies, ASI will always have its ups and downs. As such, it makes sense to only allocate funds you can easily afford to lose. You can buy the AltSignals ASI token here.

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Key Takeaways

• USDC’s market cap has dipped from $54 billion to $30 billion in the last eight months
• The stablecoin has lost market share since March, falling from 32% to 23%
• Regulatory concerns and the fallout from the SVB collapse have plagued the stablecoin, whose struggles signify the capital flight out of the crypto industry as a whole

Crypto prices have been on the rise over the past couple of months, but that is not to say that all is well in the sector. As I have analysed before, capital has flooded out of the space at a scarcely believable pace, with $22 billion in stablecoins alone leaving exchanges in the last five months. 

USD Coin, the world’s second largest stablecoin, illustrates the struggle well. The Coinbase-backed cryptocurrency held a market cap of $54 billion last August. Today, it is below $30 billion. 

The coin has had its fair share of battles. The first is, well, it is a cryptocurency, and that means it operates in an industry that has been ravaged. Last year’s scandals hurt the space deeply, none more so than FTX’s startling collapse in November. Since the exchange went under, liquidity has poured out of the industry. Plotting USDC’s fall against the total market cap of all stablecoins shows that, while USDC has been worse, the entire sector has been hit.

However, USDC has faced other battles, too. In March, Silicon Valley Bank failed in the US, guilty of mismanaging its risk in the face of rising interest rates, ultimately succumbing to mismatched duration as its bonds sold off fiercely amid the swiftest interest rate hiking cycle in modern times. 

The problem for USDC was that part of its reserves were held in this bank, throwing panic into the market. Later revealed as only 8.25% in SVB, the market went into a flurry, selling off the stablecoin in masse. The peg dipped down to 88 cents. 

While the US administration stepped into guarantee all deposits at SVB a few days later, and the peg hence restored shortly thereafter, the dip in market cap didn’t fully recover. Prior to the SVB collapse, its market share among stablecoins was 32%. Two weeks later, it was 25%. 

 

Today, the market share sits at 23%, and it continues to fall. 

Regulation tightens on crypto

The other big factor in this is regulation. In February, the SEC announced it was suing Paxos, the issuer of the Binance-branded stablecoin, BUSD, for violating securities laws. The result was no more BUSD, minting of the stablecoin halted and the circulating supply slated to gradually dwindle towards zero. 

On the surface of things, this sounds promising for USDC. The fall of a competitor and more room to suck up extra supply. However, the problem is that USDC’s parent company is Circle, which like Paxos, is also US-domiciled. 

That means a fear that USDC could be next in line to get a knock on the door from SEC. The market has hence looked elsewhere, most notably Tether, which seized extra market share with aplomb, grinning smugly in the cosy confines of Europe, far away from the SEC. The world’s largest stablecoin has advanced to a 61% market share, its highest mark in two years. 

The regulatory fears were exacerbated by parent company Coinbase being issued with a Wells notice, which typically precedes legal action. A Wells notice is a formal warning from the SEC that evidence of proof of lawbreaking has been found. Typically, legal action will follow. The claims surround (you guessed it) a violation of securities laws, and while it is not directly to do with USDC, it has not exactly helped its image in the market, as the market cap continues to head south. 

Whether USDC can wrestle back market share in future remains to be seen. But its plight, and the overall state of stablecoins in crypto, highlight that while prices have recently been on the up, the state of industry is still very much a concern. 

The post USDC market cap below $30 billion, struggles signify crypto turmoil appeared first on CoinJournal.

• Shiba Inu price performance has lagged that of new meme tokens like Keke, Ben, and Pepe. 

• The volume of Shiba Inu in the past 24 hours stands at $120M compared to Pepe’s $500M.

• Many novice crypto traders are buying meme tokens that are clearly scams. 

Shiba inu price has recoiled recently as focus remains on the upcoming alternatives like Keke, Ben, Pepe, and Bambi. SHIB was trading at $0.0000090, which was the lowest level since January 13. It has dropped by more than 42% from the highest point in March.

Meme coin season continues

A major news theme in the cryptocurrency industry is the meme coin season. In the past few days, we have seen many new meme coins move from obscurity to become some of the biggest coins in the industry. 

Shiba Inu, the second-biggest meme coin in the world after Dogecoin, has been abandoned as investors focus on these new tokens. For example, data by CoinMarketCap shows that the volume of Shiba Inu traded in the past 24 hours stands at just $120 million. 

On the other hand, the volume of Pepe traded in the same period stands at about $508 million. This makes it the fourth coin after Bitcoin, Ethereum, and Sui. BEN, another meme coin, has seen the volume jump to $79 million, which is a substantial figure considering that it is a relatively new token. 

Other smaller meme coins like Keke, FourCoin, and Bambi have seen their volumes jump. 

However, the risk is that many crypto traders are buying tokens that are being pumped and dumped. As we wrote here, some whales have started to move their Pepe tokens. Indeed, the prices of most of these new meme coins have dropped sharply from their all-time high. Since they lack a clear utility, I suspect that most of these tokens will drop sharply in the near term. 

Shiba Inu price prediction 

Turning to the daily chart, we see that the SHIB price has been in a strong bearish trend in the past few weeks as attention shifts to the new meme coins. The token managed to move below the key support level at $0.0000096, the lowest level on March 10.

Shiba Inu remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the oversold level. Therefore, the outlook of the token is still bearish, with the next level to watch being at $0.0000080. A move above the resistance level at $0.000010 will invalidate the bearish view. 

How to buy Shiba Inu

eToro

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The post Shiba Inu price lags as Pepe, Keke, Ben volume and traction jumps appeared first on CoinJournal.

Key takeaways

• STX is the worst performer amongst the top 100 cryptocurrencies by market cap so far today.

• Stacks has lost more than 9% of its value today and could record further losses in the near term.

• The broader market is stagnant ahead of today’s CPI readings.

STX dips by more than 9% today

STX, the native token of the Stacks ecosystem, is the worst performer amongst the top 100 cryptocurrencies by market cap so far today. The coin has lost more than 9% of its value over the last 24 hours and could experience further bearish trend continues.

There is no catalyst behind STX’s ongoing poor performance. The cryptocurrency is correcting after rallying to its weekly high of $0.81. Over the past month, STX has lost more than 20% of its value after reaching a high of $0.9819.

At press time, the price of Stacks stands at $0.6442. If the bearish trend continues, STX could drop below the $0.6 psychological level in the near term. 

Crypto investors await the CPI readings

The Consumer Price Index (CPI) readings in the United States will be revealed later today. Cryptocurrency investors are awaiting the figures before making their moves, with volatility in the market currently low.

The CPI will give investors insight into the current inflation situation in the United States. If the inflation figures increase, the Federal Reserve could continue its interest rate hike.

Earlier this month, the Fed increased interest rates by 25 basis points, taking interest rates in the US to a 16-year high.

However, a lower inflation figure could see the Federal Reserve cool down its rate hike. 

Bitcoin, the world’s leading cryptocurrency by market cap, continues to trade just below the $28k level. The total cryptocurrency market cap stands at $1.14 trillion, down by less than 1% today.

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