Monat: Juli 2023

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MKR price outlook after Paradigm’s $3.5M deposit to Coinbase

  • Paradigm’s MKR transfer comes a few days after Andressen Horowitz (a16z) moved over $9.7 million worth of the tokens to the exchange.
  • MKR price has traded lower with the recent large transfers of the token.
  • However, MKR was higher late afternoon after the Fed’s rate hike saw Bitcoin climb above $29,600.

It’s been a few days of huge transfers for MakerDAO token Maker (MKR) onto exchanges – specifically onto US-based crypto exchange Coinbase.

According to blockchain intelligence and analytics platform Arkham, Paradigm Capital moved $3.5 million worth of MKR. Per the data, the venture platform transferred 3,000 MKR tokens to Coinbase on Wednesday. The transfers were from a crypto wallet controlled by Paradigm to an OTC wallet.

Lookonchain also highlighted the transfer, noting the Paradigm wallet moved 26,625 MKR worth $19.8 million to Coinbase on March 16.

MKR price up as BTC hits $29.6k

As reported last week, venture capital firm a16z made a series of MKR transfers as the market primed for a sell-off for the MakerDAO governance token. a16z moved about $9.7 million of the tokens to Coinbase, with blockchain data showing the price of MKR swung lower with each of the transactions.

MKR was changing hands around $1,184 on Wednesday afternoon, nearly 4% up in the past 24 hours and 19% up in the past seven days. The gains came as Bitcoin moved above $29,600 after the Federal Reserve hiked interest rates by 25 bps again having paused in June.

Stocks drifted after the Fed left all options on the table amid the quest to bring inflation down to the 2% target.

The post MKR price outlook after Paradigm’s $3.5M deposit to Coinbase appeared first on CoinJournal.

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Bitcoin could hit $180,000 by April of 2024: Fundstrat

  • Experts at Fundstrat are super bullish on Bitcoin.
  • They see halving and a Bitcoin ETF as material catalysts.
  • Bitcoin is already up roughly 80% versus the start of 2023.

Bitcoin has had a massive rally since the start of this year but experts at Fundstrat are convinced it’s just a drop in the bucket compared to what may come over the next nine months.

The bull case for Bitcoin

The investment research firm expects BTC to hit $180,000 before its scheduled halving in April of 2024. That suggests about a 500% upside from here.

Fundstrat also sees a Bitcoin ETF as a meaningful catalyst that could boost per-day demand for the world’s largest cryptocurrency by a whopping $100 million.

This would bring daily demand to $125 million, while daily supply is only $25 million. Implied equilibrium price would need to rise so daily supply matches daily demand.

Note that the halving next year will cut the reward for mining BTC to $12 million.

Is a Bitcoin ETF expected soon?

Prominent asset managers, including the likes of Fidelity and BlackRock have filed for a Spot Bitcoin ETF in recent weeks.

According to Sean Farrell – the Head of Digital Asset Strategy at Fundstrat – there’s a 75% probability that the U.S. Securities & Exchange Commission will approve the said exchange-traded fund.

We anticipate [a Bitcoin ETF] would attract new investors and generate increased demand. Bitcoin ETF eventually could become >$300 billion category.

BTC may also benefit once the Federal Reserve switches to a more lenient monetary policy. The central bank is set to announce its decision on interest rates later today – July 26th, 2023.

The post Bitcoin could hit $180,000 by April of 2024: Fundstrat appeared first on CoinJournal.

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Origin Protocol’s OGN spikes 28% as Bitcoin taps $29.3k

  • Origin Protocol price rose to $0.12 as bulls gained by 28% to lead top altcoin gainers.
  • Elsewhere, Bitcoin price reached $29,328 as markets awaited Fed’s 25 bps rate hike.

The price of Origin Protocol’s native token OGN soared 28% to above $0.12 as a number of altcoins spiked ahead of Wednesday’s rate hike by the Fed. As markets awaited the 25 basis point interest rate jump by the US Federal Reserve, Bitcoin rose to $29,328 across major exchanges.

OGN had traded to lows of $0.10 earlier in the day, but the gains put its value 50% in the green to see it lead the likes of Compound (COMP), Convex Finance (CVX) and Solana (SOL).

Why is OGN price rallying today?

Most cryptocurrencies have seen uneventful action over the past 24 hours, and OGN’s performance amid this broader lull is somewhat of an outlier. 

However, while there’s hasn’t been a particular Origin Protocol event or news to trigger the massive gains, it appears today’s rally found legs on the back of increased interest in Ethereum liquid staking.

As staked ETH volumes have spiked since Ethereum’s Shapella upgrade, so has a new subsector liquid staking token finance (LSTfi). 

One of the leading platforms for this has been Origin Ether (OETH). The protocol offers a liquid staking yield aggregator that has seen its total value locked (TVL) surpass $84 million within two months of its debut in the market.

Origin Ether has integrated with multiple DeFi dApps, including Lido, Rocket Pool, and Frax. This has added to its access across wallets, DEXs, yield farms and analytics pages.

The post Origin Protocol’s OGN spikes 28% as Bitcoin taps $29.3k appeared first on CoinJournal.

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Bank of Italy leverage Polygon to help institutions experiment with DeFi

Key takeaways

  • The Bank of Italy will use the Polygon blockchain to help institutions experiment with DeFi and asset tokenisation.

  • The Bank will also use crypto custodian Fireblocks. 

The Bank of Italy to help institutions experiment with DeFi

The Bank of Italy’s innovation hub has partnered with Polygon Labs and crypto custodian Fireblocks to help financial institutions experiment with decentralised finance (DeFi) and asset tokenisation. 

The apex bank’s Milano Hub will support the development of EeFi for Security Token ecosystem over the next six months. 

The platform is designed to make it easier for traditional financial institutions to experiment with asset tokenisation while also executing transactions using DeFi in a regulated manner. 

This latest cryptocurrency news comes as the Italian central bank joins other apex banks globally to work on CBDCs (central bank digital currencies). The bank is also working on various ways to integrate blockchain technology into the existing financial system. 

According to the Bank of Italy, Cetif Advisory, a consultancy spinoff of the Università Cattolica del Sacro Cuore of Milan’s Cetif Research Centre, will be in charge of the platform’s development. 

Polygon Labs, Fireblocks, tech developer Reply, legal and tax consultant Linklaters and web3 studio DVRS will help Cetif Advisory in developing the platform. 

While commenting on this development, Imanuel Baharier, general manager of Cetif Advisory, said;

“We believe it is vitally important to create the conditions for DeFi to become a safe and open operating environment for supervised entities as well.”

Asset tokenisation has become a key area of the cryptocurrency space. It allows traditional financial institutions and digital asset firms to tokenise assets like equities and bonds on blockchains. 

Asset tokenisation is gaining adoption

Asset tokenisation serves as a way for some TradFi companies to leverage blockchain technology. Market experts believe that tokenisation could change how people transfer value and also help investors store value across numerous industries. 

With asset tokenisation, transactions could become faster while the costs of the transactions could become cheaper. Thus, creating a more efficient global financial ecosystem. 

The post Bank of Italy leverage Polygon to help institutions experiment with DeFi appeared first on CoinJournal.

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Bitcoin Cash (BCH) price forms a falling wedge: Is it safe to buy?

  • Bitcoin Cash price has formed a falling wedge pattern on the 4H chart.

  • Focus shifts to the upcoming interest rate decision by the Fed.

Bitcoin Cash price has retreated in the past few weeks as the recent momentum in the crypto industry waned. The coin dropped to a low of $240 on Wednesday, much lower than the year-to-date high of $329. This means that BCH has dropped by more than 27% from the highest point this year. 

Fed interest rate decision ahead

Bitcoin Cash price has been in a strong downward trend in the past few weeks. This trend started on June 30th when the coin soared to a high of $329. It also mirrors the performance of other major cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

The next likely catalyst for Bitcoin Cash and other cryptocurrencies will be the upcoming interest rate decision by the Federal Reserve. Economists believe that the bank will decide to hike interest rates by 0.25%. It will also signal that this will be the final rate hike this year since inflation is falling at a faster pace than expected.

Data published earlier this month showed that the American consumer price index (CPI) dropped from 4.1% in May to 3% in June. Inflation has been falling after peaking at 9.1% in 2021. Therefore, another bearish rate hike will be a positive thing for cryptocurrencies.

Meanwhile, data showed by Coinglass shows that open interest in the futures market has dropped by more than 1.45% in the past 24 hours. Open interest dropped to $317 million with most of it being in Binance, OKX, Bybit, Bitget, and dYdX. Binance has over $167 million while OKX has $58.9 million.

Bitcoin Cash’s open interest peaked at over $541 million after the Ripple vs SEC lawsuit. It has dropped continually to the current $317 million, as shown below.

Bitcoin Cash price prediction

The 4H chart shows that the BCH price has been in a strong bearish trend in the past few days. It has moved below the 25-period and 50-period moving averages. However, a closer look shows that the coin has formed a falling wedge pattern, which is usually a bullish sign. 

Most importantly, this pattern is nearing the confluence level, signaling that a bullish breakout is possible. If this happens, the next level to watch will be at $280. A break below the support at $220 will invalidate the bullish view.

The post Bitcoin Cash (BCH) price forms a falling wedge: Is it safe to buy? appeared first on CoinJournal.