Monat: Juni 2023

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MARA stock price tests key resistance: Is Marathon Digital a buy?

  • Bitcoin mining stocks made a bullish breakout this week. 

  • Marathon Digital share price soared to the highest level since November.

  • Future price action will depend on the Bitcoin price action.

Marathon Digital stock price surged to the highest level since November 2022 as Bitcoin and other cryptocurrencies roared back. MARA shares jumped to a high of $12.75, meaning it has soared by more than 319% from the lowest level in December. Other bitcoin mining companies in the industries like Riot Platform and Hut 8 Mining also surged.

Bitcoin mining stocks jump

The main reason why MARA stock price soared is that Bitcoin price neared the highest point this year. This rebound happened as the crypto fear and greed index soared to the greed area. 

Most analysts believe that the ongoing trend of TradFi is the main driving factor for Bitcoin prices. TradFi refers to a situation where traditional finance companies move to the crypto industry. 

On Friday, Blackrock, the biggest asset manager in the world, announced that it had applied for the iShares Bitcoin Trust with the SEC. This will be an ETF tracking the spot Bitcoin price and will be similar to the Vanguard Gold Trust.

Other large companies in the industry also unveiled their Bitcoin ETF filings. They included companies like Invesco and WisdomTree. Analysts believe that the SEC will come under pressure and allow these funds this time.

Another TradFi news was that Deutsche Bank applied for a crypto custody license in Germany. Credit Agricole, a large French bank, also received its custody license. These banks hope to take care of wealthy Europeans seeking access to the industry.

Therefore, MARA stock price is soaring because its business thrives in a period when Bitcoin price is thriving. Its future price action will depend on whether Bitcoin moves above $31,000. This is an important level since it is the upper side of the double-top pattern. As such, if it rises, it means that the double-top pattern has been invalidated.

MARA stock price forecast

The daily chart shows that the Marathon Digital stock price has been in a slow bullish trend in the past few months. The shares consolidated at around $10 in the past few weeks. It then moved slightly above the key resistance point at $12.85, the highest level on April 18. The price was along the upper side of the ascending triangle pattern.

MARA share price has jumped above the 25-day and 50-day moving averages. Therefore, while the outlook is neutral, the stock will likely have a bullish breakout as buyers target the next key resistance point at $15. A drop below the support at $10.90 will invalidate the bullish view.

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The post MARA stock price tests key resistance: Is Marathon Digital a buy? appeared first on CoinJournal.

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Dash (DASH) completes its block reward “Halving”

  • Dash block reduction occurred at block height 1,892,161.
  • Unlike Bitcoin halving that cuts block rewards in half, Dash reduces its reward by 7.14% after every 210,240 blocks.
  • Currently, the reward is 2.3097 DASH and will reduce again in July 2024.

The block reward on the Dash (DASH) blockchain network has reduced after its halving that took effect at block height 1,892,161.

Like Bitcoin, Dash cuts its block reward. However, instead of the halving that for instance sees Bitcoin’s block reward cut in half every four years, Dash reduces the reward by 7.14% every 210,240 blocks.

With the network’s block time of 2.5 minutes, DASH block reward reduction happens approximately every 365 days. The countdown to the next halving is estimated to occur in the first week of July 2024, with the block reward set to reduce from 2.3097 DASH to 2.1448 DASH.

Dash block reward distribution

Like in other mining coins, block reward reduction affects what miners earn for deploying their computational power to process transactions and secure the network. Reducing the reward therefore impacts their overall profitability.

For instance, Dash’s latest halving saw mining pool ViaBTC inform miners that the reward will reduce from 1.05 to 0.98 DASH.

Block rewards are split three-way: Miners and masternodes, which are key to the network’s privacy feature (CoinJoin) and instant transactions (InstantSend), share 90% of the block reward, while 10% goes to the DASH Treasury DAO.

Currently, the distribution between miners and masternodes is 42.3% and 57.7% respectively. The ratio is set to change in favour of the masternodes over time, with this reaching the 40:60 ratio by May 2025.

DASH “halving” happens approximately 40 days to Litecoin’s halving expected in August this year. After that, the most anticipated block halving event will be Bitcoin’s, which is scheduled to happen in April 2024 (the countdown is down to about 308 days).

The post Dash (DASH) completes its block reward “Halving” appeared first on CoinJournal.

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Kaspa (KAS) price rising after CoinPal integration

  • Kaspa (KAS) price has surged 31% in the last 7 days and 4% in the last 24 hours.
  • Kaspa was on June 22 integrated on CoinPal.
  • CoinPal is a leading cryptocurrency payment service provider.

While yesterday’s Kaspa integration with CoinPal is not the sole reason why Kaspa (KAS) price is rising, the integration has added impetus to the KAS bullish momentum.

The integration comes at a time when the crypto market is seeing a rebound that has pushed Bitcoin (BTC) price above $30K for the first time in months. It is also ten days since Michael Sutton, Georges Künzli, and Shai Wyborski presented a proposal referred to as KIP-4 that aims at refining the Kaspa protocol by translating its complex mechanisms into a language that everyday enthusiasts can easily grasp.

Kaspa integration with CoinPal

Kaspa is one of the fastest, open-source, decentralized, and fully scalable Layer-1 blockchains in the world. It is the world’s first digital ledger enabling parallel blocks.

Kaspa and Bitcoin share the fundamental principles of decentralization and peer-to-peer technology. Kaspa has, however, introduced upgrades like increased scalability, lower transaction fees, and faster transaction speeds. Therefore, by integrating Kaspa, CoinPal and its users will have access to more than 50 supported cryptocurrencies thus expanding their options.

By incorporating Kaspa into its platform, CoinPal.io has made significant progress toward broadening its scope. By consistently expanding the number of cryptocurrencies it supports and improving its services, CoinPal stays ahead of the curve in the rapidly changing world of digital currencies.

By incorporating Kaspa, CoinPal is advancing e-commerce and establishing itself as a major force in the adoption of cryptocurrencies.

The post Kaspa (KAS) price rising after CoinPal integration appeared first on CoinJournal.