Monat: Juli 2023

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Fidelity is bullish on Ethereum for the long term

  • Fidelity likes Ethereum as burn rate now exceeds issuance.
  • ETH continues to be the largest holding in investors’ portfolios.
  • Ether is currently up more than 50% versus the start of the year.

Ethereum is already up more than 50% for the year at writing but Fidelity Digital Assets still remains bullish on the premier altcoin for the long term.

Why does Fidelity like Ethereum?

The crypto platform that caters to institutional investors is constructive on Ether primarily because its burn rate now exceeds issuance.

Since the “Merge”, the net supply has declined by more than 700,000 coins, as per the firm’s recently published Q2 2023 Signals Report.

Fidelity also drives optimism from an increase in active Ethereum validators of 15% in the second quarter. The excitement around EIP-1153 update that promises lower costs and better efficiency will help unlock further upside in ETH, the firm added.

“New Address Momentum” was among other reasons cited for the positive long-term view on Ether.

Could ETH ever be bigger than BTC?

Separately, a recent CryptoVantage survey suggested about 46% of Americans expect Ether to eventually surpass Bitcoin in market capitalisation. The said study saw participation from 1,000 Americans who have had exposure to cryptocurrencies as an investment over the past five years.

Recent data from Coinshares was green as well. In a report over the weekend, the asset manager confirmed that Ethereum continues to be the largest holding in investors’ portfolios even though it has underperformed Bitcoin this year.

Note that ETH could benefit as the U.S. Federal Reserve signals a pivot as well. That’s because a lenient monetary policy tends to boost interest in the risk-on assets. Ethereum, though, has been trending down in recent sessions, though, ahead of the central bank’s announcement on Wednesday.

The post Fidelity is bullish on Ethereum for the long term appeared first on CoinJournal.

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Crypto price outlook: BNB, Dogecoin

  • Cryptocurrencies traded largely lower today, with Bitcoin dipping to below $29k.
  • BNB moved above XRP although bulls need to keep prices above $330 to keep bears at bay, otherwise it could dump to $220 or lower.
  • Dogecoin spiked as Twitter rebranded to X. Can DOGE go higher?

Crypto news today has been dominated by headlines around the launch of Worldcoin (WLD) token and Elon Musk’s Twitter rebrand to X. Meanwhile, the broader crypto market has continued to see a slump for major altcoins, with Bitcoin hovering just above $29k following further weakness on Monday.

While analysts have outlined a potential upward flip after recent consolidation, regulatory uncertainty remains a big negative trigger. Also key this week could be the overall investor reaction to the Federal Reserve’s policy decision after their two-day meeting.

So, with these factors in perspective, what’s the price outlook for BNB and Dogecoin?

BNB price outlook: $330 key support level

BNB, the native coin of the Binance ecosystem, has overtaken XRP as the fourth largest crypto asset by market cap after the Ripple token slumped 6% on Monday. However, BNB price is also down (currently 2%) and trades below its 20-day EMA.

BNB price chart. Source: TradingView

While support is likely at $230, a dip below this buffer could allow bears to target a retest of areas below the lower trendline of the symmetrical triangle. 

It’s a scenario that could see BNB price such for fresh footing around $220, an area that provided a breather in June this year and in December 2022.

DOGE price outlook: Another push related to X?

Dogecoin (DOGE) price was an outlier of sorts today in the crypto markets. While all major altcoins dipped, the OG meme coin spiked by 10% to break above $0.075. 

As Elon Musk revealed Twitter’s rebranding to X, he put the DOGE symbol next to the X logo. 

Bulls took cue to push the coin higher and have succeeded in keeping it above the 20-day and 50-day EMA. 

Dogecoin price chart. Source: TradingView

The moving averages could offer a key demand reload zone should DOGE flip lower. However, the daily RSI is trending upwards but not yet overextended into the overbought territory.

This suggests potential upside moves are still likely, particularly in relation to news around DOGE adoption on X.

If bulls push higher, the area around $0.08 will be a key barrier that would need a convincing retest.  $0.09 and $0.11 could be the next bull targets. On the downside, a breakout below $0.07 could risk a dump to $0.057.

The post Crypto price outlook: BNB, Dogecoin appeared first on CoinJournal.

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Caldera brings decentralized sequencing to OP stack with Espresso

  • Caldera developers can leverage Espresso Sequencer for greater scaling and decentralisation.
  • The rollup-as-a-service (RaaS) platform recently partnered with Manta Network and SupraOracles.

Caldera, a rollup-as-a-service (RaaS) platform, and blockchain infrastructure company Espresso Systems have announced a partnership that will see them work together towards enabling decentralized sequencing to the OP stack and Caldera chains.

The integration will also be key in allowing Caldera layer 2s to tap into the Espresso Sequencer to improve on scalability and interoperability. 

Caldera eyes greater scaling and decentralization

Sequencers are the nodes tasked with aggregating and ordering transactions as well as executing these transactions on the virtual machine. They are like validators in an L1 network ecosystem and thus crucial to the transaction process of a rollup network.

Layer 2 rollups that offer a scaling solution for Ethereum have one limitation – they rely on centralized sequencers that can be impacted by risks such as unreliability and censorship. The Espresso Sequencer offers the utility that not only allows for greater decentralization, but also high throughput, low latency transaction ordering and interoperability. This will help developers on Caldera, the team noted.

“Through this partnership, developers building with Caldera will be able to deploy performant app-specific rollups that utilize the Espresso Sequencer for ordering and fast confirmations, bringing another layer of customizability to our modular stack that should enable teams to build their dream applications without compromises!” they wrote.

Developer teams will have the option of easily opting into the Espresso Sequencer, with this designed as a plug-in component of Caldera’s modular rollup stack.

The partnership with Espresso Systems comes a few days after Caldera partnered with Web3 privacy hub Manta Network. The platforms are collaborating on a project that targets an L2 EVM execution layer for zero-knowledge applications.

Earlier this month, Caldera integrated blockchain oracles service SupraOracles to bring price feeds and VRF to Caldera.

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Crypto investment products saw minor outflows of $6.5M last week – CoinShares

  • About $6.5 million flowed out of funds tracking different cryptocurrencies last week.
  • Bitcoin recorded $13 million in outflows, while Ethereum benefited from XRP-driven sentiment to record $6.6 million in inflows.
  • The minor outflows follow 4 consecutive weeks of inflows.

CoinShares’ latest report on digital assets investment products suggests the industry saw minor outflows of $6.5 million over the past week. The outflows follow a consecutive four weeks of inflows that saw investors pour $742 million into different crypto investment products.

James Butterfill, Head of Research at CoinShares noted that while Bitcoin recorded the most outflows, data showed sentiment towards Ethereum investment products looks to have flipped positive.

Ethereum and XRP record inflows

As highlighted in a report published on Monday, funds tracking Bitcoin logged $13 million of outflows and short-bitcoin products recorded $5.5 million in outflows – its 13th consecutive week. 

Meanwhile, Ethereum products witnessed $6.6 million in inflows, with Butterfill noting that the shift in sentiment around ETH has coincided with the recent court ruling in the Ripple Labs versus US Securities and Exchange Commission (SEC).

US Judge Analisa Torres delivered a partial win for Ripple in its battle with the SEC when she ruled that XRP was not a security as sold on exchanges.

The price of XRP shot up following the ruling, rising more than 100% to hit highs near the much-coveted $1 level. But while XRP failed to break to the psychological 100 cents mark, it appears investor confidence in the cryptocurrency greatly benefited it.

“XRP, both prior to, and following the conclusion of the recent SEC lawsuit, has seen inflows totalling US$6.8m over the last 11 weeks representing 8% of AuM. This implies investors are increasingly confident in the outlook for XRP,” Butterfill wrote.

The positive sentiment was also replicated in Solana, Uniswap and Polygon that registered inflows of $1.1 million, $0.7 million and $0.7 million respectively.

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